华泰证券:DeepSeek-V3.1发布 国产算力链迎来高景气

金融界
Aug 26, 2025
华泰证券研报称,DeepSeek-V3.1发布,国产算力链迎来高景气。DeepSeek官方发布DeepSeek-V3.1版本,采用UE8M0 FP8精度参数,能效高、动态范围大、能避免信息损失。该精度参数是针对即将发布的下一代国产芯片设计,国产软硬件协同成果显著,国内互联网厂商资本开支增长叠加海外GPU供应受阻背景下,国产算力的基础设施需求有望维持高景气,建议关注国产算力及其配套产业链(光模块、AIDC、交换机、铜连接等)。看好2025年通信行业AI算力链、核心资产价值重估、新质生产力卫星互联网低空经济、深海科技等)及自主可控(上游芯片)赛道。

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