据摩根大通股票分析师Mark Strouse表示："2025年仍处于周期早期，投资者只需获得AI敞口即可。但到2026年，我们需要看到实际交易公告和订单积 累。"当前多数电力股估值已达历史高位，部分公司甚至超过科技巨头。一旦供应短缺从利好转为制约因素，这个"人人有奖"的能源交易可能难以为继。 人工智能带来的电力供应短缺推动美股电力板块今年全线上涨，但随着估值已反映大部分乐观预期，投资者明年转向关注企业实际执行能力。 今年美国电力板块迎来罕见的全面上涨，从清洁能源到煤炭、从成熟技术到投机性项目均大幅攀升，核心驱动因素是人工智能数据中心带来的供电缺 口。 铀矿商Cameco今年上涨约80%，核电站运营商Constellation Energy涨幅约60%，甚至投机性的小型模块化反应堆股票Oklo今年涨幅超过两倍。 特朗 普政府加速核能应用的行政命令为该板块提供了额外动力。 设备制造商同样表现强劲。 天然气涡轮机制造商GE Vernova股价翻倍，长期积压的订单带动了对更易获得但价格更高的小型电力设备的需求。 生产小型涡轮机的工程机械制造商Caterpillar和发动机制造商Cummins分别上涨约60%和50%。 ...

2025年12月24日，FDA批准 Omeros的Narsoplimab上市，用于治疗造血干细胞 移植相关血栓性微血管病（TA-TMA），商品名为Yartemlea。 受此消息 影响，Omeros股价当日大涨76%，市值达到10.9亿美元。 Narsoplimab为全球首款MASP-2抗体，阻断补体凝集素途径。 Narsoplimab治疗完全响应率为61%，诊断100天后生存率为68%，mOS为274天。 该公司宣布，美国食品药品监督管理局(FDA)已批准 YARTEMLEA(纳索普利单抗-wuug)用于治疗造血干细胞移植相关性血栓性微血管病(TA-TMA)，这 是一种由补体凝集素途径激活引起的、通常会致命的干细胞移植并发症。YARTEMLEA 是首个也是唯一获批的凝集素通路抑制剂。YARTEMLEA 选择性 抑制 MASP-2(凝集素途径的效应酶)，阻止通路激活，同时保留对宿主防御重要的经典和替代补体功能。YARTEMLEA 获批用于成人以及两岁及以上儿 童。 ...

Core Viewpoint - The FDA has approved Agios Pharmaceuticals' drug, mitapivat (brand name: Aqvesme), for the treatment of certain blood disorders, leading to an 18.63% increase in the company's stock price [1]. Group 1: Drug Approval and Market Impact - The drug Aqvesme is the first oral therapy approved for non-transfusion-dependent and transfusion-dependent alpha or beta thalassemia patients [3]. - The approval is based on a late-stage study showing statistically significant improvements in hemoglobin response compared to the placebo group [7]. - The company targets approximately 6,000 adult thalassemia patients in the U.S., with about 4,000 expected to have access to treatment at launch [7]. Group 2: Financial Aspects and Analyst Insights - The annual treatment cost for Aqvesme is approximately $425,000 per patient, which is a premium over the wholesale acquisition cost of $335,000 for another drug, Pyrukynd [6]. - Analysts estimate that the approval unlocks an additional peak revenue opportunity of about $320 million for the existing mitapivat product line [6]. - The drug will come with a black box warning regarding hepatocellular injury and will require liver function tests every four weeks during the first 24 weeks of treatment [5].

Core Viewpoint - AST SpaceMobile has successfully launched the BlueBird 6 satellite, claiming it to be the largest commercial communication array deployed in low Earth orbit to date [1] Group 1: Satellite Launch and Capabilities - The BlueBird 6 satellite can provide high-speed 4G and 5G signals directly from space to standard, unmodified smartphones and government devices [3] - Launched from the Satish Dhawan Space Centre in Sriharikota, India, using the LVM-3 rocket, the satellite is three times the size of the existing six satellites in orbit and has ten times their capacity [3] - The satellite is designed to support peak data transmission rates of up to 120 Mbps, enabling voice, full data, and video applications [3] Group 2: Future Plans and Market Reaction - The company aims to launch between 45 to 60 satellites by the end of 2026, with an average launch frequency of every one to two months [3] - Following the announcement, AST's stock price initially rose over 7% but ultimately closed down nearly 9% at $78.05 [4] - The trading volume exceeded 26 million shares, surpassing the three-month average trading volume, indicating heightened market activity [5] Group 3: Analyst Concerns - Some Wall Street analysts have expressed concerns about the stock being overvalued, especially given the speculative price increases and execution uncertainties [5] - Year-to-date, ASTS stock has surged by 336%, while the S&P benchmark index has increased by 17.5% during the same period [5] - Analyst StoneFox Capital noted that despite the potential for speculative price increases, the stock appears too expensive relative to realistic financial targets due to repeated launch delays [5]

Core Viewpoint - Goldman Sachs released an in-depth research report focusing on the U.S. Space Development Agency's (SDA) "Proliferated Warfighter Space Architecture" (PWSA) project, particularly analyzing the contract awards for the third batch of tracking layer satellites [1][3]. Summary by Sections Contract Awards and Project Overview - The SDA announced the third batch of tracking layer satellite contracts on December 19, 2025, with a total value of $3.5 billion, covering the construction and launch of 72 satellites, expected to be gradually deployed starting in 2029 [3]. - The PWSA project aims to create a low Earth orbit (LEO) satellite constellation for missile warning, tracking, and defense services, evolving through phased implementation to address complex space security challenges [3][4]. Satellite Development and Funding - Since the project's inception, the SDA has awarded contracts worth $13.6 billion for the construction of 518 tracking and communication satellites, with the third batch showing both quantity growth and significant technological upgrades [4][6]. - The satellite iteration plan is divided into multiple batches: Batch 0 deployed 28 satellites, Batch 1 expanded to 154, Batch 2 increased to 264, and the current Batch 3 includes 72 satellites [5]. Company Analysis and Ratings - For L3Harris, Goldman Sachs gives a buy rating with a 12-month target price of $351, based on a projected 4.75% free cash flow yield for 2026 [10]. - Northrop Grumman receives a neutral rating with a target price of $533, calculated based on a relative P/E ratio of 0.99 times the expected 2026 earnings [10]. - Rocket Lab is also rated neutral with a target price of $47, based on a projected enterprise value/sales ratio of 23.0 times for FY2027 [11]. - Lockheed Martin is rated sell with a target price of $430, determined by a relative P/E ratio of 0.81 times the expected 2026 earnings [12]. Industry Impact and Challenges - The PWSA project is expected to have a profound impact on satellite communication and navigation, enabling low-latency global communication access, which supports emerging applications like telemedicine and autonomous driving [12]. - The aerospace sector faces challenges such as high launch costs, bandwidth and latency issues, and space debris, which are critical constraints on further industry development [12].

美股即将结束连续三年斩获两位数百分比涨幅的佳绩。若要在2026年延续此前涨势(即实现连续第四年增长)，将面临颇具挑战性的局面，这需要企业盈 利保持强劲增长、美联储维持温和政策导向，以及在人工智能领域持续加大投入力度。 股市多头指出美国企业盈利前景乐观。伦敦证券交易所集团(LSEG)收益研究主管塔金德尔·迪隆表示，标普500指数成分股公司的盈利预计在 2025年增长13%的基础上，2026年还将增长超过15%。 自2022年10月开启的美股牛市，得益于人工智能的乐观前景、利率下调以及经济持续增长，尽管市场曾因衰退担忧而起伏不定。在这一年中， 股市经历了过山车般的波动，特朗普政府在4月宣布加征超出预期的关税后，股价曾大幅下跌。标普500指数在截至2025年仅剩几个交易日时已 上涨超过17%，2024年上涨了23%，2023年上涨了24%。 CFRA首席投资策略师萨姆·斯托瓦尔表示，要实现来年的强劲两位数回报率，市场需要"万事俱备"。斯托瓦尔指出："诸多不利因素让我认为， 尽管我们可能会迎来一个令人意外的好年份，但我不认为这将是又一个大好年份。"他预计标普500指数到2026年底的目标点位为7400点，较 当前水平 ...

Core Viewpoint - Jefferies recently released a report on the outlook for the U.S. biotech industry in 2026, focusing on preferred investment targets, undervalued potential companies, and potential acquisition opportunities. The report highlights that the biotech sector will see multiple key clinical trial data disclosures, new drug approvals, and policy dynamics, with companies in niche segments expected to achieve value re-evaluation through technological breakthroughs and commercialization progress [1]. Six Preferred Targets - Jefferies identified six companies as core recommendations for 2026 based on market catalysts and valuation potential: - **Dianthus Therapeutics (DNTH.US)**, target price $66: Focused on the drug claseprubart, showing potential in various neuromuscular diseases with an estimated peak revenue of $2 billion. Key milestones include mid-analysis of Phase III trials for CIDP and initiation of trials for gMG in 2026 [3]. - **Taysha Gene Therapies (TSHA.US)**, target price $11: The gene therapy TSHA-102 for Rett syndrome has a market potential of $2 billion. The three-phase clinical trial is expected to disclose mid-term data by the end of 2026 [3]. - **Tyra Biosciences (TYRA.US)**, target price $32: The oral FGFR3 inhibitor dabogratinib has disruptive potential in two areas, with key data expected next year [4]. - **Tango Therapeutics (TNGX.US)**, target price $14: Collaborating with Revolution Medicines to explore a combination therapy for pancreatic cancer, with data expected in the first half of 2026 [4]. - **ORIC Pharmaceuticals (ORIC.US)**, target price $23: Focused on two potential assets for prostate cancer and lung cancer, with key catalysts expected next year [5]. - **Solid Biosciences (SLDB.US)**, target price $15: Concentrating on gene therapy for Duchenne muscular dystrophy, with critical meetings with the FDA planned for 2026 [5]. Seven Undervalued Companies - The report highlights seven companies with significant catalysts and potential for value re-evaluation: - **Ultragenyx Pharmaceutical (RARE.US)**, target price $114: Current stock price undervalued, with key catalysts expected in 2026, including data for treatments of osteogenesis imperfecta and Angelman syndrome [6]. - **Beam Therapeutics (BEAM.US)**, target price $41: Focused on gene editing, with promising data updates expected in early 2026 [6]. - **Aurinia Pharmaceuticals (AUPH.US)**, target price $21: Core product Lupkynis shows steady growth, with new drug development paths expected to be announced in early 2026 [7]. - **Kodiak Sciences (KOD.US)**, target price $39: Potential in retinal disease therapies, with three Phase III trial data readouts expected in 2026 [7]. - **Intellia Therapeutics (NTLA.US)**, target price $45: A leader in gene editing, with key data expected in mid-2026 [8]. - **Compass Therapeutics (CMPX.US)**, target price $8: Focused on tumor bispecific antibodies, with data expected in early 2026 [8]. - **KalVista Pharmaceuticals (KALV.US)**, target price $38: Known for the first oral treatment for hereditary angioedema, with significant revenue growth expected in 2026 [9]. Five Potential Acquisition Targets - Jefferies identified five companies that may become acquisition targets in 2026 due to their unique assets or market positions: - **Arrowhead Pharmaceuticals (ARWR.US)**: Strong RNAi product line for cardiovascular metabolism and new obesity targets [10]. - **Celcuity (CELC.US)**: Drug gedatolisib shows unique efficacy in PIK3CA wild-type breast cancer [11]. - **ORIC Pharmaceuticals**: High-value prostate and lung cancer projects [12]. - **Travere Therapeutics (TVTX.US)**: Potential market opening in rare kidney diseases if FSGS indication is approved [13]. - **KalVista Pharmaceuticals**: First-mover advantage and strong growth in oral HAE drugs [14].

Core Viewpoint - Repare Therapeutics has entered into an asset purchase agreement with Gilead Sciences to acquire the experimental cancer therapy RP-3467, with a total transaction value of up to $30 million [1][3]. Group 1: Transaction Details - The agreement stipulates that Repare will receive up to $25 million in upfront payments from Gilead, with an additional potential of up to $5 million in subsequent payments upon completion of specific technology transfer-related matters [3]. - This upfront payment is expected to impact Repare's net cash position at the time of the merger completion [3]. Group 2: Impact on Stock Valuation - Following the announcement, the cash consideration per share for Repare in its previously agreed merger with XenoTherapeutics will increase to approximately $2.20, up from the prior offer of $1.82 per share [3]. Group 3: Clinical Development - Repare is advancing the POLAR Phase I clinical trial for RP-3467, assessing the safety and pharmacokinetic characteristics of the candidate drug when used in combination with the already marketed cancer drug olaparib [3]. - Olaparib is co-marketed by AstraZeneca and Merck under the brand name Lynparza [3].

Core Viewpoint - Gold prices have reached new highs, increasing approximately 67% this year, and have outperformed the U.S. stock market for 25 consecutive years. Ed Yardeni predicts that gold could rise to $10,000 per ounce by 2029, becoming a core asset that offers both defensive and growth characteristics [1][3][6]. Group 1: Gold Market Performance - Gold has shown strong performance as a safe-haven asset, with a year-to-date increase of about 67% and a historical high of $4,500 per ounce reached recently [3][6]. - Over the past 20 years, gold has delivered a return of 761%, significantly outperforming the S&P 500's return of 673% during the same period [9][14]. - The total market capitalization of gold has reached $31.5 trillion, nearly seven times that of tech giant Nvidia [9]. Group 2: Future Predictions - Ed Yardeni's forecast suggests that gold prices could reach $10,000 per ounce by the end of 2029, aligning with his optimistic outlook for the S&P 500 index, which he expects to hit 7,700 points by the end of 2026 [6][11]. - Historical trends indicate that gold price increases often exceed market expectations, suggesting that the current bull market may still be in its early stages [6][14]. Group 3: Relative Valuation - Current gold prices are at their highest relative to cash since the 1960s and have surpassed the peak levels of 1980. However, when compared to the S&P 500, gold's current valuation is still 50% lower than its peak in 1980, indicating potential for further upside [14]. - Despite being perceived as expensive relative to cash and bonds, gold may still have room to grow when evaluated against equities [14]. Group 4: Silver Market Dynamics - The positive sentiment in the precious metals market has extended to silver, which has seen a 40% increase in price over the past month, maintaining strong momentum [15].

Core Viewpoint - OpenAI is seeking to raise an unprecedented $100 billion in a new funding round, which will test the financial capacity and willingness of the world's largest investment institutions. This funding round is expected to value the company at approximately $750 billion before the investment [3]. Funding Sources - Traditional American financial investors are expected to contribute only a small portion of the total funding, around $10 billion, due to limitations on exposure to any single company, even among large funds managing hundreds of billions in assets [3][5][6]. - Cash-rich tech giants, such as Amazon, are negotiating to invest at least $10 billion, which could help OpenAI cover part of its planned $38 billion expenditure on AWS servers over the next few years [4][9]. - Sovereign wealth funds and large banks are seen as significant potential sources of funding, with notable interest from Abu Dhabi's MGX fund and Saudi Arabia's Public Investment Fund [4][10]. Major Investors - Major banks like JPMorgan, Goldman Sachs, and Morgan Stanley have previously lent to OpenAI and are also clients of the company. JPMorgan has expressed willingness to provide equity investments of up to $10 billion to companies involved in key U.S. technologies like AI [7]. - Nvidia has committed to invest up to $100 billion in OpenAI to assist in building its data centers, although this deal is not finalized. OpenAI may also seek additional funding from Nvidia, similar to previous arrangements [9]. - Microsoft has already invested over $13 billion in OpenAI, holding a 27% stake, and may consider further investments to maintain its ownership level [9]. Sovereign Wealth Funds - Sovereign wealth funds are viewed as crucial funding sources, with the Abu Dhabi-based MGX fund potentially taking on a significant portion of the financing round. MGX has previously participated in OpenAI's funding rounds and has the capacity to invest heavily [10]. - The Saudi Arabian Public Investment Fund, with $925 billion in assets, has shown interest in collaborating with OpenAI, particularly regarding the establishment of data centers in Saudi Arabia [10].