Core Viewpoint - Europe is accelerating the push for "digital sovereignty" to reduce reliance on American technology services amid escalating tensions with the U.S. However, achieving this goal is challenging due to the dominance of U.S. tech giants in the market and Europe's lack of technological infrastructure [1][3]. Group 1: Current Situation and Challenges - Europe is highly dependent on U.S. tech companies, with Amazon, Microsoft, and Google holding over two-thirds of the market share in cloud services [3]. - In 2024, European customers are expected to spend nearly $25 billion on infrastructure services from five major U.S. cloud providers, accounting for 83% of the European market [3]. - The trade deficit in computer services between the EU and the U.S. is close to €150 billion [3]. Group 2: Risks and Concerns - The heavy reliance on a few suppliers poses significant sovereignty risks for the EU, as technical failures or geopolitical disputes could have catastrophic consequences [5]. - Experts highlight that Europe's complacency has led to a near-total dependence on U.S. tech services, with a lack of independent technological foundations [5][6]. Group 3: Legislative and Strategic Responses - The EU has recognized the risks of losing "digital sovereignty" and has passed the "European Digital Sovereignty Declaration" and a resolution supporting the development of European cloud platforms and AI models [6]. - New legislation aimed at promoting "digital sovereignty" is being drafted, with discussions about the security risks posed by U.S. technology becoming more prominent [6]. Group 4: U.S. Tech Companies' Responses - U.S. tech companies are actively lobbying in Brussels, spending approximately €150 million annually and employing nearly 900 lobbyists to influence EU policies [7]. - To maintain their market share in Europe, U.S. companies are building more data centers locally and promising not to transfer customer data abroad [7][8]. Group 5: Future Outlook and Strategic Directions - Achieving "digital sovereignty" is expected to be a complex process, with experts suggesting that Europe should focus on diversity, resilience, and autonomy in its digital strategy [12]. - The transition towards "digital sovereignty" may lead to a gradual shift in supply chains and investment flows, potentially impacting U.S. tech stocks and promoting a more balanced global innovation landscape [14].

"这种扩大的合作突显了我们客户群体需求的强劲程度，以及随着AI系统进入大规模生产阶段所释放的 更广泛市场信号，"Intrator表示。 英伟达周一宣布向新兴云服务商CoreWeave投资20亿美元。这项投资标志着双方合作关系的进一步扩 大，旨在到2030年新增超过5千兆瓦的"AI工厂"——即专业化计算数据中心。 根据协议，英伟达和CoreWeave正在"深化基础设施、软件和平台对接"，以实现产品间更好的互操作 性。CoreWeave建设的AI计算中心将采用英伟达的加速计算平台技术。 "从一开始，我们的合作就遵循一个简单的信念：只有当软件、基础设施和运营协同设计时，AI才能成 功，"CoreWeave联合创始人、董事长兼首席执行官Michael Intrator在声明中表示。 超大规模云服务商和大型科技公司正投入数十亿美元，扩展支持日益增长的AI需求所需的基础设施， 这导致领先供应商之间出现了一系列循环合作关系。 英伟达与CoreWeave合作关系的扩大为这家云服务提供商提供了资金支持，用于在全球基础设施建设浪 潮中采购土地建设AI数据中心。专业AI云服务提供商（通常被称为新兴云服务商）在经历了一年的计 算需求 ...

Macro Economic Overview - The transaction volume and price of second-hand houses have both increased, indicating a recovery in the real estate market [6][29] - Construction activity has shown seasonal improvement, with cement dispatch rates and grinding machine operation rates higher than the same period in 2025 [3][4] - Industrial production has shown mixed results, with strong performance in chemicals and automotive steel tires, while coking has lagged [3][4] Food and Beverage Industry - The allocation ratio for food and beverage stocks has decreased to a new low of 6.1% in Q4 2025, down from 6.4% in Q3 2025, indicating a continued reduction in holdings by active equity funds [10][12] - The white liquor sector has seen a decrease in fund allocation, with the proportion of white liquor holdings falling from 3.2% in Q3 2025 to 2.9% in Q4 2025 [11] - The food and beverage sector is expected to see a recovery in Q1 2026 due to the upcoming Spring Festival, which will drive demand for inventory replenishment [13][15] Communication Industry - The announcement by Amazon AWS to raise prices for machine learning capacity blocks by approximately 15% highlights the increasing scarcity of AI cloud infrastructure [19][22] - The investment of $2 billion by NVIDIA in CoreWeave underscores the strong demand for AI computing resources [20][22] - The release of Alibaba's Qwen3-Max-Thinking model indicates the growing capabilities of domestic AI models, which may significantly boost demand for AI cloud infrastructure [21][22] Coal Mining Industry - Coal prices have improved in Q4 2025, with thermal coal prices averaging 824.9 RMB/ton, up 8% quarter-on-quarter, and coking coal prices averaging 1725.7 RMB/ton, up 10% [23][24] - The coal industry is expected to benefit from a cyclical rebound as supply-side policies restrict production and demand increases during the heating season [25][26] Real Estate and Construction Industry - Public funds have reduced their allocation to the real estate sector to 0.43% in Q4 2025, the lowest since 2021, reflecting a cautious outlook on the sector [27][28] - Recent policy changes, including tax reductions on second-hand housing and relaxed purchase restrictions, indicate a supportive stance towards stabilizing the real estate market [30][29] Company-Specific Insights - IFBH has initiated systematic adjustments in product, management, and channel areas, leading to improved fundamentals and a maintained "buy" rating [30][31] - Ximai Foods is expected to see profit elasticity due to strong market demand during the Spring Festival and declining raw material costs, with a projected net profit increase of 31.5% in 2025 [35][38] - Jinchuang Group is positioned to benefit from the growing demand in the rail transit sector, with expected net profits of 6.02 billion RMB in 2025 [40][42]

Group 1 - Popular Chinese concept stocks saw a pre-market rise, with Kingsoft Cloud (KC.US) up over 10%, Hesai (HSAI.US) and Bilibili (BILI.US) nearly 5%, Century Internet (VNET.US) and Baidu (BIDU.US) over 2%, and Alibaba (BABA.US) over 1% [1] - GF Securities reported that Kingsoft Cloud has strong demand visibility, with Xiaomi increasing AI investments, requiring substantial AI training and inference computing power for its foundational models, smart cars, and WPS, alongside robust AI demand from non-Xiaomi clients [1] - Everbright Securities indicated that Kingsoft Cloud, as a core cloud platform within the Xiaomi ecosystem, is expected to maintain rapid growth in its AI business, benefiting directly from industry recovery and accelerated growth [1]

周二，热门中概股盘前走高，金山云(KC.US)大涨逾10%，禾赛(HSAI.US)、哔哩哔哩(BILI.US)涨近 5%，世纪互联(VNET.US)、百度(BIDU.US)涨逾2%，阿里巴巴(BABA.US)涨逾1%。 广发证券发布研报称，金山云拥有高可见度的强劲需求，小米金山加大AI投入，基础大模型、智能汽 车、WPS均需要大量AI训练和推理算力，非小米客户AI需求亦旺盛。光大证券也表示，金山云作为小 米生态内核心云平台，AI业务有望保持高速增长，有望直接受益于行业景气反转与自身成长加速。 ...

英伟达以每股87.20美元的价格购买了价值20亿美元的CoreWeave A类普通股，这是继9月份63亿美元投 资之后的又一笔大手笔投资。 Q&A 近几个月来，CoreWeave一直在积极扩张业务。9月份，该公司与Meta签署了142亿美元的协议，并扩大 了与OpenAI的合作合同，据报道价值224亿美元。 最新的投资还将帮助测试和验证CoreWeave的AI原生软件和参考架构，包括SUNK和CoreWeave任务控 制系统，并使这些产品能够纳入英伟达为云和企业客户提供的参考架构中。 CoreWeave联合创始人、董事长兼首席执行官迈克尔·因特拉托表示："当软件、基础设施和运营协同设 计时，AI才能成功。这种扩大的合作突显了我们在客户群中看到的强劲需求，以及AI系统转向大规模 生产时更广泛的市场信号。" 9月份，CoreWeave参与了一项价值150亿美元的英国AI基础设施建设计划，该计划还包括Nscale、英伟 达和OpenAI。该计划包括在全球部署30万块英伟达GPU。 然而，HyperFrame Research分析师兼首席执行官史蒂文·迪肯斯对CoreWeave向最终用户交付价值的能力 仍存疑问。迪肯 ...

Core Insights - Google has officially announced a price adjustment for data transmission methods such as CDN Interconnect, Direct Peering, and Carrier Peering, effective May 1, 2026, with significant increases in North America [1] Pricing Adjustments - North America: The price will increase to $0.08 per GB from the previous $0.04 per GB, representing a 100% increase [1] - Europe: The price will rise to $0.08 per GB from $0.05 per GB, indicating a 60% increase [1] - Asia: The price will change to $0.085 per GB from $0.06 per GB, reflecting a 41.67% increase [1]

Group 1 - The stock price of Kingsoft Cloud has shown strong performance, rising over 10% at one point and reporting an increase of 8.72% to 7.48 HKD per share, with a cumulative increase of over 20% in the last three trading days [1] - Kingsoft Cloud's Senior Vice President Liu Tao announced a strategic upgrade of its AI training and deployment platform, transforming it into a comprehensive AI training and deployment platform, which includes a full-loop closed system from resource scheduling to commercial model API services [4] - Guotai Junan Securities believes that Kingsoft Cloud is entering a new growth phase driven by AI, benefiting from the explosive growth of the AI cloud market, and has set a target price of 10.03 HKD with a dynamic PS of 3.5 times for 2026, maintaining a "buy" rating [4] Group 2 - GF Securities expects Kingsoft Cloud's AI business to maintain high growth, projecting capital expenditures to exceed 10 billion RMB by 2026 due to strong demand [4]

证券日报网讯 1月27日，首都在线在互动平台回答投资者提问时表示，目前公司已完成Qwen系列开源 模型适配，包括Qwen3大语言模型、CosyVoice语音合成、Wan2.2视频生成、Qwen-VL视觉模型等，并 成功运行在Nvidia、昇腾等异构算力，可通过Maas服务平台提供模型调用、模型部署、弹性扩缩容能 力，加速企业及开发者AI应用落地效率。同时，公司的产品及解决方案服务众多中国互联网百强企 业，与多家互联网细分领域头部企业有合作。涉及客户合作等业务敏感信息，不便对具体情况做出回 复，还望谅解。 （编辑 姚尧） ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the increasing scarcity of AI cloud infrastructure, as evidenced by Amazon AWS's first price increase in 20 years for its EC2 machine learning capacity blocks, which rose by approximately 15% [4] - NVIDIA's investment of $2 billion in CoreWeave aims to enhance AI computing capacity, further validating the high demand for AI cloud infrastructure [5] - Alibaba's launch of the Qwen3-Max-Thinking model, with over 1 trillion parameters and 36 trillion tokens of pre-training data, positions it as one of the strongest domestic AI models, likely driving demand for AI cloud infrastructure [6] Summary by Sections AI Public Cloud - Beneficiaries include Alibaba, Tencent, and Baidu [7] AIDC Data Centers - Recommended stocks: Dawi Technology, New Idea Network Group, Aofei Data, Guanghuan New Network, Runze Technology - Beneficiaries include Century Interconnect, Global Data, Wangsu Science and Technology, Dongyangguang, Dataport, and Kehua Data [7] Computing Power Leasing - Beneficiaries include Hongjing Technology, Xiechuang Data, Capital Online, Runjian Shares, Yunsai Zhili, Zhiwei Intelligent, and Hangjin Technology [7] AIDC Liquid Cooling & Power Supply - Recommended stock: Yingweike - Beneficiaries include Shenling Environment, Yinlun Shares, Tongfei Shares, Gaolan Shares, Zhongheng Electric, Kehua Data, Kete Power, and Weichai Heavy Industry [7]