政策加持、巨头引领、发布会催化临近，全面看好端侧 AI 行业报告 | 行业研究周报 消费电子 证券研究报告 AI 端侧：看好政策加持、巨头引领、发布会催化临近背景下，端侧 AI 相关投资机遇。我们认为苹果近期动态彰显其在端侧 AI 方面产品创新决心， 对使用体验及销量的拉动有超预期的可能，建议关注苹果产业链。苹果将于 9月 10 日举办发布会，推出多款新品。公司正推进三年计划，拟整合谷 歌 Gemini AI升级 Siri，并开发内部代号为"世界知识问答"的新系统，研发机械臂、家用安防摄像头及具备对话功能的"虚拟伴侣"桌面机器人； 8 月 26日国务院正式印发《关于深入实施"人工智能+"行动的意见》；谷歌发布 Pixel 系列产品，搭载全新 Tensor G5 芯片；Meta 重组 AI 团队、 暂停招聘。推出多款 AI硬件及开放Horizon OS系统；央视发布智能眼镜半年报，上半年京东平台智能眼镜成交量同比增长超 10 倍。 8 月 26 日国务院印发人工智能相关新政，我国全面启动"人工智能+"新时代，为人工智能行业提供政策支持、应用场景与资源保障，将全面加速技 术普及与产业融合。8月 26 日,国务院印 ...

Regulatory Governance - Tencent responded to the lawsuit from miHoYo, stating that the request for QQ user data can only be fulfilled through formal judicial procedures due to privacy laws [2] - A new civil lawsuit between miHoYo and Tencent is set to be heard on September 5 in Shenzhen [2] Industry Trends - The express delivery industry is experiencing a price increase in key regions such as Guangdong and Zhejiang, driven by national "anti-involution" policies [3] - Analysts predict that the average price per delivery will rise, improving company profits and enhancing the income stability of delivery personnel [3] Legal Developments - A U.S. court ruled that Google does not need to divest Chrome but must open certain search data to competitors [4][5] - This ruling is part of a significant antitrust lawsuit initiated in 2020, which accuses Google of maintaining its market dominance through high entry barriers [5] AI Developments - Meituan launched its first open-source large model, LongCat-Flash-Chat, which features a mixed expert model architecture and boasts 560 billion parameters [6] - Antom, a brand under Ant Group, introduced an AI agent payment solution that enhances payment intent recognition and transaction traceability [8] - DeepSeek is reportedly developing advanced AI agent functionalities, aiming to compete with leading tech companies like OpenAI [8] - Apple is collaborating with Google to enhance Siri with an AI search tool, integrating a new system called "World Knowledge Answers" [8]

Apple’s new iPhone 17 Air will be the star of its Sept. 9 event. But most buyers should be wary, @markgurman writes in this week’s Power On https://t.co/EImGydxL1v ...

Core Viewpoint - The article highlights key economic events and data releases for the week of September 8-14, focusing on China’s CPI, import/export data, and the U.S. CPI and PPI data, as well as significant corporate earnings reports from Oracle and Adobe [2][4][22]. Economic Data - China’s August import and export data will be released, with previous figures showing a 4.1% increase in imports and a 7.2% increase in exports in July [13]. - The U.S. will release its August CPI report on September 11, which is crucial for the Federal Reserve's policy direction, with expectations of a cooling job market impacting inflation [4][8]. - China’s August CPI is expected to drop to -0.4% due to high base effects and weak food prices, while PPI is also anticipated to show weakness [9][11]. Corporate Earnings - Oracle is set to release its earnings report on September 10, with strong future guidance expected, particularly in cloud infrastructure revenue, projected to grow over 70% by FY2026 [22]. - Adobe will also report earnings during this week, although specific details were not provided [2]. Political Events - In Japan, the deadline for the ruling Liberal Democratic Party to submit applications for an early leadership election is September 8, which could impact the yen depending on the outcome [20]. - France is facing a critical trust vote regarding its budget, which could lead to political instability and economic repercussions if the government fails to secure support [21]. Central Bank Decisions - The European Central Bank is expected to maintain its deposit rate at 2% during its upcoming meeting, reflecting a cautious approach amid ongoing trade disputes [14][15].

固定收益 | 固定收益点评 美联储降息预期大增，黄金新高 证券研究报告 海外经济跟踪周报 20250907 海外市场复盘（9.1-9.5） 本周美股震荡走势，三大指数涨跌不一。周二，特朗普表示将就对等关税 非法的裁决向最高法院上诉，关税不确定性上升，美股下跌；本周三美法 官裁决令谷歌和苹果大涨，推动纳指表现；周四由于 ADP 就业和申领失业 金任人数显示就业疲软，降息预期上升，美股上涨，周五非农爆冷后，美 股先因降息"稳了"而上涨、后因衰退担忧转跌。 本周美元小幅收跌。美国职位空缺、非农就业、ADP 就业、制造业 PMI 等 经济数据疲软，降息预期显著上升，令美元下跌。 美债收益率大幅下降。周二由于关税风险上升，美债收益率上行，但周三 四五连续 3 天的经济数据均疲软，尤其周五非农"爆冷"，令美债收益率大 幅下行。 黄金上涨创新高、原油下跌。本周黄金价格站上 3600 美元/盎司，刷新历 史记录，背后是关税不确定性加剧、美联储货币政策独立性的危机、经济 走弱降息预期增强的共振推动。OPEC+考虑新一轮增产的消息令原油价格 大跌。 海外央行动态 本周，由于就业数据疲软，降息预期大幅上升。周中公布的美国 7 月 ...

特斯拉重点由汽车业务转向人形机器人，是实战还是画饼？一个App误判，配送承包商被迫承担天价维 修费，是亚马逊的疏忽还是挖坑？本周，这些公司都遇到点难题，也实施了相应的策略。而这些事件都 指向一个核心，企业战略部署。 转向机器人业务 马斯克在人工智能下"先手棋" 据外媒报道，美国企业家埃隆·马斯克正在淡化特斯拉公司的汽车业务，转而支持仍在开发中的人形机 器人。马斯克在其社交媒体平台回应称，特斯拉约80%的价值将来自Optimus机器人。马斯克对Optimus 商业化的进展预测道，特斯拉可能会在2026年下半年开始向其他公司交付其机器人。2日，特斯拉在其 社交媒体平台正式发布"秘密宏图第四篇章"，其中提及特斯拉在通过打造一系列产品和服务，让人工智 能深度融入到现实世界中。据悉，特斯拉全球汽车交付量在今年上半年下降了13%。尽管如此，随着公 司汽车业务失去动力，马斯克仍然强调了Optimus的潜力。 当汽车业务开始走下坡路时，特斯拉及时转变赛道，盯紧新业务方向不失为力求突破的典范。但上山之 路步履维艰，一方面机器人项目未成体系，另一方面，公司电动汽车形象根深蒂固。转型战略不要停留 在说说而已，市场不会为只会拉满情绪 ...

Group 1: Foreign Exchange Reserves and Gold Holdings - As of the end of August 2025, China's foreign exchange reserves reached $332.22 billion, an increase of $29.9 billion from the end of July, marking a rise of 0.91% [1] - The central bank has increased its gold reserves for the tenth consecutive month, with a balance of $253.843 billion as of the end of August, up by $9.858 billion, and the proportion of gold reserves to total foreign exchange reserves rose by 0.23 percentage points to 7.64%, a historical high [1] Group 2: Regulatory Developments - The China Securities Regulatory Commission (CSRC) held a meeting to support the decision of the Central Commission for Discipline Inspection regarding the investigation of former CSRC Chairman Yi Huiman for serious violations of discipline and law [2] Group 3: Real Estate Policy Changes - Shenzhen has announced new real estate policies to better meet residents' housing needs, including adjustments to purchasing policies for individuals and enterprises, effective from September 6, 2025 [3] Group 4: Fund Management Regulations - New regulations on public fund sales fees were released, which are expected to reduce annual sales fees by approximately $30 billion, a decrease of 34% [4] Group 5: Corporate Actions - Kweichow Moutai's controlling shareholder has received a loan commitment of up to 2.7 billion yuan from Agricultural Bank of China to support stock repurchase plans, with a planned repurchase amount between 3 billion and 3.3 billion yuan [4] - Tonghuashun announced that its controlling shareholder plans to reduce its stake by up to 0.26% due to personal financial needs [5] - Huada Jiutian's shareholder plans to transfer 2.64% of the company's shares through an inquiry transfer due to personal funding requirements [6] Group 6: Market Developments - Hesai Group has initiated a global offering of 17 million Class B shares, with a maximum price of HK$228 per share, aiming to raise funds for R&D and business development [7] - Tesla has unveiled a 10-year compensation plan for CEO Elon Musk, potentially worth $1 trillion in stock if all performance targets are met [8] Group 7: Economic Indicators - The U.S. non-farm payroll report for August showed an increase of only 22,000 jobs, significantly below the expected 75,000, with the unemployment rate rising to 4.3%, the highest since the end of 2021 [11]

摘要 激光焊接+高强钢如何助力钢壳电池新周期？ 近期，一则来自激光设备制造商的财务预测，揭示了消费电子供应链的重大转向。 据联赢激光透露， 仅2025年上半年，其应用于消费电子的小钢壳电池焊接设备订单已达4至5亿元人民币 ，预计下半年订单将持续增长，全年确认 收入或将达到6至8亿元。 该公司高管直接判断："后续发布的新手机，基本上会采用小钢壳电池，我们的设备是有参与的。" 这一判断的背后，是苹果公司在产品策略上的关键变革。继苹果于iPhone 16 Pro首次导入钢壳电池后，市场消息显示，2025年发布的iPhone 17 系列有望全系四款机型均采用该技术。 这标志着手机电池封装在沿着"软包卷绕→软包叠片→钢壳叠片"的路径演进。 消费电池领域，钢壳的浪潮已经蔓延开来。 三星正积极开发其"SUS CAN"不锈钢壳体方案，计划从2026年开始应用于旗舰智能手机。 与此同时，市场消息称， 豪鹏科技已获得Meta新一代AI眼镜的电池供应份额， 预计2025年三、四季度出货量占比将达到30%至40%，并随着产 能与良率爬坡，2026年其份额有望提升至50%、成为主要供应商。 豪鹏科技目前已在其潼湖工业园建成方形钢壳叠片 ...

本文来自微信公众号：爱范儿 （ID：ifanr），作者：发现明日产品的，原文标题：《iPhone 17 Air 配高密度电池、官方电池背夹？韩国运营商最新泄 露》，题图来自：AI生成 周末，韩国运营商 KT（韩国电信）内部的一份 iPhone 17 系列发布细节海报遭到曝光。 对于下周三凌晨即将正式发布的苹果新机，这份海报泄露了大量的技术细节，其中包括一些此前未知或者未经确认的信息。下面我们逐一来看： 17 Air：电池细节 很多消费者期待超薄款 iPhone 17 Air，但最担心的点就是电池太小续航不够。 从 KT 泄露的信息来看，对于续航问题苹果有两手准备：高能量密度电池、背夹电池。 根据上图，iPhone 17 Air 的电池容量为 2800 毫安时，但另一张图里显示为 2900mAh，大差不差。 最下一栏则显示，iPhone 17 Air 将采用高能量密度的电芯，并且提供苹果原装电池背夹。 此前传闻指出，苹果可能会在 17 Air 上使用硅负极电池——对于苹果可能是个新玩意，但对于国产智能手机品牌来说已经不陌生了。 2015 年，苹果首次发布了适用于 iPhone 6 系列的智能电池壳（Smart ...

Core Viewpoint - The Vanguard Growth ETF has demonstrated long-term market-beating performance, primarily driven by growth stocks, particularly in the technology sector [1][8]. Group 1: ETF Performance - The Vanguard Growth ETF has averaged close to 12% annual total returns since its inception in January 2004, outperforming the S&P 500, which averaged around 10.4% during the same period [8]. - In the past decade, the ETF's returns have been even more impressive, indicating strong growth potential [8]. - The ETF is well-equipped to continue being a market beater, with projections suggesting that consistent investments could yield significant returns over 20 years [11]. Group 2: Investment Strategy - Investing in a growth-focused ETF like the Vanguard Growth ETF can help hedge risks associated with individual growth stocks while providing exposure to high-growth companies [3][5]. - The ETF's low expense ratio of 0.04% allows investors to retain more of their returns, making it one of the cheapest growth ETFs available [12]. Group 3: Sector Allocation and Holdings - The Vanguard Growth ETF is heavily weighted towards technology, which accounts for 61.8% of the ETF, with top holdings including Nvidia (12.64%), Microsoft (12.18%), and Apple (9.48%) [6][10]. - The ETF's concentration in a few large-cap tech companies, while not ideal for diversification, has proven effective from a growth perspective [7].