平安证券：国产大模型能力提升 我国AI产业未来前景广阔

Core Viewpoint - The performance of domestic large models represented by DeepSeek has reached a level comparable to leading overseas models, with lower costs, indicating a significant improvement in usability and application potential in various sectors such as finance and office management [1][6][7]. Industry Overview - The computer industry is experiencing a fundamental improvement, with listed companies showing better performance in Q1 2025. The computer equipment sector is outperforming software development and IT services. The industry index has outperformed the CSI 300 index, ranking 6th among 31 Shenwan primary industries [3]. - The AI chip market is projected to grow from approximately $42.2 billion in 2022 to $92 billion by 2025, with a CAGR of 27.7%. Domestic AI chip manufacturers are making significant progress due to the inability to import advanced AI chips from the U.S. [4]. Algorithm and Application - Domestic large models are continuously improving, with a focus on three application areas: finance, office, and AI agents. The open-source, low-cost, and high-performance characteristics of these models are expected to accelerate their deployment in both B-end and C-end applications [3][6]. AI Computing Power - There is a strong demand for intelligent computing power, and domestic AI chip manufacturers such as Haiguang Information, Huawei, and Cambrian are achieving breakthroughs. The domestic AI chip industry is making significant strides towards self-sufficiency [4][6]. Intelligent Driving - The intelligent driving market in China, valued at trillions, is rapidly expanding, with L2-level assisted driving becoming common in mid-to-high-end models. The market is expected to see significant growth, with the total industry output value projected to increase by 7.295 billion yuan by 2025 and 25.825 billion yuan by 2030 [5][7]. Investment Recommendations - The company maintains a "stronger than the market" rating for the computer industry, highlighting investment opportunities in AIGC and intelligent driving themes. Recommended stocks include Haiguang Information, Inspur Information, and others in the AI computing power and algorithm/application sectors [2][7].