计算机行业周报：Deepseek全解，从算法到算力

Investment Rating - The report maintains a positive outlook on the computer industry, indicating a "Buy" rating for the sector [3]. Core Insights - The recent advancements by DeepSeek, a subsidiary of Huansheng Quantitative, in releasing multiple open-source large models signify that domestic models can now match the performance of leading overseas models at significantly lower costs [6][7]. - The report highlights the importance of reasoning scaling laws, which emphasize the growing demand for inference computing power, while also noting that the pre-training phase will continue to see enhancements in model parameters and data volume [36][38]. Summary by Sections DeepSeek Core Technology Highlights - DeepSeek has released several large models, including the DeepSeek-R1, which aligns in performance with OpenAI's o1 model, showcasing significant advancements in inference capabilities at a low cost [8][9]. - The training cost for the DeepSeek-V3 model, which has 671 billion parameters, is only 5.58 million USD, demonstrating cost efficiency in model training [8]. - The transition from supervised fine-tuning (SFT) to reinforcement learning (RL) has led to improved reasoning capabilities in models, marking a shift in focus from pre-training to inference [24][27]. Impact on Computing Power - The report discusses the rise of post-training and reasoning scaling laws, indicating an increase in demand for inference computing power while maintaining the need for advancements in pre-training [36][38]. - Engineering optimizations and distillation techniques are expected to lower costs and accelerate the adoption of AI technologies, leading to a surge in overall computing power consumption [37][38]. - The development of various inference computing chips, particularly domestic ones, is anticipated to capture additional market share [41]. Key Investment Targets - The report identifies several key investment targets across different segments, including: - AIGC: Kingsoft Office, Wanxing Technology, Daotong Technology, Hongsoft Technology, and others [6]. - Digital Economy Leaders: Hikvision, Kingsoft Office, and others [6]. - AIGC Computing Power: Inspur Information, Haiguang Information, and others [6]. - Data Elements: Tax Friend Co., Ltd., and others [6]. Valuation of Key Companies - The report provides a valuation table for key companies in the computer industry, highlighting their projected net profits and price-to-earnings (PE) ratios for the coming years [63].