Group 1 - The core viewpoint emphasizes the need for the Syrian interim authorities to transform commitments into actionable steps to restore stability and development in Syria [1][2] - The international community is encouraged to respond positively to Syria's efforts for recognition and support, despite existing concerns [1] - A broad and inclusive political transition is highlighted as a common expectation of the international community, with calls for effective measures to ease ethnic tensions and ensure the safety and rights of all Syrian people [1][2] Group 2 - The humanitarian situation in Syria is described as severe, with a significant lack of funding for humanitarian actions, necessitating increased international assistance [2] - The importance of respecting Syria's sovereignty, unity, and territorial integrity is reiterated, along with a call for Israel to cease military actions against Syria [2] - The company expresses a willingness to work with the international community to help Syria achieve security, stability, and development [2]

Computex 现场：鸿海、联发科主旨演讲，逛展感受 20250521 摘要 英伟达通过与沙特和阿联酋签订超百亿美金大单，弥补了因 H20 禁运造 成的约 55 亿美金损失，并拓展了中东市场。同时，计划签署新的欧洲 主权 AI 项目，但项目利用效率和资金持续投入问题引人关注。 为获出口支持，英伟达承诺将美国销售服务器产业链迁回美国，包括芯 片代工、服务器组装等环节。此举虽促进美国制造业，但可能导致成本 上升，影响毛利率和生产效率。 AI Link Fusion 技术允许客户将自研 ASIC 或 CPU 与英伟达 IP 结合，确 保产品留在英伟达生态系统内，使英伟达能够从中获利，维持其生态系 统竞争力。 NVIDIA RTX Pro Server 作为八卡服务器，或可替代 H20 服务器，但 其以太网连接导致卡间互联性能较差，推理任务表现有待验证，能否大 卖仍需观察。 美国商务部取消人工智能扩散规则，使得沙特和阿联酋等国能够大规模 采购英伟达产品，总额超百亿美金。中国台湾成为主要自主 AI 项目之一， 中美在其他市场竞争加剧。 Q&A 在此次 Computex 展会上，英伟达的主权 AI 项目受到广泛关注。请 ...

| ( W | 小鹏汽车 | | | | | | --- | --- | --- | --- | --- | --- | | XPEV.N | | | | | | | 22.258 量 1088.8万 股本 19.04亿 市盈 -30 | | | | | 万得 품 ■ | | 2.568 13.04% 换 1.40% | 市净 4.86 | 市值1 212亿 | | | | | 港股 77.550 0.000 0.00% | | | 溢价(H/US) -11.01% | | | | 图中、五日 日K | 月K | 周K | | | | | 晉加 | 均价:22.017 | | | | | | 22.710 | 15.34% | | | 22.260 | 200 | | | | | | 22.230 | 200 | | | 9:58 9:58 | | | 22.240 22.240 | 10 89 | | 19.690 | | | 0.00% 9:58 22.240 | | 5 | | | 9:58 | | | 22.240 | 8 | | | | | | 9:58 22.240 | 11 | | | 9:58 ...

证券研究报告 科技 COMPUTEX 现场走访：主权 AI、美 国制造、NVLink Fusion 是三大话题 华泰研究 2025 年 5 月 21 日│中国内地 动态点评 Computex 现场走访：主权 AI、美国制造、NVLink Fusion 是三大话题 5/19-20，我们实地参加 Computex 2025，期间参与了英伟达、高通、鸿海、 联发科等公司的主旨演讲、英伟达分析师会议，并和日月光等公司进行了交 流。通过这次论坛，我们认为，1）中东等地的主权 AI 相关投资短期弥补了 中国市场销售受限的影响，但 AI 应用发展缓慢或是整个产业链的最大风险。 2）中国台湾具有全球较为完备的产业链集群，如何满足美国政府要求，实 现美国本土制造是当前产业链面临的最大挑战；3）NVLink Fusion 是本次 论坛英伟达发布的新技术，或进一步强化英伟达产业地位。 观点#1：主权 AI 投资短期弥补中国市场影响 自 5 月 13 日美国商务部宣布撤销拜登政府 2025 年初发布、基于三档国家 分级体系的《人工智能扩散规则》以来，英伟达和全球算力产业链股价出现 显著反弹。短期来看，这次美国监管政策的调整，为英伟达 ...

金十数据5月21日讯，受挥之不去的美国财政赤字担忧支撑，现货黄金稳步走强。Pepperstone研究策略 师Quasar Elizundia表示，穆迪评级下调美国信用评级后，投资者正在重新评估美国主权风险的长期前 景。黄金等避险资产的需求可能会增加。不过，如果ETF资金持续流出，金价的短期上行空间可能有 限。他指出，上周黄金ETF资金大量流出30吨。 策略师：如果ETF资金持续流出，金价的短期上行空间可能有限 ...

Group 1 - The email account of Karim Khan, the chief prosecutor of the International Criminal Court in The Hague, was blocked by Microsoft, raising concerns about the monopoly of American tech companies in the Netherlands [1] - The incident has prompted discussions in the Netherlands about reducing reliance on American technology, leading to a movement towards "de-Microsoftization" [1] - At least 10 key public institutions in the Netherlands have approached local cloud service provider Intermax Group to seek alternatives to American cloud services [1] Group 2 - Transitioning away from Microsoft is challenging due to deep integration of its systems within many government departments, which have developed a "path dependency" on Microsoft technologies [2] - The Dutch Ministry of the Interior is reassessing its reliance on Microsoft and exploring alternative technologies from France and Germany, although current projects still depend on Microsoft software [2] - Local companies are assisting hospitals and government agencies in storing email copies locally to mitigate risks associated with potential service interruptions from Microsoft [2] Group 3 - The Dutch Central Bank has raised alarms about the national security risks posed by the heavy reliance on American tech companies, particularly in the financial sector [3] - The online payment system iDEAL, while appearing to be Dutch, relies on key technologies controlled by two American companies that dominate over 60% of the European market [3] - There is significant dependence on American companies like Amazon, Google, and Microsoft for storing and managing sensitive data across Dutch banks, businesses, and government institutions [3]

Macro News - The recent decline of the US dollar is attributed to the Federal Reserve's cautious stance on the economy and Moody's downgrade of the US sovereign rating from "Aaa" to "Aa1" [1] - Market uncertainty remains, with the downgrade and weaker dollar providing support for precious metals [1] Gold Futures Analysis - Gold futures have seen a significant increase, currently priced at 777.82 CNY per gram, reflecting a rise of 2.85% [1][3] - The price range for gold is currently between 3150 to 3350 USD, with strong resistance at 3350 USD and slight resistance at 3300 USD [1] - Short-term resistance levels for gold are identified between 790-800 CNY, while support levels are between 710-720 CNY [3] Platinum and Palladium Market - Ongoing tensions between Russia and Ukraine are impacting platinum and palladium markets, with potential supply reductions from Russia, the largest producer of palladium and the second-largest producer of platinum [1]

#夏季图文激励计划#'三A'这面旗：倒了，风往哪吹？ 钱，一个冰冷又现实的东西。评级，给钱打的分。三A，最高的等级。像武林里的盟主，像草原上的 王。谁拥有它，谁就拥有最高的信用，最低的借钱成本。美利坚，它曾拥有这最高的荣耀。这最后的'三A'，像一道坚不可摧的防线。现在，这道防线，被 划破了，三A，没了。 主权信用评级，被下调了。失去，最后一个三A。这意味着什么？风向，变了。江湖的目光，变得复杂。财政状况，有人说，将继续 恶化。借钱的成本，提高了。一分一厘，都是白花花的银子。债的压力，像山一样压过来。还债的能力，似乎也下降了。美股市场，有抛售的暗流在涌动。 美元，这枚硬币，似乎也站得没那么稳了。可能会走弱，无人知晓会弱多少，何时会弱。但变数，增加了。 全球的金融江湖，空气凝固了一瞬。然后，是 窃窃私语，是暗流涌动。三A，这面旗帜，倒下了。多少人曾在这面旗下，感到安心？感到强大？现在，那份安心，那份强大，有了裂痕。钱的流动，市场 的信心，都像受了惊的鸟群。它们的目光，盯着那面倒下的旗帜。随时可能，改变方向。 评级，不是凭空而来。它看的是冰冷的基本面，是财政的窟窿有多大，是债台高筑到何种程度。是江湖里，隐藏的病灶。 ...

Group 1 - The USD/JPY exchange rate has fallen below the psychological level of 144.00, reaching a two-week low, driven by expectations of a shift in the Bank of Japan's monetary policy despite weak trade data [1][3] - Japan's core CPI has risen for 27 consecutive months, with service price increases at their highest since 1993, raising concerns about persistent inflation and prompting speculation about a potential interest rate hike in 2025 [3] - The USD is under pressure due to two main factors: the market fully pricing in a 25 basis point rate cut by the Federal Reserve in September and Fitch's downgrade of the US sovereign credit rating to AA+, leading to a reassessment of the attractiveness of USD assets [3] Group 2 - The technical analysis indicates that the USD/JPY has broken key support levels, with the next target being the 143.65-143.60 area, which is a significant Fibonacci retracement level [3] - Short-term resistance levels are identified at 144.55 and 145.00, with any technical rebounds likely viewed as short-selling opportunities unless the price can reclaim 145.40 [4] - The market sentiment has shifted from merely trading interest rate differentials to speculating on policy expectation differences, indicating potential volatility due to discrepancies between actual policy adjustments by the Bank of Japan and market expectations [5]

如果您希望可以时常见面，欢迎标星收藏哦~ 2010年5月，加州大学伯克利分校的学生安德鲁·沃特曼（Andrew Waterman）给他的教授们 发了一封电子邮件。在为一个为期三个月的项目试用了几个月不同的教学方法后，他得出了 一个结论： 他们应该让濒临死亡的微处理器架构DEC Alpha复活。 "我看不出我们能创造出什么新东西，"沃特曼说。"这跟ISA设计无关——这本身就是一项激 发智力、富有创造力且技术性的任务。但要开发编译器、操作系统，移植一大堆软件？我认 为这是一项耗资数十亿美元的工程，远远超出了少数学者的理解范围。" 然而，对于克尔斯特·阿萨诺维奇（Krste Asanović ）教授来说，原则高于偏好：现有的任何ISA 都无法满足他们的需求。"在我看来，别无选择，"阿萨诺维奇说。"Alpha速度很快，但架构上存 在很多问题。我不想要那些包袱。" Asanović 推测，该团队在令人望而却步的商业 ISA 和限制较少但存在缺陷或正在衰落的 ISA 之 间徘徊了太久。摩尔定律正在放缓，登纳德缩放定律即将终结，这要求专业化、定制化和并行化。 为此，他们需要一个全新的开始。 Asanović、Waterma ...