上海市政府新闻办近日举行"实干绘答卷 接力新蓝图"上海"十四五"规划成果系列首场发布会，围绕"打造开放创新高品质的卓越浦东"主题，上海市委常 委、浦东新区区委书记李政介绍浦东新区"十四五"期间建设发展成果，上海市政府副秘书长、浦东新区区委副书记、区长吴金城，浦东新区发改委主任肖 林，浦东新区科经委主任汪潇，浦东新区生态环境局局长康永良，浦东新区建交委主任李树逊共同出席新闻发布会，并回答记者提问。 1 （余继超 摄） 吴金城在会上介绍，浦东在集成电路、生物医药、人工智能三大先导产业方面布局早、集聚强、实力雄厚。"十四五"期间，浦东持续强化高端产业引领 功能，聚焦三大先导产业打造世界级产业集群，2024年浦东三大先导产业规模8323亿元，占全市46%，近三年年均复合增长11.7%。 其中，集成电路推动"全链布局"，2024年产业规模达到2947亿元、约占全市75%、约占全国20%，全面提升高端芯片设计、特色工艺、封装测试、核心 设备和关键零部件材料等全产业链竞争力，全力建设上海集成电路设计产业园等重点产业园区，大力发展RISC-V、EDA、硅光等细分赛道，累计集聚集成 电路企业800多家、产业人才近20万。 生物 ...

中金发布研报称，展望2H25，随着大模型能力不断增强、越来越多形态的应用场景有望推升AI推理的 算力需求持续爆发，带动AI硬件的需求成长。该行认为以下趋势值得关注：1)国内外算力链需求增长确 定性提升;2)网络在AIDC中的重要性有望提高;3)Agent等AI应用加速落地。此外，"十五五"政策吹风， 数字基建、海洋经济、军工通信等方向值得关注。 中金主要观点如下： AI主线建议关注三大投资方向 盈利预测与估值 维持标的盈利预测、评级和目标价。推荐中际旭创、博通、光迅科技、源杰科技、锐捷网络、中天科 技、亨通光电、中兴通讯、紫光股份、浪潮信息、联想集团、海康威视、大华股份、移远通信、萤石网 络、汉朔科技等。 风险 AI进程不及预期;数通/电信资本开支不及预期;竞争激烈程度超预期。 1)硬件新技术：该行认为随着AI应用场景确定性提升，成本更低、功耗更优的AI ASIC渗透率有望提 升。高性能、低功耗的需求推动AI硬件技术迭代加速，液冷、硅光、高芯数MPO等加速商用落地。2) 国产化：H20 重启交付及国产云端AI芯片供应链持续完善，有望对国内AI服务器需求形成支撑，配套 的国产生态AI硬件有望迎来成长机遇。3)A ...

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the optical communication industry, specifically focusing on companies involved in 800G products and related technologies. Core Points and Arguments 1. **800G Product Release Cycle**: The industry is entering a release and expansion cycle for 800G products, with companies like Broadcom being highlighted as having the best performance and valuation in this context [1] 2. **Opportunities for Second-Tier Companies**: Companies such as Lianhe Technology, Huagong Technology, and Cambridge Technology are identified as having potential to succeed in the evolving market, especially with new technology routes emerging [1][2] 3. **Impact of ISAC on Capital Expenditure**: The arrival of ISAC has led to increased capital expenditures from companies other than Nvidia, indicating a new infrastructure construction cycle driven by major internet firms [2] 4. **Dependence on Chinese Supply Chain**: The optical communication market overseas is heavily reliant on the Chinese supply chain, which is crucial for the overall upgrade and iteration of products [3] 5. **CPU Market Dynamics**: There is significant debate regarding CPU advancements, with companies like Tianfu, Sishang Photon, and Taikong Network being central to discussions about the sustainability of CPU progress in the overseas computing chain [4] 6. **Valuation Trends**: The industry is witnessing a trend towards concentration around leading companies, with significant changes in supply chain capabilities enhancing their sales [5] 7. **High Demand for Switches**: Domestic internet giants are expected to increase their spending on high-end switches, driven by the need to enhance network capabilities [7][8] 8. **Growth Potential of Companies**: Companies like Ruijie Networks and Xinwang Ruijie are highlighted for their substantial growth potential, with projections indicating significant increases in revenue [9] 9. **Brain-Computer Interface Applications**: New applications in brain-computer interfaces developed in collaboration with Zhejiang University are noted as promising [10] 10. **Risks in Cross-Border Investments**: Concerns regarding the risks associated with cross-border investments in the industry are discussed, emphasizing the importance of barriers to entry [12] 11. **Heavy Asset Operations**: The discussion touches on the challenges faced by companies with heavy asset operations, indicating that only a few companies have successfully transitioned from being smaller players to industry leaders [13] 12. **GPU Market Competition**: The competitive landscape for GPUs is dominated by Nvidia and Huawei, with other companies making significant advancements in the inference side [14] 13. **Opportunities in IoT**: The IoT sector is shifting focus towards downstream applications, indicating a growing market for mid-end solutions [15] 14. **Satellite Launch Timelines**: The satellite sector is seeing improved timelines for launches, which is expected to enhance market dynamics [16] 15. **Investment Recommendations**: The overall sentiment is positive towards investing in undervalued overseas chains, with recommendations to consider both leading companies and those with low penetration rates [16][17] Other Important but Possibly Overlooked Content - The discussion emphasizes the importance of understanding the underlying market dynamics and the potential for new entrants to disrupt existing players, particularly in the context of evolving technologies and infrastructure needs [2][3][4] - The need for continuous monitoring of the market and the impact of new technologies on existing supply chains is highlighted as critical for making informed investment decisions [5][6][12]

| 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 0.24 | 0.79 | -1.82 | | 中盘指数 | 0.81 | 1.52 | -5.06 | | 小盘指数 | 0.95 | 2.03 | -0.55 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | 文娱用品Ⅱ | 4.93 | 12.3 | 10.44 | | 商用车 | 3.73 | 1.53 | 0.88 | | 化学制药 | 3.7 | 15.03 | 16.08 | | 教育 | 3.34 | 2.02 | -13.9 | | 金属新材料 | 3.21 | 6.5 | 7.35 | | 行业跌幅 | 昨日跌 | 1 个月跌 | 6 个月跌 | | 乘用车Ⅱ | -1.27 | -1.87 | 5.17 | | 专业连锁Ⅱ | -1.13 | 2.57 | -6.42 | | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report emphasizes the importance of hardware-software innovation axes, predicting significant advancements in new hardware technologies by 2025H2, with a focus on both short-term and long-term investment opportunities [4][20] - Key short-term opportunities include GPU+HPM, optical devices, silicon photonics, lidar, automotive chips, RoboVan, and AI glasses, while long-term innovations are deemed more critical [4][20] - The report highlights the 2B market opportunities in optical devices, silicon photonics, GPU, and high-end products, alongside 2C market opportunities in automotive, RoboVan, wearables, and bio-electronic interactive devices [4][20] Summary by Sections 1. Hardware-Software Innovation Axes - The report discusses the "hardware Y-software X" axis as a framework for predicting new hardware innovations, linking technological advancements from 2022H2 to 2025H2 [4][20] - It identifies the need for a focus on architecture innovation and "physical-chemical-biological AI" as critical elements for future hardware development [4][20] 2. Market Opportunities - The 2B market is characterized by opportunities in optical devices, silicon photonics, and high-end GPUs, while the 2C market includes automotive technologies, RoboVan, wearables, and bio-electronic devices [4][20] - The report notes that the optical device opportunities arise from the MoE architecture, which differs from simple computational upgrades under the "Scaling Law" [4][20] 3. Underestimated Factors - The report points out two often-overlooked factors: architecture innovation and the integration of physical-chemical-biological AI, which are crucial for the advancement of new hardware [4][20] 4. Representative Companies - The report lists several companies as representative in the new hardware space, including: - Optical devices: NewEase, Zhongji Xuchuang, Huagong Technology, Changguang Huaxin - Lidar: Hesai Technology (US), Suteng Juchuang (HK) - AR+AI glasses: Hongjing Optoelectronics, Crystal Optoelectronics, Hongsoft Technology, GoerTek, Xiaomi Group (HK) - Advanced semiconductor processes and GPUs: SMIC, Muxi Integration, Suiyuan Technology, Haiguang Information, Cambrian [6][20]

降关税之后：市场关注哪些机会？20250512 摘要 • 中美关税调整：美国对华关税从 145%降至 30%，包括取消 91%的施压 式关税和暂缓部分对等关税，市场反应积极，但 34%对等性加征部分是否 完全落地仍存不确定性，外部因素对国内市场影响相对有限。 • 国内政策转向：政治局会议定调积极财政政策，包括加速债券发行和降准 降息，政策响应速度加快以稳增长，关注利率债超调机会、高股息资产和 出海机会，以及全球秩序重构下的黄金资产。 • 股市内在逻辑：中美协议提升市场风险偏好，但核心在于中国股市内在逻 辑变化，即贴现率下降，无风险利率下降提升股票和权益吸引力，政府有 效处理内外压力提升市场对国内政策和治理能力的认可。 • 投资方向：7 月前上证指数有望达 3,500-3,600 点，下半年恒生指数有望 创新高，关注预期修复、辉煌明天出口链相关机会，以及苹果链、英伟达 链和特斯拉链等出口链行业的修复。 • 港股投资价值：港股互联网板块配置价值提升，受益于中美关系缓和，打 消地缘政治担忧，基本面稳健，估值合理，机构仓位低，恒生科技全年走 高概率大，关注阿里巴巴和快手。 Q&A 关于近期中美关税调整的具体情况及其对 ...