专家访谈汇总：大国军备竞赛加剧

Group 1: Old Puh Gold's Growth and Market Position - Old Puh Gold's sales have significantly increased, enhancing its importance in high-end commercial spaces, with strong performance in 2024 improving leasing negotiation leverage [2] - By the end of 2024, the company will have 37 self-operated stores, with a net addition of 7 stores in 2024, covering 15 cities including major ones like Beijing, Shanghai, Guangzhou, and Shenzhen, as well as 7 new first-tier cities [2] - The company has entered high-end shopping centers such as Hangzhou MixC, Chengdu IFS, Nanjing Deji Plaza, and Macau Venetian, with a high proportion of stores in SKP and MixC systems [2] - Among the 37 stores, 16 are located on the first floor in luxury retail hotspots like Beijing SKP, maximizing brand exposure [2] - In the first half of 2023-2024, single-store revenue doubled year-on-year, with some core stores (Beijing SKP, Shanghai Yuyuan, Shenyang MixC) performing even better [2] Group 2: AI Chip Power Consumption and Market Trends - NVIDIA's B200 chip (N4P process, 208 billion transistors) has a power consumption of 1000W, significantly exceeding the H100 chip (800 billion transistors, N4 process) [3] - The combination of Si (silicon), SiC (silicon carbide), and GaN (gallium nitride) can enhance the sustainability and reliability of AI server power systems [3] Group 3: International Trade Agreements and Economic Policies - The government work report emphasizes higher levels of openness, particularly highlighting the China-ASEAN Free Trade Area 3.0, DEPA (Digital Economy Partnership Agreement), and CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) [3] Group 4: Military Spending and Global Defense Strategies - In 2025, the growth rate of U.S. military spending is expected to decrease to 1.0%, but there are plans to push NATO countries to increase military spending to 5% of GDP, significantly above the current 2% standard [3] - The EU plans to implement a "rearm Europe" initiative, aiming to mobilize €800 billion, which is equivalent to 245% of the 2024 defense budget [3]