电子行业专题研究（普通）：Deepseek R1是AGI的里程碑，中长期利好算力硬件

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - Deepseek R1 represents a milestone in AGI, providing long-term benefits for computing hardware [2][3] - The report emphasizes the importance of algorithm innovation and computing power investment in the AI industry chain [4][39] - The AI field is experiencing rapid development, surpassing traditional manufacturing, with a "arms race" for computing resources initiated globally [39] Summary by Sections DeepSeek Algorithm Innovations - DeepSeek V3 is based on a Transformer architecture with 671 billion parameters, achieving efficient inference and cost-effective training [3][7] - The model's pre-training was completed with only 2.664 million H800 GPU hours on 14.8 trillion tokens, making it one of the strongest open-source foundational models available [8][9] Competitive Landscape - OpenAI has launched O3-mini and Deep Research in response to DeepSeek's advancements, showcasing significant improvements in physical world understanding and programming capabilities [19][28] - O3-mini demonstrated superior physical reasoning abilities and can generate complex programs in a short time [23][25] Future of AI - The report outlines that AI's commercialization singularity is approaching, with significant opportunities in the global GDP, where 50% of labor is human [34][37] - The AI industry is expected to accelerate computing power investments, avoiding past failures of AI hype cycles [4][39] Investment Recommendations - The report suggests focusing on AI industry chain stocks, particularly those involved in both cloud and edge computing [5][41] - Specific stocks recommended include Industrial Fulian, Huadian Technology, and others in the AI cloud and edge sectors [41]