科技和互联网行业：DeepSeek推动AI大模型行业创新，中国科技龙头大幅提升AI战略地位

Investment Rating - The report indicates a positive investment outlook for the AI and technology sector, particularly highlighting the potential of DeepSeek to drive investment interest in both primary and secondary markets [2][21][22]. Core Insights - DeepSeek has rapidly gained attention in the AI industry, with its models DeepSeek-V3 and DeepSeek-R1 demonstrating capabilities comparable to leading global AI models, particularly excelling in mathematics and programming [2][4][9]. - The report anticipates a significant increase in capital expenditure by Chinese internet giants on AI, potentially doubling previous investments, which is expected to initiate a super cycle in AI infrastructure in China [2][31][35]. - The emergence of DeepSeek is expected to alleviate the pressure from U.S. semiconductor restrictions, promoting the localization of AI data centers and related infrastructure in China [2][52][60]. Summary by Sections DeepSeek's Impact on AI Models - DeepSeek's models have shown performance metrics that rival those of top-tier AI models, with DeepSeek-R1 achieving 671 billion parameters and outperforming many existing models in key areas [4][9][10]. - The cost of using DeepSeek's API is significantly lower than that of comparable models, with prices for DeepSeek-R1 at $2.19 per million tokens, which is over 90% cheaper than OpenAI's equivalent [10][20]. Investment Trends in AI - The report notes that the success of DeepSeek is likely to reignite investment enthusiasm in the AI sector, similar to the surge seen with ChatGPT, with potential valuations for AI startups expected to rise significantly [21][22]. - Chinese internet companies are projected to increase their capital expenditures substantially, with estimates suggesting a rise from RMB 200-300 billion to RMB 400-600 billion, primarily focused on AI infrastructure [31][35]. AI Infrastructure and Market Growth - The report highlights that the AI data center industry in China is poised for growth, with significant capital expenditures expected in IT-related sectors, particularly in servers, which account for approximately 70% of IT costs [22][24]. - The Chinese AI chip market is forecasted to grow significantly, with a projected market size of RMB 1,412 billion by 2024, reflecting a 17% year-on-year increase [56][58]. Competitive Landscape - The report emphasizes the competitive dynamics between Chinese and U.S. tech companies, noting that while U.S. firms have been more aggressive in AI investments, Chinese companies are beginning to ramp up their efforts [35][41]. - The report also discusses the potential for DeepSeek to mitigate the impact of U.S. restrictions on AI semiconductor exports, thereby enhancing China's capabilities in AI model development [60].