而第二辆是真正的"汽车"，是一辆摩托车——本田的CB400F街车。原因依然不复杂：那时，我刚来杭州工作，短视频平台上充斥着太多刷屏的"女骑摆 拍""风与自由"，加上杭州本就是摩托制造重镇、有浓厚的骑行氛围，看到园区不少同事都骑着各式摩托通勤，有大佬的水鸟，也有中佬的川崎、凯旋， 这种"好像不骑一下就错过人生"的情绪，构成了购买冲动。唯一让人觉得诧异的是春风跟雅马哈的旗舰店，竟然开在限摩的西湖区。 我的第一辆"车"不是汽车，而是一辆山地自行车。上大学那会儿，身边稍微宽裕点的同学都买了美利达、捷安特，骑行开始成为一种"潮流"。我咬咬牙、 花了几个月的生活费，买了人生中第一辆山地车，美利达公爵600，这完全是一种越级的非理性消费。 它象征的是某种"同步"：我也在参与这个时代，我也配拥有一种崭新的生活方式。但它只陪了我三个月，就在一次前往食堂后被偷走了。 那之后，我又买了一辆更贵的挑战者300，加入了骑行社团，学会了玩非铺装的土路。往后的十年间，我在深圳、北京、杭州辗转，它一直都在"。它就像 一位朴素但沉稳的伙伴，陪我走过深南大道、青年路、文一西路，也见证我从风的少年，变为疯的牛马。 但真实的情况是：它绝大多数时间与 ...

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a mixed trend, with 27 products experiencing price increases, 17 seeing declines, and 6 remaining stable as of mid-June 2025 compared to early June 2025 [1][3]. Group 1: Price Changes in Major Categories - In the black metal category, rebar prices decreased slightly by 0.7% to 3110.4 yuan per ton, while wire rod prices increased by 0.8% to 3270.2 yuan per ton [2]. - In the non-ferrous metal category, electrolytic copper rose by 0.2% to 78898.6 yuan per ton, while zinc ingot prices fell by 2.2% to 22165.7 yuan per ton [2]. - Chemical products saw significant increases, with methanol rising by 6.1% to 2267.6 yuan per ton and pure benzene increasing by 6.4% to 6272.0 yuan per ton [2]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas (LNG) prices decreased by 0.7% to 4233.2 yuan per ton, while gasoline prices increased, with 95 gasoline rising by 2.3% to 8564.7 yuan per ton [2]. - Coal prices showed a downward trend, with anthracite coal decreasing by 5.6% to 863.7 yuan per ton and coking coal dropping by 3.3% to 1096.4 yuan per ton [2]. Group 3: Agricultural Products and Inputs - In agricultural products, the price of wheat increased by 0.1% to 2418.8 yuan per ton, while corn prices rose by 1.2% to 2339.0 yuan per ton [4]. - Fertilizer prices showed a decline, with urea prices falling by 2.1% to 1825.6 yuan per ton, while pesticide prices increased by 2.1% to 24342.9 yuan per ton [4]. Group 4: Monitoring Methodology - The price monitoring encompasses a wide range of products, with data collected from over 2000 wholesalers, agents, and distributors across more than 300 trading markets in 31 provinces [7][8]. - The methodology includes on-site price collection, as well as inquiries via phone, instant messaging, and email [8].

国产 AI 算力进展汇报 20250622 摘要 H20 断供初期引发市场对 AI 算力芯片供给的担忧，导致短期资本开支下 调和招标延缓，尤其以 2025 年第二季度最为严峻，主要受英伟达新款 芯片不确定性和中芯国际产能影响。但第三季度起，AI 芯片供给边际改 善，利好国产算力板块。 英伟达 B30、B40 入华进展是市场关注焦点，若第三季度相关厂商能顺 利拿到板卡并测试（尤其带有 Nvlink），巨头可能规模下单，缓解部分 缺芯问题。这两款芯片虽算力低于 H20，但 Nvlink 对巨头仍具吸引力。 算力租赁市场发展顺利，主要用于训练，租用卡型号逐步升级至更高性 能型号，为解决短期缺芯问题提供重要途径。这缓解了因 H20 断供带来 的部分算力压力。 中芯国际 2025 上半年产能受阻，但 7 月起逐步修复，预计第三季度产 能将复苏。H20 断供后，国产卡需求增加，巨头通过自研或加单国产芯 片弥补缺口，预计 2026 年国内产能释放将迎来机会。 国内巨头对 AI 投资决心坚定，算力投入与公有云营收增长息息相关。阿 里云和腾讯云最新财报显示快速增长，持续投入新的算力资源是刚性需 求，总服务器需求甚至有所提升。 ...

证券研究报告 价格 | | 【浙商金属】 | | 钢铁周度数据 | | （2025年6月22日） | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 价格 | | | | 周涨跌幅 | 年初至今涨跌幅 | | | | 上证指数 | | 3 , | 360 | 0 5% - . | 0 . | 2% | | | 沪深300 | | 3 , | 847 | 0 5% - . | 2 - . | 2% | | 板 | SW钢铁指数 | | 2 , | 077 | 2 0% - . | 1 - . | 2% | | 块 | | SW普钢指数 | 2 , | 065 | 2 3% - . | 1 - . | 0% | | | | SW特钢指数 | 3 , | 756 | 2 2% - . | 0 - . | 1% | | | | SW冶钢原料指数 | 2 , | 370 | 1 0% - . | 3 - . | 9% | | | 螺纹钢:HRB400 20mm | 元/吨 | 3 , | 070 | 0 0% . | 10 - . | 0% | | | ...

Core Viewpoint - NVIDIA is focusing on the development of the GH200 super chip, which integrates advanced Hopper GPU and Grace CPU, offering significant performance improvements and cost-effectiveness compared to previous models like H20 and H100 [2][3][10]. Group 1: Product Development and Features - The GH200 architecture allows for a dual-bandwidth communication of 900GB/s between CPU and GPU, significantly faster than traditional PCIe Gen5 connections [2][3]. - GH200 features a unified memory pool of up to 624GB, combining 144GB of HBM3e and 480GB of LPDDR5X, which is crucial for handling large-scale AI and HPC applications [9][10]. - The Grace CPU provides double the performance per watt compared to standard x86-64 platforms, with 72 Neoverse V2 Armv9 cores and support for high-bandwidth memory [3][10]. Group 2: Performance Comparison - GH200's AI computing power is approximately 3958 TFLOPS for FP8 and 1979 TFLOPS for FP16/BF16, matching the performance of H100 but outperforming H20 significantly [7][9]. - The memory bandwidth of GH200 is around 5 TB/s, compared to H100's 3.35 TB/s and H20's 4.0 TB/s, showcasing its superior data handling capabilities [7][9]. - GH200's NVLink-C2C interconnect technology allows for a more efficient data transfer compared to H20, which has reduced bandwidth capabilities [9][10]. Group 3: Market Positioning and Pricing - GH200 is positioned for future AI applications, targeting exascale computing and large-scale models, while H100 serves as the current industry standard for AI training and inference [10]. - The market price for a two-card GH200 server is around 1 million, while an eight-card H100 server is approximately 2.2 million, indicating a cost advantage for GH200 in large-scale deployments [10]. - GH200 is designed for high-performance tasks requiring tight CPU-GPU collaboration, making it suitable for applications like large-scale recommendation systems and generative AI [10].

我们之前写过两篇关于英伟达特供中国阉割版H20的文章，都是基于外资投行的分析，这篇文章，我们 来看下substack上的一个分析，这个分析的内容比之前两篇的内容都要更加的详细。 原文链接：https://substack.com/home/post/p-165933497 Substack账户： Global Semi Research 本次转载已获原作者授权 正文 英伟达首席执行官黄仁勋周四在巴黎对CNN记者安娜·斯图尔特表示："未来，我们的预测将不包括中国 市场。"然而，中国对英伟达的重要性不言而喻——否则，黄仁勋不会如此努力地放大华为作为竞争威 胁的形象。他声称华为的芯片可与英伟达最先进的处理器相媲美，但这与中国市场的实际情况不符。 我们的行业调查显示，华为的CloudMatrix384——黄仁勋将其定位为可与英伟达Blackwell架构媲美的产 品——在中国市场上难以推广。虽然一些公司表示了兴趣，但尚未有实质性订单。 B20使用英伟达的ConnectX-8实现互连功能，通过以太网实现连接，最大互连带宽为800Gbps。每块B20 芯片通过NVLink总线连接到ConnectX-8芯片，形成一个相当于P ...

Group 1 - The core viewpoint of the article is that the recent decline in the A-share AI sector is primarily driven by lower-than-expected capital expenditures reported by major cloud companies like Tencent and Alibaba, raising concerns about the sustainability of the industry's growth [1][2] - The market's shift in focus from merely following the "NVIDIA chain" to valuing "domestic AI innovation" indicates a new pricing anchor for the domestic AI industry [1][2] - The decline in capital expenditures has led to heightened investor anxiety regarding the pace of AI application deployment and the actual investment in computing infrastructure [2][3] Group 2 - The slowdown in AI application deployment is attributed to the fact that while leading models can handle certain tasks, they often do not address fundamental human problems effectively, leading to a lack of necessary demand for AI applications [3][4] - The emergence of DeepSeek did not create a supply-demand imbalance in computing power; instead, there are structural excesses in the domestic computing power market, with a significant gap in advanced computing capabilities [4][5] - The capital expenditures of major internet companies are viewed as a key forward-looking indicator of AI progress, despite the potential for short-term fluctuations due to external factors [5][6] Group 3 - The anticipated launch of NVIDIA's new product, B40, is expected to drive a new wave of capital expenditure growth among major companies, potentially revitalizing market sentiment towards the domestic computing power sector [9][10] - The ongoing trade tensions between China and the U.S. have led to a shift in AI investment strategies, with companies diversifying their supply chains and focusing on domestic alternatives [10] - Predictions indicate that the proportion of AI servers in China sourced from domestic suppliers is expected to rise significantly, suggesting a long-term growth potential for domestic computing power [10]

当前全球 AI 算力产业链的投资机会如何？ 当前全球 AI 算力产业链的投资机会非常值得关注。我们认为已经进入了一个 AI 全球共振的行情。在 AI 算力时代，所有变化和机遇基本上都集中在数据中心， 因此坚定看好全球 AIDC 整个算力产业链的投资机会。尽管前段时间海外和国 内的 AI 算力出现回调，但原因有所不同。海外主要受到关税、资本开支担忧等 综合因素影响，而国内则主要受 H20 断供以及阿里、腾讯一季度资本开支低于 预期影响。从去年底开始，国内巨头如字节跳动、阿里巴巴、腾讯等大力发力 AI 投资，单季度资本开支实现大幅增长，接棒领涨。 全球 AI 应用商业化进程加速，产业趋势向好，AIDC 算力链经历大幅回 调后，正从海外修复到国内信心恢复，有望进入全球共振阶段，带来全 球 AI 数据中心全产业链的投资机会。 值得关注的投资方向包括 AIDC 机房建设、信息技术设备（国产 AI 芯片、 AI 服务器）、网络设备（交换机、光模块）、算力租赁、云计算平台、 AI 应用以及卫星互联网和 6G，这些方向依托行业发展趋势，有望使优 质公司受益。 海外市场在短期内有哪些边际向好的变化？ 全球 AI 共振，AIDC ...

Core Viewpoint - The news release regarding ZJK Industrial Co., Ltd. ramping up production to support Nvidia's B40 project and expecting significant year-over-year revenue growth has been advised to be disregarded [1] Group 1 - ZJK Industrial Co., Ltd. issued a news release on June 5, 2025, at 08:00 AM Eastern Daylight Time [1] - The content of the news release included information about increased production and anticipated revenue growth related to Nvidia's B40 project [1]

Company Overview - ZJK Industrial Co., Ltd. is a high-tech precision parts and hardware manufacturer focused on sectors such as artificial intelligence infrastructure, consumer electronics, electric vehicles, and aerospace [4] - The company specializes in manufacturing precision fasteners, structural parts, and other precision metal components, with a strong emphasis on innovation and manufacturing excellence [4] Market Development - ZJK is ramping up production to meet the increasing demand from Nvidia's B40 project, which is a customized AI accelerator targeting the Chinese market [1][2] - The B40 chip is based on Nvidia's Blackwell architecture and aims at the mid-to-high-end market segment, with mass production expected to start as early as June 2025 [2] Growth Potential - The CEO of ZJK highlighted that the B40 project presents significant market advantages and is expected to complement Nvidia's RTX Pro 6000 workstation graphics cards [3] - Supply chain forecasts predict that B40 chip shipments could exceed one million units by the end of 2025, indicating substantial growth potential for ZJK as a supplier to Nvidia [3] - The company anticipates significant year-over-year revenue growth from this initiative, driven by the expanding AI sector [3]