来源：活报告 在美股市场，资产管理规模超过1亿美元的机构需要在每个季度结束后的45天内向SEC提交13F文件，披 露其管理的股权资产持仓情况。近期，多家明星机构均已披露了截至2025年12月31日的美股持仓。 2025年Q4，坐拥TPU芯片及Gemini人工智能模型的谷歌(GOOG.US/ GOOGL.US)、中国电商三巨头之一 拼多多(PDD.US)以及美国AI医疗龙头Tempus AI(TEM.US)等获得多家机构买入，成为市场关注的焦点 股票。 一、谷歌：TPU+Gemini崛起，AI实力"后来居上" 过去几年，在AI浪潮的推动下，美股科技七巨头（英伟达、苹果、微软、谷歌、亚马逊、META、特斯 拉）成为美股市场最受瞩目的投资风向。其中，作为七巨头之一的谷歌，此前曾因在AI方面的成绩"不 够突出"而表现相对落后。 不过，得益于谷歌推出的自研张量处理单元（TPU）人工智能芯片，形成了可与英伟达匹敌的竞争实 力，吸引了Meta、Anthropic等公司的青睐，叠加其Gemini人工智能模型的突出表现，逐渐走出"后来居 上"的气势。 过去一年里，美股科技七巨头中，谷歌以70%的涨幅一马当先，正是其AI实力获得 ...

行业研究丨深度报告丨通信设备Ⅲ [Table_Title] "液冷加速度"系列报告三： 液冷 0→1 后，从头部厂商表现再看行业变化 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2025 年，是海外液冷 0→1 时刻，头部散热厂已实现液冷产品规模出货，拉动营收及盈利表现 亮眼。近期，多家散热大厂更新对外交流，我们整理了各家表述，以对液冷首年出货后，当前 的行业趋势和节奏判断做出参考。 分析师及联系人 [Table_Author] SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 近期，各散热大厂均有相关更新对外交流，我们整理了各家表述，以对行业趋势和节奏判断做 出参考，可总结出几个主要关注点：1）2026 散热依然大有可为，头部散热大厂全面扩产，头 部厂商 AVC 指出订单能见度周期已开始拉长至 2028。2）2026 液冷放量主要动能仍来自于 NV 产品的全液冷需求。3）多家 ...

大家早上壕！ 先看海外要闻： 美股反弹，道指收涨0.76%、纳指收涨1.05%、标普500收涨0.77%；大型科技股多数上涨，AMD涨超8%，英特尔涨超5%，特斯拉、奈飞、苹果 涨超2%，微软、亚马逊涨逾1%，英伟达、Meta小幅上涨；谷歌小幅下跌。 特朗普拟用AI定关键矿产参考价，锗、镓、锑、钨首批纳入。 Meta豪掷1000亿美元锁定AMD芯片，五年长约硬刚英伟达。 Anthropic推企业级AI工具包，Claude直嵌Excel等办公软件。 库克兑现6000亿美元承诺：苹果加速休斯顿AI服务器生产，Mac mini将首次实现"美国制造"；苹果公司配备触摸屏的MacBook Pro机型将于今年 秋季推出；2026年将采购超1亿片台积电生产的先进芯片。 谷歌将在明尼苏达州建设数据中心，配套新增太阳能、风电及储能项目。 马斯克设想从月球电磁弹射AI卫星。 特斯拉Robotaxi定价不超20万元。 ASML计划将EUV光源功率提至1000W：2030年每小时晶圆产量可提升50%。 报道：诺和诺德计划将Ozempic和Wegovy在美国的定价最高下调50%。 美军向以色列部署11架F-22战斗机。 国内重大事件汇 ...

②大型科技股多数上涨，AMD涨超8%，英特尔涨超5%，特斯拉、奈飞、苹果涨超2%，微软、亚马逊 涨逾1%，英伟达、Meta小幅上涨，谷歌小幅下跌； ③中概股多数上涨，万国数据涨超6%，世纪互联涨逾6%，小鹏汽车涨超6%，大全新能源涨逾6%，晶 科能源涨近5%，霸王茶姬涨近5%，金山云涨超4%，好未来涨逾3%。跌幅方面，禾赛科技跌超2%，再 鼎医药跌逾1%，小马智行跌超1%； ①美国三大股指全线收涨，道指涨0.76%报49174.5点，标普500指数涨0.77%报6890.07点，纳指涨1.04% 报22863.68点； ⑦纽约尾盘，美元指数涨0.17%报97.90，离岸人民币对美元上涨95.0个基点报6.8798； ⑧伦敦基本金属全线上涨，LME期锡涨5.41%报50300.0美元/吨，LME期镍涨3.66%报17915.0美元/吨， LME期铜涨2.54%报13195.0美元/吨，LME期锌涨0.98%报3387.5美元/吨，LME期铝涨0.68%报3110.5美 元/吨，LME期铅涨0.44%报1959.5美元/吨； ⑨美债收益率涨跌不一，2年期美债收益率涨2.73个基点报3.461%，3年期美债收益率涨 ...

大模型持续更新，红包大战抢用户 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信建投证券研究 文|阎贵成 于芳博 刘永旭 曹添雨 AI发展日新月异，大模型持续迭代升级，算力需求非常强劲。如智谱新模型编程能力大幅提升，引发 算力需求激增，Seedance视频能力表现非常亮眼，引发业界大佬关注。我们认为大模型的商业变现路径 畅通，正在从"低价/免费圈地"阶段走向"为高质量付费"阶段，且带动的算力需求非常旺盛。假期期 间，美股AI算力光通信个股总体表现亮眼，如Lumentum、康宁、Coherent均创历史新高（盘中或收 盘），智谱与MINIMAX-WP也大涨。黄仁勋表示将在3月举办的GTC大会发布"世界前所未见"的芯片。 继续看好AI产业链，包括大模型、AI算力链等。 春节假期期间，全球AI大模型迭代更新频繁。 2月18日凌晨，Anthropic推出史上最强Sonnet模型Claude Sonnet 4.6，在编程、计算机使用、长上下文推 理、Agent规划、知识工作和设计工作上全面进化。从基准测试结果来看，Claude Sonnet 4.6的智能水平 已接近Opus级别，在Agen ...

Autonomous driving technology company Waymo announced on Tuesday that it's expanding its driverless ride-hailing services to four new cities -- three in Texas and one in Florida. Effective immediately, invitations will roll out to select Waymo customers in Dallas, Houston, San Antonio and Orlando, allowing people there to take their first local robotaxi rides.The new areas for Waymo autonomous ride-hailing span 60 square miles in San Antonio and Orlando, 50 square miles in Dallas, and 25 square miles in Hou ...

*Anthropic新产品提振软件股 *AMD与Meta达成芯片协议 *中概股多数走高 美国股市周二收高，科技股领涨。市场对人工智能前景的热情重新升温，暂时盖过了此前关于该技术可能对多个行业造成颠覆的担忧。 道琼斯工业指数上涨370.44点，涨幅0.76%，收于49174.50点；标普500指数上涨52.32点，涨幅0.77%，收于6890.07点；纳斯达克综合指数上涨236.41点，涨 幅1.05%，收于22863.68点。 标普500指数板块中，非必需消费品板块和科技板块涨幅居前，医疗保健板块表现最弱。 DocuSign股价上涨2.6%，此前Anthropic表示其Claude Cowork现在可以连接到DocuSign以及企业现有的其他工具，如Drive和Gmail。此举让投资者感到乐 观，认为人工智能或许能够弥补软件公司，而非取代它们。 这种乐观情绪也延伸到了软件领域的其他板块。赛富时和ServiceNow的股价分别上涨了4.1%和1.7%。iShares扩展软件与技术行业ETF上涨2%。 FactSet上涨5.9%，汤森路透美股上涨11.5%，Salesforce上涨4.1%，成为道指涨幅居前个股之 ...

From personalised recommendations to automated workflows, AI has moved from a nice-to-have feature to a core technology. And, few companies are as deeply integrated into this shift as Alphabet Inc. (NASDAQ: GOOG). AI has already been woven into the company’s platforms that are used by billions of people everyday. From Google Search and YouTube advertising, to cloud services used by businesses worldwide. Although the AI excitement has pushed up valuations across the tech sector, Alphabet has yet to be re-rat ...

美国股市周二收高，科技股领涨。市场对人工智能前景的热情重新升温，暂时盖过了此前关于该技术可能对多个行业造成颠覆的担忧。 道琼斯工业指数上涨370.44点，涨幅0.76%，收于49174.50点；标普500指数上涨52.32点，涨幅0.77%，收于6890.07点；纳斯达克综合指数上涨236.41点，涨 幅1.05%，收于22863.68点。 【热门股表现】 苹果上涨2.24%，苹果公司周二宣布，将大幅扩建其在休斯顿的工厂运营，首次将Mac mini带到美国本土进行生产。 *Anthropic新产品提振软件股 *AMD与Meta达成芯片协议 *中概股多数走高 周一因冬季风暴重挫的航空和旅游板块强劲反弹，涨幅约2.9%。道指成分股家得宝上涨2.0%，此前公司第四季度业绩超预期并维持全年财测。 热门中概股多数上涨，纳斯达克中国金龙指数上涨1.37%。阿里巴巴上涨0.23%，拼多多上涨1.06%，网易上涨0.73%，京东上涨1.07%，携程上涨1.59%，腾 讯音乐上涨1.77%，理想汽车上涨1.30%，贝壳上涨1.18%，小鹏汽车大涨6.78%。百度下跌0.23%，中通下跌0.14%，富途控股下跌1.89%，蔚来持 ...

Core Insights - The discussion centers around the performance and outlook of major tech companies, particularly Nvidia, Tesla, and the so-called "Magnificent Seven" (Mag-7) stocks, which include Apple, Microsoft, Meta, Google, Amazon, and Nvidia. The sentiment is cautious, with a focus on the potential for volatility in the market and the importance of strategic investment decisions. Group 1: Nvidia and Market Sentiment - Nvidia's upcoming earnings report is anticipated with uncertainty, as past earnings have not consistently led to stock price increases despite strong performance [4][5][20] - The speaker has reduced their Nvidia position, citing a lack of confidence in the stock's ability to maintain upward momentum post-earnings [6][22] - The overall market sentiment indicates that while 60% of S&P 500 stocks are outperforming the index, the Mag-7 stocks have seen pullbacks, suggesting a potential shift in market dynamics [7] Group 2: Analysis of Major Tech Companies - Apple is viewed as having the best risk-reward profile in the market, with expectations of steady returns through buybacks, although it may not double in value [8][60] - Microsoft is compared to Exxon in terms of forward P/E ratios, with a preference for holding Microsoft due to its growth potential [8][13] - Meta is seen as a strong contender in the AI space, with a recommendation to buy if the stock price falls below $620 [9] Group 3: Memory and Semiconductor Sector - The memory market is experiencing significant price increases, with prices for SanDisk memory cards reportedly doubling over the last 90 days due to supply constraints [25][29] - The speaker believes that the memory bottleneck will persist, contrary to some analysts who predict an expiration date for this issue [26] - Companies like Seagate, Western Digital, and Micron are highlighted as potential investment opportunities within the memory sector [27][29] Group 4: Energy Sector Insights - The energy sector has shown strong performance, with a 23% increase year-to-date, and specific companies like Devon Energy and Schlumberger are recommended for their solid fundamentals [30][32] - The speaker emphasizes the importance of dividends and low debt in selecting energy stocks, with MPLX highlighted for its attractive yield [33] Group 5: Investment Strategy and Tools - The use of analytical tools like TrendSpider and Seeking Alpha is emphasized for making informed investment decisions, particularly in volatile markets [34][36] - The speaker advocates for a buy-and-hold strategy, focusing on a limited number of stocks to manage effectively [56][86] - The importance of having cash reserves for potential market dips is also noted, allowing for strategic buying opportunities [72][74]