模型迭代与AI入口竞争共振，AI产业链行情值得期待

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, indicating an expectation of returns exceeding the market benchmark by over 5% [6]. Core Insights - The AI industry is experiencing significant advancements with the upcoming release of DeepSeek's V4 model, which focuses on enhancing programming capabilities [2]. - Major AI companies in China, such as Zhipu and MiniMax, have recently gone public, with Zhipu's stock rising over 36% and MiniMax's stock increasing over 109% on their debut, leading to a market capitalization exceeding 100 billion HKD [2]. - The report emphasizes that the new model iterations and the accelerated application promotion by major internet companies will create favorable investment opportunities in AI applications and the computing power supply chain [3]. Summary by Sections AI Model Development - The programming capability is highlighted as a key area of improvement for AI models, with significant investments from leading companies like Anthropic and OpenAI to enhance their coding abilities [9]. - DeepSeek's V4 model is reported to surpass existing models in programming tasks, indicating a potential shift in market leadership [9]. - The introduction of innovative architectures, such as mHC by DeepSeek, aims to address stability issues in large model training, supporting future model iterations and application growth [9]. AI Application Market - Major internet companies are intensifying their competition for AI application entry points, with notable product launches aimed at enhancing user engagement and functionality [9]. - The report notes that the recent public listings of major AI model companies will positively impact the overall industry development [9]. Investment Targets - In the AI application sector, recommended investment targets include companies like TaxFriend (603171, Buy) and iFLYTEK (002230, Buy) among others [3]. - In the AI computing power sector, companies such as Haiguang Information (688041, Buy) and Runze Technology (300442, Buy) are highlighted as potential investment opportunities [3].