Core Insights - DeepSeek has launched two new models: DeepSeek-V3.2 and DeepSeek-V3.2-Speciale, aiming to enhance reasoning capabilities and output efficiency for various applications [1][2]. Model Features - DeepSeek-V3.2 is designed to balance reasoning ability and output length, making it suitable for everyday tasks such as Q&A and general agent tasks. It has achieved performance levels comparable to GPT-5 in benchmark tests, slightly below Gemini-3.0-Pro [2][3]. - DeepSeek-V3.2-Speciale enhances long reasoning capabilities and incorporates theorem proving abilities from DeepSeek-Math-V2. It has excelled in mainstream reasoning benchmarks, winning gold medals in several prestigious competitions [3][4]. Technological Advancements - DeepSeek-V3.2 is the first model to integrate reasoning with tool usage, supporting both reasoning and non-reasoning modes for tool invocation. The model has been trained on over 1,800 environments and 85,000 complex instructions, significantly improving its generalization capabilities [4][5]. - The Speciale version, while superior in handling complex tasks, requires more tokens and incurs higher costs. It is currently available only for research purposes and is not optimized for daily conversation or writing tasks [3][4]. Industry Outlook - The AI industry is experiencing a period of resonance, with rapid expansion in AI infrastructure and commercialization of downstream applications. This trend is expected to continue, with a focus on AI infrastructure and applications as key investment themes through 2026 [5][7]. - Investment opportunities are suggested in areas such as domestic AI chains, AI hardware in overseas markets, and innovations in domestic edge AI industries, particularly in automotive electronics [7].

乌克兰总统泽连斯基当地时间12月1日表示，乌美谈判代表团日前举行了多轮会议，他说，"当前方案看 起来更具前景"。此外，他透露双方就领土问题进行了长达6.5小时的讨论。 美股方面，道指跌0.9%，纳指跌0.38%，标普500指数跌0.53%， 大型科技股多数下跌，博通跌超4%，谷歌、Meta、微软跌超1%，英伟达、苹果涨超1%。加密货币、 太阳能板块跌幅居前，白银股、货运、鞋服、油气涨幅居前。芯片设计软件公司新思科技涨超4%，英 伟达投资20亿美元购入该公司股票。 热门中概股涨跌不一，网易涨5%，阿里巴巴涨超4%，百度涨超2%，拼多多涨近2%；小鹏汽车、理想 汽车跌超2%，蔚来跌超5%。 白银价格创历史新高。今年以来，国际银价已上涨超90%，大幅跑赢黄金。分析指出，近期市场对美联 储降息预期升高，这为白银及整个贵金属市场提供了坚实支撑。中银证券指出，白银补涨弹性或优于黄 金，贵金属长牛逻辑依然坚固，白银的短期确定性更强。瑞银则持续看多白银，预计价格将在2026年达 到60美元/盎司。 全球资产表现上，贵金属价格走高，现货白银收涨2.85%，报57.987美元/盎司，继续刷新历史新高。 COMEX黄金期货涨0.2 ...

Core Insights - DeepSeek has officially released its next-generation open-source large model, DeepSeek-V3.2, along with the enhanced version DeepSeek-V3.2-Speciale [1] - The new model's inference capability is reported to reach GPT-5 levels, closely approaching Gemini-3.0-Pro, while significantly reducing output length compared to Kimi-K2-Thinking to lower computational costs [1] - The V3.2-Speciale version integrates theorem proving capabilities from DeepSeek-Math-V2, achieving gold medal results in several international competitions, with ICPC results reaching the second place level of human competitors [1] - The new version uniquely combines thinking modes with tool invocation, allowing external tools to be called during the reasoning process [1] - The model underwent reinforcement learning training in over 1,800 environments and more than 85,000 complex instructions, enhancing its generalization ability [1] - The official claims that it has reached the highest level among current open-source models in agent evaluation, further narrowing the gap with closed-source models [1] Additional Information - The experimental version DeepSeek-V3.2-Exp was released two months prior, and user feedback indicated that the DSA sparse attention mechanism did not show significant performance decline across various scenarios [2] - The Speciale version is currently available in a temporary API format for community research and evaluation [2]

Core Insights - DeepSeek has officially released the V3.2 version, which significantly outperforms GPT-5 High and is on par with Google's Gemini-3.0 Pro in various reasoning benchmarks [1][4][9] - The new model has achieved four international competition gold medal-level results, showcasing its advanced capabilities [2][5] - DeepSeek V3.2 incorporates a unique DSA (Sparse Attention) architecture, breaking the "impossible triangle" of speed, cost, and intelligence in AI [1][17][22] Model Performance - DeepSeek V3.2 has demonstrated superior performance in multiple benchmarks compared to other models, including GPT-5 and Gemini-3.0 [1][21] - The model's scores in key competitions include: - AIME 2025: 96.0 (DeepSeek-V3.2-Speciale) vs. 95.0 (Gemini-3.0) - HMMT Feb 2025: 99.2 (DeepSeek-V3.2-Speciale) vs. 97.5 (Gemini-3.0) [21] Model Features - DeepSeek V3.2 is the first model to integrate thinking directly into tool usage, allowing it to operate in both thinking and non-thinking modes [6][9] - The V3.2-Speciale version is designed specifically for reasoning tasks and is currently available only via API [2][4] Technological Advancements - The DSA architecture allows for a significant reduction in computational complexity, enabling the model to process large documents efficiently [16][20] - This technology has led to a remarkable increase in processing speed and a reduction in operational costs, making advanced AI capabilities more accessible [17][20] Training and Development - DeepSeek V3.2 underwent extensive training in a virtual environment, utilizing over 1,800 simulated operating systems and generating 85,000 complex instructions to enhance its problem-solving skills [13][14] - The model's evolution from the experimental version (V3.2-Exp) to the official release showcases improvements in agent capabilities and context management [8][11]

Market Overview - On December 1, the A-share market experienced a rebound, with the Shanghai Composite Index returning above 3900 points, and both the Shenzhen Composite Index and the ChiNext Index rising over 1% [2] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Composite Index closed at 13146.72, up 1.25%, and the ChiNext Index closed at 3092.5, up 1.31% [3] - The total trading volume in the Shanghai and Shenzhen markets reached 1.87 trillion yuan, an increase of 288.1 billion yuan compared to the previous trading day [2] Sector Performance - The consumer electronics sector saw a collective surge, while the commercial aerospace concept continued to show strength [2] - The non-ferrous metals sector was active, and the photolithography concept experienced a rapid increase [2] - Conversely, the battery sector faced a pullback after an initial rise [2] International Market Trends - Major U.S. stock indices fell on December 1, with the Dow Jones Industrial Average down 427.09 points (0.90%), the S&P 500 down 36.46 points (0.53%), and the Nasdaq Composite down 89.76 points (0.38%) [4] - European stock indices also declined, with the FTSE 100 down 17.98 points (0.18%), the CAC 40 down 25.71 points (0.32%), and the DAX down 247.35 points (1.04%) [4] - International oil prices rose, with WTI crude oil up $0.77 to $59.32 per barrel (1.32%) and Brent crude oil up $0.79 to $63.17 per barrel (1.27%) [4] Commodity Prices - Spot silver rose 2.85% to $57.987 per ounce, continuing to set historical highs [5] - COMEX gold futures increased by 0.24% to $4265 per ounce, while COMEX silver futures rose 2.25% to $58.45 per ounce [5] Policy and Economic Developments - Jiangsu Changzhou announced a new housing assistance policy to support low-income groups in purchasing new homes, providing up to 20,000 yuan in subsidies for new homes and 18,000 yuan for existing homes [9] - The State Post Bureau reported that China's express delivery volume surpassed 1.8 billion packages as of November 30, marking a historical high [10] - The Ministry of Industry and Information Technology encouraged Chinese companies in solar, wind, lithium batteries, and electric vehicles to expand internationally and invest in green energy projects [11] Institutional Insights - Zhongyuan Securities highlighted the positive outlook for AI and domestic self-controlled sectors, driven by advancements in chip technology and AI applications [13] - Datong Securities noted the favorable conditions in the paper industry, including price increases and cost reductions, enhancing profitability [13] - Aijian Securities suggested that successful launches of reusable rockets could significantly reduce satellite launch costs, benefiting the domestic low-orbit satellite industry [13] Focused Announcements - Tsinghua Unigroup plans to acquire 51% stakes in Beitelai and Shanghai Tongtu for 3.21 billion yuan and 3.57 billion yuan, respectively [14] - Wolong New Energy is investing 8.04 billion yuan in a 200,000 kW/1.2 million kWh energy storage demonstration project [14] - Top Group is planning to issue H-shares and list on the Hong Kong Stock Exchange [14] Fund Flow Analysis - The telecommunications equipment sector saw a net inflow of 4.19%, with ZTE Corporation being the top stock [15] - The semiconductor sector also experienced a net inflow of 2.77%, led by兆易创新 [15] - In contrast, the photovoltaic equipment sector faced a net outflow of 6.59%, with阳光电源 being the most affected stock [15] Individual Stock Movements - ZTE Corporation saw a significant net inflow of 38.06 billion yuan, with a price increase of 10% [16] - 兆易创新 experienced a net inflow of 11.04 billion yuan, with a price increase of 4.84% [16] - 阳光电源 faced a net outflow of 14.01 billion yuan, with a price decrease of 1.83% [16]

（二）行业掘金 每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数集体收跌，道指跌0.89%，纳指跌0.38%，标普500指数跌0.53%，热门科技股多数下 跌，博通跌超4%，谷歌、微软跌超1%，英伟达、苹果涨超1%；加密货币、太阳能板块跌幅居前， Sunrun跌超8%，Bit Digital跌超5%，Coinbase跌超4%。中概股多数上涨，纳斯达克中国金龙指数涨 0.87%，网易涨约5%，阿里巴巴涨超4%，微博涨逾3%，蔚来跌超5%，金山云跌超4%，贝壳跌逾3%。 2、加密货币价格再度大幅走低，比特币盘中一度下跌8%至83824美元，自10月初以来累计跌幅近 30%。国际金价走高，截至发稿时，现货黄金涨0.38%，报4239.15美元/盎司；COMEX黄金期货涨 0.41%，报4272.5美元/盎司。国际油价走高，美油主力合约涨1.57%，报59.47美元/桶；布伦特原油主力 合约涨1.39%，报63.26美元/桶。欧洲三大股指收盘全线下跌，德国DAX指数跌1.04%报23589.44点，法 国CAC40指数跌0.32%报8097点，英国富时100指数跌0.18%报9702.53点。 ...

Industry Developments - DeepSeek has released the V3.2 series models, enhancing agent capabilities with reasoning abilities on par with GPT-5, integrating thinking modes with tool invocation for everyday applications [1] - In the electric vehicle sector, Leap Motor achieved a delivery volume of 70,327 units in November, marking a year-on-year increase of over 75%, while NIO saw a 76.3% increase in deliveries [3] Market Trends - Silver prices have reached a new high of $58.8 per ounce, with a year-to-date increase exceeding 100%, driven by supply tightness and speculative pressures [2] - Gold prices have also risen, reaching a six-week high of $4,264 per ounce [2] Macroeconomic Insights - The Minister of Finance, Liu Fuan, emphasized the need to increase residents' income through various channels and to boost consumption as part of a proactive fiscal policy [4] Investment Insights - Analysts suggest that the market is currently experiencing frequent style shifts, with a focus on sectors like artificial intelligence and new energy for potential growth in the coming year [7][8] - Morgan Stanley predicts that Google's large-scale sales of TPU chips will significantly increase production forecasts, benefiting related hardware suppliers [9]

慢、笨、呆？DeepSeek V3.2 上新黑科技 过去几个月，AI 圈出现了一个明显的趋势：闭源模型越跑越快，开源模型却有点跟不上节奏了。DeepSeek 团队分析后发现，开源模型在处理复杂任务时 有三个核心瓶颈：架构问题、资源分配以及智能体能力。 针对这三个问题，DeepSeek 这次拿出了三个大招。 ChatGPT 诞生三周年之际，DeepSeek 送上「庆生礼物」。 就在刚刚，DeepSeek 一口气发布两款模型：DeepSeek-V3.2 和 DeepSeek-V3.2-Speciale。这两个模型不仅在推理能力上直逼 GPT-5 和 Gemini-3.0-Pro，更 重要的是，它们解决了一个困扰开源模型很久的问题： 怎么让 AI 既会深度思考，又会熟练使用工具? 新模型省流版如下 两个模型的权重都已经在 HuggingFace 和 ModelScope 上开源，你可以下载到本地部署。 如果你用过一些 AI 模型处理超长文档，可能会发现速度越来越慢，甚至直接卡死。这就是传统注意力机制的锅。 传统注意力机制的逻辑是：每个字都要和之前所有的字计算相关性。文档越长，计算量就越大。就像你在一个有 1000 ...

Group 1 - DeepSeek launched the official version of DeepSeek V3.2, enhancing agent capabilities and integrating reasoning, achieving the highest level among current open-source models, significantly narrowing the gap with closed-source models [1] - The V3.2-Speciale model version won gold medals at several prestigious competitions, including IMO 2025, CMO 2025, ICPC World Finals 2025, and IOI 2025 [1] - The AI industry is expected to continue improving, with companies like DeepSeek and Doubao likely to achieve rapid iterations, driven by the ongoing technological wave [1][2] Group 2 - Major companies with full-stack AI capabilities have advantages in different application scenarios, and the demand for computing power in the AI industry remains strong, indicating a vast market space that is still expanding [2] - DreamNet Technology integrated DeepSeek's capabilities into its Tianhui Zhihui platform for generating rich media content and enhancing internal operations [3] - Hangzhou Steel's subsidiary successfully adapted and deployed DeepSeek-R1, achieving deployment of all distilled models with 70B parameters and below [3]

Core Insights - DeepSeek has launched two new models, DeepSeek-V3.2 and DeepSeek-V3.2-Speciale, which are positioned to compete with leading proprietary models like GPT-5 and Gemini 3.0, showcasing significant advancements in reasoning capabilities [1][4]. Model Overview - DeepSeek-V3.2 aims to balance reasoning ability and output length, making it suitable for everyday applications such as Q&A and general intelligence tasks. It has achieved performance levels comparable to GPT-5 and is slightly below Google's Gemini 3 Pro in public reasoning tests [4]. - DeepSeek-V3.2-Speciale is designed to push the limits of reasoning capabilities, integrating enhanced long-thinking features and theorem-proving abilities from DeepSeek-Math-V2. It has surpassed Gemini 3 Pro in several reasoning benchmarks, including prestigious math competitions [4][5]. Benchmark Performance - In various benchmarks, DeepSeek models have shown competitive results: - AIME 2025: DeepSeek-V3.2 scored 93.1, while GPT-5 and Gemini-3.0 scored 94.6 and 95.0 respectively [5]. - Harvard MIT Math Competition: DeepSeek-V3.2-Speciale scored 92.5, outperforming Gemini 3 Pro's 97.5 [5]. - International Math Olympiad: DeepSeek-V3.2-Speciale scored 78.3, close to Gemini 3 Pro's 83.3 [5]. Limitations and Future Plans - Despite these achievements, DeepSeek acknowledges limitations compared to proprietary models, including narrower world knowledge and lower token efficiency. The team plans to enhance pre-training and optimize reasoning chains to improve model performance [6][7]. - DeepSeek has identified three key areas where open-source models lag behind proprietary ones: reliance on standard attention mechanisms, insufficient computational resources during post-training, and gaps in generalization and instruction-following capabilities [7]. Technological Innovations - DeepSeek has introduced a sparse attention mechanism (DSA) to reduce computational complexity without sacrificing long-context performance. This innovation has been integrated into the new models, contributing to significant performance improvements [7]. Availability - The official website, app, and API for DeepSeek-V3.2 have been updated, while the enhanced Speciale version is currently available only through a temporary API for community evaluation [8]. Community Reception - The release has been positively received in social media, with users noting that DeepSeek's models have effectively matched the capabilities of GPT-5 and Gemini 3 Pro, highlighting the importance of rigorous engineering design over sheer parameter size [9].