Investment Rating - Industry rating: Recommended [1] Core Insights - The Nintendo Switch 2 was officially launched on June 5, leading to a buying frenzy overseas due to pent-up demand for the upgraded gaming console [2] - The first week of pre-orders has set records, with over 1.2 million units locked in Japan, surpassing the initial sales records of previous consoles [3] - Nintendo has increased its monthly production from 2 million to 3 million units to meet the unexpected demand, although supply shortages are still anticipated [4] - Concerns about competition in the handheld market have not significantly impacted sales, as a substantial portion of Switch users are new to Nintendo devices, indicating a strong foundational user base [5] Summary by Sections Event Overview - The launch of Nintendo Switch 2 has generated significant excitement, with reports of supply shortages due to high demand [2] Analysis and Judgment - The first week of pre-orders has broken records, indicating that Switch 2 could become the highest-selling gaming console in history, potentially surpassing the PS2's 160 million units [3] - Despite increased competition in the handheld market, the unique appeal of the Switch and its user demographics suggest a solid market position [5] Investment Recommendations - Given the strong demand for Nintendo Switch 2 amidst a low consumer electronics demand environment, related supply chain companies are expected to benefit significantly [6]

Group 1 - The core argument revolves around the ongoing debate about the Nintendo Switch 2, which is priced at 3000 yuan and has hardware that is considered five years behind the times, yet its sales may still perform well due to exclusive games [1][3][39] - Nintendo's strategy with the Switch 2 is primarily about maintaining its market position rather than innovating, focusing on exclusive titles like Mario, Zelda, and Pokémon to drive sales [5][6][8] - Despite criticisms regarding its launch lineup, the Switch 2 has generated significant pre-order interest globally, indicating strong market demand [9][10] Group 2 - Sony is reportedly developing a next-generation handheld console that will be able to run games locally, unlike the current PlayStation Portal, which only streams games [14][15] - The new Sony handheld is expected to target a more hardcore gaming audience, contrasting with Nintendo's broader market approach [18][19] - Microsoft is shifting its focus from developing a dedicated Xbox handheld to optimizing Windows 11 for gaming, indicating a strategic pivot towards software and services rather than hardware [22][27] Group 3 - The competition for Nintendo is not just from other gaming consoles but also from mobile gaming, which has significantly impacted the gaming landscape [40][41] - Nintendo aims to expand its gaming ecosystem to attract a wider audience, including casual gamers who may prefer mobile gaming experiences [42][44] - The company has diversified its revenue streams beyond gaming, positioning itself as an entertainment company while maintaining a strong focus on delivering enjoyable gaming experiences [49][50]

Seeking Alpha 分析师Bernard Zambonin表示："如果 Switch 2 的销量能达到或超过其前身(该产品销量超 过 1.5 亿台)的水平，那么像英伟达这样的供应商(其提供定制的 Tegra 239 芯片)的嵌入式系统业务可能 会得到提升，尽管这一业务在营收规模上仍远低于数据中心或游戏显卡业务。"Switch 2 还配备了由 SK 海力士提供的 UFS 存储设备，以及来自联发科的 Wi-Fi/蓝牙接收器。 英伟达表示，这款新游戏机在电视模式下支持高达 4K 游戏，在手持模式下支持 1080p 游戏并能达到 120 帧每秒的帧率。该设备还支持HDR以及人工智能图像放大技术，以增强画面效果并提升游戏流畅 度。其图形处理性能是第一代 Switch 的 10 倍。 Seeking Alpha 分析师Michael Del Monte表示："英伟达的产品似乎在任天堂 Switch 2 中最为丰富。对比 任天堂 Switch OLED 和 Switch 2 的配置，我有理由相信这款游戏机在市场上产生的影响可能没有人们 想象的那么大，尤其是在对比显示质量方面。尽管 英伟达在新设备中提供了更多的内容， ...

Core Insights - Nintendo's new console, Switch2, officially launched on June 5, generating significant consumer excitement and demand [1][2] - JD Global Purchase facilitated rapid delivery of the Switch2 to various cities across China, enhancing customer experience [1][2] Group 1: Product Launch and Consumer Response - The Switch2 was available for delivery at midnight on June 5, with early adopters in cities like Beijing, Shanghai, and Guangzhou receiving their consoles promptly [1] - Over 400,000 pre-orders for the Switch2 were recorded on JD before the official launch [2] Group 2: Sales and Promotions - JD Global Purchase is currently running promotions during the 618 shopping festival, offering discounts and exclusive deals on international brands [2] - Consumers can access special pricing and benefits by searching for "switch2 global purchase" on the JD app [2]

Core Viewpoint - The newly released Nintendo Switch 2 features significant upgrades in design, display, and gaming experience compared to its predecessor, the Switch OLED, making it a compelling option for gamers seeking enhanced performance and exclusive titles [1][25]. Design and Display - The Switch 2 maintains the classic red packaging and has a more compact design, with a larger screen size of 7.9 inches compared to the previous 7 inches, while the thickness remains relatively unchanged [2][4]. - The LCD screen of the Switch 2 offers vibrant colors and supports HDR and high refresh rates, providing a noticeable improvement in display quality over the Switch OLED [7]. Controller Enhancements - The new Joy-Con 2 controllers feature a magnetic design for better attachment and ease of detachment, addressing previous issues with joystick drift and improving overall user experience [10][11]. Gaming Experience - The launch title, "Mario Kart World," introduces an open-world format, enhancing gameplay freedom and visual performance [16]. - Upgraded versions of classic games, such as "The Legend of Zelda," show significant graphical improvements, with stable frame rates and enhanced detail [17]. - The Switch 2 can run high-profile titles like "Hogwarts Legacy" at 1080P and 30 frames per second in handheld mode, showcasing a leap in performance compared to the original Switch [19][21]. Battery Life - The battery life of the Switch 2 is less impressive, with approximately 25% battery consumption after 30 minutes of gameplay, resulting in a total playtime of just over two hours for high-performance games, which is a decline from the previous model's four-hour battery life [24]. Target Audience - The Switch 2 is recommended for players who own only one gaming console, fans of Nintendo's exclusive titles, and those seeking a high-performance handheld gaming device at a reasonable price [25].

Core Viewpoint - Nintendo has partnered with Samsung to produce the core chips for the upcoming Switch 2, aiming to significantly increase production and exceed sales expectations of 20 million units by March 2026 [1][3]. Group 1: Nintendo's Strategy and Sales Expectations - Nintendo expects to ship over 20 million units of Switch 2 by March 2026, which is significantly higher than previous estimates [1]. - The company has received 2.2 million pre-orders in Japan alone, indicating strong market demand [3]. - Nintendo's president, Shuntaro Furukawa, stated that the primary goal is to match the initial sales performance of the original Switch, which sold approximately 15 million units in its first 10 months [4]. Group 2: Samsung's Role and Competitive Landscape - Samsung is utilizing 8nm technology to manufacture custom chips for Switch 2, which could enhance its chip foundry's equipment utilization and expand its business [1]. - The collaboration with Nintendo is seen as a significant recognition of Samsung's chip foundry business, which aims to become a major pillar alongside its memory business [1]. - Samsung has historically supplied NAND flash memory and OLED screens to Nintendo and is pushing for continued use of its OLED panels in future updates of Switch 2 [2]. Group 3: TSMC's Competitive Position - TSMC continues to strengthen its leading position in the chip manufacturing sector through ongoing technological upgrades and stable large-scale production, attracting major clients like Apple and Nvidia [2]. - Both TSMC and Samsung are competing fiercely in the chip manufacturing space, particularly in the race for 2nm technology to improve production yield and profitability [2].

Core Viewpoint - The next-generation Xbox is expected to shift from AMD to Qualcomm's ARM-based Snapdragon chips, indicating a significant transformation in hardware and design philosophy for Microsoft's gaming console [1][2]. Group 1: Hardware Transition - The new Xbox is likely to adopt ARM-based Snapdragon chips, marking a major shift away from the AMD x86 architecture that has supported Xbox for over a decade [2][3]. - This transition aligns with reports suggesting that the next Xbox will feel more like a hybrid of a gaming console and a PC, potentially running a Windows system and supporting various software, including classic Xbox games through emulators and third-party PC game stores like Steam and Epic [2][3]. Group 2: Strategic Partnerships - A senior sales executive from Qualcomm indicated that the collaboration with Microsoft involves developing next-generation Surface and Xbox products based on Snapdragon solutions, highlighting the close partnership between the two companies [2][3]. - Microsoft's long-term hardware roadmap aims to launch the next Xbox by 2027, which is consistent with previous reports and suggests a focus on creating a flexible and forward-looking gaming system [3].

从商品结构看，前4个月，我省机电产品出口3270.7亿元，增长11.6%，占出口总值的48.2%。其中，汽 车零配件460.7亿元，增长3.4%；游戏机188.7亿元，增长102.4%；汽车173.8亿元，增长10.5%；电工器 材162.4亿元，增长9.7%。同期，劳密产品出口1206.7亿元，增长3.3%，占17.8%；农产品出口530.7亿 元，增长5.1%，占7.8%。（记者 孙源泽） 从贸易方式看，前4个月，我省一般贸易进出口7386.4亿元，增长6%，占65.5%。同期，保税物流进出 口1961.8亿元，增长11.4%，占17.4%；加工贸易进出口1586.4亿元，增长7.6%，占14.1%。 从贸易主体看，前4个月，我省民营企业进出口8604.2亿元，增长8.5%，占76.3%，提升0.7个百分点。 同期，外商投资企业进出口1621.5亿元，下降1.7%，占14.4%；国有企业进出口1048.8亿元，增长 15.9%，占9.3%。 从主要市场看，前4个月，我省对东盟、欧盟、美国、韩国、日本进出口保持增长。对东盟进出口 2255.9亿元，增长3.7%；欧盟1029.6亿元，增长6.6%；美国954 ...

5月8日，任天堂在其2025财年业绩中披露，预计Switch2游戏机2026财年(截至2026年3月31日)的销量将 达到1500万台。 ...

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