Workflow
昇腾芯片
icon
Search documents
格林大华期货白银现货价大幅超越期货价
Ge Lin Qi Huo· 2025-10-10 11:08
证监许可【2011】1288号 报告 白银现货价大幅超越期货价 2025年10月10日 更多精彩内容 请关注 格林大华期货 官方微信 研究员:于军礼 联系邮箱:yujunli@greendh.com 期货从业资格证号:F0247894 期货交易咨询号:Z0000112 【全球经济展望】 10月9日,中国对稀土相关技术实施出口管制 数据来源:WIND,格林大华期货 全球经济展望 中国实施人工智能+行动。汇丰新兴市场调查,中国成股票投资首选市场,调查的100家机构合计管理4230亿 美元的新兴市场资产。国际资本积极加仓中国科技板块,认为在AI、机器人、生物科技等前沿领域,中国已具备 全球竞争力。Sam Altman透露,OpenAI未来几个月将有更多激进的基础设施押注。华为公布了昇腾芯片演进和目 标,算力"超节点+集群"已领先英伟达一年以上。OpenAI承诺从AMD购买价值6吉瓦的AMD芯片。三星和海力士加 入星际之门。阿里正积极推进3800亿元的AI基础设施建设,并计划追加更大的投入。 全球经济保持上行方向。 美国对各国征收对等关税后,中国商品竞争力增强,美国8月从中国进口额环比大增近40% 15,000.00 ...
格林大华期货早盘提示-20251010
Ge Lin Qi Huo· 2025-10-10 00:27
早盘提示 联系方式:yujunli@greendh.com | 板块 | 品种 | 多(空) | | | --- | --- | --- | --- | | | | | 【重要资讯】 | | | | | 1、Sam Altman 透露,OpenAI 未来几个月将有更多激进的基础设施押注,旨在应对 | | | | | 下一代 AI 模型催生的庞大需求。分析认为,这些交易以"交叉持股"模式为核心 | | | | | ——芯片巨头通过投资或股权承诺换取 OpenAI 订单,形成一种"AI 闭环经济"。 | | | | | 2、英伟达 CEO 表示:人工智能已经足够智能,人人都想使用它,我们现在正同时 | | | | | 经历两个指数级增长阶段。市场对 Blackwell 的需求确实非常、非常高,我认为我 | | | | | 们正处在新一轮基础设施建设、新一轮工业革命的起点。 | | | | | 3、xAI 正在筹集比最初计划更多的资金,其中包括来自英伟达的股权投资,使本轮 | | | | | 持续进行中的融资总额达到 200 亿美元。这笔融资将分为约 75 亿美元的股权融资 | | | | | 和最多 125 亿美 ...
2025年10月份投资策略报告:震荡整理中不改上行势头-20251009
Dongguan Securities· 2025-10-09 07:45
月度策略/A 股市场 分析师:费小平 SAC 执业证书编号: S0340518010002 电话:0769-22111089 邮箱:fxp@dgzq.com.cn 分析师:尹炜祺 SAC 执业证书编号: S0340522120001 电话:0769-22118627 邮箱: yinweiqi@dgzq.com.cn 分析师:曾浩 SAC 执业证书编号: S0340523110001 电话:0769-22119276 邮箱: zenghao@dgzq.com.cn | 市场主要指数 | 9 | 月份表现 | | --- | --- | --- | | | 收盘点位 | 涨跌幅 | | 上证指数 | 3882.78 | 0.64% | | 深证成指 | 13526.51 | 6.54% | | 沪深 300 | 4640.69 | 3.20% | | 创业板指 | 3238.16 | 12.04% | | 北证 50 | 1528.63 | -2.90% | | 科创 50 | 1495.29 | 11.48% | 资料来源:东莞证券研究所,iFinD 上证指数月线走势 2025 年 10 月 9 日 震荡整理中 ...
东亚联丰最新发声
Sou Hu Cai Jing· 2025-10-07 13:06
Group 1: Gold Market Insights - The price of gold has reached new highs, and there is a potential for a 70% increase under extreme conditions, driven by geopolitical risks and central bank policies [4][7]. - Global central banks have increased their gold reserves, surpassing U.S. Treasury holdings for the first time since 1996, with reserves valued at $4.5 trillion [6]. - The recent trend of significant ETF purchases of gold is expected to continue, especially with the Federal Reserve's anticipated interest rate cuts [5][7]. Group 2: U.S. Economic Outlook - The Federal Reserve is expected to implement one more rate cut this year, with the federal funds rate projected to be in the range of 3.75% to 4% [9]. - The U.S. economy is viewed optimistically, with resilient consumer spending and a projected core CPI of around 3% by year-end [9]. - Historical data suggests that U.S. stocks have a 100% probability of rising in the 12 months following the initiation of rate cuts [9]. Group 3: Emerging Markets and China - Emerging markets, including China, are expected to benefit from the Fed's rate cuts, as the pressure from dollar-denominated debt and currency appreciation will ease [10]. - The Chinese stock market is anticipated to experience a structural bull market, particularly in technology, materials, and healthcare sectors, while traditional sectors like banking and real estate may underperform [13]. - Foreign capital is projected to start flowing back into Chinese markets by the end of 2024, driven by favorable conditions in emerging markets and the correlation between Chinese and U.S. tech stocks [14]. Group 4: Technology Sector and AI - The technology sector in the U.S. is expected to continue its growth, with significant investments in AI leading to increased productivity [11]. - The current valuation of Chinese tech stocks is considered high, but there is optimism about their potential if technological challenges are addressed [11][12]. - The development of AI in China is progressing rapidly, with notable advancements in various sectors, although challenges remain in certain areas like semiconductor manufacturing [11].
中国算力企业收到100亿大红包
Di Yi Cai Jing· 2025-10-04 14:05
2025.10.04 本文字数:2393,阅读时长大约4分钟 作者 |第一财经 彭海斌 国庆之际,中国算力企业收到了大礼包。 中国联通和工商银行近日公布了服务器招标信息,两家企业的项目合计金额超过了100亿人民币。这些服务器的通用芯片以国产为主,工商银行30亿元海 光芯片服务器项目被浪潮信息(000977.SZ)一家企业拿下。 "主要还是国产芯片这几年技术起来了,外加政策又利好。"一位业内人士评价说。中国本土芯片企业正以肉眼可见的速度成长,它们也在市场竞争中逐步 站稳脚跟。 百亿"红包" 这次集采标包之一的中标候选人包括紫光华山、浪潮信息和超聚变三家企业;标包之二的中标候选人包括新华三、武汉长江计算、联想开天、河南昆仑技 术、平治信息等八家公司。 以金额计算,中国联通这次招标中,以国产算力为基础的服务器提供商拿走了绝大部分果实。 10月4日,浪潮信息方面向第一财经确认,该公司独家获得了工商银行的30亿服务器招标项目。 工商银行为这次投标设置了相对苛刻的条件。这些条件之一,是投标人应该为所投服务器产品的原厂商。工行同时要求,投标人所投海光芯片服务器同品 牌产品,在2023年1月1日至2025年6月30日,必须已 ...
中国本土算力企业收到工行、联通的100亿国庆“红包”
Di Yi Cai Jing· 2025-10-04 13:20
国庆之际,中国算力企业收到了大礼包。 中国联通和工商银行近日公布了服务器招标信息,两家企业的项目合计金额超过了100亿人民币。这些 服务器的通用芯片以国产为主,工商银行30亿元海光芯片服务器项目被浪潮信息(000977.SZ)一家企 业拿下。 "主要还是国产芯片这几年技术起来了,外加政策又利好。"一位业内人士评价说。中国本土芯片企业正 以肉眼可见的速度成长,它们也在市场竞争中逐步站稳脚跟。 百亿"红包" 10月4日,浪潮信息方面向第一财经确认,该公司独家获得了工商银行的30亿服务器招标项目。 工商银行为这次投标设置了相对苛刻的条件。这些条件之一,是投标人应该为所投服务器产品的原厂 商。工行同时要求,投标人所投海光芯片服务器同品牌产品,在2023年1月1日至2025年6月30日,必须 已经与六大国有商业银行、12家股份制商业银行、移动、电信、联通、广电网络(含分支机构)中至少 一家签订过不低于2000万元的合同。 服务器是能耗大户。服务器提供商正在向液冷模式转变,但风冷仍然占据最主要的市场份额。这次工商 银行的海光芯片服务器采购项目同样是风冷项目。 浪潮信息最终成为30亿项目的正选中标方,中兴和联想成为备选方案 ...
中国本土算力企业收到工行、联通的100亿国庆“红包” | 海斌访谈
Di Yi Cai Jing Zi Xun· 2025-10-04 13:12
中国联通和工商银行近日公布了服务器招标信息,两家企业的项目合计金额超过了100亿人民币。这些 服务器的通用芯片以国产为主,工商银行30亿元海光芯片服务器项目被浪潮信息(000977.SZ)一家企 业拿下。 "主要还是国产芯片这几年技术起来了,外加政策又利好。"一位业内人士评价说。中国本土芯片企业正 以肉眼可见的速度成长,它们也在市场竞争中逐步站稳脚跟。 百亿"红包" 10月4日,浪潮信息方面向第一财经确认,该公司独家获得了工商银行的30亿服务器招标项目。 国庆之际,中国算力企业收到了大礼包。 工商银行为这次投标设置了相对苛刻的条件。这些条件之一,是投标人应该为所投服务器产品的原厂 商。工行同时要求,投标人所投海光芯片服务器同品牌产品,在2023年1月1日至2025年6月30日,必须 已经与六大国有商业银行、12家股份制商业银行、移动、电信、联通、广电网络(含分支机构)中至少 一家签订过不低于2000万元的合同。 服务器是能耗大户。服务器提供商正在向液冷模式转变,但风冷仍然占据最主要的市场份额。这次工商 银行的海光芯片服务器采购项目同样是风冷项目。 浪潮信息最终成为30亿项目的正选中标方,中兴和联想成为备选方案 ...
格林大华期货AI引领牛市
Ge Lin Qi Huo· 2025-09-30 11:12
Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the fourth quarter, the market is expected to rise. With the style shift, long positions in stock index futures should be mainly allocated to the CSI 300 Index. The large - financial sector in the CSI 300 has fully corrected, and the technology track remains highly prosperous. [10][11] - The Chinese stock market has become the preferred choice for global institutional investors. The optimism of investors has increased, and international capital is actively increasing its positions in the Chinese technology sector. [10][23][25] - Consumption will become the main driving force for economic growth in the fourth quarter against the backdrop of expected decline in exports and investment slowdown. [45] - The AI - related capital expenditure is increasing significantly, and the semiconductor equipment industry chain is expected to maintain high prosperity. [80][81][91] Summary by Related Catalogs Market Outlook - In September, the Shanghai Composite Index consolidated horizontally and gathered momentum before the 3900 - point mark. After the long - holiday, it is expected to cross 3900 points and head towards 4000 points. [6][94] - The CSI 300 Index has reached a new high and is expected to be the main force for upward movement in the fourth quarter. The CSI 500 Index, representing the mid - cap growth style, is expected to continue to strengthen. The STAR 50 Index remains optimistic due to the high - growth AI and semiconductor sectors. [97][100][103] Market Fundamentals - In August, the scale of stock - type funds reached 5.55 trillion yuan, an increase of over 630 billion yuan, and the scale of hybrid funds increased by over 330 billion yuan. [10] - The M1 year - on - year growth rate soared to 6.0% in August, indicating accelerated currency activation, which is beneficial for the stock market to rise. [12] - In August, the new RMB deposits of non - bank financial institutions increased by 1.18 trillion yuan, and the savings of the household sector are accelerating the transfer to the stock market. [15] - On September 17, the margin trading balance of the two markets exceeded 2.3 trillion yuan, and the margin trading funds increased their positions rapidly. In August, 2.56 million new accounts were opened. [18] - Bond funds have suffered large - scale redemptions, and funds from the bond market are continuously flowing into the stock market. [20] Global Investor Sentiment - According to the HSBC Emerging Markets Survey, investors' optimism has increased, and China has become the preferred market for stock investment. The 100 surveyed institutions manage a total of $423 billion in emerging - market assets. [10][23][27] Macroeconomic Indicators - In August, the core CPI increased by 0.9% year - on - year, and the CPI of consumer goods increased by 0.1% month - on - month, helping to get out of deflation. [28] - In September, the Caixin PMI production index was 51.9%, indicating accelerated production expansion, and the purchase price of raw materials continued to rise. [31] - In August, China's export value was $321.8 billion, with a year - on - year growth rate of 4.4%, showing export resilience. [34] - In August, the fixed - asset investment in the manufacturing industry was 2.62 trillion yuan, with a year - on - year growth rate of - 0.3%, indicating investment slowdown. [37] - In August, the infrastructure investment was 1.90 trillion yuan, with a year - on - year growth rate of - 6.4%, indicating infrastructure slowdown and reflecting the local fiscal dilemma. [40] - In August, the total retail sales of consumer goods were 3.96 trillion yuan, with a year - on - year growth rate of 3.4%. [45] - In August, the total electricity consumption of the whole society exceeded 1 trillion kWh again, with a year - on - year growth rate of 5.2%. [48] Industrial Production - In August, the output of industrial robots was 63,700 units, with a year - on - year growth rate of 32.9%. [51] - In August, the output of integrated circuits was 42.5 billion pieces, with a year - on - year growth rate of 13.9%. [54] - In August, the export volume of passenger cars reached 669,000 units, and the export volume of electric vehicles reached 358,000 units, both hitting new highs. [57] International Market - After the US imposed reciprocal tariffs on various countries, the competitiveness of Chinese goods has increased, and the US imports from China in August increased by nearly 40% month - on - month. [60] - In August, the total retail and food sales in the US increased by 0.6% month - on - month, exceeding expectations, indicating strong US consumption. [65] - In August, the sales of US wholesalers reached $711.3 billion, setting a historical record, with a year - on - year increase of 6.2%, indicating strong US consumption. [68] - In August, the US capital goods import value was $91.9 billion, still at a high level, with a year - on - year growth rate of 10.5%, indicating that the US manufacturing industry is accelerating its return and the "re - industrialization" is speeding up. [71] - In August, the unfinished orders of the US manufacturing industry were at a record high, with a year - on - year increase of 7.1%, indicating high prosperity. [74] Strategy Recommendations - Stock index futures directional trading: In the fourth quarter, the market is expected to rise. With the style shift, long positions in stock index futures should be mainly allocated to the CSI 300 Index. [11] - Stock index option trading: Buy out - of - the - money long - term call options on stock index options. [11] AI and Semiconductor - Alibaba plans to make additional investments on the basis of the 380 billion yuan investment in the next three years to strengthen computing power infrastructure. Morgan Stanley expects that Alibaba Cloud will add more than 3 GW of data center capacity annually from 2026 to 2032. [79][80] - OpenAI plans to build a data center with a capacity of over 2 GW by the end of 2025 and reach 250 GW by 2033, which requires huge capital investment and activation of the global industrial foundation. [82][84] - Huawei's Ascend chips are making rapid progress. The Matrix 386 AI server cluster based on Ascend 910C in 2025 has surpassed NVIDIA's mainstream products, and future product plans aim to far exceed NVIDIA in computing power. [85] - Huawei is developing and self - researching high - bandwidth memory (HBM), aiming to achieve full autonomy and control from the AI computing core to high - end storage chips. [88][89] - The soaring demand for computing power is expected to keep the semiconductor equipment industrial chain highly prosperous. [91]
存储芯片狂飙!A股三大指数创新高,投资风口已至,别错过
Sou Hu Cai Jing· 2025-09-30 09:28
Market Analysis - The external financial markets are reaching new highs, influenced by the Federal Reserve's 25 basis point rate cut in September, leading to a reduction in positions by institutional funds ahead of the National Day holiday [2] - The A-share market is struggling to break through the 3900-point level, prompting some large funds to shift their focus to overseas markets [2] - October will see a concentrated release of Q3 earnings reports, alongside the gradual emergence of favorable policies, suggesting a need for strategic positioning in the A-share market [2] AI Chip Industry - The trend of domestic chip replacement is becoming clearer, with significant advancements in domestic AI chip companies such as Huawei, Haiguang, and Kunlun, enhancing product performance and cost-effectiveness [2] - The domestic AI industry chain has achieved a comprehensive integration from advanced processes to packaging, and further to model acceleration by major tech companies [2] - The competition in the global AI model field remains intense, which is expected to drive the continuous application and market growth of AI computing power [12] Storage Chip Sector - The storage chip sector is showing strong activity, with companies like Jiangbolong and Xiangnong Chip achieving over 6% gains, and a report predicting a price increase of 10% for server eSSD and 10%-15% for DDR5 RDIMM [3] - The LME metal futures market is experiencing a broad increase, with copper, aluminum, and zinc prices rising significantly [3] Battery and New Energy - The battery sector is witnessing a resurgence, with companies like Fengshan Group and Tianji shares achieving consecutive gains, supported by government initiatives to accelerate the application of solid-state battery materials [5] - The electronic information manufacturing sector is also receiving support for cutting-edge technologies, including solid-state batteries [5] Investment Sentiment - Over 60% of private equity funds are choosing to be heavily invested or fully invested during the holiday, with a general optimism about market trends continuing post-holiday [12] - The main investment themes are focused on technology growth, with some funds betting on the valuation recovery of the new energy and real estate sectors [12] Future Outlook - The semiconductor industry is expected to see a slowdown in investment in mature process equipment due to a decrease in mobile phone sales growth, but demand for AI-related products remains strong [13] - Domestic AI chip companies are making significant strides in performance and commercialization, with Huawei's Ascend chip roadmap indicating a push towards high-end AI markets [14][15] - The development of a self-controlled AI computing power system is underway, aiming to challenge NVIDIA's dominance in the CUDA ecosystem [15]
半导体设备:在国产化进程与AI算力中寻找增长极
YOUNG财经 漾财经· 2025-09-30 06:25
Core Viewpoint - The semiconductor equipment sector is experiencing significant growth driven by domestic production acceleration, surging AI computing power demand, and expansion in storage chip capacity [4][7]. Market Dynamics - The semiconductor equipment sector has shown strong performance, with notable stock price increases and a significant rise in the China Securities Semiconductor Materials and Equipment Theme Index, reflecting high market interest [3][4]. - The index focuses on the upstream and midstream segments of the semiconductor industry, with semiconductor materials and equipment accounting for 97% of its weight, indicating a strong emphasis on these areas [5]. - As of September 26, the semiconductor materials and equipment index has risen over 22% in the month, outperforming other semiconductor indices, showcasing its relative strength [5][6]. Industry Drivers - The robust performance of the semiconductor equipment sector is closely linked to positive signals from the industry, including advancements in domestic computing infrastructure and significant expansion plans in the storage chip sector [8]. - The China Unicom's Sanjiangyuan Green Power Intelligent Computing Center project has gained attention, collaborating with seven domestic AI chip companies and achieving a total computing power scale of nearly 3500P, which enhances domestic computing capabilities and creates new market opportunities for semiconductor equipment manufacturers [8]. - Major companies like Huawei and Baidu are actively advancing their AI chip strategies, further driving demand for chips and semiconductor equipment [9]. Investment Outlook - The global monetary policy environment is becoming more favorable, with the Federal Reserve's interest rate cuts injecting liquidity into the market, benefiting the semiconductor equipment sector [10]. - Compared to the already fully valued AI application layer, semiconductor equipment, as an upstream infrastructure segment, benefits from both the direct boost of AI computing demand and market share gains from deepening domestic production [10]. - The semiconductor equipment ETF has seen continuous net inflows, indicating market optimism about the sector's future performance [10][11]. - The ETF has achieved a cumulative return rate of 77.92% since its inception, highlighting the strong performance of underlying assets and the strategic value of semiconductor equipment in the AI industry [11].