Group 1: Market Reaction - The prices of gold and silver experienced significant declines, with gold dropping over 12% to a low of $4682 per ounce, marking the largest single-day drop in 40 years, and closing down 9.25% at $4880 per ounce [2] - Silver saw an unprecedented drop of over 36%, reaching a low of $74.28 per ounce, and closing down 26.42% at $85.259 per ounce [2] - The U.S. stock market indices collectively fell, with the Dow Jones down 0.36%, S&P 500 down 0.43%, and Nasdaq down 0.94%, reflecting increased market concerns [3] Group 2: Influencing Factors - The sell-off in gold and silver was triggered by a rebound in the U.S. dollar, following reports of President Trump's nomination of Kevin Warsh as the new Federal Reserve Chairman, which was later confirmed [2][4] - Standard Chartered's global head of commodity research noted that the market was already due for a correction, and the announcement of the Fed Chair nominee, along with broader macroeconomic factors, acted as catalysts for profit-taking [2] - The U.S. dollar index saw a significant increase, marking its largest single-day rise since July of the previous year, which negatively impacted investor confidence in gold and silver [2] Group 3: Sector Performance - The gold sector faced substantial losses, with major companies like Newmont down 11.52%, Barrick Gold down 12.09%, and AngloGold down 13.28% [3] - The technology sector also experienced declines, with major tech stocks like Meta and TSMC dropping nearly 3%, while Amazon fell by 1% [3] - Chinese concept stocks saw a downturn, with the Nasdaq Golden Dragon China Index closing down 2.36%, and individual stocks like Bilibili and Li Auto dropping over 3% [3]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - Since 2025, the technology sector has seen price increases in various segments of computing power resources, recently spreading to the midstream cloud computing sector in overseas markets. The demand for AI, coupled with tight capacity in core segments, has shifted industry pricing towards "supply-demand pricing + value reassessment." Some segments are still in the early stages of price increases, which are expected to gradually transmit to the domestic market, suggesting investment opportunities in domestic computing power resources [2][5] Summary by Relevant Sections - **Price Trends**: Since the second half of 2025, there has been a significant upward trend in prices for storage and other computing power resources. For instance, memory prices surged by 171.8% year-on-year in Q3 2025, with expectations of further increases of 40% to 50% in Q1 2026 and around 20% in Q2 2026. Major companies like Samsung have raised NAND flash contract prices by over 100% starting January 2026 [10][13] - **Market Dynamics**: The AI demand is robust, and the competition among tech giants for computing power resources is intensifying. For example, Meta's capital expenditure for 2026 is projected to reach $135 billion, significantly exceeding Wall Street's expectations. This surge in AI-related demand is creating a substantial supply-demand gap, particularly in storage chips, which is expected to lead to further price increases across various segments [10][13] - **Investment Recommendations**: The report recommends focusing on key domestic leaders in computing power resources, including AI chips (e.g., Haiguang Information, Cambricon), CPUs (e.g., Haiguang Information), and cloud service providers (e.g., Kingsoft Cloud, Capital Online). Additionally, it suggests monitoring other quality stocks with strong fundamentals and high correlation within the industry chain [5][10]

本报告导读： 机构：国泰海通证券 研究员：杨林/朱瑶/魏宗 AI 收入快速增长，驱动增长加速。公司25Q3 实现营收24.78 亿元，同比+31.4%，而25Q1、25Q2 收入 增速分别为10.94%、24.18%，25Q3 收入增速进一步加快，得益于AI 基础设施及产品不断升级，AI 收 入增长贡献。细分来看，25Q3 公有云服务收入17.52 亿元，同比+49.1%，其中AI 收入达7.82 亿元，同 比约+120%，AI 需求旺盛；25Q3 行业云服务收入7.26 亿元，同比+2.2%。公司与小米-金山生态战略合 作持续攀升，来自生态收入达6.91 亿元，同比+83.8%。 25Q3 经调整利润首次盈利，规模效应验证。25Q3 公司实现经调整经营利润0.15 亿元、经调整净利润 0.29 亿元，而24Q3 经调整经营利润、经调整净利润分别为-1.40 亿元、-2.37 亿元，首次实现经调整利 润盈利，盈利能力持续提升，彰显公司高质量可持续发展战略持续发力。 AI 云市场高速增长，公司持续大力投入AI 业务。公司2025 年10月2 日完成新一轮配售，共配售3.38 亿 股，每股配售价为8.29 港元， ...

Kingsoft Cloud Holdings Limited Sponsored ADR (KC) shares ended the last trading session 8.8% higher at $14.51. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 26.4% gain over the past four weeks.Kingsoft Cloud is benefiting from the growing demand for AI-driven intelligent cloud computing services and its integration with generative AI technologies.This company is expected to post quarterly loss of $0.05 per share ...

Group 1: Hong Kong Stock Market Performance - Most property stocks in Hong Kong rose, with China Jinmao (00817) up 7.95%, Greentown China (03900) up 5.79%, and China Overseas Macro Yang Group (00081) up 4.62%. Vanke Enterprises (02202) also saw a gain of 2.49% following significant progress in debt resolution, with the extension proposals for two medium-term notes totaling 5.7 billion yuan approved [1][1]. - Pop Mart (09992) increased by over 4.8%, reflecting confidence in its development as it recently repurchased shares for the first time since early 2024, which is expected to attract more investors [1][1]. - Nanshan Aluminum International (02610) rose over 4.7% after announcing plans to invest approximately 4.37 billion USD (about 30.56 billion yuan) in a new aluminum project in Indonesia [1][1]. Group 2: Notable Company Announcements - Alibaba Health (00241) rose over 3.3% after launching a new feature for its AI medical application "Hydrogen Ion" [2][2]. - GCL Global (GCL.US) increased by 9.91% ahead of its earnings call scheduled for January 30, 2026 [5][5]. - Ericsson (ERIC.US) continued its upward trend with a 4.03% increase after reporting a strong Q4 2025 financial performance, with adjusted EBITA rising 24% year-on-year [5][5]. Group 3: Market Trends and Price Adjustments - The gold market saw a significant rise, with spot gold prices surpassing 5200 USD, leading to a 7.38% increase in the shares of Wan Guo Gold Group (03939) [2][2]. - The semiconductor sector showed strong performance, with stocks like Naxin Micro (02676) up 10.62% and a price adjustment announcement from Zhongwei Semiconductor indicating a price increase of 15% to 50% due to supply-demand pressures [3][4]. - The storage sector also experienced a pre-market surge, with Micron Technology (MU.US) up 5.44% as price increases spread across the storage market [7][7].

【金山云】行业提价周期将至，看好AI驱动估值重塑 【核心观点】 全球AI算力需求爆发正重塑云服务行业逻辑。 随着AWS打破惯例率先提价，行业恶性价格竞争有望终结，盈利中枢与估值体系将迎来双重修复。 金山云作为小米生态内核心云平台，AI业务已实现连续9个季度三位数增长，并率先实现盈利拐点。 当前估值处于低位，有望直接受益于行业景气反转与自身成长加速。 当前估值处于低位，有望直接受益于行业景气反转与自身成长加速。 【行业更新】价格战趋缓，云厂商定价权回归 1）亚马逊AWS近日将AI算力产品（EC2机器学习容量块）价格上调约15%，打破行业"只降不涨"的长期惯例。 2）阿里云高管指出，未来1年全球AI Token量将增长100倍，硬件（如内存）成本面临上涨压力。 算力供需格局已从"过剩"转向"紧缺"。 3）我们认为成本压力与旺盛需求正向传导，行业性提价周期开启在即。 【金山云】行业提价周期将至，看好AI驱动估值重塑 【核心观点】 全球AI算力需求爆发正重塑云服务行业逻辑。 随着AWS打破惯例率先提价，行业恶性价格竞争有望终结，盈利中枢与估值体系将迎来双重修复。 金山云作为小米生态内核心云平台，AI业务已实现连续9个 ...

一、国际新闻 国际贵金属市场近期波动显著，现货黄金价格在周二（1月27日）纽约尾盘涨3.52%，刷新历史高位至 5187.37美元/盎司，亚太盘初以来在5013.93-5100美元区间震荡上行，04:00后显著加速走高。 COMEX黄金期货涨1.82%，报5175.10美元/盎司，日内大部分时间持稳于5080美元附近，05:00美股收盘 时（电子交易盘）刷新历史高位至5187.20美元；4月合约涨3.45%，报5217.30美元，一度触及5225.80美 元。 随后，现货黄金突破5190美元/盎司，日内涨幅达3.63%，但亚太时段出现回调，失守5160美元/盎司， 日内跌0.42%。 纽约期金同样呈现震荡，曾突破5220美元/盎司，日内涨1.95%，后失守5200美元/盎司，日内仍涨 1.55%。 白银市场波动更为剧烈，纽约期银日内涨6.66%突破113美元/盎司，随后失守111美元/盎司，日内涨幅 收窄至4.73%。 现货白银同步冲高后回落，突破113美元/盎司后失守111美元/盎司，日内转跌0.88%。 能源市场方面，美国天然气期货价格大幅震荡，先涨超7%至7.284美元/百万英热，随后因产量恢复及需 求 ...

格隆汇1月27日｜金山云大涨11%，哔哩哔哩、禾赛涨超3%，阿里巴巴、小马智行涨近2%， 三倍做多 富时中国ETF-Direxion涨超3.5%。 ...

格隆汇1月27日｜纳斯达克中国金龙指数涨超1%，虎牙涨15.97%，金山云涨11.54%，中进医疗涨 8.68%，世纪互联涨7.08%，哔哩哔哩涨4.29%。 ...

Group 1 - Popular Chinese concept stocks saw a pre-market rise, with Kingsoft Cloud (KC.US) up over 10%, Hesai (HSAI.US) and Bilibili (BILI.US) nearly 5%, Century Internet (VNET.US) and Baidu (BIDU.US) over 2%, and Alibaba (BABA.US) over 1% [1] - GF Securities reported that Kingsoft Cloud has strong demand visibility, with Xiaomi increasing AI investments, requiring substantial AI training and inference computing power for its foundational models, smart cars, and WPS, alongside robust AI demand from non-Xiaomi clients [1] - Everbright Securities indicated that Kingsoft Cloud, as a core cloud platform within the Xiaomi ecosystem, is expected to maintain rapid growth in its AI business, benefiting directly from industry recovery and accelerated growth [1]