Group 1 - The core argument of the article is that the current investment trend in AI and cloud computing is not a bubble but a significant and irreversible shift in the semiconductor market driven by unprecedented computational demands [2][5][21] - The capital expenditure of the top eight cloud service providers is projected to grow from $145.1 billion in 2021 to approximately $602 billion by 2026, representing an increase of over four times [4][10] - The investment surge is primarily driven by the need for computational power required for generative AI, which is fundamentally different from traditional web services [5][10] Group 2 - The article emphasizes that generative AI requires a vastly different computational approach compared to traditional search engines, with computational loads differing by a factor of 10,000 to 100,000 times [12][16] - The growth trajectory of generative AI is expected to remain strong, with projected growth rates of -8.1% in 2023, 19.7% in 2024, and 22.5% in 2025, indicating a robust demand that is unlikely to decline [20][21] - The demand for logic chips in data centers is expected to grow significantly, with the GPU market projected to increase from $100 billion to over $230 billion, and AI ASICs expected to surge from $9 billion to $84 billion by 2030 [30][33] Group 3 - The storage market is anticipated to experience long-term shortages and high prices, with the DRAM market expected to grow from $97 billion to $194 billion, and HBM market reaching $98 billion by 2030 [36][38] - TSMC's revenue is shifting from N5 to N3 process nodes, indicating a transition in profitability driven by AI demands [41][46] - The bottleneck for AI semiconductors lies in CoWoS packaging capacity, and resolving this bottleneck could lead to an acceleration in investment rather than a slowdown [55][59]

"世界上不会再出现第二个我这样的CEO了。" 近日，英伟达首席执行官黄仁勋在做客播客节目《A Bit Personal》中这样说道。 他罕见地透露了执掌这家AI芯片巨头超30年的真实感受。 包括一些鲜为人知的脆弱，还揭示了英伟达如何从逆境中一步步成长为全球最有价值的科技公司之一。 无知是一种超能力 在对话中，黄仁勋对自己创业初期进行了反思。 当被问及是否愿意回到20岁时，黄仁勋表示愿意，还将"无知"视为一种优势。 "我们那一代人的20岁，比现在年轻人的20岁更快乐。" 黄仁勋说："我觉得每个人都应该拥有一段懵懂无知的时光。" 正是因为不知道创业会有多艰辛，才使得创立英伟达成为可能。有时候，无知也是一种快乐，甚至是一 种超能力。 在黄仁勋眼中，一些想要开启新征程的人，正因为"无知"，对现实的艰难视而不见，所以才会充满乐 观，从而能够坚持把一件事做到底。 "我们在痛苦中塑造了品格。" "企业品格不是在庆功会上产生的，而是在我们一起承受痛苦、共克时艰时铸就的。" 当危机将要到来时，黄仁勋表示，他不会封锁消息，他会把痛苦分摊给每一个人。管理者展现出的不是 高高在上的指令，而是深入战场。 CEO是最脆弱群体 黄仁勋在访 ...

三星电子 DS 部门已决定从 2 月起启动英伟达用 12 层堆叠 HBM4 的晶圆投片。该产品在去年底进入英 伟达最终认证阶段，使三星电子在全球三大存储芯片厂商的进度领先于海力士和美光。 一位了解三星电子内部情况的消息人士表示，如果 12 层堆叠 HBM4 在无需修改设计的情况下顺利通过 认证，那么从 2 月投片开始，三星还需要大约 3 个月完成工艺优化。按照这一节奏，具备商业供货条件 的量产产品或将在 5 月中旬形成规模，并在随后逐步扩大出货。 SK 海力士在去年 10 月曾表示，已完成与主要客户关于明年 HBM 供应的谈判。 智通财经APP获悉，据知情人士周一透露，三星电子计划于下个月开始生产其下一代高带宽内存(HBM) 芯片，即 HBM4，并将其供应给英伟达(NVDA.US)。 在去年早些时候因供应延迟打击了收益和股价后，三星一直试图追赶同城对手 SK 海力士。后者是英伟 达人工智能加速器所需先进内存芯片的主要供应商。 芯片行业消息人士表示，三星已通过了英伟达和 AMD 的 HBM4 资格测试，并将于下个月开始向英伟 达出货。 SK 海力士的一位高管本月初表示，该公司计划下个月开始在韩国清州的新工厂 M ...

1.【星河动力总工李君：液体回收火箭智神星二号预计今年首飞】1月25日消息，在2026北京国际商 业航天论坛上，星河动力总工程师李君透露，星河动力液体回收火箭智神星二号预计在2026年首 飞，智神星二号运载火箭为直径4.5m的大型模块化可重复使用液体运载火箭，包括基本型和CBC两 种构型：基本型起飞质量约757t，起飞推力约910t，LEO运载能力20t；CBC构型起飞质量约 1950t，起飞推力约2730t，LEO运载能力58t。（ 科创板日报） 2.【三星电子将于2月向英伟达供应HBM4芯片】1月26日消息，据报道，三星电子近期通过最终质量 测试后，将于2月正式向英伟达、AMD供应HBM4芯片。三星已开始为2月出货做准备。（界面新 闻） 3.【全球首条机器人关节自动化产线启动，浦东按下人形机器人量产"加速键"】1月25日消息，据浦 东发布消息，近日，意优科技"全球首条机器人关节自动化产线"在浦东投产。这是具身智能产业从技 术研发迈向规模化制造的关键跨越，标志着人形机器人核心部件量产瓶颈的突破，为人形机器人的大 规模推广应用按下"加速键"。这条全球首创的自动化产线，围绕关节模组全制造流程进行系统化设 计，深 ...

Group 1 - China Aluminum International (02068) saw a mid-day increase of over 2.4% after announcing a joint venture to undertake a new electrolytic aluminum project with an annual capacity of 394,000 tons, with the first phase set at 294,000 tons [1] - CGN Mining (01164) rose over 8.3% following the submission of a preliminary prospectus for a trust that plans to issue up to $2 billion in transferable, non-redeemable trust shares over 25 months, with annual uranium procurement not exceeding 9 million pounds [1] - China Shengmu Organic Milk (01432) increased nearly 6% after a joint announcement regarding a potential conditional cash offer to acquire all issued shares of the company [1] Group 2 - Yijun Group Holdings (02442) surged over 18%, with a cumulative increase of nearly 500% since its resumption of trading in December, following the sale of shares by its controlling shareholder [2] - China Rare Earth Holdings (03788) rose over 10%, reaching a historical high of 5.49 HKD, after announcing the termination of its gold spin-off plan to focus on gold business [2] - Laopuqin Gold (06181) increased over 7.3% as consumer demand is expected to rise during the upcoming Spring Festival, driven by higher gold prices and anticipated price increases [2] Group 3 - Oil stocks continued to rise, with CNOOC (02883) up 4.19%, Sinopec (00386) up 2.54%, and PetroChina (00857) up 3.68%, amid escalating geopolitical tensions in Iran and Cuba [3] - Changfei Optical Fiber (06869) saw a rise of over 15.4% due to significant price increases and supply tightness in the G.652.D optical fiber market, with major manufacturers unable to meet their own orders [3] Group 4 - Nanshan Aluminum International (02610) increased over 2.6% after announcing plans to start construction on a 250,000-ton electrolytic aluminum project in 2026, with an investment of $437 million [4] - Xindong Company (02400) saw a slight increase of 0.43% as its mobile game "Xindong Town" surpassed 10 million downloads, indicating strong user growth [4] Group 5 - EquipmentShare.com (EQPT.US) debuted on the US stock market with an IPO price of $24.5, closing up 32.9% on its first day [5] - The solar energy sector saw initial gains, with JinkoSolar (JKS.US) up 9.03% and Canadian Solar (CSIQ.US) up 4.57%, following discussions at the Davos Forum [5] - Silver-related stocks experienced gains, with First Majestic Silver (AG.US) rising 5.04% as spot silver prices surpassed $100 [5] Group 6 - Lithium mining stocks mostly rose, with Sigma Lithium (SGML.US) up 17.54% after announcing additional sales of high-purity lithium powder [6] - Bank stocks declined, with Goldman Sachs (GS.US) down 3.75% amid legal issues involving President Trump and JPMorgan [6] - Redwire (RDW.US) increased by 4.51% following comments from Elon Musk about SpaceX's plans for reusable rocket technology [6] Group 7 - Semiconductor stocks showed strength, with AMD (AMD.US) up 2.35% and Nvidia (NVDA.US) up 1.53%, as Nvidia's CEO visited China to discuss future plans [7] - Ericsson (ERIC.US) rose 8.87% after reporting strong fourth-quarter earnings, with adjusted EBITA reaching 12.7 billion SEK, a 24% increase year-over-year [8] - Intel (INTC.US) fell 17.03% due to disappointing performance outlooks and manufacturing issues [8]

Group 1 - The core viewpoint of the article highlights the visit of NVIDIA founder and CEO Jensen Huang to Beijing as part of his 2026 trip to China, indicating the company's ongoing engagement with the Chinese market [1][2] - Huang's visit to Beijing follows his earlier stop in Shanghai, suggesting a strategic approach to connect with key regions in China [2] - The atmosphere during Huang's dining experience in Beijing was described as friendly and relaxed, reflecting his approachable demeanor and willingness to engage with local stakeholders [2]

Core Insights - The Vanguard Mega Cap Growth ETF (MGK) and the iShares Russell 2000 Growth ETF (IWO) represent different strategies in U.S. growth investing, with MGK focusing on large-cap companies and IWO on small-cap stocks [1][7] Cost & Size Comparison - MGK has a lower expense ratio of 0.07% compared to IWO's 0.24% - As of January 25, 2026, MGK's one-year return is 15.25%, while IWO's is slightly higher at 15.35% - MGK has a dividend yield of 0.35%, whereas IWO offers a yield of 0.56% - The five-year beta for MGK is 1.20, while IWO's is higher at 1.45 - MGK has assets under management (AUM) of $32 billion, significantly larger than IWO's $13 billion [3] Performance & Risk Comparison - Over the past five years, MGK experienced a maximum drawdown of -36.02%, while IWO faced a more severe drawdown of -42.02% - An investment of $1,000 in MGK would have grown to $1,954, compared to $1,097 for IWO over the same period [4][8] Portfolio Composition - IWO provides exposure to over 1,000 small-cap U.S. growth stocks, with significant allocations in healthcare (26%), technology (23%), and industrials (20%) - Major holdings in IWO include Bloom Energy, Credo Technology Group, and Kratos Defense & Security Solutions, each under 2% of the portfolio - MGK is concentrated with only 60 stocks, heavily weighted towards technology at 55%, with top holdings including Nvidia, Apple, and Microsoft, which together account for over 35% of the fund [5][6][9] Investment Implications - MGK's focus on mega-cap stocks has led to higher total returns over five years, attributed to the strong performance of its top holdings - IWO, while more volatile, offers greater diversification and less concentration in technology, appealing to investors seeking exposure to smaller, innovative companies [7][10]

三星电子计划下月启动下一代高带宽内存芯片HBM4的生产，并向英伟达供货，这标志着三星电子在先 进存储芯片领域取得关键突破，有望缩小与竞争对手SK海力士的差距。 周一，据路透援引知情人士消息，三星已通过英伟达的HBM4资格测试，将于2月开始出货。此前，三 星在HBM供应方面的延迟曾对其去年的业绩和股价造成冲击。 消息公布后，三星股价周一早盘上涨2.2%，而竞争对手SK海力士股价下跌2.9%。两家公司均将于本周 四公布第四季度财报，届时预计将披露HBM4订单的更多细节。 三星追赶SK海力士的关键一步 据韩国《经济日报》周一报道，三星已通过英伟达和AMD的HBM4资格测试，并将于下月开始向英伟 达出货。知情人士拒绝透露三星计划向英伟达供应的具体芯片数量。 SK海力士作为英伟达AI加速器所需先进存储芯片的主要供应商，一直在该领域保持领先地位。该公司 去年10月表示已完成明年与主要客户的HBM供应谈判。 SK海力士一位高管本月早些时候告诉路透，公司计划下月开始在韩国清州的新工厂M15X投入硅晶圆生 产HBM芯片，但未详细说明HBM4是否将成为初期生产的一部分。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人 ...

券商观点方面，中信证券预计，算力板块2025年业绩将在CSP大厂Capex持续兑现、Token需求不断释放、产品能力不断提升等背景下持续景气增长。展望 2026年，算力景气有望持续、AI应用迎拐点机遇。 今日（1.26），AI算力板块走势震荡，"易中天"再度飘红，云计算ETF汇添富（159273）放量微涨0.14%，盘中成交额3000万元，已超上周五全天！资金再 度涌入，近10日累计"吸金"超1.2亿元！ 从已有商业化落地情况来看，业务增长正支撑Capex投资加速。数据显示谷歌、微软、亚马逊云业务总营收自2024Q1连续七个季度保持20%以上同比增速， 数据中心的盈利能力稳步上升。广告业务方面，AI 提升用户粘性以及帮助广告主降本增效，使用 Meta AI 营销工具 Advantage Plus的广告主单条线索成本下 降14%；端到端AI驱动的广告工具ARR已突破600亿美元。在此背景下，2025Q3北美四大CSP大厂Capex总和（包含融资租赁）为1124.3亿美元，同比 +76.9%，环比+18.3%，持续高增势头不减；其中微软、Meta通过融资租赁以进一步扩大AI投资。 云计算ETF汇添富（159273 ...

AIDC 产业链：海外液冷开工情况深度解读 20260123 摘要 液冷市场受益于英伟达新产品（如 B200、B300、NVR 144）及北美 四大 CSP 对 ASIC 的需求，预计 2025 年和 2026 年增速显著，市场规 模分别增至 79 亿美元和 176 亿美元。 北美是全球液冷市场的主要驱动力，2025 年预计占据全球市场约 47% 的份额（36-38 亿美元/79 亿美元），其技术发展对整个行业至关重要。 英伟达 NVR 144 采用新型微通道冷板（MCCP），换热效率更高，但 成本也比传统型号高约 20%，推动液冷技术向更高效能方向发展。 国内厂商如英维克、思泉等积极参与英伟达液冷供应链，但目前尚未完 全进入量产阶段，仍处于产品迭代匹配中，未来市场份额有待进一步观 察。 液冷系统二次侧组件（CDU、管路、manifold 等）因换热需求提升， 耐压指标和管壁厚度要求更高，价值量预计提升约 10%。 英伟达 Ruby 产品采用高温水循环系统，提升 CDU 功率至 220-230 千 瓦/柜，液冷价值量提升至 15-18 万美元/柜，展示数据中心节能减排新 方向。 国内厂商在英伟达供应链中的角色 ...