Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Last week, driven by precious metals, the non - ferrous metals sector experienced a panic - driven sharp decline. On February 2nd, Shanghai copper hit the daily limit down, with a decline of about 9%. The nomination of the new Fed chair led to a re - evaluation of the US dollar's credit and significant fluctuations in market sentiment. There are differences in the path of further interest rate cuts, and the market has entered a wait - and - see phase, increasing the volatility of asset prices [2]. - Although copper mine strikes in places like Chile have temporarily subsided, it confirms the fragility of mine production. The long - term structural supply shortage provides a solid bottom support for copper prices. In the short term, affected by the seasonal off - season, downstream production has stopped for holidays, and spot trading has stagnated. However, in the long run, the new energy transformation and AI infrastructure construction offer potential, and China's non - ferrous metals industry association's plan to improve the copper resource reserve system proves copper's strategic importance [2]. - The panic - driven sharp decline in copper prices this week was mainly due to profit - taking by long positions after the previous extreme increase and liquidity踩踏. Subsequently, the market entered a volatile repair phase with high volatility. With unclear macro - level guidance, pressure from the off - season on the demand side, and supply - side support, copper prices are expected to remain volatile before the holiday [2]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - The non - ferrous metals sector had a panic - driven sharp decline last week, with Shanghai copper hitting the daily limit down on February 2nd. The new Fed chair's nomination led to market sentiment fluctuations and a wait - and - see attitude. The supply side has long - term structural support, while the demand side is affected by the off - season in the short term. Copper prices are expected to be volatile before the holiday [2]. 3.2 Factors to Watch - The report mentions that the latest US economic data and downstream demand recovery are factors to watch. It also provides weekly data on various copper - related indicators, such as the electrolytic copper price in Shanghai decreased by 4.58% week - on - week, the electrolytic copper premium in Shanghai increased by 117.86% week - on - week, and the LME copper inventory increased by 4.74% week - on - week [3]. 3.3 This Week's Fundamental Data Weekly Changes - **Futures Market Review**: The report includes graphs of the Shanghai copper price trend, London copper price trend, and the Shanghai - London copper ratio (without excluding exchange rates) [5][6][8]. - **Supply Situation Analysis**: It presents graphs related to copper concentrate forward spot prices, copper concentrate port inventory, domestic electrolytic copper production, etc. [13]. - **Demand Situation Analysis**: Graphs about 1 electrolytic copper premium in Shanghai, copper product prices, copper product capacity utilization, and refined copper rod trading volume are provided [15][17]. - **Inventory Situation Analysis**: Graphs of electrolytic copper spot inventory and the inventory of three major futures exchanges are included [22].

Group 1: Smartphone Market - The global smartphone market revenue reached $143 billion in Q4 2025, marking a 13% year-on-year increase and setting a record for single-quarter revenue [2] - The average selling price (ASP) of smartphones surpassed $400 for the first time, reflecting an 8% year-on-year growth, driven by a trend towards higher-end devices and rising material costs [2] - Smartphone shipment volume grew by 5% year-on-year, indicating a market growth driven by "value expansion" rather than "scale expansion" [2] Group 2: MLCC Market - The global MLCC market is experiencing polarization, with high-end demand driven by AI applications, while the mid-to-low-end market faces pressure due to rising raw material costs and weak demand [2] - Major manufacturers in Japan and South Korea are operating at full capacity due to increased orders for high-end MLCCs, while the consumer electronics sector is struggling [2] - The supply chain is expected to reflect a trend of "AI heat, consumer cold" in Q1 2026, necessitating suppliers to focus on high-end AI products and manage traditional product inventory and cost risks [2] Group 3: 3D Printing Industry - The domestic 3D printing industry has seen a positive start in 2026, with numerous companies reporting increased performance and ongoing mergers and acquisitions [4] - The application of 3D printing technology is expanding into various fields, including aerospace, consumer electronics, and biomedicine, highlighting its value in customization and efficiency [4] Group 4: NAND Flash Market - NAND flash memory prices surged by 80%-90% in Q1 2026, driven by a sharp increase in general server DRAM prices and a similar rise in NAND prices after a relatively stable Q4 [3] - The overall market is experiencing a comprehensive price increase, influenced by rising prices of certain HBM3e products [3] Group 5: Financial and Investment Activities - New City Development raised HKD 473 million by placing 198 million shares at HKD 2.39 each, with funds aimed at business development and improving liquidity [7] - The China Securities Regulatory Commission approved the IPO registration of Aitec, a company specializing in automotive electronics [7] - Hengwei Technology reported a 30.13% year-on-year increase in net profit for 2025, despite a 6.31% decline in revenue [14]

Omdia传输网络研究总监Ian Redpath补充道："我们已经开始看到更多网状网络建设的早期迹象。在南印度洋，谷歌已部署从澳大利亚通往南非的Umoja海 底电缆，并通过陆地网络延伸至肯尼亚；在北印度洋，谷歌宣布建设Dhivaru海底电缆，并在圣诞岛和马尔代夫设置中洋节点。圣诞岛此前已通过两条海 底电缆连接至 Mandurah(靠近但路径多样于珀斯)和达尔文，同时还宣布将建设第四条连接泰国的链路。Dhivaru的西端落点为阿曼，该国正成为绕开巴卜· 曼德海峡和红海的关键全球节点。在大西洋区域，百慕大群岛和亚速尔群岛也被引入作为中洋节点。" 在PTC'26上，Meta雄心勃勃的Waterworth海底电缆项目同样被视为提升网络韧性的关键方案。该全球性海缆将从美国加州横跨太平洋，连接澳大利亚和东 南亚，随后穿越印度洋连接印度与南非，并最终横跨南、北大西洋，连接巴西与美国东海岸。尽管 Waterworth 也将承载区域内流量，其最核心的设计目 标在于提供一条绕行关键网络瓶颈的备份通道，以显著提升全球网络的安全性与可靠性。 智通财经APP获悉，Omdia最新数据显示，2025年第三季度，海底光电子网络设备市场规模达 ...

高盛发表研报指，在伺服器市占率提升、MI400系列产品量产推动下，AMD的 数据中心业务将在今年 持续保持稳健增长动能。但因集团在AI基础设施建设方面投入大量软体和系统资金，认为其短期营运 杠杆有限。高盛维持对该股"中性"评级及目标价210美元。若高盛在未来几季对收入来源与执行时间表 有更大信心，可以考虑转为更积极的看法。该行又将集团2026至2028年的每股盈利预测平均下调4%， 主要反映营收较预期高，但营运支出也高于其先前假设的情况。 ...

Group 1 - LME copper prices reached $13,512.63 per ton, with a daily increase of 0.26% [1] - The China Nonferrous Metals Industry Association suggested improving the copper resource reserve system, including expanding national copper strategic reserves and exploring commercial reserve mechanisms [1] - Current copper prices are under pressure due to expectations of a reduction in the Federal Reserve's balance sheet, but the supply-demand fundamentals remain strong, with a projected widening global copper mine gap and increasing demand from AI infrastructure [1] Group 2 - As of January 30, 2026, the CSI Industrial Nonferrous Metals Theme Index (H11059) includes 30 large-cap companies involved in copper, aluminum, lead, zinc, and rare earth metals [2] - The top ten weighted stocks in the CSI Industrial Nonferrous Metals Theme Index account for 55.71% of the index, including companies like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum [2]

黄仁勋强调，英伟达年研发成本近两百亿美元。科技变得越来越复杂，英伟达此前的芯片架构Hopper很 简单、Blackwell太难了，现在做Rubin则几乎接近不可能，未来英伟达研发成本每年还会增长50%。 （第一财经，艾塔） #英伟达研发成本将每年涨五成#【黄仁勋：#英伟达年研发成本近两百亿美元# 】黄仁勋春节前访华到 达上海、北京、深圳后，近日又到达中国台湾，宴请当地供应链厂商，并在接受采访时回答了关于投资 OpenAI、AI基础设施建设的话题。 在接受采访时，黄仁勋谈到供应链的动态。他表示，今年英伟达需求非常强劲，英伟达正在全力生产 Blackwell芯片，同时生产Rubin芯片。台积电今年必须要非常努力工作，因为英伟达需要很多晶圆和 CoWoS（一种先进封装技术）产能，台积电现在做得非常好。他还表示，台积电在未来10年可能会增 加100%产能，这是规模很大的基础设施投资。 ...

Core Insights - Huang Renxun's recent visit to Taiwan included meetings with local supply chain partners and discussions on AI infrastructure and investment in OpenAI [2][5] Group 1: Company Developments - NVIDIA is experiencing strong demand this year and is fully engaged in the production of Blackwell and Rubin chips [3] - Huang emphasized that TSMC must work hard to meet NVIDIA's demand for wafers and CoWoS capacity, with TSMC potentially doubling its capacity over the next decade [3] - NVIDIA's annual R&D costs are nearly $20 billion, with expectations for a 50% increase in R&D costs in the future due to the complexity of technology [4] Group 2: Market Dynamics - Huang stated that ASICs (Application-Specific Integrated Circuits) will not surpass GPU shipments, asserting that achieving better ASICs than NVIDIA's products requires superior R&D personnel [3] - NVIDIA collaborates with nearly all AI companies, including Google, and is involved with every cloud provider, despite some competition from cloud computing firms [3] Group 3: Investment and Future Plans - Huang addressed concerns regarding a $100 billion investment in OpenAI, clarifying that NVIDIA's partnership with OpenAI remains unchanged and that NVIDIA is considering participation in OpenAI's new funding round [5] - The company is at the beginning of a new phase in AI infrastructure development, which is expected to take about 10 years, necessitating the construction of facilities globally, including in Taiwan, the US, Europe, Japan, and Southeast Asia [5]

Core Viewpoint - Huang Renxun's recent visit to Taiwan highlights Nvidia's strong demand and ongoing investments in AI infrastructure, emphasizing the company's commitment to expanding its production capabilities and partnerships in the AI sector [3][4][6]. Group 1: Nvidia's Demand and Production - Nvidia is experiencing robust demand this year and is fully engaged in the production of Blackwell and Rubin chips, indicating a strong growth trajectory for the company [4]. - TSMC is expected to significantly increase its production capacity by 100% over the next decade, which represents a substantial infrastructure investment to meet Nvidia's needs for wafers and advanced packaging technology [4]. Group 2: Competitive Landscape - Huang Renxun asserts that while ASICs (Application-Specific Integrated Circuits) have demand, Nvidia's approach is unique as it encompasses the entire AI infrastructure, producing a range of products including CPUs, GPUs, and networking chips [5]. - The assertion that ASIC shipments will surpass those of GPUs is dismissed, with Huang emphasizing that achieving better ASICs than Nvidia's products requires superior R&D capabilities, which many companies are attempting but have not yet succeeded [5]. Group 3: Investment in OpenAI - Reports suggest that Nvidia's $100 billion investment plan in OpenAI has stalled due to Huang's concerns, but he clarified that the partnership remains intact and Nvidia is considering participating in OpenAI's new funding round [6]. - Huang noted that the AI infrastructure development is at its inception and will take approximately 10 years, necessitating global computing facilities, including new factories in Taiwan, the US, Europe, Japan, and Southeast Asia [6].

黄仁勋表示，英伟达与OpenAI的合作关系没有改变，正在考虑参与OpenAI的新一轮融资。 针对ASIC（专用集成电路）带来的竞争，黄仁勋表示，ASIC一直有需求，但英伟达做的事情非常不一 样。一方面，英伟达不只做一种芯片，而是参与到整个AI基础设施建设过程，做的产品包括CPU、 GPU、网络芯片、交换器芯片等。另一方面，英伟达与几乎所有AI公司合作，包括谷歌。此外，英伟 达与每一个云都相关，一些云计算厂商在与英伟达竞争，但这样也没有关系，英伟达还是无处不在，在 电脑系统、机器人和车里。 黄仁勋表示，ASIC出货量将比GPU更大是无稽之谈，要做到比英伟达产品更好的ASIC，要有比英伟达 更好的研发人员，许多公司正在尝试，但英伟达仍走在前面。 黄仁勋强调，英伟达年研发成本近两百亿美元。科技变得越来越复杂，英伟达此前的芯片架构Hopper很 简单、Blackwell太难了，现在做Rubin则几乎接近不可能，未来英伟达研发成本每年还会增长50%。 近日有消息称，英伟达千亿美元投资OpenAI的计划陷入停滞，原因是黄仁勋对OpenAI有疑虑。黄仁勋 回应称，双方的合作关系没有改变，英伟达正在考虑参与OpenAI的新一 ...

（央视财经《天下财经》）谷歌母公司字母表旗下的云计算部门、也就是谷歌云于日前宣布，自2026年 5月起将正式上调全球数据传输服务价格，其中北美地区费率较当前水平提高约一倍。 转载请注明央视财经 编辑：令文芳 谷歌云本次调价覆盖内容分发网络互联、直接对等互联及运营商对等互联三类服务。具体调整后，北美 地区单位数据传输价格将从当前每吉字节（GB）0.04美元阶梯式提升至0.08美元，欧洲由0.05美元调至 0.08美元，亚洲则由0.06美元上调至0.085美元。 谷歌并非首家调整价格的云厂商，不久前亚马逊公司旗下云计算服务平台AWS也宣布对其面向大模型 训练的EC2机器学习容量块服务上调约15%价格，打破了该服务近二十年来"只降不升"的定价传统。有 分析称，云服务商的定价调整与上游成本结构的变化直接相关。硬件采购价格上涨、能源成本持续攀 升，以及AI算力基础设施的巨额投入，正推动主要云厂商重新审视其定价模型。尤其在AI基础设施建 设领域，云服务商正面临战略性投入与商业化回报之间的平衡压力。 ...