第二个视角就是我们单个机柜的视角如果我们是先从芯片的角度去看其实从这几年的芯片推出的频率来看GPU的速度确实是越来越高频了以前比较高档的CPU的一颗功耗最高目前也就是不到400瓦但我们可以看到像H200已经是达到了700瓦的程度 那你像最新的这个D200呢,可能是达到了这个1000瓦的这么一个感染线线的一个程度,那我们根据最新的一个这个厂商他的一个实测的数据啊,那可能就是这个风冷它能够去给到的这个极限就是我的 一个U的这个机架的高度能够供应到一个2000瓦的一个散热量那如果说我1U的高度的散热量超过了2000瓦那我可能大概就要上瘾了这个可能是近期大家实测出来得到的一个数据可以给到大家做一个参考这个我们是从这个服务器以及芯片的角度去做思考的一个数据那第二个数据呢就是也是我们这个VP用在脚的这张图 我们讲到了单位机柜的功耗因为以前如果是通用的服务器我们两个CPU那里最多可能一台服务器也就是一千瓦就结束了那如果我们现在达到了这个GPU那我们就以这个最新的这个S100就是也是能够官方的查到这个数据了那它的一台服务器的一个功耗大概是达到了一个10.2千瓦那如果是这个B200的话那可能要达到一个14千瓦以上了 那相比于以 ...

各位今天的投资者朋友大家好我是绝商金属团队的金涛欢迎各位领导来到我们每天下午15点15的全球共济书一天今天我们来和各位领导聊一聊美洲的以灰石的这些项目首先我们来看一下北美的情况 本美目前在场的两座项目分别是中矿资源的TANGO以及在UNA的North American Vision或者我们简称NAL这个项目先来聊一下TANGO这个项目各位领导可能了解的更多一点 目前三口年克量级是8万吨的新矿体这样的一个水平对于它分离大概是在4000吨左右之前中国也做了一些破产的规划计划将这个原矿厂破到100万吨年克量这样的一个量级 但是因为这个价格的问题还是有一些往后去计演这个计划的目前这个项目是没有启动的一个规划可能在二六年我们可能会看到这个项目的进一步的 进展情况但是目前的参考还是维持一个18万吨的年处理量404千吨碳酸锂当量这样的一个水平那成本这边的参考其实成本还是偏高的三吨的新矿的成本大概是在700到800美元每吨再加上一个运费基本上到国内是要800到900美元一吨这样的一个水平折合成碳酸锂可能就要接近7万左右的一个 目前这个产能扩张是没有进一步去推进的一个最主要的原因 那我们可以看到TANKO这个项目其实也是目前来 ...

Key Points Industry or Company Involved - **M Foundation** - **Morgan Stanley Asia Limited** - **China Chief Economist,邢自强** Core Views and Arguments - **Economic Outlook** - **Slowing Economic Growth**: The report predicts a slowdown in economic growth over the next two years due to the impact of US tariffs and persistent deflationary pressures. - **Deflationary Pressure**: The report highlights the persistent deflationary pressure in China, exacerbated by factors such as overcapacity and low capacity utilization. - **Policy Stimulus**: The report suggests that the government may implement a third round of policy stimulus focused on the demand side to counteract the deflationary pressures. - **US Tariffs**: The report predicts that the US will gradually increase tariffs on Chinese imports, with the effective tariff rate reaching 26% by the end of 2025 and 36% by the end of 2026. - **Impact of Tariffs**: The report analyzes the potential impact of US tariffs on the Chinese economy, including the impact on GDP growth, inflation, and policy measures. - **Real Estate Market**: The report discusses the challenges facing the real estate market, including the need for adjustment to adapt to demographic changes and the ongoing adjustment process. - **Policy Framework**: The report notes that the policy framework remains supply-side focused, with a focus on industrial loans and infrastructure investment. - **Income Growth**: The report highlights the slowdown in income growth, particularly for low-income groups, and its impact on consumption. - **Debt Levels**: The report discusses the rising debt levels and the potential for further increases due to the deflationary environment. - **Fiscal Pressure**: The report notes the worsening fiscal pressure, with declining tax revenue and increased spending. - **Stock Market**: The report emphasizes the importance of breaking deflation to boost the stock market, drawing parallels with Japan's experience. - **Policy Measures**: The report discusses the potential policy measures, including the first round of debt substitution and the expected second and third rounds of policy stimulus. - **Reflation Path**: The report outlines the potential path to reflation, including the expected progress and challenges. - **New Three Major Projects**: The report proposes three major projects to break deflation, including real estate inventory reduction, social welfare reform, and fertility subsidies. - **Structural Opportunities and Challenges** - **Real Estate**: The report discusses the long-term demand for housing and the potential for growth in the real estate market. - **Population**: The report analyzes the demographic changes and their impact on the economy, highlighting the potential for labor quality improvement and industrial automation. - **Regulatory Reset**: The report discusses the potential investment opportunities in the wake of the regulatory reset, including social equity, national security, financial risk, and environmental risk. - **Urbanization 2.0**: The report discusses the potential for more digital, green, and market-oriented urbanization. - **Consumer Blueprint**: The report outlines the potential consumer trends and opportunities in the next few years. - **Global Trends** - **Technology**: The report discusses the rapid spread of AI technology and its potential impact on productivity. - **Decarbonization**: The report discusses the potential for clean power to surpass fossil fuel power generation by 2030. Other Important Content - **Data and Charts**: The report includes various data and charts to support its analysis, including GDP growth rates, inflation rates, trade data, and policy measures. - **Comparisons**: The report makes comparisons with other countries, such as Japan, to provide context and insights. - **Predictions**: The report includes predictions and forecasts for the future, based on the analysis and data presented in the report.

Prices may vary in areas outside metABCD ropolitan Washington. ESu V1 V2 V3 V4 Democracy Dies in Darkness wednesday, november 27, 2024 . Partly sunny 57/46 • Tomorrow: Morning rain 57/39 B6 $3 In Trump's new team, loyalty is the top trait Key picks have a range of ideologies and, in some cases, limited expertise BY HANNAH KNOWLES, MARIANNE LEVINE AND CAT ZAKRZEWSKI Donald Trump entered the White House eight years ago with a Cabinet full of traditional conservative credentials, tapping some people he barely ...

科技股呈现新热点，新型消费快速发展 20241126 摘要 • 市场整体震荡偏弱，成交额萎缩，但万亿成交额已持续 40 个交易日，显 示市场仍处于上行周期早期阶段。 • 科技股分化明显，传媒游戏和股指经济概念股强势，华为新产品发布或催 生新型消费场景。 • 未来投资机会可能集中在化债方向利好的产业链，以及红利、银行和地产 概念股。 • 技术分析方法，如缠论，可识别市场背驰位置，部分板块已走出第二个下 跌中枢，具备投资价值，例如回落接近 20%的前期热门板块。 • 科技股短期上涨后回落，部分板块回落至一定程度后具备投资价值，关注 回落接近 20%的热门板块。 • 消费板块在促消费政策推动下表现强劲，冰雪旅游、白酒等行业受益，新 型消费场景带动市场活跃度。 • 银行板块表现强势，与指数走势同步，券商板块修复第二个中枢，具有进 一步上涨空间。折叠屏手机市场增长迅速，华为占据主导地位，但需关注 股价波动风险。 Q&A 当前市场的整体表现如何？有哪些板块表现较为突出？ 市场整体呈现震荡偏弱状态，早盘一度表现相对强势，但前期热门行业如锂电池 和部分军工板块表现较弱，导致市场情绪受到影响。科技股跌幅较大，但内部也 呈现明显 ...

Summary of Conference Call on the Rise of the "Guzi Economy" and the "Bubble Mart" Phenomenon Industry Overview - The "Guzi Economy," which encompasses the market for peripheral products related to entertainment, is not a new concept and has rapidly developed under the emotional value-driven consumption of Generation Z, with a market size expected to exceed 130 billion yuan by 2026 [1][5] - The distinction between the Guzi Economy and "潮玩" (trendy toys) lies in product size, price, target demographics, and consumption drivers, with the former targeting younger consumers and the latter appealing more to mature white-collar women [1][3] Core Insights and Arguments - The Guzi Economy meets the emotional needs of young consumers, providing them with collectibles and social value, while the blind box mechanism increases purchase frequency, although regulatory compliance is a concern [1][4] - Companies like Alibaba Cloud and Roundtable Holdings have reported strong revenue growth from the licensing and sales of peripheral entertainment products, confirming the industry's robust development trend [1][6] - The value chain of the peripheral entertainment industry includes upstream IT technology, midstream product development, and downstream sales channels, with IP licensing being a core component [1][7] Market Dynamics - The market for secondary derivative products is projected to reach over 130 billion yuan by 2026, driven by generational shifts in consumption, the popularity of Japanese manga and games, and the transformation of offline malls to attract foot traffic [1][5] - The financial performance of companies in this sector reflects the industry's heat, with Alibaba Cloud's retail revenue from IT products growing over 40% and Roundtable Holdings' overseas merchandise licensing revenue increasing by 35% [1][6] Product Development and Production - The product development process focuses on acquiring unique external IPs for design, with most companies opting for OEM partnerships due to low production costs [1][8] - The card product market has a significant profit margin, with a typical pack costing around 10 yuan and production costs being minimal, leading to substantial profit potential [1][10] User Demand and Competitive Landscape - Card products cater to user needs for collection, social competition, and status signaling, with some rare cards fetching high prices in secondary markets [1][11] - The competitive factors in this industry include distributor channels, blind box mechanics, and the acquisition of classic IPs, with companies like Card Friend leveraging strong distributor networks for high profitability [1][12] Sales Channels and Business Models - There are notable differences in sales channels between Bubble Mart and Card Friend, with Bubble Mart relying more on self-operated stores while Card Friend depends heavily on a vast distributor network [1][13] - Bubble Mart's business model focuses on incubating designer IPs and extending the life value of IPs through brand development, while Card Friend's model is more reliant on external IPs and distributor networks [1][14] Future Trends and Investment Outlook - The card industry must address the replicability of its business model and compliance with regulations concerning underage consumers, with companies like Card Friend transitioning towards self-owned stores and proprietary IPs [1][15] - The peripheral entertainment industry shows real and sustainable growth potential, with companies like Bubble Mart demonstrating significant profitability, indicating long-term investment value [1][17] - Investors are advised to consider market risk tolerance and liquidity when seizing investment opportunities in this sector [1][17] Notable Companies - Bubble Mart is highlighted as a leading company in the peripheral entertainment sector, with strong performance in both domestic and international markets, alongside other notable firms like Shanghai Film and Reading Group, which have rich upstream IP reserves [1][16]

Summary of Key Points from Conference Call Industry Overview - The global commodity market is expected to enter a rebalancing phase by 2025, characterized by a super cycle with demand falling short of expectations and growth slowing down due to factors like green transition and structural changes in demand across different commodities [1][2][3]. Core Insights and Arguments - **Demand Disparity**: The disparity in commodity demand intensity is influenced by the replacement of old and new industries, differences in economic development levels, and changes in the traditional single-commodity market [1][3][4]. - **Supply-Side Adjustments**: The contradictions in supply-side adjustments will become more pronounced, with individual proactive adjustments potentially leading to long-term mismatches in balance [1][5]. - **Current Market Dynamics**: The current commodity market shows a trend of shortages in most segments, with oil supply being tight, metal markets easing, and agricultural products facing mixed risks [1][6]. - **Price Volatility**: Commodity price fluctuations are driven by supply-side factors (insufficient upstream investment, external shocks) and demand-side factors (macroeconomic expectations), leading to significant differentiation among various commodities [1][7]. - **Investment Focus**: Future investments in commodities should consider fundamental expectations and market anticipations, with a particular focus on energy and non-ferrous metals, while black metals face significant pressure [1][20]. Additional Important Insights - **Oil Market Dynamics**: The oil market is transitioning from a new order back to old rules, necessitating attention to new variables that may impact pricing [1][10]. - **Copper and Aluminum Outlook**: The outlook for copper remains positive due to the rise in renewable energy demand, while aluminum is also favored due to its dual supply-demand drivers [1][14][27]. - **Black Metal Market Challenges**: The black metal market is under pressure, with demand unlikely to break through existing capacity, potentially leading to a phase of capacity adjustment [1][15][28]. - **Agricultural Products**: The agricultural market is currently in a phase of gradual bottoming, with uncertainties due to trade disputes and weather changes impacting domestic prices [1][17][41]. - **Geopolitical Risks**: Geopolitical risks, particularly in the context of the Black Sea region, remain a significant concern for global commodity trade, especially for grains [1][54]. Conclusion - The overall outlook for the commodity market in 2025 suggests a complex interplay of supply and demand dynamics, with significant implications for investment strategies across various sectors. The focus should be on understanding the underlying fundamentals and potential policy impacts that could shape market conditions moving forward [1][19].

欧盟或取消电车关税，新能源新一轮利好来袭 20241126 摘要 • 鹏华基金积极拓展指数化投资产品，满足中小投资者需求，并通过投资者 教育合作项目提升投资者素养，加大投资者保护力度。 • 新能源板块热点集中在光伏、风电和新能源汽车，光伏产业链价格企稳， 风电招标积极，新能源汽车销量增长强劲，并有政策利好预期。 • 欧盟可能取消对中国电动汽车进口关税，将显著利好中国新能源汽车出口 欧洲，但低端车型可能面临价格竞争压力。 • 美国未来可能加征关税，但中欧关系缓和，有利于中国新能源产品出口， 减少了市场对中国新能源产业的担忧。 • 中欧电动汽车出口谈判中，中国可能承诺以最低价格提供电动汽车，中高 端车型将因技术优势受益。 • 商务部计划延续汽车以旧换新政策，利好新能源汽车市场；固态电池技术 取得进展，未来两三年内可能实现规模化生产。 • 美国对墨西哥、加拿大加征关税对中国新能源产业影响有限，因为中国新 能源产品主要通过间接途径进入美国市场。新能源板块近期表现稳健，建 议逢低布局相关 ETF 基金。 Q&A 鹏华基金在投资者教育和服务方面有哪些具体措施？ 鹏华基金致力于打造跨市场多元指数产品平台，为投资者提供多样化 ...

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Welcome to Thoughts on the Market. I am Mayank Maishwari, Morgan Stanley's South Asia Energy Analyst. There has been an investment surge in renewable energy to fuel the world's rising demand for energy and power. With a new White House administration, however, there are questions about its future. Today, I want to dig into the profound shifts impacting the production and consumption of power in Asia. It's Wednesday, November 20th at 9 p.m. in Singapore. The world consumed 25 trillion units of power last yea ...