Guodu Securities·2025-03-05 01:47Investment Rating - The industry investment rating is "Recommended" [1] Core Insights - The release of DeepSeek-R1 by domestic AI company Deepseek marks a significant advancement in AI capabilities, offering performance on par with global leaders while providing cost advantages and full open-source access. This development is expected to accelerate the deployment of AI applications, particularly in edge computing scenarios that require real-time processing and high privacy [1][2] - The semiconductor industry is poised for growth, driven by the acceleration of domestic substitution and the increasing demand for semiconductor equipment. Key companies recommended include SMIC and Huahong, as well as equipment manufacturers benefiting from advancements in domestic technology [1][2][11] - The consumer electronics sector is experiencing a recovery, supported by government subsidies for upgrading digital products and the integration of AI technologies into new devices such as AI PCs, smartphones, and smart glasses. This trend is expected to enhance demand and market conditions for core consumer electronics companies [3][11] Summary by Sections AI Computing - Since the AI boom in 2023, domestic AI firms have entered a phase of large-scale deployment, with DeepSeek-R1's release marking a new milestone for domestic models. The semiconductor supply chain is expected to benefit from this advancement, particularly in foundry, GPU, and ASIC segments, with key recommendations including SMIC, Huahong, and others [2][11] Semiconductor - The semiconductor equipment sector is set to benefit from accelerated domestic substitution. The consumer electronics industry has shown signs of recovery since Q3 2024, with prices for storage and other components increasing by over 10% year-on-year. Domestic manufacturers are expected to gain market share due to U.S. restrictions on semiconductor exports [2][11][12] Consumer Electronics - The National Development and Reform Commission's support for upgrading consumer electronics is expected to stimulate demand. The integration of AI into various consumer products is creating new market opportunities, with a diverse range of AI-enabled devices anticipated to emerge in 2025 [3][11]