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Guangxi’s Pinglu Canal starts live-ship navigation trial, final test before official opening in September_我的网站

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A | 约翰·邓普顿爵士数十年来目睹投资者们自欺欺人地认为历史不再适用于他们。

A service area along the nearly completed Pinglu Canal in Qinzhou, South China's Guangxi Zhuang Autonomous Region, on June 3, 2026. Photo: VCG
The Pinglu Canal in South China's Guangxi Zhuang Autonomous Region started live-ship navigation trial on Wednesday. It is the first full-channel, all-vessel-type live-ship trial on the canal and the last test before the waterway fully opens to navigation in September, the CCTV News reported.
Four vessels of the 1,000-ton, 3,000-ton and 5,000-ton classes were deployed for the trial. Moving in phases along the canal's main channel, they will verify navigation under different operating conditions and test the performance of navigation aids across the entire route, comprehensively checking the safety and stability of the canal's channel, ship-locks, anchorages and service areas to lay a solid foundation for the canal's opening, said the report.
The Pinglu Canal is a backbone project of the New International Land-Sea Trade Corridor and the first canal linking inland rivers to the sea to be coordinated at the national level since the founding of the People's Republic of China. Overall construction progress has passed 98 percent, the report noted.
Notably, the canal's planned opening month of September coincides with the annual China-ASEAN Expo in Nanning, Guangxi.
The canal stretches 134.2 kilometers from the Pingtangjiangkou section of the Xijin reservoir area in Nanning, to the Beibu Gulf via Qinzhou city. It can handle 5,000-ton vessels.
Three navigation hubs — Madao, Qishi and Qingnian — are located from upstream to downstream, equipped with twin single-step 5,000-ton ship-locks with a designed annual one-way capacity of 89 million tons. Construction began in August 2022, with a total budgeted cost of 72.719 billion yuan ($10.78 billion), according to Nanning Evening News.
Once in operation, the canal will let ships from the middle and upper reaches of the Xijiang River sail directly to the Beibu Gulf. The canal will cut roughly 560 kilometers from the current inland waterway route to the sea via Guangzhou Port, shortening delivery time and lowering logistics costs, said Xinhua.
The first full‑route patrol of the Pinglu Canal was completed on August 8. During the patrol, maritime authorities conducted on‑site inspections of key navigation conditions, including channel dimensions, curved sections of the waterway, navigational clearance beneath bridges, ship‑lock approach channels and more, the Guangxi Daily reported.
Global Times
。他最常被引用的一句话是：“投资中最危险的几个字是：‘这次不一样’”，这句话经受住了它所警告的每一个泡沫的考验。

B | 如今，以他名字命名的富兰克林邓普顿公司的分析师们，正将这句话直接指向人工智能存储芯片市场。目标显而易见。

C | 截至2026年5月，美光科技和SK海力士的市值均已攀升至约1万亿美元，这几乎完全得益于人工智能训练和推理领域对高带宽存储芯片的强劲需求。如果再加上三星，这三大存储巨头的总市值将达到约4.1万亿美元。

D | 人工智能芯片热潮简述高带宽内存（HBM）是一种专用芯片组，它与人工智能处理器并排安装，能够以足够快的速度向其提供数据，以跟上计算速度。

E | 如果没有它，即使是最先进的人工智能加速器也会遇到瓶颈。对 HBM 的需求非常旺盛，SK 海力士和美光的合计产量基本上已经预定到 2026 年底，被长期供应合同锁定。

F | 富兰克林邓普顿分析师的担忧并非在于当前的需求，而在于未来的需求，以及未来需求有多少已被计入目前的估值中——而这种估值增长的速度，从历史数据来看，存储芯片股通常难以持续。

G | 无人愿意回忆的循环存储半导体市场的发展规律早已被充分证实。需求激增，制造商竞相扩产，最终供应超过需求，价格暴跌。过去三十年间，DRAM市场反复出现这种情况，NAND闪存市场也未能幸免。为满足人工智能驱动的需求，半导体行业的资本支出一直在大幅增长。但如果人工智能基础设施建设放缓，或者新进入者增加产能的速度超过市场吸收速度，那么目前支撑1万亿美元估值的供需平衡可能会迅速发生变化。 SK海力士存在一种特殊的集中风险，这种风险不仅限于其自身的资产负债表。该公司在韩国股指中权重较高，这意味着广泛投资韩国市场的投资者承担的半导体周期性风险可能比他们意识到的要大。

H | 富兰克林邓普顿的分析师特别指出，这不仅是个股风险，更是构建投资组合时需要考虑的结构性问题。这对风险资产整体而言意味着什么？目前没有与HBM芯片生产直接挂钩的加密代币。但加密货币市场的情绪与整体风险偏好密切相关。当大型科技公司和半导体公司表现良好时，机构投资者对风险敞口的偏好往往会保持高位，比特币和其他数字资产也会受益于这种环境。半导体行业总市值高达 4.1 万亿美元，这反映出投资者对一个论点的信心高度集中：人工智能的建设将以目前的速度无限期地持续下去。就目前而言，加密货币投资者更应该关注的是宏观经济：一个基于单一需求论点而市值增长数万亿美元的行业，正被富兰克林邓普顿的分析师指出存在周期风险。富兰克林邓普顿的明确建议并非“卖出”，而是“记住以往的结局”。（来源：编译自cryptobriefing，谢谢） *免责声明：本文由作者原创。