Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The human-shaped robot index increased by 1.33% during the week of June 3-6, 2025, outperforming the Shanghai Composite Index and the CSI 300 Index, with a year-to-date increase of 24.11% [5][13] - Significant developments in the industry include the launch of the TrackVLA navigation model by Galaxy General, the introduction of Pepsi's first humanoid robot "Pepsi Blue Treasure," and strong orders for humanoid robots reported by TSMC [20][21][22] - The establishment of innovation centers in Hubei and Beijing aims to enhance the development and application of humanoid robots, with significant funding and support from local governments [33][34] Summary by Sections Weekly Market Review - The human-shaped robot index has shown a year-to-date increase of 24.11%, with notable weekly performance compared to major indices [5][13] Industry Developments - Galaxy General launched the TrackVLA model, which enhances autonomous navigation capabilities [20] - Pepsi introduced its first humanoid robot, showcasing advancements in robotics [21] - TSMC reported strong orders for humanoid robot applications, indicating market demand [22] - The total order scale for Songyan Power's humanoid robots has surpassed 2,000 units, reflecting robust market interest [23] Policy News - The Hubei humanoid robot innovation center was inaugurated, marking a significant step in the industry [33] - Beijing's humanoid robot innovation center increased its registered capital, enhancing its operational capacity [34] - The establishment of the Guangdong AI and Robotics Industry Alliance aims to foster collaboration and innovation in the sector [36] Supply Chain Dynamics & Company Announcements - Fulei New Materials and Zhejiang Tsinghua Flexible Electronics Research Institute established a joint laboratory to promote innovation in sensing technologies [37] - Keli Sensor completed a strategic investment in Yuan Voice Technology, expanding its capabilities in tactile sensing [39]

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The human-shaped robot index increased by 1.33% during the week of June 3-6, 2025, outperforming the Shanghai Composite Index and the CSI 300 Index, with a year-to-date increase of 24.11% [5][13] - Significant developments in the industry include the launch of the TrackVLA navigation model by Galaxy General, the introduction of Pepsi's first humanoid robot "Pepsi Blue Treasure," and strong orders for humanoid robots reported by TSMC [20][21][22] - The report highlights the establishment of major innovation centers in Hubei and Beijing, aimed at advancing humanoid robot technology and collaboration within the industry [33][34] Summary by Sections 1. Weekly Market Review - The human-shaped robot index has shown a year-to-date increase of 24.11%, with notable performance compared to other indices [5][13] - The index ranks 15th among 31 first-level sub-industry indices, with significant stock movements including Superjet Co. (+28.42%) and Xusheng Group (+13.75%) [6][14] 2. Important Industry Developments 2.1 Industry Development - The TrackVLA model by Galaxy General enables autonomous navigation and obstacle avoidance without pre-mapping, enhancing commercial viability [20] - Pepsi's humanoid robot "Pepsi Blue Treasure" was unveiled, showcasing the brand's innovative spirit [21] - TSMC has begun receiving strong orders for advanced chips used in humanoid robots, contributing to revenue [22] 2.2 Policy News - The Hubei humanoid robot innovation center, the largest in the country, was inaugurated to support various applications [33] - The Beijing humanoid robot innovation center increased its registered capital to 460 million RMB, enhancing its technological collaboration [34] - The Guangdong AI and Robotics Industry Alliance was officially established to promote industry development [36] 2.3 Supply Chain Dynamics & Company Announcements - Fulei New Materials and Zhejiang Tsinghua Flexible Electronics Research Institute established a joint laboratory for intelligent sensing [37] - Keli Sensor completed a strategic investment in Yuan Voice Technology, focusing on multi-dimensional tactile sensing technology [39]

台积电5月营收飙升39.6%，因人工智能需求强劲 金十数据6月10日讯，客户包括英伟达(NVDA.O)和苹果(AAPL.O)的主要芯片制造商台积电(TSM.N)公布 5月份营收增长39.6%至3205亿新台币（合107亿美元），此前，许多公司囤积芯片以应对日益加剧的贸 易不确定性。作为对比，4月份的营收增幅为48%。分析师平均预计台积电第二季度营收将增长39%。 虽然5月份的销售看起来相对健康，但较4月份下降了8.3%。台积电首席执行官魏哲家上周重申，公司 预计到2025年，以美元计算，营收将增长20%左右。他告诉股东，人工智能芯片仍供不应求。上个月， 英伟达发布了稳健的销售预测，称人工智能计算市场仍将呈指数级增长，缓解了投资者的担忧。 ...

行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 [Table_Reportdate] 2025年6月9日 [Table_NewTitle] 博通2025Q2 AI营收大幅增长，存储市场 持续回暖 ——电子行业周报2025/6/2-2025/6/8 [table_main] 投资要点： 电 子 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 业 研 究 [table_invest] 标配 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 1. 英伟达Q1数据中心业务成绩亮 眼，美限制EDA龙头对华提供服务 品 — — 电 子 行 业 周 报 ——电子行业周报（2025/5/26- 2025/6/1） （20240923-20240929） 2. 小米发布自研玄戒双芯，华为鸿 蒙电脑正式发布——电子行业周报 （ ...

Group 1: Global AI Outlook - The report highlights a new paradigm in AI development characterized by new scaling, new architecture, and new total addressable market (TAM) opportunities [1] - The demand for computing power is expected to rise due to advancements in both training and inference processes, potentially unlocking new TAMs [1][3] - The report maintains a positive outlook on AI industry investments, anticipating that global AI applications will enter a performance harvesting phase [1] Group 2: Model Development - The pre-training scaling law is anticipated to open a new starting point for model development, with significant innovations in architecture being explored [2][23] - The report notes that the classic transformer architecture has reached a parameter scale bottleneck, with existing public data nearly exhausted [2][20] - Major tech companies are experimenting with new architectures, such as Tencent's Hunyuan TurboS and Google's Gemini Diffusion, which may accelerate scaling law advancements [23][24] Group 3: Computing Power Demand - The report identifies a clear long-term upward trend in computing power demand, driven by both training and inference needs [3][32] - New scaling paths are emerging in the post-training phase, with ongoing exploration of new architectures that may reignite pre-training demand narratives [3][33] - The deployment of large-scale computing clusters, such as OpenAI's StarGate, is expected to support the exploration of pre-training [38] Group 4: Application Development - The report indicates that the rapid advancement of agent applications is leading to a performance harvesting phase for global AI applications [4][67] - The commercialization of agent products is accelerating, with domestic AI applications quickly iterating and entering the market [4][67] - The report emphasizes that agent applications are evolving from simple tools to complex solutions, with significant growth expected in various sectors [5][68] Group 5: Business Model Transformation - The shift from traditional software delivery to outcome-based delivery is highlighted as a key trend, with quantifiable ROI accelerating the adoption of agent applications [5] - Specific sectors such as consumer-facing scenarios (advertising, e-commerce) and AI in marketing/sales are expected to lead in commercialization due to their inherent advantages [5][67] - The report notes that AI applications in HR are transitioning from efficiency tools to strategic hubs, indicating a broader transformation in business models [5][67]

美东时间6月9日周一美股早盘时段，媒体称，美国总统特朗普授权，可能谈判调整出口举措。 消息传出后，美股芯片股和热门中概股总体加速上涨。 费城半导体指数刷新日高，日内近3%，纳微半导体涨约21%，Wolfspeed涨9.3%，半导体ETF SOXL涨约9%，AMD涨4.8%，Arm 控股涨4.5%，新思科技涨4%，阿斯麦ADR涨3.4%，英伟达涨约2%，台积电ADR涨1.7%。 北京时间6月5日上周四晚，中美两国元首通电话。央视新媒体玉渊谭天发文指出，有关两国元首通电话的新闻稿提到： "中国人一向言必行、行必果，既然达成了共识，双方都应遵守。日内瓦会谈之后，中方严肃认真执行了协议。美方 应实事求是看待取得的进展，撤销对中国实施的消极举措。" 文章称，这段话有两个重点词，分别对应两层意思。一个是"言必行、行必果"，它表达了中方不满。在日内瓦会谈之后，中方 按照联合声明达成的共识，取消或暂停了针对美"对等关税"采取的相关关税和非关税措施。美方却小动作不断，陆续新增出台 多项对华歧视性限制措施，包括发布AI芯片出口管制指南、停止对华芯片设计软件（EDA）销售、宣布撤销中国留学生签证 等。 文章写道，中方明确表达了不满 ...

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [25]. Core Insights - The humanoid robot concept index increased by 2.33% from June 1 to June 6, 2025, outperforming the CSI 300 index by 1.45 percentage points. Year-to-date, the humanoid robot index has risen by 34.13%, surpassing the CSI 300 index by 32.72 percentage points [12][16]. - Significant investments and policy support are being directed towards the humanoid robot industry, with a 5 billion yuan investment fund established in Hubei Province to promote the sector's development [20]. - Major companies are experiencing a surge in orders, with some reporting order growth of up to 200% in the first quarter of 2025 [22]. Summary by Sections Weekly Market Review - From June 1 to June 6, 2025, the humanoid robot concept index rose by 2.33%, outperforming the CSI 300 index by 1.45 percentage points. The year-to-date performance shows a 34.13% increase, exceeding the CSI 300 index by 32.72 percentage points [12][16]. Weekly Hotspots Review Policy News - Hubei Province is accelerating the high-quality development of the humanoid robot industry, aiming to create a nationally influential R&D innovation base. The provincial government emphasizes the importance of integrating AI into production and life [18]. - The establishment of the Guangdong Artificial Intelligence and Robotics Industry Alliance marks a significant step towards industry chain integration and technological advancements [19]. Product Technology Iteration - Amazon is adopting open-source large language models for robot control and is preparing to test humanoid robots for package delivery [21]. - The humanoid robot sector is witnessing a surge in orders, with companies like Yushu Technology and Leju Robotics reporting significant order increases [22]. Investment and Financing - Precision Forging Technology plans to invest 50 million yuan in Wuhan Gelanruo Intelligent Robot Company, acquiring a 10% stake to enhance its position in the humanoid robot supply chain [22]. Key Company Announcements - iFlytek's robot super brain platform covers 90% of domestic intelligent robot manufacturers, indicating a strong market presence [23]. - Longxi Co. is still in the development phase for its humanoid robot joint bearings, highlighting the competitive and rapidly evolving nature of the market [24].

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The semiconductor sector has shown a year-to-date increase of 1.53%, while other electronic sectors have experienced mixed performance [2] - Broadcom's Q2 revenue reached a record high of $15 billion, with a year-over-year growth of 20%, driven by strong performance in AI semiconductor business and VMware [2][3] - AI business revenue for Broadcom grew by 46% year-over-year, contributing $4.4 billion in Q2 [2] - The company expects the growth trend in AI revenue to continue into FY26, with Q3 revenue guidance of $15.8 billion, representing a 21% year-over-year increase [2] Summary by Sections Market Performance - The performance of the semiconductor sector has been positive with a 3.25% increase this week, while other electronic sectors have shown varied results [2][8] - Notable stock performances include Apple (+1.53%), Tesla (-14.81%), and Micron Technology (+14.93%) [2][11] Financial Highlights - Broadcom's Q2 GAAP net profit was $4.965 billion, a 134% increase year-over-year [2] - The semiconductor division's revenue was $8.4 billion, up 17% year-over-year, with AI business revenue reaching $4.4 billion [2] - The gross margin for Q2 was 68%, an increase of 5.7 percentage points year-over-year [2] Future Outlook - Broadcom has released the Tomahawk 6 switch chip, which has a single-chip switching capacity of 102.4 Tbps, double the current Ethernet switch bandwidth [2] - The company anticipates Q3 semiconductor revenue to be $9.1 billion, a 25% increase year-over-year, with AI business revenue projected to reach $5.1 billion [2] Investment Recommendations - Suggested stocks to watch include companies in the computing chain such as Industrial Fulian, Shenzhen South Circuit, and others in the domestic computing and semiconductor sectors [2]

美股半导体板块走高，美光科技(MU.O)涨超4%、Arm(ARM.O)涨超2%、台积电(TSM.N)、恩智浦半导 体(NXPI.O)、英特尔(INTC.O)涨超1%。 ...

热门中概股多数走高，哔哩哔哩(BILI.O)、阿里巴巴(BABA.N)、贝壳(BEKE.N)、台积电(TSM.N)均涨超 1%。 ...