低成本高效率重塑AI格局！投资新“窗口”在哪？外资公募发声

Core Viewpoint - The article emphasizes that artificial intelligence (AI) is entering a new phase of cost reduction and efficiency improvement, creating new investment opportunities in various sectors, particularly in consumer-centric applications and computational infrastructure [1]. Group 1: AI Development and Cost Efficiency - DeepSeek has introduced a cost-effective method for running large language models, which is expected to lower operational expenses for AI service providers [2]. - The training cost of China's DeepSeek R1 model is reported to be under $6 million, significantly lower than the hundreds of millions spent by U.S. companies, while achieving comparable performance [2]. - The adoption of DeepSeek's technology by Chinese telecom companies and data centers demonstrates China's capability to create competitive AI solutions despite a lack of advanced semiconductor hardware [2]. Group 2: Competitive Advantages in Emerging Markets - China possesses significant advantages in consumer-facing AI applications due to its large digital ecosystem and cost efficiency, forming a solid competitive barrier [3]. - The demand for global computational power remains strong, with new AI application scenarios emerging, supported by favorable industrial policies [3]. - Investment focus areas include AI technology applications in embodied intelligence, consumer electronics, smart driving, and the infrastructure that supports AI applications [3]. Group 3: Market Volatility and Investment Caution - Despite the efficiency gains from DeepSeek, there are risks associated with AI investments, particularly regarding the technology's ability to enhance productivity globally [4]. - The lack of widely adopted "killer" AI applications raises concerns among investors about the return on AI investments [5]. - Companies should be evaluated based on their defensive capabilities, value-driven potential, and long-term growth records to ensure stable returns while avoiding overvaluation in uncertain market conditions [5].