科技行业：AI范式重构，基础资源先行

Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Insights - The AI paradigm is undergoing a reconstruction, transitioning from pre-training to reinforcement learning, which is expected to drive significant advancements in AI capabilities [8][11]. - The emergence of DeepSeek's R1 model is challenging the dominance of established players like OpenAI, leading to a potential redistribution of value within the AI industry [17][24]. - The year 2025 is projected to mark the beginning of a new era for domestic AI applications, with foundational resources taking precedence [26][28]. Summary by Sections Long-term Narrative - The success of the Transform framework has catalyzed the current AI large model revolution, with the Scaling Law indicating that increasing model parameters and training data leads to enhanced performance [8]. - The introduction of the GPTo1 model by OpenAI in September 2024 has initiated a new paradigm shift in post-training scaling laws, enhancing model reasoning capabilities through a new training mechanism [8][12]. Short-term Changes - DeepSeek's R1 model, released three months after OpenAI's o1, matches its performance while significantly reducing costs, raising concerns about the long-term profitability of leading model providers [17][18]. - The rapid advancement of DeepSeek's technology is expected to democratize AI access, lowering usage costs and reshaping the value distribution in the AI industry [20][24]. Investment Opportunities - The report highlights that the AI democratization will lead to a reallocation of industry value, with a focus on sectors that are expanding in total volume and value [28][30]. - DeepSeek's cost reduction of 95% while maintaining competitive performance is anticipated to accelerate AI application deployment, thereby increasing demand for cloud infrastructure [33][36]. - Major cloud service providers are rapidly adapting to DeepSeek's technology, with significant investments being made to enhance AI infrastructure, indicating a bullish outlook for the cloud sector [36][37].