DeepSeek开源降本加速，应用端边际突破拐点已至

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [3][29]. Core Insights - Investment Theme One: DeepSeek is continuously expanding its ecosystem, accelerating the AI industry. The introduction of DeepSeek-R1, which achieves performance close to OpenAI's o1 at a fraction of the cost, is attracting developers and enhancing model iteration efficiency through a positive cycle of technology, application, and data [7][20]. - Investment Theme Two: The strong start of the 2025 Spring Festival box office demonstrates high demand potential. The total box office reached 9.51 billion yuan, with 187 million viewers, setting historical records. The success of major films like "Nezha 2" and supportive government policies are expected to improve the box office outlook for 2025 [21][22]. Summary by Sections Market Performance Review - The social service sector index rose by 3.21% in the past week, ranking 10th among 31 first-level industries. The performance of sub-industries included tourism and scenic spots at 4.09%, professional services at 2.86%, and hotel and catering at 2.84% [6][9]. Core Insights - DeepSeek's cost-effective AI models are expected to drive rapid growth in B-end applications, including content generation and smart marketing. The AI agent market is anticipated to enter a rapid development phase, with significant cost reductions enhancing efficiency across various sectors [16][20]. - The 2025 Spring Festival box office performance, driven by quality content and favorable policies, is expected to boost demand. The success of major films and the implementation of consumer support policies are likely to enhance the overall market sentiment [21][22]. Industry News Dynamics - During the 2025 Spring Festival holiday, domestic travel reached 501 million trips, with total spending of 677 billion yuan, reflecting a year-on-year increase of 5.9% and 7.0%, respectively. The popularity of winter tourism and night-time cultural activities contributed to this growth [24][25].