一台印刷机的能耐可以有多大？ 小到图案精美的食品包装袋、绘图样式纷繁的墙纸，大到家具表面仿木纹图案、汽车玻璃膜涂层……这些生活中随处可见的商品，皆由印刷机为 其披上多彩、实用的外衣。 一台印刷机的科技含量有多高？ 曾几何时，中高端凹版印刷机制造技术由德国、英国等欧美国家垄断；20多年前，进口凹印设备占据了国内市场的半壁江山。而如今，这一局面 发生扭转，经过日积月累的科技攻关，"中国制造"印刷机逐渐走向国际舞台，成为中国科技进步的一个缩影。 中国企业何以突破行业技术壁垒、打破国外技术垄断，一路逆袭打赢这场凹版印刷机制造的攻坚战？在陕西北人印刷机械有限责任公司，记者找 到了答案。 陕西北人坐落在以"关中粮仓"闻名的陕西渭南市，其前身要追溯至上世纪60年代的陕西印刷机器厂。历经半个多世纪的转改、发展，陕西北人通 过一次次技术革新，业已成为我国凹版印刷机械制造领域的"领头羊"，其产品远销马来西亚、越南、西班牙等30多个国家和地区。 走进陕西北人印刷机制造工厂，宽阔整洁的现代化工厂前厅摆放着各式各样已组装好的印刷机，一个个庞然大物令人目不暇接。向制造车间走 去，工人们正专心致志地操控着数控机床，井然有序的制造场景映入眼 ...

21世纪经济报道记者倪雨晴 深圳报道 一夜之间，英伟达再次刷新历史。 7月9日美股开盘后，英伟达一度上涨2.5%，达163.9美元/股，总市值超4万亿美元，和2024年日本的 GDP相当。 同时，英伟达也是第一家冲上4万亿美元的企业，这在全球、科技、美股历史上，都是新的里程碑。 虽然到了当天收盘，英伟达股价有所回落，收盘价为162.9美元，但其总市值仍高达3.97万亿美元，逼近 4万亿美元关卡。盘后微涨至163.36美元，恰好冲过4万亿美元。 目前，全球市值超过3万亿美元的公司只有三家，第二名微软总市值为3.75万亿美元，第三名苹果的总 市值为3.14万亿美元。 Loop Capital预测英伟达市值可达6万亿美元。分析师AnandaBaruah将英伟达的目标价从175美元上调至 250美元，是华尔街当前给予该公司的最高目标价。 4万亿算力帝国 来到4万亿俱乐部门口，英伟达用了多久？ 仅从市值变化来看，两年前英伟达的市值还不到1万亿美元，随后开启猛涨模式，2023年6月进入1万亿 美元大关。不到一年时间，2024年3月，英伟达突破2万亿，到6月飚到3万亿美元。 一年后的2025年7月，英伟达市值一度突破了4万 ...

Core Viewpoint - Li Auto reported a total of 36,279 vehicle deliveries in June 2025, with a total of 111,074 deliveries in Q2 2025, indicating a short-term fluctuation in sales due to changes in the sales team [1] Group 1: Delivery and Sales Performance - In June 2025, Li Auto delivered 36,279 new vehicles, representing a year-on-year decrease of 24.1% and a month-on-month decrease of 11.2% [1] - The sales fluctuation is attributed to changes in the sales team, while product upgrades in May are expected to enhance product competitiveness [1] Group 2: Product Strategy and Launches - Li Auto is set to accelerate its high-voltage pure electric product offerings in H2 2025, with the launch of the six-seat pure electric SUV Li i8 in July and the five-seat pure electric SUV Li i6 in September [1] - The product lineup will include four range-extended electric SUVs, one flagship MPV, and two high-voltage pure electric SUVs, aiming to optimize the product matrix and improve sales [1] Group 3: AI Development and Capabilities - Li Auto is enhancing its AI capabilities, leveraging its computational power and data scale, with a strategic focus on accelerating AI investment and development [1] - The OTA 7.4 version update introduced a new virtual assistant, enhancing the vehicle's smart capabilities and enabling complex transactions [1] Group 4: Infrastructure and Service Network - As of June 30, 2025, Li Auto has established 530 retail centers across 151 cities and 511 after-sales service centers across 222 cities [1] - The company has deployed 2,851 Li Supercharging stations with 15,655 charging piles nationwide, ensuring a robust service ecosystem to support steady sales growth [1] Group 5: Financial Projections - Li Auto's projected revenues for 2025-2027 are 164.4 billion, 239.6 billion, and 300.8 billion yuan, with year-on-year growth rates of 13.8%, 45.7%, and 25.5% respectively [2] - The expected net profits for the same period are 9.6 billion, 12.81 billion, and 18.35 billion yuan, with growth rates of 19.6%, 33.4%, and 43.2% respectively [2] - Earnings per share (EPS) are projected to be 4.49, 5.98, and 8.57 yuan per share for 2025, 2026, and 2027 respectively [2]

以下文章来源于启阳路4号 ，作者凤凰网财经 启阳路4号 . 聚焦财经热点事件，通过深度调查寻找财经真相。 来源|凤凰网财经《公司研究院》 核心提示 ： 1、蝉联年度造车新势力销量冠军的理想汽车交付量下滑，今年6月新车交付量同比减少23.4%，是 头部造车新势力中为数不多出现负增长的公司。 2、2024年，理想汽车毛利率为20.53%，相比2023年下滑近1.67个百分点，今年一季度进一步微 降至20.51%。 3、理想的目标不止造车。理想汽车董事长兼CEO李想近期表示，"未来我们就盯着一件事：AI 硬 件终端做出像iPhone那样颠覆性的产品"。 理想汽车董事长兼CEO李想站在台上，双手握着麦克风，表情少见地略显拘谨。他没有穿西装，身 边站着几位理想汽车高管。 音乐响起，四个人向台下观众献唱了一首歌曲，稍有跑调但唱得认真。 （图片来源于网络视频截图） 在理想汽车十周年的庆典上，李想显得腼腆但高兴，嘴角几乎没有放下来过。十年前，增程被视作 落后技术，或许很少有人能预见，主打增程的理想汽车竟会如此深刻地影响中国新能源家庭用车格 局。 但也是在这一天傍晚，理想公布其6月最新销量表现，恐怕不算一份让人满意的生日礼物。 ...

港股市场再迎"新玩家"。 6月30日，浙江翼菲智能科技股份有限公司（以下简称"翼菲科技"）向港交所递交上市申请书，拟通过 18C章程（即专为特专科技公司定制的创新上市制度）在港交所主板挂牌上市，农银国际担任独家保荐 人。 据悉，翼菲科技是一家综合性工业机器人企业，专注于工业机器人的设计、研发、制造及商业化，并提 供机器人综合解决方案，深耕轻工行业。此次若成功登陆港股市场，其将有望成为港交所"轻工业全品 类机器人第一股"。 营收迈入"快车道" 根据弗若斯特沙利文报告，按2024年收入计，翼菲智能是中国专注于轻工行业的工业机器人及相关机器 人解决方案供应商中排名第五的国内企业，亦是中国少数具备规模化工业机器人及相关解决方案全面覆 盖能力的机器人企业之一。 鉴于上，可以看到，翼菲智能的盈利阵痛是技术密集型企业的阶段特征，其亏损主因在于"战略投入前 置"而非模式缺陷。未来随着公司产品受益于行业趋势大幅放量，公司有望快速迈入成长收获期。 行业爆发显"蓝海"特质 这一点，亦可翼菲智能多元化的产品结构中窥出究竟。 据智通财经观察，该公司针对中国轻工行业设计了全面的工业机器人产品组合，涵盖并联机器人（Bat 系列）、AGV/ ...

Core Viewpoint - Bank of America projects a compound annual growth rate (CAGR) of 35% for Ibiden's electronic components business over the next five years, driven by surging demand for GPU packaging substrates used in AI chip production [1] Group 1: Company Performance and Projections - Ibiden is expected to significantly increase its production capacity by 60-70% from 2024 to 2026, capitalizing on the historical expansion opportunities in ASICs [1][13] - The EPS forecast for Ibiden has been raised substantially through fiscal year 2028 due to the explosive growth in demand for ABF advanced packaging substrates [1] - Bank of America has upgraded its earnings expectations and 12-month target price for Ibiden, indicating strong confidence in the company's future performance [9] Group 2: Market Demand and Trends - The demand for ABF packaging substrates is closely tied to the production of AI chips, particularly Nvidia's Blackwell series, which is expected to enter a "super growth cycle" in the second half of the year [2][5] - The AI chip market, including GPUs and ASICs, is projected to grow from $126 billion in 2024 to over $400 billion by 2027, and reach at least $650 billion by 2030 [16] - The increasing reliance on ABF substrates for high-performance AI chips is driven by their superior electrical and thermal properties, which are essential for advanced packaging systems [7][8] Group 3: Competitive Landscape - Nvidia's AI GPUs currently account for over 80% of Ibiden's ABF substrate sales, but the share of AI ASICs is expected to approach 20% by 2030 [9][16] - Major cloud computing giants are securing long-term orders with Ibiden and other select Taiwanese packaging manufacturers, indicating strong demand for advanced packaging solutions [9][10] - The rapid growth in AI chip shipments is forcing substrate manufacturers to expand their high-end ABF production capacity ahead of schedule to meet the increasing output [10]

证券之星：于莹 此外，其大客户贡献的收入剧烈波动，其各业务的毛利率也波动明显，这些都揭示了公司在经营中存在 的风险。更为值得注意的是，报告期内，其研发投入占比有所降低，销售以及营销费用占率却大幅攀 升，显现出"重营销轻研发"的潜在隐忧。 此番赴港上市，翼菲科技能否利用募集资金有效提升技术壁垒、优化业务结构、控制成本并最终实现盈 利，将是市场关注的核心焦点，也是其能否在竞争激烈的工业机器人赛道中脱颖而出的关键。 第一大客户贡献收入断崖式下滑 公开资料显示，翼菲科技成立于2012年，是一家集工业机器人研发和制造、控制系统开发、视觉系统开 发、提供综合机器人解决方案于一体机器人企业。 招股书显示，翼菲科技的机器人本体主要包括并联机器人(Bat系列)、移动机器人(Camel系列)、多关节 机器人(主要包括SCARA机器人(Python系列)、六轴机器人(Mantis系列)、晶圆搬运机器人(Lobster系 列)、控制器及视觉系统(主要包括通用控制器(Gorilla系列)、专用控制器(Kingkong系列)及视觉检测器) 以及与机器人本体兼容的配件及相关售后服务。 此外，基于上述丰富的机器人产品，翼菲科技围绕智能制造特 ...

Core Viewpoint - FAW-Volkswagen has demonstrated strong sales performance in June, with a total vehicle sales of 160,110 units, marking a year-on-year increase of 15.1%, indicating a recovery in the fuel vehicle market and a solid competitive position in the industry [1][14]. Sales Performance - In June, the Volkswagen brand delivered 87,048 units, a significant year-on-year increase of 12.5%, leading the joint venture segment and contributing to the recovery of the fuel vehicle market [1]. - Audi brand sales reached 61,010 units, reflecting a year-on-year growth of 15.7%, while the Jetta brand saw a remarkable increase of 33.4% with 12,052 units sold [1]. Product Strategy - FAW-Volkswagen has launched several new models to strengthen its competitive edge, including the all-new Tayron L, which features innovations in intelligent driving, safety, and design, catering to customer demands for both driving pleasure and comfort [3]. - The Audi Q6 Le-tron, introduced in May, is a flagship model based on the PPE luxury electric platform, showcasing advanced technology for high-net-worth customers [3]. - The Jetta VA7, launched earlier in the year, addresses family customers' needs for safety, space, and cost-effectiveness [3]. Strategic Initiatives - The company is advancing its "oil-electric hybrid coexistence" strategy, focusing on a multi-technology approach that includes fuel, hybrid, and pure electric vehicles to meet diverse customer needs [5]. - A new CMP platform concept car, ID.AURA, was unveiled, designed specifically for the Chinese market, enhancing personalized and efficient electric mobility experiences [5][13]. Customer Service Enhancements - FAW-Volkswagen is focusing on service differentiation amidst intense competition, launching a marketing transformation to enhance customer experience throughout their lifecycle [6][8]. - The company has expanded its sales service network, aiming to exceed 1,000 dealerships by the end of the year, ensuring broader market coverage [8]. - Audi has introduced "卓·悦服务Plus" to upgrade customer experience, while Volkswagen has revamped its service brand to include comprehensive customer rights and benefits [8]. Employee Engagement - FAW-Volkswagen has been recognized as a "China Outstanding Employer" for the 16th consecutive time, emphasizing the importance of employee satisfaction as a foundation for customer satisfaction [10]. Future Outlook - The company is set to introduce 11 new models tailored for the Chinese market starting in 2026, with a goal of launching over 20 new models by 2030 under its hybrid strategy [13]. - FAW-Volkswagen is collaborating with the China Automotive Technology and Research Center to enhance safety standards and promote high-quality development in the automotive industry [13][14].

智通财经编辑 | 楼婍沁 阿迪达斯、索康尼、彪马......夏日上演的2026春夏巴黎男装周，继续有大量运动品牌赴约。 阿迪达斯与设计师Willy Chavarria的联名系列在2025年7月1日的巴黎时装周秀场上首次亮相，展示了 Megaride AG和Megaride AG XL两款创新鞋款；ECCO与White Mountaineering的联名胶囊系列同时期亮 相巴黎，主打户外与运动服饰的未来风格设计。 运动品牌们今年格外青睐线下展览装置的打造，尤其是快闪体验空间。亚瑟士限时快闪活动的聚光灯打 在GEL系列上，今年夏天的主角是GEL-KINETIC FLUENT潮流跑鞋。Saucony（索康尼）巴黎时装周快 闪活动以"CODED TOGETHER"为主题，纳入了其高端SILO系列的新款首秀。 国产运动品牌特步干脆跳出了固定的空间展示，时装周期间不在凡尔赛宫办秀，而是赞助历史悠久的法 国本土民间赛事"凡尔赛跑"。特步向智通财经介绍，作为赞助商，特步向海外跑者提供了上脚特步 360X 2.0加速度配色跑鞋的体验机会。今年讨论度最高的科技企业之一宇树科技，则让旗下的人形机器 人穿着特步跑鞋在赛事中亮相，给此 ...

Core Insights - The article discusses a groundbreaking study that reveals the reasoning dynamics of large language models (LLMs) through the lens of mutual information, identifying "thinking tokens" as critical indicators of information peaks during reasoning [3][4][24]. Group 1: Key Findings - The study uncovers the phenomenon of "information peaks" in the reasoning trajectories of LLMs, indicating that the presence of thinking tokens correlates with a significant increase in the information related to the correct answer [3][4][5]. - Researchers demonstrated that higher accumulated mutual information during reasoning leads to a tighter bound on the probability of answering correctly, thus enhancing the model's performance [6][8]. - The research indicates that reasoning models exhibit more pronounced mutual information peaks compared to non-reasoning models, suggesting that enhanced training improves the encoding of relevant information [9][10]. Group 2: Thinking Tokens - Thinking tokens, which include phrases like "Hmm," "Wait," and "Therefore," are identified as linguistic manifestations of information peaks, playing a crucial role in guiding the model's reasoning process [10][11][15]. - Experimental results show that suppressing the generation of thinking tokens significantly impacts the model's performance on mathematical reasoning datasets, confirming their importance in effective reasoning [16][25]. Group 3: Applications - Two novel methods are proposed to enhance LLM reasoning performance: Representation Recycling (RR) and Thinking Token based Test-time Scaling (TTTS), both of which leverage the insights gained from the study [18][26]. - The RR method involves re-inputting representations associated with thinking tokens for additional computation, leading to improved performance on various reasoning benchmarks [20][26]. - The TTTS method encourages the model to generate thinking tokens when additional computation resources are available, resulting in sustained performance improvements across different datasets [21][22][26].