Key Points - 30-year US Treasury yield surpasses 5%, leading to a decline in the US dollar [2] - Atlanta Federal Reserve President warns of inflation risks, indicating a preference for one rate cut this year [2] Company News - TXNM Energy announces that Blackstone Group's infrastructure fund has agreed to acquire the utility company for $61.25 per share, with a total enterprise value of $11.5 billion including net debt [2] - Nvidia is reportedly in deep negotiations to invest in quantum computing startup PsiQuantum [2] - TSMC plans to increase prices for advanced processes, with a 10% price hike for 2nm wafers [2] - Qualcomm announces plans to develop custom data center CPUs designed to connect with Nvidia's AI chips, marking its re-entry into the server processor market [2] - FDA approves Novavax's COVID-19 vaccine for older adults and individuals aged 12 and above [2] - Sohu reports Q1 total revenue of $136 million, with net loss narrowing by over 20% year-on-year, exceeding previous best expectations for marketing services revenue and group net loss, while online gaming revenue also surpassed expectations [2] - Niu Technologies reports Q1 revenue of 682 million RMB, a year-on-year increase of 35.1%, with a net loss of 38.8 million RMB and a 57.4% increase in electric scooter sales [2]

仓位相关的负面因素。 "我们的市场策略团队注意到散户买入力度放缓，宏观对冲基金空头回补基本完 成，海外投资者仍未显著买入美股。总体而言，当前仓位水平虽不至于成为股市上行的阻力，但也可能 不再为持续上涨提供重要支撑。" 另一华尔街金融巨头摩根士丹利则表示，投资者们应该买入因上周五美国政府信用评级下调而下跌的任 何美股，因为美国与中国的贸易暂时休战降低了美国经济衰退的可能性。摩根士丹利表示，穆迪下调信 用评级导致10年期美国国债收益率升至4.5%关口上方后，股市出现回调的可能性更大;然而，摩根士丹 利资深策略师迈克尔·威尔逊领导的团队在报告中写道："当股市回调之际，我们会选择逢低买入策 略。" 威尔逊领导的摩根士丹利策略团队曾在3月份警告称，美国股市的剧烈波动将持续到今年下半年。然 而，这位策略师现在是少数几个看好美股而非国际股市的华尔街声音之一。 哪些因素可能引发极其有限的短期回调? 摩根大通的市场情报专家们给出以下线索： "AI芯片霸主"英伟达(NVDA.US)业绩远不及预期。 "自4月8日低点以来，标普500指数已大幅上涨19.6% 踏向牛市行情，其中"Mag7"(即美股七大科技巨头)推动了30.5%的涨幅 ...

Core Viewpoint - Nvidia's strategic shift to the Blackwell architecture in response to U.S. export restrictions aims to maintain its market position in China while adapting to regulatory challenges [2][4][6] Group 1: Nvidia's Blackwell Architecture - The Blackwell architecture, particularly the B300 chip, utilizes TSMC's 4NPT SMC process and features a 10TB/s interconnect technology, achieving a 1.8TB/s bidirectional NVLink bandwidth [2] - The B300 chip's FP4 performance is 1.5 times better than its predecessor, with a focus on doubling computational power and model scale at 4-bit floating-point precision [2][3] - To comply with U.S. regulations, the Blackwell special chip will replace HBM high-bandwidth memory with GDDR7, resulting in an estimated 30% performance reduction compared to the original Blackwell [2][3] Group 2: Market Dynamics and Competition - Despite the limitations of the Blackwell special chip, its FP4 computing power exceeds that of the H20 chip by over 2.5 times, particularly in vertical model inference scenarios [3] - Nvidia's revenue from the Chinese market is projected to reach $17 billion in 2024, accounting for 13% of its total sales, highlighting the importance of this market [3][4] - Domestic AI chip companies like Huawei Ascend are rapidly emerging, with the Ascend 910B achieving 320 TFlops FP16 computing power and a 75% reduction in training costs [4] Group 3: Strategic Responses and Future Outlook - Nvidia's dual-track strategy includes launching a downgraded version of the H20 to fill supply gaps while accelerating the development of the Blackwell special chip, expected to be delivered by the end of 2025 [3][4] - The U.S. ban on Ascend chips is accelerating the domestic replacement process in China, with predictions that domestic AI chip market share will rise from 12% in 2023 to 25% by 2025 [4] - Nvidia's CEO Jensen Huang emphasizes the importance of the Chinese market and is expanding R&D efforts in Shanghai, indicating a commitment to adapting to local market needs [4][5] Group 4: Technological Innovations and Market Trends - The introduction of the Blackwell architecture is expected to drive AI chip technology into a high-density computing era, necessitating innovations in cooling technology due to the B300's 1400W power consumption [5] - The global liquid cooling market is projected to exceed $15 billion by 2025, driven by the need for advanced data center infrastructure [5] - The ongoing U.S. negotiations regarding chip exports may provide alternative procurement pathways for China, but long-term restrictions on computing power output are likely to strengthen domestic chip development [5][6]

Group 1 - Trump criticizes Powell and urges the Federal Reserve to cut interest rates, indicating rising uncertainty in U.S. trade policy and economic conditions [11][12] - Nvidia plans to adjust its chip export strategy to China due to U.S. government restrictions, which may lead to a loss of market share in China for Nvidia and an opportunity for domestic AI chip manufacturers [11] - Walmart announces price increases on certain products, which has drawn criticism from Trump, who believes the company should absorb tariff costs instead [15] Group 2 - Guangzhou Pharmaceutical Group's former chairman, Li Chuyuan, has been expelled from the party and removed from public office due to serious violations, with his case being sent for criminal prosecution [3] - The former chairman of Zhejiang Salt Industry Group, Jiang Yixiang, is under investigation for serious violations of discipline and law [4] - Fangyuan Real Estate's subsidiary has been ordered to pay over 10 million yuan due to a construction contract dispute, negatively impacting its operational and debt repayment capabilities [5] Group 3 - Guangyang Co. is planning to acquire 100% of Yinqiu Technology, leading to a temporary suspension of its stock [7] - Tongfu Microelectronics' major shareholder, the National Integrated Circuit Industry Investment Fund, plans to reduce its stake by 2.5% [8] - Zitian Technology's stock will be subject to delisting risk warnings due to false financial reporting [9] Group 4 - The Ministry of Commerce has initiated an anti-dumping investigation into imports of copolymer formaldehyde from the U.S., EU, Taiwan, and Japan [25] - The Chinese real estate market is advised to cautiously promote the sale of existing homes, as the timing for full implementation is not yet mature [27] - Six major silicon material companies are reportedly planning to establish a 70 billion yuan fund to consolidate production capacity amid declining silicon prices [28] Group 5 - The gold market is experiencing volatility, with institutions noting that short-term prices are under pressure from multiple factors, while maintaining a long-term bullish outlook [29] - The childcare industry is facing challenges with over 70% of institutions operating at a loss, prompting many to seek alternative revenue streams for survival [31]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自财讯 。 ⽇本半导体之王—索尼半导体，近期传出要分拆上市的消息。彭博社4⽉28⽇报导，⽇本索尼公司 有意分拆半导体部⻔并分拆上市。虽然索尼发⾔⼈低调否认，但已引来外界⾼度关注。 但这种设计必须⽤到⾮常精确的先进封装技术，把两种电路制造后再叠合，「难度相当于将两个 120公尺宽的棒球场叠在⼀起，误差幅度不到⼀毫⽶。」梅林卓说。 市场热议分拆上市传闻 索尼半导体是⽇本半导体产业的领头⽺，也是全球CMOS的王者。索尼半导体虽不像台积电拥有先 进制程技术，但过去⼏年，这家公司在CMOS的市占率节节上升。 索尼半导体集团旗下有多家公司，除了负责设计产品的Sony Semiconductor Solution以及负 责制造的 Sony Semiconductor Manufacturing公司，在欧洲还有两家负责TOF传感器、先进影像传感 器的公司及泰国制造基地。除了CMOS，索尼还提供了微机电⻨克⻛、雷射2极体等产品。 但从营收来看，CMOS却占了绝⼤部分，2023年时，CMOS部⻔营收约1.6万亿⽇元，⽽索尼半导 体部⻔旗下⾮CMOS部⻔营收则只有1500亿⽇元 ...

Core Insights - The article discusses Intel's ambitious plan to invest over $100 billion in its semiconductor manufacturing capabilities over the next four years, focusing on the development of advanced process nodes like Intel 18A and the collaboration with TSMC to enhance production capabilities [9][15][21]. Group 1: Intel's Manufacturing Strategy - Intel's 18A process node is reported to outperform TSMC's N2 and Samsung's SF2, achieving a score of 2.53 compared to TSMC's 2.27 and Samsung's 2.1 [7]. - The collaboration between Intel and TSMC is seen as crucial for Intel to regain competitiveness in the semiconductor market, with TSMC potentially assisting in the successful implementation of Intel's 18A technology [15][21]. - The U.S. government's support is highlighted as a factor that may strengthen Intel's position in the market, allowing it to form alliances with major players like TSMC and NVIDIA [15][21]. Group 2: Market Dynamics and Competition - The article notes that TSMC holds 72% of its shares owned by foreign investors, with over half of its independent directors being American, indicating a strong U.S. influence on TSMC's operations [15]. - The increasing collaboration between Intel and TSMC may lead to a more complex competitive landscape, as both companies navigate their roles as partners and competitors in the semiconductor industry [21]. - The article suggests that TSMC's deepening involvement with Intel could alleviate some of the pressures from U.S. regulations, allowing TSMC to expand its market presence while maintaining its competitive edge [15][21].

Group 1 - The U.S. government has escalated its technology war against China by banning the use of Huawei's Ascend 910 AI chip globally, with violations potentially leading to a 20-year prison sentence [1] - The U.S. has consistently used "national security" as a justification for sanctions against Huawei, but this time no specific reason has been provided [2] - The ban on Huawei's AI chip may be an attempt by the U.S. to regain face after the failure of the tariff war against China, which has shown resilience and strength [4] Group 2 - The U.S. is reportedly desperate to use the Huawei AI chip ban as leverage to negotiate for China's rare earth exports, which China is currently unwilling to discuss [7] - Despite the ban, the Chinese market for AI chips, particularly for Huawei's Ascend 910, is robust enough to sustain the company for many years, as China is the largest market for AI chips globally [9] - The U.S. is facing a decline in its AI dominance, with companies like NVIDIA experiencing significant sales drops due to export restrictions, while Huawei's AI chip is positioned to fill the gap and potentially surpass NVIDIA [10] Group 3 - The series of actions taken by the U.S. in trade, technology, and tariffs against China indicate a growing sense of desperation, as the U.S. has exhausted most of its leverage [13]

Group 1: Urban Renewal Policy Impact - The recent policy issued by the central government aims to promote urban renewal, focusing on the renovation of existing buildings and the upgrade of urban infrastructure, which is expected to significantly boost traditional industries such as building materials and construction machinery [3] - The policy outlines funding sources, including increased central budget investments and special bonds for local governments to support eligible urban renewal projects, indicating a substantial push for urban development [3] Group 2: JD Group Financial Performance - JD Group reported Q1 2025 revenue of 301.08 billion yuan, a year-on-year increase of 15.8%, surpassing market expectations of 11%-12% [6] - Operating profit reached 10.53 billion yuan, up 36.4% year-on-year, with non-GAAP operating profit at 11.66 billion yuan, reflecting a 31.5% increase, driven by a 0.6 percentage point rise in gross margin to 15.89% [6] - JD Retail's revenue was 263.845 billion yuan, growing 16.3% year-on-year, while JD Logistics and new businesses also showed positive growth, indicating strong performance across various segments [6] Group 3: JD's New Business Initiatives - JD's new food delivery service launched on March 1, 2025, is in its early stages, with daily order volume approaching 20 million, although it has not yet significantly impacted financial results [7] - The company is focusing on enhancing user and merchant experiences in the food delivery sector, which may lead to short-term profit pressures but is expected to drive platform traffic and user acquisition [7] - Future financial reports will be crucial to monitor the growth of order volume, changes in expense ratios, and the sustainability of business synergies [7]

美股科技七巨头集体熄火，市场热度降温。当地时间5月15日，美股三大指数表现不一，道指涨 0.65%，标普500指数涨0.41%，而纳指结束六连涨下跌0.18%。科技巨头多数走弱，亚马逊和Meta跌幅 超过2%，特斯拉下跌超1%，苹果、英伟达和谷歌也出现小幅下跌。这一轮调整使得七巨头总市值蒸发 超过1000亿美元。 英伟达成为第三只年内转正的科技巨头。在经历前期调整后，英伟达股价近期强势反弹，本周累计上涨 逾16%，年内整体由跌转涨，涨幅约0.7%。这使其成为继Meta和微软之后，第三只年内实现正增长的科 技巨头股票。Meta和微软今年涨幅分别达到约12%和7%。相比之下，苹果和特斯拉表现不佳，年内跌 幅均超过13%。 中美贸易关系缓和曾带动科技股反弹。中美同意互降关税的消息曾在5月13日引爆市场多头热情，当天 美股科技七巨头市值激增约8375亿美元。苹果股价上涨约6%，亚马逊大涨8%，英伟达上涨约5%。这一 利好消息使纳斯达克100指数较上月低位反弹超20%，进入技术性牛市。 美联储政策前景增添不确定性。鲍威尔在第二届托马斯·劳巴赫研究会议上表示，美国可能正进入一个 供应冲击更频繁、持续时间更长的时期，未来通 ...

数据显示，杠杆资金持续布局中。科创芯片ETF前一交易日融资净买额达116.62万元，最新融资余额达14.35亿元。 流动性方面，科创芯片ETF盘中换手1.53%，成交3.83亿元。拉长时间看，截至5月14日，科创芯片ETF近1年日均成交22.16亿元，居可比基金第一。 规模方面，科创芯片ETF近1月规模增长10.30亿元，实现显著增长，新增规模位居可比基金第一。份额方面，科创芯片ETF最新份额达163.45亿份，创今年 以来新高，位居可比基金第一。 从资金净流入方面来看，科创芯片ETF近7天获得连续资金净流入，最高单日获得3.68亿元净流入，合计"吸金"10.58亿元。 截至2025年5月15日 10:05，上证科创板芯片指数下跌1.12%。成分股方面涨跌互现，芯原股份领涨0.97%，翱捷科技上涨0.29%，恒玄科技上涨0.10%；峰岹 科技领跌，成都华微、中科蓝讯跟跌。科创芯片ETF(588200)下修调整。 数据显示，截至2025年4月30日，上证科创板芯片指数前十大权重股分别为中芯国际、海光信息、寒武纪、澜起科技、中微公司、芯原股份、恒玄科技、沪 硅产业、思特威、华润微，前十大权重股合计占比58.53% ...