以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 2025 年 12 月 用心打造最有品质的实战研学。读万卷书，行万里路。把教室搬到世界上最优秀的企业， 请最优秀的企业家和科学家讲课。顺势而为，把握机遇。正心正念，坚持做长期正确的 事！ 我们期待与更多的企业家朋友们携手同行，共赴 2026 实战研学之旅！ 泽 ZEP 平 INGM 宏 ACR 观 O RE 商 SEAR 学 CH 国内头部智驾科技企业 人形机器人 年研学安 型成 11月4日-11日 1-6月日程安排 · 2月27日 北京 洛杉矶、拉斯维加斯、旧金山 CES、英伟达、特斯拉 谷歌、罗宾汉、playground 斯坦福大学、伯克利大学 3月27日-28日 苏州 追觅科技、魔法原子、灵猴机器人 闭门投研会-2026 Al 的中国力量(一) 3月29日 上海 长三角校友会 4月20日-21日 香港 2026 香港 Web3 嘉年华 复星财富、HashKey、港交所 5月22日-23日 1151 11:47:50 深圳 华为、新凯来、江波龙、莫界科技 闭门投研会—2026 Al 的中国力量(二) ...

Group 1 - The Federal Reserve is expected to pause interest rate cuts in its upcoming meeting, with a 95.6% probability of maintaining current rates and only a 4.4% chance of a 25 basis point cut [1] - Bitcoin has experienced a significant decline, with a 7.3% drop this week, bringing its year-to-date gains close to zero, while Ethereum has fallen below $3,000 [1][2] - Gold and silver have seen explosive growth in January, reaching historical highs as they attract safe-haven investments amid the downturn in cryptocurrencies [2] Group 2 - The U.S. job market shows mixed signals, with a cooling trend that may suppress financial market performance, while inflation remains persistent, as indicated by the PCE data showing a 2.8% year-over-year increase [5] - The GDP data released indicates a better-than-expected performance, but underlying details suggest a distorted economic rhythm due to tariff policies, with personal consumption contributing 2.34% to GDP [6][7] - The AI investment boom has led to fluctuations in fixed asset investment growth, with recent trends showing a decline in growth rates, impacting future economic potential [7] Group 3 - Following the earnings report from META, AI stocks have faced significant sell-offs, with the information sector index dropping 7.5%, while other sectors like industrials and materials have seen gains [9] - The U.S. government debt has reached $38.65 trillion, with plans to increase military spending by over 50%, raising concerns about fiscal sustainability and potential impacts on international relations [10] - The upcoming earnings reports from tech giants will be crucial in determining the future adjustments in the stock market, as geopolitical issues and inflation trends continue to influence market dynamics [12][13]

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]

Investment Rating - The report maintains a positive outlook on the price increase trends for copper-clad laminates and storage chips, indicating strong sustainability in performance [2][5]. Core Insights - The report highlights the significant growth in the performance of companies within the copper-clad laminate and storage chip sectors, with expectations of continued price increases driven by strong demand, particularly in AI applications [2][5]. - Companies like Jin'an Guoji are projected to see substantial profit increases, with forecasts suggesting a net profit of 280-360 million yuan in 2025, representing a year-on-year growth of 655-871% [2]. - The storage chip market is expected to experience a price surge in Q1 2026, with DRAM contract prices anticipated to increase by 55-60% and NAND Flash by 33-38% [2]. - The overall semiconductor industry is projected to reach $551.6 billion in 2026, a 134% year-on-year increase, with further growth expected in 2027 [2]. Summary by Sections Consumer Electronics - The report emphasizes the ongoing expansion of AI applications in consumer electronics, particularly within the Apple supply chain and smart glasses, which are expected to drive demand for related components [6]. PCB - The report notes a sustained high demand for copper-clad laminates, with price increases expected due to rising demand from automotive and industrial control sectors, alongside AI applications [7]. Components - The report identifies growth opportunities in passive components, particularly in MLCCs and inductors, driven by increased usage in AI mobile devices and laptops [22]. IC Design - The report expresses optimism regarding the storage sector, forecasting a significant price increase for DRAM due to rising demand from cloud service providers and consumer electronics [24][25]. Semiconductor Equipment and Materials - The report discusses the ongoing trend of de-globalization in the semiconductor industry, with a focus on domestic production capabilities and the need for self-sufficiency in semiconductor equipment and materials [26][28]. Key Companies - Companies such as Shenghong Technology and Northern Huachuang are highlighted for their strong market positions and growth potential in the semiconductor and PCB sectors [30][31][36].

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]