Core Viewpoint - The U.S. Department of Commerce has relaxed its export policy for NVIDIA's AI semiconductor "H200" to China, shifting from a ban to a licensing system, raising questions about China's previous "self-reliance" strategy under restrictions [2][4]. Group 1: U.S. Policy Changes - The U.S. has allowed the export of the H200 semiconductor, which has led to a rise in Chinese tech stocks, indicating market optimism about these companies accelerating their AI development [5]. - NVIDIA's CEO Jensen Huang noted strong demand from Chinese customers for the H200, highlighting the importance of this product for AI model training [4]. Group 2: China's Response and Strategy - China has not officially responded to the U.S. policy change but is reportedly developing import acceptance rules, including total procurement amounts [4]. - Experts suggest that China may be reluctant to approve imports of U.S. products, as the government aims to promote "self-reliance" in high-tech sectors and reduce dependency on American supply chains [6]. Group 3: Domestic Developments in China - China is making strides in achieving self-reliance in the AI supply chain, particularly in semiconductor technology, with ongoing efforts to develop domestic EUV lithography equipment [7]. - The stock market has reacted positively to the prospects of semiconductor self-sufficiency, with companies like SMIC and Hua Hong Semiconductor seeing significant stock price increases [7].

英伟达目前是全球市值最高的企业，市值逼近5 万亿美元；自搭上人工智能的发展快车后，公司市值便一路飙升。如今几乎所有人工智能基础设施 的算力都由英伟达提供，该企业也是当下人工智能革命的核心力量。 谈及英伟达的股价走势，不少人都为自己未能及早抓住人工智能的风口深感惋惜，软银集团首席执行官便是典型代表：他曾抛售的英伟达股份，如 今价值已高达数百亿美元。不过单从基本面来看，黄仁勋表示，在超大规模云服务商的全面布局推动下，全球正迎来 "人类历史上最大规模的基础 设施建设浪潮"；而前沿人工智能模型的迭代升级，以及各类上层应用的开发，都对算力提出了极高的需求。 "关键在于，这套人工智能计算平台的搭建，需要底层全产业链的支撑。这场基建浪潮已经开启，大家现在都有目共睹 —— 这是人类历史上规模最大的一 次。目前相关投入已达数千亿美元规模，数千亿美元啊。我和拉里合作过诸多项目，我们都清楚，未来还有数万亿美元的基础设施亟待建设，而这一投入极 具合理性。因为人工智能要生成支撑各类上层应用的智能算力，就必须对海量场景数据进行处理分析，这是一切的基础。"—— 英伟达首席执行官 黄仁勋 在世界经济论坛的活动中，英伟达首席执行官黄仁勋与贝莱 ...

Economic Policy - The People's Bank of China will continue to implement a moderately loose monetary policy in 2026, utilizing various tools such as reserve requirement ratio cuts and interest rate reductions to maintain ample liquidity [1] - The Ministry of Commerce and nine other departments have issued opinions to promote high-quality development in the pharmaceutical retail industry, supporting mergers and acquisitions among retail pharmacies [1] Capital Market Developments - The People's Bank of China announced a 900 billion yuan MLF operation to maintain liquidity in the banking system, with a one-year term [3] - Public funds have focused on core sectors such as electronics and power equipment, with Zhongji Xuchuang becoming the largest holding stock, valued at 78.421 billion yuan [3] - The National Development and Reform Commission has allocated 93.6 billion yuan in special bonds to support over 4,500 projects across various sectors, driving total investment exceeding 460 billion yuan [3] Industry Highlights - The commercial aerospace sector is gaining attention, with Blue Arrow Aerospace's IPO status changing to "inquiry" as it aims to become the first commercial aerospace stock [7] - Domestic AI chip company Suiyuan Technology has received approval for its IPO, aiming to raise 6 billion yuan for AI chip development [7] - The human-shaped robot sector remains active, with Zhejiang's innovation center completing a 450 million yuan Pre-A round of financing [7] Company Updates - Zhaoyi Innovation expects a net profit of 1.61 billion yuan for 2025, a year-on-year increase of approximately 46%, benefiting from AI computing demand [8] - ST Biology announced the termination of its major asset restructuring plan to acquire a 51% stake in Hunan Huize Biomedical Technology [9] - Xiaomi Group plans to repurchase up to 2.5 billion Hong Kong dollars of its Class B shares starting January 23 [10] - Alibaba has decided to support its chip subsidiary "Pingtouge" for future independent listing, initiating a restructuring process [11] - Intel reported a fourth-quarter revenue of 13.674 billion dollars, with a net loss of 591 million dollars, while its annual revenue was 52.853 billion dollars [11]

公众号记得加星标⭐️，第一时间看推送不会错过。 人工智能的蓬勃发展给PC组装商带来的麻烦比预期更大。它不仅导致DDR5内存价格飙升，还引发了 新一轮GPU短缺。据报道，受人工智能数据中心需求激增的推动，英伟达将至少在2026年第三季度 之前削减RTX 50系列GPU 15%至20%的产量。 据报道，此次减产将影响所有RTX 50系列显卡，包括旗舰级RTX 5090，使其供应量比以往更加稀 缺。RTX 5070 Ti的产量将大幅下降，而RTX 5080和RTX 5060 Ti 8GB将继续限量供应。RTX 5060 作为该系列中最经济实惠的型号之一，预计将彻底停产。 据YouTube频道"摩尔定律已死"（Moore's Law Is Dead）援引匿名消息人士报道，由于"人工智能产 品销售严重超额"，英伟达已停止生产消费级显卡。据称，一位分销商证实，RTX 5060将至少停产六 个月，而RTX 5090、RTX 5070 Ti和RTX 5060 Ti 16GB将在一段时间内基本"无法购买"。 另一消息来源（据称是一家大型零售商）似乎证实了显卡短缺的情况，称RTX 5060的供应即将耗 尽，至少要到第四季度才能恢 ...

Core Viewpoint - The article highlights the current state of Chinese companies going global, emphasizing the importance of effectively communicating their technological advancements and innovation stories to the world [1] Group 1: Company Insights - BYD's Executive Vice President, Li Ke, stated that the company's plug-in hybrid technology can replace traditional fuel vehicles on a one-to-one basis, and its fast-charging technology allows electric vehicles to charge at speeds comparable to refueling [1] - Li Yifan, CEO of Hesai Technology, noted that hard tech companies often struggle with external communication, leading to an underestimation of China's technological capabilities by international partners [1] - Longi Green Energy's Vice President and North America President, Luo Xin, emphasized that the company's competitive edge lies not only in solar technology but also in creating a comprehensive clean energy system that includes photovoltaics, energy storage, and hydrogen energy [1] Group 2: Industry Trends - The "wild capture" interviews reveal a common challenge for Chinese companies: how to better narrate their innovation stories to the world while possessing strong technological advantages [1] - The shift from being "underestimated" to "actively communicating" reflects a new phase for Chinese companies in technology export, focusing on value dissemination rather than just product output [1] - Chinese enterprises are learning to articulate their core strengths in a language that resonates globally, marking a significant evolution in their international engagement strategies [1]

【环球网财经综合报道】北京时间1月23日凌晨，美国三大股指全线收涨，道指涨0.63%报49384.01点， 标普500指数涨0.55%报6913.35点，纳指涨0.91%报23436.02点。3M公司涨超3%，赛富时涨近3%，领涨 道指。万得美国科技七巨头指数涨1.47%，脸书涨超5%，特斯拉涨逾4%。 三立新闻网发文称，美股主要指数连续第二个交易日收高，其中纳斯达克、标普500延续反弹走势，道 琼工业指数同步走扬，反映资金重新回流风险性资产。盘面上，大型科技股与半导体股领军上攻，再度 成为资金焦点，成为推升指数的主要力量。 报道还提到，在达沃斯世界经济论坛期间，英伟达CEO黄仁勋针对AI发展前景的谈话，强调AI需求仍 在加速扩张，相关应用将持续渗透各产业，被市场视为"信心强心针"，进一步强化投资人对AI长线趋势 的信心，也带动费城半导体指数同步收高。 此外，最新公布的美国数据显示，经济动能仍具韧性。美国第三季度GDP年化增长率上调至4.4%，创 下近两年最快增速，显示美国内需与出口表现优于预期；就业市场同样稳健，初领失业救济金人数维持 在低档水准，进一步缓解市场对经济景气度降温的疑虑。整体来看，数据表现支持 ...

今日关注 新股申购：世盟股份（深） 2026北京商业航天展暨大会于1月23日至25日举办 国新办于1月23日举行新闻发布会，介绍2025年知识产权工作进展情况 国证指数：定于1月23日发布国证创业板指股债恒定比例指数系列和国证创业板50股债恒定比例指数系 列 日本央行公布利率决议和经济前景展望报告 全国人工智能+应用场景创新大会于1月23日至25日在苏州举行 2026智能机器人城市空间应用场景大会暨机器人交易中心建设启动仪式于1月23日举办 日本央行行长植田和男召开货币政策新闻发布会 欧元区1月制造业PMI初值 冬季达沃斯闭幕 隔夜市场 美国三大股指全线收涨，道指涨0.63%报49384.01点，标普500指数涨0.55%报6913.35点，纳指涨0.91% 报23436.02点。3M公司涨超3%，赛富时涨近3%，领涨道指。万得美国科技七巨头指数涨1.47%，脸书 涨超5%，特斯拉涨逾4%。 国际贵金属期货普遍收涨，COMEX黄金期货涨2.09%报4938.40美元/盎司，COMEX白银期货涨3.86%报 96.22美元/盎司。 A123半固态浸没式储能产品全球线上发布会于1月23日举办 银发经济产业创新发展 ...

英伟达预计，RubinAI系列将在2026年第四季度至2027年第一季度被超大规模云厂商全面采用，届时， GPT-5等前沿大模型将率先受益于其性能提升。 长江证券电子团队认为，在NVL576架构的高密度互联需求下，Midplane配合正交背板的"无缆化"设计 是官方明确的主流方案。相较于铜缆方案，正交背板最大的优势在于能够解决系统集成的物理瓶颈，并 显著提高生产效率。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 据广达（Quanta）执行副总裁杨明兴透露：首批RubinAI机架有望于今年8月前送达客户，确保年底前完 成与超大规模云厂商的系统集成。 英伟达团队此前意外宣布：VeraRubin已在2026年第一季度进入"全面生产"——这一进度远超产品路线 图预期，堪称行业里程碑。由于Rubin架构从"小芯片设计"转向"先进封装+HBM高带宽内存集成"，外 界曾担忧其能否兑现"2026下半年交付"的承诺。但杨明兴表示，Rubin基础设施的核心组件与Blackwell 系列高度复用——这意味着生产线转型的风险被大幅降低。 ...

2025年，Meta以创新高的逾2600万美元游说支出领跑所有科技公司，稳居第一。紧随其后的是支出超 过1700万美元的亚马逊和超过1300万美元的谷歌母公司Alphabet。不过，亚马逊的支出较前一年略有下 降。 彭博社梳理的名单中没有苹果。但据科技网站9to5mac报道，苹果2025年的美国游说支出达到创纪录的 1000万美元，同比增长近30%。 这一年，随着亿万富翁科技投资人戴维·萨克斯(David Sacks)出任白宫AI事务负责人，特朗普也公开支持 科技公司的投资计划，硅谷的优先事项与政府的AI议程几乎融为一体。 这是全球商界领袖都在遵循的一套操作手册，但很少有行业能像最大型科技公司那样快速掌握它。随着 它们的核心创新AI成为美国经济增长的新引擎，并可能颠覆日常生活的方方面面，这些公司比以往任 何时候都更需要华盛顿的支持。 根据彭博社对公开披露信息的梳理，英伟达、OpenAI、Meta等公司的政府关系部门在2025年进行了扩 张和重塑，以更好地与特朗普的政策议程保持一致。总体而言，2025年，美国大型科技与AI公司在游 说上总计花费了1.09亿美元，首次突破1亿美元大关，同时还在首都华盛顿的游说队伍 ...

行业研究 证 券 研 究 报 告 评论： 计算机 2026 年 01 月 22 日 推荐（维持） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 计算机行业重大事项点评 AI4S：英伟达与礼来合作，AI+制药再提速 事项： 2026 年 1 月 12 日，在摩根大通全球医疗健康大会上，NVIDIA 与礼来公司共 同宣布将合作成立一家开创性 AI 联合创新实验室，致力于运用 AI 技术解决 制药行业长期面临的诸多挑战。 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 337 | 0.04 | | 总市值(亿元) | 64,957.50 | 5.07 | | 流通市值(亿元) | 58,620.09 | 5.67 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 13.7% | 22.6% | 42.4% | | 相对表现 | 10.3% | 7.0% | 19.2% | -6% 13% 33% 53% ...