Group 1 - The collaboration between the company and Volcano Engine began in 2024, indicating a strategic partnership aimed at enhancing technological capabilities [1] - The partnership has evolved from joining the Volcano Engine Automotive Large Model Ecological Alliance to establishing a joint laboratory and obtaining HiAgent delivery authorization, showcasing continuous upgrades in collaboration [1]

Investment Rating - Industry Rating: Recommended [4] Core Insights - DeepSeek-V3.1 has achieved significant breakthroughs in architecture, intelligent agent capabilities, and ecosystem development, showcasing strong technical strength and industrial value [14][20] - The introduction of UE8M0 FP8 precision is tailored for domestic chips, enhancing the performance and efficiency of Chinese AI computing [15][40] - The recent Nvidia supply chain disruptions have amplified the urgency for domestic computing solutions, marking a shift towards self-sufficiency in China's AI industry [16][17] Summary by Sections 1. DeepSeek-V3.1: Architectural Renewal and FP8 Empowerment - DeepSeek-V3.1 features an innovative mixed reasoning architecture that supports both "thinking" and "non-thinking" modes, improving response speed and reducing inference costs by 20%-50% while maintaining performance [14][21] - The model's total parameters reach 671 billion, with only 37 billion activated during processing, optimizing storage and computational efficiency for domestic chip deployment [24] - The model has been open-sourced in major communities, significantly lowering API usage costs to 0.5 yuan per million tokens, thus reducing barriers for adoption [28] 2. Supply Chain Risks and Opportunities for Autonomy - Nvidia's request for suppliers to halt production of H20 chips highlights the uncertainties in the overseas GPU supply chain, increasing the demand for domestic computing solutions [16][40] - The release of DeepSeek-V3.1, designed for domestic chips, is expected to drive upgrades in hardware architecture and operator libraries for companies like Huawei and Cambrian [16][40] - The combination of external supply chain challenges and internal technological advancements is fostering a new phase of autonomy and scalability in China's AI ecosystem [17] 3. Investment Recommendations - Beneficiary stocks include AI chip manufacturers such as Cambrian, Haiguang Information, and Chipone, as well as Huawei server companies like Gaoxin Development and Tuo Wei Information [18]

Group 1 - The first Magic Developer Conference was held on June 30, showcasing the rapid growth of the Magic community, which expanded from 1 million users in April 2023 to 16 million, a growth of approximately 16 times [1] - The community has gathered over 500 contributing organizations and hosts more than 70,000 open-source models, making it the largest AI open-source community in China [1] - The platform facilitates a two-way connection between model contributors and users, enhancing the application potential of models and promoting innovation and exploration in model applications [1] Group 2 - The conference was guided by the National Information Center and hosted by the Magic community, featuring seven major forums and 65 themes, with participation from renowned AI open-source model teams and over 200 global AI experts [2] - An incentive program called the Magic Developer Medal was launched to reward contributors, offering free GPU computing power and high-level training vouchers for model generation and application development [2] - Future expansions of the incentive program will include contributions from various developer groups and will introduce rewards for community engagement [2]