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]

► NVIDIA侧重开发平台和工具，打造底层开发生态。 NVIDIA2014年起布局智能机器人领域，主要围绕通用算力、开发平台、大模型三大核心领域展开，主攻机器 人"大脑"，向机器人公司提供主控芯片（Jetson Thor）、仿真训练平台（Isaac Lab）和工具(GR00T模型)，帮助开发人员构建、部署和管理机器人，打造机器人底层开发 生态，自上而下入注机器人设计。 ► 方案：三计算机解决方案 机器人的开发框架。 黄仁勋表示每家机器人公司都必须构建三台计算机协同的解决方案：DGX（集NVIDIA软件&硬件专长）、AGX（机 器人和嵌入式边缘AI应用平台）、Omniverse with Cosmos（基于AI驱动的系统），以形成从训练到优化再到执行的完整体系。NVIDIA的人形机器人通用模型GR00T主 要依托计算平台Jetson Thor提供算力、并基于Omniverse的Isaac Lab仿真训练平台进行训练，最终实现人形机器人仅通过自然语言指令即可完成与真实世界的交互。 ► 平台：Isaac Lab平台 机器人开发的加速器。 Isaac Lab平台由NVIDIA CUDA加速库（Isaac ROS）、 ...