有些钱，赚得太快的时候，反而最容易出事。 融资的场面我们见过太多了，烧钱、扩产、砸研发、抢人才，一条龙操作早就不稀奇。但融资刚到手，转身就拿出75亿去做"现金管理"，说白了就是理 财，这种操作，确实刷新了很多人的认知。摩尔线程这一手，不仅把自己送上了热搜，也把整个半导体圈推到了聚光灯下。到底是市场误解了它，还是我 们真的该问一句：这钱，到底该不该这么花？ 资本最怕的不是慢，而是方向不清。 摩尔线程这家公司，本身就自带流量。成立不到五年，却顶着"中国GPU第一股"的光环，创始人张建中又是英伟达出身，这种配置，在今天的资本市场， 几乎等同于"免检产品"。GPU是什么？是AI的发动机，是算力的地基，是这个时代最值钱的"铁矿石"。当英伟达一家独大，中国急需自己的GPU公司站出 来时，摩尔线程自然被推到了台前，成了所有期待和焦虑的集合体。 资本为什么疯狂？并不复杂。深创投、红杉中国、GGV这些名字，本身就意味着一套极其成熟的下注逻辑。它们投的不是一家初创公司，而是一条可能 改变产业格局的赛道。过去几年，只要和"国产替代""核心技术""卡脖子"沾边，估值就会被迅速抬高。摩尔线程在2021年开始密集融资，其实正踩在这一 波 ...

在阅读这篇文章之前，请大家点个关注，这样方便讨论和分享。作者会按时创作更多高质量的内容，不会让大家失望。本文由韩错编辑。 --- 但自特朗普卷土重来后，规则发生了变化。美国不再单纯关注组装地，而是更关注供应链的源头。如果核心零件或技术来自中国，那么即使是在东南亚组装 的产品，也会被视为中国制造，需要按中国的税率征税。 --- **洗澡蟹模式的风险** 一旦这些产品被认定为洗澡蟹，除了要缴纳基础关税，还会被额外加征40%的关税，利润瞬间被吞噬。这让整个产业链产生了恐 慌，马来西亚的针织品出口量曾出现剧增，这并非市场需求回升，而是企业赶在新关税生效前提前出货；而印尼的玩具产业，尤其是依赖美国巨头美泰的公 司，也遭遇了压力，甚至传出美泰被威胁要么迁回美国生产，要么面临更高的关税。 而在东南亚苦撑的同时，墨西哥也被卷入了这场风暴。作为北美自由 贸易区的重要组成部分，墨西哥曾是中国商品进入美国市场的一个重要跳板——中国商品通过墨西哥组装包装，再贴上本地制造的标签，就能零关税进入美 国市场。 --- **新关税法案的打击** 然而，最近美国通过了一项新关税法案，彻底打破了这一平衡。针对未签署自贸协定的亚洲国家，美国对14 ...

因为我们需要从西方购买通信设备。 英伟达H200芯片的价格多少钱？ 我问公司的小孩有没有知道"电话装机费"的，他们都说没听过，毕竟他们从小就用手机和pad，很多人都没有打过 座机。 但70后、80后应该还记得这回事，在上世纪九十年代，很多地方要装电话必须是有初装费的，而且还要排队。 费用最高时候高达5000元，如果需要电线杆子那还要再加几百块钱，我家里当时装电话因为附近有了铺好的电话 线，所以好像是收了两千多。 为什么装个电话都要这么多钱呢？要知道当年普通人的工资也就是三四百。 好像一直没有统一售价，部分版本最高有过约200万的报价，普通的也要十来万。而英伟达的GB300 Blackwell Ultra价格预计要数百万美元。 从通信设备到电脑，从互联网到人工智能，美国一直想要掌握底层架构，道理很简单，只要"根技术"在自己手 里，那上面的应用再怎么繁荣也是为自己服务的。 为什么互联网公司都想成为社会的基础设施？因为这样获利最大，而且永远有主动权。 产品的背后就是技术为王，而技术在于研发。 一流科技企业的经营模式就是抓住机遇，靠研究开发的高投入获得产品技术和性能价格比的领先优势，通过不断 优化成熟产品去驾驭市场上 ...

Core Insights - The article emphasizes the importance of a stable legal environment for the growth of private enterprises, highlighting that clarity in laws encourages companies to invest and innovate [2][3][5][21]. Group 1: Legal Environment and Business Confidence - The implementation of the Private Economy Promotion Law has provided a sense of security for private enterprises, making them feel more stable and confident in their operations [5][21]. - The recent actions to standardize administrative law enforcement have shifted the dynamic, where businesses feel less fear of making mistakes and more confidence in the regulatory environment [6][11]. - The stability of the legal framework allows companies to focus on long-term strategies rather than being distracted by external uncertainties [21][31]. Group 2: Gree's Business Strategy - Gree Electric Appliances exemplifies how a company can transform national stability into its own competitive advantage through strong internal capabilities and innovation [3][8][18]. - Gree's success is attributed to its focus on mastering core technologies and maintaining a robust quality control system, which has allowed it to thrive in a competitive market [12][18][27]. - The company has expanded its operations beyond air conditioning into smart equipment and renewable energy, demonstrating a strategic approach to growth based on manufacturing fundamentals [17][28]. Group 3: Innovation and Adaptation - Gree's management recognizes that internal challenges, such as management weaknesses and technological difficulties, are more critical than external competition [11][18]. - The company has adapted its marketing strategies, including engaging directly with consumers through live streaming, which reflects a shift towards more transparent communication [22][25]. - Gree's commitment to continuous improvement and innovation is evident in its investment in self-research and development, ensuring it remains competitive in the global market [17][28].

第二，加快建立和完善基础标准。如果缺乏通用接口和统一标准，各家企业会构建各自的系统，难以形 成真正的规模效应，也不利于供应链的协同发展。龙头企业、科研机构和行业组织应共同推动标准体系 建设，使产业竞争在统一框架下展开，提高资源配置效率。 第三，更加注重可验证的应用场景。行业需要从"能做出来"走向"能用起来"。比如企业可以通过产线协 作、危险环境作业、物流搬运等具备明确需求和较强可落地性的场景获取真实反馈，推动产品迭代，使 技术进步真正转化为可观的应用价值。 行业增速亮眼，资本关注度持续升温，市场容易因此产生高于实际进展的预期。如果企业与资本过度依 赖成熟供应链快速集成，推出同质化产品，即使能够在短期内扩大市场规模，也可能造成资源低水平重 复投入的浪费。笔者认为，企业和资本的积极参与，为行业快速迈过早期技术门槛提供了关键动力，也 为产业扩大规模奠定了基础。但我们也要清醒地认识到，过快的外在热度可能带来的偏差或风险。为了 避免资源被同质化竞争消耗，推动产业走向更高质量的发展道路，行业需要在三个方面形成更清晰的共 识。 第一，强化对核心技术的长期投入。人形机器人是一项系统性工程，需要在减速器、伺服电机等关键部 件以 ...

Core Insights - The company has a dedicated section in its annual and semi-annual reports titled "Core Competitiveness Analysis" that describes its products and competitive advantages [1] - Investors are encouraged to also consider the risks associated with the company's operations, which are detailed in the "Outlook for Future Development" section of the annual report and the "Risks and Countermeasures" section of the semi-annual report [1]

Group 1 - The recent delivery of rare earth mineral samples from Pakistan's Army Chief Asim Munir to President Trump indicates potential investment opportunities in Pakistan's mineral sector, valued at approximately $8 trillion [1] - The relationship between Pakistan and the U.S. is characterized by mutual interests, as Pakistan engages with both China and the U.S. for military and economic benefits, highlighting the pragmatic nature of international relations [1][3] - The U.S. lacks a complete rare earth industry chain and purification technology, raising concerns about the potential transfer of military technology from Pakistan to the U.S. [3][8] Group 2 - Historical ties between Pakistan and the U.S. have facilitated cooperation, with implications for regional dynamics, particularly concerning India and its relationship with the U.S. [5] - Pakistan's geographical position ensures that its relationship with China remains stable, despite its growing ties with the U.S., emphasizing the need for vigilance regarding national interests [7] - The high costs and long recovery periods associated with developing Pakistan's mineral resources may lead to U.S. investment, which could challenge China's position in the region [7][8] Group 3 - The importance of safeguarding core technologies, particularly in rare earth processing, is emphasized, as past experiences show the severe consequences of technology leakage [8][10] - The driving force behind international cooperation is primarily based on interests rather than emotional ties, underscoring the necessity for strategic calculations in partnerships [10]

Group 1: Core Technological Breakthroughs - The importance of achieving self-controlled key technologies for national strategic security is emphasized, as reliance on external sources is insufficient [2] - Recent advancements in various fields such as aerospace, biomedicine, quantum communication, and semiconductor technology demonstrate China's resilience and capability in overcoming core technology challenges [2][3] - The development of indigenous technologies, such as the domestication of high-thrust rocket engines and the creation of innovative drugs, showcases the potential for China to lead in critical sectors [2][3] Group 2: Innovation Ecosystem and Talent Development - The need for a deep integration of industry, academia, and research to facilitate the transformation of scientific achievements into practical applications is highlighted [3][5] - Innovative educational models, such as interdisciplinary training and collaboration between universities and enterprises, are essential for cultivating talent that meets the demands of new productive forces [5][6] - The establishment of supportive mechanisms, such as the "shared engineer" platform in the Guangdong-Hong Kong-Macao Greater Bay Area, addresses the technical resource shortages faced by small and medium-sized enterprises [5] Group 3: Institutional Reforms and Policy Support - Continuous reforms at the institutional level are necessary to enhance the efficient flow of innovation elements, including the establishment of mechanisms for technology transfer and commercialization [4][7] - The creation of a favorable regulatory environment, such as the data asset registration system and the dual assessment system for green technology, is crucial for fostering emerging industries [7] - Strengthening intellectual property protection through specialized courts and new registration systems is vital for incentivizing original innovation [7]

Group 1 - The concept of "loyal customers" is questioned, as consumers prioritize utility and cost-effectiveness over brand loyalty [1] - Companies like Huawei invest heavily in R&D, with a commitment to allocate 10% of sales revenue for R&D, reflecting a long-term vision for innovation [3][9] - Huawei's R&D expenditure for 2024 is projected at RMB 1,797 million, accounting for 20.8% of total revenue, with a workforce of approximately 113,000 dedicated to R&D [3] Group 2 - Efficiency in business is defined as the ability to quickly generate profit, with a focus on maximizing return on investment [5] - The strategy of creating "affordable alternatives" can lead to short-term success but may limit long-term growth potential and market respect [6][7] - Companies must balance R&D with profitability, as innovation is essential for maintaining competitive advantage in high-tech industries [11] Group 3 - Founders with a long-term vision, like Ren Zhengfei of Huawei, prioritize building trust and a strong team over immediate profit maximization [9] - Continuous innovation is necessary for survival in a rapidly evolving market, and companies must invest in core technologies to establish brand strength [11][12] - The manufacturing industry must focus on brand development and original technology to compete globally, with Huawei serving as a model for success [12]

Core Viewpoint - The report outlines the ongoing supervision and assessment of Chenghe Technology Co., Ltd. by CITIC Securities, highlighting the company's financial performance, potential risks, and core competencies in the polymer materials industry. Group 1: Continuous Supervision Overview - CITIC Securities has taken over the continuous supervision responsibilities from the previous sponsor, conducting various checks and assessments as per regulatory requirements [1]. - The supervision includes reviewing corporate governance documents, financial management systems, and fundraising management practices [1]. Group 2: Financial Performance - The company's operating income for the first half of 2025 reached RMB 471.09 million, representing a 13.77% increase compared to the same period in 2024 [9]. - The net profit attributable to shareholders for the same period was RMB 31.87 million, reflecting a decrease of 21.28% due to an increase in total share capital [9]. Group 3: Major Risks - Intellectual property disputes pose a risk, as the company holds 76 patents but may face litigation or regulatory penalties related to patent infringement [2]. - Core technology leakage is a concern, with 90.94% of revenue derived from products based on proprietary technology [3]. - Product quality control is critical, as any failure in quality management could damage the company's reputation and client trust [3]. - Environmental protection and safety production risks are present due to the chemical processes involved in production, which may lead to regulatory penalties [4]. - The company's gross margin was reported at 45.79%, with potential risks of decline due to various market factors [4]. - Accounts receivable amounted to RMB 318.71 million, representing 67.65% of revenue, indicating a risk of bad debts as sales scale increases [6]. - Currency fluctuations could impact the company's foreign sales, which accounted for 25.39% of total revenue [5]. - The company faces risks related to bank acceptance bills, with RMB 96.13 million in receivables potentially at risk if the creditworthiness of the issuing parties declines [5]. - Increased market competition in the emerging fine chemical sector could affect profitability if the company fails to innovate [6]. Group 4: Core Competitiveness - Chenghe Technology is recognized as a leading enterprise in high-performance polymer materials, focusing on technological innovation and sustainable development [10]. - The company has over 300 types of nucleating agents and composite additives, providing customized solutions to meet client needs [10]. - The core products have achieved international advanced levels, with some exceeding global standards, enhancing the company's competitive edge [10]. - The company has established partnerships with universities for research and development, enhancing its innovation capabilities [12]. - Chenghe Technology has been recognized as a model enterprise for intellectual property in Guangdong Province, with a strong patent portfolio [12]. Group 5: Research and Development - R&D expenditures for the first half of 2025 totaled RMB 21.45 million, a 28.92% increase from the previous year, reflecting a commitment to product innovation [17]. - The company holds 76 valid patents, including 59 invention patents, indicating a robust focus on R&D [18]. - New projects are underway to develop advanced additives and materials, addressing specific market needs and enhancing product performance [19][20].