Flocking to DeepSeek, the key words for public and private research change. Before the holiday season is AI, and after the holiday season is DS.

From the research records, after the Spring Festival, public and private equity research began to focus on the impact of DeepSeek on listed companies and related layouts. According to wind data, since the beginning of the year, on the two lists of public equity research, Huaxia Fund and Boshi Fund ranked first and second respectively, and were the only two public equity funds that conducted over a hundred research sessions. It is noteworthy that Xibu Lide and Xinda Aoya, both on the list, ranked in the top ten of public equity research; at the same time, in the top ten list of private equity research, only three of the billion-dollar private equity firms, Gaoyi Asset, Danshuizhen, and Panjing Investment, made the list. In terms of the sectors to which the researched stocks belong, both public and private equity funds are paying attention to the ChiNext board stocks, in addition to stocks from the Shenzhen market. However, according to wind data, since the beginning of the year, no public equity fund has conducted research on the Beijing Stock Exchange; only Shanghai Dinghui Tong, a private equity firm specializing in equity, conducted research on Beijing Stock Exchange stock METASTAR. According to the China Securities Investment Fund Association, this private equity firm was deregistered by the Association in January 2023 due to abnormal operations. Since the beginning of the year, many well-known fund managers have appeared on the list of companies being researched. Particularly notable is the impact of DeepSeek after the Spring Festival, where companies like Shanghai Ganglian E-Commerce Holdings and Hangzhou Shunwang Technology answered questions about the impact of DeepSeek on the industry and the company's corresponding layout at research meetings. According to the research records for January, Feng Mingyuan participated in research for Telink Semiconductor (Shanghai) Co., Ltd., Jin Zicai participated in research for Suzhou Recodeal Interconnect System, Fu Pengbo conducted research for Montnets Cloud Technology Group and Quectel Wireless Solutions, and private equity partner Dai Luzheng conducted research for SDIC Intelligence Xiamen Information, all providing answers regarding the companies' layout in the field of AI. The key research keywords before the holiday were "AI," while after the holiday they were "DeepSeek." In the two lists of public equity research, only one public equity fund differed among the top ten members. Since the beginning of the year, Huaxia Fund and Boshi Fund have conducted research 111 times and 102 times respectively, while the total number of research sessions for other public equity funds is less than one hundred. In addition, Xibu Lide Fund, which seldom appears in the top ten of the research total sessions list, ranked tenth with a total of 66 research sessions in this stage. At the same time, Huaxia Fund, Boshi Fund, and Yi Fangda researched 93, 89, and 80 individual stocks respectively, while the total number of stocks researched by other public equity funds is less than 80. It is worth mentioning that Xinda Aoya ranks tenth in the list of stocks researched, with a total of 60 stocks researched during this period. According to wind statistics, there are 5 stocks that have been researched by more than 50 public equity funds since the beginning of the year, including Zhejiang Fore Intelligent Technology, Zhongji Innolight, Shenzhen Capchem Technology, Easy Click Worldwide Network Technology, and Zhejiang Crystal-optech, which have been researched by 65, 62, 61, 57, and 56 public equity funds respectively. The wind industry to which they belong includes industrial machinery, electronic components, specialty chemicals, advertising, and electronic components respectively. After reviewing the data, it is evident that many well-known fund managers have appeared on the list of companies being researched. It can be seen that after the Spring Festival, public equity funds began to delve into DeepSeek in the research process. At the on-site meeting organized by Telink Semiconductor (Shanghai) Co., Ltd. on January 3, Feng Mingyuan and his colleagues attended the research. During the meeting, Telink Semiconductor (Shanghai) Co., Ltd. answered questions about the commercialization path of edge AI chips, the company's two new chips with AI edge computing capabilities and the cooperation with customers, the technical advantages of the latest AI development platform, and how the company's edge AI platform can help customers achieve AI functions at the user end. During the video conference on January 17 with Wingtech Technology, Wang Guobin, along with Jiang Heze and You Jin, learned about the downstream industry prosperity of the company's semiconductor industry, the main reasons for the company's performance forecast showing a loss, and other related topics. During the on-site meeting held by Suzhou Recodeal Interconnect System on January 31, Jin Zicai and six other colleagues from Caitong Fund participated. Suzhou Recodeal Interconnect System provided specific answers regarding the current rapid development of AI and computing power, the company's future development layout in the field of communication connectors, and other related matters. The research records show that Fu Pengbo participated in the video conferences held by Montnets Cloud Technology Group on January 19 and Quectel Wireless Solutions on January 23. It is reported that Montnets Cloud Technology Group is also developing a smart messaging system, training vertical and edge models, creating intelligent customer service and customer interaction, all of which are scenarios where existing AI technologies are being applied. At the beginning of the year, Montnets Cloud Technology Group established two dedicated AI marketing departments in cooperation with BiCheng to deepen AI marketing. During the research meetings, Quectel Wireless Solutions specifically answered questions about the next business growth point in the AI field, beyond companion AI toys. In the field of AI toys, The company also addressed how they are deploying AI capabilities to help customers achieve AI functions at the user end.What are the advantages that set Yi Yuan apart from competitors?Video conference on February 5th, Fan Yan and three other colleagues from Fuguo Fund participated together. In response to the question of when the product iteration based on the DeepSeek model can be officially launched, Shanghai Ganglian E-Commerce Holdings expressed at the meeting that they hope to quickly develop the "Xiaogang" based on DeepSeek, and in the first quarter, distill a new "Master" model quickly with DeepSeek R1, and switch the base model of "Xiaogang". After the private equity fund's Spring Festival, they also focus on the impact and layout of DeepSeek. Since the beginning of the year, the top ten private equity firms in terms of total research times and total number of individual stocks researched are the same group of private equity firms, with only slight differences in ranking. According to the data, among the top ten private equity firms in terms of research, there are only three private equity firms with assets over one billion, namely Gaoyi Asset Management, Danshuiquan, and Panjing Investment. The other seven private equity firms have assets under management ranging from 0-5 billion, with four private equity firms including Beijing Xiangguo Asset Management, Shanghai Xuanbu Investment, Hainan Hongyun Fund, and Shanghai Wudi Fund. As of now, the quasi-billionaire private equity fund Guangdong Zhengyuan Investment ranks first in private equity research with 48 total research times and 48 individual stocks researched. Among the billion-dollar private equity firms, Danshuiquan, Panjing Investment, and Gaoyi Asset Management have researched 26 times, 21 times, and 19 times respectively, and researched 25, 18, and 19 individual stocks respectively. Since the beginning of the year, Zhengyuan Investment partner Dai Lujing has researched a total of 4 individual stocks, including 2 software development stocks Pinming Technology and SDIC Intelligence Xiamen Information, as well as smart home stock Loctek Ergonomic Technology Corp., and aviation stock Hainan Airlines Holding. During the same period, Research Director Qi Chen participated in the research of 4 individual stocks, including optoelectronic stock Shenzhen Longli Technology, building material stock Ningxia Qinglong Pipes Industry Group, clothing stock Xin Hee Co., Ltd., and AI concept stock ArcSoft Corporation. At the research meeting on January 21st, SDIC Intelligence Xiamen Information responded to questions about what support is needed to fully implement AI detection in the business model and what the commercialization scenario of AI detection is. In addition to public funds, Wingtech Technology's video conference in January also attracted many private equity firms to conduct research. Rujun Asset partners Du Changyong and Dong Chengfei appeared on the research list of Wingtech Technology. It is worth mentioning that in December last year, Gaoyi Asset partner Sun Qingrui, Licheng Asset CEO Wu Shengtao, and Harmony Fund manager Liang Shuang conducted research on the company together. In addition to many public funds, private equity firms such as Dunhe Asset, Ming Shi Partners, and Juming Investment participated in Hangzhou Shunwang Technology's video conference on February 7th. Regarding the impact of DeepSeek on the industry and the company, Hangzhou Shunwang Technology mentioned that the emergence of DeepSeek will promote the popularization and application of AI technology, promote the development of the artificial intelligence industry and the technology industry, and its low cost and high performance characteristics break the limitations of traditional large-scale AI models and provide more cost-effective options, lowering the threshold for AI application. Moreover, the company mentioned that Shunwang Zhisuan is an AIINFRA platform that supports comprehensive scheduling, model inference deployment, and API invocation based on Shunwang cloud edge computing power and Zhisuan central computing power. It can currently support the deployment and operation of some distilled models of DeepSeek R1, and it is expected that future DeepSeek-related models will also be applied to Shunwang smart customer service and Laoxiao and other intelligent body-based applications. This article is from "Cailian She," GMTEight editor: Liu Xuan.