台积电宣布2nm制程按计划量产，以及AI芯片需求激增，美股和台股双创历史新高；三星电子因HBM4产品获客户认可，韩股大涨 7.2%创新高。分析师普遍认为AI热潮将延续至2026年。Bernstein将台积电列为首选股，大摩将2026年DRAM和NAND价格预期分 别上调62%和75%，且大幅美光上调盈利预期。 2026年首个交易日，AI芯片供应链股票强势上涨，在美股大盘走势分化的背景下成为市场焦点。 台积电美股和台股双双创下历史新 高，三星电子韩股大涨7.2%刷新收盘纪录 ，带动整个AI板块逆市走强。 日前，台积电在官网低调宣布， 其2nm制程（N2）技术已按计划于2025年第四季度投入量产，标志着全球半导体行业正式迈入 2nm时代。 这一技术采用第一代纳米片晶体管架构，相比N3E工艺，在同等功耗下性能提升10%-15%，在同等速度下功耗降低 25%-30%。 N2工艺采用了环栅（Gate-All-Around）纳米片晶体管技术，突破了此前FinFET架构在3nm节点面临的物理极限。该技术将电流通 道由竖立的"鳍"变为水平堆叠的"纳米片"，栅极可从四面完全包裹通道，大幅降低漏电并提升晶体管密度。相对于纯逻辑电 ...

Company Developments - Lei Jun, during a live stream, unveiled Xiaomi's second vehicle model YU7, addressing concerns about the materials used in car manufacturing. He revealed that Xiaomi's car delivery volume is expected to exceed 410,000 units in 2025, with a target of 550,000 units for 2026. Lei also criticized "small character marketing" as an industry flaw and emphasized the importance of addressing user complaints seriously [5][6]. - Luxshare Precision issued a statement regarding false rumors affecting the company, clarifying that its core business is progressing smoothly and that there are no unusual circumstances impacting its normal operations and development [5]. - iMoutai announced an adjustment to the maximum purchase limit for its Feitian 53% vol 500ml Guizhou Moutai liquor, allowing customers to buy up to 6 bottles per day, down from the previous limit of 12 bottles [6]. - BMW China responded to the price reduction of 31 models, stating that this is not a price war but a proactive adjustment of product strategy to meet consumer expectations. The price cut includes a maximum reduction of 301,000 yuan, with the starting price of the iX1 electric model dropping from 299,900 yuan to 228,000 yuan, a decrease of 24% [6]. Industry Insights - On the first trading day of 2026, AI chip supply chain stocks surged. TSMC announced the planned mass production of its 2nm process, and the demand for AI chips has skyrocketed, leading to record highs in both US and Taiwanese stock markets. Samsung Electronics saw a 7.2% increase in its stock price due to the recognition of its HBM4 products by clients. Analysts generally believe that the AI boom will continue into 2026 [3]. - According to Wind data, as of January 3, 151 stocks have been included in the brokerage "golden stock" combinations for January 2026, with over 30% of the stocks being Hong Kong-listed. The most notable A-share and Hong Kong stock are Zhongji Xuchuang and Tencent Holdings, respectively, with a dense distribution of "golden stocks" in the electronics, machinery, and automotive sectors [3]. - CITIC Securities predicts that the A-share bull market is likely to continue in 2026, expecting the index to remain volatile but with slower growth. Investors are advised to focus on fundamental improvements and industry verification. There is a caution regarding structural and phase-based corrections in the technology sector, with resource products potentially becoming a new main direction for A-shares after technology. Key industries to watch include new energy, non-ferrous metals, basic chemicals, oil and petrochemicals, non-bank financials, military industry, machinery, and computers [3]. Macro Economic Indicators - According to Haikou Customs, during the first two days before the New Year holiday, the sales of duty-free goods in Hainan reached 307,000 items, marking a year-on-year increase of 48.3% [2]. - The National Medical Products Administration announced that 76 innovative drugs are expected to be approved for market in China by 2025, significantly surpassing the 48 approved in 2024, setting a new historical record [2]. - The China National Space Administration reported that in 2025, China will achieve multiple breakthroughs in manned spaceflight, deep space exploration, and commercial space sectors, with a total of 92 launches planned, setting a new historical high [2]. - As of January 3, 2026, the box office for the New Year holiday period has surpassed 700 million yuan, with films like "Zootopia 2," "Avatar 3," and "Killing the Hidden" leading the box office rankings [2]. Fund Flows - As of December 31, 2025, the scale of public funds entering the market after the New Year is over 43 billion yuan. This includes 16 ETFs set to be listed with a total scale of nearly 5 billion yuan and over 60 actively managed equity funds established after November 2025, with a total scale of approximately 38 billion yuan [4].

Group 1 - The document does not contain any relevant information regarding companies or industries [2][3][5][6]

Core Insights - The artificial intelligence (AI) revolution has rapidly expanded since 2023, influencing various applications from chatbots to autonomous systems and significantly driving market value into the trillions [1] Industry Impact - The growth of AI technologies has led to a substantial increase in market capitalization across multiple sectors, indicating a transformative effect on the economy [1]

Core Viewpoint - The Roundhill Generative AI & Technology ETF (CHAT) significantly outperformed major indices in 2025, with a 45% increase compared to the S&P 500's 17% and Nasdaq-100's 21% gains, with its future performance closely tied to hyperscaler spending on AI infrastructure [2][3]. Group 1: Hyperscaler Capital Spending - Capital expenditure (capex) by major cloud providers is the primary macro factor influencing CHAT's performance, with 2026 estimates rising to $527 billion from $465 billion at the beginning of Q3 earnings season [3][5]. - Analysts have consistently underestimated the willingness of Amazon, Google, Microsoft, and Meta to invest in AI infrastructure [3]. Group 2: Fund Holdings and Performance - CHAT has significant positions in major hyperscalers, with Alphabet as the largest holding at 7.6%, followed by Microsoft at 5.1%, Meta at 4.2%, and Amazon at 3.4% [4]. - The fund has returned 51% year-to-date, outperforming the S&P 500's 17% [5]. Group 3: Market Trends and Selectivity - The market has become more selective, moving away from AI infrastructure companies with pressured operating earnings growth, seeking a clear connection between capex and revenue growth [7]. Group 4: Concentration in Semiconductor Sector - CHAT has a heavy concentration in semiconductor companies, with Nvidia at 6.3%, Advanced Micro Devices at 3.3%, Broadcom at 3.0%, and SK Hynix at 3.2%, indicating significant exposure to the semiconductor cycle [8].

Core Insights - Retail investors have shown significant interest in five stocks this week, driven by retail hype, AI advancements, and corporate news [1] Group 1: Target Corp. (NYSE:TGT) - Target was highlighted after activist investor Toms Capital Investment Management acquired a significant stake, which is seen as a potential catalyst for operational changes [5] - The stock is trading around $97 to $99 per share, with a 52-week range of $83.44 to $145.08, and has declined by 28.75% in 2025 and 7.30% in the last six months [6] Group 2: Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) - Retail investors are bullish on TSM ahead of its earnings release later this month [4] Group 3: Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) - GOOG is trading around $303 to $305 per share, with a 52-week range of $134.25 to $313.98, and has returned 50.75% in 2025 and 30.09% in the last six months [10] - The stock has shown strong performance driven by AI advancements, cloud growth, and progress in Waymo, outperforming its peers [10] Group 4: IREN Ltd. (NASDAQ:IREN) - IREN gained attention due to discussions about using Ukraine's Zaporizhzhia nuclear power plant for cryptocurrency mining, which could impact U.S. bitcoin production [16] - The stock is trading around $36 to $38 per share, with a 52-week range of $5.12 to $76.87, and has risen 261.09% in 2025 [17] Group 5: Strategy Inc. (NASDAQ:MSTR) - MSTR announced the purchase of 1,229 Bitcoin for approximately $108.8 million, increasing its holdings to 672,497 BTC [17] - The stock is trading around $150 to $152 per share, with a 52-week range of $151.42 to $457.22, and has declined by 49.35% in 2025 [19] Group 6: Market Context - The retail focus has combined meme-driven narratives with earnings outlooks and corporate news, amidst negative market action in the S&P 500, Dow Jones, and Nasdaq [18]

Core Viewpoint - Retail investors are actively discussing five notable stocks driven by retail enthusiasm, AI developments, and corporate news, including Target Corp., Taiwan Semiconductor Manufacturing Co., Alphabet Inc., IREN Ltd., and Strategy Inc. [1] Group 1: Target Corp. (NYSE:TGT) - Target was highlighted after activist investor Toms Capital Investment Management acquired a significant stake, which investors viewed as a potential catalyst for operational changes to unlock long-term value [5] - Target reaffirmed its commitment to improving its merchandise and shopping experience, indicating a focus on returning to growth [5] - The stock had a 52-week range of $83.44 to $145.08, trading around $97 to $99 per share, with a decline of 28.75% in 2025 and 7.30% in the last six months [6] Group 2: Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) - Retail investors expressed bullish sentiment ahead of TSM's earnings release later in the month [4] Group 3: Alphabet Inc. (NASDAQ:GOOG) - Alphabet's stock had a 52-week range of $134.25 to $313.98, trading around $303 to $305 per share, with a return of 50.75% in 2025 and 30.09% in the last six months [10] - The stock showed strong performance among its peers, driven by advancements in AI, cloud growth, and progress in Waymo [10] Group 4: IREN Ltd. (NASDAQ:IREN) - IREN gained attention due to discussions about using Ukraine's Zaporizhzhia nuclear power plant for cryptocurrency mining, which could impact U.S. bitcoin production [16] - The stock had a 52-week range of $5.12 to $76.87, trading around $36 to $38 per share, with a significant rise of 261.09% in 2025 [17] Group 5: Strategy Inc. (NASDAQ:MSTR) - MSTR announced the purchase of 1,229 Bitcoin for approximately $108.8 million, increasing its holdings to 672,497 BTC [17] - Retail investors were cautious about investing in MSTR following its performance in 2025 [17] Group 6: Market Context - The retail focus combined meme-driven narratives with earnings outlooks and corporate news, as major indices like the S&P 500, Dow Jones, and Nasdaq experienced negative market action, missing the Santa Claus rally [18]

当全球AI产业进入爆发式增长周期，谁能掌握产业链最核心的产能命脉？答案早已清晰——台积电 （TSMC）。 作为格隆汇2026年"全球视野"十大核心资产之一，这家晶圆代工巨头以无可撼动的垄断地位，成为AI芯 片产能的"独家守门人"。它包揽了全球90%以上的AI芯片制造，从英伟达GPU到谷歌TPU，几乎所有主 流AI芯片都出自其晶圆厂。2025年历经短期回调后强势反弹，全年韧性十足，如今正以先进制程迭 代、CoWoS产能翻倍、连续涨价的多重利好，开启新一轮确定性增长。 01 为什么是台积电？ 多重硬核逻辑铸就全球核心资产 台积电能成为AI时代的"隐形王者"，并非单一优势驱动，而是多重核心逻辑的共振，每一项都构成难以 逾越的竞争壁垒。 1.行业分工重构：晶圆代工成为产业链核心话语权环节 半导体产业的发展，早已改写了传统竞争格局。1987年台积电成立后，开创了晶圆代工模式，推动行业 从垂直整合的IDM模式，转向"Fabless设计+Foundry代工+OSAT封测"的分工协作模式。这一变革让晶圆 代工厂逐渐成为产业链的关键枢纽。 一方面，Fabless模式无需大额晶圆厂投资，吸引了高通、英伟达等企业崛起；另一方面，部 ...

Group 1: Taiwan Semiconductor - Taiwan Semiconductor is a key provider of high-end chips essential for the AI infrastructure buildout, with a strong investment thesis based on increasing global demand for advanced chips [3][5] - The company is the world's largest third-party foundry operator, benefiting from the significant capital expenditures by AI hyperscalers, which are expected to accelerate in 2026 [5][6] - Every new data center construction contributes to Taiwan Semiconductor's revenue, making it a strong investment opportunity as data center buildouts are projected to increase [6] Group 2: Amazon - Amazon's cloud computing unit, Amazon Web Services (AWS), is a major client of Taiwan Semiconductor, and AWS is crucial for Amazon's overall profitability, contributing 66% of its total operating profits [6][8] - AWS experienced a revenue growth of 20% in Q3, marking its fastest growth rate in several years, indicating a positive outlook for Amazon's stock in 2026 [8] Group 3: Alphabet - Alphabet's shares rose approximately 65% in 2025, but a similar performance is not expected in 2026 due to its current valuation being in line with peers at 30 times forward earnings [9][11] - The company reported a 16% year-over-year revenue increase and a 35% rise in diluted earnings per share (EPS) in Q3, showcasing strong business growth [11] - Alphabet has established itself as a leader in AI with its large language model, Gemini, which may provide a competitive edge by allowing lower pricing to dominate the market [13][14]

Group 1 - TSMC's 2nm production plan is progressing as scheduled, with plans to build three new factories to meet strong market demand. The risk trial production for TSMC's 1.4nm process is expected to start in 2027 [2] - Black Sesame Technology announced a strategic acquisition of Yizhi Electronics, which will result in Black Sesame holding 60% of Yizhi's shares. The core team of Yizhi has committed to achieving a cumulative revenue of no less than 1.2 billion yuan and a net profit of no less than 90 million yuan over the next three years [3] - Jin Feng Technology's subsidiary, Jianghan Asset, holds a 4.14% stake in Blue Arrow Aerospace, making it the sixth-largest shareholder as the company prepares for its IPO [4] Group 2 - The EAST nuclear fusion experiment in China has confirmed the existence of a density-free zone in the Tokamak, with results published in the journal "Science Advances" [5][6] - Data analysis indicates that micro-vacations at hot springs and ice and snow tourism will dominate consumer spending during the New Year holiday, with an 8% increase in visitor numbers to hot spring resorts compared to last year [7] - SAIC Audi announced a retail target of 47,258 units for the year 2025, representing a 23% year-on-year increase [8] Group 3 - TrendForce has downgraded the global laptop shipment forecast for 2026 to a 5.4% year-on-year decline, reflecting conservative attitudes among brands due to rising costs [9] - Samsung Electronics reported positive feedback from customers regarding the competitiveness of its HBM4 chips, with market shares of 35% for Samsung, 53% for SK Hynix, and 11% for Micron as of Q3 2025 [10] - The Robotex World Robot Competition Asian Finals has commenced in Shanghai, focusing on sustainable development goals and providing an international platform for youth technology talent [11] Group 4 - The U.S. apartment market is experiencing its worst performance in over a decade, with a 1.9% year-on-year decline in apartment prices, the largest drop since 2012 [12] - The cryptocurrency market faced significant turmoil, with Bitcoin dropping nearly 30% from its peak two months ago, leading to over 106,000 liquidations and a total liquidation amount of $121 million [14]