Core Viewpoint - Alphabet's market capitalization has surpassed Apple's for the first time since 2019, reaching $3.88 trillion compared to Apple's $3.84 trillion [1][8]. Group 1: Market Performance - Alphabet's stock price increased by over 2% to close at $322.03, while Apple's stock has declined by over 4% in the past five trading days [8]. Group 2: Future Outlook - Alphabet is expected to achieve a strong rebound by the end of 2025, attributed to its successful development of a comprehensive AI ecosystem [8]. - The company released its seventh-generation Tensor Processing Unit (TPU) Ironwood in November 2025, which is seen as a strong competitor to Nvidia's products [8]. - In December, Google launched the Gemini 3 model, which received a positive market response, contributing to a projected 65% increase in Alphabet's stock price for the entire year of 2025, marking its best annual performance since the 2009 financial crisis [8]. Group 3: Business Growth - Alphabet's CEO Sundar Pichai highlighted the company's proactive response to the surging demand for AI, revealing that the number of deals worth over $1 billion signed by Google Cloud in the first three quarters of 2025 has exceeded the total from the past two years [8].

大规模核电建设的历史记录让投资者望而却步。据T. Rowe Price发布的一份报告，美国要在2050年实现 产能翻两番，从2030年起每年需新增15吉瓦（GW）的装机量，这一速度将超过1974年创下的历史峰 值。该报告强调，"成本和可融资性"是扩张计划的最大威胁。 作为前车之鉴，佐治亚州的Vogtle电站3号和4号机组在2023年和2024年才投入运营，不仅延期七年，预 算更超支180亿美元。其建设成本飙升至每千瓦15000美元，约是韩国核电项目的五倍，也显著高于印 度。 特朗普政府正试图通过激进的核能扩张计划，确保美国在人工智能（AI）竞赛中占据领先地位。然 而，尽管白宫提出了到2050年将全美核电产能翻两番的雄心壮志，但面临高昂的建设成本、监管挑战以 及私营部门对财务风险的担忧，市场专家与业内人士对这一愿景的现实性表达了广泛质疑。 最新动态显示，特朗普政府已将核能视为解决AI数据中心用电缺口的关键。政府在2024年10月与私募 股权巨头Brookfield及反应堆设计商Westinghouse签署了价值800亿美元的合作伙伴关系，计划建设8座大 型核电站。同时，政府正通过提供数十亿美元贷款，推动包括密歇 ...

Group 1 - The A-share market is entering a "spring躁行情" before the Spring Festival, driven by themes like artificial intelligence (AI), humanoid robots, and commercial aerospace, while facing pressure from year-end fund reallocation [1] - There is a consensus among private equity institutions regarding the long-term investment logic in technology stocks, but significant differences emerge at the year-end, indicating a phase of "solidifying the bottom and preparing for takeoff" [1] - The expectation of improved overseas liquidity and stabilization of the domestic economy suggests that the A-share and Hong Kong stock technology sectors may experience a valuation recovery from year-end to early next year [1] Group 2 - Gold prices are expected to benefit from the liquidity easing atmosphere due to the Federal Reserve's interest rate cuts, with global gold ETF inflows serving as a significant buying force [3] - Geopolitical risks and trade conflicts are anticipated to continue supporting gold prices, with long-term trends like de-dollarization and central bank gold purchases providing a solid foundation for price increases [3] - The forecast for gold prices in 2026 suggests a potential rise to around $5000 per ounce, with an expected increase of 10%-15% due to previous significant price gains in 2025 [3] Group 3 - Fluctuations in raw material prices have a limited impact on the gross profit margins of white goods, as rising copper and aluminum prices are offset by declining plastic prices [5] - Major home appliance companies are likely to hedge against commodity price fluctuations, mitigating potential cost pressures in the second and third quarters of 2026 [5] - The domestic flight market is experiencing a peak in ticket bookings, with notable increases in travel between northern and southern regions, particularly around the New Year holiday [5] Group 4 - The short-term market trend is strong, with significant inflows of new capital and a robust profit-making effect observed [7] - The Shanghai Composite Index has shown a protective trend, with trading volume surging to nearly 3 trillion, indicating a potential self-accelerating cycle if regulatory measures are not implemented [9] - Recommendations include focusing on sectors such as AI, batteries, non-ferrous metals, certain chemicals, military, and consumer services that are showing signs of improvement [9]

当地时间1月6日，联想集团董事长兼CEO杨元庆在CES媒体见面会上对智通财经等媒体表示，AI的价值 在于解决问题，将成为推动业务持续增长的核心动力。针对近期豆包手机所引起的关于硬件厂商与模型 厂商之间关系的争议，杨元庆也做出了回应，称两者应当是互补关系。 联想集团董事长兼CEO杨元庆和联想集团首席技术官Tolga Kurtoglu。 杨元庆表示，如果用一个关键词来概括本届 CES，自己会选择AI。但在联想看来，重点是"合适的 AI"，也就是个性化的AI："我们相信，将来每一个人都有一个自己的AI，AI能够为每一家企业提高相 应业务流程的工作效率，作用于各条价值链。" 前一天，联想集团史上最大规模的全球创新科技大会（Tech World）在拉斯维加斯举办。大会上，联想 面向全球发布被称为"首款个人超级智能体"的Lenovo Qira和一系列硬件新品，并携手英伟达推出全新 的"联想人工智能云超级工厂"合作计划。 被问到对于AGI（通用人工智能）的看法，杨元庆认为，当前距离真正意义上的AGI仍有很长的路要 走，仅靠堆叠数据和算力或许不足以实现AI"在所有方面都超越人类"的智能目标。 杨元庆进一步指出："假设在技术上 ...

Market Performance - On January 7, U.S. stock indices experienced a mixed closing, with the Dow Jones Industrial Average falling by 466.00 points (0.94%) to 48,996.08, while the Nasdaq rose by 37.10 points (0.16%) to 23,584.27, and the S&P 500 decreased by 23.89 points (0.34%) to 6,920.93 [1] - The Dow and S&P 500 reached intraday historical highs of 49,621.43 and 6,965.69, respectively, before closing lower [2] Energy Sector - U.S. Energy Secretary Chris Wright announced that the U.S. will indefinitely control Venezuelan oil sales, including both current inventory and future sales, with revenues directed to U.S. government-controlled accounts [2] - The U.S. aims to stabilize and increase Venezuelan oil production, potentially adding hundreds of thousands of barrels per day in the coming years, but requires significant investment to return to historical production levels [3] Defense Sector - President Trump stated that defense contractors will not be allowed to distribute dividends or conduct stock buybacks until complaints regarding the industry are resolved, leading to declines in defense stocks such as Lockheed Martin (down nearly 5%) and Northrop Grumman (down over 5%) [3] Technology Sector - Alphabet's market capitalization reached $3.89 trillion, surpassing Apple's $3.85 trillion, highlighting a divergence in their artificial intelligence strategies [4] - Intel's stock rose by 6.47% following the announcement of its AI PC chip series based on 18A process technology, marking a significant milestone in its manufacturing revival and technology leadership [5] Chinese Stocks - The Nasdaq China Golden Dragon Index (HXC) fell by 1.58%, with notable declines in Tencent Music (down over 5%), Tiger Brokers (down over 4%), and Alibaba (down over 2%) [6]

当地时间1月7日，美股三大指数尾盘集体跳水走低，收盘涨跌不一。截至收盘，道 指跌466.00点，跌幅为0.94%，报48996.08点；纳指涨37.10点，涨幅为0.16%， 报23584.27点；标普500指数跌23.89点，跌幅为0.34%，报6920.93点。 美方称将无限期管控委内瑞拉石油出口 周三盘中，道指一度上涨至49621.43点，标普500指数最高上涨至6965.69点，二者均创盘 中历史新高。 金融和能源板块出现下跌，两者跌幅均超过1%。包括摩根大通、美国银行和富国银行在内， 银行股大多回吐涨幅。与此同时，埃克森美孚、雪佛龙和康菲石油成为能源板块的主要拖累 者。 当天，国际原油价格同样表现不佳。此前美国总统特朗普表示，委内瑞拉临时当局将向美国 移交多达5000万桶石油，引发了市场对石油供应增加的担忧。 美国能源部长克里斯·赖特7日宣称，美国将"无限期"地控制委内瑞拉石油销售。赖特当天在 美国迈阿密举行的一个能源行业会议上作上述表述。曾长期在美国油气行业任职的赖特称， 委内瑞拉石油的销售将由美国政府控制，不仅包括库存，还包括今后"无限期"的销售。销售 收入将存入美国政府控制的账户，然后这些资金 ...

世界经济与海外市场丨深度报告 [Table_Title] 迎接双宽松 ——美国 2026 年经济展望 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 特朗普 2.0 关税和移民等政策力度空前，但美国经济并未失速下滑，整体呈现经济韧性较强、 就业弱平衡、通胀温和的特征。展望 2026 年：1）货币政策方面——美国再通胀压力有限，就 业市场弱平衡的背景下，预计美联储将于 2026 年二季度再度开启降息，全年或降息 50BP 左 右；2）财政政策方面——美国 2026 财年赤字率或提升至 7%，主要用于减税、军事和国土安 全领域，财政支出重点在于对家庭、企业部门的减税；3）双宽托举之下，私人消费和 AI 相关 投资或是 2026 年经济增长主力，但由于政策的时滞效应，经济整体或呈前低后高态势。 分析师及联系人 [Table_Author] 于博 黄帅 敬成宇 SAC：S0490520090001 SAC：S0490525070005 SFC：BUX667 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research ...

2026/1/7 | 麥嘉嘉 | 研究部主管 | avis.mak@sinopac.com | | --- | --- | --- | | 張雪婷 | 研究部經理 | samantha.cheung@sinopac.com | | 林仲全 | 研究部資深專員 | kobe.lin@sinopac.com | 永豐金證券亞洲研究部晨訊 • 道指周二盤中破頂｜道指及標指同創歷史新高，反映市場對經濟「軟著 陸＋減息」的憧憬仍在延續，情緒偏樂觀 • 倫敦期銅｜倫敦期銅再破頂，一度升3.1% ，收報13236.33仍漲1.47% • 人工智能｜人工智能(AI)相關的記憶晶片股受捧，美光科技(Micron Technology)股價創即市新高，一度抽高7.8% • 風險資產｜美股及大宗商品同時強勢，短線仍偏向風險資產有利 • 節奏上｜要看聯儲局減息時間及就業數據的不確定性，採用「順勢但 分段、偏股但防禦」的策略 • 股市｜股市：AI＋周期＋防禦三線配置 • 實際做法｜可透過港股或美股的AI相關ETF、半導體ETF、資源股ETF及 貴金屬ETF，代替個股集中風險，配合少量領先龍頭個股作衛星持倉 永豐金證券亞洲研究部晨訊 1 ...

Core Insights - The article discusses the increasing demand for computing power in the AI sector, with predictions that global computing capacity needs to increase by 100 times in the coming years [3][4] - NVIDIA's CEO Jensen Huang emphasizes the necessity for significant advancements in chip performance and energy efficiency to meet this demand, indicating a shift from traditional semiconductor improvements to a more holistic approach involving entire computing systems [4][8] Group 1: AI Demand and Chip Performance - AMD and NVIDIA executives highlight the exponential growth in model sizes and inference outputs, with NVIDIA's chips achieving 10 times the throughput of previous generations [3][4] - Huang mentions that the performance improvements are becoming increasingly difficult to achieve solely through chip manufacturing processes, necessitating a focus on system-level optimizations [4][8] - The introduction of new architectures like Blackwell and Rubin aims to enhance throughput while reducing costs, with Huang stating that each generation should ideally see a 10-fold increase in throughput and a 10-fold decrease in costs [6][8] Group 2: Energy Efficiency and System Design - Huang points out that energy efficiency is critical for supporting AI development, with a need for sustainable energy sources to power the growing demand [6][7] - The concept of a new "Moore's Law" is introduced, where improved energy efficiency leads to higher revenue through increased token generation without additional power consumption [7][8] - NVIDIA is focusing on collaborative designs that encompass the entire data center, including CPUs, GPUs, and storage systems, to ensure scalability and efficiency [9][10] Group 3: Storage and Ecosystem Investments - Huang discusses the revolutionary changes needed in storage systems to accommodate AI workloads, indicating that NVIDIA may become a leading storage company through partnerships rather than direct manufacturing [11][14] - The company is actively investing in its supply chain, including memory suppliers and ecosystem partners, to ensure a robust infrastructure for AI applications [14][15] - NVIDIA's strategy includes investing in both foundational technologies and emerging startups to enhance its ecosystem and maintain a competitive edge [14][15] Group 4: AI Applications and Future Outlook - The article highlights NVIDIA's expansion into various sectors, including autonomous driving and robotics, with expectations for significant advancements in these areas within the next few years [18][19] - Huang predicts that robots will achieve human-like capabilities this year, addressing labor shortages and driving economic growth through increased automation [20] - The potential for AI to transform gaming is also discussed, with expectations for more realistic character interactions and enhanced gaming experiences [19][20]

Group 1: Gold and Silver Market - Spot gold maintained its upward trend, nearing the $4500 mark, closing up 1.04% at $4495.09, but has since slightly declined to around $4462 [1] - Spot silver surpassed the $81 mark, closing up 6.06% at $81.25, reaching its highest level since December 29 of the previous year [2] Group 2: U.S. Federal Reserve Policy Signals - U.S. stock indices closed higher, with the Dow Jones and S&P 500 reaching all-time highs. The Dow rose by 484.90 points (0.99%) to 49462.08, while the Nasdaq increased by 151.35 points (0.65%) to 23547.17, and the S&P 500 gained 42.77 points (0.62%) to 6944.82 [3] - Federal Reserve officials indicated a strong policy signal, with expectations for interest rate cuts exceeding 100 basis points this year, as core inflation approaches the Fed's target [4][5] - The upcoming non-farm payroll data is highlighted as a significant risk event that will influence the Fed's short-term policy direction [6] Group 3: Employment and Interest Rate Projections - Analysts predict that if the U.S. unemployment rate rises to 4.7% in December, the Fed is likely to lower the policy rate by 25 basis points this month [7][8] - Current probabilities for a 25 basis point rate cut in January stand at 18.3%, with an 81.7% chance of maintaining the current rate. By March, the cumulative probability for a 25 basis point cut rises to 40.7% [8] Group 4: Chinese Stock Market Outlook - Goldman Sachs has issued a bullish signal for Chinese assets, recommending an "overweight" position in Chinese stocks, predicting a robust bull market in 2026 and 2027 with annual gains of 15% to 20% driven by earnings growth and valuation recovery [9] - The expected profit growth rates for Chinese companies are projected at 14% and 12% for 2026 and 2027, respectively, alongside a 10% valuation uplift [9] Group 5: U.S. Oil Market Developments - The U.S. government announced that Venezuela's interim government will transfer 30 to 50 million barrels of oil to the U.S., with proceeds being monitored to benefit both Venezuelan and American people [10][11] - The oil will be sold at market prices and transported directly to U.S. unloading docks [11]