Summary of Conference Call Notes Industry or Company Involved - The notes primarily discuss the performance of the A-share market, focusing on various sectors including technology, finance, and healthcare, with specific mentions of companies involved in AI and AR technologies. Core Points and Arguments 1. **Market Performance**: The overall market showed strong performance, with the Shanghai Composite Index surpassing 3300 points, indicating a significant upward trend despite some intraday fluctuations [2][3][17]. 2. **Sector Rotation**: There has been a noticeable rotation in market leadership from high-end manufacturing and technology stocks to sectors like steel, real estate, and non-bank financials, suggesting a broadening of market interest [3][4][18]. 3. **Banking Sector Stability**: Despite recent underperformance, banking stocks are viewed as stable investments due to their dividend yields, although they are not currently in favor compared to technology stocks [4][20]. 4. **AI and AR Technologies**: Companies involved in AI, particularly those related to Deepfake and AR technologies, are highlighted as key growth areas, with significant market interest and investment potential [5][12][23]. 5. **Healthcare Sector Innovations**: The introduction of DRG (Diagnosis-Related Group) and DRP (Diagnosis-Related Payment) payment reforms is expected to drive growth in the healthcare sector, particularly in medical information technology [7][8]. 6. **International Investment Sentiment**: International institutions like Goldman Sachs and Deutsche Bank are optimistic about the A-share market, particularly regarding technology stocks, indicating a potential for valuation convergence with U.S. tech giants [20][22][23]. 7. **Valuation Concerns**: While some sectors are experiencing high valuations, many Chinese stocks are still considered undervalued compared to their international counterparts, suggesting room for growth [22][24]. 8. **Market Dynamics**: The notes emphasize the importance of market sentiment and technical indicators, with a focus on the potential for further upward movement in the A-share market, driven by improving fundamentals [26][27][28]. Other Important but Possibly Overlooked Content 1. **Investor Sentiment**: The number of new investor accounts opened in January decreased compared to previous months, attributed to the impact of the Chinese New Year, rather than a decline in market interest [35][36]. 2. **Brokerage Performance**: The performance of brokerage firms is closely tied to market activity, with recent data indicating strong trading volumes, which bodes well for their earnings [37][38]. 3. **Technological Advancements**: The development of AI technologies, particularly in the context of Deepfake and AR, is seen as a transformative force across various industries, including healthcare and consumer electronics [9][10][12]. 4. **Market Volatility**: The notes discuss the potential for market volatility and the importance of monitoring technical levels, such as the 60-day moving average, to gauge market direction [28][29]. This summary encapsulates the key insights from the conference call, highlighting the current state of the A-share market, sector performances, and the implications of technological advancements on investment opportunities.

Summary of the Conference Call Company and Industry Overview - The discussion centers around **DeepSake**, a Chinese AI company established in July 2023, focusing on achieving General Artificial Intelligence (AGI) [1][2] - DeepSake's recent developments, particularly the release of its **R1 model**, are compared to leading models from OpenAI, highlighting its competitive edge in performance and cost [2][3] Key Points and Arguments - **Cost Efficiency**: - DeepSake's V3 model training cost is **$557.6 million**, significantly lower than OpenAI's GPT-3, which costs around **$100 million** [2][4] - The R1 model also demonstrates low training costs, with **2.2 USD per million tokens** compared to OpenAI's **60 USD** [4][5] - **Performance Comparison**: - The R1 model matches OpenAI's latest offerings in mathematical reasoning, coding, and natural language processing tasks [3][4] - DeepSake's models are noted for their high performance with significantly lower resource consumption, using **2.8 million GPU hours** compared to competitors' **30.8 million GPU hours** [4][5] - **Market Impact**: - The launch of DeepSake's models has led to a surge in daily active users, exceeding **20 million** within 20 days of the app's launch [3] - The company is gaining traction among both domestic and international tech firms, indicating a shift in the AI landscape [3][6] - **Investment Opportunities**: - Investors are encouraged to explore sectors benefiting from DeepSake's advancements, particularly in **computer software, media, and communication services** [7][8] - The **A-share market** is expected to see significant impacts, especially in B2B applications of AI [7][8] Additional Important Insights - **Open Source Advantage**: - DeepSake's models are open-source, allowing users to leverage and build upon them, which is seen as a competitive advantage over proprietary models [5][6] - **Sector Focus**: - Key sectors to watch include **software development, gaming, digital media, and communication services**, which are expected to benefit from the advancements in AI technology [8][9] - **Investment Strategy**: - Investors are advised to diversify their portfolios and not concentrate too heavily on a single sector, especially given the volatility in tech stocks [10][11] - The importance of understanding the underlying assets in ETFs and mutual funds is emphasized to mitigate risks associated with high volatility in the tech sector [10][11] - **Future Projections**: - The domestic AI smartphone market is projected to reach **118 million units**, with a year-on-year growth of **59.8%**, while global AI PC shipments may reach **114 million units**, growing by **165.5%** [18][19] - **Risks and Considerations**: - Investors should remain cautious of the inherent risks in the tech sector, particularly regarding the maturity of technology and the potential for market fluctuations [24][25] - The need for a balanced approach to investment, considering both growth and value opportunities, is highlighted [28][29] Conclusion - The emergence of DeepSake represents a significant shift in the AI landscape, with implications for investment strategies in the tech sector. Investors are encouraged to stay informed about market trends, sector performance, and the potential for new opportunities arising from advancements in AI technology [32][33]

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 对话知行科技：DeepSeek 如何赋能高阶智驾？ 摘要 知行科技的成立背景和主要产品有哪些？ 知行科技成立于 2016 年，并在 2018 年建立了自己的生产基地。公司主要产品 包括自驾一体机和预控制器，提供软硬件一体化交付。早在 2022 年，公司基于 Super Atation 产品实现了极氪 001 和其他吉利高端车型的量产落地。2022 年 至 2023 年间，这些高价值、高阶智驾属性的产品实现了年产 10 万台以上的交 付，带来了良好的现金流。在 2023 年 12 月，知行科技成为首家在港交所上市 的中国大陆自动驾驶公司，并在同年 10 月于欧洲设立研发中心，以服务欧洲高 Q&A • 知行科技 Operation 产品已在极氪和吉利高端车型上量产落地，2022-2023 年交付超 10 万台，带来良好现金流。2023 年 12 月成为首家在港交所上市 的大陆自动驾驶公司，并在欧洲设立研发中心，服务欧洲高端市场。 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 产业端看智驾：DeepSeek 对智能驾驶产业影响 摘要 • 知行科技专注于量产落地的自动驾驶解决方案，已与吉利、长城等超过 20 家客户达成合作，定点超过 60 万车型，其中 30 多款实现量产，产品线覆 盖软硬一体及仓架一体，全栈自研智能一体机及域控制器。 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 Q&A 请介绍一下 Deep Six 模型在智能驾驶领域的应用及其影响。 Deep Six 模型相较于传统大模型，采用了强化学习的训练方式，使得模 ...

Latest NewsUS lawmakers move to ban DeepSeek from gov't devicesLast Updated: 2025-02-08 15:01 |CE.cnSavePrintE-mail（Editor:Wang Su）分享到： ...

三是场景全覆盖。针对"5+6"领域和行业，大会致力于探索大模型产业化解决方案，推进场景落地应 用，实现商业模式的正向闭环，这其中包括智能终端、自动驾驶、科学智能、具身智能、医疗、金融、 教育等行业领域。 人工智能是上海三大先导产业之一。上海市经济和信息化委员会副主任张宏韬表示，2024年上海人工智 能产业规模突破4000亿元，同比增长超7%，提前完成了"十四五"目标。截至2024年年底，上海市已累 计完成60款生成式人工智能服务大模型备案，数量位居全国第二。 "2024年上海人工智能产业成果丰硕，全市已形成一东一西、一软一硬差异化发展格局。"张宏韬表示， 2025年上海将瞄准技术前沿，坚持应用牵引，通过推进人工智能"模塑申城"，建设智能算力集群、语料 供给体系、虚实融合实训场、行业基座大模型等基础底座，聚焦"5+6"重点行业领域，加速应用赋能。 以"模塑全球 无限可能"为主题的2025全球开发者先锋大会将于2月21日至23日在上海徐汇举办，为蛇年 上海首场科技型盛会。记者从2月7日的媒体通气会上获悉，大会将以"1+1+N+X"形式展开，即"1场开幕 式+1场顶尖青年开发者交流会+N场企业讲坛+X场开发者活动" ...

今日A股三大指数收涨，成交额近2万亿元。收盘共93股涨停（其中ST股10只），另外，47股封板未 遂，整体封板率为65%。 涨停战场：超130万手买单抢筹杭钢股份 据证券时报·数据宝统计，从收盘涨停板封单量来看，"DeepSeek概念+云计算+钢铁+浙江国资"加持的杭 钢股份封单量最高，达133.1万手；其次是联创电子、吉视传媒，涨停板封单分别为30.41万手、24.03万 手。 以封单金额计算，17股封单超1亿元，其中美格智能封单金额11.41亿元，杭钢股份、联创电子封单金额 分别为9.21亿元、3.4亿元，紧随其后。 从连续涨停天数来看，新炬网络7连板，美格智能5连板，浙江东方、航锦科技均4连板，杭钢股份、拓 维信息、浙数文化、优刻得-W等10股均3连板，联创电子、通达创智、通达电气、海南华铁等12股均2 连板。另外，*ST摩登13日12板，冀凯股份13日11板。 新炬网络是热门的AI智能体概念股，1月2日以来累计上涨近95%。2月6日晚，新炬网络发布股票异常公 告，称公司IT运维智能体业务系AI智能体技术在IT运维行业的应用，与通用AI智能体在产品形态、应用 范围等方面存在显著不同，且该业务正处于研发阶 ...

2月7日，上证指数、深证成指、科创50指数早盘探底冲高，午后震荡回落，尾盘再度回升；创业板指早 盘震荡上扬，午后震荡回落，尾盘再度回升。截至收盘，上证指数报3303.67点，涨1.01%，成交额 7576.14亿元；深证成指报10576.00点，涨1.75%，成交额12026.31亿元；创业板指报2174.35点，涨 2.53%，成交额5898.09亿元；科创50指数报1018.80点，涨0.75%，成交额1685.04亿元。沪深两市合计成 交19602.45亿元，成交额较上一交易日增加4248.84亿元。 DeepSeek、华为等概念走强 新炬网络连收7个涨停板 盘面上来看，行业板块、概念涨多跌少。其中，计算机、汽车、证券、电力设备、钢铁、房地产、通 信、保险、教育等行业涨幅靠前；DeepSeek、华为、AI制药、算力、BC电池、信创、纳米银、网络安 全、发电机、激光雷达等概念走势活跃。仅有银行1个行业下跌；噪音防治、稀土永磁等少数几个概念 走弱。涨停个股主要集中在电子、计算机、医药生物、电力设备、建筑装饰等行业。 个股涨跌情况，截至收盘，沪深两市合计3908只个股上涨，1085只个股下跌，平盘个股131只 ...

Summary of Conference Call Notes Industry Overview - The discussion primarily revolves around the **AI supply chain** and its implications for the **semiconductor industry** [2][3] - The focus is on the **Chinese internet companies** and their advancements in AI applications [5] Key Points and Arguments - **AI Model Development**: The trend shows that large models are becoming smaller, which is essential for AI development. The performance of new models from Chinese companies like Tencent, Alibaba, and Baidu is competitive with foreign products [2][5] - **MediaTek's Performance**: The demand for DPC (Data Processing Center) equipment is high, supporting basic computing power. MediaTek's earnings report is being closely monitored due to government demand [2][3] - **Intel's New Product**: Intel's new product has advantages due to its low dependency on cooling systems, leading to a recommendation for **Lattice Semiconductor** [2][3] - **Market Sentiment**: The panic in the market has subsided, and there is optimism among Production Service Providers (PSPs) regarding large-scale investments [2][3] - **Taiwan Semiconductor Manufacturing Company (TSMC)**: TSMC and its surrounding companies are seen as good buying opportunities in the Greater China region [2][3] - **Chip Transition**: The GP300 chip is expected to replace the GB chip as the mainstream option in the second half of the year, with TSMC already starting the tape-out process [2][3] - **Tariff Implications**: Potential tariffs could lead to a lose-lose situation for TSMC's clients and the U.S. economy [2][4] Additional Insights - **AI Application Layers**: Chinese internet companies' AI applications are categorized into three layers: internal optimization, C-end user applications, and B-end enterprise applications. The internal optimization is currently the most visible and quickest return on investment [5] - **Performance Outlook for Amotong**: The overall performance outlook for Amotong is positive, particularly for the a6s segment, although some impacts from voice and e-commerce investments are difficult to assess [6] - **Macroeconomic Stability**: Tariffs and chip export restrictions are causing macroeconomic instability, but they are not expected to significantly impact iPad performance this year [7] - **Data Center Demand**: The demand for inference is leading, requiring high bandwidth and typically deployed in urban areas, while training can be done in remote areas due to its high energy consumption [8][9] - **Tencent's Stock Performance**: Tencent's stock has underperformed compared to the Hang Seng Tech Index and Alibaba due to investor preference for AI concept stocks. However, Tencent's overall game revenue showed a year-on-year growth of nearly 10% during the Spring Festival [10]

2月7日，两市主要股指盘中全线走高，沪指涨超1%站上3300点，创业板指涨超2.5%，北证50指数大涨 约5%；全A成交额再度放大，场内超4100股飘红。 继续看好科技成长，尤其是强产业趋势品种。复盘过去十年春节前后的风格切换，节后60个交易日得益 于活跃资金的"重回躁动"，成长风格往往表现更优，建议关注AI与泛AI等方向的强产业趋势品种，有望 具备更高弹性。两会之前，面向2025年的政策预期难有证伪风险，市场逻辑将沿着"预期政策拐点—预 期斜率过高—预期斜率向下修复—预期斜率向上空间重新打开"的逻辑演绎。关注化债，消费新增长点/ 政策潜在增量，及"两重""两新"结构性增量。 校对：李凌锋 盘面上看，软件、券商、钢铁、地产板块涨幅居前，汽车、保险、医药、酿酒等板块均上扬， DeepSeek概念、新型电池、算力概念等表现亮眼。 东吴证券表示，继续看好2月"春季躁动"行情。从季节效应看，2月处于经济数据、业绩的真空期，同时 新的政策预期开始逐步发酵，流动性改善、活跃资金兴起，带动市场风险偏好提升，是春季做多的黄金 窗口期。历史上，A股2月单月上涨概率及涨幅均处于领先位置：近20年，2月上涨概率达76%，平均及 中 ...