摘要 风险提示 芯片制程发展与良率不及预期 中美科技领域政策恶化 智能手机销量不及预期 敬请参阅最后一页特别声明 1 - 海外聊天应用活跃度稳定，国内应用因暑期因素下降。月之暗面（Moonshot AI）发布并开源 Kimi K2，此 320 亿激活参数的混合专家（MoE）模型以"智能体智能"为核心，能自动调用工具处理复杂任务，旨在促进 Agent 在国内的落地应用。谷歌 Veo AI 的图像转视频功能已整合入 Gemini 应用并向全球用户提供。快手亦发布可灵 AI 可图 2.1 模型，显著提升了图像生成的指令遵循、人像美感及文字生成能力。 - 台积电 FY25Q2 营收达 9338 亿元新台币，同比增长 38.6%，超出市场预期和公司此前指引，显示 AI 带动下先进 制程与 CoWoS 封装产能持续高景气。展望 7 月 17 日即将召开的法说会，市场建议聚焦五大关键议题：一是 AI 需 求的持续性及封装产能扩张路径；二是非 AI 客户下半年需求变化对整体产能利用率的影响；三是汇率波动下公 司能否通过高 ASP 产品结构稳定毛利率；四是 N2 制程导入进度及客户投片计划；五是美国扩产是否有助于缓解 关税压力 ...

行情速递 ④广合科技，发布2025年半年度业绩预告/公司预计2025年上半年归母净利 润预计增长51.85%-58.12%/盈利区间为48,500万元–50,500万元/上年同 期为31,938.71万元/ ① 主 板 领 涨 ， 中 远 海 科 (+10.03%)/ 金 证 股 份 (+10.02%)/ 吉 大 正 元 (+10.00%)/ 华 媒 控 股 (+10.00%)/中新赛克(+10.00%)/ ② 创业板领涨， 古鳌科技(+20.04%)/上海钢联(+19.99%)/三维天地(+16.15%)/ ③科创板领涨， 博睿数据(+19.99%)/仕佳光子(+14.85%)/星环科技-U (+12.40%)/ ④活跃子行业， SW垂直应用软件(+3.28%)/SW机器人(+2.37%)/ 国内新闻 ① 艾邦半导体网，碳化硅特种芯片及系统解决方案提供商谱析光晶已相继完 成了超亿元B轮和pre-B轮融资/专注于碳化硅特种芯片/模块及电源系统的研 发与生产/本轮融资将主要用于加速创新产品研发/产能扩建及市场推广/ ② 艾邦VR产业资讯，中科创达宣布正式向全球市场推出其基于高通Wear 5100+MCU打造的T ...

没看错，是亿，不是百万。 这不是故事会，而是已经发生的现实。2025年6月，英伟达市值正式突破4万亿美元，成为人类历史上第一家站上这个高度的公司。不是苹果，不是微软，也 不是亚马逊，是那家曾被人当成显卡厂的公司。 你有没有认真算过，如果当年你没听家人的劝，真的冲动一把梭哈英伟达，现在会变成什么样？ 我没开玩笑，是真在算账。2019年，英伟达股价还在区区几十美元上下跳舞。那时候AI还只是个科研圈的词，芯片行业也远不如现在这样风头无两。如果 你那会儿掏出10万美元买了英伟达的股票，到今天，市值差不多是480万美元。再往前推，2009年，10万美元可以变成4650万。而如果胆子更大，在1999年 买，那现在就是4.07亿。 我昨天看到这条消息的时候，第一反应其实不是哇，而是怎么可能？我查了下数据，发现这个怎么可能的背后逻辑其实挺清楚的，甚至说得上必然。 先说个事实。 2023年5月，英伟达发布了一个季度财报，营收年增84%，利润暴增超五倍。原因就两个字：算力。当ChatGPT、Sora、Gemini成了主角，当一切从广告推荐 算法到语音翻译都要靠大模型，所有企业忽然意识到：不买英伟达的卡，你根本没资格下场。 整条人 ...

Core Viewpoint - Leapmotor is intensifying its product strategy with the launch of the new 2026 Leapmotor C11, which features over 110 significant upgrades and a price range of 149,800 to 165,800 yuan, enhancing its competitive position in the electric vehicle market [1][4]. Product Launch and Sales Performance - The new C11 model is part of Leapmotor's broader strategy to enhance product offerings, following the successful launches of the B10, 2026 C10, and 2026 C16 earlier this year [1]. - Since its launch in 2021, the C11 has been pivotal in establishing Leapmotor's presence in the mainstream SUV market, achieving cumulative sales of over 250,000 units [4]. - In the first half of this year, Leapmotor sold 221,700 vehicles, leading the new energy vehicle segment, and maintained a strong sales momentum from March to June [4]. Design and Features - The C11's design adheres to Leapmotor's "technology natural aesthetics," featuring a streamlined body with a drag coefficient of 0.28, enhancing aerodynamics [6]. - The interior boasts a luxurious yet minimalist design, with high-quality materials and a 17.3-inch floating touchscreen that offers a 2.8K resolution for an immersive experience [8]. Technology and Performance - The C11 is equipped with the Qualcomm Snapdragon SA8295P chip and Leapmotor OS 4.0 Plus, featuring a 60-inch AR-HUD for enhanced driving safety and convenience [10]. - The vehicle offers both pure electric and range-extended versions, with the pure electric model achieving a CLTC range of 640 km and a fast charging capability that allows 30%-80% SOC in just 18 minutes [10]. - The C11 includes advanced driver assistance systems with 27 functionalities, supported by 28 intelligent sensing hardware components [11]. Safety and Structural Integrity - The C11's body structure incorporates 81.9% high-strength steel and advanced safety technologies, ensuring robust passive protection [12]. - The vehicle's battery management system and integrated control technology enhance safety during extreme conditions, such as tire blowouts and slippery surfaces [12].

7月7日至11日，顾家家居全国购物中心816全民顾家日启动大会暨财富招商大会，在杭州主会场成功举 行，呼和浩特、成都分会场同步联动。本次大会深度聚焦购物中心渠道战略转型，通过趋势洞察、产品 革新、模式验证及生态赋能四大维度，为全国购物中心意向商与老商绘制清晰增长路径。 当前家居行业正经历深刻重构。传统卖场面临同质化竞争加剧等挑战，而购物中心凭借其"高频带低 频"的天然场景优势，成为撬动新增量的黄金入口。会上，顾家家居中国营销事业本部执行总经理林春 旺在主题演讲中指出："短期业绩不代表未来，核心在于能否抓住渠道变革的战略机遇。" 据悉，本次会议以"赢战新模式·打出新态势"为行动纲领，汇集全国200+家经销商代表，通过可复制的 商业模式验证、差异化产品矩阵及全域流量解决方案，为合作伙伴开辟第二增长曲线。 一、趋势定锚：解码消费变革，重塑渠道价值 大会首日，顾家购物中心举办了家居行业高定私享沙龙，其以"店态参观+行业趋势峰会"为核心，特邀 知名趋势营销专家肖明超、小红书家居行业平台专家烟幕，以及顾家家居用户洞察及场景力赋能负责人 尤珍等嘉宾分享家居趋势与用户洞察。活动聚焦行业前沿资源整合，参与者沉浸式体验购物中心最 ...

至于中长期来看，联发科认为，AI无所不在的大趋势依旧不变，并相信其前景仍稳固成长。该公司将 继续专注于新项目的执行与关键技术投资，以进一步强化竞争力。凭借为客户创造的策略价值，其在 AI大趋势中的几个新领域，持续有不错进展。 目前联发科在云端与边缘运算方面，都持续有佳绩传出。该公司携手辉达设计搭载于个人AI超级计算 机DGX Spark的GB10超级芯片，有多家品牌厂商将于下半年陆续推出相关终端产品，预期将可为联发 科下半年的非手机业务带来新动能。 联发科昨（10）日公布6月合并营收重返500亿元新台币大关、达564.34亿元新台币，攀上近33个月高 点，月增24.9％，也比去年同期增加30.9％，并带动第2季营运实绩达成财测目标。 联发科强调，上述超级芯片合作案证明其在高性能计算（HPC）芯片设计的能力，也使该公司能持续探 索未来其他应用。 联发科原预期，以美元兑新台币汇率1：32.5计算，第2季合并营收介于1472亿元至1594亿元新台币之 间。联发科统计，第2季合并营收为1503.68亿元新台币，落在财测区间，季减1.9％，年增18.1％，为单 季历史第三高、历年同期次高；累计上半年合并营收为3036. ...

Group 1 - China has maintained its position as the world's largest manufacturing country for 15 consecutive years, with annual manufacturing value added exceeding 30 trillion yuan since the start of the 14th Five-Year Plan [2] - The National Development and Reform Commission (NDRC) has planned 102 major projects during the 14th Five-Year Plan, all of which are expected to be completed by the end of the year [2] - The NDRC projects that China's GDP will reach approximately 140 trillion yuan by 2025, continuing to surpass previous milestones of 110, 120, and 130 trillion yuan [3] Group 2 - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have issued a plan to establish a risk assessment system for artificial intelligence, focusing on key technologies and measurement capabilities [4] - Shanghai has included unicorn companies in its listing cultivation database and is developing measures to support their listing and fundraising projects [5] Group 3 - China's largest green hydrogen and ammonia project has officially commenced production, with an annual output of 320,000 tons of green synthetic ammonia, powered entirely by renewable energy [6] - The project is expected to reach a total capacity of 1.52 million tons upon full completion [6] Group 4 - Starbucks' stake sale in China has attracted nearly 30 investment institutions, with a valuation of around 10 billion USD, although the company may retain a 30% stake [7] - The first domestic nine-valent HPV vaccine has been priced at 499 yuan per dose, significantly lower than imported alternatives [7] Group 5 - The U.S. is set to implement "reciprocal tariffs" starting August 1, 2025, as announced by President Trump [8] - Nissan has suspended production of certain models in two U.S. factories due to tariffs imposed on imported vehicles between the U.S. and Canada [8] Group 6 - Nvidia's first desktop chip is reported to have performance close to Apple's M3, indicating competitive advancements in the AI PC processor market [9] - New Zealand has launched its first national AI strategy, aiming to enhance productivity and competitiveness, with potential contributions to GDP estimated at 76 billion NZD by 2038 [10] Group 7 - Merck is nearing a deal to acquire Verona for approximately 10 billion USD, indicating ongoing consolidation in the pharmaceutical sector [11] - Meta has invested 3.5 billion USD in EssilorLuxottica to advance its AI glasses strategy, reflecting the growing interest in smart eyewear [12] Group 8 - OpenAI has successfully recruited top engineers from Tesla, xAI, and Meta, intensifying competition in the AI talent market [13] - The company Extreme Robotics has recently gone public in Hong Kong, achieving a market valuation exceeding 21.5 billion HKD [13]

Core Insights - Leap Motor is becoming a preferred choice in the rational consumption era due to its precise positioning and exceptional price-performance ratio [1] Group 1: Sales Performance - In June 2023, Leap Motor delivered 48,006 vehicles, a year-on-year increase of over 138%, with cumulative deliveries exceeding 220,000 units in the first half of the year [1][5] - Leap Motor has maintained over 40,000 monthly deliveries for three consecutive months and has ranked first in the new force sales chart for four months [1][5] - As of June 18, 2023, Leap Motor's cumulative deliveries surpassed 800,000 units, positioning it to potentially become the second new force company to enter the "million club" [5] Group 2: Future Growth Potential - Northeast Securities reports that the upcoming B series models and next year's D and A series models will continuously drive Leap Motor's sales to new heights [4] - According to Credit Lyonnais, Leap Motor is expected to be a major contributor to market share growth in China by 2025, driven by new model launches and upgrades [4] Group 3: International Expansion - Leap Motor has established a global strategic partnership with Stellantis, with an investment of approximately €1.5 billion, marking a significant collaboration between a Chinese new force automaker and a multinational giant [6] - From January to May 2023, Leap Motor ranked first in cumulative export sales among Chinese new force brands, with over 17,200 units sold [6] Group 4: Product Strategy - The Leap Motor C16, a six-seat SUV priced between 150,000 and 200,000 yuan, has become a top choice in its segment, achieving a 70% market share in the under 200,000 yuan category [9][10] - The B10 model, targeting the 100,000 to 150,000 yuan segment, features advanced technology and competitive pricing, enhancing Leap Motor's appeal to a broader consumer base [10] Group 5: Competitive Advantage - Leap Motor's self-research and development capabilities account for over 65% of the vehicle's cost, with an 85% shared component rate within the same series, showcasing its strong cost control and profitability potential [10]

Core Viewpoint - MediaTek is entering a harvest period with its personal AI supercomputer strategy, collaborating with NVIDIA on the GB10 super chip, which is gaining traction among major PC brands and is set for mass shipment this month [1][2] Group 1: Product Development and Market Impact - The GB10 super chip is expected to significantly contribute to MediaTek's non-mobile business, enhancing its performance in the AI sector [1] - NVIDIA's CEO Jensen Huang announced the collaboration at CES, highlighting the GB10 chip as a key component of the world's smallest AI supercomputer, Project DIGITS [1] - The DGX Spark, developed in partnership with NVIDIA, offers unprecedented AI performance of 1,000 TOPS and supports AI models with up to 200 billion parameters [1][2] Group 2: Strategic Partnerships and Future Outlook - Major PC brands including Acer, ASUS, Dell, Gigabyte, HP, Lenovo, and MSI are set to supply DGX Spark products starting in July, which is seen as beneficial for both NVIDIA's AI market position and MediaTek's expansion into AI [2] - MediaTek acknowledges the uncertainties brought by tariff changes and is focused on strengthening collaborations with global supply chain partners to enhance adaptability [2] - The company maintains a positive long-term outlook on the pervasive trend of AI, supported by its solid financial position and ongoing investments in key technologies [2]

China Healthcare | Asia Pacific Weekly Rx Express 2025.07.04 July 4, 2025 01:46 PM GMT Sino Biopharma obtained approval for recombinant human coagulation factor VIIa N01: The drug is indicated for the treatment of bleeding episodes in congenital hemophilia patients aged 12 and above, with factor VII or IX inhibitors >5 Bethesda units (BU). (Company filing, July 4, 2025) Hengrui obtained approval for an additional indication for JAK1 inhibitor (ivarmacitinib): Ivarmacitinib is China's first domestically-deve ...