A Bank of America Merrill Lynch report indicates that Chinese large models are establishing a dominant position in the global "cost-performance" niche market. According to OpenRouter platform data, DeepSeek V4 Flash 0731 leads with 31.6 trillion tokens in monthly usage, followed by Tencent Hy3 with 26.2 trillion tokens. The report also points out that China has registered over 980 generative AI services and applications, with supply far exceeding proven monetization capabilities. Basic inference has become highly commoditized, and pricing power continues to be under pressure.