宏观策略周报：DeepSeek带动中国科技股重估，美国加征关税落地

Investment Highlights - The report highlights a significant breakthrough in the AI sector with the release of DeepSeek-R1, an open-source model that approaches the performance of OpenAI's GPT-3.5 at a lower cost, challenging the traditional reliance on computational power in AI development [8][9]. - DeepSeek-R1's innovative training method reduces the need for labeled data and enhances reasoning capabilities, indicating a shift towards algorithm optimization and architecture innovation in AI [8][9]. - The model's success is expected to lower the barriers for developers entering the AI field, shifting investment focus from hardware infrastructure to diverse application scenarios, particularly in media [9][10]. Industry Impact - The introduction of DeepSeek-R1 is set to disrupt the AI industry by transitioning from a "training-led" model to a "reasoning-led" model, reducing dependence on cloud computing and promoting edge computing [9][10]. - This technological advancement marks a milestone for China's AI industry, indicating a competitive catch-up with the U.S. and paving the way for accelerated growth in domestic AI [10]. - The emergence of a robust open-source ecosystem is anticipated, as DeepSeek-R1's performance may compel OpenAI to adopt more open-source strategies to maintain its competitive edge [10]. Market Overview - The report provides a market overview, indicating a mixed performance among major domestic indices, with the Shanghai Composite Index rising by 1.6% and the ChiNext Index increasing by 5.4% over the past week [17][18]. - The report also notes fluctuations in gold prices, with spot gold reaching a historical high of $2848 per ounce, driven by market concerns over tariffs and potential interest rate cuts [15][16].