证券研究报告|行业点评报告 分析与判断: [Table_Date] 2025 年 07 月 13 日 本次签署的无人机备忘录核心可概括为：放手放权放开造。在俄乌战场上，几千块钱的无人机可以击 毁价值上千万的坦克。当战争变成"游戏"，当消耗品击败精密武器，未来战场的规则已经彻底改写。 可 以看出，美军开始更加重视低成本、可消耗、分布式无人机作战体系。 [Table_Title] 消耗品无人机：放手放权放开造 [Table_Title2] 国防军工 行业评级:推荐 [Table_Summary] 事件概述：7 月 10 日，美国防部长赫格赛斯签署并发布《释放美国军用无人机优势》备忘录，旨在对 美国军用无人机战略进行全面改革，目标是到2027 年实现美军在小型无人机领域的主导地位。备忘录要求 加速无人机现代化、扩大生产，并取消可能阻碍创新的监管。该政策还旨在减少繁琐的手续，加快培训和 测试流程。赫格塞斯还指示军方将小型无人机归类为"消耗性资产"而不是长期耐用设备。根据备忘录中 的指令，美各军种的指挥官将有权独立采购和测试无人机。 ► 无人机重新定位与权限下放 总体来看，首先，美军要采购数百种不同型号的无人机（注意： ...

The future of Tesla (TSLA 1.15%) appears very bright. Some experts believe the company's new robotaxi service could add more than $1 trillion in value by the end of 2026. But there's one challenge few investors are paying attention to. This challenge could swiftly eliminate one of Tesla's most profitable revenue sources.Expect Tesla to lose part of this $2.76 billion revenue sourceIn recent years, nearly every electric car stock has benefited from automotive regulatory credits. These credits are earned unde ...

Core Insights - Nvidia has achieved significant stock performance, rising approximately 1,000% since the beginning of 2023, and has the largest market capitalization globally [1][2] Group 1: Market Position and Product Demand - Nvidia manufactures GPUs, which excel in parallel processing and have expanded their applications beyond gaming to include AI training, engineering simulations, cryptocurrency mining, and drug discovery [4] - The company holds a dominant 90% market share in the GPU market, allowing it to charge premium prices and achieve profits that exceed revenue growth [6] Group 2: Future Growth Potential - The demand for AI is driving unprecedented capital expenditures in data centers, with AI hyperscalers announcing record spending for 2025, indicating a multiyear growth trajectory [8] - A third-party market study projects global capital expenditures on data centers to increase from $400 billion in 2024 to $1 trillion by 2028, with Nvidia generating $115 billion in revenue from its data center division in 2024 [9] - If Nvidia maintains its market share in the data center space, it could potentially generate nearly $300 billion in revenue from this segment alone, suggesting substantial upside for the stock [10] Group 3: Long-term Outlook - Despite its past performance, Nvidia still has significant growth potential, particularly in the data center sector, which could lead to market-beating returns in the future [11]

7月12日，岚图FREE+在"2025岚图用户之夜"上正式上市并公布售价。后驱乾崑版、四驱乾崑版、四驱 运动定制版三个版本的售价区间为21.99万-27.99万元。 今年岚图目标卖出20万台，上半年交付56128辆，同比增长85%，但完成率仅28%，四大产品之中，梦 想家是上半年销量支柱。而FREE+将会是下半年销量的关键引擎。岚图高层表示，FREE+有望成为岚 图梦想家之后的"第二条腿"，会努力先突破同级前三，再挑战月销2万台水平。 "国家队"出手搅动高端SUV市场 "FREE+应该是25万元级最强的产品。25万以内我们是没有对手的。"岚图汽车销售服务有限公司副总经 理曾清林在发布会后向南都·湾财社等媒体表示，如果用三个关键词总结FREE+的长板，他认为分别 是"百万级底盘""最高阶华为"和"满配舒适"。 据介绍，岚图FREE+的"百万级底盘"体现在：标配全铝底盘以及前四球节双叉臂悬架和后H臂式多连杆 独立悬架，还配备EDC可变魔毯底盘，内置阀EDC电磁悬架可根据加速、转向等行驶状态和不同的颠簸 路况实时预测路况，主动响应调节。此外，智能空气悬架支持100mm的高度调节，让车辆在面对不同 路况时都能游刃有余 ...

Core Viewpoint - The article discusses the potential decline of the "Buffett premium" associated with Berkshire Hathaway as Warren Buffett prepares to step down as CEO, raising questions about the company's future valuation and investor confidence [1][2][3]. Group 1: Stock Performance and Market Reaction - Berkshire Hathaway's stock was up 19% year-to-date before Buffett's announcement of his retirement, while the S&P 500 index was down 3% [2]. - Following the announcement, Berkshire's stock fell 11%, contrasting with a 10% rise in the S&P 500 [2]. Group 2: Perspectives on the "Buffett Premium" - Some analysts believe the "Buffett premium" exists but is difficult to quantify, suggesting that fewer businesses may be willing to sell to a Berkshire without Buffett's leadership [4][10]. - Others argue that the premium may have diminished since Buffett's early years, with one analyst stating it has not existed since 1998 [12][15]. - The stock's recent decline is attributed to broader market trends rather than solely the loss of Buffett's presence, with some analysts asserting that the company has matured and requires less oversight from Buffett [13][16]. Group 3: Future Leadership and Company Outlook - Greg Abel is set to succeed Buffett as CEO, and while some analysts express confidence in his leadership, they acknowledge that Buffett's unique contributions are irreplaceable [17][18]. - Analysts note that Buffett's legacy includes building a company capable of thriving post-retirement, although they recognize that his absence may impact investor sentiment [17][18].

Core Viewpoint - Palantir Technologies has seen a significant increase in stock price, rising nearly 90% year to date, but it is suggested that there are better investment options in the AI sector than Palantir [1] Group 1: Comparison with Alphabet - Alphabet's forward price-to-earnings ratio is significantly lower at 18.7 compared to Palantir's 256.4, indicating a more attractive valuation [3] - Alphabet's first-quarter profits grew by 46% year over year, showcasing strong growth potential [4] - Alphabet's price/earnings-to-growth (PEG) ratio is 1.33, suggesting that its growth is not fully reflected in its stock price, unlike Palantir [4] - Alphabet is well-positioned to benefit from AI adoption, with its Google Cloud unit being the fastest-growing among major cloud providers [5] - Despite regulatory challenges, Alphabet is appealing adverse antitrust rulings, indicating potential for recovery and growth [6] Group 2: Comparison with Meta Platforms - Meta Platforms trades at 29 times forward earnings, which is more attractive compared to Palantir's valuation [7] - Meta has a vast user base of 3.43 billion daily users across its platforms, making it an attractive option for advertisers [8] - The company is leveraging AI to enhance advertising effectiveness and user engagement, which could lead to increased revenue [9] - Meta's investment of $3.5 billion in Ray-Ban maker EssilorLuxottica for smart glasses indicates a strong growth opportunity in AI-related products [10] Group 3: Comparison with Nvidia - Nvidia reported a year-over-year revenue growth of 69% in Q1 2025, outpacing Palantir's 39% growth [11] - Nvidia's PEG ratio of 2.02 is significantly lower than Palantir's 4.41, suggesting better value relative to growth prospects [12] - Nvidia continues to invest in R&D for more powerful chips, maintaining its position as a leader in AI model training and deployment [13]

点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近15个 方向 学习 路线 MCAM：面向自车层面驾驶视频理解的多模态因果分析模型 重庆大学&国防科技大ICCV25中稿的工作，本文提出 MCAM 模型，通过 DSDAG 因果图建模自车状态动 态演化，在BDD-X数据集上将驾驶行为描述任务BLEU-4提升至 35.7%，推理任务BLEU-4提升至 9.1%，显 著优于DriveGPT4等基线模型。 主要贡献： 算法框架： 实验结果： 论文标题：MCAM: Multimodal Causal Analysis Model for Ego-Vehicle-Level Driving Video Understanding 论文链接：https://arxiv.org/abs/2507.06072 代码：https://github.com/SixCorePeach/MCAM 1. 提出驾驶状态有向无环图（DSDAG），用于建模动态驾驶交互和状态转换，为因果分析模块（CAM） 提供结构化理论基础。 2. 提出多模态因果分析模型（MCAM），这是首个针对 ego-vehicle 级驾驶视频理解 ...

Core Viewpoint - Netflix is set to release its quarterly financial results, which may significantly impact stock market investors [1] Group 1 - The scheduled report date for Netflix's quarterly financial results is July 11, 2025 [1] - Stock prices referenced were from the afternoon of July 9, 2025, indicating a close proximity to the earnings announcement [1]

Group 1: AI Market Overview - The current AI boom has significantly driven stock market gains, with SoundHound AI and Nvidia being notable beneficiaries [1] - SoundHound's stock has increased by 310% over the past three years, while Nvidia's stock has surged by 910% [1] Group 2: SoundHound AI Analysis - SoundHound is capitalizing on the growing conversational AI market, projected to reach $152 billion by 2033 [5] - The company's revenue rose by 151% in Q1 to $29 million, and it holds $246 million in cash with no debt [6] - However, SoundHound reported a non-GAAP loss of $0.06 per share in Q1, and its gross margins decreased to 51% from 66% year-over-year [7] - The stock is considered expensive with a price-to-sales ratio of 46, compared to the average of 7 for the internet software sector [7] - Year-to-date, SoundHound's shares have fallen by 36% due to concerns over valuation and lack of profitability [8] Group 3: Nvidia Analysis - Nvidia dominates the AI data center processor market, accounting for up to 95% of all processors used [9] - The company experienced a 69% revenue increase to $44 billion in Q1, with earnings per share rising by 33% to $0.81 [10] - Nvidia is expected to continue benefiting from the expanding AI data center market, projected to reach $2 trillion by 2029 [11] - Despite a price-to-earnings ratio of 51, Nvidia's valuation is considered reasonable compared to the semiconductor industry's average of 64 [12] - Nvidia's strong revenue, profitability, and market dominance position it as a favorable long-term investment [13]

本文第一作者为香港科技大学（广州）机器人系一年级博士生宋文轩，主要研究方向为VLA模型，共同第一作者是来自香港科技大学广州的研究助理陈家毅，项 目leader为浙江大学和西湖大学联合培养博士生丁鹏翔，他们也是具身智能领域开源项目OpenHelix以及LLaVA-VLA的研究团队。通讯作者为香港科技大学广州 的李昊昂教授， 他是今年的CVPR2025 Best Paper Candidate的获得者。 针对这一问题，部分研究提出采用 Jacobi 解码替代传统的自回归解码，以期提升推理效率。然而，由于 Jacobi 解码往往需要较多迭代次数，其加速效果在实践中 较为有限。 为此，我们提出了一种 一致性蒸馏训练（consistency distillation training）策略 ，使模型在每次迭代中能够同时预测多个正确的动作 token，从而实现解码加速。 同时，我们设计了混合标签监督机制（mixed-label supervision），用于缓解蒸馏过程中可能产生的误差积累问题。 尽管上述方法带来了可接受的加速效果，我们进一步观察到：Jacobi 解码中仍存在若干低效迭代步骤，成为限制整体效率的关键瓶颈。 ...