ANCHOR REPORT Global Markets Research 9 January 2026 Global AI networking supercycle driven by tech upgrade/supply shortage Accumulate market leaders InnoLight, YOFC, TFC and T&S We believe the global AI networking supercycle will continue in 2026F, and even extend into 2027F, driven by multiple technology upgrade roadmaps (i.e. Silicon Photonics [SiPh], Co-package optics [CPO], Optical Circuit Switch [OCS], Active Electronic Cable [AEC], Hollow Core Fiber [HCF]) and supply shortage (i.e. optical laser chip ...

华夏中证人工智能主题ETF联接C（008586）。 1月13日盘中，A股三大指数集体翻绿，科技赛道表现相对强势，AI应用、软件开发、AI智能体、 Sora概念板块纷纷上涨，沪市规模最大的人工智能AIETF（515070）持仓股用友网络涨停，中科星图大 涨超11%，合合信息、科大讯飞、深信服等股涨幅居前，人工智能AIETF（515070）跌1.3%。 消息方面，英伟达与美国制药巨头礼来当地时间周一宣布，双方将在未来五年内投入10亿美元，在 旧金山湾区建设一座联合研究实验室，旨在加速人工智能在制药行业中的应用。英伟达认为，医疗健康 和制药行业是其技术大有可为的领域。目前，已有企业开始利用AI计算系统提出潜在的新药或化合物 方案，但通常仍需通过实验室实验进行验证。英伟达认为，AI可以在很大程度上实现这一过程的自动 化。 人工智能AIETF（515070）； 华夏中证人工智能主题ETF联接A（008585）； 光大证券指出，AI在医疗行业的应用正迎来商业化加速的关键阶段。该机构分析认为，类似"蚂蚁 阿福"这类现象级应用的出现，其核心价值在于商业模式的创新——通过"AI陪伴"模式，将传统的低频 就医场景转化为高频的健康 ...

Group 1 - Nvidia is currently experiencing a decline in stock performance despite strong financial results, with shares dropping over 2% in the last three months while the S&P 500 rose more than 3% [5][7] - The company's recent quarterly earnings showed record revenue of $57 billion, a 62% year-over-year increase, and net income of $31.9 billion, with guidance for Q4 revenue of $65 billion, indicating a 65% year-over-year increase [6][7] - Concerns regarding an "AI bubble" and competition from Alphabet's TPU processors are overshadowing Nvidia's impressive financial performance [7] Group 2 - Nvidia is the largest company in the world with a market cap of $4.5 trillion and has seen its stock rise 1,270% over the past five years [4] - The company's current price-to-earnings (P/E) ratio is 46, close to its five-year low of 32 and well below its five-year average of 76, suggesting it may be reasonably valued [9] - The forward P/E ratio stands at 39.6, indicating potential for growth if AI spending increases more than expected in the coming year [9]

文 | 医线Insight，作者丨雨山 旧金山的冬天有些许寒冷，但刚刚开幕的第44届摩根大通医疗健康大会（J.P. Morgan Healthcare Conference, JPM）却让全球资本市场感受到了前所未有的燥热。 当地时间1月12日，就在JPM大会的首日，一则重磅消息瞬间引爆了会场，也震动了从硅谷到华尔街的 每一根神经： 全球市值第一的制药巨头礼来与全球市值第一的科技巨头英伟达正式宣布，双方将达成一项历史性的战 略合作。 两家公司将在未来五年内共同投入10亿美元，在旧金山湾区建立一个全新的联合创新实验室。 这不仅是一次简单的企业合作，更被业内视为"硅基智能"与"碳基生命"最顶层的握手。 截至发稿，英伟达市值已突破4.5万亿美元，稳坐全球科技王座；而礼来凭借在GLP-1减肥药领域的绝对 统治力，市值稳定在1万亿美元以上，是无可争议的医药之王。 两家市值加起来接近6万亿美元的巨无霸，决定联手押注AI医疗，这本身就是一个巨大的时代信号。 这究竟是一场怎样的"豪赌"？AI真的能打破困扰制药业数十年的"反摩尔定律"吗？ 不仅是算力，更是生态 根据双方披露的细节，这个联合实验室将不仅仅是一个算力中心，而是一个 ...

消息人士称，虽然英伟达已向中国客户提出了大致的定价范围，但具体价格将根据购买量和具体的客户 安排而有所不同。他们表示，一个八芯片模组预计成本约为150万元人民币，略高于现已无法获得的 H20模组(此前售价约为120万元人民币)。然而，消息人士称，鉴于H200的性能大约是H20的六倍(H20是 英伟达专为中国市场设计的降级芯片)，中国互联网公司认为该定价具有吸引力。 消息人士表示，中国科技公司已为2026年订购了超过200万颗H200芯片，而英伟达目前库存仅为70万 颗。他们表示，英伟达打算向台积电追加订购的具体数量尚不清楚。消息人士称，英伟达已要求台积电 开始生产额外的芯片，预计将于2026年第二季度开始生产。消息人士称，英伟达已决定将向中国客户提 供哪些H200型号，定价约为每颗芯片27,000美元。 智通财经APP获悉，芯片巨头英伟达(NVDA.US)周二表示，该公司并不要求客户为购买H200芯片支付 预付款。英伟达发言人在一份声明中表示，该公司"永远不会要求客户为未收到的产品付款"。这一声明 是针对媒体近日的一篇报道。该报道指出，英伟达对寻求购买其人工智能芯片的中国客户提出了异常严 格的条款，要求全额预 ...

① 【三大期指普跌】截至发稿，道指期货跌0.12%、标普500指数期货跌0.11%、纳指期货跌0.17%。 ⑥ 【辉瑞正准备进军减肥药市场】当地时间1月12日，辉瑞公司CEO阿尔伯特·布尔拉表示，辉瑞正准备 进军减肥药消费市场，其市场规模有望与1998年推出治疗勃起功能障碍药物伟哥后蓬勃发展的业务规模 相媲美。布尔拉表示，即使在辉瑞公司于2025年9月首次宣布收购减肥药制造商Metsera时，辉瑞也没有 预料到目前由礼来公司和诺和诺德公司主导的减肥药市场会发展得如此迅速且规模如此之大。辉瑞预计 将于2028年推出减肥药产品。截至发稿，辉瑞上涨0.16%。 ⑦ 【花旗上调Palantir评级至"买入"】当地时间1月12日，花旗集团将其对Palantir的评级由"中性"上调 至"买入"，目标价上调至235美元，称该公司今年将迎来商业和政府业务的"超级周期"。截至发稿， Palantir下跌0.2%。 ⑧ 【芝商所贵金属合约保证金由"固定"改为"浮动"】当地时间1月12日，芝商所发布通知称，根据对市 场波动性的正常审查，为确保充足的抵押品覆盖，将改变黄金、白银、铂、钯合约的保证金设定方式， 由此前的按照固定金额收取 ...

Core Insights - The article discusses the investment positions held by the analyst in various companies, indicating a bullish outlook on these stocks [1]. Group 1: Company Positions - The analyst has a beneficial long position in SPYI, JEPI, NVDA, GOOG, AMZN, and AVGO, either through stock ownership, options, or other derivatives [1].

英伟达表态强调，他们不会要求客户为未收到的产品付费。 如果您希望可以时常见面，欢迎标星收藏哦~ 据路透社报道，英伟达发言人1月13日表示，公司没要求中国客户预付H200芯片的费用。此前有 报道指，英伟达要求客户全额预付，因对中国政府是否批准出货存有疑虑，而这一支付结构实则 将财务风险转移给客户。 （来源 ：半导体芯闻综合 ） 点这里加关注，锁定更多原创内容 *免责声明：文章内容系作者个人观点，半导体芯闻转载仅为了传达一种不同的观点，不代表半导体芯闻对该 观点赞同或支持，如果有任何异议，欢迎联系我们。 推荐阅读 10万亿，投向半导体 芯片巨头，市值大跌 黄仁勋：HBM是个技术奇迹 Jim Keller：RISC-V一定会胜出 全球市值最高的10家芯片公司 喜欢我们的内容就点 "在看 " 分享给小伙伴哦~ 路透社8日曾引述消息人士透露，虽然英伟达的中国客户有时被要求支付预付款，但由于中国监 管部门对批准出货存在不确定性，该公司对H200芯片的付款要求更为严格。即要求中国客户全额 预付且无法取消、申请退款或调整配置，以对冲风险。 此外，美国对高端芯片出口态度反复。美国总统特朗普（Donald Trump，又译川普） ...

The chipmaker is one of the biggest success stories of the last decade.It's no secret that Nvidia (NVDA +0.04%) has been an incredible investment, especially during the artificial intelligence (AI) boom. The chipmaker's graphics processing units (GPUs) are in high demand from tech companies building out their data centers.Even with that in mind, the amount of money an early investor could've made in Nvidia is still hard to believe. How much a $1,000 Nvidia investment would've grownIf you'd invested $1,000 i ...

Investment Rating - The report maintains a "Buy" rating for several companies in the AI and computing sectors, including Weike Technology, Nengke Technology, Hehe Information, and Maixinlin [13]. Core Insights - The AI application sector is experiencing significant growth, highlighted by the successful IPO of MiniMax, which raised 5.54 billion HKD and achieved a market capitalization of 898 billion HKD on its first day of trading [6][45]. - Nvidia's new VeraRubin architecture has revolutionized computing power, achieving up to five times the performance in AI inference tasks compared to the previous Blackwell architecture, with a tenfold reduction in inference costs per token [5][34]. - MiroMind's MiroThinker1.5 model has demonstrated superior performance in international benchmarks, achieving significant cost efficiency and redefining the growth path for large models [4][24]. Summary by Sections Computing Power Dynamics - The report notes stable pricing in computing power leasing, with significant advancements from MiroMind's MiroThinker1.5 model, which features 30B and 235B parameter variants that excel in benchmark tests [4][18]. - The token consumption for the week of January 5 to January 11, 2026, reached 6.43 trillion, marking a 15.44% increase from the previous week [18][19]. AI Application Dynamics - NotionAI's weekly traffic increased by 25.06%, indicating strong user engagement in the AI application space [32]. - The report highlights the performance of Nvidia's VeraRubin architecture, which integrates CPU, GPU, and networking components for optimized AI computing, significantly enhancing training and inference capabilities [5][34]. AI Financing Trends - MiniMax's IPO is noted as the largest for an AI model company globally, with a remarkable oversubscription rate of 1837 times for public offerings, reflecting strong investor confidence [6][45]. - The company has successfully completed multiple funding rounds, raising a total of 1.5 billion USD from 30 institutional investors over four years [46][47]. Investment Recommendations - The report suggests focusing on companies like Maixinlin, Weike Technology, Hehe Information, and Nengke Technology, which are positioned to benefit from the expanding AI and computing markets [10][58]. - MiniMax's successful market entry is seen as a significant indicator of the AI application sector's commercial viability and growth potential [57].