| | | 15家券商解读"美联储降息25个基点" | | --- | --- | --- | | 序号 | 券商 | 主题观点 | | 1 | 招商证券 | 降息指引低于预期 | | 2 | 华泰证券 | 上调降息预测,年内降息次数从2次上调至3次 | | 3 | 中金公司 | 美联储在供给症结下克制降息 | | র্ব | 中信建投 | 短期落地,中期延续 | | 5 | 中泰证券 | 全面看好非银板块 | | ୧ | 粤开证券 | 为中国货币政策打开操作空间 | | 7 | 财通证券 | 发布会发言偏鹰 | | 8 | 国盛证券 | 整体基调偏中性 | | ರಿ | 中信证券 | 如期落地,明年利率路径尚不清晰 | | 10 | 华西证券 | 矛盾纠结下的预防性降息 | | 11 | 浙商证券 | 风险管理式降息,宽松预期未必一帆风顺 | | 12 | 开源证券 | 美联储在分歧中寻找合适的降息路径 | | 13 | 湘财证券 | 降息25bp符合预期 | | 14 | 国泰海通 | 新- 轮预防式降息周期正式开启 | | 15 | | 东吴证券 基本符合预期,指引明年还有额外1次降息,相比预期偏鹰 | ...

Core Insights - The dim sum bond market is transitioning from rapid expansion to stable growth, with a total issuance of 771.4 billion yuan this year, representing a year-on-year decline of 10.79% [1][2] - The diversity of issuers in the dim sum bond market is increasing, with notable entries from emerging industries, shifting the traditional focus from financial and municipal investment entities [1][3] - Major tech companies like Tencent and Baidu have recently issued dim sum bonds, attracting market attention and indicating a trend among internet giants to utilize this financing avenue [1][4] Issuance Trends - In 2024, the total issuance of dim sum bonds is projected to reach 1.27 trillion yuan, marking a new high despite a decrease in issuance scale compared to last year [2] - The issuance of dim sum bonds has accelerated since August, likely due to the expansion of the southbound bond connect, with nearly 200 billion yuan issued in this period [2][3] - The current outstanding dim sum bonds amount to approximately 1.69 trillion yuan, with nearly half issued by financial institutions [2] Market Dynamics - The net increase in issuances from real estate and financial sectors has been negative, while other industries, including technology and utilities, have shown significant growth in issuance [3] - The ongoing AI boom is driving capital expenditure among global tech giants, including domestic internet companies, which may further enhance the attractiveness of dim sum bonds for financing [3][4] - The expansion of the southbound bond connect is expected to continue to boost the appeal of the dim sum bond market for companies looking to finance overseas operations [4]

这次曾经的"宿敌"联手，标志着英特尔正从一个行业领导者转变为积极的合作寻求者，它正从一个一度 被其视为边缘角色的公司那里获取急需的资金和市场领先技术。英伟达首席执行官黄仁勋的声明也印证 了这一点，他强调这次合作旨在将英伟达在人工智能领域的优势与英特尔庞大的CPU生态系统进行融 合，共同开创计算新时代。值得注意的是，尽管合作紧密，但作为AI芯片领导者的英伟达仍在评估、 但尚无计划将自家芯片的生产外包给英特尔的代工服务。 此次合作的背景是英特尔正面临严峻的经营压力。由于市场份额流失，其现有业务已难以支撑尖端半导 体研发所需的天文数字般的投入。在英伟达此次注资前，英特尔已在寻求多方"输血"，包括在八月份接 受美国政府约10%的股份，以及上月获得日本软银集团20亿美元的意外投资，同时公司也在持续通过出 售非核心资产筹集现金。 凤凰网科技讯 9月18日，美国芯片行业两大巨头英伟达与英特尔宣布达成合作。英伟达确认将对这位长 期的竞争对手进行一笔高达50亿美元的战略投资。 根据双方周四披露的协议细节，英伟达将以每股23.28美元的价格购入英特尔普通股。此次合作的核心 内容是技术层面的深度绑定：未来，英特尔的PC芯片产品线将 ...

摘要： 陈天石称，2025年上半年，公司持续推动智能处理器微架构及指令集的迭代优化工作。 9月18日下午四点，寒武纪的2025年半年度业绩说明会准时开始。董事长、总经理陈天石，副总经理、财务负责人、董秘 叶淏尹，以及独立董事王秀丽在线上一同参与。 这场说明会的关注度并不令人意外。就在半个月前，寒武纪披露的《2025年半年度报告》已经给市场带来惊喜：公司实现 收入大幅增长，成功扭亏为盈。人工智能算力市场的火热，带动了AI芯片与软件平台的需求，公司也凭借技术积累迎来 拐点。 就在本轮暴涨行情前，市场曾传出"寒武纪未来出货量达100万颗"的惊人传闻。 "网上传播的关于公司在某厂商预定大量载板订单、 收入预测、新产品情况、送样及潜在客户、供应链等相关信息，均为 误导市场的不实信息。"陈天石在本次沟通会上再次予以否定。 关于40亿元定增资金的投向，陈天石称这是"面向大模型"的关键投入，涵盖芯片研发、先进封装和软件平台，目标是建立 覆盖算法开发到应用部署的全链条能力。 叶淏尹则在多个环节回应了投资者的关切。他提到，公司产品已在运营商、金融、互联网等行业落地，并通过客户环境验 证；对于存货的增加，他解释是出于对大模型算力需 ...

Group 1 - The imposition of a 39% tariff by the U.S. on Swiss exports has significantly impacted Switzerland's trade, with exports to the U.S. dropping by 22% in August compared to July [1] - The trade deficit with the U.S. has decreased to 2.06 billion francs (approximately 2.6 billion USD), marking the second-lowest level since 2020 [1] - The U.S. tariff is notably higher than the average tariff rate of 15% imposed by developed countries [2] Group 2 - The Swiss government is actively negotiating to lower the tariff, with U.S. Commerce Secretary indicating a potential agreement could be reached, although details remain unspecified [2] - Agricultural issues are particularly sensitive in Switzerland, with domestic groups opposing increased imports of U.S. beef or poultry due to a strong belief in food security and self-sufficiency [2] - In August, exports of luxury watches from Switzerland fell by 8.6%, while core pharmaceutical exports, which are exempt from the tariff, decreased by 1.3% [3] Group 3 - The Swiss economy is expected to slow down significantly due to the aggressive U.S. tax policies, despite showing resilience so far [3] - Switzerland is seeking to diversify its export markets, exemplified by a new free trade agreement signed with the Mercosur group [3]

美联储降息标志着政策正式转向，这一举措对未来人民币对美元汇率有何影响？ 东方金诚首席宏观分析师王青对智通财经记者指出："市场对年底前美联储还可能有进一步较大幅度降 息的预期升温，美元显著下行。这给包括人民币在内的非美货币带来较强的被动升值动能。" 王青进一步补充："另外，近期国内股市保持强势，外资加速流入。这在带动结汇需求增加的同时，也 在改善汇市情绪。最后，近期人民币中间价继续在偏强方向调控。" 中辉期货首席经济学家高敏对智通财经记者表示，今年以来人民币不断走强背后有两个原因：一方面是 海外对中国资产重新评估，外资进入中国投资；另一方面美元表现相对疲软。"市场预期美联储未来继 续降息，美元走弱是大概率事件。在多重因素下，人民币汇率有望不断升值，预计年底或站上'7'的关 口。" 未来人民币将保持走强趋势 综合各类影响因素，王青判断短期内人民币还会处于偏强运行状态。"接下来要重点关注降息落地后的 美元走势。"他分析称，"往后看，伴随美联储恢复降息，以及特朗普政府关税政策对美国经济冲击逐步 显现，美元指数还将承受一定下行压力，包括人民币在内的主要非美元货币对美元汇价易涨难跌。" 市场对美联储的降息预期导致美元指数 ...

Core Insights - DeepSeek-AI team has published research on the open-source model DeepSeek-R1, demonstrating significant improvements in reasoning capabilities through pure reinforcement learning, reducing reliance on human annotations [1][4] - The cost of training DeepSeek-R1 is remarkably low at $29.4 million, which is significantly less than the estimated $100 million spent by OpenAI on GPT-4 [3][4] - The methodology employed by DeepSeek-R1, including the use of pure reinforcement learning and the GRPO algorithm, allows the model to develop advanced behaviors such as self-reflection and self-verification without human reasoning demonstrations [4][5] Cost Efficiency - DeepSeek-R1's reasoning cost is only $29.4 million, with total costs, including base model training, remaining under $6 million, making it highly competitive against major players like OpenAI and Google [3][4] - The model's cost efficiency is attributed to a focus on algorithmic innovation rather than extensive financial resources [8] Methodological Innovation - The research highlights a shift from traditional training methods to a framework that rewards correct answers rather than mimicking human reasoning paths, leading to the emergence of complex thinking patterns [4][9] - DeepSeek-R1 achieved a significant accuracy increase in the AIME 2024 math competition, from 15.6% to 77.9%, and further to 86.7% with self-consistency decoding, surpassing human average performance [4][5] Industry Impact - The success of DeepSeek-R1 represents a pivotal moment in AI, indicating a potential shift from a competition based on data and computational power to one focused on algorithmic and innovative advancements [9] - The model's development is seen as a "methodological manifesto," showcasing a sustainable path for AI evolution that does not rely on vast amounts of labeled data [8][9]

凤凰网科技讯 9月18日，天眼查信息显示，近日，锤子科技（成都）股份有限公司新增2条失信被执行 人信息（老赖），均涉及与苏州紫辉盛网创业投资企业（有限合伙）相关借款合同纠纷案件，履行情况 为全部未履行，执行法院为北京市海淀区人民法院。此前，该公司已因上述案件被执行2142万余元，并 被限制高消费。 日前，罗永浩回复网友评论时表示，限高已经取消了好几年。 锤子科技（成都）股份有限公司成立于2012年5月，法定代表人为管志良，注册资本约3149.8万人民 币。股东信息显示，该公司由罗永浩、成都东方广益投资有限公司、北京明匠汇智投资管理合伙企业 （有限合伙）等共同持股。其中，罗永浩持股比例为22.6667%，为实际控制人。 ...

Group 1 - Faraday Future (FF) is set to announce significant strategic developments at the upcoming "919 Futurist Day" event, including updates on its Web3 business and details about the new FX Super One model [1][2] - The founder, Jia Yueting, aims to create a unique public company that integrates Web2 and Web3, as well as Ecosystem AI (EAI) and cryptocurrency [1] - FF plans to spin off its Crypto business, CXC10, into an independent entity seeking to go public, a move approved by the board to alleviate shareholder concerns about potential dilution from Crypto financing [1] Group 2 - CXC10 has completed approximately $10 million in crypto asset allocation and is currently profitable, outperforming the C10 index [2] - The upcoming event is expected to highlight the intelligent features of the FX Super One model, including EAI Space and Vehicle EAI Agent [2] - The online live stream for the event is scheduled for September 19 at 5 PM Los Angeles time (8 AM Beijing time on September 20) [2]

近期，追觅科技宣布首款超豪华纯电产品将对标布加迪威龙，计划于2027年亮相。据媒体报道，追觅科 技创始人兼CEO俞浩对造车有执念。目前内部将汽车业务划分为两个品牌运营——追觅汽车和星空汽 车。前者主做对标布加迪的车型，内部命名"追觅-布加迪"，有电动和增程式两个版本。后者是追觅投 资孵化的子公司，主要对标库里南、宾利的车型。 凤凰网科技讯 9月18日，"追觅汽车"微博放出其首款概念车官图，并提到全球首创7项专利，重构无序 对开车门；隐藏式双B柱等独特设计。 ...