<p>分析师表示，DeepSeek 最新人工智能模型的发布可能会引发整个产业链从芯片制造商到大型语言模型开发者的广泛重新评估，这一突破有望推动对计算能力的需求和更广泛的商业应用。V4 系列的发布标志着这家总部位于杭州的初创公司又一个里程碑，该公司将该模型描述为最强大的开源平台，能够挑战美国竞争对手如 OpenAI 和 Anthropic。根据 DeepSeek 的说法，该模型在编码基准测试中表现出色，并在推理和代理任务中显示出显著优势。像寒武纪和摩尔线程这样的人工智能芯片制造商将受益于这一新进展，推动对在中国大陆生产的高性能芯片的需求。此次发布还可能降低人工智能融入日常生活的成本，并扩大商业使用，可能使 MiniMax 和更广为人知的知识图谱科技（Zhipu）等人工智能公司受益。&#34;DeepSeek 的 V4 降低了使用高性能人工智能模型的门槛，将为中小企业甚至个人提供更实惠的人工智能能力，&#34;中银国际的分析师苏凌瑶表示。&#34;DeepSeek 的 V4 与国产芯片高度兼容，这将加速中国人工智能计算能力的商业化。&#34;根据券商的说法，潜在受益者包括从海光信息技术和 MetaX 集成电路到半导体制造国际公司（SMIC）和华虹半导体等代工厂。根据国泰君安证券的预测，中国的人工智能芯片市场预计将在 2029 年达到 1.34 万亿元人民币（1962 亿美元），而 2024 年为 1425 亿元人民币，年复合增长率为 54%。上海最大的科技股的星辰市场 50 指数——Cambricon 和 SMIC 上市的地方——在 4 月份上涨了 25%，接近五年高点。Cambricon 在周四创下历史新高。DeepSeek 的发布恰逢美国科技股的重新反弹，纳斯达克 100 指数恢复了因油价冲击而造成的所有损失，上个月创下历史新高。投资者押注于大型科技公司的收益将不受原油供应中断的影响，并且超大规模企业对人工智能基础设施的持续投资将增强亚洲芯片制造商的收益。分析师表示，V4 针对国产芯片进行了优化，可能进一步巩固其在中国技术栈中的角色，尤其是在制裁下。DeepSeek 据报道正在与腾讯控股和阿里巴巴集团进行首次外部融资轮的谈判。阿里巴巴拥有《南华早报》。摩根士丹利将中国模型描述为高效，提供与美国同行相似的性能，推理成本仅为 15% 到 20%。该美国银行表示，考虑到增长前景，中国人工智能模型公司如 MiniMax 被低估。主要参与者从去年第二季度到今年第一季度提高了产品价格，推动了性能改善，表明从纯商品化向基于性能的货币化转变，摩根士丹利在 4 月份的一份报告中表示。这些股票也可能通过吸引更多资金流入来重塑香港股市，摩根士丹利表示。MiniMax 和 Zhipu 很可能在 6 月加入恒生科技指数，合计权重在 5% 到 7% 之间，这将带来高达 17.5 亿美元的被动管理资金流入。摩根士丹利表示，这两只股票在 8 月加入交易所互联互通计划后，将吸引来自中国大陆投资者的额外购买，购买金额在纳入后的六个月内可能达到其自由流通市值的五分之一。&#34;DeepSeek 与国内芯片制造商的合作在推动大型语言模型硬件和软件的协调发展以及加速国内自控计算能力方面具有重要意义，&#34;中联证券的分析师李克夫表示。</p>

摩尔线程-U

寒武纪

<p>DeepSeek 推出的 V4 AI 模型预计将对科技行业产生重大影响，特别是将惠及像寒武纪和摩尔线程这样的中国芯片制造商。该模型被描述为一个强大的开源平台，旨在提升对高性能芯片的需求，并降低企业的 AI 集成成本。分析师预测，到 2029 年，中国的 AI 芯片市场可能会显著增长。此次发布恰逢美国科技股的反弹，而 DeepSeek 与国内芯片制造商的合作被视为推动中国 AI 能力发展的关键</p>

<p>DeepSeek’s launch of its latest artificial intelligence model could likely trigger a broad reassessment of stocks across the industry chain from chipmakers to large language model developers, analysts say, with the breakthrough poised to drive demand for computing power and more commercial adoption. The unveiling of the V4 series marked another milestone for the Hangzhou-based start-up, which described the model as the most powerful open-source platform capable of challenging US rivals such as OpenAI and Anthropic. It delivered top-tier performance in coding benchmarks and showed significant advantages in reasoning and agentic tasks, according to DeepSeek. AI chipmakers such as Cambricon Technologies and Moore Threads Technology stand to benefit, with the new progress spurring demand for more high-performance chips produced in mainland China. The launch may also lower the costs of AI integration into daily life and broaden commercial usage, potentially benefiting AI firms such as MiniMax and Knowledge Atlas Technology, better known as Zhipu. “DeepSeek’s V4 has lowered the threshold for using high-performance AI models and will offer more affordable AI capabilities to small and medium-sized enterprises or even individuals,” said Su Lingyao, an analyst at BOC International. “DeepSeek’s V4 is also highly compatible with domestically made chips, and that will accelerate the commercialisation of AI computing power in China.” Potential beneficiaries include chipmakers from Hygon Information Technology and MetaX Integrated Circuits to fab operators such as Semiconductor Manufacturing International Corp (SMIC) and Hua Hong Semiconductor, according to brokerages. China’s AI chip market could rise to 1.34 trillion yuan (US$196.2 billion) in 2029 from 142.5 billion yuan in 2024, translating into an annual compound growth rate of 54 per cent, according to Guotai Haitong Securities. The Star Market 50 Index of the biggest technology stocks in Shanghai – where Cambricon and SMIC are listed – jumped 25 per cent in April to approach a five-year high. Cambricon rose to a record high on Thursday. DeepSeek’s launch coincided with a renewed rally in US tech stocks, with the Nasdaq 100 index recovering all losses from the oil shock to hit a record high last month. Investors bet that earnings at mega tech firms would be insulated from crude supply disruptions and that continued investments in AI infrastructure by hyperscalers would bolster earnings at Asia’s chipmakers. The V4 was optimised for domestic chips, potentially reinforcing its role within China’s technology stack under sanctions, according to analysts. DeepSeek was reportedly in talks with Tencent Holdings and Alibaba Group Holding for its first external funding round. Alibaba owns the South China Morning Post. Morgan Stanley described Chinese models as efficient, delivering performances similar to US peers at only 15 to 20 per cent of inference costs. The US bank said Chinese AI model companies such as MiniMax were undervalued, given their growth prospects. Major players raised product prices from the second quarter last year to the first quarter this year, driven by performance improvements that indicated a shift away from pure commoditisation to performance-based monetisation, it said in a report in April. These stocks could also reshape Hong Kong’s stock market by drawing more inflows, Morgan Stanley said. MiniMax and Zhipu would very probably join the Hang Seng Tech Index in June with combined weightings between 5 and 7 per cent, which would bring inflows of as much as US$1.75 billion from passively managed funds, it said. The two stocks would lure additional buying from mainland China investors after joining the exchange link programme by August, with purchases equal to as much as a fifth of their free-float market capitalisations within six months of inclusion, Morgan Stanley said. “DeepSeek’s collaboration with domestic chipmakers is of great significance in driving the coordinated development of hardware and software for large language models and speeding up self-controlled computing power domestically,” said Li Kefu, an analyst at Sinolink Securities.</p>
<div class="lb-trans"><p>分析师表示，DeepSeek 最新人工智能模型的发布可能会引发整个产业链从芯片制造商到大型语言模型开发者的广泛重新评估，这一突破有望推动对计算能力的需求和更广泛的商业应用。V4 系列的发布标志着这家总部位于杭州的初创公司又一个里程碑，该公司将该模型描述为最强大的开源平台，能够挑战美国竞争对手如 OpenAI 和 Anthropic。根据 DeepSeek 的说法，该模型在编码基准测试中表现出色，并在推理和代理任务中显示出显著优势。像寒武纪和摩尔线程这样的人工智能芯片制造商将受益于这一新进展，推动对在中国大陆生产的高性能芯片的需求。此次发布还可能降低人工智能融入日常生活的成本，并扩大商业使用，可能使 MiniMax 和更广为人知的知识图谱科技（Zhipu）等人工智能公司受益。&#34;DeepSeek 的 V4 降低了使用高性能人工智能模型的门槛，将为中小企业甚至个人提供更实惠的人工智能能力，&#34;中银国际的分析师苏凌瑶表示。&#34;DeepSeek 的 V4 与国产芯片高度兼容，这将加速中国人工智能计算能力的商业化。&#34;根据券商的说法，潜在受益者包括从海光信息技术和 MetaX 集成电路到半导体制造国际公司（SMIC）和华虹半导体等代工厂。根据国泰君安证券的预测，中国的人工智能芯片市场预计将在 2029 年达到 1.34 万亿元人民币（1962 亿美元），而 2024 年为 1425 亿元人民币，年复合增长率为 54%。上海最大的科技股的星辰市场 50 指数——Cambricon 和 SMIC 上市的地方——在 4 月份上涨了 25%，接近五年高点。Cambricon 在周四创下历史新高。DeepSeek 的发布恰逢美国科技股的重新反弹，纳斯达克 100 指数恢复了因油价冲击而造成的所有损失，上个月创下历史新高。投资者押注于大型科技公司的收益将不受原油供应中断的影响，并且超大规模企业对人工智能基础设施的持续投资将增强亚洲芯片制造商的收益。分析师表示，V4 针对国产芯片进行了优化，可能进一步巩固其在中国技术栈中的角色，尤其是在制裁下。DeepSeek 据报道正在与腾讯控股和阿里巴巴集团进行首次外部融资轮的谈判。阿里巴巴拥有《南华早报》。摩根士丹利将中国模型描述为高效，提供与美国同行相似的性能，推理成本仅为 15% 到 20%。该美国银行表示，考虑到增长前景，中国人工智能模型公司如 MiniMax 被低估。主要参与者从去年第二季度到今年第一季度提高了产品价格，推动了性能改善，表明从纯商品化向基于性能的货币化转变，摩根士丹利在 4 月份的一份报告中表示。这些股票也可能通过吸引更多资金流入来重塑香港股市，摩根士丹利表示。MiniMax 和 Zhipu 很可能在 6 月加入恒生科技指数，合计权重在 5% 到 7% 之间，这将带来高达 17.5 亿美元的被动管理资金流入。摩根士丹利表示，这两只股票在 8 月加入交易所互联互通计划后，将吸引来自中国大陆投资者的额外购买，购买金额在纳入后的六个月内可能达到其自由流通市值的五分之一。&#34;DeepSeek 与国内芯片制造商的合作在推动大型语言模型硬件和软件的协调发展以及加速国内自控计算能力方面具有重要意义，&#34;中联证券的分析师李克夫表示。</p>
</div>

随着中国芯片需求有望增强，谁能从 DeepSeek 的 V4 中获益？