在对历届美国政府芯片政策的强烈批评中，这家全球领先的人工智能处理器制造商的首席执 行官还对华盛顿禁止一款专为中国市场设计的英伟达（ Nvidia ）产品的决定提出了不满。 导 语：黄仁勋 表示，出口管制措施加速了中国竞争对手的技术进步。 英伟达首席执行官黄仁勋（ Jensen Huang ）谴责旨在限制中国获取人工智能芯片的美国出 口管制，称其为 " 一次失败 " ，并指出这一措施反而促使中国竞争对手加速自主产品的研 发。 黄表示： " 最初促成人工智能扩散规则的核心假设已经被证明存在根本性的缺陷。如果美国 希望保持领先地位，我们需要最大化并加速扩散，而不是限制它。 " 他的评论发表之际，美国和阿拉伯联合酋长国（ UAE ）上周宣布计划在美国境外建造最大的 人工智能数据中心集群，该项目将由英伟达（ Nvidia ）的芯片提供支持。 特朗普政府表示，将取消计划中的技术扩散法规，并正在起草一项新规则，旨在促进美国技 术的蓬勃发展，同时防止敌对国家获取相关技术。目前尚不清楚规则何时会最终定案，但一 位政府官员警告称，这些规则的实施需要一定时间。 为了遏制中国人工智能技术在全球范围内的扩散，美国政府警告企业不要使用来 ...

首相最初支持江藤（ Eto ），但仅仅一天后，在执政党和反对党的强烈批评下撤回了支持。 立宪民主党（ Constitutional Democratic Party ）及其他四个反对党派已达成一致，要求 江藤辞职，并警告称，如果他拒绝下台，他们将考虑提出对他的不信任动议。 " 石破茂（ Ishiba ）显然误判了公众反应，而公众的反应相当强烈， " 瑞穗证券（ Mizuho Securities ）首席市场经济学家上野康成（ Yasunari Ueno ）表示。 " 即便只是一天的应 对延迟，都可能让他失去一些政治势头。 " 上野（ Ueno ）表示，最新局势的发展表明自民党（ LDP ）势力减弱，这可能会在即将到来 的参议院选举前，进一步加剧反对党之间的政治博弈。 导 语："祸从口出"，农业大臣 已引咎辞职，同时还牵连外界对首相石破茂政府的批评与质疑。 日本农林水产大臣周三宣布辞职，此前他曾表示自己从未需要购买大米，此言论引发了外界 对首相石破茂（ Shigeru Ishiba ）少数派政府及其在选举前应对粮食价格上涨问题的批评。 农业大臣江藤拓（ Taku Eto ）表示，他已于周三向石破茂（ Ishib ...

以下文章来源于电厂 ，作者董温淑 电厂 . 探索科技公司的未知，为你充电 5月19日，华为于成都发布首款鸿蒙折叠电脑"MateBook Fold 非凡大师"，鸿蒙笔记本电脑 Matebook Pro，以及首款鸿蒙商用笔记本擎云HM940。 据华为常务董事、终端BG董事长余承东现场宣布，三款新品均搭载最新的HarmonyOS 5，折叠电脑 MateBook Fold 非凡大师定价23999元起；Mate Pro定价为7999元起；擎云HM940定价暂未公布。 至此，鸿蒙系统已于手机、平板、电脑、可穿戴产品、车机及智慧屏等各类生态硬件落地。 2018年，华为Mate 20系列首发搭载鸿蒙安全内核，可视作鸿蒙的首次亮相；从那至今，手机始终 是鸿蒙系统着力攻克的核心场景。 但想要讲好涵盖"办公、运动健康、智家、智行、影音娱乐"的"全场景"故事，PC同样是它不得不迈 过的一道坎。 历时5年 此前约9个月的时间里，华为曾多次预告鸿蒙电脑已在研发过程中。 作者 | 董温淑 来源 | 电厂 导语：从手机、平板、电脑、可穿戴产品、车机及智慧屏等各类生态硬件，如今鸿蒙系统再添 PC场景。 比如2024年9月，余承东曾在央视新闻直 ...

以下文章来源于品牌出海BrandGlobal ，作者BrandGlobal 品牌出海BrandGlobal . 剖析全球品牌成功案例 作者 | BrandGlobal 来源 | 品牌出海BrandGlobal 导语：一个不缺钱的产业和不缺钱的赛道，森合创新却硬生生把一个备受资本青睐的明星机器 行业特性导致高投入： 割草机器人行业研发、生产、物流履约及技术升级均需大量资金投入，对初 创企业形成重压。森合创新尽管在2023年获得近亿元天使轮融资（蓝驰创投、小熊电器领投），但 仅完成少量订单交付，最终因资金耗尽无法维持运营。 全球割草机器人市场规模预计从2025年的90.3亿美元增至2033年的192.1亿美元，年复合增长率达 10%。 伴随着资本加持，国内数十家企业纷纷涌入该赛道。从富世华、宝时得等传统厂商，到汉阳科技、 长曜创新等初创品牌，再至以科沃斯、追觅为代表的智能清洁巨头，无数新老势力正汇聚在欧美人 的草坪上。 然而近日，创立于2022年的森合创新（Oasa）却 被爆出倒闭。据悉，听到森合创新崩盘，创投圈惊 呆了。一个不缺钱的产业和不缺钱的赛道，成立两年多的森合创新遇到了各种难题。硬生生把一个 备受资本青 ...

Core Viewpoint - CATL's IPO in Hong Kong marks the largest IPO globally this year, with a total market value of HKD 1.34 trillion, showcasing the company's significant growth and influence in the battery industry [2][3]. Group 1: IPO Details - CATL officially listed on the Hong Kong Stock Exchange on May 20, with an opening price of HKD 296 per share, reflecting a 12.55% increase on the first day [2]. - The IPO is expected to raise approximately HKD 30.718 billion, with cornerstone investors committing to purchase around USD 2.628 billion (approximately HKD 20.371 billion) worth of shares [2]. Group 2: Company Growth and Leadership - Founded by Zeng Yuqun, CATL has evolved from a small company to a trillion-dollar enterprise, expanding its investment footprint across various sectors including lithium batteries, energy storage, and electric vehicle manufacturing [3][5]. - Zeng Yuqun's journey from a modest background to becoming a billionaire reflects the company's rapid ascent in the battery industry, with his net worth reaching approximately CNY 200 billion [9]. Group 3: Investment Strategy - CATL's investment strategy includes direct investments and participation as a limited partner (LP) in various funds, focusing on sectors related to new energy and battery technology [12][15]. - The company has established partnerships with major automotive manufacturers and has invested in numerous startups and projects within the new energy sector, enhancing its market position [12][14]. Group 4: Regional Impact - CATL's growth has significantly transformed Ningde's industrial landscape, establishing it as a hub for the lithium battery industry, with a complete supply chain from materials to recycling [18]. - The local government has actively supported CATL's initiatives, leading to the establishment of over 200 related enterprises in the region, contributing to job creation and economic growth [18][20].

1、 《 5月 LPR 报价下调，还有空间》摘要 4、 《 财险公司一季度经营透视》摘要 ■ 银行业绩分化加剧： 国有行净利润增速转正（+0.08%），但股份行、城农商行持续负增长；城农 商行利息净收入改善支撑其降幅收窄，关注区域性银行结构性机会。 ■ 息差 压力边际缓解 ： Q1净息差1.43%（同比-12BP），负债成本压降驱动降幅收窄；5月降准降息 叠加存款利率下行空间打开，后续息差企稳预期增强。 ■ 零售资产风险需警惕： 不良率环比升至1.51%，主因零售贷款风险暴露；中小银行（城农商行）不 良率上升明显，政策落地对居民收入改善效果成关键变量。 ■ 资本补充迫在眉睫： 核心一级资本充足率10.7%（环比下降），信贷开门红消耗资本；国有大行已 获1650亿特别国债注资，中小银行或借地方专项债补充资本 。 ■ 政策红利释放方向： 降准降息+结构性工具加码，支撑银行基本面修复；国有行资本充足率 （17.79%）和抗风险能力突出，高股息策略价值凸显。 ■ 行业整体高增长但分化加剧： 2025年Q1财险行业保费增5.4%、净利润同比+66.91%，但头部5家 公司（人保/平安/太保/国寿/英大）贡献超80%利润 ...

Core Viewpoint - Qualcomm is officially entering the data center market and addressing the impact of Xiaomi's self-developed chips on its business [1][2]. Group 1: Data Center Market Entry - Qualcomm signed a Memorandum of Understanding (MOU) with Saudi AI company Humain to develop next-generation AI data centers and cloud-edge services [2]. - The collaboration aims to leverage Qualcomm's advanced CPU and AI solutions to support Humain's AI cloud infrastructure [2]. - Qualcomm's CEO highlighted the company's capabilities in high-performance, low-power CPU architecture, indicating a strategic shift towards energy-efficient computing in data centers [2][4]. Group 2: Historical Context and Challenges - Qualcomm previously launched its first Arm server chip, Centriq 2400, in 2017 but faced challenges due to a weak Arm server ecosystem and legal issues with Apple [4]. - The company had to scale back its server CPU business after a series of financial cuts and layoffs in 2018 [4]. - Following the acquisition of Nuvia for $1.4 billion in 2021, Qualcomm began to re-enter the data center CPU market, focusing on high-performance Arm server chips [4]. Group 3: Upcoming Products and Specifications - Qualcomm is reportedly developing an Arm server processor codenamed "SD1," expected to utilize TSMC's 5nm process with 80 custom Oryon cores and a maximum frequency of 3.8GHz [5]. - The processor will support 16-channel DDR5 memory and include 70 PCIe 5.0 interfaces, indicating a robust design for data center applications [5]. Group 4: PC Market Challenges - Qualcomm aims to capture 30% to 50% of the non-x86 Windows PC market within five years but has faced disappointing sales, with only 720,000 units shipped in Q3 2024, representing 0.8% market share [7][8]. - The company has adjusted its expectations, targeting a 12% market share by 2029, contributing $4 billion in revenue [8]. - Qualcomm has launched or is developing over 85 PC designs and plans to expand its offerings to over 100 models by next year [8]. Group 5: Collaboration with Taiwanese Suppliers - Qualcomm maintains a strong partnership with TSMC, shipping approximately 40 billion chips annually, and is expanding its team in Taiwan to enhance collaboration in the PC ecosystem [11]. Group 6: Relationship with Xiaomi - Despite Xiaomi's development of its own 3nm flagship SoC, Qualcomm's CEO reaffirmed the long-term partnership with Xiaomi, stating that Qualcomm will continue to supply chips for Xiaomi's flagship devices [12]. Group 7: Future Market Expansion - Qualcomm is exploring opportunities in the robotics market, drawing parallels with its automotive sector, and has already partnered with several robotics companies [14].

Core Viewpoint - Guizhou Moutai is facing short-term price fluctuations and policy adjustments, reflecting structural contradictions within the liquor industry [17] Group 1: Shareholder Meeting Insights - The Guizhou Moutai shareholder meeting was held on May 19, with a significant number of attendees, prompting a change in venue from the Moutai International Hotel to the Moutai Conference Center [2][3] - This year's meeting featured a simplified reception, with a shift from table meals to a self-service format and the absence of a wine tasting session, replaced by blueberry juice products [4][6] - The reduction in reception expenses and the absence of Moutai wine during the meeting surprised some shareholders, indicating a response to higher management's call for frugality [8] Group 2: Price Trends and Market Dynamics - The price of the flagship product, "Flying Moutai," has dropped from 2700 yuan to around 2100 yuan, reflecting a 22% decline, with further drops expected [12] - If the price of Flying Moutai falls below 2000 yuan, it could disrupt the entire pricing structure of Moutai products and impact the profitability of distributors [14][15] - Moutai's secondary growth product, "Moutai 1935," has also seen a decline in market price, currently around 700 yuan, failing to maintain its initial market position [14] Group 3: Strategic Goals and Challenges - The company aims to maintain the price of Flying Moutai above 2000 yuan, as a drop could lead to significant issues within the distribution network [16] - The chairman, Zhang Deqin, has set a modest revenue growth target of around 9% for 2025, which has been met with mixed reactions [19] - The company is facing challenges in appealing to younger consumers, with some expressing dissatisfaction over the discontinuation of certain products like the "Sauce-flavored Latte" [19]

导 语：该富豪 投资铜多头，被解读为其对金属市场及全球最大消费市场——中国经济的信心 的体现。 一位隐居的中国亿万富翁，以其先见之明的黄金交易斩获令人瞩目的巨大收益，如今已经成为中国 最大的铜多头。他在这个因中美竞争升级而动荡不安的市场中，押下了接近 10 亿美元的巨额赌 注，备受各界瞩目。 早年通过塑料管行业积累财富的边西明（ Bian Ximing ），在选择前往直布罗陀 (Gibraltar) 追求安 静生活后，近两年来凭借他对中国黄金期货的投资掀起了波澜。他押注于全球将努力减少对美元的 依赖并应对通胀担忧的趋势。根据彭博社（ Bloomberg ）的计算，他的基金正是在金价开始创下历 史新高时入场，并在这一过程中大约实现了 15 亿美元的利润。 如今，随着贸易战和潜在的休战震荡着市场，卞（ Bian ）及其所在的中财期货股份有限公司（ Zhongcai Futures Co. ）被外界视为上海期货交易所铜合约中最大的净多头。据知情人士及交易所数 据透露，经过长达 10 个月的买入，截至上周五，宾及其通过中财管理的资金在铜期货上的多头持 仓规模接近 9 万吨，这一数量远远超过其他同行。 据知情人士透露， ...

Economic Insights - Structural highlights in consumption: The "trade-in" policy stimulated retail sales of home appliances, furniture, and communication equipment, with year-on-year growth ranging from 19.9% to 38.8%. Jewelry sales increased by 25.3% due to fluctuations in gold prices, indicating a short-term focus on policy-benefiting consumption sectors [3] - Investment growth driven by equipment upgrades: From January to April, equipment purchase investment rose by 18.2% year-on-year, contributing 64.5% to overall investment growth, with manufacturing investment leading at 8.8% [3] - Export window period clarified: In April, exports increased by 9.3% year-on-year, benefiting from the "temporary suspension" of US-China tariffs and transshipment trade, with a focus on capitalizing on export benefits before June [3] - Urban renewal presents trillion-level opportunities: Policies have outlined six major guarantees for urban renewal, with expected annual investments exceeding one trillion, prioritizing smart infrastructure, green buildings, and underground pipeline networks [3] - Policy intensification focuses on "four stabilizations": Extraordinary counter-cyclical adjustments will accelerate, with a focus on supporting technology research and development, consumption expansion, and foreign trade upgrades [3] Investment Trends - Foreign capital continues to heavily invest in A-shares: Foreign investors hold a stable market value of A-shares at 3 trillion yuan, with policies clarifying directions for "institutional opening" [3] - Accelerated inflow of medium to long-term funds: Social security, insurance, and annuities have net bought over 200 billion yuan in A-shares this year, reinforcing market expectations of "steady growth" [3] - Policy catalyzes mergers and acquisitions: The new "Major Asset Restructuring Management Measures" have been implemented, alongside cash dividends and buybacks, prioritizing central enterprise integration and cross-industry mergers and acquisitions [3] Industry Developments - Smart manufacturing equipment industry scale surpasses 3.2 trillion yuan: There is an urgent demand for technological upgrades, focusing on breakthroughs in robotics, CNC machine tools, and automated production lines [5] - Industrial mother machines require breakthroughs in thermal error compensation technology: AI real-time monitoring and error control technologies will be key investment directions for improving processing accuracy [5] - Domestic industrial robots enter the "software-defined performance" stage: Software algorithms and common technologies are core breakthroughs for domestic replacements, with a focus on companies with foundational algorithm development capabilities [5] - Automation rate in new energy vehicle assembly is only 25%-30%: Embodied intelligent technologies will drive a market worth hundreds of billions, focusing on smart equipment and adaptive production solutions [5] - The demand for intelligent equipment in shipbuilding is surging: Intelligent welding and coating equipment can shorten manufacturing cycles by over 30%, with a focus on suppliers of intelligent devices in the shipbuilding industry [5] Entertainment Industry in Saudi Arabia - Saudi Arabia's entertainment industry aims for a clear target by 2030: Expected to contribute 4.2% to GDP and create 450,000 jobs, becoming a core pillar of economic diversification [9] - Young consumer power drives local entertainment explosion: 33% of consumers plan to increase outdoor entertainment spending, focusing on high-frequency, diverse experiential consumption scenarios [9] - "Entertainment + real estate" integration model significantly enhances value: Projects combining entertainment facilities with residential functions increase land value and long-term leasing demand [9] - Foreign capital layout window opens: Saudi entertainment is one of the few "greenfield" markets among G20 countries, with policy support and localized cooperation providing low-competition, high-growth opportunities [9] - Immersive experiences become a new growth point: Extending traditional entertainment boundaries, focusing on differentiated products like esports venues and adventure tourism [9]