Core Insights - SenseTime Technology has signed a strategic cooperation agreement with Cambricon Technologies, focusing on the development of domestic AI infrastructure and vertical business expansion [1] - The collaboration aims to leverage both companies' strengths in AI model development and intelligent computing chips to foster innovation and industry transformation [1] - The partnership will also work on adapting the latest hardware and software products for the computing market and creating integrated solutions for specific industry applications [1] Group 1 - The strategic cooperation will involve multi-level, long-term collaboration to build a more inclusive AI development ecosystem [1] - SenseTime's expertise in AI infrastructure and application, combined with Cambricon's experience in computing chips, will drive a synergistic product innovation system [1] - The goal is to cultivate high-growth innovative enterprises through ecosystem empowerment [1] Group 2 - Both companies will focus on adapting their latest hardware and software products to meet market demands [1] - They will develop integrated solutions tailored for vertical industry scenarios, particularly in enterprise services [1] - The partnership aims to achieve scalable and replicable commercial cooperation outcomes [1]

Report Industry Investment Rating The provided content does not mention the industry investment rating. Report's Core View This report is an overseas economic tracking weekly report that analyzes the trends of the US and global financial markets, central bank policies, Trump's policies, and economic fundamentals from September 15 - 19, 2025, and provides a preview of important events in the coming week [1]. Summary by Relevant Catalogs 1. Overseas Market One - Week Review - **Equity**: US stocks reached new highs, with the S&P 500, Dow, and Nasdaq rising 1.22%, 1.05%, and 2.21% respectively. European and Asian stock markets showed mixed trends [1][12]. - **Foreign Exchange**: The US dollar rose slightly, with the dollar index up 0.03%. The euro and yen had different performances against the dollar, and the RMB rose slightly against the dollar [12]. - **Interest Rates**: US Treasury yields and term spreads increased. The 2Y and 10Y US Treasuries rose 1bp and 8bp respectively [13]. - **Commodities**: Gold and crude oil rose after fluctuations. COMEX gold and silver rose 1.09% and 1.40% respectively, and WTI crude oil rose 0.19% [13]. 2. Overseas Policy and Important News 2.1 Overseas Central Bank Dynamics - The Fed cut interest rates by 25bp as expected. The statement emphasized employment risks, and the dot - plot showed more expected rate cuts in 2025 and subsequent years [2]. - Fed Chairman Powell's stance was moderately dovish but cautious. Other Fed officials were neutrally dovish [2][30]. - The market's expectation of a 75bp rate cut in 2025 increased, but the expectation of rate cuts in 2026 was postponed [3]. 2.2 Trump Policy Tracking - **Sino - US Relations**: High - level talks reached a basic framework consensus on issues such as TikTok and trade cooperation. The TikTok ban was extended to December 16, and a Sino - US presidential call was held [4]. - **Fiscal**: There is a risk of a partial government shutdown. The House passed a temporary appropriation bill, but the Senate rejected one [4]. - **Other Aspects**: The US Supreme Court will hear oral arguments on Trump's tariff case, the UK and the US signed a technology agreement, and Trump reformed the H - 1B visa program [6]. 3. Overseas Economic Fundamental High - Frequency Tracking - **Overall Prosperity**: The Nowcast and GDPNow models raised the Q3 US GDP growth forecasts to 2.10% and 3.34% respectively [7]. - **Employment**: Unemployment insurance claims decreased unexpectedly. Initial and continued claims both declined [7]. - **Demand**: Retail sales and airport security checks were stable, but railway transportation decreased significantly. The real estate market recovered [7]. - **Production**: US crude steel production and refinery operations remained stable, above last year's levels [7]. - **Shipping**: International freight rates were mixed. Some Chinese export container rates decreased, while some US - bound routes increased [7]. - **Prices**: US retail gasoline prices rose, and the 1 - year inflation swap decreased slightly [7]. - **Financial Conditions**: The OFR US financial stress index declined [7]. 4. Next Week's Overseas Important Event Reminders Next week (September 22 - 26, 2025), focus on the US Q2 real GDP final value, the US August core PCE inflation rate, the S&P PMI of the US and the eurozone, and密集 Fed officials' speeches [7][73].

持续上涨后，波动加剧 股指周报 2025/09/20 0755-23375128 jiangwb@wkqh.cn 从业资格号：F3048844 交易咨询号：Z0017196 蒋文斌（宏观金融组） 目录 03 经济与企业盈利 06 估值 01 周度评估及策略推荐 04 利率与信用环境 02 期现市场 05 资金面 周度评估及策略推荐 周度评估及策略推荐 重要消息：1、商务部等9部门发布《关于扩大服务消费的若干政策措施》，推动互联网、文化等领域有序开放，扩大电信、医疗、教育等 领域开放试点；探索设置中小学春秋假，相应缩短寒暑假时间；2、当地时间9月14日，中美双方在西班牙马德里就有关经贸问题举行会谈； 3、英伟达违反反垄断法 市场监管总局依法决定实施进一步调查；4、美国联邦储备委员会当地时间17日宣布，将联邦基金利率目标区间下 调25个基点到4.00%-4.25%之间，符合市场普遍预期；5、英伟达宣布50亿美元入股英特尔。在数据中心领域，英特尔将为英伟达定制x86 CPU，由英伟达将其集成至人工智能基础设施平台并投放市场。 经济与企业盈利：1、国家统计局：8月份规模以上工业增加值同比实际增长5.2%，2025年1 ...

Core Insights - Nvidia and Intel have officially formed a strategic alliance, marking a significant shift in the semiconductor industry dynamics [1][4] - Nvidia will invest $5 billion in Intel, acquiring shares at $23.28 each, which will give Nvidia at least a 4% stake in Intel [1][4] - The collaboration aims to enhance AI infrastructure and computing center products, focusing on improving efficiency across various applications and workloads [1][6] Company Summaries - Nvidia and Intel's partnership is seen as a historic collaboration that could change the competitive landscape, with both companies' CEOs expressing optimism about the potential impact [3][4] - Intel is facing severe challenges, including a significant drop in market share and a 50% decline in stock price in 2024, making this partnership crucial for its recovery [4][6] - Intel's recent financial performance shows a slight revenue increase but a widening net loss, indicating ongoing struggles against competitors like AMD and ARM [6][7] Industry Implications - The alliance is expected to reshape the semiconductor industry, particularly impacting AMD, which is currently a major competitor in data centers and personal computing [7] - Intel will customize x86 CPUs for Nvidia's AI infrastructure, while also developing x86 SoCs integrated with Nvidia's RTX GPUs, directly targeting AMD's core business areas [7] - This collaboration could significantly challenge AMD's market position and potentially disrupt other computing solutions, such as Google's TPU [7]

Core Insights - The U.S. stock market saw all three major indices close at record highs on September 18, with Intel's stock surging over 27%, marking its largest single-day gain since 1986 [1] - Nvidia announced a significant partnership with Intel, involving a $5 billion investment (approximately 35.53 billion RMB) to collaborate on PC and data center chips [1] - The collaboration aims to leverage Intel's x86 architecture capabilities and Nvidia's expertise in GPU and NVLink technology, highlighting their importance in future AI infrastructure and next-generation personal computing architecture [1] Company Developments - Intel will customize x86 architecture processors for Nvidia, which will be integrated into Nvidia's AI infrastructure platform [1] - In the personal computing sector, Intel will produce and supply x86 system-on-chip (SoC) solutions that integrate Nvidia's RTX GPUs [1] - Nvidia executives, including CEO Jensen Huang, expressed strong confidence in the partnership, further signaling a positive outlook for the collaboration [3]

文字早评 2025/09/19 星期五 宏观金融类 股指 【行情资讯】 1、商务部回应 Tiktok 问题：绝不会以牺牲原则立场、企业利益和国际公平正义为代价寻求达成任何协 议; 2、英伟达宣布 50 亿美元入股英特尔。在数据中心领域，英特尔将为英伟达定制 x86 CPU，由英伟达将 其集成至人工智能基础设施平台并投放市场; 3、电影《731》今天在全球上映，单日票房突破 3 亿，刷新中国影史纪录； 4、世运电路："芯创智载"新一代 PCB 产品预计 2026 年中投产 未来可能供货特斯拉； 期指基差比例： IF 当月/下月/当季/隔季：-0.24%/-0.49%/-1.11%/-1.78%； IC 当月/下月/当季/隔季：-0.39%/-1.19%/-2.98%/-5.28%； IM 当月/下月/当季/隔季：-0.29%/-1.42%/-3.52%/-6.37%； IH 当月/下月/当季/隔季：-0.07%/-0.04%/-0.01%/-0.01%。 【策略观点】 经过前期持续上涨后，AI 等高位热点板块近期出现分歧，资金高低切换，快速轮动，市场风险偏好有所 降低。叠加市场成交量的萎缩，短期指数面临一定的调 ...

Core Viewpoint - Intel has received significant investments from Nvidia, SoftBank, and the U.S. government, indicating strong confidence in its future growth and technological advancements [1][2]. Group 1: Investment Details - Nvidia announced a $5 billion investment in Intel, purchasing shares at $23.28 each, pending regulatory approval [1]. - SoftBank invested $2 billion in Intel at $23 per share, aimed at supporting digital transformation and AI advancements [1]. - The U.S. government agreed to acquire 433.3 million shares at $20.47 each, totaling $8.9 billion, making it a major shareholder with a 9.9% stake [1]. Group 2: Strategic Collaborations - Intel and Nvidia will collaborate on developing custom data center and PC products to enhance applications for large-scale, enterprise, and consumer markets [1]. - Intel will provide custom x86 CPUs for Nvidia's AI infrastructure, while Nvidia will integrate its RTX GPU chips into Intel's x86 system-on-chip products [1]. Group 3: Financial Performance - Intel's Q2 2025 revenue was $12.86 billion, remaining flat year-over-year, while the net loss expanded to $2.9 billion [2]. - Over the past five years, Intel has invested $108 billion in capital and $79 billion in R&D, primarily to expand its manufacturing capabilities in the U.S. [2]. Group 4: Market Position and Analyst Insights - Analysts view the partnership with Nvidia as a significant boost for Intel, providing access to valuable intellectual property and enhancing its credibility in AI product development [3].

Core Viewpoint - The article discusses the strategic investment and partnership between Nvidia and Intel, highlighting the implications for the semiconductor industry and the companies involved [2][5]. Group 1: Investment Details - Nvidia announced a $5 billion investment to acquire Intel shares at $23.28 per share, making it a significant shareholder in Intel [2][5]. - The investment price represents a discount of approximately 6.5% compared to Intel's closing price of $24.9 on the previous Wednesday, but is higher than the U.S. government's recent investment price of $20.47 per share [5]. Group 2: Strategic Partnership - Nvidia and Intel will collaborate on data center and personal computing products, with Intel customizing x86 architecture CPUs for Nvidia's AI infrastructure [5][6]. - Intel will also produce x86 system-on-chip (SoC) solutions that integrate Nvidia's RTX GPUs to meet high-performance computing and AI terminal demands [5][6]. Group 3: Market Reaction - Following the announcement, Intel's stock price surged over 30% in pre-market trading, while Nvidia's shares increased by over 3% [5].

Core Viewpoint - NVIDIA announced a $5 billion investment in Intel, aiming to strengthen the struggling American chipmaker without providing key manufacturing orders [1] Group 1: Investment Details - NVIDIA will purchase Intel common stock at $23.28 per share, slightly below Intel's closing price of $24.90 on Wednesday [1] - This purchase price is higher than the $20.47 per share that the U.S. government paid for a 10% stake in Intel last month [1] - After the transaction, NVIDIA is expected to become one of Intel's largest shareholders, potentially owning 4% or more of Intel's shares following the issuance of new stock [1] Group 2: Strategic Collaboration - Intel will develop custom x86 CPUs for NVIDIA, which will be integrated into NVIDIA's artificial intelligence infrastructure platform [1] - Additionally, Intel will create a chip system to power NVIDIA's small chips for personal computers [1] - NVIDIA's CEO Jensen Huang stated that this historic collaboration will tightly integrate NVIDIA's AI and accelerated computing stack with Intel's CPUs and extensive x86 ecosystem [1]

Core Viewpoint - Intel's stock price increased by 30% in pre-market trading following the announcement of a partnership with NVIDIA, which involves collaboration in both data center and personal computing sectors [1] Group 1: Partnership Details - Intel will customize x86 CPUs for NVIDIA, which will integrate these CPUs into its artificial intelligence infrastructure platform for market deployment [1] - In the personal computing sector, Intel will produce and supply x86 system-on-chip (SoC) that integrates NVIDIA's RTX GPU chips [1] Group 2: Financial Investment - NVIDIA will invest $5 billion in Intel's common stock at a price of $23.28 per share [1]