将投中网设为"星标⭐"，第一时间收获最新推送 光速光合正通过在具身智能的布局，悄然勾勒下一代AI载体的雏形。 作者丨簪竹 来源丨 投中网 去年年末，光速光合联合领投了自变量机器人的数亿元Pre-A++轮融资。今年5月，空中机器人公司 微分智飞宣布完成数千万元天使轮及天使+轮融资，由光速光合领投。这两家公司，在光速光合投资 之后几乎不到一个月时间里，估值已经翻倍。 虽然目前落子不多，但项目各有其代表性，光速光合正通过在具身智能的布局，悄然勾勒下一代AI 载体的雏形。 当然，故事的起点还是宇树。在 《宇树融资故事：打破精英主义的傲慢》 一文中，投中网描摹过宇 树融资的VC众生相。当时谈及光速光合对宇树的这笔投资，数位投资人都表示"神通广大"。 借由这个案例，刚好可以一窥光速光合在科技投资上的特点： 从组织架构上来看，全球化的视野和由此构建的平台信息网络，是光速光合的优势之一，美国和欧洲 顶尖大学实验室里的最新研究成果都是其投资决策的参考依据之一。 从方法上看，光速光合的投资逻辑更偏实证，虽然偏好天花板高的大赛道，但出手并不莽撞。在通过 理论推演看好长期趋势的同时，也会关注可能的场景落地。比起眼下的数字和利润，光速 ...

Group 1 - The Hang Seng Technology Index saw an increase of 2%, with notable gains from Kingdee International (over 6%), Meituan, and JD.com (over 4%), driven by a broad rally in tech stocks and improved liquidity [1] - The current rally in Hong Kong stocks is attributed to the accelerated transformation of industries represented by AI, with China's AI technology now ranking among the global leaders following the full open-sourcing of the DeepSeek model [1] - Major internet companies in Hong Kong are experiencing strong growth in capital expenditures and cloud business revenues, indicating that AI is becoming a core driver of cloud growth [1] Group 2 - In terms of capital expenditures, Alibaba and Tencent are projected to see significant year-on-year increases of 197% and 221% respectively in 2024, with strong growth momentum continuing into Q1 2025 [2] - Alibaba announced plans to invest over 380 billion yuan in cloud and AI infrastructure over the next three years, while Tencent expects its capital expenditures to approach 100 billion yuan by 2025 [2] - Alibaba Cloud reported an 18% year-on-year revenue growth for Q1 2025, while Baidu's smart cloud business achieved a remarkable 42% year-on-year growth, indicating a notable acceleration in cloud business growth [2]

2025.06. 09 本文字数：3887，阅读时长大约6分钟 作者 | 第一财经 何涛 正在全力扩大消费、建设国际消费中心城市的深圳市，日前发布《深圳市提振消费专项行动实施方 案》(下称《方案》)。共包含39条具体措施的《方案》，其中多个提法为最新出现或正式明确。 总体来看，《方案》突出了深圳特色、深圳所能、深圳所需。在消费产品方面，聚焦人工智能终端、 全屋智能、现代时尚、户外装备四大类产品提出支持举措；在消费市场开拓方面，开展"外贸优品深 圳行"活动，用好各类平台企业和展会资源，帮助企业更好应对关税影响。 《方案》还着力解决堵点、卡点问题。据第一财经了解，近期深圳召开了多场企业、行业协会和政府 部门座谈会，针对演艺服务消费、汽车消费、宠物消费等消费类别广泛听取意见建议，在此基础上针 对性提出了解决措施。 今年以来，深圳更加重视通过消费拉动经济，多次召开会议、出台政策。5月22日召开的深圳市委常 委会会议，在安排部署经济运行工作时再次强调，因应形势变化抓好外贸进出口，采取有力措施推动 工业实现更好增长，推动消费和服务业加快发展。 2024年全年，深圳社会消费品零售总额10637.70亿元，比上年增长1.1% ...

数据来源：聚源 -24% -12% 0% 12% 24% 2024-06 2024-10 2025-02 沪深300 中证REITs全收益 REITs 2025 年 06 月 08 日 投资评级：看好（维持） 行业走势图 相关研究报告 《中金中国绿发商业 REIT 正式获 批，保障房 REITs 表现持续优异— 行业周报》-2025.6.2 《试点持有型不动产 ABS 扩募，消 费 REITs 表现持续优异—行业周报》 -2025.5.25 《地方政策积极支持公募 REITs 产 品发行，消费 REITs 表现持续优异 —行业周报》-2025.5.18 推动基础设施 REITs 提质扩容，高速公路 REITs 表 现持续优异 ——行业周报 齐东（分析师） 胡耀文（分析师） 杜致远（联系人） qidong@kysec.cn 证书编号：S0790522010002 huyaowen@kysec.cn 证书编号：S0790524070001 duzhiyuan@kysec.cn 证书编号：S0790124070064 推动基础设施 REITs 提质扩容，高速公路 REITs 表现持续优异 2025 年第 23 周， ...

根据市场公开信息及6月6日披露的机构调研信息，知名私募裕晋投资近期对1家上市公司进行了调研， 相关名单如下： 1）明阳电气 （裕晋投资参与公司现场参观） 调研纪要：明阳电气主要从事应用于可再生能源和新型基础设施领域的输配电及控制设备的研发、生产 和销售。2024年公司实现营业收入64.44亿元，同比增长29.62%，净利润6.63亿元，同比增长33.80%； 2025年第一季度，公司实现营业收入13.06亿元，同比增长26.21%。公司在风能、光伏、储能领域有竞 争优势，特别是在海上风电升压系统和数据中心预制化低能耗电力模块方面表现突出。公司通过"间接 出海+全球化布局"战略，重点布局欧洲、北美及东南亚市场，已与欧洲一线风机厂对接。公司订单预 期向好，尤其在可再生能源、电网和工业自动化领域有良好发展前景。 机构简介： 深圳市裕晋投资有限公司（以下简称"裕晋投资"）是一家专业性的证券投资和资产管理公司。公司成立 于2007年，注册资本1111万元，实收资本2600万元。核心管理人员均有15年以上的投资管理经验，掌握 扎实系统的投资研究方法，具备强大的规模资产投资管理能力。裕晋投资擅长定向增发业务。自公司成 立以 ...

博通 TH6 芯片正式交付；看好 A 股科技板块价值 推荐（维持） 回归 行业研究 通信 2025 年 06 月 08 日 证 券 研 究 报 告 通信行业周报（20250602-20250608） 华创证券研究所 证券分析师：欧子兴 邮箱：ouzixing@hcyjs.com 执业编号：S0360523080007 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 124 | 0.02 | | 总市值(亿元) | 48,971.71 | 4.88 | | 流通市值(亿元) | 21,813.38 | 2.74 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 7.2% | 2.2% | 30.5% | | 相对表现 | 5.5% | 4.7% | 22.7% | -12% 7% 26% 45% 24/06 24/08 24/10 25/01 25/03 25/06 2024-06-07~2025-06-06 通信 沪深300 相关研究报告 《通信行业周报（20250526-2 ...

Core Points - The Ningde-Gutian Expressway has officially opened, marking a significant step towards the full connectivity of the highway [1][3] - This expressway is a key project in Fujian Province's "14th Five-Year" transportation development plan, enhancing regional transportation infrastructure [1][3] - The newly opened section is approximately 29 kilometers long, reducing travel time between Ningde and Gutian by about 30 minutes [1][3] Infrastructure Development - The Ningde-Gutian Expressway is part of the G7021 national highway, which connects Ningde to Wuhan, and is crucial for improving transportation in the region [1][3] - The expressway features two toll stations and several tunnels, contributing to a more efficient transportation network [1][3] - The expressway enhances the economic development of the Dajia Industrial Concentration Area by improving logistics and reducing costs for major enterprises [3] Economic Impact - The opening of the expressway is expected to facilitate industrial growth in Ningde, particularly benefiting companies like CATL and SAIC Ningde [3] - Ningde's industrial output value increased by 12.7% year-on-year in the first four months of this year, with the lithium battery and new materials industries contributing significantly to this growth [5] - The development of rural roads in Ningde has also played a crucial role in promoting rural revitalization and economic development [6]

2/25 11/24 沪 深 300 行业评级:增持 报告日期:2025-06-05 行业指数与沪深 300 走势比较 电子 行业点评 博通推出首款 102.4Tbps 超级芯片，AI 基础设施加速建设 分析师:陈耀波 执业证书号：S0010523060001 邮箱: chenyaobo@hazq.com 主要观点: ● 博通推出首款 102. 4Tbps 超级芯片,是目前市场上以太网交换机带 宽的两倍 博通宣布推出最新一代数据中心交换机芯片 Tomahawk 6. 这也是全球 首款单芯片交换容量达 102. 4Tbps 的芯片。这一芯片的性能较现有以太 网交换机翻倍,专为 AI 时代设计,可支持超大规模 GPU 集群的互联需 求, 单颗芯片即可驱动 10 万张 GPU 协同工作。 Tomahawk 6 的带宽理论峰值达 102Tbps. 相当于每秒处理 2.5 万部 4K 电影,较前代 Tomahawk 5 芯片实现６倍吞吐能力提升。是目前市场上 以太网交换机带宽的两倍。 从博通公告获悉,凭借前所未有的可扩展性、能效和 AI 优化功能, Tomahawk6 专为下一代可扩展和可扩展 AI 网络而设计,通过支 ...

Group 1: Core Insights - Shenzhen has launched a comprehensive plan to boost consumption, focusing on four key product categories: artificial intelligence terminals, whole-home smart devices, modern fashion, and outdoor equipment [1] - The plan includes 39 specific measures aimed at addressing consumption market expansion and resolving existing bottlenecks [1][3] - Shenzhen's retail sales of consumer goods reached 1,063.77 billion yuan in 2024, marking a 1.1% increase from the previous year, with a notable recovery in the second half of the year [2] Group 2: Enhancing Consumer Capacity and Willingness - The plan emphasizes enhancing residents' income and employment, with measures including high-quality job promotion and multi-channel income increases [3] - Specific financial incentives are provided for talent recruitment, with subsidies of up to 30,000 yuan for undergraduates and 100,000 yuan for doctoral graduates [3] - The plan also aims to adjust minimum wage standards and support collective bargaining to improve wage levels for workers [3] Group 3: Expanding Quality and Diverse Consumption Supply - Shenzhen aims to promote artificial intelligence terminal consumption by rewarding high-quality products and supporting flagship stores in key locations [7] - The city encourages local fashion brands to enhance their market presence and develop limited edition products [7] - Outdoor equipment consumption will be fostered through events and the establishment of service centers, leveraging Shenzhen's natural resources [7][8] Group 4: Policy Support and Infrastructure Development - The plan includes measures to support foreign trade enterprises affected by tariffs, such as establishing themed display areas in shopping centers [11] - Shenzhen will facilitate participation in international exhibitions, providing financial support for companies attending overseas events [11] - The city is also promoting the use of REITs to enhance investment in consumption and cultural tourism infrastructure [12]

Core Points - The report by researchers from the University of Melbourne accuses Chinese manufacturers of dominating the construction of underwater infrastructure, posing a threat to its safety [1][3] - The report suggests that countries in the Indo-Pacific region should enhance the resilience of underwater infrastructure and collaborate on data security through the "Quad" security dialogue mechanism [1][3] Group 1: Underwater Infrastructure and Resilience - The concept of "resilience" in underwater infrastructure primarily refers to strengthening the resilience of submarine cables to prevent secondary or tertiary impacts from cable damage [4] - Historical examples, such as the UK's "All-Red Line" policy in 1901, illustrate the importance of protecting underwater cables for national strategic and commercial interests [5] - The International Telecommunication Union (ITU) and the International Cable Protection Committee (ICPC) are set to establish a consulting body for submarine cable resilience by December 2024 [5] Group 2: Western Criticism and "Gray Zone Tactics" - Western think tanks have consistently criticized China's deep-sea activities, often labeling them as having malicious intent, linking them to potential damage to underwater infrastructure [3][6] - The term "gray zone tactics" refers to coercive activities that fall between peace and armed conflict, including the destruction of underwater cables and pipelines [7][9] - Recent incidents involving underwater cable disruptions have been attributed to Chinese vessels, despite investigations indicating these were accidental events [10][11] Group 3: International Cooperation and Non-State Entities - The protection of underwater infrastructure is primarily the responsibility of state actors, yet non-state entities, such as private companies, play a significant role in cable laying and investment [14][15] - The International Cable Protection Committee serves as a platform for dialogue between government and non-state entities, although many key national government agencies are not members [17][19] - The United Nations Convention on the Law of the Sea outlines the rights of countries to lay submarine cables, but the enforcement of these rights often lacks clarity regarding non-state actors [12][16] Group 4: China's Role and Legal Framework - China has stringent laws against the destruction of underwater cables, with penalties significantly harsher than those in other countries [11] - The international legal framework primarily addresses state responsibilities, leaving gaps in accountability for non-state actors involved in cable damage [16] - The article emphasizes the need for a collaborative approach to underwater infrastructure protection, advocating for consensus among nations and non-state entities [20]