高盛-聚焦中国互联网、AI模型：解读AI和超大盘股的主要争论点；未来投资建议（摘要）-20260609

2026年6月9日|12:51AMHKT解读AI和超大盘股的主要争论点；未来投资建议(摘要)在业绩期和亚洲Communacopia+科技大会过后，我们重新评估影响中国AI模型市场格局的五个投资者关键争论点：1)中美AI模型之间的竞争动态；2)中国模型厂商日益加剧的价格竞争；3)在全球token消耗量迈入千万亿级之际，token消耗指数级增长的驱动因素，以及企业级或消费级智能体能否支撑token费用激增；4)头部云服务商的资本支出/自由现金流前景；5)AI智能体产品形态以及A2A(agent-to-agent)助手我们预计到年底中国日均token调用量将达350万亿（到2026年12月月均token调用量10.5千万亿），云和数据中心仍是我们在2026年下半年的首选子行业（主要选股建议仍为阿里巴巴（位于亚太强力买入名单）、万国数据、世纪互联和金山季度运营容量扩张和入驻速度弱于预期，但我们预计云厂商涨价/token调用量持续激增将推动云业务增长和利润率扩张，头部云服务商的资本支出加码（2026日历年BBAT资本支出将达1,000亿美元，且支出偏向下半年）将支持数据中心在2026年下半年环比加速增长。与此同时，本季度至今疲软的宏观/消费趋势促使我们将游戏和娱乐的偏好度排名上调至第二（将网易最新纳入我们的主京东是我们2026年下半年的主要选股建议，因为我们认为二季度将是可比基数较高的最后一个季度，而且我们预计其收入和利润将在下半年同比回升）。AI模型方面（偏好度排名第四我们看好稀宇科技（最新纳入主要选股建议得益于ARR上行空我们列出了更新后的子行业详情及业绩期过后对各公司的主要探讨了AI模型公司的估值/回应了有关稀宇科技的主要争议，以及在阿里巴巴和腾讯年初至今跑输大盘之后的投资建议。我们认为阿里巴巴盈利预测下调周利将在2026年下半年迎来拐点）和腾讯估值倍数触底（目前为12倍，已是中国和全球同业在周期内的最低水平）构成股价支撑/在2026年下半年出姜朗霆,CFA+852-2978-0856|ronald.keung@孔令侃,CFA+852-2978-6603|lincoln.kong@TimothyZhao+852-2978-2673|timothy.zhao@+852-2978-2672|steve.qiu@+852-2978-7472|eunice.liu@+852-3465-4207|luqing.zhou@+852-2978-1398|damian.xie@JasonSun+852-2978-2616|jinshi.sun@信息，见信息披露附录，或参阅/research/hedge.html。由非美国附属公司聘用的分析师不是美国PMSummary31.USvs.ChinaAImodels:Performancegapandpricing12 2.ChineseAImodelcompetition:Frameworkandcompetitivelandscape15 3.Tokengrowthdrivers:EnterpriseorConsumerAI,andcanROIbejustified?17 4.Hyperscalermargins/capex:WillChinahyperscalerscatchup?20 5.ConsumerAIagents:AgenticAIformfactorsandagent-to-agentdisruptions23 ChinaInternetviewsbysub-sectors25 Arecapofourviewsonthemega-caps&otherkeyideas30 1Qresultsrecap;keynumbers&outlookbysub-sectors33 Topappstracker:Latesttime-spenttrendsataglance39 Appendix:LinkstoAsiaCommunacopia/post-resultsNDRtakeawaynotes44 PriceTargetMethodology&Risks45 信息披露附录482026年6月9日22026年6月9日3PMSummaryOurviewsonfivekeylatestAIdebates图表1:SummaryofthelatestfivekeyAItopics/questions,investorfocuses/concernsandourviewsKeyTopicKeyQuestionsInvestorConcernsOurViews/AnalysisAreChinesemodels"goodenough"forday-to-daytasks,andwilltheirlowerpricesdisrupttheAIvaluechainpricing/margins?WhetherChinesemodels'muchlowerpricing($0.2-$1per1Mtokensvs.USSOTAmodelsat$4blended)and"goodenough"performancewillimpactglobalmarketsharesandprofitpools.Concernsalsoincludecomputingresourceaccess,anti-distillationtactics,andsecurityregulations.Chinesemodelswillstrengthentheirvalue-for-moneypositioning.Tokendemandissplittingbetweenfrontiermodelsforhigh-valuescenariosandcheaperflash/SLM/Chinesemodelsforagentictasks.Chinesemodelsholdupto50%tokenmarketshareonOpenRouterbutrepresentonlyasingle-digitshareoftherevenuepool.Multi-modalmodelshavehigherpricingpower(e.g.,Seedance2.0).Willtherebeanothersector-widepricewaroratwo-tieredpricinglandscape?HowwilltheeventualChinamodellandscapelook?Fragmentation(5-6independentsand4mega-caps)andwhetherfrontier/intelligenceleaderscanestablishpricingpremiums(e.g.,Qwen3.7Maxat$1.4,GLM-5.1at$0.9per1Mtokens)againstdeeppricecutsfromcompetitorslikeDeepSeek/MiMo($0.2per1Mtokens).Coding,multi-modalperformance,trainingefficiencies,andbalancesheetstrengtharekeydifferentiators.Outputmetricsshowstrongmomentum,withAlibabaMaaSARRtargeting$4.4bnbyyear-end,ByteDancetargeting$2.2bnforCY2026,andZhipuandMiniMaxbotyear-end.WillEnterpriseorConsumerAIbebiggerdrivers?CanROIbejustifiedastokenbillsexplode?Tokencostburdensfrom"tokenmaxxing"andagentictools.AccordingtoanEntelligence.AIsurvey,82%ofenterprisetokensarelosttoengineeringoverheads(debugging),withonly18%deliveringactualvalue.AgenticAIwilldrivea24Xsurgeinglobalto2030,ledbyenterpriseagents(55X)overconsumeragents(12X),asdetailedbyourUSResearchTeam.China'sdailytokenscalereached140trillioninMarch2026whereweestimatetogrow2.5Xto350trillionbyyear-end.Rdependonall-incostswheretokenpricingisakeyswingfactor.4.HyperscalerWillChinesehyperscalersseesubstantialcapexupliftslikeUSpeers?WhyareAIcloudmarginslowerinChina?High-endchipaccess,domesticchipramp-up,customsilicon/memorycostpush,andthesustainabilityofcapexifvalueonlyaccruestothehardwarelayer.China'scycleisayearbehindtheUS.ExpectChinahyperscalerstoliftcapexover2H26-2027asdomesticchipsupplyrampsup.Thepivottodomesticchips/customsiliconwillaccelerateover2026-28.MaaS/cloudmarginshaveupside(30%forAI-relatedrevenuesforAlibabaCloud).Grossmarginexpansionofinferencetokensiscritical.AgentsHowwillthelandscapelookbetweenOS-levelagentsvs.In-appagentsinChina?WhatisthemarginimpacttoagenticfunctionsandeventualTAM?BattlebetweenOS-levelagents(handsetmakers)andIn-appagents(super-appslikeWeixin),riskofstandaloneappsbecomingbackendutilityproviders,andlessfavorablecoststructuresduetohighinferencecosts.ConsumerAgenticAIisaprofoundparadigmshiftthreateningtraditionalappsbytakingovertrafficentrypoints.Expectfiercestrategicbattlesandpartnerships(e.g.,MeituanwithWeixin/Yuanbao).ConsumerAIfacesrisksoflowerincrementalmarginsduetoinferencecosts,withrevenuehingingonadvertisingTAMshiftsratherthannewenterpriseWhatarethedriversforourcontinuedtoppreferenceforCloud&DataCenterssub-sectorinto2H26?Cloudpricehikes/ongoingtokenproliferationtodrivecloudgrowthandmarginexpansion,wheredespiteasofter-than-expectedlivecapacityexpansionandmove-inpacein1Q26(onseasonality/domesticchipsupply),weexpectcloudpricehikes/ongoingtokenproliferationtodrivecloudgrowthandmarginexpansionin2Q26,withfurthercapexupliftfromhyperscalersover2H26tosupportdatacenters’sequentialacceleration.Whathaschanged/whatisnew?2Qtoplineads/eCommerceweaknessunderpinsourmoredefensivesub-sectorpreferences:Softmacro/consumptiontrendsandnegative2QeComheadlineads/double-digitdeclinesinelectronics&appliancegrowthleadustoliftgames&entertainmentto#2(newlyfiaggingNetEaseamongstlargecaps),eCommerce&mobilitydownto#3(yetwehighlightJDforthefirsttimeaswebelieve2Qwillbethelasttoughquarterforcomps,whileweanticipatea2Htoplineandprofityoyrecovery).WealsohighlightMiniMaxasakeyideainAImodelsonitsnextvideo-generationHailuomodel(thismonth)/furtherlargerparameterfoundationmodellaunches(in3Q)andARRupsidefromitsunique2026年6月9日4full-modal/codingfrontierperformances.WheredovaluationsstandforAImodelcompaniesandkeypushbacksonMiniMax?WithKnowledgeAtlas(NC,2513.HK)andMiniMax’slatestmarketcapsatUS$75bn/$20bn,asignificantdivergencefromtheirsimilarmarketcapsoverJan-Feb2026,implying2026year-endP/ARRof75Xand20Xrespectivelyonbothcompanies’owntargetedyear-endARRlevels,investordebates/pushbackssinceourMiniMaxupgradehavefocusedaroundtheriskstotheglobalAItradeandspecificallyonthecompany-level:nIntensepricingcompetition,andpotentialriskstoM3’spremiumpricingstrategy(at2-4XofitspreviousM2.7model),asDeepSeek/Tencent/MiMohavegainedsignificanttokensharessincepricecuts(withDeepSeekV4Flash,Hy3andMiMoasTop3usedgloballybytokennumbersonOpenRouteroverthepastweek)whilefrontierChinesemodelslikeQwen/GLMcontinuetoiterateatafastpace.OnJune8,MiniMaxannounceditsinitialtemporary7-day50%pricecutsonAPIchannel(nopricingchangetotokenplan,butwithincreasedtokensincluded)willbecomepermanent,implyingUS$0.22per1Mtokensvs.DeepSeek&MiMoatUS$0.18per1Mtokens.nSeedance2.0’ssuccessinlockinginenterprisecontracts/partnerships(withreportedUS$1.7bnARRsinashortperiod)raisedquestionsonwhetherBytedance’sfirst-moveradvantagecouldwidenthegapwithsmallerplayers,andwhethermulti-modalHailuo-3candeliverthestep-upliftinperformanceneededtobeseenasaformidablecompetitorwithSeedance/Kling,nUpcomingsix-monthlockupexpiry(insecondweekofJuly)thatcouldleadtosharepricevolatilityduetoasignificantincreaseinfree-fioatshares(fromcurrentmid-singledigit%).nGSviews:Whileweacknowledgethenear-termsharepricevolatility,webelieveMiniMax’sstrategyondifferentiation(modelefficiencies/cost,agentic,multi-modal/video,global),uniquearchitectures(focusingonqualityofdata,pre-/post-training,computingefficiencies)andfull-modalcapabilitieswillenablethecompanytoremainamongstthetopmodelplayersathighercostefficiencies/underlyinggrossmarginsineachmodeliteration(evidentfromitsongoinghighestgrossmarginsforitsAPIrevenuesvs.peers)whichwillbeoneofthemostimportantmetricsforalong-termsustainablebusinessmodelandeventualpathforalargerTAMglobally.At20Xyear-endP/ARR(orat1/3ofglobalpeersandKnowledgeAtlasatsimilarstagesofARRramp-up),webelieverisk-rewardisskewedtotheupsideona12-monthhorizon(vs.ourbear/base/bullvaluationsofHK$420/HK$1,000/HK$1,600implying-17%/+97%/+215%)givenitsuniqueAIfull-modalfootprintandpricing/costadvantagesthatallowsforbest-in-classAPIrevenuegrossmarginsvs.Chinesepeers.WhattodofromhereforChinainternetmega-capsaftertheYTDunderperformance?WedecomposeAlibabaandTencent’sYTDsharepricedeclinesintotwoparts(valuationcontractionvs.EPSdowngrades),whereAlibaba’s22%declineYTDhas2026年6月9日5beenmainlydrivenbyEPScutsonelevatedconsumerAIinvestmentsbookedinits‘Allothers’segment(-9pptsfrommultiple,from18X2026EP/Einthebeginningoftheyearto16X,GSemultiple-impliedEPSdowngradesof15ppts)whileTencent’s27%sharepricedeclineYTD(-25pptsdeclinefrommultiplecontraction,17X2026EP/Eatthebeginningoftheyearto13X,GSemultiple-impliedEPScutsof3ppts)havemainlybeenduetomultiplecontractiononconcernsarounditsAIprogressandweakervisibilityofROIforconsumerAIagentinitiativesvs.enterpriseAI-focusedAlibaba/UShyperscalers.Whatcouldchangefor2H2026?Weleanfurthertowardslarge/SMIDs(6outof8keyideas)forourChinainternetkeyideasaswebelievemega-capsneedtodefendtheirleadershipvs.ByteDanceandstep-upinAIopex+capexinvestmentsin2026(ashighlightedinour2026sectoroutlookpublishedinJan2026).Thesebeingsaid,weseeabottomingofAlibaba’sEPSdowngradecycle(withEPSinfiectingoversecondhalfof2026)andabottomingofTencent’svaluationmultiples(at11-12X,alreadylowestamongstChinaandglobalpeersthroughthecycles)aspotentialsignsofsharepricesupport/infiectionoverthesecondhalfof2026.WithChinainternetmega-capshavingoneofthemostundemandingvaluationsamongstglobalinternetpeers(lower‘bubble’/circularrevenueconcerns),andwithstillampleroomtofundhighercapexfromoperatingcashfiow/netcashbalancesheetsfortheirAIhyperscalerbusinesses,weseethefollowingkeydriversforAlibabaandTencent:nKeypotentialdriversforAlibaba(at16X26EP/E,EPSrevisionsbottoming):(-)Near-termrisks:CMRweakness,onthe3-5pptssequentialdecelerationin2Qretailsales,(+)furthercloudrevenueaccelerationwithmarginupsideonpricehikes,(+)reiterationofMaaSARRtrends,withrecentfurtherrestructuringofmodellayer/computingresourceswithlaunchofAlibabaTokenFoundry,(+/-)gradualstabilizationinEPSrevisionsonsequentiallynarrower‘Allother’losses.nKeypotentialdriversforTencent(at13X26EP/E,withcloud,adgrowth&capexaccelerating):(-)Near-termrisks:Fintechrevenueweaknessonsoft2Qretailsales,slowerprofitgrowthonAIinvestments,(+)sustainedhighteens-20%adgrowthonAItargeting/higheradload,(+)cloudgrowthaccelerationonenterpriseAIgrowth,growingMaaSbusinessfromfurtherHunyuanmodellaunches,(+)furthermarkedcapexupliftover2H26ondomesticASICssupply,(+/-)WeixinAIagentpilotlaunchesover2H26,withuniqueMini-Programtransactioncapabilitiesandsocialcontext,yetatincrementalinferencecostswithnoimmediatemonetization.Cloud&DataCentersstillourtoppreferredsub-sector;threenewstockideasingames(#2),eCom(#3)andAImodels(#4):WecontinuetorankCloud&DataCentersasourpreferredsub-sector(#1)postresults/AsiaCommunacopiaConferencewithkeyideas:GDS,VNET,AlibabaandKingsoftCloudonproliferationofAItokendemandfromagenticAIwithimprovingcloudpricing/marginupsideandhyperscalers’furthercapexrampupinto2H26askeycatalysts.Givenweak/soft2026年6月9日6macrotrends2Q-to-date,weliftGames&Entertainmentto#2(from#3)givencounter-cyclicalnatureofgameswithkeyideas:TencentandNetEase(new)onattractivetrough-cyclevaluations/newgameslaunches,followedbyeCommerce&Mobility(downto#3,from#2)withkeyideaJD(new)onitsprofityoyrecovery(from2Q26)andre-accelerationoftop-linefrom3Q26(despitemid-to-highsingledigitJDRetailtoplinedeclinesfor2Q,whichisnowwell-anticipated),andwefiagAImodels(unchangedat#4)withkeyideaMiniMax(new)onitsuniqueAIfull-modalfootprintandclearerARRramp-upvisibilityfromM3/Hailuo3andfurthermodellaunchesover2H26.RelatedresearchNavigatingChinaInternet/AImodels:FramingfivekeyAIdebates;BuyAlibaba(on-CL);upgradeMiniMaxtoBuy,May3,2026AmericasTechnology:DecodingtheAgenticEconomy-TheComingInfiectioninAIUsageandMargins,May5,2026,byJamesSchneider,EricSheridan,GabrielaBorges&teamTheauthorswouldalsoliketothankIrisXiaoforhercontributiontothisreport.2026年6月9日7图表2:DecomposingAlibaba&TencentsharepriceperformanceYTD,whereAlibabahasbeenmainlydrivenbyEPScutswhileTencenthasbeenmainlyduetomultiplecontractionPricingasofJun52026年6月9日8图表3:ChinaInternet:SharepriceperformanceandvaluationPricingasofJun3rd2026年6月9日9图表4:eCommerce&Localservicesindustry(Alibaba,JD,PDD,Meituan)netprofitgrowthtrend图表6:GAAPP/EcomparisonindicatesasmallvaluationgapbetweenChinaandUSmega-capinternetcompanies图表8:Internetsector(excl.Alibaba,JD,PDD,Meituan)revenueandnetprofitgrowthtrend图表5:ChinaInternetvs.U.S.Internet:12-monthforwardPEvaluation:Chinainternetiscurrentlytradingat14Xmedianforward12-mnon-GAAPP/Evs.USat25XGAAPmedian):图表7:CloudrevenueoutlookofmajorChinesecloudserviceproviders资料来源：公司数据,LatePost,高盛全球投资研究部图表9:Internetsectorrevenueandnetprofitgrowthtrend2026年6月9日10图表10:ChinaInternetkeystockideasbypreferredsub-sector:welayoutourrefreshedkeystockideasamongstmega-caps,andlarge/SMIDcapsPricingasofJun3,2026图表11:AnoverviewofthecompetitiveanalysisforAlibaba,TencentandMiniMax’smodelpositionings(forillustrativepurposes)图表12:JD’sJoyBuyuserengagementmetricsataglance资料来源：SensorTower,DatacompiledbyGoldmanSachsGlobalInvestmentResearch2026年6月9日11图表13:ChinaInternetcompstablePricingasofJun7,2026Targetpricesona12mtimeframe.*onAPACConvictionList资料来源：Datastream,高盛全球投资研究部2026年6月9日121.USvs.ChinaAImodels:PerformancegapandpricingUSvs.ChinaAImodels:AreChinesemodelsalready‘goodenough’forday-to-daytasksandwilltheirmuchlowerpricesdisruptpricing/marginsoftheAIvaluechain?Computing/budgetconstraintshavedrivenauniquefocusontrainingefficiencies/inferenceoptimizationofChineseAImodels,$0.2-1per1Mtokenpricingvs.USSOTAmodelsof$4per1Mtokensblended,withimprovedgap.WhileUSCAISI’sevaluations(link)implysteepeningUSinnovationatthefrontierhelpedbymoreampleaccesstohigh-endcomputing,investorfocusesinthepastmonthhavebeenonwhetherChinesemodels’muchlowerpricingandrecent‘goodenough’performanceofthelatestChinesemodelsformoregenerictaskscouldimpacttheglobalAImodelmarketsharesfurtherandpricinglandscape(andthusimplicationsacrosstheprofitpoolsacrosstheAIlayers).OtherdebatesincludeChinesemodels’accesstodomestic/foreigncomputingresourcesfortraining,anti-distillationtactics,potentialsecurityconcerns/regulations,withinvestorsdrawingparallelsoftheChinesevs.USAImodellandscapewithothersectors,e.g.internetlandscape(whereTemu/AliExpressfocusonlowticketsizeproductsineCommerce,whileTikTok/Joybuypursueamorelocalizationstrategy)and/orothertech/EVindustries(whereChineseplayershavecompetitivecostbases,yetwithcertainrestrictionstomarketaccess).WeseepotentialforChineseAImodelstostrengthentheirvalue-for-moneypositioningintheagenticera:Insteadofone-sizefitsall,AItokendemandhasbeensplittingbetweenfrontiermodelsforhighest-valuescenarios(coding,largeMNCs/enterprise)andfiash/SLMs/Chinesemodelsforagentic24/7monitoring/executiontasksesp.forSME/one-mancompaniesduetocostconsiderations(smallermodels/Chinesemodels).USenterprises’significanttokencostsfiaggedinthelatestearningsseason,fromtokenmaxxingandagentictools,havealsopromptedmoreopennesstowardscheaperfiashmodels/Chinesemodels,whichisevidentfromthird-partyAPIplatformslikeOpenRouter(whereChineseAImodels’tokenmarketsharehascontinuedtoincreasetowards50%inrecentmonthsvs.lowsingle-digit%inlate2024).However,giventhemuchlowertokenpricing,Chinesemodelsonlyaccountforsingle-digitoftheAImodelrevenuepool.Chinesemulti-modalmodelshavehigherpricingpower,withleadingperformancesinvideogeneration(e.g.Seedance2.0atlatestmonthannualizedrevenueofUS$1.7bn).2026年6月9日13图表14:ChineseAImodelsarenarrowingtheintelligencegapwithUSSOTAmodels...资料来源：ArtificialAnalysis,DatacompiledbyGoldmanSachsGlobalInvestmentResearch图表16:Chineseplayershavecontinuedtogainmarketsharethrough2026...资料来源：OpenRouter,DatacompiledbyGoldmanSachsGlobalInvestmentResearch图表15:...andofferinghigherinferencespeed(especiallyFlashversion),moresuitableforagentic24/7tasks资料来源：ArtificialAnalysis,公司数据,DatacompiledbyGoldmanSachsGlobalInvestmentResearch图表17:ChineseAImodelspricingremainafractionofUSSOTAcostswithbettervalue-for-moneypositioningandpricingupsideInputandoutputpriceUS$per1Mtokens,notingKVCacheisanotherswingfactortoblendedcost资料来源：ArtificialAnalysis,DatacompiledbyGoldmanSachsGlobalInvestmentResearch2026年6月9日14图表18:ChinesemodelpricingpowerrisesasperformancegapwithUSnarrowsPerformancebenchmarkusesTerminalBench2.0andBrowseComp.BlendedAPIpriceisbasedonweightedinput/output/cachedinputpricing.资料来源：TerminalBench,BrowseComp,公司数据,DatacompiledbyGoldmanSachsGlobalInvestmentResearch图表19:LatestdisclosureofChineseAIvideomodelARR(US$mn)资料来源：公司数据,36kr,DatacompiledbyGoldmanSachsGlobalInvestmentResearch2026年6月9日152.ChineseAImodelcompetition:FrameworkandcompetitivelandscapeChineseAImodelCompetition&Moats:Anothersector-widepricewar(resemblingmanyChineseindustrieslikeEVs)orwouldthelandscapesettlewithtwo-tieredpricing?WhatcouldtheeventualChinamodellandscapelooklike?With5-6independents+4mega-caps(BATX)competingwitheachotherthusfarintheAImodellayer,thelandscapeinChinaismorefragmentedvs.theUS,withinvestorfocusgravitatingtowardswhetherfrontier/intelligenceleadershipcanestablishpricingpremiumsinanincreasinglytwo-tieredmarket(e.g.,Qwen3.7Max/GLM-5.1atblendedUS$1.4/0.9per1Mtokens)vs.thebackdropofwidepricecutsseenfromotherplayerslikeDeepSeek/MiMo(atblendedUS$0.2per1Mtokens).WeintroduceaChineseAImodelcompetitivepositioningframeworkcomparingtalentstability,intelligencelevel(coding,agenticmulti-modal),pricingpower,costefficienciesandfunding/balancesheet.Webelievecodingandmulti-modal(videogeneration,e.g.Seedance2.0chargesUS$4-7per1Mtokens)performance,trainingefficienciesandbalancesheetstrengthwillbekeydifferentiatorsforlong-termsuccess.WithARRasanoutputmetric,wehighlightAlibabaMaaSARRatUS$1.2bn/1.5bn/4.4bn(Apr/June-quartertarget/year-endtarget,70-80%ofwhichwillbecontributedbyQwenmodels),ByteDance’sMaaSARRtargetatasimilarscale(US$2.2bntargetforCY2026fullyearaverage,asperreports),andZhipuandMiniMaxbothtargeting>=US$1bnARRby2026year-end.图表20:AnoverviewofthecompetitiveanalysisforAlibaba,TencentandMiniMax’smodelpositionings(forillustrativepurposes)2026年6月9日16图表21:MiniMaxandZhipurampupquicklyinARRwithend-yeartargetatUS$1bn资料来源：公司数据,DatacompiledbyGoldmanSachsGlobalInvestmentResearch图表22:...whereDeepSeekandTencenthavegainedmarketshareinrecentmonthsfollowingnewmodelslaunchMiniMaxMiniMaxDeepSeekZ.aiQwenTencentXiaomi20%15%10%5%0%资料来源：OpenRouter,DatacompiledbyGoldmanSachsGlobalInvest