China and US Gap Narrows, Domestic Large Models Enter "Commercialization Competition"

According to the latest research report from Puyin International, the gap between China and the US in overall large model capabilities has significantly narrowed to 3 to 6 months. Domestic companies are officially moving away from mere "parameter competition" and shifting toward extreme efficiency optimization and multimodal integration.

Currently, the industry shows a clear strategic divergence:

  • Zhipu AI: Focused on domestic full-stack ToB services, aiming to become an industrial-level AI foundation.

  • MiniMax: Leveraging high revenue growth, it is heavily investing in global ToC markets through AI-native content platforms.

    Although leading companies are still in the early stage of "high R&D and high losses," with their market capitalizations comparable to giants like JD.com and Kuaishou, the large model industry has entered a period of capital confrontation.

JD.com: Self-Developed "Cloud Sea" Storage Enters Top Four Globally, Trillion-Dollar Ecosystem Begins

On March 5, JD.com's fourth-quarter financial report demonstrated its strong AI capabilities in infrastructure and supply chain. Its self-developed "JD Cloud Sea" AI storage system ranked in the top four on the global IO500 list, providing top-tier support for large-scale computing clusters.

In the application layer, the JoyAI large model from JD.com has been deeply integrated into its core "super supply chain," covering more than 2,000 internal business scenarios. JD.com has clearly stated that it will continue to increase AI investment over the next three years, aiming to drive the formation of a trillion-dollar artificial intelligence ecosystem, achieving a transformation from cost reduction and efficiency improvement to industrial empowerment.

Bilibili: AI Redefines Content Communities, Advertising Revenue Sees New Growth

On the same day, Bilibili's (B站) financial report also released positive signals. Bilibili's Chairman and CEO Chen Rui said that AI is deeply reshaping content creation, community experience, and commercial efficiency.

The report indicated that Bilibili's advertising business is focusing on vertical categories such as technology and gaming. It is expected that by 2026, gaming and AI applications will become the core drivers of Bilibili's growth. As AI-assisted creation tools become widespread, the reduced barriers to content production will further stimulate community vitality, opening up a new chapter of sustainable growth.

Capital Watch: Hong Kong Internet ETF Becomes a New Favorite for AI Application Penetration

As AI applications accelerate in Hong Kong-listed tech giants, the capital market's direction is also changing. Hong Kong Internet ETF (520910), which deeply covers leading internet companies such as Alibaba, Tencent Holdings, Meituan, and Kuaishou, has become a key tool for capturing AI commercialization dividends.