Core Viewpoint - The A-share market continues to rise, with the Shanghai Composite Index increasing by 0.91%, and the Kweichow Moutai ETF (588750) rebounding strongly with a volume increase of over 1% [1] Group 1: Market Performance - The Kweichow Moutai ETF (588750) attracted over 15 million yuan in capital inflow yesterday [1] - The component stocks of the Kweichow Moutai ETF showed mixed performance, with TuoJing Technology rising over 10%, and Zhongwei Company increasing over 6% [2][3] Group 2: Industry News - A significant deal in the AI chip sector is anticipated, with Meta and AMD reaching a massive "chip + equity" subscription agreement worth over 60 billion USD, potentially exceeding 100 billion USD [5] - The demand for storage chips is entering a "seller's market," with Hynix indicating that it cannot meet all customer demands this year, leading to price increases [5][7] - The recent surge in AI model releases is expected to drive substantial growth in AI computing power demand, particularly for video generation applications [6] Group 3: Investment Opportunities - The Kweichow Moutai ETF (588750) focuses on the semiconductor industry's core segments, showing a high growth potential and elasticity [8][12] - The index's net profit growth rate is projected to reach 94% in the first three quarters of 2025, significantly outpacing peers [13] - The Kweichow Moutai ETF has demonstrated a maximum increase of 236% since September 24, 2024, indicating strong upward elasticity [13][14]

格隆汇2月25日｜午后半导体设备、材料板块加速上攻，有机硅、和林微纳"20CM"涨停，富创精密涨超 15%，带动科创半导体ETF(588170)劲升5.93%，半导体设备ETF华夏(562590)涨5%。 催化剂上： ①Meta与AMD达成超千亿美元AI芯片协议，双方计划未来五年内部署多达6吉瓦算力的AMD人工智能 芯片，用于数据中心的扩张。 ②存储芯片涨价潮延续带动韩股大涨，韩国Kospi指数史上首次突破6000点，今年大涨超45%。此前SK 海力士董事长承诺提高人工智能内存芯片产量。 ③北京大学电子学院团队创造性地制备了迄今尺寸最小、功耗最低的铁电晶体管，有望为AI芯片算力 和能效提升提供核心器件支撑。 ④据国际半导体产业协会SEMI预测，2025年全球半导体制造设备总销售额预计达1330亿美元，同比增 长13.7%，创历史新高。 AI热潮带动存储芯片扩产，直接拉升半导体设备需求，相关产品： 产业人"卖铲人"·科创半导体ETF(588170)，近20日合计净流入19.37亿元，成份股涵盖中微公司（刻蚀设 备）、拓荆科技（薄膜沉积设备）、华海清科（CMP设备）、沪硅产业（300mm硅片）、天岳先进 （碳化硅 ...

资讯日报：特朗普即将发表国情咨文 股票市场概览 港股市场表现 美股市场表现 2026 年 2 月 25 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日常跌 | 間微跌 | 年初至今 | | --- | --- | --- | --- | --- | | | | (%) | (%) | 湖铁 | | | | | | (%) | | 恒生指数 | 26,590 | (1.82) | 0.67 | 3.74 | | 恒生科技 | 5.271 | (2.13) | 1.14 | (4.45) | | 恒生国企 | 9.008 | (2.06) | 0.54 | 1.06 | | 上证指数 | 4.117 | 0.87 | 0.87 | 3.74 | | H2225 | 56.826 | 0.87 | 0.87 | 13.87 | | 新加坡海峡 | 5.041 | (0.41) | 0.06 | 0.00 | | 标普500 | 6,838 | 0.77 | (0.28) | 0.65 | | 纳斯达克 | 22.627 | 1.04 | (0.10) | (1.63) | | 道琼斯 TV | ...

AMD 12m Price Target: $240.00 Price: $196.60 Upside: 22.1% 24 February 2026 | 12:19PM EST Equity Research Advanced Micro Devices Inc. (AMD) Meta strategic partnership improves AMD's positioning and our confidence in execution to targets +1(212)357-1366 | anmol.makkar@gs.com Goldman Sachs & Co. LLC Lal Kablan Estimate changes What happened? We increase our non-GAAP EPS (ex SBC) estimates by ~16%/17% for CY27/28 respectively, as we factor in an incremental contribution from the Meta strategic partnership. NEU ...

Core Insights - TSMC's market capitalization reached $2 trillion, doubling in just over a year since it first surpassed $1 trillion in October 2024 [4] - The surge in TSMC's valuation is largely driven by strong demand in the AI sector, with the company forecasting Q1 2024 revenue between $34.6 billion and $35.8 billion [4] - Major tech companies like Amazon and Meta are significantly investing in AI infrastructure, with Amazon planning $12 billion for new data centers and Meta over $115 billion [5] Group 1: TSMC's Market Performance - TSMC's stock price increased by 4.25% to $385.75 per share, marking a significant milestone in its market valuation [4] - The company has indicated robust AI demand, with clients expressing strong needs for production capacity [4][5] - TSMC is expected to increase its production capacity by 100% over the next decade to meet growing demands [6] Group 2: AI Infrastructure Investments - Amazon's capital expenditure for AI infrastructure is projected to be $200 billion this year, while Meta's is expected to exceed $115 billion [5] - NVIDIA's CEO highlighted the importance of TSMC in producing essential AI chips, indicating a long-term commitment to AI infrastructure development [5][6] - Concerns about potential over-investment in AI and the existence of an AI bubble have been raised, with industry leaders expressing uncertainty about future demand [6] Group 3: Competitive Landscape - TSMC remains a leader in advanced process technology, having begun mass production of 2nm chips, while competitors like Intel are struggling with production yields [6] - The semiconductor industry faces competitive pressures, but TSMC's technological advancements position it favorably [6] - The market is closely watching NVIDIA's upcoming quarterly earnings report as a potential indicator of the AI sector's health [6]

Group 1 - TSMC's stock price rose by 4.25% to $385.75 per share, achieving a market capitalization of $2 trillion, marking a significant milestone just 16 months after reaching $1 trillion [2] - TSMC's market capitalization doubled within a year, driven by strong demand signals from the AI sector, with projected Q1 revenue between $34.6 billion and $35.8 billion [2] - TSMC's downstream AI chip customers, AMD and NVIDIA, are seeking business expansion, with NVIDIA announcing a strategic partnership with Meta for the deployment of millions of chips [2] Group 2 - Amazon plans to invest $12 billion in building new data centers in Louisiana to support AI and cloud computing infrastructure, indicating ongoing high capital expenditures in the AI sector [4] - NVIDIA's CEO highlighted the importance of TSMC in the production of Blackwell and Rubin chips, indicating a potential 100% increase in TSMC's capacity over the next decade [4] - TSMC is leading in advanced process technology, having started mass production of 2nm (N2) process, while competitors like Intel are struggling with production yields [4] Group 3 - Concerns exist regarding potential over-investment in AI by tech giants, with some industry leaders questioning the clarity of future AI infrastructure needs [5] - A recent global fund manager survey indicated that capital expenditures by AI cloud service providers are viewed as a significant systemic credit risk [5] - NVIDIA's upcoming quarterly earnings report is anticipated to serve as a barometer for the strength of AI demand [5]

Core Viewpoint - TSMC's market capitalization has doubled in just over a year, reaching $2 trillion, driven by strong demand in the AI sector and significant partnerships with major tech companies [1][2][3] Group 1: Market Performance - TSMC's stock price increased by 4.25% to close at $385.75 per share, achieving a market capitalization of $2 trillion [2] - The company reached the $1 trillion market cap milestone in October 2024, becoming the seventh tech company in history to do so [2] Group 2: AI Demand and Partnerships - TSMC is experiencing strong demand signals from AI chip customers, with revenue projections for Q1 expected to be between $34.6 billion and $35.8 billion due to the booming AI industry [3] - Major clients like AMD and NVIDIA are expanding their business, with NVIDIA announcing a strategic partnership with Meta for the deployment of millions of chips [3] - Amazon plans to invest $12 billion in building new data centers in Louisiana to support AI and cloud computing infrastructure [3] Group 3: Industry Outlook - NVIDIA's CEO highlighted the importance of TSMC in the production of their Blackwell and Rubin chips, indicating a potential 100% increase in TSMC's capacity over the next decade [4] - TSMC is leading in advanced process technology, with plans to start mass production of 2nm chips by Q4 2025, while competitors like Intel are struggling with production yields [4] Group 4: Market Concerns - There are concerns about potential over-investment in AI by tech giants, with some industry leaders questioning the sustainability of current AI infrastructure plans [5] - A recent survey indicated that capital expenditures by AI cloud service providers are viewed as a significant credit risk [5] - NVIDIA's upcoming quarterly earnings report is anticipated to provide insights into the ongoing AI demand and market expectations [5]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [7]. Core Insights - The collaboration between Meta and AMD is expected to generate over $100 billion in revenue, benefiting the company as a core packaging manufacturer for AMD [7][10]. - The net profit forecast for the company has been raised by 5% for 2027, with projected net profits of 1.28 billion RMB, 1.88 billion RMB, and 2.85 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 89%, 47%, and 51% [7][10]. - The current price-to-earnings (P/E) ratios for 2026 and 2027 are 40 times and 26 times, respectively [10]. Financial Summary - The company is projected to achieve net profits of 1.28 billion RMB in 2025, 1.88 billion RMB in 2026, and 2.85 billion RMB in 2027, with corresponding year-on-year growth rates of 89%, 47%, and 51% [9][10]. - Earnings per share (EPS) are expected to be 0.84 RMB, 1.24 RMB, and 1.88 RMB for 2025, 2026, and 2027, respectively [9][10]. - The company's revenue is forecasted to grow from 29.28 billion RMB in 2025 to 51.49 billion RMB in 2027 [9][10].

截至2026年2月25日 09:45，中证人工智能产业指数(931071)下跌0.05%。成分股方面涨跌互现，星宸科 技领涨2.16%，均胜电子上涨2.09%，慧博云通上涨2.08%；芯原股份领跌，澜起科技、星环科技跟跌。 人工智能ETF(515980)盘中成交4378.14万元。拉长时间看，截至2026年2月24日，人工智能ETF近一年累 计上涨56.44%。 中信证券研报称，2026春节期间，国产大模型token调用量井喷，截至2月22日此前一周的全球大模型 token用量中，前三甲均为国产大模型。中信证券认为，token的爆发式增长，本质上反映出AI推理需求 的指数级扩容，而国产算力凭借着成本优势及不断完善的生态，有望在基础设施层逐步占据主导。 华富人工智能ETF（515980）跟踪中证人工智能产业指数，依托标的指数三层闭环编制逻辑+季度调仓 紧跟产业趋势的优势，是布局A股AI的优质小宽基标的。在同类AI相关指数中具备较高的AI应用含量， 将40%的权重聚焦于应用端，同时也保持了60%的算力基础设施这一产业共识核心。结合春季行情日历 效应，当前市场震荡回调中，投资者可密切关注人工智能ETF，把握AI全产 ...

格隆汇2月25日｜美国超威公司(AMD.US)周二收涨8.77%，报213.84美元。消息面上，科技巨头Meta与 AMD达成超大规模AI(人工智能)算力合作协议。 MI450。 据悉，AMD同意在五年内向Meta公司出售价值高达600亿美元的人工智能芯片。根据协议，这家 Facebook母公司可收购该芯片公司最多10%的股权。AMD总裁苏姿丰在周二(24日)新闻发布会上表示， AMD将向Meta供应总计六千兆瓦的芯片，其中包括今年下半年率先交付一千兆瓦即将推出的旗舰产品 ...