Investment Rating - The report maintains a positive outlook on the hard disk industry, with expectations for revenue to exceed forecasts by 5% and gross margins to increase by over 200 basis points [1][3]. Core Insights - The hard disk market is benefiting from growing data storage demand, with major manufacturers facing supply shortages and possessing pricing power. Customer demand is inelastic, and the telecom industry's development is expected to provide long-term benefits [1][2]. - Western Digital's optimistic earnings per share (EPS) forecast for fiscal year 2027 is between $17 and $18, with an 18x valuation, indicating a potential stock price increase of 35%-40%. Seagate's EPS forecast is approximately $24, with a 19x valuation, targeting a stock price of $425-$450 [1][4]. - Commodity price surges are stimulating short-term purchases but may lead to significant price increases for equipment, posing risks of demand shrinkage and asset utilization decline. A potential demand cliff may occur in the second half of the year, with long-term concerns regarding workload shifts to the cloud [1][5]. Summary by Sections Industry Background and Drivers - The hard disk industry has become highly consolidated, forming a rational duopoly. This structure has significant influence in major end markets, particularly among large telecom operators focused on AI and data projects. The industry benefits from trends in data retention demand across various sectors [2]. Quarterly Performance Expectations - Due to supply constraints, pricing remains a core reason for hard disk purchases. Revenue growth is expected to exceed last year's September forecasts, driven by improved factory utilization and favorable pricing conditions. EPS for both major companies is projected to exceed expectations by 5%, with gross margins increasing [3]. Future Price and Earnings Outlook - The primary drivers for stock price increases will be upward revisions in earnings expectations, leading to valuation multiple expansions. Western Digital's EPS is expected to be around $14 to $14.50, with an optimistic scenario reaching $17 to $18. Seagate's EPS is projected at $21, with an optimistic scenario of $24 [4]. Impact of Commodity Prices on OEMs - Rising commodity prices are prompting OEMs to inform customers of future price increases to stimulate current purchasing behavior. However, significant price increases for equipment could lead to demand shrinkage and asset utilization risks, particularly in the second half of the year [5]. Companies with Downside Risk - HP and Logitech are identified as having significant downside potential due to low market consensus. Dell and NetApp also face considerable downside risk due to their current valuations being in a premium range [6]. Market Sentiment and Spending Cuts - Despite strong recent performance, concerns arise from rising commodity prices, which could lead to negative market sentiment. Hardware spending growth is projected to be the worst in 15 years, with many customers expected to cut spending plans [7].

天眼查显示，近日，栖选数字科技（苏州）有限公司成立，法定代表人为李家网，注册资本200万人民 币，由苏州栖选管理咨询有限公司全资持股。 序号股东名称持股比例1苏州栖选管理咨询有限公司100% 经营范围含数字技术服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；计算机 系统服务；信息系统集成服务；计算机软硬件及辅助设备批发；计算机软硬件及辅助设备零售；大数据 服务；信息咨询服务（不含许可类信息咨询服务）；云计算设备销售；计算机及通讯设备租赁；办公设 备租赁服务；针纺织品销售；针纺织品及原料销售；家居用品销售；家用电器销售；皮革制品销售；羽 毛（绒）及制品销售；纺织、服装及家庭用品批发；产业用纺织制成品销售；服装服饰批发；合成纤维 销售；劳动保护用品销售；服装辅料销售；母婴用品销售；日用杂品销售（除依法须经批准的项目外， 凭营业执照依法自主开展经营活动） 企业名称栖选数字科技（苏州）有限公司法定代表人李家网注册资本200万人民币国标行业科学研究和 技术服务业>科技推广和应用服务业>技术推广服务地址苏州市相城区高铁新城蠡太路518号芯汇湖商务 中心1幢624室企业类型有限责任公司(自然人投资或控股的 ...

Core Viewpoint - The Chinese chip design company, Lanke Technology (6809.HK), is launching an IPO from January 30 to February 4, aiming to raise up to HKD 7.043 billion with a maximum share price of HKD 106.89 [1] Group 1: IPO Details - The company is offering 65.89 million H-shares, with 10% allocated for public sale in Hong Kong and the remainder for international placement [1] - The expected listing date for the shares is February 9 [1] Group 2: Fund Utilization - Approximately 70% of the net proceeds will be invested in R&D for interconnect chips over the next five years to enhance the company's global leadership and seize opportunities in cloud computing and AI infrastructure [1] - About 5% of the funds will be used to improve the company's commercialization capabilities [1] - Approximately 15% will be allocated for strategic investments and/or acquisitions to achieve long-term growth strategies [1] - Around 10% will be used for working capital and general corporate purposes [1] Group 3: Cornerstone Investors - Cornerstone investors have committed a total of USD 450 million, including firms such as JPMIMI, UBS Asset Management, Yunfeng Capital, and Alibaba [1]

2026 年 01 月 30 日 铅：国内库存持续增加，施压价格 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 请务必阅读正文之后的免责条款部分 1 | 【基本面跟踪】 | | | | | | | --- | --- | --- | --- | --- | --- | | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | 沪铅主力收盘价 | 17185 | 1.12% | 伦铅 3M 电子盘收 | 2027 | -0.05% | | （元/吨） | | | 盘（美元/吨） | | | | 沪铅主力成交量 | 87949 | 34036 | 伦铅成交量（手） | 5927 | -1869 | | （手） | | | | | | | 沪铅主力持仓量 | 59088 | -424 | 伦铅持仓量（手） | 167867 | -3423 | | （手） | | | | | | | 上海 1# 铅升贴水 | 45 | 20 | LME CASH-3M 升 | -48.77 | -1.34 | | （元/吨） | | | 贴水（美元/吨） | | | ...

据一位因细节保密而不愿透露姓名的知情人士称，亚马逊首席执行官安迪.贾西与OpenAI首席执行官萨 姆.奥尔特曼正就投资细节进行直接磋商。除了现金注入，协议的核心还涉及技术层面的利益互换，即 OpenAI可能会承诺大规模采用亚马逊自研的Trainium系列AI芯片，以降低对单一硬件供应商的依赖并提 升模型训练效率。 这家初创企业于2015年以非营利性研究实验室的身份创立，2022年凭借生成式人工智能聊天机器人 ChatGPT的推出迅速跻身主流视野。如今，OpenAI已成长为全球最具价值的商业实体之一——在去年10 月完成二级市场股票出售交易后，其估值更是一举飙升至5000亿美元。 同时，该人士还称，亚马逊与OpenAI谈判的细节仍有变数，最终总额也可能调整，但条款清单可能在 未来几周内签署。但根据最新的市场动态和媒体报道，该交易预计将于2026年第一季度末前完成。 据报道，亚马逊(AMZN.US)正与OpenAI就投资事宜展开谈判，拟投资规模高达500亿美元。值得关注的 是，尽管亚马逊已投资OpenAI最大竞争对手Anthropic，但在此背景下仍选择加码OpenAI，这一举措本 身即构成对OpenAI的重大信 ...

阿里在 AI 牌桌，出了一把同花顺。 文 丨 管艺雯 编辑 丨 宋玮 阿里在内部提出一个新概念：通云哥 —— 通义实验室、阿里云和平头哥，即大模型、云计算 和芯片三位一体发展，这三个板块被称为阿里 AI 黄金三角。 据我们了解， "通云哥" 是阿里创始人马云提的名字 ，在 2025 年 4 月与阿里科技板块团队交 流中由他提出。马云在去年底还给蚂蚁集团的健康 AI 助手起了 "阿福" 的名字。 阿里巴巴集团 CEO 吴泳铭 也参与了这场交流 ，他说："云 + Al + 芯片" 是未来实施阿里科技 战略当中最重要的三角支撑。未来十年云计算最大的增量和变量都是以 AI 为核心驱动力带来 的变革。软硬件高度一体协调的 AI 模型，将会是下一代云计算公司的必备武器。 马云在内部强调 "通云哥" 的全栈 AI 能力是阿里的优势，更是责任，三者结合，互相帮助，互 相支持，"会给世界带来前所未有的机会。" 他没有太多提及具体业务和技术路线，更多在强调愿景 —— 这也是他在阿里内部大多数时候的说话 风格，定调子。 马云说："'通云哥' 的使命，是让每一个人、每个企业都能参与 AI 时代。阿里巴巴的高科技，不仅在 追求星辰大海 ...

2026年01月30日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 | 黄金：再创新高 | 2 | | --- | --- | | 白银：高位回落 | 2 | | 铜：美元弱势，支撑价格 | 4 | | 锌：库存去化 | 6 | | 铅：国内库存持续增加，施压价格 | 8 | | 锡：区间震荡 | 9 | | 铝：高位高波 | 10 | | 氧化铝：偏弱运行 | 10 | | 铸造铝合金：跟随电解铝 | 10 | | 铂：震荡上行 | 12 | | 钯：ETF持续流入，跟随上涨 | 12 | | 镍：印尼事件悬而未决，套保与投机盘博弈 | 14 | | 不锈钢：印尼加剧镍矿担忧，镍铁跟涨支撑重心 | 14 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2026 年 1 月 30 日 黄金：再创新高 白银：高位回落 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 贵金属基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | -- ...

格隆汇1月30日｜中国芯片设计公司、沪交所上市的澜起科技(6809.HK)今日起至下周三(2月4日)招股， 发售6589万股H股，香港公开发售占10%，其余为国际配售，每股招股价将不高於106.89港元，集资最 多70.43亿港元。一手100股，入场费10796.8港元。该股预期2月9日挂牌。中金公司、摩根士丹利及瑞银 集团为联席保荐人。 公司拟将所得款项净额中，约70%将在未来5年内用于投资互连类芯片领域的研 发，提升集团的全球领先地位，把握云计算和AI基础设施领域的机遇；约5%将用于提高集团的商业化 能力；约15%将用于战略投资及/或收购，以实现长期增长策略；及约10%将用于营运资金及一般公司用 途。 基石投资者共投资4.5亿美元，当中包括摩根大通投资管理(JPMIMI)、瑞银资产管理、云锋基金及 阿里巴巴等。 ...

云计算、算力租赁板块盘初活跃，宏景科技涨超10%创新高，城地香江涨停，世纪华通、数据港、协创 数据、利通电子、朗科科技跟涨。 ...

Core Viewpoint - Recently, a new company named Chip Exhibition Speed Technology (Guangdong Hengqin) Co., Ltd. was established, with a registered capital of 10 million RMB, fully owned by Shenzhen Chip Exhibition Speed Technology Development Co., Ltd. [1] Company Information - The legal representative of the company is Zhong Liru [1] - The registered capital is 10 million RMB [1] - The company is located at Room 114-2961, Government Service Center, Building 2, Civic Service Center, 868 Macao Avenue, Hengqin, Zhuhai [1] - The company is classified as a limited liability company (wholly owned by a legal person, private) [1] - The business scope includes integrated circuit design, chip design and services, sales of electronic components, software development, data processing and storage support services, and various technology services [1] Shareholding Structure - Shenzhen Chip Exhibition Speed Technology Development Co., Ltd. holds 100% of the shares [1] Industry Classification - The company falls under the manufacturing industry, specifically in the manufacturing of computers, communications, and other electronic devices [1]