Core Viewpoint - The artificial intelligence (AI) buildouts are projected to reach new heights by 2026, prompting investors to consider stocks that may perform well in that year, leading to a potential Santa Claus rally at the end of 2025 [1] Group 1: Stock Picks for 2026 - Nvidia, Taiwan Semiconductor Manufacturing (TSMC), and Alphabet are identified as top stock picks for 2026, with early investment in these stocks expected to yield the best returns [2] Group 2: Nvidia - Nvidia has been a leading stock in the market for the past three years, primarily due to its industry-leading graphics processing units (GPUs) that power much of the current generative AI technology [4] - Despite competition from AMD and custom AI accelerators from Alphabet, Nvidia's CEO stated that the company is "sold out" of cloud GPUs, indicating continued demand and a strong position in the market [6] - The ongoing AI buildout supports Nvidia's strong stock outlook for 2026 [7] Group 3: Alphabet - Alphabet's tensor processing unit (TPU), developed in collaboration with Broadcom, may soon be sold directly to Meta Platforms, creating a new revenue stream for the company [8] - In Q3, Alphabet reported a 16% year-over-year revenue increase to $102 billion, with diluted earnings per share (EPS) rising 35% year-over-year, showcasing strong performance despite business maturity [10] - Alphabet's stock has performed well in the latter half of the year, with potential for further growth if it secures significant business wins with its TPUs [11] Group 4: Taiwan Semiconductor Manufacturing (TSMC) - TSMC is crucial in the AI race, as it fabricates chips for companies like Nvidia and Alphabet, making it a key player in the AI technology landscape [12] - TSMC's new 2-nanometer chips, which are entering production, promise to consume 25% to 30% less energy compared to the previous 3nm generation, addressing electricity capacity issues in AI buildouts [14] - As a neutral party in the chip manufacturing sector, TSMC stands to benefit from increased spending on AI infrastructure, making it a strong stock pick for 2026 [15]

Core Viewpoint - The local stocks in Fujian have experienced a surge, with over 20 stocks hitting the daily limit up, indicating strong market activity and investor interest in the region [3][12]. Group 1: Market Performance - The Fujian sector's trading volume reached 1739.2 billion, with more than 20 stocks hitting the daily limit up [3]. - The CPO (Co-Packaged Optics) sector led the gains, with major players like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication each exceeding 160 billion in trading volume [3]. - Tianfu Communication hit a historical high with a closing increase of 19.19%, bringing its market capitalization to 184.17 billion [3][8]. Group 2: Sector Highlights - The technology sector remains active, particularly in the computing power industry chain, with significant gains in CPO, F5G, optical fiber, and storage chip sectors [5]. - Companies like Dongtian Micro and Zhishang Technology achieved a daily limit up, while Tianfu Communication and Changguang Huaxin saw substantial price increases [5]. - The component sector also showed strong performance, with companies like Taijing Technology and Jingwang Electronics hitting the daily limit up [9]. Group 3: Policy and Development - The Xiamen Municipal Committee has proposed a plan to advance the digital transformation of the city, emphasizing the development of AI and digital infrastructure [12]. - The plan includes enhancing the supply of computing power, algorithms, and data to support the city's digital economy [12]. - There is a focus on regional collaborative development, strengthening transportation networks, and integrating into national markets [14].

AI眼镜"百镜大战"背后，是巨头们怕错过下一代入口的集体焦虑驱动的生态豪赌，胜负手不是硬件参 数，而在于对垂直场景的闭环构建与物理世界数据的掌控。 和数年前不同，如今的AI眼镜赛道已不再是少数极客玩家的试验场，而变成一场没有喘息机会的马拉 松。谷歌Glass项目重启、阿里连发六款新品，连车企理想也来凑热闹。巨头扎堆入场，机海战术重 现。 资本狂热与市场冷静形成鲜明对比，一边是全球AI眼镜市场规模预计在2025年达到42亿美元，同比增 长67.2%，另一边却是消费者仍徘徊在观望与尝试之间。 真正的问题是，这场由技术与资本共同推动的硬件狂欢，究竟是智能交互的必然进化，还是又一次被过 度炒作的概念泡沫？是能颠覆人机交互的下一代超级终端，还是重蹈当年谷歌眼镜叫好不叫座覆辙？ 现象：巨头为何集体"戴眼镜"？ 最新数据显示，2025年第一季度全球智能眼镜出货量达到148.7万台，同比暴涨82.3%，中国市场增速更 是高达116.1%，交出49.4万台的成绩单。 2025年尾声的AI眼镜赛道，用群雄逐鹿来形容毫不为过。 短短一个月内，夸克连续发布6款AI眼镜，覆盖从消费级到专业场景；谷歌也悄然重启Glass Enterpr ...

Meta Platforms and Alphabet can ride the Nasdaq bull market higher.The Nasdaq Composite (^IXIC +0.31%) entered a new bull market earlier this year. Since 1990, the index has been through six other bull markets, and it returned an average of 31% annually. That hints at substantial gains in 2026 and beyond. Investors should consider Meta Platforms (META +1.80%) and Alphabet (GOOGL +1.15%) (GOOG +1.16%), two Nasdaq stocks that several hedge fund billionaires bought in the third quarter.Stanley Druckenmiller of ...

法国政府显然看到了开征数字服务税的成效，近期对该税种的税率与征税范围进行了调整。 2025年11月底，法国国民议会通过2026年预算案修正案，宣布对数字服务税进行重大调整：将针对大型数字科技企业的税率从现行3%提升至6%，同时将全 球年营业额征税门槛从7.5亿欧元提高至20亿欧元。 这是法国自2019开始征收数字服务税后的首次调整，该税种也为法国财政带来了持续增收的机会。 中华人民共和国驻法兰西共和国大使馆网站信息显示，综合法媒2023年10月9日报道，2022年，法国数字服务税收入为6.2亿欧元，2023年将达7亿欧元， 2024年预计增至8亿欧元，2025年将突破10欧元大关。 山东大学税务研究中心主任李华对经济观察报表示，法国调整数字税是数字经济时代"单边税收措施"与"多边规则改革"碰撞的典型案例。其核心目标是解决 税收不公、维护本土利益，直接冲击美国科技巨头，同时对OECD（经济贸易与合作组织）"双支柱"改革形成"施压与参考"的双重作用。 安理律师事务所合伙人叶永青认为，法国政府在提高税率水平的同时，也提高了征税门槛，使得众多中小型企业在很大程度上被排除在新规则的适用范围之 外。因此，受影响的企业集中 ...

Core Insights - L&G Asset Management sees opportunities in the AI sector despite rising debt issuance, with potential credit growth of US$500 billion to US$800 billion annually, reaching nearly US$3 trillion by 2030 [1][5] Investment Strategy - The firm is defensive in its allocation to the AI sector, managing approximately US$1.5 trillion in assets [2] - Bennett expresses concern about the supply of AI debt issuance but does not perceive an AI bubble, citing strong earnings from major tech companies [5][4] - Tactical opportunities in bonds are anticipated, but the firm plans to wait for the right timing [6] Market Trends - Major fundraising activities are expected in the AI sector, with Meta, Google, and Oracle collectively raising over US$70 billion soon [3][4] - The tech theme is predicted to dominate Asian equity markets next year, with a preference for US stocks over Chinese stocks due to better revenue translation into share price appreciation [6] Performance Comparison - Hong Kong and mainland Chinese stock benchmarks have outperformed US indices, with the Hang Seng Index up 33% and the CSI 300 Index up 20% this year, compared to a 17% gain in the S&P 500 [7]

计算机 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 证券研究报告-行业月报 强于大市(维持) 计算机相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -17% -11% -4% 2% 8% 15% 21% 28% 2024.12 2025.04 2025.08 2025.12 计算机 沪深300 相关报告 《计算机行业年度策略：AI 应用加快，全球格 局重塑中》 2025-12-01 《计算机行业分析报告：十五五规划建议的信 息科技领域内容解读》 2025-10-31 《计算机行业月报：鸿蒙迎来重要升级，AI 算 力需求多元化趋势明显》 2025-10-23 联系人：李智 预训练规模 ——计算机行业月报 发布日期：2025 年 12 月 08 日 风险提示：国际局势的不确定性；海外 AI 产业竞争格局变化带来市 场调整风险。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共50页 手机端 AI 应用加速，DeepSeek 将加大 投资要点： 电话： 0371-65585629 ...

Core Viewpoint - Alphabet is positioned as a leading AI stock for the next decade, potentially surpassing competitors like Nvidia, Tesla, and Meta due to its comprehensive involvement in various AI sectors [2][7][14] AI Ecosystem - AI encompasses a wide range of technologies, with large language models (LLMs) being a significant focus since the launch of ChatGPT [4] - Cloud platforms play a crucial role in AI development, with Nvidia's GPUs being the standard for AI model deployment [5] Alphabet's Strengths - Alphabet's Google Gemini 3.0 is recognized as a powerful LLM, enhancing its position in AI model development [8] - Google Cloud is experiencing rapid growth in AI applications, outpacing larger competitors like AWS and Azure [9] - Alphabet's Waymo unit is leading in the robotaxi market, providing services in five cities and planning to expand to twelve more, including London [10] - The company is also developing humanoid robots through its Gemini Robotics models in collaboration with Apptronik [10] Future Innovations - Alphabet is integrating AI into smart glasses through a partnership with Warby Parker, and aims to develop artificial general intelligence (AGI) by 2030 [11] - Google Workspace tools are being enhanced with agentic AI, and the company is working on a universal AI assistant [12] Investment Proposition - While smaller companies may outperform Alphabet in stock performance over the next decade, Alphabet is viewed as offering the best overall risk-reward proposition in the AI sector [14]

Core Insights - Warren Buffett is preparing Berkshire Hathaway for long-term success despite his impending retirement as CEO, with a planned transition to successor Greg Abel in 2025 [1][3] Investment Highlights - Berkshire Hathaway's Class A shares have increased by approximately 6,118,000% since Buffett took over, significantly outperforming the S&P 500's gain of less than 46,000% during the same period [2] - Buffett has made substantial investments in five key stocks for 2026, indicating confidence in their future performance [5] Alphabet (GOOGL) - Berkshire purchased 17,846,142 shares of Alphabet during the September-ended quarter, marking a significant investment in the company [6] - Alphabet holds a dominant position in the global internet search market, with a share of 89% to 93%, and is also a major player in cloud services, with Google Cloud's sales growing over 30% year-over-year [8][9] Sirius XM Holdings (SIRI) - Berkshire has acquired 7,338,544 shares of Sirius XM, holding over 37% of the company's outstanding shares [10] - Sirius XM operates as a legal monopoly in satellite radio, with 76% of its net sales coming from subscriptions, providing stability during economic downturns [11][12] Domino's Pizza (DPZ) - Berkshire has consistently purchased Domino's stock, acquiring 599,945 additional shares in 2025 [15] - Domino's has successfully rebuilt customer trust and is leveraging technology to enhance its operations, contributing to steady growth [16][17] UnitedHealth Group (UNH) - Berkshire purchased 5,039,564 shares of UnitedHealth Group, capitalizing on a price dislocation caused by management's warnings of higher costs [20][21] - The company's health insurance operations are predictable and profitable, with a focus on mitigating costs in its Medicare Advantage segment [22] Pool Corp. (POOL) - Berkshire has added 2,860,196 shares of Pool Corp over four consecutive quarters, benefiting from the cyclical nature of the pool and spa industry [26][27] - Pool Corp generates recurring revenue from maintenance and accessories, providing cash flow stability, and has a strong capital-return program [28][29]

格隆汇12月8日｜Pivotal Research将Alphabet的目标价从350美元上调至400美元，维持"买入"评级。(格 隆汇) ...