点评1：人形机器人仍处于从0到1的早期阶段，核心重点跟踪产业的技术进展及变化， 除人形机器人头部企业特斯拉进展稳步推进外，领先企业Figure同样进展快速，融资重点推 进制造的规模化扩张、家庭与商业场景应用的落地以及大规模数据收集。我们持续看好人形 机器人的长期投资机会，建议从价值量和卡位上把握空间&确定性，从股票弹性上寻找增量 环节。1）确定性：特斯拉产业链核心供应商或者实力强、卡位好的公司，重点关注【飞荣 达】【龙溪股份】【唯万密封】【恒立液压】【汇川技术】【绿的谐波】【蓝思科技】； 2）弹性：重视基本结构研究逐步拓展至完整功能结构的增量环节或现有环节挖掘的高确定 性新标的，重点关注【唯万密封】【龙溪股份】【飞荣达】【唯科科技】【金帝股份】【汉 威科技】等。 国信证券近日发布机械设备行业制造成长周报（第29期）：据华尔街见闻2025年9月17 日消息，未来美国科技巨头将在英国为人工智能系统、量子计算计划和其他科技项目投入超 过310亿英镑（423亿美元）。OpenAI也将其"星际之门"项目引入英国。9月16日，微软总裁 BradSmith宣布在未来四年内投资超过300亿美元（约220亿英镑），以扩建其在英 ...

Group 1 - The European Union is launching an investigation into whether Apple, Google, and Microsoft have failed to adequately regulate online financial fraud [1]

网上流传的一张"三角关系图"将OpenAI、甲骨文和英伟达的合作模式简易地呈现出来：OpenAI向甲骨文购买云服务，甲骨文向英伟达购买GPU，英伟达再 继续投资OpenAI。 当地时间9月22日，英伟达与OpenAI 达成协议，将注资千亿美元帮助OpenAI构建和部署至少10吉瓦（gigawatt）的AI数据中心，包括购买数百万块英伟达 GPU，为OpenAI的下一代AI基础设施提供支持。首个吉瓦的系统将于2026年下半年在英伟达的Vera Rubin平台上部署。 OpenAI毫不掩饰"算力雄心"。该公司CEO萨姆·奥尔特曼（Sam Altman）表示："计算基础设施将成为未来经济的基石，借助多方共建的算力资源，将实现人 工智能新突破，同时赋能千家万户和企业发展。" 今年1月，美国总统特朗普上任第二天就在白宫宣布了一项算力投资计划——"星际之门"。该计划中的参与者有软银创始人孙正义、甲骨文创始人拉里·埃里 森（Larry Ellison）、OpenAI创始人奥尔特曼。三方承诺未来四年共同出资5000亿美元建设算力基础设施。 按照OpenAI的计划，2030年"星际之门"将支持OpenAI大约75%的算力需求， ...

Core Viewpoint - Microsoft has announced a price increase for its Xbox gaming consoles, citing profit concerns rather than tariffs as the primary reason for the adjustment [3][5]. Group 1: Price Increase Details - The price of the Xbox Series S 512GB has increased from $379 to $399, while the Xbox Series X has risen from $499 to $599, effective October 3 in the U.S. [3] - The price adjustments reflect a significant increase, with the Series S rising by $20 and the Series X by $100 [3]. Group 2: Reasons Behind the Price Increase - Mike Ybarra, former president of Blizzard Entertainment, stated that the price hike is purely a profit issue, indicating that the console's profitability has not met expectations [5]. - Ybarra also mentioned that while tariffs were a factor in earlier price increases, the current hike is unrelated to tariffs and is instead a response to internal profit levels [7]. - Microsoft previously raised Xbox prices in May, with increases reaching up to $150, attributed to changes in the macroeconomic environment [7].

Group 1 - The core argument presented by Mustafa Suleyman is that AI's marginal cost is approaching zero, leading to a decentralization of power and making AI accessible to everyone [1][11][30] - AI is evolving from a "predictive system" to an "action agent," which means that the ability to execute tasks is being redistributed from large organizations to individuals [2][15][20] - The ability to use AI effectively is becoming a new form of power, as it allows individuals to perform tasks that previously required teams and resources [14][21][30] Group 2 - Suleyman emphasizes that AI is not just a tool but a form of actionable execution power that can perform tasks autonomously, such as sending emails, generating contracts, and managing schedules [10][12][30] - The reduction in marginal costs means that individuals can now achieve the same level of influence as large companies, as AI can handle complex tasks with minimal input [11][13][30] - The traditional power structures based on resource allocation and organizational processes are being disrupted, allowing individuals to take direct action with AI [20][22][30] Group 3 - The future of power will depend on who can effectively utilize AI to turn ideas into reality, as the ability to predict and execute tasks becomes a key determinant of influence [15][21][30] - Suleyman predicts that AI will soon possess perfect memory and the ability to make long-term, accurate predictions based on user interactions, further enhancing individual capabilities [21][30] - The shift in power dynamics signifies a move away from centralized control towards individual empowerment through AI [30]

Core Points - Microsoft announced a price increase for the Xbox Series S and Series X consoles effective October 3, citing changes in the overall economic environment [1] - This marks the second price increase for Xbox consoles this year [1] Pricing Details - The price of the Xbox Series S will increase by $20, bringing the new prices to $400 and $450 [1] - The Xbox Series X will see a price increase of $50, with new prices set at $600 and $650 [1] - The 2TB version of the Xbox Series X will increase by $70, resulting in a new price of $800 [1]

Core Viewpoint - Microsoft announced an increase in the suggested retail prices of several Xbox consoles in the U.S. starting in October due to changes in the macroeconomic environment [1] Pricing Changes - The starting price for the Xbox Series S will rise to $399 from the previous $379, reflecting a $20 increase [1] - The digital version of the Xbox Series X will now be priced at $599, up by $50, while the disc version will reach $649, also reflecting a $50 increase [1] Accessories Pricing - Microsoft stated that the prices for accessories such as controllers and headsets will not be increased [1] International Pricing - Prices for Xbox consoles in other countries and regions will remain unchanged [1]

Core Viewpoint - Microsoft announced an increase in the suggested retail prices of several Xbox consoles in the U.S. market starting in October, citing changes in the macroeconomic environment as the reason for the price adjustment [1] Group 1: Price Adjustments - The price of the Xbox Series S standard version has been raised from $379 to $399, while the 1TB storage version is now priced at $449 [1] - The Xbox Series X digital version (without a disc drive) has increased by $50 to $599, and the Xbox Series X disc version has also seen a $50 increase to $649 [1] - The 2TB top configuration price has risen from $729 to $799 [1] Group 2: Market Context - The price adjustments are believed to be related to recent tariff policies implemented by the Trump administration, which have affected various consumer goods and increased product costs [1] - This marks the second price increase for Xbox consoles in the U.S. this year, with competitors Sony and Nintendo also raising their console prices following the tariff changes [1] - The current inflationary pressures on U.S. consumers may intensify competition in the gaming hardware market and test consumer purchasing power [2]

Core Insights - Microsoft is building three local data centers in Thailand to support the country's development in artificial intelligence (AI) [1] - The company aims to provide localized cloud services and introduce advanced intelligent technologies to help Thai businesses become "frontier enterprises" [1] - Microsoft defines "frontier enterprises" as organizations that strategically leverage AI for competitive advantage [1] - The company is awaiting the new government's inauguration to enhance its influence through AI policies [1]

美股周五早盘，道指成份股微软公司（MSFT）上涨0.9%，此前美银策略师表示，包括微软在内的美国 大型科技股有进一步扩张空间，投资者应当为此做好准备。 来源：环球市场播报 ...