Core Insights - Cisco Systems and Dell Technologies are leading providers of AI-powered enterprise infrastructure solutions [2][3] - The demand for AI infrastructure is driving significant growth in both companies, with Cisco securing over $1 billion in AI infrastructure orders and Dell shipping $1.8 billion in AI servers in Q1 [9][13] - IDC projects AI infrastructure spending to exceed $200 billion by 2028, with a significant portion allocated to servers with embedded accelerators [4] Company Performance - Cisco's stock has appreciated 16.2% year to date, while Dell's shares have increased by 11% [5] - Cisco's security business is thriving, with strong demand for its security solutions and a growing customer base [11][12] - Dell's PowerEdge XE9680L AI-optimized server is in high demand, contributing to a healthy backlog of $14.4 billion [13] Market Trends - Global IT spending is forecasted to reach $5.61 trillion by 2025, with data center systems expected to grow by 23.2% [4] - Enterprises with large-scale hyperscale data centers will account for over 70% of spending on AI-optimized servers by 2025 [4] Valuation and Investment Appeal - Dell Technologies is considered undervalued with a Price/Sales ratio of 0.81X compared to Cisco's 4.61X [18] - Dell holds a Zacks Rank 1 (Strong Buy), while Cisco has a Zacks Rank 3 (Hold), indicating a stronger investment appeal for Dell [21][22]

Key Takeaways MRVL is deploying modular RDL interposer tech to build larger, high-efficiency AI accelerator solutions. The design supports HBM3/3E integration, enables die replacement, and enhances power and latency performance. MRVL sees a $94B data center chip market by 2028, with custom compute offerings witnessing a 53% CAGR.Marvell Technology (MRVL) uses advanced CMOS technologies at 5nm and 3nm nodes and is now shifting toward 2nm and below, which include innovations like gate-all-around transistors ...

Core Insights - Cisco Systems (CSCO) shares closed at $69.27, slightly below the 52-week high of $69.78, with a year-to-date appreciation of 17%, outperforming the broader sector and peer Extreme Networks [1][6] - The company's aggressive push into AI and growing security dominance are significant growth drivers, with over $1 billion in AI infrastructure orders secured ahead of schedule [2][6] - Cisco is expanding its AI portfolio for data centers with new solutions and partnerships, particularly with NVIDIA, which is expected to enhance its market position [3][9] Stock Performance - CSCO stock is trading above both the 50-day and 200-day moving averages, indicating a bullish trend [6] - The stock's year-to-date increase of 17% is notable, with strong demand in the security sector contributing to its performance [6][8] Security Business Growth - Cisco's security business is experiencing strong demand, with double-digit growth in orders for solutions like Cisco Secure Access and XDR [8] - The partnership with ServiceNow aims to enhance AI risk management and governance, further solidifying Cisco's position in the security market [10] Financial Guidance - For fiscal 2025, Cisco expects revenues between $56.5 billion and $56.7 billion, an increase from previous guidance, with non-GAAP earnings projected between $3.77 and $3.79 per share [13][14] - The Zacks Consensus Estimate for fiscal 2025 revenues is $56.59 billion, indicating a year-over-year growth of 5.18% [14] Valuation Concerns - Cisco shares are currently trading at a premium, with a forward 12-month price/sales ratio of 4.65X, higher than the industry average [15][18] - The stock is considered overvalued, which may lead to caution among investors [15][20] Long-term Prospects - Cisco's expanding portfolio and focus on AI and security position it well for sustained growth in the tech landscape [19] - Despite current challenges, the long-term outlook remains positive for investors holding the stock [19]

【环球网财经综合报道】知名ETF发行商Roundhill Investments又有新动作，推出一只独特的美股基金——"S&P 500 No Dividend Target ETF"（标普500无股 息目标ETF，代码：XDIV），计划于7月10日（本周四）面市。 Roundhill向来以创新ETF著称，2023年推出的Magnificant Seven ETF（MAGS）获ETF.com"最佳新ETF"称号，去年还推出"中国龙"ETF（DRAG）。此次新 基金目标明确且具战略意义，旨在追踪标普500指数表现的同时规避派息，通过在股息日前出售标的，让持有人无法获得股息，进而规避相关税负。 XDIV是近期市场众多"税务优化型"产品之一，LionShares、F/m Investments等也推出类似ETF。资深ETF专家Dave Nadig称该策略"非常明智"，ETF分析师 Athanasios Psarofagis表示，避开资本利得税能力正成为ETF核心卖点，发行商利用优势渐成趋势。（陈十一） 当前，标普500指数及相关ETF整体走强，资产管理公司纷纷聚焦减少应税事件的产品。Roundhill首席执行官Dav ...

文：韦亚军 今年最被期待的超级IPO之一。 因触发垄断没卖成，只能IPO了。 近日，全球最受欢迎的设计协作平台Figma向SEC（美国证券交易委员会）递交了IPO招股书，正式启动上市进程。Figma计划在纽约证券交易所 （NYSE）上市，股票代码为"FIG"。 毛利率高达91% Figma成立于2012年，由Dylan Field和Evan Wallace共同创立。公司以"云端协同设计"为核心理念，提供基于浏览器的设计协作平台。 此次IPO，让投资者买账的主要因素是Figma的营收数据——表现亮眼。 2024年，Figma营收达到7.49亿美元，同比增长48%。2025年第一季度，Figma的营收为2.28亿美元，同比增长46%。此外，Figma的毛利率高达91%，显示 出其强大的盈利能力。截至2025年第一季度，Figma的滚动12个月营收为8.21亿美元。 截至2025年初，Figma拥有1300万月活跃用户，其中95%为财富500强公司。 触发垄断，200亿美元"卖身"未果 招股书显示，Figma计划发行约1.5亿股股票，每股价格在10至12美元之间，预计此次IPO募资最高达15亿美元。主承销商包括高盛 ...

Macro Analysis - The recovery in U.S. non-farm employment in June 2025 shows concerns as government jobs contributed nearly half of the new jobs, raising doubts about sustainability [1] - Private sector employment weakened, with service sector job additions dropping from 141,000 to 68,000, indicating potential economic pressure from tariffs [1] - The probability of the Federal Reserve restarting interest rate cuts in the second half of the year remains significant [1] Tax Policy Impact - The successful implementation of the tax reduction bill may partially offset economic pressures from tariffs, but its limited impact suggests it will not provide strong stimulus [2] - The tax bill is expected to increase the U.S. government deficit by approximately $4 trillion over the next decade, exacerbating supply-demand mismatches in U.S. Treasury bonds [2] Trade Agreements - The U.S. is focusing on negotiating 10 trade agreements with Asian countries, with preliminary agreements reached with Vietnam and potential agreements with India, Malaysia, and Indonesia [3] - The deadline for negotiations has been extended to September 1, indicating a flexible approach from the U.S. government [3] REITs Market - As of June 30, 2025, the number of public REITs in China reached 68, with a total issuance scale of 177.06 billion yuan [4] - The secondary market for public REITs experienced a price correction but still achieved a positive return of 1.95% for the month [4] Credit Bonds - The total outstanding credit bonds in China reached 29.96 trillion yuan by the end of June 2025, with a monthly issuance of 1,316.36 billion yuan, reflecting a 62.65% increase month-on-month [5] - Credit spreads for various levels of local government bonds widened slightly compared to the previous month [5] Automotive Industry - In Q2 2025, Tesla's global delivery volume showed a recovery, while domestic competitors like Li Auto and NIO stabilized [12] - The Xiaomi YU7 has seen a surge in orders, prompting new energy vehicle companies to enhance their purchasing incentives [12] Chemical Industry - MXD6, a special nylon, exhibits high gas barrier properties and rigidity, with significant application potential in food packaging and automotive sectors [13] - The increasing production capacity of domestic manufacturers is expected to enhance the cost-effectiveness of MXD6 composite materials, expanding its market applications [13] Company Analysis - The report highlights the investment value of YUEJIANG (2432.HK), a leading global collaborative robot manufacturer, emphasizing its strong market position and technological advantages [14] - The company is expected to achieve revenues of 500 million, 670 million, and 890 million yuan from 2024 to 2027, respectively, with an "accumulate" rating assigned [14]

点击注册小程序 查看完整报告 基于轻量化及高刚性等特点，MXD6作为改性工程塑料应用领域多样 MXD6具备轻量化、高刚性和高尺寸稳定性的特点，添加碳纤维或玻纤等改性料后，其机械性能可以与PEEK 复合材料相媲美，同时还具备良好的外观品质。因此，MXD6作为改性工程塑料在汽车、电子电器、无人机、 航空航天等领域具有较高的应用潜力。以汽车领域为例，玻璃纤维增强的MXD6可以应用在汽车引擎的缸体、 缸盖、活塞、同步齿轮等部件。由于前期MXD6材料被海外厂商垄断，导致MXD6材料使用性价比有限，致使 MXD6材料在我国特种工程塑料消费量中的占比极低。根据弗若斯特沙利文数据，2021年我国特种工程塑料消 费量约为13.0万吨，其中MXD6消费量仅为0.1万吨，占比仅约为0.8%，自给率为0%。我们认为随着国产厂商 的持续放量，MXD6复合材料的使用成本将持续降低，由此将明显提高MXD6复合材料的使用性价比，从而进 一步拓宽MXD6复合材料的应用场景和市场规模。 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 本周转债市场继续上涨，全周中证转债指数涨跌幅为+1.2%（上一交易周为+2.1%），连续两周录得可观涨 幅；本周中证全指变动为+1.1%。2025年开年以来，中证转债涨跌幅为+7.9%，中证全指数涨跌幅为+4.6%，转 债市场表现好于权益市场。展望后市，基本面、宏观政策仍是当前转债市场重要的影响因素，可以继续关注提 振内需等领域正股绩优的转债。 （张旭/李枢川）2025-07-05 您可点击今日推送内容的第2条查看 今 日 聚 焦 【金工】市场小市值风格显著，PB-ROE组合表现较佳——量化组合跟踪周报20250705 本周BP因子和盈利因子获得正收益，非线性市值因子和规模因子取得明显负收益，市场小市值风格明显。PB- ROE-50组合 ...

2025 年 7 月 5 日 行业研究 MXD6 具备高阻隔及高刚性特点，国产厂商放量在即空间广阔 ——MXD6 特种尼龙行业动态报告 要点 MXD6 商业化始于 20 世纪 80 年代，兼具高阻隔及高刚性特点。聚己二酰间苯 二甲胺（MXD6）是由间苯二甲胺（MXDA）与己二酸缩聚制得的一类结晶型聚 酰胺。20 世纪 80 年代，日本三菱瓦斯化学公司实现了 MXD6 的工业化。得益 于分子结构中引入的芳香环，MXD6 兼具脂肪族尼龙的易加工性与芳香族聚合物 的高强度，具备高气体阻隔性、高刚性、良好的热稳定性和低吸水率等特性。在 工程应用中，MXD6 通常通过直接熔融缩聚法制得，该工艺具备连续化、产品性 能优异等优势，技术门槛也更高。 基于高阻隔性，MXD6 在食品饮料包装领域用量空间可观。MXD6 因其优异的氧 气和二氧化碳阻隔能力，可应用于食品和饮料的包装材料中。通过与 PA6、PET 等材料共混或共挤，MXD6 可制成多种形态的包装结构，有效延长预制菜、碳酸 饮料、茶饮料等产品的货架期，并实现包装的轻量化。根据艾媒咨询统计，2024 年我国预制菜行业市场规模约为 6972 亿元。根据国家统计局等统计，20 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容来自雅虎财经 。 毛利率下降并非Marvell股票目前面临的唯一挑战。该公司还面临着来自博通AVGO和AMD在定制硅 片解决方案领域的巨大竞争压力。 博通先进的 3.5D XDSiP 封装平台专为提升定制 AI XPU 的性能和效率而设计。博通的半导体部门 （包括其定制硅片解决方案）在 2025 财年第一季度同比增长 11%。 AMD的定制硅片解决方案和AI加速器（例如 Instinct Accelerators）为众多数据中心提供支持。 AMD的可重构Alveo Adaptable Accelerator Cards 用于加速数据中心的计算密集型应用程序。 Ma r v e ll的价格表现、估值和估值 今年迄今为止，Marvell 的股价已下跌 32.2%，而电子半导体行业则增长了 13.3%。 Marvell的营收正在增长，这得益于其定制 AI 芯片在超大规模数据中心运营商中广受欢迎。然而， Marvell Technology 的毛利率在过去几个季度波动较大，且长期呈下降趋势。 Marvell强劲的营收增长得益于其定制 AI XPU、电光解决方案 ...