每经编辑｜陈柯名 胡玲 王瀚黎 标题点睛： 今年5月，湖南长沙县卫生健康局接到举报，反映该县一处出租民房内疑似存在非法代孕活动。调查中，相关部门发现2处非法代孕机构，涉及开福区和长 沙县两地，均已被依法查处。近日，长沙市开福区人民政府官网公布：长沙市开福区针对此案件共立案4起，均下达行政处罚决定书，对涉案5人作出行政 处罚。 当地时间23日，印度通信部发布公告表示，印度将暂时停止向美国寄送包裹。据意大利邮政公司公告，该公司于8月23日起正式暂停向美国寄送包裹，但 可以继续接收发往美国的不含货物的邮件。法国邮政集团8月22日宣布，该集团自本月25日起将暂停向美国寄送包裹，价值低于100欧元的私人礼品包裹除 外。目前，德国、比利时、西班牙、奥地利等欧洲国家的邮政机构已宣布暂停向美国寄送包裹。 近日，大连万达集团董事长王健林在新疆现身。据克拉玛依市融媒体中心报道，8月20日-21日，王健林在克拉玛依考察招商引资、文旅发展等工作。 8月23日，为促进平台经济健康发展，国家发展改革委、市场监管总局、国家网信办联合起草了《互联网平台价格行为规则（征求意见稿）》，现向社会 公开征求意见。 1 三部门就《互联网平台价格行为规 ...

1 三部门就《互联网平台价格行为规则（征求意见稿）》公开征求意见 8月23日，为促进平台经济健康发展，国家发展改革委、市场监管总局、国家网信办联合起草了《互联网平台价格行为规则（征求意见稿）》，现向社会公 开征求意见。《行为规则》根据现行规定，结合平台经济领域价格行为特点，从引导经营者依法自主定价、规范价格标示和价格竞争行为等方面，为经营者 提供明确的行为指引，引导经营者自觉规范价格行为，维护公平竞争市场环境，保护经营者和消费者合法权益，促进平台经济健康发展。 国家发改委就《互联网平台价格行为规则（征求意见稿）》答记者问 每经编辑｜胡玲 8月23日，国家发改委有关负责同志就《互联网平台价格行为规则（征求意见稿）》答记者问。《行为规则》第四章围绕"规范价格竞争行为"这个主题，对 低价倾销、价格歧视、价格欺诈、价格串通、哄抬价格等不正当价格行为在平台经济领域的认定标准作出细化规定，防止无序竞争扭曲资源配置和价格信 号。规定平台经营者不得强制或者变相强制平台内经营者按照其定价规则，以低于成本的价格销售商品，扰乱市场竞争秩序。 2 国家能源局：截至7月底全国累计发电装机容量36.7亿千瓦，同比增长18.2% 8月23 ...

创业邦 . 创业邦，国际创新生态服务平台。我们致力于打造全球化的创业生态，深度服务创新经济及其推动者，并为创业者提供一站式解决方案。 来源 | 创业邦 近日，软银投资20亿美金（约人民币140亿元），"救火"仍然深陷危机的英特尔。 软银的孙正义和英特尔的陈立武是数十年合作伙伴，陈立武曾在软银董事会担任独立董事多年，直至2022 年离开。 此次投资被视为软银对英特尔未来发展投出的"信任票"，完成投资后，软银将成为英特尔的第五大股东，持股比例大约2%。 通过这次投资，软银旗下公司Arm所自研的AI芯片，更有可能找英特尔来代工，英特尔则获得了一个梦寐以求的大客户。 以下文章来源于创业邦 ，作者薛皓皓 对于本次投资，Forrester首席分析师戴鲲认为，孙正义的这笔投资兼顾了财务回报和业务协同的目的。"在财务回报上，英特尔的股价处于低 位，存在估值修复空间；在业务上，英特尔的先进制程能力与软银旗下的Arm形成互补，这种协同对AI时代的竞争极为关键。" 目前，英特尔正在推进14A（1.4nm）先进工艺的研发，以追赶上台积电的最先进水平。另一方面，Arm正从芯片IP供应商向芯片设计商转变， 以推动云端AI芯片研发。业内人 ...

"我认为台积电是人类历史上最伟大的公司之一，任何想购买台积电股票的人都是非常明智 的人。" AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 英伟达首席执行官黄仁勋对台积电(TSM.N)大加赞赏，表示任何希望入股该公司的投资者都是"非常明 智的"。作为全球最大的晶圆代工企业，台积电股价今年以来已上涨超过15%。 黄仁勋目前正在访问我国台湾地区，他乘坐私人飞机抵达，并补充说自己只会停留几个小时，与台积电 高层共进晚餐后就会离开。 黄仁勋表示，他此行是为了感谢台积电，因为该公司已为英伟达完成六款全新芯片的设计定稿，包括一 款新的GPU和一款用于英伟达下一代"Rubin"架构超级计算机的硅光子处理器。芯片设计最终定稿后， 就会进入量产准备阶段。 "这是我们公司历史上第一次所有芯片都全新且具有革命性。"他说，"我们已经完成了所有芯片的设计 定稿。"他明确表示： 此外，黄仁勋表示，英伟达迫切希望启动"英伟达星座"（NVIDIA Constellation）项目。这是该公司在 台湾地区新设立的一处办公地点，用于容纳不断扩大的台湾员工团队。 他说，公司正在与当地协商一些问题，以便尽快开工建设。"我们在台湾有很多很多 ...

Financial Data and Key Metrics Changes - The company achieved record sales, EBITDA, and EPS in fiscal 2025, with full-year EPS growth of 4% exceeding initial guidance [6][7] - Gross margins expanded nearly 50 basis points, surpassing 30% for the first time in history [6][7] - Free cash flow reached over $465 million, up 34% year-over-year, marking a new record [17][18] Business Line Data and Key Metrics Changes - Engineered Solutions segment sales grew organically year-over-year for the first time in seven quarters, with a 2% organic daily sales increase [9][11] - Service Center segment trends improved, returning to positive organic growth in June, with average daily sales increasing 1.5% sequentially [11][37] - The Engineered Solutions segment saw a 20.7% increase in sales year-over-year, with acquisitions contributing 19.7 points to this increase [39] Market Data and Key Metrics Changes - Year-over-year trends across the top 30 end markets remained mixed, with 15 markets generating positive sales growth [11] - Declines were noted in machinery, primary metals, utility and energy, aggregates, and chemicals, while technology verticals showed solid demand [12][13] - Orders in the Engineered Solutions segment increased by a high single-digit percentage year-over-year, indicating a positive inflection [13] Company Strategy and Development Direction - The company is focused on accelerating growth while being mindful of ongoing trade and interest rate policy uncertainties [21][24] - There is an emphasis on increasing growth with local customers through greater sales of ancillary products and comprehensive service solutions [25][28] - The company plans to remain active in M&A, with a developing pipeline for fiscal 2026 [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute amid evolving tariff backdrops and inflationary pressures [19][20] - The outlook for fiscal 2026 includes expectations for organic sales growth of 1% to 4% and EBITDA margins of 12.2% to 12.5% [44][45] - Management noted that recent U.S. trade agreements and tax reforms could positively impact business sentiment and capital investment [22][24] Other Important Information - The company closed four acquisitions in fiscal 2025, including Hydrodyne, which contributed over 400 basis points of inorganic growth [18][39] - The company repurchased 656,000 shares for $153 million and increased its quarterly dividend by 24% [18] Q&A Session Summary Question: Hydrodyne's sequential sales growth and EBITDA performance - Management indicated that the improvement in Hydrodyne's performance was due to stronger margin performance and quicker realization of synergy benefits [52][53] Question: Break fix MRO market trends - Management noted positive trends in local accounts and national accounts, indicating potential firming in the market [54][55] Question: Pricing contributions to guidance - Management expects pricing contributions to remain similar in the first quarter, with potential increases as the year progresses [61][62] Question: Market softness in international operations - Management identified Canada as experiencing more softness due to tariff impacts, but noted improvements as the quarter progressed [97] Question: Hydrodyne's contribution to EBITDA - Hydrodyne contributed just over $7 million to EBITDA in Q4, aligning with initial expectations for the first twelve months [87][88]

Group 1 - The core viewpoint of the article highlights potential delays in the production of NVIDIA's next-generation GPU chip, Rubin, due to redesign efforts to compete with AMD's upcoming MI450 [2][3] - Rubin was initially scheduled for mass production by the end of 2025 and sales to begin in early 2026, but the likelihood of delays is considered high by analysts [2] - The first version of Rubin completed tape out at the end of June, but NVIDIA is currently undergoing redesign, with the next tape out expected by the end of September or October [2] Group 2 - Nomad Semi analyst Moore Morris indicates that Rubin will replace NVIDIA's current Blackwell series, with projected shipments of 750,000 units in Q1 2025, increasing to 1.2 million in Q2, and further rising to 1.5 million and 1.6 million in Q3 and Q4 respectively [3] - Despite the anticipated growth of AMD and Broadcom in TSMC's CoWoS advanced packaging capacity, NVIDIA is expected to maintain a dominant market share of 51.4% in 2025, with AMD and Broadcom at 16.2% and 7.7% respectively [3] - By 2026, market share estimates suggest a slight decline for NVIDIA to 50.1%, while Broadcom and AMD's shares are projected to rise to 17.4% and 9.2% respectively [3]

Core Viewpoint - The article discusses President Trump's demand for Intel's CEO, Pat Gelsinger, to resign due to alleged conflicts of interest related to his connections with Chinese companies, which Intel has denied [1][1][1] Company Summary - Intel's new CEO, Pat Gelsinger, has been defended by the company against claims that his past associations pose a national security threat [1][1] - Gelsinger stated that he adheres to the highest legal and ethical standards and emphasized Intel's commitment to adopting advanced semiconductor technologies later this year [1][1] - Under Gelsinger's leadership, Intel has significantly reduced its workforce and paused plans for new manufacturing facilities, which has raised concerns about the company's ability to invest in the U.S. [1][1] Industry Summary - Intel has faced increasing competition from TSMC and AMD, losing its dominant position in the global chip market [1][1] - The company has received billions in government funding as part of efforts to rebuild the U.S. semiconductor manufacturing sector [1][1] - Trump's public demand for a CEO's resignation is noted as a rare occurrence, raising concerns among investors about government interference in corporate governance [1][1]

Core Viewpoint - Qiaoyuan Co., Ltd. (301286.SZ) is enhancing its core business competitiveness by investing 302 million yuan to establish a special gas production base, aiming to upgrade medical gas capacity and enter strategic emerging fields such as semiconductor manufacturing and new displays [1][2][3]. Investment and Project Details - The company signed an investment cooperation agreement with the Chengdu New Materials Industry Functional Zone Management Committee to invest 302 million yuan in a special gas production base [2]. - The project will be implemented in two phases: Phase 1 involves an investment of approximately 152 million yuan to build facilities for producing 20,000 tons/year of electronic-grade and medical-grade carbon dioxide, along with hydrogen recovery and purification [2]. - Phase 2 will require about 150 million yuan to establish additional production lines for electronic-grade medical carbon dioxide and ultra-pure ammonia, pending further agreements [2][3]. Market Position and Business Expansion - Qiaoyuan Co., Ltd. is the largest liquid air separation gas supplier in Southwest China, focusing on the production and sales of industrial gas products [1][6]. - The company aims to enhance its market advantage by increasing its medical gas production capacity to meet the growing demand in biopharmaceuticals and high-end medical devices [2][3]. Financial Performance and Projections - The company forecasts a net profit of 100 million to 120 million yuan for the first half of 2025, representing a year-on-year growth of 34.38% to 61.26% [1][7]. - The expected non-recurring gains will impact net profit by approximately 8.7 million yuan [8]. - The growth in performance is attributed to expanded gas business scale, increased production and sales volume, revenue growth, and improved gross margins [8]. Strategic Acquisitions - In January, the company announced plans to acquire a controlling stake in Deyang Hongchen Chemical Co., Ltd. for no more than 200 million yuan, aiming to expand its product offerings in the carbon dioxide sector [3][4]. - However, the acquisition was terminated due to a lack of consensus among the parties involved, with no party bearing liability for the termination [4].

Group 1 - The importance of gold has been highlighted due to increasing geopolitical tensions, persistent inflation uncertainty, and adjustments in central bank strategies, making it a key strategic choice for asset diversification [1] - The world is gradually dividing into competing economic entities, and gold is re-establishing its position as a preferred neutral asset, trusted across nations and unaffected by sovereign risks [1] - Historical demand drivers for gold include its lack of credit risk, high liquidity, and physical characteristics, making it a reliable asset during market pressures [2] Group 2 - Gold's supply is relatively inelastic, with new production taking 7 to 20 years to develop, which enhances its scarcity premium during periods of rising demand [2] - Empirical data shows that gold often appreciates or at least maintains its value during macroeconomic shocks, serving as an effective hedge against tail risks and systemic events [2] - As of mid-2023, expectations of a pause in central bank interest rate hikes have led to a noticeable increase in gold prices, driven by high inflation and central bank reserve accumulation [2] Group 3 - Gold prices tend to exhibit strong upward trends during financial shocks, often maintaining high levels even after market conditions stabilize [5] - Historical data indicates significant cumulative returns for gold during inflationary periods, with peak returns reaching as high as 302% during the 1972-1976 inflation surge [6][7] - The current cycle (2020-2025) has seen gold prices rise approximately 90% from baseline levels, reinforcing its role as a tactical hedge asset [7] Group 4 - Economic policy uncertainty has a clear relationship with gold prices, as rising uncertainty typically leads to increased gold prices, reflecting its role as a safe-haven asset [8] - Retail demand for gold is significantly influenced by cultural factors, particularly in India and China, which together account for over 60% of global jewelry demand [13] - Central banks have significantly increased gold purchases since late 2021, driven by concerns over asset seizure and geopolitical conflicts, indicating a shift in reserve management strategies [14][15] Group 5 - The increase in gold reserves among central banks reflects a broader strategy to diversify reserves and enhance balance sheet resilience in a fragmented geopolitical landscape [18] - Gold's share in central bank balance sheets has risen from approximately 9% at the end of 2020 to 13.5% by 2024, indicating its growing importance as a reserve asset [18] - Notably, China and India have significantly increased their gold reserves by 17% and 38% respectively, while European central banks have maintained stable reserves [21][23] Group 6 - The technology sector is also driving gold demand, with a 7% increase in gold usage in North America and Asia due to growth in AI and semiconductor manufacturing [25] - Gold's strategic value as an industrial raw material is being recognized, particularly in the context of automation and AI investments in aging economies [25] - Traditional investment flows and central bank accumulation highlight gold's strategic appeal during systemic pressure periods, especially amid rising tariffs and conflicts [26] Group 7 - Gold maintains low correlation with other major asset classes, providing significant diversification benefits in multi-asset portfolios, particularly during periods of simultaneous downturns in traditional assets [29][30] - The 60/20/20 portfolio strategy, which includes 20% allocation to gold, has outperformed the traditional 60/40 portfolio, especially during market downturns [36][39] - Gold's role as a dynamic strategic tool in multi-asset investment environments is increasingly recognized, enhancing risk-adjusted returns amid macroeconomic uncertainty [40][42]

Core Viewpoint - The article highlights the increasing demand for photolithography and electron beam lithography equipment in top universities, indicating a focus on strengthening chip talent cultivation and foundational research hardware [2]. Group 1: Equipment Demand and Procurement - Recent procurement data from June 21 to July 21 shows a surge in universities purchasing lithography equipment, which is essential for semiconductor manufacturing and modern information technology [2]. - Photolithography machines are crucial for transferring circuit patterns onto silicon wafers with nanometer-level precision, functioning similarly to a "precision projector" [2]. - The article categorizes lithography machines based on their light sources: UV, DUV, and EUV, with ASML being the only global manufacturer of EUV lithography machines [2]. Group 2: Procurement Details - Southeast University has procured a mask lithography machine (SUSS MA/BA6) for approximately 3,540,637 yuan, with the bid date set for July 17, 2025 [3]. - Sun Yat-sen University is upgrading its electron beam lithography machine (Raith, customized) for about 1,921,420 yuan, with a bid date of July 11, 2025 [3]. - Peking University Shenzhen has acquired a lithography machine (SUSS MA/BA6Gen) for around 2,996,000 yuan, also with a bid date of July 11, 2025 [3]. - Jilin Normal University is investing in a range of equipment, including a lithography machine, for a total of 3,218,980 yuan, with a bid date of June 23, 2025 [3].