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 | ...

Core Insights - China has shown a willingness to approve NVIDIA's H200 chips for import, indicating a potential easing of trade restrictions [1] Group 1 - The approval of NVIDIA's H200 chips could signify a positive shift in U.S.-China technology relations [1] - This development may enhance NVIDIA's market position and sales in China, a critical market for the company [1] - The import approval could lead to increased competition in the semiconductor industry, particularly in high-performance computing [1]

新浪科技讯 1月25日晚间消息，英伟达创始人黄仁勋2026年首次来华，将先后到访公司上海、北京、深 圳等公司。 新浪科技了解到，在结束上海首站行程后，黄仁勋今日已抵达北京，并于中午到访王府中环半山腰云南 菜用餐。 新浪科技讯 1月25日晚间消息，英伟达创始人黄仁勋2026年首次来华，将先后到访公司上海、北京、深 圳等公司。 新浪科技了解到，在结束上海首站行程后，黄仁勋今日已抵达北京，并于中午到访王府中环半山腰云南 菜用餐。 责任编辑：王珂 责任编辑：王珂 ...

富国银行财富与投资管理首席投资官Darrell Cronk表示："科技股已经变成了一个'用表现说话'的故事。 如果大科技公司能继续交出好成绩，我认为资金将再次流向科技板块。"下周，微软、苹果、特斯拉和 Meta将相继发布财报，这些结果将让人窥见从云计算、电子设备到软件和数字广告等行业的健康状 况。 格隆汇1月25日｜在过去三年的大部分时间里，所谓的"七巨头"——Alphabet、亚马逊、苹果、Meta、 微软、英伟达和特斯拉——一直引领股市走高。但这种态势在2025年底发生了逆转，原因是华尔街开始 怀疑这些公司为开发人工智能而投入的数千亿美元支出，以及这些投资何时才能产生回报。一个追踪七 巨头的指数在10月29日创下纪录，自那以后，七巨头中有五家公司的股价下跌并落后于标普500指数。 在此期间，唯有涨幅接近20%的Alphabet以及亚马逊维持上涨。 ...

Don't overthink the AI boom. This year's AI winners are sitting in plain sight.It's been a little over three years since artificial intelligence (AI) became the hottest topic on Wall Street. Nothing lasts forever, but it's hard to envision the AI boom ending this year. At least, not while billions of dollars continue to flow into data centers, chips, and other AI infrastructure.So, how is the AI space shaping up for 2026? Consensus estimates from Goldman Sachs indicate that AI companies could spend more tha ...

Core Insights - Bill Gates warns that the impact of AI on employment will be significant within four to five years, affecting both white-collar and blue-collar jobs, and that governments are unprepared for this disruption [1][2] - Gates expresses concerns about the high valuations of AI stocks, indicating that many may not justify their prices and that the market will be hyper-competitive [3][9] Investment Landscape - The AI boom has driven stock market rallies over the past three years, but recent months have seen a slowdown due to high valuations and concerns over tech giants' spending on AI [4] - Some AI stocks are trading at extremely high valuations, with Palantir (PLTR) having a price-to-earnings ratio over 400, while Broadcom (AVGO) and AMD have seen their ratios exceed 100 [5] - OpenAI, valued at $500 billion, is not expected to turn a profit until the end of the decade, highlighting the speculative nature of some private market valuations [6] Company Performance - Major companies like Alphabet, Microsoft, and Amazon have seen accelerated growth in their cloud computing businesses due to AI demand, maintaining price-to-earnings ratios around 30 [7] - Nvidia has become a $4.5 trillion company driven by demand for its chips, with shares trading at a relatively modest 45 times earnings [7] - Despite concerns about an AI bubble, tech stocks rebounded after a dip in November, indicating investor confidence in the sector [10] Future Developments - Gates announced a $50 million partnership between the Gates Foundation and OpenAI to implement AI healthcare tools in 1,000 clinics across Africa by 2028, showcasing the potential societal benefits of AI [10]

继续看好涨价业绩兑现方向。我们继续看好覆铜板及存储芯片涨价趋势，具有较强的持续性，从产业链公司陆续 公布的营收及利润来看，业绩在持续兑现。金安国纪发布 2025 年业绩预告，预计 2025 年业绩 2.8-3.6 亿元，同 比增长 655-871%，如果按照业绩指引中值测算，2025Q4 业绩环比 2025Q3 增长 43.4%，公司表示，业绩大幅增长 的主要原因是覆铜板市场需求有所好转，公司覆铜板产销数量同比增长、销售价格有所回升。建滔积层分别在 2025 年 8 月、12 月涨价三次，其他公司也纷纷涨价，生益科技在 2026 年 1 月 5 日与东莞松山湖相关部门签署了 45 亿元的投资意向书，旨在加大对高性能覆铜板的投入，我们认为在 AI 需求强劲及铜价上涨的带动下，覆铜板 涨价有望持续，建议关注业绩有望超预期的公司。存储芯片在 2026 年一季度大幅涨价（一般型 DRAM 合约价季增 55-60%，NAND Flash 季增 33-38%）之后，二季度涨价有望持续，Counterpoint 预计，Q2 存储芯片价格有望环比 上涨 20%左右。从全球存储芯片需求（AI 需求持续强劲）及大厂扩产的情况来看 ...

新浪科技讯 1月25日晚间消息，英伟达创始人黄仁勋2026年首次来华，将先后到访公司上海、深圳、北 京等公司。昨日，黄仁勋在逛完上海陆家嘴锦德菜市场后，当日晚间现身上海米其林餐厅与友人相聚， 品起了古越龙山青花醉20年陈绍兴黄酒。 据古越龙山官方介绍，在高端宴饮场合选用一杯沉淀了二十载光阴的绍兴黄酒，这不仅是对独特风味的 鉴赏，更像是一种无声的认同——认同那份超越潮流、经时间淬炼的东方智慧与生活美学。（文猛） 责任编辑：王珂 新浪科技讯 1月25日晚间消息，英伟达创始人黄仁勋2026年首次来华，将先后到访公司上海、深圳、北 京等公司。昨日，黄仁勋在逛完上海陆家嘴锦德菜市场后，当日晚间现身上海米其林餐厅与友人相聚， 品起了古越龙山青花醉20年陈绍兴黄酒。 据古越龙山官方介绍，在高端宴饮场合选用一杯沉淀了二十载光阴的绍兴黄酒，这不仅是对独特风味的 鉴赏，更像是一种无声的认同——认同那份超越潮流、经时间淬炼的东方智慧与生活美学。（文猛） 责任编辑：王珂 ...

Group 1 - The AI chip market is experiencing intense competition, yet prominent investment managers continue to invest in Nvidia, which has seen a stock increase of 1,100% since 2022 [1][2] - Nvidia's data center revenue has grown by 66% year over year, driven by increased demand for powerful GPUs as hyperscalers expand data center capacity [3] - Nvidia maintains its competitive edge by offering free development tools like CUDA, which has seen an increase in developers from 4.7 million in 2023 to 5.9 million in 2024, making it challenging for researchers to switch to alternative chips [5] Group 2 - The current forward price-to-earnings ratio for Nvidia is under 25, which is considered attractive given the momentum in its data center business [6]