Core Viewpoint - The stock of Amlogic Co., Ltd. has experienced a decline of 2.01% on September 19, 2023, with a current price of 91.23 CNY per share, amidst significant trading activity and a notable net outflow of funds [1] Company Overview - Amlogic Co., Ltd. is based in Shanghai and specializes in the research, design, and sales of system-level SoC chips and related products, with 99.98% of its revenue coming from product sales and 0.02% from leasing services [1] - The company was established on July 11, 2003, and went public on August 8, 2019 [1] Financial Performance - For the first half of 2025, Amlogic reported a revenue of 3.33 billion CNY, reflecting a year-on-year growth of 10.42%, and a net profit attributable to shareholders of 497 million CNY, which is a 37.12% increase compared to the previous year [2] - Cumulatively, the company has distributed 257 million CNY in dividends since its A-share listing, with 208 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Amlogic is 22,200, showing a slight increase of 0.02% from the previous period, with an average of 18,993 circulating shares per shareholder, up by 0.26% [2] - The top ten circulating shareholders include various funds, with notable changes in holdings among them, such as an increase in shares held by 兴全合润混合A and a decrease in shares held by 华夏上证科创板50成份ETF [3]

1. Report Industry Investment Ratings No specific industry investment ratings were provided in the report. 2. Core Views - The report offers daily views and strategies for various commodities in the futures market, including precious metals, base metals, energy, chemicals, and agricultural products. Each commodity is given a short - term trend judgment such as "oscillating adjustment", "weakly oscillating", etc. [2][5] - The trend intensity of each commodity is also provided, with values ranging from - 2 (most bearish) to 2 (most bullish), helping investors understand the strength of the expected price trends. [10][14] 3. Summaries by Commodity Precious Metals - **Gold**: The FOMC meeting was in line with expectations. The trend intensity is 0, indicating a neutral outlook. Yesterday, the closing price of沪金2510 was 824.10, down 1.31%. [2][7][10] - **Silver**: It is in an oscillating adjustment phase. The trend intensity is 0. Yesterday, the closing price of沪银2510 was 9808, down 0.97%. [2][7][10] Base Metals - **Copper**: The increase in domestic spot premium restricts price decline. The trend intensity is 0. Yesterday, the closing price of沪铜主力合约 was 79,580, down 1.22%. [2][12][14] - **Zinc**: It shows a weakly oscillating trend. The trend intensity is - 1. Yesterday, the closing price of沪锌主力 was 22045, down 1.05%. [2][15][17] - **Lead**: The reduction in inventory supports the price. The trend intensity is 0. Yesterday, the closing price of沪铅主力 was 17145, up 0.26%. [2][18][19] - **Tin**: It oscillates within a range. The trend intensity is 0. Yesterday, the closing price of沪锡主力合约 was 269,100, down 1.26%. [2][21][25] - **Aluminum**: It oscillates within a range. The trend intensity is 0. Yesterday, the closing price of沪铝主力合约 was 20785, down 125. [2][26][28] - **Alumina**: The surplus situation persists. The trend intensity is 0. [2][26][28] - **Cast Aluminum Alloy**: It is supported by cost. The trend intensity is 0. [2][26][28] - **Nickel**: The contradictions at the smelting end are not prominent, and attention should be paid to the news - related risks at the ore end. The trend intensity is 0. Yesterday, the closing price of沪镍主力 was 120,940, down 850. [2][29][35] - **Stainless Steel**: There is a game between long - and short - term logics, and the steel price may oscillate. The trend intensity is 0. Yesterday, the closing price of不锈钢主力 was 12,875, down 60. [2][29][35] Energy and Chemicals - **Carbonate Lithium**: The weekly production reaches a new high, and inventory is being depleted. It oscillates within a range. The trend intensity is 0. [2][36][39] - **Industrial Silicon**: The main idea is to short at high prices. The trend intensity is - 1. Yesterday, the closing price of Si2511 was 8,905, down 60. [2][40][42] - **Polysilicon**: The short - term sentiment may cool down. The trend intensity is - 1. Yesterday, the closing price of PS2511 was 53,205, down 285. [2][40][42] - **Iron Ore**: Expectations are fluctuating, and it oscillates widely. The trend intensity is - 1. Yesterday, the closing price of 12601 was 804.5, up 1.0. [2][43] - **Rebar**: It oscillates widely. The trend intensity is 0. Yesterday, the closing price of RB2601 was 3,147, down 8. [2][45][48] - **Hot - Rolled Coil**: It oscillates widely. The trend intensity is 0. Yesterday, the closing price of HC2601 was 3,354, down 30. [2][46][48] - **Silicon Ferrosilicon**: Market sentiment is fluctuating, and it oscillates widely. The trend intensity is 0. Yesterday, the closing price of硅铁2511 was 5756, down 10. [2][50][52] - **Manganese Silicon**: Market sentiment is fluctuating, and it oscillates widely. The trend intensity is 0. Yesterday, the closing price of锰硅2511 was 5948, down 14. [2][50][52] - **Coke**: Expectations are fluctuating, and it oscillates widely. The trend intensity is 0. Yesterday, the closing price of J2601 was 1709, down 25.5. [2][53][55] - **Coking Coal**: Expectations are fluctuating, and it oscillates widely. The trend intensity is 0. Yesterday, the closing price of JM2601 was 1203.5, down 29.5. [2][54][55] - **Log**: It oscillates repeatedly. The trend intensity is 0. Yesterday, the closing price of 2511合约 was 801.5, down 0.9%. [2][56][59] - **Para - Xylene**: It remains weak in the medium term. [2][60] - **PTA**: Maintenance increases, processing fees are restored, but it remains weak in the medium term. [2][60] - **MEG**: Reverse arbitrage for the 1 - 5 month spread. [2][60] Agricultural Products - **Palm Oil**: There is no obvious driving force for both upward and downward movements, and the main strategy is range - bound operation. [5] - **Soybean Oil**: Exports have reappeared, and it is recommended to go long on dips. [5] - **Soybean Meal**: It oscillates at a low level and may rebound from oversold conditions. [5] - **Soybean**: It oscillates at a low level. [5] - **Corn**: It oscillates. [5] - **Sugar**: It oscillates downward. [5] - **Cotton**: The market is concerned about the situation of new cotton listings. [5] - **Egg**: The spot market is weak. [5] - **Live Pig**: Expectations have turned pessimistic, and the trends of basis and spreads are confirmed. [5] - **Peanut**: Attention should be paid to the listing of new peanuts. [5]

Group 1: Baidu Group and AI Chip Market - Baidu Group's AI chip subsidiary, Kunlun Chip, is expected to see significant revenue growth, with projections of reaching 5 billion yuan in 2025 and 10 billion yuan in 2026, with Baidu holding a 59% stake [1] - Kunlun Chip's third-generation P800 has an FP16 computing power of 345 TFLOPS, surpassing A800, and is expected to support large-scale deployments [1] - The demand for domestic AI chips is anticipated to increase, with external clients including China Mobile, Southern Power Grid, and BYD, alongside potential partnerships with other internet companies like Tencent [1] Group 2: Baidu AI Cloud Revenue Growth - Baidu AI Cloud reported a revenue of 6.5 billion yuan in Q2 2025, a year-on-year increase of 27%, with full-year revenue expected to reach 27.4 billion yuan in 2025 and 35 billion yuan in 2026 [1] - The domestic cloud business is projected to accelerate growth from over 10% to over 20% year-on-year, driven by AI demand [1] - Major domestic cloud providers are expected to see a capital expenditure (Capex) growth of over 40% in 2024, with a further increase to over 50% in 2025 [1] Group 3: Apollo Go and Robotaxi Market - Apollo Go is projected to exceed 10 million orders in 2025, having provided over 2.2 million rides in Q2 2025, a 148% year-on-year increase [2] - The cumulative service count for Apollo Go has surpassed 14 million, with profitable models established in cities like Wuhan [2] - Despite the large market potential for Baidu's robotaxi services, commercial viability is still in the investment phase, leading to limited short-term profit contributions [2] Group 4: Sustainable Aviation Fuel (SAF) Market - The price of high-end SAF in China has risen to 2,480 USD/ton as of September 17, 2023, a 55% increase from 1,800 USD/ton at the beginning of the year [3] - The European SAF market is facing a supply-demand gap, with consumption expected to reach 1.9 million tons this year against a production capacity of only 1 million tons [2][3] - China's SAF production capacity is projected to exceed 1 million tons by the end of 2024, with current and planned HVO/SAF capacity exceeding 10 million tons per year [2]

Report Industry Investment Rating The report does not mention an overall industry investment rating. Core Views - Gold: The FOMC meeting was in line with expectations. [2] - Silver: It will undergo a volatile adjustment. [2][5] - Copper: The increase in domestic spot premiums restricts price declines. [2][10] - Zinc: It will experience a weak and volatile trend. [2][13] - Lead: The decrease in inventory supports the price. [2][16] - Tin: It will trade within a range. [2][19] - Aluminum: It will trade within a range. [2][24] - Alumina: The oversupply situation persists. [2][24] - Cast aluminum alloy: There is cost support. [2][24] - Nickel: The contradictions in the smelting end are not prominent. Attention should be paid to the news - related risks in the ore end. [2][27] - Stainless steel: There is a game between long - and short - term logics, and the steel price may fluctuate. [2][27] Summary by Related Catalogs Precious Metals Gold - **Fundamentals**: The closing price of Shanghai Gold 2510 yesterday was 824.10, with a daily decline of 1.31%, and the night - session closing price was 828.08, with a decline of 0.71%. The trend strength is 0. [5][8] - **Macroeconomic News**: The Bank of England maintained interest rates and slowed down the pace of quantitative tightening. The number of initial jobless claims in the US last week dropped significantly to 231,000, a decrease of 32,000 from the previous week, the largest decline in nearly four years. Overseas investors' holdings of US Treasury bonds reached a new high in July. [5][9] Silver - **Fundamentals**: The closing price of Shanghai Silver 2510 yesterday was 9808, with a daily decline of 0.97%, and the night - session closing price was 9902.00, with a decline of 0.06%. The trend strength is 0. [5][8] - **Macroeconomic News**: Similar to gold, including the Bank of England's decision, US jobless claims, and US Treasury bond holdings. [5][9] Base Metals Copper - **Fundamentals**: The closing price of the Shanghai Copper main contract yesterday was 79,580, with a daily decline of 1.22%, and the night - session closing price was 79660, with an increase of 0.10%. The trend strength is 0. [10][12] - **Macroeconomic and Industry News**: The number of initial jobless claims in the US dropped significantly. The Grasberg copper mine in Indonesia is still shut down for rescue. Panama will negotiate with First Quantum Minerals on the resumption of the CP copper mine. Codelco and Escondida's copper production increased year - on - year in July. China's copper production is expected to decline in September. [10][12] Zinc - **Fundamentals**: The closing price of the Shanghai Zinc main contract was 22045, with a decline of 1.05%. The trend strength is - 1. [13][15] - **News**: The Bank of England maintained interest rates and slowed down the pace of quantitative tightening. [14] Lead - **Fundamentals**: The closing price of the Shanghai Lead main contract was 17145, with an increase of 0.26%. The trend strength is 0. [16][17] - **News**: The number of initial jobless claims in the US dropped significantly. [17] Tin - **Fundamentals**: The closing price of the Shanghai Tin main contract was 269,100, with a decline of 1.26%, and the night - session closing price was 267,840, with a decline of 0.89%. The trend strength is 0. [20][23] - **Macroeconomic and Industry News**: Similar to other metals, including Bank of England's decision, US jobless claims, and other news. [21][22] Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamentals**: The closing price of the Shanghai Aluminum main contract was 20785, down 125. The closing price of the Shanghai Alumina main contract was 2931, down 6. The closing price of the aluminum alloy main contract was 20320, down 140. The trend strength of aluminum, alumina, and aluminum alloy is 0. [24][26] - **News**: Overseas investors' holdings of US Treasury bonds reached a new high in July. [26] Nickel and Stainless Steel - **Fundamentals**: The closing price of the Shanghai Nickel main contract was 120,940, down 850. The closing price of the stainless - steel main contract was 12,875, down 60. The trend strength of nickel and stainless steel is 0. [27][33] - **Industry News**: The Indonesian CNI nickel - iron project entered the trial - production stage. Environmental violations were found in the IMIP. Indonesia plans to shorten the mining quota period. The approved RKAB production in 2025 is higher than in 2024. Some nickel - iron production lines in Indonesia have suspended production. Indonesian mining companies need to resubmit the 2026 RKAB. A steel mill in Shandong has started maintenance. The Indonesian president will punish illegal mining. The Indonesian forestry working group has taken over a nickel - mining area. [27][32]

Core Insights - The article discusses the strategic move of Wang Zhan, a former key figure at Baidu, to join SenseTime's chip venture "Xiwang" as co-CEO, highlighting the growing importance of AI chip development in China [1][2][4] - SenseTime has invested over 1.1 billion yuan in chip research and development over the past five years, with the aim of establishing a strong foothold in the AI chip market [4][6] - The year 2025 is identified as a pivotal year for China's AI chip industry, with significant market opportunities emerging as domestic companies seek to compete with global leaders like NVIDIA [4][11] Company Overview - Wang Zhan has a rich background in the tech industry, having managed a team of 8,000 at Baidu and played a crucial role in the company's search and commercialization efforts [2][4] - The "Xiwang" team has grown by 50% to nearly 200 members, with a leadership team that includes experienced professionals from major tech companies like AMD and Intel [5][6] - The company has successfully produced two chip models: the S1 chip for cloud-edge visual inference and the S2 chip for large model inference, with over 10,000 units shipped [6][8] Market Context - The Chinese AI chip market is experiencing a surge, with several domestic companies like Cambricon and Moore Threads gaining traction and achieving significant revenue growth [4][11] - The article emphasizes the shift from a "burning money" phase to a "commercialization" phase in the industry, indicating a maturation of the market [4][11] - Wang Zhan believes that the timing of "Xiwang's" establishment is advantageous, as the market is now ready for large-scale commercialization of AI chips [11][12] Product Development - The upcoming S3 chip is expected to reduce inference costs by tenfold and is set to launch in 2026, showcasing the company's commitment to innovation [8][12] - "Xiwang" aims to achieve 100% proprietary intellectual property in its chip designs, which is seen as crucial for competitive advantage [8][12] - The company is focusing on specific market segments rather than general-purpose chips, aligning with industry trends that favor specialized solutions [11][12] Funding and Investment - "Xiwang" has raised over 1.5 billion yuan in funding in recent months, with 70% of its investors being industry capital, which helps in aligning product development with market needs [6][10] - The strategic partnerships with industry players are intended to facilitate smoother transitions from chip development to commercialization [10][12]

Group 1 - Huawei announced the development roadmap for its Ascend series, planning to launch multiple chips including Ascend 950PR, 950DT, 960, and 970 between Q1 2026 and Q4 2028 [1] - The company is developing large-scale supernodes such as Atlas 950 SuperCluster and Atlas 960 SuperCluster, expected to support 8192 and 15488 cards, respectively, with launches planned for Q4 2027 and Q4 2028 [1] - Huawei introduced the world's first computing supernode with a maximum of 16 nodes and 48TB memory, expected to be launched in Q1 2026 [1] Group 2 - CITIC Securities emphasized that advanced process capacity is fundamental for domestic computing power, with the iteration and expansion of advanced processes being crucial for the continuous product iteration and volume of Ascend [2] - The acceleration of domestic computing power shipments, represented by Ascend, is expected to drive increased demand for advanced processes, leading to a potential rise in domestic computing power market share [2] - The company is expected to lead the domestic AI chip development with annual iterations of Ascend, focusing on the differentiation and cost-effectiveness of domestic computing power as a breakthrough path [2]

Group 1: Federal Reserve and Economic Policy - The Federal Reserve announced a 25 basis point rate cut, lowering the target range from 4.25%-4.5% to 4.00%-4.25%, marking the first rate cut of the year after a total reduction of 125 basis points since last September [2][3] - The Fed's statement highlighted a slowdown in job growth and a slight increase in the unemployment rate, indicating a cautious approach to future rate cuts amid rising inflation [2][3] - Fed Chair Powell faces a challenging decision between maintaining higher rates to curb inflation or cutting rates to support the job market, with the current economic indicators suggesting a need for preventive measures [2][3] Group 2: Immigration and Service Industry Growth - From January to August, the number of visa-free foreign entrants to China increased by 52.1% year-on-year, with a total of 15.89 million foreign visitors [4][5] - The Chinese government is optimizing visa policies to attract more foreign visitors, which is expected to stimulate consumption and boost the service industry [4][5] - The 2025 China Service Industry Top 500 report revealed a total revenue of 51.1 trillion yuan, with an average revenue per company exceeding 1 billion yuan, indicating strong growth in the service sector [6][7] Group 3: AI Chip Development - Huawei announced a three-year roadmap for its Ascend AI chip series, with plans to release four new chips between 2026 and 2028, emphasizing the use of self-developed high-bandwidth memory [8][9] - The development of AI chips is seen as a strategic move to reduce reliance on foreign technology, with other Chinese companies like Alibaba and Baidu also accelerating their AI chip research [8][9] - The DeepSeek team's research on a new language model was published in Nature, showcasing advancements in AI training methodologies and contributing to the global AI landscape [10][11] Group 4: International Market Expansion - Didi and Meituan are investing heavily in the Brazilian food delivery market, with Didi planning to invest 2 billion reais and Meituan committing 1 billion USD over five years [12][13] - The competitive landscape in Brazil's food delivery market is intensifying, with both companies facing challenges from local giants like iFood [12][13] - The entry of Chinese companies into the Brazilian market reflects a broader strategy to capture opportunities in Latin America, despite the challenges of local competition [12][13] Group 5: Digital Asset Regulation - The SEC has simplified the approval process for digital asset ETFs, reducing the timeline from 240 days to a maximum of 75 days, signaling a shift towards a more favorable regulatory environment for digital assets [14][15] - This regulatory change aims to promote innovation while maintaining oversight, as the U.S. seeks to catch up with other financial hubs that have embraced digital currencies [14][15] - The SEC's decision reflects a broader trend of increasing acceptance of digital assets within the U.S. financial system, potentially reshaping the competitive landscape for digital asset products [14][15]

双方结盟对于英伟达的对手未必是好事。德森资本管理公司创办人安德森说，对AMD而言，两大厂结 盟，将让AMD在数据中心和客户市场面对竞争压力。 彭博前专栏作家高灿鸣（Tim Culpan）预测，AMD将跟进入股英特尔，苹果也许正在考虑。对IC设计 业者来说，此举不是为了投资，而是要保护资金。英伟达和AMD出口芯片到中国大陆，会被美国政府 抽成15%。倘若能让特朗普政府放弃抽成，拿出50亿美元或许是更有成本效益的做法，苹果可能看法相 同。 至于双方合作对台积电（2330）的影响，Vital Knowledge公司指出，英伟达未承诺对英特尔晶圆代工部 门单独下单，至少目前如此，此点极为重要，合作案不该视为台积利空。 英特尔执行长陈立武在社群媒体上秀出与英伟达执行长黄仁勋的合照，展示合作决心，产品方面，双方 共同开发客制化数据中心与PC产品，包括英特尔为英伟达打造数据中心所需客制化x86 CPU，在个人运 算方面，英特尔将推出整合英伟达RTX GPU芯片的x86系统单芯片。不过这项合作实际能否在CPU或晶 圆代工部分抢到英特尔竞争对手的订单或市占率，还得看英特尔的技术进程与制造量产能力，能不能走 出当前艰难处境。 英 ...

以股份转让完成为前提，中昊芯英、海南芯繁企业管理合伙企业（有限合伙）（以下简称"海南芯繁"）和方东晖拟向天普股份控股股东天普控股增资，分别 增资6.19亿元、3.95亿元、5.07亿元。本次增资后，中昊芯英、海南芯繁、方东晖、尤建义分别持有30.52%、19.49%、24.99%、25%天普控股股权。本次权 益变更后，上市公司控股股东仍为天普控股，实际控制人将由尤建义变更为杨龚轶凡。 值得一提的是，本次增资协议触发全面要约义务，中昊芯英应先履行全面要约义务后方可履行上述《增资协议》，中昊芯英向除尤建义、天普控股、方东晖 外的所有公众股东持有的上市公司全部无限售条件流通股发出全面要约。 对于本次筹划让出天普股份控制权的原因，天普股份提及，实控人尤建义目前62岁，体力精力有限，无力推动上市公司转型升级，尤建义的子女均长期在国 外，不愿接班经营上市公司。因此，上市公司急需引入新实控人，推动上市公司高质量发展。本次交易完成后，尤建义仍会继续参与上市公司的经营管理， 保证上市公司平稳发展和过渡。 连续两度停牌核查，仍未阻挡投资者的炒作热情，9月18日，天普股份（605255）再度"一"字涨停，斩获12连板。当日晚间，上 ...

Core Viewpoint - Huawei announced its product roadmap for the Ascend AI chips, planning to release four new models from 2026 to 2028, with the first model featuring self-developed HBM technology [1][3]. Group 1: Product Roadmap - The roadmap includes the release of Ascend 950PR in Q1 2026, Ascend 950DT in Q4 2026, Ascend 960 in Q4 2027, and Ascend 970 in Q4 2028 [1]. - The Ascend 950PR and 950DT will utilize SIMD/SIMT microarchitecture, achieving performance of 1PFLOPS (FP8) and 2PFLOPS (FP4) respectively [4]. Group 2: Technical Specifications - The Ascend 910C chip has a computing power of 800TFLOPS, with a memory bandwidth of 784GB/s and HBM capacity of 128GB [3]. - In comparison, NVIDIA's latest Blackwell B300 chip has a computing power of approximately 3840TFLOPS and features 288GB HBM3e with a bandwidth of 8TB/s [4]. Group 3: Competitive Landscape - Huawei's chips are designed as NPU (Neural Processing Unit) for AI tasks, contrasting with NVIDIA's general-purpose GPU architecture [3]. - Despite U.S. sanctions limiting Huawei's access to TSMC for chip production, the company claims to leverage over 30 years of experience in interconnecting devices to enhance its computing capabilities [4].