2026年伊始，全球金属期货市场迎来强劲"开门红"。 全球工业金属涨势再度升级，伦敦金属交易所（LME）铜、铝、锌、镍、锡、铅六大金属期货价格于 周二（1月6日）全线飙升，其中，LME铜期货周二创下了新高；LME镍期货盘中涨幅突破10%，周三 再度冲高至18800美元/吨。 国内市场资金同步涌入有色金属赛道，1月7日，国内商品期市收盘跟涨，工业金属品种涨幅居前，沪镍 收盘涨停；沪锡、氧化铝分别收涨5.3%、4.97%。 "铜、镍等有色金属因供应担忧价格大涨。"一位金属期货分析师对记者称，短期内金属价格受供应扰动 和资金推动持续上涨。这轮工业金属的涨势能否持续，中长期仍需关注全球经济复苏节奏及供需再平衡 进程，若供应端扰动缓解或需求预期转弱，金属价格或将面临回调压力。 此外，近期委内瑞拉局势骤变，地缘突发事件引发全球资本市场对资源供应稳定性的担忧，也成为点燃 有色板块上涨的"导火索"，能源供应的不确定性进一步传导至有色产业链，有色板块冲高行情或继续演 绎。 从实际供需来看，当前市场更呈现"预期紧缩"与"现实过剩"交织的复杂格局。 国际镍研究组织（INSG）发布的报告预计，2026年全球镍市场需求量达382万吨， ...

证券日报网讯12月31日，朗科科技（300042）在互动平台回答投资者提问时表示，公司围绕韶关数据中 心集群建设积极布局业务，全资子公司韶关乳源朗坤科技（301305）有限公司已顺利开展服务器销售业 务，目前已签订小批量订单并实现部分交付。当前子公司正持续推进市场拓展与客户对接工作，若后续 订单进展达到信息披露标准，公司将严格按照法律法规及时履行披露义务。 ...

Core Insights - The article summarizes the key AI trends anticipated for 2025, as outlined by AI expert Andrew Ng, highlighting significant developments in AI capabilities and industry dynamics [1][3]. Group 1: AI Model Capabilities - The ability of models to reason is becoming a standard feature, moving beyond being a unique trait of a few models [5][8]. - The evolution of reasoning capabilities in models can be traced back to the paper "Large Language Models are Zero-Shot Reasoners," which introduced the prompt "let's think step by step" to enhance output quality [9]. - The introduction of models like OpenAI's o1 and DeepSeek-R1 has marked a paradigm shift, embedding multi-step reasoning workflows directly into model architectures [12][13]. Group 2: AI Talent Competition - The AI talent competition, ignited by Meta, has led to salaries for top AI professionals reaching levels comparable to professional sports stars, fundamentally reshaping the tech industry's talent pricing [18][19]. - Meta's establishment of the "Meta Super Intelligence Lab" and aggressive recruitment strategies have intensified the competition for AI talent [20][21]. - This talent war is seen as a strategic necessity for companies aiming to compete in the AGI race, with the potential for salary structures to evolve beyond mere price competition by 2026 [23][24]. Group 3: Data Center Investments - The surge in data center investments signifies the onset of a new industrial era, with AI companies' plans for data center construction rivaling national infrastructure projects [25][26]. - Major investments include OpenAI's $500 billion "Stargate" project, Meta's $72 billion infrastructure investment, and Amazon's projected $125 billion expenditure by 2025 [28]. - The AI industry's capital expenditure has exceeded $300 billion this year, with projections suggesting total investments could reach $5.2 trillion by 2030 to meet AI training and reasoning demands [29][30]. Group 4: Automated Programming - AI-driven automated programming is transforming software development processes, with coding agents achieving completion rates over 80% for similar tasks [34][35]. - These agents have evolved from simple "auto-complete" tools to comprehensive "digital engineers" capable of planning tasks and managing entire codebases [36][37]. - The integration of reasoning capabilities into these agents has significantly reduced overall computational costs by allowing them to think through tasks before execution [37][40]. Group 5: Software Development Learning Tips - Continuous learning is emphasized as essential for entering the AI field, with recommendations to participate in AI courses, build AI systems, and read technical papers [42][45]. - Practical experience is deemed crucial, as theoretical knowledge alone is insufficient for proficiency in software development [49][51]. - Reading research papers, while not mandatory, is encouraged for those seeking to enhance their understanding of AI [52][53].

代，正驱动互联网行业持续加大数据中心领域的投入力度，整体 上今年的数据中心行业需求已经呈现出较为显著的提升态势。具 体到公司业务，目前海外 ODM 大客户的订单规模已实现稳步增 长，预计未来 2-3 年，公司在东南亚、北美市场的业务将保持较 高增速，其中明年的增长潜力尤为值得期待。与此同时，国内市 场同样具备良好的发展前景。预计明年国内数据中心基础设施建 设将迎来规模化投入阶段，为公司业务在国内市场的增长提供了 坚实支撑。 投资者提问：公司储能业务的情况？ 证券代码：002518 证券简称：科士达 深圳科士达科技股份有限公司投资者关系活动记录表 编号：2025-026 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | 其他 （投资者网上说明会） | | 参与单位名称及 | 景顺长城、海富通、大家资产、民生加银、西部证券、长江证券、 | | 人员姓名 | 国盛证券 | | 时间 2025 | 年 12 月 25 日-26 日 | | 地点 | 公司会议室 | | ...

（文章来源：证券日报） 证券日报网12月25日讯 ，常宝股份在接受投资者提问时表示，锅炉管目前已经成为公司营收占比最大 的产品。公司长期深耕中小口径锅炉管领域，凭借持续的技术沉淀与稳定的产品品质，在行业内树立了 良好的品牌口碑，赢得了市场与客户的高度认可。当前公司锅炉管产品主要聚焦两大应用领域，即燃煤 发电机组用锅炉管及燃气轮机联合循环发电用HRSG管。在燃煤发电机组用锅炉管领域，煤电长期以来 是我国电力供应的核心支柱，未来几年火电仍将承担电力保供主体责任，同时新能源调峰需求、算力中 心与数据中心建设带来的持续电力需求及老旧机组的维修升级也将持续释放市场需求。在燃气轮机联合 循环发电用HRSG管领域，近几年国际市场燃气装机发电机组装机规模正稳步提升，HRSG管市场需求 稳健。目前综合行业政策导向、下游需求支撑及当前市场需求，预计锅炉管市场整体将保持景气态势。 公司将加大锅炉管产能挖潜与产品结构升级优化力度，加快释放优质产能，重点推进高端不锈钢锅炉 管、特色锅炉管等高端产品的市场推广，强化客户需求响应与服务能力，提升综合竞争优势。 ...

Core Insights - The next phase of the AI industry's development will focus on enhancing the efficiency of technology applications, as stated by Chris Kelly, former privacy chief at Facebook [1] - Major AI companies are competing to build infrastructure to support AI computing power demands, with a need to optimize high-energy-consuming infrastructure [1] - Companies that achieve breakthroughs in reducing data center costs are expected to emerge as winners in the AI sector [1] Industry Trends - According to S&P Global, a surge in global data center construction is anticipated in 2025, with infrastructure-related transaction volumes exceeding $61 billion for the year [1] - OpenAI has committed over $1.4 trillion to AI investments in the coming years, including significant partnerships with Nvidia, Oracle, and CoreWeave [1] Energy Concerns - The rapid data center construction has raised concerns about the ability of the already strained power grid to support these computing infrastructures [2] - A collaboration between Nvidia and OpenAI announced in September requires at least 10 gigawatts of power, equivalent to the annual electricity consumption of 8 million American households [2] - This power requirement is comparable to the total demand during New York City's peak summer electricity usage in 2024 [2] Cost and Competition - The AI industry is increasingly focused on cost concerns, especially following the announcement of a free, open-source large language model by DeepSeek, which has a development cost of less than $6 million [2] - Chris Kelly anticipates the emergence of several Chinese companies in the AI space, particularly after the recent approval for the sale of Nvidia's H200 chips to China [2] - Open-source models, especially those from China, are expected to provide foundational computing power and capabilities for generative and agentic AI [2]

光大证券指出，AI算力与数据中心建设推动半导体销售和晶圆产能持续扩张，尤其是先进制程与HBM 等高端存储快速放量，显著抬升了对高纯度、低缺陷半导体材料的长期需求。随着制程节点向先进化演 进，芯片线宽缩小、结构复杂度提升，对电子化学品的纯度、稳定性和一致性提出更高要求，先进制程 更强调超低金属杂质、极低颗粒水平及批次间性能稳定。在此背景下，行业竞争格局有望向头部集中， 只有具备技术实力、规模优势和长期客户合作基础的供应商才能持续满足需求。 化工龙头ETF（516220）跟踪的是细分化工指数（000813），该指数从沪深市场中选取涉及基础化学 品、特种化学品等业务的上市公司证券作为指数样本，以反映化工行业相关上市公司证券的整体表现。 细分化工指数聚焦于化学工业领域，涵盖多个子行业，注重成分股的创新能力和市场竞争力，是衡量化 工板块投资价值的重要参考指标。 （文章来源：每日经济新闻） ...

Top Trends and High Conviction Themes Q1 2026 Building the Future: Navigating the Next Wave Contents 03 Welcome 04 Developing a Thematic Investment Strategy | 06 | Asia in the | 10 | Asia's Data Centre Boom | | --- | --- | --- | --- | | | New World Order | 12 | China's Innovation Champions | | | | 14 | Power Up Asian Shareholder Returns | | | | 16 | High Quality Asian Credit | | 18 | Disruptive Technologies | 21 | Aerospace and Security | | | | 23 | Evolving AI Ecosystem | | | Climate Action | 28 | Energy S ...

" 目前的投资只是冰山一角 " 标普全球称，当下数据中心建设正掀起一波"狂潮"。从数据中心相关投资交易的地理分布看，今年前11 个月发生的100多次相关交易中，大多数交易地点在美国，其次为亚太地区。专注于全球数据中心建设 发展情况的"数据中心地图网"显示，目前全球共有大约1.1万个数据中心，其中美国拥有4300多个。荷 兰国际集团的一份报告显示，中东相关投资增长也很明显，因为富裕的海湾国家希望将自己定位为下一 个全球人工智能中心。 标普全球分析师斯特卢塔认为，未来5年全球数据中心的发展将更快，人工智能需求将成为数据中心建 设的关键推手。标普认为，由于数据中心资产非常抢手，迫切希望进入该赛道的投资方基本没办法直接 收购现有数据中心，因此只能亲自投入新建相关基础设施，这也推动数据中心建设热潮进一步升温。 webpronews称，随着相关企业试图在竞争日益激烈的领域保持自己的地位，目前的投资只是冰山一 角。 【环球时报驻美国特约记者 卓然 环球时报特约记者 甄翔】标普全球近日发布的数据显示，截至11月 底，今年全球数据中心投资总额已近610亿美元，超过去年的608亿美元，再创历史新高。科技网站 webpronews ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-12 2025-03 2025-05 2025-07 2025-10 2025-12 -6% 2% 10% 18% 26% 34% 42% 50% 58% 芯朋微 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 57.88 | | --- | --- | | 总股本/流通股本（亿股）1.31 | / 1.31 | | 总市值/流通市值（亿元）76 | / 76 | | 周内最高/最低价 52 | 72.80 / 38.94 | | 资产负债率(%) | 15.7% | | 市盈率 | 66.53 | | 第一大股东 | 张立新 | 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 芯朋微(688508) 计算能源 IC 全布局，迈向系统级电源解决方案 l 事件 公司近期发布 AI 计算能源领域 12 款新品。 l 投资要点 ...