来源：证券日报 ■ 向炎涛 日前，英伟达发布最新财报显示，截至2026年1月25日的2026财年第四季度，公司营收为681亿美元，较 上季度增长20%，较上财年同期增长73%，远超市场预期。其中，数据中心业务表现尤其亮眼。与此同 时，英伟达预计其2027财年第一季度营收为780亿美元，同样大幅超出市场预期。 笔者认为，在市场对"AI泡沫"的讨论逐渐升温之际，这份业绩无疑是对市场担忧的有力回应，为全球人 工智能产业注入新的动力。透过这份财报，我们可以看到，AI产业的底层需求仍在扩张，技术迭代与 应用落地仍在加速。 此前，市场上存在对"AI泡沫"的担忧，认为人工智能领域存在过度投资现象，下游企业尚未通过AI实现 大规模盈利，因而担心资本过度涌入后会迅速退潮。笔者认为，这种担忧并非毫无根据，但也容易忽略 技术周期的内在规律。任何新技术在早期阶段都会经历投资加速、预期升温的过程，判断其价值的关 键，并非阶段性估值，而是真实需求是否存在。 当前阶段，大量企业投入的资金集中在算力建设、模型训练和生态搭建上，短期内部分企业盈利能力承 压。但这并不意味着需求萎缩，更多反映的是产业仍处在基础设施加速建设阶段。而从当前全球企业数 ...

日前，英伟达发布最新财报显示，截至2026年1月25日的2026财年第四季度，公司营收为681亿美元，较 上季度增长20%，较上财年同期增长73%，远超市场预期。其中，数据中心业务表现尤其亮眼。与此同 时，英伟达预计其2027财年第一季度营收为780亿美元，同样大幅超出市场预期。 笔者认为，在市场对"AI泡沫"的讨论逐渐升温之际，这份业绩无疑是对市场担忧的有力回应，为全球人 工智能产业注入新的动力。透过这份财报，我们可以看到，AI产业的底层需求仍在扩张，技术迭代与 应用落地仍在加速。 从结构上看，英伟达业绩高增的核心支撑来自数据中心业务。这一板块持续高增长，说明全球云计算厂 商、大型科技企业以及新兴AI企业仍在大规模采购算力基础设施。值得关注的是，春节前后国内外主 要AI模型纷纷完成重大升级，而算力租赁价格出现上调迹象，从侧面印证了算力供给的紧张格局。这 也意味着头部大模型企业有望推动算力硬件投资继续保持旺盛增长。 此前，市场上存在对"AI泡沫"的担忧，认为人工智能领域存在过度投资现象，下游企业尚未通过AI实现 大规模盈利，因而担心资本过度涌入后会迅速退潮。笔者认为，这种担忧并非毫无根据，但也容易忽略 技术周 ...

Core Viewpoint - The implementation opinions issued by the Fujian Provincial Committee and the Fujian Provincial People's Government focus on promoting high-quality urban development through infrastructure improvements and modernization initiatives [1] Group 1: Infrastructure Development - The plan emphasizes the need to enhance urban infrastructure, including accelerating the construction of metro projects in Fuzhou and Xiamen [1] - It aims to optimize the urban road network structure, addressing bottlenecks and improving urban freight networks [1] - There is a focus on strengthening the construction of parking and charging facilities [1] Group 2: Digital and Smart Infrastructure - The initiative includes a commitment to deepen the coverage of 5G, 5G-A, and gigabit optical networks, while promoting the development of data infrastructure in suitable cities [1] - It encourages the modernization and digital transformation of traditional infrastructure, including the construction of underground comprehensive utility tunnels [1] Group 3: Water Management and Disaster Resilience - The plan outlines the acceleration of modern water network construction to enhance flood disaster prevention, water resource management, and urban-rural water supply security [1] - It also promotes the high-quality development of urban distribution networks [1]

Group 1 - The core viewpoint of the article emphasizes the implementation of high-quality urban development initiatives by the Fujian Provincial Government, focusing on infrastructure enhancement [1] Group 2 - The plan includes accelerating the construction of metro projects in Fuzhou and Xiamen [1] - It aims to optimize the urban road network structure, addressing bottlenecks and enhancing urban freight networks [1] - There is a focus on strengthening parking and charging facilities [1] - The initiative promotes deep coverage of 5G, 5G-A, and gigabit optical networks, along with the development of data infrastructure [1] - The plan encourages the modernization and digital transformation of traditional infrastructure, including the construction of underground comprehensive utility tunnels [1] - It aims to enhance the modern water network to improve flood disaster defense, water resource allocation, and urban-rural water supply security [1] - The initiative also promotes the high-quality development of urban distribution networks [1]

2026.02. 04 本文字数：3072，阅读时长大约5分钟 作者 | 第一财经 缪琦 在今年的上海两会上，上海市市长龚正作政府工作报告时表示，2025年，上海市生产总值达到5.67万亿元、增长5.4%，好于预期。综合各方面因素，建 议2026年全市生产总值预期目标增长5%左右。 对于成绩单和目标，上海市人大代表们怎么看？又有何建议？ 不确定性与技术变革下，机遇与挑战并存 "上海过去一年的增长，离不开抓早、抓稳、抓实的谋划和部署。" 上海市人大代表、上海段和段律师事务所党支部书记吴坚对第一财经表示，首先，新 质生产力成为核心引擎，集成电路、生物医药、人工智能三大产业规模历史性突破2万亿元，成为经济增长的"压舱石"；其次，科技赋能显示了强大成 效，受益于人工智能和算力需求爆发，信息服务业增加值增长15.3%，软件和信息技术服务业营收大幅增长，成为服务业增长的最大亮点 ；第三，上海 经济的韧性更强了，在外向型经济面临国际经贸秩序不稳定的情况下，上海通过产业升级和内需挖潜，展现出经济韧性。 上海市人大代表、上海艾能电力工程有限公司副董事长朱柯丁告诉第一财经，今年的政府工作报告基调务实、判断理性，并抓住了关键变量。 ...

Core Insights - In 2025, the provincial development and reform system achieved breakthroughs in securing funding, projects, and policies [1] Funding - The province secured over 41.7 billion yuan in central funding, including long-term special bonds and central budget investments, marking a 41.6% increase [3] - In the social sector, 7.28 billion yuan was secured to support 249 urban renewal projects [3] Major Projects - The approval and commencement of the Qian-Gui Railway second line and the national approval of feasibility reports for the Yulong and Yingwu reservoirs were significant achievements [3] - The province ranked among the top in the nation for the number of approved computing infrastructure projects [3] Policy Initiatives - The province successfully included the Guiyang airport-type national logistics hub and the Zunyi national backbone cold chain logistics base in the national construction list [3] - The Qianxinan Prefecture was included in the first batch of high-quality outdoor sports destination cities in the country [3] Investment Trends - The "5+3" major projects accounted for approximately 70% of the total provincial investment in the past year [3] - Private investment growth continued to outpace overall investment growth, increasing its share to 39.4% [3] Reforms and Economic Development - The development and reform department made substantial progress in reducing electricity prices and logistics costs [3] - A special rectification of malicious competition in investment attraction was conducted, leading to the establishment of provincial centers for private and regional economic development [3] Employment and Income - The implementation of labor-for-work projects helped 196,000 rural workers increase their income by over 10,000 yuan each [3] - The province secured 7.175 billion yuan for 129 social sector projects, facilitating the construction of student dormitories at Guizhou University and five other quality provincial universities [3] - All phase two projects of five national regional medical centers commenced construction [3]

中关村门头沟园党工委副书记王亚楠介绍，作为全市人工智能重点布局区，京西智谷已纳入北京数据基 础制度先行示范区、入选首批未来产业育新基地。未来将重点推进算力基础设施建设，推动新增200P 国产算力全面投运，同步启动计算视听、智慧文旅等行业智算中心。目前园区已聚集国家高新技术企业 355家、专精特新企业178家。 本报讯（记者 刘洋）北京青年报记者昨日从门头沟区两会新闻发布会上获悉，今年门头沟区将以永定 河古渠灌溉工程遗产活化释放生态价值、以京西古道基础设施升级赋能文旅发展等措施，推动区域绿色 高质量发展迈上新台阶。 门头沟区水务局副局长安丽透露，"十四五"期间永定河生态修复成效显著，30余处泉水复涌、绿色生态 廊道初步形成。今年将重点拓展永定河古渠灌溉工程遗产活化利用路径，串联复苏泉点与京西古道资 源，打造水利主题研学路线。同时推进付家台灌渠遗产保护利用项目，建成集科普教育和休闲体验于一 体的生态遗产示范。 区文旅局二级调研员聂爽表示，门头沟将高质量推进京西古道基础设施升级，打造国家示范性风景道。 在此基础上，将完成第四次全国文物普查，探索社会力量参与文物保护机制，建设"京西博物馆群落"， 推动更多文化遗产空间 ...

Core Viewpoint - The "Three-Year Action Plan for Expanding Private Investment in Guizhou Province" aims to enhance private investment confidence and stimulate high-quality development of private investment in Guizhou [1][2]. Group 1: Key Measures - The plan outlines 18 measures to optimize the investment environment, expand market access, eliminate hidden barriers, and strengthen project construction and policy support [1]. - By 2027, Guizhou aims for private investment growth to exceed the overall fixed asset investment growth, targeting a private investment share of approximately 42% of total fixed asset investment [1]. Group 2: Focus Areas - Eight key tasks focus on enhancing industrial private investment, expanding investment in advantageous industries, and stabilizing private investment in real estate development [1]. - Guizhou will concentrate on six major industrial clusters, including digital intelligence, new energy, and advanced manufacturing, as well as three characteristic industries such as textiles and health medicine [1]. Group 3: Digital Transformation and Low-altitude Economy - The plan promotes private enterprises' participation in the "Digital Guizhou" initiative, encouraging the application of AI in various sectors and supporting digital transformation [2]. - It also aims to guide private enterprises in developing the low-altitude economy, including investments in aviation batteries and drone manufacturing [2]. Group 4: Investment Facilitation - The plan emphasizes the need to streamline investment project approval processes, with specific timelines for various permits and a total approval time of 35 working days for private investment projects [3]. - It includes measures to promote quality projects with investments over 50 million RMB and encourages financial institutions to increase credit support for private enterprises [3].

Group 1 - The "Qihang·2025 Financial Summit" was successfully held in Beijing, focusing on the theme of "New Starting Point, New Momentum, New Journey," gathering hundreds of leaders and guests from various sectors including regulatory bodies, industry associations, financial institutions, listed companies, and media [1] - The "Jinzhi Award" aims to establish benchmarks for high-quality development, guiding listed companies to focus on their core businesses, continue innovation, and fulfill social responsibilities, thereby promoting capital to gather towards quality enterprises [3] - The award evaluation covered over 8,000 companies in A-shares, Hong Kong stocks, and Chinese concept stocks, with nearly 200 companies recognized for their contributions to high-quality development [3] Group 2 - Runze Technology was awarded the "Outstanding Frontier Technology Enterprise" for its deep engagement and innovative practices in the digital infrastructure sector, positioning itself as a leader in the digital economy transformation [4] - The company has been a leading technology firm in the comprehensive computing power center field for 16 years, focusing on stable, secure, reliable, and green services, and has established a strong reputation and brand influence in the industry [4] - Runze Technology emphasizes "R&D innovation-driven development," actively researching and laying out cutting-edge technologies such as liquid cooling technology and AI intelligent management systems [5] Group 3 - The company has delivered the industry's first fully liquid-cooled intelligent computing center, showcasing its strong capabilities in liquid cooling technology, and plans to apply its new generation of cooling technology in multiple new intelligent computing center projects nationwide in 2024 [6] - Runze Technology has established a strong first-mover advantage in liquid cooling and has participated in drafting several industry standards, leading the industry towards more efficient and environmentally friendly green computing centers [6] - The company aims to align with the "14th Five-Year Plan" for high-quality economic development, focusing on green development, energy efficiency, and contributing to the digital economy and computing power economy [7]

Group 1: Fixed Asset Investment - The total fixed asset investment in China from January to November showed a year-on-year decline of 2.6%, indicating a likely negative growth for the entire year [2] - The negative growth in fixed asset investment is viewed as a normal correction after years of high growth and over-investment [2][3] - China's investment rate remains the highest globally at over 40%, with new capital formation accounting for 43% of GDP, suggesting that a reduction to a more reasonable level could lead to a significant amount of inefficient investment [3] Group 2: Consumer Spending - Consumer growth rate for the same period was 4%, but there was a rapid decline in October and November, indicating that structural policies to boost consumption have not been effective [4][5] - A shift from structural to aggregate consumption policies is recommended, focusing on increasing overall consumer spending rather than targeted subsidies [5][6] - Increasing residents' income is crucial for boosting consumption, with suggestions for government spending to shift from ineffective investments to direct consumer subsidies [6][11] Group 3: Monetary Policy - There is potential for more active monetary policy, including interest rate cuts, which could significantly impact corporate profits and consumer spending [7] - The current LPR rate is at 3%, indicating room for further reductions, which could help alleviate local government debt burdens [7] - Historical examples from the US and Europe show that low or negative interest rates can effectively stimulate economic recovery [7] Group 4: Capital Market Outlook - China's capital market is currently valued at just over 100 trillion yuan, with potential to reach 200 trillion yuan by 2030 if the securities ratio aligns with international averages [8][9] - The wealth effect from capital market growth could significantly boost consumer spending, contributing to overall economic demand [9][10] - Increasing the proportion of state-owned equity transferred to social security funds could enhance social welfare and support consumer spending [10]