更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 Global Research 12 February 2025 China Equity Strategy A multi-faceted look at DeepSeek's implications More to go on the DeepSeek rally? The launch of DeepSeek's R1 model has put AI development in China back on investors', radar. Our tracking of AI related China-listed stocks (summarised in Figure 1) shows that since the start of the year the stocks are up 15% and have outperformed MŞCbChina by 9%. Fundamentally Al contributes a limited proportion of most companies" revenue and ...

ab 12 February 2025 Global Research China Equity Strategy A multi-faceted look at DeepSeek's implications More to go on the DeepSeek rally? The launch of DeepSeek's R1 model has put AI development in China back on investors' radar. Our tracking of AI related China-listed stocks (summarised in Figure 1) shows that since the start of the year the stocks are up 15% and have outperformed MSCI China by 9%. Fundamentally AI contributes a limited proportion of most companies' revenue and we think the fierce compet ...

Investment Rating - The report assigns a "Buy" rating to companies such as JCET, Will Semi, and NAURA, while it recommends a "Sell" rating for companies like Sanan and Silan [4]. Core Insights - The report highlights three main implications of DeepSeek on China's tech supply chain, including the potential for better utilization of locally produced high-performance computing (HPC) chips, driving innovation in edge generative AI, and improving market sentiment leading to a re-rating of Chinese semiconductor stocks [1][10]. - The report emphasizes that the rapid development of generative AI will accelerate innovation in edge applications, stimulating demand for smarter devices and faster replacement cycles [20]. - The report notes that the Chinese semiconductor index (CITIC) rose by 17% in 2024, partly due to improved liquidity and government support, and suggests that DeepSeek may reshape investor perceptions of the Chinese tech supply chain [28]. Summary by Sections Section 1: DeepSeek's Impact on AI Supply Chain - DeepSeek is expected to enhance the utilization of local HPC chips and create a more sustainable business model for the local HPC supply chain [10]. - The strong demand for DeepSeek has led to its deployment on various local GPUs, which may benefit the domestic semiconductor supply chain [2][12]. Section 2: Edge AI Innovation - The report anticipates that edge AI will gain mainstream penetration from 2025 to 2027, driven by the popularity of DeepSeek [3][20]. - Major Chinese OEMs are rapidly integrating DeepSeek into their products, which is expected to have a significant positive impact on the entire tech supply chain [25]. Section 3: Stock Selection and Ratings - The report identifies preferred stocks such as JCET, Will Semi, and NAURA, while recommending a sell for Sanan and Silan [4]. - The report provides a detailed overview of various semiconductor companies, including their market caps, current prices, and target prices [7]. Section 4: Market Performance and Investor Sentiment - The report indicates that the Chinese semiconductor index has underperformed compared to the SOX index since 2023, suggesting a potential for re-rating as investor sentiment improves [28][29]. - The report includes performance comparisons of the Chinese semiconductor index against other indices, highlighting a significant recovery in 2024 [29].

DeepSeek以黑马之姿引爆全球人工智能界。热潮之下，网上迅速冒出一系列操作培训课程。 铺天盖地的付费教程靠谱吗？从相关报道看，目前市面上的DeepSeek课程大致可分为"小白"操作教学、 进阶实战课程，以及AI赚钱模式培训这几种。前两类售价较低、内容基础，后者则主打"快速搞钱"，鼓 吹DeepSeek如何成为"AI印钞机"，课程价格自然也不菲。虽然说得天花乱坠，但很多买家吐槽，本以为 能学到独家的赚钱技巧，结果讲授的全是拼拼凑凑的网络信息。更有甚者把卖课当噱头，将用户引入私 域，再通过其他方式宰客赚钱，实属"挂羊头卖狗肉"。 可见，蹭DeepSeek热度的培训课虽多，但本质上都是在兜售"信息差"。各路"导师"将网课吹得神乎其 神，只是为"淘金者"制造付费挖宝的幻觉。事实上，相较于传统模型，DeepSeek的推理能力已大大增 强，用户不需要再费尽心思打磨提示词，更没必要额外学习那些似是而非的结构化语言，只需要"讲人 话"，明确告知其具体需求，得到高效回答并非难事。 可见，蹭DeepSeek热度的培训课虽多，但本质上都是在兜售"信息差"。各路"导师"将网课吹得神乎其 神，只是为"淘金者"制造付费挖宝的幻觉。事 ...

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call primarily discusses **Alibaba Cloud** and its developments in the **AI** and **cloud computing** sectors, particularly in relation to the **DeepSeek** model and potential collaborations with **Apple**. Core Insights and Arguments - **Collaboration with Apple**: If Apple integrates Alibaba's large model into its iPhones in China, it could cater to nearly **300 million iOS users**, leading to significant demand for text and image processing, as well as frequent API calls. This collaboration could enhance AI application scenarios on mobile devices, such as smart voice assistants and image recognition [3] - **Response to DeepSeek Demand**: Alibaba Cloud is poised to benefit from the growing demand for the **DeepSeek** model, leveraging its extensive data center reserves, especially in first-tier cities. The company has paused API recharge services due to tight server resources, indicating a strong market interest [4][5] - **Revenue Growth and Profitability**: Alibaba Cloud's revenue growth is expected to recover gradually, with projections for double-digit growth in the second half of the **2025 fiscal year**. The operating profit margin is anticipated to approach **10%**, driven by AI and public cloud services [4][9] - **Business Model Evolution**: The current business model focuses on selling computing power and providing training and invocation platforms. Future collaborations, particularly with Apple, may lead to exploring new business models, including advertising [7] - **Pricing Strategy**: From **February 2023 to March 2024**, Alibaba Cloud implemented multiple price reductions across over **100 products**, with average cuts exceeding **20%** and some reaching **50%**. This strategy aims to attract more merchants while maintaining competitive advantages through technological strength [8] - **Market Valuation**: Alibaba Cloud's current market valuation is relatively low, reflecting **2 to 3 times PS**. However, with its technological capabilities and infrastructure, there is potential for a revaluation if growth accelerates through AI and public cloud services [12] Additional Important Insights - **Shareholder Returns**: In **2024**, Alibaba returned **$16 billion** to shareholders through stock buybacks and dividends, resulting in a shareholder return rate of nearly **8%**, indicating a strong commitment to shareholder value [14] - **Investment Opportunities**: Investors are encouraged to consider companies within Alibaba's supply chain, such as **IDC partners** (e.g., **DataPort**, **GDS Services**) and **server suppliers** (e.g., **Inspur**, **Sugon**), which may benefit from collaborations and shared computing resources with Alibaba [13] - **Focus on Core Business**: Alibaba is concentrating on its core e-commerce, international business, and cloud services, while divesting from non-core assets to enhance operational efficiency [10][11]

ab 12 February 2025 Global Research China Semiconductors Initial implications of DeepSeek and China's AI progress Three major implications of DeepSeek for China's tech supply chain Mainly stimulated by DeepSeek and improved investor sentiment, the China semi stock index has risen 7.5% after Chinese New Year, outperforming the HS300/SOX indexes by 5.3ppt/2.8ppts. We think DeepSeek has shown real AI computing innovation cost efficiently, and we believe more AI propagation is positive for AI computing spending ...

e公司讯，腾讯元宝今日在应用商店发布更新，并宣布DeepSeek R1模型联网、满血上线。 其支持对用户的提问进行深度思考、逻辑推理和详细回答，同时也支持联网搜索信息，以提高推理和回 答的时新性和权威性。 官方表示，腾讯元宝是依托于腾讯混元、DeepSeek大模型，基于跨知识领域和自然语言理解能力的大 模型AI产品。 ...

证券时报网讯，2月13日，四川长虹(600839)宣布，旗下AI TV正式接入DeepSeek，并支持在"深度思考 （满血R1）"和"快速响应"两个版本间自由切换，这意味着行业首个能深度思考的AI TV智能体已全面 上线。 目前，长虹电视用户终端的升级工作已全部结束，所有搭载了沧海智能体的长虹AI TV均已正式接入 DeepSeek，用户无需复杂的操作步骤即可使用DeepSeek。 此外，长虹控股集团旗下工业互联网"双跨"平台也已同时接入DeepSeek。 ...

多位分析师向记者指出，苹果和阿里巴巴合作的可能性很高，Counterpoint高级分析师Ivan Lam向21世 纪经济报道记者表示："双方大概率是进行合作。苹果需要的是更加四平八稳的合作伙伴，目前几个互 联网大厂更有合作基础，特别是团队和持续投入方面，短期也不需要大模型能赚钱。" 他进一步表示："苹果在中国更倾向去采取多供模式，所以未来会有其他大模型厂商进来。预计今年苹 果就会在中国落地Apple Intelligence。" 苹果牵手阿里巴巴？ 苹果和阿里巴巴的消息一出，就引发业界的广泛关注。对于中国地区的iPhone用户而言，已经等待苹果 AI颇久，其他手机厂商早已上阵。 虽然苹果向来在新技术上"不赶早、不怕晚"，但是随着大模型的日新月异，端侧AI的应用在快速迭代， 手机企业之间的角逐愈演愈烈。尤其是在中国这样白热化的大市场上，苹果和安卓、鸿蒙阵营之间的 AI竞争正在加剧。 此番若苹果和阿里巴巴能合作落地，将加快苹果在中国市场的AI进展，为苹果的生成式AI策略拼上重 要的一块版图。 苹果AI正在加速进入中国市场。 2月11日，有消息称，苹果正和阿里巴巴合作，共同为中国iPhone用户开发AI功能，双方已 ...

机构指出：DeepSeek-R1具备出色性价比，性能对标o1模型，加速适配以昇腾为代表的国产算力芯片， 有望引领国产AI生态闭环，国产算力产业链充分受益。高性能算力芯片均需采用7nm及以下先进制程， 国产先进制程迎来发展机遇。 红塔证券认为，受DeepSeek影响，国内AI产业链再度引起市场关注，当前国内AI产业链上游算力相关 设施供应商包括：浪潮信息、中科曙光、昆仑万维等；中游大模型训练主要参与者包括：拓尔思、卓创 资讯、海天瑞声、易华录、汉王科技、当虹科技等；下游垂直应用公司有：科大讯飞、金山办公、中科 创达等。 本文内容精选自以下研报： 《国泰君安2025春季策略｜电子：Deepseek，开源AI补齐国产AI产业链短板》 核心逻辑 1.推理需求带动算力总量扩张，ASIC承接更多推理工作。DeepSeek-R1高推理性能推动推理芯片集群和 AI 应用繁荣，长期AI基础设施投资向推理计算倾斜，高效低成本的ASIC芯片有望受益。R1蒸馏小模型 性能强劲，加速端侧AI落地。DeepSeek-R1蒸馏小模型性能出色，端侧AI智能升级驱动硬件体验质变， 端侧硬件打开成长空间。 2.国内外IT企业加速AI大模型生态部 ...