DeepSeek冲击全球AI产业格局，看好国产算力与AI应用

Investment Rating - The report maintains an "Overweight" rating for the industry [1]. Core Insights - DeepSeek is reshaping the global AI industry landscape, emphasizing the importance of domestic computing power and AI applications [2]. - The report highlights significant algorithmic innovations by DeepSeek that have drastically reduced training costs and improved performance [12]. - The emergence of DeepSeek as a major player in the AI sector has prompted international competitors to reconsider their traditional AI development strategies [16][18]. Summary by Sections 1. DeepSeek's Algorithmic Innovations - DeepSeek has made substantial innovations in algorithm engineering, significantly lowering training costs and achieving excellent training results [12]. - The company has invested 1 billion yuan in over 10,000 NVIDIA A100 GPUs, leading to the launch of its first open-source general-purpose large language model, DeepSeek LLM, in November 2023 [8]. - The total cost of ownership (TCO) for DeepSeek's AI infrastructure is estimated at $2.573 billion over four years, with operational costs significantly reduced compared to competitors [9][10]. 2. DeepSeek's Impact on the Global AI Landscape - DeepSeek's advancements have led to a reevaluation of traditional AI development paths by overseas firms, positioning it as a key global AI player [16]. - The company has broken the monopoly of OpenAI's closed models by open-sourcing its research, which is expected to lead the industry towards more innovative developments [18]. 3. Outlook on Computing Power and Application Segments - The report anticipates a surge in domestic computing power demand, particularly in server manufacturing, domestic computing chips, and related infrastructure [22]. - DeepSeek's reduction of barriers for large model training and inference is expected to foster the growth of high-quality AI applications [23]. - Alibaba is projected to lead a new wave of AI computing capital expenditure, with investments in cloud and AI infrastructure expected to exceed the total of the past decade [22]. 4. Investment Recommendations - The report suggests focusing on AI computing power and applications, giving the electronics sector an "Overweight" rating due to the favorable conditions created by DeepSeek's innovations [28].