Core Insights - The soaring prices of storage chips have led to substantial profits for Samsung Electronics and SK Hynix, but the ongoing supply shortage is opening market opportunities for Chinese manufacturers [1] - Experts warn that if the supply-demand imbalance persists until mid-2027 or longer, it could provide a golden opportunity for Chinese competitors to narrow the technological gap with Korean firms [1] Group 1: Market Dynamics - The storage industry is experiencing a super cycle, with DRAM prices skyrocketing by 300-400% in just a few months [1] - Samsung, SK Hynix, and Micron are unable to meet global demand, creating an entry point for Chinese storage manufacturers [1] - Chinese companies have the potential to expand not only in the consumer retail sector but also in the enterprise market, where even a 5-10% market share could significantly contribute to future growth [1] Group 2: Technological Advancements - Chinese storage manufacturers are rapidly catching up to leading Korean firms, with ChangXin Memory Technologies (CXMT) advancing from HBM2 to HBM3 development in a short timeframe [2] - CXMT's progress is supported by investments from local governments and Huawei, allowing for faster R&D cycles and commercialization of technological innovations [2] Group 3: Strategic Implications - The current market opportunity holds dual value for Chinese companies, as global supply constraints reduce customer sensitivity to technological gaps and high price environments provide ample profit margins for R&D investments [3] - If supply shortages continue until mid-2027 or later, Chinese manufacturers will have more time to acquire technical expertise, posing a risk to Korean firms if they fail to convert current profits into higher technological barriers [3] Group 4: AI Era Considerations - Leading storage companies must adapt to the AI era to maintain their positions, as performance bottlenecks are shifting from core computing capabilities to storage [4] - The increasing use of SRAM, despite its higher costs and larger footprint, is becoming more attractive for certain AI models due to its ultra-low latency [4] - Future technological advancements will focus on TSV density, reducing the distance between memory and core, and developing new interconnect technologies beyond silicon interlayers [4]

Core Insights - Zoom Communications' investment in Anthropic, the developer of the Claude AI model, is gaining market attention, with the investment's book value potentially rising to between $2 billion and $4 billion [1] - Zoom's stock surged by 9.8% to $94.22, marking its highest closing price since August 22, 2022, driven by interest in its revenue growth and AI business opportunities [1] - The investment of $51 million in Anthropic is expected to contribute significantly to Zoom's profit growth, as highlighted by Baird analyst William V. Power [1] Group 1: Financial Impact - Zoom's strategic investment in Anthropic has begun to reflect in its financial reports, with the company reporting $406.1 million in strategic investment gains for Q3, largely attributed to the appreciation of its stake in Anthropic [2] - Baird estimates that most, if not all, of the reported investment gains are derived from the increase in value of the Anthropic investment [2] - The potential return on this investment is heightened by Anthropic's plans for an IPO, raising questions about how much further its value could increase [2] Group 2: Strategic Advantages - The investment in Anthropic not only provides financial returns but also offers strategic advantages for Zoom's AI product development, enhancing its capabilities in meeting notes and summaries [3] - Zoom's strong R&D engine has been exploring AI for years, and the partnership with Anthropic is expected to enable the addition of more AI features to the Zoom platform [3] - This collaboration gives Zoom a differentiated advantage in the competitive enterprise communication market, benefiting from Anthropic's advancements in generative AI technology [3] Group 3: Market Sentiment - Despite the positive impact of the Anthropic investment, analysts remain cautious about Zoom's stock outlook, with only 52% of surveyed analysts rating it as a buy or equivalent, which is below the average buy rating of 56% for S&P 500 constituents [4] - Baird maintains a "outperform" rating on Zoom's stock with a target price of $95, indicating a cautious optimism [4] - Zoom's stock is still down approximately 83% from its all-time high during the pandemic in October 2020, as the company seeks new growth drivers through AI transformation and strategic investments [4]

Group 1 - Strategic partnership established between Dongyangguang Pharmaceutical (06887) and Shenzhen Jingtai Technology on January 26, 2026 [1] - Joint venture to create an AI-driven drug research and development platform, focusing on innovative drug development for autoimmune diseases [1] - Development of PB-PK predictive large model and promotion of Dongyangguang's proprietary "HEC-SynAI drug synthesis model" and "HEC-PharmAI formulation model" [1] Group 2 - Innovation in business model through the establishment of an AI supercomputing platform, creating a "Model as a Service" (MaaS) business model [1] - Dongyangguang Pharmaceutical has 150 approved drugs and over 100 drugs in research, including nearly 50 first-class innovative drugs, leading in patent numbers among domestic pharmaceutical companies from 2014 to 2023 [1] - As of the announcement date, a formal agreement has not yet been signed, indicating uncertainty in the partnership [1]

Core Insights - Nvidia and CoreWeave announced an expansion of their partnership to accelerate the construction of AI data centers, with Nvidia investing $2 billion at a price of $87.20 per share, increasing its stake to approximately 6.6% [1] - CoreWeave plans to build over 5 gigawatts of AI data centers by 2030, which will run Nvidia's future AI systems, including the upcoming Rubin AI chip platform and Vera processors [1] - Nvidia's CEO expressed confidence in CoreWeave's growth prospects, while CoreWeave's CEO highlighted strong demand from customers and signals of a broader market for AI systems [1] Partnership Details - CoreWeave has secured priority access to Nvidia's next-generation products, including the Rubin AI chip platform and Vera processors, which may provide a competitive edge against emerging cloud computing rivals [3] - The partnership includes testing and validating AI software and reference architectures, aiming to offer integrated solutions to cloud partners and enterprise customers [3] Historical Context - Nvidia and CoreWeave's relationship has deepened over time, with previous agreements including a $6.3 billion cloud services contract and a commitment for Nvidia to purchase underutilized computing capacity from CoreWeave until April 2032 [5] - CoreWeave's CEO indicated that Nvidia's investment represents only 2% of the planned spending for new data centers, with significant infrastructure deliveries expected in the coming years [5] Analyst Perspectives - Analysts are optimistic about CoreWeave's long-term prospects, with one upgrading the stock rating to "buy" based on strong demand for computing power [6] - Concerns about financing reviews and data center delays are acknowledged, but analysts believe that potential catalysts could improve CoreWeave's valuation in the future [6] - A favorable interest rate environment could also benefit CoreWeave by lowering borrowing costs, thus enhancing perceived business value [6]

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。 中国1至12月规模以上工业企业利润同比 0.6%，前值 0.1%。 风险提示及免责条款 ...

鲍威尔的主席任期将于5月中旬结束。白宫发言人Kush Desai表示，在特朗普正式宣布之前，任何关于 美联储主席提名过程的报道都是"毫无意义的猜测"。提名人选须经参议院确认。 政策主张：重视生产率变革，质疑滞后数据 Rieder的核心观点是美联储过度依赖反映过去状况的通胀数据，而对经济变化的关注不足。他认为，人 工智能、自动化和物流带来的生产率提升正在重塑经济和劳动力市场，但传统指标捕捉这些变化的速度 太慢。在他看来，政策决策对经济的影响存在长期滞后。 法国巴黎银行分析师指出，Rieder认同美联储2%的年度通胀目标及其沟通方式，但持有超出共识的经济 展望。他比现任美联储官员更重视生产率提升的规模和持久性，以及这些因素对增长、通胀和劳动力市 场的影响。 独立研究机构42 Macro创始人Darius Dale表示，通胀数据往往在商业周期后期达到峰值，基于这些数据 的政策决策到来得太慢。Dale认为Rieder理解正在进行的生产率转变规模，以及高利率对住房和劳动力 流动性造成的压力。"委员会会呈现主席的个性特征，"Dale说，"在结构性变革时刻，你需要一个理解 市场和经济走向的人。" 住房市场成为政策焦点 贝莱 ...

随着美国联邦政府部分停摆的最后期限在本周六迫近，美国总统特朗普在移民执法策略上释放出罕见的 妥协信号，以期缓解明尼苏达州因联邦执法人员枪击事件引发的紧张局势。 特朗普移民执法策略急剧转向 据媒体报道，特朗普在社交媒体上称其与民主党籍州长沃尔兹进行了"非常好"的通话，并表示双方"想 法相近"。这一温和基调与其此前指责沃尔兹"无能"、"智商低"的言论形成鲜明对比。 特朗普政府此次转向的直接导火索是明尼阿波利斯接连发生的致命枪击事件。1月24日，37岁的重症监 护护士Alex Pretti被联邦特工射杀，尽管白宫最初声称其持有枪支威胁特工，但视频证据与此说法相矛 盾。此前的1月7日，另一名美国公民Renée Nicole Good也在移民与海关执法局（ICE）的抓捕行动中丧 生。 接连的悲剧引发了全美范围内的抗议活动，并导致特朗普的移民执法策略支持率跌至历史低点。共和党 内部亦出现分歧，明尼苏达州共和党州长候选人Chris Madel甚至为此暂停竞选活动以示抗议。就连特朗 普的坚定盟友、德克萨斯州州长Greg Abbott也公开表示，白宫需要"重新校准"其对ICE的使用方式。 白宫方面目前正试图在平息众怒与维持强硬 ...

资金另觅归宿 在黄金价格突破5000美元、股市持续繁荣、美元再度走软的背景下，曾被视为动量交易和货币贬值对冲 工具的比特币却缺席了这场盛宴。 加密货币在避险属性上不如黄金，在风险属性上逊于AI，在目前市场阶段对资金引力正在下降。 比特币价格停滞不前，交易量萎靡，长期信仰者正转向股票和贵金属等更可靠的市场。比特币目前在 87000美元附近徘徊，较10月高点已下跌25%，仅过去七天就跌去6%。 据彭博社数据，过去一周投资者从比特币相关基金撤出超过13亿美元，延续了加密货币ETF的撤资趋 势。 理论上，当前宏观环境本应利好加密货币。通胀和利率的缓解通常会提振风险偏好，而宽松的金融环境 和地缘政治不确定性上升历来都支撑那些被宣传为对冲货币贬值的资产。然而这一次，BTC的价格却并 未得到有效支撑。 这种动能停滞既是资金层面的，也是理念层面的。曾经定义加密货币散户基础的持有理念已经削弱。从 NFT到模因代币，那些将新参与者带入生态系统的投机周期要么崩溃，要么失去公信力。 部分投机需求已迁移至他处。预测平台Kalshi和Polymarket交易量走高，去中心化合约交易平台 Hyperliquid也出现快速增长，所有这些都吸 ...

Core Insights - The silver market is experiencing a historic surge, characterized by extreme price volatility and high retail investor participation, resembling the traits of Meme stocks [1][4] - Silver futures prices saw their largest single-day increase in nearly 40 years, leading to a significant influx of investors into related ETFs, surpassing trading volumes of all individual stocks in the U.S. market [1][5] - Since January 1, 2025, silver futures have risen by 230%, outpacing gold, platinum, and palladium, and driving ETF and options trading volumes to record highs [1][5] ETF Trading Volume - The trading volume of silver-related ETFs exploded on Monday, with major funds like iShares Silver Trust and ProShares UltraShort Silver seeing combined turnover exceeding 1.2 billion shares [5] - ProShares UltraShort Silver ETF topped the list of most actively traded securities in the U.S. with nearly 800 million shares traded, indicating significant short-selling activity [8] - The iShares Silver Trust followed with over 377 million shares traded, while options trading linked to it also reached historic levels, with over 3.6 million call options exchanged [8] Market Dynamics - Market strategists note that despite silver's industrial applications, the recent price volatility is driven more by momentum and public sentiment rather than fundamentals, likening it to the behavior seen in Meme stocks like GameStop [4][9] - Analysts emphasize that the current investment environment encourages rapid trend-following behavior, with little regard for underlying fundamentals [4][9] Retail Investor Interest - Retail investor interest in silver has surged, with social media activity related to silver reaching levels not seen since 2011, indicating a significant resurgence in public engagement [10][11] - The weekly page views for silver on the investment-focused social media platform Stocktwits have skyrocketed to 30 to 40 times the levels seen last summer, reflecting a renewed enthusiasm among retail investors [11]

Market Overview - US durable goods data boosted US stocks, with major indices reaching over a week high, while small-cap and chip indices fell [2] - Apple shares rose nearly 3%, while Tesla dropped over 3% [2] - USA Rare Earth shares surged nearly 8% after the announcement of government investment [2] - Nvidia's additional investment led to CoreWeave shares rising nearly 6% [2] - Gold prices surpassed $5000 for the first time, with a peak increase of over 2% [2] - Silver experienced its strongest intraday surge since 2008, rising 14% to nearly $118 before retreating [2][11] - Natural gas prices spiked over 40% due to winter storm demand and production disruptions [2] Key News - The Chinese Ministry of Commerce expressed willingness to manage differences and promote cooperation with the US, planning to introduce policies to expand inbound consumption [3][10] - The People's Bank of China supports increasing the scale of RMB business funds in Hong Kong from 100 billion to 200 billion [11] - OPEC+ representatives indicated a potential continuation of production cuts in March, with no significant impact on oil supply from geopolitical tensions [3][11] - The US military has increased its presence around Iran, with warnings from Iran regarding any attacks being considered as a declaration of war [12] - Reports suggest an 80% chance of a new government shutdown in the US [12] Company Developments - Zijin Mining plans to acquire Allied Gold for 5.5 billion CAD, accelerating its entry into West Africa's core gold mining area [15] - The Trump administration is set to invest $1.6 billion in USA Rare Earth, acquiring up to 16% of the company [16] - Nvidia is investing an additional $2 billion in CoreWeave, which will support the deployment of new products including a standalone CPU chip [16][17] - Microsoft is upgrading its self-developed AI chip to reduce reliance on Nvidia, claiming superior performance compared to Amazon's Trainium and Google's TPU [17] AI and Technology - Alibaba launched the Qwen3-Max-Thinking model, claiming performance comparable to GPT-5.2 and Gemini 3 Pro, with over 1 trillion parameters [4][13] - The global first space computing network, consisting of 2800 satellites, aims to be operational by 2035 [15] - The digital human industry in China is rapidly expanding, with over 1.14 million related companies, and new standards are being developed for identity management [30] Economic Insights - UBS warns that the US economy could face a 50% recession probability if the AI bubble bursts, highlighting the fragile nature of the current expansion [18] - Morgan Stanley predicts a growing divide in AI capabilities and accelerated integration of energy facilities by tech giants by 2026 [20]