而且，尽管从 4 月份的低点 [约 75 美元/股] 强劲反弹，AMD 的股价仍然低于其多年支撑趋势线 （ 图表上以蓝色箭头标记 ）和关键的每周移动平均线。 从技术角度来看，AMD 的股票是亏损的。 好消息是，AMD 2025 年第一季度的业绩和 2025 年第二季度的展望证明它不是一家破产的公 司！ 2025 年第一季度，AMD 的营收为 74.4 亿美元 [同比增长 36%，环比下降 3%]，超过市场预期 的 71.2 亿美元，这得益于其 EPYC CPU、Instinct Mi300（AI GPU）和 Ryzen 处理器的销售强 于预期。 作者丨 Ahan Vashi 编译 | 华尔街大事件 在过去九个月左右的时间里， AMD( NASDAQ: AMD )的股价持续下滑——一路跌破了重要的长 期支撑位！ AMD 连续第四个季度加速营收增长的核心在于 AMD 数据中心 [37 亿美元，同比增长 57%] 和 客户端 [23 亿美元，同比增长 68%] 业务部门的强劲增长势头，但这一增长被市场普遍预期的游 戏和嵌入式业务的负面拖累所部分抵消。 | Q1 2025 Segment Results | | | ...

证券代码：300161 证券简称：华中数控 华数机器人不断深耕细分领域市场，在工业机器人行业极度内卷的 形势下保持发展韧性。长安汽车主机厂重载机器人批量交付，助力汽车整 车全球最大的 5G 数智工厂和高端新能源汽车顺利投产运营。华数重载机 器人首次进入玻璃行业，焊接机器人发货实现较大增长。为满足高校人工 智能人才培养需求，公司 2024 年推出了具身智能机器人创新应用平台。 在 2025 年 4 月的北京国际机床展，公司工业机器人柔性工作站与具身智 能工作站两款全新产品重磅登场，佛山华数打造的面向工业应用的智能 双臂机器人，由工业协作机械臂、视觉传感器、力矩传感器和智能控制系 统等部件组成。融合先进的 AI 算法，具有自主感知规划、双臂协同、人 机交互安全、灵活部署等特点，可在非结构化环境下完成复杂的双臂协同 抓取、搬运、装配等操作，适应于多种应用场景，极大地提升了机器人的 操作灵活性与工作效率。 二、 互动交流环节 1、从新签订单的角度看下游订单是否受到关税战的影响？ 公司坚持"一核三军"的发展战略，构建了较为完整的产业链。在关 税战背景下，国内制造业企业为降低成本、提高供应链稳定性，加速了国 产设备及零部 ...

事件：公司发布 2024 年年报和 2025 年一季报。2024 年公司实现营收 55.11 亿 元，同比-27.26%，归母净利润 11.79 亿元，同比-53.43%。单季度来看，2024Q4 营收 12.48 亿元，同比-35.18%，环比-10.22%，归母净利润 1.69 亿元，同比- 66.25%，环比-37.83%；2025Q1 营收 10.26 亿元，同比-10.05%，环比-17.79%， 归母净利润 1.19 亿元，同比-61.11%，环比-29.57%。 证券研究报告 | 年报点评报告 gszqdatemark 2025 05 01 年 月 日 紫光国微（002049.SZ） 2024 年实现归母净利润 11.79 亿元，同比-53.43% 特种集成电路：2024 年深圳国微电子收入 25.77 亿元，同比-42.57%，净利润 10.85 亿元，同比-52.21%，收入和净利润均出现大幅下滑主要系 2024 年订单量和价格 均出现下滑。但是经过近 2 年深度调整后，2025 年公司订单较 2024 年出现较大 变化，中长期看行业发展乐观。盈利能力方面，2024 年毛利率 71.69%， ...

Core Viewpoint - The article discusses the impact of the U.S. tariff policies on global trade and the subsequent response from China, highlighting the opportunities for domestic industries to replace imports in various sectors due to increased tariffs on U.S. goods [1] Group 1: Import Substitution Opportunities - The sectors with significant import substitution potential in A-shares include chips, photoresists, scientific instruments, medical devices, and aerospace equipment [1] - A total of 50 stocks have been identified as having strong potential for import substitution based on performance and institutional interest [1][6] Group 2: High Import Dependency Categories - Key categories with high import dependency in China include electronics (semiconductor components/devices, optical components), medical devices, machinery (measuring instruments, machine tools, cutting tools), aerospace equipment, and chemical products [4] - In 2022, China's imports from the U.S. in electronic machinery, agricultural products, chemicals, and energy exceeded 150 billion yuan, indicating a significant reliance on U.S. imports [5] Group 3: Market Size and Growth Potential - The global market for analog chips is valued at $79.4 billion, with China's demand accounting for 30% to 40%, translating to a market space of approximately 240 billion yuan [6] - The medical device market in China has a high dependency on imports, with 70% of high-end equipment (e.g., MRI, CT machines) sourced from companies like GE and Siemens, representing a market space worth several hundred billion yuan [6] Group 4: R&D Investment and Innovation - The average R&D investment ratio for the top 50 import substitution stocks exceeds 21%, significantly higher than the A-share average [9] - Notable companies include Longxin Technology with an R&D investment ratio of 105.34%, and BeiGene with over 14.1 billion yuan invested in R&D, focusing on innovative cancer treatments [9][10] Group 5: Stock Performance and Growth Projections - Among the top 50 stocks, companies like SMIC, Haiguang Information, and Heng Rui Medicine have market capitalizations exceeding 100 billion yuan, primarily in semiconductor equipment, AI chips, and innovative pharmaceuticals [7] - The average projected net profit growth for these companies is close to 69%, with several stocks expected to double their profits this year [12]

| Millio | 国投前景 | 责金属日报 | | --- | --- | --- | | | 操作评级 | 2025年04月30日 | | 黄金 | 女女女 | 刘冬博 高级分析师 | | 白银 | ☆☆☆ | F3062795 Z0015311 | | | | 吴江 高级分析师 | | | | F3085524 Z0016394 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 隔夜美国公布3月JOLTs职位空缺719.2万人略低于预期和前值,市场反应有限,贵金属延续废荡。美元信用 危机和全球政经局势不确定性支撑金价中长期重心上移趋势。本周美国有非农等重要经济数据发布,贵金属 可能维持剧烈波动,节前注意仓位控制速模参与。今晚关注美国ADP就业、POE和一季度GDP数据。 ★关税-①特朗普放松汽车关税政策,以减轻对本土汽车制造商的影响。②美商务部长:已与一个匿名的国 家达成了一项贸易协议。3知情人士:特朗普拟将AI芯片作为贸易谈判的新筹码。4美媒:美国方面表示, 欧洲在关税问题上并没有很好的参与。⑤沃尔玛通知中国供应商恢复出货。⑥白宫 ...

Core Viewpoint - Intel's new CEO, Pat Gelsinger, is focused on restructuring the company to ensure the success of its foundry business, amidst a challenging macroeconomic environment and significant internal changes [1][2][4]. Financial Performance - Intel's Q1 financial results exceeded market expectations, but the Q2 revenue forecast fell short, with expected revenue between $11.2 billion and $12.4 billion, averaging $11.8 billion, significantly lower than the analyst average of $12.9 billion [1]. - The company's stock price dropped by 5% following the Q2 earnings forecast [1]. Restructuring and Cost-Cutting - Intel plans to continue its cost-cutting measures, including a 20% workforce reduction, which could result in over 20,000 job cuts by the end of 2024, marking the largest organizational adjustment since its founding in 1968 [4][5]. - The new CEO aims to streamline operations and reduce complexity within the company, emphasizing a shift in management culture towards efficiency and effectiveness [2][10]. Foundry Business Strategy - Intel's foundry business is a critical focus, with plans to produce the Intel 18A (1.8nm) chips by the end of 2025, and the 14A (1.4nm) chips expected to be produced a year ahead of TSMC [1][14]. - The company has faced significant losses in its foundry business, with projected losses of $52 billion, $70 billion, and $134 billion over three years, leading to a total loss of $188 billion in 2024 [11][12]. Leadership and Market Position - The new CEO, Chen Liwu, is viewed as a key figure in revitalizing Intel, having a strong background in the semiconductor industry and a history of successful leadership in previous roles [7][8]. - Intel's market share in the foundry sector is currently minimal, with only 1% as of Q2 2023, compared to TSMC's 67% [11][12].

Key Points - The report highlights that the US trade deficit in goods expanded to a record $162 billion in March [3] - The US Treasury Secretary indicated that discussions will take place with at least 17 partners in the coming weeks [3] - Concerns over tariffs are negatively impacting economic outlook, with US consumer confidence dropping to a near five-year low in April [3] - The report notes significant layoffs, with UPS becoming the first major company to conduct mass layoffs due to the trade war, affecting 20,000 employees [3] - Amazon was forced to halt plans to display tariff impacts on product pages, while Walmart has notified Chinese suppliers to resume shipments [3] - The report also mentions that South Korea's credit card default rate reached a ten-year high in the first quarter of this year [3] Economic Data Summary - The Baltic Dry Index closed at 1403.00, up 2.18% [4] - The Nasdaq Index closed at 17,461.32, up 0.55% [4] - The Dow Jones Industrial Average closed at 40,527.62, up 0.75% [4] - The S&P 500 closed at 5,560.83, up 0.58% [4] - The ICE Brent crude oil price was $64.05, down 2.75% [4] - The USD/CNY exchange rate was 7.27, down 0.47% [4] - The Hang Seng Index closed at 22,008.11, up 0.16% [4] - The Shanghai Composite Index closed at 3,286.65, down 0.05% [4]

商品日报 20250430 联系人 李婷、黄蕾、高慧、王工建、赵凯熙 电子邮箱 jytzzx@jyqh.com.cn 电话 021-68555105 投资咨询业务资格 沪证监许可[2015]84 号 主要品种观点 宏观：特朗普放松汽车关税，国内关注今日中国 PMI 海外方面，3 月美国职位空缺数降至去年 9 月来新低、4 月美国谘商会消费者信心暴跌 至近五年低点、美国 3 月份商品贸易逆差扩大至 1620 亿美元。特朗普签署行政令减缓美股 汽车进口关税、利于美国本土车企，同时外媒称其拟将 AI 芯片作为贸易谈判的新筹码。尽 管美国经济数据偏弱，但关税政策放宽提振市场风偏，美股低开高走，10Y 美债利率回落至 4.17%，金价回调，铜价收涨，油价因市场担忧 OPEC+增产跌幅近 2%， 国内方面，节前市场交投清淡，A 股缩量震荡，两市成交额回落至 1.04 万亿，风格上 北证 50、小微盘股领涨，行业上日用化工、化纤、家居等行业领涨，市场近期热度降温，等 待增量信息指引方向。债市方面，央行持续净投放、资金面整体偏松，同时市场预期 4 月经 济数据偏弱，主要期限国债利率均下行，今日关注 4 月 PMI 制造业数据 ...

1. 网传中国半导体设备厂将大规模重组：200多家半导体设备公司或整合为10家大型企业 2.沃尔玛态度转变：恢复中国供应商出货，美国客户承担关税成本 3. 腾讯TEG架构调整：成立大语言和多模态模型部 4.传英伟达将在中国成立合资公司、为DeepSeek定制芯片，官方辟谣 5. 网传饿了么加入外卖大战： 正打印百亿补贴横幅 6.长城要做超跑？长城CTO吴会肖回应：5年前就在做，没想到大家这么关注 7.曝iPhone 2700个零部件：仅30家供应商完全在中国境外 8.OpenAI涉足电商领域！用户可通过ChatGPT购买商品 今日头条 HEADLINE NEWS 网传中国半导体设备厂将大规模重组：200多家半导体设备公司或整合为10家大型企业 据媒体报道，传中国正在推动一项政策，计划将200多家半导体设备公司整合为10家大型企业。这项政策 旨在提升中国半导体设备产业的竞争力，以应对美国的制裁压力。中国半导体自给率目前约为23%，在美 国政府的高压施压下，中国似乎计划采取资源集中策略，扶持具有潜力的企业。 今年3月，中国半导体设备龙头企业北方华创就有类似的动作，该公司以16.9亿元收购涂胶显影设备厂芯 源微9. ...

Group 1 - The company reported a revenue of 338 million yuan for Q1 2025, representing a year-on-year increase of 30.83% [1] - The net profit attributable to shareholders reached 56.5 million yuan, up 13.62% year-on-year, while the net profit excluding non-recurring items was 53.99 million yuan, reflecting an 18.95% increase [1] - The company has a strong market position in the tantalum and niobium industry, being one of the earliest high-tech enterprises engaged in the production, research, and manufacturing of these materials in China [1] Group 2 - The company plans to accelerate market expansion in 2025, focusing on niche markets, responding to demand in emerging fields, and enhancing technological support [2] - The company aims to implement a "going out" strategy to explore overseas resources, thereby improving supply chain resilience and stability [2] - The company is committed to optimizing its industrial layout and advancing project construction while ensuring quality and safety [2]