Group 1 - Xiaopeng Motors has published a patent for a humanoid robot, which includes a robotic body and a mechanical arm designed to enhance the robot's anthropomorphic effect by increasing the flexibility and coordination of the arm's movements [2] - Intel is reportedly developing another data center GPU in addition to "Jaguar Shores," which is expected to have lower power requirements for servers and may be released next year [2] - BYD's electric bus factory in Azerbaijan plans to start CKD (Completely Knocked Down) production mode in 2027, following the delivery of the first batch of 50 electric buses [2] Group 2 - Global VR headset shipments declined by 14% year-on-year in the first half of 2025, primarily due to weak demand in the consumer market, with Meta maintaining a dominant market share of approximately 80% [2]

格芯(GlobalFoundries)涨超11%，此前报道称美国计划出台芯片生产新规以降低对海外依赖。英特尔涨 超3%，有报道称其接触台积电寻求投资或合作。 其他新闻 1、美联储今年票委杰夫·施密德认为，短期内美联储可能无需再次降低利率，因为仍需继续降低通胀水 平，劳动力市场虽降温但仍平衡。 2、摩根大通预计全球存储市场将在2027年前保持结构性增长，HBM4等新产品进展、制造工艺突破及 边缘AI需求将成为未来关键看点。 凤凰网财经讯 9月26日，美股三大指数集体高开，道指涨0.45%，纳指涨0.08%，标普500指数涨0.2%。 4、英特尔美股盘前涨超4%。有报道称英特尔接触台积电寻求投资或合作；英特尔除 "Jaguar Shores"外 还在开发另一款数据中心GPU。 5、特斯拉美股盘前一度跌近1.5%。欧洲汽车制造商协会数据显示，8月份特斯拉电动汽车在欧洲的注 册量（衡量销量的指标）同比下降约23%，为连续第八个月下滑。 6、小鹏汽车美股盘前涨近5%。消息面上，小鹏汽车宣布正式进入瑞士、奥地利、匈牙利、斯洛文尼亚 和克罗地亚五国市场。 3、Meta公司正与谷歌云部门洽谈，考虑使用谷歌的Gemini大模型 ...

Core Viewpoint - Nvidia's CEO Jensen Huang emphasized that artificial intelligence and robotics represent the company's greatest growth opportunities, potentially worth trillions of dollars [1]. Group 1: Business Performance - Nvidia's market capitalization surpassed $3.7 trillion, making it the most valuable company globally, overtaking Microsoft [2]. - The automotive and robotics division, which was merged over a year ago, reported quarterly sales of $567 million, reflecting a 72% year-over-year growth, despite accounting for only about 1% of total revenue [2][3]. - Nvidia's total sales surged from approximately $27 billion in fiscal year 2023 to $130.5 billion last year, with analysts projecting sales to approach $200 billion this year [3]. Group 2: Strategic Direction - Nvidia is increasingly diversifying its offerings beyond AI chips to include software, cloud services, and networking solutions, positioning itself as an "AI infrastructure" or "computing platform" provider [2]. - The company has introduced the Drive chip platform and the Cosmos humanoid robot AI model to support the anticipated demand for AI chips in applications across autonomous vehicles and robotics [2].

Core Insights - Nvidia's CEO Jensen Huang emphasized that artificial intelligence and robotics represent the company's largest growth opportunities, potentially worth trillions of dollars [1][3] - Nvidia's market capitalization surpassed $3.7 trillion, making it the most valuable company globally, overtaking Microsoft [3] - The automotive and robotics divisions, merged over a year ago, reported a quarterly revenue of $567 million, reflecting a 72% year-over-year growth despite only accounting for about 1% of total revenue [3] - Nvidia is transitioning from being viewed solely as a chip company to being recognized as an "AI infrastructure" or "computing platform" provider, offering a range of products beyond AI chips [3] - The company has introduced the Drive chip platform and the Cosmos humanoid robot AI model to support the anticipated demand for AI chips in various applications [3] - Nvidia's total sales surged from approximately $27 billion in fiscal year 2023 to $130.5 billion last year, with analysts projecting sales to approach $200 billion this year [4]

Core Viewpoint - The expectation of a recession in the U.S. has limited impact on Chinese assets, but if it evolves into a recession trade, the scope and intensity of the impact could significantly increase. A tracking system has been established to monitor macroeconomic "soft/hard" data, core operating data of companies, and leading confidence indicators, along with a timeline of key events to help investors understand the current phase [1][2]. Group 1: Macroeconomic Indicators - Current U.S. economic indicators show strong hard data but weakening soft data, with stable CPI and non-farm employment numbers, while PMI for manufacturing and services has weakened significantly [3]. - As of Q4 2024, 55% of sample companies still show accelerating core operating indicators, but analyst forecasts have begun to decline, with expectations for further downtrends in Q1 and Q2 2025 [3]. Group 2: Earnings and Recession Phases - Historical transitions from recession expectations to actual recession trades are marked by continuous declines in corporate EPS, particularly in high-interest environments [7]. - The recession cycle can be divided into three trading phases: expectation trading, first-round recession trading, and second-round recession trading, with the first phase typically occurring after economic overheating and prior to interest rate hikes [7]. Group 3: Industry-Specific Insights - The performance of the financing industry, including investment banks and consumer credit companies, serves as a leading indicator of confidence cycles during recession trades, with significant average declines observed in previous downturns [8]. - Recent earnings data from major companies in various sectors, including investment banking and consumer credit, indicate varying trends, with some companies experiencing significant fluctuations in revenue and operating metrics [5]. Group 4: Upcoming Earnings Reports - The upcoming earnings season for U.S. companies is critical, with a focus on core cyclical companies' operating data and guidance, especially in the investment banking and consumer credit sectors [13]. - Key macroeconomic data and earnings calls from major companies will be closely monitored to assess the potential short-term impacts on Chinese assets and identify long-term investment opportunities [14].