智通财经APP获悉，华创证券发布研报称，据中国信通院预计，2030年全球算力规模将超过16ZFlops， 其中，智能算力占比将从2023年的 63%(换算为FP32，规模为875EFlops)提升至2030年的90%以上。当 前全球算力生态竞争加剧，AI市场或趋于异构融合，随着AI算力需求从"通用"向"专用"转变，科技巨头 们分别对标英伟达的InfiniBand和NVLink，成立了UCE和UALink，以 "开放互联+专用芯片"重塑市场竞 争格局。在此背景下，关注国产算力端、边、云路径加速自主化进程。 华创证券主要观点如下： 全球AI算力革命，打响加速芯片争霸赛 1)全球智能算力需求快速增长：据中国信通院预计，2030年全球算力规模将超过16ZFlops，其中，智能 算力占比将从2023年的 63%(换算为FP32，规模为875EFlops)提升至2030年的90%以上。 2)英伟达算力布局实现领跑：据Gartner数据，从AI芯片类型来看，2024年搭载GPU的AI服务器占比约为 71%，其中，英伟达的市场占有率接近90%，AMD约为 8%。 3)智算成本优化催生定制化方案：随着应用端推理需求的大爆发，谷 ...

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [3] Core Insights - The global AI computing revolution is accelerating, with a significant increase in demand for intelligent computing power, projected to exceed 16 ZFlops by 2030, with intelligent computing accounting for over 90% of this demand [6][14] - NVIDIA leads the market with a nearly 90% share in AI server GPUs, while companies like Broadcom and AMD are also making significant strides in the ASIC chip market [6][19] - The competition in the AI computing ecosystem is intensifying, with a shift from general-purpose to specialized chips, driving a trend towards customized solutions [8][12] Summary by Sections Global AI Computing Revolution - The demand for intelligent computing is rapidly growing, with the global computing power expected to reach 16 ZFlops by 2030, where intelligent computing will dominate [14] - NVIDIA's GPU market share is approximately 90%, with significant growth in AI chip sales projected for the coming years [19] NVIDIA's Data Center Business - NVIDIA has built a comprehensive computing infrastructure, investing over 582 billion in R&D, leading to innovations across chips, systems, and software [49] - The introduction of the Blackwell architecture has significantly enhanced performance, supporting models with up to 100 trillion parameters [53] Broadcom's Rise - Broadcom focuses on ASIC chips, holding a 55%-60% market share in the ASIC market, establishing long-term partnerships with major cloud service providers [43] - The company's AI business revenue reached 20 billion, growing by 65% year-on-year [6] Intensifying Competition in the AI Ecosystem - The AI market is shifting towards specialized chips, with major cloud providers like Google and Amazon developing their own chips to reduce dependency on external suppliers [8][12] - AMD is enhancing its ecosystem, with plans to release new chip series that promise significant performance improvements [19] Investment Recommendations - The report suggests focusing on A-share companies such as Cambricon, Haiguang Information, and Inspur, as well as U.S. companies like NVIDIA, Broadcom, and AMD, as potential investment opportunities in the evolving AI computing landscape [6][8]

Are these new semiconductor tariffs a sign of the Chinese market opening back up for Nvidia and AMD?In today's video, I discuss recent updates affecting Nvidia (NVDA +2.06%), Advanced Micro Devices (AMD +1.87%), and other AI stocks. To learn more, check out the short video, consider subscribing, and click the special offer link below. *Stock prices used were the after-market prices of Jan. 14, 2026. The video was published on Jan. 14, 2026. ...

Pajjuri表示："AI工作负载正朝着强化学习与分布式推理方向转型，而这两类技术路线均对存储器性能 提出极高要求。即将到来的HBM4迭代是另一重要利好，其平均售价预计高出30-50%。生成式AI的爆 发，也推动了高容量服务器内存条(DIMM)以及固态硬盘(NAND eSSD)的需求增长。尽管存储器价格高 企可能对PC及智能手机市场需求造成一定压力，但我们预计，到2027年，存储器行业仍将维持供不应 求的格局。" 与多家金融机构的观点一致，该行预计未来两年晶圆制造设备(WFE)领域的资本开支将保持强劲增长态 势。 Pajjuri补充道："此外，背侧供电、先进封装以及三维结构等技术趋势的落地，让我们有理由相信，未 来两年晶圆制造设备市场增速至少能达到高个位数水平。" 该行分析师Srini Pajjuri和Grant Li在一份投资者报告中指出："当前市场供应紧张，企业订单交付周期已 延长至18个月，这也让行业前景更为清晰。基础设施瓶颈或导致部分项目延期，但在我们看来，这未必 是利空因素——此类制约反而可能拉长并平滑AI领域的支出周期。尽管定制化专用集成电路(ASIC)近期 取得进展，但考虑到AI技术迭代速度迅猛 ...

美东时间2026年1月15日（周四），美股收高，在台积电财报带动下，美股芯片板块普涨。原油价格创下自2025年6月以来最大跌幅。 道指涨292.81点，涨幅为0.60%，报49442.44点；纳指涨58.27点，涨幅为0.25%，报23530.02点；标普500指数涨17.87点，涨幅 为0.26%，报6944.47点。 CME"美联储观察"工具显示，美联储1月降息25个基点的概率为5%，维持利率不变的概率为95%。到3月累计降息25个基点的概率为 20.8%，维持利率不变的概率为78.4%，累计降息50个基点的概率为0.9%。 堪萨斯城联邦储备银行行长施密德于周四表示反对降息。他称通胀"过热"，并警告特朗普政府的政策可能进一步推动经济增长势头。 【导读】美股收高，银行股、芯片股领涨；原油大跌，黄金白银跳水 中国基金报记者 赵刚 综合整理 芝加哥联邦储备银行总裁古尔斯比表示，在有充分证据表明就业市场稳定的情况下，美联储应将重点放在降低通胀上。 美国上周初请失业金人数为19.8万人，预期为21.5万人，前值自20.8万人修正至20.7万人。 芯片股多数上涨 香港万得通讯社报道，美国白宫发布声明，美国从1月15日 ...

Group 1 - Xunlei has filed a lawsuit against former CEO Chen Lei, accusing him of secretly siphoning off company funds, with the amount sought reaching 200 million yuan [4][5] - During Chen Lei's tenure, he allegedly established an external company to transfer assets and misappropriate company funds, totaling approximately 170 million yuan paid by a subsidiary [5] - The lawsuit comes after difficulties in internal anti-corruption efforts, particularly in gathering evidence against high-level management [4] Group 2 - Perfect World has announced a strict anti-corruption initiative, revealing that three employees have been detained for serious misconduct related to bribery [8][10] - The implicated employees were involved in key projects and are accused of inflating procurement prices and accepting bribes from suppliers [9][10] - The company emphasizes its commitment to legal accountability and cooperation with judicial investigations [10] Group 3 - JD.com has established a cultural tourism company, expanding its business model while emphasizing that all operations will revolve around supply chain efficiency [12] - The company aims to innovate within the tourism sector by leveraging its supply chain infrastructure and AI capabilities, rather than creating a generic OTA platform [12] - JD's strategy includes enhancing profitability for the tourism industry and tapping into the high spending potential of its JD PLUS members, which number 40 million [12] Group 4 - Ctrip is currently under investigation, with reports indicating that officials have begun interviewing employees and collecting devices for the inquiry [14] - The company has shown strong financial performance, with revenues of 47 billion yuan and a net profit of 29 billion yuan in the first three quarters of 2025, achieving a profit margin of 61.72% [14][15] - Ctrip's market position has improved significantly, ranking seventh among China's top internet companies, with a net profit of 19.9 billion yuan in Q3 2025 [14][15] Group 5 - The Step-Audio-R1.1 model from Jumpspace has topped the global rankings for native audio models, achieving a 96.4% accuracy rate [16][17] - This model is designed for real-time audio understanding and complex reasoning without additional latency, marking a significant advancement in voice technology [17] Group 6 - Gree Electric has announced a mid-year cash dividend of 5.585 billion yuan, representing a high payout ratio of approximately 38%-39% of its net profit for the first half of 2025 [32][33] - The company has maintained a consistent dividend policy over the past decade, reflecting its commitment to shareholder returns [33] Group 7 - SAIC Motor Corporation expects a net profit of 9 to 11 billion yuan for 2025, marking a substantial increase of 438% to 558% year-on-year [34] - The company reported a vehicle sales increase of 12.3% in 2025, with a record 1.643 million new energy vehicles sold, up 33.1% [34][35] Group 8 - Huawei's smartwatch market share has surpassed that of its smartphones, with over 30% of users being non-Huawei phone owners in China [36] - The company has seen a 42% year-on-year increase in smartwatch shipments, positioning it among the top five global smartwatch brands [36] Group 9 - Merge Labs, co-founded by Sam Altman, has raised $252 million for its brain-computer interface technology, aiming to connect humans and AI seamlessly [42][43] - The company plans to develop medical products initially, with a focus on enhancing human capabilities without invasive procedures [42][43]

【导读】美股收高，银行股、芯片股领涨；原油大跌，黄金白银跳水 美东时间2026年1月15日（周四），美股收高，在台积电财报带动下，美股芯片板块普涨。原油价格创下自2025年6月以来最大跌幅。 道指涨292.81点，涨幅为0.60%，报49442.44点；纳指涨58.27点，涨幅为0.25%，报23530.02点；标普500指数涨17.87点，涨幅为0.26%，报6944.47点。 CME"美联储观察"工具显示，美联储1月降息25个基点的概率为5%，维持利率不变的概率为95%。到3月累计降息25个基点的概率为20.8%，维持利率不变 的概率为78.4%，累计降息50个基点的概率为0.9%。 堪萨斯城联邦储备银行行长施密德于周四表示反对降息。他称通胀"过热"，并警告特朗普政府的政策可能进一步推动经济增长势头。 芝加哥联邦储备银行总裁古尔斯比表示，在有充分证据表明就业市场稳定的情况下，美联储应将重点放在降低通胀上。 美国上周初请失业金人数为19.8万人，预期为21.5万人，前值自20.8万人修正至20.7万人。 芯片股多数上涨 美国白宫发布声明，美国从1月15日起对部分进口半导体、半导体制造设备和衍生品加征25%进 ...

美股金融股大涨 美东时间1月15日，美股三大指数集体走强，截至收盘，道指涨0.60%，纳指涨0.25%，标普500指数涨 0.26%。 受业绩利好刺激，美股金融股全线大涨，摩根士丹利大涨近6%，创出历史新高；高盛、花旗大涨超 4%，摩根大通、美国银行小幅收涨。此外，全球最大资产管理公司贝莱德大涨5.9%，其第四季度资产 管理规模攀升至创纪录的14.04万亿美元。 消息面上，周四美股盘前，摩根士丹利公布的2025年第四季度业绩报告显示，去年第四季度，营收录得 178.9亿美元，同比上升10.3%，高于市场预期的177.7亿美元；每股收益2.68美元，亦强于预期的2.44美 元。其中，备受关注的"财富管理"部门净新增资产达到1223亿美元，大幅超出市场预期。 高盛最新披露的财报显示，公司去年第四季度实现营收134.5亿美元，同比下降3%，略低于市场预期； 但Non-GAAP每股收益达14.01美元，远超市场预期2.25美元。该季度股票交易收入远超市场预期，达到 创纪录的43.1亿美元，刷新了由其自身在2025年第二季度创下的华尔街历史最高纪录。 Longbow首席执行官Jake Dollarhide评论称，"投资 ...

Key Takeaways Investors should buy AI stocks in 2026 after Taiwan Semi's earnings report. Buy AI infrastructure stock Vertiv now on the dip before it soars again.Why chip stock AMD looks like a great AI stock to buy in 2026. Investors might want to start buying the best AI stocks after Taiwan Semiconductor posted blockbuster, artificial intelligence-boosted fourth-quarter results on Thursday.The semiconductor foundry giant that manufactures Nvidia’s AI chips offered impressive guidance, confirming that the ...

Group 1 - The central bank has implemented a series of measures to support high-quality economic development, including a 0.25 percentage point reduction in re-lending and rediscount rates, and an increase of 500 billion yuan in re-lending for agriculture and small enterprises [3] - The U.S. White House announced a 25% import tariff on certain semiconductor products starting January 15, affecting Nvidia's H200 chip and AMD's MI325X, while excluding semiconductors for data centers and public sectors [3] - TSMC's Q4 2025 earnings exceeded expectations with a 35% year-on-year increase in net profit to approximately $16 billion, and the company raised its 2026 capital expenditure guidance to $52-56 billion, nearly 40% higher than previous estimates [3] Group 2 - The Ministry of Commerce plans to combine policies to promote consumption and improve people's livelihoods in 2026, focusing on key areas and potential growth points [4] - The National Development and Reform Commission reported that the total social financing scale in 2025 reached 35.6 trillion yuan, with a net cash injection of 1.31 trillion yuan [5] - The financial regulatory authority emphasized the need to effectively manage risks in small financial institutions and support the real estate sector through coordinated financing mechanisms [5] Group 3 - The A-share market showed divergence with high-level stocks experiencing significant declines, while the semiconductor industry and precious metals sectors performed well [7] - The Hong Kong stock market faced fluctuations, with the Hang Seng Index down 0.28%, while real estate stocks showed resilience [7] - The first gold ETF in China surpassed 100 billion yuan in circulation, becoming the largest in Asia [8] Group 4 - Major banks in the U.S. conducted over $140 billion in dividends and stock buybacks in 2025, exceeding previous records [21] - Goldman Sachs reported a 3% decline in Q4 2025 revenue to $13.5 billion, primarily due to its credit card business, while Morgan Stanley's revenue rose 10.3% to $17.89 billion [20][21] - The Ministry of Finance and the State Taxation Administration announced tax exemptions for foreign institutions investing in government bonds and local government bonds, extending until December 31, 2027 [22]