Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies involved in the RISC-V architecture and NVIDIA's CUDA support. Core Insights - NVIDIA's announcement at the 2025 RISC-V China Summit signifies a strategic shift in the global AI computing landscape, evolving from a duopoly of x86 and ARM to a tripartite balance with RISC-V [1][2][27] - The integration of CUDA with RISC-V allows RISC-V processors to function as the main CPU in AI systems, marking a significant entry into the mainstream AI computing domain [1][26] - The move enables RISC-V to leverage NVIDIA's extensive software ecosystem, facilitating rapid development and innovation in AI applications [2][28] Summary by Sections Event Overview - At the RISC-V Summit China 2025, NVIDIA announced that its CUDA platform will support RISC-V architecture, allowing RISC-V processors to act as core application processors in AI systems [1][26] Strategic Implications - This development indicates a major transformation in the computing power structure, traditionally dominated by x86 and ARM, now including RISC-V as a key player [2][27] - NVIDIA's support for RISC-V is seen as a strategic move to decouple its GPU offerings from any single CPU architecture, ensuring its central role in a diversified computing future [4][31] Ecosystem Development - The report emphasizes that the greatest challenge for new computing architectures is building a robust software ecosystem, which NVIDIA's support for RISC-V aims to address by enabling access to its established CUDA ecosystem [3][28] - RISC-V's modular design allows for customized processors tailored to specific AI tasks, enhancing efficiency and cost-effectiveness compared to traditional CPUs [6][30] Geopolitical Context - The open and neutral nature of RISC-V is particularly relevant in the context of global technological competition, providing countries like China with a path to technological sovereignty [4][30] - NVIDIA's strategic intent is to facilitate local developers' access to mainstream AI software ecosystems while promoting the development of sovereign RISC-V chips [4][30]

本报告导读： 6 月美国 CPI 增速如期回升，但核心 CPI 环比不及市场预期。关税对核心商品的影响 开始显现但总体仍较温和。未来几个月关税对通胀的传导仍将进一步释放，CPI 增速 或进一步走高。美联储或仍将维持观望，短期内难以降息。 投资要点： 风险提示：特朗普关税政策再超预期 宏观研究 /[Table_Date] 2025.07.21 2025-07-21 通胀温和回升，美联储仍可观望 2025 年 6 月美国物价数据点评 [Table_Authors] 王宇晴(分析师) 宏 观 研 究 宏 观 快 报 点 评 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 021-23185641 wangyuqing@gtht.com 登记编号 S0880525040119 梁中华(分析师) 021-23219820 [Table_Summary] 美国 6 月通胀：如期回升。6 月美国 CPI 同比 2.7%（前值 2.4%，市 场预期 2.6%）。核心 CPI 同比回升 0.1 个百分点至 2.9%，符合市场预 期。CPI 环比增速回升 0.2 个百分点至 0.3%（市场预期 0.3%），核心 CPI ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies involved in the RISC-V architecture transition. Core Insights - The RISC-V instruction set architecture is evolving towards High-Performance Computing (HPC), marking a significant turning point in the semiconductor industry, transitioning from embedded systems to a strategic pathway in general-purpose computing [1][13]. - RISC-V is maturing into a scalable platform capable of supporting critical applications such as data centers, AI computing, and automotive electronics, indicating its potential for key breakthroughs in these areas [2][14]. - The competitive advantage of RISC-V is shifting from its openness to its ability to execute efficiently in high-performance environments, which will be crucial for its success [3][15]. - The transition of RISC-V from specialized applications to general-purpose computing is expected to reshape the competitive landscape of the semiconductor industry, with a long-term potential to rival ARM and x86 architectures [3][17]. Summary by Sections Event Overview - The 2025 RISC-V China Summit highlighted the transition of RISC-V towards HPC as a pivotal development for the semiconductor industry, redefining the landscape of autonomous and open innovation [1][13]. Industry Evolution - RISC-V is evolving from primarily embedded applications to a general-purpose computing platform, capable of supporting advanced applications in data centers and AI [2][14]. - The architecture encourages customization based on open standards, leading to heterogeneous multi-core architectures that combine general-purpose cores with specialized accelerator cores [2][14]. Competitive Landscape - The core competitive advantage of RISC-V is transitioning towards efficient execution capabilities, with a focus on stable performance in complex task environments [3][15]. - The report emphasizes that future competition will focus on practical high-performance applications and the establishment of a comprehensive ecosystem [3][17]. Long-term Outlook - RISC-V is positioned to become a mainstream architecture comparable to ARM and x86, with the potential to drive industrial transformation and foster new semiconductor companies once the HPC ecosystem is fully developed [3][17].

宏 观 研 究 美国：居民消费仍具韧性 [Table_Authors] ——海外经济政策跟踪 本报告导读： 本周高频数据显示美欧经济仍具有一定韧性，美国市场调查层面和交易层面通胀预 期出现分化，关税对美国通胀的影响或逐渐体现，美联储对后续降息仍有耐心。 投资要点： 风险提示：海外货币政策调整超预期，关税政策的不确定性。 宏 观 周 报 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 宏观研究 /[Table_Date] 2025.07.20 [Table_Report] 2025-07-21 [Table_Summary] 全球大类资产表现。本周（2025.7.11-2025.7.18），大宗商品价格涨 跌互现。其中，COMEX 铜下跌 1.2%，伦敦金现下跌 0.15%，标普-高 盛商品指数上涨 0.35%。 主要经济体股市普遍上涨，其中恒生指数 上涨 2.8%，日经 225 上涨 0.6%，标普 500 上涨 0.6%。债市方面， 10 年期美债收益率较前一周回升 1BP 至 4.44%，国内 10Y 国债期货 价格下跌 0.04%。外汇市场方面，美元指数较前一周回升，报收 98.5， 日元和人 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies. Core Insights - Arm's entry into the cloud ASIC market raises concerns as it competes with established IC design firms like Broadcom and Marvell, which have also expanded into ASIC services. Arm has yet to secure significant orders from major cloud service providers (CSPs) [8] - Yangtze Memory Technologies Corp (YMTC) aims for a fully domestic production line and targets a 15% global market share by 2026, leveraging local suppliers and overcoming previous production bottlenecks [9] - The demand for NVIDIA's GB200 servers and ASIC servers is strong, indicating robust growth in the cloud service provider sector, despite concerns over AWS layoffs affecting future growth [10] Summary by Sections Arm's ASIC Market Entry - Industry insiders suggest that Arm's move into the ASIC business is not entirely competitive against its customers, as established firms are also entering this space. Arm has not yet secured significant cloud ASIC orders, and market leaders still dominate [8] YMTC's Domestic Production Strategy - YMTC is collaborating with Chinese suppliers to implement a fully domestic production line, aiming to match international standards in 3D NAND technology. The company has received substantial funding to support its semiconductor manufacturing advancements [9] CSP Demand and Server Shipments - The strong demand for GB200 servers and ASIC servers is expected to yield positive results for U.S. CSPs. Despite tariff-related challenges, customer orders remain robust, suggesting continued growth in the AI-driven cloud market [10]

Group 1: Tariff Measures and Economic Impact - The tariff measures in the first half of 2025 were characterized by a "high opening and low closing" trend, with significant reductions in tariffs announced after April 9[6] - Actual tariff rates increased by only 6.5%, significantly lower than the theoretical increase of 14.5%, leading to lower-than-expected tariff revenue growth[11] - China's share of U.S. imports dropped from 13.4% in 2024 to 7.4% by May 2025, indicating a shift in import sources due to tariff measures[13] Group 2: Export and Inflation Trends - Chinese exports showed stable volume and price increases, with a potential moderate decline expected in the future[23] - U.S. inflation remained low despite tariff increases, primarily due to weak demand in the automotive market and fluctuations in oil prices[32] - The actual tax rate increase led to a theoretical inflation rise of 2.1%, but the observed inflation was only 0.9% from January to May 2025, indicating a significant dampening effect from other economic factors[32] Group 3: Future Tariff Expectations and Risks - If further tariff increases are implemented, particularly targeting transshipment, the actual tariff rates and their economic impacts may exceed current expectations[33] - Risks associated with excessive TACO trading (Trump Always Chicken Out) should be monitored as they could affect market sensitivity to tariff changes[33] - A potential downturn in the U.S. economy could reverse the effects of tariff measures, posing additional risks to economic forecasts[34]

Investment Rating - The report maintains an "Outperform" rating for Xtep International [2][5] Core Views - Xtep International's revenue performance in 2Q25 met expectations, with all brands maintaining their annual performance guidance [3][10] - The main brand achieved low-single-digit growth in retail revenue year-over-year, with online sales outpacing offline sales [3][10] - The company is focusing on direct-to-consumer (DTC) strategies, aiming to recover around 500 stores by 2026 [3][10] Financial Performance Summary - Revenue projections for Xtep International are RMB 14.41 billion, RMB 15.43 billion, and RMB 16.52 billion for 2025, 2026, and 2027, respectively, reflecting year-over-year growth of 6.2%, 7.1%, and 7.0% [5][12] - Net profit attributable to the parent company is expected to be RMB 1.38 billion, RMB 1.51 billion, and RMB 1.66 billion for the same years, with growth rates of 11.3%, 9.7%, and 9.7% [5][12] - The projected P/E ratios for 2025, 2026, and 2027 are 10.0X, 9.1X, and 8.3X, respectively [5][12] Brand Performance Insights - Saucony and Merrell brands are experiencing strong growth, with Saucony achieving over 30% year-over-year revenue growth in 1H25 [4][11] - Saucony aims for a 30%-40% annual revenue growth and plans to double its revenue in the next three years [4][11] - Merrell's revenue in 2Q25 grew over 50% year-over-year, driven primarily by e-commerce [4][11]

Investment Rating - The report assigns an "Outperform" rating to several companies including Nike, Midea Group, JD Group, Gree Electric, Anta Sports, Haier Smart Home, and others, while Lulu Lemon is rated as "Neutral" [1]. Core Insights - The report highlights that high-expectation, high-valuation new consumption stocks are under pressure, leading to a rotation towards low-valuation, low-expectation consumption stocks [4][5]. - The performance of various sectors shows that overseas cosmetics, domestic sportswear, and luxury goods are among the top performers, while sectors like gold jewelry and gaming are experiencing declines [11][12]. Sector Performance Overview - The report indicates that most covered sectors continued to experience a pullback, particularly new consumption sectors due to previously high market expectations and valuations [5][13]. - The weekly performance of sectors shows overseas cosmetics leading with a 2.5% increase, while gold jewelry saw an average decline of 4.8% [11][12]. - Year-to-date performance highlights gold jewelry, domestic cosmetics, and overseas cosmetics as outperformers, with respective increases of 161.6%, 49.3%, and 42.4% [11][12]. Valuation Analysis - The report provides a detailed valuation analysis, indicating that most sectors are still below their average valuations over the past five years. For instance, the expected PE for the overseas sportswear sector in 2025 is 34.5 times, which is 55% of its five-year average [9][16]. - The expected PE for the domestic sportswear sector is 12.9 times, representing 74% of its historical average, while the gold jewelry sector is at 27.2 times, which is 48% of its average [9][16].

Strategic Partnerships - In 2025, by July, the company launched a series of strategic collaborations to advance its AI agent-driven digital transformation leveraging accumulated e-invoicing data[5] - In March, the company introduced a Tax AI Assistant that integrates algorithmic models and big data analytics to identify potential risk points in business operations[5] - In April, a comprehensive cooperation agreement was signed with Huawei to enhance AI applications in intelligent invoice processing and automated tax risk assessment[5] Technology and Client Collaborations - By July, multiple strategic partnerships were announced with companies like 01.AI, 4Paradigm, Muxi, and Iron Mountain China to focus on GPU computing power and information storage technologies[5] - Strategic agreements were established with Bank of Ningbo, WeBank, and China Zheshang Bank to reconstruct the digital finance ecosystem through data intelligence-driven solutions[5] Intelligent Agent Strategy - The company formally established the "Intelligent Agent Strategy" in its 2024 annual report, focusing on building a 2B intelligent agent ecosystem powered by data intelligence[3] - The strategy includes three key components: Transaction Intelligent Agents, Business Decision-Making Intelligent Agents, and Intelligent Risk Control Agents[3] Risks - The company faces short-term downward pressure on stock price due to the unlocking of restricted shares and imminent full circulation of H-shares[4] - There is a risk that the AI Agent application project may progress slower than expected[4]

Investment Rating - The report assigns an "Outperform" rating to several companies including Pop Mart, Anta Sports, and Haidilao, while Budweiser Asia is rated "Neutral" [1]. Core Insights - Starbucks plans to sell a partial stake in its China business, with valuation estimates around $9 billion [5]. - Pop Mart anticipates a revenue increase of no less than 200% year-on-year for 1H, with net profit expected to grow by at least 350% [5]. - The dishwasher market in China is projected to reach a scale of RMB 30 billion within five years, doubling from the current market size of approximately RMB 15 billion [5]. Weekly Performance Summary - Key performers in the F&B sector include Guoquan (+11.5%), Green Tea Group (+8.9%), and Auntea Jenny (+6.7%) [6]. - In the home appliance sector, Ecovacs saw a significant increase of 20.9%, followed by Roborock (+9.7%) and Sanhua (+7.5%) [6]. - Underperformers in the F&B sector include Guming (-13.4%) and Chagee (-10.9%) [6].