【文/观察者网 阮佳琪】 自去年横空出世、轰动世界以来，中国人工智能初创公司深度求索（DeepSeek）的任何风吹草动都备 受关注。 当地时间25日，路透社援引两名知情人士消息称，DeepSeek发布其下一代旗舰模型V4之前，打破行业 惯例，没有向英伟达和超威半导体（AMD）等美国芯片制造商提供模型早期访问权限，转而让华为等 中国芯片制造商提前数周开展软件适配处理器的优化工作。 据报道，按照行业常规做法，AI开发者通常会向英伟达、AMD等头部芯片厂商提供预发布模型以进行 性能优化，确保软件能够在主流硬件上高效运行。DeepSeek此前便与英伟达技术人员有着紧密合作。 对于这一打破惯例的举动，英伟达和AMD拒绝置评，DeepSeek与华为则尚未予以回应。 报道指出，尽管上述分析师认为DeepSeek主要作为基准模型，对英伟达和AMD的直接业务影响有限， 但中国开源模型的迅速崛起，确实显著加剧了华盛顿在对华出口美国先进AI芯片问题上的焦虑。 近日，特朗普政府高级官员便借机炒作称，DeepSeek的AI模型使用了英伟达最先进的AI芯片进行训 练，此举可能违反美国出口管制。美方妄称DeepSeek需要将相关设备移除。 ...

Group 1: Company Actions - Nomura Holdings plans to increase employee compensation in its domestic brokerage division by over 5% starting April 2026 to attract and retain talent [1] - The company has appointed a new head for its Asia and Asia-Pacific equity business to accelerate the integration of its global equity operations [1] - Nomura has completed the acquisition of Macquarie Group's public asset management business in the US and Europe, aiming to strengthen its core businesses in wealth management, asset management, and trading facilitation [1] Group 2: Stock Performance - As of February 11, 2026, Nomura Holdings' stock price closed at $9.42, with a daily increase of 0.64%, a 5-day cumulative increase of 7.05%, and a year-to-date increase of 12.28% [2] - The trading volume was $13.14 million, with a turnover rate of 0.05%, and a price-to-earnings ratio (TTM) of 12.50 times, alongside a dividend yield of 4.24% [2] - Stock price fluctuations are influenced by adjustments in global capital markets and specific company events, with liquidity remaining stable [2] Group 3: Institutional Insights - Nomura Securities reports that the upcoming launch of the DeepSeek V4 model in mid-February 2026 is not expected to trigger the same global AI computing demand panic as the V3 release did last year, emphasizing its core value in driving the commercialization of AI applications through underlying architectural innovation [3] - International investment bank research highlights that Nomura is currently focusing on targets like GDS Holdings, stressing the balance between business expansion and risk control [3]

Group 1 - Nomura Holdings announced several initiatives, including a plan to increase employee compensation in its domestic brokerage division by over 5% starting April 2026 to attract talent [1] - The company appointed a new head for its Asia and Asia-Pacific equity business to accelerate global business integration [1] - Nomura has completed the acquisition of certain public asset management businesses from Macquarie Group in Europe and the U.S., aimed at strengthening its core wealth management operations [1] Group 2 - As of February 11, 2026, Nomura's stock price closed at $9.42, with a daily increase of 0.64%, a cumulative rise of 7.05% over the past five days, and a year-to-date increase of 12.28% [2] - The trading volume was $13.14 million, and the price-to-earnings ratio stood at 12.50 times [2] Group 3 - Nomura Securities' report highlighted that the upcoming DeepSeek V4 model's core value lies in commercializing AI applications rather than causing a panic over computing power demand [3] - The recent research report from Nomura focused on balancing business expansion with risk control for certain targeted investments [3]

Core Insights - DeepSeek is advancing its new model version with a grayscale test, potentially the final version before the official V4 launch [1] - The V4 model is expected to be released in mid-February 2026, and it will not replicate the global AI computing demand panic seen during the V3 launch [2] - The core value of V4 lies in driving the commercialization of AI applications through underlying architectural innovations rather than disrupting the existing AI value chain [2] Model Enhancements - The context length of the model has been expanded from 128K to 1M, nearly a tenfold increase, and the knowledge base has been updated to May 2025 [1] - V4 is expected to introduce two innovative technologies, mHC and Engram, which aim to overcome computing chip and memory bottlenecks [2][8] - Initial internal tests indicate that V4 outperforms models like Anthropic Claude and OpenAI's GPT series in programming tasks [2] Technical Innovations - mHC (Manifold Constraint Hyperconnection) addresses the bottlenecks in information flow and training instability in deep Transformer models, enhancing the richness and flexibility of communication between neural network layers [4] - Engram is a "conditional memory" module that decouples memory from computation, allowing static knowledge to be stored in a sparse memory table, thus freeing up expensive GPU memory for dynamic calculations [6] Cost Efficiency and Market Impact - The introduction of mHC and Engram is expected to significantly reduce training and inference costs, stimulating downstream application demand and initiating a new cycle of AI infrastructure development [8] - The report suggests that Chinese AI hardware manufacturers may benefit from increased demand and investment due to these cost optimizations [8] Market Dynamics - The market landscape has shifted from a dominant player to a more fragmented competition, with DeepSeek's market share declining as more players enter the field [9][11] - The efficiency in computing management and performance improvements from DeepSeek are accelerating the development of Chinese large language models and applications, altering the global competitive landscape [11] Opportunities for Software Companies - Major global cloud service providers are actively pursuing general artificial intelligence, and the capital expenditure race continues [12] - If V4 can maintain high performance while significantly lowering training and inference costs, it will help developers convert technology into revenue more quickly, alleviating profit pressures [12] - Enhanced capabilities of V4 are expected to create more powerful AI agents, transforming them from mere conversational tools to capable assistants that can handle complex tasks [12]

Economic Data - The People's Bank of China will release January CPI and PPI on February 11 [1] - The National Bureau of Statistics will publish the monthly report on January commodity residential sales price index on February 13 [1] - Financial data including January social financing and new RMB loans will also be released next week [1] - In the US, December retail sales month-on-month will be announced on February 10, followed by January unemployment rate and non-farm employment data on February 11 [1] Earnings Reports - The US earnings season continues with several notable companies reporting next week, including BP, Barclays, Marriott, Coca-Cola, and AstraZeneca on February 10 [2] - Other companies such as NetEase, Youdao, and Total will report on February 11, while TripAdvisor and Hyatt will report on February 12 [2] - In Hong Kong, SMIC will report earnings on February 10, followed by Budweiser APAC and NetEase Cloud Music on February 11 [2] New Stock Issuance - One new stock, Tongbao Optoelectronics, will be available for subscription on February 9, with Ai De Technology listing on the Beijing Stock Exchange on February 10 [2] - Several new stocks will list in Hong Kong, including Lanke Technology on February 9 and Aixin Yuanzhi on February 10 [2] Stock Unlocking - A total of 33 restricted stocks will be unlocked next week, with a total market value exceeding 36 billion yuan, led by Hunan YN with 24.096 billion yuan [3][10] Central Bank Operations - The central bank will have 4.055 billion yuan of reverse repos maturing next week, with specific amounts maturing each day [3][10] Government Bonds - The Ministry of Finance will issue the first phase of RMB government bonds in Hong Kong on February 11, with a scale of 14 billion yuan [13]

据知情人士透露，DeepSeek对其计划保持沉默，预计不会像去年那样发布重大更新，DeepSeek可能会对其 V3 模型 系列进行小幅更新。 该公司下一代旗舰模型（V4）预计将是万亿参数级基础模型，模型规模的急剧膨胀拖慢了训练进度并导致发布时 间推迟。 据知情人士透露，DeepSeek对其计划保持沉默，预计不会像去年那样发布重大更新，DeepSeek可能会对其 V3 模型 系列进行小幅更新。 该公司下一代旗舰模型（V4）预计将是万亿参数级基础模型，模型规模的急剧膨胀拖慢了训练进度并导致发布时 间推迟。 ...

Core Viewpoint - The article highlights the impressive performance of Fantom Quantitative, which achieved an average return of 56.55% in 2025, ranking second among quantitative private equity firms in China, and emphasizes the financial support it provides to DeepSeek for AI model development [1][2]. Group 1: Company Performance - Fantom Quantitative's average return over the past three years is 85.15%, and over the past five years, it is 114.35% [1]. - The company currently manages over 700 billion yuan, maintaining its position in the top tier of China's private quantitative investment sector [1]. - Estimated revenue from management fees and performance commissions for the previous year could exceed 700 million USD, based on a 1% management fee and 20% performance commission [2]. Group 2: DeepSeek Development - DeepSeek, founded in July 2023, is focused on general artificial intelligence and is primarily funded by the research budget of Fantom Quantitative [2]. - The V4 model, an iteration of the V3 model set to be released around the Spring Festival in February, is reported to surpass current leading models in programming capabilities [3]. - DeepSeek's V3 model had a total training cost budget of 5.57 million USD [2]. Group 3: Industry Context - Competitors in the AI model space, such as Zhizhu and MiniMax, have reported significant R&D expenditures, with Zhizhu's cumulative investment reaching approximately 4.4 billion yuan and MiniMax's around 316 million yuan [3]. - The Italian antitrust authority concluded an investigation into DeepSeek regarding user warnings about potential misinformation, indicating regulatory scrutiny in the AI sector [4].

Group 1: Company Performance - The average return of Huansheng Quantitative for 2025 is projected to be 56.55%, ranking second among quantitative private equity firms in China with over 10 billion yuan in management scale, only behind Lingjun Investment at 73.51% [1][4] - Huansheng Quantitative has a management scale exceeding 70 billion yuan, with an average return of 85.15% over the past three years and 114.35% over the past five years [1][4] - The strong performance of Huansheng Quantitative has provided substantial research and development funding for DeepSeek, a company under the leadership of Liang Wenfeng [1][4] Group 2: Company Background and AI Development - Huansheng Quantitative, founded by Liang Wenfeng in 2008 while studying at Zhejiang University, is one of the most well-known quantitative private equity giants in China, with a focus on mathematics, computation, research, and AI [1][4] - The company broke the 10 billion yuan management scale in 2019 and surpassed 100 billion yuan in 2021 [1][4] - Huansheng Quantitative has been investing in AI since 2016, with its first stock position generated by deep learning algorithms going live in October 2016, and by the end of 2017, nearly all quantitative strategies were using AI models [1][4] Group 3: DeepSeek and AI Innovations - In April 2023, Huansheng Quantitative announced the establishment of an independent research organization, DeepSeek, to explore the essence of AGI, focusing on serving the common interests of humanity through AI technology [2][5] - DeepSeek's R1 model, released in January 2025, gained significant media attention and is noted for its industry-leading capabilities and cost advantages, with training costs an order of magnitude lower than competitors [2][6] - DeepSeek is set to release its next flagship AI model, DeepSeek V4, in February, which is expected to have strong programming capabilities and significantly impact the current AI competitive landscape [2][6] Group 4: Research Contributions - On January 12, DeepSeek published a new paper titled "Conditional Memory via Scalable Lookup: A New Axis of Sparsity for Large Language Models," co-authored with Peking University, featuring Liang Wenfeng as a co-author [3][6] - DeepSeek also open-sourced a related memory module named Engram on the same day [3][6]

Group 1 - The core viewpoint of the news highlights the significant investment opportunities in the AI application sector, particularly with the upcoming release of DeepSeek's next-generation V4 model in mid-February [1][2] - The Computer ETF (512720) has seen a rise of over 2.4% and a net inflow exceeding 200 million yuan over the past two days, indicating strong market interest in AI-related investments [1][2] - DeepSeek's V4 model is expected to surpass current mainstream models in programming tasks, handle long code prompts more effectively, and demonstrate improved data pattern understanding and reasoning capabilities [1] Group 2 - The Computer ETF tracks the CS Computer Index (930651), which includes listed companies involved in computer hardware, software, and services, reflecting the overall performance of China's computer-related securities [2] - The index is characterized by a significant technology growth style, indicating a focus on companies with strong growth potential in the tech sector [2] - The announcement of Huoshan Engine as the exclusive AI cloud partner for the 2026 Spring Festival Gala, along with the integration of ByteDance's intelligent assistant Doubao, is expected to generate widespread attention due to its multimodal capabilities [1]

Core Insights - The article highlights the impressive performance of Huansheng Quantitative, which achieved an average return of 56.55% in 2025, ranking second among quantitative private equity firms in China, only behind Lingjun Investment with 73.51% [2] - Huansheng Quantitative's management scale has exceeded 70 billion yuan, and its average returns over the past three years and five years are 85.15% and 114.35%, respectively [2] - The strong returns from Huansheng Quantitative provide substantial funding support for DeepSeek, a company focused on AI model development, founded by Liang Wenfeng [2][4] Company Overview - Huansheng Quantitative was established in 2015 and specializes in AI quantitative trading, consistently investing in AI algorithm research [2][4] - The company has a diverse team composed of experts in various fields, including mathematics, physics, and computer science, which enables it to tackle challenges in deep learning and big data modeling [2] - The company has experienced rapid growth, surpassing 100 billion yuan in management scale in 2019 and reaching over 700 billion yuan currently [2][4] Financial Performance - Based on industry estimates, Huansheng Quantitative's strong performance last year could generate over 700 million USD in revenue, assuming a 1% management fee and a 20% performance fee [6] - The funding for DeepSeek's research comes from Huansheng Quantitative's R&D budget, with Liang Wenfeng holding a majority stake in both companies [4][5] AI Model Development - DeepSeek, incubated by Huansheng Quantitative, aims to advance general artificial intelligence and has a budget of 5.57 million USD for its V3 model training costs [7] - DeepSeek plans to release its next-generation AI model, DeepSeek V4, around the Lunar New Year, which is expected to surpass existing top models in programming capabilities [7]