Core Viewpoint - The company showcased its latest product, the DeepSeek integrated machine, at the WAIC conference, highlighting its low entry barrier and high efficiency, which attracted significant attention from attendees [1] Company Summary - The DeepSeek integrated machine aims to lower the application threshold of artificial intelligence technology while enhancing research and development efficiency for enterprises [1] Industry Summary - The introduction of the DeepSeek machine is expected to bring new solutions to the industry, potentially transforming how companies adopt and implement AI technologies [1]

Core Insights - DeepSeek has experienced a dramatic decline in monthly downloads, dropping from over 80 million to around 20 million, a staggering decrease of 72.2% [1][6] - The decline in downloads does not necessarily equate to a loss of user base, as many users are now accessing DeepSeek's models through third-party platforms rather than the official app [2][6] - DeepSeek has shifted its market strategy from broad consumer outreach to focusing on enterprise services and specialized sectors, which has resulted in a decrease in consumer market visibility but improved reputation in professional circles [3][6] Group 1: Download Trends and User Behavior - The sharp drop in official app downloads suggests a potential user exodus, but many users are utilizing DeepSeek's API through integrated third-party applications [2][6] - This indicates that DeepSeek's presence may not have diminished but rather transformed into a more subtle integration within various productivity tools [2][6] Group 2: Strategic Adjustments - DeepSeek has strategically reduced its promotional budget for consumer markets, opting to concentrate on B2B segments such as enterprise services and educational institutions [3][6] - This shift reflects a clearer understanding of its business model and a focus on high-value applications, such as legal document automation and financial modeling [3][6] Group 3: User Experience and Market Expectations - Some users have reported that their experience with DeepSeek has not met their high expectations, leading to negative feedback and a decline in new user downloads [5][6] - The competitive landscape, with rapid advancements from rivals like GPT-4 and Claude, has put pressure on DeepSeek to enhance its model performance and ecosystem [4][5] Group 4: Future Outlook - DeepSeek is at a critical juncture, transitioning from a "viral" product to a "value-driven" platform, where the focus will shift to product quality and service delivery [5][6] - The company must stabilize its core technology and improve user experience to potentially regain market favor and achieve commercial success [6][8]

另一方面，2014年11月推出的股票互联互通机制，对促进香港资本市场发展至关重要。截至2025年6月 30日，共有17支ETF符合南向交易资格，其中13支追踪恒生指数系列。值得留意的是，当中有5支以科 指为基础指数，令科指成为目前最多南向合资格ETF追踪的指数。 恒指公司指出，自科指期货于2020年11月推出以来，成交量在过去五年节节上升。据香港交易所数据显 示，2025年上半年，科指期货的平均每日成交量(ADV)达到约17.2万张合约，较2024年增长44%。长线 而言，自2020年科指期货开始交易以来，ADV累计录得97倍涨幅，其成交量显著上升，亦带动科指期 货于香港整体期货市场的市场份额上升至22%，仅次于恒指期货及国指期货。 截至2025年7月18日，年初至今的升势带动科指于过去一年升幅扩大至超过53%，跑赢以恒生综合指数 为代表的大市12个百分点。虽然科指表现优于大市，但其波幅亦较高。截至今年7月18日，科指的1年年 化波动率近41%，而恒生综指则为28%。 自首支追踪科指的ETF于2020年8月推出以来，以科指为参考基准的ETP(ETF+L&I)数目持续上升，带动 整体资产管理总值(AUM)同步录 ...

Core Insights - DeepSeek's monthly average downloads significantly dropped from 81.13 million in Q1 2025 to 22.59 million in Q2 2025, a decline of 72.2% [2] - The decline is attributed to user diversion to other applications that have integrated DeepSeek's open-source model, with 59.2% of lost users switching to Baidu App and 38.6% to Doubao App [2] - Major companies like Alibaba, ByteDance, and Baidu have launched cheaper competing APIs, further squeezing DeepSeek's market space [2] Company Overview - DeepSeek, developed by Deep Seek (Hangzhou) Technology Co., is an open-source AI product known for its low cost and high performance, with a training cost of only $6 million using 2048 NVIDIA H800 GPUs [3] - Despite the drop in downloads, DeepSeek's open-source strategy has contributed significantly to the industry's development [3] Industry Context - The AI model cost in China is significantly lower than that of international giants, with DeepSeek-R1's inference cost being about one-thirtieth of OpenAI's operational cost [5] - As of April 2024, approximately 305 large models have been launched in China, with 254 of them having over 1 billion parameters [4] Competitive Landscape - Baidu's Wenxin model 4.5 and X1 have been released, with the former outperforming GPT-4.5 in several tests and having an API call price only 1% of GPT-4.5's [5] - The competitive landscape includes various models such as Alibaba's Tongyi Qianwen, ByteDance's Doubao model, and others, each with unique features and pricing strategies [6] Technological Impact - AI technologies represented by DeepSeek are becoming core drivers of industry innovation, enhancing data integration, multi-modal analysis, and complex scenario simulation [7] - The lightweight nature, performance improvements, and rapid cost reductions of large models are accelerating their development and application in new industrialization [9]

Group 1 - DeepSeek's monthly downloads have significantly decreased from 81.11 million in Q1 to 22.59 million, a drop of 72.2% [2] - The usage rate of DeepSeek has fallen from a peak of 7.5% at the beginning of the year to 3% [2] - The decline in DeepSeek's user data has raised concerns about the prospects of domestic AI, especially with the relocation of Manus's headquarters to Singapore [2] Group 2 - The reported decline in DeepSeek's data may not be as severe as it appears, as some technical communities argue that the statistics are based solely on its subscribers and do not include third-party channels [3] - DeepSeek's core philosophy is centered around "open source and openness," indicating that the company does not prioritize user engagement or commercial monetization as its main growth metrics [3] - Despite DeepSeek's challenges, other domestic AI companies like Qwen, Wenxin, Quark, and Kimi continue to perform well in the global AI rankings [3] Group 3 - China's advantages in the AI race include a vast market and diverse application scenarios, providing ample user behavior data and market demand [4] - The decline in DeepSeek's traffic raises industry-wide questions about maintaining technological leadership and achieving sustainable business models in the face of widely replicated model weights [4] Group 4 - The competition in the global AI industry has shifted from a "parameter race" to an "ecosystem race," emphasizing the importance of building an open, collaborative, and sustainable innovation ecosystem [5] - Future success in the AI industry will depend on the ability to create a smooth open collaboration mechanism that allows data, computing power, and algorithms to flow freely within the ecosystem [5] Group 5 - The key to success lies in transforming technology into scene value, commercial value, and social value, which may signal the beginning of China's "second growth curve" in AI [6]

Core Insights - Artificial Intelligence (AI) has become a focal point at the 2025 China Internet Conference, with discussions led by Zhou Hongyi, founder of 360, on the current state and future trends of AI agents, emphasizing their role in realizing the potential of large models [1][3] Group 1: Development of AI Agents - Zhou Hongyi highlighted that AI agents represent a new stage in the evolution of large models, where large models act as the brain and AI agents function as the body, executing tasks [1][3] - There are two main development models for AI agents: one is direct development by large model vendors like OpenAI with ChatGPT Agent, and the other is development by application companies based on existing large models, such as Manus [3] Group 2: Challenges in the Domestic Market - The development of AI agents in China faces challenges, including high operational costs and a lack of established user payment habits, which complicates the commercial viability of AI agents [3] - Manus has recently shifted focus from the domestic market to overseas markets, partly due to these challenges [3] Group 3: Market Potential and Future Outlook - Zhou expressed confidence in the development of AI agents in China, citing abundant application scenarios and significant market demand as key growth drivers [3] - The future enterprise market is expected to favor specialized AI agents tailored to meet the needs of various industries and business sectors [3] Group 4: Contributions of DeepSeek - Despite a decline in website traffic, DeepSeek's contributions to China's large model industry are significant, as it has facilitated open-source collaboration and reduced redundant efforts in model development [4] - Companies, including 360, are utilizing DeepSeek models to develop AI agents, showcasing its impact on the industry [4] Group 5: Opportunities in Domestic Chip Development - Zhou noted that while domestic chips still lag behind international giants like NVIDIA, there is potential for improvement in inference chips, which could help close the gap [4] - Continuous application and improvement are essential for advancing domestic chip development in the AI sector [4] Group 6: Personal Engagement with AI - Zhou is actively embracing changes in the AI era by leveraging live streaming and short videos to enhance personal branding and promote 360's products [4] - Plans are in place to create several AI agents to improve work efficiency [4]

Group 1 - The core viewpoint emphasizes that intelligent agents represent a new evolutionary stage for large models, acting as a complement rather than a replacement [2][6][11] - The industry is currently divided into two main models for intelligent agents: one where large model vendors develop them, and another where application companies build on existing large models [2][8] - The domestic market faces challenges in monetizing intelligent agents due to high operational costs and a lack of established payment habits among users [8][19] Group 2 - Intelligent agents are expected to replace many low-level jobs, transforming employees into roles that define and manage these agents [14][16] - The future of intelligent agents is seen as a significant opportunity across various industries, with the potential to automate complex tasks and reduce reliance on human labor [14][16] - The concept of general intelligent agents is viewed skeptically, with a stronger belief in the rise of specialized intelligent agents tailored to specific industries [11][12][13] Group 3 - DeepSeek has contributed to the Chinese large model industry by eliminating redundant models and promoting an open-source ecosystem [18][19] - The decline in DeepSeek's traffic is acknowledged, but its foundational models continue to support many companies in the intelligent agent space [17][18] - The domestic chip industry is seen as having the potential to catch up with international competitors like NVIDIA, particularly in inference capabilities [19][20]

Core Insights - Jinmeixin Consumer Finance has successfully deployed the DeepSeek large model, marking a new phase in the company's digital transformation and intelligent upgrade [1][2] - The integration of generative AI technology enhances operational efficiency and business processing capabilities, contributing to the high-quality development of inclusive finance [1][2] Group 1: Digital Transformation and AI Integration - The DeepSeek model features lightweight deployment and high-performance inference, helping Jinmeixin build a specialized intelligent knowledge base covering consumer finance knowledge and regulatory policies [2] - The system utilizes natural language processing and deep semantic matching technology to extract key information from vast data sources, enabling precise retrieval and intelligent Q&A with millisecond response times [2] - Jinmeixin aims to deepen the application of AI in core business scenarios, including automated analysis of applicant credit data and behavior profiles, enhancing risk prevention systems [2] Group 2: Future Strategic Plans - The company plans to leverage AI-driven intelligent approval engines for personalized loan recommendations and smart matching of loan amounts, reducing approval times and improving user experience [2] - Jinmeixin will also strengthen AI applications in regulatory policy interpretation, compliance monitoring, and fraud prevention, reinforcing financial security [2][3] Group 3: Commitment to Innovation - In the context of the digital economy, Jinmeixin is committed to exploring the integration of consumer finance with cutting-edge technologies, aiming to provide high-quality, convenient, and trustworthy financial services [3] - The company seeks to build an open, secure, and efficient smart financial ecosystem, contributing to the high-quality development of the real economy [3]

Core Viewpoint - DeepSeek's decline in traffic is attributed to its focus on AGI and large model technology development rather than consumer app engagement, as stated by Zhou Hongyi, founder of 360 Group [1][2] Group 1: DeepSeek's Current Status - DeepSeek's website traffic has decreased due to a lack of investment in consumer-facing applications, despite high usage of its large models on third-party cloud services [1] - Zhou Hongyi emphasized that DeepSeek provides essential foundational models for many companies, likening it to supplying "weapons" for the industry [1] Group 2: Contributions to the Industry - DeepSeek has played a significant role in the Chinese large model industry by eliminating the "hundred model war," thus preventing resource waste and promoting the development of agents, which are crucial for the application of large models [2] - The company has demonstrated the value of an open-source approach in China, which not only benefits domestic industry growth but may also create an ecological advantage over the monopolistic and closed paths of the U.S. [2] Group 3: Future Outlook - There is uncertainty regarding the release of DeepSeek R2 in the second half of the year, with observations that competitors have improved their capabilities during DeepSeek's recent inactivity [1]

Group 1 - The first International Low Altitude Economy Expo opened in Shanghai, showcasing the eVTOL aircraft Skylar (VE25-100) by Volant Aviation, which signed a tripartite cooperation agreement with Pan-Pacific Co., Ltd. (Thailand) and China Aviation Technology International Engineering Co., Ltd. [1] - Pan-Pacific has placed an order for 500 units of the Skylar eVTOL, amounting to $1.75 billion, marking the largest procurement order in China's eVTOL industry to date [1]. - Autocraft from the UAE signed a procurement agreement for 350 units of the E20 eVTOL from Times Technology, with an order value of $1 billion [1]. Group 2 - The influx of overseas orders is seen as a significant boost for the domestic low-altitude economy sector, similar to the previous surge of large overseas orders in the innovative pharmaceutical industry, potentially prompting market funds to reassess development opportunities in the sector [1]. - In a recent meeting, Funeng Technology revealed that Times Technology is a key client, to which it exclusively supplies the second-generation semi-solid eVTOL batteries for the E20 model [1]. Group 3 - Volant Aviation has established collaborations with several A-share companies, including a cooperation agreement with Langjin Technology for the design and development of the VE25 eVTOL's environmental control system [3]. - The partnership with Langjin Technology leverages its advanced technology in variable frequency energy saving and thermal management, aiming to create a comprehensive thermal management system suitable for aircraft [3]. - Volant Aviation also signed a strategic cooperation agreement with Hite High-tech, focusing on eVTOL flight simulator development, personnel training, and maintenance services, which is crucial for timely commercial operation [3]. Group 4 - Volant Aviation has secured numerous intention orders this year, including a strategic cooperation agreement with Bank of China Financial Leasing for the procurement of 100 units of the VE25 eVTOL [4]. - The VE25-100 eVTOL is Volant's flagship product, with nearly 1,000 intention orders received, amounting to a total order value in the hundreds of millions [4].