| 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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth across its various business segments, with a notable acceleration in the mass production of AI chips by Zhonghao Xinying [1] - For the year 2024, the company achieved a revenue of 795 million yuan, representing a year-on-year growth of 3.1%, and a net profit attributable to shareholders of 145 million yuan, up 4.73% year-on-year [4][5] - In Q1 2025, the company reported a revenue of 183 million yuan, a decrease of 2.27% year-on-year, and a net profit of 38 million yuan, down 6.8% year-on-year, primarily due to an investment loss in Zhonghao Xinying [4][5] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 166 million, 184 million, and 204 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.50, 0.56, and 0.62 yuan [4][5] Financial Performance Summary - The company’s revenue for 2024 is projected to be 795 million yuan, with a year-on-year growth of 3.1% [7] - The net profit for 2024 is expected to be 145 million yuan, reflecting a year-on-year increase of 4.7% [7] - The gross margin for 2024 is estimated at 33.4%, with a net margin of 18.2% [7] - The company’s earnings per share (EPS) for 2025 is projected at 0.50 yuan, with a price-to-earnings (P/E) ratio of 30.3 [7] Business Segment Analysis - The education segment generated a revenue of 368 million yuan in 2024, growing by 2.94% year-on-year, with a gross margin of 46.28% [5] - The ink business maintained a high gross margin, with a revenue of 427 million yuan in 2024, up 3.24% year-on-year, and a gross margin of 22.27% [5] - Zhonghao Xinying achieved a revenue of approximately 597.96 million yuan in 2024, with a net profit of 85.91 million yuan, significantly outperforming its peers [6]

在H20被禁止对华出口之后不仅，今年4月17日，英伟达公司首席执行官黄仁勋奔赴北京与中 国贸促会会长任鸿斌举行会谈。黄仁勋在一再强调英伟达与中国30年的关系，公开承认中国 对英伟达的重要性，并表示"我们将继续不遗余力优化符合监管要求的产品体系，坚定不移地 服务中国市场。" 在此背景之下，为了排除美国政策对其在华业务的干扰，英伟达似乎计划采取行动，其中一部 分包括与中国成立合资企业，这可能意味着其将剥离中国业务，随着分拆完成，英伟达中国将 作为一个独立的实体运营，这一变化的第一部分可能是与CUDA生态系统一起进行的，以确保 CUDA生态的领先地位，这与其硬件部门不同，因为目前中国国内已经有了像华为等AI芯片竞 争对手。 不过，这个报道，可能只是一个谣言。因为在2023年8月，当时的美国总统拜登曾签署了一 项行政命令，要求美国企业在投资位于中国大陆、中国香港，中国澳门等地的涉及半导体、量 子信息、人工智能相关项目之前，必须申请获得美国政府的许可，才可以进行投资。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 4月29日，有消息称，在美国限制英伟达H ...

"2025第二届高算力芯片开发者论坛暨芯片热管理技术交流会" 将于 5月22-23日 在 北 京 举办。本次论坛由 车乾信息&热设计网 主办，论坛重点探讨：国产AI芯片进程、AI芯 片安全、芯片封装Chiplet技术、先进封装材料与封装基板、AI 芯片热力设计、芯片直冷 技术、3DVC均温技术等。届时将安排 20+ 演讲，预计将超过 300+ 行业专家参会！ 1.参会学习，包含服务：参会学习+会后资料+会议专属社群，费用：2500元/人 芯片热管理难题,车乾信息&热设计网继首届成功举办后,再度携手举办 "2025第二届高算力芯片开发者论坛暨芯片热管理技术交流会"。本次论坛 将于5月22-23日在北京举办,汇聚AI芯片领域的开发者、研究人员、企业 代表和专家学者,共同探讨前沿动态、创新应用和未来发展趋势。 会议概览 第一天上午 Al 芯片关键技术及发展趋势 第一天下午 AI芯片封装技术 AI芯片高效散热技术 第二天上午 企业参观 演讲信息 | 确认及确认中演讲单位 | 演讲话题 | | --- | --- | | 清华大学 | 电子系统的跨尺度热管理 | | 中兴通讯有限公司 | 浅谈高功率芯片散热 | | 芯 ...

证券代码：301369 证券简称：联动科技 佛山市联动科技股份有限公司 投资者关系活动记录表 编号：2025 - 001 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员 | 线上参与公司2024年度网上业绩说明会的全体投资者 | | 姓名 | | | 时间 | 2025年04月28日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 董事长 张赤梅 | | | 董事兼总经理 郑俊岭 | | 上市公司接待人员姓名 | 独立董事 杨格 | | | 副总经理兼董事会秘书 邱少媚 | | | 财务负责人 李映辉 | | | 1. 一季度下降原因是什么，何时可以扭转颓势？ | | | 答：尊敬的投资者您好，公司2025年一季度收入较去 | | 投资者关系活动主要 | 年同期增长12.59%，主要系本期市场开拓情况良好，产品 | | 内容介绍 | 销 ...