DeepSeekR1完成小版本升级，英伟达1QFY26收入持续高速增长

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [20]. Core Insights - The report highlights the completion of a minor version upgrade for the DeepSeek R1 model, which has shown significant improvements in complex reasoning tasks and overall performance, making it competitive with top international models [3][4]. - NVIDIA's revenue for Q1 FY26 reached $44.1 billion, reflecting a quarter-over-quarter increase of 12% and a year-over-year increase of 69%, indicating strong global demand for AI computing power [5][6][8]. - The report emphasizes the potential for dual growth in performance and valuation within the computer industry, driven by the recovery of demand and the importance of new productivity [16]. Summary by Sections Industry News and Commentary - DeepSeek R1's upgrade enhances its reasoning capabilities, achieving a 87.5% accuracy in the AIME 2025 test, up from 70% in the previous version, by utilizing more computational power [4]. - NVIDIA's Q1 FY26 revenue breakdown includes $39.1 billion from data centers, $3.8 billion from gaming, and $567 million from automotive and robotics, showcasing diverse revenue streams [7]. Weekly Market Review - The computer industry index rose by 1.77% this week, outperforming the CSI 300 index, which fell by 1.08%, indicating a strong relative performance [10]. - The overall P/E ratio for the computer industry stands at 49.8 times, with 255 out of 360 A-share stocks in the sector experiencing price increases [13]. Investment Recommendations - The report recommends focusing on several sectors within the computer industry, including: 1. New Infrastructure Sector: Strong recommendations for companies like Longxin Zhongke and Zhongke Shuguang [16]. 2. Huawei Supply Chain: Recommendations include Digital China and Softcom Power [16]. 3. AI Sector: Strong recommendations for companies like Zhongke Chuangda and Shengshi Technology [16]. 4. Financial IT Sector: Strong recommendations for Hengsheng Electronics [16]. 5. Low-altitude Economy Sector: Recommendations for Daotong Technology and others [16].