男生普通话版 下载mp3 女声普通话版 下载mp3 粤语版 下载mp3 西南方言版 下载mp3 东北话版 下载mp3 上海话版 下载mp3 今日优选 特朗普举行重返白宫一周年记者会 欧洲议会冻结美欧贸易协议批准程序 波兰央行批准购买150吨黄金的计划 国家发改委：将研究制定出台2026年—2030年扩大内需战略实施方案 市场盘点 周二，白宫就格陵兰岛的未来向欧洲发出威胁，再度引发"抛售美国"交易，美元指数最终收跌0.49%，报98.56；基准的10年期美债收益率最终收报 4.3000%，对美联储政策利率敏感的2年期美债收益率收报3.6050%。 特朗普威胁要对欧洲盟友征收额外关税，引发对避险资产的抢购，现货黄金首次突破4760美元，最终收涨1.82%，报4763.25美元/盎司；现货白银刷新新高 至95.86美元，最终收涨0.25%，报94.60美元/盎司。 因哈萨克斯坦油田暂时停产，以及全球经济增长更加强劲的预期可能推动燃料需求，WTI原油最终收涨0.17%，报59.5美元/桶；布伦特原油低开高走，最终 收跌0.13%，报63.55美元/桶。 欧洲主要股指全线收跌，英国富时100指数收跌0.67%；德国DA ...

Market Overview - The US stock market experienced significant declines, with the Dow Jones falling by 1.76%, the S&P 500 dropping by 2.06%, marking its largest single-day decline since October of the previous year, and the Nasdaq Composite decreasing by 2.39% [2] - Major tech stocks saw substantial losses, including Oracle and Broadcom down over 5%, Nvidia and Tesla down over 4%, and Amazon and Apple down over 3% [2] - The Nasdaq Golden Dragon China Index fell by 1.44%, with notable declines in Chinese stocks such as Bilibili down over 6% and Xpeng down over 3% [2] Bond Market - The yield on the 10-year US Treasury rose by 6.76 basis points to 4.2906%, while the 30-year yield increased by 7.92 basis points to 4.9158%, reaching its highest level since early September of the previous year [2] - The increase in bond yields indicates a decline in bond prices, as yields and prices move inversely [2] Commodity Market - The US dollar index fell by 0.48%, trading at 98.57 [3] - International oil prices showed slight fluctuations, with WTI crude oil up by 0.1% at $59.49 per barrel and Brent crude down by 0.05% at $53.91 per barrel [3] - Gold prices reached a new high, with spot gold rising by 1.91% to $4760.02 per ounce [3] European Market - Major European stock indices closed lower, with Germany's DAX down by 1.08%, France's CAC40 down by 0.61%, and the UK's FTSE 100 down by 0.67% [4] Policy Announcements - Six departments in China announced the continuation of tax and fee preferential policies for community family services, including elderly care and childcare, to support industry development [5] - Four departments in China introduced a special guarantee plan for private investment, with a total quota of 500 billion yuan to support loans for small and micro enterprises [5] - The Ministry of Finance in China announced the cancellation of export tax rebates for photovoltaic products starting April 1, 2026, to promote resource efficiency and industry restructuring [6] Corporate Developments - Netflix has adjusted its acquisition proposal for Warner Bros to an all-cash offer of $82.7 billion, receiving unanimous support from Warner Bros' board [12][14] - Nexperia is involved in a control dispute with its sole shareholder, Wingtech Technology, with a court hearing recently held in Amsterdam [15][16] - SK Hynix announced a record performance bonus of over 1.36 million Korean won (approximately 64,000 yuan) per employee, reflecting strong industry performance [23]

每经编辑｜王瀚黎 王晓波 ↓国务院新闻办公室将于１月２１日举行 会,介绍2025年工业和信息化发展成 2 2026年中国会展经济国际合作论坛' 日至23日举办 3 "22万科MTN005"期债券持有人会诊 21日召开 1 隔夜市场 美国市场再现"股债汇"三杀。美股三大指数大幅收跌，道琼斯指数跌1.76%，标普500指数跌2.06%并创去年10月以来最大单日跌幅，纳斯达克综合指数跌 2.39%；科技股普跌，甲骨文、博通跌超5%，英伟达、特斯拉跌超4%，亚马逊、苹果跌超3%。中概股多数下跌，纳斯达克中国金龙指数跌1.44%，哔哩哔 哩跌超6%，小鹏汽车跌超3%，拼多多、理想汽车、蔚来跌超2%，阿里巴巴、京东跌超1%。 美国10年期国债收益率涨6.76个基点，报4.2906%；两年期美债收益率涨0.87个基点，报3.5947%；30年期美债收益率涨7.92个基点，报4.9158%。其中，30年 期和10年期美债收益率盘中一度创去年9月初以来新高，债券收益率和价格走势相反，收益率上升意味着债券价格下跌。 丹麦养老基金"AkademikerPension"计划在1月底前出售其持有的全部美国国债，原因是其认为特朗普的政策 ...

(本文来自第一财经) 美股周二收盘，道指收跌1.76%，标普500指数跌2.06%，纳指跌2.39%。英伟达(NVDA.O)跌4.3%，苹果 (AAPL.O)跌3.4%，谷歌(GOOG.O)跌超2%。纳斯达克中国金龙指数跌1.44%，哔哩哔哩(BILI.O)跌 6.8%，阿里巴巴(BABA.N)跌近2%。 ...

Core Viewpoint - The U.S. stock market experienced significant declines on January 20, with major indices falling sharply, indicating a bearish sentiment among investors. Group 1: Market Performance - The Dow Jones Industrial Average fell by 629.71 points, or 1.28%, closing at 48729.62 [1] - The S&P 500 index decreased by 96.79 points, or 1.39%, ending at 6843.22 [1] - The Nasdaq Composite dropped by 442.48 points, or 1.88%, closing at 23072.91 [1] Group 2: Sector Performance - Major technology stocks saw widespread declines, with Broadcom falling over 3%, and Tesla, NVIDIA, Amazon, META, and Microsoft each dropping more than 2% [2] - Other notable declines included Google, Apple, and TSMC, which also experienced losses [2] Group 3: Chinese Stocks - Chinese stocks mostly fell, with Bilibili dropping over 4%, and both Canadian Solar and Century Internet declining by more than 3% [4] Group 4: Gold Market - Gold stocks surged against the market trend, with Kinross Gold rising over 7%, Harmony Gold increasing by more than 6%, and Barrick Gold gaining nearly 3% [5] - Spot gold prices broke above $4750 per ounce, marking a new historical high with a daily increase of 1.67% [5]

Group 1 - NVIDIA stock price is at 181.140, down 2.73% [1] - Tesla stock price is at 425.925, down 2.65% [1] - AppLovin stock price is at 546.640, down 3.89% [1] - Alphabet stock price is at 323.490, down 1.97% [1] - Alibaba stock price is at 164.340, down 0.64% [1] - Pinduoduo stock price is at 104.111, down 2.48% [1] - Apple stock price is at 254.685, down 0.33% [1] Group 2 - TSMC stock price is at 340.960, down 0.42% [2] - Microsoft stock price is at 449.360, down 2.28% [2] - Meta Platforms stock price is at 602.920, down 2.79% [2] - AMD stock price is at 231.115, down 0.31% [2] - Broadcom stock price is at 340.620, down 3.15% [2] - Oracle stock price is at 185.055, down 3.16% [2] - Chinese concept stocks mostly declined, with Bilibili dropping over 4% and Canadian Solar and Century Internet falling over 3% [2] - Gold stocks rose against the trend, with K92 Mining up over 7%, Harmony Gold up over 6%, and Barrick Gold up nearly 3% [2] - Spot gold broke above $4750 per ounce, reaching a new historical high with a daily increase of 1.67% [2]

Core Viewpoint - The demand for chips is surging due to the AI wave, leading TSMC to face capacity constraints until 2027, prompting major clients like Apple and Nvidia to consider shifting some orders to Samsung and Intel [1][2]. Group 1: TSMC's Capacity and Capital Expenditure - TSMC is experiencing a "happy trouble" as its 3nm process capacity is extremely tight, with orders booked through 2026 and into 2027, necessitating a significant increase in capital expenditure plans [1]. - TSMC's capital expenditure guidance for 2026 is projected to be between $52 billion and $56 billion, exceeding Deutsche Bank's expectation of $50 billion and market consensus of $46 billion [1][3]. - The current situation reflects a severe shortage in core wafer manufacturing capacity, particularly for the 3nm process, rather than just CoWoS packaging capacity [1][3]. Group 2: Market Share and Client Dynamics - The supply-demand imbalance is causing a direct market spillover effect, with TSMC's market share in advanced process foundry expected to decline from 95% to 90% as clients seek alternative capacity [2]. - Major clients including Apple, Nvidia, AMD, Broadcom, Qualcomm, and MediaTek are left with no choice but to explore alternative suppliers due to the extreme capacity constraints [2][5]. Group 3: Client Shifts and Competitive Landscape - TSMC is delaying new 3nm development projects and encouraging clients to shift their product plans towards 2nm GAA processes for 2027/28 [5]. - Samsung's Taylor factory is likely to be the preferred alternative for clients seeking to diversify their supply sources, with Qualcomm and AMD being the most likely to consider Samsung [5]. - Apple and Broadcom are reportedly looking into Intel as an alternative, although Intel still has significant work to do despite its potential with the 14A process [5]. Group 4: Long-term Growth and Profitability - Despite short-term capacity challenges, the long-term growth potential driven by AI is highly certain, with TSMC raising its expected CAGR for AI-related growth from the mid-40s to the mid-to-high 50s for 2024-2029 [6]. - TSMC's long-term overall growth forecast has been adjusted to a 25% CAGR, with long-term gross margin targets raised to 56% [6][7]. - The focus remains on TSMC's core profitability, despite potential margin dilution from overseas expansion and challenges related to talent and infrastructure [6][7]. Group 5: Valuation Adjustments - Deutsche Bank has raised TSMC's target price by 10% to NT$2,200, reflecting a 20x P/E ratio based on expected EPS for 2027, consistent with industry peers [9]. - This valuation indicates TSMC's solid position and strong growth rate until 2028, although potential risks such as geopolitical tensions and competition from Intel are noted [9].

Group 1 - The core viewpoint of the articles highlights the contrasting investment strategies between long-term value investors like Duan Yongping and the short-term trading behaviors prevalent in the current market environment [1][5][6] - Duan Yongping's investment in Apple since 2011 has yielded a cumulative return of 1623.48%, showcasing the benefits of patience and long-term commitment to a single stock [2][3] - Duan's strategic timing for his investments coincided with market lows, such as after Steve Jobs' death in 2011 and during the supply chain crisis in 2022, indicating a contrarian approach to investing [2][3] Group 2 - Duan Yongping's portfolio, managed by H&H International Investment, had a market value of nearly $14.7 billion as of September 2025, with Apple and Berkshire Hathaway being the top two holdings, comprising nearly 80% of the total portfolio [3] - Berkshire Hathaway's recent investment in Alphabet, acquiring approximately 17.85 million shares, marks a significant shift in its investment strategy towards technology stocks, reflecting a broader adaptation of value investing principles [4] - The articles emphasize the need for investors to adapt to changing market conditions and technological advancements, suggesting that long-term investment strategies should be based on continuous learning and research [5][6]

□本报记者 王昱炟 张舒琳 2026年初，投资圈被一张持仓截图刷屏，知名投资人段永平在社交平台展示的一个账户显示，其自2011 年建仓苹果以来，以近乎"躺平"的姿态持有了14年，最终斩获1623.48%的累计收益。 回顾段永平两次加仓苹果的节点，都恰逢市场情绪的相对低点。2011年10月，乔布斯离世，市场对苹果 转型前景充满疑虑，股价一度震荡下探，11月，段永平以平均13.75美元/股的价格买入13.1万股；2022 年，全球供应链危机叠加消费市场疲软，苹果股价年内暴跌超过26%，看空声浪此起彼伏，段永平逆势 小幅加仓，平均成本128.94美元/股。 据公开数据，截至2025年9月底，段永平旗下H&H International Investment持有美股组合市值近147亿美 元，持仓共11只股票。其中，持仓占比超过3%的重点股票仅6只，苹果和伯克希尔·哈撒韦一直是前两 大持仓。截至2025年9月底，H&H持有苹果的市值达89亿美元，持仓占比为60.42%，环比减持近29万 股；H&H持有伯克希尔·哈撒韦的市值为26亿美元，持仓占比为17.78%，相较二季度末增持181万股。 在绝大部分时间内，两只股票都占 ...

Investment Rating - The report maintains an "Overweight" rating for the computer sector [4]. Core Insights - In January, Qianwen App achieved over 100 million monthly active users (MAU) and fully integrated with Alibaba's ecosystem to create a "Super Agent" [3][4]. - Alibaba Cloud is significantly increasing its investment in AI infrastructure, aiming to capture 80% of the incremental AI cloud market in China by 2026 [4]. - The brain-computer interface (BCI) industry is experiencing dual drives from policy and capital, with a focus on medical applications and ambitious targets set for 2027 and 2030 [4]. - AI4S is benefiting from policy support, with significant potential for applications in pharmaceuticals and new materials, as well as global innovation in AI applications [4]. Summary by Sections Qianwen App and AI Assistant - Qianwen App's MAU surpassed 100 million within two months of launch, integrating over 400 new features and becoming the first AI assistant to achieve a full-service chain from "search-decision-payment-fulfillment" [4]. Alibaba Cloud Investment - Alibaba Cloud plans to invest over 380 billion yuan in AI infrastructure over the next three years, with a goal to dominate the AI cloud market in China by 2026 [4]. Brain-Computer Interface Industry - The Shanghai government has issued a plan for BCI development, targeting high-quality "brain control" by 2027 and establishing a global innovation hub by 2030 [4]. - Zhejiang Qiang Brain Technology recently raised approximately 2 billion yuan for R&D and production, focusing on non-invasive technologies for rehabilitation [4]. AI4S Policy Support - The Chinese government has prioritized AI4S in its policy framework, with extensive support for its development across various sectors [4]. - Major tech companies like Apple and Google are collaborating to enhance their AI capabilities, indicating a robust market for AI innovations [4].