Odaily Planet Daily News JPMorgan has published a research report analyzing China's AI large model industry. The bank pointed out that as the monetization path of large models converges towards enterprise workflows, API consumption, code, and intelligent agents, investors will place increasing emphasis on the actual capabilities, task completion rates, and pricing power of the models. Against the backdrop where demand for AI adoption still outpaces the supply of inference computing power, if developers quickly retreat from premium pricing, it reflects that improvements in their model capabilities have not gained market recognition.

Within the sector, the bank is relatively optimistic about Zhipu AI (02513.HK) and reaffirms its overweight rating. The bank favors Zhipu AI's demonstrated pricing power behavior. The fact that it managed to double API prices this year while sustaining continuous business growth fully validates market recognition of the value of its large models.

The bank has raised its revenue forecasts for Zhipu AI for fiscal years 2026 to 2030 by 26% to 42%, lowered its adjusted net loss projections, and significantly increased its target price from 950 Hong Kong dollars to 1,400 Hong Kong dollars. (Jin Shi)

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