Report Industry Investment Rating No relevant content provided. Core Views of the Report - Gold: Powell signaled dovishness at the JH meeting [2][4] - Silver: Poised to reach previous highs [2][5] - Copper: Prices rose as the US dollar declined [2][10] - Zinc: Trading within a range [2][13] - Lead: Reduced inventory supported prices [2][16] - Tin: Trading within a range [2][18] - Aluminum: Inventory accumulation slowed [2][23] - Alumina: Prices edged up sideways [2][23] - Cast aluminum alloy: Following the trend of electrolytic aluminum [2][23] - Nickel: Trading within a narrow range [2][26] - Stainless steel: Short - term trading at low levels [2][26] Summary by Related Catalogs Gold - **Fundamental data**: Yesterday, the closing prices of Comex gold 2510 and London gold spot rose by 1.00% and 0.95% respectively. The trading volume of Comex gold 2510 increased by 59,697, and the inventory of Comex gold (in troy ounces, the day before) increased by 9,952 [5]. - **Macro and industry news**: Powell signaled dovishness, emphasizing employment risks and opening the door to interest rate cuts. He also announced an adjustment to the Fed's monetary policy framework [5]. - **Trend strength**: Gold trend strength is 1 [8]. Silver - **Fundamental data**: Yesterday, the closing prices of Comex silver 2510 and London silver spot rose by 2.07% and 1.85% respectively. The trading volume of Comex silver 2510 increased by 10,840 [5]. - **Trend strength**: Silver trend strength is 1 [8]. Copper - **Fundamental data**: Yesterday, the closing prices of the Shanghai copper main contract and LME copper 3M electronic disk rose by 0.18% and 0.77% respectively. The inventory of Shanghai copper decreased by 1,009 tons, and the LME copper inventory decreased by 375 tons [10]. - **Macro and industry news**: Powell announced an adjustment to the Fed's monetary policy framework. Canada will cancel multiple retaliatory tariffs against the US starting in September. Codelco restarted the smelter at the El Teniente copper mine and lowered its copper output target for this year [10][12]. - **Trend strength**: Copper trend strength is 0 [12]. Zinc - **Fundamental data**: Yesterday, the closing prices of the Shanghai zinc main contract and LME zinc 3M electronic disk rose by 0.16% and 1.39% respectively. The Shanghai zinc futures inventory increased by 503 tons, and the LME zinc inventory decreased by 1,300 tons [13]. - **News**: Powell signaled dovishness and announced an adjustment to the Fed's monetary policy framework [14]. - **Trend strength**: Zinc trend strength is 0 [15]. Lead - **Fundamental data**: Yesterday, the closing prices of the Shanghai lead main contract and LME lead 3M electronic disk rose by 0.21% and 1.12% respectively. The Shanghai lead futures inventory decreased by 476 tons, and the LME lead inventory decreased by 6,550 tons [16]. - **News**: Powell announced an adjustment to the Fed's monetary policy framework. Canada will cancel multiple retaliatory tariffs against the US starting in September [16]. - **Trend strength**: Lead trend strength is 0 [16]. Tin - **Fundamental data**: Yesterday, the closing price of the Shanghai tin main contract fell by 0.21%, while the LME tin 3M electronic disk rose by 1.11%. The Shanghai tin inventory decreased by 205 tons, and the LME tin inventory increased by 45 tons [19]. - **Macro and industry news**: Powell signaled dovishness. China's State Council executive meeting studied measures to release sports consumption potential. The Ministry of Industry and Information Technology plans to guide the construction of computing power facilities [20]. - **Trend strength**: Tin trend strength is 1 [22]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamental data**: The closing prices of the Shanghai aluminum main contract and LME aluminum 3M rose. The domestic aluminum ingot social inventory remained unchanged, and the LME aluminum ingot inventory decreased by 0.08 million tons. The closing price of the Shanghai alumina main contract rose by 14 [23]. - **Comprehensive news**: A new Fed journalist said Powell signaled a cautious interest rate cut [25]. - **Trend strength**: Aluminum, alumina, and cast aluminum alloy trend strengths are all 0 [25]. Nickel and Stainless Steel - **Fundamental data**: The closing prices of the Shanghai nickel main contract and stainless - steel main contract decreased slightly. The trading volume of the Shanghai nickel main contract increased by 20,539 [26]. - **Macro and industry news**: Ontario, Canada, may stop exporting nickel to the US. An Indonesian nickel - iron project entered the trial production stage. There were environmental violations in an Indonesian industrial park [26][27]. - **Trend strength**: Nickel and stainless - steel trend strengths are both 0 [31].

Group 1 - The Hong Kong stock market shows a significant recovery, with strong gains in semiconductor stocks, supported by breakthroughs in domestic AI models that enhance the application of domestic chips [1] - Dongfang Securities highlights the release of DeepSeek's V3.1 version, designed for next-generation domestic chips, which is expected to promote the large-scale application of domestic AI chips in the inference market [1] - The domestic AI chip sector is experiencing continuous improvements in manufacturing processes and technical designs, providing a solid foundation for the localization of the AI computing power chain [1] Group 2 - CITIC Construction Investment believes that the domestic computing power sector is entering a window of innovation, with recent catalysts for domestic computing power chips [2] - NVIDIA has announced the launch of its Spectrum-XGS Ethernet technology aimed at connecting independent data centers to create an AI super factory with a computing capacity in the hundreds of billions [2] - As of August 25, 2023, the A-share NVIDIA industry chain index saw a rise of over 2%, with notable gains in stocks such as Zhongke Shuguang and Aobi Zhongguang [2] Group 3 - The Hong Kong Stock Connect Technology ETF has seen significant inflows, with a total net inflow of 57.96 million yuan over four days, reaching a new high of 3.33 billion yuan in total assets [3] - Major AI companies like Xiaomi, Alibaba, and Tencent account for nearly 30% of the ETF's weight, alongside core "hard tech" stocks like SMIC and Huahong Semiconductor [3] - The market liquidity is improving, with expectations of a Fed rate cut boosting global risk appetite, which may benefit the Hong Kong stock market [3] Group 4 - The Hong Kong Stock Connect Technology ETF focuses on wafer fabs and AI applications, aiming to capture opportunities in the "pure technology revolution" of the AI era [4]

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Viewpoints The report provides trend forecasts for various commodities, including precious metals, base metals, energy, agricultural products, and chemical products. Different commodities are expected to have different trends such as range - bound trading, upward trends, or downward trends [2][4]. Summary by Commodity Precious Metals - **Gold**: The JH meeting saw Powell adopt a dovish stance. Gold prices showed certain movements, with Comex gold 2510 rising 1.00% to 3417.20. The trend intensity is 1 [2][6][9]. - **Silver**: It is expected to reach the previous high. Comex silver 2510 rose 2.07% to 39.390, and the trend intensity is 1 [2][6][9]. Base Metals - **Copper**: With the dollar falling, copper prices rose. The Shanghai copper main contract rose 0.18% to 78,650, and the trend intensity is 0 [2][11][13]. - **Zinc**: It is in range - bound trading. The Shanghai zinc main contract rose 0.16% to 22275, and the trend intensity is 0 [2][14][17]. - **Lead**: Reduced inventory supports the price. The Shanghai lead main contract rose 0.21% to 16780, and the trend intensity is 0 [2][18]. - **Tin**: It is in range - bound trading. The Shanghai tin main contract fell 0.21% to 265,930, and the trend intensity is 1 [2][20][24]. - **Aluminum**: Inventory accumulation has slowed down. The Shanghai aluminum main contract closed at 20630, and the trend intensity is 0 [2][25][27]. - **Nickel**: It is in narrow - range bound trading. The Shanghai nickel main contract closed at 119,610, and the trend intensity is 0 [2][28][33]. - **Stainless Steel**: It is in short - term low - level range - bound trading. The stainless - steel main contract closed at 12,750, and the trend intensity is 0 [2][28][33]. Energy - **Crude Oil - related**: No direct crude oil analysis, but related products are covered. - **Fuel Oil**: The upward trend is obvious, and the short - term strength will continue [2][55]. - **Low - Sulfur Fuel Oil**: It is relatively weaker than high - sulfur fuel oil, and the spot price spread between high - and low - sulfur fuel oil in the outer market has a slight rebound [2][55]. - **LPG**: Import costs provide support, but the supply - demand situation lacks obvious improvement [2][51]. Chemicals - **Carbonate Lithium**: It is in wide - range bound trading, and the trend intensity is 0 [2][34][37]. - **Industrial Silicon**: Market sentiment has been boosted, and the trend intensity is 1 [2][38][40]. - **Polysilicon**: It is in range - bound trading, and the strategy is to go long on dips. The trend intensity is 1 [2][38][40]. - **PTA and PX**: They are both in an upward - trending state and suitable for positive spreads. PX rose 0.11% to 6966, and PTA rose 0.16% to 4868 [2][59]. - **MEG**: It is in an upward - trending state, rising 0.02% to 4474 [2][59]. Agricultural Products - **Palm Oil**: The negative impact of the US soybean oil SRE has been digested, and international oil prices have risen [2][63]. - **Soybean Oil**: The trading of the soybean shortage in the fourth quarter has paused, and it is in high - level range - bound trading [2][63]. - **Soybean Meal**: Overnight, US soybeans rose slightly, and the Dalian soybean meal may rebound and fluctuate [2][65]. Others - **Iron Ore**: Short - term valuation is still supported by macro and micro factors, and the trend intensity is 2 [2][41][43]. - **Rebar and Hot - Rolled Coil**: They are both in wide - range bound trading, and the trend intensities are 0 [2][44][48]. - **Silicon Ferrosilicon and Manganese Silicon**: They are in wide - range bound trading, and the trend intensities are 0 [2][49][51]. - **Coke and Coking Coal**: They are in wide - range bound trading, and the trend intensities are 0 [2][52][54]. - **Log**: It is in repeated fluctuations, and the trend intensity is 1 [2][55][58].

Core Insights - NVIDIA has launched the Spectrum-XGS Ethernet, a groundbreaking technology that enables the combination of multiple distributed data centers into a one billion watt AI super factory [1] - The Spectrum-XGS Ethernet introduces scale-across infrastructure, marking it as the third pillar of AI computing alongside scale-up and scale-out technologies [1] - NVIDIA's CEO Jensen Huang emphasized that the AI industrial revolution is here, with giant AI factories being the core infrastructure of this transformation [1] Group 1 - The Spectrum-XGS Ethernet is part of the NVIDIA Spectrum-X Ethernet platform and aims to enhance performance and scalability across distributed data centers [1] - The technology allows for the integration of data centers across different cities, countries, and even continents into a massive one billion watt AI super factory [1] - The introduction of scale-across technology is seen as a significant advancement in AI computing capabilities [1]

Core Viewpoint - The fastest chip for running full-scale DeepSeek is a domestic GPU from Moore Threads, achieving a speed of 100 tokens/s, significantly faster than foreign GPUs at 50 tokens/s and domestic counterparts at 15 tokens/s [1][4]. Group 1: Moore Threads' Achievements - Moore Threads has developed an AI super factory that goes beyond just creating faster chips, focusing on a comprehensive transformation of the entire technology stack [6][10]. - The AI super factory is not a physical chip manufacturing facility but a systemic overhaul that includes innovations in chip architecture, cluster design, and software algorithms [9][10]. Group 2: Key Components of the AI Super Factory - The AI super factory's production efficiency is defined by five core elements: generality of accelerated computing, effective chip performance, node efficiency, cluster efficiency, and cluster stability [13]. - A full-function GPU serves as the foundation of the AI super factory, evolving from basic graphics acceleration to a versatile computing platform capable of handling various AI tasks [14][16]. Group 3: MUSA Architecture - The MUSA architecture acts as the "chief designer" of the super factory, allowing for scalable and configurable chip designs that optimize resource allocation [25][26]. - MUSA's innovative design enables global resource sharing, reducing bottlenecks and improving efficiency during multi-task operations [27][29]. Group 4: Full-Stack Software System - Moore Threads has created a full-stack software system that integrates deeply with the MUSA hardware architecture, enhancing developer experience and operational efficiency [35][36]. - The software stack includes optimized drivers, core operator libraries, and tools for performance analysis, significantly improving task handling and resource utilization [41][42]. Group 5: KUAE Computing Cluster - The KUAE computing cluster is a soft-hard integrated system that extends the performance advantages of individual GPUs to large-scale deployments, enabling efficient training of massive AI models [43][44]. - The cluster supports various parallel training strategies and provides end-to-end training optimization, ensuring high performance and stability [45][46]. Group 6: Zero-Interrupt Fault Tolerance Technology - Moore Threads has developed a unique zero-interrupt fault tolerance technology that allows for continuous operation of the AI super factory, minimizing downtime and recovery costs [47][49]. - This technology enhances the overall stability and reliability of the system, ensuring high effective training time and reducing the impact of potential failures [51][52]. Group 7: Future of AI and Computing Needs - The demand for computing power is expected to grow exponentially, driven by advancements in generative AI and the need for complex task execution [54][56]. - Moore Threads aims to provide a comprehensive solution that addresses the challenges of AI model training, emphasizing the importance of stability, reliability, and efficiency in future computing [58][61].

Core Viewpoint - The CEO of SAP, Christian Klein, argues that Europe does not need to rush into building numerous data centers to compete in the AI sector, contrasting with Nvidia CEO Jensen Huang's recent statements during his visit to Europe [1][2]. Group 1: AI Infrastructure and Investment - Klein questions the necessity of constructing five data centers equipped with top-tier chips, expressing skepticism about whether this is truly what Europe needs [2]. - He highlights that large language models, which require significant energy and computational power for training, are rapidly being commercialized, as demonstrated by the Chinese company DeepMind, which claims to have surpassed leading US AI developers at a low cost [2]. - The US has announced the "Stargate" initiative, planning to invest up to $500 billion, while the EU has committed to investing €20 billion (approximately $23 billion) to build five AI "super factories" dedicated to developing and training next-generation models [3]. Group 2: Strategic Focus for Europe - Klein suggests that European industries, such as automotive and chemicals, should focus on applying AI to enhance their operations rather than trying to catch up with the US in AI infrastructure [5]. - SAP has shifted its stance and is no longer seeking to be an operator or investor in AI super factory projects, but rather aims to provide technology and software support for potential future projects [4][5]. Group 3: Changes in Perspective - Klein's current viewpoint marks a shift from earlier this year when he referred to the Stargate project as an "excellent example" for Europe and expressed strong support for a European version of the initiative during the World Economic Forum in Davos [3].

Core Viewpoint - Germany plans to apply for at least two of the five AI super factories proposed by the European Union [1] Group 1 - The German Chancellor, Merz, emphasized the importance of AI development for the country's technological advancement [1] - The initiative aligns with the EU's broader strategy to enhance AI capabilities across member states [1] - The move is expected to strengthen Germany's position in the global AI landscape [1]

Core Insights - The article discusses NVIDIA's strategic shift from being a "GPU supplier" to a "global AI infrastructure provider," aiming to create "plug-and-play" AI factories [3][25] - Huang Renxun's keynote at Computex highlighted the need for NVIDIA to present stronger plans in light of a less optimistic outlook for the GeForce RTX 5060 [1][25] Product and Technology Highlights - NVIDIA introduced several key products, including the GeForce RTX 5060 GPU, Grace Blackwell GB300 supercomputing platform, and DGX Spark desktop AI supercomputer, aimed at enhancing performance for developers and gamers [4][6] - The RTX 5060 features 3,840 CUDA cores, a 17% reduction compared to the RTX 5060 Ti, and 8GB of memory, which has sparked discussions regarding its value proposition [4][6] - The DGX Spark, designed for developers and researchers, will soon be available and is equipped with the GB10 chip [6] - The RTX 5060 showcases DLSS neural rendering technology, where only 10% of the pixels are rendered, with the remaining 90% generated by AI, demonstrating significant advancements in rendering efficiency [7] Advanced Computing Solutions - The DGX Station, an upgraded version of Spark, is referred to as a "supercomputer" and is designed specifically for modern AI-native applications, eliminating the need for traditional IT software [9] - The Grace Blackwell supercomputing platform aims for scalability, with an upcoming upgrade to the GB300 model that will enhance memory by 1.5 times and network performance by two times [11] AI Infrastructure Vision - Huang Renxun's vision includes creating a "thinking machine" and a "giant GPU," positioning NVIDIA as an "AI super factory" that supports the entire AI ecosystem [14][25] - The NVLink Fusion product allows large-scale enterprises to create semi-custom computing solutions, breaking traditional data center bottlenecks and enabling optimized system designs for specific AI workloads [16] Robotics and Digital Agents - NVIDIA continues to focus on robotics, showcasing a Disney robotic dog powered by the Newton engine, which is set to be open-sourced in July [19] - The concept of "agentic AI" is introduced, representing AI versions of various professional roles, including digital marketing managers and software engineers [21] - The NVIDIA RTX PRO server series is part of the new enterprise-level AI Factory design, aimed at providing acceleration for AI, design, engineering, and business applications [23] Future Developments - NVIDIA plans to establish a new office in Taiwan, reinforcing its commitment to expanding its presence in the AI infrastructure space [23] - The company envisions AI as a foundational infrastructure akin to the internet and electricity, with the goal of becoming a leading AI super factory [25]