今天，我们就会从这些维度，带你拨开数据的表面，看到背后真正的逻辑。本次分析，将是全网独一无二的深度解读。如果你想领先市场一步，千万不要 错过任何一个细节。 英伟达未来三大催化剂 英伟达如今的市值已经飙到 4.34 万亿美元（截止上周五），比日本一整年的GDP还要高。 英伟达之所以这么牛绝不仅仅因为GPU卖得好，那只是表层的故事。真正让资本市场疯狂的是，它数次财报里透露出来的对未来AI时代垄断地位的巨大 预期。 我们美股投资网是唯一敢在英伟达财报前，明确亮明自己观点的频道！从2024年2月19日至今，我们已经连续做了六次英伟达财报前瞻，其中 5次全部正 确。 这一次我们也参考了大量的资料，力求用数据说话！ 我们这次对英伟达财报判断是：大概率超预期。但重点在于，英伟达的股价已经提前消化了大量利好，想要在这个位置来一波大涨，难度比之前可要大得 多。换句话说，涨没问题，但不期望会暴涨。 曾成功投资过脸书推特Robinhood和Coinbase的美国顶级的风险投资（a16z）表示过，英伟达的优势，并非只是GPU性能，还有其围绕芯片，在网络、内 存、供应链及产业生态上建立的护城河。 问题是，资本市场的逻辑残酷——没有永远 ...

责编：万健祎 校对： 祝甜婷 日前，马斯克呼吁用户下载Grok体验Imagine beta测试版（一款Grok推出的视频生成器），并称该功能已经向所有Grok Heavy用户开放，还将面向X平台上的所有 Premium+用户推出。 Grok是马斯克旗下xAI团队发布的AI大模型产品。7月10日，xAI正式发布了Grok 4（单智能体版本）和Grok 4 Heavy（多智能体版本），其中后者支持4个智能体并 行思考，在推理过程中横向比对、纵向协同，调用更大规模的计算资源以完成更复杂、更精密的任务。 作为xAI在2023年推出首代大模型以来的第四次重要更新，Grok 4在"人类的最后考试"取得了25.4%的准确率，超过了谷歌Gemini 2.5 Pro的21.6%和OpenAI o3（高版 本）的21%，被称为"世界上最强AI模型"。 对于此次推出的Grok Imagine，马斯克在X上发帖称，"能让你的想法以最快的速度从你的大脑传递到屏幕上。想象一下吧！然后你可以在20秒内将那 幅 图像配上声 音变成一段视频。比其他人绘制一幅图像所需的时间还要少。"他还转发了一位X用户的帖子："Grok Imagine的速度简 ...

"哎，帮友们，今天CPO板块这走势，像不像高速上突然踩了脚刹车？后排乘客差点撞椅背！我是帮主郑重，二十年盯盘的老江湖，专攻中长线。咱不整虚 的——CPO这两天缩量调整，到底是倒车接人还是倒车碾人？我掏心窝子说：机会藏在褶皱里，但得会扒拉！ 所以啊，短调不是风险，是给你划重点！ 真倒车接人还是假摔？帮主答案就一句：产业浪潮没转向，急跌就是送筹码！ 但记住——别一把梭哈，分步建 仓；绕开蹭概念的小虾米，死磕龙头；拿住了，等风来……毕竟中长线的饭，得小火慢炖才香！" 行了，今天的干货就唠到这儿。茶凉了，我去续杯普洱——记住，震荡市里，情绪越慌，脑子越不能慌！ 我是帮主郑重，下回接着带你扒K线里的门道。 但咱中长线玩家看啥？看底层逻辑！全球算力军备竞赛停过吗？ 谷歌明年资本开支冲到850亿，微软单季度砸300亿，Meta直接喊出720亿！这帮大佬的钱往 哪去？全往数据中心、AI服务器里灌啊！ CPO是啥？那是光通信的'血管'，没它算力再强也脑血栓！2030年市场规模要从4600万飙到81亿美元，年复合增速 137%——这赛道，你说凉了？ 再看咱国产军的底牌：中际旭创泰国产能扛住贸易战，新易盛在亚马逊占70%份额，高端 ...

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9] Core Insights - In Q2 2025, the communication sector saw a decline of 0.57%, ranking 31st among major industries, but has increased by 17.08% since the beginning of the year, ranking 7th [2][4] - Public fund holdings in the communication sector significantly increased in Q2 2025, with optical modules being the core focus for allocation [5] - The AI arms race is intensifying as North American tech giants ramp up investments, leading to a "Davis Double Play" moment for the AI industry chain, which is expected to accelerate commercial monetization and boost PE valuations [2][7] - The communication sector's valuation remains low, offering high cost-performance for allocation [7] Summary by Sections Market Performance - The communication sector's performance in Q2 2025 shows a 0.57% decline, with a year-to-date increase of 17.08% [2][4] - Top gainers in the sector include Dongxin Peace (+34.1%), Shen Sanda A (+9.8%), and Dingtong Technology (+9.7%), while the biggest losers are Dekeli (-9.6%), Hengbao Shares (-8.3%), and Yingweik (-7.3%) [4] Fund Holdings - In Q2 2025, public fund holdings in the communication sector rose to 5.37%, an increase of 2.63 percentage points, ranking 6th among 32 major industries [5] - The allocation ratios for communication equipment, telecom applications, and operators were 4.52%, 0.11%, and 0.74%, respectively, with year-on-year increases [5] AI Investment Trends - Major North American companies are significantly increasing their AI investments, with Meta planning two large data centers with a total capacity of 3 GW by 2030 [6] - Oracle and OpenAI are adding 4.5 GW of data center capacity, while Google has raised its capital expenditure plan for 2025 from $75 billion to $85 billion [6] - The report highlights the rapid growth in AI application usage and the increasing demand for AI computing resources [6] Investment Recommendations - Recommended stocks include China Mobile, China Telecom, and China Unicom for operators; Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication for optical modules; and Fenghuo Communication and Huafeng Technology for domestic computing [7] - AI application recommendations include Heertai, Tuobang Shares, and Meige Intelligent [7]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The demand for Backup Battery Units (BBUs) is experiencing a significant increase due to the rising power consumption of AI servers, with key Taiwanese companies expected to benefit from this trend [8][9][10]. - Huawei's Ascend CloudMatrix 384 SuperPod made its debut at the WAIC 2025, showcasing advancements in intelligent computing alongside other domestic competitors [11][12]. - The competition in the AI computing power sector is intensifying, with OpenAI planning to deploy 1 million GPUs by the end of the year, while Elon Musk's xAI aims for 50 million chips in five years [13][16]. Summary by Sections AI and BBU Demand - AI servers are rapidly increasing in power consumption, leading to a "straight-line upward" explosion in BBU demand. Companies like Simplo Technology, Delta Electronics, AES, and Lite-On Technology are positioned to benefit [8][9]. - The proportion of BBU modules used in ASIC racks is also increasing, and the trend towards High-Voltage DC (HVDC) technology is expected to further boost BBU demand [9][10]. Huawei and Domestic Competitors - At WAIC 2025, Huawei's Ascend CloudMatrix 384 was highlighted, achieving the largest scale of 384-card high-speed bus interconnection. Major clients include Baidu, Meituan, and JD.com [11][12]. AI Computing Power Arms Race - OpenAI is pursuing a strategy for computing independence through self-developed chips and partnerships, with a goal to shift 75% of its computing resources to its Stargate project by 2030. AI capital expenditures are projected to reach $360 billion in 2025 [13][16]. - Meta has been actively recruiting talent from DeepMind, indicating a competitive landscape for AI expertise [14].

Core Viewpoint - The report highlights Huakin Technology's transformation into a leading global smart product platform enterprise, emphasizing its multi-business line growth strategy and strong financial performance [2][4]. Group 1: Company Overview - Huakin Technology is recognized as a global leader in the smart product platform sector, successfully transitioning to a "3+N+3" strategy that includes core businesses in "smartphones + PCs + data centers" and emerging fields like "automotive electronics + software + robotics" [2]. - The company is projected to achieve over 100 billion yuan in revenue by 2024, with a compound annual growth rate (CAGR) of 23.56% from 2018 to 2024 for revenue and 58.87% for net profit [2]. Group 2: Business Growth Drivers - The domestic CSP (Cloud Service Provider) competition is accelerating, with major players like Baidu, Alibaba, Tencent, and ByteDance expected to collectively spend around 240 billion yuan on capital expenditures in 2024, marking a year-on-year growth of approximately 155% [3]. - Huakin Technology's server business is positioned to benefit significantly from this trend, as it serves as a core supplier to leading domestic CSPs, indicating strong growth potential [3]. Group 3: Market Trends - The smartphone market is recovering, with a projected year-on-year shipment growth of about 6.2% in 2024, benefiting Huakin Technology's smart terminal business [4]. - The shift towards ODM (Original Design Manufacturer) models is evident, with an estimated 40% penetration rate in the industry, suggesting substantial room for growth compared to the 80% penetration in the laptop sector [4]. Group 4: Financial Projections - Revenue forecasts for Huakin Technology are set at 138.93 billion yuan, 168.19 billion yuan, and 200.59 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 26.44%, 21.07%, and 19.26% [4]. - Net profit estimates for the same years are 3.706 billion yuan, 4.530 billion yuan, and 5.703 billion yuan, with corresponding growth rates of 26.66%, 22.23%, and 25.89% [4].

Group 1 - The Chinese electric vehicle market is currently buzzing due to the launch of two new "7 series" electric SUVs: Xiaomi's YU7 and Xpeng's G7, which are set to compete closely in the same price range and release timeline [1][5][42] - Xiaomi's YU7 is positioned as a luxury high-performance SUV with a focus on emotional value, featuring a unique design and user-centric features such as a zero-gravity driver's seat and a panoramic display system [6][13][19] - Xpeng's G7 emphasizes technological advancements, boasting a high computing power of over 2100 TOPS and innovative features like an AR-HUD for enhanced navigation, targeting the family-oriented market [24][28][37] Group 2 - The competition between YU7 and G7 highlights two distinct paths in the electric vehicle market: Xiaomi's focus on design and emotional resonance versus Xpeng's emphasis on core technology and smart driving capabilities [42][55] - The initial success of YU7 demonstrates that strong design and emotional appeal can create new market opportunities, while G7's technological features cater to tech-savvy consumers [42][46] - The pricing strategies of both vehicles could reshape the market, with YU7's "high configuration at low price" approach potentially forcing competitors to adjust their pricing models [50][55]