Alphabet Inc．（GOOGL）： 美国交通安全调查机构正在调查Alphabet旗下自动驾驶子公司 Waymo 的 数起事故。在奥斯汀市，该公司的自动驾驶车辆在停靠的校车附近存在违规行驶行为。 亚马逊公司（AMZN）：宾夕法尼亚州联邦法官裁定，陪审团需判定在一名自闭症员工因排班调整出 现通勤困难后，亚马逊服务有限责任公司是否已为该员工提供了充分便利。 亚马逊公司（AMZN）、微软公司（MSFT）、帕洛阿尔托网络公司（PANW）：美国众议院网络安全 小组委员会主席安迪・奥格尔斯要求亚马逊云科技、微软旗下领英以及帕洛阿尔托网络公司各指派一名 高管出庭作证，就朝鲜利用远程信息技术工作者计划的相关情况接受质询。 AMC 娱乐控股公司（AMC）：部分 AMC 债券持有人已启动与该影院连锁企业的秘密谈判。市场担忧 公司可能酝酿更大规模的债务相关动作，受此影响，其部分债券价格大幅下跌。 雪佛龙公司（CVX）、斯伦贝谢公司（SLB）、贝克休斯公司（BKR）、哈利伯顿公司（HAL）：美 国正与雪佛龙、其他原油生产商，以及油服承包商斯伦贝谢、贝克休斯、哈利伯顿展开磋商，计划推动 委内瑞拉原油产能快速恢复。该计划的成本仅为 ...

Core Insights - The State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM) and the Schwab U.S. Broad Market ETF (SCHB) are both designed to mirror the performance of the broad U.S. stock market with minimal fees, making them suitable for core holdings in diversified portfolios [1][2] Cost and Size Comparison - Both SPTM and SCHB have an expense ratio of 0.03%, which is among the lowest in the industry [3] - As of January 25, 2026, SPTM has a 1-year return of 12.91% and SCHB has a return of 12.80% [3] - The assets under management (AUM) for SPTM is $12 billion, while SCHB has a significantly larger AUM of $38 billion [3] Performance and Risk Comparison - The maximum drawdown over 5 years for SPTM is -24.15%, while SCHB has a slightly higher drawdown of -25.40% [4] - An investment of $1,000 would grow to $1,765 in SPTM and $1,700 in SCHB over 5 years [4] Portfolio Composition - SCHB tracks the Dow Jones U.S. Broad Stock Market Index and holds 2,401 stocks, with sector allocations of 33% technology, 13% financial services, and 11% consumer cyclical [5] - SPTM follows the S&P Composite 1500 Index, providing exposure to approximately 1,510 stocks, with similar sector allocations and top holdings as SCHB [6] Implications for Investors - Both ETFs offer similar low expense ratios and dividend yields, making them comparable in terms of fees and income [7] - The top three holdings in both funds are Nvidia, Apple, and Microsoft, comprising 18.35% of SCHB's portfolio and 19.79% of SPTM's [7] - SCHB's larger AUM and number of holdings (nearly 1,000 more than SPTM) may provide greater liquidity and broader market exposure for investors [8][9]

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]

继续看好涨价业绩兑现方向。我们继续看好覆铜板及存储芯片涨价趋势，具有较强的持续性，从产业链公司陆续 公布的营收及利润来看，业绩在持续兑现。金安国纪发布 2025 年业绩预告，预计 2025 年业绩 2.8-3.6 亿元，同 比增长 655-871%，如果按照业绩指引中值测算，2025Q4 业绩环比 2025Q3 增长 43.4%，公司表示，业绩大幅增长 的主要原因是覆铜板市场需求有所好转，公司覆铜板产销数量同比增长、销售价格有所回升。建滔积层分别在 2025 年 8 月、12 月涨价三次，其他公司也纷纷涨价，生益科技在 2026 年 1 月 5 日与东莞松山湖相关部门签署了 45 亿元的投资意向书，旨在加大对高性能覆铜板的投入，我们认为在 AI 需求强劲及铜价上涨的带动下，覆铜板 涨价有望持续，建议关注业绩有望超预期的公司。存储芯片在 2026 年一季度大幅涨价（一般型 DRAM 合约价季增 55-60%，NAND Flash 季增 33-38%）之后，二季度涨价有望持续，Counterpoint 预计，Q2 存储芯片价格有望环比 上涨 20%左右。从全球存储芯片需求（AI 需求持续强劲）及大厂扩产的情况来看 ...