DeepSeek-V3.2系列发布：推理能力对标顶尖闭源，开源生态引领应用落地

Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a potential increase of over 15% relative to the CSI 300 index [4][9]. Core Insights - The release of DeepSeek-V3.2 and its enhanced version V3.2-Speciale marks a significant breakthrough in reasoning capabilities, tool invocation, and the open-source ecosystem, promoting the prosperity of large model open-source and developer ecosystems [2][4]. - DeepSeek-V3.2 achieves top-tier performance comparable to closed-source models, particularly in reasoning capabilities, and integrates innovative thinking modes into tool invocation, providing more efficient and cost-effective solutions for AI application development [4]. - The Speciale version has excelled in international competitions, achieving second place in the ICPC and demonstrating the potential of open-source models to reach human-level intelligence in complex reasoning tasks [4]. Summary by Sections Industry Overview - The report highlights the computer industry, focusing on advancements in AI and large models, particularly the DeepSeek series [4]. Investment Recommendations - The investment suggestion emphasizes that the release of DeepSeek-V3.2 signifies a new phase in the performance and practicality of open-source large models, with a balanced focus on performance and efficiency [4]. Technological Advancements - DeepSeek-V3.2 incorporates a systematic approach to chain thinking within tool invocation processes, significantly enhancing the model's generalization and execution capabilities in complex scenarios [4]. - The model has undergone reinforcement learning across over 85,000 complex instructions in more than 1,800 environments, achieving the highest level among open-source models in tool invocation assessments [4]. Ecosystem Development - The comprehensive upgrade of DeepSeek-V3.2's open-source and API services is expected to accelerate technological penetration and drive transformative changes in industry applications [4]. - The open strategy is anticipated to attract numerous developers to build vertical applications based on DeepSeek, further solidifying its leading position in the open-source domain [4].