图片来源：unsplash 12月23日，路透社援引多位知情人士消息称，英伟达希望在马年春节，也就是明年2月17日前，向中国 出口H200芯片，预计首批出货量在4万颗到8万颗之间，主要是库存产能。 此外，英伟达已计划增产H200，并以此供应明年二季度中国市场。 截至作者发稿，英伟达官方未对该消息作出回应。 虽然需缴纳高额税收，但被允许对华出口的产品，已经从不再具备明显优势的"中国特供版"H20升级成 了H200，某种程度上，是英伟达会重返中国市场的一个重要信号。 彼时，英伟达官方对外回应称，"向商业客户供应H200是一种值得肯定的举措。" 政策方面，路透社上周报道，特朗普政府已正式启动了对H200出口中国的审查，美国商务部将其出口 许可证送交到了美国国务院、能源部和国防部。 虽然审查过程不公开，但流程时间或在30天之内，对英伟达态度较为积极的特朗普，仍掌握着最终决定 权。 对于英伟达未来中国市场的前景，至少还有以下几点值得关注。 到底能卖吗？ 不过，H200能否顺利出口中国，仍有极大的不确定性。一个因素是，目前没有消息显示，中国官方批 准了任何与H200相关的采购方案。 自今年4月特朗普政府实施对华芯片出口限 ...

Group 1 - The core focus of the news is the explosive performance of the CPO (Co-Packaged Optics) sector in the Chinese A-share market, with a trading volume reaching approximately 110 billion yuan within the first hour of trading, leading to a 5.36% increase in the sector index [1] - Major companies such as Tianfu Communication and Guangku Technology saw significant stock price increases, with industry giants like Zhongji Xuchuang and Renjia Photon hitting historical price records [1] - The surge in the CPO sector is attributed to a series of unexpected positive developments in the domestic and international AI industry, dispelling previous concerns about an "AI bubble" [2] Group 2 - Internationally, tech giants are engaged in an escalating arms race, with Amazon releasing the Trainium3 chip, which boasts a fourfold performance increase and a 40% improvement in energy efficiency compared to its predecessor [3] - AMD has received U.S. government approval to export its AI chip MI308 to China, injecting new vitality into one of the world's largest AI markets, despite a 15% tax [3] - Domestic AI advancements include DeepSeek's V3.2 release, achieving performance levels comparable to GPT-5, and ByteDance's collaboration with ZTE to develop a mobile AI agent prototype [3] Group 3 - Analysts from CITIC Securities highlight that the developments in AI technology, including Google's TPU and Amazon's Trainium3, illustrate a clear picture of the booming AI industry, likening it to an industrial revolution [4] - The performance of companies in the CPO and computing power sectors is robust, with significant profit growth reported ahead of the upcoming annual report disclosures [5] - Companies like Dongtianwei and Zhongji Xuchuang reported net profit increases of 99.2% and 90% respectively, while Xinyisheng's growth reached an astonishing 284% [5][6] Group 4 - The upcoming annual reports are expected to reveal strong performance, with the market anticipating a wave of exceeding expectations in the computing power sector [6] - Securities firms believe that the CPO and AI computing power sectors are far from over, with AI demand driving key components like high-end PCBs and CPOs into a phase of rising volume and price [6] - The domestic PCB industry, which accounts for over 50% of the global market, is expected to benefit from this global trend, with domestic AI chip market share projected to surpass that of foreign brands by 2026 [6]

Group 1 - The report highlights that the long-term excess returns of the real estate index are correlated with trends in sales growth and price growth, indicating a cyclical nature in the market [2][7][10] - In the past year, the real estate index has shown a pulsing zigzag pattern characterized by short cycles, high volatility, and strong policy correlation, driven mainly by short-term stimulus policies rather than fundamental recovery [2][10][11] - The average excess return during the last six upward phases of the index reached 13%, with an average duration of 18 days, suggesting potential for new upward movements if positive signals are released from upcoming policy meetings [2][10][11] Group 2 - The report discusses the "anti-involution" theme, emphasizing the orderly exit of backward production capacity to achieve high-quality industry development, with a focus on sectors like steel, pig farming, and cement [30] - The construction of the Yarlung Zangbo River downstream hydropower project, with an investment of approximately 1.2 trillion yuan, is expected to create opportunities in related sectors such as cement, steel materials, and hydropower equipment [33] - The AIDC (Artificial Intelligence Data Center) sector is projected to experience high growth driven by policy and demand resonance, with a target market scale exceeding 280 billion yuan by 2028, indicating strong investment potential in AI infrastructure [37][41]

④【AMD将重启对华出口AI芯片】7月17日，据央视新闻援引多家外媒报道，美芯片公司AMD称，将 很快恢复向中国市场交付其人工智能芯片MI308。此前，美国对英伟达一款芯片作出了类似决定。报道 称，AMD发言人7月15日表示，美国商务部告知该公司，MI308产品的许可申请将进入审查程序。美国 芯片行业近期集体呼吁美国政府放宽出口管制，并警告称对华限制将导致收入受损。今年4月，AMD 称，针对MI308芯片的出口限制将使该公司损失约8亿美元。截至发稿，AMD涨0.5%，英伟达涨0.7%。 ⑤【阿斯麦盘前跌近3%，Q2业绩超预期但下调业绩指引】阿斯麦盘前跌近3%。消息面上，阿斯麦2025 年第二季度交出了一份全面超预期的答卷。当季净订单达55亿欧元，环比大增41%，同比持平，显著高 于市场共识。但该公司同时下调了第三季度业绩指引，预计第三季度营业收入为74亿至79亿欧元，市场 预期值为82.6亿欧元。此外，阿斯麦还下调了2025财年业绩指引，预计2025财年的营业收入为325亿欧 元，市场预期为373.9亿欧元。 ①【三大期指涨跌互现】截至发稿，道指期货跌0.12%、标普500指数期货涨0.06%、纳指期货涨 0 ...

Group 1 - The first batch of 10 Sci-Tech Innovation Bond ETFs was listed on July 17, showcasing the market's strong interest in this product [1] - Active equity funds have seen a significant recovery in performance since 2025, with over 200 funds achieving annual returns exceeding 30% [1][2] - The public fund industry has experienced a high turnover of executives, with over 230 changes reported this year, indicating a trend of talent mobility [2][3] Group 2 - As of July 15, 775 companies in the Shenzhen market have disclosed their half-year performance forecasts, with nearly 60% expecting profit growth [3] - The mobile panel market is maintaining price stability in July, with different technology routes showing significant supply-demand dynamics [4] - Anker Innovations is exploring overseas share issuance to enhance its global strategy and brand image [7] Group 3 - Kingmed Diagnostics is expected to report its first half-year loss since its listing, primarily due to high accounts receivable and significant credit impairment losses [7] - The U.S. stock market saw all three major indices close higher, with the Dow Jones up 0.53% and the Nasdaq reaching a new closing high [8][9]

Group 1 - The third China International Supply Chain Promotion Expo opened in Beijing, emphasizing China's role in global supply chains and its commitment to digital, intelligent, and green transformation [1] - Nvidia's CEO Jensen Huang highlighted the significance of open-source AI in driving global progress and mentioned the upcoming wave of robotics systems powered by AI [1] - The State Council of China is focusing on strengthening domestic circulation policies and regulating the competition order in the new energy vehicle industry [2] Group 2 - The Ministry of Commerce of China is promoting high-level opening-up to expand modernization and enhance quality development [2] - A notice was issued regarding tax incentives for foreign investors, encouraging them to increase investments in China [2] - The Ministry of Public Security is intensifying efforts to combat intellectual property crimes to support high-quality development [2] Group 3 - The State Administration for Market Regulation is piloting the delegation of administrative approval for national secondary standard substances to provincial departments, aiming to reduce approval times and costs for enterprises [3] - China and Australia signed a memorandum to implement and review the China-Australia Free Trade Agreement, enhancing trade and investment facilitation [3] - Concerns were raised by the EU-China Chamber of Commerce regarding potential trade tensions affecting the EU's policy direction towards China [3] Group 4 - The A-share market experienced fluctuations, with the lithium mining index declining and the overall trading volume decreasing compared to the previous day [4] - Hong Kong's asset management industry saw a significant increase in total assets, highlighting a strong recovery in the financial center [5] - The National Energy Administration reported a record high in national electricity load, surpassing 1.5 billion kilowatts [6] Group 5 - The retail market for passenger vehicles in China showed a year-on-year increase, particularly in the new energy vehicle sector [6] - The silver economy in China is thriving, with significant growth in various elderly care services [6] - Shanghai is implementing a plan to develop a world-class modern shipbuilding base by 2027 [6] Group 6 - The China Chain Store and Franchise Association reported a substantial increase in online retail sales, with instant retail emerging as a key growth area [7] - Citigroup is considering issuing stablecoins to enhance digital payments and exploring crypto asset custody services [7] - The U.S. semiconductor company AMD is undergoing a license review for AI chips to restart exports to China [9] Group 7 - Tesla's new Model Y L has been listed in the latest vehicle catalog, indicating ongoing product development in China [9] - The U.S. Trade Representative's office has initiated an investigation into Brazil's trade practices [11] - The U.K. reported an increase in the annual CPI, which may impact the Bank of England's interest rate decisions [12]