Core Insights - Major Chinese tech companies such as Alibaba, ByteDance, Tencent, and Meituan are intensifying their efforts in AI agents, accelerating the commercialization of generative AI applications [2][4] - Alibaba's Tongyi Lab launched AgentScope 1.0, a new framework aimed at simplifying the development, operation, and management of AI agents [2] - Tencent's Youtu-Agent framework has been open-sourced, while ByteDance's Agent platform "Kouzi Space" is now available on major app stores [2] - Meituan released the LongCat-Flash-Chat model with 560 billion parameters, demonstrating superior performance in AI applications [2][4] Investment and Financial Performance - The combined capital expenditure of major Chinese tech firms (BAT) exceeded 615 billion yuan in Q2, marking a 168% increase year-on-year [5] - Alibaba reported cloud revenue of 33.398 billion yuan, a 26% increase, and a capital expenditure of 38.676 billion yuan, up 220% year-on-year [5] - Tencent's CSIG department reported revenue of 55.536 billion yuan, a 10% increase, with capital expenditure of 19.1 billion yuan, up 119% [5] - Baidu's cloud revenue reached 10 billion yuan, with capital expenditure of 3.8 billion yuan, a 79% increase [5] Market Trends and Projections - The AI agent market in China is expected to exceed $27 billion by 2028, driven by increasing enterprise adoption [12] - A report indicated that 96% of global enterprises are deploying AI models, with 91% planning to use Web Application and API Protection (WAAP) for security [8] - The demand for AI computing power is surging, with Chinese cloud service providers' capital expenditures growing rapidly, reaching approximately $45 billion over the past year [6][7] Technological Advancements - The introduction of AI agents is enhancing the capabilities of AI applications, allowing for dynamic decision-making and tool utilization [8] - F5 has launched an AI gateway product to ensure the security of AI applications across various infrastructures [9] - The development of physical AI, including humanoid robots, is gaining momentum, with NVIDIA's new Jetson AGX Thor providing significant computational power for advanced applications [13][14] Industry Challenges - The integration of AI agents into physical robots presents challenges in data collection and processing, particularly in dynamic environments [14] - Security concerns are paramount as the convergence of digital and physical spaces increases the complexity and risks associated with AI applications [15]

证券研究报告 行业研究 / 行业点评 2025 年 09 月 02 日 电子 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《电子行业周报：华虹半导体筹划收购华力微 控股权》2025-08-25 《电子行业周报：Amazfit 产业链迎来业绩拐 点》2025-08-20 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业及产业 NVIDIA 推出 Jetson AGX Thor 超级 电脑 ——电子行业周报（2025/8/25-8/29） 风险提示：1）国际贸易摩擦加剧 2）下游需求不及预期 3）技术升级进度滞后 《人工智能月度跟踪：WAIC 2025 聚焦多种大 模型、AI 算力芯片和服务器》2025-08-18 《电子行业专题报告：全品类科技硬件产品的 贸易风险分析》2025-08-15 《电子行业点评：AI 时代半导体的变与不变》 2025-08-13 请仔细阅读在本报告尾部 ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry [9]. Core Insights - The report highlights that NVIDIA continues to experience rapid revenue and profit growth, driven by its leadership in AI infrastructure and diverse business segments [9]. - The data center business is a significant contributor, accounting for nearly 90% of total revenue, with a total revenue of $46.7 billion, representing a 56% year-over-year increase [4][9]. - The report emphasizes NVIDIA's strategic collaborations and product innovations, particularly in AI and gaming sectors, which are expected to enhance its market position [9]. Revenue and Profit Performance - Total revenue for the second quarter reached $46.7 billion, with a year-over-year growth of 56% and a quarter-over-quarter growth of 6% [4]. - Data center revenue was $41.1 billion, while gaming revenue was $4.3 billion, showing a year-over-year increase of 49% [4]. - The GAAP gross margin was 72.4%, with a net profit of $26.4 billion, reflecting a 59% year-over-year increase [4][9]. Customer and Ecosystem Expansion - NVIDIA has expanded its customer base, deploying its RTX PRO 6000 Blackwell Server Edition with major companies like Disney and TSMC [4][6]. - The company is also enhancing its strategic partnerships in Europe to build AI cloud infrastructure aimed at industrial manufacturing [4][6]. Product and Technology Matrix - The Blackwell architecture has led to the launch of new products, including the GeForce RTX 5060, which achieved record shipping speeds [7]. - NVIDIA's DLSS 4 technology is now available in over 175 games and applications, indicating broad market penetration [7]. AI Empowerment - AI is identified as a core driver of NVIDIA's strategy, with significant advancements in training and inference capabilities [8]. - The company has collaborated with OpenAI to support the gpt-oss model, showcasing its commitment to AI innovation [8].

Market Overview - US stock markets opened lower but closed higher, with the Nasdaq up 0.44%, S&P 500 up 0.41%, and Dow Jones up 0.3% [2] - Major tech stocks mostly rose, with Tesla and Nvidia gaining over 1%, while Google, Microsoft, and Intel saw slight declines [2] - Chinese concept stocks mostly increased, with the Nasdaq China Golden Dragon Index rising 0.72% [2] - International oil prices fell, with WTI crude down 2.30% to $63.31 per barrel [2] Government Initiatives - The State Council emphasized accelerating the innovation and development of service trade to support high-quality growth and a more open economy [3] - The State Council issued opinions on implementing the "Artificial Intelligence+" initiative, aiming for over 70% application penetration of new intelligent terminals by 2027 [4][5] Industry Developments - The National Energy Administration reported that China's virtual power plant capacity has exceeded 35 million kilowatts, with non-fossil energy generation accounting for over 60% of total installed capacity [5] - The China Securities Investment Fund Association reported that the net asset value of public funds reached 35.08 trillion yuan by the end of July 2025 [7] - The ETF market in China surpassed 5 trillion yuan, with stock ETFs making up 68.18% of the total [8] Corporate Performance - Nongfu Spring reported a net profit of approximately 7.622 billion yuan for the first half of 2025, a 22.1% increase year-on-year [15] - Cambrian Technology saw a staggering 4347% increase in revenue, turning a profit of 1.038 billion yuan in the first half of 2025 [17] - ByteDance raised its option price to $200.41 per share, reflecting a significant increase in company value [19] Product Launches and Market Trends - The new generation of the Chinese operating system, Galaxy Kirin V11, was officially released, enhancing the domestic software ecosystem [22] - Apple announced a product launch event scheduled for September 10, expected to unveil the iPhone 17 series [24] - Nvidia released a new chip designed for AI and robotics, with a starting price of $3,499, indicating strong demand in the AI sector [28] Consumer Behavior - The launch of a new low-alcohol product by Wuliangye, priced at 399 yuan, aims to attract younger consumers [26] - The pre-sale of the new model from Hongmeng Zhixing, starting at 169,800 yuan, received over 50,000 orders within 18 hours, indicating strong market interest [32]

Core Viewpoint - NVIDIA has officially launched its new generation of AI chips, the NVIDIA Jetson AGX Thor, which has been adopted by several Chinese robotics companies, enhancing their capabilities in various industries [2][4]. Group 1: Product Launch and Features - The Jetson AGX Thor is designed specifically for physical AI and robotics, providing computational support for industries such as manufacturing, logistics, transportation, healthcare, agriculture, and retail [2]. - Compared to the previous generation Jetson AGX Orin, the Jetson Thor features a 7.5 times increase in AI computing power and a 3.5 times improvement in energy efficiency [4]. - The starting price for the new Jetson AGX Thor developer kit is $3,499 (approximately 25,028 RMB), with global sales commencing immediately [4]. Group 2: Adoption and Impact - Over 2 million developers are currently utilizing NVIDIA's robotics technology stack, with companies like United Imaging, Wanji Technology, UBTECH, Galaxy General, Yushun Technology, and others already implementing Jetson Thor [2]. - The CEO of Yushun Technology highlighted that Jetson Thor significantly enhances the agility, decision-making speed, and autonomy of robots, which is crucial for real-world navigation and interaction [9]. - UBTECH announced it will be one of the first to use Jetson Thor, aiming to pioneer a new era of general humanoid robots [10]. Group 3: Financial Performance - NVIDIA's automotive and robotics business combined reported revenue of $567 million for the first quarter of the 2026 fiscal year, marking a 72% year-over-year increase [9]. - NVIDIA's stock price saw an increase of up to 2.14% following the product launch, closing at $179.81, reflecting positive market sentiment [9].

Core Insights - NVIDIA is extending its dominance in data centers to the physical world with the launch of the Jetson Thor robot computing platform, which features a significant performance leap of 7.5 times compared to its predecessor [2][3] - The release of Jetson Thor is seen as a critical move for NVIDIA to initiate its "second growth curve," with expectations of substantial growth in its automotive and robotics segments, projected to increase by 80% year-over-year [2][9] Product Launch - Jetson Thor, priced at $3,499, boasts an AI computing power of 2070 TFLOPS and is designed to run complex generative AI models locally on robots, enhancing their real-time perception and decision-making capabilities [2][3] - The platform introduces multi-instance GPU (MIG) technology, allowing for the safe operation of high-safety motion control tasks alongside non-critical AI applications, thereby improving reliability [3] Ecosystem Development - NVIDIA is building a comprehensive ecosystem around Jetson Thor, which includes a triad architecture: AI factories for training, digital twins for simulation, and the Jetson Thor for deployment in physical environments [4][5] - Major companies, including Boston Dynamics, Amazon Robotics, and OpenAI, are early adopters of Jetson Thor, signaling its importance in developing advanced robotics [5][6] Market Expectations - The upcoming Q2 earnings report is highly anticipated, with analysts predicting total revenue of approximately $45.8 billion, a year-over-year increase of about 52% [8][9] - The automotive and robotics sectors are expected to be the main highlights of the earnings report, with a projected acceleration in growth from 72% to 80% [9][10] Challenges Ahead - Despite the powerful capabilities of Jetson Thor, the broader robotics industry faces challenges in achieving human-like flexibility and functionality, which may delay widespread adoption [8] - The success of Jetson Thor as a growth engine depends on the scalability of robotics applications and the maturity of the physical environment [8][10]

AI（人工智能）芯片龙头英伟达正式发售新一代机器人"大脑"，已经得到优必选、宇树科技和银河通用等多家中国机器人公司的采用。 8月25日晚间，《每日经济新闻》记者从英伟达处获悉，该公司已发售专为物理AI和机器人打造的机器人计算机NVIDIA Jetson AGX Thor开发者套件和量 产级模组，产品可为制造、物流、交通、医疗、农业和零售等行业的机器人提供算力支持。 英伟达方面表示，已有超过200万开发者正在使用NVIDIA的机器人技术栈。联影医疗、万集科技、优必选、银河通用、宇树科技、众擎机器人和智元机 器人等公司已经率先使用Jetson Thor。 据悉，相较上一代产品Jetson AGX Orin，此次发布的Jetson Thor基于英伟达Blackwell芯片，AI算力提升至7.5倍，能效提升至3.5倍，支持所有主流AI框架 与生成式AI模型，兼容英伟达从云到边缘的软件栈，可运行多个AI工作流，实现实时推理，让机器人与人类及物理世界进行实时、智能的交互。 英伟达创始人兼首席执行官黄仁勋称，JetsonThor为开发者打造，助力其构建可与物理世界交互甚至改变物理世界的机器人系统，能够在边缘设备上同时 运行 ...

Core Viewpoint - NVIDIA has launched the Jetson AGX Thor developer kit and product module, aimed at supporting millions of robots across various industries such as manufacturing, logistics, transportation, healthcare, agriculture, and retail [2][8] Group 1: Product Features - Jetson Thor is powered by NVIDIA Blackwell GPU, featuring 128GB of memory and delivering up to 2,070 FP4 teraflops of AI computing power with a maximum power consumption of 130 watts [2] - Compared to its predecessor, Jetson AGX Orin, Jetson Thor offers a 7.5 times increase in AI computing power and a 3.5 times improvement in energy efficiency, capable of running any generative AI model [3][8] - The system addresses significant challenges in robot development by enabling real-time intelligent interaction between robots and the physical world [3][8] Group 2: Industry Adoption - Early adopters of Jetson Thor include industry leaders such as AgiBot, Engine AI, Galaxy Universal, UBTECH, United Imaging, Yushun, and Vanjee [2][8] - The Jetson platform has attracted over 2 million developers and a growing ecosystem of over 150 hardware, software, and sensor partners since its launch in 2014 [4] - Jetson Thor is expected to advance the development of visual AI agents and complex robotic systems, including humanoid and surgical robots [4] Group 3: Market Availability - The NVIDIA Jetson AGX Thor developer kit is now available, starting at a price of $3,499, with the Jetson T5000 product module available through global distribution partners [5]

Core Viewpoint - NVIDIA has launched the Jetson AGX Thor developer kit and production modules, aimed at enhancing robotics across various industries, including manufacturing, logistics, transportation, healthcare, agriculture, and retail [1][15]. Product Overview - Jetson Thor is designed to power millions of robots, featuring an NVIDIA Blackwell GPU and 128GB of memory, delivering up to 2,070 FP4 teraflops of AI compute within a 130-watt power envelope [3][16]. - Compared to its predecessor, Jetson Orin, Jetson Thor offers up to 7.5 times higher AI compute and 3.5 times greater energy efficiency, enabling the execution of complex generative AI models [4][16]. Industry Adoption - Early adopters of Jetson Thor include prominent companies such as Agility Robotics, Amazon Robotics, Boston Dynamics, Caterpillar, Figure, Hexagon, Medtronic, and Meta, with others like John Deere and OpenAI evaluating its capabilities [2][8]. - The platform has attracted over 2 million developers and a growing ecosystem of over 150 hardware, software, and sensor partners since its inception in 2014 [7][16]. Technological Impact - Jetson Thor addresses significant challenges in robotics by enabling real-time, intelligent interactions between robots and their environments, which is critical for applications in humanoid robotics, agriculture, and surgical assistance [5][16]. - The system supports any popular AI framework and generative AI model, fully compatible with NVIDIA's software stack from cloud to edge, enhancing its utility in various applications [6][16]. Market Availability - The NVIDIA Jetson AGX Thor developer kit is currently available for purchase starting at $3,499, with production modules accessible through worldwide distribution partners [10][16].