中金-AI智道（5）：DeepSeek产业趋势演进，AI应用供需两端的新变化

Investment Rating - The report maintains a positive outlook on the AI application sector, particularly emphasizing the potential of DeepSeek in driving demand and supply dynamics in the industry [1][2]. Core Insights - The DeepSeek model has significantly increased awareness and acceptance of AI applications across various sectors, leading to a surge in demand from both individual and enterprise users [1][4][5]. - The supply side is expected to benefit from the enhanced reasoning capabilities of the DeepSeek-R1 model, which is anticipated to unlock new functionalities and applications in complex scenarios [2][11][12]. - The report highlights a trend of large enterprises opting for private deployment of DeepSeek due to stability concerns and data privacy, while smaller enterprises utilize public cloud APIs [7][9]. Demand Side Summary - There is a notable increase in the adoption of DeepSeek across all levels of enterprises, from state-owned enterprises to small private companies, indicating a broad acceptance of AI models [4][5]. - The report indicates that the demand for AI applications, particularly AI Agent applications, is rapidly growing, with many enterprises actively seeking to explore and implement these technologies [2][9]. - The integration of DeepSeek into various applications is expected to enhance the functionality and reliability of AI solutions, particularly in sectors requiring strong logical reasoning, such as law and healthcare [12][13]. Supply Side Summary - DeepSeek-R1 is positioned as a high-performance open-source model that enhances the capabilities of AI applications, allowing for deeper functionalities and more complex use cases [11][12]. - The report anticipates that AI application vendors will progressively release more advanced features based on the R1 model, which will stimulate demand and increase customer willingness to pay [12][13]. - The ability of DeepSeek to support model fine-tuning and distillation will enable application developers to create tailored solutions that meet specific industry needs [11][12]. Market Trends - The current market phase is likened to the early stages of AI application trends observed in 2023, with a focus on the initial batch of companies integrating the DeepSeek model [14][15]. - The report suggests that the upcoming phase will see a shift towards product launches and commercial viability, with a strong emphasis on differentiation and leveraging the unique advantages of the R1 model [15][17]. - The report concludes that the domestic AI application landscape is expected to evolve significantly in 2025, driven by improved model capabilities and a more proactive approach from local companies [17][18].