底气一：技术深耕，以敏捷研发对抗市场内卷 面对城配物流高效化、冷链运输大马力化的需求裂变，全柴依托中小缸径内燃机领域40年技术积淀，构建了行业敏捷的研发响应体系。 从经济型主力机型Q23/Q25，到升级版Q23A（扭矩提升至350牛米）、Q25A（扭矩达450牛米），再到高端智威动力H20、H25、 H33系列，全柴产品矩阵已实现轻卡动力全覆盖。 行业首创专利技术Q平台二气门国六产品B10寿命达60万公里，产品年销量达10万台，累计销量已突破40万台，是全柴研发实力的展 现，Q25A发动机采用里卡多双涡流燃烧技术，在快递运输实测中的百公里油耗相比同类竞品有1L的优势，而450牛米大扭矩，则进一 步保障了车辆在市区的频繁启停不乏力。 当轻卡行业陷入同质化竞争漩涡，国家层面重拳整治"内卷式"恶性价格战时，在动力端全柴给出了自己的破局答案：反"内卷"的本质不 是参与消耗战，而是以研发创新、极致品质与暖心服务构筑客户价值护城河。在近日举办的"皖众一心加油干 乘势而上赢未来"安徽代表 处商学会成立大会上，全柴动力副总经理於中义系统阐述了赋能产业链的三重底气。 全柴Q25A 智威H25A以四气门设计+博世1800bar高 ...

黄仁勋 图片来源：视觉中国 英伟达耗时三十年，才艰难攀上1万亿美元市值的山峰；而从1万亿到4万亿，它却只用了短短两年。 当地时间7月10日，这家全球领先的人工智能芯片供应商的股价收于164.10美元，创下历史新高，成为全球首家市值突破4万亿美元的上市公司。这不仅是AI 第一轮算力竞赛的顶峰，更是一个深刻的产业结构演化信号：AI竞争的核心，已悄然从"谁能训练出最大、最强的模型"，转向"谁能让全世界用得起、用得 好模型"。 自2022年生成式AI的浪潮席卷全球以来，大模型的研发驱动了前所未有的基础设施投资热潮。进入2024至2025年，随着AI"推理"任务（即模型的实际应用） 量呈指数级增长，企业端与消费端的AI应用正在全面铺开，科技巨头在AI基础设施领域的竞争也日趋白热化。 英伟达的登顶，是整个AI生态从"训练为王"向"应用为王"战略跃迁的缩影。真正的拐点在于，AI正开始以前所未有的广度和深度，大规模、日常化地融入 普通人的生活与实体企业的生产流程。AI发展的"第二幕"，已然开启。 英伟达速度：两年从1万亿到4万亿美元 当地时间7月10日，英伟达市值正式迈过4万亿美元大关，成为全球资本市场的新晋王者。福布斯实时 ...

2025.07. 11 当地时间7月10日，芯片巨头英伟达股价继续高歌猛进，市值首次在收盘突破4万亿美元。 该公司在最近一次财报中表示，由于美国对中国的芯片禁令，公司在截至今年7月的季度中预计将损 失约80亿美元。 就在英伟达股价创下历史新高之际，黄仁勋是否将再次到访中国引发关注。在上个月的国新办举行新 闻发布会上，中国贸促会副会长于健龙表示："全球人工智能领军企业美国英伟达将首次在链博会上 亮相并且参展。"为了与中国市场保持紧密联系，黄仁勋今年已经多次到访中国。 在中国推出的下一代芯片是什么？ 本文字数：1961，阅读时长大约3分钟 作者 | 第一财经 钱童心 供应链等挑战持续 英伟达的供应链遍布全球，尽管市值站上4万亿美元，随着全球地缘政治变得更为复杂多变，英伟达 的供应链管理挑战也在加剧。 作为英伟达最重要的供应商之一，台积电正在面临特朗普的税收威胁。此前特朗普表示，如果不在美 国建厂，就将向台积电征收100%的高额关税。 对此，黄仁勋强调："世界每天都在变，无论政策如何，企业都应该保持灵活。" "英伟达虽然不生产芯片，但他们销售硬件，所以需要真正地了解这些供应链。"一位投资人对第一财 经记者表示，"半 ...

Group 1: Company Overview - Nvidia's supply chain is global, with production bases and markets in Taiwan, Mexico, Vietnam, and other regions, and CEO Jensen Huang has visited China multiple times this year to maintain close ties with the Chinese market [1][3] - Nvidia's market capitalization surpassed $4 trillion for the first time on July 10, 2023, despite facing an estimated loss of $8 billion due to U.S. chip export restrictions to China [1][3] - Nvidia's sales in China reached $17 billion last year, highlighting the significant impact of U.S. government export controls on its business [3] Group 2: Product Development and Market Challenges - The next-generation Blackwell Ultra chip, which can generate over 50 times more AI content than its predecessor, is set to enter mass production globally, raising questions about its availability in China [3][7] - Huang acknowledged the challenges posed by the DeepSeek model in China, which may affect the sustainability of demand for AI chips, but emphasized that Nvidia is launching faster and more powerful chips to address these concerns [7] - Nvidia is expanding its cloud ecosystem by partnering with smaller cloud service providers, including some in China, to enhance its competitive position in the cloud business [8] Group 3: Supply Chain and Geopolitical Challenges - Nvidia faces increasing supply chain management challenges due to complex global geopolitical dynamics, despite its significant market valuation [4] - TSMC, a key supplier for Nvidia, is under threat of high tariffs from former President Trump if it does not establish manufacturing in the U.S. [5][6] - Huang stressed the importance of flexibility for companies in adapting to changing policies, as the semiconductor industry relies on global collaboration [6]

在前一日未能维持所需价格、错失4万亿美元市值的英伟达(NVDA.O)，终于在周四"达阵"成功。 克莱因表示，若英伟达在中国市场的营收出现改善，"'或许'可能成为某种正面催化剂"，但他也指出， 该收入"可能像推文发布那样迅速消失"，这也可能是为什么市场对最新的"中国机会"反应冷淡。 （文章来源：金十数据） 华尔街分析师们也认为英伟达的市值仍有进一步上升空间。巴克莱分析师在6月上调英伟达目标价至200 美元，反映出对Blackwell平台部署的乐观看法；若股价达到该价位，其市值将达4.9万亿美元。与此同 时，Loop Capital的Ananda Baruah给予英伟达250美元目标价（据FactSet数据），若达成，市值将升至6 万亿美元。 本周早些时候，花旗分析师Atif Malik指出，英伟达有望从"主权AI"（即为各国建立的AI基础设施）中 获得"数十亿美元"的收入——而这一趋势在今年已经迅速升温。 据彭博社周四下午报道，黄仁勋将在访华前与前总统特朗普会面。英伟达对此不予置评，白宫尚未回应 置评请求。 此前彭博也曾报道，特朗普计划限制先进芯片对马来西亚和泰国的出口，以防止通过这些国家中转、将 芯片走私入中 ...

China Investment Compass - Quarterly 3Q25: stay defensive and focus on bottom- up earnings Equity Strategy Stay defensive and focus on earnings China market outperformed in 1Q25 but traded sideways in 2Q. The Liberation Day tariffs drove a broad-based market sell-off in early April, but major global markets rebounded subsequently and largely recovered the losses. Investors we spoke to recently are less concerned about the geopolitical tensions (believing "the worst is over") and have low expectations on any ...

据知情人士透露，英伟达首席执行官黄仁勋将于周四 （美国时间） 在白宫会晤美国总统唐纳德・ 特朗普，一天后这位芯片 巨头的 负责人计划前往中国访问。 此次与特朗普的会晤举行之际，英伟达的市值于周四首次收于 4 万亿美元以上，巩固了其作为华尔 街最受追捧股票之一的地位。 加入"中国IC独角兽联盟"，请点击进入 投稿 、 商务合作 请微信 dolphinjetta 是说芯语转载，欢迎关注分享 黄仁勋曾对特朗普政府在 4 月实施的出口限制提出批评，该限制阻止英伟达向中国市场出售其为该 市场定制的 H20 芯片，他称这款芯片是 "迈向全球成功的跳板"。 这一出口限制导致这家人工智能芯片制造商在第一季度损失了 25 亿美元的销售额，英伟达预计第 二季度的销售额将受到 80 亿美元的冲击。 黄仁勋在 6 月接受美国有线电视新闻网（CNN）采访时表示，在美国对向中国出售芯片实施严格 贸易限制后，英伟达将不再把中国市场纳入其营收和利润预测中。 转自： EETOP 目前双方会谈的具体细节尚未公布。 英伟达和白宫尚未立即回应路透社的置评请求。 ...

Semiconductors 半导体 Add to myFT 添加⾄我的 FT Nvidia's Jensen Huang plans Beijing trip ahead of new China AI chip launch 英伟达 CEO ⻩仁勋计划访华 为在华发布新款 AI 芯⽚ 铺路 CEO to talk with Chinese officials next week, aiming for September unveiling of processor compliant with US export controls ⾸席执⾏官将于下周与中国官员会⾯，⽬标是在 9 ⽉推出符合美国出⼝管制要求 的新处理器 Nvidia chief Jensen Huang has been without a competitive AI product in China since its H20 processor fell victim to tightened US export controls in April © Alex Wheeler/FT/AFP/Getty Images ⾃ 4 ⽉ H ...

Core Insights - Nvidia has become the first company to achieve a market capitalization exceeding $4 trillion, surpassing Apple and Microsoft [2] - The meeting between Nvidia CEO Jensen Huang and President Trump is speculated to address the impact of export controls on Nvidia's AI chips [2][3] - Trump highlighted Nvidia's stock performance, noting a 47% increase since the implementation of tariffs, and claimed the U.S. is benefiting from significant tariff revenues [2] Group 1: Market Performance - Nvidia's stock rose slightly, achieving a market cap over $4 trillion, marking a significant milestone in the tech industry [2] - The company briefly touched the $4 trillion mark during trading on the previous day [2] Group 2: Export Controls and Market Access - Nvidia is facing export controls on its AI chips, particularly affecting sales to China, with an estimated $8 billion in planned orders at risk due to new licensing requirements [3] - The U.S. government has effectively closed the $50 billion Chinese market to U.S. companies, according to Huang [4] - The Trump administration has canceled a planned rule by the Biden administration regarding AI chip exports, indicating potential new restrictions on technology distribution [4]

Group 1 - The report indicates that the external uncertainty from tariffs is expected to gradually spread, with the U.S. "reciprocal tariffs" 90-day deadline approaching, suggesting that most economies may struggle to resolve tariff issues within this timeframe [4][13][15] - The domestic policy is anticipated to remain proactive yet restrained, with the need to maintain sufficient policy space to address potential extreme risk scenarios while avoiding excessive short-term stimulus that could disrupt long-term goals [30][32][38] Group 2 - The report highlights that the improvement in domestic demand is a key driver for economic and corporate profit recovery, with expectations that consumer confidence will continue to rise due to the rebound in residents' income and wealth effects [77][78][83] - The real estate sector is showing signs of gradual recovery, with new home sales and land transaction data improving, indicating a potential positive impact on the overall economy [83][88][91] Group 3 - The report emphasizes that the capital market's liquidity remains high, with a significant number of stocks experiencing substantial gains, which has fostered a strong investment sentiment among individual investors [116][122][134] - The importance of the equity market is underscored by ongoing policy support aimed at enhancing residents' property income and maintaining market stability [136]