Core Insights - Google is exploring ways to expand its AI chip market to better compete with market leader Nvidia, leveraging its financial strength to build a broader AI ecosystem [2][8] - The company's chips are gaining wider adoption for AI workloads, including clients like the startup Anthropic, but Google faces challenges such as manufacturing partner capacity constraints and limited interest from cloud computing competitors [2][3] - To expand its potential market, Google is increasing financial support for its data center partner network to provide computing power to a broader customer base [2][3] Investment and Partnerships - Google is reportedly negotiating to invest approximately $100 million in cloud computing startup Fluidstack, which has a valuation of about $7.5 billion [2][3] - Google has also provided financial guarantees for projects related to Hut 8, Cipher Mining, and TeraWulf, which are transitioning from cryptocurrency mining to data center development [3][9] - Discussions are ongoing about potentially restructuring the TPU team into an independent department to explore investment opportunities, although this poses challenges due to Google's reliance on Nvidia chips [3][10] TPU Development and Market Position - Google has been selling TPU computing power through its cloud services since 2018 and is also selling TPU chips directly to external customers [10] - The TPU team has gained importance, evidenced by the promotion of Amin Vahdat to Chief Technology Officer of AI Infrastructure, reporting directly to CEO Sundar Pichai [5][10] - The seventh generation TPU, named Ironwood, was launched in April last year, specifically designed for AI inference tasks [5][10] Supply Chain Challenges - Google may face obstacles in increasing TPU shipments due to tight advanced capacity at TSMC, which may prioritize Nvidia as its largest customer [11] - The company is also affected by a global shortage of storage chips, which are critical components of AI chips [11] - Interest in Google's TPU has grown among AI developers seeking cost-effective computing power to reduce dependence on Nvidia [11]

二、筛选逻辑：汇添富025545的"三道过滤网" 汇添富港股通科技精选混合发起式C(025545)在构建组合时，通常遵循严谨的"自下而上"选股流程。与 其说是"寻找黑马"，不如说是通过"三道过滤网"来规避风险、锁定确定性。 港股科技板块素以"高波动、高分化"著称。在经历了贝塔（Beta）行情的普涨修复之后，市场往往会进 入个股分化的阿尔法（Alpha）阶段。汇添富港股通科技精选混合发起式C(025545)作为一只主动管理型 基金，其核心价值在于通过基本面筛选"做减法"，剔除伪成长，锁定高质量。本文将客观阐述其在港股 通范围内的选股逻辑与动态管理机制。 一、市场观察：指数的局限与主动的必要性 在港股市场的反弹初期，被动指数基金（ETF）凭借高仓位与宽覆盖，是捕捉市场贝塔收益的利器。然 而，市场普遍认为，随着行情向纵深发展，指数编制规则的"被动性"也面临一定的局限：无法主动剔除 基本面恶化的个股、市值加权机制可能在过热阶段被动追高。 多位公募基金经理判断，2026年港股将从估值修复转向盈利驱动，同一赛道内的个股表现将显著分 化，"去伪存真"成为检验投研能力的关键。在这种环境下，"选股"的胜率开始优于单纯的"择时" ...

公众号记得加星标⭐️，第一时间看推送不会错过。 本周在2026 年 IEEE 国际固态电路会议（ISSCC 2026）上，先进半导体技术研发中心imec发布一款 7 位、175GS/s 模数转换器（ADC）。该产品兼具创纪录的小尺寸（250×250 平方微米）、低转换 能耗，以及目前公开报道中最快的采样速率之一。 基于上述特性，imec 这款 ADC 可满足由人工智能与云计算驱动的数据中心日益增长的吞吐量与处 理需求，同时避免了超高速采样率下常见的芯片面积与功耗大幅激增问题。 在人工智能与云计算应用的驱动下，数据中心光通信网络需要持续升级，以支撑不断提升的吞吐量与 处理需求。但当采样速率超过 100GS/s 时，作为光收发器核心组件的有线通信 ADC 等基础器件往 往会出现面积增大、互联线路更长的问题，并引入寄生效应与能量损耗。 在2024 年 IEEE 国际固态电路会议（ISSCC）上，imec 已通过一项突破性技术应对这一挑战：推出 大规模时间交织斜坡型 ADC 架构，其芯片面积仅为传统方案的一半以下，且具备业界领先的能效表 现。 基于本届 ISSCC 发布的 ADC 成果，imec 正基于3 纳米工艺开 ...

（原标题：汇丰集团张凯：于全球变局中锚定价值，在开放升级中奔赴新程） 时序流转，新春已至，万象启新。 回望过去的一年，世界经济在复苏与挑战的交织中破浪前行——全球经济增长分化，地缘政治冲突加 剧，政策不确定性上升。与此同时，人工智能引领的科技浪潮加速推动着时代的更替，并为全球金融市 场和投资者在动荡中创造了崭新的动力和机遇。 展望新的一年，尽管宏观层面的不确定性仍在延续，但我们也看到了充满希望的一面：科技进步、主要 国家财政扩张等积极因素继续为全球经济增长提供支撑；人工智能和云计算或将以指数级的速度普及， 并带动对这一领域的强劲投资；新兴市场也展现出令人瞩目的投资机遇。这些因素共同作用，为全球财 富管理市场绘就了一幅令人期待的图景。 在这一图景中，亚洲无疑是一抹亮色。依托其丰富广阔的消费市场、不断攀升的产业链价值、以及活力 充沛的科技创新生态等多重动力，亚洲市场向全球投资者展现出了强大的韧性和吸引力，在全球增长与 资产配置中扮演着愈发关键的角色，此外，亚洲区内自身的财富管理需求也呈现出蓬勃发展的态势。中 国香港和新加坡等市场在离岸财富管理方面的领先优势、叠加中国内地和印度等市场的庞大跨境财富管 理需求，正推动 ...

通过科学立法破解改革难题。坚持破与立的辩证统一，该立的积极主动立起来，该破的在立的基础 上及时破，在破立统一中推动实现改革发展蹄疾步稳。与进一步全面深化改革相适应，采取灵活多样的 立法形式，增强立法系统性、整体性、协同性、时效性。比如，根据形势需要制定新法，或对现行法律 进行全面修订、局部修改、统筹修改；及时废止不适应新形势的法律，消除经济社会发展的制度障碍； 加强立法解释，明确法律规定的含义和适用法律的依据，促进对法律的准确理解、有效实施；推动法律 规范法典化、法律制度系统化；分时段分领域开展法律清理，保证法律体系内部和谐统一；授权先行先 试，支持和推动相关领域改革；等等。通过进一步拓展法治作用空间，更好发挥法治在破除体制障碍、 巩固改革成果中的积极作用。 通过科学立法解决高质量发展的堵点卡点问题。当前，地方保护和市场分割、"内卷式"竞争、营商 环境存在差距等，已成为亟须回应的难题。要针对阻碍全国统一大市场建设的各种问题加强立法，规范 地方政府经济促进行为，健全政府不当干预市场竞争行为治理规则，破除地方保护和市场分割，清理行 业壁垒，为优化资源配置、扩大内需、缓解同质化竞争提供制度保障。通过立法加强对"内卷 ...

来源：环球市场播报 周二，Alphabet 与微软股价均下跌超 1%，Meta 股价收盘跌幅不足 1%；微软与 Alphabet 均已连续5 个 交易日收跌。 亚马逊 CEO 安迪・贾西为公司巨额投入辩护，在分析师电话会议上表示，他有信心这些投入将带来可 观的资本回报率。 自 2 月 2 日至上周五，该股市值累计蒸发约18%，创下2006 年以来最严重的连跌行情，市值缩水超 4500 亿美元，原因是投资者对其人工智能投入计划的合理性提出质疑。 亚马逊股价遭抛售与本月早些时候发布的第四季度财报直接相关。 亚马逊表示，预计今年资本支出将达 2000 亿美元，较去年增长近 60%，比华尔街预期高出 500 多亿美 元。其中大部分资金将投向人工智能相关项目，包括数据中心、芯片和网络设备等基础设施建设。 投资者对科技企业巨额 AI 投入及其可能压缩甚至耗尽自由现金流的风险愈发担忧。 谷歌母公司 Alphabet、微软、Meta 与亚马逊今年的资本支出总额有望达到7000 亿美元，各家都在加速 扩建基础设施。 亚马逊股价周二收盘上涨超 1%，终结了长达 9 天的连续下跌，期间市值蒸发数千亿美元。 亚马逊云科技（AWS）C ...

Industry Overview - The global humanoid robot market is expected to see a shipment of approximately 17,800 units by 2025, representing a year-on-year growth of 508%, with a market sales value of around $440 million [1] - Chinese manufacturers dominate the market, with Zhiyuan Robotics and Yushu Technology shipping about 5,000 units combined, leading the industry [1] - The commercial application of humanoid robots is primarily focused on entertainment, education, and data collection [1] Digital Trade - China's digital service trade surplus is projected to double by 2025, reaching approximately $33 billion, driven by the expansion of cloud computing and AI sectors [2] - The surplus in telecommunications, computer, and information services is expected to be around $31.8 billion, with a year-on-year increase of nearly 30% [2] - Major Chinese tech companies like Alibaba and ByteDance are establishing robust overseas business systems in e-commerce, gaming, and social networking [2] E-commerce and Logistics - Taobao's overseas sales during the New Year festival increased by over 40% compared to the previous year, with significant growth in pet and automotive accessories [3] - JD.com has launched its self-built logistics network, JoyExpress, in Europe, covering major cities and offering same-day and next-day delivery services [7] - Cainiao has initiated Spring Festival logistics guarantees, providing rapid delivery services across over 200 cities in China [8] Automotive Industry - BYD has officially entered the Egyptian market, aiming for overseas sales of 1.3 million units by 2026, a nearly 25% increase from the previous target [6] - AITO Wenjie has partnered with Abu Dhabi Motors to enter the UAE market, marking a significant step in its global strategy [9] - The collaboration between Tencent and Uber expands Tencent's ride-hailing service to over 20 countries, enhancing user accessibility [10] Strategic Partnerships - Midea Group has signed a strategic agreement with CMA CGM to enhance cross-border logistics and technology innovation between China and the U.S. [13] - Temu has partnered with DEKRA to improve compliance and safety standards for electronic products on its platform [11][12] - Miaokelando has collaborated with SADAFCO to explore the children's cheese snack market in Saudi Arabia, leveraging local distribution channels [14]

Core Viewpoint - The article discusses Morgan Stanley's latest 13F holdings report, highlighting a shift in investment strategy amidst macroeconomic uncertainty and high valuation pressures, emphasizing the importance of stock selection over passive index exposure [1][9]. Group 1: Investment Strategy - Morgan Stanley's total market value of U.S. stocks increased by only 1.2%, indicating a cautious approach rather than a dramatic repositioning [1]. - The firm is reducing passive exposure while increasing the weight of active selection, suggesting a focus on individual stock performance rather than relying on overall market movements [3][4]. - The report signals a transition from a "rising tide lifts all boats" mentality to a more discerning investment environment where individual stock fundamentals matter more [4][10]. Group 2: Sector Focus - Technology remains a core focus, with major holdings in Apple, Nvidia, Microsoft, Google, and Amazon, reflecting confidence in the sector's long-term growth despite short-term volatility [2][7]. - The report indicates that technology giants are viewed as safe havens due to their strong cash flows and market positions, reinforcing their role as key drivers of global economic growth [2]. Group 3: Stock Selection - Morgan Stanley's top ten holdings account for only 22.15% of the portfolio, lower than typical concentrated portfolios, indicating a strategy that favors individual stock selection over broad market exposure [3]. - The firm is making nuanced adjustments within the same companies and sectors, such as reducing voting shares of Google while increasing non-voting shares, optimizing for liquidity and index inclusion [6]. - The adjustments in holdings reflect a preference for companies with clearer cash flows and more stable business models, as seen in the reduction of Amazon's shares due to its exposure to economic cycles [6][7]. Group 4: Market Dynamics - The report suggests that the market is transitioning from a "broad rally" phase to a "differentiation" phase, where simple index investments may obscure individual stock risks [4][9]. - Investors are encouraged to focus on companies with strong competitive advantages and cash flow resilience, as these will be better positioned to navigate economic uncertainties [10][13]. Group 5: Conclusion - Morgan Stanley's 13F report serves as a guide for investors, emphasizing the need to prioritize quality and capability in stock selection rather than merely following market trends [12][13]. - The article concludes that in an uncertain market, companies with real value-creating capabilities will be the safest harbor for capital [13].

华侨 银行的Selena Ling表示，由于春节假期落在2月份，新加坡的非 石油国内出口在2月可能会下降。 不过，出口可能在3月份反弹。该首席经济学家在一封电子邮件中表示，全球 人工智能、 云计算和高性 能计算芯片的使用增加，继续推动着对电子产品的短期需求。非电子产品，如药品和 黄金，可能会继 续受到支撑，不过前者仍对全球需求的周期性变化敏感，而后者则容易受到市场情绪波动的影响。Ling 补充称，区域需求状况也大体保持韧性。 ...

Core Viewpoint - The software and services sector in the US stock market has recently experienced a significant downturn, with previously high-flying cloud computing stocks like ZOOM and Snowflake now facing substantial declines in their valuations and stock prices [1][4][12]. Company Performance - ZOOM's stock price peaked at $588 per share in 2021 but has since fallen to $95 per share, representing a decline of over 80%. At its lowest in 2024, the stock dropped to $55, marking a 90% decrease from its peak. Despite achieving substantial growth, the market has re-evaluated ZOOM as an ordinary company, leading to a drastic reduction in its valuation [1][3][10]. - Snowflake went public at $120 per share in 2020 and reached a high of $429 per share in 2021. However, by 2024, its stock price fell to a low of $107, reflecting a 75% drop from its peak, and currently remains 60% below its highest point. While Snowflake's revenue has increased 12.7 times since its IPO, it has never turned a profit, with losses expanding significantly [1][11]. Market Trends - The software and services sector has seen a collective decline, with major companies like Oracle and Microsoft experiencing drops of over 15%, while smaller firms have seen declines nearing 40%. This has led to investor skepticism regarding the sustainability of software companies, especially with the rise of AI potentially impacting pricing strategies [4][12]. - Traditional companies such as Walmart, Procter & Gamble, and ConocoPhillips have reached historical highs over the past five years, contrasting sharply with the performance of newer tech companies [1][6][13]. Investment Insights - The narrative surrounding emerging companies like ZOOM and Snowflake highlights the challenges they face in maintaining their market positions, as they are now viewed as potential disruptors rather than leaders. The significant drop in ZOOM's valuation from over 200 times earnings to just 17 times illustrates this shift [1][13]. - The investment philosophy of the Davis family emphasizes the importance of purchasing growth stocks at reasonable prices, avoiding high valuations, and focusing on companies with sustainable growth rates. They have historically avoided tech stocks due to their potential for disruption and difficulty in achieving profitability [7][14].