Yuguang Gold & Lead: We are currently conducting product trials and business negotiations with several downstream customers for our 7N grade high-purity indium, 7N grade high-purity tellurium, and 7N grade high-purity cadmium products.
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Morgan Stanley's Chief Economist for China, Xing Ziqiang: New-type productivity leads to strong export growth
According to Mars Finance, Xing Ziqiang, Chief Economist for China at Morgan Stanley, stated in his keynote speech titled "China's Economy Under the New Cycle of Technology and Energy" that China's economy performed steadily on the supply side in the first half of this year, with new-quality productivity becoming a key force supporting economic growth. From January to May, China's exports of AI-related infrastructure such as integrated circuits, semiconductors, and optical modules increased by 90% year-on-year, reaching over US$130 billion; exports of the "new three" products—electric vehicles, lithium-ion batteries, and solar cells—increased by 50% year-on-year, playing a crucial role in achieving the economic growth target in the first half of the year. (Cailian Press)
Galaxy Securities: We recommend focusing on leading computing power leasing companies.
According to Mars Finance, Galaxy Securities points out that with the explosive growth in demand for AI inference computing power, the token factory business model is accelerating. Compared with traditional computing power leasing, token factories place greater emphasis on binding with downstream large-scale model inference needs. Pricing is gradually shifting from "computing power resources and duration" to "token output and unit cost." Upstream computing infrastructure can participate more in the value distribution of downstream model manufacturers, strengthening the bargaining power of the upstream computing infrastructure segment and sharing the dividends of the token economy era. Galaxy Securities believes that computing power leasing companies are currently exploring the "token factory" cooperation model with large model manufacturers, which will gradually evolve from the underlying "selling resources" model of computing power leasing to a "selling output" model. Computing power leasing companies will provide MaaS services and share the dividends of the token boom by adopting a token revenue-sharing profit model. This is expected to improve the profit margin of computing power leasing companies, and the valuation center is expected to further increase. It is recommended to pay attention to leading computing power leasing companies.
Opinion: Open source models account for only 10% of enterprise large-scale model spending, but mature production environments will be dominated by open source models.
According to Beating's monitoring, while public opinion often touts that open-source large models are dominating everything, enterprise spending data presents the opposite picture. Jesse Zhang, co-founder and CEO of Decagon, an enterprise-level AI customer service platform, points out that the share of open-source models in total enterprise spending has now dropped to 11%. This decline stems from the fact that most enterprises' AI applications are still in the early, undefined exploratory stage, thus defaulting to reliance on closed-source models. However, he emphasizes that once application scenarios mature, open-source models will take over production environments with their advantages of extremely low latency and deep fine-tuning. In Decagon's own production environment, 90% of calls have already switched to open-source weighted models. The core driver of this transformation is interaction speed and customization capabilities, not cost savings. In customer service scenarios, a single conversation that takes 8 seconds to finish will completely destroy the product experience. Since leading closed-source labs do not allow fine-tuning of flagship models, and small closed-source models cannot be deeply customized, small-sized open-source models, through fine-tuning for specific tasks, have become the only option to support high-frequency real-time interactions. The future of enterprise AI will see a division of labor: leading closed-source labs will continue to dominate the exploration and discovery of new fields, while open-source weighted models will increasingly take over the actual production of mature businesses. Because model fine-tuning requires extremely high levels of data and talent, the migration from closed-source to open-source will be a slow process lasting several years, during which both will experience sustained growth.
Wang Ruomeng of the National Development and Reform Commission: Sales of AI smartphones and AI computers are expected to surpass those of non-AI products for the first time this year.
According to Mars Finance, at 10:00 AM today, the Shanghai Municipal Government held a press conference. Wang Ruomeng, Deputy Director of the Innovation and High-Tech Development Department of the National Development and Reform Commission, stated that last year, my country's annual shipments of AI-powered smartphones, AI-powered computers, and other smart terminals exceeded 100 million units, and this high growth is expected to continue this year. Sales of AI-powered smartphones and AI-powered computers are projected to surpass those of non-AI products for the first time this year. Currently, my country's AI-native office intelligent agents receive over 20 million monthly visits, with daily meta-calls reaching trillions of times, a significant increase compared to last year. This demonstrates the vigorous development of new products and business models driven by "AI+". (Cailian Press)
Sanhua Intelligent Control: Liquid Cooling Business Progressing Smoothly, Bionic Robots Becoming the Third Growth Curve
Mars Finance reports that Sanhua Intelligent Control (002050.SZ) released an investor relations activity record announcement, stating that the company has established a dedicated liquid cooling project team, with related liquid cooling products deployed across various business units, covering both primary and secondary cooling systems. Currently, the company's liquid cooling-related businesses are progressing smoothly, entering new liquid cooling business scenarios as a thermal management component supplier. The company already supplies products for both primary and secondary cooling systems, with core categories including valves, pumps, and heat exchangers. Simultaneously, the company continues to conduct R&D based on customers' long-term application needs, constantly improving its product line, and has already provided related products to some global customers. The bionic robot component business is gradually becoming an important third growth curve for the company, and emerging businesses such as energy storage and data center thermal management are accelerating their implementation, continuously injecting new momentum into the company's long-term development. (Cailian Press)
Gold and silver prices generally fell, while cryptocurrency volatility decreased, with the BVIX down 2.26% on the day.
According to the latest data from Odaily, gold prices fell to $4,143.57 per ounce, a daily drop of 0.97%. Silver prices fell to $61.693 per ounce, a daily drop of 1.24%. The BVIX (BTC Volatility Index) is currently priced at 39.85, down 2.26% on the day. The EVIX (ETH Volatility Index) is currently priced at 54.47, up 2.18% on the day. In the foreign exchange market, the US dollar rose 0.26% against the offshore yuan (USD/CNH) during the day, with the current exchange rate at 6.79888. The US dollar rose 0.7% against the Japanese yen (USD/JPY) during the day, with the current exchange rate at 162.358. In terms of global stock indices, the Euro Stoxx 50 index fell 0.37% to 6379.2 points; the UK FTSE 100 index rose 0.01% to 10659.2 points; and the German DAX 40 index fell 0.44% to 25729.5 points. In commodities, WTI crude oil rose 0.41% to $69.25 per barrel. Brent crude oil rose 0.93% to $72.47 per barrel. Gate allows users to trade traditional financial market products directly within the platform, providing a one-stop solution for various asset classes including precious metals, forex, global equity CFDs, major indices, and commodities, achieving deep integration between crypto assets and traditional financial assets. Gate TradFi functionality is fully integrated into the Gate App and Web platform, allowing users to conveniently participate in global asset price trading without switching platforms, unlocking more strategies and opportunities beyond the crypto market, and continuously enhancing their diversified asset allocation experience.