公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 综合自今周刊等 。 博通凭九成市占率称霸云端数据中心交换器市场，面对英伟达与超微（AMD）的强势进击，高调推 出基于以太网络的SUE架构，主打开放相容与低延迟性能，力守AI时代交换器主导权。 在AI热潮与大语言模型训练带动下，数据中心里的图形处理器（GPU）数量持续攀升，负责传输与 连接、让众多GPU得以高速交换数据的中枢交换器，地位变得前所未有地重要。 拉姆早年出身网通设备龙头思科（Cisco），2012年跳槽博通主管核心交换器芯片，十多年来带领部 门打下大片江山。尽管博通近几年受惠客制化芯片（ASIC）需求，业绩大幅成长，但在半导体营收 中，AI网通产品仍占四成，2025年第二季网通营收达到34亿美元；网通芯片更较去年度成长170％， 主要动能就来自交换器芯片。 对于交换器芯片的爆发性成长，拉姆解释，网通一直是博通专注的核心事业之一，拥有最强的研发团 队、最先进的制程节点经验能力以及大量矽智财（IP），"过去十年多里，我们每18到24个月，就会 将交换器频宽翻倍、进而推出领先全业界的交换器芯片，所以，这不是偶然。"他表示。 拉姆指出，有别于过去同 ...

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating expected performance above the market index by more than 10% [5][39]. Core Views - The global semiconductor sales forecast for 2025 has been raised to $700.9 billion, reflecting an 11.2% year-on-year growth, with continued growth expected in 2026 [2]. - The semiconductor market is experiencing expansion driven by demand from AI, cloud infrastructure, and advanced consumer electronics, with specific focus on ASIC, storage, and edge-side innovations [1][2]. - The report highlights a recovery in the storage industry, particularly with DDR4 prices expected to rise by 18-23% for server modules and 13-18% for PC modules in Q2 2025 [3]. - The AI infrastructure is identified as a high-growth investment theme, with significant developments in ASIC services and networking chips [4][8]. Summary by Sections Market Trends - The electronic sector saw a 3.60% increase, with components rising by 7.46% and electronic chemicals by 1.53% over the past week [12]. - The semiconductor sector is projected to maintain double-digit growth in 2025, particularly in logic and memory segments due to sustained demand [2]. Key Companies and Recommendations - The report recommends focusing on companies such as 德明利 (Demingli), 圣邦股份 (Saintbond), and 翱捷科技 (Aojie Technology) for their strong market positions in the semiconductor and storage sectors [2][3]. - Notable companies with an "Outperform" rating include 中芯国际 (SMIC), 蓝思科技 (Lens Technology), and 小米集团 (Xiaomi Group), with expected earnings per share (EPS) growth in the coming years [11]. Investment Opportunities - The report emphasizes the importance of monitoring developments in AI applications and related hardware innovations, particularly from major events like Apple's WWDC and Huawei's product launches [1][8]. - The ongoing recovery in the storage market, driven by AI server demand and reduced production from suppliers, presents investment opportunities in related companies [3].

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2]. Core Insights - The report highlights the regulatory advancements in stablecoin policies in the US and Hong Kong, indicating a shift towards the formalization of cryptocurrency applications, particularly stablecoins [10][11]. - It emphasizes the growing adoption of stablecoins for cross-border payments and the increasing demand for AI applications, which are driving the need for enhanced computational liquidity [12][13]. Summary by Sections Investment Strategy - The US Senate has advanced the "Stablecoin Unified Standards Guarantee Act" with a vote of 66 to 32, mandating that all stablecoins must be backed 1:1 by high-quality, low-risk liquid assets [10]. - Hong Kong has introduced the "Stablecoin Ordinance," effective August 1, 2025, requiring entities to obtain licenses for issuing stablecoins, with stringent financial and compliance requirements [14]. - The global issuance of stablecoins has surpassed $240 billion as of May 3, 2025, indicating a significant market presence [11]. - AI applications are experiencing rapid growth, with ChatGPT reaching 620 million monthly active users, surpassing traditional social media platforms [12][13]. Industry News - The "Stablecoin Ordinance" in Hong Kong aims to regulate stablecoin activities and establish a licensing system, which is expected to accelerate the compliance and formalization of stable currencies [14]. - The Ministry of Industry and Information Technology has released the "Computational Power Interconnection Action Plan," aiming to standardize and enhance the interconnectivity of computational resources by 2026 [15][16]. - China Mobile has announced the winners of its AI general computing device procurement, with a total estimated procurement of 7,058 units [17]. - The successful launch of the fourth batch of low-orbit satellites for the "GW Constellation" marks a significant step in China's satellite internet capabilities [18]. Market Review and Focus - The telecommunications sector saw a 5.06% increase this week, outperforming major indices, with significant gains in optical modules and AI computing indices [19][20]. - The report suggests focusing on investment opportunities in the digital currency and computational power sectors, highlighting companies such as Chutianlong and Hengbao [23].

Investment Strategy - The report highlights the recent updates in stablecoin policies in the US and Hong Kong, indicating a shift towards the formalization of cryptocurrencies, which may lead to increased adoption of stablecoins [10][11] - The global issuance of stablecoins has surpassed $240 billion as of May 3, 2025, suggesting that stablecoins are becoming a significant part of the cryptocurrency ecosystem [11] - The report emphasizes the growing demand for AI applications, with ChatGPT achieving 620 million monthly active users as of May 2025, surpassing traditional social media platforms [12][13] Industry News - The "Stablecoin Regulation" in Hong Kong will officially take effect on August 1, 2025, establishing a licensing system for stablecoin activities, which is expected to accelerate the compliance and formalization of stable currencies [14] - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan," aiming to establish a comprehensive standard and rule system for computing power interconnection by 2026 [15][16] - China Mobile has announced the winners of its centralized procurement for AI general computing devices, with a total estimated procurement scale of 7,058 units, indicating ongoing investment in AI infrastructure [17] Market Review and Focus - The communication sector saw a 5.06% increase this week, outperforming major indices, with significant gains in optical modules and optical communication [19][20] - The report suggests focusing on investment opportunities in the digital currency and computing power sectors, highlighting companies such as Chutianlong and Hengbao [23]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - Broadcom has launched the first 102.4Tbps super chip, which doubles the bandwidth of current Ethernet switches. This chip, named Tomahawk 6, is designed for the AI era and can support ultra-large GPU clusters, driving up to 100,000 GPUs simultaneously. The theoretical peak bandwidth of Tomahawk 6 is 102Tbps, equivalent to processing 25,000 4K movies per second, achieving a sixfold throughput improvement over the previous Tomahawk 5 chip [4] - The acceleration of AI infrastructure construction is highlighted, with major internet companies like Amazon and Google investing in self-developed ASIC chips. Google's seventh-generation TPU (Ironwood) can scale to a cluster of 9,216 chips, with performance twice that of the sixth-generation TPU (Trillium) and energy efficiency nearly 30 times higher than Google's first Cloud TPU from 2018. Amazon's Trainium2 chip, set to be deployed in data centers by the end of 2024, boasts a fourfold performance increase and a threefold memory capacity increase compared to its predecessor [5] - The demand for server PCBs continues to grow under AI infrastructure, as server PCB products need to keep pace with the generational updates of server chips. The product lifecycle is generally 3-5 years, with a maturity period of 2-3 years. As the requirements for signal transmission rates, data transmission loss, and wiring density increase with each generation of chip platforms, server PCB products must also be upgraded accordingly. Companies involved in AI infrastructure construction include Jingwang Electronics, Shengyi Technology, Huitian Technology, and Shengyi Electronics [6]

Investment Rating - The report maintains a positive outlook on the communication and computing power network industry, indicating investment opportunities in optical communication and computing infrastructure [3][4]. Core Viewpoints - The report highlights significant developments in the overseas and domestic computing power network sectors, particularly focusing on optical communication and computing infrastructure investment opportunities [4]. - Broadcom's new generation data center switch chip, Tomahawk 6, has been officially delivered, with a theoretical peak bandwidth of 102Tbps, which is expected to significantly alleviate communication bottlenecks in AI clusters [4]. - Nvidia's data center business continues to grow robustly, with Q1 revenue reaching $39.1 billion, a year-on-year increase of 73%, indicating strong demand for its Blackwell chips [4]. - Domestic tech giants are optimistic about Q2 infrastructure investment, with expectations of increased AI-related spending [4]. - The report emphasizes the importance of the optical communication industry chain, particularly in light of the anticipated growth in 800G and 1.6T technologies [4]. Summary by Sections Section 1: Optical Communication and Computing Infrastructure - The report identifies key investment opportunities in optical modules, optical devices, and the IDC industry chain, highlighting companies such as Zhongji Xuchuang, Xinyi Technology, and Aofei Data [4]. - It notes that the current period represents a low point in market expectations, with upcoming events expected to catalyze investment trends in AI [4]. Section 2: Key Companies and Valuations - The report provides a valuation table for key listed companies in the communication industry, including their market capitalization and projected net profits for 2024-2026 [5]. - Companies such as Huagong Technology and Zhongji Xuchuang are highlighted for their strong growth potential, with projected PE ratios indicating favorable investment conditions [5].

Group 1: Tesla and SpaceX - Tesla's stock price plummeted by 14.26%, marking the largest single-day drop since 2020, resulting in a market value loss of over $150 billion due to escalating conflicts between Musk and Trump [1] - Morgan Stanley predicts that if the proposed spending bill passes, Tesla's annual profits could decrease by $3.2 billion [1] - Tesla's sales in Europe have declined for five consecutive months, with Germany down 36.2% and the UK down 45%, while sales in China dropped 15% year-on-year [1][2] Group 2: Emerging Markets - Bank of America forecasts that emerging market assets are likely to achieve double-digit returns this year, driven by expectations of a weaker dollar [3] - The MSCI Emerging Markets Index has outperformed the S&P 500 by 7%, supported by strong performance in local currency bonds and stocks [3] - Emerging market local currency bonds have an average return of 5.7%, with Brazil seeing a 20% increase [3][4] Group 3: Broadcom - Broadcom reported a second-quarter revenue of $15 billion, a 20% year-on-year increase, exceeding expectations [5] - AI-related revenue grew by 46% to $4.4 billion, but the growth rate slowed compared to the previous quarter [6] - The company launched the Tomahawk 6 series chips designed for AI data centers, but the guidance for third-quarter AI revenue of $5.1 billion fell short of some analysts' expectations [5][6] Group 4: Banking Sector - Bank of America indicates that the worst period of market volatility due to tariffs is over, and large bank stocks are expected to outperform the S&P 500 [7] - The analysis is based on the "3R" theory—rates, regulation, and activity rebound—which suggests structural improvements in bank profitability [8] - Large banks benefit from global diversification and multiple business lines, while regional banks face challenges from local economic weaknesses [8] Group 5: Automotive Industry - The global automotive industry is shifting focus back to internal combustion engines due to dual pressures from power systems and policies [9] - Tesla and other OEMs are expected to expand their market share due to high replacement rates, while companies like Nissan face risks due to low replacement rates [9] - The balance between traditional business profitability and the pace of electrification will be crucial for the survival of car manufacturers in the coming years [9] Group 6: Costco - Costco's global same-store sales increased by 4.3% in May, with e-commerce sales rising by 11.6% [10] - The company's total sales reached $20.97 billion in May, a 6.8% year-on-year increase [10] - Membership fee revenue accounted for 65% of net profit, but the company faces challenges in the Chinese market with a low membership renewal rate of 62% [10][11]

Group 1 - Broadcom has launched its most powerful data center switch chip, Tomahawk 6, aimed at capturing a larger share of the AI infrastructure market, with early customers deploying it to build the world's largest GPU clusters, indicating a significant market potential as over 100,000 GPUs are already deployed [1] - Envision AESC has officially started production at its battery super factory in Douai, France, with an initial capacity of 10 GWh, which will supply power batteries for leading international automakers like Renault, meeting the needs of 200,000 electric vehicles [1] - Samsung's yield for its 10nm sixth-generation DRAM (1c DRAM) has reportedly improved to 70%, with significant yield rates achieved under both cold and hot testing conditions [1] - A Chinese research team has successfully completed module-level verification of a star-ground quantum direct communication system, marking a significant step towards the construction of an integrated quantum direct communication network [1]

Market Overview - US stock indices experienced fluctuations, with the Dow Jones down 0.22%, Nasdaq up 0.32%, and S&P 500 up 0.01. The VIX index fell 0.45% to 17.61. The US dollar index decreased by 0.45% to 98.82. The yield on the 10-year US Treasury bond dropped by 2.244% to 4.356%, with a spread of 48.7 basis points compared to the 2-year bond yield. Spot gold rose by 0.56% to $3,372.18 per ounce, while Brent crude oil fell by 1.11% to $64.84 [1]. Industry & Stocks - In the industry sector, apart from energy, utilities, and consumer staples which fell by 1.95%, 1.75%, and 0.7% respectively, the other seven sectors of the S&P 500 saw gains: semiconductors up 1.49%, communications up 0.64%, materials up 0.38%, real estate up 0.31%, healthcare up 0.2%, technology up 0.15%, and industrials up 0.06 [1]. - Chinese concept stocks mostly rose, with KWEB up 2.48%, TSMC up 2.42%, Alibaba up 3.9%, Pinduoduo up 1.34%, JD.com up 2.84%, Li Auto down 0.17%, Xpeng up 3.77%, Futu up 6.93%, and NIO up 6.23 [1]. Focus of the Day - STMicroelectronics CEO Jean-Marc Chery indicated signs of market recovery, expecting increased demand that could boost performance in upcoming quarters. The company anticipates achieving the midpoint of its revenue forecast for Q2, which is $2.71 billion [3]. - Broadcom announced the shipment of its latest data center switch chip, Tomahawk 6, which boasts an Ethernet switching capacity of 102.4 terabits per second, double that of any current market Ethernet switch bandwidth. This chip is designed for data centers running AI processor clusters [5]. - The German government approved a tax relief plan worth €46 billion aimed at stimulating economic growth, which includes favorable depreciation options for businesses [6]. - India formally challenged the US over increased auto tariffs at the WTO, indicating a tougher trade stance despite ongoing negotiations for a temporary agreement [7]. Tesla Sales Data - Tesla's wholesale sales in China for May reached 61,662 units, a year-on-year decline of 15%. In Europe, sales plummeted, with UK sales down 45.8% to 1,758 units and German sales down 36.2% to 1,210 units [9]. - Cathie Wood's Ark Invest reduced its Tesla holdings by approximately 50,000 shares, realizing about $17 million, despite previously projecting a price target of $2,600 for Tesla [9]. Cryptocurrency Insights - Coinbase CEO Brian Armstrong warned that if the US fails to manage its debt effectively, Bitcoin could potentially replace the dollar as the new reserve currency. This sentiment is echoed by the Winklevoss twins, who advocate for Bitcoin investment amid rising US debt concerns [10]. Market Trends - Bubble Mart has emerged as the first tenfold stock in the "Guzi economy," with its share price soaring from HKD 19.8 to a peak of HKD 233.2, marking a cumulative increase of over 10 times and a market capitalization exceeding HKD 300 billion [10].

Group 1 - Morgan Stanley reports that Broadcom (AVGO.US) is expected to announce second-quarter earnings that meet or slightly exceed market expectations due to strong demand for AI products, stabilization in non-AI semiconductor business, and continued growth in VMware business [1][2] - The demand for AI-related revenue at Broadcom remains robust, driven by the production ramp-up of Google's TPU v6 3nm ASIC chips, which is expected to contribute significantly to revenue in fiscal years 2025 and 2026, with projected revenue exceeding $15 billion over the project lifecycle [1] - Broadcom's AI business revenue is anticipated to reach between $19 billion and $20 billion in fiscal year 2025, representing a year-over-year growth of approximately 60% [1] Group 2 - In the non-AI semiconductor sector, revenue growth is expected in the wireless segment as industry cyclical trends improve, with stable demand in enterprise, server/storage, and broadband sectors [2] - Broadcom's software infrastructure business, particularly VMware, is maintaining strong momentum due to robust software renewal capabilities and deepening collaborations with large enterprise clients [2] - For the second quarter, Broadcom's revenue, earnings, and free cash flow (FCF) are projected to meet or slightly exceed market expectations, with third-quarter revenue expected to grow by 5%-7% quarter-over-quarter, reaching around $16.1 billion, surpassing general market expectations [2]