作 者 | Livy Investment Research 编译 | 华尔街大事件 在全球人工智能军备竞赛中， AMD（ NASDAQ： AMD ）长期以来一直落后于英伟达，其估值 反映出投资者对其在下一代高性能计算（"HPC"）和生成式人工智能部署领域竞争力的持续怀 疑，但这种情况可能很快就会开始 转变。 具体来说，AMD 近期发布了其下一代 Instinct MI350 系列 加速器，预计将于 2025 年下半年量 产，同时还发布了 MI400 系列加速器及其配套的" Helios "机架式基础设施平台的预览版。加上 其 ROCm 软件堆栈的持续改进，这些进展将继续增强 AMD 日益增长的雄心，即在全栈层面与英 伟达为持续推进的 AI 转型而精心打造的同类产品展开竞争。即将到来的产品升级周期可能会显 著缩小 AMD 的技术差距，从而释放潜在的盈利拐点，支持其股价的估值追赶。 然而，不稳定因素的加剧增加了长期人工智能支出环境出现动荡的可能性。这构成了一股反作用 力，可能会推迟甚至结构性地抑制AMD即将抓住的利用人工智能相关基础设施建设的机会，使其 在需求向下游应用层转移之前获得成功。 在6月12日AMD" ...

证券研究报告 | 行业周报 2025 年 06 月 23 日 通信 海内外机器人产业加速共振，AI 大模型持续演进，持续看好相关产 业投资机会 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2025E | 2026E | 2025E | 2026E | | 002881.SZ | 美格智能 | 买入 | 0.73 | 0.92 | 57.67 | 45.76 | | 301285.SZ | 鸿日达 | 买入 | 0.21 | 0.7 | 139.52 | 41.86 | | 600941.SH | 中国移动 | 买入 | 6.77 | 7.17 | 16.85 | 15.91 | | 601728.SH | 中国电信 | 买入 | 0.38 | 0.4 | 20.79 | 19.75 | 资料来源：长城证券产业金融研究院 本周策略观点： 1. 海内外机器人产业加速共振，持续看好相关产业投资机会。轮式机器人 方面，根据中国机器人网，6 月 17 日，珞石轮式双臂机器 ...

Core Insights - Intel is attempting to penetrate the AI accelerator market with its Gaudi chip line, which was bolstered by a $2 billion acquisition of Habana [1] - Despite securing some notable clients like IBM, Gaudi 3 has not performed well in the market, with Intel setting a $500 million sales target for 2024 that it failed to meet [2] - Intel has abandoned its Falcon Shores project, opting instead to focus on Jaguar Shores for future rack-scale AI solutions, which are expected to integrate various hardware components [4] Group 1: Intel's AI Strategy - Intel's Gaudi architecture is designed for specific workloads but has not matched the performance of Nvidia's leading AI accelerators [1] - The company faces challenges due to an immature software ecosystem and a complicated product roadmap, which have deterred potential customers [2] - The new leadership under CEO Lip-Bu Tan and the appointment of a new CTO and AI chief indicate a potential shift in Intel's AI strategy [5] Group 2: Competitive Landscape - AMD is advancing rapidly with its Helios rack-scale AI solution set for a 2026 launch, which will combine multiple GPUs and CPUs for enhanced performance [7] - AMD has already secured Oracle as a customer for its current AI solutions and is gaining traction with companies like OpenAI [8] - By the time Intel launches its own solutions, AMD may have established a significant market presence, complicating Intel's competitive position [9] Group 3: Foundry Business Potential - Despite struggles in the AI chip market, Intel's foundry business could benefit from the growing demand for AI chips, with its 18A process entering volume production soon [10] - The company's advanced packaging technology is attracting interest from potential customers, indicating a possible resurgence in its manufacturing capabilities [10] - If demand for AI chips continues to rise, major tech companies may consider Intel for manufacturing, allowing it to participate in the AI boom despite its current market challenges [11]

Core Insights - The article highlights the launch of Helios, a new wheeled dual-arm robot by Luoshi Robotics, marking the introduction of a new generation of embodied intelligent products [2] - Luoshi's growth over the past decade reflects the transition of China's robotics industry from technology following to independent innovation [3] Company Development - Luoshi Robotics has expanded from a small 127 square meter apartment in Beijing to a global presence in over 40 countries, evolving from a single controller focus to a comprehensive product line including industrial, collaborative, and embodied intelligent robots [2] - The company established a full industry chain layout in 2018, integrating R&D, production, and sales, while developing customized solutions for specific industry needs [7] Technological Breakthroughs - Luoshi's xCore control system, launched in 2016, broke foreign monopolies on industrial robot control systems, enhancing the company's technological independence and core competitiveness [6] - The company has developed a diverse product range, including industrial and collaborative robots with payload capacities from 3 kg to 220 kg and reach ranges from 475 mm to 3201 mm [7] Market Position and Strategy - Luoshi focuses on the mid-to-high-end market to avoid homogenization and price competition, emphasizing differentiated strategies based on specific application scenarios [7] - The company has achieved significant market penetration, with a 40% market share in flexible collaborative robots, ranking first in China [11] Application and Impact - Luoshi has successfully implemented over 30 intelligent manufacturing solutions for clients like Foton Cummins, improving production efficiency by 13% and reducing overall operational costs by 15% [9] - The company serves over 1,000 clients across various sectors, including automotive manufacturing, electronics, and healthcare [9] Future Trends - The company is focusing on embodied intelligence as a key trend, aiming to solve the "last mile" problem in automation and enhance the adaptability of robots in diverse production scenarios [12][14] - The Chinese embodied intelligence market is projected to grow significantly, reaching approximately 973.1 billion yuan by 2025, driven by advancements in AI technology [13]

Core Insights - Advanced Micro Devices (AMD) has developed a significant AI accelerator business, but it remains small compared to Nvidia, which generated over $39 billion in revenue from its data center segment in the last quarter, while AMD's total AI accelerator revenue for 2024 is only $5 billion [1] - AMD's latest GPUs, the Instinct MI350X and MI355X, deliver four times the AI compute performance and 35 times the AI inferencing performance compared to previous models, but they do not surpass Nvidia's latest offerings [2] - AMD plans to release the MI400 series in 2026, claiming the MI400X will be ten times more powerful than the MI300X, featuring up to 432 GB of HBM4 memory and 19.6 TB/s memory bandwidth [4] - Nvidia is expected to release its Vera Rubin chips in late 2026, which will significantly enhance performance over its current generation [5] - AMD's MI400X is anticipated to outperform Nvidia's current products, but Nvidia's next-gen Rubin chips may ultimately prevail [6] - AMD is also set to launch a new rack-scale AI solution called Helios in 2026, which will include up to 72 MI400 GPUs and advanced server CPUs [7] - Despite AMD's advancements, Nvidia is likely to maintain its market leadership due to its powerful hardware and established CUDA software ecosystem [8] - The AI chip market is projected to reach $500 billion by 2028, and AMD's growth in AI chip revenue does not necessarily require it to surpass Nvidia [9] - With the upcoming MI400 series and Helios, AMD is positioned for substantial growth in AI-related revenue, although it is expected to remain in second place behind Nvidia [10]

通信 周跟踪（20250609-20250615） 领先大市-A(维持) ——AMD 展示 Helios 超节点机柜，东山精密拟收购索尔思 2025 年 6 月 19 日 行业研究/行业周报 通信行业近一年市场表现 投资要点 行业动向： 1）AMD 发布 MI350 系列并展示 MI400 系列超节点规划，北美"AI 三强" 算力竞争白热化 资料来源：最闻 相关报告： 【山证通信】山西证券通信行业周 跟踪：海外强业绩引领下算力仍是最强 主线，移动普缆招标平稳落地 2025.6.12 【 山 证 通 信 】 英 伟 达 财 报 加 速 GB200 出货预期，算力互联行动计划发 布 - 周 跟 踪 （ 20250526-20250601 ） 上周，AMD 在美国召开"Advancing AI 2025 大会"，正式发布了 Instinct MI350 系列 GPU，基于最新 CDNA4 架构，加入 FP4/FP6 支持，晶体管数量达到 1850 亿颗，同时集成 288GB HBM3e。AMD 宣称，MI350 系列 AI 性能较 MI300 提升 1 倍以上，在采用 FP4 优化的 Llama 3.1 405B ...

AMD在"Advancing AI"活动中发布新一代MI400芯片及Helios服务器架构，Piper Sandler等投行上调目标价，认为新产 品将推动GPU业务增长，预计2025年下半年开始复苏。受利好消息推动，AMD股价周一一度大涨10%。 分析师在报告中写道： 硬·AI 作者 | 赵雨荷 编辑 | 硬 AI AMD股价周一一度涨超10%，此前Piper Sandler的分析师上调了其目标价，表示对AMD最新产品发布持 乐观态度。 AMD今年4月曾表示，由于美国半导体出口的新许可证规定，公司最多可能因此承担8亿美元费用。 Piper Sandler分析师指出，这些成本将影响第二和第三季度的毛利率，但预计公司将在此后迅速反弹。 分析师写道： "虽然AMD目前正经历短期的调整和一些不利的事件，但公司似乎已为2025年下半年（特别是9月季 度）起的增长做好准备。我们预计从2025年12月季度开始，公司将迎来重大突破。" 在上周于圣何塞举行的"Advancing AI"大会上，AMD发布了新一代Instinct MI350系列芯片，目标是与市场 领导者英伟达竞争。公司还预览了将在2026年发布的Helios整机 ...

Semiconductor specialist Advanced Micro Devices Inc. AMD easily beat the Monday morning blues with a gargantuan leap in the market. When the dust cleared, AMD stock was up nearly 9% over the prior session. Catapulting sentiment were unconfirmed rumors that the tech giant scored a "GPU win" with Amazon.com Inc.'s AMZN namesake cloud computing platform. Nevertheless, prospective participants should be cognizant of the risks. First, inverse and leveraged ETFs tend to be much more volatile than standard funds t ...

另外啊，中概股这边也挺提气。纳斯达克中国金龙指数涨超2%，富途涨了10%多，哔哩哔哩涨超5%，阿里、拼多多这些龙头也跟着涨。这说明啥？一方 面是美股大盘走强带起了情绪，另一方面也是外资对中国互联网企业的信心在慢慢恢复。尤其是头部平台企业，随着国内消费复苏和出海业务拓展，业 绩确定性在提升，这也是咱们中长线可以持续跟踪的方向。 不过咱也得留个心眼，市场可不是只涨不跌的。你看长端美债收益率昨天涨了6个基点，10年期国债收益率快到4.45%了，这说明资金对美联储本周的议 息会议还是有点忐忑。虽然现在市场预期加息概率不高，但美联储对通胀的态度要是偏鹰，可能会给股市带来短期波动。还有油价这边，特朗普突然说 让大家撤离德黑兰，虽然油价先跌后涨，但地缘风险这根弦始终得绷着。 最后跟家人们念叨两句掏心窝子的话。作为中长线投资者，咱看盘不能只盯着分时图蹦跶，得像看地图一样看趋势。现在美股科技巨头靠着AI叙事不断 创新高，半导体行业在算力需求推动下景气度回升，中概股也在估值修复的路上，这些都是大方向上的积极信号。但记住了，真正的好机会从来不是追 出来的，而是在波动中捡出来的。咱们要做的，就是把这些行业的核心逻辑吃透，等合适的时机 ...

家人们，知道今天谁在美股市场上出尽了风头吗？AMD这只芯片界的"潜力股"，周一直接飙升8.81%，成交额高达126亿美元，直接杀进美股成交榜前 三！作为在财经圈摸爬滚打20年的老江湖，帮主郑重今天就带大家扒一扒，这次大涨背后到底藏着什么玄机。 最后，帮主郑重想跟大家说句掏心窝子的话。投资就像钓鱼，不能看到水面有动静就急着收杆。AMD这次大涨，表面上是产品发布的刺激，实际上是长 期技术积累和战略调整的结果。对于咱们中长线投资者来说，更应该关注的是公司的核心竞争力和行业趋势。当别人在为短期波动焦虑的时候，咱们要 学会透过现象看本质，抓住那些真正能带来长期价值的机会。 咱们先从最直观的股价说起。AMD这次能一飞冲天，派珀桑德勒的分析师功不可没。他们直接把目标价从125美元上调到140美元，这相当于给市场打了 一剂强心针。但分析师可不是随便放炮的，他们的信心来自AMD最新发布的Helios机架。这个听起来有点神秘的家伙，其实是AMD为数据中心打造的"超 级引擎"。简单来说，Helios机架就像是给AI算力搭建的高速公路，能让AMD的Instinct系列GPU发挥出最大效能。现在全球都在抢AI算力，谁能提供更高 效的解 ...