Group 1 - AI concept stocks saw a majority increase in early trading, with notable gains from companies such as 汇量科技 (4.47% increase), 迈富时 (4.33% increase), and 创新奇智 (3.65% increase) [1] - DeepSeek announced a significant update to its services, reducing the cost of its API by over 50% due to a new model that lowers service costs [1] - The National Development and Reform Commission (NDRC) plans to support various enterprises, including private companies, to deeply engage in AI initiatives [1] Group 2 - Huatai Securities indicated that the reduction in model prices will attract more developers to create AI applications, potentially boosting demand for computing power and increasing the likelihood of Super Apps [2] - Zhongyin International believes that the commercialization inflection point for AI applications is approaching, driven by improvements in reasoning efficiency and cost-effectiveness of domestic chips [2] - The combination of advancements in model capabilities, data accumulation, and synthetic data technology is facilitating a shift from "single-point breakthroughs" to "systematic collaboration" in AI capabilities, paving the way for large-scale commercialization [2]

Core Insights - DeepSeek has announced the open-source release of the DeepSeek-V3.2-Exp experimental model, which introduces the DeepSeek Sparse Attention mechanism, significantly improving long text training and inference efficiency without compromising output quality [1][9] - The new model reduces service costs by over 50%, with the price for outputting 1 million tokens dropping to 3 yuan, which is one-fourth of the previous model's cost [3][5] - Major cloud platforms and AI chip manufacturers have quickly adapted to the new model, indicating strong industry support and interest [5][10] Model Performance - DeepSeek-V3.2-Exp shows comparable performance to its predecessor, DeepSeek-V3.1-Terminus, across various benchmarks, although it uses significantly fewer tokens for task completion [5][6] - In specific benchmarks, DeepSeek-V3.2-Exp maintained scores such as 85.0 in MMLU-Pro and improved in BrowseComp with an accuracy of 40.1, while some scores like Humanity's Last Exam saw a slight decline [6][39] - The model's architecture allows for a reduction in complexity from quadratic to near-linear, enhancing training and inference costs [36][42] Technical Innovations - The model employs a "continue pre-training + post-training" approach, integrating a Lightning Indexer and a fine-grained token selection mechanism to optimize performance [36][38] - The DSA mechanism is still in its prototype phase, indicating potential for further development and refinement [36][44] - DeepSeek has also released related technical reports and code to facilitate research and experimentation [7][9] Industry Impact - The rapid adaptation of DeepSeek-V3.2-Exp by companies like Huawei and Cambrian demonstrates the model's significance in the AI landscape [10][15][17] - The model's launch has sparked discussions in developer communities, highlighting its potential to mark a significant moment in AI development [21][22] - User feedback indicates a mix of excitement and skepticism regarding the model's performance, with some noting improvements in speed but concerns over capability [19][31][32]

Market Performance - On September 29, the A-share market showed a strong upward trend with all three major indices rising. The Shanghai Composite Index increased by 0.90% to 3862.53 points, the Shenzhen Component Index rose by 2.05% to 13479.43 points, and the ChiNext Index climbed by 2.74% to 3238.01 points. The total trading volume in the Shanghai and Shenzhen markets reached 2.16 trillion yuan, an increase of 146 billion yuan compared to the previous trading day [2][3] - Over 3500 stocks in the market experienced gains, with significant performance observed in the large financial sector and the renewable energy sector. Notably, green methanol concept stocks were active, and energy storage concept stocks rebounded. The non-ferrous metals sector also saw gains throughout the day, while the semiconductor industry chain showed recovery in the afternoon. Conversely, education stocks weakened throughout the day [2] International Market Overview - On the same day, major U.S. stock indices also rose, with the Dow Jones Industrial Average increasing by 68.78 points (0.15%) to close at 46316.07 points, the S&P 500 rising by 17.51 points (0.26%) to 6661.21 points, and the Nasdaq Composite gaining 107.09 points (0.48%) to 22591.15 points [3] - European stock indices also experienced gains, with the FTSE 100 rising by 15.01 points (0.16%) to 9299.84 points, the CAC 40 increasing by 10.19 points (0.13%) to 7880.87 points, and the DAX rising by 5.59 points (0.02%) to 23745.06 points [3] Commodity Prices - International oil prices fell on September 29, with light crude oil futures for November delivery dropping by $2.27 to $63.45 per barrel (a decrease of 3.45%), and Brent crude oil futures for November delivery falling by $2.16 to $67.97 per barrel (a decrease of 3.08%) [4] Policy Developments - The National Development and Reform Commission announced a new policy financial tool with a total scale of 500 billion yuan, aimed at supporting project capital and promoting effective investment. The funds will be allocated to specific projects to accelerate construction and enhance economic stability [6] - The National Development and Reform Commission also plans to develop policy guidelines for new-generation smart terminals and intelligent systems, focusing on technology support, application promotion, and safety governance [6] Company Announcements - Fulin Precision announced plans to jointly increase capital in its subsidiary with CATL, which is expected to constitute a major asset restructuring [10] - DeepSeek released a new version of its model, DeepSeek-V3.2-Exp, which optimizes inference efficiency and reduces API costs by over 50% [7] - The mechanical industry in China aims for an average revenue growth rate of approximately 3.5% from 2025 to 2026, with a target of exceeding 10 trillion yuan in revenue by 2026 [8]

Market Dynamics - The National Development and Reform Commission emphasizes the need to enhance macro policies to address economic challenges and aims to expand the smart terminal and intelligent body market by developing new policy guidelines [1] - The Nasdaq Golden Dragon China Index rose by 2.03%, with notable increases in popular Chinese stocks such as Bilibili, Alibaba, and New Oriental, which all rose over 4% [1] Company Developments - Yu Chengdong has been appointed as the IRB Director of Huawei, indicating a strategic focus on AI for the next decade, with resources being directed towards AI chips, large models, and smart vehicles [3] - Cambrian Technology announced compatibility with DeepSeek-V3.2-Exp and open-sourced the vLLM-MLU inference engine, which significantly reduces training and inference costs in long-sequence scenarios [4] - Shengmei Shanghai reported a total order amount of 9.072 billion yuan, a year-on-year increase of 34.10% [5] - Xiamen Tungsten New Energy signed a strategic cooperation framework agreement with Zhongwei Co., establishing a long-term partnership for raw material supply chains in solid-state lithium battery materials [5] - Sairus has completed the payment for acquiring a 10% stake in Yingwang Intelligent Technology from Huawei, totaling 11.5 billion yuan [6] - Hengwei Technology plans to acquire 75% of Shuhang Technology, focusing on AI application products and solutions [7] - DiAo Micro is planning to acquire equity in Rongpai Semiconductor, with stock trading suspended during the process [8] - Galun Electronics intends to purchase 100% of Chengdu Ruicheng Semiconductor and 45.64% of Naneng Microelectronics, with a total transaction value of approximately 2.174 billion yuan [9] - Suochen Technology plans to acquire 60% of Likong Technology, with the total transaction price set at 192 million yuan [10] - Weide Information announced a preliminary transfer price of 40.33 yuan per share for its stock, with significant interest from institutional investors [11] - Aimeike received a drug registration certificate for Minoxidil lotion, a treatment for male pattern baldness [12] Technological Advances - The world's largest supergravity centrifuge has been officially launched, contributing to major scientific research and development [12] - A new method combining AI and remote sensing has been developed to identify optimal grass planting areas in northern arid regions, aiding ecological protection and agricultural development [12]

大家早上壕！ 先看海外要闻： 美股齐涨，道指收涨0.15%、纳指收涨0.48%、标普500收涨0.26%；英伟达收涨2.05%、亚马逊涨1.09%、特斯拉和微软至多涨0.64%、Meta跌 0.05%、苹果跌0.40%、谷歌A跌1.01%。 美股存储概念股大涨，闪迪涨近17%、西部数据涨逾9%、希捷科技涨逾5%、美光科技涨逾4%。 美国劳工部：BLS将在政府关门时暂停运作，既不收集也不发布非农就业等数据。 特朗普称将对所有在美国境外制作的电影征收100%关税。 美国黄金储备价值触及万亿美元大关，达官方账面价值的90多倍。 OpenAI宣布第三届年度开发者大会将于10月6日在旧金山举行，预计吸引1500名开发者现场参会；OpenAI将发布新版Sora视频生成大模型。 Anthropic推出最新AI模型Claude Sonnet 4.5，号称 "全球最佳编码模型"。 印尼总统下令切断1000个非法锡矿。 2、工业母机| 9月29日，工信部等六部门印发"机械行业稳增长方案"通知，2025—2026年机械行业力争营业收入年均增速达到3.5%左右，营业收 入突破10万亿元。方案中提到，将全方位扩大有效需求，不断增强机械 ...

Core Insights - DeepSeek has launched its latest experimental model, DeepSeek-V3.2-Exp, featuring a new attention mechanism called DeepSeek Sparse Attention (DSA), which improves training and inference efficiency while reducing API costs by over 50% [1][19]. Model Features - The V3.2 model builds on DeepSeek-V3.1-Terminus and introduces DSA, achieving faster and more efficient training and inference for long contexts [3][5]. - DSA is the first key technology branded under "DeepSeek" and is an improvement over the Native Sparse Attention (NSA) from a previous collaboration with Peking University [3][5]. - The DSA mechanism allows the model to focus on a small subset of important tokens rather than all tokens, significantly reducing computational complexity from O(L²) to O(Lk), where k is much smaller than L [8][10]. Performance Evaluation - Evaluation results indicate that DeepSeek-V3.2-Exp maintains performance levels comparable to its predecessor, with no significant decline in effectiveness across both short and long text tasks [14][15]. - Specific benchmark results show that while some metrics slightly decreased, others improved, indicating a balanced performance across various tasks [15]. Cost Efficiency - The introduction of DSA has led to substantial reductions in operational costs, with the API price being lowered by over 50% for developers [19]. - The model's deployment has demonstrated significant end-to-end acceleration and cost savings in inference [18]. Future Implications - Although still an experimental model, DeepSeek-V3.2-Exp presents a promising engineering pathway for overcoming long text processing challenges without sacrificing performance [18].

公司方面，据国盛证券、上市公司互动平台表示， Agent、AI应用：泛微网络、金山办公、鼎捷数智。 华为昇腾：软通动力、常山北明。 久其软件：公司2025年年初进一步对旗下女娲GPT进行升级，快速完成与主流大模型的深度融合与适 配，推出"智能问数、智能问答、智能报告、智能审核"等一系列智能体应用。另外，公司表示其Ai蒸馏 技术与Deepseek的Ai蒸馏技术比较类似。 9月29日，DeepSeek宣布官方App、网页端、小程序均已同步更新为DeepSeek-V3.2-Exp。DeepSeek介 绍，得益于新模型服务成本的大幅降低，官方API价格也相应下调，新价格即刻生效。在新的价格政策 下，开发者调用DeepSeek API的成本将降低50%以上。 算力作为AI应用落地的核心基础设施，其供给能力与成本结构的变化直接推动AI应用的商业化进程。 近3年来，随着AI大模型的不断进化及推理侧算力芯片性能与性价比的不断提升，AI推理侧算力成本与 大模型调用成本持续下降。 硬件层面，成本每年下降约30%，而能效每年提升约40%。推理侧算力成本及模型调用成本的快速下 降，为AI应用商业化提供了底层经济性支撑。 中银证券表示 ...

Group 1 - The National Development and Reform Commission announced a new policy financial tool with a total scale of 500 billion yuan, all allocated to supplement project capital [1][2] - The Ministry of Industry and Information Technology and five other departments released the "Mechanical Industry Stabilization Growth Work Plan (2025-2026)", aiming for an average annual revenue growth rate of about 3.5% and total revenue exceeding 10 trillion yuan by 2026 [2] - In 2024, China's cultural industry is projected to achieve a revenue of 19.14 trillion yuan, a 37.7% increase compared to 2020 [2] Group 2 - The DeepSeek-V3.2-Exp model was officially released, reducing the cost of using the DeepSeek API by over 50% [3] - The total net subscription amount for multiple broad-based equity ETFs reached 22.2 billion yuan on September 26, marking a new high in over five months [3] Group 3 - The securities industry is expected to continue its high growth in Q3, with 42 listed securities firms reporting a total revenue of 251.87 billion yuan in the first half of the year, a year-on-year increase of 11.37% [5] - The average annual revenue growth rate for the securities industry is anticipated to further increase due to the active stock market and low base effects [5] Group 4 - OpenAI's upcoming developer conference on October 6 is expected to focus on the application of AI technology in hardware, potentially boosting the consumer electronics supply chain [7] - The demand for lithium batteries is surging, with production expected to grow by 10% month-on-month in October, leading to a projected annual demand growth rate exceeding 35% [8] Group 5 - China CNR Corporation announced that its total contract amount for Q3 exceeded 50 billion yuan, with significant contracts signed for various types of vehicles [9] - Huayou Cobalt signed a major supply agreement with LGES for a total of 76,000 tons of ternary precursor products from 2026 to 2030 [10] Group 6 - Tianqi Lithium received significant institutional buying, with two institutions purchasing a total of 221 million yuan worth of shares, driven by strong growth in its electrolyte business [16] - GF Securities saw institutional buying of 254 million yuan, reflecting positive performance in its brokerage and asset management businesses [17]

经济观察网9月29日，DeepSeek-V3.2-Exp发布并开源，引入稀疏Attention架构。海光DCU率先实现无缝 适配+深度调优，确保大模型算力"零等待"部署。 在"深算智能"战略引领下，海光信息始终致力于AI软件栈生态建设，全面支持以DeepSeek为主流的全球 主流开源大模型。得益于长期、活跃的技术积累，海光DCU得以快速对DeepSeek-V3.2-Exp完 成"Day0"级高效适配与优化。 基于GPGPU架构强大的生态优势，与编程开发软件栈DTK的特性，DeepSeek-V3.2-Exp在海光DCU上展 现出优异的性能，充分验证海光DCU高通用性、高生态兼容度及自主可控的技术优势，已成为支撑AI 大模型训练与推理的关键基础设施。 ...

Core Insights - DeepSeek has released the V3.2-Exp model, which introduces a Sparse Attention mechanism aimed at optimizing training and inference efficiency for long texts [1] - The official app, web version, and mini-program have all been updated to DeepSeek-V3.2-Exp, and the API has seen a significant price reduction [1] - Under the new pricing policy, the cost for developers to access the DeepSeek API will decrease by over 50% [1] - The performance of DeepSeek-V3.2-Exp on various public evaluation datasets is comparable to that of V3.1-Terminus [1]