According to the Huatai Securities Research Report, the GPT-5.6 price reduction is driving the big model competition to a further shift from ability ranking to “equal intelligent cost.” OpenAI cut Terra and Luna prices by 20% and 80% respectively on July 30; the DeepSeek V4 Flash 0731 released the next day reached 50 points in the Artificial Analysis Intelligence Index, only 1 point lower than Luna. The mixed price and average task cost were about $0.06/million token and $0.03, respectively, and about 65% and 57% lower than Luna, respectively. Huatai Securities believes that the Kimi K3 represents the maximum capacity of the current domestic open weight model with 57 points, while the DS V4 Flash refreshes the cost bottom line in the 50 point capability range. The Chinese model has formed two competitive routes of “strong capability+high cost performance”, which is expected to drive the development of downstream applications. It is recommended to focus on the two main investment lines of AI applications and domestic models.

According to the Huatai Securities Research Report, the GPT-5.6 price reduction is driving the big model competition to a further shift from ability ranking to “equal intelligent cost.” OpenAI cut Terra and Luna prices by 20% and 80% respectively on July 30; the DeepSeek V4 Flash 0731 released the next day reached 50 points in the Artificial Analysis Intelligence Index, only 1 point lower than Luna. The mixed price and average task cost were about $0.06/million token and $0.03, respectively, and about 65% and 57% lower than Luna, respectively. Huatai Securities believes that the Kimi K3 represents the maximum capacity of the current domestic open weight model with 57 points, while the DS V4 Flash refreshes the cost bottom line in the 50 point capability range. The Chinese model has formed two competitive routes of “strong capability+high cost performance”, which is expected to drive the momentum of downstream applications. It is recommended to focus on the two main investment lines of AI applications and domestic models.