Group 1 - The three recommended chip stocks for 2025 were Nvidia, Taiwan Semiconductor Manufacturing, and ASML Holding, all of which delivered significant gains, with Nvidia rising 39%, Taiwan Semiconductor increasing by 54%, and ASML also up by 54% [1][2] - Each company plays a distinct role in the chip supply chain: Nvidia designs GPUs, Taiwan Semiconductor manufactures chips based on Nvidia's designs, and ASML produces specialized machines for chip manufacturing [4][5][6] - For the next fiscal year, expected growth rates are 51% for Nvidia, 31% for Taiwan Semiconductor, and 15% for ASML, indicating a disparity in growth expectations among the three companies [6] Group 2 - ASML is currently trading at 34 times forward earnings, while Nvidia and Taiwan Semiconductor are trading at 25 and 21 times forward earnings, respectively, suggesting that ASML may be overvalued relative to its growth rate [8] - Given the growth expectations and valuations, Taiwan Semiconductor and Nvidia are considered better investment options for 2026 compared to ASML [8]

1、央行：2026年将实施适度宽松货币政策，降准降息有空间。 央行行长潘功胜表示，2026年将继续实施好适度宽松的货 币政策，灵活高效运用降准降息等多种货币政策工具，保持流动性充裕。今年降准降息还有一定的空间。要继续维护好 金融市场的平稳运行。做好预期管理，保持人民币汇率在合理均衡水平上的基本稳定。加强债券市场、外汇市场、货币 市场、票据市场、黄金市场监督管理。建立在特定情景下向非银机构提供流动性的机制性安排。继续用好支持资本市场 的两项货币政策工具，支持资本市场稳定发展。 2、多只基金官宣降费。 2026年开年以来，又有多只基金陆续官宣降费，以降低投资者的投资成本，提升投资者收益获得 感。华夏基金公告称，自1月22日起，调低华夏金融科技ETF的管理费率、托管费率，管理费率年费率由0.50%下调至 0.15%，托管费率年费率由0.1%下调至0.05%。天弘基金公告称，自1月21日起将天弘宁弘六个月持有期混合的管理费、托 管费分别由0.7%、0.15%调降至0.3%、0.05%。 3、银行大额存单利率跌破2%。 随着存款利率的持续下调，地方中小银行大额存单的利率也跌破了2%。市场预测，2026 年1年期以上的定 ...

1、 《北京市关于促进商业卫星遥感数据资源开发利用的若干措施（2026-2030年）》提出，鼓励有能力的企业对卫星数据上下游企业进 行并购重组，整合完善地面站网、数据应用服务产业链环节 ，打造具备全球竞争力的链主企业。支持企业规划建设具有差异化优势、商业价值 明确、应用前景清晰的商业卫星星座。 2、 美国银行表示，在美国总统特朗普威胁因格陵兰岛问题对部分欧洲国家加征关税的一周里，美股资金流出接近170亿美元。 值得注意的 是，印度正加入部分主要经济体的行列，逐步撤离美国债券市场，其持有的美国国债规模已降至1740亿美元，较2023年峰值下降26%，为五年来最低水 平。与此同时，瑞典最大私人养老基金、丹麦"学界养老基金"也正在或计划抛售美债。 4、基金2025年四季报披露完毕，"专业买手"公募FOF最新持仓动向浮出水面。 去年四季度，FOF延续对低风险产品的偏爱，短融ETF成为其头号 重仓品种。 在国际金价迭创新高之际，FOF却普遍减持了黄金ETF，转而大举增持黄金股ETF，展现出独特的"淘金"策略。 3、 英伟达创始人黄仁勋再度前往中国，首站到访英伟达位于上海的新办公室，这是黄仁勋2026年首度赴华。 知情人 ...

Core Insights - Artificial intelligence (AI) is being hailed as one of the most significant technological innovations, comparable to fire, electricity, and the internet, with industry leaders like Bill Gates and Jensen Huang emphasizing its transformative potential [1][2] - There is a growing concern among employees regarding job security due to AI, with surveys indicating that over half of the workforce feels anxious about the impact of AI on their jobs [1] - Jensen Huang argues that AI will not lead to job losses but will create demand for manual labor in sectors like construction and data center development [2] Industry Developments - The human capital management (HCM) industry is tasked with ensuring that AI innovation remains ethical and responsible, while also focusing on enhancing human creativity and connection [3] - The 2025 Artificial Intelligence Index Report from Stanford University highlights that generative AI attracted nearly $34 billion in private investment in 2024, marking an 18.7% increase from the previous year [4] - Adoption rates of AI are rapidly increasing, with 78% of surveyed companies using AI in 2024, reflecting a 55% increase from the previous year, surpassing the early 2000s internet adoption rates [5]

Core Viewpoint - The current bull market driven by AI raises the question of whether it remains concentrated among a few mega-cap stocks or if broader market participation is emerging [1]. Group 1: Relative Strength Analysis - Relative strength is calculated by dividing the price of one market by another, indicating which market is outperforming [2]. - Various ETFs can be analyzed using relative strength, such as consumer discretionary versus consumer staples and large-cap versus small-cap stocks [3][4]. Group 2: Market Participation - The analysis focuses on the S&P 500 using both market cap weighted and equal weighted calculations to assess participation from larger versus smaller stocks [5]. - A rising relative strength line indicates that larger stocks are dominating performance, while a declining line suggests broader participation from the index [6]. Group 3: Historical Context - Historical data shows a peak concentration during the dot-com boom, followed by a broader market rally until 2010, and a recent trend of increasing concentration again, aligning with the performance of the MAG7 stocks [7][10]. - The past few years have been characterized by the development of AI capabilities, with expectations that the next phase will involve broader economic participation from more companies [8]. Group 4: Future Expectations - The focus for 2026 is on whether more companies within the S&P 500 will contribute to market performance, rather than solely on the performance of mega-cap stocks like Nvidia and Tesla [12]. - Cyclical industries such as industrials, retail, and banks are expected to benefit from growth in the first half of 2026, indicating a potential for broader market participation [13].

Growth investors have plenty of world-class options to choose from. Whether it's groundbreaking technologies like autonomous vehicles, machine learning, blockchain, virtual reality, or artificial intelligence, one thing is for certain: the future is now. The ability for investors to put some capital to work in the technologies of tomorrow is exciting, and in many respects, this period of time is like no other. Most investors (be they growth-oriented or not) understand the AI revolution is absolutely power ...

好久没有聊AI芯片的内容了，似乎大家对这块的关注度也低了一些，但行业的暗流涌动一直都在，这篇文章结合产业内的一些资 料，聊一下海外几家大厂目前的格局。 一、TPU的崛起 今年一定要格外关注的就是TPU 的崛起，TPU链的相关公司也是我们重点关注的对象，当然有一些已经由于TPU的概念涨了非常 多了。 在英伟达GPU长期垄断AI训练与推理市场的背景下，Google TPU正凭借对LLM的原生优化优势，成为OpenAI、苹果等科技巨头 的重要选择，逐渐打破GPU一家独大的格局。OpenAI开始慢慢选择Google TPU开展核心推理业务；苹果也基于TPU搭建LLM训 练体系，这些合作其实暗含了复杂的技术适配门槛与隐性成本，并非简单的技术迭代选择。 核心问题在于技术体系的天然差异：OpenAI、苹果等企业的主流模型，最初均基于GPU生态完成训练，而GPU与TPU在数值表示 方式、精度体系上存在本质区别，从低精度到高精度的数据转换过程中，极易出现性能损耗与价值折损。从GPU迁移至TPU，必 须通过专门的软件桥接流程，将训练好的模型导出为TPU适配格式，这一转换过程并非一蹴而就，根据模型参数量的差异，复杂 模型的转换周期 ...

证券研究报告 | 2026年01月25日 2026年01月24日 美股市场速览 弱于大市 整体市场平静，能源变数较大 价格走势：整体小幅回撤，小盘价值占优 本周，标普 500 跌 0.4%，纳斯达克跌 0.1%。 风格：小盘价值（罗素 2000 价值+0.2%）＞大盘价值（罗素 1000 价值-0.2%） ＞大盘成长（罗素 1000 成长-0.5%）＞小盘成长（罗素 2000 成长-0.8%）。 12 个行业上涨，12 个行业下跌。上涨的主要有：家庭与个人用品（+3.5%）、 能源（+3.1%）、材料（+2.7%）、汽车与汽车零部件（+2.2%）、制药生物 科技和生命科学（+1.8%）；下跌的主要有：银行（-2.8%）、综合金融（-2.7%）、 房地产（-2.3%）、技术硬件与设备（-2.0%）、公用事业（-1.9%）。 资金流向：整体流动与行业内流向均较缓 本周，标普 500 成分股估算资金流（涨跌额 x 成交量）为+5.6（亿美元， 下同），上周为-1.7，近 4 周为+104.1，近 13 周为+40.5。 11 个行业资金流入，13 个行业资金流出。资金流入的主要有：汽车与汽车 零部件（+9.2）、半 ...

Core Viewpoint - NVIDIA Corporation (NASDAQ:NVDA) is positioned as a leader in the AI infrastructure buildout, which CEO Jensen Huang describes as the largest in human history, emphasizing its multi-layer platform shift that encompasses various sectors [2][3]. Group 1: AI Infrastructure and Market Position - CEO Jensen Huang frames AI as a multi-layer platform shift, impacting energy, chips, data centers, models, and applications, which is driving demand across multiple industries [2]. - NVIDIA's sustained capital expenditure (capex) and software-led monetization strategies support its durability beyond short-term GPU cycles, reinforcing its foundational role in AI infrastructure [3]. - Over $100 billion in global venture capital investment into AI-native startups indicates strong future demand for computational resources [3]. Group 2: Geopolitical Challenges - Near-term geopolitical challenges are present, as Huang plans to visit China to seek clarity on selling the H200 AI chip, amidst indications of restrictions from Chinese customs despite U.S. export approval [4]. - The server partner Inventec reported that shipments are "stuck on the China side," leading to uncertainty regarding revenue visibility from China [4]. Group 3: Business Focus - NVIDIA focuses on designing GPUs and accelerated computing platforms that span gaming, data centers, AI software, networking, and automotive markets [5].

NVIDIA Corporation (NASDAQ:NVDA) is one of the best stocks to buy and hold for 20 years. NVIDIA (NVDA) CEO Jensen Huang Frames AI as the Largest Infrastructure Buildout in Human History On January 21, 2026, NVIDIA Corporation (NASDAQ:NVDA) CEO Jensen Huang appeared on the World Economic Forum stage in Davos, framing AI as “the largest infrastructure buildout in human history.” He sees AI not as a single technology cycle but as a multi-layer platform shift. According to him, this shift spans energy, chips ...