5. 安能物流(09956)涨近1%， 9月3日，摩根士丹利发布首份覆盖安能物流的研究报告，给予其"增持"评 级。 点击蓝字，关注我们 今日上午港股 1. 蔚来-SW(09866)涨超9%， 9月20日，NIO Day 2025蔚来日将正式举办，届时，全新ES8将正式上市。 2. 港股家电股集体上涨，海尔智家(06690)涨超4%，海信家电(00921)涨近3%，美的集团(00300)涨近 1%， 国信证券研报指出，8月随着第三批国补资金到位，线下家电零售景气有所抬升。 3. 百度集团(09888)涨超16%， 9月15日，招商局集团与百度在深圳签署战略合作框架协议。 4. 国富氢能(02582)跌超4%， 9月15日，国富氢能与韩国Hylium Industries,INC正式签署合作协议，双方 就韩国市场氢能产储输系统及解决方案开发达成共识。 6. 羚邦集团(02230)涨超10%， 羚邦集团发布公告，一间新子公司"Medialink Japan 株式会社"于2025年8 月8日在日本正式成立。 7. 禾赛-W(02525)跌近2%， 交银国际发布研报称，首次覆盖禾赛-W"买入"评级，该行上调集团2026 ...

此次美联储自美东时间周二起召开为期两天的货币政策会议，背景是就业市场出现疲软迹象——8月 就业增长明显放缓，失业率升至2021年以来最高水平，加之上周修正数据显示，截至3月的年度就业 增长远弱于此前预期，引发市场对劳动力市场加速恶化的担忧。 同时，美国总统特朗普持续施压要求降息，而美联储主席鲍威尔在杰克逊霍尔研讨会上的鸽派表态 进一步强化了市场对降息的预期。 Monex分析师John Doyle指出， 当前市场几乎每天都在消化美联储进一步降息的可能性，到年底累计 降息75个基点已成为新的基准情景。 掉期市场交易员已完全计入今日降息25个基点的预期，降息50个基点的概率极低——即便周二公布 的零售销售数据强于预期，也未动摇这一押注，仅暗示降息幅度不会超过25个基点。 点击蓝字，关注我们 在美联储即将作出决策之际，彭博美元现货指数已逼近2022年3月以来的最低水平，连续第 在美联储即将作出决策之际，彭博美元现货指数已逼近2022年3月以来的最低水平，连续第三日下跌 0.1%，市场正密切关注央行政策动向及未来降息节奏指引。欧元与日元引领主要货币兑美元走强， 交易员在等待美联储公告的同时，也在评估年内降息路径的更多细 ...

点击蓝字，关注我们 智通财经APP获悉，据一份监管文件显示，特斯拉(TSLA.US)首席执行官埃隆·马斯克购入了该公司价值 约 10 亿美元的股票。 截至发稿，特斯拉股价周一盘前交易中上涨了 7.3%， 这使得该股票有望抹去今年 以来的跌幅。文件显示，马斯克于 9 月 12 日通过一家信托机构间接购入了股票。 特斯拉董事会通过史无前例的薪酬方案吸引他留任，若马斯克能带领特斯拉达成一系列雄心勃勃的目标 并持续专注公司事务， 股东将在2025年11月投票决定是否授予其额外4.23亿股特斯拉股票，约占当前总 股本的12%，这将使马斯克的投票权比例从目前的13%提升至约25%。 为达成这笔巨额奖励，马斯克需完成多重运营目标：特斯拉市值需达到并维持在2万亿美元(现在市值 1.3 万亿，还差 7000 亿)，此后每增加5000亿美元市值可再解锁一笔奖金，直至市值达到8.5万亿美元，全部 12 笔奖金拿满。 此外，该公司还需交付2000万辆汽车、实现2000万个活跃全自动驾驶订阅用户、交付100万辆Optimus机 器人、投入100万辆自动驾驶出租车robotaxi商用，同时达成EBITDA目标，且马斯克需在未来7.5至1 ...

Core Viewpoint - The article highlights significant movements in the Hong Kong and US stock markets, focusing on specific companies and their recent performance, driven by various strategic announcements and market conditions. Hong Kong Stock Market Summary - China General Nuclear Power Corporation (01164) rose over 6% following US Energy Secretary Chris Wright's suggestion to consider expanding strategic uranium reserves, indicating potential upward price adjustments for uranium [1] - Yunfeng Financial (00376) fell over 18% after announcing a rights issue at a discount of approximately 16.8%, aiming to raise about HKD 1.15 billion [1] - GCL-Poly Energy Holdings (03800) increased over 2% as it plans a rights issue at a discount of about 8.73%, targeting net proceeds of HKD 5.392 billion for structural adjustments in polysilicon production [1] - Lion Group Holding (02562) surged over 6% after signing a letter of intent to acquire a leading AI and blockchain company, expanding its digital finance footprint [1] - Pharmaron Beijing Co., Ltd. (02617) skyrocketed over 53% after being included in the Hong Kong Stock Connect list, with a cumulative increase of nearly 10 times since its inclusion, and northbound investors adding over HKD 300 million in two days [1] - Anta Sports Products (02020) rose over 2% as retail sales of sports goods showed rapid growth in the first eight months, indicating marginal improvement in sales [1] - SF Technology (09699) increased over 5% after launching its "SoFast" brand in Macau, marking a significant step in its overseas business expansion [1] - Shanghai Fudan (01385) rose over 6% as Morgan Stanley reported the company is well-prepared for supply chain disruptions, with limited demand impact expected [2] - Tianyue Advanced (02631) increased over 1% after being included in the Hong Kong Stock Connect, with silicon carbide expected to see new market growth [2] - Valiant Co., Ltd. (09887) rose over 10% after announcing the completion of the first patient dosing in a trial for its core product LBL-024 for melanoma [2] US Stock Market Summary - Tesla (TSLA.US) rose 3.56% as the head of its German factory announced an increase in production plans for Q3 and Q4 due to strong sales data [3] - NVIDIA (NVDA.US) fell 0.04% as it faces further investigation for violating antitrust laws [3] - Hesai Technology (HSAI.US) increased 4.31% after announcing a partnership with a leading US Robotaxi company, securing over USD 40 million in lidar orders [3] - XPeng Motors (XPEV.US) rose 2.20% after formalizing a deep cooperation with Magna Steyr in Austria, marking the start of local production in Europe [3] - NIO (NIO.US) increased 4.34% as it announced the NIO Day 2025 event, scheduled for September 20, where the new ES8 will be launched [3] - Apple (AAPL.US) rose 1.12% as Morgan Stanley reported that demand for the iPhone 17 series exceeded that of the previous year's iPhone 16 series during its first week of launch [4] - Fangdd Network Group (DUO.US) fell 9.17% following the National Bureau of Statistics' report indicating a decline in residential property prices in August [3] - Alibaba (BABA.US) rose 1.92% ahead of the 2025 Cloud Summit scheduled for September 24-26 in Hangzhou [4] - ASML Holding (ASML.US) increased 6.56% after announcing a EUR 1.3 billion investment in French AI startup Mistral AI, becoming its largest shareholder [4] - Bilibili (BILI.US) rose 6.40% as it announced the upcoming public test of its new strategy card game, "Three Kingdoms: Hundred Generals Card" [4] - Oracle (ORCL.US) increased 3.41% as management disclosed that its cloud infrastructure revenue is set to experience steep growth [4]

内容来源于智通财经APP 贝塔投资智库 为投资交易提供更有价值的服务 Counterpoint高级分析师William Li指出，随着先进封装技术在芯片性能提升中的关键作用日益凸显， 芯片设计商将日益依赖先进封装来提升方案性能。鉴于台积电目前的技术领先优势及稳固的客户关 系，预计该公司不仅在先进制程节点领域持续领跑， 未来在先进封装领域也将保持主导地位。 从同业对比看，第二季度多数其他晶圆代工厂商(含 IDM 外包份额)市场份额维持或微降： 德州仪器 (TXN.US)与英特尔(INTC.US)均稳定保持6%市场份额;英飞凌科技从6%微降至5%，三星则从5%下滑 至4%。 Counterpoint高级分析师Jake Lai分析，消费电子传统旺季效应、AI 应用订单加速及中国现有补贴政 策，将成为三季度主要驱动力。 点击蓝字，关注我们 智通财经APP获悉，根据Counterpoint Research数据， 台积电(TSM.US)在2025年自然年第二季度半导 体代工市场占有率飙升至38%，同比提升7个百分点，而去年同期为31%。这一增长源于行业整体晶圆 代工收入同比攀升19%， 主要受人工智能对先进制程及封装技 ...

Group 1: Hong Kong Stocks - Yaojie Ankang (02617) surged over 16% after reporting no main business revenue for the first half of the year, with other income dropping from 10.4 million to 3.6 million, a decline of 65.1% [1] - Yunfeng Financial (00376) rose over 18% following a strategic partnership with Ant Digital Technology to explore tokenization of real-world assets and Web3 [1] - COSCO Shipping Energy (01138) increased over 5% as VLCCTD3C freight rates reached $74,338 per day, a year-on-year increase of 113% [1] - Chip stocks collectively rose, with Beike Micro (02149) up over 7%, China Electric Huada Technology (00085) up over 2%, and Huahong Semiconductor (01347) up over 3%, as the Ministry of Commerce initiated anti-dumping investigations on US simulated chips [1] - CSPC Pharmaceutical Group (01093) gained over 3% after announcing that its SYH2066 tablet received approval for clinical trials in China [1] - Sanhua Intelligent Control (02050) rose over 5% as Tesla's new robot approaches mass production, with Morgan Stanley setting a target price of HKD 41 for the company [1] Group 2: Shanghai Stocks - Hu Shang Ayi (02589) increased over 7% after being included in the Hong Kong Stock Connect list, with stable growth in store numbers in the first half of the year [2] - Bilibili-W (09626) rose over 5% as the testing date for "Three Kingdoms: Hundred Generals Card" was set for October, with institutions optimistic about its growth potential [2] - The lithium battery sector saw significant gains, with Zhongxin Innovation (03931) up over 5%, CATL (03750) up over 7%, Ganfeng Lithium (01772) up over 4%, and Tianqi Lithium (09696) up over 3%, as Morgan Stanley issued a positive report on CATL amid market focus on lithium demand expectations for next year [2] - United Pharmaceutical (03933) rose over 3% as new raw material production capacity in Gaolan and Inner Mongolia is set to commence in October [2] Group 3: US Stocks - Oracle (ORCL.US) fell 5.09% as JPMorgan expressed concerns over the profitability of new orders related to AI model training and the company's ability to fund infrastructure for large orders [3] - Adobe (ADBE.US) decreased 0.34% despite reporting a year-on-year revenue growth of 11% in Q3 2025, exceeding analyst expectations, and raising its full-year revenue guidance for the second time this year [3] - XPeng Motors (XPEV.US) continued to rise by 1.41% as the Ministry of Industry and Information Technology announced the debut of its first extended-range SUV, the XPeng G7 [3] - Hesai (HSAI.US) increased by 2.07%, with total proceeds from its global offering expected to be HKD 4.1624 billion [3] - Warner Bros. Discovery (WBD.US) rose by 0.78% amid reports of Paramount Skydance preparing a cash-based majority stake acquisition proposal for the company [3] - Microsoft (MSFT.US) increased by 1.77% after signing a non-binding agreement with OpenAI to reset their collaboration terms [3] Group 4: Additional US Stocks - Supermicro (SMCI.US) rose by 2.39% as the company announced it has begun bulk deliveries of NVIDIA's Blackwell Ultra solutions [4] - Novartis (NVS.US) fell by 2.80% as Goldman Sachs downgraded its stock rating to "sell" [4] - Bilibili (BILI.US) increased by 4.09% as management anticipates that "Three Kingdoms: Hundred Generals Card" will achieve daily active users in the million range [4] - Mogu (MOGU.US) continued to rise by 6.29% after the board approved a strategic asset allocation plan to invest up to $20 million in digital currency [4] - Tesla (TSLA.US) surged by 7.36% as its Model YL sold out in the Chinese market, with new orders indicating the earliest delivery time expected in November 2025 [4]

Core Viewpoint - Goldman Sachs significantly raised growth expectations for AI servers and AI data center switches, indicating that data center hardware driven by AI is the strongest theme in the US tech sector, while traditional equipment demand remains weak [2][3]. AI Server and Data Center Switch Growth - AI data center switches are projected to reach a market size of $26 billion by 2029, with a CAGR of 36%, a substantial increase from the previous forecast of $2 billion, primarily due to concentrated demand release in 2028-2029 [3]. - Traditional servers are expected to decline at a CAGR of -2% from 2024 to 2029, while traditional data center switches will grow at a mere 5%, highlighting a stark contrast with the AI sector [3]. Key Players in AI Server Market - Dell has emerged as the largest winner in the AI server market, with significant market share gains [4]. - The growth of AI servers is highly concentrated in the secondary cloud service provider segment, which is expected to achieve a CAGR of 66% over five years, reaching a size of $239.298 billion by 2029 [5]. Market Share Dynamics - In the secondary cloud service provider market, Dell's market share surged by 22 percentage points to 46%, while competitors like NVIDIA, Supermicro, and white-box manufacturers saw declines [6]. - In the enterprise market, Dell's share increased by 13 percentage points to 30%, while NVIDIA's share dropped by 6 percentage points to 16% [6]. AI Data Center Switches - Ethernet technology dominates the growth in the switch market, particularly in backend products, which are expected to grow at a CAGR of 50% from 2024 to 2029, reaching $14 billion [7]. - Frontend Ethernet switches are projected to grow at a CAGR of 46%, reaching $10 billion by 2029, while InfiniBand switches are expected to decline at a CAGR of -1% [7]. Customer Demand for AI Switches - Enterprise customers show the most urgent demand for AI switches, with a projected CAGR of 64% over five years [9]. - Secondary cloud service providers and super-scale enterprises are also expected to see significant growth, with CAGRs of 55% and 41%, respectively [9]. Company Ratings and Outlook - Arista Networks (ANET) is rated "Buy" with a target price of $155, benefiting from strong revenue from major cloud giants [10]. - Dell Technologies (DELL) is rated "Buy" with a target price of $150, supported by trends in AI server demand and IT spending recovery [11]. - Cisco Systems (CSCO) is rated "Neutral" with a target price of $37, facing market share challenges but with a solid backlog [13]. - Hewlett Packard Enterprise (HPE) is rated "Neutral" with a target price of $25, with concerns over profitability in its server and hybrid cloud segments [15]. - Supermicro (SMCI) is rated "Sell" with a target price of $27, facing challenges from commoditization in the AI server market [17].

Core Viewpoint - The meeting concluded that China's dominant position in the rare earth market, particularly in reserves and refining, is unlikely to be shaken in the short term [2]. Supply Side - China contributes 60-70% of global rare earth mining and holds about 90% of refining capacity, with a technological lead of at least 20 years over foreign competitors [3]. - The refining cost in China is only one-third of that of overseas counterparts, creating a significant barrier to entry for other countries [3]. Demand Side - The demand for rare earths is driven by three main sectors: electric vehicles, wind power, and robotics [4]. - Each electric vehicle requires 3.5 kg of neodymium-praseodymium (NdPr), while each wind turbine needs 600 kg of neodymium-iron-boron (NdFeB) magnets [4]. - By 2028, NdPr oxide prices are expected to remain between 600,000 to 700,000 CNY per ton (approximately 80-95 USD per kg), with heavy rare earths like dysprosium and terbium showing even stronger price momentum [4]. Overseas Projects - Despite attempts by overseas companies to challenge China's dominance, they face high costs, limited scale, and significant environmental pressures, making it difficult to alter China's position in the short term [5]. - MP Materials, a U.S. strategic project, has questionable commercial viability due to higher refining costs and reliance on government subsidies, with profitability unlikely in the next five years [6]. - Lynas, an Australian project, is more competitive but still faces environmental compliance challenges and relies on China for heavy rare earth supplies [6]. Heavy Rare Earths Dependency - The supply dominance of China in heavy rare earths is expected to continue in the short term due to the immaturity of overseas mining and refining technologies, as well as high costs [7]. Recycling and Alternative Technologies - China currently accounts for 60% of global rare earth recycling, with a recovery rate of 90-95%, primarily from electric vehicle motors, wind turbine blades, and electronic waste [9]. - By 2028, recycled rare earths are projected to meet about 35% of global supply needs, alleviating pressure on primary mining [9]. - In contrast, the U.S. and Europe lag in recycling technology and face high environmental costs, hindering progress in their recycling industries [10]. - Alternative materials currently under research are unlikely to pose a significant threat to rare earth demand within the next decade [11].

点击蓝字，关注我们 2025 年 9 月 10 日，摩根大通发布《全球股票策略更新报告》，聚焦当前市场 "担忧墙"（Wall of Worry）与 AI 板块动向。报告指出，尽管关税、移民等因素构成增长阻力，但美股企业凭借 AI 快速渗 透、强劲资本支出与韧性消费，仍实现健康盈利增长；不过短期需警惕通胀反弹与高估值风险，中长期 则看好 AI 与政策红利下的市场潜力。 一、美股：盈利强劲但短期承压，警惕 8 月 CPI 数据 1. 支撑美股的四大动力 小摩认为，当前美股企业盈利增长的核心支撑来自四方面： AI 加速落地：AI 技术渗透推动效率提升，成为盈利增长关键引擎； 资本支出（Capex）强劲：企业投资意愿旺盛，为长期增长奠基； 消费者韧性：截至 8 月 29 日，美国消费者支出同比增长 4.1%（年初至今 + 3.6%），其中可选消费 （+5.3%）、Z 世代 / 千禧一代消费（+7.0%）是主要驱动力（插入图片：Chase 消费数据）； 美元走弱：利好出口企业，间接提振盈利。 2. 短期三大风险需警惕 尽管基本面强劲，但标普 500 在非衰退期经历近 20 年最佳表现后，短期风险已显现： 高仓位与高估值 ...

Group 1 - OpenAI and NVIDIA's CEOs plan to announce a multi-billion dollar investment in UK data centers during a visit with President Trump [1] - The collaboration involves Nscale Global Holdings Ltd., a London-based data center company, with OpenAI expected to invest several billion dollars [1] - The total investment from US companies in the UK is anticipated to reach hundreds of billions during Trump's visit [1] Group 2 - OpenAI is expanding its operations in Europe amidst stricter regulations and skepticism towards Silicon Valley tech [2] - The "OpenAI for Countries" initiative aims to extend the Stargate data center project overseas, with a new data center in Norway supported by Nscale and Aker ASA [2] - Nscale has committed to investing $2.5 billion in the UK data center industry over three years, including a site in Essex [2] Group 3 - OpenAI's investment in Europe is relatively small compared to other regions, with a commitment of 5 GW capacity in the UAE and a target of 4.5 GW for the Stargate project in the US [2] - OpenAI and its partners, including SoftBank and Oracle, have pledged up to $500 billion for the Stargate project [2]