特朗普再发关税威胁。 当地时间1月26日（周一），美股三大指数集体收涨，纳指涨0.43%，道指涨0.64%，标普500指数 涨0.5%。苹果、Meta Platforms和微软等公司普遍上涨，这几家公司均将在本周公布财报。具体来 看，微软、Meta Platforms和特斯拉将于当地时间周三公布财报，苹果紧随其后于当地时间周四公 布。 其他消息方面，美国总统特朗普26日在社交媒体上宣布，由于韩国国会仍未批准两国政府此前达 成的贸易协议，美国对韩国汽车、木材、药品的进口关税以及其他"对等关税"的税率将从15%提 高至25%。 大型科技股涨跌互现 大型科技股涨跌互现。思科涨超3%，苹果、甲骨文涨近3%，Meta涨超2%，阿斯麦、谷歌-A、 IBM涨超1%；英特尔跌超5%，AMD、特斯拉跌超3%，美光科技跌超2%，英伟达、台积电小幅 下跌。 苹果收高2.97%，公司将于当地时间周四盘后公布最新财报。近日，摩根大通上调苹果目标价， 预测其iPhone 17强劲需求与成本控制将推动业绩超预期。摩根大通表示，iPhone需求好于预期以 及运营支出下降，可能推动苹果业绩超出市场预期。该行重申对这家科技巨头的"增持"评级，并 ...

USAR USA Rare Earth 交易中 01/26 09:50:27 (美东) | 28.690 t | 最 高 | 32.070 今 开 | 30.520 | | --- | --- | --- | --- | | +3.920 +15.83% | 最低 | 28.500 昨 收 | 24.770 | | 成交额 | 12.63亿 市密室 TM | 亏损 息市值 ● | 39.90亿 | | 成交量 4113.14万股 市盈率(静) | | 亏损 总股本 | 1.39亿 | | 换手率 | 37.99% 市盈率(动) | 亏损 流通值 | 31.04亿 | | 52周最高 | 43.980 市净率 1 | -65.91 流通股 | 1.08亿 | | 52周最低 | 5.560 委 比 | 0.00% 振 幅 | 14.41% | | 历史最高 | 43.980 量 比 | 34.59 股息TTM | - | | 历史最低 | 5.560 平均价 | 30.695 股息率TTM | | | 每手 | 1 - Beta (1 | 0.124 | | # 特朗普加码押注稀土! 资源股正值布局良机? 1月 ...

当地时间1月26日，美股三大股指集体收涨，道指涨0.64%，标普500指数涨0.5%，纳指涨0.43%。美股芯片股多数下跌，芯片巨头英特尔跌逾5%，超威半 导体跌逾3%，美光科技跌逾2%。纳斯达克中国金龙指数收盘跌0.63%，百度集团跌超3%，小鹏汽车跌超2%。 贵金属方面，现货黄金与现货白银在刷新历史高点后大幅回调。 美股大型科技股多数上涨 东证期货表示，美国经济数据维持韧性，美联储短期降息可能不大，预计1月继续按兵不动。同时，新任美联储主席人选迟迟未公布，市场对美联储独立 性的担忧也在不断发酵，导致美元资产吸引力降低。展望后市，随着1月议息会议与科技巨头财报季的双重压力临近，预计市场情绪保持谨慎，美股延续 高位震荡，波动率或进一步加大。 Wind数据显示，截至当地时间1月26日收盘，道指涨0.64%报49412.4点，标普500指数涨0.5%报6950.23点，纳指涨0.43%报23601.36点。 万得美国科技七巨头指数涨0.71%。其中，苹果涨近3%，META涨逾2%，谷歌涨逾1%，微软小幅上涨，亚马逊、英伟达小幅下跌，特斯拉跌逾3%。 美股芯片股多数下跌，费城半导体指数跌0.39%，英特尔跌逾5%， ...

当地时间1月26日，美股三大股指集体收涨，道指涨0.64%，标普500指数涨0.5%，纳指涨0.43%。美股芯片股多数下跌，芯片巨头英特尔跌逾5%，超威半 导体跌逾3%，美光科技跌逾2%。纳斯达克中国金龙指数收盘跌0.63%，百度集团跌超3%，小鹏汽车跌超2%。 贵金属方面，现货黄金与现货白银在刷新历史高点后大幅回调。 美股大型科技股多数上涨 Wind数据显示，截至当地时间1月26日收盘，道指涨0.64%报49412.4点，标普500指数涨0.5%报6950.23点，纳指涨0.43%报23601.36点。 万得美国科技七巨头指数涨0.71%。其中，苹果涨近3%，META涨逾2%，谷歌涨逾1%，微软小幅上涨，亚马逊、英伟达小幅下跌，特斯拉跌逾3%。 黄金与白银在刷新历史高点后大幅回调 Wind数据显示，当地时间1月26日，黄金与白银在刷新历史高点后大幅回调，现货白银在创下117.74美元/盎司的历史新高后一路回调，此前一度涨近 14%。现货黄金一度向下跌破5000美元/盎司，此前曾上涨2.5%，盘中最高突破5110美元/盎司。 大有期货表示，贵金属市场延续强势，主要受到多重因素共同驱动，短期需警惕技术性回调风险 ...

Summary of Conference Call on Cloud Services Price Trends Industry Overview - The conference call discusses the recent price increases in cloud services, particularly focusing on Amazon Web Services (AWS) and Alibaba Cloud, with a specific emphasis on AI and GPU-related services [1][2]. Key Points and Arguments Price Increases - AWS has raised prices for GPU-related cloud services by approximately 15%, with specific instances increasing from $30.34 to $39 per hour, breaking a trend of price reductions since 2020 [2]. - Alibaba Cloud has followed suit, increasing prices for AI computing services while basic cloud services like CPU instances and object storage are still in a price reduction cycle, with some overseas ECS instances seeing price drops of 10%-12% [2]. Scope of Price Increases - Price hikes are not limited to GPU services but also include AI-related PaaS offerings such as virtualization and containerization, with expected increases of 5%-8% in the future [1][5]. - Current AI infrastructure, including GPU, CPU, and storage devices, has already seen price increases, while PaaS and SaaS layers have not yet shown clear price hike expectations [3][13]. Supply Chain and Market Dynamics - A shortage of storage chips is a primary driver of price increases, with expectations that supply issues will persist until mid-2027 [8]. - The shift in demand from training to inference in AI workloads is causing a non-linear increase in task volume, contributing to the upward price trend [7][8]. Technological Changes - The cloud computing architecture is evolving towards intelligent computing centers, with significant changes in network architecture, business applications, storage technology, and energy management [9][11]. - New technologies such as SAD QLC storage and HAMR are being introduced to enhance performance and cost-effectiveness in AI databases and training tasks [12]. Competitive Landscape - The domestic cloud computing market has transitioned from a three-player model to a multi-modal structure, including traditional giants, telecom operators, emerging AI computing companies, and vertical private cloud enterprises [16]. Additional Important Insights - The price increases are partly due to the need for companies to balance operational costs and recovery periods, especially in the AI computing sector, where high operational costs can lead to prolonged periods of loss [18]. - The profit margins for companies have improved post-price hikes, emphasizing the importance of ensuring that investments in AI capabilities yield profitability [19]. - Small and medium-sized customers are sensitive to price increases and may consider building their own data centers if costs become prohibitive, potentially shifting demand away from major cloud providers [21]. Conclusion - The overall trend indicates a sustained increase in prices for AI and GPU-related cloud services, driven by supply chain constraints and evolving market dynamics, while basic services may continue to see competitive pricing to attract smaller clients.

记者丨张嘉钰 吴斌 编辑丨江佩佩 1月26日，美股开盘三大指数涨跌不一，截至23:05，三大指数均转涨，道指涨0.33%，纳指涨 0.43%，标普500指数涨0.44%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 49260.04 | 161.33 | 0.33% | | 纳斯达克指数 | 23602.62 | 101.38 | 0.43% | | 标普500 | 6946.02 | 30.41 | 0.44% | | 纳斯达克100 | 25712.15 | 106.68 | 0.42% | | 万得美国科技七巨头指数 | 66048.46 | 358.79 | 0.55% | | 万得中概科技龙头指数 | 4392.77 | -24.68 | -0.56% | | 纳斯达克中国金龙指数 | 7836.45 | -41.93 | -0.53% | | 万得中概股100 | 2925.32 | -21.90 | -0.74% | 美国科技七巨头涨跌不一，苹果涨超2%，脸书、谷歌C涨超1%，特斯拉跌近2%，消息面上， 据央视新闻报道 ...

1月26日，美股开盘三大指数涨跌不一，截至23:05，三大指数均转涨，道指涨0.33%，纳指涨0.43%，标 普500指数涨0.44%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 49260.04 | 161.33 | 0.33% | | 纳斯达克指数 | 23602.62 | 101.38 | 0.43% | | 标普500 | 6946.02 | 30.41 | 0.44% | | 纳斯达克100 | 25712.15 | 106.68 | 0.42% | | 万得美国科技七巨头指数 | 66048.46 | 358.79 | 0.55% | | 万得中概科技龙头指数 | 4392.77 | -24.68 | -0.56% | | 纳斯达克中国金龙指数 | 7836.45 | -41.93 | -0.53% | | 万得中概股100 | 2925.32 | -21.90 | -0.74% | 美国科技七巨头涨跌不一，苹果涨超2%，脸书、谷歌C涨超1%，特斯拉跌近2%，消息面上，据央视新 闻报道，欧盟委员会26日宣布，依据《数字 ...

Investment Rating - The report maintains a "Buy" rating for Kingsoft Cloud (3896.HK) [6] Core Views - The cloud service industry is expected to undergo a valuation reshaping, driven by strong AI demand and cost pressures, leading to an imminent price increase across the sector [2] - Kingsoft Cloud is positioned to benefit from its unique ecosystem, particularly through its strategic partnership with Xiaomi, which enhances its AI capabilities and revenue potential [3] - The company is projected to achieve a revenue of 27 billion CNY in Q4 2025, representing a 22% year-on-year growth and a 10% quarter-on-quarter increase, primarily fueled by AI-driven public cloud business growth [1] Financial Projections - Revenue forecasts for Kingsoft Cloud have been revised upwards for 2026 and 2027 to 121 billion CNY and 140 billion CNY respectively, reflecting an increase of 9% and 11% [4] - The expected revenue growth rates are 22.3% for 2025 and 26.6% for 2026, with a projected revenue of 9.522 billion CNY in 2025 and 12.060 billion CNY in 2026 [5] - The adjusted EBITDA margin is anticipated to be around 22% in Q4 2025, indicating sustained profitability [1] AI Business Growth - Kingsoft Cloud's AI business is entering a harvest phase, with expected revenue growth of 85% year-on-year in Q4 2025, reaching 8.8 billion CNY [3] - The company has established a comprehensive AI training and deployment platform, enhancing its service offerings and operational efficiency [3] - The AI revenue is projected to maintain high double-digit growth into 2026, supported by ongoing demand from various sectors [3]

Core Viewpoint - Kingsoft Cloud (KC.US) has upgraded its AI training and inference platform, StarFlow, to a comprehensive solution, enhancing its capabilities in resource management, training task recovery, and commercializing model API services [1] Company Summary - Kingsoft Cloud's stock rose by 6% to $13.08 ahead of the market opening [1] - The company’s Senior Vice President, Liu Tao, announced the strategic upgrade of the StarFlow platform during the annual Tech Talk on January 21 [1] - The upgraded StarFlow platform now includes a full-cycle closed loop from heterogeneous resource scheduling to industry application support and model API commercialization [1] Industry Summary - A McKinsey report predicts that the global AI inference market will reach $150 billion by 2028, with a compound annual growth rate (CAGR) exceeding 40% from 2025 to 2028 [1] - The AI infrastructure, particularly intelligent computing, is expected to experience unprecedented market growth as it supports the surge in AI applications [1] - The enhancements made to the StarFlow platform position Kingsoft Cloud to effectively capitalize on the anticipated explosion of AI applications [1]

Group 1: Market Overview - Gold prices surged past $5,000, driven by deepening geopolitical tensions and a weakening dollar, prompting investors to seek safe-haven assets [2][20] - The Dow futures were down 0.00%, S&P 500 futures down 0.07%, and Nasdaq futures down 0.18% [3][21] - The Nikkei index in Japan fell by 1.75%, and European stock index futures also declined by 0.15% [4][22] Group 2: Geopolitical Factors - Increased U.S. sanctions on Iran have heightened market anxiety, maintaining high oil prices and driving investment into gold, which reached a historical high [4][22] - The U.S. has intensified pressure on Iran, which has contributed to the rise in gold prices, with gold up 1.8% to $5,074, and silver rising 4.6% to $107.67 [5][23] Group 3: Currency Movements - The Japanese yen strengthened against the dollar, rising nearly 1% to 154.23, amid speculation of potential currency intervention by the U.S. and Japan [4][22] - The dollar index fell by 0.2%, reaching a four-month low of 96.996, following a significant drop of 0.8% the previous Friday [7][24] Group 4: Federal Reserve and Economic Outlook - The Federal Reserve is expected to maintain interest rates during its upcoming meeting, amidst political pressure and ongoing investigations into Chairman Jerome Powell [9][25] - The market anticipates that the Fed will resist calls for accelerated rate cuts, with the focus on Powell's future policy direction [9][25] Group 5: Corporate Earnings and Stock Movements - Major tech companies, including Microsoft, Meta Platforms, and Tesla, are set to report earnings this week, with expectations of testing the resilience of large-cap tech stocks [11][28] - Silver mining stocks saw pre-market gains, with Silvercorp Metals up 5.5% and Endeavour Silver up 5.4% [12][29]