先是宣布："尊敬的用户，潞晨云将在一周后停止提供DeepSeek API服务，请尽快用完您的余额。如果 没用完，我们全额退款。" 后又发布消息："感谢网友的热心提醒，Colossal-AI此前发布对DeepSeek-R1（671B）模型的LoRA微 调，在参数加载过程中因参数名称不匹配的Bug导致Loss异常，已在GitHub线上修复。" 这家公司突然宣布停止提供DeepSeek API服务的消息引发较大关注。 除此之外，潞晨科技创始人尤洋和硅基流动创始人袁进辉，在社交平台公开互怼的内容也引来了大量吃 瓜群众。 这是两家大模型服务公司。尤洋质疑硅基流动的商业模式和技术水平，袁进辉则回应并指责潞晨科技存 在抄袭行为。随后，潞晨科技宣布将暂停DeepSeek API服务。 事件发生的背景是：春节期间DeepSeek访问量暴增经常无法访问，硅基流动趁此机会发出了DeepSeek API并对自己的产品做了一大波宣传，因此发出了不少代金券，其网站访问量也随之大增。 周末，DeepSeek大消息不断。 潞晨科技宣布停止DeepSeek API服务 3月1日，潞晨科技官微发布了两则消息。 硅基流动PR稿里说自己有300万用 ...

证券时报网讯，今年伊始，来自中国的开源AI模型DeepSeek火爆全球。 这段时间，就有不少高校引入了"DeepSeek"，不仅实现了24小时答疑解惑、精准回应校园生活诉求，还 大幅提升了老师的办公科研效率，智慧教学与研究场景正在变为现实。 新学期开始，中国人民大学在自主研发的教学科研行政平台中接入了满血版"DeepSeek"，在学校算力的 支持下，老师们多了一个专属"智能助手"。 还有一些师生将课件、研究等"喂料"给DeepSeek，"训练"出专属的课程知识库、数据库。 ...

China (PRC) | Industrials Humanoid Robot – Expert Call Takeaways on DeepSeek Impact on Embodied AI We invited Victor Deng, former head of robot value chain investment at Kinzon Capital, on 18 Feb to share his knowledge about how DeepSeek is accelerating embodied AI development in the humanoid robot and potential value chain segment upon the breakthrough he sees in DeepSeek. See key takeaways below. Embodied AI critical to commercial value of humanoid robot: Embodied AI empowers humanoid robots with intellig ...

Flash | 23 Feb 2025 16:27:43 ET │ 13 pages Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Certain products (not inconsistent with the author's published research) are ...

24 February 2025 Equity Research Report China Technology Equities Servers: Riding on the wave of DeepSeek DeepSeek is driving Cloud capex in China. AI inferencing workloads have been surging, triggered by the growing popularity of DeepSeek R1 in recent weeks. We see that individual user demand has been growing, and the AI model has been increasingly deployed by enterprises and government entities. DeepSeek R1 model's innovations in algorithm reduce inferencing costs sharply and also lead to much less comput ...

Summary of the Investor Presentation on Greater China Tech Semiconductor Industry Overview - **Industry Focus**: Greater China Tech Semiconductor, specifically the AI semiconductor sector - **Key Drivers**: Positive outlook on cloud AI demand remains unchanged, with expectations of similar AI capital expenditure intensity from US Cloud Service Providers (CSPs) [1][2] Core Insights - **China AI Market**: A more constructive view on the China AI market, with MediaTek rated as Overweight (OW) [1][2] - **AI Semiconductor Demand**: The demand for AI semiconductors is expected to accelerate due to generative AI applications across various sectors [5] - **DeepSeek Impact**: The introduction of DeepSeek may trigger an edge AI replacement cycle, as it demonstrates cheaper inferencing capabilities [5] - **Supply Chain Dynamics**: The ramp-up of China’s foundry supply is becoming stronger and more sustainable, leading to a slower recovery in mature node foundry utilization [5] Financial Metrics and Valuation - **Valuation Comparisons**: - TSMC (Ticker: 2330.TW) has a current price of 1,080.0 TWD with a target price of 1,388.0 TWD, indicating a 29% upside [6] - MediaTek (Ticker: 2454.TW) has a current price of 1,500.0 TWD with a target price of 1,688.0 TWD, indicating a 13% upside [7] - **P/E Ratios**: - TSMC's P/E ratio is projected to decrease from 33.4 in 2023 to 17.7 in 2025, reflecting expected earnings growth [6] - MediaTek's P/E ratio is expected to improve from -35% in 2023 to 24% in 2025 [7] Market Trends - **AI vs. Non-AI Semiconductor Growth**: Non-AI semiconductor growth is projected at only 10% year-over-year in 2024, excluding NVIDIA's AI GPU revenue [9] - **Inventory Levels**: A decrease in semiconductor supply chain days of inventory is noted, which historically correlates with an increase in semiconductor stock prices [10][11] Long-term Demand Drivers - **Tech Diffusion**: The reacceleration of AI semiconductor demand is driven by the proliferation of generative AI across various industries [5] - **Tech Deflation**: Anticipated "price elasticity" is expected to stimulate demand for technology products [5] Additional Insights - **AI Computing Wafer Consumption**: Expected to reach up to $15.3 billion in 2025, with NVIDIA being the primary consumer [26] - **HBM Consumption**: Projected to reach up to 20.5 billion gigabits in 2025, with NVIDIA consuming the majority of the supply [29] This summary encapsulates the key points from the investor presentation, highlighting the positive outlook for the AI semiconductor sector in Greater China, the financial metrics of key players, and the broader market trends influencing the industry.

Summary of the Conference Call Transcript Company and Industry Involved - **Company**: Microsoft Corp. (MSFT) - **Industry**: Data Centre Equipment Core Points and Arguments 1. **Microsoft's Capex and Capacity Intentions**: Further clarification is needed from Microsoft regarding its capital expenditure (capex) and broader capacity intentions, as the current situation appears to be Microsoft-specific rather than indicative of a broader industry trend [2][3][8] 2. **Impact of Lease Cancellations**: Microsoft has cancelled leases for two data centres totaling a few hundred megawatts and opted not to convert statements of qualification into leases for up to 1 gigawatt of capacity, reallocating some projects from international to domestic [3][8] 3. **Microsoft's Market Share**: Microsoft accounts for approximately 4% of global data centre capacity and about 8% of planned future additions, indicating a significant role in the data centre market [4][9] 4. **Capex/Sales Ratio**: Microsoft has a high capex/sales ratio of around 23%, second only to Meta at 28%, suggesting aggressive investment in infrastructure [4][9] 5. **Current Market Reaction**: The current share price reaction of Schneider Electric, which has seen a 4% decline, is viewed as a potential buying opportunity rather than a sign of a fundamental shift in the market [2][8] 6. **Demand Trends**: Initial assessments indicate that there are no signs of demand slowdown in the data centre sector, with capacity utilization data reaching new all-time highs [8][9] 7. **Future Capacity Plans**: Microsoft is expected to maintain its ambitious data centre buildout plans, with projections indicating it will account for a significant share of future capacity additions [4][9] Other Important but Possibly Overlooked Content 1. **Competitive Landscape**: The competitive pressure from cloud-native leaders like Amazon and Google poses risks to Microsoft's growth, particularly in the context of its legacy businesses transitioning to cloud-centric models [24] 2. **Regulatory Risks**: Microsoft faces legal and regulatory risks due to its dominant position in the PC operating systems and productivity applications market, which could impact its investment strategies [24] 3. **Analyst Ratings**: Microsoft currently holds a "Buy" rating with a price target of $480, reflecting positive sentiment among analysts despite the recent lease cancellations [38][49] This summary encapsulates the key insights from the conference call, focusing on Microsoft's strategic positioning within the data centre equipment industry and the implications of its recent decisions.

券商股近期异动频频。 券商中国记者注意到，对于上市券商的关注，除了一些合并传闻的扰动，机构投资者对长江证券、长城 证券等上市券商以及券商概念股——指南针等，也展开了新一轮调研，券商布局DeepSeek的进展、业 务赋能等问题成为关注的热点话题。 以长江证券为代表，该公司表示，为适应大模型时代新的AI应用赋能模式，该公司研发了"长江灵曦"大 模型平台，该平台以私有化AI算力池为基座，本地部署了多款国内开源大模型，包括满血版DeepSeek R1和V3等。基于"长江灵曦"大模型平台，已经落地了覆盖营销、运营、投研、投行、办公、研发等业 务场景的智能应用服务。未来，该公司将持续推进长江灵曦平台建设，深化大模型与业务场景的融合创 新，不断提升公司经营效率和用户体验。 调研被问及DeepSeek部署 券商中国记者统计，今年2月以来，合计有指南针、国元证券、长江证券、长城证券等接受机构调研。 其中，国元证券被调研2次。 国元证券表示，未来，公司计划将大模型技术拓展至智能投研、智能投顾、智能客服、量化交易算法优 化等领域，为投资决策、客户服务等提供支持。坚信AI潜力无限，将持续加大研发投入，推进数字化 转型，提升金融科技核 ...

证券时报网讯，2月26日下午，建信基金多元资产投资部副总经理、建信社会责任基金经理李登虎在证 券时报社主办的"发现科技之美・AI技术变革与投资机遇"投资沙龙上表示，DeepSeek技术变革驱动推理 成本下降，终端AI应用迎来发展机遇。 DeepSeek推动国内应用软件多点开花，预计AI+向各个行业扩展的态势会持续，在ERP和OA之后的 AI+医疗就是典型例子，后续诸如能源电力、金融、教育、办公、工业软件等领域包括智能驾驶等值得 关注。 在硬件领域，他认为AI应用加速落地带来算力需求增加，AI算力需求增加有望增强上游国产芯片替代 能力，加速信创产业国产化，促进半导体国产化下游扩产动力充足。 受益AI算力需求加速增长，上游资本开支加速扩张，算力基建持续受益。 ...

"爽文大女主"出三招 悄悄推出两款模型，即引发硅谷与华尔街的剧烈震荡，让OpenAI接连推出竞争产品并免费开放搜索， 谷歌一股脑儿发布"满血版全家桶"，国内大厂的旗舰模型也开始免费开放。 深有"天上掉馅饼"之感的万千普通用户，倒是想给DeepSeek送锦旗了，不过，大家也想知道，凭一己之 力就把曾经高不可攀的全球最顶级大模型的价格打下来了，究竟用了什么招？ ——"乱"拳打伤老师傅。从架构到工程，从算法到部署，DeepSeek悟透的是"四两拨千斤"的中国武术古 训，不理会"参数规模决定论"，反倒是秀出了数据质量优化与算法架构创新的乘数效应，在看似不可能 的壁垒中突围。 ——拆掉半壁卫城墙。一般来说，大模型开发者用了英伟达的GPU，也就得用他家的运算平台CUDA搞 研发。毕竟CUDA已经封装好一些函数，后来者使用时直接调用接口搞加工就行，这样的低门槛当然方 便资源有限的开发者，但是，这也意味着深度研发执行效率的折扣。 以小博大、逆袭吊打，曾是修仙爽文、微短剧里让人上头却略显荒诞的剧情，而今，DeepSeek(深度求 索)让它在真实世界里发生了。 火爆全球超过一个月，DeepSeek掀起的风暴还在持续，随之而来的还 ...