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<Research>Citi Keeps Buy on BABA-W/ TENCENT; CN Leading AI Models Emerging as Viable Alternatives to Top Global Peers
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The rapid iteration of AI models by Chinese developers, as highlighted by the DeepSeek-V4, shows that the competitive landscape is not winner-takes-all, Citi said in its report. In Citi's opinion, the key to market leadership lies not merely in pursuing performance benchmarks, but in monetization strategies, sustained adoption rates, and the ability to generate revenue through APIs, token usage, and infrastructure services. The advanced architecture demonstrated by the DeepSeek-V4 points to a broader trend, in which the technology gap is rapidly narrowing, while China's leading models are becoming viable alternatives to top-tier global competitors. Competition is likely to escalate, which will provide enterprises with more powerful and cost-effective options. Citi has kept Buy ratings on BABA-W (09988.HK) and TENCENT (00700.HK), with target prices of HKD204 and HKD783, respectively. Auto-translated by AI AASTOCKS Financial News |
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