Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The electronic industry experienced a decline of 4.9% in the past week, ranking 28th out of 31 sectors, while the SW electronic sub-sectors showed mixed performance with semiconductor materials up by 0.4% and others down [2][44]. - DeepSeek launched five open-source projects aimed at enhancing AI model efficiency, showcasing a competitive strategy against OpenAI's high-cost models [2][28]. - The report highlights significant advancements in AI hardware and software, indicating a potential surge in demand for domestic semiconductor chips [2][40]. Summary by Sections 1. DeepSeek Open Source Week Releases - DeepSeek announced the launch of five open-source projects to enhance AI capabilities, including FlashMLA for efficient model inference and DeepEP for improved GPU communication [5][9]. - FlashMLA achieved a data throughput of 3000 GB/s and 580 TFLOPS on the H800 platform, nearly doubling performance compared to previous models [6][8]. - DeepEP optimized GPU communication, achieving a bottleneck bandwidth of 153 GB/s for intra-node and 46 GB/s for inter-node communications [11][12]. 2. Global Industry Dynamics - NVIDIA reported a record revenue of $39.3 billion for Q4 2025, with significant growth in data center revenues [30][31]. - OpenAI launched its largest model, GPT-4.5, which is expected to enhance performance significantly but comes with a high API cost [33][34]. - Alibaba announced a massive investment of 380 billion yuan in cloud and AI hardware infrastructure over the next three years, marking a significant commitment to the sector [36]. 3. Market Review - The electronic industry saw a decline of 4.9% in the past week, with semiconductor materials showing slight gains while other sectors faced losses [2][44]. - The report lists top-performing stocks in the electronic sector, with notable gains from companies like Aojie Technology (+30.0%) and Chipone Technology (+27.4%) [48]. - The Philadelphia Semiconductor Index experienced a decline of 11.7%, reflecting broader market challenges [51].

Investment Rating - The industry investment rating is "stronger than the market" (预计6个月内，行业指数表现强于市场表现5%以上) [32] Core Views - The DeepSeek open-source week has concluded, accelerating the application of large models across various industries [2][3] - The competition among global large models remains intense, providing strong support for the continuous growth of AI computing power [8][11] - NVIDIA's FY25Q4 performance is strong, with robust demand on the inference side of the Blackwell architecture [13][15] Summary by Sections Industry News and Commentary - The DeepSeek open-source week launched five open-source software library projects covering computation, communication, and storage, which will facilitate the replication of DeepSeek-V3/R1 by global developers [2][5] - The release of models like Grok-3, Claude 3.7 Sonnet, and GPT-4.5 indicates ongoing fierce competition in the global large model market, which is expected to elevate the capabilities of these models [9][11] - NVIDIA reported FY25Q4 revenue of $39.3 billion, a 12% quarter-over-quarter increase and a 78% year-over-year increase, driven primarily by data center business growth [13][14] Investment Recommendations - The report suggests a positive outlook for the computer industry, anticipating dual improvements in performance and valuation due to accelerating demand recovery [28] - Recommended stocks include: - Innovation and Creation Sector: Haiguang Information, Longxin Zhongke, Zhongke Shuguang, Kingsoft Office, Dameng Data, Foxit Software, Taiji Co., Ltd. - Huawei Supply Chain: Digital China, with a focus on Tuo Wei Information, Kirin Information Security, Runhe Software, and others - AI Sector: Strong recommendations for Zhongke Chuangda, Shengshi Technology, and Qiming Star, among others - Low-altitude Economy: Recommended stocks include Da Tong Technology and others - Financial IT Sector: Strong recommendation for Hengsheng Electronics, with additional suggestions for Tonghuashun and others [28]

Core Insights - DeepSeek's "Open Source Week" has successfully concluded, showcasing its commitment to transparency and collaboration in the AI field [1][7]. Group 1: Open Source Projects - The "Open Source Week" launched five projects from February 24 to February 28, covering various aspects of computing, communication, and storage [3]. - On February 24, the first open-source library, FlashMLA, was released, optimized for Hopper GPU, focusing on variable-length sequences and is now in production [4]. - On February 25, DeepEP was announced for public access, designed for MoE model training and inference, enabling efficient all-to-all communication and supporting low-precision operations [4]. - On February 26, DeepGEMM was open-sourced, a library for FP8 general matrix multiplication, featuring fine-grained scaling and supporting both standard and MoE group GEMM [5]. - On February 27, two tools (DualPipe and EPLB) and a performance analysis dataset were released, along with detailed explanations of parallel computing optimization techniques [5]. - On February 28, the release of 3FS was announced, which serves as an accelerator for all DeepSeek data access [6]. Group 2: API and Pricing Adjustments - DeepSeek reopened its API recharge function on February 25 after a 19-day suspension, accompanied by a structural adjustment in pricing [9]. - The pricing for the DeepSeek-chat based on the V3 model is set at 2 yuan per million input tokens and 8 yuan per million output tokens, while the DeepSeek-reasoner based on the R1 model is priced at 4 yuan per million input tokens and 16 yuan per million output tokens [9]. - On February 26, a peak-shifting discount pricing strategy was introduced, with significant reductions during specific hours, offering V3 at 50% off and R1 at 25% off [10]. Group 3: Market Impact - According to CITIC Securities, DeepSeek's open-source initiatives are expected to catalyze the AI+ theme, enhancing AI penetration across various industries and increasing demand for computing power [7].