国内新闻 2025年中国—中亚货物贸易进出口达到1063亿美元 同比增长12% 1月18日，据商务部网站消息，2025年中国—中亚经贸合作取得长足发展。据中国海关统计，全年货物贸易进出口达到1063 亿美元，同比增长12%，增速较上年提高6个百分点。中国—中亚进出口总值历史上首次突破1000亿美元大关，连续5年保持正 增长。中国首次跃居中亚各国第一大贸易伙伴，中亚占中国外贸的比重进一步上升。 工信部：首次将科技型中小企业纳入梯度培育范围 1月17日，工业和信息化部修订发布最新《优质中小企业梯度培育管理办法》。《办法》扩大了培育基础，首次将科技型中 小企业纳入梯度培育范围，未来的优质中小企业将包含科技和创新型中小企业、专精特新中小企业和专精特新"小巨人"企业。 1月17日消息，科技部部长阴和俊在接受采访时表示，科技部将推动京津冀、沪苏浙皖优势互补，凝聚合力，打造科技强国 重要战略支点。 西电团队攻克芯片散热世界难题 据西安电子科技大学官方消息，近日，郝跃院士、张进成教授团队最新研究称，通过将材料间的"岛状"连接转化为原子级 平整的"薄膜"，使芯片的散热效率与综合性能获得了飞跃性提升。基于创新氮化铝薄膜技术，研究 ...

专题：世界经济论坛年会_2026冬季达沃斯 瑞士达沃斯当地时间1月18日消息，2026年冬季达沃斯论坛开幕在即，在主会场门口，"美国之家"吸引 了公众目光。 据悉，该项目由前冰球运动员兼投资人斯特龙巴克牵头，官网自称为"私人组织"，不代表美国政府，但 公开招募赞助。辉瑞、麦肯锡、微软等巨头已出现在赞助名单，据传赞助费高达100万美元，用于场地 运营、活动策划及媒体宣传等成本。私人主办，企业助力，这波操作你怎么看？（新浪财经北美站站长 康路 发自达沃斯） 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：梁斌 SF055 责任编辑：梁斌 SF055 专题：世界经济论坛年会_2026冬季达沃斯 瑞士达沃斯当地时间1月18日消息，2026年冬季达沃斯论坛开幕在即，在主会场门口，"美国之家"吸引 了公众目光。 据悉，该项目由前冰球运动员兼投资人斯特龙巴克牵头，官网自称为"私人组织"，不代表美国政府，但 公开招募赞助。辉瑞、麦肯锡、微软等巨头已出现在赞助名单，据传赞助费高达100万美元，用于场地 运营、活动策划及媒体宣传等成本。 ...

Core Insights - The technology sector is poised for superior growth in 2026, particularly driven by demand for AI services, which is creating a robust environment for tech companies in the AI infrastructure market [1] Group 1: Advanced Micro Devices (AMD) - AMD is a leading chip supplier for consumer PCs and data centers, with revenue growing at an annualized rate of over 20% over the last two years [2] - Analysts project AMD's revenue to reach $34 billion in 2025, with a long-term growth outlook of 35% annually over the next three to five years [3] - AMD's data center revenue reached a record $4.3 billion in Q3, with expectations of over 60% annualized growth in the next five years [5] - The client segment revenue, driven by Ryzen processors, hit a record $2.8 billion in Q3, reflecting a 46% year-over-year increase [6] - AMD's gaming revenue was $1.3 billion last quarter, nearly tripling year-over-year, with long-term growth expected at over 10% annually [7] - AMD's portfolio includes adaptive computing chips, providing a competitive edge in AI solutions for edge computing devices [8] - Analysts expect AMD's earnings to grow at an annualized rate of 45% in the coming years, indicating multiple avenues for chip demand [9] Group 2: Microsoft - Microsoft has a vast ecosystem of productivity tools and cloud services, generating substantial revenue through subscriptions, including Microsoft 365 with over 400 million paid subscribers [10][13] - The company invested $69 billion in capital expenditures last year, funded by $147 billion in cash from operations, enabling the development of advanced AI chips and cloud software [12] - Microsoft Cloud revenue grew 26% year-over-year, reaching $46 billion, while Azure revenue increased by 40% year-over-year [12][14] - Operating profit grew 24% year-over-year, indicating healthy profitability alongside aggressive investments in AI infrastructure [15] - Analysts expect Microsoft's earnings to grow at a rate of 13% per year, positioning the company as a strong player in an AI-driven economy [15]

近日，马斯克向美国联邦法院提交一份文件，以OpenAI背弃其非营利初衷，与微软合作，对他构成欺诈为由，要求OpenAI和微软向 其支付788亿美元至1345亿美元的赔偿。 马斯克的律师在16日提交的文件中详细说明了这一赔偿请求。该文件援引相关金融经济学家、专家证人的估算称，马斯克在2015年 协助创立OpenAI时，向其捐赠了3800万美元种子资金，却遭到欺诈，因此有权获得OpenAI当前约5000亿美元估值中的一大部分。 本文转自【央视财经】； 马斯克于2018年退出OpenAI董事会，2023年创立了自己的人工智能公司，并在2024年就OpenAI首席执行官阿尔特曼将该公司转为营 利性企业的计划与其展开法律诉讼。OpenAI和微软均否认马斯克的相关指控。OpenAI此前曾警告投资者，随着案件进入审理阶段， 预计马斯克将提出吸引眼球的主张。路透社称，一名微软律师表示，没有证据表明微软公司"协助并教唆"OpenAI。案件庭审预计将 于今年4月启动。 马斯克主张，OpenAI的不当获利介于655亿美元至1094亿美元之间，微软获得的相关收益为133亿美元至251亿美元。因此，如果赔偿 请求获得法院支持，马斯克将 ...

Market Performance - The RAM Smid composite gained 3.58% in 4Q25, outperforming the Russell 2500 Value Total Return index which rose 3.15% [2] - Year to date, the RAM Smid composite gained 13.09% compared to 12.73% for the Russell 2500 Value Total Return index [2] - In 4Q25, both the Russell 2500 Value and Russell 2000 Value outperformed the S&P 500 and Nasdaq Composite, indicating a shift in investor focus towards small-cap stocks [3] Economic Outlook - The U.S. economy showed strength into year-end, recovering from a 0.6% GDP decline in 1Q25 to 3.8% and 4.3% in 3Q25 and 4Q25 respectively [6] - Consumer spending is expected to remain healthy in 2026, bolstered by various tax benefits and potential stimulus measures [7] - Inflation, as measured by core PCE, was 2.9% in 3Q25, and is anticipated to ease in the second half of 2026 as tariff impacts diminish [8] Federal Reserve and Interest Rates - Job growth has weakened, with non-farm payrolls down 105,000 in October and the unemployment rate rising to 4.6% [10] - If job growth remains weak, the Federal Reserve may need to cut rates further, especially if inflation driven by tariffs subsides [11] Small Cap Sector Insights - The small cap value sector is viewed as attractively valued and neglected by investors, presenting potential opportunities as large-cap stocks plateau [12] - A shift of just 1% from the S&P 500 into the Russell 2500 value index could require significant buying, indicating potential for a rapid rotation into small caps [13] Portfolio Highlights - The portfolio added three new positions in 4Q25 and maintained a focus on long-term compounding with modest turnover [14] - Mayville Engineering (MEC) was the top performer in 4Q25, rising 34.8%, while Lakeland Industries (LAKE) was the weakest performer, declining 45.31% [16][17] - Donnelley Financial Solutions (DFIN) is transitioning to a software-as-a-service model, with strong balance sheet metrics and significant free cash flow [19][20] Valuation and Future Projections - DFIN shares are considered attractively valued, trading at 10.5x 2026 EPS and 5.6x EBITDA estimates, significantly below peers [23] - A conservative price target of $66 for DFIN implies a 41.4% upside from year-end closing, with potential for further appreciation as the company stabilizes its revenue model [24] - The small and smid cap sector may benefit from moderate GDP growth, easing inflation, and potential Fed rate cuts in 2026 [26]

Core Viewpoint - The investment strategies have shown positive returns for the year, with a focus on long-term performance over short-term results [2][5]. Performance Summary - Large Cap Composite (Gross) returned -1.4% QTD, 8.5% YTD, and 10.4% annualized since inception [3][22]. - Small Cap Composite (Gross) returned 3.4% QTD, 10.3% YTD, and 8.3% annualized since inception [3][31]. - Focus Composite (Gross) returned 0.2% QTD, 7.5% YTD, and 14.3% annualized since inception [3][36]. - All Cap Composite (Gross) returned 1.5% QTD, 11.5% YTD, and 11.1% annualized since inception [3][53]. Market Environment - The current market resembles the late 1990s, with concerns about overvaluation and a focus on AI-related stocks [5][6][7]. - AI is seen as a transformative technology, similar to the Internet, but caution is advised regarding valuations [7][9]. Investment Strategy - The company emphasizes buying only those companies with stable values, often waiting for them to become discounted enough for investment [10][12]. - The portfolio has shifted towards more healthcare and insurance-related businesses, with a focus on smaller companies outside the top 10 largest market capitalizations [11][12]. Notable Holdings - Medpace (MEDP) has shown significant growth, with a stock price increase of over 73% for the year, driven by strong free cash flow and share repurchases [13][14]. - Ryan Specialty Holdings Inc. is highlighted for its robust growth and stable margins, despite facing a short-term pricing cycle [24][25][38]. - TransUnion is recognized for its strong operating margins and successful diversification beyond credit reports [26][38]. Performance Contributors and Detractors - Alphabet Inc. and Salesforce Inc. were significant contributors to performance, while CoStar Group and Microsoft Corporation were notable detractors [37][46]. - Fiserv Inc. was a material detractor due to downward guidance and strategic shifts in its business model [30][46]. Market Trends - The small-cap sector has lagged behind large-cap returns, presenting potential opportunities for investment as it is often overlooked [15]. - The dominance of large-cap stocks in market returns continues, with the top 10 S&P 500 stocks accounting for over 50% of its return in 2025 [16].

Elon Musk is seeking up to $134 billion from OpenAI and Microsoft, saying he deserves the “wrongful gains” that they received from his early support, according to a court filing on Friday.OpenAI gained between $65.5 billion and $109.4 billion from the billionaire entrepreneur’s contributions when he was co-founding what was then a startup from 2015, while Microsoft gained between $13.3 billion and $25.1 billion, Musk said in the federal court filing ahead of his trial against the two companies.“Without Elon ...

Group 1 - Microsoft Corporation (NASDAQ:MSFT) is considered one of the best stocks to buy in 2026 for beginners, with Morgan Stanley reaffirming a Buy rating and setting a price target of $650 [1] - Truist has raised its price target for Microsoft to $675 while reiterating a Buy rating [2] - Microsoft has initiated a plan to limit data center power costs and its impact on the public, committing to pay utility rates sufficient to cover its power costs [1][2] Group 2 - The company plans to replenish more water than it consumes in its data centers and will publish information on water use and replenishment progress in the U.S. [2] - Microsoft operates through three segments: Intelligent Cloud, Productivity and Business Processes, and More Personal Computing [3]

Core Insights - OpenAI has rapidly transformed from a relatively unknown entity to a tech giant valued at approximately $830 billion, currently seeking $100 billion in new capital to support its extensive commitments to cloud computing resources [1] Group 1: Partnerships and Financial Commitments - Microsoft has a long-standing relationship with OpenAI, having invested early in 2019 and now holding a 27% equity stake, with $250 billion in commitments for Azure cloud services [2] - OpenAI has also signed significant deals with Oracle, including a $300 billion commitment over five years for Oracle's cloud infrastructure [3] - The combined commitments from Microsoft and Oracle amount to $550 billion, although these are not guaranteed [8] Group 2: Financial Performance and Funding Needs - OpenAI plans to spend over half a trillion dollars with Microsoft and Oracle, in addition to approximately $800 billion in commitments with other cloud and chip providers [4] - The company generated $4.3 billion in revenue in the first half of 2025, with a $20 billion annualized run rate reported by CEO Sam Altman [4] - OpenAI's substantial spending necessitates outside funding, often negotiated through vendor financing methods such as equity and stock warrants [5] Group 3: Market Risks and Considerations - Critics have raised concerns about the circular financing deals that enable OpenAI to fund its infrastructure needs, highlighting the potential risks if the company fails to succeed [6] - The success of OpenAI is crucial not only for its own future but also for the broader industry, as its failure could have significant repercussions [6] - Investors are advised to consider the relative risks associated with Microsoft and Oracle stocks, given their similar valuations but differing risk profiles [7]

Core Insights - Microsoft (MSFT) has been a focal point for both growth and value investors, indicating its significant role in the investment landscape [1]. Group 1 - The past year has been particularly important for Microsoft, suggesting notable developments or changes within the company [1].