根据挪威政府最新公布的一份持仓清单，规模高达2.2万亿美元的挪威主权级别财富基金在2025年下半 年减持了美国股市最大规模科技巨头股票仓位，其中包括其长期以来的第一大持仓——即AI芯片超级 霸主英伟达(NVDA.US)。截至年末，负责管理该基金的挪威央行投资管理公司(Norges Bank Investment Management，NBIM)已削减其前四大科技巨头持仓，除英伟达外还包括苹果公司(AAPL.US)、微软公司 (MSFT.US)以及谷歌母公司Alphabet(GOOGL.US)。 NBIM成立于1990年代初，其投资遵循挪威财政部设定的基准系统指数，因此其进行主动操作的空间有 限。其投资组合覆盖股票、固定收益、房地产与可再生基础设施，且均在挪威境外。 从"美欧地缘政治博弈"的视角看，挪威主权财富基金(NBIM/GPFG)在2025年下半年小幅减持英伟达、苹 果、微软、Alphabet这类美股科技龙头，其深层意义更像是在这些占据市场高额权重的科技巨头估值来 到历史高位之际"去权重集中度 + 降政治尾部风险"，而不是"大举撤离美国或者看空AI投资主题"。 挪威NBIM本就严格贴近财政部设定的基准指数 ...

智通财经APP获悉，根据挪威政府最新公布的一份持仓清单，规模高达2.2万亿美元的挪威主权级别财富基金在2025 年下半年减持了美国股市最大规模科技巨头股票仓位，其中包括其长期以来的第一大持仓——即AI芯片超级霸主英 伟达(NVDA.US)。截至年末，负责管理该基金的挪威央行投资管理公司(Norges Bank Investment Management， NBIM)已削减其前四大科技巨头持仓，除英伟达外还包括苹果公司(AAPL.US)、微软公司(MSFT.US)以及谷歌母公 司Alphabet(GOOGL.US)。 该主权财富基金将芯片巨头英伟达的持股比例从6月底的1.32%降至年末的1.26%，同时将微软的持股比例从1.35%降 至1.26%，但是这两家科技巨头仍是该基金最有价值的前五大投资之一，其后依次为Alphabet和云计算与电商巨头亚 马逊公司(AMZN.US)。苹果则是该主权财富基金第二大投资。作为简化投资组合战略的一部分，该主权财富基金退 出了摩尔多瓦、冰岛等国股市，同时选择新增约旦和巴拿马。 在几乎同一时期，该主权基金对美国资产的总体敞口并未显著下降：到2025年末其大约52.9%资产仍在美国 ...

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1. Report's Investment Rating for the Industry - There is no information about the industry investment rating in the provided report. 2. Core Views - The report presents a wide - ranging overview of overnight market trends across various asset classes including commodities, stocks, bonds, and foreign exchange, along with important macro, industry - specific, and geopolitical news that could potentially impact these markets [5][34][41] 3. Summary by Relevant Catalogs Overnight Night - market Trends - International precious metal futures generally rose, with COMEX gold up 6.46% at $5411.00/oz and COMEX silver up 10.06% at $116.62/oz due to Fed's signals and market speculation on the chairperson [5] - Crude oil prices increased, with WTI up 1.78% at $63.5/barrel and Brent up 1.56% at $67.63/barrel, driven by supply - related concerns [5] - London base metals mostly rose, with LME tin up 3.52%, LME aluminum up 1.59%, LME nickel up 1.12% [5] - Domestic futures contracts mostly rose, with fuel oil, asphalt etc. up over 1%, while ethylene glycol, corn etc. slightly down [7] Important Information Macro - information - By the end of 2025, China's total installed power generation capacity was 3.89 billion kilowatts, up 16.1% year - on - year [9] - Yichun lifted the heavy pollution weather yellow alert on January 28, 2026 [10] - As of December 2025, there were 150 futures companies in China, with a trading volume of 992 million lots and an operating income of 4.918 billion yuan in December [10] - The offshore RMB/USD exchange rate broke through 7 at the end of 2025, and it is expected to remain stable in 2026 [10] - Trump warned Iran, and the US may face another partial government shutdown [10][11] - The Bank of Canada kept the benchmark rate at 2.25% [13] - The US Treasury Secretary expressed views on Fed's policy and the exchange - rate policy [13] - The Fed kept the interest rate unchanged at 3.50% - 3.75% [14] Energy and Chemical Futures - The 2026 potash market is expected to see increased supply and stable prices [16] - As of January 28, 2026, China's methanol port inventory was 1.4721 million tons, up 14,600 tons [16] - UAE's Fujairah port's refined oil inventory increased by 2.012 million barrels to 23.369 million barrels in the week ending January 26, 2026 [18] - US strategic petroleum reserve increased by 515,000 barrels to 415 million barrels in the week ending January 23 [18] Metal Futures - Guinea's bauxite exports in 2025 increased 25% year - on - year to 182.8 million tons [20] - Thailand's central bank restricted gold trading to manage the Thai baht exchange rate [20] - CME adjusted margin parameters for some silver, platinum, and palladium futures contracts [20] - China's polysilicon production is expected to decline significantly in January and February [20] - Russian Norilsk Nickel's 2025 and 2026 production forecasts for nickel and palladium were released [21] - Multiple exchanges adjusted margin and price - limit ratios for precious and base metal futures contracts [23][24] - A large smelting enterprise in Henan reduced production by 30% due to fog warnings [25] - Two zinc mines in Southwest China plan to reduce production in February [25] Black - series Futures - Two iron ore units of Vale were suspended, with an annual output of about 8 million tons [28] - As of January 28, national building materials production decreased, while inventories increased [28] - Some steel mills in Tangshan and Xingtai plan to raise coke prices on January 30 [29] Agricultural Product Futures - Argentina's drought may reduce 2025/26 crop yields [31] - Malaysia's palm oil production from January 1 - 25, 2026 decreased 14.81% compared to the same period last month [31] - CBOT soybean deliverable inventory decreased 12.08% in the week ending January 23 [31] Financial Market Financial - A - shares fluctuated, with resource stocks rising and the photovoltaic industry chain adjusting [34] - The Hang Seng Index rose to a new high since August 2021 [34] - In 2025, Chinese public security cracked down on major securities crimes [35] - By the end of December 2025, China's public funds reached a new high of 37.7 trillion yuan [35] - The first CSI A500ETF was listed on the Hong Kong Stock Exchange [35] Industry - The withdrawal of "zombie" Chinese patent medicine approvals will not impact the market [37] - China's installed power generation capacity increased by 16.1% by the end of 2025 [37] - Some real - estate enterprises are no longer required to report "three red lines" indicators [37] - China approved two medical device industry standards [37] - Three ministries issued 18 policies to support the elderly - care service industry [37] - A football "match - fixing" news conference will be held [38] - A Shenzhen gold platform faced a payment crisis [38] - The demand for solid - state batteries in humanoid robots is expected to exceed 74GWh by 2035 [40] Overseas - Trump threatened Iran, and Iran is on high alert [41] - India reported two Nipah virus cases with low spread risk [41] - Germany lowered its 2026 economic growth forecast to 1% [41] - The Bank of Japan may continue to raise interest rates if the outlook is as expected [42] - The Bank of Canada kept the benchmark rate at 2.25% [42] - South Korea's former first - lady was sentenced to 1 year and 8 months [43] International Stock Markets - US stocks closed mixed, with the Dow up 0.02%, the S&P 500 down 0.01%, and the Nasdaq up 0.17% [44] - European stocks fell due to Trump's threat to Iran [44] - Most Asian - Pacific stocks rose, except for the Indonesian index which tumbled [45] - SpaceX may launch an IPO in mid - June with a target valuation of $1.5 trillion [45] - Microsoft, Meta, and other companies reported strong earnings [45][46] Commodities - Exchanges tightened risk - control measures for futures contracts [49] - International precious metals and crude oil prices rose, while base metals mostly increased [49][50][51] Bonds - Chinese treasury bond futures rose on Wednesday, and the Ministry of Finance completed a treasury cash management deposit auction [52][53] - The National Development Bank issued RMB 5.5 billion of bonds in Macau [54] - Japan's 40 - year treasury bond auction had a high bid - to - cover ratio [54] - US treasury bond yields showed mixed performance [54] Foreign Exchange - The on - shore RMB/USD exchange rate rose, and China signed a RMB clearing agreement with Sri Lanka [56] - The yen depreciated against the dollar, and Thailand's central bank restricted gold trading [56] - The US dollar index rose 0.63% [57] Upcoming Events - There are multiple central bank interest - rate decisions, news conferences, and corporate earnings announcements scheduled for the day [59]

Core Insights - Meta Platforms Inc. received a positive investor response after announcing higher-than-expected capital expenditures for its AI business, with full-year capital expenditures projected between $115 billion and $135 billion, surpassing the average analyst estimate of $110.6 billion, leading to a 7% increase in shares during extended trading [1][12] Capital Expenditures - For the fiscal second quarter, capital expenditures reached $37.5 billion, marking a 66% increase from the previous year and exceeding analyst estimates of $36.2 billion [2] Azure Growth - Microsoft's Azure cloud-computing unit reported a 38% revenue increase during the quarter when adjusted for currency fluctuations, aligning with analysts' projections, although the growth rate slowed by one percentage point from the previous quarter [3] - Microsoft anticipates Azure sales to grow by 37% to 38% in the current quarter [3] Investor Concerns - Analysts expressed concerns regarding the rapid growth of capital expenditures outpacing expectations, alongside a potential slowdown in Azure's growth, raising questions about the return on investment [4] Cloud Expansion - Microsoft has seen significant growth in its cloud computing sector, aided by a partnership with OpenAI, but has faced challenges in scaling data center capacity to meet demand [6] AI Integration - Microsoft is actively integrating AI tools, including those from OpenAI, into its products, aiming to enhance sales of productivity software and cloud services [7] Earnings Performance - Microsoft reported a 17% increase in total sales to $81.3 billion for the quarter, with earnings per share at $5.16, boosted by gains from its investment in OpenAI [9] - Analysts had projected sales of $80.3 billion and earnings per share of $3.92, with customer commitments expected to materialize as sales more than doubling from the previous year, largely due to a $250 billion deal with OpenAI [10] Market Position - Microsoft is the first among the Big Three cloud service providers to report quarterly financial results this year, with Alphabet Inc. and Amazon.com Inc. scheduled to report subsequently [11]

Microsoft Corp.'s spending surged to a record high and cloud sales growth slowed, sending the shares down sharply amid investor concerns that it could take longer than expected for the company's AI investments to pay off.Capital expenditures for the fiscal second quarter hit $37.5 billion, up 66% from a year earlier and exceeding analyst estimates for $36.2 billion.The Azure cloud-computing unit posted a 38% revenue gain during the quarter when adjusting for currency fluctuations, just meeting analysts' pro ...

财报发布后，微软CEO萨提亚·纳德拉（Satya Nadella）和执行副总裁兼CFO艾米·胡德（Amy Hood）等公司高管出席了随后举行的财报电话会议，解读财报要点，并回答分析师提问。 以下是电话会议实录： 摩根士丹利分析师基思·维斯（Keith Weiss）：从财报数据来看， 微软本季度每股摊薄收益增 长了24%（ non-GAAP），这一结果非常出色，充分体现了团队的执行力。营收增长稳健，利润 率也在提升，但盘后交易中股价却出现下跌。我认为，投资者担忧的核心问题之一是资本支出增 速过快，甚至超出预期，这引发了市场对长期资本支出投资回报率（ROI）的担忧。因此，希望 各位能帮助我们厘清几个问题：如何看待产能扩张及其对未来Azure增长的推动作用？更重要的 是，该如何看待这一投资在未来实现时的回报率？ 艾米·胡德：谢谢基思。我先回答，萨提亚之后会补充更宏观的观点。我认为你提出的问题非常直 接，也是很多投资者关心的，即资本支出与Azure营收之间的关联。其实上季度和本季度，我们 都在更具体地说明资本支出（尤其是CPU和GPU等短期资产的支出）的去向。有时，或许可以 将我们给出的Azure指引理解为"分配产能 ...

Core Insights - Norway's $2.2 trillion sovereign wealth fund has reduced its stakes in major US tech firms, including Nvidia, Apple, Microsoft, and Alphabet, by the end of 2025 [1][2] Group 1: Investment Adjustments - The fund cut its stake in Nvidia from 1.32% to 1.26% and in Microsoft from 1.35% to 1.26%, while still maintaining these companies among its top five investments [2] - The total number of companies held by the fund decreased to 7,201, having exited over 1,000 companies in the last six months of 2025 [3] Group 2: Portfolio Strategy - The fund's strategy includes simplifying its portfolio, which led to exiting stock markets in Moldova, Iceland, Croatia, and Estonia, while adding investments in Jordan and Panama [3] - Approximately 53% of the fund's investments are concentrated in the US across all asset classes, with significant holdings in US Treasuries, Japanese government bonds, and German bunds [3] Group 3: Geopolitical Considerations - An advisory panel has indicated that the fund needs to enhance its preparedness for increasing geopolitical risks, including tariffs and financial sanctions [4] - The fund faced criticism from US Republican lawmakers for its decision to sell out of Caterpillar Inc. last year [4] Group 4: Fund Overview - Norges Bank Investment Management, which manages the fund, operates under a benchmark index set by Norway's finance ministry, limiting its scope for active investment moves [5] - The fund's investment portfolio includes equities, fixed income, real estate, and renewable infrastructure, all outside of Norway [5]

Core Viewpoint - Microsoft reported strong financial results for Q2 of FY2026, with significant revenue and profit growth, but faced a decline in stock price due to slowing cloud business growth [1][2]. Financial Performance - Total revenue for Q2 was $81.273 billion, a 17% increase from $69.632 billion year-over-year, with a 15% increase when adjusted for constant currency [1][5]. - Net profit reached $38.458 billion, up 60% from $24.108 billion year-over-year, with a 57% increase on a constant currency basis [1][5]. - Diluted earnings per share were $5.16, a 60% increase from $3.23 year-over-year, with a 58% increase when adjusted for constant currency [5]. Segment Performance - Cloud revenue amounted to $51.5 billion, a 26% year-over-year increase, with a 24% increase on a constant currency basis [5]. - Productivity and Business Processes revenue was $34.1 billion, up 16% year-over-year, with LinkedIn revenue growing 11% [5]. - Intelligent Cloud revenue reached $32.9 billion, a 29% increase year-over-year, with Azure and other cloud services growing 39% [5]. - More Personal Computing revenue was $14.3 billion, a 3% decline year-over-year, although Windows OEM and devices revenue grew by 1% [5]. Shareholder Returns - Microsoft returned $12.7 billion to shareholders through dividends and stock buybacks, a 32% increase year-over-year [5].

专题：聚焦美股2025年第四季度财报 摩根士丹利分析师基思·维斯（Keith Weiss）：从财报数据来看， 微软本季度每股摊薄收益增长了24% （ non-GAAP），这一结果非常出色，充分体现了团队的执行力。营收增长稳健，利润率也在提升，但 盘后交易中股价却出现下跌。我认为，投资者担忧的核心问题之一是资本支出增速过快，甚至超出预 期，这引发了市场对长期资本支出投资回报率（ROI）的担忧。因此，希望各位能帮助我们厘清几个问 题：如何看待产能扩张及其对未来Azure增长的推动作用？更重要的是，该如何看待这一投资在未来实 现时的回报率？ 艾米·胡德：谢谢基思。我先回答，萨提亚之后会补充更宏观的观点。我认为你提出的问题非常直接， 也是很多投资者关心的，即资本支出与Azure营收之间的关联。其实上季度和本季度，我们都在更具体 地说明资本支出（尤其是CPU和GPU等短期资产的支出）的去向。有时，或许可以将我们给出的Azure 指引理解为"分配产能指引"，即我们能实现的Azure营收规模，因为当我们投入资金、将GPU（重中之 重）部署到集群中时，实际上是在做长期决策。 我们首先要满足的是自研应用的使用增长需求，比如Mi ...