According to TechFlow TechFlow, on June 16th, JPMorgan Chase released a research report analyzing the large-scale AI model industry in China. The report points out that as the monetization path for large models converges towards enterprise workflows, API consumption, code, and intelligent agents, investors will increasingly focus on the actual capabilities of the models, task completion rates, and pricing power. Given that AI adoption demand still exceeds inference computing power supply, if developers quickly withdraw from premium pricing, it reflects a lack of market recognition of their improved model capabilities.
The bank is relatively bullish on Zhipu (02513.HK) within the sector, reiterating its "Overweight" rating. The bank is optimistic about Zhipu AI's pricing power, noting that its ability to double API prices this year while maintaining continuous business growth fully validates the market's recognition of the value of its large-scale models. The bank has raised its revenue forecasts for Zhipu AI by 26% to 42% for fiscal years 2026 to 2030, while lowering its adjusted net loss forecast, significantly increasing its target price from HK$950 to HK$1400. (Jinshi)
