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电子行业研究周报：AI降本有望加速端侧应用和推理算力需求
申港证券·2025-02-13 05:52

Investment Rating - The report suggests a focus on the AI industry chain and consumer electronics driven by AI demand and domestic substitution logic [5][11]. Core Insights - The DeepSeek series of large models is expected to lower AI training and inference costs, accelerating the adoption of edge AI applications and increasing demand for inference computing power [2][5]. - The training cost of DeepSeek-V3 is approximately 557.6million,whichisabout1/20ofGPT−4,highlightingtheimportanceofalgorithmoptimizationanddataefficiencyratherthansheercomputationalpower[3][31].−ThereportemphasizesthattheexpansionofAIapplicationswillincreasethescaleofinferencecomputingdemand,benefitingtheinferenceendandpotentiallyreducingrelianceonhigh−performancecomputinghardware[5][37].MarketReview−TheShenwanElectronicsIndustryIndexroseby6.14557.6 million, which is about 1/20 of GPT-4, highlighting the importance of algorithm optimization and data efficiency rather than sheer computational power [3][31]. - The report emphasizes that the expansion of AI applications will increase the scale of inference computing demand, benefiting the inference end and potentially reducing reliance on high-performance computing hardware [5][37]. Market Review - The Shenwan Electronics Industry Index rose by 6.14% from February 3 to February 7, ranking 4th among 31 industries and outperforming the CSI 300 Index by 4.16% [13][19]. - Within the Shenwan Electronics sub-industries, optical components, analog chip design, digital chip design, integrated circuit packaging and testing, and LED indices performed relatively well, outperforming the CSI 300 Index by 8.36%, 6.13%, 6.09%, 5.52%, and 5.20% respectively [19][24]. Industry Dynamics - Major AI chip and cloud service companies are adapting to DeepSeek, which is expected to accelerate application deployment [4][35]. - The report notes that the AI server applications are projected to drive MLCC demand growth by over 100% in 2025, indicating a robust market for passive components [49]. - Gartner forecasts that the global semiconductor market will grow to 705 billion by 2025, driven by AI demand, with a significant increase in sales of high-bandwidth memory (HBM) [49].