Good morning and welcome to First Trade. Disney pulled all of its channels, including ESPN and ABC, from YouTube TV… and its stock went up. Is there no justice in the world? RundownThe perfect data center ETF. Ned Davis Research has pinpointed the fund it thinks is best-positioned to ride the boom and trounce the S&P 500.A history lesson. Six ways the stock market has changed a lot since the infamous crash of 1929.Are healthcare stocks underrated? Morgan Stanley seems to think so, citing AI advancement and ...

行 业 研 究 / 行 业 点 2025 年 11 月 03 日 Rubin 更新：Context 处理器纳入 路线图、SerDes 448G 升级、定 调无缆化 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 袁航 A0230521100002 yuanhang@swsresearch.com 杨紫璇 A0230524070005 yangzx@swsresearch.com 联系人 陈俊兆 (8621)23297818× chenjz@swsresearch.com 本期投资提示： 看好 ——AI 算力行业跟踪点评之 2 相关研究 《胜宏科技（300476）深度：AI PCB 全 球领军，受益算力需求扩容与技术升级 （AI 硬件系列之 5）》 2025/09/23 《英伟达 Rubin CPX：TCO 与算力密度再 进一步，揭示 PCB/液冷/组装增量——AI 算力行业跟踪点评》 2025/09/14 《工业富联（601138）深度：乘风 AI 浪 潮，竞争优势提升》 2025/08/20 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 ...

Company Announcements - Strong瑞技术 plans to invest 70 million yuan to acquire a 35% stake in liquid cooling company Alubao Technology, which indirectly supplies AI servers to Nvidia [1][2] - China Mobile's controlling shareholder, China Mobile Group, intends to transfer 41.98 million shares of the company to China National Petroleum Group [1][2] - Pingtan Development's main business involves activities related to the open development of the Pingtan Comprehensive Experimental Zone [1][2] Focus of the Day - Shengyi Technology's largest shareholder, Guangxin Group, and executives plan to reduce their holdings by no more than 1.03% of the company's shares [3] - Siwei Liekong's director and deputy general manager Zhao Jianzhou has been detained and is under investigation [3] - Huya Technology has signed a strategic cooperation agreement with Tailan New Energy to collaborate on adhesives in the solid-state battery sector [3] Shareholding Changes - Dagang Co. plans to invest 90 million yuan to increase its stake in chip testing company Aike Integrated to 78.79% [4] - Sanhua Intelligent Control has repurchased 1.9361 million shares as of October 31, totaling nearly 56 million yuan [3][4] Financial Performance - China Shenhua will distribute a total cash dividend of 19.471 billion yuan for the first half of 2025 [3] Financing and Capital Increase - Juhe Materials is planning to issue H-shares and list on the Hong Kong Stock Exchange [3] Contracts and Projects - Han Jian Heshan has signed a procurement contract worth 207 million yuan with China Nuclear Industry Huaxing Construction Co., accounting for 26.29% of the audited revenue for 2024 [3] Other Developments - ST Jingang has received a total of 1.804 billion yuan from all restructuring investors [8] - Long Spring High-tech's subsidiary has received approval for clinical trials of GenSci134 injection for treating idiopathic short stature [8]

AGIX 指数 诞生于我们对"如何捕获 AGI 时代 beta 和 alphas"这一问题的深度思考。毫无疑问，AGI 代表了未来 20 年最重要的科技范式转换，会像互联网那样重塑了人类社会的运行方式，我们希望 AGIX 成为衡量这一新科技范式的重要指标，如同 Nasdaq100 之于互联网时代。 「AGIX PM Notes」 是我们对 AGI 进程的思考记录，希望通过学习 Warren Buffett、Ray Dalio、 Howard Marks 等传奇投资者们的分享精神，与所有 AGIX builders 一同见证并参与这场史无前例的技 术革命。 | Ticker | 本周表现 | YTD | Return since 2024 | | --- | --- | --- | --- | | AGIX | 2.65% | 38.71% | 91.06% | | S&P 500 | 0.71% | 16.30% | 43.41% | | QQQ | 1.94% | 23.05% | 53.61% | | DowJones | 0.75% | 11.80% | 26.20% | | | 本周表现 | Inde ...

Data centre operator IREN announced on Monday that it has signed a five-year, $9.7 billion cloud services agreement with Microsoft, giving the technology giant access to Nvidia's GB300 processors. The... ...

| | | 000 | VOID | DIG | | | CIOSE | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | +0.29% | 173,200 | 170.00 | | 205,300 | 170.00 | 7.598. | | | -0.80 | -5.80% | 555,800 | 2.90 | 13.00 | 399,400 | 13.80 | 14.442. | | 57.00 | +1.00 | +1.79% | 340.100 | 56.75 | 57.00 | 1.075,900 | 56.00 | 17.100.200 | | 43.00 | -0.00 | -0.00% | 1,790,300 | 42.75 | 43.00 | 1.796.500 | 43.00 | 32.132.400 | | 18.90 | +0.20 | 40.66% | 462,300 | 8.80 | 19.00 | 1,436,900 | 18.80 | 8.978 300 | | 53.75 | -0.25 | -0. ...

Core Insights - The five-year agreement will enhance Microsoft's access to Nvidia chips, indicating a strategic partnership aimed at bolstering Microsoft's technological capabilities in AI and cloud computing [1] Group 1 - The agreement spans five years, suggesting a long-term commitment between Microsoft and Nvidia [1] - Increased access to Nvidia chips is expected to support Microsoft's growth in AI and cloud services [1]

Core Viewpoint - Nvidia's stock is experiencing an upward trend despite indications from President Donald Trump that the U.S. will persist in limiting exports of the company's chips to Chinese customers [1] Group 1 - Nvidia's stock performance is notably rising [1] - President Trump's administration is signaling continued restrictions on chip exports to China [1]

当前，与我们每一个人都息息相关却又被忽视的变化是，类似英伟达这样的超级公司，正在以前所未有 的广度与深度，在全球扩大其影响力。 撰文丨周隆斌 在2022年，英伟达只是全球几家头部芯片制造商中的一员，市值仅有4000亿美元左右，一半营收来自于 游戏显卡的售卖。那年年末，ChatGPT 3.5横空出世，彻底改变了全球科技行业的走向与格局，AI迅速 成为全球炙手可热的投资领域。 英伟达左手紧握着GPU，右手掌控着CUDA生态，前者为AI大模型提供高速处理海量数据的硬件支持， 后者为AI软件开发者们提供软件服务。软硬件同时拿捏，英伟达近20年的技术沉淀，在这一刻终于全 面爆发。 短短3年，英伟达市值飙涨逾10倍，突破5万亿美元大关。这一体量，等同于全球前十大芯片公司中，其 余9家的市值总和，英伟达已然加冕为芯片世界的绝对王者。与此同时，公司净利润也同步激增逾10 倍，盈利能力的强劲增长与市值扩张相匹配。所以，看似反直觉的是，其股票估值仍处于合理区间。 能够达成如此成就，离不开几家科技巨头的"倾囊相助"。2025年，微软、Alphabet、亚马逊、Meta、甲 骨文这5家上市公司预计资本开支将接近4000亿美元，明年还 ...

Core Insights - The article discusses the organizational structure of NVIDIA under CEO Jensen Huang, highlighting the 36 direct reports he has, which is a significant number for a company valued at $4 trillion [2][60]. Group 1: Organizational Structure - Huang has 36 direct reports across seven functional areas: strategy, hardware, software, AI, public relations, networking, and an executive assistant [5][6]. - Among these, nine are focused on hardware, indicating that hardware remains the foundation of NVIDIA's business [8]. - The presence of three public relations executives under Huang's direct supervision is notable, especially when compared to other tech leaders like Elon Musk, who has none [12][13]. Group 2: Key Personnel - Key figures under Huang include Jonah Alben, Dwight Diercks, and Bill Dally, who have been with NVIDIA for many years and play crucial roles in GPU architecture, software development, and research [20][29][36]. - New addition Wu Xinzhao, a Chinese national, brings extensive experience from Qualcomm and Xiaopeng Motors, focusing on NVIDIA's autonomous driving initiatives [48][50][54]. Group 3: Management Philosophy - Huang advocates for a flat organizational structure to enhance information flow and decision-making speed, believing that fewer layers lead to quicker responses [64][66]. - Despite the rapid growth of NVIDIA's workforce, which increased from 29,600 to 36,000 in one year, Huang's management style may be shifting towards a more vertical structure to handle the complexity of a larger organization [77][88]. - Huang's approach emphasizes transparency and open communication, often avoiding one-on-one meetings to allow information to spread freely among his team [66][70]. Group 4: Company Performance - NVIDIA's financial performance has seen significant growth, with net profits soaring to approximately $29.5 billion in the 2024 fiscal year, a nearly 600% increase year-over-year [76]. - The automotive business revenue is projected to nearly double from $281 million to $567 million in the 2024-2025 fiscal year, showcasing the impact of new leadership in this area [58].