Zhitong Hong Kong Stocks Early Knowledge | DeepSeek ignites computing power demand as international gold prices continue to rise sharply

【Today's Headlines】

2025 May Be the Year of Global AI Applications

Recently, there has been sustained investment interest in the AI sector. This move may be related to the release of the latest open-source model DeepSeek-R1 by the Chinese artificial intelligence company DeepSeek, which achieves performance close to GPT-01 at a lower cost, breaking the long-standing "compute power stacking" path dependence in the global AI industry and triggering expectations for an innovation wave.

2025 is expected to be the year of global AI applications, with an increasingly strong upward resonance trend in the global AI industry. Among them, domestic giants ByteDance, BAT, as well as Huawei, Xiaomi (01810), and DeepSeek are expected to see rapid capital expenditure growth in the coming years. China's AI strength can no longer be ignored, and the overall valuation of China's AI industry chain is expected to be reshaped (from theme to prosperity transformation). At the same time, looking at the out-of-circle event effects from DP, Xiaohongshu, Tiktok, etc., Chinese tech assets are also expected to welcome revaluation opportunities.

Debon Securities believes that the DeepSeek series of open-source models will bring the following changes to the world. First, it will accelerate the explosion of AI applications and agents. Second, it will accelerate the upgrade process of AI terminals. Third, it will accelerate the release of inference computing power demand. This may also lead to a sustained strengthening of related sectors.

【Market Outlook】

Overnight, all three major U.S. stock indices rose, and international gold prices continued to hit historical highs

Overnight, the Dow Jones Industrial Average rose 134.13 points, an increase of 0.30%, closing at 44,556.04 points; the Nasdaq rose 262.06 points, an increase of 1.35%, closing at 19,654.02 points; the S&P 500 index rose 43.31 points, an increase of 0.72%, closing at 6,037.88 points. Most star tech stocks closed higher, with AMD (AMD.US) up 4.58%, TSMC (TSM.US), Apple (AAPL.US), and Tesla (TSLA.US) up over 2%, and Amazon (AMZN.US) up nearly 2%. The Nasdaq Golden Dragon China Index rose 2.65%, XPeng (XPEV.US) rose 8.3%, Li Auto (LI.US) rose nearly 6%, Baidu (BIDU.US) rose 5.8%, and Alibaba (BABA.US) rose 3.8%.

The Hang Seng Index ADR rose, closing at 20,868.62 points, up 78.66 points or 0.38% compared to the Hong Kong closing.

International gold prices surged, with London spot gold and New York Commodity Exchange gold futures both hitting historical highs, opening up new upward space. Institutions believe that increased risk aversion is the direct reason for the rise in international gold prices, and market expectations for a trend towards easing in the Federal Reserve's monetary policy remain unchanged, with gold still primarily bought on dips. On Tuesday's New York close, spot gold rose 0.96%, closing at $2,842.10 per ounce, with an intraday trading range of $2,807.27-$2,845.35.

【Hot Topics Ahead】

DeepSeek Continues to Be Hot, Multiple Cloud Platforms Launch Related Models to "Grab" Computing Power Demand

After the DeepSeek large model DeepSeek-R1 became "extremely popular," multiple cloud platforms announced the launch of models under DeepSeek. On February 4, Volcano Engine announced that it would support various sizes of DeepSeek open-source models, including V3 and R1, which can be used in two ways: deploying on the Volcano Engine machine learning platform veMLP and calling models in Volcano Ark On February 2, Tencent Cloud announced that its high-performance application service HAI supports one-click deployment of DeepSeek-R1. On February 4, it further announced that Tencent Cloud TI has listed the DeepSeek series models. On the evening of February 3, Baidu Intelligent Cloud announced that its Qianfan platform has officially listed the DeepSeek-R1 and DeepSeek-V3 models. Alibaba Cloud PAI Model Gallery currently also supports one-click deployment of DeepSeek-V3, DeepSeek-R1, and all distilled small parameter models.

CITIC Construction Investment: Multiple Factors Boost Year-End Market to Welcome Main Rising Phase, AI+ Remains the Core Line

CITIC Construction Investment's strategy team led by Chen Guo pointed out in their latest research report that multiple factors are boosting the year-end market to welcome the main rising phase. Policies such as promoting medium- and long-term funds to enter the market before the holiday and the second batch of insurance funds' long-term stock investment pilot have been introduced, and the logic of confidence reassessment for the bull market remains unchanged. The forecast for 2024 annual report performance has reached a new low in positive rates, but the disclosures have been completed before the holiday, and the market disturbances have basically ended. Holiday consumption data for movies, tourism, and other sectors exceeded expectations. On the first trading day of the Year of the Snake, Hong Kong stocks rebounded sharply, with the Hang Seng Technology Index turning positive, showing early signs of stabilization and recovery for Hong Kong stocks and Chinese concept stocks. Considering the market position after January's volatility, the year-end market is expected to welcome the main rising phase under the influence of multiple factors. DeepSeek is boosting domestic AI+ confidence reassessment, and AI+ remains the core line. The breakthrough progress of DeepSeek is a significant positive for the AI+ industry logic, achieving effects comparable to top American AI models at lower costs and smaller computing power scales, completely overturning the industry's inherent perception that China has lagged behind American competitors in the AI race for many years, significantly enhancing market confidence in China's technological competition, and may drive the domestic AI+ industry to develop independently on a global scale after the Spring Festival, with various segments such as AI data, computing power, algorithms, and applications all showing performance.

CITIC Securities: Special Attention Needed for Potential Changes After the Release of the "America First Trade Policy Memorandum" Investigation Results in Early April

CITIC Securities pointed out that the multiple reversals of the initial tariff expectations from Trump are the main disturbances during the Spring Festival holiday. From a trading logic perspective, negotiation chips, industrial transfer, and fiscal revenue are three assumptions regarding Trump's tariff goals. From this expectation reversal, the understanding of tariffs as "negotiation chips" still holds. The financial market's reaction to tariff expectations may be a short-term expectation fluctuation rather than a directional logical change. From a potential impact perspective, if we make a short-term extreme assumption, even if the 10% tariff plan against China remains unchanged, the overall impact on our country is relatively limited, only having a certain effect on labor-intensive industries. Looking at subsequent developments, Trump may still initiate new tariff disturbances, and special attention should be paid to potential changes after the release of the "America First Trade Policy Memorandum" investigation results in early April. From the perspective of market expectations, although changes are increasing, two unchanged main lines must be grasped: first, the domestic policy hedging attitude remains unchanged; second, the trend of expanding economic and trade relations between our country and non-US directions remains unchanged Victory Lion Holdings (00716) Issues Earnings Upgrade, Expects Annual Shareholder Profit of No Less Than $30 Million, Year-on-Year Growth

According to Zhitong Finance APP, Victory Lion Holdings (00716) announced that compared to the company's shareholder profit of $19.438 million for the year ending December 31, 2023, the group expects to achieve a shareholder profit of no less than $30 million for the year ending December 31, 2024 (2024 fiscal year).

【Stock Highlights】

Yadea Group (01585): The Group Officially Signs Strategic Cooperation Agreement with Nandu Power for Solid-State Batteries

Nandu Power (300068.SZ) announced on February 4 that Yadea Group has officially signed a strategic cooperation agreement with the company, and both parties will engage in deep cooperation in the field of solid-state batteries. This cooperation will not only focus on the research and development of solid-state battery technology but will also continue to build industrial chain synergy, which is expected to promote further upgrades of solid-state battery products and applications, accelerating the industrialization process.

It is reported that Yadea Group and Nandu Power have undergone years of cooperation, during which they jointly developed a product with significant influence in the industry—the graphene battery. Its advanced performance and excellent quality have received high praise from Yadea Group and users, becoming one of Yadea's core competitive advantages in electric bicycles. The deep cooperation between the two parties is a strong alliance that fully leverages their respective advantages on a more mature foundation.

Nandu Power began its solid-state battery development work in 2017 and passed the acceptance of the key research and development project for solid-state batteries in Zhejiang Province in 2024. The company's pioneering electrolyte sandwich structure design and in-situ film formation technology on the electrode surface have solved the "solid-solid interface" problem, pressing the accelerator for the large-scale application promotion of all-solid-state batteries. Yadea Group, as a publicly listed company in China's electric two-wheeler market, has been the global sales leader for eight consecutive years and is a leading brand in the global electric bicycle industry, with high brand recognition and extensive sales channels.

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