传媒互联网行业专题报告：DeepSeek-R1颠覆性在于实现AI平权，重估资产价值

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The launch of DeepSeek-R1 by DeepSeek represents a significant advancement in AI technology, achieving performance comparable to OpenAI's GPT-o1 at a lower cost, thus igniting a global AI wave and prompting a reevaluation of asset values in the AI sector [4][29] - DeepSeek-R1's cost advantages are highlighted, with API pricing significantly lower than that of OpenAI models, making it a competitive alternative in the market [15][18] - The report emphasizes the potential for DeepSeek-R1 to enhance the valuation of Chinese internet assets, which have been under pressure due to geopolitical factors and technological limitations [29] Summary by Sections Section 1: DeepSeek Launches R1 Model - DeepSeek's R1 model utilizes reinforcement learning and distillation techniques, achieving performance on par with OpenAI's o1 model [5][6] - The model's performance in various benchmarks shows significant improvements over its predecessor, DeepSeek-V3 [7][8] Section 2: OpenAI's Response - OpenAI has launched two new models, o3-mini and Deep Research, in response to the competitive threat posed by DeepSeek-R1 [21][22] - The o3-mini model, while cost-effective, does not offer significant advantages over DeepSeek-R1 in terms of performance and pricing [25][26] Section 3: Impact of DeepSeek-R1 - DeepSeek-R1 is seen as a game-changer in achieving AI equity, challenging the dominance of established models from OpenAI and others [27][28] - The model's introduction is expected to revitalize the domestic AI market and boost confidence in the entire AI industry chain in China [28][29] Section 4: Investment Opportunities - The report identifies specific investment opportunities in both Hong Kong and A-share markets, focusing on companies related to DeepSeek and AI applications [31][32]