JPMorgan has released a research report stating that the Lunar New Year remains the most intensive and historically effective launch window for China's consumer technology sector. If DeepSeek's new version is released during the holiday period, the truly significant impact would primarily manifest in potentially unlocking platform economic benefits. Should this iteration achieve a notable, efficiency-first reduction in reasoning costs, AI would become economically viable for direct integration into high-frequency consumer products, moving beyond standalone chatbot applications. Among internet platforms, the firm believes Tencent Holdings is most likely to benefit the greatest from a potential DeepSeek update, followed by vertical leaders such as Trip.com Group, Kuaishou, and KE Holdings. The impact on Alibaba and Baidu is viewed as more mixed. For independent model developers like Zhipu AI and MiniMax, which also have flagship models already launched or imminent, the direct impact typically lies not in immediately capturing customers, but more in signaling capability and creating technological spillover effects. DeepSeek has consistently prioritized open-source development over short-term commercial maximization, so its competitive effects are often transmitted through perceptions of model quality and the technical directions it validates. If this release includes genuine efficiency or systemic breakthroughs, these methods would rapidly diffuse throughout the ecosystem—raising peer benchmarks and compressing iteration cycles. In this context, the firm reiterates its positive outlook on Zhipu AI and MiniMax, whose capability improvements are most directly reflected in their API monetization progress.