计算机行业周报：AI大模型持续更新，算力需求维持高景气

Investment Rating - The industry investment rating is "Increase" indicating a positive outlook for the industry fundamentals and expected performance relative to the benchmark index [3]. Core Insights - The AI large model continues to be updated, with significant advancements in computational efficiency and output quality, as demonstrated by the latest models from DeepSeek, Google, OpenAI, and ByteDance [2][3]. - There is a surge in demand for computational power, particularly for H20 chips, driven by the adoption of high-performance models by various companies [3][6]. - Government policies are increasingly supportive of AI infrastructure development, with initiatives aimed at enhancing the AI industry and promoting significant investments [6]. Summary by Sections Market Review - The computer industry index has underperformed compared to the Shanghai Composite Index and the ChiNext Index, with a decline of 4.89% [1]. Weekly Insights - DeepSeek's new model, DeepSeek V3-0324, features 671 billion parameters and improved performance in mathematical reasoning and creative output [2]. - Google's Gemini 2.5 Pro model supports a context window of 1 million tokens and excels in complex task handling [2]. - OpenAI's GPT-4o has enhanced image generation capabilities and improved understanding of complex instructions [2]. - ByteDance's new features in Doubao enhance reasoning and search capabilities [2]. - Alibaba's QVQ-Max model can analyze and reason based on images and videos [2]. Computational Demand - The demand for H20 chips is surging, with supply shortages expected due to high adoption rates of advanced models [3][6]. - The Chinese government is actively promoting AI initiatives, with plans to support the AI industry through funding and policy measures [6]. Investment Recommendations - Suggested companies to watch include those in AI applications, integrated machines, and state-owned cloud services, such as Runjian Co., Kehua Data, and iFLYTEK [7].