英伟达上周表示，首批套件将于下个月发货，客户可利用这些芯片打造机器人。 在企业使用开发套件完成机器人原型后，英伟达将销售可直接安装在量产机器人的Thor T5000模块。如 果企业采购超过1,000颗Thor芯片，英伟达将按每颗2,999美元的价格出售。 该公司首席执行官黄仁勋表示，机器人是公司在人工智能之外最大的增长机遇，而人工智能已使英伟达 在过去两年中整体销售额增长逾三倍。 英伟达发布最新机器人芯片Jetson Thor，号称机器人"新大脑"。速度提升7.5倍、配备128GB内存，可运 行大语言模型和视觉模型，亚马逊、Meta、波士顿动力等已抢先采用。 英伟达(NVDA.O)周一宣布，其最新的机器人芯片模块Jetson AGX Thor现已作为开发套件开售，价格为 3,499美元。该公司将这款芯片称为"机器人大脑"。 英伟达副总裁、负责机器人与边缘人工智能的迪普·塔拉（Deepu Talla）在上周五的记者电话会上 说："我们不造机器人，我们不造汽车，但我们通过基础设施计算机和相关软件为整个行业赋能。" Jetson Thor芯片基于Blackwell图形处理器，这是英伟达当前一代用于人工智能芯片和电脑 ...

首先是算力成本的断崖式下跌带来的突破。英伟达的Jetson Thor芯片实现了一个关键突破：边缘计算能 力提升10倍，成本仅增加30%。这意味着机器人终于可以在本地运行复杂的神经网络，摆脱对云端的依 赖。这种变化的意义不容小觑。算力的本地化正在为机器人的实时决策能力扫清最后的技术障碍。 其次是数据飞轮开始加速转动。虽然真实数据稀缺，但仿真技术的飞跃正在重写游戏规则。随着机器人 产品开始批量部署，真实数据正在以指数级增长。宇树科技创始人王兴兴预测，三年后机器人出货量将 从1000台跃升至1万台——这意味着可用数据将增长100倍。数据飞轮一旦转动，技术进步就会进入自我 强化的正循环。 第三个变化来自应用场景的降维突破。聪明的创业者已经放弃了"造出完美人类替代品"的执念，转而寻 找那些"60分就够用"的应用场景。这种策略收效显著。在电商仓库，机器人只需要精确搬运货物，不需 要人类的全方位灵巧性；在现代农场，采摘机器人可以慢一些，但能够24小时不间断工作；在养老护理 场景中，陪伴机器人不需要完美无缺，或许一个60分的"人形存在"就能有效缓解老人的孤独感。 高廷帆（首都经济贸易大学经济学院副教授、中国商业经济学会理事） ...

Core Viewpoint - Nvidia is diversifying its investments in the field of embodied intelligence by collaborating with multiple Chinese robotics companies, similar to its previous investment in OpenAI [1][6]. Group 1: Nvidia's Technological Advancements - Nvidia has delivered its first batch of Jetson Thor chips to Galaxy General, showcasing impressive performance improvements, including a 7.5 to nearly 10 times increase in computing power compared to the previous generation Jetson Orin [2][30]. - The Jetson Thor chip also features a 3.5 times improvement in performance per watt and a 10 times increase in I/O throughput, catering to high-bandwidth perception needs [30][31]. Group 2: Collaborations and Industry Trends - Companies like Yushu Technology and Galaxy General are closely collaborating with Nvidia, focusing on different approaches to robotics, with Yushu emphasizing "motion-first" and Galaxy General adopting an "intelligence-first" strategy [4][6]. - Other companies such as Alibaba Cloud and various robotics firms are also engaging in deep collaborations with Nvidia, indicating a broad industry trend towards integrating advanced AI and robotics technologies [6]. Group 3: Market Predictions and Future Developments - The market for humanoid robots is predicted to grow exponentially, with Galaxy General's CTO forecasting a tenfold increase in market value every three years [6][15]. - The future of robotics is envisioned to allow for easy assembly of robots similar to computer assembly, driven by advancements in AI and hardware simplification [8][10]. Group 4: Product Innovations and Applications - Galaxy General has launched several innovative robots, including a humanoid robot capable of performing complex tasks and a robot dog designed for industrial applications, showcasing significant advancements in design and functionality [11][14]. - The company has also introduced a 24-hour unmanned pharmacy solution and plans to deploy unmanned retail stores, demonstrating the commercial viability of its robotic solutions [23][24]. Group 5: Nvidia's Role in Robotics - Nvidia is focusing on three types of computers essential for robotics: the robot body computer, AI factory computer, and simulation computer, each playing a critical role in the development and deployment of robotic systems [28]. - The Isaac platform, which includes the Jetson Thor, is designed to support the development of intelligent agents in the physical world, enhancing the capabilities of robots [29][32].

Group 1: Foreign Exchange and Gold Reserves - As of May 2025, China's foreign exchange reserves reached $32,853 billion, an increase of $36 billion from April, representing a growth rate of 0.11% [1] - By the end of May, China's gold reserves stood at 7,383 million ounces (approximately 2,296.37 tons), with a month-on-month increase of 60,000 ounces (about 1.86 tons), marking the seventh consecutive month of gold accumulation [1] Group 2: A-Share Market Analysis - After the "fill the pit" market phase, A-shares are expected to experience a strong upward trend driven by policies, external events, industry rotation, and market sentiment [2][3] - Historical data shows that after seven instances of rapid declines followed by rebounds since 2015, the average duration of subsequent market fluctuations lasted 86 trading days, with five out of seven instances leading to price increases [2] - Current positive policies and external events, including a recent call between the leaders of China and the U.S., have reduced concerns regarding U.S.-China tensions, contributing to a favorable market outlook [3] Group 3: Economic Indicators - Industrial profits for large-scale enterprises grew by 3% year-on-year in April, with a cumulative growth of 1.4% from January to April, indicating a continued positive trend [5] - The manufacturing PMI for May rose to 49.5%, reflecting an improvement in manufacturing activity, with production indices exceeding the critical threshold [5][6] - The market remains cautious about the impact of U.S. tariffs, but the overall economic indicators suggest a supportive environment for market stability [6] Group 4: Industry Configuration and Investment Recommendations - Short-term investment strategies should focus on technology, new consumption, and undervalued blue-chip stocks, with an emphasis on sectors like computing, communication, and innovative pharmaceuticals [4] - The technology and advanced manufacturing sectors are highlighted as key areas for investment, supported by ongoing policy initiatives and market trends [6] - Companies in the U.S. and Hong Kong, such as Circle and Coinbase, as well as A-share companies like Sifang Jingchuang and Zhongke Jincai, are identified as potential investment targets in the context of stablecoins and RWA [7][9] Group 5: NVIDIA's Robotics Ecosystem - NVIDIA is focused on developing platforms and tools for robotics, emphasizing the creation of a foundational development ecosystem [10] - The company has introduced a comprehensive solution for robotics that integrates training, optimization, and execution through its various computing platforms [11][12] - Investment recommendations include companies involved in automotive robotics, such as Top Group and Bertly, which are expected to benefit from NVIDIA's advancements in the robotics sector [13]

Core Viewpoint - NVIDIA focuses on developing platforms and tools to create a foundational development ecosystem for humanoid robots, emphasizing general computing power, development platforms, and large models since 2014 [1][13]. Group 1: Development Framework - NVIDIA has established a three-computer solution framework for robot development, which includes DGX for AI training, AGX for edge AI applications, and Omniverse with Cosmos for AI-driven systems, forming a complete system from training to optimization to execution [1][21][24]. - The humanoid robot general model GR00T relies on the Jetson Thor computing platform for power and is trained using the Omniverse's Isaac Lab simulation platform, enabling interaction with the real world through natural language commands [1][21][24]. Group 2: Isaac Lab Platform - The Isaac Lab platform accelerates robot development by utilizing AI and synthetic data technologies, transforming hundreds of human demonstrations into millions of synthetic actions, providing key technical support for humanoid robots [2][67]. - Isaac Lab consists of NVIDIA CUDA acceleration libraries, application frameworks, and AI models, applicable in various fields such as industrial robotic arms and autonomous mobile robots, offering advantages like real simulation and modular architecture [2][67]. Group 3: GR00T Model - The GR00T model, introduced at the 2025 GTC conference, serves as the "brain" of humanoid robots, featuring a dual-system architecture for fast and slow thinking, enabling robots to perceive, reason, and plan actions [3][90]. - GR00T integrates language, vision, and motion control models to execute tasks end-to-end, providing a generative AI platform specifically designed for humanoid robot developers [3][95]. Group 4: Investment Recommendations - NVIDIA's collaborative ecosystem with various solution providers and manufacturers in the robotics field is expected to accelerate industry evolution, with a focus on automotive parts companies that have strong customer positioning and production capabilities [4]. - Recommended automotive robotics stocks include Top Group, Berteli, Junsheng Electronics, and others, as the robotics supply chain overlaps significantly with the automotive sector [4].