Core Viewpoint - Samsung Electronics is set to begin production of its next-generation high-bandwidth memory (HBM) chips, known as HBM4, next month, with plans to supply these chips to Nvidia [1] Group 1: Company Developments - Samsung Electronics will initiate the production of HBM4 chips, which are designed to enhance data processing capabilities [1] - The collaboration with Nvidia indicates a strategic partnership aimed at advancing technology in high-performance computing [1] Group 2: Industry Implications - The introduction of HBM4 chips is expected to impact the semiconductor industry by pushing the boundaries of memory performance [1] - This move aligns with the growing demand for advanced memory solutions in sectors such as artificial intelligence and gaming [1]

Core Insights - Nvidia is trading at a forward P/E ratio of approximately 24 times based on the 2026 consensus, with a forward PEG ratio of 0.65, indicating it is undervalued as positive PEG ratios below 1 are considered attractive [1] Company Performance - Nvidia's revenue grew by 62% last quarter to $57 billion, marking a nearly tenfold increase from $5.9 billion in the third quarter of fiscal 2023, showcasing extraordinary growth [2] AI Infrastructure and Market Position - Nvidia is a major beneficiary of the AI infrastructure buildout, with companies racing to develop foundational large language models (LLMs) relying on Nvidia's GPUs for training [4] - Cloud computing companies are investing heavily in AI data centers to meet the rising demand for computing power and AI services, indicating a robust market for Nvidia's offerings [5] - Despite increased competition, Nvidia maintains a strong position due to the flexibility of its GPUs compared to custom AI ASICs, and its CUDA software platform is widely used for foundational AI code [6] Business Expansion - Nvidia is expanding beyond GPU manufacturing by delivering turnkey AI solutions that include networking components, with its networking segment experiencing a 162% revenue surge last quarter to $8.2 billion [7] Valuation and Future Outlook - Nvidia's stock is considered attractively valued given its outstanding growth and position as a key player in the AI infrastructure boom, suggesting it is well-positioned for long-term success despite competition [8]

早 报 精 选 4、三星电子在今年第一季度将NAND闪存的供应价格上调了100%以上。 5、银河通用机器人正式成为总台2026年春节联欢晚会指定具身大模型机器人。 宏 观 新 闻 1、 据报道，当地时间1月22日，美国总统特朗普在空军一号上表示，他将于4月访问中国。在1月23日举行的中国外交部例行记者会 上，外交部发言人郭嘉昆对此表示，中美关系稳定发展，符合两国人民共同利益，也符合国际社会共同期待。元首外交对中美关系发 挥着不可替代的引领作用。 1、证监会披露2026年的"1号"罚单，对余韩操纵证券市场行为作出行政处罚，罚没金额合计10.22亿元。 2、公募基金业绩比较基准新规正式发布。 3、锋龙股份、嘉美包装两牛股今起停牌。 2、中央政治局委员、中央军委副主席张又侠，中央军委委员、中央军委联合参谋部参谋长刘振立涉嫌严重违纪违法，经党中央研 究，决定对张又侠、刘振立立案审查调查。 3、记者求证获悉，关于"证监会将收紧内地企业赴港上市门槛，设300亿市值下限"消息不实，当前境外上市政策没有变化。 行 业 新 闻 1、据报道，美国英伟达创始人黄仁勋再度前往中国，首站到访英伟达位于上海的新办公室。这是黄仁勋2026 ...

1.美国英伟达创始人黄仁勋再度前往中国，首站到访英伟达位于上海的新办公室。这是黄仁勋2026年首度赴华。 2.在避险资产需求激增、全球各地散户疯狂买入推动下，现货白银价格历史性地突破了每盎司100美元大关，延续了近期的炽热涨势。上周五纽约时段，现 货白银升破100美元，最高时涨4.5%报每盎司100.58美元。年初至今银价已累涨逾40%，在2025年银价已实现了近148%的年度涨幅。 3.《北京市关于促进商业卫星遥感数据资源开发利用的若干措施（2026—2030年）》近日印发，其中提出，拓展国际交流合作。支持各类主体积极拓展遥感 数据资源国际市场，发挥北京自由贸易试验区、国家服务业扩大开放综合示范区先行先试政策优势，推进地理信息服务出口基地北京试点建设，进一步深化 卫星出口、卫星数据沙盒监管和跨境流动试点，为"数字丝绸之路"和"一带一路"空间信息走廊建设提供"北京方案"。 热点聚焦 公司要闻 招商银行(03968.HK)：发布2025年度业绩快报，2025年实现营业收入3375.32亿元，同比增幅0.01%；净利润1501.81亿元，同比增加17.90亿元，增幅1.21%。 光大证券(06178.HK)：20 ...

Core Viewpoint - The AI hardware market is becoming increasingly competitive, yet Nvidia remains a dominant player with significant market share and growth potential [1][2]. Company Overview - Nvidia's graphics processing units (GPUs) are integral to AI applications, achieving an impressive 85% market share, positioning the company nearly as a monopoly [2]. - The company has experienced substantial growth, with a market capitalization of $4.6 trillion and a stock price increase of 1,252% over the past five years [5][7]. Financial Performance - In Q3 2025, Nvidia reported revenue of $57 billion, reflecting a 62% year-over-year increase, while net income surged by 65% and diluted earnings per share (EPS) grew by 67% [7]. - Cash reserves increased from $43.2 billion in January 2025 to $60.6 billion by October 2025, allowing the company to cover its $10.82 billion debt nearly six times over [8]. - Nvidia boasts a gross profit margin of 70% and a net income margin of 53%, indicating strong profitability [8]. Competitive Landscape - Competitors such as Advanced Micro Devices (AMD) and Qualcomm are emerging, with AMD holding a 7% market share and Qualcomm targeting lower-end AI users [2][4]. - Despite AMD's growth of only 0.8% in Q3 2025, it remains a slow-growing rival, while Qualcomm's new chips are expected to enter the market in the near future [4]. Market Influence - Nvidia is the preferred choice for major AI software developers, including OpenAI and Microsoft, which further solidifies its market position [5]. - The company has consistently exceeded earnings expectations in the last five quarters, indicating strong market confidence [9].

Core Insights - Nvidia CEO Jensen Huang shifted the focus from traditional chip discussions to broader topics such as electricity, construction, bond issuance, and the economic value of AI infrastructure during his talk at Davos [1]. Group 1: Nvidia's Business Overview - Nvidia reported a revenue of $57.0 billion for Q3 FY26, representing a 22% increase quarter-over-quarter and a 62% increase year-over-year [5]. - The data center revenue for Q3 FY26 was $51.2 billion, showing a 25% increase quarter-over-quarter and a 66% increase year-over-year [5]. - The company has a GAAP gross margin of 73.4% for Q3 FY26 [5]. - The revenue outlook for Q4 FY26 is projected at $65.0 billion, with a variance of plus or minus 2% [5]. - Nvidia returned $37.0 billion to shareholders in the first nine months of FY26, with $62.2 billion remaining under buyback authorization [5]. Group 2: Industry Trends and Projections - The IT load in U.S. data centers is expected to rise from approximately 80 GW in 2025 to over 150 GW by 2028, with significant growth in data center sizes anticipated [6]. - By 2030, it is projected that one in five data center campuses will exceed a gigawatt in size, increasing to one in three by 2035 [6]. - Goldman Sachs Research has revised its consensus estimate for 2026 hyperscaler capital expenditures to $527 billion, up from $465 billion, with hyperscalers spending $106 billion on capex in Q3 alone, marking a 75% year-over-year increase [6]. Group 3: AI and Economic Impact - Huang emphasized that the final layer of AI applications is where significant economic benefits will materialize, suggesting a shift from cyclical capital expenditures to continuous investment needs [7]. - A report indicates that power availability is becoming a critical factor in the success of data center markets, moving beyond being a mere planning variable [8].

Ah, the stock market. A bastion of rational thought, predictable trends, and calm, measured reactions. Or, at least, that’s what the textbooks tell us. In the era of Donald J. Trump, however, investors have learned to embrace a new paradigm: the art of the geopolitical whiplash. It’s a market where a single Truth Social post can send indices plummeting faster than a lead balloon, only for a vague “framework deal” to send them soaring again, leaving analysts scrambling to coin new acronyms for the chaos. Wel ...

Alphabet Inc．（GOOGL）： 美国交通安全调查机构正在调查Alphabet旗下自动驾驶子公司 Waymo 的 数起事故。在奥斯汀市，该公司的自动驾驶车辆在停靠的校车附近存在违规行驶行为。 亚马逊公司（AMZN）：宾夕法尼亚州联邦法官裁定，陪审团需判定在一名自闭症员工因排班调整出 现通勤困难后，亚马逊服务有限责任公司是否已为该员工提供了充分便利。 亚马逊公司（AMZN）、微软公司（MSFT）、帕洛阿尔托网络公司（PANW）：美国众议院网络安全 小组委员会主席安迪・奥格尔斯要求亚马逊云科技、微软旗下领英以及帕洛阿尔托网络公司各指派一名 高管出庭作证，就朝鲜利用远程信息技术工作者计划的相关情况接受质询。 AMC 娱乐控股公司（AMC）：部分 AMC 债券持有人已启动与该影院连锁企业的秘密谈判。市场担忧 公司可能酝酿更大规模的债务相关动作，受此影响，其部分债券价格大幅下跌。 雪佛龙公司（CVX）、斯伦贝谢公司（SLB）、贝克休斯公司（BKR）、哈利伯顿公司（HAL）：美 国正与雪佛龙、其他原油生产商，以及油服承包商斯伦贝谢、贝克休斯、哈利伯顿展开磋商，计划推动 委内瑞拉原油产能快速恢复。该计划的成本仅为 ...

Core Insights - The State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM) and the Schwab U.S. Broad Market ETF (SCHB) are both designed to mirror the performance of the broad U.S. stock market with minimal fees, making them suitable for core holdings in diversified portfolios [1][2] Cost and Size Comparison - Both SPTM and SCHB have an expense ratio of 0.03%, which is among the lowest in the industry [3] - As of January 25, 2026, SPTM has a 1-year return of 12.91% and SCHB has a return of 12.80% [3] - The assets under management (AUM) for SPTM is $12 billion, while SCHB has a significantly larger AUM of $38 billion [3] Performance and Risk Comparison - The maximum drawdown over 5 years for SPTM is -24.15%, while SCHB has a slightly higher drawdown of -25.40% [4] - An investment of $1,000 would grow to $1,765 in SPTM and $1,700 in SCHB over 5 years [4] Portfolio Composition - SCHB tracks the Dow Jones U.S. Broad Stock Market Index and holds 2,401 stocks, with sector allocations of 33% technology, 13% financial services, and 11% consumer cyclical [5] - SPTM follows the S&P Composite 1500 Index, providing exposure to approximately 1,510 stocks, with similar sector allocations and top holdings as SCHB [6] Implications for Investors - Both ETFs offer similar low expense ratios and dividend yields, making them comparable in terms of fees and income [7] - The top three holdings in both funds are Nvidia, Apple, and Microsoft, comprising 18.35% of SCHB's portfolio and 19.79% of SPTM's [7] - SCHB's larger AUM and number of holdings (nearly 1,000 more than SPTM) may provide greater liquidity and broader market exposure for investors [8][9]

作者丨 特约撰稿王应贵 编辑丨李莹亮 据券商中国， 美联储将在下周（1月27日至28日）召开议息会议，并将于下周四（1月29日） 公布利率决议。 目前市场普遍预期美联储将在此次会议上暂停降息。 据CME"美联储观察"， 截至目前， 美联储1月降息25个基点的概率仅有4.4%，维持利率不变的概率达95.6%。 截至1月25日22:30发稿，加密货币行情继续下挫，据CoinGlass数据统计 ，在1月24日拉升站 上90000美元后， 1月25日，比特币延续下行走势，在8.8万至9万美元区间震荡博弈， 本周内 跌幅达7.3%，年内涨幅接近归零。 比特币带动下，加密货币 几乎全线下跌 。 以太坊跌破 3000美元，跌幅近1%，BNB、狗狗币跌幅1.41%，最近24小时，全球共有近10万人被爆仓， 爆仓总金额为$1.21亿。 | | 排名 | 而秤 | 价格 | 价格(24h%) | | --- | --- | --- | --- | --- | | ಗ | 1 | ਵਿ BTC | $88344.4 | -1.38% | | ಳ | 2 | ETH | $2930.81 | -0.96% | | 87 | 3 | ...