自 2025 年 1 月 DeepSeek R1 模型上线以来，引发了大量的关注和讨论，1 月最后一周用户数呈现爆发式增长，仅仅 7 天即完成了 1 亿用户增长，成 为超越 ChatGPT 的另一现象级产品。特别是春节假期期间，DeepSeek 由于 其低成本、高性能、开源的特点快速出圈，并在春节后迅速引发了各行业的 加速部署，国产 AI 进程快速推进。 我们认为，DeepSeek 对各行业的影响才刚刚开始。对大型企业而言，由于 数据敏感性以及需要微调模型等原因，普遍会进行私有化部署。就证券基金 行业来看，华安基金、汇添富基金等多家头部公募基金公司，以及中信建投、 国泰君安等多家头部证券公司，都已完成了 DeepSeek 私有化部署，将赋能 数字化转型与业务效率提升。

在当前 AI 技术深度赋能投研的背景下，在这篇报告中，我们依托 DeepSeek 构建了覆盖投研全流程的智能解决方案： 从信息获取、自动化办公、工作助手等多个角度，全面提升投研效率。

中债：货币宽松预期强烈，10年国债开始提前定价2025年的降息。假设2025年央行再调降OMO政策利率 30bp-50bp，预计10年国债利率的波动下限在1.2%-1.5%。  A股：预计2025年四季度盈利增速企稳，乐观情形下或提前至三季度，届时A股“市场底”或先于“盈利底” 出现。关税的不确定性可能阶段性冲击市场风险偏好，但政策应对是股票市场的重要关切。  美债：特朗普当选后，中长端美债利率上行，市场先后交易“再通胀”和“紧缩”。全年来看，美联储在今 年下半年仍有望兑现1-2次降息，驱动10年美债利率下行。

2025 年 1 月，我国数字经济指数环比上升 0.8%，录得 387。本月数字经济指数的上升主要由于融合指数的上升， 产业指数、溢出指数、融合指数和基础指数分别对总指数贡献 -0.07%、0.52%、1.18%、-0.84%。

Adtech is a set of technologies or platforms that are used by publishers or business organizations for managing advertising across channels, including search, display, video, mobile and social, with capabilities for digital advertising targeting, design, bid management, analytics, optimization, and automation. The platform helps business organizations or agencies/publishers buy ad space.

Budget apps are digital tools designed to help individuals, families, or businesses track, plan, and manage their finances. These apps allow users to monitor their income, expenses, and savings, set financial goals, and ensure that they stay within their budget. Budget apps often include features like expense categorization, bill reminders, debt tracking, and reports, offering insights into spending patterns and providing recommendations to improve financial health.

OCI Global Annual Report 2023

We build shareholder value by carving a niche in the global arena, earning market respect through outstanding products and services, endorse human capital development and enhance business synergy in diversity with sustainability principles underpinning our corporate thinking and actions

Wine e-commerce refers to the online retail sales of different types of wine through different sales channels. Wine producers sell their products directly to consumers through their e￾commerce websites or online marketplaces. Wine e-commerce includes the use of digital platforms and technology, such as online ordering systems and mobile apps, to facilitate transactions and hold virtual wine-tasting events.

Global Wellbeing Report 2023