DeepSeek发布mHC框架，或为下一代基础架构指明演进方向

Investment Rating - The industry investment rating is "Overweight" [2][9] Core Insights - DeepSeek has introduced the mHC framework, which enhances the stability, speed, and cost-effectiveness of large model training [2] - The mHC architecture is a significant extension of the Hyper-Connections (HC) paradigm, paving the way for future research and innovations in model training [3] - The mHC framework combines manifold constraints with engineering optimizations, potentially revolutionizing AI chip design by addressing the mismatch between computing power and bandwidth [4] Summary by Sections Industry Overview - The mHC framework is expected to provide substantial performance improvements in large-scale model training, demonstrating stability and efficiency [2][3] Technological Advancements - The introduction of manifold constraints in the mHC framework allows for various explorations tailored to specific learning objectives, which may lead to novel methods balancing flexibility and stability [3] - The mHC framework's approach to software adapting to hardware bottlenecks challenges traditional chip design paradigms, promoting a shift towards efficiency [4] Investment Opportunities - The report suggests focusing on domestic AI chip companies such as Cambrian, Haiguang Information, Moer Thread, Muxi Co., and Birun Technology as potential investment opportunities [5]