全球科技行业周报：DeepSeek加快国内AI进程，云厂商持续投入支持AI应用

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The report highlights the acceleration of AI development in China, with significant investments from cloud service providers driving downstream AI applications [3][4] - The performance of major indices shows a mixed trend, with the AI index experiencing a notable increase of 7.96% during the week [21] - The report emphasizes the importance of hardware investments in facilitating the deployment of cost-effective AI applications, particularly in the context of the ongoing US-China tech competition [4] Summary by Sections Market Review - From February 17 to February 21, 2025, the Shanghai Composite Index rose by 0.97%, while the ChiNext Index increased by 2.99%. The CSI 300 Index saw a 1% rise, and the Hang Seng Tech Index surged by 6.03% [21] - The AI index outperformed with a weekly increase of 7.96%, indicating strong market interest in AI-related stocks [21] AI Developments - On February 18, xAI launched the Grok3 model, which reportedly surpasses leading models like DeepSeekV3 and GPT-4o in core capabilities, with performance improvements of 16%-27% [3][38] - Tencent's AI application, Yuanbao, has seen a surge in downloads, reaching the second position in the Apple App Store in China, following the integration of the DeepSeek R1 model [3][39] Cloud Infrastructure Investment - Global cloud infrastructure spending is projected to grow by 20% year-on-year in Q4 2024, reaching $86 billion (approximately 623.48 billion RMB). Total spending for 2024 is expected to rise from$267.7 billion in 2023 to $321.3 billion (approximately 2.33 trillion RMB) [3] - The top three cloud service providers—AWS, Microsoft Azure, and Google Cloud—maintain a combined market share of 64%, with a year-on-year spending increase of 25% [3] Policy Support - The State-owned Assets Supervision and Administration Commission (SASAC) has emphasized the need for central enterprises to enhance AI development through increased funding and strategic investments [4] - Local governments, such as Shenzhen, are providing substantial financial incentives to support AI initiatives, including subsidies for training and model development [4] AI Hardware Innovations - Apple is set to launch the Apple Watch Ultra 3, which will be the company's first 5G-enabled smartwatch, enhancing its connectivity capabilities [41] - The price of quadruped robots is expected to drop to around 3,000-4,000 RMB, making them accessible to consumers [41]