TrendForce集邦咨询供应链调查结果显示，Meta初期对AR眼镜市场需求采取相对保守的态度，除了考量过往VR装置销售的表现，也因关键光学零部件的 供应仍受限。以Lumus阵列光波导为例，由于制程相对复杂与精密，Meta最初的订单仅约8万台，属于测试市场水温的规模；产品上市半年内，拉货节奏 迅速调整，近期已扩大至15万台，增幅高达87.5%。其余如OmniVision的Liquid Crystal on Silicon(LCoS)、Goeroptics光引擎组装，以及SCHOTT的光波导关 键光学零部件订单，也呈阶梯式成长。 TrendForce集邦咨询表示，此一情况反映产品在渠道端去化速度极快，也显示消费者仍高度好奇带有显示的AI智能眼镜，更象征Meta在穿戴式装置策略的 调整，已一定程度扭转过去VR装置销售疲弱引发的市场疑虑。 短期内，Meta的成功势必加速其他品牌及生态系伙伴对AR眼镜的硬件规格升级，以及AI应用情境深化与软件生态整合发展。然而，在Meta发布下一代产 品前，Samsung(三星)、Google(谷歌)等大厂亦会推出自有品牌的AR眼镜。现有供应链在光学、显示与组装等关键环节的产能与良 ...

Jan. 30, 2026 Tr e n dFo r c e 集 邦 咨 询 供 应 链 调 查 结 果 显 示 ， Me t a 初 期 对 AR 眼 镜 市 场 需 求 采 取 相 对 保 守 的 态 度，除了考量过往VR装置销售的表现，也因关键光学零部件的供应仍受限。以Lumu s阵列光波 导为例，由于制程相对复杂与精密，Me t a最初的订单仅约8万台，属于测试市场水温的规模； 产 品 上 市 半 年 内 ， 拉 货 节 奏 迅 速 调 整 ， 近 期 已 扩 大 至 1 5 万 台 ， 增 幅 高 达 8 7 . 5% 。 其 余 如 Omn iVisi o n 的 Li q u i d Cr y st a l o n Sili c o n (LCoS) 、 Go e r o p ti c s 光 引 擎 组 装 ， 以 及 SCHOTT 的 光波导关键光学零部件订单，也呈阶梯式成长。 为应对逐步升温的拉货力道，上游显示与组装相关的代工体系正同步优化产线并提升良率，以 协助Me t a达成未来两年内累积5 0万台出货量的阶段性目标。 产业洞察 Tr e n dFo r c e集邦咨询表示，此一情况反 ...

Group 1 - The core viewpoint of the article is that Meta's performance in Q4 2025 and guidance for Q1 2023 exceeded expectations due to growth in AI and user engagement [1] - The report from China Merchants Securities indicates a positive outlook for Meta, highlighting its leading position in social media and AI, along with attractive valuation compared to other large tech companies [1] - Capital expenditures for Q4 2025 and the full year are projected to be $22.1 billion and $72.2 billion respectively, showing a continuous increase that raises concerns about insufficient AI progress in the second half of 2025 [1] Group 2 - Despite concerns over high capital expenditures, Meta's stock rebound and strong performance reflect its dominant position in the social media sector [1] - The combination of high Daily Active Users (DAP) with AI recommendations and content optimization is expected to support revenue growth, which will be sufficient to cover high capital expenditures and achieve recovery [1]

Summary of Meta Platforms Inc. Earnings Call Company Overview - **Company**: Meta Platforms Inc - **Industry**: Internet - Large Cap / Mid & Small Cap Key Points and Arguments Revenue Growth and Financial Guidance - Meta aims for 2026 revenue growth in the 20% range, with 1Q26 revenue growth projected to be in the 30% range, indicating strong momentum [1][9] - Total expenses for 2026 are expected to be between $162 billion and $169 billion, which is higher than previous expectations [1][14] - Capital expenditures (capex) for 2026 are projected to be between $115 billion and $135 billion, also above prior estimates [1][14] AI and Advertising Improvements - Significant AI-driven ad improvements are expected to enhance engagement and monetization, with Instagram Reels watch time up over 30% year-over-year in the US [2][14] - Meta is seeing a 7% lift in organic feed and video posts on Facebook, contributing to the largest quarterly revenue impact from product launches in the past two years [2][14] - AI productivity improvements have led to a 30% increase in output per engineer, with power users of AI coding tools seeing an 80% year-over-year increase in output [14] Operating Income and EPS - Meta has established bottom-line guardrails with operating income growth projected for 2026, while Reality Labs operating losses are expected to remain similar to the previous year [1][9] - GAAP EPS for 2026 is projected to be $31.51, with a decrease of 3-4% in EPS estimates for 2026/2027 due to the removal of share repurchases [1][9] Frontier Model Development - Expectations for a frontier large language model (LLM) have been tempered, with emphasis on developing initial models that will be "good" rather than frontier-level in the first half of 2026 [1][9] - The timing for a frontier model may be pushed out, but the industry is rapidly innovating, with anticipation for new models in the coming months [1][9] Market Reaction and Valuation - Meta shares rose 7% in after-market trading following the earnings report, although some pushback is expected [1][9] - The price target for December 2026 has been raised from $800 to $825, based on a valuation of approximately 26 times the estimated GAAP EPS for 2027 [1][9] Financial Estimates - **2026 Revenue**: $252.26 billion, with a year-over-year growth of 25.5% [4][19] - **2027 Revenue**: $294.27 billion, with a year-over-year growth of 16.7% [4][19] - **Adjusted EBITDA for 2026**: $142.24 billion, with a margin of 56.4% [4][19] - **Free Cash Flow (FCF)**: Projected to be modestly positive at $5 billion for 2026 [1][9] Other Notable Insights - Meta's focus on AI and the Metaverse is expected to drive significant infrastructure investments, but the company has a strong track record of generating returns on increased spending [9] - The company is expected to self-finance its infrastructure investments in 2026 while also considering cost-efficient external financing [14] Conclusion Meta Platforms Inc. is positioned for strong revenue growth driven by AI advancements and advertising improvements, despite rising expenses and tempered expectations for frontier model development. The company maintains a positive outlook for 2026 and beyond, supported by a robust valuation and strategic investments in technology.

权益类与FOF基金齐发力 新发基金规模突破千亿元 今年以来，新基金发行速度加快，总规模已超千亿元。权益类基金与FOF产品频现爆款，多只基金发行 规模超30亿元，部分基金一日售罄。截至1月29日，年内新成立110只基金，发行规模合计1105.4亿元， 其中85只为权益类基金，合计768.1亿元。广发研究智选混合基金等多只基金发行规模居前。FOF产品 也保持高热度，2025年发行规模已突破800亿元。此外，市场上仍有逾百只基金正在或即将发行，权益 类基金和FOF产品成为主力。业内人士对A股市场持乐观态度，重点关注科技成长行业。(上海证券报) 科创板超260份业绩预告出炉 订单增长彰显发展潜力 随着上市公司2025年业绩预告进入密集披露期，多家科创板企业年度业绩"答卷"也提前揭晓。数据显 示，截至1月29日19时30分，超260家科创板公司公布2025年业绩预告，从披露情况来看，报喜公司（包 括预增、扭亏、略增）数量达105家，占比约四成，还有超50家公司预计同比减亏。业内人士认为，科 创板紧密连接国家科技创新战略，聚焦人工智能、生物医药等前沿领域，其制度创新吸引优质企业上 市，并不断吸引"耐心资本"入场。目前随着 ...

"Microsoft disappointed and there are some ‌genuine concerns that AI investments will eat the software companies' lunches," said John Praveen, managing director & Co-CIO, Paleo Leon in Princeton, New Jersey. Investors are trying to "reduce exposure to stocks and play it safe" against a backdrop of broader uncertainties including who the Federal Reserve's next chair will be and how many interest rate cuts it will make, according to Praveen who also cited political uncertainties around Washington's stance in ...

Core Viewpoint - Allegations by former contractors claim that Meta personnel had access to WhatsApp messages, contradicting Meta's marketing of the app as private and encrypted [1][23][24] Group 1: Allegations and Investigation - The investigation is being conducted by the US Department of Commerce, focusing on claims that Meta staff had "unfettered" access to WhatsApp messages [1][23] - Content moderators, contracted through Accenture, reported that they and some Meta employees could access WhatsApp messages that were supposed to be encrypted [5][6] - The inquiry is referred to as "Operation Sourced Encryption" and is ongoing, with the last activity noted as recent as January [9][10] Group 2: Meta's Response - A Meta spokesperson stated that the claims are impossible, asserting that WhatsApp and its employees cannot access encrypted communications [2][5] - Meta's shares fell approximately 1% in extended trading following the news of the allegations [5] - The company has faced previous accusations regarding user privacy, including a $5 billion fine from the FTC, although these did not involve WhatsApp [12][24] Group 3: Technical Aspects and User Privacy - WhatsApp claims that it cannot access messages due to encryption keys residing on users' devices, which are not accessible to the company [24] - The app does allow limited access to message information in specific cases, such as when a user reports problematic messages [14][24] - Allegations suggest broader access than what WhatsApp officially acknowledges, with contractors claiming they could request access to communications [15][24] Group 4: Legal Context - A lawsuit filed in January 2023 alleges that Meta and WhatsApp can access users' private communications, citing whistleblower claims [18][24] - Meta has labeled the lawsuit as "frivolous" and intends to pursue sanctions against the plaintiffs' counsel [20][24] - The expansion of end-to-end encryption by Meta has drawn criticism from law enforcement, particularly regarding its implications for tracking criminal activities [21][24]

证券研究报告 | 行业策略 gszqdatemark 2026 01 29 年 月 日 计算机 2026 年度策略：锚定 AI 未来，共启科技新篇 金融科技：新工具+新货币，重塑金融新范式。1）新工具：牛市先锋，优 选炒股软件。2026 年全球流动性合理充裕，国内保持适度宽松基调；同 时，险资兜住下行风险，存款搬家也有望成为重要增量。2026 年我们看好 指数继续上攻，炒股软件是牛市先锋，成交活跃下选择肌肉记忆票，牛市 有望持续受益，建议关注同花顺、东方财富、九方智投、指南针等。2）新 货币：数字人民币与人民币国际化双轮驱动。数字人民币 2.0 在 1 月 1 日 正式实施，从 M0 到 M1 的货币属性跃迁。同时，人民币国际化持续推进， 《人民币跨境支付系统业务规则》将自 2026 年 2 月 1 日起施行，加大拓 展 CIPS 网络力度是工作重点。数字人民币建议关注收单方、清算机构以 及银行做数币支付系统厂商，如新大陆、新国都、拉卡拉等；人民币国际 化核心受益方包括 CIPS 相关厂商。 AI 应用：C 端看巨头起舞，B 端是最后一公里的赛跑。1）在即将到来的 2026，模型端的进步仍然值得期待：采用 s ...

点击图片▲立即购买 美联储如期按兵不动暂停降息 1月29日，美联储公布货币政策委员会FOMC的会议决定，将联邦基金利率的目标区间维持在3.50%至3.75%不变。这是联储自2025年9月起连续 三次会议降息后首次暂停行动。2025年，联储共降息75个基点，每次均降25个基点。此次美联储按兵不动完全在市场意料之中。到本周二收 盘，芝商所（CME）工具显示，期货市场预计本周暂不降息的概率略超97%。 联储决议声明再次暴露内部分歧，下任美联储主席人选之一沃勒成为反对此次利率决议的少数派，和美国总统特朗普"钦点"的另一位理事米兰都 支持继续降息。上次议息会议美联储的声明重申"经济活动扩张速度一直缓和"，而本次称现有指标表明经济活动"一直在稳步扩张"。（华尔街见 闻） ｜点评｜ 美联储本轮降息周期尚未结束，只是节奏上出现了明显的放缓信号。当前美国经济发展来到了一个十字路口，经济增速难以长期保持 高速增长，但仍有一定韧性。就业市场降温，失业率上行速度相对可控。通胀高位回落，却依旧高于2%的政策目标，并且前期高通胀已显著推 升物价。整体上看，美国经济对降息的需求并不迫切，美联储完全可以暂时退到观望席，等待经济走势出现更加明 ...

微软公司在28日盘后发布的数据显示，该公司在2025年第四季度营业收入和每股盈利超出预期，但由于该季度云服务业务增长放缓并预期2026年一季度经 营利润率表现疲软，微软公司股价29日大幅下跌9.99%，并打压市场人气。 美国Sage顾问服务公司负责研究的执行董事罗伯•威廉姆斯（Rob Williams）表示，人工智能已经变得像一把双刃剑。人工智能对增长和支出带来贡献，并 让估值处于当前的水平。现在，这方面有更多的疑问，因而正变得更难继续带来利好。 转自：新华财经 新华财经纽约1月29日电（记者刘亚南）由于微软等权重科技股大幅下跌拖累，纽约股市三大股指29日低开低走，早盘显著走低，随后跌幅收窄，尾盘有 所拉升，收盘时纽约股市三大股指涨跌不一。 截至当天收盘，道琼斯工业平均指数比前一交易日上涨55.96点，收于49071.56点，涨幅为0.11%；标准普尔500种股票指数下跌9.02点，收于6969.01点， 跌幅为0.13%；纳斯达克综合指数下跌172.33点，收于23685.12点，跌幅为0.72%。 板块方面，标普500指数十一大板块七涨四跌。通信服务板块和房地产板块分别以2.92%和1.42%的涨幅领涨， ...