9月18日，美股半导体股盘前走势分化，英特尔暴拉，一度涨超33%，此前英伟达宣布50亿美元入股英 特尔。 | W | 英特尔(INTEL) | | | | --- | --- | --- | --- | | | INTC.O | | | | 24.900 量 6309.4万 股本 43.77亿 市盈 -5.3 | | | 万得 | | -0.370 -1.46% | 换 1.44% 市值1 1090亿 市净 1.11 | | 答 ■ | | 盘前 31.940 +7.040 +28.27% | | 美东 07:25 √ | | | 时间 7:14 | 价格 33.140 | 涨跌 7.870 | | | 涨跌幅 31.14% | 均价 0.000 | 成交量 41.8万 | | | 答加 33.140 | 07:14 | 33.09% 31.950 187 | | | | | 31.920 100 15:59 24.890 157 | | | | | 15:59 24.890 1 | | | 24.900 | | 0.00% 15:59 24.890 1077 | | | | | 15:59 24.890 1 ...

| | | 受此消息带动，截至发稿，阿斯麦涨超7%，英伟达涨超3%，美光科技、 安森美半导体 涨超2%。 | < W | 英伟达(NVIDIA) | | | --- | --- | --- | | | NVDA.O | | | 170.290 量2.1亿 | 股本 243.00亿 市盈 47.8 | 万得 | | | | 집 ■ | | -4.590 -2.62% 换0.87% | 市值1 41380亿 市净 41.33 | | | 盘前 175.880 +5.590 +3.28% | 美东 07:25 ▼ | | | 盘前▼ 五日 日Ｋ | 車を 周Ｋ 月Ｋ | | | 叠加 | 均价:174.434 | | | 176.090 | 3.41% 卖一 175.920 | 190 | | | 买一 175.860 | 306 | | | 15:59 170.210 400 15:59 170.210 4494 | | | 170.290 | 0.00% 15:59 170.204 300 | | | | 15:59 170.210 | 105 | | | 15:59 170.210 | 452 | | | 1 ...

英伟达(NVDA.O)周四宣布，将向英特尔(INTC.O)投资50亿美元，为这家处境艰难的美国芯片代工企业 提供支持，但并未向英特尔授予关键的芯片制造订单。该协议还包含英特尔与英伟达联合开发个人电脑 及数据中心芯片的计划，这对台积电(TSM.N)可能构成潜在风险。目前，台积电负责生产英伟达的旗舰 处理器；作为全球市值最高的公司，英伟达未来或有可能将这部分业务转移至英特尔。而在数据中心芯 片供应领域与英特尔存在竞争的超微半导体，也可能因英伟达对英特尔的支持而遭受损失。 来源：滚动播报 ...

Core Viewpoint - The semiconductor industry is experiencing a recovery in 2025, driven by explosive growth in AI technology and domestic consumption subsidies stimulating demand for new devices [1] Group 1: Industry Overview - In Q2 2025, the top ten global foundries generated a total revenue of 41.718 billion, reflecting a quarter-on-quarter growth of 14.6% [3] - TSMC's revenue reached 30.239 billion in Q2 2025, with a market share increase of 2.6 percentage points to 70.2%, while other major players saw a decline in market share [1][3] - The competition focus in the foundry market is shifting from "advanced processes" to "advanced packaging," with TSMC holding a significant advantage in both areas [1] Group 2: Company Performance - SMIC, Huahong, and GlobalFoundries showed revenue growth rates of 23.14%, 19.09%, and 18.21% respectively in the first half of 2025 [4] - SMIC's gross margin improved by 8 percentage points year-on-year, reaching 21.91%, while Huahong and GlobalFoundries also saw slight increases [4] - In Q2 2025, SMIC's capital expenditure was 1.885 billion, a 33.18% increase from Q1, with a capacity utilization rate of 92.5% [5] Group 3: Market Segments - SMIC's revenue in the consumer electronics sector increased by 53.80% year-on-year, while the automotive sector saw a 65.15% increase [6] - The smartphone sector experienced a slight decline of 1.67%, indicating a mixed performance across different market segments [6] - The automotive industry's revenue contribution reached a new high of 9.48%, suggesting a growing importance of this sector [6]

Group 1 - Morgan Stanley reaffirms "buy" rating for ASML with a target price of €822, indicating that the worst may be over for the company [1] - ASML's second-quarter report in July was disappointing, but subsequent news in August and September showed improvement, suggesting a potential recovery in the logic and memory markets [1][2] - Key indicators since summer indicate a gradual improvement, with no new negative news reported, and strong performance from major companies like Nvidia and Broadcom [2] Group 2 - The risk of weak performance guidance for ASML in 2026 is diminishing, while trends for 2027 are expected to be strong [3] - The market anticipates positive trends following ASML's revenue guidance announcement on October 15, which could support the stock price [3] - ASML's current stock price remains below the historical average P/E ratio of 30-35 times, indicating it is still attractive for investors [3]

Group 1 - The Shanghai Composite Index rose by 1.52% last week, with the electronics sector increasing by 6.15%, and the components sub-sector up by 11.33% [1] - The North American computing industry is experiencing rapid growth, with semiconductor companies like TSMC revising their annual performance guidance upwards, and optimistic outlooks from SMIC and Hua Hong Semiconductor regarding future orders [1] - Domestic computing capabilities are improving, with companies like Deepseek and Alibaba increasing their procurement of domestic computing power, indicating a positive trend for the local supply chain [1] Group 2 - The Ministry of Commerce of China has initiated an anti-dumping investigation into imported simulation chips from the U.S., which is expected to enhance price competition and accelerate domestic substitution [2] - The investigation period is set from January 1, 2024, to December 31, 2024, with the investigation expected to conclude by September 13, 2026, unless extended [2] - The focus of the investigation includes general interface chips and gate driver chips using 40nm and above process technology, with recommendations for companies like SMIC and Hua Hong Semiconductor [2] Group 3 - Alibaba and Baidu have begun using internally designed chips for training AI models, indicating a shift towards domestic chip development [3] - Alibaba mentioned a "backup plan" in response to global AI chip supply and policy changes during its latest earnings call [3] - Baidu's Kunlun chip has secured significant market share in a major procurement project, reflecting the growing independence of China's AI development from Western semiconductor ecosystems [3]

美股芯片股强势上涨推动下，美股芯片股基准指数、被视为"全球芯片股风向标"的费城证券交易所半导 体指数周二再度收涨0.3%，录得连续九个交易日上涨，创下自2017年以来持续时间最长的连涨。 借此东风，更多人工智能（AI）相关企业竞相谋求首次公开募股（IPO），甚至调高了上市目标价。 费城半导体指数创8年最长连涨 AI云基础设施公司Boost Run同意通过与SPAC公司Willow Lane Acquisition Corp合并在纳斯达克上市。 该交易对Boost Run 的估值为6.14亿美元。上市后，在股东赎回前，预计该SPAC信托账户可为公司提供 超过1.12亿美元的现金收益，以加速增长，扩展到新的数据中心，并继续软件开发。 Boost Run是越来越多的云基础架构提供商之一，根据其官网介绍，为客户提供使用数据中心设施中托 管的英伟达图形处理单元的服务器，这些服务器支持高性能培训和推理。除了英伟达，其供应商、合作 伙伴和分销渠道还包括联想、Tierpoint和Carahsoft。 Boost Run首席执行官卡罗斯（Andy Karos）表示："对计算的需求正在从依赖少数主要提供商转向支持 提供安全、可扩 ...

Core Insights - The ranking of global listed companies reflects the economic situation of a country and the development of its related industries [1] Group 1: Company Rankings - The top 20 global companies by market capitalization show that the United States dominates, with 17 out of 20 companies being American [5] - The top 10 companies include 8 American tech firms: Nvidia, Microsoft, Apple, Google, Amazon, Meta, Broadcom, and Tesla, while only TSMC from China and Saudi Aramco from Saudi Arabia are included [3][5] - TSMC is the only Chinese company in the top 10, with a market cap of $135.57 billion, while Tencent is the only other non-American company in the top 20, with a market cap of $75.77 billion [5][8] Group 2: Industry Insights - The dominance of American tech companies indicates a strong technology sector in the U.S., while China's representation is limited to a few firms, suggesting a need for growth in its tech industry [3][8] - In contrast, China's top 10 listed companies include 7 state-owned enterprises, primarily in banking and energy, with only 3 private tech firms: Tencent, Alibaba, and CATL [8] - This disparity highlights the structural differences between the U.S. and Chinese markets, with a greater emphasis on technology in the U.S. compared to China's reliance on state-owned enterprises [8]

5. 安能物流(09956)涨近1%， 9月3日，摩根士丹利发布首份覆盖安能物流的研究报告，给予其"增持"评 级。 点击蓝字，关注我们 今日上午港股 1. 蔚来-SW(09866)涨超9%， 9月20日，NIO Day 2025蔚来日将正式举办，届时，全新ES8将正式上市。 2. 港股家电股集体上涨，海尔智家(06690)涨超4%，海信家电(00921)涨近3%，美的集团(00300)涨近 1%， 国信证券研报指出，8月随着第三批国补资金到位，线下家电零售景气有所抬升。 3. 百度集团(09888)涨超16%， 9月15日，招商局集团与百度在深圳签署战略合作框架协议。 4. 国富氢能(02582)跌超4%， 9月15日，国富氢能与韩国Hylium Industries,INC正式签署合作协议，双方 就韩国市场氢能产储输系统及解决方案开发达成共识。 6. 羚邦集团(02230)涨超10%， 羚邦集团发布公告，一间新子公司"Medialink Japan 株式会社"于2025年8 月8日在日本正式成立。 7. 禾赛-W(02525)跌近2%， 交银国际发布研报称，首次覆盖禾赛-W"买入"评级，该行上调集团2026 ...

Market Overview - A-shares experienced a slight increase, with the Shanghai Composite Index rising by 0.04% to 3,861 points, while the Shenzhen Component Index and the ChiNext Index rose by 0.45% and 0.68%, respectively[14] - The Hang Seng Index fell by 0.03%, while the Hang Seng Tech Index increased by 0.56%, indicating mixed performance in the Hong Kong market[9] - European markets declined ahead of the Federal Reserve's interest rate decision, with the Stoxx 600 index dropping by 1.09%[7] Economic Indicators - The U.S. retail sales rose for the third consecutive month in August, exceeding expectations[4] - The U.S. dollar index fell below 97, reflecting market concerns over potential interest rate cuts by the Federal Reserve[24] - International gold prices reached a record high, with spot gold touching $3,703 per ounce[24] Federal Reserve Insights - The Federal Reserve is expected to announce its interest rate decision on Wednesday, with market anticipation leaning towards a rate cut[4] - U.S. Treasury yields showed a downward trend, with the 10-year yield at 4.03% and the 30-year yield at 4.65%[27] Sector Performance - In the U.S. market, energy stocks rose by 1.73% due to concerns over Russian oil supply disruptions, while utility stocks led declines with a drop of 1.81%[7] - In the A-share market, the real estate sector saw a gain of 1.5%, while financials declined by 0.8%[14] Investment Opportunities - Robinhood launched a new social trading platform, which is expected to enhance user engagement and trading frequency, with a target price of $125 for its stock[6] - The Chinese technology sector is showing optimism, particularly in AI-related stocks, despite potential profit-taking pressures[20]