Core Insights - Nvidia's market capitalization has surged to $4.28 trillion, prompting strategic decisions on cash allocation that could reshape the industry landscape [1] - Nvidia dominates the AI GPU market with an 85%-90% share, leveraging the AI wave to redefine the next generation of computing [1] Investment Moves - On September 17, Nvidia announced a $5 billion investment in Intel, causing Intel's stock to soar by 22.8%, marking its best single-day performance since 1987 [2] - Nvidia also invested nearly $1 billion to hire the CEO of AI startup Enfabrica and secured technology licensing from the company [2] - Additionally, Nvidia revealed a £110 billion ($150 billion) investment plan in the UK, aiming to establish a leading AI computing center in Europe [2] Strategic Philosophy - Nvidia's CEO Jensen Huang is adopting a cash management strategy that avoids high-risk acquisitions, instead opting for equity investments and collaborations with AI companies [4] - This approach allows Nvidia to sidestep stringent antitrust scrutiny while integrating key partners into its ecosystem, fostering a collaborative industry environment [4] Intel Partnership - The $5 billion investment in Intel will grant Nvidia approximately 5% ownership, enabling joint development of next-generation x86 architecture products [5] - The collaboration focuses on creating a hybrid chip solution that integrates Intel's x86 CPU with Nvidia's RTX GPU, enhancing performance and efficiency [5][6] Technological Advancements - The partnership aims for a revolutionary integration of CPU and GPU, utilizing Nvidia's NVLink interface to achieve 14 times the bandwidth and lower latency compared to traditional PCIe connections [6] - The new chip will support unified memory access, addressing data transfer bottlenecks seen in traditional architectures [6] AI Ambitions - Nvidia's acquisition of Enfabrica's technology aims to build a massive AI cluster capable of interconnecting over 100,000 GPUs, aligning with the performance needs of its new Blackwell chips [8] - The Blackwell chips are expected to deliver 7-30 times the performance of the previous H100 generation, with a total computing power of 2.4 exaflops from the UK supercluster [8] Market Positioning - Nvidia's collaboration with Intel is a strategic move to solidify its hardware dominance in the AI era, filling gaps in its general computing capabilities [9] - The partnership creates a comprehensive technology stack combining CPU, GPU, and software, enhancing Nvidia's competitive edge [9] Competitive Landscape - Nvidia's collaboration faces competition from AMD's APU solutions and Apple's M-series chips, but its unique advantages in NVLink technology and software ecosystem position it favorably [10] - The partnership also aligns with U.S. government interests in bolstering domestic technology and manufacturing capabilities [11] Historical Context - Previous collaborations in the tech industry have had mixed results, but Nvidia and Intel's clear division of responsibilities aims to mitigate risks associated with past failures [12] - Nvidia's investment in Intel is expected to stabilize the partnership, reducing the likelihood of collaboration breakdowns [12] Future Considerations - Nvidia's aggressive cash deployment strategy raises questions about sustaining growth and managing competition while navigating regulatory environments [18] - The company must balance innovation with maintaining its market position to avoid the fate of past tech giants [19]

"十 五 五 "数 字 经 济 再 上 新 台 阶 股 票 环球市场动态 大型科技股普遍回调，周四港股跟 随 A 股午后跳水，高开低走。亚太 股市跌多涨少，台日韩股市持续强 势，逆市造好。欧洲股市上升，德 股涨幅居前。拉美股市下跌。英伟 达入股英特尔，芯片股造好支持美 股创新高。 外 汇 / 商 品 忧虑供应持续过剩和燃料需求疲 弱，周四国际油价 2 连跌。美元汇 价上升，投资者获利回套下，金价 下跌。英伦银行维持利率不变，但 放慢量化紧缩步伐，英镑兑美元下 跌。 固 定 收 益 美国国债承压走低，美国上周首申 失业救济数据引发抛售。亚洲投资 级债券市场情绪坚挺，中国投资级 债券利差收窄 2-5 个基点，TMT 和 国企表现突出。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 9 月 19 日 ▪ "十四五" 时期，中国数字经济实现了跨越式发展，成为支撑高质量增长的核心引擎。伴随 5G、工业互联网、 人工智能和数据中心等新型基础设施的快速建设，数字经济总量稳步扩张，"十四五" 规划中设定的主要数量化 目标基本完成，个别指标因最新数 ...

Group 1 - The Hong Kong stock market showed mixed performance on September 19, with new energy vehicle companies like NIO and XPeng Motors experiencing significant gains [1] - NIO's stock rose over 7% ahead of the launch of the new ES8 model, with positive institutional outlooks on cost reduction and efficiency improvements [1] - The ES8 is set to be officially launched on September 20 during NIO Day 2025, following the successful launch of the L90 model, which achieved over 10,000 deliveries in its first month [1] Group 2 - On September 17, NIO announced the successful completion of an $11.6 billion financing round through a public share issuance, aimed at enhancing its technological capabilities and expanding charging infrastructure [2] - The Hang Seng Technology Index is expected to see upward momentum, driven by the self-research chip initiatives from Alibaba and Baidu, alongside a potential interest rate cut by the Federal Reserve [2] - The Hang Seng Technology Index has a high concentration of "Chinese chip" companies, including leading semiconductor manufacturers and AI chip developers, making it an attractive investment for those without a Hong Kong stock connect account [2]

Core Viewpoint - Nvidia has announced a $5 billion investment in Intel to support the struggling chipmaker, without providing key manufacturing orders, while planning to jointly develop PC and data center chips, posing a potential threat to TSMC [2] Group 1: Investment and Strategic Moves - Nvidia's investment in Intel is seen as a strategic move that may be influenced by U.S. government support for Intel, which could lead to policy advantages for the company [2] - Nvidia plans to acquire Intel shares at $23.28 each, higher than the U.S. government's previous offer of $20.47, potentially making Nvidia one of Intel's largest shareholders with a stake of 4% or more [3] - Intel's recent funding from SoftBank ($2 billion) and the U.S. government ($5.7 billion) enhances its financial position, allowing for significant investments in research and development [3] Group 2: Competitive Landscape - The collaboration between Nvidia and Intel on custom data center processors could significantly challenge competitors like AMD and Broadcom, as both companies are also developing AI-related technologies [4] - Nvidia's provision of custom graphics chips for Intel's CPUs may give Intel a competitive edge against AMD in the consumer market [5] - Nvidia's CEO emphasized that this partnership merges Nvidia's AI capabilities with Intel's CPU ecosystem, aiming to lay the foundation for the next computing era [5]

9月19日，港股科技股全面走强，芯片、智能汽车、互联网悉数拉升，鸿腾精密涨超12%，蔚来-SW、华虹半导体、商汤-W涨超5%，中芯国际、 京东集团-SW、小鹏汽车-W涨超3%。 港股科技50ETF（159750）涨2.02%，成交超8100万元。前一交易日，该ETF获资金净买入6532万元；当日融资净买入981万元，融资余额4086万 元，均创上市以来新高。 | 1000 CNI 10.41.31 X 77 F | | | | | ITU HU - Sales - Same - | | --- | --- | --- | --- | --- | --- | | 净值走势 | 招商中证香港科技ETF | | 总量 | 67.65万 换手 | 6.86% | | 委比 | 15.56% 委差 | 15331 | 现手 | 100 量比 | 1.27 | | 卖五 | 1.214 | 39万 | 外盘 | 33.85万 内盘 | 33.80万 | | 卖加 | 1.213 | 54万 | 总额 | 8129.74万 振幅 | 1.94% | | 卖三 | 1.212 | 203万 | 均价 | 1.202 开盘 | ...

9月19日，港股科技股全面走强，芯片、智能汽车、互联网概念悉数拉升，鸿腾精密涨超12%，蔚来- SW、华虹半导体、商汤-W涨超5%，中芯国际、京东集团-SW、小鹏汽车-W涨超3%。 全市场唯一覆盖"中国十大科技股"的港股科技类指数港股科技指数（931674）相对恒生科技指数表现更 优。据Wind数据显示，港股科技指数（CNY）自基日2014年12月31日至2025年9月17日，累计涨幅 133.57%，同期恒生科技指数涨幅111.14%。 数据来源：Wind，统计区间：2014年12月31日—2025年9月17日 | | ZSE CNY 10:41:57 交易中 | | | | | T+0融 △ + | | --- | --- | --- | --- | --- | --- | --- | | 争值走势 | 招商中证香港科技ETF | | 总量 | 67.65万 换手 | | 6.86% | | 影 | 15.56% 委差 | 15331 | 现手 | | 100 量比 | 1.27 | | Fi | 1.214 | 39万 | 外盘 | 33.85万 内盘 | | 33.80万 | | 定四 | 1.213 ...

"改变游戏规则的机会" 根据合作内容，在数据中心领域，英特尔将为英伟达定制x86处理器，这些处理器将被集成到英伟达AI 基础设施平台中。在个人计算领域，英特尔将面向市场推出集成英伟达RTX GPU芯粒（chiplet）的x86 系统级芯片（SoC），这款x86 RTX SoC将驱动PC产品。 消息公布后，北京时间9月19日凌晨，英伟达和英特尔召开了新闻发布会，英伟达CEO黄仁勋、英特尔 CEO陈立武回答了关于入股和合作的相关问题。 2025.09.19 本 文字数：2331，阅读时长大约4分钟 作者 | 第一财经 郑栩彤 9月18日，英伟达入股英特尔、双方达成合作的消息受到市场广泛关注。当日英伟达涨3.49%，英特尔 大涨22.77%。英特尔在x86 CPU领域的竞争对手AMD跌0.78%，AI芯片领域与英伟达属于不同阵营的博 通跌0.24% 英伟达表示，将以每股23.28美元的价格认购英特尔普通股，共投资50亿美元，此项投资需获得必要的 监管批准。 英伟达是当前最主要的GPU（图形处理器）厂商，英特尔则是主要的CPU（中央处理器）厂商之一，也 是x86架构CPU的主要玩家。GPU和CPU是当前计算机最常见的 ...

Core Viewpoint - The collaboration between Nvidia and Intel is seen as a potential game-changer in the semiconductor industry, combining Nvidia's AI chip dominance with Intel's extensive user base and patents [2][4]. Group 1: Collaboration Announcement - Nvidia and Intel announced their partnership on September 18, focusing on creating innovative solutions for the next computing era, targeting a combined market exceeding $50 billion [2][4]. - The partnership includes joint development of customized data center and PC products, with Intel customizing x86 processors for Nvidia and launching SoCs integrated with Nvidia's RTX GPUs [4][5]. - Nvidia plans to purchase Intel shares at $23.28 per share, marking a significant investment in Intel [4][5]. Group 2: Market Impact - The collaboration is expected to disrupt the current market dynamics, potentially ending the existing three-way competition among Nvidia, Intel, and AMD [2][10]. - Analysts suggest that the partnership could create substantial opportunities, with estimates of addressing market opportunities ranging from $2.5 billion to $50 billion annually [8][10]. Group 3: Strategic Context - The collaboration arises amid challenges faced by both companies, with Nvidia struggling in key markets and Intel experiencing setbacks with its 3nm chips and political pressures [2][13]. - The partnership is viewed as a strategic move to enhance the U.S. semiconductor industry's global advantage and alleviate concerns about Intel's potential government acquisition [13][14]. Group 4: Future Considerations - The collaboration's success hinges on the extent of technological integration and cooperation between the two companies, with some experts viewing it as a tentative partnership rather than a full merger of capabilities [11][14]. - Intel's extensive patent portfolio may provide long-term advantages, but the current collaboration is primarily led by Nvidia due to its recent market positioning [14].

美国当地时间周四，英伟达宣布将向英特尔投资50亿美元。在美国政府上月促成白宫大规模入股英特尔后，此举为这家陷入困境的美国芯片制 造商提供了有力支持，也为英特尔开启了新的发展机遇。 此次合作将使英特尔获得其发展所需大量资金，快速改善其制造和芯片设计业务，并在蓬勃发展的数据中心业务中获得更大立足点。而对英伟 达而言，这笔交易使其能更深入进军PC市场，并更无缝地转向"边缘计算"领域。 英伟达CEO黄仁勋和英特尔CEO陈立武当天举行了联合网络直播，阐释了这家全球市值第一（4.28万亿美元）的公司为何要向竞争对手伸出50 亿美元的橄榄枝。英伟达方面迅速排除了几种可能的解释动机。 这正是索尼在PS4、PS5及传闻中的PS6中采用AMD芯片的原因，也是微软在Xbox One、Xbox Series及下一代Xbox中使用AMD方案的理由，更 是自Steam Deck以来几乎所有手持游戏PC都选用AMD芯片的根源。AMD如今已成为选购笔记本电脑的重要考量，而不再像过去那样被归入预 算级选择。 "整个市场存在一个CPU和GPU集成的细分领域，出于外形尺寸、成本、电池续航等多重因素，这个细分市场目前尚未被英伟达充分开发，"黄 仁勋 ...

6 证券研究报告 点评报告 2025 年 9 月 19 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、产业综合组： 在 9 月 18 日央视新闻报道沙特阿拉伯与巴基斯坦签署了防御协议，协议规定任 何对其中一国的攻击将被视为对双方的攻击后，有消息报道阿联酋和卡塔尔也 准备加入该防御协议。我们认为在卡塔尔被袭击后，中东三个最富裕的国家都 与巴基斯坦签署防务协议，更多是向中国武器体系寻求安全保障，巴基斯坦武 器采购的能力将显著增强。同时本周也有新闻报道巴基斯坦总理访问了中航工 业并登上了歼 10 战机。我们认为在上述中东三国的资金支持下，巴基斯坦大概 率会显著扩大中国武器的采购，因此我们看好后续军工行业的反弹行情。 9 月 18 日的华为全联接大会 2025 上，华为轮值董事长徐直军分享了昇腾芯片 的后续规划。预计 2026 年第一季度推出昇腾 950PR 芯片，四季度推出昇腾 950DT，2027 年四季度推出昇腾 960 芯片，2028 年四季度推出昇腾 970 芯片， 并且给出了使用对应芯片构建计算集群的大致配置，其中当前 910B/C 芯片对应 的是 384 个算卡的集群，昇腾 950 芯片将 ...