作者 | 玉盘 AI 团队 审核 | 华卫 "大模型每生成 1 美元价值，需支付 3 美元算力成本"，算力成本挑战已无争议。从软件层面的各类优化 方案层出不穷，真正从硬件源头着手的方案却屈指可数，市面上能看到的包括 Groq 在内的新计算硬件 也多数在大模型爆发前定型，难以充分匹配大模型本身的需求。 DeepSeek 从用户角度的不少构想与玉盘 SRDA 在做的事不谋而合，包括 IO 融合、3D 堆叠 DRAM 等， 而玉盘进一步提出了更完整的架构设计，或正式拉开下一代大模型专用计算架构的序幕。 今天，国内团队玉盘 AI 发布《SRDA AI 大模型专用计算架构》白皮书，提出了一种全新的计算架构： 系统级精简可重构数据流架构 SRDA （System-level Simplified Reconfigurable Dataflow Architecture）， 从硬件源头解决当前 AI 算力的核心瓶颈。 与此同时，DeepSeek 于半个月前发表论文《Insights into DeepSeek-V3: Scaling Challenges and Reflections on Hardware for AI ...

Core Insights - A core executive from DeepSeek has quietly left to start a new venture, planning to launch an Agent product around Christmas 2025 [1] - The departing executive is reported to be the former CTO of DeepSeek, although there is no official CTO position within the company [1] - The new startup has secured funding from a prominent venture capital firm [1]

Core Insights - A core executive from DeepSeek has left the company to start a new venture focused on the Agent sector, with plans to launch a product by Christmas 2025 [1] - The executive, previously serving as the CTO, left during a peak period for DeepSeek, raising questions about the timing of the departure [1][2] - The AI industry is witnessing a trend of high-level talent leaving established companies to pursue entrepreneurial opportunities, often leveraging their previous experience and reputation to secure funding [2][3] Company Developments - DeepSeek has recently released and open-sourced its V3 model and R1 inference model, marking a significant period of activity for the company [1] - There are ongoing speculations regarding DeepSeek's potential financing or IPO plans, especially following the recruitment of several financial positions [4] - Despite the recruitment of a CFO, insiders suggest that this is not related to immediate financing or IPO plans, indicating a cautious approach from DeepSeek's leadership [4] Industry Trends - The rapid pace of technological iteration in the AI sector creates numerous opportunities for startups, particularly for those with experienced talent from leading companies [3] - The scarcity of AI talent with core technical expertise makes these individuals highly competitive in the entrepreneurial landscape [3] - The trend of executives leaving large firms to innovate in more flexible environments is becoming a common occurrence in the AI industry [3]

Core Insights - DeepSeek has established itself as a new benchmark in the global open-source AI model landscape, adhering to three core standards: complete code, public model parameters, and transparent training data, which sets it apart from traditional software open-source practices [1][13][14]. Group 1: DeepSeek's Innovations - DeepSeek has achieved three groundbreaking "firsts" in the AI model domain: 1. It has pioneered a second development path for large models through pure reinforcement learning (RL), demonstrating a viable "small but beautiful" approach that significantly reduces inference costs compared to mainstream models, thus aiding resource-limited countries [2][17]. 2. The application of DeepSeek has surged, with its app reaching 16 million downloads in just 18 days and daily active users surpassing 30 million, setting industry records and attracting global media attention [3][18]. 3. DeepSeek has initiated an "Android moment" in the AI field by fostering a comprehensive ecosystem that integrates models, chips, and systems, attracting numerous hardware and software manufacturers globally [4][20]. Group 2: Recommendations for AI Inclusivity - To promote AI inclusivity and equity, the following strategies are recommended: 1. Strengthen collaborative innovation by leveraging open-source platforms like GitHub and Hugging Face to encourage enterprises and research institutions to engage in secondary development based on DeepSeek's open-source achievements [5][21]. 2. Accelerate the application of open-source large models across various industries, developing specialized models and high-quality datasets to support the modernization of industries [6][21]. 3. Enhance public understanding of AI through educational initiatives, fostering partnerships between enterprises and educational institutions to build development platforms and organize events to raise awareness of AI technologies [7][22]. Group 3: Conclusion - The emergence of DeepSeek signifies a transition from technical exploration to ecosystem construction in open-source large models, with its low-cost, high-performance, and fully open characteristics reshaping the competitive landscape and providing a feasible path for global AI inclusivity and equity [8].

Core Insights - The recent $1.25 billion upfront payment by 3SBio to Pfizer for the PD-1/VEGF bispecific antibody license marks a significant milestone in the Chinese pharmaceutical industry, reflecting a shift from "follower" to "leader" in innovation [1] - This transaction highlights the evolution of Chinese pharmaceutical companies from producing "me-too" products to developing "first-in-class" innovative drugs, allowing them to gain pricing power based on unique technologies [2] - The global pharmaceutical industry is witnessing a new value chain model where Chinese companies leverage their engineering and cost advantages for early-stage development, while multinational firms utilize their strengths in regulatory science and global market access [2] Industry Transformation - The integration of artificial intelligence (AI) in drug development is transforming the traditional, experience-based process into a data-driven, predictable, and optimized industrial process, significantly reducing time and costs [3] - China's large pool of high-quality engineering talent is being further amplified as drug design becomes more algorithmic, enhancing the country's competitive edge in pharmaceutical innovation [4] - The vast data resources available in China, due to its large patient base and improving healthcare information systems, are becoming a strategic asset for innovation in the AI era [4] Collaborative Ecosystem - China is building a comprehensive AI and biopharmaceutical innovation ecosystem, supported by policy reforms that shorten drug review times and improve market access for innovative drugs [4] - The dual drive of technological and policy innovation is enhancing the overall efficiency and commercialization success rates of the pharmaceutical industry [4] Future Outlook - The ongoing industrial revolution, driven by AI, presents unprecedented opportunities for the Chinese innovative pharmaceutical sector, with the potential for new industry leaders emerging from advancements in ADC, cell therapy, gene editing, and AI drug design [5] - The ability to seize these opportunities will shape the industry landscape for the next decade and beyond, making it a critical consideration for both entrepreneurs and the broader economic transformation in China [5]

Investment Rating - The semiconductor production equipment industry is rated as Attractive [5][70]. Core Insights - The imminent launch of DeepSeek R2, which features 1.2 trillion parameters and significant cost efficiencies, is expected to positively impact the Japanese semiconductor production equipment (SPE) industry [3][7][11]. - The R2 model's capabilities include enhanced multilingual support, broader reinforcement learning, multi-modal functionalities, and improved inference-time scaling, which could democratize access to high-performance AI models [7][9][11]. - The development of efficient AI models like R2 is anticipated to increase demand for AI-related SPE, benefiting companies such as DISCO and Advantest [11]. Summary by Sections DeepSeek R2 Launch - DeepSeek's R2 model is reported to have 1.2 trillion parameters, a significant increase from R1's 671 billion parameters, and utilizes a hybrid Mixture-of-Experts architecture [3][7]. - The R2 model offers cost efficiencies with input costs at $0.07 per million tokens and output costs at $0.27 per million tokens, compared to R1's $0.15-0.16 and $2.19 respectively [3][7]. Industry Implications - The launch of R2 is expected to broaden the use of generative AI, leading to increased demand for AI-related SPE across the supply chain, including devices like dicers, grinders, and testers [11]. - The report reiterates an Overweight rating on DISCO and Advantest, which are positioned to benefit from the anticipated increase in demand for AI-related devices [11]. Company Ratings - DISCO (6146.T) is rated Overweight with a target P/E of 25.1x [12]. - Advantest (6857.T) is also rated Overweight, with a target P/E of 14.0x [15].

Investment Rating - The semiconductor production equipment industry is rated as Attractive [5] Core Insights - The imminent launch of DeepSeek R2, which features 1.2 trillion parameters and significant cost efficiencies, is expected to positively impact the Japanese semiconductor production equipment (SPE) industry [3][7] - The development of lightweight, high-performing AI models like DeepSeek R2 is anticipated to democratize access to generative AI, thereby expanding the market for AI-related SPE [11] Summary by Sections DeepSeek R2 Characteristics - DeepSeek R2 is reported to have 1.2 trillion parameters, with 78 billion active parameters and utilizes a hybrid Mixture-of-Experts architecture [3] - The input cost for R2 is $0.07 per million tokens, significantly lower than R1's $0.15-0.16, while the output cost is $0.27 compared to R1's $2.19 [3][7] - Enhanced multilingual capabilities and broader reinforcement learning are key upgrades in R2, allowing it to handle various data types including text, image, voice, and video [9][11] Market Implications - The anticipated launch of R2 is expected to boost demand for AI-related devices, including GPU and HBM, as well as custom chips and other AI devices [11] - The report reiterates an Overweight rating on DISCO and Advantest, which are expected to benefit from increased demand for AI-related devices [7][11] Company Ratings - Advantest (6857.T) is rated Overweight with a target price of ¥10,300 based on expected earnings peak [16] - DISCO (6146.T) is also rated Overweight with a target P/E of 25.1x based on earnings estimates [13]

Core Insights - DeepSeek has released an upgraded version of its R1 model, which shows improved performance compared to its predecessor and surpasses OpenAI's o3 model, although it still lags behind o4-mini(high) and Google's Gemini 2.5 Pro Preview 05-06 [1][2] Model Performance - The new R1 model achieved a total score of 63.55, an increase of 1.61 points from the previous version, placing it fourth in the rankings [2] - The highest score was obtained by o4-mini(high) at 70.51, followed by Gemini 2.5 Pro preview 05-06 at 66.48 [2] Reasoning and Instruction Following - The instruction-following capability of the new R1 model improved significantly, scoring 48.46, which is 17.09 points higher than the old version, but still falls short of international top models like o3 (66.95) and o4-mini(high) (68.07) [4] - The reasoning task scores showed a decline of 1.7 points compared to the old R1 model, with the main differences observed in mathematical and scientific reasoning tasks, while performing better in coding tasks [4] Reduction in Hallucination Rate - The updated R1 model has optimized its performance regarding "hallucination" issues, with a reduction in hallucination rates by approximately 45%-50% in tasks such as rewriting, summarization, and reading comprehension [4] - The hallucination rate for the new R1 model is now at 13.86%, a decrease of 7.16 percentage points, although it still has a significant gap compared to the best-performing model, doubao-1.5-pro-32k, which has a hallucination rate of only 4.11% [5] - The most notable improvements in hallucination rates were observed in text summarization and reading comprehension tasks, with reductions of 9.27% and 14.49%, respectively [5]

Group 1 - The core viewpoint of the news is the significant development and investment in artificial intelligence (AI) in Hangzhou, with specific targets set for 2025, including a market-scale computing power exceeding 50 EFLOPS and a revenue target for the AI core industry exceeding 390 billion yuan [1] - The implementation plan for AI innovation in Hangzhou aims to cultivate two internationally leading foundational models and over 25 industry-specific influential models, alongside establishing more than 700 large-scale enterprises in the AI sector [1] - The A-share market showed a slight fluctuation, but AI-related stocks surged, with notable increases in companies like Yuke Technology and Chipone Technology, indicating a high market interest in AI themes [1] Group 2 - Shanxi Securities highlighted the growing global demand for AI computing power, particularly driven by large model training and inference, presenting significant opportunities for domestic AI and server manufacturers [2] - The domestic demand for AI computing power remains strong, especially from major internet companies and intelligent computing centers, with IDC predicting the accelerated server market in China to reach $25.3 billion by 2028, growing at a compound annual growth rate of over 20% from 2024 to 2028 [2] - The introduction of DeepSeek R1 is expected to lower the barriers for AI application development and deployment, making inference demand a primary growth driver for AI computing power, thus expanding market space for domestic manufacturers [2]

Core Viewpoint - The Midea Fresh Air Machine T6 is positioned as a multifunctional air management solution that prioritizes health and comfort, particularly for families with children, by addressing various air quality concerns and providing a holistic approach to indoor air management [1][10]. Group 1: Product Features - The Midea Fresh Air Machine T6 integrates six functions: air conditioning, fresh air, air purification, disinfection, dehumidification, and humidification, making it a versatile "air steward" [3]. - The air conditioning feature utilizes a unique design with irregular micro-holes to soften strong winds, creating a comfortable airflow experience without the sensation of direct wind [3]. - The device includes a 3-liter water tank for independent humidification at a rate of 450ml/h, ensuring continuous moisture for up to 6 hours, and a powerful dehumidification capability of 5.03kg/h to combat humidity [5]. Group 2: Health and Safety - The air purification and fresh air functions can quickly restore a clean atmosphere in the home, effectively removing odors and airborne particles [7]. - The device is capable of eliminating common bacteria such as E. coli and H1N1, ensuring a healthy air environment [8]. - It features DeepSeek technology that automatically senses and adjusts air humidity, temperature, and airflow, enhancing user convenience and health [8]. Group 3: User Experience - The Midea Fresh Air Machine T6 is designed for ease of use, with strong voice interaction capabilities that allow users, including children, to operate it effortlessly [8]. - The product is perceived not just as a machine but as a comprehensive approach to air quality management, reflecting a growing awareness of the importance of air quality in daily life [10].