观点 科大讯飞刘庆峰：自主可控的AI基础设施已初步成型 科大讯飞董事长刘庆峰在第九届全球深商盛典暨中国企业家俱乐部20年活动上表示，全国产算力平台 上，国产大模型在参数小一倍的情况下可对标国际领先水平。在芯片受限的背景下，自主可控的AI基 础设施已初步成型。 "大空头"Michael Burry：科技巨头赚取巨额利润的时代将终结，AI时代的关键指标是ROIC 知名投资者、"大空头"Michael Burry警告，大型科技公司靠相对少的投资赚取巨额利润的时代正在结 束，AI是主因。他认为投资人应关注投入资本回报率(ROIC)，而非营收增长或市场规模。他指出，AI 正推动微软、谷歌和Meta等公司，从过去轻资产的软件模式，转向由数据中心、芯片和能源主导的资 本密集型的硬件公司。即使AI帮助科技巨头扩大了市场，ROIC下降仍可能在未来数年对股价造成压 力。 贝莱德投资者调查：尽管投资者看好人工智能前景，但将投资重点转向能源和基础设施供应商 贝莱德的调查报告显示，尽管投资者看好人工智能前景，但将投资重点转向能源和基础设施供应商；贝 莱德对732家客户调查显示，仅五分之一认为美国大型科技集团是最具吸引力的投资机会，超半 ...

数智周报将整合本周最重要的企业级服务、云计算、大数据领域的前沿趋势、重磅政策及行研报告。】 观点 科大讯飞刘庆峰：自主可控的AI基础设施已初步成型 科大讯飞董事长刘庆峰在第九届全球深商盛典暨中国企业家俱乐部20年活动上表示，全国产算力平台上，国产大模型在参数小一倍的情况下可对标国际领先 水平。在芯片受限的背景下，自主可控的AI基础设施已初步成型。 "大空头"Michael Burry：科技巨头赚取巨额利润的时代将终结，AI时代的关键指标是ROIC 知名投资者、"大空头"Michael Burry警告，大型科技公司靠相对少的投资赚取巨额利润的时代正在结束，AI是主因。他认为投资人应关注投入资本回报率 (ROIC)，而非营收增长或市场规模。他指出，AI正推动微软、谷歌和Meta等公司，从过去轻资产的软件模式，转向由数据中心、芯片和能源主导的资本密 集型的硬件公司。即使AI帮助科技巨头扩大了市场，ROIC下降仍可能在未来数年对股价造成压力。 贝莱德投资者调查：尽管投资者看好人工智能前景，但将投资重点转向能源和基础设施供应商 贝莱德的调查报告显示，尽管投资者看好人工智能前景，但将投资重点转向能源和基础设施供应商；贝莱 ...

Core Viewpoint - The future performance of Meta stock hinges on its ability to convert AI investments into tangible results, moving from a cost center to a profit amplifier as it approaches 2026 [2][12]. Summary by Sections Current AI Strategy - Meta has committed tens of billions of dollars to AI infrastructure and has reorganized its teams to prioritize execution speed, particularly through its open-source model, Llama [3][5]. - The company’s approach contrasts with competitors by promoting Llama as an open-source foundation rather than a closed product, which could attract developers and enterprises into its ecosystem [6]. Potential Upsides - AI has the potential to significantly enhance Meta's core advertising business by improving targeting and engagement, which has already contributed to a 26% revenue growth in the first nine months of 2025 [5]. - The strategic positioning of Llama could lead to indirect benefits through enhanced products and faster innovation, as it may become a default layer for AI development [6]. - Meta's unmatched scale allows for rapid deployment of AI features and feedback collection, creating a compounding advantage if the restructured AI organization delivers on speed [7]. Risks and Challenges - There is uncertainty regarding whether AI investments will yield durable economic gains or simply lead to higher costs with extended payback periods, making 2026 a critical year for the company [4][8]. - Elevated AI spending could pressure margins longer than anticipated, potentially leading to negative sentiment if operating leverage is not evident [9]. - The success of Llama relies on sustained developer adoption; if proprietary models outperform, Meta's influence may weaken [10]. - Regulatory and macroeconomic risks persist, with advertising budgets being cyclical and potential scrutiny around AI and data usage [11]. Key Indicators to Watch - Investors should monitor evidence of AI-driven ad improvements enhancing monetization efficiency, the rollout speed of AI features, signs of reemerging operating leverage, and stability within Meta's AI organization [14]. - The stock is viewed as a conditional buy for long-term investors who believe in the company's ability to translate its scale and infrastructure into returns over the next few years [15].

Core Viewpoint - Meta Platforms, Inc. is highlighted as a top large-cap pick for 2026, with strong revenue growth expectations and positive analyst ratings [1][2] Group 1: Analyst Ratings and Price Targets - Piper Sandler maintains an Overweight rating on Meta, with a first-quarter revenue guidance of up to $53 billion, indicating approximately 25% year-over-year growth [1] - Wells Fargo also reiterates an Overweight rating, lowering its price target to $795 per share from $802, while projecting EPS for 2026 to be between $31-$32 [2] - The consensus Buy rating on Wall Street includes an average price target of $825, suggesting a 32.76% upside, with a Street-high target of $1,117 indicating a potential upside of 79.75% [2] Group 2: Market Context and Comparisons - While Meta is recognized for its investment potential, there are claims that other AI stocks may offer greater upside potential with less downside risk [3]

证券研究报告 | 2026年01月18日 2026年01月17日 美股市场速览 弱于大市 科技板块内部出现分化 价格走势：整体小幅回撤，小盘风格走强 本周，标普 500 跌 0.4%，纳斯达克跌 0.7%。 风格：小盘价值（罗素 2000 价值+2.2%）＞小盘成长（罗素 2000 成长+1.9%） ＞大盘价值（罗素 1000 价值+0.6%）＞大盘成长（罗素 1000 成长-1.2%）。 10个行业上涨，14个行业下跌。上涨的主要有：食品与主要用品零售（+4.6%）、 资本品（+4.4%）、房地产（+4.1%）、食品饮料与烟草（+3.5%）、能源（+2.5%）； 下跌的主要有：软件与服务（-4.5%）、银行（-4.3%）、电信服务（-3.5%）、 保险（-3.2%）、消费者服务（-2.3%）。 资金流向：市场整体基本平衡，科技板块内部分化 本周，标普 500 成分股估算资金流（涨跌额 x 成交量）为-1.7（亿美元， 下同），上周为+130.2，近 4 周为+140.5，近 13 周为+106.3。 9 个行业资金流入，15 个行业资金流出。资金流入的主要有：半导体产品与 设备（+37.6）、资本品（+12 ...

In the race to build artificial intelligence, Big Tech companies have spent record-breaking amounts of money on building data centers. Now, they might end up spending even more as they face unprecedented federal intervention along the way.To compete in the AI revolution, Big Tech companies are focused on building out as much AI data-center infrastructure as possible. But now hyperscalers like Microsoft MSFT, Meta Platforms META, Google GOOGL GOOG and Amazon.com AMZN, are facing major obstacles, including or ...

Investors are underestimating the growth potential of these leading tech companies.AI stocks have been the sweet spot for the past few years. The S&P 500 returned 18% last year, with the "Magnificent Seven" currently making up 34% of the index. This marks three consecutive years of double-digit gains, as growing adoption of AI remains a high-growth market for leading tech companies.Here are two top AI stocks that are trading at reasonable valuations that can outperform the S&P 500 in 2026. NvidiaDemand for ...

前言 2026年1月8日，Meta宣布的20亿美元收购案突然被按下了暂停键。中国商务部宣布对Manus技术出口开 展调查，这笔看似风光的跨国交易瞬间蒙上了阴影。 Manus从武汉起步，却在估值飙升后将主体迁至新加坡，试图通过"金蝉脱壳"将核心资产卖给美国企 业。这一操作被监管精准捕捉，引发了巨大争议。 为何"新加坡洗澡"未能洗掉技术源头？谁在为这场百亿赌局买单？ 编辑：N 收购案突然卡壳 2026年开年，科技圈就被这桩百亿大案炸开了锅。美国巨头Meta宣布收购AI初创公司Manus的消息刚传 开，不少人还以为这是中国技术走向全球的高光时刻，转头就被商务部泼了一盆冷水。 这场看似风光的并购，实则藏着太多耐人寻味的操作——公司从中国起家，靠中国人才和技术崛起，却 在估值飙升后火速"换壳"新加坡，并转头就把核心资产卖给美国企业。 这波"吃尽红利就跑路"的操作，如今被监管死死盯住，被查真的一点都不过分。事情得从2025年3月说 起，那个会写代码、能拆解复杂任务的AI智能体横空出世，内测资格在开发者圈子里被炒到天价。 肖弘和他那帮华中科大的技术骨干，在北京跟武汉两头扎根做出来的东西，让硅谷那些见多识广的投资 人都眼前一 ...

Core Insights - The development of the AI industry requires appropriate infrastructure for computing within AI applications and for cloud storage and applications [1] Group 1: Infrastructure Needs - Hyperscalers and niche IT companies are essential for providing the necessary infrastructure services to support AI applications [1]

行 华福证券 机械设备 2026 年 01 月 17 日 业 研 究 行 业 定 期 报 告 机械设备 3C 设备周观点：Meta 押注 AI 可穿戴设备， Open AI 或将推出首款硬件产品 投资要点： Meta 拟扩大 AI 眼镜投资 据 XR 控引用彭博社报道，Meta 公司首席技术官安德鲁·博斯沃 思通过内部备忘录确认，已正式启动裁员计划，核心战略将从元宇宙 全面转向 AI 可穿戴设备。此外，Meta 及其制造合作伙伴依视路陆逊 梯卡正考虑在 2026 年底前将合作生产的 AI 智能眼镜年产能提高一倍 至 2000 万副，并可能根据市场情况进一步提升至 3000 万副。 龙头积极布局眼镜市场 随着苹果、三星等硬件厂商以及小米、百度、阿里等企业的入场， 智能眼镜赛道愈发火爆。 Meta：据 XR 控报道，依视路陆逊梯卡集团近日发文表示，其与 Meta 合作推出的智能眼镜市场表现强劲，部分款式上市即售罄， Ray-Ban Meta 系列年销量同比增长超过 200%。 苹果：据映维网 Nweon 报道，彭博社引述知情人士称，苹果正优 先开发能与 Meta 竞争的 AI 眼镜，第一款智能眼镜或不配备显示屏， ...