每经记者｜杨建 每经编辑｜彭水萍 点评：CANN是华为昇腾AI编程语言，可对标CUDA之于英伟达，是高效调用昇腾的关键。CUDA是由 英伟达推出的一套用于并行计算的平台和编程模型，它允许开发者利用NVIDIA的GPU进行通用计算， 将原本用于图形渲染的GPU算力拓展到科学计算、深度学习、数据分析等多种领域。开源的目的是激励 开发者使用CANN，创造算子丰富华为生态，CANN算子生态的丰富会提升其开发的效率，降低人力成 本，激发更多的业务需求。概念股包括东方国信、软通动力、云从科技等。 3、杭州市司法局发布公开征求《杭州市促进具身智能机器人产业发展条例(草案)》意见的公告。其中 指出，建立多元智算供给服务体系，提升算力资源利用效率，降低算力使用成本。明确核心技术主攻方 向，聚焦具身智能"大脑"(具身智能大模型)、"小脑"(运动控制系统)及"本体"(机器人核心部件和整机)三 大核心环节。打造技术攻关平台，支持重大科技基础设施、重点实验室等具身智能机器人相关研发平台 建设和运营，鼓励科研设施与仪器面向企业开放。 （一）重要市场新闻 1、美股三大指数小幅收跌，道指跌0.45%，纳指跌0.3%，标普500指数跌0.25 ...

Group 1: Macroeconomic Developments - The US and China have jointly announced a 90-day suspension of the implementation of a 24% tariff, effective from August 12, while retaining the remaining 10% tariff on certain goods [1] - The Central Securities Depository Company has simplified the investment process for foreign central bank institutions, eliminating the requirement for a signed commitment letter [3] Group 2: Industry Developments - Hangzhou has introduced a draft regulation to promote the development of embodied intelligent robots across six key sectors, including industrial manufacturing and healthcare [2] - Ant Group and China Rare Earth Group have both issued statements denying any collaboration on the establishment of a rare earth-backed digital currency [4] Group 3: Market Trends - South China Power has signed a contract for a 2.8GWh semi-solid-state energy storage project, advancing the commercialization of solid-state battery technology [10] - The supply of consumer-grade DRAM is tight, with prices for consumer-grade DDR4 expected to increase by 85%-90% in the third quarter due to a weak recovery in smartphones and PCs [11] - Several innovative drugs are entering the breakthrough treatment phase, indicating a positive trend for the innovative drug sector [12]

Core Viewpoint - The overall industry and non-financial sector prosperity index rebounded in July, with improvements noted in major financial, midstream manufacturing, and TMT sectors [1] Group 1: Sector Insights - The rebound in the prosperity index is supported by policies aimed at reducing competition and stabilizing ROE [1] - Various sectors are entering a bottoming or climbing phase, including industrial metals, energy metals, steel, certain chemicals, wind power, automotive, aquaculture, and logistics [1] - Overseas AI capital expenditure continued to rise in Q2, driving improvements or maintaining high levels in AI-related components such as storage, software, and gaming [1] Group 2: Investment Recommendations - Tactical focus should be on sectors showing signs of improvement and potential for catch-up, including storage, software, general automation, chemicals, insurance, and coal [1] - Strategic allocation should continue to favor major financials, military industry, and pharmaceuticals, with the pharmaceutical market potentially expanding from innovative drugs to medical devices [1]

Core Insights - Langke Technology reported a total operating revenue of 479 million yuan in the first half of 2025, representing a year-on-year increase of 15.39% [2] - Despite revenue growth, the net profit attributable to shareholders remained negative at -17.86 million yuan, although it improved by 40.98% year-on-year [2] - The company achieved a reduction in losses, indicating progress in cost control and efficiency improvements [2][7] Financial Overview - In Q2 2025, the total operating revenue was 245 million yuan, up 27.15% year-on-year [3] - The net profit attributable to shareholders for Q2 was -5.15 million yuan, showing an 80.22% improvement year-on-year [3] - The non-recurring net profit for Q2 was -6.80 million yuan, with a year-on-year increase of 76.51% [3] Revenue Composition - The main revenue source was flash memory application products, generating 349 million yuan, accounting for 72.82% of total revenue with a gross margin of 6.34% [5] - Flash control chips and other products contributed 116 million yuan, representing 24.32% of total revenue with a gross margin of 7.61% [5] - International revenue was 270 million yuan, making up 56.48% of total revenue, while domestic revenue was 208 million yuan, accounting for 43.52% [5] Financial Health - The company has healthy cash assets, but attention is needed on cash flow, with a three-year average operating cash flow to current liabilities ratio of only 11.37% [8] - The net profit attributable to shareholders was negative, raising concerns about accounts receivable [8] Profitability Metrics - Gross margin was 7.11%, down 42.42% year-on-year [9] - Net margin was -3.81%, an increase of 52.67% year-on-year [9] - Operating expenses as a percentage of revenue decreased by 28.39% to 10.32% [9] Cost Management - Management expenses decreased by 31.71% due to lower labor costs and property management fees [10] - Financial expenses saw a significant reduction of 880.31%, attributed to increased returns from cash management of raised funds and currency fluctuations [10] - Income tax expenses increased by 183.75% due to deferred tax increases from inventory write-backs [10]

Group 1 - The article highlights the acceleration of commercialization in the embodied intelligent robot industry, with a company collaborating with Zhejiang University Robotics Research Institute to develop the first embodied intelligent industrial sampling robot [1] - There is a significant supply shortage of consumer-grade DDR4, with July contract prices soaring by over 60% to 85%, indicating a continued upward trend in storage prices, particularly for the company's subsidiary products DDR4 and LPDDR4X, which are mainstream solutions in the embedded market [1] - A company has stated that its current sensing resistor products have potential application value in humanoid robots [1]

Summary of Baidu Storage Conference Call Company Overview - **Company**: Baidu Storage - **Industry**: Storage Market Key Points and Arguments 1. **Market Performance**: The storage market is experiencing an upturn, with Baidu Storage's Q2 revenue increasing by 53.5% quarter-over-quarter, and June's gross margin recovering to 18.61% [2][4][28] 2. **AI Demand**: AI applications are driving storage demand, with orders for AI smartphones and AI glasses increasing nearly 300% year-over-year in the first half of the year [2][4][28] 3. **Global Strategy**: The company has deepened its global strategy by establishing localized delivery teams in North America, Latin America, India, Europe, and Taiwan, and has partnered with factories in Mexico, Brazil, and India to cover global customers [2][7] 4. **Comprehensive Solutions**: Baidu Storage provides comprehensive solutions for AI edge demands, including storage control chip design, innovative storage solutions, and wafer-level packaging services [2][8] 5. **Data Center Demand**: The demand for DRAM and NAND storage is increasing due to AI applications, with notable growth in LPDDR storage demand from NV72 servers [2][11] 6. **Financial Performance**: In the first half of 2025, the company reported revenue of 39.12 billion yuan, with Q2 revenue of 23.69 billion yuan, a year-over-year increase of 38.2% and a quarter-over-quarter increase of 53.5% [2][13] 7. **Cost Control**: The company achieved significant cost control, with sales expense ratio dropping to 11%, management expense at 19%, and R&D expense ratio at 28% [14] 8. **Product Line Expansion**: The company has expanded its product lines significantly, entering high-end storage markets and achieving substantial growth in various sectors, including mobile, PC, AI, and automotive [6][15][19] 9. **Future Outlook**: The company aims to become a platform service provider in the AI and storage ecosystem, anticipating significant growth in unit value and shipment volume across various fields driven by AI [10][16] 10. **Industry Trends**: The storage industry is seeing price stabilization and recovery, with improvements in NAND supply-demand balance and DRAM shortages leading to price increases [17][18] Additional Important Content 1. **Technological Innovation**: The company is focusing on technological innovations to enhance product value and market competitiveness, including the development of e-sports grade DDR5 and ultra-thin ePOP products [5][20] 2. **Market Coverage**: Baidu Storage serves five major sectors: mobile, PC, data centers, AI edge, and automotive, with significant client acquisitions in each area [6][19] 3. **Wafer-Level Packaging**: The company is advancing its wafer-level packaging capabilities, which are expected to enhance its core competitiveness in the storage and computing integration field [30][33] 4. **3D Storage Solutions**: The company is exploring 3D storage solutions to meet the new demands of AI, focusing on cost-effective innovations [35][36] This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic initiatives, and market trends in the storage industry.

Market Performance - A-shares experienced a collective rise with major indices reaching new highs, with the Shanghai Composite Index up by 0.51%, Shenzhen Component Index up by 1.48%, and ChiNext Index up by 1.99% [1][2] - The trading volume in the Shanghai and Shenzhen markets exceeded 1 trillion yuan for the 53rd consecutive trading day, with an expected total trading amount of over 1.8 trillion yuan [2] Sector Performance - The market showed a healthy rotation of hotspots, with over 4,200 stocks rising, while sectors such as PEEK materials and lithium mining led the gains [3][4] - PEEK materials increased by 6.20%, lithium mining by 5.51%, while sectors like banking, electricity, and gold saw declines [3][4] Investment Insights - Huatai Securities noted a rebound in A-shares driven by trading funds, with a tactical focus on sectors like storage, software, and insurance, while maintaining a strategic outlook on large financials, pharmaceuticals, and military industries [5] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are at 14.93 and 41.75 respectively, indicating a suitable environment for medium to long-term investments [5] - The Chinese economy is showing a moderate recovery, with consumption and investment as core drivers, supported by a favorable liquidity environment [5]

Core Viewpoint - The company reported a revenue increase of 13.7% in H1 2025, but experienced a significant net loss, indicating challenges in profitability despite revenue growth [3][4]. Financial Performance - Revenue for H1 2025 was 3,912,336,913.69 CNY, up from 3,440,780,321.92 CNY in the same period last year, reflecting a growth of 13.7% [4]. - The net loss attributable to shareholders was 225,795,502.52 CNY, a shift from a profit of 283,360,906.69 CNY in the previous year, marking a decline of 179.68% [4]. - The net loss after excluding non-recurring items was 231,666,270.28 CNY, also a significant decline from the previous year's profit [4]. - The company reported a negative cash flow from operating activities of 700,563,103.39 CNY, compared to a positive cash flow of 649,910,319.42 CNY in the prior year, indicating a decline of 207.79% [4]. Asset and Equity Position - As of the end of H1 2025, total assets amounted to 11,555,825,839.05 CNY, a 45.16% increase from 7,960,956,058.14 CNY at the end of the previous year [4]. - The net assets attributable to shareholders were 4,203,671,077.32 CNY, up 74.29% from 2,411,868,990.29 CNY at the end of the previous year [4]. Market and Operational Insights - The global macroeconomic environment has led to a decline in storage prices since Q3 2024, with significant price drops in Q1 2025 [5]. - Starting from Q2 2025, storage prices stabilized and began to recover, contributing to improved sales revenue and gross margin for the company [5]. - The gross margin in Q2 increased by 11.7 percentage points, with June's gross margin reaching 18.61% [5]. - The company has increased its investment in R&D by 29.77%, focusing on chip design, firmware design, new product development, and advanced packaging [5].

Summary of Conference Call Records Industry Overview - The conference call discusses the impact of the "anti-involution" policy on various industries, including traditional cyclical goods, wind power, automotive, aquaculture, and logistics, leading to positive effects on advanced manufacturing sectors [1][5] - The AI industry is highlighted, with overseas capital expenditure exceeding expectations, driving an increase in AI agent penetration rates and improvements in the upstream PCB output and revenue [1][6] Key Points and Arguments Economic Indicators - In July, the profitability of industrial enterprises showed a rebound, with accounts receivable turnover days decreasing, indicating the effectiveness of the anti-involution policy at the macro level [1][7] - The overall industry and non-financial sector's prosperity index improved in July, particularly in finance, manufacturing, and TMT sectors, supported by favorable policies [3] Sector Performance - **Industrial Metals and Energy**: Prices for copper and aluminum rose significantly in July, while lithium resource prices showed signs of stabilization [5] - **Automotive Sector**: Strong sales and export data were reported, with new installations in wind power showing improved growth rates [5] - **Gaming Industry**: The number of approved domestic games remained high, with significant new releases expected in August, potentially catalyzing market activity [9] - **AI Industry**: The PCB output and revenue in Japan and Taiwan showed year-on-year growth, with the storage index increasing for five consecutive months [6][8] Specific Industry Trends - **Small Metals and Military Industry**: Prices for rare earths and tungsten have risen significantly, driven by improved demand from military and advanced manufacturing sectors [2][10] - **General Automation Equipment**: Production of machine tools, CNC devices, and robots saw a notable year-on-year increase, with good export data [4][11] - **Pharmaceutical Sector**: The sector is showing signs of recovery, with significant increases in industrial value-added and profit in June [4][12] - **Insurance Sector**: Both liability and investment logic have improved, with continuous growth in premium income [4][13] Additional Important Insights - The current market risk appetite remains high, with strong performances in the robotics and military sectors, driven by events and new product launches [15] - Recommendations for tactical allocations include storage, software, general automation, chemicals, insurance, and coal, while strategically favoring finance, military, and pharmaceuticals [14] - The market is exhibiting a "dumbbell" style, with small-cap stocks performing strongly [16] Market Dynamics - Retail investor funds are still showing a net outflow, although there was a slight increase in account openings in July [18] - Foreign capital outflows have slowed, with recent weeks showing slight net outflows [19] - The derivatives market indicates a moderate recovery, with stock index futures showing no strong bullish or bearish expectations [25] This summary encapsulates the key insights and trends discussed in the conference call, providing a comprehensive overview of the current state of various industries and market dynamics.

Summary of Huawei's AI Inference Breakthroughs and Storage Innovations Industry and Company Involved - The document focuses on **Huawei** and its advancements in the **AI inference** field, particularly in the context of **storage technology** and its implications for the **financial sector** [1][2][4]. Core Points and Arguments - Huawei has introduced a **fully flash storage server** that utilizes **SSD** and **NAND** technology to enhance operational efficiency in the financial sector, aiming to reduce reliance on **HBM** (High Bandwidth Memory) while complementing it [1][2][3]. - The concept of **"storage instead of computing"** (以存代算) is highlighted as a trend in the industry, with companies like **Kioxia** and **Micron** also pursuing similar technologies to enhance AI model inference by moving vector data from **DRAM** to **SSD** [1][6]. - Huawei's innovations in **SSD storage** include the **DOB (Die on Board)** stacking packaging technology, which allows for ultra-high density and capacity hard drives, with a projected single disk capacity of nearly **256TB** by **2025** [1][7]. - The self-developed **HiSilicon** SSD controller chips, **Hi 1,812** and **Hi 1,822**, are crucial for managing data read/write processes, improving long-term read/write speeds, and extending hard drive lifespan, which is vital for AI development [1][7]. Additional Important Content - The development of AI necessitates higher data storage requirements, with **SSD** being essential due to its ability to retain data integrity after power loss, making it a critical component of AI systems [4][8][9]. - The **"storage instead of computing"** approach enhances AI model inference by pre-storing intermediate computation results on SSDs, thus reducing real-time computation demands and improving system memory capabilities [5][12]. - Huawei's position in the storage industry is significant, as it not only develops its technology but also promotes it through agents like **Tianyuan Dike** and **Jinhua Wei** [10]. - Key technologies and companies to watch in the hardware space include **ACG controller chips** and high-density SSD control chips, with companies like **Hongrida** benefiting from cooling solutions for these technologies [11]. Future Directions - The future of storage technology is moving towards **"storage instead of computing,"** emphasizing memory capabilities to enhance computational efficiency, a direction that is being pursued globally by various enterprises [12][13].