根据最新披露的美股13F报告显示，百年巨头柏基投资（Baillie Gifford）在2025年第四季度的持仓总市值为1203.4亿美元，较三季度的1350亿美元缩水约 10.8%。 这一降幅除了受部分成长股高位回调影响外，更多源于其整体"净卖出"的操作态势。 重仓座次方面，英伟达虽然连续第二个季度被削减股数（本季减持约5.76%），但仍以6.80%的占比蝉联第一大重仓股。 本文来自：聪明投资者 紧随其后的是拉美电商龙头美客多（MELI），柏基在四季度对其进行了4.95%的反向增持，使其占比升至5.83%，进一步巩固了其作为组合压舱石的地 位。 前五大重仓的其余席位由亚马逊、Shopify和Sea Ltd占据，前十大重仓股合计占比高达43.4%。 除了英伟达，柏基还大幅减持了亚马逊、Shopify、Meta、Cloudflare等。 四季度引人注目的操作是大幅加仓谷歌，增持幅度高达166%。这一动作与伯克希尔去年三季度建仓谷歌的逻辑形成了有趣的互补，如果说巴菲特看重的 是谷歌的垄断护城河，那么柏基则更看好其在AI定制芯片及大规模算力上的成本优势。 当然，考虑到原本对于谷歌持股不高，这次加仓后柏基对谷歌持股市值 ...

文 观察者网 吕栋 全球科技产业的钟摆正剧烈摇晃在两个极端之间。一端是人工智能（AI）的史诗级爆发。大模型参数向万亿级迈进，算力需求呈指数级跃升，物理世界 的数字化重塑正在以前所未有的速度展开。另一端则是在"脱钩断链"、"小院高墙"的叙事体系下，半导体产业正被粗暴地拉入"站队逻辑"。 舆论场上，非黑即白的零和博弈论调甚嚣尘上，似乎对于中国半导体产业而言，封闭与对抗已是唯一的发展逻辑。在这种情绪化的对立中，焦虑被不断放 大，理性的声音往往被淹没。然而，当我们抽离出喧嚣的舆论场，将目光投向产业运行的深层逻辑，会发现现实给出的答案截然不同。 2025年以来，全球人工智能进入密集落地期，芯片产业重新回到供不应求的结构性周期。荷兰光刻机巨头ASML被视为半导体行业的风向标，其业务情况 能够为观察芯片行业发展动向提供重要参考。ASML近期发布的2025年第四季度和全年财报显示，公司全年销售额达327亿欧元，刷新历史纪录，而其中 一个极具现实意义的细节是，2024年-2025年，中国大陆连续成为ASML设备出货量（即净系统销售额）最多的地区。不仅如此，美国半导体设备巨头泛 林、应用材料的第一大供货地也依然是中国。 试想一辆 ...

站在2026年初的节点回看，半导体行业不再是一条单线叙事，由手机、PC 等单一终端主导的传统周期，正转入以"AI 算力基建"为代表的多元驱动演进。 2025年，随着生成式 AI 迈入应用爆发期，全球数据中心对逻辑芯片与 HBM（高带宽存储）的算力需求近乎狂热。以AI训练和数据中心建设为核心的新 一轮算力需求，正在拉动先进制程相关投资回暖，与此同时由AI驱动的应用也带动了对成熟制程的需求。在这一背景下，芯片制造设备，尤其是光刻 机，可以看作衡量本轮产业复苏质量与可持续性的关键窗口之一。 最近光刻机巨头ASML发布了2025年全年的财报。在经历了2024年的"调整年"之后，ASML 在 2025 年交出了一份极具分量的成绩单：营收、利润、在手 订单全部刷新纪录。 AI 不再只是英伟达和SK海力士等芯片公司的狂欢，而是沿着台积电、英特尔、三星的产线，逐级向上游设备传导，也体现在了ASML的订单簿上。 EUV收入增长，而DUV仍是主力 2025年，ASML实现全年净销售额约327亿欧元，全年毛利率约52.8%，净利润约96亿欧元。尽管2023–2024年半导体行业经历资本开支波动，但最近几年 ASML的营收保持稳健增 ...

站在2026年初的节点回看，半导体行业不再是一条单线叙事，由手机、PC 等单一终端主 导的传统周期，正转入以 "AI 算力基建" 为代表的多元驱动演进。 2025年，随着生成式 AI 迈入应用爆发期，全球数据中心对逻辑芯片与 HBM（高带宽存 储）的算力需求近乎狂热。以AI训练和数据中心建设为核心的新一轮算力需求，正在拉动 先进制程相关投资回暖，与此同时由AI驱动的应用也带动了对成熟制程的需求。在这一背 景下，芯片制造设备，尤其是 光刻机，可以看作衡量本轮产业复苏质量与可持续性的关键 窗口之一。 最近光刻机巨头ASML发布了2025年全年的财报。在经历了2024年的"调整年"之后，ASML 在 2025 年交出了一份极具分量的成绩单：营收、利润、在手订单全部刷新纪录。 AI 不再只是英伟达和SK海力士等芯片公司的狂欢，而是沿着台积电、英特尔、三星的产线，逐级 向上游设备传导，也体现在了ASML的订单簿上。 EUV收入增长，而DUV仍是主力 2025年，ASML实现全年净销售额约327亿欧元，全年毛利率约52.8%，净利润约96亿欧元。尽管 2023–2024年半导体行业经历资本开支波动，但最近几年ASML的营 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 据9日报道，政府决定简化引进极紫外（EUV）光刻设备所需的安全许可程序。该设备是半导体生 产的关键工具，利用极紫外光绘制半导体电路，对于生产7纳米及以下的高级半导体至关重要。 目前，将这套设备运入该国需要15天时间。这是因为该设备使用了少量高压气体，必须根据《高 压气体安全管理法》接受各种技术检验。据说，其他半导体设备进口国家和地区，例如美国和台 湾，并没有这项程序。 对此，总部位于荷兰的全球最大半导体设备公司、也是全球唯一一家半导体设备出口商ASML韩国 分公司负责人，在由韩国总统李在明主持的会议上，要求改进监管规定。据悉，韩国产业通商资源 部已开始采取后续措施。如果系统得到改进，目前约15天的审批流程有望缩短至两天。 据朝鲜商业新闻报道，ASML韩国总裁崔汉钟在去年12月10日由总统主持的"人工智能时代、韩国 半导体愿景和发展战略简报会"上提议"简化EUV光刻设备的安全许可规定"。 崔先生表示："在美国、台湾和欧盟，（安全）检查均按照国际标准在企业内部进行，之后（EUV 光刻设备）即可安装运行。但在韩国，企业若要安装此类设备，不仅新设备需要进行文件检查、中 期检查 ...

Core Viewpoint - The article discusses the recent sell-off in global software stocks, termed "SaaSpocalypse," triggered by the launch of Anthropic's Claude Cowork, which poses a significant challenge to traditional SaaS business models by offering high-level results at lower costs [5][10]. Group 1: Market Reaction - On February 4, major software companies experienced significant stock declines, with Thomson Reuters dropping 15.8%, LegalZoom nearly 20%, and Salesforce and Workday also seeing notable decreases [5]. - The S&P 500 Software and Services Index fell nearly 13% over five trading days, marking a 26% drop from its October peak [5]. - The sell-off is compared to a previous market panic caused by DeepSeek, highlighting the similarities in market reactions to disruptive AI technologies [7][10]. Group 2: Comparison of Two Market Panics - The panic caused by Cowork is expected to be more prolonged than that of DeepSeek, as Cowork represents a novel AI application, while DeepSeek was a cheaper alternative to existing models [10]. - The market's response to both events shows a pattern of overreaction, with analysts suggesting that the fears may be exaggerated [9][10]. - Cowork's impact has spread beyond the U.S. to global markets, affecting stocks in London, Tokyo, and India, indicating a broader concern within the tech industry [11]. Group 3: SaaS Pricing Models and Challenges - Traditional SaaS pricing models are under pressure, with many companies shifting from fixed pricing to usage-based models due to increased efficiency and cost-cutting measures [14][15]. - The average SaaS company in the PricingSaaS 500 index has experienced 3.6 pricing changes per year, with a significant increase in companies adopting usage-based pricing [15]. - Companies like Salesforce have struggled with pricing strategies, leading to a transition from fixed pricing to more flexible models to accommodate rising operational costs [15][17]. Group 4: Emergence of AI-Native Startups - AI-native startups are gaining traction, with their revenue growth rates significantly outpacing traditional SaaS companies, highlighting a shift in enterprise spending towards these new players [18]. - For instance, companies like Harvey and Glean have achieved valuations of $5 billion and $7.25 billion, respectively, indicating strong investor interest in AI-driven solutions [18]. - The article notes that AI-native companies are expected to capture over half of enterprise AI spending, reflecting a fundamental change in the software landscape [18]. Group 5: Vibe Coding and Its Implications - The rise of Vibe Coding could lead enterprises to create their own tools rather than relying on third-party SaaS products, potentially disrupting traditional software markets [20][21]. - If Vibe Coding matures, it may enable employees to develop solutions quickly, reducing reliance on complex software development processes [21]. - The article suggests that traditional software companies may face a "three-step path to extinction" if they fail to adapt to these emerging trends [22].

2）2月7日，字节跳动在即梦平台上线Seedance2.0视频生成模型，该模型支持文字、图片、视频、音频等各类素材输入并生成对应视频，在自运镜和分镜、 全方位多模态参考、音画同步生成、多镜头叙事能力等关键能力上实现突破性进展。 3）2月6日上午，阿里千问App"春节30亿免单"活动正式上线，请全国人民用AI一句话免费点奶茶。有不少用户反映点单时出现服务器卡顿问题，部分用户 分享活动页面，出现"活动太火爆，请稍后再试"字样。对此，千问官微发文：免单送奶茶活动太火爆，正在紧急加资源。 4）当地时间2月5日，美股科技公司集体大涨，英伟达涨7.87%，半导体台积电、阿斯麦涨近5%，光通信lumentum涨9.4%，存储公司西部数据涨8%。此前亚 马逊预计2026年资本开支将达2000亿美元，远超市场一致预期（1461.1亿），较2025年增长50%。 一、行情 2月9日，算力产业链集体大涨。大位科技涨停，天孚通信、炬光科技、易华录、腾景科技、罗博特科、安诺其、锦鸡股份、东方国信、恒润股份、平直信息 等集体大涨。 二、事件 1）2026年2月6日，工信部印发通知推进"1+M+N"国家算力互联互通节点体系建设，加速全国算 ...

大家早上壕！ 先看海外要闻： 美国消费者信心创六个月新高，逢低买入推动美股周五反弹，道指涨2.47%，纳指涨2.18%，标普500指数涨1.97%。 黄仁勋称AI需求极度高涨，英伟达大涨7%，芯片股指飙升5.7%。软件ETF反弹3.5%。亚马逊绩后跌5.6%、但较周四盘后跌幅收窄。半导体台积 电、阿斯麦涨近5%，光通信lumentum涨9.4%，存储公司西部数据涨8%，博通涨超7%，特斯拉涨超3%，谷歌跌超2%。 纳斯达克金龙中国指数收涨3.71%，世纪互联涨超10%，万国数据涨8.88%，蔚来涨7.23%，理想涨6.63%，小马智行涨超9%，阿里涨3%。 美债收益率全线走高，10年期上行近3基点，2年期收益率涨5.54基点。美元日内跌0.3%，但全周收涨0.56%、两周连涨。 国内重大事件汇总： 1、央行等八部门联合发布《关于进一步防范和处置虚拟货币等相关风险的通知》。通知指出，虚拟货币不具有与法定货币等同的法律地位，境 内外任何单位和个人不得在境外发行挂钩人民币的稳定币。在境内开展现实世界资产代币化活动，应予以禁止。 2、中国央行黄金储备十五连增，1月环比增持4万盎司，增持节奏略有加快。 3、证监会发布《 ...

Group 1 - The AI and computing industry continues to receive significant catalysts, with major tech stocks in the US experiencing a collective surge, including Nvidia up 7.87% and TSMC and ASML up nearly 5% [1] - Amazon's projected capital expenditure for 2026 is expected to reach $200 billion, significantly exceeding market expectations of $146.11 billion, representing a 50% increase from 2025 [1] - The overall financial reports from tech stocks indicate a high level of confidence in AI, with major companies significantly raising their capital expenditure guidance for 2026 [1] Group 2 - The Ministry of Industry and Information Technology in China has issued a notice to develop a national computing power interconnection node construction plan, aimed at creating a standardized and efficient resource utilization system [2] - This initiative is significant for the domestic computing power industry, emphasizing resource integration and utilization during a period of rapid expansion [2] Group 3 - Key companies in the optical module sector include LianTe Technology and HuiLv Ecology [3] - Companies involved in optical interconnection include ZhiShang Technology and JuGuang Technology [3] Group 4 - Domestic computing power companies include ZhongKe Shuguang, Dongyangguang, and XieChuang Data [4] Group 5 - AI application companies include iFlytek, Decai Co., and Kunlun Wanwei [5]

Core Insights - The iShares Core MSCI Total International Stock ETF (IXUS) and the iShares Core MSCI EAFE ETF (IEFA) provide different exposures to international equities, with IXUS including emerging markets and IEFA focusing solely on developed markets [1][2] Cost and Size Comparison - Both IXUS and IEFA have an expense ratio of 0.07% - As of January 30, 2026, IXUS has a 1-year return of 37.7% while IEFA has a return of 34.9% - IXUS has a dividend yield of 3.2% compared to IEFA's 3.6% - IXUS has assets under management (AUM) of $51.9 billion, while IEFA has $162.6 billion [3][4] Performance and Risk Comparison - Over the past five years, IXUS experienced a maximum drawdown of -30.05%, while IEFA had a drawdown of -30.41% - An investment of $1,000 in IXUS would have grown to $1,305, whereas the same investment in IEFA would have grown to $1,353 [5] Fund Composition - IEFA tracks developed markets in Europe, Australasia, and the Far East, holding 2,589 companies with a sector focus on financial services (22%), industrials (20%), and healthcare (11%) [6] - IXUS holds over 4,100 stocks, providing broader diversification with sector allocations leaning towards financial services, industrials, and basic materials [7] Investor Implications - The choice between IXUS and IEFA depends on the desired exposure; IXUS offers global exposure including emerging markets, while IEFA provides stability and a higher dividend yield from developed markets [8][11] - IEFA's focus on developed markets avoids emerging market volatility but limits growth potential, while IXUS can deliver higher returns due to emerging market growth despite associated risks [9][10]