通信行业深度报告：通信算力降本增效，Deepseek变与不变.docx

Catalog

iH8J(@filifBlfii?t,Deepseekfit@ill. 4

( ) DeepSeek:/? ?T Tw%tl ü49 kn0?t4B. 4

( ) DeepSeek5Ii+AIüA?o, /Awffi?Y@ üGNU@?II. 6

(—) deepseekmü84 —UN : %@. tA?tfltA% ü%Ui 8

jifRADeepSeek, Bifil?lgt @Hi?t 9

( nnr4ixt, oAfi° 4% 9

( ) f 1Fui+1fltP,U%fil?XDeepSeekf%Y1fl9 10

fii?êf?ftwüN,DeepSeeklfi@@J?ailtl 13

( ) u% ütmtfiNüT,@üt??ütmtfi1fifi1PW?%. 13

( ) i)!li?(/F]ü tAlFaiHiX,DeepSeek1￥Hüt?tA??Uü?4 V% 14

(—) fi11l!i?tflK ücrlüKGNtOK,fiü?b@1Yt?%. 16

a. DeepSeeklfffilAIDC1?Jil0JH§t,@NH?. 18

( ) WNA %1êfi° fi,DeepSeekMJ AIDCA@ RNJfit 20

lqH l;t:Ntt H.fii8(ü.AIDCU4ttd 24

R fAT 26

B\B\, 3t???BB?is3i?i?Jil@)?t, Deepseekfi4J?B

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%1:DeepSeek OpenAI-o1

%3:DeepSeek

AIME2024

AIME

2024

AIME

2024

MATH-

500

CìPQA LiveCodeBenchCodeForces

pass@l

cons@64

pass@1

pass@1

GPT-4o-0513

9.3

13.4

74.6

49.9

32.9

759.0

C?audc-3.5-Sonaec-1022

16.0

26.7

78.3

63.0

38.9

717.0

of-?iioi

63.6

80.0

90.0

60.0

53.8

1820.0

Q?Q-szB

44.0

60.0

90.6

S+.s

41.9

1316.0

DeepScek-RI-DistiIf-Qwen-1.SB

28.9

52.7

83.9

33.8

16.9

9s4.0

DeepSeek-Rl-?iatil1-Quen-7B

55.5

83.3

92.8

49.1

37.6

1189.0

D?pS?k-RLDB?LQwc?l4B

69.7

80.0

93.9

59.1

53.1

1481.0

D￠cp3￠ek-RI-D?e?It-Qw?-32B

72.6

85.3

94.3

62.1

57.2

1691.0

Deq??kR?DBdhiA??8B

50.4

80.0

89.1

49.0

39.6

1205.0

DeepSeek-RI-Oüti?l-Uaea-70B

70.0

86.7

94.5

65.2

57.5

1633.0

paas@l rating

fi, ?i?i??, í?;i?áI?, AIDC??G

EPS P/E

2026E

6.47

6.81

7.20

17.70

16.81

15.90

0.29

0.32

0.35

23.88

21.62

19.65

0.36

0.39

0.41

23.98

22.29

20.84

4.74

7.89

9.76

25.07

15.05

12.16

3.51

6.29

8.23

34.53

19.25

14.71

2.58

4.16

5.46

40.35

25.01

19.08

0.98

1.38

1.74

59.06

41.73

33.16

1.33

1.71

2.17

37.07

28.78

22.70

0.54

1.62

2.46

269.11

89.91

59.33

0.13

0.26

0.41

169.77

82.84

53.54

0.25

0.32

0.37

163.05

126.20

108.61

0.30

0.40

0.48

68.68

51.80

43.00