Core Viewpoint - China is establishing regulations on the quantity of advanced artificial intelligence chips that domestic companies can purchase from foreign manufacturers, including Nvidia [1] Group 1: Regulatory Developments - The new rules aim to control the procurement of advanced AI chips by Chinese companies from foreign suppliers [1] - The regulations are part of China's broader strategy to enhance its domestic semiconductor industry and reduce reliance on foreign technology [1] Group 2: Impact on Companies - Companies like Nvidia may face restrictions on their sales to Chinese firms, potentially affecting their revenue from this key market [1] - The move could lead to increased competition among domestic chip manufacturers as they seek to fill the gap left by reduced foreign imports [1]

白宫发布的一份事实清单文件说，英伟达公司所产H200芯片和超威半导体公司生产的MI325X人工智能 加速器芯片包括在此次加征关税范围内。 声明说，美国半导体产能不能满足预测国防需求和日益增长的商业要求，对境外供应链的依赖构成严重 的经济和国家安全风险。当日公布的措施将帮助增加美国国内半导体的生产并减少对外部的依赖。 声明表示，如果未能在发布声明后的180天内通过谈判达成相关协议，总统可能还会采取其他认为必要 的措施以调整进口，消除这些进口商品给国家安全带来的威胁。 声明说，美国大约消费全球四分之一的半导体产品，而美国目前完全自主生产的芯片大约只占需求量的 10%。 （文章来源：新华财经） 新华财经纽约1月14日电（记者刘亚南徐静）美国白宫14日发布声明，援引1962年《贸易扩展法》第232 条款，以应对国家安全威胁为由，宣布从15日起对特定进口先进半导体、半导体制造设备和衍生品加征 25%进口从价关税。 美国总统特朗普说，根据美国商务部长的建议，美国在第一阶段将与有潜力增强美国半导体行业的境外 司法管辖区域继续进行谈判。同时，立即对作为美国人工智能和技术政策重要组成部分的一小部分进口 半导体、半导体制造设备以 ...

美国白宫14日发布声明说，美国将从15日起对部分进口半导体、半导体制造设备和衍生品加征25%进口 从价关税。根据白宫公布的事实清单，英伟达公司H200芯片和超威半导体公司MI325X人工智能加速器 芯片均在此次加征关税范围内。 声明称，如果相关出口方未能在该声明发布后180天内通过谈判与美国达成协议，美国总统特朗普可能 会采取其他措施以调整进口。 有媒体指出，特朗普政府近期采取的一系列旨在支持美国制造业的关税措施，包括2025年9月宣布对药 品、重型卡车等商品加征关税，引发了新的贸易不确定性。 （文章来源：新华社） 声明称，此次加征关税依据的是《1962年贸易扩展法》第232条款，旨在"应对国家安全威胁"。美国大 约消费全球四分之一的半导体产品，而目前完全自主生产的芯片大约只占需求量的10%。美国半导体产 能不能满足国防需求和日益增长的商业需求，"对境外供应链的依赖构成严重的经济和国家安全风险"。 白宫同时公布的附件显示，用于数据中心、研发、维修和公共部门等领域的半导体产品不在此次加征关 税范围之内，已经被加征关税的乘用车、轻卡、中重型车辆、钢铁、铜铝产品，以及加拿大和墨西哥产 品等，将不被重复加征关税。 ...

不过，未来若企业加大对美国芯片制造，或投资特定芯片供应链环节，可能获得较有利的待遇，借此抵销部分关税冲击，限制实际影响范围。 这项关税措施是依据贸易法中的国家安全条款第232 条实施。市场目前正等待美国最高法院，就川普是否可依《国际紧急经济权力法》征收关税作出裁 决。分析人士指出，即便最高法院对部分关税作出不利裁定，像第232 条这类产业别关税，可能仍不在影响范围之内。 美国总统特朗普周三(14 日) 签署两项行政命令，正式对部分半导体产品加征25%关税，并为未来可能对关键矿物采取关税措施预作铺陈。白宫表示，此举 是特朗普政府人工智能与科技政策的一环，目前实际影响范围仍相对有限，主要集中在英伟达与AMD 等少数芯片产品。 受此消息影响，截稿前，AMD ( AMD-US ) 周三盘后股价闻讯受挫0.19%，英伟达( NVDA-US ) 下滑0.20%。 根据行政命令内容，关税适用于进口至美国、但未用于国内人工智能用途，随后再出口至其他国家的半导体产品，这类作法被称为"转运"。 受影响的芯片包括英伟达( NVDA-US ) 的H200，以及AMD ( AMD-US ) 的MI325X，相关产品将被征收25% 关税 ...

Core Viewpoint - The Trump administration has announced a 25% import tariff on certain semiconductor products, including high-end chips from Nvidia and AMD, effective from the 15th, aimed at bolstering domestic semiconductor manufacturing and reducing reliance on foreign supply chains [1][2]. Group 1: Tariff Announcement and Implications - The new tariff specifically targets imports of high-end semiconductor products, including Nvidia's H200 AI chip and AMD's MI325X chip, while excluding chips imported to support U.S. technology supply chain development [1][2]. - The tariff is part of a broader strategy to enhance domestic semiconductor production capabilities and address national security concerns related to semiconductor imports [2]. - The U.S. Commerce Department's investigation under the Trade Expansion Act of 1962 indicated that current import levels of semiconductors pose a threat to national security [2]. Group 2: Market Reactions and Company Impact - Following the tariff announcement, Nvidia's stock experienced a decline of nearly 3% intraday, closing down 1.44%, while AMD's stock rose by 1.19% [3]. - The tariff increases the cost of cross-border sales for high-performance AI chips, potentially suppressing overseas market demand and putting pressure on profit margins and pricing strategies for both Nvidia and AMD [4][5]. Group 3: Domestic Semiconductor Manufacturing - The tariff policy emphasizes reducing dependence on foreign semiconductor supply chains, pressuring fabless companies like Nvidia to consider relocating advanced chip manufacturing back to the U.S., which could significantly raise manufacturing costs [5]. - The policy does not apply to chips used directly in U.S. data centers or consumer devices, indicating a strategic compromise between export control and allowing some commercial exports [5]. Group 4: Industry Outlook and Equipment Manufacturers - U.S. semiconductor equipment manufacturers, such as KLA, Lam Research, and Applied Materials, are expected to benefit from the tariff, as it may drive domestic chip manufacturers to purchase more U.S.-made semiconductor equipment [7]. - Analysts predict a bullish outlook for the semiconductor equipment sector, with expectations of increased capital expenditures from major chip manufacturers like TSMC, Intel, and SK Hynix due to rising demand for AI chips and storage solutions [8].

2026.01.15 本文字数：2139，阅读时长大约4分钟 作者 |第一财经 樊志菁 此前，英伟达凭借人工智能概念股热潮，一直在全球金融市场占据领先地位。但长期被视为传统避险资 产的白银，依托贵金属属性与工业实用价值的双重加持，上演了一场出人意料的逆袭。 从历史上看，黄金一直是这两种贵金属中价值更高的品种，在金融与贸易领域常被奉为 "金本位"的标 杆。然而，随着市场趋势与工业需求的转变，白银的价值正在被挖掘。 据企业市值数据平台companiesmarketcap 显示，持续创下历史新高的白银，在周三市值突破5万亿美 元，超过英伟达成功跻身全球价值第二高的资产，仅次于黄金。 首先通胀会侵蚀纸币储蓄的价值，促使更多人投向白银等有形资产。而地缘政治不确定性以及最新升级 的美联储独立性担忧的局面，可能会为白银价格进一步冲高创造必要条件。 全球央行与政府政策对贵金属的价值有着显著影响。历史上，央行一直将黄金作为储备资产，但如今部 分投资者和政府对白银的兴趣正日益浓厚。若央行采取行动丰富储备资产组合，也可能增加对白银的需 求，从而影响其市场价格。 推动白银这一轮涨势的并非只有避险资产需求。供需平衡是一个不可忽视的因素 ...

Core Viewpoint - Both Nvidia and Alphabet are positioned well in the AI sector, but Alphabet is suggested to offer a better risk-reward balance at current valuations [1][3][15]. Nvidia - Nvidia reported a revenue of $57.0 billion for Q3 of fiscal 2026, marking a 62% year-over-year increase, with data center revenue reaching $51.2 billion, up 66% [4]. - The company's gross margin was 73.4% on a GAAP basis, and earnings per share rose 67% year-over-year to $1.30 [4]. - Nvidia's current price-to-earnings ratio stands at 46, reflecting its rapid growth but also raising concerns about sustainability due to the cyclical nature of the semiconductor industry [16]. Alphabet - Alphabet's Q3 revenue increased by 16% year-over-year to $102.3 billion, with earnings per share rising 35% to $2.87 [8]. - Google Cloud revenue grew 34% year-over-year to $15.2 billion, with operating income increasing 85% to $3.6 billion and an operating margin of 23.7% [9]. - The backlog for Google Cloud surged 46% sequentially and 82% year-over-year to $155 billion, indicating strong future growth potential [10]. - Alphabet's price-to-earnings ratio is approximately 30, suggesting a more favorable valuation compared to Nvidia [16]. Strategic Partnerships - Alphabet has entered a multi-year collaboration with Apple to integrate Google's Gemini models into Apple's Foundation Models, enhancing AI features like Siri on Apple devices [12][13]. - This partnership is significant as it positions Alphabet centrally in AI interactions across a vast user base of over 2.2 billion active Apple devices [13]. Investment Considerations - While Nvidia is experiencing rapid growth, Alphabet's diversified business model and less cyclical nature make it a more stable investment option [16]. - Despite Alphabet's potential, its current valuation is considered somewhat risky, particularly due to its reliance on advertising and the macroeconomic environment [17][18].

智能驾驶领域技术持续突破，相关企业不断推进项目落地与商业化探索，行业关注度提升。 声明：本内容由AI生成，数据资料来自于交易所及第三方公开信息，仅供参考，不构成投资建议。 本文源自：市场资讯 交易所数据显示，截至9时45分，索菱股份涨幅为10.00%，最新价7.70元，总市值66.49亿元，封板资金 6.15亿元，成交额4.52亿元，换手率7.19%。 市场炒作索菱股份的智能驾驶相关业务，公司在辅助驾驶领域的研发方面积累了较为丰富的研发及交付 经验，在L2及L2++产品方面具有量产案例和智驾行驶数据，在L3的智驾具备可行的技术方案及量产交 付资源和能力，客户覆盖乘用车和商用车，涵盖轿车、SUV、MPV、轻卡等车型。 消息面上，NVIDIA发布NVIDIA Alpamayo系列开源AI模型、仿真工具及数据集，旨在推动安全可靠的 推理型辅助驾驶汽车开发。英伟达以"Alpamayo=模型+仿真+数据"的完整开源闭环，率先把具备"因果 推理"的视觉-语言-动作能力系统化引入自动驾驶研发范式，在"长尾场景、可解释性、工程验证成本"三 端降低行业落地门槛。开源"推理型"视觉-语言-动作模型，基于100亿参数架构，通过视频 ...

白银又爆了！1月14日，现货白银大涨7%，收盘突破93美元/盎司，续创历史新高。 长江证券认为，黄金股修复启幕，权益向商品全面修复，重视黄金股的修复弹性。周期视角，铜铝板块 低估值适逢年初险资增配概率较大，板块春季行情有望提前。价值视角，铜铝权益价值终将重估。 在刚刚过去的2025年，有色金属板块表现强势。有色金属板块年内涨幅94.73%，位居申万一级行业首 位。有色矿业ETF招商（159690）跟踪的中证有色金属矿业指数年内涨幅达104.84%，相对弹性更佳。 从历史表现来看，有色矿业指数相对主流有色金属主题指数弹性更高，近十年累计涨幅172.62%，年化 涨幅10.87%，在有色主题指数中锐度更高。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 二级市场上，有色主题相关ETF受资金高度关注。前一交易日，有色矿业ETF招商（159690）收盘价 2.206元，续创上市以来新高，近10日获资金净流入超1 ...

Core Insights - The 44th J.P. Morgan Healthcare Conference has highlighted significant industry developments, including a $1 billion investment by NVIDIA and Eli Lilly to establish a joint research lab in the San Francisco Bay Area to accelerate AI applications in the pharmaceutical sector [1] - The conference serves as a critical platform for domestic pharmaceutical companies to showcase core molecular product capabilities and advance overseas business development collaborations, indicating a return to global value validation for products [2] - The participation of over 8,000 global attendees and more than 500 listed companies underscores the strengthening global competitiveness of Chinese companies in the pharmaceutical sector [2] Group 1: Innovative Drugs - BeiGene focuses on oncology drug development and global commercialization, presenting progress on core products like CDK4 at the conference [2] - Rongchang Biologics has entered an exclusive licensing agreement with AbbVie for the novel PD-1/VEGF bispecific antibody drug RC148, granting AbbVie rights outside Greater China for development, production, and commercialization [2] - Hengrui Medicine, involved in the R&D, production, and sales of innovative and generic drugs, reported that over 50% of its revenue now comes from innovative drugs, with multiple self-developed products receiving approvals [2] Group 2: CRO/CMO - WuXi AppTec provides integrated CXO services covering the entire drug development and manufacturing process, projecting a 32.56% year-on-year growth in net profit for 2025 [3] - WuXi Biologics, specializing in biopharmaceutical CRDMO services, announced 209 new projects, bringing the total to 945, with potential milestone payments exceeding $4 billion from new research contracts [3] - Tigermed offers clinical trial CRO services and participated in the Asia-Pacific session of the conference, providing outsourcing services related to clinical trials for global pharmaceutical companies [3] Group 3: AI in Healthcare - NVIDIA and Eli Lilly's collaboration aims to build AI models to enhance new drug development, with a planned investment of $1 billion over the next five years [4] - RunDa Medical focuses on comprehensive medical testing services and is developing an automated testing interpretation system based on large models [4] - Anbiping has launched a digital pathology AI system and is exploring the registration and commercialization of AI medical devices in cervical cytology [4]