Core Insights - DeepSeek officially announced the release of version 3.1 on August 21, featuring significant upgrades including a hybrid reasoning architecture and improved response efficiency [1] - The pricing for API calls has increased, with new rates effective from September 6, including a removal of night-time discounts [2] - The market reacted positively to the news, with shares of Daily Interactive (300766.SZ) rising by 13.62% to 47.98 CNY per share [4] Group 1: Product Updates - DeepSeek V3.1 introduces a hybrid reasoning architecture that allows for flexible switching between thinking and non-thinking modes, enhancing agent capabilities [1] - The model utilizes UE8M0 FP8 Scale parameter precision and has undergone significant adjustments to the tokenizer and chat template, marking a clear distinction from DeepSeek V3 [1] - The foundational model of V3.1 has been retrained with an additional 840 billion tokens, and both the foundational and post-training models are available on Huggingface and MoDa [4] Group 2: Pricing Changes - The API call pricing has been adjusted, with input prices set at 0.5 CNY per million tokens for cache hits and 4 CNY per million tokens for cache misses, up from 2 CNY for V3 [2] - The output price has increased to 12 CNY per million tokens, compared to 8 CNY for V3 [2] Group 3: Market Reaction - Following the announcement, shares of Daily Interactive surged, attributed to its perceived connection with DeepSeek, as it was rumored to hold a 14.50% stake in the DeepSeek development team [4] - Daily Interactive clarified that it does not hold any equity in DeepSeek or its associated companies, despite previous speculation [4]

Group 1 - The cloud computing ETF Huatai (159273) experienced a slight decline of 0.36% with a trading volume exceeding 650 million yuan, indicating increased market activity [1][2] - The fund has seen a net inflow of over 400 million yuan throughout the day, marking 10 out of 12 days with net inflows, accumulating over 3 billion yuan since its launch [1][2] - Major stocks within the cloud computing ETF, such as Alibaba and Zhongke Shuguang, saw declines of over 1%, while stocks like Xinyi and Hengsheng Electronics experienced slight gains [2][4] Group 2 - The AI boom is driving rapid development in the computing power supply chain, with a projected compound annual growth rate of 46.2% from 2023 to 2028 for intelligent computing scale in China [5] - The market for intelligent computing services is expected to exceed 26.69 billion USD by 2028, with strong growth in segments like intelligent computing integration services and GenAIIaaS [5] - The semiconductor industry is experiencing high demand due to AI, with TSMC raising its revenue growth forecast from around 25% to 30% due to sustained AI demand [6]

Group 1 - DeepSeek officially announced the release of version 3.1 on August 21, featuring significant upgrades including a hybrid reasoning architecture and improved response efficiency [1] - The new version utilizes UE8M0FP8Scale parameter precision and has made substantial adjustments to the tokenizer and chat template, showing clear differences from version 3 [1] - DeepSeek has adjusted its pricing for API interface calls, with input prices increasing to 0.5 yuan per million tokens for cache hits and 4 yuan for cache misses, while output prices rose to 12 yuan per million tokens [2] Group 2 - The foundational model of DeepSeek V3.1 underwent extensive retraining, adding a total of 840 billion tokens, and both the foundational and post-training models are available on Huggingface and Modao [4] - Following the announcement, shares of Daily Interactive (300766) surged, closing at 47.98 yuan per share with a daily increase of 13.62% [4] - Daily Interactive, established in 2010, provides data intelligence products and services, and there were rumors of its ownership stake in DeepSeek through its subsidiary, although the company later clarified it does not hold any equity in DeepSeek or its associated companies [7]

Core Insights - The release of DeepSeek V3.1 is positioned as a significant step towards the "Agent Era," featuring a hybrid reasoning architecture that allows the model to switch between fast responses and longer reasoning processes [1] - The new model reduces token generation by 20% to 50% compared to its predecessor, enhancing response speed and lowering usage costs [1] - V3.1 improves throughput efficiency and energy performance, laying the groundwork for large-scale applications [1] - The model demonstrates enhanced capabilities in programming tasks, showing improved execution and stability in real-world environments [1] - In complex search tasks, V3.1 exhibits advanced retrieval and integration abilities, outperforming previous models in multi-disciplinary challenges [1] Business and Ecosystem Strategy - DeepSeek adopts a "dual-track" strategy, continuing to offer API services while adjusting pricing and eliminating night discounts starting September 6 [2] - The base model and post-training versions of V3.1 have been open-sourced on Hugging Face and MoDa [2] Technical Specifications - V3.1 utilizes UE8M0 FP8 Scale parameter precision, aligning with the upcoming generation of domestic chips, which may require specific software adaptations for optimal performance [4] - The release appears to be a direct competitor to GPT-5, with both models supporting long contexts and complex task handling, while offering flexible base model calls and cost structures [4]

Core Insights - The 2025 Fortune China Tech 50 list was released, with Huawei Investment Holding Co., Ltd. ranking first due to its comprehensive leadership in communication, chips, operating systems, and artificial intelligence [1] - DeepSeek, focused on AI large model development, ranked second, showcasing significant advancements in the AI sector [1] Huawei - Huawei is recognized as a representative of Chinese tech companies, driving global communication and smart technology development [3] - In the 5G communication sector, Huawei holds a 15% share of essential patents, ranking first globally and providing key technological support for 5G network construction in multiple countries [3] - The Kirin 9020 chip has over 90% localization rate, with significant performance improvements; the Ascend AI processor has set global performance records in supporting large model inference [3] - The Harmony operating system has surpassed 10 million devices, with its ecosystem continuously expanding [3] - Huawei has made breakthroughs in optical technology, network architecture, and AI algorithms, facilitating technological upgrades across various industries [3] DeepSeek - DeepSeek is a leading enterprise in China's AI field, gaining global attention with its self-developed large model DeepSeek-R1, which scored 88.5 in the MMLU benchmark test, significantly outperforming international models like Llama 3 and Claude 2 [9] - The influence of DeepSeek in the open-source community is growing, with its model's global download volume ranking in the top ten [9] - As of June 2025, DeepSeek has reached 163 million monthly active users, becoming the largest AIGC application globally, reflecting China's strong market vitality and technological implementation capabilities in AI [9] Other Notable Companies - Other companies such as CATL, Alibaba, Tencent, and BYD have also made it to the top ranks due to their leading technological capabilities and market performance [10] - CATL continues to lead globally in power batteries and energy storage systems, achieving a 37.6% market share in global power battery installations in 2024, marking its seventh consecutive year in the top position [10]

Core Insights - DeepSeek officially released DeepSeek-V3.1 on August 21, featuring significant upgrades in its architecture and capabilities [1] Group 1: Product Upgrades - The new hybrid reasoning architecture allows a single model to support both thinking and non-thinking modes [1] - DeepSeek-V3.1-Think demonstrates improved efficiency, providing answers in a shorter time compared to DeepSeek-R1-0528 [1] - Enhanced agent capabilities have been achieved through post-training optimization, resulting in better performance in tool usage and agent tasks [1] Group 2: API and Pricing Changes - The DeepSeek API has been upgraded to include deepseek-chat for non-thinking mode and deepseek-reasoner for thinking mode, with context expanded to 128K [1] - A new pricing structure for API calls will be implemented starting September 6, 2025, with the cancellation of night-time discounts [2] - Until September 6, all API services will continue to be billed under the original pricing policy [4] Group 3: Technical Specifications - DeepSeek-V3.1 utilizes UE8M0 FP8 Scale parameter precision, designed for the upcoming generation of domestic chips [4] - The integration of DeepSeek-V3.1 capabilities into the Claude Code framework is facilitated by support for Anthropic API format [1]

Core Insights - DeepSeek has released version 3.1, marking a significant step towards the "Agent Era" [1] - The new version utilizes UE8M0 FP8 Scale parameter precision, indicating advancements in technology [1] - There are notable adjustments in the tokenizer and chat template compared to the previous version, DeepSeek-V3 [1] - The UE8M0 FP8 is specifically designed for an upcoming next-generation domestic chip [1][2] Company Developments - The official webpage, app, mini-program, and API platform have all been updated to incorporate the new model [2] - Users have expressed anticipation for additional features, such as image and video functionality [2]

Market Overview - The A-share market experienced a slight decline on August 21, with the three major indices turning negative around 14:20, but managed to recover slightly by the end of the trading session. The Shanghai Composite Index rose by 0.13%, while the Shenzhen Component Index fell by 0.06%, and the ChiNext Index dropped by 0.47% [1] - A total of 2,170 stocks rose, 56 stocks hit the daily limit up, and 3,091 stocks declined [2] Stock Performance - The total trading volume reached 24,603.35 billion, with a total of 162,011.0 million shares traded. The number of rising stocks decreased by 543, representing a decline of 20.01% [3] - Notable stocks that surged included Sanwei Xinan (688489) with a rise of 20.01% to 51.70, and Beixin Source (300352) with a rise of 19.97% to 7.57 [5] Sector Highlights - Stablecoin concept stocks performed well against the market trend, with several stocks hitting the daily limit up due to positive news exceeding market expectations [4] - Oil and gas stocks saw a rise, with Zhuan Oil Co. (002207) and Shenkai Co. (002278) both hitting the daily limit up [6] - Banking stocks showed strength, with Agricultural Bank and Postal Savings Bank (601658) reaching new historical highs [8] - The agriculture sector experienced significant gains, with Muyuan Foods (002714) rising nearly 6%. The company reported a total revenue of 76.463 billion for the first half of the year, a year-on-year increase of 34.46%, and a net profit of 10.53 billion, up 11.7 times year-on-year [10] Declines - The liquid cooling server concept stocks faced adjustments, with Jintian Co. (601609) and Chuanrun Co. (002272) hitting the daily limit down [11] - The market saw a notable decline in high-flying stocks, with several stocks experiencing significant drops, including Lianhuan Pharmaceutical (600513) and Zhongdian Xindong (002298) [13] Company News - DeepSeek announced the release of its upgraded AI model, DeepSeek-V3.1, which features a mixed reasoning architecture and improved efficiency. This news led to a late-session rally in DeepSeek concept stocks [14][16]

Core Insights - DeepSeek officially announced the release of DeepSeek-V3.1, which utilizes UE8M0 FP8 Scale parameter precision [1] - The V3.1 version features significant adjustments to the tokenizer and chat template, showing clear differences from DeepSeek-V3 [1] - DeepSeek's official WeChat account indicated that UE8M0 FP8 is designed for the upcoming next-generation domestic chip [1] - In response to user inquiries regarding version information not being V3.1, the company confirmed that the current official web, app, mini-program, and API platform have all been updated to the new model, which identifies itself as DeepSeek-V3 [1]

"迈向智能体时代的第一步"。 8月21日，业界千呼万唤的R2模型没来，但DeepSeek官方正式发布了新模型V3.1。从命名来看这或许不是一次大的版本更新，更像是前一代DeepSeek-V3模 型的小版本迭代。 在X上，DeepSeek将V3.1称为"我们迈向智能体时代的第一步"（our first step toward the agent era）。本次升级主要有三大亮点，其中包括更强的 Agent能力、 混合思考模式和更高的思考效率。 官方表示，通过后训练优化，新模型在工具使用与智能体任务中的表现有较大提升。在编程智能体、搜索智能体测评中， V3.1 相比之前的 DeepSeek 系列 模型都有明显提高。 | Benchmarks | DeepSeek-V3.1 | | --- | --- | | SWE-bench | 66.0 | | Verified | | | SWE-bench | 54.5 | | Multilingual | | | Terminal-Bench | 31.3 | DeepSeek-V3.1 是混合推理架构，一个模型同时支持思考模式和非思考模式。目前用户可在官方 App与网 ...