According to online reports, CITIC Construction Investment Research Report stated that DeepSeek disclosed its profit-to-cost ratio, with a theoretical cost ratio of 545%, and the model manufacturer's profit model has been closed-loop. From the perspective of industry demand, there is a lot of room for downward costs and upward capabilities in the model link, which is expected to accelerate the release of downstream application AI demand and further open up market upside space. From the perspective of application scenarios, the government, finance, and medical industries have strong initiative and rich scenarios, and are expected to be the first to achieve commercialization. Recommend a) OA+ERP;b) Vertical field 2C companies;c) Education and medical scenarios that can add revenue;2) The increased demand for model privatization will benefit all-in-one, hyper-converged and B-end service outsourcing companies. a) Recommend servers, all-in-one, hyper-converged and other related targets;b) Finance, government, energy and other fields that rely more on software customization;c) Computing leasing and IDC targets are also worthy of attention.