2025年7月18日星期五 ➢ 美国国会通过稳定币法案；美对 中国石墨征高关税。A股午后拉升。 上证指数涨0.37%报3516.83点，深 证成指涨1.43%，创业板指涨1.76%。 航天航空、制药板块涨幅居前。 港股弱势震荡。香港恒生指数收 跌0.08%报24498.95点，恒生科技 指数涨0.56%，恒生中国企业指数 跌0.09%。创新药高歌猛进。大盘 成交额2364.125亿港元。外盘方面， 欧洲三大股指收盘全线上涨。美 国三大股指全线收涨，道指涨 0.52%，标普500指数涨0.54%，纳 指涨0.74%。美国国会通过稳定币 法案。美国商务部拟对中国产石 墨征收93.5%的反倾销关税，电动 汽车供应链料受影响。 | 24498.95 | -0.08 | 23.24 | | --- | --- | --- | | 8853.10 | -0.09 | 22.64 | | 5448.85 | 0.56 | 23.51 | | 127.65 | 0.16 | -11.29 | | 3516.83 | 0.37 | 5.08 | | 10873.62 | 1.43 | 4.72 | | 4034.49 | 0. ...

7月17日通信ETF、创业板人工智能ETF震荡走高，分别收涨3.89%、3.04%。 资料来源：wind 消息面上，台积电公布Q2业绩，第二季度营收和净利润均创下历史新高，超出市场预期。从下游看，HPC和Smartphone分别占比60%和27%，分别环 比增长14%、7%。台积电作为英伟达等GPU厂商的主要代工企业，同步受益了Q2英伟达GB200的放量。台积电Q2的HPC环比增长14%，占比也进一 步提升，证明了GPU及ASIC等需求旺盛。此外，消费电子Q2收入环比增加7%。下半年是消费电子传统旺季，Q2收入增长反映了较好的销量预期和 备货需求。 投资人应当充分了解基金定期定额投资和零存整取等储蓄方式的区别。定期定额投资是引导投资人进行长期投资、平均投资成本的一种简单易行的 投资方式。但是定期定额投资并不能规避基金投资所固有的风险，不能保证投资人获得收益，也不是替代储蓄的等效理财方式。 无论是股票ETF/LOF基金，都是属于较高预期风险和预期收益的证券投资基金品种，其预期收益及预期风险水平高于混合型基金、债券型基金和货 币市场基金。 基金资产投资于科创板和创业板股票，会面临因投资标的、市场制度以及交易规则等 ...

Group 1 - The third China International Supply Chain Promotion Expo is being held in Beijing from July 16 to July 20, showcasing over 650 companies and advanced technologies in AI, robotics, chips, and XR [1][3] - NVIDIA's founder, Jensen Huang, praised China's supply chain as a "miracle," highlighting its comprehensive layout and advanced technology, which plays a significant role in the global supply chain [1][3] - The digital technology exhibition area featured over 20 humanoid robots, demonstrating the integration of AI technology into various consumer electronics and applications for smart cities and factories [1][3] Group 2 - The expo emphasized collaboration between upstream and downstream supply chain enterprises, with Apple showcasing production lines instead of its products, alongside major semiconductor companies like NVIDIA, Intel, Qualcomm, and Micron [3][31] - The humanoid robot density was notably high, with various robots engaging with attendees, including the Galbot G1 from Galaxy General, which interacted with prize-winning visitors [4][5] - Companies from Hubei, Zhejiang, and Guangdong presented their humanoid robot technologies, showcasing a robust supply chain with over 80 core enterprises in Hubei alone [13][11][12] Group 3 - AI was a central theme at the expo, with Alibaba's DingTalk introducing AI spreadsheet features and 1688 launching AI digital employees to assist small businesses [18][20] - Lenovo showcased multiple "super intelligent" products for government, enterprise, and personal use, while Inspur presented AI solutions for various applications [20][22] - The expo featured innovative consumer electronics, including Lenovo's transparent screen laptop and HP's latest AI business laptop, highlighting the vibrant consumer electronics market [28][39] Group 4 - Major semiconductor companies participated, with NVIDIA not displaying its popular GPUs but showcasing solutions utilizing its technology, including AI workstations and the Spectrum-X switch [46][48] - Qualcomm presented 12 smartphones powered by its Snapdragon 8 platform, while Intel showcased AI PCs using its second-generation Core Ultra processors [49][50] - Domestic chip manufacturers like Hezhima and Wan Youying presented their products, indicating a growing focus on local production and innovation in the semiconductor industry [53][54] Group 5 - The expo illustrated the rapid development of AI technology in China, with a strong emphasis on integrating AI into product design, manufacturing, and sales processes [56] - Huang's positive outlook on the Chinese robotics industry was supported by the expo's demonstrations of humanoid robots and the collaborative efforts of upstream and downstream enterprises [56]

金十数据整理：每日科技要闻速递（7月18日） 人工智能： 其他： 1. OpenAI宣布推出ChatGPT代理。 2. 美媒：特朗普将颁布AI相关政令，确保AI政治中立。 3. 黄仁勋：人工智能下一个浪潮是物理AI。 4. 字节视觉大模型负责人杨建朝今日内部官宣休息，周畅接任。 5. 马斯克证实：特斯拉车载Grok将迎来"Hey Grok"语音唤醒功能。 1. 京东回应外卖"0元购"大战：完全没参与。 2. 追觅被曝将入局充电宝赛道，采用固态电池技术。 3. 上海脑机接口技术取得突破：10例受试者实现"意念说话"。 4. 上海宣布筹建开放计算系统研究院，并发布RISC-V生态街区。 5. 我国火箭院建成大型洁净气浮微重力实验室，具备空天操控领域多功能试验能力。 6. 消息称闪迪放弃500+亿美元在美大型晶圆厂建设投资项目。 7. 台积电二季度净利润3982.7亿新台币同比增长60.7%，3纳米营收占比24%。 ...

Core Viewpoint - Fine M-Tec announced an investment of approximately 175 billion Korean Won to expand its precision laser capacity in response to the growing foldable phone market, with the investment period from July 17, 2025, to January 20, 2027 [1] Group 1 - The announcement aligns with previous predictions that Apple will use laser drilling technology for the display metal plates of its foldable iPhone due to higher requirements for a seamless design [1] - Samsung is expected to launch the new foldable phone Galaxy Z Fold 8 in the second half of 2026, which will also utilize higher-priced laser-drilled display metal plates to compete with the foldable iPhone, with Fine M-Tec as the exclusive supplier, enhancing its ASP/profit margins significantly in 2026 [1] - Fine M-Tec's investment for the foldable iPhone is not yet complete, indicating that further investment announcements are anticipated [1]

Core Viewpoint - Shenzhen Zhihui Precision Technology Co., Ltd. has proposed a 2025 Restricted Stock Incentive Plan to enhance its long-term incentive mechanism, attract and retain talent, and align the interests of shareholders, the company, and employees [10][11]. Summary by Sections Incentive Plan Overview - The incentive plan will grant a total of up to 11 million shares, accounting for approximately 4.22% of the company's total share capital of 260.62422 million shares [3][17]. - The plan includes two types of restricted stocks: Type I and Type II, with Type I comprising 2.5275 million shares (0.97% of total capital) and Type II comprising 8.4725 million shares (3.25% of total capital) [4][18]. Stock Grant Details - The grant price for both types of restricted stocks is set at 6.30 yuan per share [4][26]. - The first grant will consist of 8.8 million shares, with 2.5275 million shares for Type I and 8.4725 million shares for Type II [3][4]. Eligible Participants - A total of 215 individuals will be eligible for the incentive plan, including senior management, core technical personnel, and core business personnel, with 5 foreign employees and 1 employee from Hong Kong included [6][14]. - Independent directors and supervisors are excluded from being incentive participants [7][15]. Plan Management and Approval - The plan requires approval from the company's shareholders' meeting before implementation [8]. - The board of directors will manage the execution of the plan, with a Compensation and Assessment Committee overseeing its compliance and effectiveness [12][13]. Conditions and Adjustments - The plan stipulates that any changes in the company's capital structure, such as stock dividends or capital increases, will lead to adjustments in the number and price of restricted stocks granted [19][24]. - The plan includes provisions for the repurchase and cancellation of unvested stocks if participants no longer meet eligibility criteria [16][19]. Vesting and Lock-up Periods - The vesting period for Type I restricted stocks is a maximum of 60 months, with specific unlock schedules based on the grant date [20][21]. - Type II restricted stocks will be granted based on the fulfillment of specific conditions, with vesting occurring in stages [17][22]. Compliance and Legal Framework - The plan adheres to relevant laws and regulations, including the Company Law and Securities Law, ensuring that it does not violate any provisions that would disqualify the company from implementing stock incentives [11][12].

Core Viewpoint - Anker Innovation Technology Co., Ltd. is currently conducting research and analysis on equity financing in the Hong Kong capital market, indicating a strategic move to explore opportunities for listing in Hong Kong [1] Group 1: Company Actions - Anker Innovation has announced its intention to study equity financing options in Hong Kong [1] - The company is part of a growing trend of A-share companies seeking listings in Hong Kong, with 10 companies having done so in the year to date [1] Group 2: Market Trends - The number of companies listed simultaneously on both A-share and Hong Kong markets (A+H companies) has reached 160 [1] - Market analysts believe that with policy support, the synergistic effects between the mainland and Hong Kong markets will be further realized, suggesting a continuation of the trend for companies to list in Hong Kong [1]

Core Insights - The article discusses how hardware manufacturers, particularly HP, are transforming their devices into advertising platforms to capture advertising budgets in a saturated market [1][2][5]. Group 1: Advertising Platform Development - HP has launched the "HP Media Network," which covers over 100 million devices and reaches 830 million monthly active users globally, with 160 million monthly active users in the U.S. alone [3][4]. - The network is expanding by approximately 2 million devices each month, indicating a steady growth in its advertising reach [3]. Group 2: Advertising Offerings - HP is selling various advertising products, including system-level native ads (like "Toast" notifications), brand exposure through email and social media, and partnerships with ad tech companies for external placements [4]. - The "Toast" ad format achieved over 5 million impressions and a 2.6% click-through rate during the 2024 holiday season, showcasing its effectiveness [4]. Group 3: Market Context and Competition - HP's entry into the advertising space reflects a broader trend among device manufacturers facing stagnation in traditional PC sales, particularly against competitors like Apple and Lenovo [5][6]. - Samsung's advertising platform has already generated significant revenue, indicating the potential profitability of this model for hardware manufacturers [5]. Group 4: User Engagement and Data Utilization - With increased usage of PCs for streaming and remote work, HP estimates users spend over 3 hours daily on their devices, creating a natural environment for advertising [6]. - HP's ability to collect first-party data allows for precise targeting of ads based on user behavior, enhancing the effectiveness of advertising campaigns [7]. Group 5: Future Implications - The shift towards advertising on devices may redefine the user experience, potentially transforming PCs into platforms with algorithmic recommendations and interactive ads [8]. - HP's strategy indicates a move towards a closed-loop ecosystem combining devices, content, and advertising, positioning itself as more than just a hardware manufacturer [9].

Core Viewpoint - Wentech Technology has announced a strategic shift away from its consumer electronics ODM business, following its inclusion on the Entity List, and is now focusing entirely on the semiconductor sector [1][8][12] Group 1: Strategic Shift - The company has initiated a comprehensive divestiture of its core domestic manufacturing assets related to consumer electronics, with the process expected to be completed by July 2025 [1][6] - The divestiture includes production lines, R&D teams, sales channels, and customer resources associated with smartphones and tablets, marking a complete exit from the ODM field [1][8] - A significant management overhaul has occurred, with four original executives leaving and three experienced professionals from Nexperia Semiconductor taking their places, indicating a strong commitment to the semiconductor business [1][10] Group 2: Financial Performance - Wentech Technology's financial results for the first half of 2025 are projected to show a net profit of 390 million to 585 million yuan, representing a year-on-year increase of 178% to 317% [1][9] - The company has reported a significant turnaround in its semiconductor business, with revenue growth exceeding 8% in the first quarter and double-digit growth in the second quarter [9][11] - The divestiture strategy is expected to enhance profitability, as the company transitions from losses in its product integration business to gains in the semiconductor sector [9][12] Group 3: Market Position and Future Outlook - The semiconductor business has shown strong growth, particularly in automotive applications, with over 60% of revenue coming from automotive-grade products [11] - The company is experiencing robust demand in various regions, including a 30% growth in automotive business in China and a recovery in inventory levels in Europe [11][12] - Analysts emphasize the importance of strategic autonomy for the company, suggesting that its focus on technology and product positioning will help build a competitive edge in the long term [12][13]

Core Viewpoint - The article draws a parallel between Kodak's failure to adapt to digital technology and Apple's current challenges in the face of the AI revolution, suggesting that Apple may be experiencing its own "Kodak moment" as it grapples with the implications of AI on its business model and product strategy [2][5][10]. Group 1: Historical Context - Kodak's management buried the invention of the first digital camera in 1975 due to fear of disrupting its film-based business, leading to its eventual bankruptcy in 2012 [2]. - Nokia, once a dominant player in the mobile phone market with a 40.5% share in 2007, failed to innovate effectively due to its closed operating system, which hindered its ability to adapt to the smartphone revolution initiated by the iPhone [3]. Group 2: Current Challenges for Apple - Apple's AI strategy, particularly with the release of Apple Intelligence, is perceived as lagging behind competitors like Microsoft and Google, which have adopted more open and flexible approaches to AI development [5]. - The company's traditional hardware-centric revenue model, with iPhone hardware accounting for 51.45% of total revenue in 2024, conflicts with the software and service-oriented nature of AI, raising questions about the sustainability of its business model [5]. Group 3: Internal Dynamics - Significant executive turnover at Apple, including the departure of key figures such as the Chief Human Resources Officer and Chief Financial Officer, raises concerns about the company's commitment to AI investment and strategic direction [8]. - The AI team's turnover rate at Apple reached 34% in 2024, significantly higher than Google's 15.1%, indicating a talent drain to more aggressive AI startups [8]. Group 4: Comparative Analysis - The speed of AI adoption is much faster than that of smartphones, with AI penetration reaching 35% in under three years compared to nine years for smartphones to reach 40% [12]. - The estimated cost to establish a leadership position in AI exceeds $20 billion, highlighting the increased financial burden on traditional tech giants compared to the $12 billion required for smartphone ecosystems [12]. Group 5: Future Implications - The potential for AI to diminish the importance of specific hardware brands poses a fundamental challenge for Apple, as the loyalty to hardware may decline if AI assistants can operate seamlessly across devices [12].