热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 股指： （王东灜，从业资格号：F03087149；交易咨询资格号：Z0019537） 昨日，A股市场放量大涨，Wind全A上涨1.72%，成交额3.64万亿元，成交量突破2024年10月单日峰值。 中证1000指数上涨2.8%，中证500指数上涨2.39%，沪深300指数上涨0.65%，上证50指数上涨0.3%。 2026年初A股资金情绪高涨，指数上涨主要受到了全球科技发展的推动，CES（美国消费电子展）与1 月6日至9日举办，众多科创企业引人注目，英伟达借机发布新一代Rubin架构，预计未来可显著提升现 有芯片效率并大幅降低成本。科技题材热点频出，同时受到美联储降息和美元走弱的催化，权益市场收 益明显。此外，开年另一个热点是全球地缘局势。紧张局势的加剧使得具有国家战略意义的稀有金属受 到市场热捧，相关金属对于高新科技制造、军事工业具有双重战略意义，短期快速冲高。参考上世纪80 年代的有色金属行情，在国际局势明朗后，相关金属才可能实现库存释放、价格回落，短期仍将高位震 荡。操作层面，指数高位放量，需谨慎追高，观望为主。 国债： （朱金涛，从业资 ...

①AI智能体+DEEPSEEK+金融科技，推出基于DeepSeek-R1的银行智能体，两大AI智能体策略双线布 局，这家公司为两家香港拥有虚拟银行牌照企业服务； ②卫星通信+芯片，这家公司部分产品已用于低轨 卫星通信并实现大批量出货，并将氮化镓射频芯片卫星应用作为目标。 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 前言 ...

Core Insights - The strategy of heavily investing in major US tech stocks has underperformed since 2025, with many companies lagging behind the S&P 500 index for the first time since the Fed began raising interest rates in 2022 [1] - The "Seven Giants" index rose by 25% in 2025, outperforming the S&P 500's 16% increase, but this was largely driven by Google and Nvidia [1] - Analysts predict that as tech giants' profit growth slows and skepticism about AI investments increases, this trend of divergence will continue into 2026 [1] Group 1: Market Trends - The current market is no longer characterized by a "one-size-fits-all" approach, emphasizing the importance of stock selection within the tech sector [1] - Since the bull market began in October 2022, Nvidia, Google, Microsoft, and Apple have contributed over one-third of the S&P 500's gains, but investor enthusiasm for tech giants is waning as funds shift to other S&P 500 components [4] Group 2: Earnings Projections - The expected profit growth for the "Seven Giants" in 2026 is around 18%, the slowest since 2022, compared to 13% for the other 493 S&P 500 components [5] - The current expected P/E ratio for the "Seven Giants" is 29, down from over 40 at the beginning of the decade, while the S&P 500's expected P/E is 22 [5] Group 3: Individual Company Analysis - **Nvidia**: Facing increased competition and concerns about customer spending sustainability, Nvidia's stock has risen 1165% since late 2022 but has dropped 11% since its peak in October 2022. Analysts remain optimistic, with 76 out of 82 rating it as a "buy" [6] - **Microsoft**: Expected to spend nearly $100 billion on capital expenditures in the fiscal year ending June 2026, with a further increase to $116 billion anticipated. The company struggles to convert AI investments into tangible returns [9] - **Apple**: Initially faced pressure due to a conservative AI strategy, but later became favored for avoiding high AI investment risks, with a projected revenue growth of 9% for the fiscal year ending September 2026 [10] - **Google**: Has regained market confidence with its Gemini AI model and is expected to see a modest stock price increase of 3.9% in 2026, despite a significant rise of over 65% in 2025 [11] - **Amazon**: After being the worst performer among the giants, Amazon's stock rebounded in early 2026, driven by strong growth in its AWS cloud business [12] - **Meta**: Faces skepticism regarding its heavy AI investments, with a significant increase in capital expenditures leading to a stock price drop. The company must demonstrate that its investments are driving profit growth [13] - **Tesla**: After a poor performance in the first half of 2025, Tesla's stock surged over 40% in the second half, but analysts remain pessimistic about its stock price outlook for 2026, predicting a 9.1% decline [14]

智通财经APP获悉，新兴市场资产周一呈现上涨态势，当日市场伴随美元走弱及"卖出美国"交易重新抬头的显著特征。此前，美国司法部曾以刑事起诉相要 挟，向美联储发出传票。 多数新兴市场货币兑美元普遍走高，其中通常被视为风险偏好指标的墨西哥比索与南非兰特表现尤为突出，领涨市场。与此同时，彭博美元现货指数下跌 0.2%，按收盘价计算有望创下自12月23日以来的最大单日跌幅。此前，特朗普政府对美联储的攻势已进一步升级。 中国工信部部长李乐成接受采访时称，中国政府将加快数字技术的融合与应用，这为亚洲市场的人工智能主题投资热情再添一把火。 纽约梅隆银行高级策略师Geoffrey Yu表示："在私人及公共项目长期配置意愿的支撑下，人工智能主题依旧相对稳固。" 其他方面，投资者正密切关注伊朗局势——该国政府若被推翻，或将引发全球地缘政治格局重构与能源市场波动。 美联储主席杰罗姆·鲍威尔表示，美联储已收到大陪审团传票，对方以刑事诉讼相威胁;他指出，此举旨在削弱美联储"基于证据和经济状况设定利率"的独立 性。这一消息对美元形成下行压力，促使交易者纷纷转向黄金、白银等避险资产，推动两者价格双双升至历史新高。 纽约BBVA全球外汇策略主 ...

Core Viewpoint - Nvidia and Eli Lilly announced a joint investment of $1 billion to establish a research lab in the San Francisco Bay Area over the next five years, aimed at accelerating the application of artificial intelligence in the pharmaceutical industry [1][4]. Group 1: Investment and Collaboration - The lab will be located in Silicon Valley, bringing Eli Lilly's capabilities closer to AI innovation centers, and represents a collaborative investment between the two companies [1]. - This investment exemplifies Nvidia's strategy to leverage its financial strength and foster new product markets, particularly in the AI chip sector, where it holds a dominant position [4]. - Nvidia aims to automate the drug development process significantly through AI, which is already being utilized by some companies to propose potential new drugs or compounds [4]. Group 2: Strategic Developments - Eli Lilly is increasingly relying on advanced AI models for drug design and discovery, with the goal of significantly reducing the time required for new drugs to go from development to market [4]. - Nvidia's strategy in biotechnology includes providing open-source AI models and software tools, allowing pharmaceutical companies to build their own drug development platforms based on Nvidia hardware [5]. - Nvidia also announced a series of new AI models, including an updated version to ensure that drugs designed with AI tools are synthesizable under real laboratory conditions [5]. Group 3: Future Plans - The specific location for the new facility dedicated to training AI models in the biotechnology sector will be announced in March [5]. - Nvidia is expanding its portfolio of AI models and intelligent agents for the healthcare industry, making them open-source for customization to meet individual needs [6].

【导读】中外资机构：AI叙事从估值扩张转向技术兑现，目前谈论AI泡沫论为时尚早 人工智能（AI）再度成为CES焦点，AI概念股在2026年开年高歌猛进。2026年，AI的叙事将如何演绎？ 当中孕育了哪些投资机遇？又有哪些风险须重点防范？就此，中国基金报记者采访了多家中外资机构。 AI叙事从估值扩张转向技术兑现 目前谈论AI泡沫论为时尚早 工银国际首席经济学家程实认为，AI叙事在2026年更可能从单纯的估值扩张转向对技术路径兑现能力 的持续检验，同时保留高估值与高波动并存的结构特征。当前AI繁荣由资本开支扩张与宏观流动性共 同塑造，科技部门在传统行业承压时呈现类财政刺激效应，估值层面体现出贴现模型凸性与厚尾分布定 价的特征，关键在于资本押注的技术路径能否转化为可兑现的生产力提升与盈利结构重塑。 中国银河（601881）国际首席宏观策略师成亚曼指出，AI叙事正从"非理性繁荣"向"理性泡沫"演进，核 心逻辑是国家战略（中美竞逐技术制高点）与企业"囚徒困境"（巨头押注生态位）驱动的资本有序注 入，而非单纯情绪炒作。长期看，AI作为通用目的技术，其对生产率的提升路径明确，泡沫更多是技 术革命中的阶段性现象；短期需警惕流 ...

【导读】中外资机构：AI叙事从估值扩张转向技术兑现，目前谈论AI泡沫论为时尚早 中国基金报记者 郭玟君 人工智能（AI）再度成为CES焦点，AI概念股在2026年开年高歌猛进。2026年，AI的叙事将 如何演绎？当中孕育了哪些投资机遇？又有哪些风险须重点防范？就此，中国基金报记者采 访了多家中外资机构。 AI叙事从估值扩张转向技术兑现 目前谈论AI泡沫论为时尚早 工银国际首席经济学家程实认为，AI叙事在2026年更可能从单纯的估值扩张转向对技术路径 兑现能力的持续检验，同时保留高估值与高波动并存的结构特征。当前AI繁荣由资本开支扩张 与宏观流动性共同塑造，科技部门在传统行业承压时呈现类财政刺激效应，估值层面体现出 贴现模型凸性与厚尾分布定价的特征，关键在于资本押注的技术路径能否转化为可兑现的生 产力提升与盈利结构重塑。 中国银河国际首席宏观策略师成亚曼指出，AI叙事正从"非理性繁荣"向"理性泡沫"演进，核 心逻辑是国家战略（中美竞逐技术制高点）与企业"囚徒困境"（巨头押注生态位）驱动的资 本有序注入，而非单纯情绪炒作。长期看，AI作为通用目的技术，其对生产率的提升路径明 确，泡沫更多是技术革命中的阶段性现象； ...

多只芯片股下跌，截至22:40左右，高通、莱迪思半导体、安森美半导体跌约3%，英特尔、ARM跌近 2%。 | 名称 | 现价 | 涨跌幅 - | | --- | --- | --- | | 高通(QUALCOMM) | 172.280 | -3.09% | | 莱迪思半导体 | 82.190 | -3.08% | | 安森美半导体(ON SE | 60.325 | -2.95% | | 思佳讯(SKYWORKS) | 58.430 | -2.89% | | 英特尔(INTEL) | 44.660 | -1.95% | | 格芯(GLOBALFOUN[ | 39.000 | -1.86% | | ARM | 109.720 | -1.85% | | 15 BXN)价后来更强窗 | 236.833 | -1.79% | | 亚德诺(ANALOG) | 295.575 | -1.78% | | 微芯科技(MICROCHI | 73.980 | -1.65% | | 名称 | 现价 | 涨跌幅 - | | --- | --- | --- | | 花旗集团(CITIGROUF | 117.200 | -3.40% | ...

北京时间1月12日晚，美股三大股指开盘下跌，盘前美国股指期货已 集体飘绿 。 多只芯片股下跌， 截至22:40左右，高通、莱迪思半导体、安森美半导体跌约3%，英特尔、 ARM跌近2%。 | 名称 | 现价 | 涨跌幅 ▲ | | --- | --- | --- | | 高通(QUALCOMM) | 172.280 | -3.09% | | 莱迪恩半导体 | 82.190 | -3.08% | | 安森美半导体(ON SEI | 60.325 | -2.95% | | 思佳讯(SKYWORKS) | 58.430 | -2.89% | | 英特尔(INTEL) | 44.660 | -1.95% | | 格芯(GLOBALFOUN[ | 39.000 | -1.86% | | ARM | 109.720 | -1.85% | | 恩智浦半导体(NXP SI | 236.833 | -1.79% | | 亚德诺(ANALOG) | 295.575 | -1.78% | | 微心科技(MICROCHI | 73.980 | -1.65% | | 治研课题 花语思行胜幅目标 | | | 记者丨刘雪莹 编辑丨曾静娇 | ...

经公司申请，公司股票自2026年1月13日(星期二)开市起开始停牌，预计停牌时间不超过10个交易日。 智通财经APP讯，明阳智能(601615.SH)发布公告，公司于2026年1月12日收到公司控股股东明阳新能源 投资控股集团有限公司(以下简称"能投集团")出具的《关于筹划重大事项的通知》，拟由公司通过发行 股份及支付现金的方式收购中山德华芯片技术有限公司(以下简称"德华公司"、"标的公司")的控制权， 并募集配套资金。本次交易尚处于筹划阶段。 ...