摩根士坦利：2025年中国AI：马上苏醒的巨人报告（英文版）

China charting a different coursefor Al. Chinais developing cutting.edge Al capabilities with significantly less hardware, redefiningexpectations of computing power requirements. DeepSeek R1 andmany newly launched open-source models offer a diversified Alopportunity set in China's efficiency-driven approach instead of themore capital-intensive/high-performanceAlmodelsbeingdeveloped-and a different path to return on investment. China is less con-cerned about building the most powerful Al c