以下文章来源于瑞银证券 ，作者瑞银证券 瑞银证券 . 瑞银证券是中国证券市场首家由外资直接入股的全牌照证券公司，秉承 "客户至上" 理念，致力于为个 人客户、企业和机构客户、合格境外机构投资者（QFII）等提供品种多样、风险合理、结构灵活的金融 产品和服务，竭诚帮助客户实现投资目标。欢迎关注！ #分享瑞银 在科技浪潮席卷全球的今天，人工智能正以前所未有的速度重塑经济格局与产业生态。近期举 行的2026年瑞银大中华研讨会聚焦"人工智能"这一核心议题，汇聚国内外顶尖专家学者、企业 领袖，共同探讨AI从技术突破到商业落地、从基础设施到制度变革的全方位影响。本文将带您 深入现场，聆听关于算力崛起、应用爆发、能源挑战与人机共生的前沿思考。 硬核崛起： 半导体与算力的国产化进阶之路 AI的爆发式增长，正在倒逼基础设施的全面升级，而电力供应则成为制约算力发展的关键瓶 颈。与会嘉宾表示，欧美国家面临着电网互联审批周期长、发电设备交付滞后等问题，而中 国则通过超高压输电、绿电整合等方式，有效缓解能源与算力的错配矛盾。此外，液冷技术 的普及则解决了高密度算力的散热难题，同时无水制冷系统的推广，也有效破解了中西部地 区的水资源瓶颈 ...

数据反映出 我国新动能已成主要增长引擎。 数据显示，规模以上装备制造业利润较上年增长 7.7%，拉动全部规模以上工业企业利润增长2.8个百分点，是对规模以上工业企业利润增长拉 动作用最强的板块。规模以上装备制造业利润占全部工业企业利润的比重达39.8%，较上年提 高2.6个百分点。 此外，2025年，规模以上高技术制造业利润较上年增长13.3%，高于全部规模以上工业12.7个 百分点，为工业高质量发展注入强劲动力。装备制造与高科技制造业对工业利润增长的贡献率 已占据主导。这标志着工业增长的驱动逻辑已从传统要素投入，转向技术创新与价值链攀升。 利润数据也揭示 我国在关键领域实现爆发式增长，表明我国创新驱动发展战略已经进入收获 期。 半导体产业链曾是我国发展短板，2025年，集成电路制造、半导体器件专用设备制造、 电 子 元 器 件 与 机 电 组 件 设 备 制 造 、 敏 感 元 件 及 传 感 器 制 造 行 业 利 润 分 别 增 长 172.6% 、 128.0%、49.1%、33.3%。2025年我国集成电路出口2019亿美元，同比增长26.8%，也印证了 这种产业跃升。此外，基因工程药物和疫苗制造、 ...

Core Viewpoint - The A-share merger and acquisition (M&A) market remains active in early 2026, with over 297 disclosed M&A cases, including 12 major asset restructurings, particularly in strategic emerging industries like semiconductors and artificial intelligence [1][6]. Group 1: M&A Activity - In January 2026, several companies, including Yingxin Development, Kangxin New Materials, and Dinglong Co., announced cross-industry M&A plans, with many traditional manufacturing firms transitioning towards semiconductors and high-end equipment [1][3]. - Notable cross-industry M&A cases include: - Yingxin Development acquiring 60% of Changxing Semiconductor for 520 million yuan [8]. - Kangxin New Materials planning to acquire 51% of Wuxi Yubang Semiconductor for 392 million yuan [8]. - Mingyang Smart Energy's acquisition of 100% of Dehua Chip Technology [8]. Group 2: Regulatory Scrutiny - Several cross-industry M&A cases have attracted regulatory attention due to concerns over the authenticity of disclosures and valuation rationality, with companies like Kangxin New Materials and Fengfan Co. receiving inquiry letters from regulators [2][12]. - The regulatory stance is supportive of cross-industry M&A that enhances company quality but is strict against speculative and high-risk transactions [2][15]. Group 3: Financial Performance and Challenges - Many companies engaging in cross-industry M&A face challenges in their core business performance, with some reporting continuous losses: - Yanjiang Co. has struggled with net profits below 30 million yuan [9]. - Kangjian Heshan is projected to incur a net loss of 8 to 12 million yuan in 2025 [9]. - Fengfan Co. anticipates a net loss of 320 to 380 million yuan in 2025 [9]. Group 4: Market Dynamics - The recent regulatory framework encourages compliant companies to pursue cross-industry M&A for industrial transformation and growth, reviving interest in cross-industry deals that had previously declined [5][6]. - The market is witnessing a surge in cross-industry M&A cases, with at least eight disclosed in early 2026, four of which involve semiconductor assets [7].

Market Overview - The U.S. stock market showed mixed results with the S&P 500 index briefly surpassing 7000 points, while the Dow Jones Industrial Average rose slightly by 0.02% and the Nasdaq increased by 0.17% [1][2] - Storage concept stocks saw significant gains, with Seagate Technology rising over 19% and Intel and Western Digital both increasing by over 10% [3] Company Earnings Reports - Tesla reported an adjusted earnings per share of $0.50 for Q4, exceeding expectations, but its annual revenue declined by 3%, marking the first annual revenue drop in its history. Following the report, Tesla's stock price rose nearly 4% in after-hours trading [2][3] - Meta's Q4 revenue outlook surpassed expectations, leading to a stock price increase of 9.8% in after-hours trading [3] - Microsoft's Q2 revenue was $81.27 billion, slightly above expectations, with significant growth in its cloud computing business, although its stock fell by about 5% after the earnings report [3] Commodity Prices - Gold prices surged, with spot gold reaching $5,422.46 per ounce, reflecting a strong upward trend [5][6] - International oil prices rose collectively, with WTI crude oil increasing nearly 1.8% to $63.50 per barrel and ICE Brent crude oil rising over 1.6% to $67.68 per barrel, reaching the highest levels since September 2025 [5][6] Federal Reserve Decision - The Federal Reserve decided to maintain the federal funds rate target range at 3.5% to 3.75%, halting a series of previous rate cuts. This decision was in line with market expectations, with 10 out of 12 committee members supporting it [10][11]

记者丨张嘉钰 编辑丨江佩佩 1月28日，美股开盘集体上涨，截至23:12，三大指数涨跌不一，道指跌0.15%，纳指涨0.41%。标普500涨0.12%，盘中一度涨穿7000点整数 位心理关口，创盘中历史新高。 | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | --- | | 道琼斯工业平均 | 48930.47 | -72.94 | -0.15% | 1.80% | | 纳斯达克指数 | 23914.45 | 97.35 | 0.41% | 2.89% | | 标普500 | 6987.21 | 8.61 | 0.12% | 2.07% | | 纳斯达克100 | 26098.69 | 158.95 | 0.61% | 3.36% | | 万得美国科技七巨头指数 | 67207.26 | 314.11 | 0.47% | 1.41% | | 万得中概科技龙头指数 | 4477.49 | 46.53 | 1.05% | 4.63% | | 纳斯达克中国金龙指数 | 7953.25 | 86.64 | 1.10% | 5.62% | 大型科技股多数上涨 ...

Core Viewpoint - The article discusses the decline of Baolide, once the largest private luxury car dealer in East China, highlighting its bankruptcy and the current state of its operations [1]. Group 1: Company Background - Baolide was founded in 2001 and became one of the largest luxury car dealers in Zhejiang, representing brands such as Mercedes-Benz, Audi, Jaguar Land Rover, Lincoln, Rolls-Royce, Aston Martin, and Porsche [7]. - The company had a flagship center in Hangzhou, which is now closed and empty, indicating a significant decline in its business operations [3]. Group 2: Bankruptcy Proceedings - Baolide filed for bankruptcy in 2025, with the Hangzhou Intermediate People's Court accepting the application on September 5, 2025, and transferring the case to the Xihu District People's Court for further proceedings [12]. - The bankruptcy management team, including Zhejiang Hangtianxin Law Firm and Zhejiang Puhua Accounting Firm, has been appointed to oversee the process [12]. Group 3: Current Status - The headquarters of Baolide is largely vacant, with only a few employees remaining to assist in the transition to the bankruptcy management team [9]. - Court documents indicate that Baolide has outstanding debts, including an execution amount of approximately 11.36 million yuan and an unpaid amount of about 11.48 million yuan [13].

| | 371.760 +13.470 +3.76% | | | 希捷科技(SEAGATE) 立即 | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | STX 交易 | | NASDAO USD 20:00:00 | | | | | | 10 + | | 盘前价 | 402.950 涨幅 | 8.39% | 之生 | 34.99% 120日 | | 146.42% | | 涨跌 | 31.190 盘前量 | 12.66万 | 5日 | 14.04% 250日 | | 277.95% | | 三一 | 403.000 | 100 | 20日 | 29.89% 52周高 | | 370.47 | | 杀一 | 401.340 | - | 60日 | 40.33% 52周低 | | 62.50 | | 总量 | 735.36万 换手 | 3.44% | | 2024 | 2025 | 2026H1 | | 现手 | 1124 量比 | 1.36 | EbS | 1.60 | 6.93 | 5.31 | | 外盘 | 263.73万 内盘 | ...

记者丨 郭聪聪 编辑丨周炎炎 在本周一（1月26日）早盘突破每盎司5000美元心理关口后，现货黄金涨势不止。 截至1月28日20时左右，现货黄金报价报5260美元/盎司，单日涨幅1.52%，今日盘中更首次突 破5300美元/盎司，再度刷新历史纪录。 | | 国际贵金属 | | | | | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | 伦敦金现 | 5260.460 | 78.712 | 1.52% | 21.82% | | 伦敦银现 | 112.439 | 0.531 | 0.47% | 57.09% | | COMEX黄金 | 5254.8d | 172.2 | 3.39% | 21.30% | | COMEX白银 | 111.890d | 5.933 | 5.60% | 57.64% | | 伦敦金(人民币/克) | 1174.7424 | 17.5600 | 1.52% | 21.09% | | 伦敦银(人民币/千克) | 25109.8006 | 118.6270 | 0.47% | 56.15% | 今年以来，金价已累计上 ...

第二个原因：全球央行出手，这才是大招！除了老百姓担心风险，各国央行更担心风险！注意 这个数据：去年全球央行买黄金的数量创了历史新高。为什么？因为美元信用体系正在走下坡 路，美元体系的稳定性已经遭遇到了很大削弱。美国目前的财政赤字已经超过40万亿，这对于 美元的信用和币值稳定是一个潜在的巨大风险。同时，由于美债超发和美元走弱，10年期美 债"全球资产定价之锚"的属性已经大不如前，大量的避险资产开始从美债撤离。因此，在许多 投资者对美元失去信心的时候，都去购买黄金，求个安心！ 其实，还有一个深层原因，可能很多人没想到。以前黄金主要是做首饰，或者当做压箱底的传 家宝。但现在，随着AI、芯片、航天这些高科技发展，黄金成了工业的"维生素"，尖端科技对 于黄金的需求量越来越大。 记者丨 胡光旗 编辑丨洪晓文 曾婷芳 黄金冲破5000美元大关，接下来还会涨吗？ 1月28日，国际金价突破每盎司5200美元，国内金店足金甚至冲破了1600元/克！2025年，国 际金价全年涨幅70%左右，创下自1979年石油危机以来年度最大涨幅。今年以来，国际金价继 续强势上涨，2026年才过去不到一个月，就已经上涨15%左右。金价的上涨速度， ...

记者丨 赖镇桃 编辑丨李莹亮 （资料图） 面对美国掀起的关税风暴，欧盟和印度决定"抱团取暖"。 据央视新闻，当地时间1月27日， 印欧领导人在新德里举行会晤。印度总理莫迪宣布，印度和 欧盟达成自由贸易协定，并表示该协议覆盖全球GDP的25%和全球贸易额的三分之一。 双方都对自贸协定给予了极高的定调。欧盟委员会贸易和经济安全委员谢夫乔维奇称，这项协 定将创建一个覆盖20亿人口的自由贸易区，是"有史以来最大的贸易协定"。印度和欧盟都形 容，这份协定是"所有协定之母"。 欧盟委员会称，欧盟超过90%的商品出口关税将被取消或降低，印度给予欧盟的关税减免将大 幅改善欧盟出口产品的市场准入。例如，高达110%的汽车关税将逐步降至10%，44%的机械 关税、22%的化学品关税和11%的药品关税也将基本取消。 很长时间以来，印度有强烈的保护主义倾向，为保护本土产业将不少国际品牌拒之门外，尤其 是汽车产业，基本是塔塔汽车、马恒达这些本土车企的天下。连马斯克一直和印度拉扯也打不 下来的汽车关税，如今印度却难得对欧盟松口，这种转变为何发生？ 这份"史上最大贸易协 定"，可在多大程度抵御美国关税的逆风？ 关税阴影下的自贸协定 "我是 ...