On August 17, China Merchants Securities International issued a report highlighting that on the evening of August 13, DeepSeek released the DeepSeek Harness (DSH) Developer Preview v0.1 and made it open-source under the MIT license. According to the report, DSH's strategic goal is to ascend to the framework level, with the ambition to establish an "Android for the Agent Era." By setting operational standards for "dynamically composable Agents," it aims to bolster its grip on the ecosystem and deepen developer involvement.

The report underscores that the development of local models is picking up pace, and major AI investment prospects are poised to continue reaping benefits. The commercialization of inference has entered a fresh stage, characterized by price hikes and peak-valley pricing strategies. This marks the first systematic price increase implemented by leading local models, reflecting a robust demand for inference services and a constrained computing power supply. Consequently, this trend is advantageous for the inference computing power industry chain, encompassing domestic chip manufacturers and the IDC/cloud sectors, and paves the way for further price increments of local models.

In the competitive landscape, as model capabilities converge, the spotlight is shifting from the "model layer" to the "framework layer/application layer." Engineering prowess and developer ecosystems are emerging as the new frontiers of competition. The report advises keeping a close watch on the iterative advancements of leading local models, such as Zhipu's (02513.HK) new GLM model, MiniMax's (00100.HK) M3 Pro, Tencent's (00700.HK) Hunyuan 4, and Alibaba's (09988.HK) Qianwen 4. Additionally, it suggests monitoring the commercialization progress and scenario expansion of Agent products.