空天母舰和星际战舰雏形：马斯克5000吨星舰第十次发射成功 ——今年的3大科技成果 邵旭峰 如果要问今年已经过去的时间里，全球最为重大的科技成果，个人的看法如下： 英伟达个人超算已投产即将面世，AI将在物理和虚拟两界海量铺开 英伟达搞了些啥？AI将铺天盖地、隐约指向大一统 特朗普想要改变美国和世界，黄仁勋在改变人类、想创世纪 第二，是OpenAI公司推出GPT-5，统合与升华之前多款模型功能，在数学、物理、化学、生物工程、编程与推理等多项主流学科与功能方面第一次体 现出"通用性"，也在深度思考方面继续发展、且能智能切换，这是AI第一次体现出通用性，可视为通用人工智能AGI的雏形和范例——其它模型将奋 起直追，这将导致AGI呈现多头竞争态势、也加速其发展与成熟。 成熟AGI被视为在主体知识和功能赶超个体人类，所以我认为未来世界或者人类剩余岁月真正开始——AI取代、控制甚至终结人类成为必然。 具体可点击或者复制搜索： 首先也是第一，是英伟达推出多项推动AI发展的基础性成果，从一系列算力猛提的芯片到世界基础模型、数字孪生，到新一代机器人硬件和软件，到 个人超算，到物理引擎，到AI存储，AI工厂，到智能汽车，从基础层 ...

Core Insights - The article discusses the advancements and challenges in the field of embodied intelligence, particularly in robotics, as showcased at the 2025 World Artificial Intelligence Conference (WAIC) [1][7] - Companies are focusing on increasing self-research capabilities for key components to enhance product iteration speed and reduce costs [2][5] Group 1: Technological Advancements - Embodied intelligence is transitioning from single-model to multi-modal capabilities, improving product generalization and vertical applications [1] - Key components such as joint drive motors and sensors are being developed in-house to ensure seamless integration between hardware and software [2][3] - The development of proprietary components, like the MagicBot Z1's high-performance joint module, aims for a 90% self-research rate, with a future goal of 100% [3][4] Group 2: Cost Optimization - Companies are adopting local production and optimization strategies to reduce costs, contrasting with higher overseas manufacturing expenses [6][10] - The reliance on advanced chips, such as NVIDIA Jetson and Tesla's Dojo, is critical for enhancing AI reasoning and operational efficiency in robots [5][6] Group 3: Commercial Applications - Robots are being deployed in industrial settings for tasks like sorting and assembly, with human-like robots showing potential for flexible configurations in dynamic environments [8][9] - The commercial sector is exploring roles for humanoid robots in customer service and educational settings, indicating a gradual shift towards broader applications [9][10] - The aging population market is identified as a significant opportunity for humanoid robots, particularly in healthcare and elder care [10]

Summary of Conference Call on Yushu Technology and Humanoid Robotics Industry Company and Industry Overview - **Company**: Yushu Technology - **Industry**: Humanoid Robotics Key Points and Arguments - Yushu Technology submitted a listing guidance application, indicating its profitability and future development potential, which may lead to the accumulation of more new projects or products to accelerate the development of the industry chain and boost market confidence [2][4] - Investment in humanoid robotics in the domestic primary market significantly increased in June, doubling compared to May, with financing projects primarily led by established players focusing on commercial closure, suggesting that funds will gradually flow into the industry chain to accelerate development [2][5][6] - Humanoid robots have demonstrated practical application capabilities in certain scenarios, with strong societal support, and industry chain companies are eager to achieve commercial closure through vertical field orders, driving industry development beyond expectations [2][7] - The overseas application of humanoid robots is accelerating, exemplified by Tesla's Optimus robot working in restaurants, which creates a demonstration effect for the domestic market, enhancing confidence among domestic companies and promoting technology and product development [2][8] - Humanoid robots exhibit advantages in interaction, complex task execution, and force control, such as providing items based on consumer needs and completing delivery processes, which will further accelerate their application [2][9][10] Additional Important Insights - The rise in market risk appetite is attributed to several factors, including enhanced national governance capabilities, recognition of the transition between old and new driving forces, easing of external tariff events, and better-than-expected domestic economic data, particularly in Q2 GDP performance [2][11] - Tesla's humanoid robot has recently digested previous negative news and launched a new AI model, GROK 4, which improves interaction and adjusts market expectations positively [3][12] - Upcoming catalysts that may impact the humanoid robotics sector include Tesla's shareholder meeting on July 24 and the World Artificial Intelligence Conference on July 26, which are expected to have a positive influence on market sentiment [2][13] - The unmanned forklift sector shows significant potential, with high demand in logistics and factory sorting and handling, indicating successful commercial application potential [2][14] - There are differing views on the timing of Yushu's listing, with some investors believing it may be too aggressive, while a more reasonable expectation is for a listing before the end of the year [2][15]

①特朗普：将对俄罗斯征收100%关税向北约提供最先进的武器装备以支持乌克兰 ④美股财报季即将开锣：预期两年最弱科技股AI支出成亮点 特朗普周一在会见北约秘书长吕特时称，如果无法在50天内达成协议结束俄乌冲突，美国将对俄罗斯实 施100%的关税。受此影响，国际油价直线跳水。截至收盘，全球基准9月布伦特原油期货下跌1.63%， 报69.21美元/桶。WTI 8月合约下跌2.15%，报66.98美元/桶。市场也密切关注中印等主要俄罗斯原油买 家的反应。目前中国和印度仍为俄罗斯原油的主要出口对象。同时，特朗普表示美国将向北约提供最先 进的武器装备，费用由北约盟国承担。他还宣布将宣布一项针对乌克兰的新军援计划，预计将包括对乌 提供进攻性武器。 法国里昂商学院管理实践教授李徽徽：特朗普对俄宣布100%关税及大幅军事援助乌克兰的立场转向， 表明其外交政策在竞选压力与盟友协调下趋于"强硬现实主义"。短期内，市场对地缘政治升级的担忧将 推高避险情绪，但因援助费用由盟友承担，美元和美债影响有限。原油下跌源自市场对俄出口未必实质 受限的预期，但中期来看，若俄罗斯进一步被排挤出全球能源体系，将对全球油气供需格局形成扰动， 对欧洲能源 ...

Report Highlights 1. Report Industry Investment Rating - The global economy in the macro and financial sector is rated as "Bullish (Slightly)" [1] 2. Core View - The US faces a large - scale debt problem, with about $12 trillion in Treasury bonds to be sold in the next year, which may lead to a "fiscal heart attack." The passage of a related bill is uncertain and has raised concerns [1] - There are different views on the valuation of US stocks. Goldman Sachs believes it is too high, while others think US stocks are supported by solid balance sheets, and European trading is more speculative [1] - Neuralink has the potential to revolutionize human - machine interaction, with the ultimate goal of achieving a full - brain interface and transforming the human brain into a "biological + digital" brain [1] - The Hong Kong Securities and Futures Commission has issued licenses to 11 virtual asset trading platforms, and there are ongoing institutional applications [1] - A New York mayoral candidate advocates for a more equitable city by taxing the top 1% of the wealthy to fund public services [1] 3. Summary by Relevant Catalogs Important Information - The US needs to sell about $12 trillion in Treasury bonds in the next year, including $1 trillion for interest payments, $9 trillion for debt repayment, and an additional $2 trillion due to a $2 trillion deficit [1] - The passage of a bill with a large - scale debt is uncertain, and some senators oppose it [1] - Different views on US and European stock markets: Goldman Sachs thinks US stock valuation is too high, while others believe US stocks have solid balance sheets, and European trading depends on infrastructure plans [1] - Neuralink can enable humans to control Tesla Optimus robots with thoughts, and its ultimate goal is a full - brain interface [1] - The Hong Kong Securities and Futures Commission has issued licenses to 11 virtual asset trading platforms, and institutions are applying for related services [1] - A New York mayoral candidate wants to tax the top 1% to fund public services [1] Global Economic Logic - The US President claims to have reached a trade agreement with China, and the expectation of a Fed rate cut in September is rising [1] - The US June Markit manufacturing PMI final value is 52.0, indicating continued expansion. China's June PMI production index continues to expand, and the new order index resumes expansion [1] - The Swiss National Bank cuts interest rates by 25 basis points to 0. The European Central Bank has cut interest rates 8 times, and Germany's 30% military expansion boosts European manufacturing [1] - China is comprehensively rectifying involution - style competition [1]

Group 1 - Red Star Macalline's founder, Che Jianxing, is under investigation by the Yunnan Provincial Supervisory Committee, but the company's board operations remain normal and control has not changed [2][3] - Manus's parent company, Butterfly Effect, denied reports of a $100 million financing round at a $1.5 billion valuation, stating the information is false [2] - Actor Gan Wei announced her divorce from Jia Yueting, denying any asset transfer or claims of receiving 4 billion yuan [3] Group 2 - Tencent reported Q1 2025 revenue of 180 billion yuan, a 13% year-on-year increase, with WeChat and WeChat's combined monthly active users reaching 1.402 billion, up 3% year-on-year [7] - JD.com announced that users whose orders were delayed by over 20 minutes during a system outage would receive a refund [8] - Neta Auto denied bankruptcy rumors, clarifying that a third-party advertising company filed for bankruptcy, not the company itself, while acknowledging internal difficulties [8] Group 3 - Wahaha's customer service confirmed that its purified water is produced by Jinmailang under quality standards, addressing consumer concerns about product differences [11] - Xiaomi's founder Lei Jun limited comments on his Weibo posts, citing a challenging period for the company [5] - The International Energy Agency projected that by 2025, one in four new cars sold globally will be electric, with sales expected to exceed 20 million units [24] Group 4 - Nvidia's market capitalization reached $3 trillion, with CEO Jensen Huang's net worth increasing by 50% year-on-year to approximately $120 billion [15] - CATL received over $50 billion in institutional orders, achieving a 30-fold oversubscription for its IPO, potentially making it the largest IPO of the year [15] - Meizu launched the Note16 series smartphones with prices starting at 594.15 yuan after subsidies [17]

Group 1 - The U.S. government is considering reducing tariffs on China from 145% to a range of 50% to 54% due to significant declines in agricultural exports and military supply issues [1][3] - U.S. agricultural exports have dropped by 54%, and Boeing orders have decreased by 70% as a result of the tariffs, while countries like Brazil and Australia are increasing their market share in China [1][3] - The U.S. heavily relies on China for rare earth elements, which are critical for high-tech industries and military applications, and faces challenges in domestic production due to technological and cost issues [1][3][5] Group 2 - There is a division within the Trump administration between those advocating for negotiations to lower tariffs in exchange for rare earth supplies and hardliners insisting on a confrontational approach [3][5] - Tesla's CEO Elon Musk's visit to China indicates that the negotiation faction may be gaining influence, as Tesla's production plans are hindered by China's rare earth export controls [3][5] - The U.S. has struggled to rebuild its rare earth supply chain, with China maintaining over 80% of the global production capacity, making it difficult for the U.S. to negotiate effectively [5][7] Group 3 - China has made it clear that any negotiations must start with the removal of all tariffs, emphasizing its control over the rare earth supply chain [7] - The ongoing trade tensions highlight the importance of having core technologies and resources domestically, as the U.S. finds itself in a vulnerable position [7]