China’s large language model , DeepSeek, has achieved technology approaching world-class levels through structural and algorithmic innovations. More importantly, it has successfully reduced the model size and significantly lowered inference costs, which will greatly accelerate the development of AI applications. 

International Market: 

In the U.S. stock market, especially among AI hardware companies, the investment logic has faced short-term challenges. Questions like whether there is still a need for full allocation of high-end computing power and whether the scale of computing power demand has been overestimated need to be reconsidered. As a result, related companies in the U.S. stock market have experienced a pullback. 

Domestic Market: 

In the valuations of Chinese technology companies, AI has hardly been reflected. With the global recognition of DeepSeek's technology, Chinese tech companies have an opportunity for revaluation, and theirvaluations are expected to increase. Moreover, with more application scenarios and lower engineering and deployment costs, AI applications will accelerate development in the Chinese market. We are optimistic that the Chinese AI application market will continue to lead globally.