HUAXI Securities·2025-06-08 13:05Investment Rating - Industry Rating: Recommended [4] Core Insights & Investment Recommendations - DeepSeek has released an update to its R1 model, with expectations rising for the R2 model. The R1 update, based on the DeepSeek V3 Base model, has shown significant performance improvements in various benchmark tests, particularly in mathematics, programming, and general logic capabilities, comparable to leading closed-source models. The distilled version R1-0528-Qwen3-8B has demonstrated performance close to that of the much larger Qwen3-235B, enhancing accessibility to advanced AI [2][24] - Nvidia is developing a new AI chip named "B30" specifically for the Chinese market. This chip will support multi-GPU expansion and is expected to be priced between $6,500 and $8,000, lower than the H20 chip. The development reflects Nvidia's commitment to maintaining its market share in China amid U.S. export controls [3][25] - The report emphasizes the importance of expanding domestic demand and technological innovation in the context of rising uncertainties from external trade disputes. It maintains a cautiously optimistic view on leading Chinese tech companies, suggesting investment opportunities in Hong Kong internet leaders, the gaming industry, and the film and cultural tourism sectors [26] Industry Data - In the film industry, the top three movies by box office revenue for the week were "Mission: Impossible - Dead Reckoning" with 95.165 million yuan, "Time's Son" with 32.68 million yuan, and "Doraemon: Nobita's Painting Adventure" with 19.587 million yuan [47] - The top five iOS games by revenue were "Honor of Kings," "Peacekeeper Elite," "Zero Zone," "Gold Shovel Battle," and "Shoot Zombies," while the top five Android games were "Heart Town," "Staff Sword Legend," "My Leisure Time," "Honkai: Star Rail," and "Honor of Kings" [48][50] - The top three TV series by viewership index were "The Cang Hai Legend," "Bending Waist," and "Falling into Our Love" [53]