Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The AI data center market in the US is expected to see a 34% year-on-year increase in capital expenditure, reaching $257 billion in 2025, driven by the demand for large model iterations and policy support [2][17] - The aerospace industry is experiencing a robust recovery, with significant capital investments from major players like GE Aviation, which plans to invest approximately $1 billion to expand manufacturing capacity in the US [33][37] - The defense sector is advancing towards automation and modernization, highlighted by contracts awarded for robotic combat vehicles and the introduction of unmanned combat aircraft by the US Air Force [34][36] Summary by Sections Global Market Review - The S&P 500 index has shown a downward trend, with a cumulative decline of nearly 4.6% recently, indicating a dominant short-selling sentiment in the market [9][11] Infrastructure Data Centers - Major tech companies are accelerating investments in AI infrastructure, with a combined expenditure exceeding $250 billion planned for 2025 [17][19] - The US government is prioritizing domestic data center energy security and has established a task force to coordinate resource allocation [17] Energy Construction - The average annual investment in the US power grid from 2023 to 2030 is projected to be $44 billion, with a focus on fossil fuels while also anticipating strong growth in energy storage and solar power [23][24] - In Europe, the investment in the power grid from 2020 to 2030 is expected to reach €584 billion, driven by the need to upgrade aging infrastructure [27][28] Industrial Equipment Industrial Equipment Price Index - The price index for aircraft engines and components remained stable in January 2025, with a year-on-year increase of 2.7% [3][40] - The price index for electric motors and generators saw a significant year-on-year increase of 26% [3][51] Global Energy - The average spot price of electricity in major US regions increased by 6.61% recently, while natural gas prices also saw a rise [4][24] - In Europe, the electricity market has shown a downward trend in recent trading sessions, reflecting a broader risk-off sentiment [4][16] Key Company Insights - Companies like Howmet Aerospace and Loar Holdings are recommended for investment due to their strong positions in high-performance structural components and precision mechanical parts, respectively [5][6] - The report highlights the potential of defense contractors like Raytheon Technologies to benefit from increased defense spending amid rising geopolitical tensions [5][6] Selected Reports of the Week - The report emphasizes the importance of monitoring the developments in the AI data center market and the ongoing investments in energy infrastructure as key indicators of industry health [5][6][17]

来 源 | 聪 明 投 资 者 作 者 ｜IN 咖 预 计 阅 读 时 间：1 6 分 钟 许久没有露面的传奇投资人安东尼·波顿（Anthony Bolton）最近参加了一个对谈节目。 这位被贴 上"英国彼得·林奇"、"逆向大师"种种标签的投资大师，对当下有明确的判断："我今天的看法是， 我们处于中国新一轮牛市的初期阶段。"，"真正关键的是：市场已经对前景作出什么样的定价了， 不是前景本身。" 今年75岁的安东尼·波顿， 1979年加入富达（Fidelity），并迅速成为其传奇的投资经理之一。 他 的投资哲学强调耐心与坚持，尤其在市场情绪高涨时，波顿能够保持冷静，识别出被过度追捧或忽 视的资产。 他经历过多次重大市场危机如1987年股灾、2000年互联网泡沫破裂、2001年"9·11"事件……但 仍保持了稳定的高回报，展现了其逆向投资策略的韧性。波顿的成功秘诀在于他对企业基本面的深 入研究和对市场信息的独特理解，他甚至不讳言，自己相对基本面"更痴迷于解读投票器——通过 股东变动、内部交易等捕捉市场情绪"。 这次对话中，他讲到很多实操上的内容。 有意思的是，他讲到"特别喜欢非对称回报的投资机会"， 这点跟霍华德 ...

高盛（中国）证券总经理 索莉晖 于上周接受《证券日报》等财经媒体专访，以全球投行视角深入解析： 三大关键议题 以下是采访内容: 索莉晖 高盛（中国）证券 有限责任公司总经理 国际投资者对中国市场兴趣浓厚 今年以来，随着中国企业在科技创新方面取得突破，外资机构频频看 好 中国。索莉晖表示， 预 计AI的这一轮发展，会给中国股票带来中长期更可观的增长潜力和投资价值。 "春节以来，DeepSeek-R1的推出，连同其他近期推出的颇具国际竞争力和成本效益的AI模型一 道，让投资者对中国科技领域、整体经济增长和股市表现的情绪更为乐观。"索莉晖表示。 索莉晖介绍，高盛研究部认为，AI的突破带来了市场对中国股市中长期增长预期的期待，也带来 了结构化的盈利改善，对国际长线资金来说更具吸引力。由AI推动的这一轮行情不仅是短期反 应，在中长期也会带来对中国资产重新评估的效应，更有持续性。 "中国科技公司的估值与美国市场相比，仍有折价，因此今年以来科技领域的发展也会提振中国 科技公司的估值。" 索莉晖称，国际投资者在持续关注国内房地产、消费、就业等宏观经济表现 的同时，在这轮科技突破推动下对中国市场的兴趣更为浓厚。预计在未来的一段 ...

宏 观 研 究 2025.03.09 数 据 点 评 港股行情持续性探析 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 | 朱成成 | 登记编号：S1220525030004 | | --- | --- | | 燕翔 | 登记编号：S1220525030001 | | 许茹纯 | 登记编号：S1220525030003 | 相关研究 《不算差但隐忧渐显：2 月非农数据点评》 2025.03.09 《2025 年 1-2 月份进出口数据点评：增速回落， 顺差扩大》2025.03.08 《Q4 美国通胀增速料延续反弹》2024.11.14 《建材价格回升，稳增长政策见效——10 月物 价数据点评》2024.11.09 《维护联储独立性，重申对债务可持续性的担 忧》2024.11.08 《非农意外暴跌，美债利率为何最终收涨？》 2024.11.02 一是本轮 A 股、港股资产走强是发生在美股为代表的海外发达市场持续调 整环境中，独立行情非常显著，反映近期海内外投资者重估中国资产、做多 中国资产的信心在不断提升。 二是恒生科技指数为代表的科技板块在本轮行情中显著占优，deepseek、机 器人、AI 等 ...

半导体主要包括对电子设备起到"大脑"作用、进行计算和判断的逻辑半导体，以及用于存储数据的存储 半导体。 从经济安全保障的角度出发，美国十分注重逻辑半导体的自产化。尤其是用于数据中心、通信以及军事 产品的尖端逻辑半导体，美国一直在加紧确立生产体制。 据台湾调查公司集邦咨询（TrendForce）预测，在台积电（TSMC）对美国投资的拉动下，全球尖 端逻辑半导体产能中，美国的占比到2030年将达到22％，是2021年的2倍。 台湾的占比将从71％降 至58％，韩国的占比将从12％降至7％。 美国急于确保尖端逻辑半导体，是因为其左右AI的竞争力。在AI半导体设计方面，美国市场几乎被英 伟达等垄断，但生产却依赖台湾。通过台湾和韩国半导体厂商的对美国投资，使AI半导体从设计到生 产都能够在美国国内完成。 美国吸引台湾和韩国的半导体企业投资，加强先进半导体的本土化生产 在全球半导体生产中，美国的份额自1990年代以来一直呈下降趋势。但在台积电对美国投资的拉动 下，预计在全球尖端逻辑半导体产能中，美国的占比到2030年将达到22％，是2021年的2倍。台湾的 占比将从71％降至58％…… 在用于人工智能（AI）和通信领域的 ...

合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 暂定议程 报名：首届全球心血管大会 | 奖项报名倒计时 报名：首届全球骨科大会 | 奖项报名倒计时 近日， 上海霖晏医疗科技有限公司 （以下简称"霖晏医疗"）宣布完成新一轮融资，投资方为专注于一级 市场医疗大健康产业量化评价投资的华医资本。 此次融资的具体金额尚未对外披露。 资金将主要用于加 速AR脊柱外科手术导航系统的商业化进程，以及加大在AR、AI数智化骨科领域的研发和产品布局力度， 进一步提升公司在骨科手术导航领域的技术实力和市场竞争力。 # 公司介绍 上海霖晏医疗科技有限公司（以下简称"霖晏医疗"）成立于2017年，总部位于上海，是一家专注于临床手术 辅助设备研发与应用的高科技企业。公司以"增强医生视觉、解放医生双手、降低经验依赖、降低医院和病人 成本"为使命，致力于通过融合增强现实（AR）、人工智能（AI）、手术导航与机器人技术，为外科手术提供 精准、安全、高效的导航定位系统。 核心技术与产品 霖晏医疗拥有近90项专利及7项软件著作权，技术实力雄厚，主要集中在人工智能、增强现实、手术导航和手 术机器人领域。其核心产品为 Holon ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][63]. Core Viewpoints - Precious Metals - Gold: The US unemployment rate is rising, leading to a short-term increase in gold prices. As of March 7, COMEX gold futures rose by 1.76% to $2917.7 per ounce, while SPDR Gold ETF decreased by 1.1% to 894.34 tons. The unemployment rate in the US reached 4.1%, up by 0.1 percentage points. The market anticipates potential interest rate cuts by the Federal Reserve in 2025, which supports gold prices in the short term. However, profit-taking may lead to price fluctuations, with a long-term bullish outlook due to inflation expectations and weakening dollar credit [3][4]. - Industrial Metals: Supply disruptions are expected to drive price increases in industrial metals. The report highlights the importance of monitoring these trends [4]. - Copper: As of March 7, SHFE copper futures rose by 1.9% to 78,320 yuan per ton. Domestic copper social inventory reached 368,000 tons, with a decrease of 8,100 tons. The report indicates that the US manufacturing PMI recovery may boost industrial metal demand, and the long-term supply rigidity of copper is expected to support price increases [8][10]. - Aluminum: As of March 7, SHFE aluminum futures increased by 0.9% to 20,835 yuan per ton. Domestic aluminum social inventory was 871,000 tons, with a continued decline. The report suggests that the aluminum sector may see price increases due to demand recovery and cost support [8][10]. - Tin: As of March 7, SHFE tin futures rose by 2.65% to 262,900 yuan per ton. Domestic tin social inventory decreased by 754 tons to 8,399 tons. The report anticipates a global tin shortage if production resumes in Q2, with long-term demand growth driven by AI applications [9][10]. - Cobalt: As of March 7, cobalt concentrate prices increased by 35.7% year-on-year. The Democratic Republic of Congo announced a temporary ban on cobalt exports, which is expected to tighten global supply and support price rebounds [9][10]. Summary by Sections Precious Metals - Gold prices are expected to remain strong in the long term due to inflation and dollar credit concerns [3][4]. Industrial Metals - Copper: Demand recovery and supply constraints are expected to support copper prices [8][10]. - Aluminum: The sector is likely to experience price increases due to recovering demand and cost factors [8][10]. - Tin: Anticipated global shortages and AI-driven demand growth are key factors for the tin market [9][10]. Investment Recommendations - The report recommends focusing on the copper, aluminum, and tin sectors, highlighting specific companies such as Zijin Mining, Tianshan Shares, and Xiyang Shares for potential investment opportunities [10][62].

大型科技企业持续进行AI相关巨额投资（reuters） 结果显示，净利润增长率创出自2021年10~12月因新冠疫情下的经济刺激对策而快速恢复以来的 最高水平。利润连续3个季度实现增长，是2022年1~3月以来的首次。 美国企业对整体起到拉动作用。美企的净利润增长率达到28%，创出了3年来的最高水平。在截 至2024年12月美国联邦储备委员会（FRB）连续3次会议降息的背景下，美国经济表现强劲。 IT、金融、半导体和零售等广泛行业都实现增长。 科技巨头的强劲势头显而易见。亚马逊10~12月的利润增长88%。从该公司位居全球市场份额首 位的云业务来看，面向使用AI的企业的业务实现增长，零售业务也很坚挺。亚马逊首席执行官 （CEO）安迪・杰西表示，"这是亚马逊迄今为止最成功的假期商战"。 除美国之外，亚洲企业（日本和中国大陆除外）的利润增长45%。半导体、机械和服务业也有所 增长。台积电（TSMC）的利润增长逾50%。该公司董事长兼CEO魏哲家表示，"搭载在智能手机 和个人电脑上的AI使用的芯片增加5~10%。由于AI的搭载，设备的更换周期也将缩短"。 其他地区没有美国企业那样的强劲势头。面临着经济放缓的欧洲企业 ...

Core Viewpoint - The uncertainty surrounding tariff policies continues to dominate market sentiment, leading to significant declines in U.S. stock markets and concerns about economic growth and inflation [1][4]. Group 1: Market Reactions - On March 7, U.S. stock markets experienced substantial declines, with the Nasdaq dropping 2.61%, the S&P 500 falling 1.78%, and the Dow Jones decreasing by 0.99% [1][2]. - The Nasdaq has fallen over 10% from its historical high in December, entering a correction phase, while the S&P 500 has broken below its 200-day moving average for the first time in 2023 [1][2]. Group 2: Individual Stock Performance - Marvell's stock plummeted nearly 20% due to disappointing earnings forecasts, negatively impacting the tech sector [2]. - Other notable declines included Netflix down over 8%, Broadcom down over 6%, and significant drops in semiconductor stocks such as ON Semiconductor down 5.61% [2]. Group 3: Economic Concerns - The uncertainty from tariff policies has led to a decline in consumer spending and hesitance among corporate executives in making investment decisions, raising concerns about persistent inflation and slowing economic growth [4]. - Analysts from JPMorgan noted that the combination of weak economic indicators and deteriorating consumer and business confidence has increased fears of a recession in the U.S. [4]. Group 4: Cryptocurrency Market - On March 7, the cryptocurrency market also saw a significant downturn, with Bitcoin dropping below $86,000 and a 24-hour decline exceeding 5% [5]. - The total liquidation in the cryptocurrency market exceeded $540 million, affecting over 156,000 traders [5]. Group 5: Strategic Moves in Cryptocurrency - President Trump signed an executive order to establish a strategic Bitcoin reserve, which will not involve purchasing additional assets but will manage existing holdings [6]. - The order includes a comprehensive accounting of the government's Bitcoin holdings, which have not been audited previously, and highlights the potential value of these assets if not sold [6].

印度主要股价指数SENSEX徘徊在约9个月以来的低位。在通货膨胀下，印度经济和企业业绩减 速，美国关税风险也成为负担。市场人士指出，"出现被认为因看好中国AI概念股和政策而将资金 投向中国的海外投资者"…… 日本SBI冈三资产管理公司的投资组合经理千叶修义指出，"正在出现被认为因看好中国人工智能 （AI）概念股和政策而将资金投向中国的海外投资者的抛售"。 不过，目前也出现了利好因素。 印度主要股价指数SENSEX徘徊在约9个月以来的低位。在通货膨胀下，印度经济和企业业绩减 速，海外投资者的资金正在流出。此外，印度的税率较高，最大出口对象国美国的关税政策的风 险被强烈意识到，成为股价的沉重负担。 SENSEX于5日以73730点收盘。自2024年9月26日创出历史最高点（85836点）以来，持续处于 调整局面，已跌至同年6月以来的低位。与2024年高点相比下跌了逾1成。 美国总统特朗普表示，将 引入对等关税，把关税提高至与贸易伙伴国相同的水平。日本第一生命 经济研究所的首席经济学家西浜彻表示，"印度将被迫下调关税，未能促使美国让步的2月美印首 脑会谈是失败的，有关美国关税政策的不确定性将成为绊脚石"。 印度政府 ...