Market Review - The Nikkei 225 index opened at 53023.28 points, down 1.53% [1] - The Korean Composite Index opened at 4997.54 points, up 0.1% [1] - Spot gold surpassed $5000 per ounce for the first time, increasing by approximately 1% [1] - Spot silver also reached a new high, rising over 2% to a maximum of $106.541 per ounce [1] - On January 23, the US major stock indices closed mixed, with the Dow Jones down 0.58% at 49098.71 points, the S&P 500 up 0.03% at 6915.61 points, and the Nasdaq up 0.28% at 23501.24 points [1] - For the week, the Dow Jones fell 0.52%, the S&P 500 dropped 0.35%, and the Nasdaq decreased by 0.06% [1] - In Europe, major stock indices closed mixed, with the DAX up 0.18% at 24900.71 points, the CAC40 down 0.07% at 8143.05 points, and the FTSE 100 down 0.07% at 10143.44 points [1] - For the week, the DAX fell 1.57%, the CAC40 dropped 1.4%, and the FTSE 100 decreased by 0.9% [1] Upcoming Events - The Federal Reserve is set to hold its first monetary policy meeting of 2026 on January 29, with expectations that it will maintain current rates [2] - Market focus for Tesla's earnings report has shifted from financial data to advancements in Full Self-Driving (FSD) systems, humanoid robots, and Robotaxi technology [2] - Microsoft and Meta will address whether companies are beginning to benefit from AI investments [2] Institutional Insights - Goldman Sachs has raised its 2026 gold price forecast to $5400 per ounce from a previous estimate of $4900 per ounce, citing diversification in private investment as a key factor for gold's upward movement [3] Company News - Nvidia's founder Jensen Huang visited the company's new office in Shanghai, engaging with employees and addressing their concerns [4] - Tesla CEO Elon Musk announced that the FSD system requiring driver supervision is expected to be approved in China as early as next month, aligning closely with its approval timeline in Europe [4] - Amazon plans a second round of layoffs as part of a larger plan to cut approximately 30,000 jobs, with the latest round expected to be similar in scale to the 14,000 white-collar positions cut in October 2025 [4]

交易台 – 高盛中国市场开盘前瞻 市场情绪 中国市场头条新闻氛围趋于缓和，本周最后一个交易日即将开启。 市场焦点仍集中在 ETF 赎回数据上，该数据显示大盘股面临抛售压力。 尽管中国 ETF 交易量持续飙升，但本土投资者预计，随着春节周临近，交易节奏将放缓，期间有望出现所谓的 "红包行情"。 融资余额在 2026 年初大 交易台 – 高盛中国市场开盘前瞻 政策领域 据《》报道，中国 2026 年国内生产总值（GDP）增长目标可能设定在 4.5%-5% 区间 —— 这一目标意味着，相 较于去年 5% 的经济增速，中国对经济适度放缓的容忍度有所提升。 高盛全球投资研究部预测，2026 年中国实际国内生产总值（GDP）将增长 4.8%，高于市场普遍预期的 4.5%。 中国人民银行潘功胜重申，仍有进一步宽松政策空间以支持经济增长。 市场情绪 中国市场头条新闻氛围趋于缓和，本周最后一个交易日即将开启。 市场焦点仍集中在 ETF 赎回数据上，该数据显示大盘股面临抛售压力。 尽管中国 ETF 交易量持续飙升，但本土投资者预计，随着春节周临近，交易节奏将放缓，期间有望出现所谓的 "红包行情"。 融资余额在 2026 年初大幅 ...

特斯拉即将于29日公布的第四季度财报中，投资者的关注焦点正在从传统财务指标转向机器人出租车、无监督自动驾驶、人形机器人Optimus以 及AI5芯片等前沿技术的进展。据摩根士丹利最新研究报告，这些技术更新的增量信息将决定股价反应，而非常规的交付量或利润率数据。 据追风交易台消息，摩根士丹利分析师Andrew S Percoco团队在21日的报告中指出，市场对特斯拉2026年财务关键指标的预期存在显著分歧。该机 构预计特斯拉2026年交付量为160万辆，较市场普遍预期低9%，同比下降2.5%。更引人注目的是，摩根士丹利预测特斯拉2026年将出现15亿美元 的自由现金流消耗，而市场共识预期为正31亿美元。 这一悲观预期主要源于该机构认为市场尚未充分反映特斯拉在2026年资本支出的大幅增长。摩根士丹利预计特斯拉2026年汽车业务毛利率（不含 碳积分）为14.2%，低于市场预期的15.0%，部分原因在于其对销量增长的谨慎判断。 在技术进展方面，特斯拉在德克萨斯州奥斯汀推出无安全监督员的机器人出租车服务的时间节点，被视为验证其自动驾驶技术和安全性的关键近 期催化剂。此外，计划于2026年4月生产的Cybercab的最新 ...

Group 1 - Trump's threat to impose tariffs on Denmark and other European countries has led to significant market volatility, with European stock markets declining and a surge in demand for safe-haven assets like gold and silver [2][7] - The China Securities Regulatory Commission (CSRC) has outlined key tasks for 2026, focusing on market stability, regulatory enforcement, and promoting the development of listed companies [2][7] - Five leading solar companies, including Tongwei Co. and Longi Green Energy, have announced a combined expected loss exceeding 28.9 billion yuan due to industry challenges such as supply-demand imbalances and rising raw material costs [2][7] Group 2 - Tesla's CEO Elon Musk has announced the restart of the Dojo 3 project, with the new AI5 chip expected to have five times the computing power of the current HW4 chip, impacting the rollout of full self-driving capabilities [3][8] - Rare earth prices have been rising, with a projected supply-demand gap of 140,000 tons by 2030, driven by strong demand from the global electric vehicle sector [3][8] - Several small and medium-sized banks have raised deposit rates as part of a strategy to attract deposits amid low net interest margins, although future rates may stabilize or slightly decrease [3][9] Group 3 - Rongbai Technology is under investigation by the CSRC for misleading statements regarding a significant contract, raising concerns about its ability to fulfill orders due to production capacity issues [4][9] - The minimum margin requirement for financing purchases on the Shanghai and Shenzhen stock exchanges has been increased from 80% to 100% for new contracts, aimed at controlling market leverage risks [4][9] - The 2025 Hurun Report has ranked Cambrian as the top AI company in China, valued at 630 billion yuan, with an increasing number of AI chip companies listed, reflecting a shift towards domestic computing power independence [5][10]

Core Viewpoint - Tesla CEO Elon Musk announced that the company will stop selling the Full Self-Driving (FSD) system as a one-time purchase and will only offer it as a monthly subscription service starting February 14 [1][2] Group 1: Strategic Shift - The decision reflects Tesla's strategic shift from primarily selling electric vehicles to focusing on autonomous driving and robotics, while seeking to expand high-margin subscription revenue [2] - Tesla's stock price fell by 1.8% following the announcement [2] Group 2: Sales and Subscription Details - In 2025, Tesla's sales are projected to decline by 9%, with a 16% year-over-year drop in fourth-quarter sales. Currently, electric vehicle sales account for three-quarters of Tesla's revenue [5] - As of the end of 2025, approximately 12% of Tesla vehicles will have either a monthly or lifetime subscription for FSD [5] - The FSD system is currently available in the U.S. for $8,000 as a one-time payment or $99 per month as a subscription [6] Group 3: FSD System Capabilities - The FSD system assists drivers with lane changes and navigation around other vehicles and objects but does not enable fully autonomous driving, requiring driver attention at all times [6][7] - Despite progress in autonomous driving, the commercial version of FSD has not achieved full autonomy, as it can navigate streets and park automatically but may require the driver to take over in case of issues [7] Group 4: Customer Hardware Issues - Early Tesla users with older models cannot access the latest software versions due to outdated hardware [9] - Tesla has acknowledged the need for hardware upgrades to address these customers' issues but has not specified a timeline or method for resolution [9]

Core Viewpoint - Tesla plans to start battery production at its Berlin factory as early as 2027, aiming for an annual capacity of up to 8 GWh, which will change the current model of importing finished batteries from the U.S. [1] Group 1: Production Plans - Tesla's Berlin factory is preparing to achieve a battery production capacity that can meet the assembly needs of 130,000 electric vehicles annually [1] - The company intends to invest a nine-figure sum to upgrade existing infrastructure at the Berlin facility [1] - Since the launch of the Grünheide electric vehicle factory in 2022, Tesla has invested several billion euros in the site [1] Group 2: Market Context - The expansion coincides with the EU's adjustment of its electrification policies, which includes relaxing the previously planned ban on new combustion engine vehicles starting in 2035 [1] - Tesla's move to increase production in Europe comes amid intense competition from U.S. manufacturers and challenges in profitability, as Europe lags behind China in large-scale battery production [1] Group 3: Challenges in Europe - Tesla's European operations face multiple challenges, including a lag in product lineup updates and controversies surrounding Elon Musk's political stance [2] - The company's Full Self-Driving (FSD) system has encountered regulatory disagreements with European authorities, contributing to a decline in Tesla's sales in Europe [2]

Core Viewpoint - Elon Musk is building a comprehensive semiconductor ecosystem in Texas, aiming to meet the chip demands of Tesla's AI systems, autonomous driving technology, and SpaceX's Starlink project, challenging the existing global chip supply chain [1][2]. Group 1: Semiconductor Ecosystem Development - Musk's plan includes three core components: PCB production, advanced packaging technology development, and ultimately, establishing a wafer fabrication plant [2]. - The initiative is driven by the need for control over chip supply amid global shortages and capacity constraints faced by major foundries like TSMC and Samsung [1][3]. Group 2: Market Impact and Stock Performance - Following Musk's announcement of self-developed AI chips, Tesla's stock price increased by 6% [3]. - Musk's dissatisfaction with traditional chip manufacturing's slow response times has led him to pursue in-house chip production [4]. Group 3: Production Timeline and Capacity Goals - A PCB factory has already been established in Texas, with plans for an advanced packaging facility managed by SpaceX [5]. - The construction timeline for the new facility includes equipment installation by early 2026 and full-scale production by Q1 2027, with an initial monthly capacity of 2,000 high-performance packages [6]. Group 4: Long-term Goals and Partnerships - Musk's ultimate goal is to build a wafer fabrication plant with an initial monthly capacity target of 100,000 wafers, potentially scaling to 1 million wafers per month [7]. - Intel is expected to become a key partner in Musk's chip empire, providing local manufacturing capabilities and engineering talent [8]. Group 5: Talent Acquisition and Challenges - Musk is actively recruiting top engineers in AI chip design, offering competitive salaries and incentives to attract talent [9]. - Despite the significant challenges in building a semiconductor supply chain from scratch, analysts remain optimistic about Musk's potential to succeed based on his past achievements in other industries [10].

Market Performance - The three major U.S. stock indices experienced significant gains this week, with the Dow Jones up 3.18%, the S&P 500 up 3.73%, and the Nasdaq up 4.91%, indicating a return to risk-on sentiment among investors [1] - As of the close, the Dow rose by 289.30 points (0.61%) to 47,716.42, the Nasdaq increased by 151.00 points (0.65%) to 23,365.69, and the S&P 500 gained 36.48 points (0.54%) to 6,849.09 [1] Commodity Prices - WTI crude oil for January delivery fell by 0.2% to $58.55 per barrel, while February Brent crude oil dropped by 0.8% to $62.38 per barrel [2] - Spot gold rose over 1.5% to $4,220.31 [4] - International spot silver surged over 3% to break the $55 mark, with a year-to-date increase exceeding 90% [5] Cryptocurrency Market - Bitcoin decreased by 0.2% to $91,140.36, while Ethereum rose by 0.89% to $3,041.23 [3] Company Developments - Tesla has launched a Full Self-Driving (FSD) supervised driving program in Italy, France, and Germany, allowing the public to experience the FSD system in real traffic conditions [7] - Analyst Ming-Chi Kuo reported that Intel is expected to start shipping Apple's lowest-tier M processors using advanced 18AP process technology as early as Q2-Q3 2027, with significant improvements in visibility regarding Intel's role as a supplier for Apple [8][9] Regulatory Changes - The UK tax authority (HMRC) announced new regulations requiring all cryptocurrency exchanges operating in the UK to collect and retain complete user transaction records starting January 1, 2026, and report them by 2027 [6] Analyst Ratings - Morgan Stanley predicts a strong performance for U.S. stocks next year, setting a target price of 7,800 points for the end of 2026, citing an end to the economic recession and continued policy support and strong earnings [10]

Market Performance - The three major U.S. stock indices experienced significant gains this week, with the Dow Jones up 3.18%, S&P 500 up 3.73%, and Nasdaq up 4.91% [1] - As of the close, the Dow rose by 289.30 points (0.61%) to 47716.42, Nasdaq increased by 151.00 points (0.65%) to 23365.69, and S&P 500 gained 36.48 points (0.54%) to 6849.09 [1] Commodity Prices - WTI crude oil for January delivery fell by 0.2% to $58.55 per barrel, while February Brent crude oil dropped by 0.8% to $62.38 per barrel [2] - Spot gold rose over 1.5% to $4220.31 [4] - International spot silver surged over 3% to break the $55 mark, with a year-to-date increase exceeding 90% [5] Cryptocurrency Market - Bitcoin decreased by 0.2% to $91140.36, while Ethereum increased by 0.89% to $3041.23 [3] Regulatory Developments - The UK tax authority announced new regulations requiring cryptocurrency exchanges to report complete user data starting January 1, 2026, to combat tax evasion [6] Company News - Tesla has launched a full self-driving (FSD) supervised driving project in Italy, France, and Germany, allowing the public to experience the FSD system in real traffic conditions [7] - Analyst Ming-Chi Kuo reported that Intel is expected to start shipping Apple's lowest-tier M processors using advanced 18AP process technology as early as Q2-Q3 2027, pending further development progress [8][9] Analyst Ratings - Morgan Stanley predicts strong performance for U.S. stocks next year, setting a target price of 7800 points for the end of 2026, citing an end to the economic recession and continued policy support and strong earnings [10]

Core Insights - Elon Musk previously indicated that other automakers would license Tesla's Full Self-Driving (FSD) system, but currently, no automaker is willing to adopt this technology [1][3] - Initial discussions about licensing the software began in early 2021, with Musk expressing an open attitude towards sharing technology with competitors [1] - By April 2024, Musk claimed that Tesla was in talks with a major automaker, suggesting a high likelihood of an agreement, but this deal has not materialized [1][3] Group 1 - Musk stated that other car manufacturers do not want to adopt the FSD technology [1] - Ford's CEO Jim Farley publicly declared that Ford would not use FSD, stating that "Waymo is better" [3] - Musk acknowledged that discussions with other automakers have stalled due to "unachievable demands" from the other side [3]