【提醒：日内请重点关注（以下均为北京时间）】① 时间待定 芬兰总理奥尔波将访华（1月25-28 日）； ② 欧股盘前 阿斯麦控股发布业绩报告； ⑦ 23:30 美国能源信息署（EIA）发布政府版原油库存周报； ③ 18:00 欧洲央行执委Elderson在关于任命的听证会发表开场白演讲，欧洲央行12月中旬提名其继续担 任监管委员会副主席； ⑧ 次日02:00 欧洲央行执行理事会成员Isabel Schnabel讲话； ④ 美股盘前 苹果供应商康宁公司（GLW）、星巴克发布业绩报告； ⑤ 21:30 美国12月商品贸易帐； ⑥ 22:45 加拿大央行公布利率决议； ⑨ 次日03:00 美联储发布FOMC利率决议声明（没有"季度性"经济预期概要/SEP）； ⑩ 次日03:30 美联储主席鲍威尔举行例行新闻发布会； ⑪ 美股盘后 微软、Meta、特斯拉发布业绩报告，拉姆研究、IBM、ServiceNOW也将发布业绩报告； ⑫ 次日05:30 巴西央行公布利率决议； ⑬ 次日05:45 新西兰12月进出口与贸易帐； ...

南方财经 21世纪经济报道记者吴斌 上海报道 在科技股和芯片股的提振下，标普500指数创下历史新高。 美国东部时间1月27日，标普500指数收涨0.41%，报6978.60点，时隔半个月再创历史新高；纳斯达克综 合指数涨0.91%，报23817.10点；道琼斯指数跌0.83%，报49003.41点。 财报方面，约五分之一的标普500成分股本周公布季度业绩，"七巨头"中有苹果、微软、Meta和特斯 拉。 本轮财报季的一个关键主题在于：企业是否开始真正从AI相关投资中获益？在2025年末，市场一度担 心大规模投向数据中心及其他基础设施的资本支出能否带来回报，这种疑虑一度打压科技股及其他AI 概念股，本周市场将对此高度关注。 科技巨头能否继续走高？ 1月27日，"七巨头"中六家上涨，英伟达、苹果涨逾1%，微软、亚马逊涨逾2%，仅特斯拉一家下跌。 Globalt Investments高级投资组合经理Thomas Martin分析称，大家都在关注任何能让外界深入了解人工 智能技术发展趋势的信息，投资者将重点关注各公司的资本支出水平以及与AI商业化相关的信息，除 了资本支出和运营支出总额之外，相关评论也将是关注的焦点。 ...

4. 【中企海外建电池储能工厂热潮再起】当前中国储能出海，在由规模扩张转向价值深耕的关键阶 段，海外建厂热潮再起。埃及公司Kemet与楚能新能源签署了合作协议，双方将共同在埃及建立一座 价值2亿美元的储能电池工厂，年产能为5GWh。阳光电源也宣布与埃及政府签署18亿美元的合作协 议，规划年产能10GWh成为区域产业核心枢纽，预计于2027年4月投产。中创新航已与葡萄牙政府 签署投资协议，双方将推进动力及储能用锂电池制造项目落地。此外，隆基绿能联合精控能源，与美 国NeoVolta共同成立了合资公司NeoVolta Power，并宣布将在美国佐治亚州彭德格拉斯建设电池 储能系统生产基地。 (电池中国 ) 5.【量子计算机"本源悟空"全球访问量突破4000万次】1月27日消息，据安徽省量子计算工程研究中 心最新发布，我国第三代自主超导量子计算机"本源悟空"全球访问量正式突破4000万次，服务网络 覆盖全球163个国家和地区，标志着中国自主量子 算力全球影响力持续提升。截至 目前，"本源悟 空"累计完成超76万个 全球量子计算任务。（ 科创板 日报 ） 更多智能制造产业资讯…… 扫码可订阅产业日报 1.【美光计划斥 ...

on 27-Jan-2026 27 January 2026 U.S. IT Hardware Global Technology: A conversation with 3 CIOs - perspectives on AI, Cloud, PCs, and vendors (conference call transcript) Mark C. Newman +1 212 845 7822 mark.newman@bernsteinsg.com Peter Weed +1 917 344 8390 peter.weed@bernsteinsg.com Mark L. Moerdler, Ph.D. +1 917 344 8506 mark.moerdler@bernsteinsg.com Firoz Valliji, CFA +1 917 344 8316 firoz.valliji@bernsteinsg.com Luwei Yang +1 917 344 8342 luwei.yang@bernsteinsg.com Shelly Tang, CFA +1 917 344 8342 shelly.t ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Global Artificial Intelligence (AI) - **Key Players**: Hyperscalers including Microsoft, Meta Platforms, Alphabet, and Amazon Core Insights 1. **Enterprise AI Adoption**: - Enterprise AI adoption is accelerating, with production use-cases increasing by 3 percentage points to 24% in 4Q25, as per Citi's CIO survey. Testing use-cases remain higher at 36%, indicating significant future adoption potential [2][3] 2. **Return on Investment (ROI)**: - Enterprises are experiencing efficiency gains of 20-30% from AI deployments. A simplified scenario suggests that if annual AI spending is 10% of baseline costs, it could yield a 2-3x ROI over one year [3][4] - High user adoption rates (80%+) and substantial time savings (~67%) further underscore AI's value proposition, driving demand and revenue growth for hyperscalers [3] 3. **Cash-Returns-On-Cash-Invested (CROCI)**: - Despite rising capital expenditures (CapEx), CROCI remains resilient among U.S. hyperscalers. Investments in AI infrastructure are expected to yield long-term returns, similar to past cloud expansion cycles that established AWS, Azure, and Google Cloud as revenue drivers [4][8] - Future investments are anticipated to reaccelerate industry revenue and earnings growth through expanded revenue bases and economies of scale [4] 4. **Market Trends**: - The trend of increasing enterprise AI adoption is expected to continue, as indicated by Citi's 4Q25 CIO survey and Ramp's AI Index, which captures substantial corporate spending on AI solutions [1][2] - Hyperscaler revenues and CapEx are likely to be revised higher due to accelerating enterprise AI adoption and increased usage of large language models (LLMs) [1] Additional Insights 1. **Sector-Specific AI Adoption**: - The Ramp AI Index indicates varying adoption rates across sectors, with technology leading at 75%, followed by finance (62%) and manufacturing (47%) [31] 2. **Management Commentary**: - Recent earnings calls from various companies (e.g., Micron Technology, FedEx, Accenture) highlight the scaling of AI deployments and the integration of AI into business processes, emphasizing the transformative potential of AI across industries [18][20][22] 3. **Investment Outlook**: - Analysts expect upward revisions to current consensus estimates for U.S. hyperscalers as incremental AI capacity comes online, suggesting a positive outlook for revenue growth from 2025 onwards [4][16] 4. **Challenges and Considerations**: - The capital-intensive nature of AI infrastructure development raises concerns, but the long-term growth potential and market leadership opportunities are seen as justifying these investments [4][8] This summary encapsulates the key points discussed in the conference call, focusing on the accelerating adoption of AI, the tangible ROI from AI deployments, and the positive outlook for hyperscalers in the AI sector.

Summary of Cloud Computing Industry Conference Call Industry Overview - The conference call discusses the cloud computing industry, focusing on the recent price increases in cloud services, particularly by Amazon's EC2, which raised machine learning capacity block prices by 15% [1][2]. Key Points and Arguments - **Price Increase Impact**: The price increase by Amazon marks a significant shift in the cloud computing pricing strategy, traditionally characterized by price reductions. This change is expected to alter the supply-demand dynamics in the industry, especially in the western United States [2][4]. - **Token Usage Growth**: A substantial increase in token usage is driving the price hikes, with daily token calls reaching 50 trillion by December 2025, a year-on-year increase of nearly 13 times [1][4]. - **Beneficiaries of Price Hikes**: Public cloud providers like Alibaba and companies with higher profit margins such as Kingsoft Cloud and UCloud are expected to benefit from the price increases, potentially doubling their operating profit margins [5][6]. - **AI Infrastructure Requirements**: The transition to AI infrastructure requires significant enhancements in GPU/TPU capabilities, storage systems, and network communication protocols, distinguishing it from traditional infrastructure [1][10]. - **Market Share of Leading Providers**: Major cloud providers, including Amazon, Microsoft, Google, and Alibaba, are projected to hold over 80% of the global infrastructure market by 2024, with increased investments in smart cloud technologies [1][11]. Additional Important Insights - **Financial Performance**: The price increases are anticipated to significantly enhance the financial performance of related companies, with a potential 20% price hike leading to doubled profit margins for companies like Alibaba [6]. - **Emerging Companies**: Newer companies in the computing rental space, such as Coreweave and domestic firms like Xiechuang and Tongjing, are expected to profit from the increased demand for computing power [4][5]. - **Industry Evolution**: The cloud computing industry has evolved from basic IaaS offerings to more complex services, driven by the rise of AI applications and large model training since 2023 [8][9]. - **Investment Trends**: Major cloud providers are increasing capital expenditures, with North American companies expected to grow their capital spending by 40% by 2026, totaling around $150 billion [22]. - **Future Revenue Expectations**: Companies like Microsoft anticipate cloud revenue growth close to 40%, while Google expects its revenue to double within two years due to substantial order backlogs [24]. Conclusion The cloud computing industry is undergoing a transformative phase characterized by rising prices, increased demand for AI capabilities, and significant shifts in market dynamics. Major players are poised to benefit from these changes, while emerging companies also stand to gain from the evolving landscape.

Summary of Key Points from Conference Call Records Industry Overview - **Market Performance**: The S&P 500 experienced a five-day winning streak, reaching record highs before major tech earnings reports. The dollar hit a four-year low, while gold prices surged. A-shares showed a volatile upward trend, with significant gains in precious metals and the computing hardware supply chain [1][2]. Core Insights and Arguments - **Tech Sector Earnings**: Major tech companies are influencing market trends, with Meta's $60 billion order for fiber optics leading to a 15% surge in Corning's stock. Micron and Microsoft also saw stock increases of over 5% and 2%, respectively, while Tesla's stock fell by 1% [1]. - **Economic Indicators**: In December, profits for large-scale industrial enterprises in China shifted from a 13.1% decline in November to a 5.3% increase, indicating improved profitability and growth in the upper and middle reaches of the industrial sector [1]. - **Commodity Prices**: Gold prices rose over 3%, while silver experienced significant volatility, with a drop of over 10% and a subsequent rise of nearly 9% [1]. Important but Overlooked Content - **Sector-Specific Developments**: - **AI Applications**: The AI sector is seeing significant advancements, with new models expected to launch during the Spring Festival. Companies like Deepseek and Kimi are releasing new products, indicating a robust growth trajectory in AI applications [5][6]. - **Fiber Optics**: Meta's substantial investment in fiber optics is a key development, with potential implications for related companies such as Yangtze Optical Fibre and Hengtong Optic-Electric [6]. - **Aviation Industry**: China’s COMAC plans to increase production and delivery of the C919 narrow-body aircraft, suggesting a potential growth area in the domestic aviation market [6]. - **Semiconductors**: Price adjustments by Zhongwei Semiconductor for MCU and Norflash products, with increases ranging from 15% to 50%, highlight the ongoing demand and pricing power in the semiconductor sector [6]. - **Cloud Computing**: Google announced a price adjustment for data transmission methods in North America, which could significantly impact cloud service providers and related companies [6].

Portfolio Performance - The portfolio net value increased from 1.000 in September 2025 to 1.175 by January 23, 2026, reflecting a growth of 17.5%[5] - The portfolio volatility was recorded at 11.16% in January 2026, compared to 8.60% in October 2025[5] Adjustments in Holdings - The total storage position was reduced from 17% to 12% due to anticipated volatility from upcoming earnings reports from major companies[6] - The allocation for non-ferrous metals was adjusted to 15%, while nuclear power was increased to 18%[6] - A new position of 2% was established in the commercial aerospace core stock, RKL[6] Macro Observations - The Nasdaq ETF (Invesco QQQ Trust) showed a year-to-date increase of 17.09%[7] - The VIX index, indicating market volatility, rose by 2.88% recently, suggesting increased market uncertainty[7] - Gold prices increased by 1.35%, reflecting a 80.10% rise over the past year[7] Energy Sector Insights - The U.S. electricity demand is projected to triple from 200 TWH to 640 TWH by 2035, indicating a significant increase in energy needs[7] - The report highlights a structural change in the U.S. electricity system, emphasizing the need for stable policies and supply chains for nuclear energy[7] Market Trends - The report notes a significant rise in rare earth companies, with CRML increasing by nearly 200% and USAR by 108% in three weeks, indicating speculative market behavior[9] - The market is characterized by a shift towards smaller-cap stocks, with larger companies showing stagnant performance, raising concerns about market stability[9]

据最新消息，微软在威斯康星获批新建15个数据中心。此次批准将助力微软扩充数据中心容量，以支持其提升 算力、加速人工智能布局的雄心。此外，新增的数据中心容量，还将使微软能够锁定其从OpenAI及其他客户 那里获得的收入。 另外，当地时间周一，微软正式发布新一代高性能AI推理芯片Maia 200。随后，市场传出，SK海力士成为这 款芯片的先进内存独家供应商。有分析师预计，2026年，全球DRAM和NAND芯片的价格涨幅将超出市场预 期。 A股相关板块也集体走强，截至10点，气派科技20%涨停，中微半导、晶丰明源、富满微、国民技术等涨超 10%，康强电子、盈新发展10%涨停，兆易创新、华天科技、北京君正等纷纷跟涨。CPO等算力硬件股也集体 异动，太辰光涨超12%，亨通光电、长飞光纤等涨超6%。 微软获批新建15个数据中心 最新消息传出，微软在威斯康星州Mount Pleasant新建15个数据中心的计划获得了当地政府批准，该数据中心 位于微软正在扩建的现有数据中心附近。 CNBC报道称，新增的数据中心容量将使微软能够锁定其从OpenAI及其他客户那里获得的收入。目前，亚马 逊、谷歌和甲骨文正与微软展开竞争，争相建设 ...

Market Overview - Technology stocks extended gains, with major contributions from Microsoft, Amazon, Nvidia, Apple, and Broadcom, leading to the Nasdaq reaching its highest level since late October and the S&P 500 nearing the 7,000 milestone, marking its fourth record closing high in 2026 [1][15] - The Dow Jones Industrial Average fell by 408.99 points, or 0.83%, closing at 49,003.41, while the S&P 500 gained 28.37 points, or 0.41%, to 6,978.60, and the Nasdaq Composite rose by 215.74 points, or 0.91%, to 23,817.10 [6][15] Earnings Reports - 102 S&P 500 companies are set to report earnings this week, with 79.7% of the 64 that had reported by Friday exceeding analyst expectations [8][15] - General Motors saw an 8.7% increase in shares after reporting higher fourth-quarter core profit [15] - Boeing reported a fourth-quarter profit due to a unit sale but faced larger-than-expected losses in its two biggest divisions, leading to a 1.6% decline in shares [9][15] - American Airlines shares closed down 7% due to expected impacts from a winter storm on first-quarter results, despite a positive 2026 profit forecast [10][15] - JetBlue shares fell 6.9% after reporting a wider-than-expected quarterly loss attributed to bad weather and a government shutdown [10][15] Sector Performance - The technology sector led gains among the S&P 500's 11 major industry sectors, rising by 1.4%, with Corning being the biggest gainer, rallying 15.6% after signing a deal with Meta worth up to $6 billion for fiber-optic cables in AI data centers [7][15] Consumer Confidence and Economic Indicators - U.S. consumer confidence unexpectedly declined in January, reaching its lowest level since 2014, but this did not significantly impact the stock market [4][15] - A recent decline in the U.S. dollar, dropping over 1% on Tuesday, is viewed positively for U.S. equities as it benefits exports, which is expected to enhance S&P earnings going forward [5][6][15] Federal Reserve Watch - Investors are awaiting a policy announcement from the U.S. Federal Reserve, with expectations of unchanged interest rates, while focusing on guidance regarding future rates and economic commentary [11][15] Market Breadth - Advancing issues outnumbered decliners by a 1.61-to-1 ratio on the NYSE, with 693 new highs and 95 new lows, while on the Nasdaq, 2,725 stocks rose against 2,056 that fell, resulting in a 1.33-to-1 ratio [12][15]