Nvidia(US:NVDA) Huaan Securities·2025-10-12 12:02Investment Rating - Industry investment rating: Overweight [1] Core Insights - The DeepSeek-V3.2-Exp model was officially released on September 29, 2025, introducing the DeepSeek Spare Attention (DSA) mechanism, which significantly enhances training and inference efficiency for long texts [3][12] - The API pricing has been reduced, leading to a cost decrease of over 50% for developers using the DeepSeek API, with new prices set at 0.2 CNY per million tokens for input (cache hit), 2 CNY per million tokens for input (cache miss), and 3 CNY per million tokens for output [5][14] - The release of DeepSeek-V3.2-Exp is expected to drive collaborative innovation in China's computing power ecosystem, with companies like Huawei and Cambricon quickly announcing compatibility [5][14] Summary by Sections 1. Computer Industry Insights - The DeepSeek-V3.2-Exp model introduces a sparse attention mechanism that maintains output quality while improving efficiency [12][13] - The model's performance is comparable to its predecessor, V3.1-Terminus, across various public evaluation datasets [4][13] 2. Market Review - The computer industry index decreased by 1.83% during the week of October 9-10, 2025, underperforming the Shanghai Composite Index by 2.20 percentage points [16][19] - Year-to-date, the computer industry index has increased by 25.69% [16][19] 3. Technology Software Industry News - Nvidia has signed an agreement with OpenAI to invest up to 100 billion USD for the development of AI infrastructure, including a 10 GW data center [25] - The low-altitude economy is being promoted as a new growth engine for regional economic transformation [26] - New standards for autonomous driving have been released, focusing on testing and safety [28] 4. Company Dynamics - Notable companies in the industry include Digital China, Cambricon, and others that are adapting to the new model and API pricing [5][14]