AI产业系列跟踪专题研究报告：从DeepSeek看国产AI的“后发优势”

Investment Rating - The report maintains a "Recommended" investment rating for the AI industry, particularly highlighting the DeepSeek model's low pricing and high performance compared to global top models [4][5]. Core Insights - DeepSeek has gained global attention due to its low-cost, high-performance model, DeepSeek-R1, which was released on January 20, 2025. This model utilizes reinforcement learning techniques and matches the performance of OpenAI's o1 model in various tasks [4][10]. - The report emphasizes the long-term growth potential of domestic computing power demand, with cloud services being the most direct beneficiaries. Major tech companies are expected to significantly increase their capital expenditures in response to the competitive landscape created by DeepSeek [4][28]. - The report suggests that the introduction of DeepSeek will democratize AI technology, allowing companies of various sizes to access advanced AI capabilities, thus stimulating growth in the AI sector [4][5]. Summary by Sections 1. DeepSeek Model Launch - DeepSeek-R1 was launched as a competitive alternative to OpenAI's o1 model, featuring a pricing structure that is significantly lower, approximately 1.8% to 3.7% of OpenAI's pricing for input and output tokens [4][10]. - The model's performance in reasoning tasks has been validated through extensive testing, demonstrating its capabilities in mathematics, coding, and natural language processing [4][15]. 2. Computing Power Demand - The report forecasts a long-term increase in demand for domestic computing power, driven by the advancements in AI models like DeepSeek. This shift is expected to create a more equitable landscape for companies in the AI field [4][27]. - Major tech companies, including Microsoft, Alphabet, Amazon, and Meta, are projected to increase their capital expenditures to at least $320 billion in 2025, up from$246 billion in 2024, focusing on data center construction and cloud services [28]. 3. Cloud Services - The global cloud infrastructure service market grew by 22% in 2024, reaching $330 billion, with generative AI contributing significantly to this growth [33]. - DeepSeek's innovations are expected to enhance the cost-effectiveness of deploying AI models, thereby attracting more companies to utilize AI technologies [36][37]. 4. Edge AI - The report highlights the potential for rapid development in edge AI applications, driven by the reduced inference costs associated with DeepSeek's models. This advancement is anticipated to accelerate deployment timelines across various application scenarios [40][41]. 5. AI Applications - The report indicates that AI is poised to empower traditional SaaS and IaaS business models, stimulating consumer demand and leading to a potential explosion in AI applications [53]. - The integration of DeepSeek into popular platforms like WeChat is expected to create a significant user base and enhance the monetization of AI technologies [54].