行情速递 ① 主 板 领 涨 ， 石 基 信 息 (+10.04%)/ 易 德 龙 (+10.02%)/ 德 生 科 技 (+10.02%)/ 中 远 海 科 (+10.01%)/楚天龙(+10.00%)/ ② 创业板领涨，信息发展(+15.18%)/中光防雷(+8.77%)/逸豪新材(+8.05%)/ ③科创板领涨，博睿数据(+7.23%)/长盈通(+7.03%)/三未信安 (+6.71%)/ ④活跃子行业，SW印制电路板(+1.91%)/SW机器人(+1.66%)/ 国内新闻 ① 艾邦半导体网， 帝尔激光在投资者互动平台表示/公司应用于半导体芯片 封装/显示芯片封装等领域的TGV设备/已经完成面板级玻璃基板通孔设备的 出货/实现了晶圆级和面板级TGV封装激光技术的全面覆盖/ ②半导体产业纵横，2025年上半年/我国出口机电产品7.8万亿元/增长 9.5%/其中/自动数据处理设备及其零部件7027.9亿元/增长3.0%/集成电路 出口数量增长20.6%至1677.7亿个/出口金额增长20.3%至6502.6亿元/汽 车4287.2亿元/增长9.4%/手机3573.5亿元/下滑7.4%/ 海外新闻 ①艾邦VR ...

【环球网报道】据美国消费者新闻与商业频道（CNBC）、《日本时报》等媒体报道，英伟达首席执行官黄仁勋在13日播出的美国有线电视新闻网（CNN） 采访中表示，美国政府无需担心中国军方会使用英伟达的芯片提高其能力，由于存在相关风险，中国军方会避免使用美国技术，"更不用说，中国已经具备 足够的计算能力"。 美国彭博社在报道此事时则提到，黄仁勋曾表示，美方限制对华芯片出口的战略将会失败，因为它将刺激中国国内芯片制造能力的增长，最终中方将具备与 美国科技产业同等的芯片制造能力。 据英国路透社、彭博社此前报道，知情人士透露，黄仁勋计划访问中国之际，他将于当地时间10日前往白宫与美国总统特朗普会面。据CNBC消息，特朗普 10日在白宫与黄仁勋进行了会面，但CNBC称，不清楚两人讨论了什么。7月10日，商务部新闻发言人何咏前在回答有关黄仁勋计划本周到访中国并与包括 商务部部长在内的中国政府高级官员会面的消息时回应表示，目前没有可以提供的信息。 针对美方芯片限制，中方此前已多次表明严正立场。今年2月，中国外交部发言人林剑在例行记者会上回答相关提问时表示，美方将经贸科技问题政治化、 泛安全化、工具化，不断加码对华芯片出口管制，胁 ...

上周，美股市场迎来历史性时刻。 英伟达成为全球首家跻身4万亿美元俱乐部的上市公司，将微软（MSFT）、苹果（AAPL），甚至Saudi Aramco (2222.SR)甩至身后，登顶全球市值第一宝座。尽管尾盘小幅回落，收于162.88美元，但其突破 所引发的关注，足以载入AI时代的资本篇章。 这一壮举不仅彰显了英伟达在人工智能芯片领域的主导地位，更标志着新一轮AI驱动的科技浪潮正处 于全面爆发阶段。 4万亿意味着什么？ l 是全球小盘股代表指数罗素2000总市值的两倍； l 高于三个Meta市值的总和； l 甚至比迪士尼、奈飞Netflix、Comcast三家公司市值加起来还要高。 回顾历史，从2023年6月突破1万亿美元市值开始，英伟达用了不到两年时间完成了三次翻倍： 2023年6月13日：$1T 2024年3月1日：$2.06T 2024年6月5日：$3.01T 2025年7月9日：$4.01T 而据Bespoke统计，每当一只股票突破一个万亿级别门槛后，未来6个月平均涨幅可达9%；英伟达的平 均涨幅更是高达26%。这是否意味着，$6万亿不是梦？ 这个数字的含金量远超想象。英伟达目前的市值： l 超过德国 ...

Core Insights - Nvidia has undergone a significant strategic transformation from a gaming-focused GPU manufacturer to a core supplier of computing infrastructure driving the global AI wave, achieving a market capitalization that once surpassed $3 trillion [1] - The company's financial performance reflects its market dominance, with Q4 2025 revenue reaching $39.3 billion, a 78% year-over-year increase, and data center revenue soaring to $35.6 billion, up 93% [2][3] Group 1: Market Position and Financial Performance - Nvidia holds a dominant market position in the AI-driven computing landscape, particularly in the data center sector, where its high-performance GPUs are in high demand [2] - The company's data center business has shown exponential revenue growth, with total revenue for fiscal year 2025 reaching $130.5 billion, doubling from the previous year [2] - Nvidia's stock price has surged, making it one of the highest-valued tech companies globally, reflecting investor confidence in its core value and future growth potential in the AI era [2] Group 2: Product and Ecosystem Development - Nvidia's high-end GPUs, such as the H100/H200 and the newly released Blackwell series, are essential for training and inference of large AI models, with significant orders from major cloud service providers [3] - The company has established a strong software ecosystem with platforms like CUDA, cuDNN, and TensorRT, which have become industry standards for AI development, creating a high barrier for competitors [4][11] - Nvidia's vertical integration, from chips to systems and software, has created a robust ecosystem that makes it difficult for competitors to challenge its comprehensive leadership [9][12] Group 3: Strategic Vision and Historical Context - Nvidia's success is attributed to its long-term strategic planning and timely execution, having recognized the potential of GPUs for general-purpose computing early in the 21st century [6] - The introduction of the CUDA platform in 2006 significantly lowered the barrier for GPU parallel computing, laying the groundwork for Nvidia's dominance in AI computing [6][8] - The company's proactive investments in AI-related R&D and its development of integrated solutions, such as the DGX series supercomputers, further enhance its competitive edge [8][12] Group 4: Competitive Landscape and Challenges - Despite its strong position, Nvidia faces challenges from new entrants and existing competitors who are increasing their investments to capture market share [5][13] - The complex global supply chain and geopolitical factors pose potential risks to Nvidia's production capacity and market expansion [5] - Competitors must not only match Nvidia's hardware performance but also invest heavily in software ecosystems and community building to effectively challenge its market dominance [13]

Group 1 - Nvidia CEO Jensen Huang downplayed U.S. concerns regarding the use of Nvidia chips by the Chinese military, stating that China cannot rely on U.S. technology for military purposes [1][2] - Huang criticized U.S. export control policies, arguing they are counterproductive to U.S. tech leadership and that American technology should be available in all markets, including China, to maintain global AI leadership [2][3] - Recent U.S. restrictions on Nvidia's sales to China are expected to result in significant financial losses, with Nvidia's market share in China reportedly cut nearly in half due to these restrictions [4] Group 2 - Huang's upcoming trip to China is his second this year, and Nvidia is reportedly developing a new chip that complies with the latest export controls [4] - The CEO's meeting with U.S. President Donald Trump highlighted the delicate balance Nvidia must maintain between U.S. regulations and potential market access in China [5][6] - Concerns were raised about the use of Nvidia technology in China's military applications, particularly regarding the DeepSeek startup, although Huang stated there is no evidence of immediate danger [7][8]

Nvidia (NVDA 0.53%) isn't just leading the artificial intelligence (AI) infrastructure boom: It is the boom. Its graphics processing units (GPUs) have become the backbone of AI data centers, while its CUDA software has helped create a huge moat around its business.Over the past two years, data center revenue has exploded by more than 9x, going from $4.3 billion to $39.1 billion. For a company of Nvidia's size, that kind of growth is almost unheard of. That momentum has pushed Nvidia past the $4 trillion mar ...

Group 1 - Microsoft has delayed the launch of its self-developed AI chip Braga to 2026 due to design issues, and will introduce a transitional product, Maia 280, which is expected to improve performance by 30% [1][2] - The delay of the Braga chip has also pushed back the release of subsequent chips, Braga-R and Clea, raising concerns that these products may be outdated upon release and struggle to compete with NVIDIA's latest AI chips [2][4] - Microsoft aims to reduce its reliance on NVIDIA's expensive AI chips and has been embedding AI technology into its products through early collaboration with OpenAI [4][5] Group 2 - NVIDIA has seen a tenfold increase in annual sales over the past three years, driven by the AI boom, and is expected to maintain an average annual growth rate of 32% over the next three years [5][7] - NVIDIA's market capitalization is approaching $4 trillion, solidifying its position as a leader in the AI chip market, while companies like Meta and Amazon are working to develop their own chips to reduce dependence on NVIDIA [7][8] - Meta is facing unprecedented challenges and opportunities in the AI wave, investing heavily in AI research and development, with the Llama series models being a significant outcome [8][10] Group 3 - Meta's Llama models still show a significant performance gap compared to advanced models like OpenAI's GPT-4o, prompting Zuckerberg to initiate a "superintelligence team" to attract top talent and overcome current technological bottlenecks [10] - Microsoft is adjusting its ambitious strategy in light of delays in internal AI chip development, shifting towards a more pragmatic and iterative design approach to maintain competitiveness with NVIDIA [10][12] - WIMI is seeking to leverage the growing demand for AI services by establishing a quantum research center in collaboration with universities and research institutions, focusing on quantum computing and edge chips [12][13]

7月13日，上交所正式发布施行科创成长层指引，自当日起，科创板存量32家未盈利企业将进入科创成 长层，新注册的未盈利企业将自上市之日起进入。 市场分析人士指出，随着科创成长层制度的完善，以及第五套上市标准适用范围的扩大，预计会有越来 越多科技企业加入，科创板对科技创新领域的覆盖范围也将进一步扩大，市场将呈现更加多元的发展态 势，为优质科技企业发展提供更加广阔的市场空间。 放眼全球，英伟达或将推出"中国定制"AI芯片。有报道称，黄仁勋将于7月16日在北京举行媒体吹风 会。另外黄仁勋也会出席第三届中国国际供应链促进博览会，除推销英伟达的新产品外，也将重申对中 国市场的长期承诺。此前有消息称，英伟达最快将于9月推出专为中国市场定制的新版AI芯片。 美东时间7月12日，埃隆·马斯克旗下的SpaceX被媒体曝出，同意向xAI投资20亿美元，旨在助力其在人 工智能竞争中赶上对手，并计划探索人工智能技术在太空中的应用。 目前，科技大厂在AI领域的竞争愈发激烈，AI已成为资本市场对科技公司估值的重要因素。其中， Meta、谷歌等纷纷重金投资AI初创企业和核心人才，试图扩大各自在AI领域中的版图。 聚焦国内，第五届RISC-V ...

A c t i o n | 07 Jul 2025 03:00:00 ET │ 60 pages US Semiconductors 2Q25 Earnings Preview: Raising Estimates As Tariff Slowdown Ain't Happenin'. MCHP To Top Pick as We Expect Most Upside CITI'S TAKE We are raising estimates as our previous belief that tariffs would lead to a slowdown in the semiconductor sector doesn't appear to be happening. We are going back to our stance at the beginning of 2025 - a semiconductor upturn driven by solid demand and inventory replenishment with the most upside from analog co ...

Equity Research July 6, 2025 Asia Maxima - Tariff Mood Swings The Trump agenda remains fundamentally contradictory. Deregulation and the extension of tax cuts are bullish for equities. Tariffs and restrictions on immigration are bearish. Investors ended last quarter assuming that the American president has pivoted from his longstanding obsession with tariffs, reflected in "Liberation Day", to focusing on tax cuts. There remains a growing likelihood that America peaked as a percentage of world stock market c ...