全球权益的脆弱性近期上升，全球主要股指在近期均出现共振上行，相关性在10 月底达到年内高点，其中东亚股市领涨。本周受到降息预期下降、英伟达 财报"靴子落地"等影响，美股出现一定调整。事实上，全球股市近期已经处于明显的调整，扩散指标周度指标在就已经触及0 值，季度指标在6-10 月份基本 维持在80%以上以后近期也出现了明显回落。 主力净流入行业板块前五：军工，国产软件，传媒，通用航空，有色 · 铜； 主力净流入概念板块前五：航天，国企改革，卫星互联网，央企改革，人工智 能； 主力净流入个股前十：蓝色光标、航天电子、中国卫星、乾照光电、信维通信、三花智控、御银股份、汉得信息、紫金矿业、拉卡拉 长线资金的持续流入有助于降低市场波动性，增强资本市场应对冲击的韧性，险资的稳定流入可起到市场压舱石的作用。科创板风险因子的针对性下调，为 险资参与科技创新企业投资提供了制度激励，险资规模大、期限长的特点与科创企业的融资需求高度匹配，有望成为支持我国科技自立自强的重要力量。政 策涵盖大盘蓝筹、高股息和科技成长等多类资产，有利于推动市场风格均衡发展，形成多元化的资产配置格局。预定利率及"报行合一"等政策推动负债成本 下降，行业 ...

Group 1 - The investment theme in artificial intelligence (AI) is shifting from semiconductor giants to technology infrastructure companies, often referred to as "picks and shovels" stocks [2][3] - Data storage companies have emerged as significant beneficiaries, with SanDisk's stock soaring nearly 580%, making it the best-performing stock in the S&P 500 index [3] - Power suppliers and cable manufacturers, such as Amphenol Corp., Corning Inc., NRG Energy Inc., and GE Vernova Inc., have also entered the top 25 performers, contrasting with the previous dominance of Nvidia [5] Group 2 - Analysts expect the data storage sector to maintain its growth momentum into 2026, although the current winners may face a slowdown, with Sandisk's average target price projected to rise only about 8% [6] - Construction and power stocks related to data center development are anticipated to continue their upward trajectory, with Quanta Services Inc. being a preferred choice among investors [9] - Companies involved in wiring solutions, such as Amphenol and Emcor Group Inc., are also gaining traction in the market [10] Group 3 - Companies providing cooling systems and software for data centers are gaining attention, with Vertiv Holdings Co. expected to rise by 40% by 2025 [13] - Long-term investors are focusing on the software sector, viewing it as a future beneficiary of AI advancements, despite the software stocks underperforming this year [15]

Core Insights - The investment frenzy in artificial intelligence is leading large cloud service providers to invest billions in new data centers, prompting investors to focus on "picks and shovels" stocks in the tech sector [1][9] - In 2025, data storage companies led the S&P 500 index, with SanDisk's stock soaring nearly 580%, while Western Digital and Seagate ranked second and fourth respectively [1][9] - Nvidia, previously a leader in the AI sector, saw its stock rise only 40% in 2025, dropping to 71st place in the S&P 500 index, indicating a shift in market dynamics [1][9] Data Storage Sector - Following significant gains in 2025, Wall Street expects continued interest in the data storage sector in 2026, although the leading stocks may face a slowdown [11] - Analysts project an average target price of $264 for SanDisk in 2026, representing an approximate 8% increase from its current price of around $244 [11] - Analysts are optimistic about Pure Storage, with a current stock price of $68 and a target price of $94 for 2026, indicating a potential 38% increase [3][11] Infrastructure and Power Sector - Companies involved in data center construction and power supply are expected to maintain upward momentum [12] - Quanta Services is highlighted as a preferred stock, providing engineering contracting services to utility and telecom companies, alongside other contractors like MYR Group and Primoris Services [12] - Companies producing high-speed fiber and copper cabling solutions, such as Amphenol, are also in demand, along with power infrastructure firms like Vista Energy and General Electric Vernova [12] Bitcoin Mining Companies - Bitcoin mining firms are transitioning from cryptocurrency mining to data center power supply, presenting potential valuation reassessment opportunities [13] - These companies have established power resources and are expected to shift towards higher-value high-performance computing hosting contracts [13] - Notable companies in this sector include Bitdeer Technologies, which saw a stock surge after announcing further AI investments, and others like Italian National Power and Riot Platforms [6][13] Temperature Control and Cooling Sector - The need for high-precision HVAC systems in data centers is driving demand for related equipment companies [14] - Vertiv Technologies, which provides power systems and cooling solutions for data centers, saw a 46% stock increase in 2025 and remains a market focus [14] - Other notable companies include Comfort Systems USA and water treatment firms like Ecolab and American Water Works [14] Software Sector - Long-term investors are turning their attention to the software sector, anticipating that advancements in large language models will benefit software companies in the long run [15] - The S&P 500 software industry index saw a modest 12% increase in 2025, lagging behind the broader market's 17% rise, making the sector's valuation more attractive [15][16] - Companies like Snowflake, Datadog, and ServiceNow are being monitored for their potential despite current market conditions [16]

根据伦敦证券交易所集团（lseg）的数据以及路透社的测算，芯片巨头英伟达在刚刚过去的一年中跃升 为全球市值最高的公司，市值高达4.63万亿美元，超过了长期排名第一的苹果（4.04万亿美元）。与此 同时，谷歌母公司alphabet也从第四位升至第三位，超越了微软。alphabet当前的市值为3.79万亿美元 ——如果放在2024年，这一规模足以登顶全球第一。 不仅如此，芯片制造商博通（broadcom，排名第七）以及晶圆代工巨头台积电（tsmc）同样受益于汹涌 而来的人工智能需求。台积电是全球市值前十名中唯一的新面孔，也是继沙特阿美之后，全球市值第二 高、但并非来自美国的公司。 总体来看，美国企业依旧占据主导地位：在全球市值前20名中，美国公司占16席；在前100名中，占到 62家。如今，全球已有12家公司市值超过1万亿美元，而三年前这一数字还只有4家。 来源：市场资讯 （来源：DOLC） 多年来，苹果一直稳居全球市值最高公司的宝座。但如今，这家加州科技巨头被芯片制造商英伟达超 越。今年，人工智能浪潮席卷全球资本市场，相关企业纷纷从中获益。 PART 01 人工智能（ai）热潮牢牢吸引着全球股市的目光 同样来自 ...

随着大型云服务提供商向新数据中心投入数十亿美元资金，人工智能投资风向正在转变，寻求前沿投资 方式的投资者正抢购科技领域的"卖铲人"股票。 2025年，数据存储公司主导了标普500指数的表现。Sandisk Corp.(SNDK.US)股价飙升近580%，成为该 基准指数中表现最佳的成分股，西部数据公司(WDC.US)位列第二，希捷科技公司(STX.US)排名第四。 同时，与AI相关的电力供应商、电缆及光纤生产商，如安费诺公司(APH.US)、康宁公司(GLW.US)、 NRG能源公司(NRG.US)和GE Vernova公司(GEV.US)，也跻身前25名。 尽管如此，随着超大规模企业持续承诺投入，投资者仍对AI投资持乐观态度。以下是投资者目前为参 与科技基础设施建设而买入的标的。 数据存储 这与过去几年的情况有所不同，当时最初的AI"卖铲人"公司英伟达一直稳居标普500指数顶级股票之 列。这家芯片巨头在2025年上涨了40%，使其成为该指数今年表现第71佳的成分股。尽管英伟达以及云 超大规模企业微软(MSFT.US)、Meta Platforms(META.US)和Alphabet(GOOGL.US)因其庞 ...

Group 1 - The company, Kingsoft Corporation (03888), announced a share buyback plan, intending to repurchase 354,200 shares at a total cost of HKD 9.996 million [1]

面对人工智能技术的蓬勃兴起，企业管理正加速向智能化、自适应化方向演进，智能体成为当前行业转 型的第一选择。 本报（chinatimes.net.cn）记者石飞月 北京报道 作为"数字员工"，据介绍，RonAgent集成了"虚拟CIO""智能分析师""7x24小时风险官"等多重专家能 力，既能自动化处理海量重复劳动，也能提供数据驱动的决策建议，从而将中小企业有限的人力资源解 放出来，聚焦于更具创造性的市场开拓与产品创新。 "企业管理智能体正处在'iPhone时刻'的前夜——正如2007年iPhone重新定义手机，今天的L4级智能体正 在重新定义'管理'本身。"近日，融和科技董事长廖继全如是说。该公司瞄准中小企业智能化转型市 场，正式推出全球首个L4级企业管理智能体——RonAgent，旨在推动广大中小企业将管理方式从传统 的"人驱动系统"升级为"智能体驱动业务"。 过去几十年，企业管理主要依赖ERP等固化流程，同时，许多中小企业受限于技术落后、人才短缺和IT 成本高昂，在数字化转型中进展缓慢，融和科技正是瞄准了这一市场机会。但也有业内人士指出，虽然 智能体是发展趋势，但其高度受限于通用大模型的水平，目前大模型在 ...

Core Viewpoint - The market's optimism towards Palantir (PLTR) is primarily driven by the anticipation of its Artificial Intelligence Platform (AIP), which is expected to deliver secure, reliable, and resilient AI solutions [1]. Market Expectations - The market expects Palantir's AIP to dominate the enterprise AI market, significantly contributing to the company's stock price increase over the past year [1]. - Analysts express concerns that the current market optimism may be excessive, posing risks to the company's valuation [3][4]. Competitive Landscape - Palantir faces increasing competition from major cloud computing companies like Microsoft, Amazon, and Databricks, which are rapidly developing their own AI platforms [3][7]. - Databricks, valued at $134 billion, poses a significant threat by entering Palantir's core markets with its unique data lake architecture [7]. - The rise of self-developed tools by potential clients represents a fundamental shift in the competitive landscape, as companies may prefer to develop their own solutions rather than rely on Palantir [10][11]. Financial Metrics and Valuation - Palantir's current non-GAAP P/E ratio stands at 260.61, significantly higher than the industry average of 24.55, indicating a premium valuation that reflects high investor expectations [11]. - Analysts warn that the company's growth may not justify such a high valuation, especially as competition intensifies and product differentiation diminishes [11][12]. Risks and Concerns - The company is at risk of losing pricing power as competitors' products become more comparable to Palantir's offerings, which could lead to downward pressure on prices and margins [10][11]. - Any signs of growth slowdown or reduced order sizes could trigger a reevaluation of the company's valuation, given the current high price levels [12][15]. Strategic Partnerships - Palantir has formed strategic partnerships with major cloud providers like Amazon to enhance its market position, aiming to leverage these collaborations for scaling its AIP [13]. - Despite these partnerships, analysts remain skeptical about Palantir's ability to maintain a competitive edge in a rapidly evolving market [14]. Conclusion - Analysts maintain a "hold" rating on Palantir's stock, citing the current "perfect pricing" state and the potential for significant downside risks if market conditions change [14]. - The company faces a challenging environment with increasing competition and evolving market dynamics, necessitating a cautious approach from investors [14][15].

明源云(00909)发布公告，该公司于2025年12月30日斥资961.07万港元回购300万股股份，每股回购价格 为3.17-3.25港元。 ...

（文章来源：证券日报） 证券日报网讯 12月30日，普联软件在互动平台回答投资者提问时表示，截至2025年12月10日，公司股 东总户数为28395户。 ...