金融机构DS应用点评：获益大模型带来实际绩效改善情况梳理

Investment Rating - The industry investment rating is "Positive" indicating an expected overall return exceeding the CSI 300 Index by more than 5% in the next six months [19]. Core Viewpoints - The report emphasizes the rapid adoption of the DeepSeek model by financial institutions, which is expected to enhance operational efficiency and drive digital transformation within the financial sector [10][6]. - DeepSeek's characteristics, including high performance, low computational requirements, low cost, and open-source nature, are highlighted as key factors facilitating its integration into various financial services [10][5]. Sub-industry Ratings - The sub-industry ratings are as follows: - Securities: Positive [3] - Insurance: Positive [3] - Diversified Financials: Positive [3] Recommended Companies and Ratings - The report recommends the following companies: - Guangfa Securities: Buy [17] - ZhongAn Online: Hold [17] - Bairong Cloud-W: Buy [17] DeepSeek Model Performance - The DeepSeek model has gained significant attention due to its ability to deliver top-tier performance under limited computational resources, making it a competitive alternative to leading proprietary models [5]. - The pricing for DeepSeek's API services is notably lower than that of competitors, which is advantageous for commercial adoption [5]. Financial Institutions' Adoption of DeepSeek - As of February 20, at least 20 securities firms have integrated DeepSeek for various applications, including intelligent business processing and risk management [7]. - Major banks like Postal Savings Bank and Jiangsu Bank have also completed the integration, focusing on enhancing internal operational efficiency [7]. - Insurance companies are actively exploring applications for DeepSeek, with firms like ZhongAn Online integrating it into their AI product lines [7]. Financial Performance Forecasts - The earnings per share (EPS) forecasts for the recommended companies are as follows: - Guangfa Securities: EPS of 0.83 in 2023, projected to increase to 1.41 by 2026 [17]. - ZhongAn Online: EPS of 2.77 in 2023, projected to decrease to 0.90 by 2026 [17]. - Bairong Cloud-W: EPS of 0.72 in 2023, projected to increase to 1.24 by 2026 [17].