DeepSeek之AI大模型解读：模型成本大幅下降，国产化全方位加速

Investment Rating - The report maintains an optimistic outlook on the AI computing chip industry, particularly for companies like TSMC, NVIDIA, and AMD, emphasizing their potential for growth despite recent stock price declines [8]. Core Insights - DeepSeek R1 model, launched on January 20, 2025, has 671 billion parameters and offers capabilities comparable to OpenAI's models at significantly lower costs, with API pricing set at 1 RMB per million input tokens (cache hit) and 4 RMB (cache miss) [3][4]. - The rapid growth of DeepSeek's app downloads, achieving a 375% week-on-week increase, indicates strong market interest and demand for its AI capabilities [4]. - Concerns in the overseas market include potential oversupply in computing chips and a perceived weakening of U.S. companies' advantages in AI model competition [4][5]. Summary by Sections DeepSeek Model Development - The DeepSeek R1 model has been optimized through reinforcement learning and knowledge distillation, outperforming many existing models while maintaining lower operational costs [3][4]. - The model's performance has led to significant interest from major tech companies like NVIDIA, Microsoft, and Amazon, who are integrating DeepSeek's technology into their AI platforms [4]. AI Computing Demand - The report suggests that fears regarding excessive demand for AI computing power are overstated, as the AI model industry is still in its early stages, with significant growth opportunities for startups like DeepSeek [5][7]. - The decline in overall costs for AI models is expected to drive rapid expansion in end-user applications, benefiting from lower operational costs [7][8]. Investment Opportunities - Companies in the AI computing chip sector, such as TSMC, NVIDIA, and AMD, are highlighted as strong investment opportunities due to their solid fundamentals and potential for growth [8]. - The report anticipates that the lower costs associated with DeepSeek's AI models will enhance the user experience for end-user companies, particularly in sectors like smartphones and electric vehicles, benefiting companies like Apple and Xiaomi [8][9]. - The report also identifies potential beneficiaries in the autonomous driving sector, including NIO, XPeng, and BYD, as they leverage DeepSeek's advanced AI capabilities [9].