但大行们最近纷纷调高了二季度 收入预期。目前均值465亿美金。都普遍认为B200 二季度出货好。 只是数字的客观描述。不带情感！只等明天点评。 之前做过一版市场平均值统计。如上图。 再阐述一下事实。上个季度393亿，预告的这个季度234月 430亿。由于h20 的减值计提原因，b200 爬坡 周期，全球给的234月收入预期都不高，平均434亿。这点可以从腾讯和阿里capex一季度环比下降得到 一些解释。 ...

Group 1 - Major overseas manufacturers have raised their Q2 shipment revenue expectations, averaging just over 46 billion [1] - The expected revenue for the period from February to April is relatively low, with Bloomberg estimating it at 43.4 billion [1] - Companies are refraining from making predictions due to the high risk of being questioned if they are wrong, preferring to provide commentary on current realities instead [1]

今晚有个公告很有时代意义。 一个子公司B反向发行股份 收购原母公司A。 时也 命也。 现在，B子 公司反向收购。怎么说呢。是个好事。一方面补齐了一个组装环节；另一方面给资本市 场开启了一种新的模式。不知道后续关于子母公司以后ipo怎么处理上市 ，但是有活力的新资产反 向主导 收购，这仿佛是个全新的案例。那些没有独立上市的子公司 可不可以反向借母公司的壳？ 投行的达人可以留言分析一下。 时也 命也！ 一个曾经红人的落幕，一个新贵的确立。 这其中代表了整个制造业的时代巨变。 这是中国制造业的一个缩影。从15年前的纯粹组装制造走向了 掌握核心自主产权产品的设计 制 造。毕竟从毛利率13%进步到了毛利率63%。这就是中国制造业 的微观缩影。我们必将拥有更多更 高毛利率的产品和企业。 市场老人都知道，十年前A可是炙手可热，独占鳌头。 那时的子公司B知道的人并不多，还因为和AMD的授权事，往事很多。 没想到十年河东 十年河西！ B公司上市后，一骑绝尘，成为当红炸子鸡。这当然Ai出了大力，没有AI这一大风，也成就不了它。 但是A公司从2020年以后就已经不在C位很久了。 它中间的故事也很多。芯片禁令，一批人员出走在 昆山成 ...

Core Insights - Google L4 chip rental prices are continuously rising [1] - AWS A10 rental prices remain stable [2] - Daily active users of ChatGPT app are reaching new highs [3] Group 1 - Google L4 chip rental prices have shown a consistent upward trend, indicating increased demand for advanced computing resources [1] - AWS A10 rental prices have maintained stability, suggesting a competitive pricing strategy in the cloud services market [2] - The ChatGPT app has achieved record daily active users, reflecting its growing popularity and user engagement [3]

3. 美中不足的是并没有真实去执行代码，所以也无从知道代码是否有问题，人肉检查后只能说大致步骤和思路是对的 4. 在没有执行代码的情况下就给出了结论，结论应该是参考网上的 这个看似简单的例子其实很考验agent的综合能力，他涉及到意图识别，ocr，网络搜索，网上资源获取能力，代码能力，执行代码及纠错的能力；这每一 步让机器来做其实都有其复杂性存在，尤其要让机器每步自动干下去的综合难度不小的。天工agent能给出最后的代码已经超过我们的预期，毕竟很多 agent在第一步就会宕机 。 另外，PPT制作也进步很大，基本可看了： 文档撰写也基本可以参考的，但是过于依赖搜索工具，有点深度不足的缺点 又一个agent发布，号称拳打manus，脚踢openai。我们贴出的例子还是被AI卷下岗的码农领域，输入： 查询图片中的的报告，并且进行报告中算法的复 现，并给出使用示例 以下为执行过程： 其他亮点 ： G C ( < 股票市场动态与交易分析 ◎ 智能体,通用模式 I LA BANDA HA A - LY PT - HAL 3 PAT - HAL A - MIN Skywork虚拟机 MCP 工具 | C 搜索网页 1 M ...

Core Viewpoint - The primary focus for the U.S. is addressing the issues surrounding government debt, which is significantly influencing various tariffs, policies, and market sentiment [1] Group 1: U.S. Treasury Auctions - A large amount of U.S. government debt is maturing at the end of June, leading to a critical 90-day period for stabilization [1] - The recent auction of 20-year Treasury bonds was notably poor, resulting in a new high for bond yields [1] - The U.S. Treasury auctioned $16 billion of 20-year bonds, with the final yield at 5.047%, marking the second instance of yields surpassing 5% since the bond's introduction five years ago [1] - The yield from this auction was 24 basis points higher than the 4.810% from April, and the auction's bid-to-cover ratio was 2.46, the lowest since February [1] Group 2: Market Reactions - The pressure on U.S. assets is significant, with indications that the dollar index is likely to continue declining [1] - U.S. stock markets have begun to decline as well, reflecting broader market concerns [1] - Traditionally, rising bond yields would lead to falling gold prices; however, gold is currently rising as an alternative to the dollar [1] - There has been a divergence in the behavior of Treasury bonds and gold, with both previously moving in tandem during times of risk aversion [1] Group 3: Investment Sentiment - The range of assets considered safe havens is narrowing, indicating a shift in investment strategies [2]

所以我们看到很多海内外大厂eps 纷纷超预期？营业利润率也在微涨。多少收入贡献的？多少裁员贡献 的？比如google肯定要依靠裁员继续提升eps的，它目前还有18w人。meta也有这个打算。微软目前人均 贡献收入比google 低，目测也要大裁特裁。只有英伟达人均收入最高，目前没有裁员的压力和计划. A股上市公司呢？ 其实也挺猛。最后一列是24年财报 减少人数比上22年公司披露的总人数。表里只看到tmt。主要想知道 ai带来的影响，对码农和后台的影响。 但是绝对数第一还真不是tmt，比如晶澳，晶科....那都是万人起步。表装不完，后面有一些类似中国移 动这样的公司 人员是增加的，占比较小。 数据：东方财富 最近都在讨论 因为AI导致的裁员。 全球都被美国几个大厂的 裁员计划震惊了。动则几万几万的裁员。 因为总人数是10几 20万人。所以哪怕3%，也有7000-8000人被裁。 今年meta google 微软还会是裁员重灾区。 ...

Core Viewpoint - The article emphasizes that China's AI development model differs from the U.S., focusing on "efficiency-driven, engineering implementation" rather than "compute power supremacy" [1] Group 1: AI Development and Investment Landscape - Major foreign banks are optimistic about Chinese cloud providers and chip foundries, indicating a positive outlook for international investments in these sectors [1] - The AI investment value chain is shifting from foundational hardware to application layers, platform layers, and vertical industry implementations [1] - The DeepSeek incident is identified as a pivotal moment that has prompted a reassessment of the "cost efficiency model" and spurred an open-source movement [1][2] Group 2: Economic Implications of AI - The AI revolution is expected to enhance China's long-term potential GDP growth by addressing structural challenges such as aging population and slowing productivity growth [3] - AI capital expenditure is projected to be a primary driver in the short term, contributing approximately 0.2 to 0.3 percentage points to annual GDP growth [3] - By 2024, AI is estimated to create an equivalent labor value of approximately 6.7 trillion RMB, assuming AI penetration aligns with IMF predictions for emerging markets [3][4] Group 3: Return on Investment and Market Dynamics - By 2030, China's AI industry is projected to yield a total return of about 806 billion RMB, achieving a 52% return on invested capital (ROIC) [4] - The e-commerce sector is expected to contribute the largest share to AI growth, estimated at 271 billion RMB, followed by advertising and local services [4] - The data center market in Beijing and surrounding areas is anticipated to experience the highest investment returns, with a supply-demand reversal expected within 6 to 12 months [4] Group 4: AI Hardware and Ecosystem - Despite U.S. chip restrictions, China's AI computing power continues to advance, supported by a combination of existing GPU inventory and domestic GPU development [5] - The self-sufficiency rate of Chinese AI GPUs is projected to reach 34% by 2024 and 82% by 2027 [5] - Huawei and Cambricon are identified as key domestic GPU suppliers, with most chips manufactured by local foundry SMIC [6] Group 5: Global Market Outlook - The global cloud AI market is expected to grow at a CAGR of 28% from 2024 to 2027, reaching approximately $239 billion, with China projected to account for 20% of this market [6]

Core Insights - The article discusses the advancements in AI technology as presented by NVIDIA CEO Jensen Huang at COMPUTEX 2025, highlighting the evolution of AI from perception to reasoning and physical AI [1] AI Evolution Path - The evolution of AI is categorized into four stages: 1. Perception AI: Understanding patterns like speech and image recognition 2. Generative AI: Transitioning from understanding to generating content across multiple modalities 3. Reasoning AI: Focusing on complex reasoning capabilities, utilizing techniques like "Chain of Thought" and "Tree of Thought" 4. Physical AI: Understanding physical concepts such as inertia and causality, crucial for the next AI era [1] GB300 and Blackwell Architecture - The GB300 system, based on the new Grace Blackwell architecture, has been in production since early this year, with significant upgrades including a 1.5x increase in inference performance and a 2x increase in network capability [2] - The system features 100% liquid cooling and maintains the same physical footprint as previous models, with a single node performance of approximately 40 petaflops [2] NVLink and CoWoS-L Technology - NVIDIA has developed a new collaborative process with TSMC called CoWoS-L to create larger chips, enhancing performance through NV-Link technology, which offers a data transfer speed of 7.2TB/s [3] - The NV-Link architecture connects multiple GPUs within a single rack, achieving a bandwidth of 130 terabytes/s, necessitating liquid cooling due to high power requirements [3] NVLink Fusion - NVLink Fusion is introduced to allow partners to build semi-custom AI infrastructure solutions, enabling integration of custom ASICs into NVIDIA's ecosystem [4] - This technology facilitates the mixing of NVIDIA components with partner-specific chips, enhancing the flexibility of AI infrastructure [5] DGX Spark and Workstations - DGX Spark has entered full production, designed for AI-native developers, offering 1 petaflops of computing power and 128GB of memory for prototyping and early development [6] - NVIDIA also launched desktop-level DGX supercomputers, capable of running AI models with up to 1 trillion parameters, suitable for home use [6] Enterprise AI Solutions - The RTX Pro Enterprise server integrates x86 architecture and supports various AI agents, showing significant performance improvements over previous models [7]

阿里云季度收入加速增长至18%， 达到301.27亿元，创下三年来的最快增速，其中AI相关产品收入连续第七个季度保持三位数的同比增 长。 • 经营利润为人民币1409.05亿元（194.17亿美元），同比增长24%。 • 归属于普通股股东的净利润为人民币1294.70亿元（178.41亿美元）。净利润为人民币1259.76亿元 （173.60亿美元），同比增长77%。 对外商业化收入同比增长17%。上个季度13%。 I DC 最新数据， 阿里云国内市场排名第一，份额连续三个季度回升（阿里和火山都不错）。 IDC分 析，阿里云加大研发投入，在通义系列大模型、AI基础设施等领域全面发力，市场份额和同比增速显 著提升。 截至4月底， 阿里通义已开源200余个模型 ，全球下载量超3 亿次。 此外 基建带来的折旧出现了，海内外一样。 经调整 EBITA 利润率环比下降 1.9 个百分点（上个季度10%）， 这是由于我们加大了技术和产品开发 方面的投入以把握快速增长的 AI 需求，同时，随着我们加大基础设施投入以满足需求爬坡，折旧与摊 销费用的上升也对利润率产生了一定影响。 本季度资本开支246亿，环比下降28%。 回溯 ...