在美国总统特朗普宣布征收大规模关税并由此引发的市场波动致使交易活动停滞数周之后，一些公司如 今终于找到了达成交易的有利时机。分析人士表示，企业或许也正借此机会进军英国市场，因为若美元 进一步贬值或英镑升值，未来交易成本将会增加。 IonQ首席执行官Niccolo de Masi表示，除了英国的人才资源外，地缘政治背景也让这笔交易更具吸引力 ——因为各国政府都希望建立更多的"主权量子网络"。该公司于周一宣布以10.8亿美元收购英国量子计 算公司Oxford Ionics。de Masi表示："人们希望产品能就地供应，也希望产品能来自本地。" 据Peel Hunt称，今年截至目前，已有30家英国公司接受了收购要约，这些公司的估值均超过1亿英镑(约 合1.3544亿美元)，而去年同期这一数字为26家，2024年全年则为45家。 截至目前已公布的交易总额达240亿英镑，而去年同期的交易总额为360亿英镑。去年同期的交易总额之 所以较高，是因为其中包含了一些规模较大的交易，比如国际纸业公司(IP.US)以71亿美元收购D.S Smith。 多年来英国股票市场的资金大量外流，导致英国公司的估值低于在其他欧洲或美国交易所上 ...

Core Viewpoint - Ren Zhengfei's recent interview highlights that Huawei is not as formidable as perceived, especially in the context of U.S. sanctions on its Ascend chips, suggesting that the company is just one of many Chinese chip manufacturers [1][3][4] Group 1: U.S. Sanctions and Huawei's Position - The U.S. sanctions on Huawei's Ascend chips stem from concerns over China's potential advancement in AI technology, similar to the pressure faced due to Huawei's 5G leadership [3] - Ren Zhengfei believes that the U.S. has overestimated Huawei's significance, asserting that the company is merely a "shield" in the broader context of U.S.-China tech competition [4] - Despite the challenges, Huawei has maintained a low profile and focused on innovation rather than excessive publicity, which has contributed to its resilience over the past seven years [6] Group 2: Perceptions of Huawei's Technological Capability - There is a debate regarding the actual technological gap between China and the U.S. in AI chips, with Ren suggesting a significant difference, while South Korean media argue that the gap is not as pronounced [7] - Huawei's substantial R&D investment, totaling 1.249 trillion yuan over the past decade, has raised concerns among competitors like Samsung, indicating Huawei's commitment to innovation [8] - The company's ability to innovate under pressure, exemplified by the development of Kirin and Ascend chips, showcases its research strength despite external challenges [10] Group 3: Ren Zhengfei's Leadership and Outlook - Ren Zhengfei's optimistic attitude and resilience in the face of adversity have been pivotal for Huawei, allowing the company to thrive despite significant external pressures [12] - The changing global landscape necessitates a more respectful and equal approach towards China for potential collaboration and mutual benefit [12]

Group 1: US-China Trade Talks - The first meeting of the US-China trade negotiation mechanism took place in London, led by Chinese Vice Premier He Lifeng and US Treasury Secretary Janet Yellen, among others [2] - Both sides engaged in candid and in-depth discussions, reaching a principled consensus on key economic and trade issues [2] - The meeting aimed to implement the important consensus from the June 5 call between the two countries' leaders and to consolidate the outcomes of the Geneva trade talks [2] Group 2: Automotive Industry Developments - Several automotive companies, including Dongfeng Motor and China FAW, announced a unified payment term for suppliers to within 60 days [3] - This initiative is intended to support the healthy development of small and medium-sized enterprises in line with national policy [3] Group 3: IP Retail Market Growth - China has become the fourth largest IP retail market globally, with an annual retail sales total of 155.09 billion yuan in 2024, reflecting a year-on-year growth of 10.7% [4] - The IP derivative market in China is expected to exceed 100 billion yuan by 2027, with a compound annual growth rate of over 20% [4] Group 4: AI Development Initiatives - Liaoning Province has issued a plan to promote AI innovation, aiming to establish a collaborative development model by 2027 [5] - The plan includes building a computing power infrastructure with a scale of over 5000 PFLOPS and nurturing over 300 AI enterprises [5] Group 5: New Product Launches - Huawei launched the Pura80 series smartphones, featuring HarmonyOS 5.1 and starting prices of 6499 yuan for the Pro model and 9999 yuan for the Ultra model [6] - Alibaba's Qwen3-Embedding model topped the global open-source model rankings, indicating strong interest in AI models [7] Group 6: Corporate Restructuring and Financial Updates - Li Auto announced the establishment of two new robot departments to accelerate its AI strategy [9] - The founder of Pang Donglai projected a net profit of 1.5 billion yuan for the company in 2025, with an average monthly income of 9000 yuan for employees [10] - Marelli Corp filed for Chapter 11 bankruptcy protection in the US and secured $1.1 billion in new financing [14] Group 7: Market and Economic Indicators - The US manufacturing sector is under significant supply pressure due to a shortage of rare earth materials, with current inventories only sufficient for two to three months [11] - Tesla's Robotaxi project is set to launch in Austin, Texas, on June 22, with potential adjustments to the timeline [12] - Qualcomm has established an AI research center in Vietnam, focusing on generative and agent-based AI solutions [13]

神译局是36氪旗下编译团队，关注科技、商业、职场、生活等领域，重点介绍国外的新技 术、新观点、新风向。 编者按：人从本质上讲是感性动物，很多决策并不是理智行为的结果。哪怕是历史上看似非常重要的一 些决策，亦是如此。决策带有偶然性，且人的因素会在其中起很大的作用。本文来自编译，希望对您有 所启发。 讲几个关于"重大决策"的故事。 1964年，沃伦·巴菲特（Warren Buffett）持有一家前景黯淡的老牌工业公司的股票。 该公司的首席执行官认为，巴菲特的购买行为威胁到了他的工作保障，并提出以溢价回购股票。巴菲特 也急于出售，因为他已经厌倦了眼睁睁地看着企业陷入困境。 两人达成了一项协议，该公司将以每股11.5美元的价格收购巴菲特的全部股票。 巴菲特在正式达成交易后不久就收到了一封信。公司仍将购买他的全部股票，但价格为每股 11.375美 元。 巴菲特回忆说："这真的让我火冒三丈。这个家伙试图压价0.125美元，还告诉我这就是交易。" 巴菲特当面质问这位首席执行官，后者却坚称双方从未达成任何协议。这让他更加愤怒。 因此，巴菲特没有卖出，而是开始尽可能多地买进该公司的股票。他最终购买了该公司超过三分之一的 股份。 ...

Core Viewpoint - Chengdu Huamei has officially launched a fully autonomous, forward-designed 4-channel, 12-bit high-speed, high-precision A/D converter, setting a new benchmark for domestic high-speed, high-precision ADCs and achieving a technological breakthrough in RF direct sampling high-speed ADC chips [1] Company Summary - The newly released product surpasses various core indicators of both domestic and international counterparts [1] - The product is widely applicable in fields such as phased array radar, wireless communication, high-end instruments, and electronic devices, garnering significant attention from the industry [1] Industry Summary - The launch of this product defines a new industry standard for domestic high-speed, high-precision ADCs [1] - The technological advancements represented by this product are expected to influence the competitive landscape within the ADC market [1]

Group 1 - Qualcomm has established an artificial intelligence research center in Vietnam [1] - The research will focus on advancing generative and agent-based AI solutions in smartphones, personal computers, XR (extended reality), automotive, and IoT applications [1]

直到现在，特朗普还没有意识到中国正在超越美国。 看着特朗普第二任期统治下的美国，美国媒体已经开始着急，他们发出提醒，希望特朗普政府能够重视 起来，不要再继续错误行为了。 特朗普二次"入宫"的政策，真的错了吗？ 从特朗普上台开始，他的核心只有一个：利益。他喊着"MAGA（让美国再次伟大）"的口号，做的全是 让自己赚得盆满钵满的事情。 上任前两个月，特朗普践行自己在竞选时期的承诺：改善国内非法移民的情况、签署各种政令、与马斯 克一起，对各部门下手，做的是"节流"的事情、推动俄乌停火等等。 本以为特朗普此任期真的会就"MAGA"展开行动，然而，上任的第三个月，特朗普就暴露了自己的目 的。 就连特朗普所在的共和党，内部也出现了不赞同的声音。更别说这项政策给美国带来了严重的危机，许 多铁杆盟友因此开始考虑这段关系。 简而言之，关税能够给美国带来多少收入暂且不论，特朗普政府已经开始在短短几个月时间内遭受内外 夹击了。 对于特朗普政府来说，唯一超出其预料的就是中国。中国从推出"对等关税"开始就持强烈反对态度，但 特朗普也认为，中国虽然反对，但迟早会接受自己的政策。 他发动了关税战，称关税会让美国好起来，还喊话希望美国民众" ...

据日经新闻：本田将投资日本先进芯片制造商Rapidus，计划在2025/26财年下半年进行快速投资。 ...

Market Overview - The Hong Kong stock market experienced a collective drop in the afternoon, with the Hang Seng Index closing down 0.08% at 24,162.87 points and a total turnover of HKD 250.34 billion [1] - The Hang Seng Tech Index fell by 0.76%, while the Hang Seng China Enterprises Index decreased by 0.15% [1] - CICC noted that despite the need for overall recovery in China, there are structural highlights in the macro and market environment, making Hong Kong stocks advantageous for stable returns and structural opportunities in new consumption, AI technology, and innovative pharmaceuticals [1] Blue Chip Performance - China Hongqiao (01378) led blue-chip stocks with a rise of 4.83% to HKD 15.2, contributing 3.15 points to the Hang Seng Index [2] - BYD (01211) increased by 3.71%, contributing 28.49 points, while Hansoh Pharmaceutical (03692) rose by 3.59% [2] - Li Auto (02015) fell by 2.75%, dragging down the index by 7.25 points, and Galaxy Entertainment (00027) dropped by 2.22%, contributing a decline of 2.57 points [2] Sector Highlights Innovative Pharmaceuticals - The innovative drug sector continued its upward trend, with notable gains from companies like Crystal Pharma (02228) up 16.7% and Lepu Biopharma (02157) up 11.5% [3] - The State Council issued opinions to improve the basic medical insurance drug catalog, which is expected to enhance the demand for innovative drugs [3] - Analysts believe that the biotech sector's valuation recovery is largely complete, with strong market liquidity and robust corporate earnings expected to drive continued interest [3] Aviation Stocks - Major Chinese airlines saw positive performance, with China Eastern Airlines (00670) up 4.08% and China Southern Airlines (01055) up 3.39% [4] - Citigroup maintained a "buy" rating on the three major Chinese airlines, citing a more balanced supply-demand outlook and stable domestic ticket prices [4] - Target prices for China Southern Airlines and China Eastern Airlines were adjusted upward, reflecting positive market sentiment [4] Shipping Sector - The shipping sector benefited from increased trade demand, with Shanghai's export container settlement price index rising by 29.5% [5] - Analysts noted that ongoing tariff uncertainties and economic expectations will influence the sustainability of shipping demand in the coming years [5] Gaming Sector - The gaming sector showed mixed results, with some stocks like Galaxy Entertainment declining while others like SJM Holdings (00880) rose by 6.25% [6] - The Macau government announced the end of operations for several satellite venues by the end of the year, impacting revenue expectations for certain companies [6] Notable Stocks - Dekang Agriculture (02419) reached a new high, closing up 8.3% with significant sales figures reported [7] - New City Development (01030) surged by 7.18% amid news of a planned USD bond issuance [8] - Longpan Technology (02465) rose by 6.47% as interest in solid-state batteries continues to grow [9] New Listings - Rongda Technology (09881) debuted strongly, closing up 42% at HKD 14.2, focusing on AIDC solutions [10] - New Qian'an (02573) also performed well, rising 21.43% with a focus on food additives [11]

台积电5月营收飙升39.6%，因人工智能需求强劲 金十数据6月10日讯，客户包括英伟达(NVDA.O)和苹果(AAPL.O)的主要芯片制造商台积电(TSM.N)公布 5月份营收增长39.6%至3205亿新台币（合107亿美元），此前，许多公司囤积芯片以应对日益加剧的贸 易不确定性。作为对比，4月份的营收增幅为48%。分析师平均预计台积电第二季度营收将增长39%。 虽然5月份的销售看起来相对健康，但较4月份下降了8.3%。台积电首席执行官魏哲家上周重申，公司 预计到2025年，以美元计算，营收将增长20%左右。他告诉股东，人工智能芯片仍供不应求。上个月， 英伟达发布了稳健的销售预测，称人工智能计算市场仍将呈指数级增长，缓解了投资者的担忧。 ...