点击图片▲立即报名 12月CPI同比涨幅创34个月新高 1月9日，国家统计局公布数据显示，中国2025年12月全国居民消费价格指数（CPI）同比上涨0.8%，涨幅创2023年2月以来最大，前值为 0.7%。12月CPI环比由上月下降0.1%转为上涨0.2%。环比上涨主要受除能源外的工业消费品价格上涨影响。扣除能源的工业消费品价格上涨 0.6%，影响CPI环比上涨约0.16%。12月份，扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续4个月保持在1%以上。2025年全年，CPI 与上年持平。 12月份，全国工业生产者出厂价格指数（PPI）同比下降1.9%，连续第39个月下降，并且降幅比上月收窄0.3%；环比上涨0.2%，连续3个月上 涨，涨幅比上月扩大0.1%。2025年全年，PPI价格下降2.6%，工业生产者购进价格下降3%。（国家统计局） ｜点评｜ 2025年12月国内CPI和PPI出现了少见的联手上涨，国内物价在年末整体呈现出温和回升的趋势。从CPI分项上看，进入冬季，鲜菜鲜 果价格上涨，猪肉价格降幅收窄，成为推动CPI回升的有利因素。12月消费品价格同步上涨，金饰价格继续走高，"国补"政策延续， ...

格隆汇1月9日｜荷兰芯片制造设备供应商阿斯麦的股价周五上涨，此前台积电公布去年收入好于预期。 作为阿斯麦的一个主要客户，这家全球最大的芯片代工制造商公布2025年收入为新台币3.809万亿元 （合1,206.9亿美元），较2024年增长近32%。该数字高于FactSet预测的新台币3.797万亿元。芯片制造 设备公司的投资者乐见台积电和其他半导体制造商的强劲表现，因为这些公司更有可能购买额外的设备 来满足其自身客户的需求。阿斯麦股价上涨4.8%。规模较小的竞争对手ASM International股价上涨 3.3%。 ...

根据东方财富发布的2025中国上市公司100强显示，截至2025年末，上榜企业市值合计74.81万亿元，较上年末的60万亿元增长近25%，榜单入围门槛提升至 1936亿元，同比增加19.88%。 从行业分布来看，金融稳居第一，共有27家企业入榜，总市值达到21.31万亿元，占比接近三成。紧随其后的是非日常消费品16家，信息技术13家，工业12 家，通讯服务8家，日常消费品、原材料各有6家，能源5家，医疗保健4家，公共事业2家，房地产1家。 与上年相比，原材料、信息技术、工业、医疗保健分别新增4家、3家、2家、1家，金融、日常消费品各减少3家，公共事业减少2家，能源、通讯服务减少1 家，非日常消费品、房地产则保持不变。 共有4张"新面孔"（今年新上市的企业），分别是紫金黄金国际（53）、摩尔线程（60）、华电新能（64）、沐曦股份（76），其中，12月份刚上市的摩尔 线程、沐曦股份就出现在榜单中，凸显资本市场对科技企业的认可。 从排名变化来看，有25家企业提升超过10个位次。在人工智能浪潮下，相关产业企业市值迎来了爆发式增长，AI芯片龙头寒武纪（32）上升18位，光模块 领域的中际旭创（25）和新易盛（39）分 ...

智通财经APP获悉，全球最大芯片代工厂台积电(TSM.US)股价周一飙升，创下自去年四月以来最大单 日涨幅，在新年伊始继续乘人工智能需求乐观情绪之势而上。作为英伟达(NVDA.US)与苹果(AAPL.US) 关键供应商的台积电股价在台北股市一度飙升6.9%，触及历史新高。此前，高盛集团将其对台积电的 目标价大幅上调35%至新台币2330元，理由是预期该公司今年将再次实现稳健增长。 尽管存在对市场过热的担忧，投资者仍在向AI主题注入更多资金，台积电周一带动亚洲科技股普遍上 扬。在美国对委内瑞拉发动袭击引发短期波动担忧之际，对错过进一步上涨机会的恐惧压倒了对短期波 动的忧虑，该板块再度成为区域股市的最大推动力。 高盛分析师Bruce Lu在报告中指出："我们认为AI是台积电未来多年的增长引擎。"他提到，即使预计公 司未来三年将投入1500亿美元以扩大产能，其利润率仍在改善。 其他芯片股中，韩国三星电子连续第五个交易日上涨。这家内存制造商预计将于本周晚些时候发布初步 业绩，为市场判断其盈利是否足以支撑该板块巨大涨幅提供更多线索。 此外，日本设备制造商东京电子和爱德万测试周一涨幅均超过7%。中国芯片股亦走强，此前国家 ...

日前，台湾媒体《镜周刊》也披露，随着中国大陆成熟制程的崛起，台积电成熟制程的产能利用率受到 冲击，包括台积电位于日本熊本的新建工厂持续陷入亏损，台积电位岛内的6nm制程的产能利用率也降 至六七成。 12月23日，上海证券报从多个渠道求证获悉，中芯国际已经对部分产能实施了涨价，涨幅约为10%。有 公司反映，预计涨价会很快执行。 对于中芯国际此次涨价的原因，有半导体业内人士解读称，由于手机应用和AI需求持续增长，带动套 片需求，从而带动了整体半导体产品需求的增长。上游原材料价格持续上行也是其中因素。 据介绍，台积电熊本工厂主要负责28纳米的成熟制程，生产车用芯片，但由于日本各大车企销量出现明 显下滑、需求疲软，导致台积电熊本工厂的产能利用率低下，亏损不断扩大。台积电内部分析，未来计 划建设的熊本二厂或将放弃原定的6nm制程，直接进军2nm制程，面向英伟达、AMD等客户生产AI芯 片。 上证报特别提到，台积电已确认整合8英寸产能，并计划在2027年末关停部分生产线，或将引发晶圆厂 代工涨价预期。 两家公司的营收也出现大幅上涨，第三季度，中芯国际营业收入171.62亿元，环比增长6.9%；实现净利 润15.17亿元， ...

Group 1: Cloud Infrastructure and AI Industry - Global cloud infrastructure service spending is projected to reach $102.6 billion in Q3 2025, representing a 25% year-on-year growth, with market momentum remaining stable and exceeding 20% growth for the fifth consecutive quarter [3] - NVIDIA's GB300 AI server cabinet shipments are expected to reach 55,000 units next year, a 129% increase year-on-year, indicating strong demand in the AI sector [3] - Semiconductor foundry SMIC has begun raising prices by approximately 10% due to increased demand from AI and electric vehicles, suggesting a sustained high demand cycle in the semiconductor industry [3] Group 2: Advanced Manufacturing and Electric Vehicles - Cumulative global sales of new energy vehicles reached 16.091 million units from January to October 2025, a 24% year-on-year increase, driving global power battery installation to approximately 867.4 GWh, up 34% year-on-year [6] - China accounted for 63.3% of global power battery installations, with the top ten companies holding six positions, indicating a strong competitive landscape [6] - The global battery chemistry landscape is characterized by a dual-track system dominated by lithium iron phosphate batteries, while high-end applications are maintained by ternary batteries [6] Group 3: Consumer Sector and Nike Performance - Nike's FY26Q2 performance exceeded expectations, with revenue of $12.43 billion, a 0.6% year-on-year increase, driven primarily by the North American market and running categories [8] - The company's net profit attributable to shareholders was $790 million, a 31.9% year-on-year decline, but still surpassed Bloomberg's consensus estimate [8] - The overall apparel wholesale sales in the U.S. turned positive in September, indicating a healthy inventory situation and providing a foundation for future replenishment and brand recovery [8]

财政部明确明年发债支持国补 12月14日消息，财政部党组召开会议传达学习中央经济工作会议精神。会议提出，明年用好用足各类政府债券资金，发行超长期特别国债，持续支持"两 重"建设、"两新"工作。为了提振消费，中央财政首次在2024年发行了1500亿元超长期特别国债资金，对消费者汽车以旧换新、购买相关家电给予财政补 贴，也就是"国补"。由于这一政策有效激发消费活力，2025年中央财政发行了3000亿元超长期特别国债资金来支持"国补"。 目前"国补"针对的是商品消费，且商品范围不断拓宽。商务部数据显示，今年1—11月，消费品以旧换新带动相关商品销售额超2.5万亿元，惠及超3.6亿人 次。（第一财经） ｜点评｜"国补"政策在过去两年内对提振国内消费起到了积极的效果，也因此造成国内消费市场修复的不均衡。今年会议定调"保持必要的债务总规模"， 预计明年国债的发行规模或将与今年基本相当，"国补"政策的总资金大概率变化也不大，主要以优化资金下发方式为主。冰箱、电视等耐用消费品经过两 年补贴，潜在需求得到大量释放，明年"国补"政策的覆盖面有望得到继续拓宽。 今年下半年，多地"国补"政策在短暂暂停后，拿出了新的补贴发放优化政策。 ...

杜厚良表示，2026年AI应用、新软件及物理世界应用潜力或成"灰犀牛"。他认为，当前科技公司资源集 中于AI核心领域，非核心业务收缩，明年初或挤压供应链，推升上游成本压力。他判断，终端与应用 创新大概率"先抑后扬"，基座模型成熟后，机器人、智驾等场景赋能将提速，应用层有望爆发。 人民财讯12月10日电，近日，在中欧基金2026年度投资策略会上，中欧基金基金经理杜厚良预计，2026 年国内外市场在训练与推理环节对算力的需求都将大幅攀升。他指出，当前核心瓶颈在供给端，目前国 产芯片流片仍依赖海外代工厂。预计2026年供需错配或将显现，国内优质代工厂需加速技术突破与产能 建设。 ...

Summary of Google Materials Conference Call Company and Industry Overview - The conference call focuses on Google and its developments in the GPU manufacturing sector, particularly in relation to its data centers and self-developed chips [1][2][3]. Key Points and Arguments Google’s Data Center Efficiency - Google achieved a reduction of approximately 25% in Power Usage Effectiveness (PUE) from 2020 to 2024 by optimizing power and thermal management through special IP [1][2]. - The company plans to transition to High Voltage Direct Current (HVDC) as a secondary power source in its data centers starting in 2026 [8]. Chip Development and Supply Chain - Google has partnered with MediaTek to design its self-developed chips, with the GPT-8 billion chip expected to launch in November 2026 [1][2]. - Major suppliers for Google’s chips include Broadcom and MediaTek, with potential for future suppliers to be introduced [1][2]. - From January 2024, Flex will join Google’s manufacturing chain, with a market share distribution of 80% for Google and 20% for Flex [3]. Changes in Supplier Dynamics - In the PCB supply chain, Google switched back to Huadian from its previous largest supplier, with current shares being 70% for Huadian, 20% for Fangzheng, and 10% for TTM [4]. - The light module supply chain remains dominated by Xuchuang, while New Yisheng holds less than 10% [4]. Cost Reduction Strategies - Google plans to switch to a combination of Active Optical Cables (AOC) and LPO in its switching components starting in 2026 to reduce costs, which will alter the existing supplier structure [4]. - The company is moving from traditional AEC cables to AOC cables, with major suppliers being Changxing Bochuang domestically and Finisar internationally [4]. Liquid Cooling Solutions - Liquid cooling solutions are becoming increasingly important in GPU manufacturing, especially due to leakage issues in NVIDIA's ecosystem [5][6]. - Google is implementing stricter standards for new suppliers to ensure reliability in liquid cooling systems [6]. Performance and Cost Comparison with NVIDIA - Google’s current performance is approximately 90% to 93% of NVIDIA's, allowing for a Total Cost of Ownership (TCO) reduction of about 44% [10]. - Investment costs for Google are estimated to be 40% to 45% lower than NVIDIA's, attributed to different product design philosophies [10]. Future Plans and Market Positioning - Google plans to commercialize its TPU hardware by 2026, with a gradual transition to a leasing model for its ecosystem [11]. - The company emphasizes a distributed, cloud-based, and virtualized design for its data centers, contrasting with NVIDIA's focus on centralized computing [11]. Supply Chain Management - Google employs a direct procurement model, minimizing costs by eliminating intermediaries, which allows for competitive pricing [16]. - The company’s strategy focuses on long-term revenue through cloud services rather than short-term profits from new product launches [16]. Challenges and Competitor Landscape - NVIDIA faces challenges in adapting to distributed deployments across multiple data centers, which may limit its market share in the cloud computing sector [22]. - Google’s self-developed chips are not significantly hindered by competitors using its hardware, as performance optimization requires software alignment with Google’s systems [25][26]. Additional Important Insights - Google is exploring partnerships with Intel to address chip supply issues using EMIB technology [21]. - The company anticipates producing 6.5 million chips in 2026, with a 30% increase planned for 2027, although actual production may fall short due to technological constraints [23].

Core Viewpoint - Intel's stock surged over 10% following reports that it may become a key advanced process foundry supplier for Apple's M-series processors, indicating a significant potential benefit for the chip giant [1][2] Group 1: Intel's Role and Prospects - Analyst Ming-Chi Kuo stated that Intel's chances of becoming Apple's advanced process supplier have significantly increased, with Apple having signed a non-disclosure agreement and obtained Intel's advanced process design kit (PDK) [1] - Apple is expected to begin using Intel for its lowest-end M-series processors by Q2 to Q3 of 2027, contingent on the timely release of PDK 1.0/1.1 [1][2] - Kuo noted that while Intel may struggle to compete with TSMC in advanced processes in the coming years, securing Apple's advanced process orders could mark the end of the most challenging period for Intel's foundry business [2] Group 2: Strategic Significance - The potential collaboration is strategically significant for both Apple and Intel; for Apple, it demonstrates strong support for the "American manufacturing" policy, while for Intel, winning Apple's advanced process orders would have implications beyond direct revenue and profit contributions [2] - The lowest-end M-series chips are primarily used in MacBook Air and iPad Pro, with an estimated total shipment of around 20 million units this year [2] - Looking ahead, Intel's 14A and more advanced processes are expected to attract more orders from Apple and other leading manufacturers, leading to a more positive long-term outlook for the company [2]