来源：滚动播报 比特币在隔夜触及五周低点后仅小幅回升，投资者正关注周三的美联储政策决定和本周大型科技公司的 财报。美联储预计将维持利率不变，但市场将寻找有关未来可能降息的任何线索。美国总统特朗普也预 计将在未来几天宣布下一任美联储主席的人选。科技公司财报方面，Telsa、微软和Meta将于周三公 布，苹果公司将于周四公布。与此同时，美国还面临政府再度关门的风险，并且有猜测称美国和日本当 局可能会出手干预以支撑日圆。伦敦证券交易所集团的数据显示，比特币上涨1.7%，报87,946美元，此 前隔夜曾触及86,021美元的低点。 ...

Market Overview - The U.S. stock market is experiencing volatility due to President Trump's tariff threats, the Federal Reserve's interest rate decision, and earnings reports from major tech companies [1][2][11] - The S&P 500 index had a 2% increase before a drop of over 2% following tariff announcements [1] Federal Reserve Interest Rate Decision - The Federal Open Market Committee (FOMC) is expected to maintain the federal funds rate at 3.5% to 3.75% during its meeting on January 28 [3] - The likelihood of a 25-basis-point cut is only 4% according to CME Group's FedWatch tool [3] - Recent economic data suggests a resilient jobs market, with the unemployment rate improving to 4.4% in December from 4.5% in November [4][5] Earnings Reports from "Magnificent Seven" - Four companies from the "Magnificent Seven" will report earnings this week: Tesla, Microsoft, Meta Platforms, and Apple [6][11] Tesla - Expected revenue for Tesla in Q4 is $24.9 billion, a 3% decrease, with non-GAAP earnings projected to drop 45% to $0.40 per diluted share [6] - Focus will be on CEO Elon Musk's comments regarding physical AI initiatives [7] Microsoft - Anticipated revenue increase of 15% to $80.3 billion, with non-GAAP earnings expected to rise 20% to $3.86 per diluted share [8] - Investors will pay attention to Azure's revenue growth and generative AI adoption [8] Meta Platforms - Expected revenue growth of 21% to $58 billion, with non-GAAP earnings projected to increase 3% to $8.23 per diluted share [9] - Investors are looking for continued trends in engagement and advertising conversion rates due to AI investments [9] Apple - Expected revenue increase of 11% to $138 billion, with GAAP earnings also projected to rise 11% to $2.67 per diluted share [10] - Market focus will be on iPhone sales and updates regarding AI innovation [10]

Core Viewpoint - Meta Platforms is set to report its Q4 2025 earnings on January 28, 2026, with expected revenues between $56 billion and $59 billion, indicating a year-over-year growth of approximately 21% [1]. Financial Performance - In Q3 2025, Meta reported revenues of $51.24 billion, exceeding expectations of $49.41 billion, with an adjusted EPS of $7.25, surpassing the forecast of $6.67 [2]. - The company experienced a 26% year-over-year revenue growth in Q3 2025, with operational income rising to $20.54 billion, an 18% increase [2]. - However, GAAP EPS was significantly impacted by a one-time tax expense, dropping to $1.05 from $6.03, due to a $15.93 billion non-recurring tax charge [2]. User Engagement and Advertising - Daily Active People (DAP) averaged 3.54 billion in September 2025, reflecting an 8% year-over-year increase, driven by strong video performance, particularly from Reels [11]. - Advertising revenue for the family of apps surged by 26% year-over-year to approximately $50.1 billion, with the market closely monitoring growth momentum into Q4, especially during the holiday season [10]. AI Integration and Future Outlook - Meta's AI initiatives are central to its strategy, with the Super Smart Lab showing promising early results, focusing on next-generation models and multimodal capabilities [12]. - The company has raised its full-year capital expenditure guidance for 2025 to between $70 billion and $72 billion, primarily driven by AI infrastructure investments [13]. - Investors will be keen on signals regarding the return on investment from AI and any strategic adjustments in Reality Labs, which has faced ongoing challenges [15][14]. Reality Labs Challenges - The Reality Labs division reported an operational loss of $4.43 billion in Q3 2025, continuing a trend of significant losses since 2021, with cumulative losses exceeding $70 billion [8]. - Despite a 74% year-over-year revenue increase to $470 million, the division is expected to see a revenue decline in Q4 due to the absence of new VR headset launches [8]. Stock Performance and Market Sentiment - Following the Q3 report, Meta's stock price fell by 11.33% to $666.47, primarily due to the impact of the tax charge on GAAP results and increased spending guidance for AI investments [7]. - The stock has seen a 12.74% increase by the end of 2025, although it has faced volatility, with a peak of $796.25 in August 2025 [17]. - Maintaining support levels between $595 and $580 is crucial for sustaining a bullish trend, with potential downside risks if these levels are breached [17].

Core Viewpoint - Meta Platforms is set to report its Q4 2025 earnings on January 28, 2026, with expected revenues between $56 billion and $59 billion, indicating a year-over-year growth of approximately 21% [1]. Financial Performance - In Q3 2025, Meta reported revenues of $51.24 billion, exceeding expectations of $49.41 billion, with an adjusted EPS of $7.25, surpassing the forecast of $6.67 [1][2]. - The company expects total expenditures for 2025 to be between $116 billion and $118 billion, up from previous estimates of $114 billion to $118 billion, reflecting a year-over-year growth rate of 22% to 24% [1][13]. - Capital expenditures for 2025 are projected to be between $70 billion and $72 billion, higher than the prior estimate of $66 billion to $72 billion [1][13]. Operational Highlights - Q3 2025 saw a 26% year-over-year increase in revenue, with daily active users averaging 3.54 billion, an 8% increase [2]. - The advertising revenue from Meta's family of apps grew by 26% year-over-year, reaching approximately $50.1 billion [10]. - The average price per ad increased by 10% year-over-year, and the number of ad impressions rose by 14% [2][10]. Challenges and Risks - The Reality Labs division reported an operating loss of $4.43 billion in Q3 2025, continuing a trend of significant losses since 2021, with cumulative losses exceeding $70 billion [8]. - Despite a 74% year-over-year revenue growth in Reality Labs to $470 million, management anticipates a decline in Q4 revenue due to the absence of new VR headset launches in 2025 [8][14]. Future Outlook - Investors will focus on key areas in the upcoming Q4 earnings report, including the performance of the advertising business, the impact of AI investments, and the ongoing challenges faced by Reality Labs [9][15]. - The company is expected to provide insights into spending trends for 2026, with indications that expenditure growth will be "significantly larger" [13][15]. Market Performance - As of the end of 2025, Meta's stock price increased by 12.74%, closing at $660.09, which is lower than the Nasdaq 100 index's total return of 21% for the year [17]. - The stock has experienced volatility, with a significant drop of 11.33% following the Q3 earnings report, primarily due to tax impacts distorting GAAP earnings [7][17]. Strategic Focus - CEO Mark Zuckerberg emphasized the strong performance of the business and community, highlighting the potential for exciting developments in the coming years, particularly in AI and augmented reality [4]. - The integration of AI is central to Meta's strategy, with a focus on enhancing advertising effectiveness and user engagement through advanced models and infrastructure [12].

2026年12月10日，新德里国际会展中心人头攒动。微软CEO萨提亚·纳德拉站在聚光灯下，宣布将向印度投资175亿美元建设AI基础设 施。 就在同一天，亚马逊也承诺，将在印度投入350亿美元。 这是两个截然不同的印度——一个是硅谷眼中的"全球最大数字市场"，另一个是仍在为基本民生挣扎的发展中国家。当这两个印度相 遇，会发生什么？ 短短几个月内，谷歌、Meta、OpenAI、Anthropic等硅谷巨头纷纷加入战局。总计675亿美元的承诺投资，将在未来五年内涌入这个拥有 14亿人口的国家。 | | Investment Size | Time | Data Center | Data Center Capacity | | --- | --- | --- | --- | --- | | | | Horizon | Location | | | Google | $15B | Through | Visakhapatnam | gigawatt-scale | | | | 2030 | | | | Microsoft | $17.5B | Through | Hyderabad | | | | | 2029 | ...

Core Viewpoint - The AI computing power sector is experiencing fluctuations, with significant capital inflow and positive performance from key stocks in the cloud computing ETF Huatai (159273) [1][3] Group 1: Market Performance - The cloud computing ETF Huatai (159273) saw a slight increase of 0.14%, with a trading volume of 30 million yuan, surpassing the total from the previous Friday [1] - In the past 10 days, the sector has attracted over 120 million yuan in capital [1] - Notable stock performances include NetEase Technology rising over 13%, Yuke Technology-W increasing over 7%, and Runze Technology up over 3% [3] Group 2: Analyst Insights - CITIC Securities predicts that the computing power sector will continue to grow in 2025 due to ongoing capital expenditures (Capex) from major cloud service providers (CSPs), increasing token demand, and enhanced product capabilities [3][4] - The outlook for 2026 suggests sustained growth in computing power and a pivotal opportunity for AI applications [4] Group 3: AI Industry Trends - The AI industry is evolving, with continuous model optimization and a shift towards practical business models [5] - From 2024 Q1, major cloud service providers like Google, Microsoft, and Amazon have maintained over 20% year-on-year revenue growth for seven consecutive quarters, indicating robust profitability in data centers [7] - The total Capex for the four major CSPs in North America reached $112.43 billion in Q3 2025, reflecting a year-on-year increase of 76.9% and a quarter-on-quarter increase of 18.3% [7] Group 4: Light Counting Projections - Light Counting forecasts that sales of optical modules (including AOC) will exceed $23 billion in 2025, a 50% increase from 2024, with Ethernet optical modules expected to reach $17 billion, a 60% increase year-on-year [9] - The demand for 1.6T optical modules is projected to accelerate in 2026-2027, while the growth rate for 800G modules is expected to slow down [9]

Summary of Meta Platforms Equity Research Call Company Overview - **Company**: Meta Platforms (Ticker: META) - **Industry**: Internet - **Market Cap**: $1.6 trillion - **Current Price**: $612.96 - **Price Target**: $910.00 (+48% upside) [7] Key Points 1. Attractive Risk/Reward - META shares have dropped 18% since earnings, trading at an 8-turn NTM PE discount to GOOGL, which is below historical norms [2][23] - Concerns around margin pressure, capex ramp, and AI execution contribute to this discount, but addressing these headwinds could create significant upside [2][3] 2. Positive Estimation Revisions Expected - Optimism remains regarding potential positive revisions to estimates through 2026, even if capex and total expenses exceed current street estimates [3] - Management has indicated elevated spending needs, and Q4 is expected to be the peak pressure point, with sentiment likely to improve as the new model release approaches in 1Q26 [3][68] 3. AI Talent and Model Development - META has faced challenges with Llama 4 but is expected to release new AI models in early 2026, which could enhance its competitive position [4][97] - The company has the necessary resources for AI development, including user data and talent, which supports a positive outlook [4] 4. Core Flywheel and Revenue Growth - META is leveraging AI to enhance its core recommendation and conversion systems, which is expected to drive ongoing growth [5] - Incremental revenue engines such as WhatsApp, Threads, and Llama/AI are projected to significantly increase revenue, with WhatsApp expected to grow from a $9 billion run rate to $36 billion by FY29 [6] 5. Financial Projections - Revenue projections for FY2024 to FY2027 are as follows: - FY2024: $164.5 billion - FY2025: $199.5 billion - FY2026: $236.2 billion - FY2027: $271.5 billion [6] - EPS projections for FY2025 to FY2027 are: - FY2025: $22.79 - FY2026: $29.65 - FY2027: $33.54 [6] 6. Concerns and Risks - META faces challenges such as revenue growth deceleration and margin compression, with operating margins expected to contract by almost 500 basis points in FY26 [40] - Increased capex and expenses are anticipated, which could pressure free cash flow and operating income margins [30][45] 7. Sustainability and ESG Initiatives - META aims for net-zero emissions across its value chain and a 50% reduction in carbon impact by 2030 [15] - Customer privacy and data security are highlighted as top material issues for the company [14] 8. Market Position and Advertising Trends - META connects over 3.5 billion users with 10 million advertisers, leveraging data for targeted advertising [17] - The company is expected to benefit from the increasing trend of ad dollars flowing into mobile campaigns, particularly through platforms like Instagram and WhatsApp [18] 9. Future Outlook - The investment thesis suggests that META's underperformance has set up an attractive risk/reward scenario, with potential for significant upside if the company can effectively manage its expenses and capitalize on revenue growth opportunities [61][63] 10. Analyst Insights - Analysts express confidence in META's ability to navigate current challenges and leverage its strengths in AI and advertising to drive future growth [11][20] This summary encapsulates the key insights and projections from the Meta Platforms equity research call, highlighting both the opportunities and risks facing the company in the evolving internet landscape.

Core Viewpoint - North American data centers are accelerating the adoption of self-supply power models to address challenges posed by aging power grids and high energy consumption from AI computing, with diesel generators becoming a critical backup power source [1] Group 1: Data Center Power Supply Trends - Data centers in North America are transitioning to self-supply power models, with diesel generators as essential backup power configurations due to the aging and fragmented U.S. power grid [1] - Major companies like xAI, OpenAI, and Meta have implemented self-supply power solutions to ensure stable operation of their computing clusters [1] Group 2: Demand for Diesel Generators - The construction of data centers is in a high-growth cycle, with significant capital expenditures from domestic and international internet companies driving demand for diesel generators [2] - Google has raised its total capital expenditure for 2025 Q3 to $91-93 billion, while Microsoft plans to double its global data center scale within two years, indicating robust demand for backup power solutions [2] - The global market for data center generators is projected to grow from $6 billion in 2023 to $12 billion by 2030, highlighting the increasing need for diesel generators [2] Group 3: Supply and Pricing Dynamics - Foreign orders for diesel generators are experiencing long-term saturation, leading to a continuous increase in prices due to a tight supply-demand balance [3] - Major foreign brands like Cummins and Caterpillar dominate the large diesel engine market, with some orders having delivery cycles of 12-18 months, contributing to supply constraints [3] - Domestic manufacturers are seizing the opportunity for domestic substitution but face capacity limitations, resulting in ongoing demand for high-power diesel generators [3] Group 4: Cost Pressures and Inflation Transmission - The costs of key components for large diesel engines, such as high-pressure fuel injection and electronic control systems, are rising, primarily driven by foreign suppliers [4] - The scarcity of supply allows manufacturers with core component production capacity to exert pricing power, leading to inflation being transmitted downstream, resulting in a new round of price increases for large diesel engines used in data centers [4] Investment Recommendations - Beneficiaries of this trend include companies such as Weichai Power, Weichai Heavy Machinery, Zhongyuan Inner配, Tianrun Industrial, Changyuan Donggu, and Weifu High-Tech [4]

【环球网财经综合报道】本周，美股将开启"超级财报周"，苹果、微软、Meta、特斯拉等科技巨头将密集发布财报。 有市场人士分析指出，本轮财报季最关键的主题在于：科技巨头是否开始真正从AI（人工智能）相关投资中获益以及 未来的资本开支计划。 《联合早报》报道称，影响市场动态的还有美国联邦公开市场委员会的议息结果，由于2025年11月的个人消费支出指 数环比上扬0.2%，市场预期美联储会保持利率不变。 报道还提到，近年国外投资者也热衷投资美股，虽然投资组合有赚钱，但因为美元走软，在美元强势时投资美股的投 资者可能蒙受损失。 辉立证券首席股票经纪谭莹莹接受《联合早报》访问时说，"美国股市仍有动力，但美元疲弱，如果欧洲资金撤出美 国，在找寻替代市场时，一部分或会流回欧洲，另一部分会流入亚洲，海指会因此继续获得上行动力的支撑。" 欧洲最大资产管理公司Amundi SA首席投资官文森·莫蒂埃（Vincent Mortier）也认为："我们注意到，越来越多的客户 希望将投资多元化，减少对美国的依赖。这一趋势始于2025年4月，但上个星期加速。" ...

Market Review - The Nikkei 225 index opened at 53023.28 points, down 1.53% [1] - The Korean Composite Index opened at 4997.54 points, up 0.1% [1] - Spot gold surpassed $5000 per ounce for the first time, increasing by approximately 1% [1] - Spot silver also reached a new high, rising over 2% to a maximum of $106.541 per ounce [1] - On January 23, the US major stock indices closed mixed, with the Dow Jones down 0.58% at 49098.71 points, the S&P 500 up 0.03% at 6915.61 points, and the Nasdaq up 0.28% at 23501.24 points [1] - For the week, the Dow Jones fell 0.52%, the S&P 500 dropped 0.35%, and the Nasdaq decreased by 0.06% [1] - In Europe, major stock indices closed mixed, with the DAX up 0.18% at 24900.71 points, the CAC40 down 0.07% at 8143.05 points, and the FTSE 100 down 0.07% at 10143.44 points [1] - For the week, the DAX fell 1.57%, the CAC40 dropped 1.4%, and the FTSE 100 decreased by 0.9% [1] Upcoming Events - The Federal Reserve is set to hold its first monetary policy meeting of 2026 on January 29, with expectations that it will maintain current rates [2] - Market focus for Tesla's earnings report has shifted from financial data to advancements in Full Self-Driving (FSD) systems, humanoid robots, and Robotaxi technology [2] - Microsoft and Meta will address whether companies are beginning to benefit from AI investments [2] Institutional Insights - Goldman Sachs has raised its 2026 gold price forecast to $5400 per ounce from a previous estimate of $4900 per ounce, citing diversification in private investment as a key factor for gold's upward movement [3] Company News - Nvidia's founder Jensen Huang visited the company's new office in Shanghai, engaging with employees and addressing their concerns [4] - Tesla CEO Elon Musk announced that the FSD system requiring driver supervision is expected to be approved in China as early as next month, aligning closely with its approval timeline in Europe [4] - Amazon plans a second round of layoffs as part of a larger plan to cut approximately 30,000 jobs, with the latest round expected to be similar in scale to the 14,000 white-collar positions cut in October 2025 [4]