Core Insights - DeepSeek has officially upgraded its model to DeepSeek-V3.1-Terminus, enhancing performance based on user feedback and improving language consistency and agent capabilities [1][2] - The new model shows improved stability in output, with benchmark results indicating performance increases in various assessments compared to the previous version [1] - The release of DeepSeek V3.1 is seen as a significant breakthrough for domestic large models and chip ecosystems, reducing reliance on NVIDIA standards and promoting domestic computing power autonomy [2][3] Model Performance - The benchmark results for DeepSeek-V3.1-Terminus show improvements in several areas, including: - MMLU-Pro: 84.8 to 85.0 - Humanity's Last Exam: 15.9 to 21.7 - SimpleQA: 93.4 to 96.8 - BrowseComp: 30.0 to 38.5 [1] - The model's agent capabilities have significantly improved, which is expected to enhance commercial applications of AI agents [3] Industry Impact - The launch of DeepSeek V3.1 has led to a surge in the domestic computing industry, with increased demand for AI chips and related infrastructure [3][4] - The success of DeepSeek is viewed as a victory for open-source models, prompting other Chinese companies to adopt similar open-source strategies [3] - The AI computing demand is projected to grow, benefiting various segments of the computing industry, including AI chips, servers, and related technologies [4] Related Companies - Baidu has released its Wenxin model X1.1, showing significant improvements in performance metrics compared to previous versions and competing models [6] - Alibaba's Tongyi Qianwen has launched the Qwen3-Max-Preview model, marking advancements in the domestic large model sector [6] - SenseTime's new interactive platform integrates with Xiaomi AI glasses, showcasing the application of AI in real-world scenarios [7] - ZTE has introduced several products focused on AI and intelligent computing, facilitating the deployment of DeepSeek models across various industries [7]

Core Viewpoint - The weakening of the US dollar index in 2025 is leading to a significant restructuring of global capital flows, with major foreign investment firms like BlackRock, Goldman Sachs, and Citigroup expressing optimism about the Asian market [1][3] Group 1: Market Trends - Over 20% of BlackRock's clients are considering reducing their exposure to the US market and dollar assets, with many investors focusing on Asian stock allocation opportunities [1] - Goldman Sachs notes that global investors are seeking more diversified investment configurations due to the weak dollar, with A-shares and Hong Kong stocks being among the beneficiaries [1] - Citi forecasts that despite macroeconomic volatility, Asian stock markets will outperform global peers, predicting a return of approximately 7% for the MSCI Asia (excluding Japan) index by mid-2026 [1] Group 2: Investment Strategies - The Asia-Pacific Select ETF (159687; Class A 021189, Class C 021190) has gained significant market attention, doubling in size since the beginning of the year, focusing on high-dividend assets and leading technology firms [2][6] - The FTSE Asia Pacific Low Carbon Select Index, which the ETF tracks, combines high-dividend assets with growth-oriented semiconductor companies, achieving positive returns in a volatile market over the past three years [2][6] Group 3: Economic Outlook - The IMF predicts that the Asia-Pacific market will continue to lead global economic growth at least until 2029, driven by structural advantages and the weakening dollar [3][5] - The Asia-Pacific market indices are currently valued significantly lower than global and US markets, presenting a high cost-performance ratio for investors [5] Group 4: Sector Analysis - Japan's corporate governance reforms since 2012 are enhancing dividend stability, making Japanese stocks an attractive option for long-term investors amid global uncertainties [8] - The semiconductor industry in the Asia-Pacific region holds a dominant 57.6% market share globally, with significant growth potential driven by technological advancements and increasing demand [9] Group 5: Historical Performance - The Asia-Pacific Select ETF has consistently achieved positive returns over the past three years, validating the effectiveness of its strategy combining high-quality dividend assets and semiconductor leaders [10]