Investment Rating - The industry investment rating is "Overweight" [8] Core Insights - Major cloud vendors are experiencing rapid growth in capital expenditures, indicating sustained high demand in the AI infrastructure supply chain. The monetization pathways for AI are becoming clearer, and the significant increase in capital expenditures by tech giants is expected to alleviate concerns about "overcapacity" in computing power [6] - Microsoft reported a 17% year-on-year increase in revenue to $81.3 billion, with a 60% increase in net profit to approximately $38.5 billion. Its cloud computing revenue reached $51.5 billion, up 26% year-on-year, with intelligent cloud revenue growing by 29% [2] - Meta's fourth-quarter revenue was $59.89 billion, a 24% year-on-year increase, with net profit rising by 9% to $22.77 billion. The company plans to increase capital expenditures to between $115 billion and $135 billion in 2026, nearly double its 2025 capital expenditures [3] - Alphabet's fourth-quarter revenue was $113.83 billion, an 18% year-on-year increase, with net profit rising by 30% to $34.45 billion. The company expects capital expenditures to range from $175 billion to $185 billion in 2026, nearly doubling from 2025 [4] - Amazon's fourth-quarter revenue reached $213.39 billion, a 14% year-on-year increase, with net profit growing by 6% to $21.19 billion. The company anticipates capital expenditures of $200 billion in 2026, driven by strong demand in AI and other advanced fields [5] Summary by Sections Microsoft - Microsoft continues to invest heavily in AI infrastructure, with a record capital expenditure of $37.5 billion in the second quarter of fiscal 2026, a 66% year-on-year increase [2] Meta - Meta's capital expenditures are expected to rise significantly in 2026, supporting its super-intelligent lab and core business operations [3] Alphabet - Alphabet's optimistic capital expenditure guidance reflects its strong revenue growth and profitability, with expectations for substantial increases in 2026 [4] Amazon - Amazon's planned capital expenditures for 2026 highlight its focus on AI and other innovative sectors, aiming for strong long-term investment returns [5] Investment Recommendations - The report suggests focusing on sectors benefiting from AI infrastructure development, including optical modules, high-speed copper cables, servers, switches, and liquid cooling, with specific companies to watch being Zhongji Xuchuang, Tianfu Communication, Xinyi Sheng, and Yingweike [6]

Group 1 - TotalEnergies signed two long-term agreements to deliver 1 gigawatt of solar capacity [1] - The solar capacity will be used to supply Google's data centres located in Texas [1]

2026年，科技公司的财报发布日总是伴随着投资者两种反应：先为AI相关业务的持续增长松一口气， 再为资本支出（CAPEX）的巨大规模倒吸一口凉气。 近日，云巨头微软、谷歌、亚马逊相继发出最新季度财报。AI带来的需求是真实且汹涌的，最直接的 落点在云业务上，微软Azure的增长加速至39%、谷歌云狂奔48%、AWS创下十三个季度以来最快的 24%增速。 但资本市场更关注的是它们为未来投下的巨额赌注。微软单季资本支出已达创纪录的375亿美元，同比 增长66%；谷歌公布2026年资本支出计划为1750亿至1850亿美元，几乎是2025年的两倍；亚马逊宣布将 在2026年投入高达2000亿美元，在几个科技巨头里排在首位。 当资本开支被同步大幅抬高，利润率与自由现金流的短期成色将更频繁地影响股价弹性。财报发布后， 微软股价盘后一度下跌超8%，谷歌跌幅超7%，亚马逊下跌超过11%。 过去一年，这三家公司每家在基础设施上的投入都超过了大多数国家的国防预算，未来一年还将继续加 码。在经历了一年多的AI叙事狂热后，投资者们已经没有那么多的耐心，开始计算这些投资何时能转 化为可见的利润。 狂飙的云业务 本季财报最毋庸置疑的亮点， ...

Argus Research将Alphabet的目标价从365美元上调至385美元，维持"买入"评级。(格隆汇) ...

其中增持力度最大的公司是谷歌，持股数量升至269万股，对比上季末增持幅度高达52.81%，持仓占比大增11.18%至20.82%，谷歌也因此成为 景林第一大持仓股。 减持方面，景林减持力度最大的是英伟达，去年四季度合计卖出154.09万股，减持幅度高达64.78%，英伟达在景林投资组合中的占比降至 3.86%。 景林资产管理合伙人、基金经理高云程认为，对作为重要AI应用入口或者平台的公司都应该重视。能称为世界级入口或者平台型的公司大约也 只有几家，例如谷歌、Meta、苹果、字节跳动、腾讯、OpenAI等。2026年很可能是AI Agent真正普及的元年。 （ 点此领取持仓名单 ） | 景林海外基金最新美股持仓 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 资料来源:美国证监局官网,整理自私募排排网。截至日期: 2025年末。 | 公众号搜索 | 私募排排网 | | | | | | | 持股数量 | 公司代码 | 公司简称 | | 变动比例 | 持有市值 | 持仓占比 | 2025年涨跌 | | | | | | | (万美 ...

Core Insights - The cost of building AI products has significantly decreased, but the real challenge lies in product design and understanding the pain points to be addressed [1][2][3] - AI is a tool for solving problems, and leaders must engage directly to rebuild their judgment and adapt to new realities [2][3] - Retaining a degree of "foolish courage" is essential in an era where data suggests high failure rates [3] AI Product Development Challenges - Skepticism towards AI has decreased, but many leaders still view it as a potential bubble, delaying genuine investment [4] - Successful AI product development requires a thorough understanding of user experience and business processes, often necessitating a complete overhaul of existing workflows [4] - The lifecycle of AI products differs from traditional software, leading to a need for closer collaboration among PMs, engineers, and data teams [4][5] Key Differences in AI Product Construction - AI systems operate with a level of non-determinism that traditional software does not, complicating user interactions and outputs [5][6] - The balance between agency and control is crucial; higher autonomy in AI systems requires a foundation of trust built over time [6][7] - Starting with low autonomy and high control allows for gradual understanding and confidence in AI capabilities [7][8] Successful AI Product Patterns - Successful companies exhibit strong leadership, a healthy culture, and ongoing technical capabilities [14][15][16] - Leaders must acknowledge the need to relearn and adapt their intuition in the context of AI [14] - A culture that empowers employees and emphasizes AI as a tool for enhancement rather than a threat is vital for success [15] Continuous Calibration and Development Framework - The CC/CD framework emphasizes continuous improvement and understanding user behavior while maintaining user trust [25][28] - Initial stages should focus on low autonomy and high control to mitigate risks and build confidence in the system [28][29] - The framework encourages iterative processes to adapt to new user behaviors and system capabilities [32][34] Future of AI - The potential of Coding Agents remains underestimated, with significant value expected to be unlocked in the coming years [35] - The integration of AI into real workflows will enhance its contextual understanding and proactive capabilities [38] - A shift towards multi-modal experiences is anticipated, allowing for richer interactions and unlocking previously inaccessible data [39] Skills for AI Product Builders - The ability to focus on problem-solving and understanding workflows is becoming increasingly important as implementation costs decrease [40][42] - Proactive engagement and a willingness to iterate through trial and error are essential for success in AI product development [41][42]

Core Viewpoint - The A-share market experienced a strong rebound, with significant gains in the photovoltaic and battery sectors driven by news related to space photovoltaic technology and Tesla's plans for solar energy production [1][4]. Group 1: Market Performance - The Shanghai Composite Index rose over 1%, with more than 4,400 stocks increasing in value [1]. - The photovoltaic ETF, Huatai-PineBridge (516290), surged nearly 4%, attracting over 20 million yuan in investment over two consecutive days [1]. - The battery ETF, Huatai-PineBridge (159796), also saw a rise of 1.78%, with a trading volume exceeding 210 million yuan [1]. Group 2: Key Stocks and Trends - Major stocks in the photovoltaic sector, such as GCL-Poly Energy and TCL Zhonghuan, experienced significant price increases, with GCL-Poly hitting the daily limit and TCL Zhonghuan rising nearly 10% [2][4]. - Market rumors indicated that Elon Musk's team visited several Chinese photovoltaic companies, focusing on those with heterojunction and perovskite technology [3]. Group 3: Space Photovoltaic Market Potential - According to CITIC Securities, the demand for space photovoltaic technology is expected to grow exponentially, with projections estimating a market size of over 800 billion yuan by 2030 under conservative scenarios [5]. - The global demand for space photovoltaic systems could reach 1 GW in a conservative scenario and 70 GW in an optimistic scenario by 2030 [5][6]. - The anticipated growth in satellite launches and advancements in solar cell technology, such as P-HJT and perovskite cells, could lead to a hundredfold or even thousandfold market expansion in the next five years [5]. Group 4: Tesla and SpaceX Developments - Tesla plans to establish 100 GW of solar capacity, which is expected to significantly boost the demand for energy storage solutions [7]. - The integration of AI in energy management is projected to drive rapid growth in storage capacity, with Tesla's initiatives potentially leading to over 300 GWh of storage demand [7]. - The competitive landscape for photovoltaic equipment suppliers is expected to favor leading Chinese companies due to their ability to meet high standards and rapid response requirements from Tesla and SpaceX [6].

你有没有想过：下一代的"算力工厂"，可能根本不在地球上？过去几年，AI把数据中心变成了新的"能源怪兽"。电力、散热、用水、选址，这些都成为了 制约AI进化的关键瓶颈。 于是，一个听起来似乎很科幻的想法，突然被拎到了台面上：那就是把数据中心搬到太空去。在太空建数据中心，听起来有点像是个骗投资人的 PPT？ 但实际上，一场关于"轨道算力"的圈地运动，已经拉开了帷幕。 在刚刚闭幕的达沃斯论坛上，马斯克宣称在未来的2至3年内，太空就将成为部署AI数据中心成本最低的地方。紧接着当地时间2月2号，SpaceX宣布已收 购人工智能公司xAI，而马斯克透露，二者完成合并后，SpaceX最重要的事情之一就是将推进部署太空数据中心。 除了马斯克外，其他公司也在密切布置着太空数据中心。亚马逊创始人贝佐斯旗下的蓝色起源，在一年多前已经秘密组建了开发团队，用以打造轨道AI 数据中心的专用卫星；谷歌也在近期发布了一项名为Suncatcher（捕光者）的太空数据中心计划，预计将在2027年把第一批"机架级算力"送入轨道；英伟 达刚刚通过初创公司Starcloud将一颗搭载了H100 GPU的卫星送入了轨道，并且首次在太空中完成了Nano- ...

【环球网报道 记者 张江平】综合美国消费者新闻与商业频道（CNBC）等媒体7日报道，谷歌公司将近 1000名员工签署了一封公开信，谴责美国移民与海关执法局(ICE)及海关与边境保护局(CBP)近期开展的 行动，敦促谷歌公司公开与这两个机构的合作情况并与之脱离关系。 美国明尼阿波利斯市上个月发生移民执法人员枪击致死事件，在美国国内引发不满，一些美国政界和商 界人士予以谴责。综合美国哥伦比亚广播公司等媒体1月28日报道，苹果公司首席执行官库克在一份经 证实的内部备忘录中表示，"对明尼阿波利斯市发生的事件感到心碎"。 "我们强烈反对谷歌与美国国土安全部、CBP以及ICE的合作。"谷歌员工称，"我们认为，我们的领导层 有道德和政治方面的责任，必须公开所有与CBP和ICE的所有合同与合作情况，并与之脱离关系。" 报道称，这封信还呼吁谷歌公司承认有员工面临ICE构成的危险，并采取保护员工的措施。 CNBC称，谷歌尚未回应置评请求。 CNBC称，这封信提到有美国公民在美国移民执法人员开展的行动中死亡，称"暴力事件令人震惊"。信 中提到，谷歌云服务被用于CBP监视活动以及ICE使用的有关移民操作系统，CBP还使用谷歌的生成式 ...

Market Performance - Overseas computing power recovery led to a rise of over 4% in the Communication ETF (515880) and the ChiNext AI ETF (159388) during trading today [1] Factors Driving the Increase - Recent US earnings reports indicate several key points: - Capital expenditures are accelerating, with Google projecting 2026 capital spending between $175 billion and $185 billion, nearly doubling year-on-year; Meta's full-year capital expenditure guidance is $115 billion to $135 billion, a 73% year-on-year increase; Amazon's guidance is $200 billion, a 53% increase year-on-year [2] - Microsoft did not provide full-year guidance but noted a seasonal quarter-on-quarter decline, likely due to factors like financing leases. The market previously expected a 42% growth in North American CSP capital expenditures for 2026, but recent earnings reports show capital expenditure growth significantly exceeding expectations [2] CPO Penetration and Market Sentiment - CPO penetration is exceeding expectations, but attention is needed on scale-up and scale-out dynamics. The consensus is that scale-up will dominate CPO, while scale-out remains led by pluggable optical modules. The domestic optical module leaders may secure some orders in the scale-up segment, indicating that CPO penetration in scale-up represents incremental growth rather than a replacement [3] - Market sentiment has rebounded from previous lows, with US markets recovering last Friday, influencing A-shares today. Both markets have faced issues related to funding and sentiment, with A-shares experiencing declining trading volumes since late January [3] Future Outlook - US earnings reports reaffirm the certainty of AI, with ongoing shortages in computing power. Google reported that Gemini 3.0 is the fastest model in its history, with over 750 million monthly active users for Gemini applications. Google also announced a partnership with Apple to develop the next-generation Apple foundational model. The management indicated that investments in AI infrastructure will gradually increase throughout the year, with a continued tight supply of computing power expected [4] - The focus remains on core segments like optical modules and servers, which are positioned at the heart of the global AI industry chain. With capital expenditures for 2026 significantly exceeding expectations, the outlook for optical modules and servers is strengthening, making Communication ETF (515880) and ChiNext AI ETF (159388) attractive for interested investors [4]