三星电子计划下月启动下一代高带宽内存芯片HBM4的生产，并向英伟达供货，这标志着三星电子在先 进存储芯片领域取得关键突破，有望缩小与竞争对手SK海力士的差距。 周一，据路透援引知情人士消息，三星已通过英伟达的HBM4资格测试，将于2月开始出货。此前，三 星在HBM供应方面的延迟曾对其去年的业绩和股价造成冲击。 消息公布后，三星股价周一早盘上涨2.2%，而竞争对手SK海力士股价下跌2.9%。两家公司均将于本周 四公布第四季度财报，届时预计将披露HBM4订单的更多细节。 三星追赶SK海力士的关键一步 据韩国《经济日报》周一报道，三星已通过英伟达和AMD的HBM4资格测试，并将于下月开始向英伟 达出货。知情人士拒绝透露三星计划向英伟达供应的具体芯片数量。 SK海力士作为英伟达AI加速器所需先进存储芯片的主要供应商，一直在该领域保持领先地位。该公司 去年10月表示已完成明年与主要客户的HBM供应谈判。 SK海力士一位高管本月早些时候告诉路透，公司计划下月开始在韩国清州的新工厂M15X投入硅晶圆生 产HBM芯片，但未详细说明HBM4是否将成为初期生产的一部分。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人 ...

每日晨报│2026 年 1 月 26 日 -主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 26,749 | +0.45% | +4.37% | | 恒生科技指数 | 5,798 | +0.62% | +5.11% | | 国企指数 | 9,160 | +0.51% | +2.77% | | 沪深 300 | 4,702 | -0.45% | +1.57% | | 上证综合指数 | 4,136 | +0.33% | +4.22% | | 深证成份指数 | 14,439 | +0.79% | +6.76% | | 中小板指 | 8,883 | +0.69% | +7.50% | | 道琼斯指数 | 49,098 | -0.58% | +2.15% | | 标普 500 指数 | 6,915 | +0.03% | +1.02% | | 纳斯达克指数 | 23,501 | +0.28% | +1.12% | | 伦敦富时指数 | 10,143 | -0.07% | +2.14% | | CAC40 指数 | 8,143 ...

Accessible version Networking and Telecom Equipment Year Ahead 2026: getting more critical on AI spending; downgrading Ciena to Neutral Rating Change Bullish on AI Deployments in the Long Run The promise and perils of AI have become perhaps the hottest topics of our generation. Indeed, AI is not a passing trend; it's a disruption that represents a structural shift in how businesses and consumers operate, creating a durable demand cycle for compute, storage, and networking infrastructure. Beyond today's gene ...

来源：奔流财经社 2024年的一天，上市公司盛和资源公告说，已经悄悄签了一个股权收购协议。 准备以1.827亿人民币收购一家小公司86%股权。 这家公司，就是位于无锡的江阴加华新材料资源有限公司。 在收购之前，江阴加华由加拿大NEO公司控股95%，收购之后，江阴加华成为盛和资源的控股子公司。 这次收购金额不大，消息面上也是静悄悄的。 但只要往磁铁里掺入一点点镝，它就能在180℃甚至更高温度下依然坚挺。没有这两样东西，AI数据中 心的散热系统会集体停摆，几万美金一张的显卡会直接烧成废铁。 但几千里之外，纽约时报的一篇报道让这次收购变得异常引人瞩目。 因为在老外的报道里，江阴这家公司根本不是什么"小公司"，而是一个真正的全球稀土加工龙头企业。 纽约时报是这么描述和认证江阴加华的： 在上海附近的无锡市，一家稀土精炼厂的技术人员经过七年的实验，最终将稀土元素镝提纯 至极高纯度。 如今，这家精炼厂已成为全球唯一供应这种稀土元素的来源。镝用于制造电容器，这种微型 电子元件用来进行电流调控，英伟达公司的Blackwell人工智能芯片中就采用了这种电容 器。 看明白了吗？全球唯一能量产纯度达99.999%（5N）超纯镝的企业 ...

2026年开年，全球汽车智能化竞赛在政策破局与商业落地两端同时按下加速键。1月，智能网联汽车领域都发生了哪些大事？小编为您一一梳理点 评。 国内新闻 ◆ 交通运输部：推动数据应用支撑智能驾驶、新能源汽车产业发展 1月4日，交通运输部发布《关于加快交通运输公共数据资源开发利用的实施意见》。其中提出，围绕服务公众出行、保通保畅、物流降本增效、 多式联运、绿色低碳、金融服务等行业领域，打造一批典型示范场景。通过数据开放、授权运营等方式，推动交通运输公共数据与企业数据融合应 用，支撑人工智能、智能驾驶、低空经济、新一代信息技术、新能源汽车等新兴产业与未来产业发展。 点评：数据是驱动智能驾驶发展的核心动力。交通运输公共数据资源的开发利用，必将为智能驾驶发展提供更多体量大、质量好的数据资源。 ◆ 工信部就7项智能网联汽车强制性国标公开征求意见 1月7日，工业和信息化部发布关于公开征求《智能网联汽车 自动泊车系统安全要求》等7项强制性国家标准制修订计划项目意见的公示。据悉， 《智能网联汽车 自动泊车系统安全要求》具体内容包括动态驾驶任务执行、人机交互、功能要求、用户告知、保障要求、安全档案、试验方法等。 点评：自动泊车普及 ...

Core Insights - The demand for Nvidia's chips is surging, with a backlog exceeding $500 billion, indicating strong market interest and growth potential for the company [1][2] - Nvidia is making significant advancements in AI technology, particularly in areas like physical AI, which enhances understanding of the world and has applications in self-driving cars and robotics [3][4] - The company is focused on improving energy efficiency and reducing costs, with new chips being ten times more energy efficient and lower in cost compared to previous generations [4][5] Industry Trends - The AI sector is expanding into various fields, including healthcare and drug discovery, which is driving demand for advanced semiconductor solutions [2] - The competition in the AI chip market is intensifying, with numerous companies, including Chinese firms, entering the space and raising substantial capital [5][6] - The overall infrastructure investment in AI is projected to reach $85 trillion over the next 15 years, marking it as potentially the largest infrastructure buildout in history [8][9] Market Dynamics - Nvidia's GPUs are in high demand, with all available units currently rented out across major cloud platforms, indicating robust market conditions [11][12] - The rising spot prices for GPUs suggest a strong demand trajectory, further supporting the notion that the market is not in a bubble despite concerns about excessive borrowing for AI investments [10][11] - The company aims to maintain a competitive edge in the AI race by excelling across all layers of the AI stack, from energy to applications [6][7]

来源：环球市场播报 一位熟悉内情的人士周一表示，三星电子计划从下月开始生产下一代高带宽内存（HBM） 芯片，即 HBM4，并向英伟达供货。 该人士拒绝透露详细情况，比如三星计划向英伟达供应多少芯片。 三星发言人拒绝发表评论。 韩国报纸《韩国经济日报》周一援引芯片行业消息人士的话报道称，三星通过了英伟达和AMD的 HBM4资格测试，将于下月开始向这两家公司发货。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

Core Viewpoint - Samsung Electronics is set to begin production of its next-generation high-bandwidth memory (HBM) chips, known as HBM4, next month, with plans to supply these chips to Nvidia [1] Group 1: Company Developments - Samsung Electronics will initiate the production of HBM4 chips, which are designed to enhance data processing capabilities [1] - The collaboration with Nvidia indicates a strategic partnership aimed at advancing technology in high-performance computing [1] Group 2: Industry Implications - The introduction of HBM4 chips is expected to impact the semiconductor industry by pushing the boundaries of memory performance [1] - This move aligns with the growing demand for advanced memory solutions in sectors such as artificial intelligence and gaming [1]

Core Insights - The Vanguard S&P 500 Growth ETF (VOOG) and the iShares Russell 2000 Growth ETF (IWO) target U.S. growth stocks but differ significantly in their focus, with VOOG emphasizing large-cap established companies and IWO focusing on smaller, fast-growing firms [2] Cost & Size Comparison - VOOG has a lower expense ratio of 0.07% compared to IWO's 0.24% - As of January 25, 2026, VOOG's one-year return is 16.16%, while IWO's is 15.31% - VOOG has a dividend yield of 0.49% and IWO has a yield of 0.56% - VOOG has a five-year beta of 1.08, indicating lower volatility compared to IWO's beta of 1.45 - VOOG's assets under management (AUM) stand at $22 billion, while IWO's AUM is $13 billion [3][4] Performance & Risk Comparison - Over the past five years, VOOG experienced a maximum drawdown of -32.74%, while IWO faced a more severe drawdown of -42.02% - An investment of $1,000 in VOOG would have grown to $1,880, whereas the same investment in IWO would have grown to $1,097 [5][8] Portfolio Composition - IWO tracks 1,098 small-cap growth stocks, with significant allocations in healthcare (26%), technology (23%), and industrials (20%) - The largest positions in IWO include Bloom Energy, Credo Technology Group, and Kratos Defense & Security Solutions, each under 2% of total assets - VOOG is concentrated in large-cap U.S. growth stocks, with technology making up nearly 50% of its assets, followed by communication services and financial services - Top holdings in VOOG include Nvidia, Microsoft, and Apple, which collectively account for over 30% of its assets [6][7] Investor Implications - Growth ETFs cater to various investor preferences, with VOOG focusing on larger, more stable companies that may better withstand market volatility compared to smaller firms in IWO [10]

Core Viewpoint - The AI hardware market is becoming increasingly competitive, yet Nvidia remains a dominant player with significant market share and growth potential [1][2]. Company Overview - Nvidia's graphics processing units (GPUs) are integral to AI applications, achieving an impressive 85% market share, positioning the company nearly as a monopoly [2]. - The company has experienced substantial growth, with a market capitalization of $4.6 trillion and a stock price increase of 1,252% over the past five years [5][7]. Financial Performance - In Q3 2025, Nvidia reported revenue of $57 billion, reflecting a 62% year-over-year increase, while net income surged by 65% and diluted earnings per share (EPS) grew by 67% [7]. - Cash reserves increased from $43.2 billion in January 2025 to $60.6 billion by October 2025, allowing the company to cover its $10.82 billion debt nearly six times over [8]. - Nvidia boasts a gross profit margin of 70% and a net income margin of 53%, indicating strong profitability [8]. Competitive Landscape - Competitors such as Advanced Micro Devices (AMD) and Qualcomm are emerging, with AMD holding a 7% market share and Qualcomm targeting lower-end AI users [2][4]. - Despite AMD's growth of only 0.8% in Q3 2025, it remains a slow-growing rival, while Qualcomm's new chips are expected to enter the market in the near future [4]. Market Influence - Nvidia is the preferred choice for major AI software developers, including OpenAI and Microsoft, which further solidifies its market position [5]. - The company has consistently exceeded earnings expectations in the last five quarters, indicating strong market confidence [9].