华泰证券：DeepSeek全球AI影响应用（47页）.pdf

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1、2025!1DeepSeek!#!#AI$%&()$%&()#$%#$%SAC NO.S0570519080006|SFC NO.BQZ938&(&(SAC NO.S05701220801381!#$!#$)*+,-.)*+,-./0)*+,-.123456789:;?ABCD1)*+,-.EFGH AI IJ2%KLCD1MNOPQRS3TUV6WX/89YZV6WX89YZV6WX/0 AI 8989YZV6WX1?H_:S3;ab2%VcCD/defghijkl*mnQodefghijkl*mnQo11VpqIrstVpqIrst/uvefwuvefwxxyzwyzwAI ARR|11C

2、apEx2025-01-30ghefghef1DeepSeek!#$%&!#$%&3!#$%&()DeepSeek%&()*+,-./012,34/01%&()*+,-./012,34/01DeepSeek!#$%&()#*+,!#$%&()#*+,-DeepSeek./01./01iOS./23456./234567789:;?A89:;?ABBCDEF()#CDEF()#GGHI%HI%BB=!#J*()=!#J*()GG!#$%DeepSeek()*Bloomberg*+,-.4!#$%&()DeepSeek vs Meta5/06789:;5/06789:;Llama#KLMNOPQR

3、#KLMNOPQRSSTTLlama License 1.0UUVVWXYZP/_ab#-cd6efF/gh7iT-Llama()jklmnopqrstpqrstMetauvwx2yz!n|uvwx2yz!n|7/VQ23/Llama#yz-/7“|/ghVT”“|/SMAUU 7-Meta fFPQ-Q|7VT”%-Llama%API-Q Meta PQ-jk/7DeepSeek-R1/MITPQRPQR yz()Vyz()V Q/Q/_ab#_ab#-/;|7Q/#-|7ZP/#yz-T(bC7/Q:#yz_y7ZP/-oh#-yz(b7/Q#_yzhab7PQ/7MIT PQRZP#|/

4、7 Q#/;|?%)*=?;()#6;()#6-#$2#$2-$-M./nM./n77DeepSeek;Token!-ZP/!#$%&d(#7Anthropic)*+z,-./012SDario AmodeiU?%-y345-Q6107_y78GPT-39$%o:;-$2?$%;!=#?$%-:;#$%5:;#$%577DeepSeek-R1jklmQjklmQBB#?#?GG77/DeepSeek-R1ABScuratedU80CD-EFGQwenLlamaC()#7H”Il-JK?LMNOPJK?LMNOP#$%#$%7:;?#-Q./SFT-/RLSRHSRLQ!T#UU7&#()VDe

5、epSeek-R1-ZeroDeepSeek-R1;QwenLlamaADeepSeek-R1?VWX#S1.5B7B8B14B32B70BU7!#$%&(!#$%&(1!#$%&()*+,-./0,-!2!1+,-2#3456789.:;?ABC89DEF*GHIJ!3!K1L,-.M6,-!NO:;PQR;?P#U?P#U-;:P#EFyz;:P#EFyzRL77Y;Y;DeepSeek-R1ZP#rZP#rRLvv77rQwen-32B-Base/_STEMyz!nRL#-#10K3-?#Uyz?#U-;r;rQwen2.5 32B./Ob./Ob771UUO!#?$P#QcdH”O!#

6、?$P#QcdH”-efg!nefg!nRLP#P#-Qh!Qh!-4545Qi-?UQi-?U772UUXY?jkltmdnXY?jkltmdn-copqrcopqr-QsYO!=#!nObQsYO!=#!nOb77=#Ot=#Ot-uP#(DdvuP#(Ddv77wxM:;wxM:;RL77ST*UVRL*UVTherefore,we can draw two conclusions:First,distilling more powerful models into smaller ones yields excellent results,whereas smaller models