DeepSeek刚刚官宣V3.1模型。模型同时支持思考模式与非思考模式；思考效率提升，相比DeepSeek-R1-0528，DeepSeek-V3.1-Think能在更短时间内给出答案；Agent能力更强，通过Post-Training优化，新模型在工具使用与智能体任务中的表现有较大提升。 https://t.co/ajVjLgC4riDeepSeek (@deepseek_ai):Introducing DeepSeek-V3.1: our first step toward the agent era! 🚀🧠 Hybrid inference: Think & Non-Think — one model, two modes⚡️ Faster thinking: DeepSeek-V3.1-Think reaches answers in less time vs. DeepSeek-R1-0528🛠️ Stronger agent skills: Post-training boosts tool use and ...

Group 1 - DeepSeek officially released DeepSeek-V3.1, featuring a hybrid reasoning architecture that supports both thinking and non-thinking modes [1] - The new version, DeepSeek-V3.1-Think, offers higher thinking efficiency, providing answers in a shorter time compared to DeepSeek-R1-0528 [1] - Enhanced agent capabilities have been achieved through post-training optimization, significantly improving performance in tool usage and intelligent tasks [1] Group 2 - Starting from September 6, 2025, the pricing for API calls on the DeepSeek open platform will be adjusted, with input costs set at 0.5 to 4 yuan per million tokens (cache hit) and 4 yuan per million tokens (cache miss), while output costs will be 12 yuan per million tokens [1]

本次升级包含以下主要变化：混合推理架构：一个模型同时支持思考模式与非思考模式；更高的思考效 率：相比DeepSeek-R1-0528，DeepSeek-V3.1-Think能在更短时间内给出答案；更强的Agent能力：通过 Post-Training优化，新模型在工具使用与智能体任务中的表现有较大提升。 官方App与网页端模型已同步升级为DeepSeek-V3.1。用户可以通过"深度思考"按钮，实现思考模式与非 思考模式的自由切换。 （文章来源：第一财经） 据DeepSeek官方公众号消息，DeepSeek-V3.1正式发布。 ...

Core Insights - The "Fortune China Top 50 Technology Companies" list was released, featuring companies like Huawei, DeepSeek, and Yushu Technology [1] Group 1: DeepSeek - DeepSeek is recognized as a leading AI large model product in China, with its DeepSeek-R1 model scoring 88.5 on the MMLU benchmark test, which is lower than OpenAI's GPT-4 (92.0) and Google's Gemini Pro (90.0), but higher than Meta's Llama 3 (82.0) and Anthropic's Claude 2 (85.1) [1] - DeepSeek ranks among the top 10 globally in terms of open-source large model downloads, indicating strong market presence [1] - As of June 2025, DeepSeek is projected to have 163 million monthly active users, making it the leading application in AI-generated content globally [1] Group 2: Yushu Technology - In 2024, Yushu Technology achieved global sales of 18,000 quadruped robots, capturing a 23% market share, ranking second only to Boston Dynamics [1] - Yushu Technology was awarded the WIPO 2025 Global Award, distinguishing it as the only representative from China among 780 applicants from 95 countries and regions [1] - The company's success is attributed to innovations in robotic motion control, high-performance joint motors, and real-time systems, along with a comprehensive global intellectual property strategy [1]

Core Insights - DeepSeek has released an updated version of its model, V3.1, which shows significant improvements in context length and user interaction, although it is not the highly anticipated R2 model [2][4][14] - The model now supports a context length of 128K, enhancing its ability to handle longer texts and improving its programming capabilities [5][10] - The update merges the functionalities of V3 and R1, leading to reduced deployment costs and improved efficiency [13][25] Group 1: Model Improvements - The new V3.1 model has a parameter count of 685 billion, showing only a slight increase from the previous version, V3, which had 671 billion parameters [7] - User experience has been enhanced with more natural language responses and the use of tables for information presentation [8][10] - The programming capabilities of V3.1 have been validated through tests, achieving a score of 71.6% in multi-language programming, outperforming Claude 4 Opus [10] Group 2: Market Context - The release of V3.1 comes seven months after the launch of R1, during which time other major companies have also released new models, using R1 as a benchmark [3][16] - Despite the improvements in V3.1, the industry is still eagerly awaiting the release of the R2 model, which has not been announced [4][20] - The competitive landscape includes companies like Alibaba and ByteDance, which have launched models that claim to surpass DeepSeek R1 in various metrics [17][19] Group 3: Future Outlook - There are indications that the merging of V3 and R1 may be a preparatory step for the release of a multi-modal model [25] - Industry insiders suggest that the focus will shift towards innovations in economic viability and usability for future models [24] - The absence of the R2 model in the current update has heightened expectations for its eventual release, with speculation that it may not arrive until later [21][22]

Core Viewpoint - The article discusses the implications of the U.S. allowing NVIDIA's key AI chips to return to China, highlighting the complex dynamics between U.S.-China trade negotiations and China's AI ambitions [1][2]. Group 1: U.S.-China Relations and NVIDIA - The U.S. has permitted the sale of H20 chips to China, which is crucial for China's AI development, while China is leveraging this in trade negotiations [1]. - Despite the U.S. announcement, there are concerns in China regarding potential security risks associated with NVIDIA's chips, leading to warnings from state media [1][2]. - The U.S. Treasury Secretary indicated that China's reaction reflects concerns about NVIDIA chips becoming a standard in China, suggesting a deeper anxiety about technological dominance [1][2]. Group 2: China's AI Industry and Domestic Alternatives - Chinese companies are still eager to purchase H20 chips despite warnings about potential backdoors, indicating a strong reliance on NVIDIA's technology [2]. - Domestic alternatives to NVIDIA's products are not yet capable of matching the performance or production levels required for AI development, as evidenced by delays in projects like DeepSeek's new model [2]. - The Chinese government is aware of the need for domestic chips but faces challenges in achieving the desired technological capabilities [2]. Group 3: Financial Implications and Security Concerns - President Trump's announcement that NVIDIA would pay 15% of its AI chip sales revenue in China raises questions about the transactional nature of national security concerns [3]. - This payment structure could provoke strong reactions globally, emphasizing the intertwining of trade and security in the semiconductor industry [3].

Core Viewpoint - The recent upgrade of DeepSeek to version 3.1 has shown significant improvements in context length and user interaction, while also merging features from previous models to reduce deployment costs [1][11][12]. Group 1: Model Improvements - DeepSeek V3.1 now supports a context length of 128K, enhancing its ability to handle longer texts [4]. - The model's parameter count increased slightly from 671 billion to 685 billion, but the user experience has improved noticeably [5]. - The model's programming capabilities have been highlighted, achieving a score of 71.6% in multi-language programming tests, outperforming Claude 4 Opus [7]. Group 2: Economic Efficiency - The merger of V3 and R1 models allows for reduced deployment costs, requiring only 60 GPUs instead of the previous 120 [12]. - Developers noted that the performance could improve by 3-4 times with the new model due to increased cache size [12]. - The open-source release of DeepSeek V3.1-Base on Huggingface indicates a move towards greater accessibility and collaboration in the AI community [13]. Group 3: Market Context - The AI industry is closely watching the developments of DeepSeek, especially in light of the absence of the anticipated R2 model [19]. - Competitors like OpenAI, Google, and Alibaba have released new models, using R1 as a benchmark for their advancements [1][15]. - The market is eager for DeepSeek's next steps, particularly regarding the potential release of a multi-modal model following the V3.1 update [23].

Market Overview - U.S. stocks experienced a decline on August 19, 2025, primarily driven by a drop in technology shares, with the Nasdaq-100-based ETF Invesco QQQ Trust (QQQ) falling by 1.4% [1] - Notable declines were observed in Palantir (PLTR) shares, which dropped by 9.4%, and NVIDIA (NVDA), which retreated by approximately 3% [1] Company Performance - Palantir shares surged over 150% from their April low leading up to its second-quarter earnings report, where the company reported quarterly revenue exceeding $1 billion for the first time [2] - However, the stock faced its longest losing streak since March, indicating a potential shift in investor sentiment [2] Sector Rotation - There is a noticeable shift away from Big Tech, with other sectors, such as consumer staples, beginning to show renewed strength [3] - Home Depot (HD) reported a boost in U.S. sales, resulting in a 3.2% increase in its stock price on August 19, 2025, contributing to overall market optimism [3] AI Market Concerns - OpenAI CEO Sam Altman expressed concerns about a potential bubble in the artificial intelligence (AI) industry, likening the current environment to the dot-com boom of the late 1990s [4][5] - Despite significant advancements, such as OpenAI's projected annual recurring revenue exceeding $20 billion, the company remains unprofitable, raising questions about the sustainability of current AI spending levels [6] Valuation Metrics - The P/E ratio of the Invesco QQQ Trust stands at 59.27X, significantly higher than the 10-year median of 25.8X, indicating overvaluation concerns [7] - Conversely, the price-to-book (P/B) ratio of QQQ is currently at 3.6X, the lowest in the past 10 years, suggesting some valuation support [7] Investment Strategies - The consumer staples sector is highlighted as a safe investment area, typically performing well during economic slowdowns and high inflation [9] - Value stocks, represented by ETFs like S&P 500 Pure Value Invesco ETF (RPV) and Morningstar Dividend Leaders ETF (FDL), have recently reached a one-month high, indicating a potential shift in investor focus towards stability and dividends [11]

前两天提示风险后，再加上昨天美股大跌，今天A股大幅低开跳水，高位的AI方向暴跌，但低位的白酒、化工等板块站了出来， 稳住了大盘。午盘国产算力、半导体发力，浪潮信息涨停，寒武纪再度暴涨股价突破1000元，带动市场情绪回升。今天A股走出 了深v，上证指数再创年内新高，美中不足的是量能缩了近2000亿。 今天的深v并没有让我打消"A股短期有风险"的念头，牛市的惯性还在，刚开始回调肯定有资金迫不及待的低吸，所以还需要多观 察两天，看看多空的强弱。 另外，Harris Financial Group管理合伙人James Cox表示："投资者似乎在为杰克逊霍尔提前避险，担心鲍威尔的表态会比目前市场 预期更为鹰派。" 我提示风险不仅仅是因为近期量能、融资都飙的太快了，还因为大部分板块都没那么有性价比了：景气度最高但位置也高的海外 算力，已经开始用明年的业绩来算估值了；国产算力虽然没海外算力涨的多，但估值却要高得多；低位的消费、地产链估值低， 但行业趋势还没有反转。 | < w | 中国:融资余额 2 | | | --- | --- | --- | | 一 中国:融资余额 | | | | 相关指标 中国:融券余额 中国:融资 ...

Core Insights - DeepSeek has officially launched and open-sourced its new model, DeepSeek-V3.1-Base, following the release of GPT-5, despite not having released R2 yet [1] - The new model features 685 billion parameters and supports multiple tensor types, with significant optimizations in inference efficiency and an expanded context window of 128k [1] Model Performance - Initial tests show that DeepSeek V3.1 achieved a score of 71.6% on the Aider Polyglot programming benchmark, outperforming other open-source models, including Claude 4 Opus [5] - The model successfully processed a long text and provided relevant literary recommendations, demonstrating its capability in handling complex queries [4] - In programming tasks, DeepSeek V3.1 generated code that effectively handled collision detection and included realistic physical properties, showcasing its advanced programming capabilities [8] Community and Market Response - Hugging Face CEO Clément Delangue noted that DeepSeek V3.1 quickly climbed to the fourth position on the trends chart, later reaching second place, indicating strong market interest [79] - The update removed the "R1" label from the deep thinking mode and introduced native "search token" support, enhancing the search functionality [79][80] Future Developments - The company plans to discontinue the mixed thinking mode in favor of training separate Instruct and Thinking models to ensure higher quality outputs [80] - As of the latest update, the model card for DeepSeek-V3.1-Base has not yet been released, but further technical details are anticipated [81]