本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不 做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状 明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | | 集运指数（欧线）期货日报 | 2025/9/16 | | --- | --- | --- | | 项目类别 | 数据指标 最新 环比 数据指标 最新 | 环比 | | EC主力收盘价 | 1169.700 -1.2↓ EC次主力收盘价 1673.8 | +33.50↑ | | 期货盘面 | EC2510-EC2512价差 -504.10 -11.00↓ EC2510-EC2602价差 -402.40 | -48.60↓ | | EC合约基差 | 270.54 -6.60↓ | | | 期货持仓头寸（手） EC主力持仓量 | 47517 -255↓ | | | SCFIS（欧线）（周） | 1440.24 -126.22↓ SCFIS（美西线）（周） 1,349.84 | 369.36↑ | | SCFI（综合 ...

Core Viewpoint - Nvidia's newly launched AI chip RTX6000D faces weak market demand in China, with major tech companies reportedly not placing orders due to its high price and performance issues compared to the banned RTX5090 [2][3]. Group 1: Market Demand and Performance - The RTX6000D is primarily designed for AI inference tasks but is considered expensive relative to its performance [2]. - Sample tests indicate that the RTX6000D's performance is inferior to that of the RTX5090, which is available through gray market channels at less than half the price of the RTX6000D, approximately 50,000 RMB (around 7,000 USD) [2]. - Despite the weak demand, analysts from JPMorgan and Morgan Stanley had optimistic forecasts, predicting production of 1.5 million and 2 million units of RTX6000D, respectively, in the second half of the year [3]. Group 2: Regulatory and Trade Context - The ability to obtain advanced AI chips has become a focal point in the US-China trade tensions, with China's market regulator investigating Nvidia for potential antitrust violations [5]. - Chinese regulatory authorities have also questioned companies like Tencent and ByteDance regarding their procurement of the H20 chip, expressing concerns about information risks [5]. - Nvidia emphasizes that its products do not have any "backdoor risks" that would allow remote access or control [5]. Group 3: Chip Specifications and Future Prospects - The RTX6000D is based on Nvidia's latest Blackwell architecture, featuring a bandwidth of 1398 GB/s, slightly below the 1.4 TB/s threshold set by export restrictions [6]. - The H20 chip, priced between 10,000 to 12,000 USD, utilizes an older Hopper architecture but offers a higher bandwidth of 4 TB/s; however, its shipment has not yet commenced due to regulatory issues [6]. - The upcoming B30A chip, also based on the Blackwell architecture, is expected to deliver performance up to six times that of the H20 at a price only double that of the H20, pending approval from Washington [6].

Core Viewpoint - Beijing Junzheng has submitted an application for H-share listing on the Hong Kong Stock Exchange to enhance its global strategy and accelerate overseas business development [1] Group 1: Company Overview - Beijing Junzheng was listed on the Shenzhen Stock Exchange in 2011, with a market capitalization of 39.98 billion as of September 15 [1] - The company operates a fabless model, providing computing, storage, and analog chips applicable in automotive electronics, industrial medical, AIoT, and smart security markets [1] - According to Frost & Sullivan, Beijing Junzheng holds a leading market position in niche DRAM, SRAM, NOR Flash, and IP-Cam SoC sectors based on 2024 revenue projections [1] Group 2: Product Development - The company is expanding its product line, with the new computing chip T33 already in production, targeting the H.265 security market, and T42 expected to launch in 2026 [1] - DRAM products based on 20nm/18nm/16nm processes are being sampled, along with automotive-grade LED drivers and interconnect chips [1] Group 3: Financial Performance - Beijing Junzheng's revenue for 2022, 2023, and 2024 was 5.412 billion, 4.531 billion, and 4.213 billion respectively, with net profits of 0.779 billion, 0.516 billion, and 0.364 billion [1] - In the first half of 2025, the company reported revenue of 2.249 billion and net profit of 0.203 billion, with computing chip revenue growing by 15.59% [2] - For Q2 2025, revenue was 1.189 billion, reflecting an 8.10% year-over-year increase and a 12.13% quarter-over-quarter increase, while net profit was 0.129 billion, up 17.22% year-over-year and 74.83% quarter-over-quarter [2] Group 4: Shareholder Activity - Prior to the IPO application, a major shareholder, Beijing Yitang Shengxin, reduced its stake by 0.999999% from July 18 to September 12, 2025, selling 4.8254 million shares [2] - The shareholder's stake decreased from 14.43% to 7.999991%, with a total reduction of approximately 21.9435 million shares over the past year [2] - Other shareholders, including Beijing Sihai Junxin and controlling shareholder Li Jie, also announced plans to reduce their holdings, totaling around 2.53 million shares [2]

华盛顿即将上演为期两天的美联储"大秀"，这场会议看起来更像是一场政治裁判的重量级对决，而不是 单纯的货币政策讨论。市场早已写好开场剧本——25个基点的降息几乎板上钉钉，50个基点的"耳语"依 然萦绕场馆。但在场外的喧嚣声中，人们关心的不只是利率，而是谁才是真正掌控全球最强大央行的 人。 市场会立刻察觉，如此分裂的投票表明，美联储的"重心"已断裂——不再是稳定的指南针，而是一道横 亘其间的政治断层。结果虽然仍是25个基点，但其象征意义远大于实际行动。 DLSMARKETS分析美联储利率决议可能的分布结果： [1.0%] 意外加息（标普-2% 至-4%） 特朗普再次在棋盘上落子。他的亲信斯蒂芬·米兰就在会议开始前几个小时，成功进入美联储决策层。 十二张投票权中，如今至少一票（甚至可能再加两票）带有明显的白宫印记。另一边则是丽莎·库克， 她曾是鸽派，如今却能与鹰派同飞。特朗普试图解雇她的努力被法院驳回，这提醒人们总统权力也有边 界。这已不只是货币政策，而是一场"权力分立"的真人秀，每一次波折都让美联储独立性的光环蒙上阴 影。 目前市场表现得相对冷静。亚洲股市隔夜再创新高，油价小幅走高，投资者演练着俄罗斯炼油厂遭袭后 ...

A股三大股指高开后震荡走低，尾盘上涨修复。 沪指涨0.04%，收报3861.87点；深证成指涨0.45%，收报13063.97点；创业板指涨0.68%，收报3087.04 点。 今日机器人概念股午后全线爆发，带动全市场唯一规模超百亿的机器人ETF(562500)放量大涨3.75%， 年内涨38.69%，净值创历史新高。 马斯克在访谈中表示Optimus即将定型，并强调了灵巧手的核心难度，指向"缺乏供应链，市场高度关注 相关供应链潜在受益者，讨论从核心零部件（减速器、丝杠、传感器）延伸至新材料（腱绳、电子皮 肤）和新技术（轴向磁通电机）。 产业进展再度引起市场躁动，会带来一波新的行情吗？ 01 新催化 大科技今天集体爆发。 盘面上，行业板块多数收涨，电机、汽车零部件、房地产服务、物流行业、计算机设备、多元金融、消 费电子、纺织服装板块涨幅居前，保险、小金属板块跌幅居前。 具体来看，国产算力方向回暖，中科曙光、海光信息股价双双创历史新高；GPU概念股大涨，龙芯中科 涨超14%。 | 序号 | 代码 | 名称 | | 涨跌幅 √ | 总市值 | | --- | --- | --- | --- | --- | --- ...

作者 | 深鹏 数据支持 | 勾股大数 据（www.gogudata.com） A股三大股指高开后震荡走低，尾盘上涨修复。 沪指涨0.04%，收报3861.87点；深证成指涨0.45%，收报13063.97点；创业板指涨0.68%，收报3087.04点。 大科技今天集体爆发。 盘面上，行业板块多数收涨，电机、汽车零部件、房地产服务、物流行业、计算机设备、多元金融、消费电子、纺织服装板块涨幅居前，保 险、小金属板块跌幅居前。 今日机器人概念股 午后全线爆发，带动全市场唯一规模超百亿的 机器人ETF( 5 625 0 0) 放量大涨3.75%，年内涨38.69%，净值创历史新 高。 马斯克在访谈中表示Optimus即将定型，并强调了灵巧手的核心难度，指向"缺乏供应链，市场高度关注相关供应链潜在受益者，讨论从核心 零部件（减速器、丝杠、传感器）延伸至新材料（腱绳、电子皮肤）和新技术（轴向磁通电机）。 产业进展再度引起市场躁动，会带来一波新的行情吗？ 01 具体来看，国产算力方向回暖，中科曙光、海光信息股价双双创历史新高；GPU概念股大涨，龙芯中科涨超14%。 新催化 从年初阿里宣布未来三年投入3800亿元建设云和A ...

技术壁垒方面，公司创造了多项行业"首个"： 中国首个实现 TPMS SoC 及 BLE TPMS SoC 量产的供应 商，且是国内唯一一家为汽车 OEM 提供该类产品的企业；同时，作为全球首家推出 BPS SoC 的公司， 其 2024 年 BPS SoC 产品收入位居全球第一，亦是中国目前唯一拥有车规级无线 BMS 能力的公司。 财务画像：高增长与亏损并存，研发投入持续加码 财务数据显示，琻捷电子2022-2024年营业收入从1.04亿元跃升至3.48亿元，复合增长率达83%，2025年 上半年营收1.57亿元，同比增长27%。然而，公司仍处于战略亏损期，同期净亏损分别为2.06亿、3.56 亿、3.51亿元，2025年上半年亏损为1.43亿元。 2025年9月5日，汽车无线传感SoC（系统级芯片）厂商琻捷电子科技（江苏）股份有限公司正式向港交 所递交招股书，中金公司、招银国际担任联席保荐人。这家由复旦校友李梦雄博士创立的科技企业，凭 借在车规级芯片领域的突破性技术，成为年内第二家按港交所18C章节特专科技规则申请上市的公司。 行业地位：全球第三、中国第一的隐形冠军 根据弗若斯特沙利文报告，按2024年收入 ...

Group 1: Core Concept - The article discusses Trump's "American-style nationalization" policies, reflecting a significant shift in economic governance driven by his real estate developer mindset [3][4][13]. Group 2: Real Estate Developer Mindset - Trump's background as a real estate developer influences his governance approach, viewing everything as a negotiable asset and prioritizing immediate returns [4][7]. - The strategy includes converting subsidies into equity, treating key companies as "premium assets," and operating national strategies like business projects [4][7]. Group 3: National and Economic Security - The Trump administration emphasizes the importance of controlling strategic industries like semiconductors and rare earths to ensure national security [5]. - By acquiring stakes in companies like MP Materials, the government aims to reduce reliance on foreign sources, particularly China, and enhance supply chain security [5]. Group 4: Industrial Policy Reconstruction - Trump's approach represents a reaction against decades of neoliberal economic policies, seeking to bind companies more closely to government strategic goals through equity stakes rather than traditional subsidies [6][10]. - This shift marks a transition of the government from a "subsidizer" to a "strategic investor," emphasizing practical returns and national interests [7]. Group 5: Response to Chinese Competition - The administration's strategies include adopting elements of the "Chinese model" to maintain U.S. advantages in key technology sectors [8]. - By forming a "national team" and investing in critical companies, the government aims to consolidate resources for competitive advantage against China [8]. Group 6: Political Pragmatism - The policies are also driven by domestic political considerations, targeting key industries in swing states to secure voter support ahead of elections [9]. Group 7: Fiscal Pressures - The U.S. federal debt exceeding $37 trillion and increasing fiscal pressures motivate the shift towards equity-based funding, potentially transforming subsidies into assets [10]. Group 8: Controversies and Challenges - Trump's policies face criticism for undermining free market principles, creating conflicts of interest, and raising legal concerns regarding the use of subsidy funds [11][12]. - The approach may intensify global competition in industrial policy and national capitalism trends [12]. Group 9: Shift Towards National Capitalism - The combination of Trump's "America First" ideology and real estate mindset may lead the U.S. towards a "national capitalism" model, where the government plays a dominant role in the economy [13][14]. - This governance style raises questions about the future direction of the U.S. economic system, contrasting sharply with traditional free market ideals [14].

Core Viewpoint - The article discusses the challenges and opportunities in the chip inventory market, highlighting the need for effective promotion and sales strategies for surplus materials while also showcasing the capabilities of a specific company in managing and selling chip inventory. Group 1: Inventory Management - A significant amount of obsolete materials, totaling 100,000 units, is currently held in inventory, incurring monthly storage and capital costs of at least 5,000, leading to a potential loss of 30,000 after six months [1] - The company "Chip Superhero" has a smart warehouse base of 1,600 square meters, with over 1,000 stock models and a total inventory of 50 million chips valued at over 100 million [8] Group 2: Sales and Services - "Chip Superhero" has served a cumulative total of 21,000 users, offering discounts to clear inventory and promising transaction completion in as little as half a day [2][8] - The company provides a platform for users to find and sell hard-to-sell materials, emphasizing flexibility in pricing and sales strategies [2][8] Group 3: Product Offerings - The article lists various surplus materials available for sale, including specific brands and models, with quantities ranging from 1 to 30,000 units [5][6] - Additionally, there is a request for specific components, indicating ongoing demand in the market for certain chip models [7]

Core Viewpoint - Unisoc (紫光国微) is actively expanding its automotive chip business, achieving significant sales and technological advancements in the domestic automotive chip sector [1] Group 1: Automotive Chip Business - The company has established a leading position in the domestic automotive chip market, focusing on high-security chip solutions for automotive electronics [1] - Unisoc's automotive safety chip solutions have been successfully implemented in multiple leading Tier 1 suppliers and OEMs, with annual shipments reaching millions of units [1] - New domain control chip products have been introduced to several major Tier 1 suppliers and OEMs, indicating strong market penetration [1] Group 2: Core Business Focus - Unisoc concentrates on two main areas: special integrated circuits and intelligent security chips, while also engaging in quartz crystal frequency devices and power semiconductors [1] - The company's products are deeply integrated into various sectors, including mobile communications, finance, government, automotive, industrial, and the Internet of Things [1]