🇨🇳 LATEST: DeepSeek confirms V4 models will run entirely on Chinese silicon using Huawei chips amid US export restrictions, per The Information. https://t.co/QzuKGNd2Qa ...

从5亿到200亿美元，一年估值翻37倍，Reflection AI凭什么？Meta开源模型失去榜首后，硅谷急需一个新的开源模型标杆，这家由两位前DeepMind核心人物创办的公司，被视为如今Neolabs的领头羊。Reflection AI能否扛起开源大旗，成为美国版DeepSeek？ ...

Group 1 - U.S. President Trump expresses willingness to end military actions against Iran, even if the Strait of Hormuz remains largely closed, suggesting that the war with Iran may soon conclude without U.S. military assistance [4] - Iranian President Pezeshkian states that Iran is willing to end the war, provided its demands are met, particularly guarantees against further aggression [4] - Iranian Foreign Minister Zarif indicates that the current situation is not a negotiation but rather an exchange of information through direct channels or "regional friends," asserting that Iran has not engaged in negotiations with any specific party [4] - The Iranian Revolutionary Guard Corps announces that it will target 18 U.S. information and communication technology and AI companies in the Middle East, including major firms like Nvidia, Apple, and Google [4] Group 2 - Chinese Foreign Minister Wang Yi and Pakistani Deputy Prime Minister Dar discuss the Gulf and Middle East situation, proposing five initiatives: immediate cessation of hostilities, prompt commencement of peace talks, ensuring the safety of non-military targets, securing maritime routes, and upholding the primacy of the UN Charter [5] - Warren Buffett comments that recent market declines are insignificant compared to historical buying opportunities, stating that current stock valuations are not attractive [5] - Buffett estimates that Berkshire Hathaway's investment in Apple has exceeded $100 billion, admitting that he sold too early and would consider increasing his stake if Apple's stock price further declines [5] Group 3 - The People's Bank of China emphasizes the need to leverage both incremental and stock policies to enhance monetary policy regulation [7] - China's economic sentiment improves, with March PMI indices for manufacturing, non-manufacturing, and composite returning to expansion territory at 50.4%, 50.1%, and 50.5%, respectively [7] - State-owned enterprises report total revenue of 12.57 trillion yuan in January-February, a year-on-year increase of 0.2%, while total profits decreased by 2% [7] Group 4 - A series of national regulations will take effect in April, including rules on short-term trading supervision and internet platform pricing behavior [8] - The A-share market experiences fluctuations, with the Shanghai Composite Index down 0.8% and the Shenzhen Component Index down 1.81% [9] - The IPO review process sees a halt for several companies due to outdated financial information, including notable firms like Blue Arrow Aerospace and Changxin Technology [10] Group 5 - The transportation department announces that small passenger vehicles will continue to be exempt from tolls during the Qingming Festival in 2026 [13] - A joint action plan to promote innovation in the Internet of Things industry aims to cultivate ten billion-level connections and fifteen million-level connections by 2028 [13] - The Ministry of Industry and Information Technology plans to compile a new battery development plan, focusing on tracking key operational indicators and preventing low-level capacity duplication [13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Macro and Financial Markets**: For stock index futures, it is advisable to wait and see regarding the US - Iran situation, and aggressive investors can consider buying on dips. For bond futures, distinguish the impact of funds and fundamentals on bonds and maintain a steep strategy [17]. - **Black Metals**: In the short - term, the black metal market will maintain a volatile trend. Hold the short - wide - straddle strategy for steel and iron ore, and consider shorting on rallies [19]. - **Non - ferrous Metals and New Materials**: Copper prices will fluctuate widely in the short - term, and attention should be paid to the progress of the Middle East situation. Zinc and lead are recommended to be observed. Carbonate lithium will fluctuate widely in the short - term. Industrial silicon will continue to fluctuate, and polysilicon will run weakly [26][30][31]. - **Agricultural Products**: Cotton prices will fluctuate at a high level. Sugar prices will be under pressure and fluctuate. Egg prices are temporarily weak before the Tomb - sweeping Festival, and the futures market maintains a bearish view. Apple prices of high - quality goods may be strong. Corn is recommended to sell out - of - the - money call options. Red dates will fluctuate weakly. Pig futures can be shorted on the near - month contracts [34][37][40][41][42][44][45]. - **Energy and Chemicals**: Crude oil supply is at risk, and prices will fluctuate. Fuel oil will follow the oil price and fluctuate at a high level. Polyolefin prices have some support but may correct. Rubber should be cautious about going long unilaterally. Synthetic rubber should be cautious about chasing up or down. Methanol should be treated with a bullish and volatile view in the medium - to - long - term and beware of short - term corrections. Caustic soda should be treated with an intraday wide - range volatile view. Asphalt will follow the oil price. PVC may correct, and caution is needed. The polyester industry chain should take profit on previous long positions. LPG may continue to weaken. Pulp should pay attention to port inventory and price increases. Logs may see price increases, and urea should be treated with a volatile view [47][49][50][51][52][53][55][57][58][60][61][62][63][64]. 3. Summaries by Directory 3.1 Macro Information - Diplomatic talks between China and Pakistan on the Middle East situation put forward five initiatives to promote peace [9]. - The US and Iran express willingness to end the war, but there are still uncertainties [9][10]. - The central bank's monetary policy committee holds a quarterly meeting, emphasizing the use of various tools to strengthen monetary policy regulation [10]. - China's manufacturing, non - manufacturing, and comprehensive PMI output indexes return to the expansion range in March [11]. - Huawei's revenue and profit increase in 2025, with different growth rates in different business segments [12]. - The US and Israel attack an Iranian steel factory, and the Kansas Fed warns about the impact of the Iran conflict on inflation [14]. - The eurozone's CPI rises in March, and the European Central Bank may raise interest rates [15]. 3.2 Macro Finance - **Stock Index Futures**: A - shares decline, and the market is affected by the US - Iran situation. It is advisable to wait and see, and aggressive investors can buy on dips [17]. - **Bond Futures**: The inter - bank funds are loose, and the short - term bonds are strong. The long - term bonds are affected by inflation expectations. The strategy is to distinguish the impact of funds and fundamentals and maintain a steep strategy [18]. 3.3 Black Metals - **Steel and Ore**: Real estate sales are still weak, and infrastructure projects have slow progress. The demand for building materials is weak, and the demand for coils has a certain decline. The supply of steel is expected to increase, and the cost support is weakened. The black metal market will maintain a volatile trend in the short - term [18][19]. - **Coking Coal and Coke**: The supply of coking coal is sufficient, and the inventory is high. The production of coking enterprises has increased slightly. The price of coking coal and coke may fluctuate in the short - term, and it is recommended to wait and see [21]. - **Ferroalloys**: Manganese silicon may see actual production cuts, but it is still in a surplus situation. It is recommended to short on rallies. Silicon iron is also recommended to short on rallies [22]. - **Soda Ash and Glass**: Soda ash is recommended to wait and see, and glass can be bought on dips for the far - month contracts. The market is affected by geopolitical factors and the cold - repair expectation of glass production lines [23]. 3.4 Non - ferrous Metals and New Materials - **Copper**: The Middle East situation has a moderating trend but is still uncertain. The inventory decline supports the copper price, and it will fluctuate widely in the short - term [26]. - **Zinc**: The inventory of zinc ingots decreases slightly, and the price rebounds weakly. It is recommended to wait and see [26]. - **Lead**: The supply of lead is relatively abundant, and the inventory decline slows down. It is recommended to treat it with a volatile view [27]. - **Carbonate Lithium**: The export ban on lithium mines in Zimbabwe affects the market. The price will fluctuate widely in the short - term [30]. - **Industrial Silicon and Polysilicon**: Industrial silicon will continue to fluctuate, and polysilicon will run weakly. The supply and demand of industrial silicon may improve, and the supply and demand of polysilicon are still in a contradiction [31][32]. 3.5 Agricultural Products - **Cotton**: The price of cotton fluctuates at a high level, affected by energy prices and supply - demand expectations. The global cotton production is expected to decline, and the domestic cotton inventory is in the de - stocking stage [34][35][36]. - **Sugar**: The sugar price is under pressure and fluctuates, affected by supply pressure and import cost. There are different views on the global sugar supply surplus [37][38][39]. - **Eggs**: Egg prices are temporarily weak before the Tomb - sweeping Festival, and the futures market maintains a bearish view due to high inventory [40]. - **Apples**: High - quality apple prices may be strong, supported by low inventory and replenishment demand [41][42]. - **Corn**: It is recommended to sell out - of - the - money call options. The price is affected by policy grain supply and low inventory [42][43]. - **Red Dates**: Red dates are in the consumption off - season, and the price will fluctuate weakly [44]. - **Pigs**: The supply of pigs is strong, and the demand is weak. The near - month futures contracts can be shorted [45]. 3.6 Energy and Chemicals - **Crude Oil**: The supply of crude oil is at risk due to the closure of the Strait of Hormuz. The prices of international crude oil futures fluctuate [47][48]. - **Fuel Oil**: It will follow the oil price and fluctuate at a high level, and the focus is on the reopening of the Strait of Hormuz [49]. - **Plastic**: Polyolefin prices have some support but may correct, and the future trend depends on the end of the war [50]. - **Rubber**: It is recommended to be cautious about going long unilaterally, and pay attention to the impact of synthetic rubber and raw material supply [51]. - **Synthetic Rubber**: Be cautious about chasing up or down, and pay attention to energy prices and device changes [52]. - **Methanol**: It should be treated with a bullish and volatile view in the medium - to - long - term and beware of short - term corrections. Pay attention to the supply in Iran and port inventory [53][54]. - **Caustic Soda**: It should be treated with an intraday wide - range volatile view, affected by coal prices, supply, and exports [55]. - **Asphalt**: It will follow the oil price, and the demand is in the off - season [57]. - **PVC**: It may correct, and the key is the reduction of ethylene production and the solution of the crude oil supply problem [58][59]. - **Polyester Industry Chain**: Take profit on previous long positions, and pay attention to geopolitical impacts, device maintenance, and demand recovery [60]. - **Liquefied Petroleum Gas**: It may continue to weaken, but the price may be relatively stronger than crude oil. The future depends on the development of the US - Iran situation [61]. - **Paper Pulp**: The port inventory increases, and the import cost decreases. Pay attention to port inventory and price increases [62]. - **Logs**: The price may increase, and pay attention to downstream demand and port arrivals [63]. - **Urea**: It should be treated with a volatile view, and the demand is strong [64][65].

Group 1 - Anthropic experienced a significant code leak involving over 510,000 lines of TypeScript code and several core features of its product Claude Code, raising concerns about its security maturity [2] - OpenAI completed a record $122 billion financing round, achieving a valuation of $852 billion, and plans to go public by the end of the year, with significant investments from Amazon, Nvidia, and SoftBank [2] - Huawei aims for global sales revenue of 880.9 billion yuan and a net profit of 68 billion yuan by 2025, with notable growth in its smart automotive solutions business [3] Group 2 - DeepSeek's services experienced disruptions, possibly related to the upcoming release of DeepSeek V4 [5] - Miniso reported a revenue of 6.254 billion yuan for Q4 2025, a year-on-year increase of 32.7%, and an annual revenue of 21.4438 billion yuan, reflecting a 26.2% growth [6] - Vanke achieved a revenue of 233.4 billion yuan in 2025, delivering 117,000 homes and achieving sales of 134.06 billion yuan [6] Group 3 - Nvidia invested $2 billion in Mellanox Technologies to enhance its AI chip supply chain [9] - Amazon's AWS plans to invest 7 trillion won (approximately $4.6 billion) in South Korea by 2031 to expand its AI and cloud infrastructure [9] - Biogen announced a $5.6 billion acquisition of Apellis Pharmaceuticals to strengthen its position in immunology and rare diseases [10]

Core Viewpoint - DeepSeek has experienced significant service disruptions over three consecutive days, raising concerns about its infrastructure and upcoming model releases [1][5][6]. Group 1: Service Disruptions - DeepSeek's services faced interruptions from March 29 to March 31, with outages lasting approximately 1 hour 48 minutes, 10 hours 13 minutes, and 1 hour 3 minutes respectively [1]. - The service disruptions are speculated to be related to the ongoing gray testing of the upcoming V4 model, as the company prepares for its official release [5][6]. - After resolving the service issues, the API documentation did not include any references to the V4 model, indicating potential challenges in the transition to a higher performance architecture [7]. Group 2: Model Development and Innovations - DeepSeek-OCR 2 was released on January 27, 2026, featuring the innovative DeepEncoder V2 method, which allows AI to process images in a more human-like manner by dynamically rearranging image segments based on logical sequences [8]. - The new model achieved a score of 91.09% on the OmniDocBench v1.5 benchmark, representing a 3.73% improvement over its predecessor, while maintaining low computational costs with visual token limits between 256 and 1120 [8]. - DeepSeek-OCR 2's architecture demonstrates the potential of using language model frameworks for visual encoding, paving the way for a unified multimodal encoder capable of extracting features from images, audio, and text [10].

从2026年2月至今，DeepSeek走过了多个预期发布窗口，仍 未正式发布V4，就在市场期待这一模型新品空降时，等来的 却是DeepSeek成立以来最长的一次服务中断。 作者：钱玉娟 封图：图虫创意 3月31日下午17时，"DeepSeek（深度求索）又崩了"再次冲上热搜。约一天前，DeepSeek刚经历 了一次长达12小时的大规模服务中断。 一位模型技术社区负责人表示，从2026年2月至今，DeepSeek走过了多个预期发布窗口，仍未正式 发布V4，就在市场期待这一模型新品空降时，等来的却是DeepSeek成立以来最长的一次服务中 断。 多名国产模型供应商人士推断：此次只有DeepSeek面向C端的产品服务中断，或与模型迭代过程中 进行灰度测试有关。 1月12日，DeepSeek发布了一篇由梁文锋署名的研究论文，提出了Engram条件记忆架构，还探讨 通过可扩展查找实现条件记忆机制，旨在处理Transformer在记忆、训练稳定性和长上下文上的瓶 颈。2月11日，DeepSeek将现有模型上下文窗口从128K扩展至1M Tokens，知识截止时间更新至 2025年5月。 前述技术社区负责人认为，DeepS ...

Core Viewpoint - DeepSeek experienced a significant service outage lasting over 8 hours, which has been interpreted as a precursor to a model upgrade rather than a typical service interruption [1][2]. Group 1: Service Interruption and Model Upgrade - The outage was preceded by user reports indicating noticeable changes in the DeepSeek web version, suggesting a substantial enhancement in model capabilities [4]. - For instance, the model's performance in generating an SVG image of a pelican riding a bicycle improved significantly from the previous week [5]. - DeepSeek has a history of silently upgrading its models without prior announcements [9]. Group 2: Model Version and Knowledge Cutoff - The model's identity has been updated, with the March 29 version consistently introducing itself as DeepSeek-V3, contrasting with the previous vague self-description [11]. - The knowledge cutoff date has also changed, with the model now aware of the results of the 2025 U.S. elections but not the events of February 2026, indicating a potential knowledge cutoff around January 2026 [12]. Group 3: Performance Improvements - The model demonstrated a significant improvement in generating code for front-end pages on March 29 [15]. - There is speculation about whether this is a fine-tuned version of V3 or a direct upgrade to V4, as the official stance from DeepSeek remains unclear [17]. Group 4: Current Status and Future Prospects - The DeepSeek web version has resumed service, although minor issues persist, such as the model stopping output after deep thinking mode without displaying answers in the main text [19]. - Without deep thinking mode, the model appears to revert to an older version based on its self-introduction [21]. - The recent recruitment of 17 positions in the Agent direction suggests that DeepSeek may be preparing for significant developments after a period of silence [22].

Group 1: U.S. Military and Global Defense Spending - The U.S. is focusing its military deployment in the Middle East, particularly regarding potential actions in Iran and the strategic Kharg Island, which is vital for Iran's oil exports [6] - The ascendant AfD party in Germany is advocating for the removal of U.S. troops and nuclear weapons, pushing for a more independent foreign policy [7] - President Trump has suggested a "pay-to-play" model for NATO, which could exclude member states from decision-making if they do not meet a defense spending target of 5% of GDP [8] Group 2: Market Trends and Economic Indicators - The latest market trends show a decline in Asian markets, with Japan down 2.8% and India down 2.2%, while European markets are mixed [11] - Crude oil prices have increased by 1.9% to $101.55, and gold prices rose by 0.8% to $4,561.40, indicating fluctuations in commodity markets [11] - Companies reporting earnings today include Virgin Galactic and Fortress Biotech, which may influence market sentiment [12]

Jonathan Kitchen/DigitalVision via Getty Images Listen below or on the go via Apple Podcasts and Spotify Mistral raises $830M debt to buy chips for AI data center: report. (00:14) DeepSeek experiences longest outage since launch, going offline for seven hours. (01:14) "Stupidly Cheap": Bill Ackman sees 10X potential in Fannie and Freddie amid Middle East conflict. (01:54) This is an abridged transcript. Mistral AI has raised $830M in new ​debt to buy 13,800 Nvidia (NVDA) chips for a ‌data center near ...