科技行业专题报告：DeepSeek：技术颠覆or创新共赢

Investment Rating - The report suggests focusing on the electronic sector related to consumer electronics and AI terminal hardware, the communication sector including operators and optical modules, the computer sector emphasizing edge computing and AI application development, and the media sector in AI+ subfields [6]. Core Insights - DeepSeek's algorithm and engineering innovations significantly reduce costs, marking a new direction for computational power in AI applications and hardware, potentially leading to a win-win situation in the AI industry [3][4]. - The report emphasizes that while lower training and inference costs may reduce short-term computational demand, long-term growth in AI capabilities will still rely on larger models and robust computational power [4][24]. Summary by Sections Section 1: DeepSeek's Algorithm Revolution - DeepSeek, founded in July 2023, focuses on large language models (LLMs) and has introduced innovative architectures like Multi-Head Potential Attention (MLA) and DeepSeekMoE, achieving top performance in various evaluations [10][12]. - The report highlights that the performance of large models is closely tied to their scale, dataset size, and computational resources, with DeepSeek's innovations providing a new benchmark for model efficiency [16][27]. Section 2: Chip Sector - The demand for inference computational power is expected to grow, positively impacting chip demand, particularly for domestic optical chips as AI applications proliferate [4][47]. - The report notes that the transition from pre-training to post-training and inference phases will redefine AI model performance, emphasizing the importance of computational resources in enhancing inference capabilities [49]. Section 3: Hardware Sector - The report indicates that operators and optical modules remain valuable investment areas, with the potential for significant growth in the smart hardware sector as AI models become more prevalent [5][48]. - The emergence of large models in the post-training phase is expected to enhance the efficiency of smart hardware, leading to broader applications [5][48]. Section 4: Software Sector - DeepSeek is accelerating the arrival of Artificial General Intelligence (AGI) as large models evolve from training to inference, opening new avenues for B2B and B2C applications [5][49]. - The report highlights the rise of AI agents and the ongoing commercialization of AI in various sectors, including marketing and entertainment [5][49]. Section 5: Application Sector - The open-source ecosystem is driving rapid development in the AI industry, with diverse applications emerging across various sectors [5][49]. - The report emphasizes that the AI+ applications are flourishing, with significant user engagement and growth in active AI applications [5][49]. Section 6: Investment Recommendations - The report recommends focusing on the electronic sector, communication sector, computer sector, and media sector, highlighting specific areas within each for potential investment opportunities [6].