计算机行业“一周解码”：DeepSeek模型升级，继续关注“AI+”板块机会

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [31]. Core Insights - The release of DeepSeek-V3.1 marks a significant step towards the "Agent" era, featuring improvements in mixed reasoning modes, higher efficiency, and enhanced agent capabilities [3][8]. - The Shanghai government has launched an implementation plan to accelerate the development of "AI + Manufacturing," aiming to enhance the intelligent development level of the manufacturing industry over three years [12]. - Baidu's AI new business revenue has seen rapid growth, surpassing 10 billion yuan for the first time, driven by AI capabilities and marking a shift from an "advertising dependency" to a "technology-driven" model [14][15]. Summary by Sections DeepSeek-V3.1 Release - DeepSeek-V3.1 introduces three major changes: mixed reasoning mode, improved efficiency, and stronger agent capabilities, with context length expanded from 64k to 128k [9][10]. - The model shows a 20%-50% reduction in output tokens while maintaining performance levels compared to previous versions [10]. AI + Manufacturing Development - The Shanghai implementation plan aims to promote intelligent applications in 3,000 manufacturing enterprises, create 10 industry benchmark models, and establish 100 demonstration application scenarios [12][13]. - Key challenges include low data quality, high compliance risks, and the high operational costs of industrial models, which hinder traditional enterprises from adopting AI solutions [13]. Baidu's Financial Performance - In Q2 2025, Baidu reported total revenue of 32.7 billion yuan, with a net profit of 7.4 billion yuan, reflecting a 35% year-on-year increase [14]. - The AI new business revenue grew by 34%, indicating a successful transition towards a technology-driven business model [15].