请阅读最后评级说明和重要声明-20%-10%0%10%20%30%40%50%000300.SH515070.SH投资要点➢➢➢➢➢2一、"低成本、高性能、强推理"三位一体，DeepSeek模型持续迭代升级....................................31.DeepSeek模型密集更新，用户数将持续高速增长....................................................................................32.低成本：DeepSeek位于模型性价比最优范围，较OpenAI等同类模型大幅下降.....................................43.高性能&强推理：Deepseek算法能力突出，模型性能跻身世界前列.........................................................7二、DeepSeek驱动模型平价化，建议关注算力、AIAgent和端侧的投资机会............................91.DeepSeek驱动模型平价化，算力需求大幅增长........................................................................................92.AIAgent市场空间广阔，B端、C端应用大有可为...................................................................................103.DeepSeek引领开源技术生态，低成本高性能利好端侧AI爆发...............................................................12三、投资建议.............................................................................................................................15四、风险提示.............................................................................................................................16..................................................................................................................4............................................................................................4.......................................................................................................................................5.......................................................................................................................5...............................................................................................................................6.....................................................................................................7...............................................................................................................................7.....................................................................................................................................8......................................................................................................................................................8....................................................................................................9..............................................................................................................10...........................................................................................................10......................................................................................................12.......................................................................................13............................................................................................................................13.....................................................................................................................................3.............................................................................................................................6...................................................................................................................11........................................................................................................................................14..............................................................................................................................153456789101112⚫13⚫14151617