那今天我们这个电话会呢汇报一下周末大家比较关注的微软关于二五开年capex的一个表述的一个情况那首先先说下结论就是微软关于二五开年八百亿capex的表述我们认为会对后续算力这块的这个投资呢中长期来看会有一个相对比较积极的一个影响这是这个结论那首先看这个事件本身 1月4号的早上,微软的副总裁在微软官网的博客区域发文,其中文章中有一句话,就表示微软在二五财年将会投入约800亿美金用于AI的基础设施建设以及全球部署AI的应用。那这个表述呢,我们先做两个注释。 温软财年一般指的是上一年的三季度开始到这一年的二季度结束也就是说,温软所说的二五财年是从日历年的二十四年的三季度到二五年的二季度以此类推,二四财年就是指日历年二十三年的三季度到二十四年的 这是一个跨度问题所以说他说的这个八百亿美金的这个资本开支是指的二五财年也就是指的二十四年的三季度到二五年的二季度这个周期内的这个资本开支 第二个就是关于微软开发的口径首先微软的开发是会分成AI的和非AI的虽然说公司的这个采报中并没有对这两块明确的这个区分啊但是随着这两年这个AI的这个高速发展AI的开发的高速增长在这个上一个期度微软的采报中也这个尽兴的表述就是现在微软的开发的性 ...

Summary of Conference Call on Li Auto's AI Strategy Company and Industry - **Company**: Li Auto - **Industry**: Automotive and AI Technology Core Points and Arguments 1. **AI Development Stages**: Li Auto's AI strategy is divided into three stages: - **Enhancement Stage**: Focus on auxiliary tasks without accountability for outcomes - **Assistant Stage**: Capable of handling multiple tasks and responsible for results - **Agent Stage**: Autonomous operation without needing instructions [2][3][4] 2. **Autonomous Driving Levels**: - **L4 Level**: High-level autonomous driving where the vehicle can navigate from point to point autonomously, including tasks like picking up children from school - **L5 Level**: Fully autonomous driving, functioning as a robot to assist in daily tasks [3][4] 3. **Data and Model Integration**: Li Auto utilizes a dual model architecture (end-to-end and VLM) to enhance driving capabilities, drawing parallels to human cognitive processes [4][5] 4. **Smart Cabin Development**: The company is upgrading its smart cabin technology, currently utilizing MindGPT 3.0, which is comparable to ChatGPT 2.0, to enhance user interaction through natural language processing [5][6] 5. **AI Strategy Framework**: Li Auto's AI strategy is influenced by three key factors: data scale, computing power, and model capability, which are essential for competing against rivals [8][9] 6. **Talent Acquisition**: The company has recruited high-level talent to bolster its AI capabilities, including experts in smart driving and AI model development [9][10] 7. **Competitive Positioning**: Li Auto is positioned favorably against competitors like Huawei and Xiaomi in terms of data collection and model capabilities, with a significant lead in accumulated driving mileage of 1.9 billion kilometers as of July 2023 [12][13] 8. **Sales Performance**: Li Auto's total vehicle deliveries exceeded 500,000 units by 2024, indicating strong market demand and a leading position in the smart driving segment [13][20] 9. **Future Growth Potential**: The company anticipates at least a 30% increase in sales for the upcoming year, supported by its strategic shift towards AI and smart technology [19][20] 10. **Market Challenges**: As Li Auto expands into broader AI applications, it faces intensified competition from major tech firms like Microsoft, Google, and domestic players like Huawei and ByteDance [16][17] Other Important Content - **Investment Outlook**: The current valuation of Li Auto is considered favorable, with potential for growth as the company transitions from automotive to broader AI applications [20] - **Long-term Vision**: The strategic direction towards becoming a giant in intelligent technology is seen as a viable path for Li Auto, opening up larger market opportunities [19][20]

• 2025 年 CES 大会以人工智能及其在自动驾驶、医疗诊断和智能家居等领 域的应用为核心主题。 • 英伟达将发布采用全新 Black 架构的 RTX 50 系列显卡，并展示其在人工 智能机器人和汽车领域的创新成果。 • AMD 将推出采用 3D V-Cache 技术的 Ryzen 9,000X3D 系列处理器和 RDNA 架构独立显卡，以及手持设备 APU。 • 英特尔将发布酷睿 Ultra 200H 处理器，主攻移动平台笔记本电脑市场， 并发表关于下一代 IPC 的主题演讲。 • 值得关注的新兴技术包括 AI 芯片、IPC 和 AR 眼镜，多家厂商将展示最新 产品，例如雷鸟的光波导眼镜。 • 投资方面，建议关注 AI 芯片厂商（英伟达、AMD、英特尔）、IPC 相关公 司（联想、机械革命）、存储厂商（三星、美光、SK Hynix）以及 AR 眼 镜厂商（麦塔顺义光学、百度相关厂商）。 AMD 在此次 CES 大会上的主要发布内容是什么？ 美国 CES 开幕在即，AI 点亮科技新篇章 20250105 摘要 Q&A 2025 年 CES 大会的主要亮点和主题是什么？ 2025 年 CES 大会将于 1 ...

各位投资者大家晚上好欢迎大家参加与我们华盛顿计算机组织的海外专题的会报那我们呢这次第七期我们针对于美国的下周的这个CES的这个消费电子展的一个大会啊做一个做一个提前的展望啊包括它的一个亮点啊我们做一个 那我们这次的主题定的是华昌CES开幕在即AI点亮科技新篇章那也和我们对于 2025年全年科技的基调是密切相关的我们认为整个2025年将是计算机科技围绕着人文智能在各个领域落地的一个大年所以我们会持续的围绕着这个方向的做更新让我们看到的话 CS大会会在今年的1月7号到1月10号在美国的拉斯维加斯会展中心举行那也是CS的话也是作为全球消费电子行业的一个方向标给全年的整个 我们也看到人工智能正在因为它强大的数据处理能力和智能化的一个特征推动着像自动驾驶 智能医疗诊断包括蛋白合成智能家具等各个领域的创新和应用 包括眼镜在这一届的CES中 我们看到了几大亮点一个是AR芯片一个是ARPC然后还有一块的话是AR眼镜这些领域我们认为会是非常核心的几个方向下面的话我们具体展开来讲一下首先的话我们是围绕着芯片厂商的一个持续更新来关注一下 关注一下我们看到呢像英伟达啊在最核心的肯定是蜜蜡啊这个我们看到呢英伟达呢将在大会上的展示他最新 ...

分成两个部分第一个部分的话就是先把这个2024年的一个情况做一个简单的复盘然后后面的话呢我们着重要的笔墨来给大家具体展开展望一下我们刚才提到的三个方面一个是内销出口包括两方面的主题性机会最后给大家呢给到一些具体的赛道包括标的的这样的一些投资建议和风险提示 这个就是我们大概的一个2025年家庭行业的一个年度策略报告的大概的结构和这样的一个观点接下来具体的内容的话就请我们团队的金头鱼老师来为我们具体展开做一下介绍好的 谢谢孟老师各位投资者大家上午好接下来我为大家展开描述一下我们这个策略报告的观点首先 我们对2024年的情况做一个简单的复盘那从板块的行情来看呢2024年家电的整体表现是优于大盘的那我们就横向对比来看截至到12月24号家电的板块是年度年内的涨幅达到28.4%要强于我们的整个大盘指数在生产业级行业里面位列第四名 那复盘整个这个2024年的情况我们看到上半年主要是由这个出口行情去做支撑那下半年呢以旧换新的政策落地重新给市场注入了信心那整体而言24年的这个加倍满快临涨是有着比较确定的这种基本面的支撑那具体来看今年1月的时候大盘走弱叠加这个海运费的上行使得市场的信心不足 这个时候拥有高股息以及经营确定性的这种 ...

专业投资机构客户或受邀客户仅供在新媒体背景下研究观点的即时交流第三方专家发言内容仅代表其个人观点所有信息或观点不构成投资建议根据监管规定未经东北证券事先书面许可任何机构或个人严禁录音制作帝样转发转载传播复制编辑修改等涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢 大家好 欢迎参加东北汽车QA Time75期速通气创AI机器人发布会解读及激光雷达观点更新目前所有的参会者均处于静音状态现在有请主讲员开始发言 谢谢 先让各位领导大家好 我是东北智修分析师何彩航那今天我们很荣幸在这里为大家更新一下今天的激光雷达行业板块的一些观点更新吧首先的话呢今天从这个股市来看 何塞跟苏丹表现都很好那我们觉得有两方面的原因吧第一个原因呢是因为昨天因为产业里面包括一些公众号也提到就是苹果呢也在布置支持人方面的激光雷达有这么一个性质所以昨天的话呢像何塞对于股价表现比较好了 第二个原因的话呢是今天对速腾来讲他自己上午发布了一个机器人的这么一个发布会那所以速腾呢在发布会的前后不再是表现的比较优秀因此我们觉得今天呢两个比较有代表性的对外压折自创商的一个股票涨幅比较大的原因应该是从这样两个角度去解读的那么今天这个简单的15分钟时 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Derek R. Bingham +1(415)249-7435 | derek.bingham@gs.com Goldman Sachs & Co. LLC Brendan Corbett +1(415)249-7440 | brendan.corbett@gs.com Goldman Sachs & Co. LLC Varsha Venugopal +1(415)393-7554 | varsha.venugopal@gs.com Goldman Sachs & Co. LLC Brian Singer, CFA +1(212)902-8259 | brian.singer@gs.com Goldman Sachs & Co. LLC Evan Tylenda, CFA +44(20)7774-1153 | evan.tylenda@gs.com Goldman Sachs International Emma Jones +61(2)9320-1041 | emma.jones@gs.com Goldman Sachs Australia Pty ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 January 2, 2025 01:07 PM GMT Global Technology M Global Idea AI Supply Chain: CES Preview, Key Checkpoint for AI PC It remains to be seen whether the new features in AI PC at CES would lead to better graphic demand. Meanwhile, we see smaller possibility of NVIDIA's WoA AI PC chip launch (Computex more likely), as software compatibility may take more time. What to expect? CES is the largest consumer electronics trade show. In recent years, AI + IoT have been the key focus. For ot ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 J P M O R G A N Asia Pacific Equity Research 02 January 2025 China wind power – blowing in the wind Applying AI to identify wind power stock opportunities: generation decline in December could be a negative event We apply machine learning techniques to predict China wind farms' monthly power generation using weather data. Power generation for wind farms is a function of installed capacity and wind energy available (fairly consistent in the long term). However, monthly wind speed ...

Summary of Conference Call Notes Company and Industry Involved - The discussion primarily revolves around **NVIDIA** and its upcoming product **Ruby**, focusing on the implications of **CPU technology** and various optical and copper cable technologies in the context of AI interconnectivity. Core Points and Arguments 1. **CPU Technology Definition**: CPU stands for **Compacted Optics**, which refers to the integration of optical engines and chips (including switching and computing chips) into a single product. This technology is crucial for long-distance data transmission due to the limitations of electrical signals over distance [1][2]. 2. **Application Scenarios of CPU**: - **CPU-App**: Enhances interconnectivity within a computing unit, such as a server with multiple GPUs. This involves chip-to-chip connections using various technologies like NVLink and DAC [3][4]. - **SCART**: Refers to device-to-device interconnectivity, typically between servers and switches, where optical modules are heavily utilized [4][5]. 3. **Technological Options**: Four potential technologies for Ruby's interconnectivity are discussed: - **Optical IO (CPU)**: A promising technology that is still maturing. - **DAC (Direct Attach Copper)**: Currently used in existing products but faces challenges in scaling. - **AEC (Active Copper Cable)**: Offers longer distances than DAC due to signal retiming capabilities. - **AOC (Active Optical Cable)**: A typical optical module application [14][15][18]. 4. **Market Dynamics**: The adoption of CPU technology in the market is expected to be gradual, with significant penetration not anticipated until later in the product lifecycle, particularly in the second half of the 3.27 module's rollout [19][20]. 5. **Customer Considerations**: NVIDIA's decisions regarding technology adoption will heavily depend on customer feedback from major cloud service providers like Google, Microsoft, and Amazon. Key evaluation criteria include stability, bandwidth, power consumption, deployment convenience, maintenance difficulty, scalability, and procurement costs [7][8][10]. 6. **Cost and Maintenance**: While CPU technology may reduce power consumption compared to optical modules, it presents higher maintenance costs due to the integrated nature of the components. This could deter some customers from adopting it [11][12]. 7. **Long-term Outlook**: The pressure on optical module valuations from CPU technology is expected to decrease over time, as the market adjusts to the realities of technology adoption and customer preferences [20][21]. Other Important but Possibly Overlooked Content 1. **Stability and Bandwidth**: Stability is paramount for cloud service providers, as any instability could lead to significant operational disruptions. Bandwidth limitations are also a critical factor, with optical solutions generally offering advantages in this area [8][9]. 2. **Market Misunderstandings**: Recent news from Taiwan has led to some market confusion regarding the implications of CPU technology on optical and copper cable markets, highlighting the need for clearer communication and understanding among investors [21]. 3. **Future Developments**: Continuous monitoring of the maturity of Optical IO technology is essential, as its successful implementation could significantly impact future product designs and market dynamics [15][16]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current state and future outlook of CPU technology and its implications for NVIDIA and the broader industry.