Core Insights - The article discusses the investment positions held by analysts in various companies, indicating a bullish sentiment towards TSPY, SPYI, NVDA, and AMD [1] Group 1 - Analysts have a beneficial long position in TSPY, SPYI, NVDA, and AMD through stock ownership, options, or other derivatives [1] - The article emphasizes that the opinions expressed are solely those of the author and not influenced by external compensation [1] - There is no business relationship disclosed with any of the companies mentioned, reinforcing the independence of the analysis [1]

H200芯片的不确定性也促使许多客户重新评估他们的选择。此前H200的低配版H20芯片，符合美国的出口管制规定，但也遭遇了类似的停产、停售问 题。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 1月19日消息，据知情人士透露，因监管政策存在不确定性，包括印刷电路板（PCB）在内的H200关键组件制造商已停止生产。 如果这种状况持续，将对英伟达造成沉重打击。该公司曾大力游说美国，希望允许其H200芯片（上一代AI芯片）在中国销售。2025年12月，美国总统特 朗普表示将允许H200芯片对华销售后，英伟达开始加紧生产。 据知情人士透露，英伟达原本预计会收到超过100万份订单。其供应商一直在夜以继日地工作，以准备最早于2026年3月份交付的订单。 知情人士称，监管政策的不确定性导致英伟达的零部件供应商在本周暂停生产，以避免库存减值。英伟达对这一举动感到措手不及，因为就在本周，首批 H200芯片刚刚抵达香港。 SemiAnalysis分析师朱伟嘉表示，该PCB是专门为H200芯片设计的，不能用于其他产品。 文章内容整理自网络，如有侵权请联系沟通 *** ...

By Jeanny Yu, Bloomberg Markets Live strategist and reporterNearly a year after DeepSeek’s AI breakthrough rattled global markets, China is entering 2026 with a fresh wave of technological advances that are powering a stock rally, even as its economy remains fragile.Thanks to fresh progress in sectors from commercial rockets to robotics and flying cars, Chinese tech shares have begun the new year with a bang. An onshore Nasdaq-like tech gauge has shot up almost 13% so far this month, while a measure of Hong ...

Core Viewpoint - The article highlights three stocks that are considered strong investment opportunities for 2026, emphasizing their significant profit generation capabilities. Group 1: Apple - Apple reported $416 billion in revenue and $112 billion in profits for the fiscal year ending September 27, 2025, with a cash stockpile of $54.7 billion [2] - iPhone sales account for 50% of Apple's total revenue, with associated products and services further increasing this percentage [2] - Anticipation of Apple's AI-powered smart glasses, expected to be unveiled this year, could serve as a catalyst for stock performance [4] Group 2: Microsoft - Microsoft is projected to generate approximately $327 billion in revenue for its fiscal year 2026, with earnings expected to rise significantly from the previous year's net income of $101.8 billion [5] - The company's largest revenue segment is productivity and business processes, including Microsoft 365 and LinkedIn, while the intelligent cloud segment, including Azure, is also a major contributor [6] - Analysts have a positive outlook for Microsoft, with a consensus price target suggesting over 30% potential upside, driven by increased adoption of agentic AI [8] Group 3: Nvidia - Nvidia anticipates generating around $212 billion in revenue for its fiscal year 2026, with profits expected to account for more than half of that total [9] - The company's GPUs are crucial for AI applications, with data center revenue comprising nearly 90% of total revenue in the latest quarter [10] - Nvidia's share price has increased by approximately 35% over the last 12 months, and the company is well-positioned to benefit from the accelerating demand for AI solutions [12][13]

消息面上，英伟达已悄然将其一篇技术论文中有关数据中心铜需求量数据进行了改正，将传统数据中心 一吉瓦机架的铜母线用量修正为200吨，仅为原论文表述"50万吨"的0.04%，这也意味着数据中心铜需求 预期需要被大幅调低。 有色ETF鹏华紧密跟踪国证有色金属行业指数，国证有色金属行业指数参照国证行业分类标准，选取归 属于有色金属行业的规模和流动性突出的50只证券作为样本，反映了沪深北交易所有色金属行业上市公 司的整体收益表现，向市场提供细分行业的指数化投资标的。 数据显示，截至2025年12月31日，国证有色金属行业指数(399395)前十大权重股分别为紫金矿业、洛阳 钼业、北方稀土、华友钴业、中国铝业、赣锋锂业、云铝股份、山东黄金、中金黄金、天齐锂业，前十 大权重股合计占比51.65%。 有色ETF鹏华(159880)，场外联接(A：021296；C：021297；I：022886)。 机构指出，原50万吨铜/GW为显著偏离的错误，且仅指出母线用铜量修正至200吨而没有包含其他部件 用铜，市场对于单GW用铜量测算暂无精确值，可修正范围的容忍度较高，不至于逆转供需逻辑。近期 铜价的回调主要系流动性+交易噪声影响，前 ...

英伟达H100峰值功耗超700W，下一代Rubin处理器直奔1800W，2029年甚至要冲到6000W。算力飙升的背后，是传统封装的"崩溃"——硅中介层散热跟不 上、容易开裂，CoWoS封装的"功耗墙"成了AI算力的致命瓶颈。 （来源：同花顺） 算力需求飙升，先进封装成破局关键 AI算力卷到白热化，芯片却快"热炸"了！ 而破局的关键，藏在"先进封装+SiC"的组合里。台积电广发英雄帖推进SiC中介层，英伟达计划2027年导入12英寸SiC衬底，产业巨头集体押注。 A股市场早已闻风而动：先进封装指数年初至今涨幅超14%，长电科技单日成交额破50亿，晶盛机电、天岳先进等SiC标的异动，一场由"AI算力刚需+SiC 技术突破+国产替代"驱动的盛宴，已经开席！ AI大模型训练、数据中心算力需求呈指数级飙升，直接把芯片推向"功耗极限"。2025年中国智能算力规模达1037.3 EFLOPS，2026年还要再涨40%，但传 统封装早就扛不住了。 芯片性能每提升1倍，功耗就要翻3倍，而硅中介层的热导率只有148 W/m·K，根本散不掉超高功率带来的热量。更麻烦的是，随着CoWoS中介层尺寸变 大，硅材质容易分层开裂，良率大 ...

Summary of the Americas Thematic Focus List Conference Call Industry and Company Overview - **Industry**: The thematic focus is on various sectors across North America and Latin America, particularly in technology, energy, healthcare, and education. - **Companies Featured**: The focus list includes notable companies such as Amazon, Microsoft, NVIDIA, Eli Lilly, and Walmart, among others. Key Themes for 2026 1. **Tech Diffusion**: Emphasizes the rapid adoption of AI technologies across various sectors, with significant implications for productivity and competitive dynamics [12][14]. 2. **The Future of Energy**: Focuses on the increasing demand for energy driven by AI infrastructure and the transition to renewable energy sources [12][17]. 3. **The Multipolar World**: Highlights the shift towards localized supply chains and national economic security, impacting multinational corporations [12][13]. 4. **Societal Shifts**: Explores the implications of demographic changes, AI-driven employment disruption, and evolving consumer preferences [12][18]. Americas Thematic Focus List - **List Composition**: The focus list includes 18 high-conviction stock ideas, with a target holding period of 12-18 months [9][20]. - **Key Companies on the List**: - **Amazon (AMZN)**: Positioned as a leader in AI infrastructure, with a projected 32% upside to a price target of $238.18 [23]. - **Microsoft (MSFT)**: Expected to capture significant AI spending, with a 42% upside to a price target of $456.66 [23]. - **Eli Lilly (LLY)**: A leader in the GLP-1 market, with a 25% upside to a price target of $1,032.97 [23]. - **Walmart (WMT)**: Leveraging AI for operational efficiency, with a 13% upside to a price target of $119.20 [23]. Methodology and Specifications - **Focus List Size**: 15-20 stocks, with equal weighting upon construction [21]. - **Sector Weights**: No fixed sector weights, aiming for diversification [21][22]. - **Regional Weights**: Targeting 80-85% in the USA and 15-20% in Latin America [28]. Important Insights and Data - **Amazon's Growth**: Amazon's custom silicon strategy has grown 150% sequentially, indicating strong demand for its AI capabilities [29]. - **Eli Lilly's Market Potential**: The global diabesity market is projected to exceed $150 billion by the early 2030s, with significant growth opportunities for Eli Lilly [39]. - **NVIDIA's Dominance**: NVIDIA is positioned to capture a significant share of the projected $3-4 trillion in annual AI infrastructure spending by the end of the decade [53]. - **Walmart's AI Strategy**: Walmart's AI initiatives have led to a 50% automation rate in its supply chain, significantly reducing delivery costs [68]. Conclusion The Americas Thematic Focus List presents a strategic overview of high-conviction investment opportunities across key sectors, driven by transformative themes such as technology diffusion and energy transition. The insights provided highlight the potential for significant growth and the evolving landscape of investment in the Americas.

NV Rubin 架构最新更新−上游材料 20260118 摘要 为降低成本和提高供应链稳定性，CPX 可能从 M9 材料降级到 M8，尽 管 M9 已完成测试，但因供应量和质量问题，CPH 也倾向于降级到 M8，以匹配成熟供应链。 中板设计仍以标准设计为主，搭配 PPF1 是趋势，但目前倾向于普通楼 梯间布或二代楼梯间布，减少客户应用问题。若电性能不足，则考虑 Q 布方案。 Switch Tree 模块评估从 HVRP4 转向 VIP3 等方案，以优化系统和降低 材料风险，设计仍有调整空间。材料降级后，通过调整铜箔或布料满足 电性能要求。 COUP 与 COAS 设计在材料用量上差异不大，主要影响封装基板而非 PCB 层数，关键在于线宽间距，需精密线路工艺，未来载体铜需求或增 加。 生益科技受益于台光问题，成为 NV 国内最大受益者，已小批量供货。 南亚新材重新送样测试，预计 2 月中旬完成验证。华正与权威合作进展 有限，重心在安全项目 PTS1 方案。 Q&A NV 目前的架构定型情况及 Rebate 的最新进展如何？ 目前 NV 的架构中，路炳基本上有几个是确定的，CPS 和 Switch 模块也已确 ...

不过一年光景，多家车企对英伟达的态度 从"没他不行"变成了"我有我的"，而英伟达在中国智驾芯片市场的份额也从 2024年的39％下降到了2025年的25％。 这样的大起大落，足以证明智能驾驶行业的变化之快。但切换到英伟达的视角，这点损失不过是衣角微脏而已，过去 几年汽车业务营收在英伟达整体营收中的占比最多也不超过4％。 真正让黄仁勋感到头疼的是， 在智能汽车领域单纯卖芯片的天花板太低，未来真正的利润大头在软件上，而英伟达不 想错过这块更大的蛋糕。 NO.1 [ 中端芯片性价比低 高端芯片算力被反超 ] 时间回到2024年，那时的高端智驾芯片市场，尽管特斯拉坚持自研，华为和地平线也已提供了明确的技术路径，但在 理想、蔚来、小鹏等新势力冲击高阶智驾时，英伟达依旧是那个绕不开的名字。 前两天，小鹏举办新春发布会，一口气发布了4款全新换代车型。这4台新车统一都换上了小鹏自研的图灵智驾芯片。 这意味这小鹏从此将彻底全面放弃过去几年一直在用的英伟达智驾芯片。何小鹏在发布会上直言："未来全球最好的 AI公司，都会选择自研芯片。" 除了小鹏汽车，曾经一台车要装4颗英伟达Orin-X芯片的蔚来，也正在转向自研的神玑芯片。李斌在 ...

杰富瑞发表研究报告，将英伟达的目标价由250美元上调至275美元，重申"买入"评级。分析师Blayne Curtis表示，看好英伟达的Blackwell芯片与Rubin平台，认为这两项产品将成为公司未来的重要增长动 能。在基本情境下，分析师预期英伟达将持续稳坐资料中心加速运算解决方案的主导供应商地位，同时 其游戏业务的整体潜在市场(TAM)也将以双位数的年复合成长率(CAGR)扩张。 ...