Investment Rating - The report maintains a "Buy" rating for the computer industry, specifically for companies like Kingsoft Office, Tonghuashun, and Yonyou Network [7][10][26]. Core Insights - DeepSeek has opened its Infra core code, enhancing model efficiency and hardware compatibility, particularly with domestic GPUs, which is expected to lower application costs and improve performance [1][2][3]. - The report highlights a divergence in strategies between domestic and overseas model companies, with overseas firms focusing on large computing power while domestic firms prioritize efficiency optimization [4]. - The potential for model capabilities to become fundamental resources akin to "water and electricity" is emphasized, suggesting significant advantages for companies leveraging these capabilities [5]. Summary by Sections Investment Rating - The report provides a "Buy" rating for Kingsoft Office (688111 CH), Tonghuashun (300033 CH), and Yonyou Network (600588 CH) with target prices of 351.05, 425.23, and 16.12 respectively [10][26]. DeepSeek Developments - DeepSeek's recent open-source initiatives include core optimizations in MLA, communication-computation, and matrix multiplication, which are expected to enhance global model training and inference efficiency [2][3]. - The report notes that DeepSeek's model training has been optimized for CUDA, with successful adaptations for domestic GPUs, indicating a growing ecosystem for local chip manufacturers [3]. Market Dynamics - The report identifies a trend where overseas companies like xAI and OpenAI are expanding their GPU clusters to enhance performance, while domestic companies are focusing on software and hardware efficiency improvements [4]. - The analysis suggests that the cost-profit margin for DeepSeek's services could reach 545% under optimal conditions, highlighting the financial viability of its model [1][22]. Recommended Companies - Companies with user, data, and scenario advantages are recommended, including Kingsoft Office, Tonghuashun, and Yonyou Network, as well as other relevant players in the 2B and 2C application sectors [5][10][26].