加拿大总理卡尼表示，他在与特朗普的通话中明确重申上周在达沃斯发出的"反经济胁迫"呼吁并未改 变。随着美方即将启动对USMCA的正式审查，这一表态令加美贸易关系在关键节点再度趋紧。 尽管市场对这场外交争端的反应相对平静，但是市场策略师警告称，特朗普的措辞很重要，称卡尼 为"州长"预示着今年晚些时候美墨加贸易协定(USMCA)正式审查时，谈判过程可能并不友好。 "我是认真的"——卡尼重申达沃斯立场 据华尔街见闻此前文章提及，卡尼上周在瑞士达沃斯世界经济论坛上发表演讲，呼吁小国团结起来对抗 经济胁迫。尽管演讲没有点名美国或特朗普，但被广泛解读为对特朗普利用美国经济和军事实力实现地 缘政治目标的政策的批评，并为各国应对这种压力提供了模板。 据报道，在与特朗普进行的30分钟通话后，卡尼表示： "我对总统说：'我是认真的，我在达沃斯说的话是认真的。'那是一系列更广泛的议题，加拿 大是第一个理解他发起的美国贸易政策变化的国家，我们正在对此做出回应。" 美加双方对这次电话会议的描述出现明显分歧。贝森特周一晚间告诉福克斯新闻，他当时就在椭圆形办 公室，卡尼在通话中"非常积极地收回他在达沃斯发表的不当言论"。 报道称，但卡尼周二 ...

HLX43研发进展： 复宏汉霖HLX43三联疗法获批临床试验 核心要点： 获批情况：HLX43（靶向PD-L1抗体偶联药物）联合HLX07（抗EGFR单抗）及汉斯状（斯鲁利单抗） 用于晚期实体瘤治疗的临床试验申请获NMPA批准，拟在中国境内开展。 临床数据显示：既往治疗失败的NSCLC患者ORR达37.0%，DCR达87.0%；宫颈癌患者ORR达 41.4%（3.0mg/kg剂量组达70%） 市场地位：全球范围内尚无同类联合用药方案获批上市。 风险提示：公司无法确保能成功开发及商业化HLX43及HLX07。 在中国、美国、日本等多地开展1期/2期临床试验 覆盖NSCLC、结直肠癌、宫颈癌、食管鳞癌等多个适应症 ...

Core Insights - Seagate Technology reported strong financial results for Q2 of fiscal year 2026, with revenue, gross margin, and earnings per share exceeding market expectations, leading to a post-earnings surge in stock price by approximately 9% [2] - The management emphasized the sustainability of storage demand driven by AI applications, raising questions about whether this demand is a short-term trend or a structural change [3][5] - CEO Dave Mosley indicated that nearline capacity is fully booked until the end of 2026, with discussions about demand growth extending into 2028 from multiple cloud customers [2][19] Demand and Supply Dynamics - The management linked the sustained demand for storage to structural changes in AI applications, particularly highlighting the role of Agentic AI, which requires continuous access to large historical datasets [3][5] - Video content has become a significant driver of data growth, with YouTube's daily uploads increasing from 200,000 three years ago to 20 million today, not accounting for the anticipated surge from AI-driven video applications [4][20] - The company clarified that the concern in the market is not about insufficient demand but rather whether supply can keep pace with this demand [2][12] Profitability and Growth Strategy - Seagate's growth strategy has shifted from relying on shipment volume expansion to enhancing capacity density and improving unit profit structure [8][9] - The average nearline hard drive capacity increased by 22% year-over-year, approaching 23TB per drive, with cloud customers using even higher average capacities [9][19] - Management indicated that price stability or slight increases are possible in the current demand environment, with a focus on structural improvements rather than one-time price hikes [10][11] HAMR Technology and Cost Structure - The HAMR (Heat-Assisted Magnetic Recording) technology is transitioning from a roadmap to a profit engine, with the Mozaic 3 HAMR product now certified by major U.S. cloud service providers [11][22] - The company expects significant cost reductions as it begins mass production of 40TB hard drives, which will positively impact gross margins [11][22] - Seagate's supply discipline is emphasized, with a shift in focus from merely selling products to ensuring stable delivery capabilities, which enhances pricing power [12][19] Financial Performance - For the December quarter, Seagate reported revenue of $2.83 billion, a 22% year-over-year increase, with a non-GAAP gross margin of 42.2% [24][25] - The company generated over $600 million in free cash flow and reduced total debt by $500 million, marking a significant improvement in financial health [24][28] - The data center market accounted for 87% of shipments, driven by strong demand from global cloud customers [24][25] Future Outlook - The demand environment remains robust, particularly among global cloud customers, with expectations for continued revenue and profit improvements throughout the fiscal year [29] - Seagate anticipates revenue for the March quarter to be in the range of $2.9 billion, representing a year-over-year growth of 34% [29] - The company is well-positioned to generate sustainable long-term cash flow, supported by ongoing demand trends and operational efficiencies [28][29]

继苹果之后，英伟达也计划将部分芯片制造业务转向英特尔代工。英伟达预计在2028年推出的Feynman 架构平台将与英特尔合作，这是美国科技巨头在特朗普政府推动"美国制造"目标下调整供应链策略的最 新案例。 据DIGITIMES周三报道，供应链人士透露，英伟达将在与英特尔的合作中采用"量少、低阶、非核 心"的合作策略。GPU核心芯片仍由台积电代工，而I/O芯片则部分采用英特尔18A或预定2028年量产的 14A制程，最后由英特尔EMIB进行先进封装。按先进封装比重计算，英特尔最高约占25%，台积电约 占75%。 这一转变反映出美国科技企业在政治压力、关税威胁和供应链韧性考量下，不得不从高度集中于台积电 的模式转向"多源供应、分散风险"的新策略。除英伟达和苹果外，谷歌、微软、AWS、高通、博通、 超微和特斯拉等企业也在与英特尔洽谈合作。 尽管部分订单分流至英特尔，但业界认为这对台积电"利远大于弊"，有助于降低垄断疑虑、释放政治压 力，同时台积电仍有信心稳固高阶芯片代工大单。 台积电三层战略应对客户分流 目前观察，苹果、英伟达都以代工风险最低的产品渐进式调整。与英特尔洽谈合作的还有谷歌、微软、 AWS、高通、博通、 ...

美元正遭遇近四年来最严重的抛售潮，交易员押注美元将进一步走弱。彭博美元即期指数出现自去年4月宣布全面关税以来最陡峭的四日跌幅，投资者为 对冲更深度抛售支付的成本已创历史新高。 美元的下跌推动其他主要货币飙升至多年高位。欧元和英镑均升至约四年半以来的最强水平，日元在日本官员暗示可能干预支持本币后大幅反弹，正迎 来自去年8月全球套利交易崩盘以来的最佳三日涨势。 这轮跌势由多重因素驱动。美国政策的不可预测性——包括特朗普威胁接管格陵兰岛令欧洲盟友震惊，特朗普对美联储施压的风险，美国财政前景和债 务负担的担忧，以及政治极化，都在侵蚀市场情绪。摩根士丹利新兴市场货币策略主管James Lord表示，"非常规催化剂正在推动美元走弱"，政策不确 定性正在打击投资者对美国资产的兴趣。 日元干预预期升温 日元的飙升成为美元承压的关键因素。据交易员上周五透露，纽约联储联系金融机构查询日元汇率——这一初步步骤通常在干预前采取，重新引发市场 对协调货币干预的猜测。 DWS Americas固定收益主管George Catrambone表示，美联储官员对美元兑日元汇率的查询"进一步压低了美元"。日元涨至152.43。 彭博美元指数周二 ...

美国联邦政府正逼近一次"部分关门"，而能否在最后时刻避免资金断供，取决于参议院两党能否就DHS，尤其是ICE相关的移民执法约束达成妥 协。 据《华尔街日报》报道，参议院共和党人与白宫正试图在本周内与民主党敲定一项临时方案，以推动一揽子拨款案过关。参议院拟审议总额约1.3 万亿美元的六项支出法案，其中包含为DHS提供资金的法案。若国会未能在本周五深夜前把法案送到特朗普总统案头，现有资金将于美东时间周 六0点01分到期，从而触发部分政府停摆。 分歧集中在：民主党要求把对DHS移民执法行动的限制"写进法律"，并倾向于将DHS拨款从六项法案中剥离或重写；而白宫与参议院共和党坚持 尽量不改动法案文本，避免法案因修改而被迫退回众议院重新表决。众议院按计划要到下周一才复会，进一步压缩操作空间。 关门风险已被交易与政策预期快速定价。据Polymarket数据，市场对1月31日前发生政府关门的概率预估一度接近79%。 但民主党领袖明确表示，仅靠口头承诺或行政动作不足以消除疑虑。参议院少数党领袖Chuck Schumer表示，"修复"应来自国会，公众不能只靠政 府"自觉"来信任其会做正确的事。参议员Tim Kaine也强调，只有 ...

Core Viewpoint - Zotye Auto has secured a 400 million yuan loan from Zhejiang Yongkang Rural Commercial Bank, with 343 million yuan already received, indicating potential plans for resuming production and recruitment efforts [1][2] Funding and Financial Strategy - The loan is intended for repaying specific bank creditors and resuming operations, suggesting that a significant portion may be used for debt restructuring rather than new vehicle development [2] - Zotye's survival hinges on its "shell resources," allowing it to avoid delisting despite past financial struggles, as it holds dual production qualifications for both fuel and new energy vehicles [2][3] Recruitment and Market Position - Following the funding, Zotye has initiated a recruitment drive for 49 core R&D positions, focusing on new energy systems and intelligent driving, signaling a commitment to revitalize its operations [2][3] - However, the scale of the recruitment is minimal compared to industry standards, where competitors invest billions in R&D and employ thousands of engineers, highlighting Zotye's limited capacity to compete effectively [3] Industry Context and Challenges - The automotive market has evolved significantly, with competitors like BYD and tech giants raising the bar for vehicle technology and pricing, making it challenging for Zotye to regain market share [4] - Zotye's previous branding as "the poor man's Porsche" is now a liability, as consumer preferences shift towards original designs and core technologies, complicating its efforts to rebuild trust and market presence [4] Future Strategies - Zotye's potential paths for survival may include focusing on overseas markets or transitioning to an OEM model, leveraging existing resources to produce cost-effective vehicles for export [5] - The company may also consider becoming a contract manufacturer, providing production capacity to other firms, as the landscape shifts towards companies with strong technological foundations [5]

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 科技巨头财报前标普500五连阳、收创最高纪录，道指回落。医保巨头UnitedHealth跌近20%、领跌道指成分股。财报公布前，微软涨超2%、特斯拉跌1%； 增加240亿美元NAND制造投资的美光收涨超5%；和Meta签下光缆大单的康宁涨超15%。 美元创四年新低，跌超1%、创去年4月特朗普宣布关税以来最大四日跌幅。日元三日累计涨4%，欧元和英镑创2021年来新高，离岸人民币近三年来首次盘 中涨破6.94。比特币盘中涨超2%，重新站上8.9万美元。 美消费者信心逊色，美债收益率刷新日低。 原油反弹，受中东局势影响，尾盘一度涨超3%。黄金连续六日收创历史新高，现货黄金一度涨超3%。白银震荡。 亚洲时段，A股午后拉升，三大股指集体收涨，算力产业链爆发，恒指涨超1%，紫金黄金涨超11%，沪银逆势涨7%。 要闻 中国12月规模以上工业企业利润同比增长 5.3%，全年同比增长0.6%，实现四年来首次增长。 美国将在中东举行空军战备演习，油价盘中涨3%，现货黄金涨超2%。特朗普：若遭暗杀，将把伊朗"从地球上抹去"！ 美元跌至四年低谷，特朗普 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 希捷科技第二财季营收28.3亿美元，分析师预期27.5亿美元。 预计第三财季营收28亿-30亿美元，分析 师预期27.8亿美元。 希捷科技美股盘后涨8.84%。 ...

投资者对美国政策不可预测性的担忧日益加深，美元兑主要货币汇率跌至四年来最低谷。此时美国总统特朗普却并不担心。他周二表示，美元表现 很好，并不担心美元下跌，预计汇率会有波动。 被记者问及是否担心美元贬值时，特朗普表示： "不，我认为美元表现很棒。我认为美元的价值——看看我们正在进行的贸易，美元表现出色。" "我希望美元能够——找到它自己的合理水平，这才是公平的做法。" 特朗普暗示他可以操纵美元汇率，称"我可以让它像溜溜球一样上下波动"。但他认为这样做并非好事，并将其比作为了提高就业数据而雇佣不必要 的员工，同时批评了一些他认为试图贬值本国货币的亚洲经济体。 虽然特朗普显得不担心美元贬值，但评论认为，美元的跌势还没完。长期来看，美联储独立性、不断扩大的预算赤字、财政挥霍相关的担忧以及政 治两极分化等结构性因素正对美元构成下行压力。 美东时间27日周二美股午盘，追踪美元兑欧元等六种主要货币一篮子汇价的ICE美元指数（DXY）曾跌至96.20下方，刷新2022年2月以来低位，日内 跌逾0.9%，和彭博美元现货指数均四连跌，后者盘中刷新2022年3月以来低位，均创去年4月特朗普公布对等关税以来最大四日跌幅。 Brown ...