1. 受益于投资者重估中国科技行业价值，以及家庭储蓄流入股市等利好，今年中国股票强劲反弹。高盛 最新预测，中国股票在2026年料将延续涨势。高盛分析师认为，中国股市周期正从'预期驱动'转向'盈利 驱动'，在这一阶段，盈利兑现与估值温和扩张将成为推动回报的核心动力。报告指出，中国企业盈利 明年可能增长14%，2027年或继续增长12%；而估值扩张程度或在10%左右。高盛分析师重申，中国股 票市场到2027年底可能再上涨38%。 2. 据悉，随着GDDR7内存芯片的价格暴增，英伟达将限制部分16GB显存显卡的供应，包括16GB版本 的RTX 5060 Ti和5070 Ti。消费者的中端甜点卡供应可能会集中在8GB显存的5060和5060 Ti。若想要更 高显存，将被迫转向价格更高。 2025年12月22日，截至收盘，沪指涨0.69%，报收3917.36点；深成指涨1.47%，报收13332.73点；创业 板指涨2.23%，报收3191.98点。科创半导体ETF（588170）涨4.20%，半导体材料ETF（562590）涨 4.16%。 隔夜外盘：截至收盘，道琼斯工业平均指数涨0.47%；纳斯达克综合指数涨0.5 ...

Group 1 - The A-share market opened high and trended upward on Monday, with strong performance in sectors such as communication equipment, electronic components, aerospace, and semiconductors, while sectors like pharmaceutical commerce, education, banking, and retail showed weaker performance [1] - The Shanghai Composite Index is expected to consolidate around the 4000-point mark due to factors such as funding disturbances, policy expectations, and fluctuations in overseas liquidity [1] - The market sentiment is likely to improve as external disturbances decrease, with a potential continuation of the rebound trend in the short term [2] Group 2 - The three major A-share indices strengthened collectively on Monday, with the Shanghai Composite Index recovering the 3900-point level but not yet effectively breaking through resistance [3] - The market liquidity environment is expected to remain loose until the first quarter of next year, with a trend of "deposit migration" likely to continue due to low interest rates and a scarcity of quality assets [3] - The recent market pullback has provided a favorable opportunity for investors to position themselves ahead of the upcoming spring market [3]

2025 年 12 月 23 日 | | | | | 期指：或延续偏强震荡 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | | maolei@gtht.com | | 【期指期现数据跟踪】 | | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基差 | 成交额-亿 | 成交量 | 变动 | 持仓量 | 变动 | | 沪深300 | 4611.6 | ↑0.95 | | 4482.4 | | | | | | IF2601 | 4591.2 | ↑0.89 | -20.42 | 411.8 | 29898 | ↓7162 | 63517 | ↓802 | | IF2602 | 4575.6 | ↑0.55 | -36.02 | 19 | 1385 | ↑1385 | 1364 | ↑1364 | | IF2603 | 4564.8 | ↑0.88 | -46.82 | 739.3 | 539 ...

| | | | GAAP (1) | | Non-GAAP(2) | | | | --- | --- | --- | --- | --- | --- | --- | --- | | (in millions, except per share amounts) | FQ1-26 | | FQ4-25 | FQ1-25 | FQ1-26 FQ4-25 | | FQ1-25 | | Revenue | 5 19 | 13.643 | 11,315 60 | 8.709 32 | 13,643 38 | 11,315 $ | 8,709 | | Gross marqin | | 7.646 | 5.054 | 3,348 | 7.753 | 5.169 | 3.441 | | Percent of revenue | | 56.0% | 44.7% | 38.4% | 56.8% | 45.7% | 395% | | Operating expenses | | 1.510 | 1.400 | 1.174 | 1.334 | 1.214 | 1.047 | | Operating income | | 6.136 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 在最近一次RISC-V 峰会上，谷歌数据中心性能工程总监 Martin Dixon 发表了一场精彩的演讲。他 以谷歌成功过渡到基于 ARM 的服务器为例，带领听众进行了一次"公路旅行"，探讨了谷歌将 RISC- V 集成到其庞大的仓库级计算基础设施中的愿景。Dixon 概述了将 RISC-V 应用于数据中心规模所 面临的机遇、挑战和必要条件。 谷歌的异构计算之旅始于其基于通用 x86 平台的早期阶段，并在不断变化的需求中迎来了 27 周年纪 念。2010 年代中期，该公司开始尝试 ARM 架构，并遵循了 2014 年发布的 ARM 服务器规范。这 促成了 2022 年 Tau T2A ARM 实例的推出，以及最近推出的定制 Axion ARM 处理器。如今，谷歌 的数据中心已经混合部署了 x86、ARM 和新兴架构，包括早期的 RISC-V 组件。Dixon强调，异构 性和专业化对于克服摩尔定律放缓至关重要，能够实现规模化更高的效率和性能。 RISC-V 的 开 放 性 和 定 制 潜 力 令 人 兴 奋 ， 但 Dixon 也 警 告 说 ， 如 果 没 有 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 这位富豪下场了，华纳兄弟探索公司千亿美元收购案最新消息！ 贵金属大爆发！黄金、白银齐齐创历史新高！铂金也逼近历史高点。 美股三大指数集体收涨 美东时间12月22日，临近假日，美股交投清淡，主要指数集体上涨。美股三大指数已连涨三 日。 美东时间12月22日，美股三大指数集体收涨，开启了"圣诞老人行情"。 | 特斯拉(TESLA) | 488.730 | 1.56% | | --- | --- | --- | | TSLA.O | | | | 英伟达(NVIDIA) | 183.690 | 1.49% | | NVDA.O | | | | 谷歌(ALPHABET) | 309.780 | 0.85% | | GOOGL.O | | | | 亚马逊(AMAZON) AMZN.O | 228.430 | 0.48% | | 脸书(META PLATF | 661.500 | 0.41% | | META.O | | | | 微软(MICROSOFT | 484.715 | -0.25% | | MSFT.O | | | | 苹 ...

当前，外界对美股能否走出"圣诞行情"持怀疑态度。Prime Capital Financial副首席投资官Will McGough表示："从市场角度来看，我认 为没有太多能推动市场上涨的因素。" 不过，Navellier & Associates创始人Louis Navellier表示，"趋势对我们有利，2026年看起来有望开局强劲，潜在的圣诞行情又回来了， 这将使我们以新的高点结束这一年。" 截至周一收盘，标普500指数年内已累计上涨16.95%，前两年该指数分别累涨了24%和23%，若能连续第三年累涨超20%，将是"相当罕 见"的走势。 周一（12月22日），美股高开高收，三大指数均连涨三日。 截至收盘，道琼斯指数涨0.47%，报48362.68点；标普500指数涨0.64%，报6878.49点；纳斯达克综合指数涨0.52%，报23428.83点。 | 名称 | | 量新价 | 万博体育网 | 涨跌幅 | | --- | --- | --- | --- | --- | | 道塚斯指数 | 0 | 48362.68 | +227.79 | 0.47% | | 标普500指数 | | 6878.49 | +4 ...

Report Industry Investment Rating - The global economy is rated as (turning weak) [1] Core Viewpoints - The global economy is turning weak as the US makes a series of wrong policies and returns to the Monroe Doctrine, which will have a profound and subversive impact on major asset classes [2] Summary by Related Catalogs Important Information - Precious metals soar, with spot gold above 4400, silver hitting a new high, and platinum breaking the $2000 mark for the first time in 16 years due to the Fed's rate - cut expectations and geopolitical risks [1] - Wall Street expects high volatility in US stocks in 2026, and suggests a hedging strategy of going long on the Nasdaq 100 index volatility and short on the S&P 500 index volatility [1] - Dalio warns that the current market wealth based on unfulfilled expectations may lead to market adjustments or crises when converted to money [1] - The shipment of NVIDIA's GB300 AI server cabinets is expected to reach 55,000 units next year, a 129% year - on - year increase, driven by tech giants, and the next - generation Vera Rubin 200 platform will start shipping in Q4 next year [1] - The AI data center construction boom attracts various players, but there are concerns about AI bubbles due to project delays and contract terminations [1] - The US is promoting large - scale space militarization, with a $3.5 billion military satellite order issued [1] - Musk's net worth soars to $749 billion, becoming the first person to exceed $700 billion, due to a court decision on Tesla stock options [1] - The "stable return" myth for retail investors on Wall Street is broken, with BDC stocks of top institutions plummeting and bad loan rates rising [1] Global Economic Logic - Israel's potential attack on Iran causes gold prices to hit new highs, and the Fed cuts rates by 25 basis points in December and buys $40 billion in short - term bonds monthly [2] - Trump wants the next Fed chair to believe in "substantial rate cuts", and some traders are betting on a Q1 rate cut [2] - Goldman Sachs warns that the decline in Las Vegas gambling revenue is similar to the 2008 financial crisis warning [2] - The US releases a new National Security Strategy, adjusting economic relations with China to revive its economic autonomy [2] - The Fed's Beige Book shows a K - shaped consumer divide in the US, with high - income spending remaining resilient and low - income tightening belts [2] - The Bank of Japan raises rates by 25 basis points, and the 10 - year Japanese government bond yield rises to 2.0% [2] - Google aims to double AI computing power every 6 months and achieve a 1000 - fold increase in 4 - 5 years [2] - NVIDIA's Huang Renxun believes China will win the AI race due to regulatory and energy cost advantages [2] - JPMorgan estimates that AI data center construction will require at least $5 trillion in the next five years [2] - The US unemployment rate rises to 4.6%, raising concerns about large - scale corporate layoffs as an economic warning [2]

Core Viewpoint - Alibaba is considering placing a significant order for 40,000 to 50,000 AMD MI308 AI accelerator chips, which has led to a slight increase in both AMD and Alibaba's stock prices [1][4]. Group 1: Potential Order Details - The potential order from Alibaba involves 40,000 to 50,000 units of AMD's MI308 AI accelerator chips, which are seen as strong competitors to NVIDIA's data center GPUs [4]. - Analysts caution that the final contract terms and timeline for this transaction remain unclear [4]. Group 2: AMD's Market Position and Analyst Sentiment - AMD is striving to catch up and challenge NVIDIA's dominance in the AI computing race, with increasing market share in the AI-focused GPU sector as customers seek diverse suppliers and solutions [5]. - Wall Street shows renewed bullish sentiment towards AMD, with a consensus rating of "strong buy" based on 29 buy and 9 hold ratings over the past three months, indicating a potential upside of 40.45% from the current average target price of $282.39 [5]. - Specific analyst target prices for AMD include $300 from Daiwa, $280 from Piper Sandler, and a high of $377 from Raymond James, reflecting optimism about AI-driven growth continuing through 2026 [5].

一、国际新闻 国际贵金属市场方面，现货黄金与纽约期金价格持续走高，均创下历史新高。 周一（12月22日）纽约尾盘，现货黄金涨2.48%，刷新历史高位至4449.18美元/盎司，全天持续走高。 随后，现货黄金在12月23日凌晨突破4430美元/盎司，日内涨2.12%，并进一步突破4440美元/盎司，日 内涨2.35%，截至当日07:48，现货黄金突破4460美元/盎司，日内涨0.38%。 COMEX黄金期货方面，周一纽约尾盘涨2.16%，在电子交易盘报4482.30美元/盎司，创历史新高。12月 22日晚间，纽约期金突破4470美元/盎司，日内涨1.89%，随后突破4480美元/盎司，日内涨2.12%，截至 12月23日07:15，纽约期金突破4490美元/盎司，日内涨0.47%。 能源市场方面，美国原油期货价格上涨，WTI 2月原油期货收涨1.49美元，涨幅超过2.63%，报58.01美 元/桶。中东Abu Dhabi Murban原油期货涨1.84%，报63.18美元/桶。 NYMEX 1月天然气期货收报3.9650美元/百万英热单位，1月汽油期货收报1.7422美元/加仑，1月取暖油 期货收报2.1581 ...