The artificial intelligence-powered crypto sector will skyrocket five times over to be worth $1 trillion within the next decade. That’s according to Maxim Legg, CEO of blockchain infrastructure firm Pangea. He told DL News that the sector will gain momentum as legitimate projects get into the mix. “AI will become the new interface for blockchains, which will open up blockchain infrastructure to non-technical users — instead of simply degens and developers,” Legg said. “Once technical barriers have been r ...

2025 年第二季度业绩快速增长：得益于手机芯片、汽车芯片国产化进程加快、家电等领域国补政策持 续利好，以及大客户AMD 的强劲增长，2025年上半年公司实现营收130.4 亿元，同比增长17.7%（其中 与AMD 合资的苏州和槟城两家封测厂合计贡献收入83 亿元，同比增长15.7%）；实现净利润4.1 亿元， 同比增长27.7%（苏州与槟城厂贡献净利润7.3 亿元，同比增长24%），EPS 为0.27 元。其中，第二季度 单季公司实现营收69.5 亿元，同比增长19.8%；实现净利润3.1 亿元，同比增长38.6%，环比增长206%。 结论与建议： OpenAI 与AMD 宣布合作，将部署总计6GW 的AMD 芯片，计划从明年下半年开始先行部署1GW。预 计未来数年内将为AMD 带来近千亿美元规模的收入。公司作为AMD 的核心封测厂商，有望深度受益 于大客户业务规模的提升。我们将公司2027 年盈利预测上调23%，预计2025–2027 年实现净利润分别为 10.9 亿元、18.5 亿元和27.1 亿元，同比分别增长61%、69%和47%，EPS 分别为0.72 元、1.22 元和1.79 元。当前股价对应 ...

2025 年 10 月 09 日 朱吉翔 C0044@capitalcom.tw A 股目标价(人民币) 55.0 公司基本资讯 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 通富微电(002156.SZ) Buy 买进 | 产业别 | | 电子 | | --- | --- | --- | | A 股价(2025/9/30) | | 40.17 | | 深证成指(2025/9/30) | | 13526.51 | | 股价 12 个月高/低 | | 41.06/20.66 | | 总发行股数(百万) | | 1517.60 | | A 股数(百万) | | 1517.45 | | A 市值(亿元) | | 609.56 | | 主要股东 | | 南通华达微电子 | | | | 集团股份有限公 | | | | 司(19.90%) | | 每股净值(元) | | 9.72 | | 股价/账面净值 | | 4.13 | | 一个月 | | 三个月 一年 | | 股价涨跌(%) | 17.7 | 57.7 59.8 | 近期评等 | 出刊日 ...

Group 1 - Hamas has agreed to a ceasefire agreement in Gaza, which will be signed in Egypt, allowing humanitarian aid and adjusting military withdrawal routes [2][3] - The agreement includes the immediate opening of five crossing points and the release of 20 Israeli hostages [2] Group 2 - NVIDIA's CEO Jensen Huang confirmed investment in Elon Musk's xAI and expressed regret for not investing in OpenAI earlier, noting OpenAI's exponential revenue growth [4][6] - AMD's stock surged 43% over three days following a milestone agreement with OpenAI to deploy 6 GW of AMD chips, with analysts raising target prices significantly [7][8] Group 3 - The U.S. Senate has once again rejected bipartisan funding bills, leading to a continued government shutdown [9][10] - Meta and Apple are nearing a resolution in their EU antitrust cases to avoid further fines, with Meta previously fined €200 million [11][12] Group 4 - Tesla has launched new versions of Model 3 and Model Y priced below $40,000 to counteract the impact of the cancellation of U.S. electric vehicle subsidies [19] - The new standard versions of Model 3 and Model Y are priced at $36,990 and $39,990, respectively, with an expected range of 321 miles [19] Group 5 - The World Nature Conservation Congress is set to open in Abu Dhabi, focusing on global ecological protection issues [26] - New regulations supporting the low-altitude economy in Shenzhen will take effect, promoting industrial development in this sector [28] Group 6 - Ray Dalio, founder of Bridgewater Associates, stated that gold is a safer investment than the dollar during times of increased government debt, recommending a 15% allocation to gold [29] - OpenAI introduced AgentKit, a new toolkit for AI agent development, which significantly enhances development efficiency [30][31]

盘前要闻 1、三日大涨43%！AMD与OpenAI里程碑式协议带飞股价，分析师齐上调目标价 类型：行业 情绪影响：正面 2、史上首次！现货黄金突破4000美元，高盛上调明年底金价目标价至4900美元 类型：市场 情绪影响：正面 10月8日，伦敦现货黄金价格首次站上4000美元整数关口，再创历史新高。国内多个金饰品牌克价再创 新高，多家站上1160元/克。高盛将2026年12月黄金价格预测上调至每盎司4900美元(此前预测为4300美 元)。 3、黄仁勋安抚"AI泡沫"焦虑：市场对Blackwell芯片的需求真的相当高 类型：行业 情绪影响：正面 黄仁勋在接受媒体采访时表示，过去六个月AI计算需求大幅上升，英伟达新一代架构Blackwell的芯片 需求"非常非常高"。他认为这标志着"新一轮工业革命"开始。对于英伟达投资xAI，黄仁勋表示，唯一 的遗憾是没给马斯克更多投资。 4、美联储会议纪要：多数官员支持年内进一步降息，但对降息速度分歧显著 类型：宏观 AMD周三收涨11.4%，股价史上首次突破230美元，最近三日累计大涨43%。本周一OpenAI宣布与AMD 达成合作，将部署合计算力6千兆瓦的AMD芯片。本周 ...

Group 1 - The recent surge in the stock market, particularly the NASDAQ and S&P 500 reaching new highs, is largely attributed to AMD's significant stock increase of 23.7% following a major partnership with OpenAI worth hundreds of billions of dollars to develop AI data centers based on AMD chips [3] - The acquisition of Comerica by Fifth Third Bank for $10.9 billion, which will create the ninth-largest bank in the U.S., has also positively impacted bank stocks, indicating a trend of consolidation in the regional banking sector [3] - Despite the ongoing U.S. government shutdown, which has lasted for two weeks, the stock market remains stable as investors focus on corporate earnings and the potential for Federal Reserve interest rate cuts, with some analysts predicting the S&P could reach 7000 points by year-end [3][4] Group 2 - The upcoming statements from Federal Reserve Chairman Jerome Powell are anticipated to provide critical insights into future monetary policy, especially given the current lack of economic data due to the government shutdown [4] - The current market highs are supported by advancements in AI technology and overall market sentiment, highlighting the importance of monitoring both tech stock movements and Federal Reserve communications for future investment strategies [5]

1. 10月6日(周一)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.20%，标普500指数期货涨0.32%，纳指期货涨0.70%。 | = US 30 | 46,852.90 | 46,915.50 | 46,782.50 | +94.60 | +0.20% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6,737.40 | 6,745.00 | 6,719.40 | +21.60 | +0.32% | | 틀 US Tech 100 | 24,959.80 | 24,979.90 | 24,800.80 | +174.30 | +0.70% | OPEC+ 11月谨慎增产13.7万桶/日，油价小幅走高。当地时间10月5日，OPEC+同意11月小幅增加原油产量，增产幅度为13.7万桶/日。此 举缓解了交易员对超大规模增产的担忧，油价周一开盘走高。截止发稿，WTI原油涨1.22%，报61.62美元/桶。布伦特原油涨1.24%，报 65.33美元/桶。据悉，OPEC+在10月5日的会议后决定将自11月起把原油日产量提高13.7万桶。由于市场对 ...

③【摩根大通上调阿里巴巴目标价至245美元】 当地时间10月1日，摩根大通将阿里巴巴美股目标价从 170美元上调至245美元，称云计算和电商业务的增长将支撑其更高估值。截至发稿，阿里巴巴上涨 2.84%。 ⑧【马斯克成首位财富突破5000亿美元的富豪】当地时间10月1日，全球首富马斯克的个人财富突破 5000亿美元，成为史上第一个身价跨过这一门槛的人，这主要是得益于特斯拉股价反弹以及这位科技企 业家旗下其它初创公司估值飙升。根据福布斯富豪榜，截至美国东部时间下午4:15，马斯克的净资产达 到了5001亿美元，但目前回落至5000亿美元下方。 ⑨【英特尔被曝与AMD洽谈代工合作】当地时间10月1日，据媒体援引知情人士报道，英特尔正与 AMD进行初步洽谈，探讨由英特尔代工生产部分AMD芯片的可能性。截至发稿，AMD上涨2.28%，英 特尔上涨0.11%。 ④ 【OpenAI估值达5000亿美元】当地时间10月1日，据媒体援引知情人士报道，OpenAI已完成价值约 66亿美元的二级股票出售，使公司估值达到5000亿美元。这一交易使OpenAI成为全球最有价值的初创 公司，超过了马斯克的SpaceX，后者最近的估值约 ...

Market Overview - US non-farm payroll data was disappointing, raising recession concerns and increasing expectations for interest rate cuts, with investors betting on three cuts by the Federal Reserve this year and a 50 basis point cut in September becoming more likely [1][5] - US stock indices opened high but fell back due to concerns that the Fed's actions may lag behind the economic situation, with the Nasdaq dropping over 1.5% from its daily high [1] - AMD shares fell by 6.58%, Nvidia dropped 2.7% to a near two-month low, while Broadcom surged over 9% and Lululemon plummeted 18% [1] - Robinhood was finally included in the S&P 500, rising nearly 8% after hours [1] - US Treasury yields fell across the board, with the 10-year yield dropping over 8 basis points, and the 2-year yield hitting its lowest level since 2022 [1] Commodity Market - Gold prices rose by 1.16%, reaching a record high of $3600 per ounce [3] - US oil prices fell by 2% to a three-month low [3] Asian Market - AH shares rebounded significantly, with the Shanghai Composite Index returning to 3800 points and the ChiNext Index rising over 6% [4] Regulatory News - The China Securities Regulatory Commission is seeking opinions on lowering the subscription and sales service fees for public funds to strengthen direct sales channels [22] Real Estate Market - Shenzhen's Luohu district and other areas have lifted purchase restrictions, allowing non-residents to buy two properties [23] Employment Data - The US added only 22,000 jobs in August, significantly below expectations, with the unemployment rate rising to 4.3%, the highest in nearly four years [5][23] - The non-farm payroll report almost guarantees a rate cut in September, but future rate cut discussions are expected to be more complex [23] Corporate Developments - Morgan Stanley identified Midea as the best stock in the Chinese home appliance sector, citing strong second-quarter results and a shareholder return plan of 6-7% [31] - OpenAI is reportedly set to produce its own AI chips in a $10 billion deal with Broadcom, reducing reliance on Nvidia [34] - Barclays noted that Amazon's AWS is underestimating its AI potential, with Anthropic's API business expected to grow significantly [34] International Developments - Japan announced a historic 6.3% increase in minimum wage, signaling a potential for quicker monetary tightening by the Bank of Japan [27] - Tesla's board proposed an unprecedented $1 trillion compensation plan for Elon Musk, contingent on performance targets [28]

Summary of Key Points from the Conference Call Company and Industry - **Company**: Alibaba Cloud - **Industry**: Cloud Computing and AI Services Core Insights and Arguments - **Revenue Growth**: Alibaba Cloud expects a revenue growth of 20%-25% year-on-year for FY2025, with total revenue projected at approximately 150 billion RMB [1][5] - **Profit Margin**: The profit margin is anticipated to be between 8%-8.5%, although depreciation and amortization may lead to a slight decline in profit margins [1][5][16] - **AI Cloud Revenue**: In Q2, AI cloud revenue is expected to nearly double year-on-year, reaching between 4 billion to 5 billion RMB, with GPU leasing accounting for 45%-50% of this revenue [1][8] - **Capital Expenditure**: Total capital expenditure for 2025 is expected to exceed 100 billion RMB, with 20-30 billion RMB allocated for overseas operations [4][31] - **Customer Composition**: Approximately 70% of Alibaba Cloud's revenue comes from external customers, with the remaining 30%-32% from internal customers [3] Additional Important Content - **AI Business Growth**: The AI business is expected to see stable growth due to the long project implementation cycles of enterprise clients, with a gradual increase in usage anticipated in the second half of the year [10][11] - **GPU Leasing Margins**: The gross margin for GPU leasing is projected to be between 26%-29%, while AI PaaS and SaaS products have higher margins of 42%-45% and 45%-48%, respectively [1][12] - **Supply Chain Challenges**: Alibaba Cloud plans to procure 150,000 to 200,000 computing cards in 2025, but U.S. restrictions may hinder achieving this target [17][24] - **Market Competition**: The competitive landscape is expected to intensify, with ongoing price wars and a focus on AI services among cloud providers [19][18] - **Stock Levels**: Alibaba Cloud currently has around 140,000 NVIDIA cards in stock, with additional domestic chip inventory [25] Financial Performance Expectations - **Q2 Performance**: Revenue growth for Q2 is projected to be between 19.5%-20.5%, with a quarter-on-quarter growth of 6.5%-7.5% [2] - **Future Orders**: The company is optimistic about maintaining stable growth in the coming quarters, although explosive growth is not anticipated [6][10] Strategic Plans - **Product Mix**: The company plans to increase the proportion of domestic chips in its product mix while continuing to rely on NVIDIA and AMD cards [33][26] - **Cost Control**: Alibaba Cloud is focusing on domestic alternatives and technological iterations to manage costs amid external competition [18] This summary encapsulates the key points discussed in the conference call, highlighting Alibaba Cloud's growth expectations, financial performance, competitive landscape, and strategic initiatives.