金吾财讯 | 华泰证券发研报指，DeepSeek在算力成本节约和开源方面实现了里程碑式的突破，认为对美图公司(01357)类AI垂类应用是重要利好。实现算力成本重大突破，改变了以往对于高额投入、高端算力的依赖，显着降低资本开支门槛。该行表示，开源模式推动技术平权，DeepSeek推理能力比肩OpenAI o1，但完全开源的模式打破了美国对基座模型的技术垄断，利好广大中小厂商AI底层能力的提升；AI应用的竞争要素重要性正在由算法、算力向产品力转移，美图在产品、工作流、美学垂类领域积累优势或受到AI大模型进阶赋能，或持续带来更优质的产品。目标价由4.56港元升至4.95港元，评级“买入”。
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