作者 |第一财经 李娜 美国芯片制造商高通（Qualcomm）公布最新季度财报。尽管当季营收和盈利略高于市场预期，但公司 给出的下一季度业绩指引不及华尔街预估，主要受内存芯片供应紧张影响，高通股价在盘后交易中一度 下跌近10%。 高通表示，截至2025年12月28日的2026财年第一财季，公司实现营收约122.5亿美元，同比增长5%，高 于分析师平均预期的约121.8亿美元，GAAP净利润为30.04亿美元，同比下降5.5%，非GAAP净利润为 37.8亿美元，同比增长3%，小幅超过市场预期。同时半导体业务（QCT）营收 106.1 亿美元、授权业务 （QTL）营收 15.9 亿美元，均实现同比增长。 不过，在面向2026 财年第二季度的业绩指引中，高通预计营收区间约为102 亿至 110 亿美元、而分析师 普遍预期约111 亿美元以上。同期调整后每股收益预计在 2.45 美元至 2.65 美元的区间，低于市场预估 的 2.89 美元左右。 高通指出，全球内存芯片供应持续紧张，正影响智能手机厂商的生产计划和库存节奏，进而抑制对其处 理器的出货需求。 2026.02.05 本文字数：1228，阅读时长大约2分钟 ...

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！ 当地时间2月4日，美股三大股指收盘涨跌不一，在多家科技权重持续回调的压力下，纳指连续第二 天跌超1%。 因最新财报中一季度指引不及预期，AMD大跌超17%，美光科技跌逾9%，特斯拉跌近4%，英伟 达跌超3%。 受美国"小非农"就业数据疲软、AI芯片需求波动及美联储降息节奏不确定性影响，投资者对成长股 估值与经济韧性信心承压，风险偏好趋于谨慎。 纳指两连跌 AMD大跌超17% 当地时间2月4日，美股三大股指收盘涨跌不一。道指涨0.53%报49501.3点，标普500指数跌 0.51%报6882.72点，纳指跌1.51%报22904.58点。 大型科技股多数下跌，万得美国科技七巨头指数下跌1.32%。个股方面，特斯拉跌近4%，脸书、 英伟达跌超3%，亚马逊跌逾2%，谷歌跌近2%，苹果涨超2%，微软涨0.72%。 芯片股表现疲软，费城半导体指数跌4.36%。其中，超威半导体（AMD）跌超17%。 | 200.190+ 最高 218.580 今 开 215.000 | | --- | | -41.920-17.31% 最低 1 ...

Market Overview - The U.S. stock market closed mixed on February 4, with the Dow Jones rising by 0.53% to 49,501.3 points, the S&P 500 falling by 0.51% to 6,882.72 points, and the Nasdaq dropping by 1.51% to 22,904.58 points [4] Technology Sector Performance - Major technology stocks experienced declines, with the Nasdaq 100 index falling by 1.32%. Notable individual stock movements included Tesla down nearly 4%, Facebook and Nvidia down over 3%, Amazon down more than 2%, while Apple rose over 2% and Microsoft increased by 0.72% [6] Semiconductor Industry - The semiconductor sector showed weakness, with the Philadelphia Semiconductor Index declining by 4.36%. AMD saw a significant drop of over 17%, marking its largest single-day decline since May 2017 [7][9] AMD Financial Results - AMD's latest quarterly report indicated a record revenue exceeding $10 billion in Q4, maintaining a year-over-year growth rate of over 30%. However, the guidance for Q1 fell short of expectations, leading to a sharp decline in its stock price [9] AI and Storage Stocks - Following AMD's poor guidance, AI application stocks such as AppLovin and Palantir dropped over 10%. The storage sector also faced declines, with major players like SanDisk down 15.95% and Micron Technology down 9.55% [9] Chinese Stocks - Chinese stocks listed in the U.S. generally fell, with the Nasdaq Golden Dragon China Index down 1.95%. Individual stocks like Kingsoft Cloud and Bilibili saw declines of over 6% [9] Solar Energy Sector - The solar energy sector surged, driven by news of SpaceX's team exploring the Chinese photovoltaic supply chain. Companies like Enphase Energy and SolarEdge saw significant gains of 38.60% and 13.14%, respectively [11] Space Solar Power - The space solar power sector is emerging as a market hotspot, integrating commercial space and renewable energy. Analysts suggest that the sector is on the verge of large-scale deployment, driven by new demands for space-based energy solutions [14] Employment Data - The latest ADP report indicated that U.S. private sector employment increased by only 22,000 jobs in January, significantly below the expected 46,000. This suggests a cooling labor market, particularly in manufacturing and professional services [16]

（文章来源：第一财经） 日韩芯片股走低，爱德万测试跌超2%，三星电子，SK海力士跌超3%。 ...

Company and Industry Insights - The Musk team recently visited several Chinese photovoltaic companies, focusing on heterojunction and perovskite technology routes, with companies like TCL Zhonghuan and JinkoSolar confirming contact [5][3] - JinkoSolar and High Measurement Co. clarified that they have not engaged in any cooperation with Musk's team and have no orders related to "space photovoltaic" technology [7][3] - The Chinese photovoltaic industry association noted that space photovoltaic technology is still in the early exploration stage and not yet mature for industrialization [5] - The semiconductor company Texas Instruments has reached an agreement to acquire the American chip company SiFive for $7.5 billion, enhancing its presence in various chip markets [6] - Foxconn's new energy vehicle R&D center officially commenced operations in Zhengzhou, with a total investment of 1 billion RMB [7] - The automotive testing business is undergoing professional integration between two major state-owned enterprises, aiming to create a leading global automotive testing service platform [5] - The coal supply from Indonesia is expected to be affected by the government's significant production cut plan, which may impact China's coal supply by 5.3% [5] - The public fund industry has distributed over 33 billion RMB in dividends this year, with equity funds being the main contributors, totaling 26.3 billion RMB [2]

Market Overview - Following the overnight decline in US stocks, Japanese and South Korean markets opened lower, with technology and electronics stocks experiencing significant drops [1] - As of around 8:20 AM Beijing time, the Nikkei 225 index fell approximately 0.4%, with declines in tech and electronics stocks offsetting gains in automotive and pharmaceutical sectors [1] Company Performance - SoftBank Group saw a decline of over 4%, following a drop in its subsidiary Arm Holdings' stock price overnight [1] - NEC Corporation experienced a nearly 5% drop, while Advantest Corporation fell by 4% [1] - In South Korea, the KOSPI index dropped nearly 2%, with major chipmaker SK Hynix down by 4.89% and Samsung Electronics falling over 3.6%, contributing significantly to the index's decline [1] Broader Impact - The global sell-off in software stocks also affected Chinese concept stocks, with the Nasdaq Golden Dragon China Index closing down by 1.95% on Wednesday [1]

然而，回到产业现实中，在英伟达构建的生态高墙下，国产芯片面临的"卡脖子"困境依然存在。部分已 上市GPU公司股价在经历大幅上涨后出现明显回调，一定程度上也反映出市场对其商业化路径和长期成 长逻辑的审视。 既然国产芯片在绝对算力上难以短期追平英伟达，那就从系统效率、场景贴合度上寻求超越。近期芯片 企业和大模型企业的发布中，都在强调"国产适配"，即通过联合优化提升算力利用效率，加速大模型在 各行业场景中的应用落地。 智通财经APP获悉，业内普遍认为，单点技术的突破不足以赢得这场竞争，生态的协同，尤其是模型与 芯片的"双向奔赴"，正成为国产AI能否真正自主的关键。 中金指出，回顾2025年，全球大模型技术能力向前演进，逐步攻克生产力场景，在推理、编程、 Agentic以及多模态等能力方向取得明显进步，但模型通用能力在稳定性、幻觉率等方面仍存在短板。 展望2026年，中金认为大模型在强化学习、模型记忆、上下文工程等方面将取得更多突破，从短context 生成到长思维链任务，从文本交互到原生多模态，并向实现AGI长期目标更进一步。 广发证券此前认为，在AI辅助编程工具给企业带来研发效率提升和业务优化的商业价值逐渐被认识 ...

Market Dynamics - The U.S. stock market showed mixed results, with the Dow Jones up by 0.53%, while the S&P 500 and Nasdaq fell by 0.51% and 1.51% respectively, with the Nasdaq breaking below its 100-day moving average [1] - Southbound capital in Hong Kong saw a net inflow of approximately 13.373 billion HKD, marking the highest single-day inflow since January 22, with Tencent and Alibaba receiving net purchases of about 2.231 billion HKD and 1.171 billion HKD respectively [4] - The latest data indicates that the number of newly opened margin trading accounts in January 2026 reached 190,500, a 29.5% increase from December 2025, and a 157.09% increase year-on-year [4] Commodity Prices - WTI crude oil futures rose by 3.05% to $65.14 per barrel, while Brent crude increased by 3.16% to $69.46 per barrel [2] - COMEX gold futures increased by 1.04% to $4,986.4 per ounce, and silver futures rose by 5.36% to $87.765 per ounce [2] Industry Developments - Domestic private commercial rocket company Dongfang Space is expected to complete the first flight of its "Gravity II" medium-sized liquid reusable launch vehicle by mid-2026 [5] - The National Space Computing Center, part of the "Star Computing" plan by Guoxing Aerospace, aims to establish a super space computing network consisting of 2,800 satellites, with the first group already launched [5] - Tesla's Shanghai factory delivered 69,129 vehicles in January, marking a 9% year-on-year increase, continuing a trend of growth in wholesale sales for three consecutive months [16] Technological Innovations - The brain-machine interaction and human-machine integration laboratory has developed the first brain-controlled acupuncture and neuro-rehabilitation equipment platform in China, which is currently undergoing clinical trials [9] - Tencent's AI Infra team launched an open-source high-performance LLM inference core operator library, achieving a 30% improvement in model inference performance [7] Regulatory and Policy Updates - The People's Bank of China emphasized the need for structural monetary policy tools to support key areas such as expanding domestic demand and technological innovation [10] - The Ministry of Industry and Information Technology highlighted the importance of AI in manufacturing, aiming to strengthen application foundations and key technologies [11]

Core Viewpoint - Qualcomm has provided a conservative outlook for the next quarter, with expected revenues between $10.2 billion and $11 billion and adjusted EPS between $2.45 and $2.65, which is below analyst expectations [1][11]. Financial Performance - In the first fiscal quarter of 2026, Qualcomm reported revenues of $12.25 billion, a 5% year-over-year increase, surpassing analyst expectations of $12.18 billion. However, adjusted net income decreased by 1% to $3.78 billion, and adjusted EPS rose by 3% to $3.50, exceeding analyst expectations of $3.40 [2][4]. - The revenue breakdown shows that the CDMA Technologies segment generated $10.61 billion, with mobile chip revenue at $7.82 billion (up 3% year-over-year), automotive chip revenue at a record $1.10 billion (up 15%), and IoT revenue at $1.69 billion (up 9%) [4][5][7]. Market Concerns - Qualcomm's weak guidance has heightened market concerns regarding storage chip shortages leading to price increases, which may further suppress smartphone demand. Following the earnings announcement, Qualcomm's stock fell nearly 10% in after-hours trading [2][3]. - The company noted that while there is still demand for high-end smartphones, some customers are reducing production due to tight storage chip supply and rising prices, which could lead to lower-than-expected smartphone output [11]. Strategic Initiatives - Qualcomm is focusing on diversifying its business by increasing sales of chips for automotive, personal computers, and data centers, although these new business areas are not yet large enough to offset the slowdown in the mobile chip market [11]. - The company is also attempting to enter the lucrative AI data center component market, with plans to launch a new product line aimed at competing with Nvidia. Initial shipments are expected next year, with the first customer being an AI startup supported by the Saudi Arabian government [11].

点击图片▲立即购买 中央一号文件继续聚焦三农问题 2月3日，《中共中央 国务院关于锚定农业农村现代化扎实推进乡村全面振兴的意见》向社会公布。这是党的十八大以来，中央连续出台的第14 个指导"三农"工作的一号文件，是又一个以推进乡村全面振兴作为主题的一号文件，也是"十五五"首个中央一号文件。《意见》全文共六个部 分，包括：提升农业综合生产能力和质量效益、实施常态化精准帮扶、积极促进农民稳定增收、因地制宜推进宜居宜业和美乡村建设、强化体制 机制创新。 今年指导"三农"工作的一号文件有不少新的提法，如近10年来首次提出"实施粮食流通提质增效项目"，"机器人"也是近10年来首次进入中央一号 文件，而在脱贫攻坚5年过渡期结束后，中央一号文件也首次提出"常态化精准帮扶"概念。（每经网） ｜点评｜ 中央"一号文件"连续多年聚焦"三农"议题，已成为中国高度重视该领域的标志性符号。从早期的促增产、保增收，到如今的乡村振兴 和建设农业强国，"一号文件"根据国内"三农"情况在不同时期的不同特征，高屋建瓴地提出了前瞻性意见。今年是脱贫攻坚5年过渡期结束，帮 扶工作进入常态化阶段的第一年，《意见》健全帮扶体系，将防止返贫转为长期制度性 ...