通信行业点评报告：腾讯多款产品接入DeepSeek，算力需求有望较快增长

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [4][6]. Core Viewpoints - Tencent is integrating multiple products with DeepSeek, which is expected to accelerate the penetration of AI applications. The integration of DeepSeek into WeChat will significantly enhance the convenience and flexibility of AI applications [4]. - Tencent's cloud computing capabilities will optimize model inference efficiency and response speed, improving user experience. This move is likely to set a precedent for other domestic internet companies, potentially leading to a surge in AI applications [4]. - Tencent's user base, with WeChat and WeChat combined monthly active users reaching 1.382 billion, represents a substantial growth opportunity for computing power demand, which is expected to drive domestic computing needs [4]. Summary by Sections Event - Tencent is conducting a gray test for DeepSeek integration, enhancing the AI search experience in WeChat. Users can access a full version of the DeepSeek-R1 model for free, which includes diverse information sources [2]. - The Tencent Yuanbao AI assistant has been updated to support both the mixed model and DeepSeek, providing users with more options and improved answers [3]. - Tencent Cloud AI Code Assistant has also integrated the full version of DeepSeek-R1, which enhances code generation accuracy by over 30% and reduces development time [3]. Investment Suggestions - The integration of DeepSeek into Tencent's products is expected to drive significant growth in AI applications and computing power demand. The report suggests focusing on companies involved in AI infrastructure, such as ZTE, Zhongji Xuchuang, Guangxun Technology, Bochuang Technology, and Yingweike [4].