底层基础设施的通用性就是为了前瞻性地应对未来的模型发展。当前AI产业发展迅速，Scaling law在后 训练、在线推理等阶段快速发展。训练端，模型架构持续创新迭代，有望进一步强化训练侧scaling law 的延续，如阿里巴巴Qwen团队与浙江大学团队提出的Parallel Scaling、腾讯混元团队采用Transformer、 Mamba混合架构训练的TurboS都取得了优秀的性能表现。推理端，在MoE专家网络架构成为主流后， 如何通过硬件部署实现更高的吞吐量和更低的延时成为焦点。采用类似推理集群的形式未来有望成为主 流，计算节点有望通过提升计算密度满足推理需求。系统级算力料将成为下一代AI算力基础设施。 系统级算力需要系统级能力。 芯片层面，算力集群中涉及AI加速芯片、CPU芯片、Switch互连芯片、DPU数据处理芯片等，受限制于 制程，国产AI加速芯片在峰值算力能力领域上相较于海外旗舰产品仍有差距，软件生态上亦因产业发 展时长而相对落后，单芯片能力的竞争并无直接优势。互连层面，传统PCIe与英伟达NVLink等差距较 大，NVLink5.0提供1.8TB/s双向带宽，超传统PCIe方案的十倍，国产 ...

Group 1 - Nvidia has regained its position as the world's most valuable company, with a market capitalization exceeding $3.76 trillion after a 4.33% increase in stock price [5][7]. - The stock price surge is attributed to ongoing trends in artificial intelligence, with predictions from Loop Capital suggesting Nvidia's market value could reach $6 trillion [7]. - Major technology stocks generally saw gains, with Nvidia leading the way, while other sectors like energy and real estate experienced declines [6][8]. Group 2 - The S&P 500 index is nearing historical highs, with a recent peak of 6108.51 points, just under 1% from its all-time intraday record [4]. - The index has risen over 2% this week, driven by easing geopolitical tensions and a ceasefire agreement between Iran and Israel [4]. - The performance of the S&P 500 is mixed, with eight sectors declining and three gaining, indicating a varied market response [6].

Group 1: Humanoid Robots and AI Solutions - UBTECH announced the launch of a commercial humanoid robot solution centered around the Walker C robot, integrating advanced AI models and navigation algorithms for applications in exhibitions, supermarkets, and transportation hubs [2] - The emergence of AI companies like DeepSeek is driving the development of general-purpose humanoid robot models, indicating a strong trend towards industrial applications of humanoid robots [2] - The humanoid robot industry is entering a phase of rapid development, with commercial applications becoming increasingly viable, suggesting potential investment opportunities in domestic component manufacturers [2] Group 2: AI Infrastructure Investments - Major tech companies such as Amazon, Microsoft, Oracle, and Meta are making significant investments in AI infrastructure, with total investments reaching up to tens of billions of dollars [3] - The demand for digital infrastructure driven by AI is leading to a sustained increase in global data center capacity, with the domestic computing power sector expected to recover due to policy support and technological upgrades [3] - The long-term growth of AI-driven infrastructure is anticipated, with opportunities arising from technological upgrades and domestic replacements in sectors like optical modules, switches, and cooling systems [3] Group 3: Robotics and AI Market Potential - Google DeepMind introduced the Gemini Robotics On-Device model, which can run locally on robotic devices, enhancing their adaptability to new tasks without needing constant internet connectivity [4] - The competition among major tech firms in the field of embodied intelligence is expected to unlock a trillion-dollar market, as robots transition into the embodied intelligence era [5] - The intersection of humanoid robots and AI represents a critical point in technological advancement, with significant breakthroughs anticipated in application, cost, and software development [5] Group 4: Tungsten Market Dynamics - The strategic value of tungsten is increasing, with supply-demand tightness expected to persist, leading to a bullish market trend and potential price increases [6] - Tungsten is essential in high-end manufacturing and is considered a strategic resource in China, with strict controls on its mining [6] - The global tungsten supply is projected to grow at a CAGR of 2.57% from 2023 to 2028, while demand is expected to rise due to emerging industries like photovoltaics and robotics [6]

【导读】英伟达突然大涨，黄仁勋、鲍威尔重磅发声！ 中国基金报记者 郭玟君 大家早上好！昨夜今晨，又有很多大事发生。 美国三大股指涨跌不一。英伟达市值再度称冠全球！黄仁勋预测机器人及物理 AI 相关基础设 施是下一个千亿美元级产业机会。美联储主席鲍威尔表示，将来若达成贸易协议，美联储可 能考虑降息。美债收益率全线走低。 美国三大股指涨跌不一 美东时间 6 月 25 日，美国三大股指收盘涨跌不一，道指跌 0.25% ，报 42982.43 点；标 普 500 指数持平报 6092.16 点；纳指涨 0.31% ，报 19973.55 点，录得三连涨。 道琼斯工业指数(DJI) 06-25 16:20:01 | 42982.43 | | | | --- | --- | --- | | -106.59 - -0.25% - 今开 - 43130.33 - 成交量 0 | | | | 上涨 = = = = | 11 平盘 | 0 下跌 下跌 1 1 19 | | 最高价 43130.33 市盈率 29.8 | | | | 最低价 42871.50 市净率 | | | સ્ત્ર-B4 日K 五日 [0] 叠加 4330 ...

英伟达重回第一。 当地时间6月25日，美股三大指数收盘涨跌不一，标普500指数接近历史高点。英伟达涨超4%，股价再创新高，再度成为全球市值最高的公司。热门中概股 跌多涨少，纳斯达克中国金龙指数跌0.6%。 标普500指数接近历史高位 当地时间6月25日，美股三大指数收盘涨跌不一。截至收盘，道指跌106.59点，跌幅为0.25%，报42982.43点；纳指涨61.02点，涨幅为0.31%，报 19973.55点；标普500指数跌0.02点，报6092.16点。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 42982.43 | 19973.55 | 6092.16 | | -106.59 -0.25% | 61.02 0.31% | -0.02 0.00% | 标普500指数盘中最高触及6108.51点，较2月19日创下的历史盘中纪录6147.43点仅差不到1%，也十分接近6144.15点的历史最高收盘价。此外，纳斯达 克指数当前点位距去年12月创下的历史高点仅相差1.3%。 本周迄今，标普500指数已上涨逾2%，主要因伊朗对周末美军袭击的回应比预期温和。随后美国总统 ...

智通财经APP获悉，时隔近半年之久，有着"AI芯片霸主"称号的英伟达(NVDA.US)股价再创历史新高点位，这家人工智能芯片领军者自4月低 谷价位以来的无比强劲涨势，全面巩固了其作为全球最有价值上市公司之一的地位。对于长期钟情于英伟达以及AI算力产业链的投资者们来 说，席卷全球的"AI信仰"对于算力领军者们的股价催化远未完结，"AI总龙头"英伟达的市值冲5万亿美元市值之路再一次扬帆启航，在一家华 尔街投资机构看来甚至有望冲击6万亿美元。 英伟达股票价格在周三强势上涨4.3%，至154.31美元，突破了该股此前在1月初期创下的历史纪录。自4月的阶段性股价低点以来，英伟达已 累计跃升63%，市值足足增加近1.5万亿美元。按当日收盘价位计算，该公司总市值约 3.77 万亿美元，超越AI应用软件领域领头羊微软 (MSFT.US)的3.66万亿美元市值，重夺"全球股王"这一超级宝座，再度荣膺全球最高市值公司。 台积电、英伟达以及博通等AI基础设施领导者们近期无比强劲的财报数据，以及Facebook母公司Meta、甲骨文、OpenAI、微软以及亚马逊等 科技巨头们持续井喷式扩张的AI算力需求，乃最为重要的股价看涨催化剂。 ...

Market Overview - US stock market shows mixed performance with S&P 500 closing flat, Dow Jones down by 0.25%, and Nasdaq up by 0.31% [1] - Chip stocks outperform the market, with Nvidia rising over 4% to reach a historical high, while Micron Technology initially jumped nearly 8% after positive earnings guidance before turning down [1] - Tesla shares fell by 3.8%, and FedEx dropped over 3% due to disappointing earnings guidance [1] Chinese Stocks - Chinese concept stocks index decreased by 0.6%, with Tiger Securities up by 22.39%, Yatsen Holding up by 13.04%, and EHang up by 3.23% [2] Bond and Currency Markets - US Treasury yields rose and then fell, with the two-year yield hitting a seven-week low [3] - The US dollar index approaches a three-year low, while offshore RMB nears 7.16, a seven-month high, before retreating nearly 200 points [4] Commodities - Oil prices rebounded after two days of decline, rising over 2% [5] - Gold prices showed a slight rebound, moving away from the month's low [6] Technology and AI Developments - Bosch plans to invest over €2.5 billion in artificial intelligence by the end of 2027 [8] - Nvidia's CEO highlighted robotics technology as the next major opportunity following AI [7] Semiconductor Industry - Global semiconductor industry expected to see a 7% increase in wafer manufacturing capacity by 2025, reaching 33.7 million wafers per month, with China's capacity growth leading the way [11] - The wafer foundry sector is entering a traditional peak season, with increasing market demand anticipated [12] Energy Storage - Tesla's first grid-side energy storage project in mainland China is expected to be operational this year, with a storage capacity of 300 MWh [11] Battery Technology - Vivo launched the X Fold5, featuring the industry's first fourth-generation silicon anode technology, achieving an energy density increase of 13% at room temperature and 20% in low temperatures compared to the previous generation [13][15] - Silicon anode technology is expected to become mainstream due to its high theoretical capacity and improved safety and performance [15] Stock Market Highlights - A-share total market value reached a historical record [14] - Longchuan Technology expects a net profit of 360-420 million yuan for the first half of 2025, a growth of 67.54%-95.46% year-on-year, driven by strong demand in the integrated circuit industry [16] Upcoming Stock Unlocks - Several companies, including Yongzhen Co. and Aidi Te, have significant stock unlocks scheduled for June 26, with unlock ratios of 37.41% and 42.58% respectively [19]

昨夜美股市场再度上演"冰火两重天"行情。道琼斯工业平均指数下跌0.25%，纳斯达克综合指数上涨 0.31%，标普500指数则以平盘收官。然而，科技股的分化格局成为市场焦点：英伟达股价单日暴涨超 4%，总市值一夜飙升1560亿美元（约合人民币1.12万亿元），以3.77万亿美元的市值再度登顶全球市值 榜首；而特斯拉、英特尔等科技巨头则遭遇重挫，跌幅分别超过3%和1%。与此同时，中概股表现分化 显著，纳斯达克中国金龙指数下跌0.6%，小鹏汽车、好未来等个股跌幅居前，而富途控股、中通快递 等则逆势上涨。 英伟达狂飙：AI与机器人双引擎驱动，市值突破3.77万亿美元 英伟达无疑是昨夜美股市场的最大赢家。在强劲财报与CEO黄仁勋战略展望的双重催化下，其股价单日 涨幅达4.35%，创下历史新高。这一涨幅直接推动英伟达总市值突破3.77万亿美元，超越微软、苹果等 科技巨头，重夺全球市值最高公司宝座。 黄仁勋在年度股东大会上明确表示，机器人技术将是英伟达继AI之后的下一个万亿级市场，而自动驾 驶汽车将成为该技术的首个商业化落地场景。他描绘了一幅宏大的未来图景：数十亿个机器人、数亿辆 自动驾驶汽车以及数十万个机器人工厂，均将由 ...

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 本 栏目由虎嗅出品。 热点追踪 【特朗普称美国与伊朗下周将举行会谈】 据新华社海牙6月25日电，美国总统特朗普25日在荷兰海牙出席北约峰会后举行记者会，称美国与伊朗下周将 举行会谈，并可能签署一项协议。 特朗普说:"我们下周将与伊朗进行会谈，也许会签署一项协议。"但他同时表示，他认为这项协议并非"必 要"，但美方核心诉求依然是不允许伊朗拥有核武器。 当天早些时候，特朗普在出席北约峰会期间对媒体表示，伊朗与以色列之间的停火正在"顺利推进"。谈及伊朗 铀浓缩项目，特朗普态度强硬，表示不会容忍伊朗继续开展核活动，并强调美军的空袭已"彻底摧毁"伊朗核设 施。 以色列13日凌晨对伊朗境内核设施和军事目标等发起大规模空袭，伊朗当晚还击。冲突爆发后，双方发动多轮 互袭。美东时间21日，特朗普宣布美军"成功打击"伊朗福尔道、纳坦兹和伊斯法罕三处核设施。美东时间23 日，特朗普宣布以伊就停火达成一致。以伊两国24日均表示接受停火方案。 【飞天茅台部分电商价下探至1700元】 据界面新闻，6月25日，据红星资本局报道，飞天茅台价格再度下探。据 ...

近日，深圳市商务局印发了《深圳市关于促进服务消费高质量发展的若干措施》。其中提出，深化服务业扩大对外开放。支持生物技术和外商独资医院等医 疗领域扩大开放试点。稳步放宽或取消跨境交付、境外消费和自然人移动等模式下服务贸易限制措施。持续深化电信、教育、养老、医疗、健康等服务业放 宽市场准入。积极参创国家服务贸易创新发展示范区。（新华财经） 国泰海通集团下属公司国泰君安国际控股有限公司正式获香港证监会批准，将现有证券交易牌照升级为可提供虚拟资产交易服务，以及在提供虚拟资产交易 服务的基础上提供意见。此次牌照升级后，客户将可在国泰君安国际平台直接交易加密货币（如比特币、以太币等）、稳定币（如泰达币等）等虚拟资产。 25日当天国泰君安国际涨198.39%，成交超163亿港元。（新华财经） 李强：期待各国企业为中国市场提供更多优质产品和服务中国将一如既往欢迎各国企业来华投资兴业 人民银行6月25日开展3000亿元MLF操作连续4个月加量续作 6月中期流动性净投放总额已达3180亿元 特朗普：会在三四个人之内选出下一任美联储主席美国与伊朗下周将举行会谈并可能签署一项协议 国务院总理李强6月25日下午在天津出席2025年夏季 ...