日经平均的涨幅一度超过1800点，防务相关股票的反应尤为突出。川崎重工业一度较前一周末上涨约一 成，IHI上涨6.33%，双双刷新2025年10月创下的上市以来最高价。三菱重工业也大幅走高。 在高市政府提出加强防卫能力、并有望大幅增加防卫开支的预期下，相关股票曾在2025年9月至10月曾 显著上涨，被视为伴随高市就任首相而汇聚业绩扩张预期的"高市交易"主角之一。尽管由于对业绩贡献 的确认不足，股价在11月至12月经历调整，但进入新年以来，在成长预期推动下再度获得集中买入，对 解散众议院、举行大选的预期再次为行情注入动力。 人工智能（AI）和半导体相关股票也加入涨势。在存储器供需趋紧、价格上涨预期持续的背景下，连 休期间美国股市中拉姆研究、博通等半导体股票上涨，日本市场亦受到带动，Lasertec刷新去年以来高 点，Advantest、Tokyo Electron和软银集团三家公司合计将日经平均推高约870点。 在扩张性财政政策可能持续的看法下，作为长期利率指标的10年期国债收益率一度升至2.160%，达到 约27年来的高位。受益于利息收入扩大的预期，银行股也获得买盘。瑞穗金融集团一度上涨6.13%，三 菱UF ...

消息面上，韩国SK海力士周二表示，公司已决定投资19万亿韩元（约合129亿美元）在韩国建设一家先 进的芯片封装厂，以满足与人工智能（AI）相关的、激增的存储芯片需求。新工厂将于今年4月启动建 设，目标是明年年底完工。SK海力士表示，全球AI领域的竞争不断加剧，正推动对AI专用存储器的需 求急剧上升，这也凸显出公司需积极应对市场对高带宽存储芯片（HBM）日益增长的需求。该公司预 计，从2025年到2030年，HBM市场将以年均33%的速度增长。 国信证券认为，Microchip CEO表示公司在多个终端市场实现了广泛的复苏，新一季度期初的订单储备 远优于去年12月所在季度的期初水平，建议关注周期复苏阶段料号导入加速的模拟芯片企业。存储除需 求量受AI需求拉动外，价格仍处于上涨周期中，TrendForce预计1Q26一般型DRAM合约价将季增55- 60%，含HBM的整体DRAM合约价将上涨50-55%，NANDFlash合约价上涨33-38%，建议关注存储产业 链企业。 相关ETF：公开信息显示， 科创半导体ETF（588170）及其联接基金（A类：024417；C类：024418） 跟踪上证科创板半导体材料设 ...

Core Viewpoint - The rapid advancement of AI has transformed it from a novel concept to an omnipresent element in daily life, enhancing efficiency while also raising concerns about its negative impacts on creativity and authenticity [5][6]. Group 1: AI's Impact on Content Creation - AI has infiltrated various creative fields, leading to a significant increase in AI-generated content, with reports indicating that up to 50% of content in some online communities has been tainted by AI [5][6]. - The rise of AI-generated literature has led to a dramatic increase in the number of new works, with platforms like Tomato Novel seeing a surge from 400 new books in 2023 to 5606 in 2024, largely attributed to AI [8][9]. - The proliferation of AI content has created a challenging environment for traditional creators, who face the risk of being overshadowed by AI's efficiency and lower production costs [11][18]. Group 2: Personal Struggles and Adaptations - Creatives such as illustrators and voice actors have reported job losses and reduced income due to AI's capabilities, with some voice actors seeing their earnings drop from 200-300 yuan per day to 50-100 yuan [15][16]. - Many individuals in creative industries are exploring alternative career paths or adapting their work to coexist with AI, with some finding success in new ventures, such as creating original comics that emphasize human emotion and storytelling [26][28]. - The emotional toll of AI's encroachment on creative fields has led to mental health struggles among artists, with some contemplating drastic measures due to the pressure and uncertainty [12][13]. Group 3: Resistance and Coexistence - A growing movement against AI-generated content is emerging, with individuals using social media to express their concerns and advocate for authenticity in creative works, as evidenced by the 反ai tag gaining over 509.1 million views [9][11]. - Some creators are beginning to accept AI as a tool for inspiration rather than a competitor, recognizing its potential to assist in the creative process while still valuing human input [24][25]. - The ongoing debate about the role of AI in creative industries highlights the need for a balance between leveraging technology and preserving the unique qualities of human creativity [22][24].

人民财讯1月13日电，2026年1月13日，"新前沿：识变局，谋增长"第26届瑞银大中华研讨会(GCC)在上 海拉开帷幕。本届大会吸引了超过3600名与会者，包括2300余位来自全球与国内的机构投资者、主权财 富基金、家族办公室代表及私人投资者。瑞银集团首席执行官安思杰(Sergio P.Ermotti)在会上表示，来 自海外的客户人数也有所增加，彰显出亚太地区的重要地位以及市场对中国的关注度回升。亚太区有望 抓住AI带来的新一轮红利：中国科技板块于2025年加速创新，在AI价值链各层面都取得显著进展。 他还提到，"亚太区依然是我们实现增长的关键市场：2025年，我们在亚太的投资资产(AUM)首次突破1 万亿美元，还在中国取得了创纪录的财务表现。下一步，我们将充分运用中国的多个业务牌照与业务平 台，进一步强化投行业务的领先地位，并拓展财富管理与资产管理业务"。 ...

Al识别"癌症之王"中国代码如何改写全球医疗格局 （文章来源：21世纪经济报道） ...

1月13日金融一线消息，第26届瑞银大中华研讨会（GCC）于今日在上海拉开帷幕，主题为"新前沿：识 变局， 谋增长"。 据悉，这是在全球范围内瑞银举办的最大型活动，约3600位与会者参与，来自海外的客户人数也有所增 加，彰显出亚太地区的重要地位以及市场对中国的关注度回升。 他指出：下一步，我们将充分运用中国的多个业务牌照与业务平台，进一步强化投行业务的领先地位， 并拓展财富管理与资产管理业务。我们也正在推进熊猫债券的发行，以支持业务扩张。 责任编辑：王馨茹 1月13日金融一线消息，第26届瑞银大中华研讨会（GCC）于今日在上海拉开帷幕，主题为"新前沿：识 变局， 谋增长"。 据悉，这是在全球范围内瑞银举办的最大型活动，约3600位与会者参与，来自海外的客户人数也有所增 加，彰显出亚太地区的重要地位以及市场对中国的关注度回升。 瑞银集团首席执行官安思杰（Sergio P． Ermotti）今日在现场表示，亚太与中国不仅是全球故事的参与 者，更在书写下一个崭新篇章。 展望2026年，他指出，亚太已占全球财富的三分之一以上，并且是全球经济增长最快的地区；中国作为 全球第二大经济体，持续展现韧性；亚太区并购规模显著增 ...

台湾2025年的出口同比增长35%，达到6407亿美元。其中对美国出口占31%，对大陆出口占27%，对美 出口自1999年以来首次跃居首位。特朗普政府正在要求纠正与台湾之间的贸易逆差…… 在台湾的出口目的地中，2025年美国所占的比例超过中国大陆（包括香港），是26年来的首次。台湾 2025年的对美出口同比增长78%，达到1982亿美元，超过对大陆出口的1704亿美元。按全年数据来看， 对美出口自1999年以来首次跃居首位。 台湾方面的统计显示，台湾2025年的对美贸易顺差膨胀至1501亿美元，达到上年同期的2.3倍。美国特 朗普政府正在要求纠正与台湾之间的贸易逆差。台湾的赖清德政府对来自美国的关税压力和纠正新台币 贬值状态的要求等保持警惕。 台湾的财政部的统计显示，台湾2025年的出口同比增长35%，达到6407亿美元。其中对美国出口占 31%，对大陆出口占27%。 从市场份额来看，台湾企业在面向AI的服务器生产领域占全球9成，在半导体代工领域占7成。以AI热 潮带来的巨额数据中心投资为背景，美国英伟达等企业的需求扩大，显著改变了台湾的出口结构。 鸿海精密工业和广达电脑等台湾大型厂商在中国大陆拥有个人电脑和 ...

Core Viewpoint - SK Hynix plans to invest 19 trillion KRW (approximately 90 billion RMB) in building its seventh semiconductor backend factory, P&T7, in Cheongju, South Korea, to enhance supply chain efficiency and future competitiveness while responding to government policies for regional balanced development [1][2]. Investment Details - The P&T7 factory will be constructed on a 70,000 pyeong site in the Cheongju Technopolis Industrial Park, with construction starting in April this year and expected completion by the end of next year [1]. - The total investment for the P&T7 factory is 19 trillion KRW, following the demolition of the old LG No. 2 factory on the site, which SK Hynix previously acquired [1]. Importance of Advanced Packaging - Advanced packaging is crucial for connecting frontend processes, logistics, and operational stability, especially for high bandwidth memory (HBM) products, which require effective packaging technology to address heat dissipation and warping issues [2]. - The investment will contribute to developing a comprehensive semiconductor industry cluster in Cheongju, integrating semiconductor production (including NAND flash, HBM, and DRAM) and advanced packaging [2]. Strategic Goals - The investment in the Cheongju P&T7 factory aims to strengthen the national long-term industrial foundation and create a structure for joint development between the capital region and provinces, moving beyond short-term efficiency considerations [3]. - The company is also focused on conditions that can alleviate investment burdens and enhance the government's capacity for executing large-scale long-term investments [3].

Core Insights - Alphabet's stock price surged, marking a historic milestone as its market capitalization surpassed $4 trillion for the first time, making it the fourth company to reach this valuation after Nvidia, Microsoft, and Apple [1][5] - Apple has entered a multi-year partnership with Google to utilize Google's Gemini model and cloud technology for future Apple Foundation Models, indicating a significant strategic shift in Apple's approach to AI [2][4][7] Group 1: Alphabet's Market Performance - Alphabet's stock saw a cumulative increase of over 65% in 2025, making it the best-performing stock among the seven major tech companies in the U.S. [4] - Following the announcement of the partnership with Apple, Alphabet's stock rebounded from an initial drop, closing up over 1% and achieving a record closing high [1][5] Group 2: Partnership with Apple - The collaboration allows Apple to leverage Google's Gemini model for new AI features, including an updated version of Siri, which is expected to launch later this year [2][8] - This partnership signifies a long-term exploration of AI collaboration between Apple and Google, despite their competitive relationship in other areas [4][9] Group 3: AI Developments - Google's advancements in AI, including the release of the Gemini 3 language model and the introduction of custom AI chips, have positioned the company as a key player in the AI sector [6] - The partnership with Apple is part of a broader trend where tech companies are increasingly focusing on AI capabilities to enhance their product offerings and market competitiveness [4][6][14]

AI 需求推动，NAND 与 SSD 供不应求有望持续 20260112 摘要 AI 推理驱动存储结构变革，提升对活跃数据存储需求。RAG 技术和 KV 缓存的应用，分别带来百 EB 级别的增量，推动数据存储结构从传统热 温冷比例 2:3:5 演化为热温两层或热温冷两层 3:7 比例。 SSD 在高读写速度和低功耗方面优于 HDD，更适应 AI 数据中心的需求。 企业级 NVMe SSD 连续读取速度可达 14,000 MB/s，是机械硬盘的数 倍。SSD 的低功耗特性也使其在新型 AI 数据中心中具有重要优势。 全球 NAND 与 SSD 市场有望迎来较长景气周期。供给侧高度集中， CR6 达到 100%，主要由三星、美光等巨头垄断。这些巨头资本开支倾 斜 HBM 领域，NAND 投入不会快速释放。 预计 2026 年 NAND 行业资本开支虽较 2023 年回升，但仍低于 2020- 2022 年水平。需求侧，AI 应用持续推动 SSD 用量高速增长，预计 2025 年全球闪存芯片比特出货量将达 1,000 EB 量级。 国内企业级 SSD 与 NAND 国产替代进程加快，优化供应链结构，增强 本土品牌竞 ...