市场杂志 耗资3万亿美元的⼈⼯智能数据中⼼建设项⽬令债务市场 焦头烂额 ⼈⼯智能已对股票市场产⽣巨⼤影响。如今，数据中⼼贷款也开始影响债券和信贷市 场。 节省 翻译 超过3万亿美元。这是为迎接⼈⼯智能热潮⽽建设数据中⼼所需的惊⼈价 格。 即使是全球最⼤的科技公司——亚⻢逊、微软和Meta Platforms——也⽆法仅 凭⾃有资⾦承担这笔费⽤。对OpenAI和Anthropic等私营公司的⼤规模股权 投资，也远不⾜以弥补这场⼯业⾰命规模的巨额成本。⽽政府的拨款和补贴 也只能在⼀定程度上减轻经济负担。 那么，这些钱从哪⾥来？来⾃债券市场。 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 插图： Michael Marsicano 为彭博 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The United States is on the verge of a new industrial revolution driven by AI and advanced manufacturing, which necessitates secure, reliable, and affordable energy [8] - Duke Energy plans to invest $200 billion in new grid and generation investments over the next decade, aiming to provide value for customers and advance economic development [8] Summary by Relevant Sections - **Energy Industry Transformation**: The energy sector is undergoing significant changes, with a focus on capital investment to meet the demands of a new industrial era [8] - **Duke Energy's Capital Plan**: Duke Energy's investment strategy is highlighted as the largest in the industry, emphasizing the need for modernization and infrastructure development [8] - **Market Opportunities**: The current environment presents substantial opportunities for energy companies, although it also poses challenges related to capital investment and customer affordability [8]

商业 | 解释器 为什么太空⼈⼯智能数据中⼼并⾮完全是科幻⼩说 科技亿万富翁们希望将⼈⼯智能巨⼤的能源需求转移到地球之外。但这其中的⼯程难 题极其艰巨。 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 太空数据中⼼会是什么样⼦？我们请⼀位艺术家来想象⼀个超乎想象的景象。 插图： Saratta Chuengsatiansup SpaceX计划在 2026 年进⾏超过 300 亿美元的⾸次公开募股，其⽬标是为埃 隆·⻢斯克最新的宏伟愿景筹集资⾦：将⼤量数据中⼼送⼊太空。 这听起来像是科幻⼩说⾥的情节，但并⾮只有⻢斯克⼀⼈设想未来地球轨道 上的数据中⼼能够为⼈⼯智能进⾏复杂的计算。另⼀位太空亿万富翁、蓝⾊ 起源公司创始⼈杰夫·⻉佐斯近⼏个⽉来也频繁谈及这项技术的研发。此外， ⾕歌前⾸席执⾏官埃⾥ ...

经济学 | 中央银⾏ 特朗普推动美联储改⾰，全球利率路径出现分歧 由于唐纳德·特朗普⼊主⽩宫第⼆年所造成的经济迷雾，各国央⾏正在摸索前 进，全球利率将出现⼀段时间的分化。 彭博经济研究指出，疫情后紧缩和放松的周期正在让位于发达经济体之间同 步性较低的阶段。 G10货币汇率路径正在分化 其预测预计，在未来⼀年左右的时间⾥，全球交易量最⼤的货币的利率⾛势 将呈现⼀系列变化，因为不确定性和波动性（通常来⾃华盛顿）正在考验各 国央⾏⾏⻓的神经。 美联储将⽐以往任何时候都更加引⼈注⽬。其决策者将仔细权衡来⾃美国经 济的各种复杂信号，同时还要⾯对⼀位公开呼吁降息的强硬总统挑选的新任 主席的局⾯。 US Euro area Japan UK Canada Switzerland Australia Sweden New Zealand Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2025 2026 2027 -1 - 100 basis poin Change vs end of 20 资料来源：彭博经济研究预测 彭博新闻社报道 2026年1⽉12⽇上午8:00（GMT+8） 节省 翻译 BE预测美联储在2 ...

Investment Rating - The report indicates a significant shift in global investment dynamics, with a focus on the electric vehicle and battery manufacturing sectors, particularly highlighting the contrasting fates of Ford and CATL in Germany [3][4][36]. Core Insights - The report emphasizes the reversal of capital flows between the US and China, with China increasingly investing in new manufacturing plants and data centers abroad, while the US seeks to attract foreign investment back to its shores [4][8][9]. - It highlights that by the first half of 2025, China's outbound investment is projected to exceed that of the US, accounting for 10% of global totals, while the US attracts a significant share of global inbound investment [8][9]. - The report notes that the trend of Chinese companies investing in new projects abroad is accelerating, with a record high expected in 2025, particularly in the electric vehicle sector [9][10]. Summary by Sections - **US-China Investment Dynamics**: The report discusses how the US is reshaping its economic relationships globally, pushing for foreign companies to establish manufacturing within the US, while China is filling the void by expanding its investments abroad, particularly in Europe [4][8][18]. - **Sector-Specific Trends**: It details the significant investments by Chinese firms in electric vehicle manufacturing and data centers, with notable projects like the $38 billion investment by ByteDance in Brazil and a $5.9 billion chemical plant in Indonesia [10][31]. - **Regional Investment Patterns**: The report outlines how countries in Southeast Asia and Africa are increasingly reliant on Chinese investments, with China focusing on building infrastructure and manufacturing capabilities in these regions [35][36]. - **European Market Dynamics**: The report highlights the competitive landscape in Europe, particularly in the electric vehicle sector, where companies like Ford are adapting their strategies in response to the influx of Chinese manufacturers [36][39][42].

Investment Rating - The report provides a positive investment rating for the industry, indicating a favorable outlook for future growth and profitability [5]. Core Insights - The report highlights a significant sell-off in technology stocks, which has adversely affected market sentiment, particularly in precious metals like silver and gold, which have seen historical price fluctuations [5]. - Analysts predict a forthcoming bullish trend in the market, suggesting potential recovery and growth opportunities for investors [5]. Summary by Relevant Sections - **Market Overview**: The report discusses the recent downturn in technology stocks and its impact on the overall market, particularly the volatility in precious metals [5]. - **Analyst Predictions**: There is an expectation of a rebound in the market, with analysts forecasting a potential uptrend in stock prices, especially in sectors that have been previously undervalued [5].

Investment Rating - The report indicates a cautious investment outlook for the rare earth industry, particularly concerning U.S.-China trade relations and supply chain stability [11]. Core Insights - Despite an agreement to lift restrictions on rare earth elements, China continues to limit the supply of essential materials needed for U.S. production of permanent magnets and other products [11] - The U.S. industrial sector remains unable to independently source the raw materials required for these products, while China has increased the supply of finished products like permanent magnets [11] - China's restrictions on raw materials hinder the U.S. efforts to establish its own rare earth processing industry, which is crucial for producing magnets used in various applications, including consumer goods and military systems [11] Summary by Sections - **Trade Relations**: The U.S. and China have reached a trade truce, but ongoing tensions persist, particularly regarding the supply of rare earth materials [3][4] - **Supply Chain Issues**: U.S. companies face significant challenges in obtaining raw materials from China, which affects their production capabilities [7][8] - **Market Dynamics**: There is a notable discrepancy between the increase in China's exports of finished products and the stagnation of U.S. exports, indicating a potential imbalance in the supply chain [6][8]

放弃"战胜"中国的想法 商业周刊 TheYearAhead2026 TheYearAhead2026 TheYearAhead2026 美国最⼤的竞争对⼿正变得越来越强⼤。 作者：克⾥斯托弗·⽐姆 2025年12⽉16⽇ GMT+8 18:00 分享这篇⽂章 赠送这篇⽂章 2"。 特却表现得信⼼满满。他告诉CNBC，中国"胜算渺茫"，"他们⼿⾥只有⼀对 今年4⽉，当华盛顿和北京在贸易战中针锋相对时，美国财政部⻓斯科特·⻉森 国先是对中国商品加征10%的关税，然后是20%，接着是145%，最后⼜降⾄ 事实证明，⻉森特和特朗普政府才是虚张声势的⼈。经过数⽉的局势升级——美 在特朗普第⼀任期和拜登政府时期，对华鹰派散布⼀种观点，即美国必须先战 胜中国，中国才能战胜美国。当中国经济在2023年开始显现疲软迹象时，这⼀ 阵营松了⼀⼝⽓：房地产危机缓慢蔓延，股市暴跌，⼤量⼤学毕业⽣失业。此 前关于亚洲出⼝强国终有⼀天会在国内⽣产总值⽅⾯超越美国的预测也随之破 灭。所有这⼀切都再次引发了⼈们对中国经济濒临崩溃的担忧。 这种想法越来越站不住脚。中国在太多领域都做得太好了。正如贸易争端所表 明的那样，北京现在有能⼒让华盛顿退缩 ...

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Investment Rating - The report suggests a cautious optimism regarding the US economy, with a forecasted 30% chance of recession in 2026, indicating a relatively stable investment environment for the time being [9][10]. Core Insights - The US economy has shown resilience despite recession indicators, largely driven by the AI boom, which has led to significant growth in sectors like data center construction [3][5]. - The labor market is experiencing stagnation, with low unemployment but also the lowest hiring levels in decades, creating a challenging environment for workers [13][14]. - Inflation remains a concern, influenced by tariffs that have not severely impacted the economy but have slowed down interest rate cuts by the Federal Reserve [15][16]. - Consumer spending is strong but increasingly concentrated among the wealthiest 10%, raising concerns about the overall economic stability [17][18]. - The AI sector is a major growth driver, with significant contributions from leading tech companies, but this reliance poses risks if the AI market falters [20][21]. Summary by Sections Labor Market - The job market is characterized by low unemployment and layoffs, but hiring is at historic lows, leading to a sense of stagnation among workers [13][14]. Inflation - Tariffs introduced by the Trump administration have created inflationary pressures, but the economy has shown resilience against dire predictions [15][16]. Consumer - Consumer spending remains robust, but the top 10% of earners account for nearly half of all spending, indicating potential vulnerabilities in the broader economy [17][18]. Artificial Intelligence - AI is a key driver of economic growth, with major companies heavily invested in the sector, but this creates a precarious situation if the market experiences a downturn [20][21].