转自：财叔有料 今天全球市场都在等待美联储议息会议，所有资产配置都要受到重大影响，恒生指数和恒生科技指数期 货晚上已经开始上蹿下跳。 美联储将在当地时间9月17日，北京时间9月18日凌晨2:00宣布利率政策决定及政策声明。市场普遍预期 是降息25个基点（25个百分点），概率超过96%，如果降息50个基点，就是超预期，但概率只有4%， 当然，不降息也是超预期。 不过对于懂王来说，降25个基点相当于没降，肯定不开心。 已经有神秘资金砸下350万美元押注大幅降息50个基点的意外事件，芝加哥商品交易所称这是联邦基金 期货有史以来最高额的一笔交易。 金融市场时间就是金钱，哪怕是快几秒钟。关于美联储降息的信号捕捉，华尔街还研发出针对鲍威尔的 读唇术。 据市场观察，美联储主席鲍威尔使用"good afternoon"开场时，往往伴随对通胀压力、加息预期的鹰派表 态，"通胀回落速度不及预期"，直接引发美股三大指数当日下跌超1.5%；而当他以"hello everyone"开场 时，更可能释放"经济软着陆"、"政策宽松"等鸽派信号，历史数据显示此类讲话后标普500指数上涨概 率超60%，这样的概率统计就值得机构去下注。 有媒体 ...

昨晚阿里的平头哥芯片还上了新闻联播，信号意义不一般，外媒也在报道，但报道内容我也不能写。 樱桃大房子 很多都不能说 , 最近我的文章不是发了很快被删，就是内容敏感根本发不出去，前两天写了一篇全国房价跌了多少的， 当晚就被删了，我最近写就业差的也被删，分析金融数据也被删。 删了后很多人又来问我要文章，所以我每次发文你们想看的最好是当晚就看，第二天可能就没了。昨晚 写中美谈判的也发不出去，不知道是不是我的号被管的严了。 你们老说我现在不怎么发房地产的内容了，但现在除了房价降，还有啥好讲的呢，但房价跌的多了又不 让我说啊，所以减少写房地产也是没办法的事。 还有最近我听说有些以分享躺平生活为主的博主也被X了，可能就是不能宣传这种躺平思想吧，年轻人 带有消极、躺平负面情绪的都不要传播，好好做牛马，为经济回升做出贡献。 现在大概只有资本市场好，可以大吹特吹了，特别是这几天阿里爆火，马云躺平几年后，从9月开始回 归阿里重振旗鼓的事，特别振奋市场信心。 大家都知道马云过去6年一直在躺平，之前已经淡出了阿里，但最近持续带着工牌出入阿里，开始深度 参与阿里业务，主要是主导AI战略及应对外卖市场竞争。 所以我现在重心就是关注投资市 ...

在经历数年消沉之后，阿里巴巴的内部论坛上，一度闪烁着一句既戏谑又振奋的口号——"MAGA"，即"Make Alibaba Great Again（让阿里巴巴再次伟 大）"。如今，这一梦想似乎找到了最有力的执行者：马云。 自2020年的风暴过后，马云悄然淡出了公众视野。但知情人士透露，现年 61 岁的他正重新出现在阿里园区，且参与程度之深，为近五年来罕见。 2023 年 底，他重返蚂蚁集团发表演讲，不少老员工当场落泪。今年 4 月，他现身阿里云总部，走过写满员工心声的墙壁，在东京和香港的员工视频连线注视下， 重现昔日的激情："技术不是征服星辰大海，而是点燃每个人心中的火花。" 马云的"隐形之手"正在显现： 无论是推动阿里向人工智能转型，还是拍板投入 500 亿元人民币补贴对抗京东和美团，马云的身影无处不在。据称，他甚 至在一天之内三次催问高管 AI 项目进展，显示出重回一线的迫切。同时， 他强调云计算、自研平头哥芯片和通义千问大模型的重要性，并要求每天汇报 最新进展。参会者称，那一刻仿佛回到阿里创业初期的第一天。 在外界看来，马云的回归不仅是阿里内部的信号，更可能是中国科技行业重新得到政策青睐的象征。与以往不同 ...

伴随着阿里巴巴创始人马云的回归，阿里开始强调"重新创业"。 9月17日，阿里巴巴港股开盘上涨，截至发稿，阿里股价上涨3.84%，总市值重新回到了3万亿元以上。 wind数据显示，阿里巴巴港股近250日已上涨98.99%，续创三年新高。近一年来，阿里AI战略带动的增长前景、淘宝闪购业务的投入等，带动阿里巴巴股价 走出低迷，伴随着阿里巴巴创始人马云的回归，阿里开始强调"重新创业"。 | 450 4 00 145.223(UNT) | | | | | | | | 阿里巴巴-W | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | +5.600 +3.65% | | | | | | 9988 | | HKEX HKD 10:23:40 | | | | | | | | 十二八 · | | 89988 | | 145.500(+3.71%) 人民币柜台 | | रुद्दे | | 96.32% 120日 | | 26.68% | | 美(BABA) | | 162.210(+2.64%) U/H:-0.87% | | 5日 | | 11.41% ...

Summary of Unisplendour Corporation's Conference Call Company Overview - **Company**: Unisplendour Corporation (紫光股份) - **Industry**: AI Servers, Data Center Switches, and Domestic Chip Manufacturing Key Points AI Server and White Box Server Performance - AI server revenue reached 6 billion yuan in the first half of 2025, while white box server revenue exceeded 10 billion yuan, showing significant growth compared to the previous year [2][4] - Despite a low gross margin of 6-7% for white box servers, overall revenue growth led to a substantial increase in gross profit, reflecting the rapid development of the domestic AI industry [2][4] Switch Business Growth - The switch business grew over 20% in the first half of 2025, with data center switches accounting for over 50% of total sales, up from 40% the previous year [5] - High-speed switches (400G/800G) are expected to double, currently representing over 25% of the switch business [5] Product Development and Innovations - Unisplendour launched a 64-card single cabinet self-developed brand, targeting major internet companies, with mass production expected in Q4 2025 [6] - Plans for liquid-cooled servers are set to enter a high-growth phase in 2026, with active expansion at the Zhejiang factory and increased outsourcing demand [6] Domestic Chip Utilization - The company is increasingly using domestic chips such as Kunlun, Cambricon, and Pingtouge, while the proportion of imported GPU cards is declining [7][8] - Domestic switching chips, like those from Shengke Communication, have entered commercialization, with an increasing share in high-end models [9] Financial Performance and Projections - In the first half of 2025, overall performance exceeded market expectations, with a growth rate of over 25% in revenue and core profit [3] - The subsidiary, H3C, showed remarkable performance with over 40% revenue growth, contributing approximately 70% to Unisplendour's total revenue [3] Market Outlook - The domestic market for AI computing cards is projected to see a significant increase, with expected shipments surpassing 5 million units in 2026 due to import restrictions [12] - The overall growth rate for the company is anticipated to be better in the second half of 2025, driven by increased procurement from operators and internet companies [11] Valuation and Investment Recommendations - Unisplendour's current valuation is considered advantageous, with significant potential for upward adjustment in earnings quality and valuation as server and switch businesses improve [13] - Companies like Shengke Communication and Filin Kosi are recommended for attention due to their growth potential alongside Unisplendour [14] Traditional Suppliers - Traditional suppliers like ZTE are also expected to perform well in the switch market, with positive changes in revenue and profit growth driven by AI business [15]