AI行业点评：DeepSeek冲击全球，国产科技待重估

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index in the next six months [5][19]. Core Insights - Domestic technology innovation is exemplified by DeepSeek, which sets a benchmark for AI cost-performance. The DeepSeek-R1 model significantly enhances reasoning capabilities with minimal annotated data, achieving performance comparable to OpenAI's o1-mini while offering a much lower service pricing [1][3]. - DeepSeek opens new pathways for cost reduction in model training, making AI applications more accessible. Innovations in both foundational and reasoning model training have effectively addressed challenges such as insufficient FP8 training precision and a lack of high-quality data, leading to a substantial decrease in training and inference costs [2][4]. - Global tech giants recognize the potential of DeepSeek, reshaping the valuation of Chinese technology. Major companies like NVIDIA, Microsoft Azure, and Amazon AWS have integrated DeepSeek-R1 into their platforms, highlighting the competitive strength of domestic technology in an open innovation environment [3][4]. Summary by Sections Section 1: Domestic Technology Innovation - DeepSeek establishes a cost-performance benchmark in AI, with the DeepSeek-R1 model demonstrating enhanced reasoning capabilities against leading models [1]. - The model's pricing structure is significantly lower than that of competitors, promoting wider adoption [1]. Section 2: Cost Reduction Pathways - Innovations in model training have led to a reduction in costs, making AI applications more widespread and competitive [2]. - The research indicates that larger foundational models are crucial for improving the reasoning capabilities of smaller models, paving the way for more affordable end-side AI solutions [2]. Section 3: Global Recognition and Valuation Reshaping - The interest from global tech companies in DeepSeek signifies a shift in the valuation of Chinese tech firms, suggesting that their value should be reassessed in light of their competitive innovations [3]. - The integration of DeepSeek-R1 by major cloud platforms indicates a growing recognition of its capabilities and potential [3].