电子行业先进科技主题周报：周观点，海外大厂发布Q4财报，DeepSeek降低训练与推理成本

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Views - The report highlights that the hardware sector is expected to take over from the software sector, becoming a resilient investment during market fluctuations, with a positive outlook for AI hardware leaders to see a valuation recovery to 30X [9] - The report emphasizes the significant reduction in training and inference costs for AI models, particularly with the launch of DeepSeek-V3, which is positioned as a cost-effective alternative to existing models [8] Market Review - The Shanghai Composite Index closed at 3250.6 points with a weekly change of -0.06%, while the Shenzhen Component Index closed at 10156.07 points with a weekly change of -1.33% [3] - The AI index reported a weekly decline of -2.56%, aligning with the overall market trend [3] Technology Industry Insights - Apple reported Q1 FY2025 revenue of $124.3 billion, a 4% year-over-year increase, with net profit reaching $36.3 billion, up 7% [7] - Microsoft reported Q2 FY2025 revenue of $69.632 billion, a 12% year-over-year increase, with net profit of $24.108 billion, also up 10% [7] - The AI business at Microsoft has an annual revenue exceeding $13 billion, reflecting a 175% year-over-year growth [8] Industry Dynamics - DeepSeek's new model, DeepSeek-V3, has significantly reduced training costs to $5.57 million, compared to OpenAI's $78 million for GPT-4, making it one of the most cost-effective models globally [8] - The report suggests that the advancements in AI technology will encourage more end-users to adopt AI solutions, fostering innovation and efficiency [8] Investment Recommendations - The report recommends focusing on several sectors, including AI new consumption scenarios, PCB benefiting from Nvidia and Apple supply chains, optical modules due to competitive dynamics, and satellite internet developments [9]