Recently, JPMorgan unveiled a research report on China's AI sector, noting that the Chinese AI market has shifted from the initial phase of "hundred-model competition" to a new competitive stage centered around commercialization prowess, model innovation capabilities, and global presence. (While "global layout" could be more naturally rendered as "global presence" or "global footprint" in English, it is retained here in pinyin for precision.) The number of developers of domestically produced large models with sustained competitiveness has dwindled from over 200 to fewer than 10, giving rise to a dual-track competitive landscape featuring "tech behemoths + independent trailblazers." Among these, Zhipu and MiniMax distinguish themselves with their notable technological edge, distinct commercialization strategies, and global footprint, emerging as key targets for capitalizing on the next wave of value creation in the global AI arena. JPMorgan has initiated coverage on these two companies with an "Overweight" rating.