2026年1月22日，摩尔线程（688795）披露2025年年度业绩预告，公司预计实现营业收入14.5亿元至15.2亿元，较上年同期的4.38亿元同比增长230.70%至 246.67%；归属于母公司所有者的净利润预计亏损9.5亿元至10.6亿元，较上年同期16.18亿元的亏损额收窄34.50%至41.30%，扣非后净利润亏损也同步收窄 29.59%至36.32%。 业绩高增长与亏幅收窄的核心驱动力，来自公司在全功能GPU领域的技术突破与商业化落地。报告期内，摩尔线程持续推进产品架构迭代，成功推出旗舰 级训推一体全功能GPU智算卡MTT S5000，该产品性能达市场领先水平并实现规模量产。基于其构建的大规模集群已完成建设并上线服务，可高效支持万 亿参数大模型训练，计算效率达到同等规模国外同代系GPU集群先进水平。 得益于人工智能产业蓬勃发展及市场对高性能GPU的强劲需求，公司产品竞争优势扩大，市场认可度持续提升，推动收入与毛利增长。同时，公司仍处于 持续研发投入期，保持高研发投入力度，目前尚未盈利且存在累计未弥补亏损。公告同时提及，与部分国际巨头相比，公司在综合研发实力、核心技术积 累、产品客户生态等方面仍存 ...

Group 1 - The core viewpoint emphasizes the transformation of Huzhou from a geographical center in the Yangtze River Delta to a technology innovation center, driven by scientific and technological innovation [5][13] - Huzhou's R&D expenditure as a percentage of GDP reached 3.5%, ranking third in the province, with a historical high of 371 million yuan in funding secured [5] - The city has established a "first-use, then-transfer" model for technology commercialization, which has led to the creation of seven innovation pools covering various industries and 823 items included in the pool [6][7] Group 2 - Huzhou has incubated 39 technology companies with a local conversion rate of 97%, and has built concept verification centers to facilitate the initial stages of technology commercialization [7] - The city has accelerated technology investment, signing 31 projects with a total investment of 22.424 billion yuan in 2025, focusing on sectors like semiconductors and optoelectronics [8] - Major projects include a 9 billion yuan micro-cavity electronic paper display project and an 11.75 billion yuan intelligent logistics equipment factory, showcasing significant investment in emerging industries [9] Group 3 - Huzhou's technology financing environment has improved, with a 19.26% year-on-year increase in loans to technology enterprises, totaling 137.8 billion yuan [11] - The city has introduced a technology financial advisor system, serving over 360 technology companies and addressing financing needs of 1.5 billion yuan for 100 companies [12] - Huzhou is fostering a talent flow mechanism through a "multi-track system," enhancing collaboration between universities and enterprises, and has selected 249 "technology vice presidents" to promote talent mobility [12][13]

Economic Developments - President Trump has decided not to impose new tariffs scheduled for February 1st after productive discussions in Davos regarding Greenland, positively impacting stock markets [2][3] - Stocks have surged, Treasury yields have fallen, and the U.S. dollar has strengthened following Trump's announcement [3] Technology Sector - Nvidia's CEO highlighted that AI is driving the largest infrastructure buildout in history, indicating a growing demand for energy, land, and skilled labor [4] - Meta's CTO announced the delivery of promising AI models from its Superintelligence Labs team [5] Financial Sector - JPMorgan Chase's CEO warned that a proposed cap on credit card interest rates at 10% could significantly reduce credit availability for 80% of Americans, impacting various sectors including restaurants and retailers [5] - Deutsche Bank's CEO distanced the bank from a controversial analyst note suggesting European asset sales, emphasizing that the bank does not support such views [5][6] Media and Entertainment - Netflix's stock has declined following guidance that did not meet investor expectations, although analysts remain optimistic about its long-term growth [7][8] - Morgan Stanley reported that Netflix surpassed 325 million members in 2025, adding over 25 million net new subscribers [9] Healthcare Sector - Johnson & Johnson reported better-than-expected Q4 revenue driven by its Pharma and MedTech divisions, although adjusted earnings missed expectations [10] - J&J provided a positive outlook for 2026, guiding to EPS of $11.53 on $100.5 billion in reported sales, both above forecasts [11] Energy Sector - Sandisk has seen a remarkable increase of over 1,000% in shares over six months as it transitions to a high-performance, AI-focused brand [12] - U.S. natural gas futures have surged more than 50% in two days due to increased heating demand from cold weather, with February contracts hitting a YTD high above $4.65/MMBtu [12][13] - Global energy prices have risen sharply, with Japan's power prices reaching a three-month high and European gas futures up nearly 30% this month [13]

Core Viewpoint - The company is progressing steadily with the preparation and auditing of its 2025 annual report, with no current issues that would lead to a non-unqualified audit opinion [1][2]. Group 1: Annual Report Preparation - The company is actively advancing the preparation of the 2025 annual report and the auditing process [1]. - The auditing firm, Sichuan Huaxin (Group) CPA, is conducting the audit according to the established plan and procedures [1]. Group 2: Audit Progress and Opinions - As of the announcement date, there are no matters that could lead to a non-unqualified opinion on the financial statements [2]. - There are currently no significant disagreements between the company and Sichuan Huaxin regarding major accounting treatments, key audit matters, or the type of audit opinion [2].

Group 1: Cryptocurrency and Blockchain - RIOX ETF provides 2x long daily price performance of Riot Platforms, which saw over 52% weekly gains after announcing Bitcoin sales to fund a $96 million land acquisition in Texas [1] - MSTX ETF offers 2x leveraged exposure to MicroStrategy, whose shares surged as the crypto market rallied and Vanguard invested $505 million in the company, marking a significant institutional adoption milestone [4] - ETHU ETF aims for 2x daily price movements of Ether, achieving over 14% weekly gains due to record staking levels and a $200 million investment from BitMine into Beast Industries [11] Group 2: Technology and AI - AMDL ETF provides 2x leveraged exposure to AMD, which gained over 29% weekly as the company transitions into a full-stack AI powerhouse with its new Helios rack-scale platform [2] - SMCX ETF delivers 2x leveraged exposure to Super Micro Computer, whose stock rose following strong earnings from TSMC, indicating increased demand for high-performance servers [7] Group 3: Precious Metals - AGQ ETF offers 2x daily long leverage to Silver bullion, returning approximately 24% last week as silver prices reached all-time highs following tariff threats from President Trump [3] - GDXU ETF provides 3x exposure to gold miners, returning over 15% last week amid rising gold prices due to geopolitical tensions and economic uncertainties [8] Group 4: Defense Sector - DFEN ETF aims to triple the daily return of defense industry stocks, achieving over 14% weekly gains driven by proposed increases in the U.S. military budget amid heightened geopolitical tensions [10] Group 5: E-commerce - BABX ETF provides 2x leveraged exposure to Alibaba, which saw approximately 19% weekly gains as its AI models gained popularity and new regulations stabilized margins for its quick commerce division [5]

Group 1 - President Trump predicts that the Dow Jones Industrial Average could reach 50,000 and suggests the stock market may double in a relatively short period of time [1] - The Dow traded at 48,819.98, reflecting an increase of 331.39 points or 0.68% as of Wednesday morning [2] - U.S. equities rebounded on Wednesday after a decline on Tuesday, which was influenced by Trump's trade stance towards Europe [3] Group 2 - The S&P 500 experienced a decline of 1.5% on Tuesday, marking its worst session since late November, due to Trump's tariff threats against several European countries [3] - Energy stocks led the gains on Wednesday, with the Energy Select Sector SPDR Fund increasing by 2.5% [4] - Intel Corp. was the top performer among mega-cap stocks on Wednesday, surging by 10.4% [4]

Group 1 - The article highlights the stark reality of Taiwan's economic situation, emphasizing that the Taiwanese government is sacrificing its semiconductor industry for hollow promises of support from the United States [2][3] - Taiwan has committed to a $500 billion investment in the U.S., with $250 billion backed by government guarantees and $250 billion from private capital, which is seen as merely an initial payment for future concessions [2] - The article criticizes the Taiwanese government's claim that TSMC will maintain 80% of its global production capacity by 2036, arguing that this is misleading given the planned relocation of significant production capabilities to the U.S. [2] Group 2 - The narrative suggests that Taiwan's fate is predetermined, with the U.S. willing to disregard the sovereignty of allies, raising concerns about Taiwan's reliance on military purchases and investments for protection [3] - The article warns that as Taiwan's semiconductor industry is depleted and young engineers leave, the social and economic foundations of Taiwan will deteriorate under political theatrics and false narratives [3] - It concludes that the current Taiwanese administration is writing a "tombstone" for Taiwan's future, portraying the loss of its semiconductor industry as a strategic victory, which is seen as a tragic reality [3]

Core Viewpoint - Deutsche Bank upgraded Lam Research's stock rating to "Buy," reflecting confidence in the company's growth prospects driven by strong demand for wafer fabrication equipment [2][6] Group 1: Company Overview - Lam Research Corporation, listed on NASDAQ as LRCX, specializes in wafer fabrication equipment essential for manufacturing integrated circuits [1] - The company competes with industry giants such as Applied Materials and KLA Corporation [1] Group 2: Stock Performance and Market Sentiment - The current stock price of Lam Research is $222.41, reflecting a slight decrease of 0.25% [4] - The stock has traded between $217.61 and $226.15 today, with a yearly high of $229.57 and a low of $56.32, indicating volatility [4] Group 3: Financial Projections and Market Capitalization - Deutsche Bank raised the price target for Lam Research from $195 to $260, indicating a positive outlook [2][6] - Forecasts predict a 10-15% year-over-year growth in wafer fab spending, which is expected to boost Lam Research's sales and profit margins [3][6] - The company's market capitalization is approximately $279.35 billion, with a trading volume of 11.58 million shares [5][6] - Increased estimates for EBITDA and free cash flow further support the optimistic view of Lam Research's financial health [5]

Core Insights - Clean energy stocks significantly outperformed artificial intelligence stocks in 2025, with the iShares Global Clean Energy ETF rising by 47%, compared to a 39% return from Nvidia and a 21% increase in the Nasdaq Composite [2][8] - Despite a previous downturn in clean energy stocks, there are indications that the current rally may be more sustainable due to several factors [3][8] Group 1: Market Performance - The iShares Global Clean Energy ETF's 47% increase surpassed the 25% average gain of the "Magnificent Seven" tech stocks associated with the AI boom [2][8] - The clean energy sector has not fully recovered from the 2021 sell-off, raising questions about the sustainability of the recent gains [3] Group 2: Factors Driving Growth - The Trump administration's new legislation has created a surge in short-term demand for renewable energy, requiring companies to start construction on projects by July 1, 2026, to retain tax credits [4][5] - The U.S. is expected to add more clean energy capacity in 2026 than in any previous year, with projections indicating that 2025's record will be surpassed in both 2026 and 2027 [5] - In the first half of 2025, global renewable energy generation exceeded coal for the first time, driven by significant infrastructure investments in India and China [7]

（文章来源：新华财经） 新华财经北京1月21日电 1月21日晚间，"国产GPU第一股"摩尔线程发布上市后首份业绩预告。2025年 业绩预告显示，公司全年归属净利润预计亏损9.50亿元-10.60亿元，与上年同期相比，亏损收窄约5.58 亿元-6.68亿元，亏损收窄幅度为34.5%-41.3%。 对于业绩变动的主要原因，摩尔线程表示，报告期内，公司始终专注于全功能GPU的研发与创新，持续 推进产品架构快速迭代，成功推出旗舰级训推一体全功能GPU智算卡MTTS5000，其性能达到市场领先 水平，并已实现规模量产。基于该产品构建的大规模集群已完成建设并上线服务，可高效支持万亿参数 大模型训练，其计算效率达到同等规模国外同代系GPU集群的先进水平。但与部分国际巨头相比，公司 在综合研发实力、核心技术积累、产品客户生态等方面仍存在一定的差距。得益于人工智能产业蓬勃发 展及市场对高性能GPU的强劲需求，公司产品竞争优势进一步扩大，市场关注度与认可度持续提升，推 动收入与毛利增长，整体亏损幅度同比收窄。 二级市场上，摩尔线程1月21日涨1.97%，股价报627.30元每股，总市值2948.49亿元。 同时，摩尔线程称，公司 ...