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 ...

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 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]

行情速递 ① 主板领涨， 石基信息(+10.04%)/新亚电子(+10.01%)/京北方(+10.00%)/生意宝(+9.99%)/信 雅达(+9.98%)/ ② 创业板领涨， 中船汉光(+20.02%)/中亦科技(+20.01%)/天亿马(+10.94%)/ ③科创板领涨， 金橙子(+15.37%)/昀冢科技(+9.73%)/开普云 (+6.36%)/ ④活跃子行业， SW营销代理(+2.32%)/SW教育出版(+1.96%)/ 国内新闻 ① 半导纵横，华硕确认/将于北京时间7月23日14点举办产品发布会/正式推 出新款迷你机"Ascent GX10"/采用NVIDIA Grace Blackwell GB10处理器 即所谓的"Superchip"(超级芯片)/ ② 集邦化合物半导体，纳设智能在碳化硅装备技术上取得了突破/创始人陈 炳安带领团队自主研发可独立控制的多区进气系统/显著提升了设备工艺的均 匀性/并通过与深圳先进院成立联合实验室成功将碳化硅外延设备工艺良率提 升至98%/ ③MicroLEDDisplay，据Omdia最新分析显示/2025年京东方将占据苹果 MacBook显示器供应量的51%/苹 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自 tomshardware 。 VideoCardz发现华硕的一份活动宣传邀请函显示，基于英伟达 GB10 Grace Blackwell 平台的实体系 统将于 7 月 22 日上市。华硕计划在当天重新推出其 Ascend GX10 迷你电脑。然而，该演示几乎没 有透露上市时间或实际价格，尽管英伟达此前曾提及过这两项信息。 VideoCardz发布的宣传单中写道："华硕 Ascent GX10 产品发布会：探索紧凑型华硕 Ascent GX10 的强大功能。了解其关键优势及其如何赋能人工智能开发。Nvidia 主题演讲嘉宾：聆听 Nvidia 专家 讲述 DGX Spark 软件堆栈的前沿功能，以及它们如何重新定义人工智能性能。" 描述清楚地表明华硕 Ascend GX10 系统超越了"迷你电脑"的范畴，并将该设备直接推向工作站和边 缘 AI 领域。 Nvidia 的GB10 Superchip系统级封装 (SiP) 集成了 Grace CPU，该 CPU 包含 10 个高性能 Arm Cortex-X925 核心，运行频率高达 3.90 GH ...

Specialist Sales APAC Specialist Sales 20 May 2025 Duncan Wagner +852 2800 8874 duncan.wagner@jpmorgan.com J P M O R G A N Mediatek today Computex keynote 11am-12pm TPE time (link below): focus: ASICs into 2H26, GB10 sell-thru, flagship smartphone gains. ASPEED revised up 2Q revenue guidance, likely seeing share gain from new Intel platform - Albert Hung re- iterates O/W. Matthew Henderson upgrades SHIFT -> O/W, raises PT -> Y1,900 on broad-based projects strength. Gokul highlights SIMO share gain at TMC. N ...

金十数据5月19日讯，英伟达CEO黄仁勋表示， 我们推出的个人AI计算机DGX Spark已全面投产，将于 数周内就绪。 我们还携手全球电脑制造商推出"AI优先"的DGX个人计算系统，DGX Spark搭载英伟达 GB10超级芯片及张量核心。我们还推出DGX Station工作站，预计华硕、戴尔、惠普今年晚些时候将推 出DGX Station工作站。 黄仁勋：个人AI计算机已全面投产 ...

我们预计将于下周在台北国际电脑展上发布这款芯片，这将是 Nvidia 和联发科新建立的合作伙伴 关系的第二个成果，首款合作产品是今年早些时候发布的 GB10 芯片。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 tomshardware. ，谢谢。 据报道，该芯片预计将于 2025 年 Computex 上亮相。 据一份新报告显示，备受期待的英伟达和联发科的AI PC芯片可能要到2026年下半年才能在大众市 场 实 现 显 著 的 出 货 量 。 据 《 电 子 时 报 》 报 道 ， 英 伟 达 和 联 发 科 预 计 将 在 台 北 国 际 电 脑 展 （Computex）上联合发布面向Windows PC的全新Arm芯片"N1" 。 据《电子时报》报道，这款联合芯片"很可能以 Nvidia 品牌亮相"，计划推出 N1X 和 N1 两种型 号，这与之前的报道相符。《电子时报》称，两家公司目前都已进入产能提升阶段，但"业内人士 认为，要到 2026 年下半年才能实现显著的出货量"。 报告指出，早期的 N1X基准测试暗示其性能落后于一些基于 Arm 的 PC 芯片，并指出"结果引起 了业界的担忧" ...