成本下降促使更多企业能够负担得起私有化部署大模型，从而推动应用软件支 出的增加。同时，这也促使软件公司的商业模式发生变化。传统的软件公司主 要依赖于产品销售，而随着大模型的普及，它们将逐渐转向订阅制 SaaS 模式。 这种转变在美国已经基本完成，但中国的软件公司进展相对较慢。然而，由于 大模型带来的便利和成本优势，中国的软件公司也将加速向 SaaS 模式转型。未 来，应用软件将不仅仅是提供软件服务，而是通过不断迭代更新的大模型来提 供服务。这种机器学习模型即服务（MLaaS）的商业模式将逐渐被企业用户接受， 因为它能够更频繁地更新并满足新的业务需求。 再谈 ERP：用友和金蝶 20250213 摘要 Q&A Deepseek 技术的推出对软件股市场产生了哪些具体影响？ Deepseek 技术的推出显著降低了企业部署大模型的成本，这对软件股市场产生 了积极影响。过去，企业购买大模型需要花费至少 500 万甚至上千万元，并且 还需自行配置算力。然而，Deepseek 技术使得整个部署成本迅速下降到 50 万 元左右，这其中包括算力。以 37B 蒸馏版为例，只需两台 4,090 服务器即可满 足需求，总成本约为 1 ...

ab 12 February 2025 Global Research China Semiconductors Initial implications of DeepSeek and China's AI progress Three major implications of DeepSeek for China's tech supply chain Mainly stimulated by DeepSeek and improved investor sentiment, the China semi stock index has risen 7.5% after Chinese New Year, outperforming the HS300/SOX indexes by 5.3ppt/2.8ppts. We think DeepSeek has shown real AI computing innovation cost efficiently, and we believe more AI propagation is positive for AI computing spending ...

We placed BYD on Positive Catalyst Watch last week (see here) in anticipation of competitive product launches at its technology day yesterday (Feb 10) accelerating the adoption of L2+ autonomous driving (AD) in China. Indeed, BYD unveiled its latest city-level and highway NOA (navigation on autopilot) solution, or 'BYD God's Eye system', at the event. Chairman/ Founder Mr. Wang Chuanfu announced that 21 BYD models will be equipped with the latest 'God's Eye' solution, covering all models priced above Rmb100 ...

V i e w p o i n t | 10 Feb 2025 15:38:42 ET │ 19 pages Taiwan Electronics & Semiconductors Taiwan technology sector monthly tracking – High-end applications support a good start of the year CITI'S TAKE Based on Taiwanese technology companies' reported Jan sales, we note that advanced applications such as AI lead better YoY momentum at the beginning of the year. Server players Jan sales were tracking ahead (-11% MoM/+81% YoY). Wiwynn and Accton both delivered better-than-seasonality monthly sales due to robu ...

10 February 2025 U.S. Semiconductors and Semiconductor Capital Equipment U.S. Semiconductors - Deconstructing 2024 Stacy A. Rasgon, Ph.D. +1 212 756 4403 stacy.rasgon@bernsteinsg.com Alrick Shaw +1 212 969 1458 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 212 969 1518 arpad.vonnemes@bernsteinsg.com On the surface, 2024 was a solid upturn for the semiconductor industry, with total sales rising 19% YoY following an 8% decline in 2023. Growth was however dominated by memory (which rose 79% YoY following 2023 ...

| Price (07 Feb 25 15:00) | Rmb69.000 | | --- | --- | | Target price | Rmb70.000 | | Expected share price | 1.4% | | return | | | Expected dividend yield | 0.7% | | Expected total return | 2.1% | | Market Cap | Rmb185,765M | | | US$25,487M | Jamie WangAC +852-2501-2772 jamie.ck.wang@citi.com Flash | 09 Feb 2025 18:12:22 ET │ 12 pages Shenzhen Inovance Technology (300124.SZ) NEV Electric Controller and E-axle System Market Shares Both Improved in 2024 CITI'S TAKE According to NE Times' data released on 7 Feb ...

Arindam Sandilya AC (65) 6882-7759 arindam.sandilya@jpmorgan.com JPMorgan Chase Bank, N.A., Singapore Branch See the end pages of this presentation for analyst certification and important disclosures. All charts are sourced from J.P. Morgan unless otherwise specified. {[{xTcfaSlj-ZSQMv-ljRpIM0CyzixwoI9MYXn8bUl3CMBEvXsLMhwdUw}]} Near-term USD bullish but pondering medium-term risks Global FX Strategy 10 February 2025 FX Outlook Presentation Near-term USD bullish but pondering medium-term risks Global FX Stra ...

12 February 2025 | 6:59AM HKT China Data Centers AI investments with efficiency to drive sustainable IDC development and valuation re-rating; Buy VNET/GDS The emergence of DeepSeek is challenging the traditional assumptions of AI training costs, and is enabling faster growth of AI inference demand. More importantly, this development along with other recent AI model launches (e.g. ByteDance Doubao 1.5 Pro, Moonshot Kimi k1.5, Alibaba Qwen2.5, S1 developed by a team led by Professor Li Fei-Fei at Stanford Uni ...

Equity Research China Technology 10 February 2025 China Technology CBO - China Brief Overnight - 2/10/2025 China vows measures to boost consumption and foreign investment, and solve structural issues in industries; Shanghai offers RMB 500mn consumption vouchers from March to June; BYD introduces three new DiPilot ADAS systems, and will integrate DeepSeek R1 into its smart vehicles. Our daily product rounds up key stories from the Chinese language media overnight, focusing on developments in the technology s ...

J P M O R G A N Asia Pacific Equity Research 10 February 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Renewables NDRC's push on 100% RE power market sales drives mixed implications: Negative for ESS; Neutral for off- shore wind; Positive for RE ...