大摩：DS的影响不断加大，AI阵营分化，超配这9只股票！

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the impact of DeepSeek on the artificial intelligence (AI) market, highlighting a bifurcation in the AI landscape where a low-cost AI market is emerging alongside a high-end AI market [1][2][9]. Core Insights and Arguments - DeepSeek's Influence: DeepSeek is changing perceptions of the AI economic structure, leading to a low-cost AI market that is rapidly being adopted across various industries, including telecommunications, data centers, automotive, and finance [1][2][3]. - Market Bifurcation: The AI market is becoming polarized, with a high-end segment requiring significant computational power and a low-cost segment that is accessible to a broader range of companies. This shift is reminiscent of the internet's evolution in the mid-1990s [2][3][10]. - Profitability Challenges: While the low-cost AI market benefits consumers, profitability for companies in this space is expected to be challenging due to intense competition and the commoditization of AI products and services [3][10][11]. - Emerging Beneficiaries: Companies that can leverage low-cost AI applications, particularly in edge AI and software, are positioned to benefit. Traditional AI chip manufacturers will also continue to thrive, but new narratives are emerging around AI applications and workflows [3][12]. Additional Important Insights - China's AI Ecosystem: China is establishing a domestic AI ecosystem that aims to compete globally without relying on Western technology. The country is expected to see its AI economy grow from $70 billion** in 2023 to **$140 billion by 2030, driven by factors such as infrastructure, talent, and practical applications [16][17]. - Adoption by Major Companies: Major Chinese companies, including BYD, are integrating DeepSeek into their products, such as the "DiPilot" driving assistance technology, which has significantly increased their market value [18][19]. - Western Resistance: In contrast, many Western entities, including government agencies, are restricting the use of DeepSeek due to security concerns, which may hinder their ability to develop competitive AI platforms [18][19]. - Stock Performance: The performance of AI-related stocks is diverging, with traditional tech stocks in China outperforming cloud AI stocks. This trend suggests that the market is beginning to favor companies that can effectively scale and commercialize new technologies [23][24][29]. Conclusion - The emergence of DeepSeek represents a significant shift in the AI landscape, creating both opportunities and challenges for companies across various sectors. The bifurcation of the market into high-end and low-cost segments will likely reshape competitive dynamics, with a focus on scalability and innovation being crucial for long-term success [29].