Investment Rating - The report suggests to pay attention to the company due to its potential for commercial space enhancement following the integration of the DeepSeek-R1 model [3]. Core Viewpoints - The integration of the DeepSeek-R1 model into Zhihu's AI search products is expected to significantly improve the accuracy and quality of search results and answers, leveraging the community's extensive high-quality corpus and over 50 million pieces of bilingual literature [3]. - The combination of the model's reasoning capabilities with the community's professional content will enhance the structured output of information, particularly in specialized fields such as healthcare and law, ensuring authoritative and traceable content [3]. - The efficiency of producing high-quality answers is anticipated to increase substantially, which will positively impact the activity level of the content ecosystem and its commercialization potential, including advertising and paid consultation scenarios [3]. - The current valuation of the company corresponds to a dynamic price-to-book ratio of approximately 0.6 times for 2025, indicating that the company can achieve large model integration at a low cost, which will greatly benefit its ecosystem [3].
知乎生态接入DeepSeek，打造AI知识图谱