以下文章来源于睿兽Pro ，作者Bestla 睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资源，就上睿兽分析。 行业定义 AI数据服务 （ AI Data Services ） 是指围绕人工智能系统开发所需的数据，提供从采集、清洗、标注，到增强、质量控制、隐私合规与交付等全流程的 数据支持服务。 该 服务体系不仅涵盖传统的数据加工任务，更延伸至面向具体应用场景的定制化数据解决方案。 AI开发范式正从专注模型优化转向提升数据质量，通过减少数据与模型的割裂来抑制幻觉、改善输出，释放企业AI潜力 。 无论是大语言模型训练、自动驾 驶系统开发，还是金融风控、医疗图像识别等领域， AI数据服务都为模型提供了高质量、结构化且符合业务语境的数据输入，是推动AI算法从实验走向商 业应用的关键推动力。 来源： Snorkel AI 早期阶段， AI数据服务主要依赖人工采集与标注，通过众包平台完成大规模图像、文本、语音等任务的数据准备。这一阶段技术核心在于构建数据处理流 程、质量审核机制和人力管理体系。 目前 AI数据服务正在向智能化与平台化方向跃升。自动标注、弱监督学习 ...

跨链网关标准，构建多元化的统一数据流通市场 连通区块链，跨链网关亟需标准化 区块链具有去中心化、不可篡改、可溯源、安全可信等特点，在数据确权、交易、流通等场景具有不可替代的重要地位，其应用场景正在从数字货币扩展 到证券与资产交易、供应链与物流管理、能源与公用事业、公共服务等各个领域，中国、美国、欧盟等都在积极支持区块链产业的发展。 据不完全统计，全球正在运营的公有链超过100个，欧盟、中国等基于联盟链的区域级区块链基础设施也形成了较大规模。但是不同的区块链，底层架构 不同，互通难；数据结构不同，互认难；接口协议不同，互联难；安全机制不同，互信难；业务模式不同，互访难。这使得数据流通被限制在一个个的小 圈子中，难以形成多元化、开放、统一的数据流通市场。 跨链网关是区块链生态系统的重要基础设施，可以将原来孤立的区块链生态整合联通，允许区块链之间进行信息的传递、数据的共享以及功能的调用。当 前的区块链跨要实现互联互通，构建开放统一的数据市场，首先就要建立统一的跨链网关标准。 6 月 27 日，北京迎来了"区块链标准化创新发展峰会"暨 2025 年 IEEE 计算机协会 BDL 年度大会。此次活动由 IEEE C/B ...

Core Viewpoint - Nvidia's venture arm NVentures has invested in TerraPower, a nuclear energy company founded by Bill Gates, marking a significant entry into the nuclear sector by Jensen Huang [1][4]. Group 1: Investment and Financing - TerraPower has secured $650 million in funding to construct its first commercial nuclear power plant, the Natrium reactor project, located in Wyoming, USA [2]. - The financing round also included investments from South Korea's Hyundai and Bill Gates himself [4]. Group 2: Technology and Capacity - The Natrium reactor will generate 345 megawatts of power, with a peak output of 500 megawatts, sufficient to power approximately 400,000 homes [3]. - The reactor employs sodium-cooled fast reactor (SFR) technology, which uses liquid sodium as a coolant, enhancing safety and simplifying design compared to traditional water-cooled reactors [13]. - The Natrium system integrates a gigawatt-level molten salt energy storage system, allowing for flexible power output adjustments to meet grid demands [15][17]. Group 3: Future Developments - TerraPower is also developing molten chloride fast reactor (MCFR) technology, which operates at higher temperatures, potentially increasing efficiency and providing process heat for industrial applications [19]. - Both SFR and MCFR technologies are part of the fourth generation of nuclear energy systems, which include various innovative approaches to nuclear power generation [21]. Group 4: Industry Trends - The surge in nuclear investment is driven by the increasing electricity demand from AI data centers, with notable figures like Sam Altman actively investing in nuclear energy companies [37][38]. - Other tech giants, such as Amazon and Google, are also making significant investments in nuclear energy, indicating a broader trend within the industry [46]. Group 5: Additional Applications - TerraPower is not solely focused on nuclear power; it is also exploring the use of nuclear technology for cancer treatment, specifically through the development of Ac-225 for targeted alpha therapy [48][49].

Core Viewpoint - The article discusses the advancements in AI data center architecture, particularly focusing on Huawei's CloudMatrix384, which aims to address the limitations of traditional AI clusters by providing a more efficient, flexible, and scalable solution for AI computing needs [5][12][49]. Group 1: AI Computing Demand and Challenges - Major tech companies are significantly increasing their investments in GPU resources to enhance AI capabilities, with examples like Elon Musk's plan to expand his supercomputer by tenfold and Meta's $10 billion investment in a new data center [1]. - Traditional AI clusters face challenges such as communication bottlenecks, memory fragmentation, and fluctuating resource utilization, which hinder the full potential of GPUs [3][4][10]. - The need for a new architecture arises from the inability of existing systems to meet the growing computational demands of large-scale AI models [10][11]. Group 2: Huawei's CloudMatrix384 Architecture - Huawei's CloudMatrix384 represents a shift from simply stacking GPUs to a more integrated architecture that allows for high-bandwidth, peer-to-peer communication and fine-grained resource decoupling [5][7][14]. - The architecture integrates 384 NPUs and 192 CPUs into a single super node, enabling unified resource management and efficient data transfer through a high-speed, low-latency network [14][24]. - CloudMatrix384 achieves impressive performance metrics, such as a throughput of 6688 tokens/s/NPU during pre-fill and 1943 tokens/s/NPU during decoding, surpassing NVIDIA's H100/H800 [7][28]. Group 3: Innovations and Technical Advantages - The architecture employs a peer-to-peer communication model that eliminates the need for a central CPU to manage data transfers, significantly reducing communication overhead [18][20]. - The UB network design ensures constant bandwidth between any two NPUs/CPUs, providing 392GB/s of unidirectional bandwidth, which enhances data transfer speed and stability [23][24]. - Software innovations, such as global memory pooling and automated resource management, further enhance the efficiency and flexibility of the CloudMatrix384 system [29][42]. Group 4: Cloud-Native Infrastructure - CloudMatrix384 is designed with a cloud-native approach, allowing users to deploy AI applications without needing to manage hardware intricacies, thus lowering the barrier to entry for AI adoption [30][31]. - The infrastructure software stack includes modules for resource allocation, network communication, and application deployment, streamlining the process for users [33][40]. - The system supports dynamic scaling of resources based on workload demands, enabling efficient utilization of computing power [45][51]. Group 5: Future Directions and Industry Impact - The architecture aims to redefine AI infrastructure by breaking the traditional constraints of power, latency, and cost, making high-performance AI solutions more accessible [47][49]. - Future developments may include expanding node sizes and further decoupling resources to enhance scalability and efficiency [60][64]. - CloudMatrix384 exemplifies a competitive edge for domestic cloud solutions in terms of performance and cost-effectiveness, providing a viable path for AI implementation in Chinese enterprises [56][53].

Group 1 - The National Defense and Military Industry sectors are expected to benefit from industrial upgrades and the trend of self-sufficiency, with core equipment localization being the foundation for the industry's rise [1] - The Chinese military will showcase its reformed military structure and new combat capabilities, including unmanned intelligence and underwater operations, during a grand parade on September 3 [1] - The nuclear power equipment sector is seeing mass construction of third-generation nuclear power plants, with fourth-generation nuclear power demonstration officially in operation, indicating potential for future mass construction [1] Group 2 - The gas turbine industry is entering a new upcycle, benefiting from increased demand driven by AI data centers, with IEA predicting electricity demand for data centers to grow from 460 TWh in 2022 to 800 TWh by 2026 [1] - The engineering machinery sector has stabilized domestically, supported by a new replacement cycle and national policies to stimulate domestic demand, with significant export market potential [1] - The military ETF tracks the CSI Military Index, which reflects the overall performance of listed companies in the military industry, focusing on strategic allocation within the defense sector [1]

Core Viewpoint - The article emphasizes the significant advantages of Silicon Carbide (SiC) modules over traditional silicon-based devices, highlighting their high temperature tolerance, fast switching speeds, and high mobility, which are crucial for applications in electric vehicles and other emerging technologies [1][2]. Group 1: SiC Module Characteristics and Applications - SiC modules consist of multiple SiC chips packaged through specific circuits, achieving an output power of up to 200KW [1]. - In the electric vehicle sector, SiC is primarily used in main inverters, onboard charging systems, power conversion systems, and EV charging stations [1]. - The current market share of SiC power devices is approximately 6%, indicating that the industry is still in its early development stages, allowing room for new entrants [2]. Group 2: Market Size and Growth Forecast - According to QYResearch, the sales revenue of the Chinese automotive SiC power module market is projected to reach 6.613 billion yuan in 2024, with an expected growth to 31.49 billion yuan by 2031, reflecting a compound annual growth rate (CAGR) of 20.05% from 2025 to 2031 [5]. - The 1200V SiC module is currently the dominant product type, expected to capture 96% of the market share by 2031 [12]. Group 3: Competitive Landscape - The core manufacturers in the Chinese market include ON Semiconductor, BYD, Infineon, and Bosch, with the top seven companies accounting for approximately 94% of the market share in 2024 [10]. - The industry is witnessing a trend towards increased concentration, with leading companies gaining scale advantages through mergers and capacity expansion, while smaller firms may face challenges due to technological obsolescence [17]. Group 4: Industry Trends and Drivers - The industry is expected to experience three main trends: larger sizes and cost reduction through the adoption of 8-inch SiC substrate technology, diversification of application scenarios beyond electric vehicles, and a reshaping of the competitive landscape [17]. - The penetration of electric vehicles is rapidly increasing, with an expected production of 12.888 million units in China in 2024, leading to a significant rise in the adoption of SiC devices in high-voltage platforms [19]. - Government policies encouraging local chip procurement are providing a favorable environment for domestic SiC module manufacturers [20].

1. Report Industry Investment Rating - The investment rating for copper is bullish [1] 2. Core Viewpoints of the Report - The shortage at the raw material end continues, with limited cold material supplements, leading to a significant downward adjustment of the marginal growth of global copper mine production in 2025 to 280,000 - 380,000 metric tons. The pressure at the raw material end will further reduce processing fees and impact downstream industries. - The processing profit of the smelting industry continues to deteriorate, with an initial risk of industry - wide losses. The scope of active production cuts overseas is expanding, and the market is focusing on domestic smelting trends. The marginal growth of global refined copper production in 2025 is expected to be 500,000 - 600,000 metric tons. - The marginal growth of traditional demand is weakening, the new - energy demand is slowing down, while the demand from emerging industries is growing strongly. The marginal growth of global copper demand in 2025 is adjusted down to 700,000 - 800,000 metric tons. - Macro factors center around the weakening of the US dollar, and policies from various countries are expected to stimulate the economy. The fundamentals are in a stalemate, with greater potential for supply constraints. In a low - inventory state, the regional balance needs time to recover. It is recommended to focus on structural market trends, with the low point of copper prices in the second half of the year unlikely to break through 74,000 yuan/ton, and the high point may exceed 83,000 yuan/ton [2][3][4][5] 3. Summary by Relevant Catalogs 3.1 Raw Material End 3.1.1 Copper Concentrate - In Chile, the copper supply is in a recovery cycle. From January to April, the cumulative copper production increased by 3.5% year - on - year to 1.752 million metric tons, with an absolute increase of 59,000 metric tons. The government expects a 3% increase in production in 2025 to 5.672 million metric tons, but there are uncertainties. Large - scale projects like Escondida have significant production increases, while some mines like Collahuasi and Anglo American Sur have lower - than - normal production [19][21] - In Peru, the copper mine is in a restorative growth period. From January to April, the cumulative copper production increased by 4.9% year - on - year to 887,000 metric tons, with an absolute increase of about 41,000 metric tons. The government expects the annual production to be around 2.8 million metric tons. Some projects have production differentiations, and the government's policies to stimulate production have limited effects for now [29][31] - In the Democratic Republic of the Congo, the copper production was in a high - growth period but has faced challenges this year. Geopolitical issues, infrastructure weaknesses, and resource nationalism have affected production. The output of the Kamoa - Kakula project has been significantly reduced, and the production forecast for 2025 has been greatly lowered [34][35][36] - In China, copper production has been in a recovery phase since 2022 but is constrained by factors such as ore grade decline and aging mines. The marginal growth of global copper mine production in 2025 is estimated to be 250,000 - 350,000 metric tons, with different trends in different regions [37][40] - From a company perspective, the production of major mining companies in 2024 increased by 3.3% to 17.05 million metric tons. In 2025, the growth is expected to be 2.1% to 17.41 million metric tons, mainly due to disruptions in African mines [42][43] - Regarding new projects, the marginal contribution of new global copper mines before 2028 is decreasing. Policy instability and external environment changes are the main risks for project delays or cancellations [46] 3.1.2 Recycled Materials - Overseas, due to the shortage of copper concentrate, smelters are relying more on cold materials. European smelters are competing for scrap copper, and India is increasing scrap copper imports. The US has new scrap - copper - based processing enterprises, and its scrap copper export ratio is expected to decline [50][52] - In China, smelters' demand for cold materials has increased, but supply has been restricted. From January to May, scrap copper imports decreased by nearly 2% year - on - year to 962,000 physical tons, mainly due to tariff policies and overseas demand. Domestic scrap copper supply is also constrained by fiscal and tax policies and profit margins. The supply of anode copper has also decreased [55][59] 3.1.3 Conclusions and Thoughts - The marginal growth of global copper mine production in 2024 was 530,000 - 550,000 metric tons, and it is adjusted down to 280,000 - 380,000 metric tons in 2025. The copper raw material gap in China is expected to widen in 2025, and copper prices can regulate cold material supply. Attention should be paid to domestic and overseas policies [62][63] 3.2 Smelting End 3.2.1 Domestic Market - The shortage of copper concentrate has led to a decline in processing fees. If the long - term processing fee is set at a low level, Chinese smelters may face industry - wide losses. Sulfuric acid price increases have provided some support, but there are uncertainties. The planned production increase of major listed smelters in 2025 is to 8.5 million tons, but raw material shortages may limit production. The marginal growth of China's refined copper production in 2025 is expected to be 600,000 - 700,000 metric tons [70][77][83] 3.2.2 Overseas Market - In Chile, the decline in refined copper production is significant, with an expected 10% decrease in 2025. Similar situations exist in Mexico. Overseas smelters are showing a trend of production cuts, mainly due to raw material constraints and processing fee decreases. The risk of a decline in overseas refined copper production in 2025 is increasing [86][91][92] 3.2.3 Conclusions and Thoughts - The marginal growth of global refined copper production in 2024 was 650,000 - 700,000 metric tons, and it is expected to be 500,000 - 600,000 metric tons in 2025. The transfer of the raw material shortage to smelters takes time. Attention should be paid to the impact of sulfuric acid prices and cold materials on smelters [94][95] 3.3 Demand End 3.3.1 Macro Level - From an economic cycle perspective, the global economy is in a transition from "recession" to "recovery," with different economic situations in different countries. The US economy shows signs of stagflation, and the Fed's monetary policy shift is uncertain. The US dollar's credit cycle is weakening, and copper's financial attributes are expected to increase [97] - From a manufacturing cycle perspective, the global manufacturing PMI is around 50, and the recovery will be more differentiated. Tariff policies are the core external factor affecting manufacturing [102] - In the long - term, the US fiscal deficit is expected to expand, and the US dollar will continue to depreciate. Copper will play a more important role in resource currency, and investment in copper will provide support [102] 3.3.2 Traditional Demand: China - In the power industry, grid investment is expected to grow steadily, with a focus on UHV projects and distribution network upgrades. Power source investment growth is slowing down, but there may be new drivers in 2026. Overseas exports of electrical equipment have been strong, but are affected by external policies [106][112][115] - In the home appliance industry, domestic air - conditioner sales and production increased in the first four months of 2025. Domestic sales may decline in the third quarter, while overseas sales are relatively strong but face risks from tariff policies. High inventory levels may limit production [117][119] - In the real estate industry, policies are being strengthened, but the industry is still in a bottom - building phase and will drag down copper demand this year, with a possible return to positive demand in 2026 - 2027 [120][121] - In the transportation industry, domestic automobile production is growing strongly, with new - energy vehicles as the main growth driver. However, it is affected by policy subsidies and consumer income expectations. China's automobile exports are facing bottlenecks [122][124] - The marginal growth of China's traditional copper demand in 2024 was 255,000 - 475,000 metric tons, and it is adjusted down to 132,000 - 392,000 metric tons in 2025, with risks in the second half of the year [132] 3.3.3 Traditional Demand: Overseas - In the US, policies have increased inflation expectations and economic uncertainties. The real estate and durable - goods consumption markets show a downward trend but not a significant decline. The US government's policies on power infrastructure and renewable energy will drive copper demand growth [133][136][137]

Core Insights - The article highlights significant recent orders in the energy storage sector, particularly from companies like EVE Energy, TotalEnergies, Samsung SDI, and others, indicating a growing demand for energy storage solutions globally [1][2]. Group 1: Company Developments - EVE Energy, TotalEnergies, and Samsung SDI have collectively secured nearly 4 GWh of orders in both domestic and international markets [1]. - Jingkong Energy has partnered with SolarMax and Longfellow to develop a 160 MW/430 MWh energy hub project in Texas, showcasing a blend of various energy sources [3][5]. - Jingkong Energy's PotisBank storage system is central to the Longfellow project, featuring a 5.0 MWh capacity per container and a 34% increase in energy density [5]. - Jingkong Energy has also signed an agreement with Recurrent Energy to supply a 50 MWh battery storage system for the Montalto project in Italy [6]. - Sunshine Power has established a strategic partnership with PM Service S.p.A. in Italy to sell 100 units of the ESS PowerStack, designed for commercial energy storage [8][10]. Group 2: Market Trends - Jingkong Energy's North American R&D center was inaugurated, marking a significant milestone in its global expansion strategy [7]. - Tronnmei Energy reported over 100 million RMB in new orders within a month, indicating strong demand in the European and global markets [14]. - The new projects by Tronnmei cover various applications, including data centers and industrial parks, across multiple countries [15][16].

Summary of Key Points Core Viewpoint - The report highlights a total of 17 financing events disclosed on June 19, 2025, involving 11 domestic companies and 6 foreign companies, with a total financing amount of approximately 38.819 billion RMB. The consumer sector leads in the number of events, while the manufacturing sector leads in financing amount [1]. Financing Events in the Enterprise Service Sector - The enterprise service sector reported 2 financing events involving 2 domestic companies, with a total financing amount of approximately 0.55 billion RMB [1]. - Anhui Youleman Technology completed a Series A financing round of 20 million RMB, with the investor being Chaojin Industrial Capital. The company is a leading full-domain marketing service platform in China's health industry [1]. - Typedef secured 5.5 million USD in seed round financing, with investors including Verissimo Ventures, Pear Ventures, Tokyo Black, and Monochrome Ventures. This financing amount ranks in the top 50 for seed rounds this year. Typedef is a modern AI data infrastructure provider based in China [1].

[Table_Title] 研究报告 Research Report 19 Jun 2025 美国航空航天与国防 US Aerospace and National Defense 超越表象：发掘以色列冲突中的结构性价值 Beyond the Headlines: Uncovering Structural Value in the A&D Supply Chain 杨斌 Bin Yang bin.yang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 核心观点： 结构性投资机遇存在于这些订单的连锁反应之中：从实战消耗驱动的、确定性极高的弹药补库需求，到生产瓶颈 所凸显的上游供应商价值，再到被市场忽视的、代表未来战争形态的直接商业采购（DCS）。具体而言，短期最确 定的需求是价值超 10 亿美元的拦截弹补库；而 JDAM 等弹药长达 1-2 年的交付瓶颈，则为关键上游企业创造了超 越主承包商的投资弹性。最后，DCS 渠道的动向揭示了一条与传统国防 ...