银行、券商、基金、保险……国产大模型DeepSeek热潮在全面席卷金融业。 近日，又有近10家券商官宣完成DeepSeek-R1的本地化部署，DeepSeek-R1是DeepSeek系列模型的最新 版本。至此，证券业探索DeepSeek模型应用的券商至少已有16家。 业内人士表示，从长期来看，券商将受益于大模型技术的发展与AI应用的加速落地，这有助于提升业 务效率，拓宽金融科技护城河。然而，在短期内，投资者需要警惕二级市场跟风式概念炒作。 多家券商积极部署 截至发稿，至少有16家券商宣布已完成DeepSeek-R1模型的本地化部署，包括国泰君安、国金证券、中 泰证券、兴业证券、国元证券、华福证券、光大证券、华安证券、广发证券、国盛证券、中金财富证 券、华西证券、国信证券、中信建投、东兴证券、西南证券等。 多家券商称，已将DeepSeek融入公司多个核心业务领域，将赋能信息检索、文档处理、行业研究、市 场研判、辅助软件研发、辅助制定营销方案、合规问答、业务办理指引等多个业务场景。 例如，2月8日，中金财富宣布完成与DeepSeek-R1大模型深度融合。据介绍，此次技术应用不仅实现智 能投顾助手IC-Copilo ...

作为企业级AI Agent应用生成平台的标杆，鼎捷IndepthAI智能体平台与DeepSeek大模型的集成，将进一 步提升鼎捷雅典娜平台在数据分析、智能决策、流程优化等方面的能力，加速平台AI能力布局和商业 落地，拓展国产大模型应用生态圈，为客户在业务创新、私有化落地等诸多数智化转型场景应用，提供 更多的选择。（厉平） 校对：王朝全 近日，鼎捷数智(300378)官方微信公众号发布，DeepSeek大模型已全面集成至鼎捷IndepthAI智能体平台 及鼎捷全线智能应用，标志着鼎捷以"智能+"战略为引领，AI布局再上新台阶。通过接入DeepSeek大模 型的领先AI能力，鼎捷将为企业提供更智能、更高效、性价比更高的数智化方案，助力企业在快速变 化的市场环境中实现高质量发展。 凭借深厚的行业知识积累与技术创新实力，鼎捷数智构建了强大的大模型基座。除了自建的鼎捷领域大 模型外，还积极整合了当前主流的先进模型，如GPT全系列模型、通义千问、豆包、文心一言等。鼎捷 数智董事长兼总裁叶子祯表示，人工智能体不再只是停留在想象中的概念，而是进入了新的阶段，它已 从最初的人的驱动逐步进化到流程驱动、模型驱动、数据驱动，最终会 ...

DeepSeek突飞猛进的发展，使其成为全球现象级大模型。 作为低成本高性能的开源大模型，DeepSeek在科技界、AI界以及大模型界仍在不停地掀起更大的浪 花。从科技、医药、传媒到非银金融、汽车、电信行业，DeepSeek的"朋友圈"仍在持续扩张中。 据工信部最新消息，三家基础电信企业均全面接入DeepSeek开源大模型。此前，国元证券、国金证 券、汇富添基金等金融机构纷纷部署DeepSeek；8日，岚图汽车和吉利汽车率先宣布与DeepSeek深度融 合。 DeepSeek折射出"算法自信" 长期以来，市场普遍认为中国科技企业的技术创新能力不强，而DeepSeek的横空出世，彻底打破了这 一固有认知，它不仅缩小了全球资本对中外科技的预期差，同时也颠覆了AI界对传统大模型的认知， 力证了科技创新的"中国模式"同样能孵化出顶级的技术。毫不夸张的说，DeepSeek的出现折射出了国内 科技界的创新自信及算法自信。 国信证券表示，DeepSeek突飞猛进的发展，使其成为全球现象级大模型。公开信息显示，DeepSeek已 经得到了国内多家云巨头和芯片公司的支持。华为、京东、百度智能云、阿里云和腾讯云等都宣布支持 De ...

"中国的科技和高端制造业，是否应该得到一定的估值提升，我认为很有可能。"刘晓龙认为，1、2月是 经济数据的混沌期，由于过年时间的变动，很多微观数据也会形成扰动和分析困境。3月对多数行业来 说都是小阳春，是重要的观测时点。 世诚投资认为，DeepSeek于资本市场的意义在于，投资界认识到中国也是勇立潮头的AI弄潮儿之一， 并且正在向舞台中央靠拢——这将引发对于中国科技资产的重估。在A股市场，AI属性将被赋予明确的 科技标签和更高的估值溢价。虽然这里面不排除局部的泡沫，投资标的的丰富度将有极大的提升。面对 外部不确定性，中国股票资产仍可能面临波折，而外部世界对于中国在科技领域的追赶甚至赶超的重新 认识将使得科技板块迎来确定性的重估。 DeepSeek掀起的AI浪潮，仍在A股热烈翻滚。蛇年开市以来，股市AI产业数据、算力、算法、应用、硬 件等各个板块均有所表现，涨幅居前。 对于私募行业孵化出来的DeepSeek，国内众多知名私募机构认为，梁文峰由一个私募投资人到科技先 锋，从DeepSeek这里完成了一次巨大的价值飞跃。DeepSeek问世的最大意义在于，确认了至少在大模 型层面，中国拿到了未来AI的入场券，美国没 ...

关于资本市场做好金融"五篇大文章"，证监会出台重磅举措 2月7日，中国证监会发布实施《关于资本市场做好金融"五篇大文章"的实施意见》，提出18条政策举 措。《实施意见》聚焦支持新质生产力发展，突出深化资本市场投融资综合改革，增强制度包容性、适 应性，推动要素资源向科技创新、先进制造、绿色低碳、普惠民生等重大战略、重点领域、薄弱环节集 聚。《实施意见》提到，更大力度支持新产业新业态新技术领域突破关键核心技术的科技型企业发行上 市；扩大保险资金开展长期股票投资试点范围。 证监会新闻发言人周小舟就《关于资本市场做好金融"五篇大文章"的实施意见》答记者问表示，支持优 质科技型企业发行上市，优化科技型上市公司并购重组、股权激励等制度。打通社保、保险、理财等中 长期资金入市卡点堵点，加快推进数字化、智能化赋能资本市场。增强资本市场制度的包容性、适应 性，加大投资端改革力度。 吴清：保护投资者合法权益是证券监管的首要任务 金融监管总局：开展保险资金投资黄金业务试点 国家金融监管总局发布《关于开展保险资金投资黄金业务试点的通知》，自《通知》发布之日起开展保 险资金投资黄金业务试点。在试点内容方面，《通知》界定了试点投资黄金的 ...

中国人工智能（AI）企业深度求索（DeepSeek）发布的开源大模型DeepSeek- R1持续引发海内外热议。据DeepSeek称，该模型榜单测试成绩与美国行业巨头 OpenAI于2024年12月正式上线的o1模型相似，在某些方面甚至表现更好，但是， 其推理定价仅约为后者的五十分之一至二十五分之一。此前，DeepSeek发布的开源 大模型DeepSeek-V3已凭借极低的大模型训练价格受到国内外AI产业界热议。对一 家名不见经传的中国AI企业来说，取得这样的成绩是了不起的。国外同行对 DeepSeek异军突起也不吝赞美之词。在刚刚过去的春节假期里，DeepSeek爆 火"出圈"，不少国人感到欢欣鼓舞。 值得注意的是，从DeepSeek的优异表现中可以看到，在AI大模型开闭源之争 中，开源模型正在赶超闭源模型。图灵奖得主、主导Meta AI研究的首席科学家杨立 2 1 财新观察｜AI竞争以开源促开放 CAIXIN| 听文章 0:00 / 5:36 昆（Yann LeCun）对此解读称："DeepSeek得益于开源研究和开源项目（例如 PyTorch和Llama）。他们在他人工作的基础上提出了新想法并进行了构建 ...

Summary of the Conference Call Transcript Industry Overview - The report focuses on the **Memory Market**, particularly the impact of **DeepSeek's R1 model** on the demand for AI hardware in data centers and the overall memory sector dynamics [2][51]. Key Points and Arguments 1. **Market Dynamics**: - The memory sector has experienced an **11% decline** in average share prices over the last two weeks, compared to a **9% decline** in the SOX index [2]. - Concerns about a slowdown in GPU demand are prevalent, but the report emphasizes the growth potential from **edge-AI migration** and the **AI ASIC market** [2]. 2. **Demand Projections**: - The report anticipates a **25% to 40% adoption rate** for edge AI in PCs and smartphones by 2026, with a potential **220%+ upside** in edge-AI bit demand, translating to a **20% increase** in global DRAM Total Addressable Market (TAM) [2][10]. - The inference demand for HBM is expected to be limited, with more upside potential for conventional DRAM due to the low attach rate of HBM for inference ASIC chips [2]. 3. **Supply and Demand Analysis**: - A **10% decline** in HBM demand could lead to a **2.5% surplus** in ex-HBM bit supply, indicating that the HBM market remains tight despite concerns of oversupply [9][18]. - The report suggests that **20% weaker demand** could result in a significant oversupply scenario, necessitating a reallocation of HBM wafer inputs [18]. 4. **CSP Capex Outlook**: - Major Cloud Service Providers (CSPs) like Microsoft and Alphabet reported strong growth in their datacenter divisions, with capex guidance raised to **US$80 billion** and **US$75 billion** respectively for FY25 [51]. - Despite concerns about AI infrastructure spending, CSPs are expected to continue investing heavily in data clusters [51]. 5. **Competitive Landscape**: - The competition among memory makers is intensifying with the introduction of **GDDR7** and **LPDDR6**, which promise higher speeds and improved efficiency [25]. - Samsung, SK Hynix, and Micron are all expected to begin mass production of GDDR7 memory modules in **1Q25**, highlighting the competitive nature of the market [25]. 6. **Investment Recommendations**: - The report recommends investors to focus on the **NVDA-centric supply chain** and highlights **SK Hynix** as a preferred pick in the Asian memory space [2]. - Investors are advised to consider edge AI proxies and key players in the Apple supply chain for potential growth opportunities [55]. Other Important Insights - The report notes that **ASICs** are expected to become a larger driver of HBM demand in the long term, although short-term visibility remains stronger for merchant GPUs [36]. - The memory sector's performance has been lackluster, with an average decline of **10%** over the past three months, attributed to macro risks and the impact of DeepSeek [51]. - The report anticipates volatility in memory stock prices in the near term as investors adjust their earnings growth expectations [55]. This summary encapsulates the critical insights and projections regarding the memory market and its dynamics, particularly in relation to AI and edge computing trends.

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **China AI ecosystem**, particularly the rise of **DeepSeek** as a significant milestone in AI development, indicating competitive capabilities with global solutions [2][10][11]. Core Insights - **DeepSeek's Development**: It is not an isolated success but part of a broader evolution within China's AI ecosystem, which has been developing over the past two years [1][11]. - **Customization Needs**: DeepSeek requires more customization and higher servicing, making it potentially less scalable outside of China’s unique enterprise landscape [3][12]. - **Shift in Focus**: The China AI ecosystem is transitioning from foundational model development to application-focused development, emphasizing open-source solutions [4][17]. - **Competitive Landscape**: The AI market in China is becoming increasingly competitive, with a rise in cottage industries replicating models at lower costs [4][19]. Winners and Losers - **Winners**: Companies that can effectively monetize through application development and avoid price wars will thrive. Key sectors include cloud providers with full-stack capabilities and enterprise software with strong subscription models [4][18]. - **Losers**: Companies that merely repackage compute resources or model developers without differentiation are expected to struggle [4][18][22]. Stock Recommendations - **Positive Outlook**: - **Kingdee**: Strong mid-enterprise platform with potential for AI monetization [5][24]. - **Kingsoft Office**: Notable for its AI monetization track record across consumer and enterprise products [5][24]. - **TCOM and TME**: Positive setup but with a focus on cost optimization and long-term EPS growth [5][24]. - **Negative Outlook**: - **Baidu**: Expected to lose market share in search and face challenges in AI cloud competitiveness [5][28]. Market Dynamics - **Monetization Challenges**: Not all applications can effectively monetize their AI capabilities due to rapid copying and consumer expectations [5][23]. - **Unique Content Advantage**: Companies with unique content or strong industry verticals are better positioned to leverage AI for differentiation [5][23]. Investment Implications - **Cloud Providers**: Favorable for those with full-stack capabilities that can support open-source development and provide value-added services [5][24]. - **Software Companies**: Subscription-based models targeting consumers and SMEs are likely to see better performance compared to traditional ERP systems [5][24]. - **Model Developers**: The competitive landscape is expected to intensify, leading to pricing pressures and potential margin squeezes for less differentiated players [5][24]. Conclusion - The China AI ecosystem is evolving rapidly, with significant implications for investment strategies. Companies that can adapt to the changing landscape and focus on application development, customization, and unique content will likely emerge as winners in this competitive environment [4][19][24].

Summary of Key Points from the Equity Research Report Industry and Company Overview - **Industry**: AI and Software - **Company**: DeepSeek, a Chinese AI startup known for its reasoning model DeepSeek-R1, which competes with OpenAI's models Core Insights and Arguments 1. **DeepSeek-R1 Performance**: DeepSeek-R1 is a reasoning model that generates a Chain of Thought (CoT) to enhance response accuracy, showing robust performance at a significantly lower cost compared to OpenAI's o1 model, with API output costs being 96% cheaper [3][4][22] 2. **AI Application Monetization**: The introduction of DeepSeek-R1 is expected to accelerate AI application monetization, particularly in logical reasoning, which has been a limitation for previous domestic models. This model's low token costs will reduce AI training and inference costs, enhancing R&D efficiency for software companies [4][24][28] 3. **Focus on AI Agents**: The monetization of AI agents is gaining traction, with several US companies leading the way. Chinese software companies are also launching localized AI agents, which are expected to contribute significantly to revenues in the second half of 2025 [5][29] 4. **Investment Recommendation**: A "Buy" rating is maintained for Sangfor Technologies, which is well-positioned to benefit from the growing AI application market due to its hyper-converged infrastructure business [6][36] Additional Important Insights 1. **DeepSeek's Engineering Innovations**: The model utilizes pure reinforcement learning and incorporates cold-start data, which enhances its reasoning capabilities and reduces training costs to approximately USD 6 million compared to OpenAI's USD 500 million [12][22][21] 2. **Developer Adoption**: Since its release, DeepSeek-R1 has gained significant traction among developers, surpassing Llama 3 in GitHub stars, indicating a growing interest and adoption in the developer community [27] 3. **Market Positioning**: DeepSeek's model addresses critical industry pain points, such as high costs and insufficient reasoning capabilities in existing models, making it more accessible for developers and enhancing the potential for diverse AI applications [24][25][28] 4. **AI Agents in China**: Various Chinese companies, including Kingsoft Office and DBAPP, are integrating DeepSeek's models into their AI products, indicating a trend towards the adoption of advanced AI solutions in the domestic market [31][34] Conclusion The report highlights the significant advancements made by DeepSeek in the AI sector, particularly with the launch of DeepSeek-R1, which is set to transform AI application monetization and enhance the capabilities of software companies in China. The ongoing development and adoption of AI agents further emphasize the potential for growth in this industry.

中新社北京2月8日电 (记者 刘育英)记者8日从中国工信部获悉，中国三家基础电信企业均全面接入 DeepSeek开源大模型，实现在多场景、多产品中应用。 工信部称，2025年春节期间，中国基础电信企业积极利用AI开展创新服务，融合其在5G、云平台、大 数据等方面能力，多领域布局，拓展AI应用场景，丰富AI应用供给。 中国三家基础电信企业均全面接入DeepSeek开源大模型，实现在多场景、多产品中应用，针对热门的 DeepSeek-R1模型提供专属算力方案和配套环境，助力国产大模型性能释放。 工信部称，2025年春节期间，中国基础电信企业积极利用AI开展创新服务，融合其在5G、云平台、大 数据等方面能力，多领域布局，拓展AI应用场景，丰富AI应用供给。 中国三家基础电信企业均全面接入DeepSeek开源大模型，实现在多场景、多产品中应用，针对热门的 DeepSeek-R1模型提供专属算力方案和配套环境，助力国产大模型性能释放。 DeepSeek是杭州人工智能公司深度求索官方推出的AI助手，是继ChatGPT之后的又一现象级人工智能产 品。2月8日，移动互联网商业智能服务平台QuestMobile数据显示，Dee ...