In the 2026 Spring Festival holiday, the domestic AI large model market was bustling. Top players such as ByteDance, Zhipu, and MiniMAX launched their models in a "relay" manner, directly igniting the capital market's enthusiasm for the AI application sector.

ByteDance: Seedance 2.0 Launches "Movie-Level" Creation

The video generation model Seedance 2.0 released by ByteDance became the center of attention:

  • Multimodal Generation: Supports text and image input, capable of generating multi-scene videos up to 60 seconds long.

  • Quality Leap: Features native audio synchronization and excellent camera movement planning, delivering movie-level results.

  • Ecosystem Empowerment: Based on platforms like Douyin and CapCut, this model is rapidly bringing AI video production from the lab into the "practical creation" era.

Zhipu GLM-5: The "All-Round Flagship" with Doubled Parameters

Zhipu officially confirmed that its new model GLM-5 has been launched. This model has achieved significant breakthroughs in its technical architecture:

  • Powerful Performance: Uses DeepSeek sparse attention (DSA) technology, with a parameter scale of up to 745 billion, twice that of its predecessor.

  • Long-Text Processing: Supports a context window of up to 202K tokens, significantly enhancing complex reasoning and long-document understanding capabilities.

  • Scenario Adaptation: Enhances multi-token prediction and intelligent agent workflows, positioning it as a top-tier conversational and programming intelligent agent model.

MiniMAX & DeepSeek: A Battle for Globalization and Long Text

  • MiniMAX 2.5: The model has entered overseas internal testing, with enhanced programming capabilities and intelligent agent interaction, showing its ambition to accelerate global expansion.

  • DeepSeek V4: Released the V4 version simultaneously, supporting a context window of up to one million tokens, further expanding the application boundaries of ultra-long texts.

Market Reaction: "All Red" in the Capital Market

The collective "showcase" of domestic large models has led to a surge in related stock prices:

  • Zhipu-related Stocks: Stimulated by the launch of the new model, the stock price of related companies has risen by more than 70% this week.

  • AI Application Stocks: Stocks such as China Online, Zhangyue Technology, and Shanghai Film have all surged, reflecting the high expectations of the market for the commercialization of AI.

Industry experts believe that the "collective launch" during the 2026 Spring Festival period marks that domestic large models have entered a full-chain closed loop of "chips—models—applications," and AI is moving from R&D to a large-scale commercial prosperity period.