优刻得 20250611 摘要 是 GPU 算力需求，由于行业模型和应用的大量增加，不管是 H 系列、A 系列还 是 4,090 系列 GPU 都处于供不应求状态，我们正在积极增加算力供应，以满 足市场需求。这主要集中在三个领域：行业模型（如同花顺）、AI 应用以及机 器人，这些领域极大地推动了算力需求增长。第三个方面是在海外市场，中国 不少 AI 公司在海外发展迅速，我们在北美部署了中国企业第一个海外 GPU 集 群，中国产品在欧美地区市场占有率和用户付费率都很高，这块业务增长也非 常好。 公司是否会扩大服务器业务以满足大客户需求？ 我们原来不太愿意做训练集群，因为训练集群周期较短且变化较大，但最近一 些大客户与我们沟通，他们使用我们的数据中心但自身无法持有这些固定资产， 因此希望我们帮助购买并持有服务器设备。这些客户风险较小、付费能力强， 而且不像巨头那样压榨性价比。因此，我们正在逐步内部沟通，并与银行及相 关金融机构洽谈，准备尝试这项业务。如果效果良好，我们会加大投入力度。 AI 技术进步和开源趋势降低了 AI 项目盈利门槛，小型创业公司通过美图 类和垂直行业产品快速商业化，技术能力提升使阿米卡等项目取 ...

Group 1: Global Sovereign Debt Outlook - Fitch Ratings has downgraded the global sovereign debt outlook for 2025 from "neutral" to "deteriorating" due to escalating global trade wars and extreme policy uncertainty [1] - The global GDP growth rate is expected to slow from 2.9% in 2024 to 2% in 2025, driven by significant adverse global economic shocks [1] - The report highlights a vicious cycle of uncertainty affecting global trade volumes, supply chains, and investment environments, which may create a more complex market environment than the trade tensions of 2018 [1] Group 2: Oil Market Impact - Fitch predicts that Brent crude oil prices will decline from $79.5 per barrel in 2024 to $65 per barrel in 2025, putting significant pressure on major oil-exporting countries' economies and finances [2] Group 3: Emerging Markets Risks - The reduction of U.S. international aid will expose already vulnerable emerging markets to additional risks [3] - However, the depreciation of the dollar may serve as a "lifeline" for some emerging markets, easing their debt burdens and providing central banks with more room to cut interest rates to stimulate their economies [4] Group 4: Structural Economic Challenges - Global public finances are expected to remain under pressure in 2025, particularly in developed markets, due to rising defense spending, high interest costs, aging populations, weak economic growth, and ongoing social pressures [5] - The median global government debt-to-GDP ratio is projected to rise from 54.1% at the end of 2024 to 54.5% at the end of 2025, indicating an increasing debt burden [5] Group 5: Geopolitical Risks - Geopolitical risks remain high, with ongoing conflicts in Ukraine and the Middle East, intensifying U.S.-China strategic competition, and fluctuating U.S. foreign policy adding complexity to the situation [6] Group 6: Rating Outlook - Despite numerous challenges, Fitch's mid-2025 rating outlook remains relatively balanced, with 13 countries receiving positive outlooks, slightly higher than the 10 countries with negative outlooks [7] - A series of rating downgrades since 2020 has created "headroom" for some countries, enhancing their resilience against deteriorating credit conditions [8] - The effectiveness of policy responses will be crucial in determining the direction of ratings, with timely interventions potentially supporting sovereign credit ratings [9]

· 受助于美国官员称中美贸易谈判进展顺利，美国股市标普500指数周二收高，同时受到特斯拉大涨提振。美国公债收益率午后变化不大，经济学家预计消费 物价将上涨。美元上涨。油价下跌，但维持在七周高点附近。金价小幅走低，美元升值增加了金价压力。 | 股市指数 | 收报 | 日夜家1% | 年初至今变动% | | --- | --- | --- | --- | | 纳斯达克指数 | 19714.99 | 0.63 | 2.09 | | 标普500指数 | 6038.81 | 0.55 | 2.67 | | 道琼斯工业均指 | 42866.87 | 0.25 | 0.76 | | 恒生指数 | 24162.87 | (0.08) | 20.45 | | 上证综指 | 3384.82 | (0.44) | 0.99 | | 利率 | 收报 | | 日变动% 年初至今变动% | | 美国2年期国债 | 4.0181 | 0.37 | (5.37) | | 美国5年期国债 | 4.0856 | 0.09 | (6.84) | | 美国10年期国债 | 4.4698 | (0.09) | (2.26) | | 美元1个月SOFR ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is becoming an ideal platform for beauty and consumer brands to go public, with Ying Tong Holdings Ltd. recently passing the listing hearing, positioning itself to become the "first Chinese fragrance stock" by 2025 [1][3]. Group 1: Company Overview - Ying Tong Holdings has successfully navigated the IPO process in less than a year, indicating a favorable environment for beauty brands in Hong Kong [5]. - The company operates 75, 34, and 8 offline stores in mainland China, Hong Kong, and Macau, respectively, as of March 31, 2025 [6]. - Ying Tong Holdings manages 72 external brands, with 52 being fragrance brands, and its own brand, Santa Monica, which sells eyewear and entry-level high-end fragrance products [6][29]. Group 2: Financial Performance - The revenue for Ying Tong Holdings is projected to grow from approximately 1.699 billion yuan in 2023 to 2.083 billion yuan by 2025, with fragrance sales being the primary driver [18]. - Fragrance products account for 80.9% of total revenue by March 31, 2025, although their share is gradually declining from 88.5% in 2023 [20]. Group 3: Market Dynamics - The Chinese fragrance market is expected to grow at a compound annual growth rate (CAGR) of 14.0% from 2023 to 2028, with entry-level and high-end fragrances experiencing slower growth rates of 10.4% and 15.3%, respectively [22]. - The company faces challenges due to its heavy reliance on external brands for revenue, with its own brand generating only 5.3 million yuan in 2023, accounting for just 0.3% of total revenue [29]. Group 4: Strategic Considerations - The CEO of Ying Tong Holdings expressed intentions to enhance organizational capabilities through the IPO, aiming to strengthen acquisition potential and attract better talent [18]. - The company is expanding its skincare and makeup product lines to maintain competitiveness amid a slowing fragrance market [27].

Group 1 - Fitch has adjusted the global sovereign rating outlook to "negative" [1]

惠誉将全球主权评级展望调整为"恶化"。 ...

Core Viewpoint - The article discusses the escalating trade tensions between the U.S. and China, particularly focusing on China's strategic use of rare earth elements as a leverage point in the ongoing trade war, highlighting a shift in global power dynamics where China is no longer a passive player but actively shaping the narrative and outcomes of negotiations [1][3][20]. Group 1: Trade Dynamics - The U.S. has imposed tariffs as high as 145% on Chinese goods, but China has countered by implementing export controls on rare earth elements, which has disrupted global supply chains [1][3]. - The U.S. underestimated China's response to the trade war, particularly regarding rare earths, which are critical for various industries, including defense [3][5]. Group 2: Strategic Management - China has introduced a comprehensive tracking system for the rare earth magnet industry, ensuring that all transactions are transparent and monitored, which reflects a strategic shift towards tighter control over its rare earth resources [7][9]. - The export volume of rare earths has seen a slight increase, indicating a controlled approach by China to manage supply while maintaining leverage in negotiations [11]. Group 3: Technological Advancements - China is integrating artificial intelligence with its rare earth mining operations, significantly improving efficiency and widening the technological gap with the U.S. [13]. - The U.S. faces challenges in reviving its rare earth supply chain due to technological deficiencies and high costs associated with environmental regulations [14]. Group 4: Future Implications - The ongoing trade tensions and China's strategic maneuvers suggest a potential reshaping of global supply chains, with China positioning itself as a leader in technology and resource management [20]. - The article emphasizes that the U.S. may find it increasingly difficult to regain its competitive edge in high-tech industries as China solidifies its control over critical resources and technologies [18][20].

凤凰网科技讯 北京时间6月9日，据《金融时报》报道，英国首相斯塔默周一承诺将再投入10亿英镑， 以提升英国的AI算力。不过，英伟达CEO黄仁勋(Jensen Huang)警告称，英国缺乏利用其AI潜力所需的 数字基础设施。 周一，黄仁勋与与斯塔默一同出席了"伦敦科技周"开幕式。黄仁勋称赞英国在AI行业所处的位置"恰到 好处"：既拥有"了不起"的AI研究人才，又是除美国和中国之外全球私人AI投资规模最大的国家。 "英国的AI生态系统已经具备了腾飞的一切条件，"黄仁勋表示，"它只缺少一样东西。令人惊讶的是： 这是全球最大的AI生态系统(之一)，但却没有自己的基础设施。" 就在黄仁勋做出这一表态前不久，斯塔默宣布将"大幅提升英国AI引擎规模和算力"，承诺追加10亿英镑 资金，以"将英国的算力提升20倍"。 周一，英伟达宣布将在布里斯托设立一个新的AI技术中心，用于培训开发者构建AI模型、机器人技术 及其他相关技能。此外，英伟达还将与英国本土企业共同成立一个名为"英国主权AI产业论坛"的新组 织，成员包括英国宇航系统公司、英国电信以及渣打银行，以推动AI的加速普及。此外，英伟达还正 在与英国金融行为监管局以及金融科技 ...

Group 1 - Brazil's Ministry of Finance plans to issue its first sovereign debt in the Chinese market as early as this year [1] - The country intends to issue new dollar sustainable bonds in Europe and panda bonds in China [1] - The European Union is looking to negotiate with Brazil to expand bilateral trade, which may also lead to Brazil issuing bonds in Europe and potentially in China [1]

日本投资者4月减持德国主权债规模创十年最高水平 金十数据6月9日讯， 日本周一公布的最新国际收支数据显示，日本投资者4月份减持的德国主权债规模 创下十年来最高水平。4月总计净卖出1.48万亿日元，为2014年以来最大单月减持规模。日本资金净卖 出了1.07万亿日元美国主权债，创去年10月以来最大减持。 ...