DeepSeek刚刚发表了一篇名为《深入解读 DeepSeek-V3：AI 架构的扩展挑战与硬件思考》（Insights into DeepSeek-V3: Scaling Challenges and Reflections on Hardware for AI Architectures）的回顾性论文，梁 文锋也是作者之一。这篇论文深入剖析了最新的大模型DeepSeek-V3及其AI基础设施扩展方案， DeepSeek-V3的实践充分证明了硬件-软件协同设计在提升AI系统可扩展性、效率和鲁棒性方面的巨大潜 力。（AI寒武纪） ...

二、板块轮动：防御性赛道与政策受益领域领涨 尽管市场整体承压，部分板块仍逆势走强： 日用化工与消费板块： A 股日用化工指数大涨 3.20% ，芭薇股份暴涨 29.6% ，福瑞达、拉 芳家化等涨停。高端材料供需紧张推动吉林化纤碳纤维产品提价，刺激化工股集体爆发。 医药与合成生物概念： 合成生物概念股金达威等多股涨停，制药板块中川宁生物、拓新药业等 涨幅居前，市场对国产替代与国际化布局预期升温。 航运板块： 中美关税窗口期引发囤货需求，港口航运股南京港等涨停 。 而科技成长板块普遍回调，算力、软件开发、鸿蒙概念等跌幅居前，反映市场对高估值赛道短 期风险的规避。 三、市场调整的三大驱动因素 政策利好与基本面压力的博弈 一、全球主要指数表现分化 今日全球市场呈现显著分化态势。美股方面，纳斯达克指数延续强势，收涨 0.72% ，实现日 线六连涨，标普 500 微涨 0.10% ，而道琼斯工业指数则下跌 0.21% 。大型科技股表现亮 眼，特斯拉、英伟达均涨超 4% ，谷歌、微软等也小幅跟涨，但英特尔、苹果等部分权重股拖 累指数。 相比之下， A 股市场震荡调整，沪指跌 0. 68 % ，深成指跌 1. 6 2% ，创 ...

"腾讯云坚持公有云与私有化的专有云协同发展，聚焦技术创新和应用迭代，重点服务央国企融合创新需求，助力央国企完 成2027年的国产软件升级目标"，5月13日，在腾讯融合创新峰会智能制造与智慧能源专场，腾讯云副总裁、智能制造与智 慧能源负责人曹磊表示。 腾讯云副总裁、智能制造与智慧能源负责人曹磊 腾讯云"6T"软件体系助力产业融合创新加速升级 据了解，腾讯云打造的全栈融合创新软件体系"6T"，包括数据库TDSQL、操作系统TencentOS、专有云TCE、专有云PaaS平 台TCS、大数据TBDS、腾讯云TI平台，目前已适配主流国产软硬件生态系统，深度应用到产业中，并取得良好的应用成 效。 腾讯云智能制造与智慧能源行业首席专家邴金友介绍，在具体实践中，操作系统TencentOS可适配所有融合创新芯片并优化 加持AI能力，专有云TCE及专有云PaaS平台TCS在某企业支持了8万核规模应用，并建设整个工厂的数字化底座；数据库 TDSQL服务超过40家金融机构完成核心系统替换，并应用于中国十大银行中的七家，大数据平台TBDS与腾讯云TI平台在 电力领域及智能巡检场景均有落地。 腾讯云智能制造与智慧能源行业首席专家邴金友 ...

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 宁缺股 来源：雪球 从2024 年至今 ， A 股宠物食品龙头 中宠股份 和乖宝宠物 已实现典型的 " 戴维斯双击 " —— 利润增速与估值 （ 市盈率 ） 双双向上 。 一 、 利润增速何时起步 ？ 估值何时拉升 两家公司利润增速开始提速的时间点是 2023年二季度 （ 消化估值 ） ， 利润增长到了2024年2季度的时候 ， 估值见底开始向上 。 具体情况看下图 中宠股份 乖宝宠物 当前估值水平概述 中宠股份 市盈率 （ TTM ） 约 45.7 倍 ： 截至2025年5月4日 ， 中宠股份滚动市盈率为45.68倍 ， 市净率6.78倍 ， 匹配行业内中上水平 。 近期波动区间 ≈ 39.8 倍 – 53.0 倍 ： 3月末数据显示PE为39.77倍 （ 扣非后PE 40.53倍 ） ； 另有数据显示最新股价对应PE约53.02倍 。 乖宝宠物 滚动市盈率 （ TTM ） 63.92 倍 ： 5月12日收盘滚动PE为63.92倍 ， 总市值约435.05亿元 ， 明显高于行业平均41.41倍与行业中值39.72倍 ...

Market Overview - The A-share market saw a majority of major indices decline today, with the Shanghai Composite Index down by 0.68% closing at 3380.82 points, the Shenzhen Component down by 1.62% at 10186.45 points, and the ChiNext Index down by 1.92% at 2043.25 points [1][14] - Overall, there were 1406 stocks that rose while 3856 stocks fell, with a total trading volume of 1152.4 billion yuan, a decrease of approximately 164.3 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, only the beauty care, coal, public utilities, and agriculture sectors saw gains, with increases of 3.68%, 0.42%, 0.12%, and 0.11% respectively [1][14] - The computer, communication, electronics, media, and defense industries experienced the largest declines, with drops of 2.97%, 2.45%, 2.12%, 1.93%, and 1.80% respectively [1] Sector Highlights - The top-performing concept sectors today included continuous boards, medical beauty, dairy, animal vaccines, rare earths, and food processing, among others [2][11] - Conversely, sectors such as financial technology, IDC, and stock trading software experienced pullbacks [11]

Core Viewpoint - Palantir Technologies reported strong earnings with a record quarterly sales of $884 million and a year-over-year growth rate of 39%, but the stock price fell post-earnings due to high market expectations and inflated valuation [1][4][6]. Group 1: Earnings Performance - Palantir's first-quarter earnings for 2025 showed strong growth, with quarterly sales reaching $884 million, marking a significant achievement for the company [4]. - The company met Wall Street's expectations for adjusted earnings per share at $0.13, but only slightly exceeded revenue expectations of $863 million [4]. - The growth rate of 39% is the fastest the company has experienced since 2021, indicating a positive trend in business performance [4]. Group 2: Market Reaction - Despite the strong earnings report, Palantir's stock price declined, suggesting that the market had set high expectations that were not fully met [2][6]. - The stock's performance reflects concerns over its inflated valuation, with a price-to-earnings ratio of 512, leading some analysts to label it as a meme stock [7][11]. - Investor hesitance may have been exacerbated by a troubling market start and the perception that Palantir's earnings were not as spectacular as in previous quarters [10]. Group 3: Valuation Concerns - Palantir's market capitalization is nearly $280 billion, significantly higher than many established companies, raising questions about its valuation sustainability [11]. - The company's price-to-earnings ratio has been at or above 200 since October 2024, indicating a massive premium that investors are paying for its growth potential [9][11]. - Analysts suggest that while Palantir's business fundamentals are strong, the stock's valuation may be overdue for a correction, making it a speculative investment [11].

图片系AI生成 "软件竞争不仅是产品，更是生态的竞争。构建一个技术领先、能力共享、优势互补的优良生态，更有 利于进一步加快国产数字化的进程。"5月13日消息，在腾讯云融合创新峰会现场，腾讯集团副总裁、政 企业务总裁李强表示。 自2020年融合创新产业进入规模化推广阶段以来，国家政策持续加码。政策支持不仅体现在明确的时间 点上，例如央国企在2027年底实现信息化系统100%自主创新，同时国家也通过财政补贴、税收减免、 专项基金等方式，鼓励相关产业采购国产软硬件。 "我不认为目前融合创新还有大的困难点，从技术上已经解决了难题，财政问题也有国家政策补贴，我 国融合创新产业已经形成了从基础软硬件到核心应用系统的完备生态体系。"李强说，"2025年，将是产 业爆发的临界点。" 国产软件不是"消费降级"，AI驱动新需求 "DeepSeek火了之后，越来越多的企业，特别是政务部门、央国企开始考虑接入大模型，大家的共识 是，应该基于国产化的方式来做"，李强表示。 一方面，这是确保技术自主性与数据安全的必然要求；另一方面，OpenAI 等国际头部大模型并不对中 国市场开放，进一步推动了本土化解决方案的需求。同时，大模型的落地应 ...

Core Viewpoint - Nissan is facing a severe business environment, leading to significant losses and the implementation of a comprehensive restructuring plan called "RE: Nissan" to achieve recovery by the fiscal year 2027 [2][3][5]. Financial Performance - For the fiscal year 2024, Nissan reported a net loss of 670.9 billion yen (approximately 32.6 billion RMB), marking the worst fiscal year in over 20 years [4][5][9]. - Global sales decreased by 2.8% to 3.346 million units, with a notable 12.2% drop in the Chinese market, while North American sales grew by 3.3% [5]. - Consolidated net sales fell by 0.4% to 12.6 trillion yen (approximately 612.6 billion RMB), and operating profit plummeted by 88% to 69.8 billion yen (approximately 3.39 billion RMB) [5]. Restructuring Strategy - The restructuring plan aims to reduce costs by 500 billion yen (approximately 24.39 billion RMB) by the fiscal year ending March 2027, with equal contributions from variable and fixed costs [13]. - Key measures include closing 7 factories, laying off 20,000 employees (15% of the global workforce), and reducing annual production capacity from 4 million to 2.5 million vehicles [13][16][19]. - Nissan's production capacity utilization rates are significantly low, with 57.7% in the U.S., 45.3% in China, and 56.7% in Japan, far below the industry breakeven point of around 80% [16]. Market Strategy and Partnerships - Nissan plans to redefine its product and market strategy, including the integration of production facilities and optimizing the supply chain [21][22]. - The company is exploring partnerships beyond the automotive industry, particularly with Honda, despite previous merger talks being halted [26][30]. - Nissan aims to enhance local production in the U.S. to mitigate the impact of tariffs, which are expected to negatively affect the company by 450 billion yen [23][24]. Challenges and Outlook - The company has not provided performance forecasts for the new fiscal year due to uncertainties in the tariff environment [10]. - The ongoing challenges include rising variable costs and fixed costs exceeding current revenue levels, necessitating urgent action to avoid further deterioration [13].

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 0.86% to close at 3403.95 points, the Shenzhen Component Index rose by 0.64% to 10354.22 points, and the ChiNext Index gained 1.01% to finish at 2083.14 points. The total trading volume in the Shanghai and Shenzhen markets reached 13167 billion yuan, an increase of approximately 252 billion yuan compared to the previous trading day [1][14]. Industry Performance - Among the Shenwan first-level industries, non-bank financials, transportation, food and beverage, and comprehensive retail sectors led the gains, with increases of 3.99%, 1.79%, 1.68%, and 1.31% respectively. Conversely, the defense industry, beauty care, machinery equipment, social services, and electric equipment sectors experienced declines, with decreases of 0.74%, 0.39%, 0.37%, 0.17%, and 0.16% respectively [1][14]. Concept Sector Performance - The top-performing concept sectors today included insurance, stock trading software, intelligent logistics, and financial technology, among others. Notably, sectors such as large aircraft, aircraft carriers, and military-civilian integration saw a pullback [2][11].

金十数据5月14日讯，今日三大指数基本平开，随后维持窄幅震荡，沪指走势稍强。截至午间收盘，沪 指涨0.19%，深证成指跌0.26%，创业板指跌0.22%。盘面上，保险、银行、证券等大金融板块走强，农 业银行、上海银行、交通银行等股价再创历史新高。航运概念延续强势，中远海发、宁波海运、南京 港、宁波远洋等涨停。BC电池、人形机器人、工业软件等概念走弱。保险、化纤、运输服务、矿物制 品等板块涨幅居前；工程机械、家居用品、纺织服饰、航空等板块跌幅居前。 A股午评：沪指涨0.19% 大金融板块走强 ...