Group 1: Humanoid Robots and AI Solutions - UBTECH announced the launch of a commercial humanoid robot solution centered around the Walker C robot, integrating advanced AI models and navigation algorithms for applications in exhibitions, supermarkets, and transportation hubs [2] - The emergence of AI companies like DeepSeek is driving the development of general-purpose humanoid robot models, indicating a strong trend towards industrial applications of humanoid robots [2] - The humanoid robot industry is entering a phase of rapid development, with commercial applications becoming increasingly viable, suggesting potential investment opportunities in domestic component manufacturers [2] Group 2: AI Infrastructure Investments - Major tech companies such as Amazon, Microsoft, Oracle, and Meta are making significant investments in AI infrastructure, with total investments reaching up to tens of billions of dollars [3] - The demand for digital infrastructure driven by AI is leading to a sustained increase in global data center capacity, with the domestic computing power sector expected to recover due to policy support and technological upgrades [3] - The long-term growth of AI-driven infrastructure is anticipated, with opportunities arising from technological upgrades and domestic replacements in sectors like optical modules, switches, and cooling systems [3] Group 3: Robotics and AI Market Potential - Google DeepMind introduced the Gemini Robotics On-Device model, which can run locally on robotic devices, enhancing their adaptability to new tasks without needing constant internet connectivity [4] - The competition among major tech firms in the field of embodied intelligence is expected to unlock a trillion-dollar market, as robots transition into the embodied intelligence era [5] - The intersection of humanoid robots and AI represents a critical point in technological advancement, with significant breakthroughs anticipated in application, cost, and software development [5] Group 4: Tungsten Market Dynamics - The strategic value of tungsten is increasing, with supply-demand tightness expected to persist, leading to a bullish market trend and potential price increases [6] - Tungsten is essential in high-end manufacturing and is considered a strategic resource in China, with strict controls on its mining [6] - The global tungsten supply is projected to grow at a CAGR of 2.57% from 2023 to 2028, while demand is expected to rise due to emerging industries like photovoltaics and robotics [6]

国产算力产业链在二季度迎来盈利拐点，规模效应显现，研发、销售及 管理费用率普遍提升，打破了市场对国产算力不盈利的固有认知，其中 交换机产业链最先出现利润拐点。 国内数据中心板块整体稳定，头部互联网企业上架率稳步提升，国产服 务器、光模块及交换机产业出货量显著增长，表明国内算力产业未受 H20 禁令重大影响。 国内以太网交换机市场以 BBAT 等互联网大厂需求为主导，倾向于 SDN 模式或白盒交换机，与海外市场以 IB 交换机为主存在显著差异，国内厂 商在快速动态配置方面更具优势。 白盒交换机凭借其可配置性和快速迭代能力，满足数据中心流量实时变 化的需要，CSP 厂商更倾向于采用开放的 SDN 白盒模式，推动了紫光 新华 3 和锐捷等交换机厂商市场份额的提升。 交换机产业毛利较高，不仅得益于硬件生产，更在于与互联网厂家联合 研发 JDM 模式，涉及路由协议和 Mac 表配置等软件技术，技术门槛高 于其他环节，建议关注星网锐捷和锐捷网络。 重点推荐国产算力链 20250624 摘要 Q&A 为什么在当前时点重点推荐国产算力链？ 当前推荐国产算力链的原因主要有以下几点：首先，尽管 H20 被禁导致国内互 联网大厂资 ...

站在风口上的猪，起飞了。 作者 | RAYYYY 编辑 | 小白 2025年4月，特朗普政府重启的关税大棒再度搅动全球贸易格局。 值此变局时刻，中国科技产业迎来关键突破：DeepSeek-R1大模型通过分布式推理架构创新，在保持 1750亿参数规模下，将单次推理成本压降至行业平均水平的30%。 这项突破不仅打破了"参数规模与使用成本不可兼得"的行业魔咒，更让全球AI竞赛的叙事逻辑发生本 质转变——从单纯的技术军备竞赛，升级为工程化落地能力的全面较量。 在风云君看来，关税战的本质是科技战。 而当下，在市场情绪波动的时刻，机遇与挑战并存，如何把握住科技投资的核心脉络显得更为重要。 近期公募一季报开始集中披露，机构对这次关税战、科技战到底怎么看？ 且听站在投资一线的基金经理们，如何看待AI技术的最新突破、当前的配置思路，以及对2025年AI 发展的推演与展望。 | | 一季度收益居前TOP10科技主题基金(排除相同基金公司) | | | | --- | --- | --- | --- | | 证券代码 | 证券名称 | 基金规模(亿元) | 一季度收益(%) | | 015143.OF | 中欧智能制造混合A | ...

4月投资热点聚机器人、半导体自主可控、跨境支付三个板块 根据申万(2021)计算机、电子、传媒、通信、机械设备、国防军工、汽车、电力设备八个板块共计2531 家上市公司涨跌幅及换手率数据，得出结论4月投资热点聚焦在机器人、半导体自主可控、跨境支付三 个板块。机器人是科技方向4月表现最优的板块，特斯拉Optimus量产突破，国产机器人商业化案例涌 现;我国调整"集成电路"原产地相关规定，美系IDM厂商或受关税冲击，国产半导体中模拟芯片及射频 芯片迎来利好;跨境支付重要性有所提升。 智通财经APP获悉，招商证券发布研报称，四月投资热点聚焦机器人、半导体自主可控及跨境支付三大 板块。机器人成为四月科技领域表现最佳方向，特斯拉Optimus量产进展及国内商业化案例涌现推动板 块热度。海外AI芯片出口管制加码，国产算力链迎机遇。谷歌、微软等全球科技巨头持续加码AI基础 设施，同时国内AI模型也正加速迭代升级，该行建议重点关注国产算力及AI Agent。 招商证券主要观点如下： 海外AI芯片不确定性加大，国产算力链依然值得重点关注 谷歌、微软仍将加大AI基础设施建设支出，阿里、腾讯财报中对资本开支的指引将成为下一个关键指 ...