大家早上壕！ 先看海外要闻： 特朗普签署行政令，再延长对华关税休战期90天。 DRAM价格改善推动盈利提升，美光全面上调第四季度业绩预期。 AMD获得美国批准向中国出口部分AI芯片。 苹果据报正准备推出一款全新超低价MacBook，以撼动笔记本市场。 国内重大事件汇总： 1、商务部发布中美斯德哥尔摩经贸会谈联合声明：自2025年8月12日起再次暂停实施24%的关税90天。 2、财政部、税务总局就《中华人民共和国增值税法实施条例（征求意见稿）》公开征求意见。 美国公布CPI数据前一日，美股涨势暂歇，纳指跌落纪录高位，止步三连涨，标普和道指回落。收盘标普500指数收跌0.25%，道指收跌0.45%， 纳指收跌0.30%。 特斯拉涨近3%、科技七巨头中独涨；美光涨超4%，英特尔涨超3%；C3.ai公布初步业绩后大跌超25%；锂矿商大涨，其中Sigma Lithium涨22%。 纳斯达克金龙中国指数收跌0.29%，文远知行收跌超4.2%，理想跌2.9%，大全新能源涨超3.2%，小鹏涨超5.8%。 美元指数反弹至一周来高位。上周五创盘中历史新高后，期金一度跌近3%。原油盘中跌超1%后转涨，美油脱离两月来收盘低位。 11 ...

Investment Rating - The report maintains a "Buy" rating for Wiwynn Corporation with a target price of TWD3,400, implying approximately 32.8% upside from the current price of TWD2,560 [4][21][22]. Core Insights - The report highlights stronger growth in ASIC servers compared to GPU servers, with expectations for continued momentum into the second half of 2025 [2][7]. - Major PC ODMs experienced a significant pull-in in notebook shipments in June 2025, with a 22% month-over-month increase and an 11% quarter-over-quarter rise, exceeding previous guidance [1][3]. - The overall outlook for notebook shipments in the second half of 2025 remains cautious due to unclear consumer demand, with a forecasted year-over-year growth of only 3% [3][4]. Summary by Sections ASIC Server Outlook - The demand for ASIC servers is expected to strengthen in the second half of 2025, particularly driven by AWS's Trainium 2 servers, with a forecast of sequential double-digit growth in rack shipments [2][4]. - The yield rate for GB200 server rack assembly is anticipated to improve from below 50% in the second quarter of 2025 to 60-70% in the second half of 2025 [2]. Notebook Market Analysis - The early pull-in of notebook shipments is largely completed, with a muted growth outlook for the second half of 2025 due to ongoing consumer demand uncertainty [3][4]. - The report estimates a 1% quarter-over-quarter increase in notebook shipments for the third quarter of 2025, which is below seasonal norms [3]. Stock Recommendations - Wiwynn is favored due to its strong revenue outlook supported by accelerating ASIC server shipments, with Oracle expected to contribute 7% to Wiwynn's revenue in 2025 [4][7]. - The report emphasizes the potential for additional upside from Oracle beyond 2025, driven by market share shifts and an expanding addressable market [4].