编者按：美国银行全球研究部门认为，下半年英伟达对中国H20 出货量可能恢复，这对中国数据中心、 公有云行业以及人工智能供应链上的主要半导体公司（如澜起科技）都将产生积极影响。 黄仁勋还宣布了一款新的合规性 RTX PRO GPU，该产品专为智能工厂和物流领域量身定制。 据英伟达消息，其首席执行官黄仁勋在北京访问期间向客户更新了情况，确认英伟达正在提交申请，以 恢复向中国出货 H20 GPU，预计美国政府将授予相关许可。 美国银行认为，这对中国数据中心、公有云行业以及人工智能供应链上的主要半导体公司（如澜起科 技）都将产生积极影响： 1）中国数据中心：客户入驻速度可能加快，新订单可能增多； 2）中国公有云：与人工智能相关的公有云服务可能实现更快增长； 3）澜起科技：PCIe Retimer 在国内的出货量增加，有望推动营收上升。 一、数据中心：近期客户入驻可能加快 | BofA Ticker | Bloomberg ticker | Company name | Price | Rating | | --- | --- | --- | --- | --- | | GDS | SN SOD | GDS Holdi ...

Group 1: Global Gold Demand - In Q1 2025, global gold demand reached 1206 tons, a year-on-year increase of 1% despite gold prices exceeding $3000 per ounce [1] - Gold ETF demand surged, leading to a more than doubling of gold investment demand to 552 tons, a 170% year-on-year increase, marking the highest quarterly level since Q1 2022 [1] - Retail investment in gold bars and coins in China increased by 3% to 325 tons, the second-highest quarterly demand on record [1] Group 2: Securities Firms Performance - In Q1 2025, 49 securities firms reported a total revenue of 132.4 billion yuan, a year-on-year increase of 27.1% [1] - The net profit attributable to shareholders reached 55.39 billion yuan, up 75.55% year-on-year; excluding special impacts, the growth rate was 49.26% [1] - Proprietary trading accounted for 39% of total net income, making it the largest revenue source, followed by brokerage business at 26% [1] Group 3: Television Market Forecast - TrendForce predicts a 0.7% year-on-year decline in global TV shipments in 2025 due to the impact of U.S. tariffs and reduced consumer demand [2] Group 4: Public Cloud Market Growth - IDC reports that the public cloud IaaS market in China is expected to grow to 94.82 billion yuan in H2 2024, a 13.8% year-on-year increase, driven by AI [2] - Alibaba Cloud ranks first in market share, with a continuous recovery over three consecutive quarters [2] Group 5: Instant Retail Development - Taobao's "Hour Delivery" service has been upgraded to "Taobao Flash Purchase," launching in 50 cities with plans for nationwide expansion [2] Group 6: Seafood Market Trends - The price of crayfish has dropped significantly, with medium-sized crayfish prices falling from 40 yuan per jin to 17 yuan per jin, a decline of over 50% [3] - Companies like Guolian Aquatic and Anjijin Food reported declines in revenue and net profit, attributed to market conditions and reduced demand for crayfish [3] Group 7: AstraZeneca's Tax Issues - AstraZeneca faces potential fines exceeding $800,000 due to allegations of tax evasion related to the import of a specific drug in China [3] Group 8: Chengdu Rural Commercial Bank Performance - Chengdu Rural Commercial Bank reported a total asset size of 914.26 billion yuan, marking a significant growth trend [5] Group 9: Investment Strategy Insights - Notable investor Mark Mobius stated that 95% of his fund's position is in cash, reflecting a cautious approach amid upcoming trade negotiations [5] Group 10: Corporate Governance Changes - Several executives at Xiaogoods City have resigned due to organizational changes [8] Group 11: Financial Regulatory Updates - The China Securities Regulatory Commission approved the IPO registration of Shandong Xintong Electronics [6] Group 12: Legal and Compliance Issues - Tianjin Pharmaceutical was fined 69.19 million yuan for engaging in monopolistic practices [6] - Jiangwei New Energy received a warning from the Shenzhen Securities Regulatory Bureau for failing to fulfill a shareholding commitment [7]