在每日经济新闻App举办的掘金大赛中，第81期比赛将于1月5日开始，多位选手报名，准备开始冲锋。对于年初的行情，参赛高手怎么看呢？今日， 他们对此做了一些分享。 大赛为模拟炒股，模拟资金50万元。报名时间为2026年1月1日到1月16日，比赛时间为2026年1月5日到1月16日。每期比赛结束，正收益就获现金奖 励！报名就拿福利！冲刺月度积分王大奖！ 每经记者｜吴永久 每经编辑｜闫峰峰 元旦节期间，中国资产大爆发，在周五，恒生指数涨2.76%，恒生科技指数涨4%，纳斯达克中国金龙指数大涨4.38%。2026年A股能否迎来"开门 红"？高手看好哪些主线？ 每期比赛的税前现金奖励为：第1名奖励688元，第2~4名奖励188元/人，第5~10名奖励88元/人，其余正收益选手均分500元正收益奖。月度积分王的 税前现金奖励为：第1名奖励888元，第2~4名奖励288元/人，第5~10名奖励188元/人，第11~30名奖励68元/人，第31~100名奖励18元/人。 目前，大盘震荡蓄势，为便于参赛选手提高交易胜率，只要成功报名掘金大赛，就能获得每日经济新闻App私人订制的"火线快评"6个交易日的免费 阅读权限。此外，每期 ...

Core Insights - Google TPU is challenging Nvidia's dominance in the AI chip market, with expectations of sales exceeding one million units following the release of Gemini 3, which showcases significant advancements in performance and capabilities [3][15][21] - The Chinese commercial aerospace industry is accelerating its development, with the National Space Administration's action plan aiming for high-quality growth and integration into the national aerospace development framework by 2027 [3][38][39] Industry Trends Google TPU vs Nvidia - The release of Gemini 3 marks a pivotal moment for Google TPU, transitioning from a backend computational tool to a prominent player in AI training, leveraging high-bandwidth and high-performance TPU clusters [3][16] - The Gemini 3 model, trained on Google’s TPU, has achieved record scores in various benchmarks, indicating a substantial leap in capabilities compared to previous models [15][16] - Meta is reportedly negotiating with Google to deploy TPU chips in its data centers starting in 2027, which could significantly impact Nvidia's market share in AI training [21][33] Chinese Commercial Aerospace - The establishment of a dedicated Commercial Space Administration by the National Space Administration signifies a strategic move to enhance the management and development of the commercial aerospace sector [39] - The action plan released on November 25 outlines goals for the commercial aerospace industry, including enhancing innovation, resource utilization, and overall industry scale by 2027 [38][39] - The Ministry of Industry and Information Technology is conducting commercial trials for satellite IoT services, aiming to improve market supply and service capabilities in various sectors [38][39]

Group 1: Core Insights - Google has introduced its GEMINI 3.0 model and TPU chips, marking a significant advancement in AI capabilities and reaffirming the effectiveness of the Scaling Law in computing power investment [1] - The seventh-generation TPU chip utilizes OCS technology, reducing costs to one-fifth of NVIDIA's GPU chips while offering superior inference capabilities in specific scenarios, attracting major clients like Meta [1] - The launch of OCS technology represents a shift from traditional optical connections to intelligent switching, addressing bandwidth and power consumption issues [2] Group 2: Industry Implications - Domestic A-share companies in the computing power sector are positioned to benefit from Google's expanding market share in TPU chips, as they have established long-term partnerships with major AI chip manufacturers [4][5] - Leading optical module manufacturers in China are deeply involved in OCS technology and supply to Google, enhancing their production capabilities and ensuring stability and economic efficiency [6] - The approval of numerous AI-related ETFs indicates a regulatory push to support technology innovation, potentially leading to increased capital inflow into high-quality tech companies in the A-share market [7] Group 3: ETF Insights - The 5G Communication ETF and the Entrepreneurial Board AI ETF are highlighted as potential investment vehicles, with overlapping holdings in key companies like Zhongji Xuchuang and Xinyi Sheng [8][9] - The 5G Communication ETF has a diverse portfolio, while the Entrepreneurial Board AI ETF focuses on companies listed on the Growth Enterprise Market, providing different risk and return profiles [7][9]

Economic Indicators - Recent data indicates a slowdown in consumer spending in the U.S., with September retail sales and producer price index showing signs of reduced economic momentum [1][3] - The private sector has seen an average weekly job cut of 13,500 positions over the past four weeks, indicating an increase in layoffs [1] Market Reactions - The expectation of interest rate cuts by the Federal Reserve has gained traction, leading to a rise in major U.S. stock indices, with the Dow Jones up 1.43%, S&P 500 up 0.91%, and Nasdaq up 0.67% [3] Technology Sector Developments - Google's new AI model, Gemini 3, has outperformed other models trained on Nvidia GPUs, leading to a surge in Alphabet's stock price, which rose 1.53% and approached a market capitalization of $4 trillion [6][8] - Nvidia's stock faced significant pressure, dropping over 7% at one point, and closing down 2.59%, marking a two-month low due to competition from Google's cost-effective TPU chips [10] European Market Trends - European stock indices collectively rose, driven by expectations of U.S. interest rate cuts and potential peace agreements in the Russia-Ukraine conflict, with the UK FTSE 100 up 0.78%, France's CAC 40 up 0.83%, and Germany's DAX up 0.97% [12] Commodity Price Movements - International oil prices fell due to concerns over potential oversupply as reports suggested Ukraine's agreement to a U.S.-proposed peace deal, with WTI crude closing at $57.95 per barrel, down 1.51% [15] - Gold prices increased by over 1% as expectations of Fed rate cuts led to a decline in U.S. Treasury yields and a weaker dollar, with December gold futures closing at $4,140.0 per ounce, up 1.12% [16]

Core Insights - OpenAI has entered a strategic partnership with Foxconn to collaborate on the design and manufacturing of next-generation AI infrastructure hardware, marking a shift from a reliance on cloud service providers to a more asset-heavy model [1][3] - The partnership includes three main components: parallel development of multiple generations of AI data center cabinets, optimization of the domestic AI supply chain in the U.S., and manufacturing key components of AI data centers in U.S. factories [1][2] - OpenAI has gained priority evaluation rights for Foxconn's products, enhancing its control over server hardware selection [2] Strategic Shift - OpenAI is transitioning from a light-asset model dependent on cloud services to a heavy-asset model involving self-built data centers, as indicated by recent personnel changes and strategic initiatives [3] - The "Stargate" AI infrastructure project, initiated with Oracle and SoftBank, has an initial investment of $100 billion, with plans to expand to $500 billion over four years [3] - OpenAI's energy and computing demands are increasing, with a recent agreement to add 4.5 GW of data center capacity, bringing the total planned energy consumption for the "Stargate" project to 5 GW [3] Chip Supply Agreements - OpenAI has signed multiple chip supply agreements, including a $119 billion contract with CoreWeave, which has since been increased to $224 billion [4] - A $38 billion AI computing supply agreement with Amazon AWS will provide OpenAI with advanced NVIDIA GPU chips and millions of CPU chips over the next seven years [5] - OpenAI is diversifying its supplier strategy by establishing deep partnerships with chip manufacturers, including a significant collaboration with NVIDIA and AMD, with total planned energy consumption from these agreements reaching 26 GW [5] Market Concerns - Analysts have raised concerns about potential "circular deals" between OpenAI and chip manufacturers, which could inflate valuations and create market bubbles [6] - OpenAI's rapid spending has led to skepticism regarding its ability to generate sufficient profits to justify these investments, despite CEO Sam Altman's projection of achieving an annual revenue of $20 billion by year-end and several hundred billion by 2030 [6] - OpenAI's latest valuation stands at $500 billion following a capital restructuring [6]

Market Overview - On November 20, A-shares experienced a decline across all major indices, with the Shanghai Composite Index falling by 0.40%, the Shenzhen Component Index down by 0.76%, and the ChiNext Index decreasing by 1.12% [1] - The overall market showed a correction trend, with only 1,453 stocks rising [1] - The total trading volume in the Shanghai and Shenzhen markets was 17,082 billion RMB, slightly lower than the previous trading day [1] Index Performance - The following indices showed daily and year-to-date performance: - Shanghai Composite Index: -0.40% (YTD: +17.28%) - Shenzhen Component Index: -0.76% (YTD: +24.64%) - ChiNext Index: -1.12% (YTD: +42.06%) - STAR Market 50 Index: -1.24% (YTD: +34.30%) [2] Sector Performance - The construction materials sector led with a gain of 1.40%, followed by the comprehensive sector at 0.87% and the banking sector at 0.86% [6] - Conversely, the beauty and personal care sector saw a decline of 2.39%, coal fell by 2.10%, and electrical equipment dropped by 1.96% [6] Fund Flows - In terms of ETF categories, significant net inflows were observed in: - Hong Kong Technology (+2.954 billion) - Semiconductor Chips (+1.164 billion) - STAR Market 50 (+1.082 billion) - Notable net outflows included: - CSI 300 (-1.208 billion) - Battery Storage (-0.660 billion) - Banking sector (-0.597 billion) [7] Industry Insights - In the chemical sector, the phosphate iron lithium industry is facing significant losses, prompting the China Chemical and Physical Power Industry Association to release a notification to regulate industry development and pricing [8] - The lithium battery industry is projected to see a 26.75% year-on-year increase in exports, with a total industry output value expected to exceed 3 trillion RMB [8] - In the new energy vehicle sector, a draft for government procurement standards has been proposed to ensure fair treatment of suppliers [9] AI and Semiconductor Developments - The U.S. government is set to launch an initiative named "Genesis Mission" to advance AI development, which is considered as significant as the Manhattan Project [10] - NVIDIA plans to adopt 12-inch silicon carbide substrates in its next-generation GPU chips to enhance performance [11]

Investment Rating - The report provides a positive investment rating for the AI industry, particularly highlighting the growth potential of DeepSeek AI and its competitive positioning against international models [10][25]. Core Insights - DeepSeek AI has achieved a daily active user count of 15 million within just 18 days of launch, significantly outperforming ChatGPT by 13 times. By May 2025, global web traffic reached 432 million, ranking just behind ChatGPT, New Bing, and Gemini [10]. - The DeepSeek R1-0528 model shows strong performance in various benchmark tests, closely matching top international models like OpenAI-o3 and Gemini-2.5-Pro-0506 [10]. - The average token usage for the Doubao model exceeded 16.4 trillion tokens per day by May 2025, representing a year-on-year growth of approximately 137 times [10][14]. Summary by Sections Section 1: DeepSeek AI - DeepSeek AI is positioned as a cost-effective and efficient solution in the Chinese AI market, addressing gaps in the domestic AI industry chain [25]. - The rapid growth in user engagement and token consumption indicates a strong market acceptance and potential for further expansion [10][14]. Section 2: AI Tokens - The report highlights a significant increase in token usage across major players, with Doubao reaching 16.4 trillion tokens per day, Microsoft Cloud at 1 trillion tokens in Q1 2025, and Google at 4.8 trillion tokens monthly by April 2025 [14][10]. - The overall global token consumption is experiencing exponential growth, reflecting the increasing demand for AI applications [14]. Section 3: Capital Expenditure (CapEx) - The projected CapEx for AI in 2026 is estimated at 476.25 billion USD, with a growth rate of 131% from the previous year. Major companies like Microsoft, Google, and Amazon are expected to lead in AI CapEx investments [18]. - Domestic AI CapEx is also on the rise, with significant contributions from companies like ByteDance, Alibaba, and Tencent, indicating a robust investment landscape in the AI sector [58][64]. Section 4: AI Chip Demand - The report forecasts that by 2026, the shipment of AI computing chips will approach 20 million units, driven by increasing demand for advanced AI capabilities [19]. - The domestic AI chip market is expected to grow significantly, with a projected market size of approximately 687.84 billion USD by 2027, reflecting a strong growth trajectory [64].

Group 1 - AI chips have become a crucial "trump card" in the US-China tech competition, with significant investments from companies like Nvidia and AMD towards OpenAI [2][5] - Nvidia plans to invest up to $100 billion in OpenAI over the next decade, while AMD has entered a multi-billion dollar supply agreement with OpenAI [2][5] - The domestic AI chip market in China is experiencing rapid growth, with companies like Cambricon and Huawei making significant advancements and investments [5][14] Group 2 - The US has expanded export controls on AI chips to China, which may result in Nvidia missing out on a $50 billion market opportunity [6][9] - Competition in the AI chip market is intensifying, with both foreign and domestic companies developing cost-effective AI computing products [7][19] - OpenAI has spent $7 billion on computing power in the past year, indicating a growing demand for AI infrastructure [8] Group 3 - Nvidia's market share in China has dropped from 95% to 50% over the past four years, highlighting the increasing competition from domestic firms [11][13] - The Chinese AI chip market is facing a supply-demand imbalance, with significant orders for domestic chips from major internet companies [14][19] - The DeepSeek model has significantly reduced training costs compared to leading US AI models, further enhancing the competitiveness of Chinese AI chips [10][17] Group 4 - The global semiconductor industry is projected to reach record sales of $697 billion by 2025, driven by advancements in AI and 5G technologies [8] - The demand for AI infrastructure is expected to reach $3 trillion to $4 trillion over the next five years, presenting substantial opportunities for chip manufacturers [13][18] - The Chinese AI server market is projected to exceed $140 billion by 2029, with domestic chips gaining a larger market share [19][29] Group 5 - The need for new architectures, storage solutions, and communication technologies is critical for the advancement of AI chips [20][24] - The current semiconductor manufacturing landscape is facing challenges, with rising costs and limitations in advanced process technologies [22][23] - Companies are exploring innovative solutions such as reconfigurable computing architectures to enhance AI chip performance [25][28]

Core Insights - Huang Renxun expressed surprise at AMD's strategy of exchanging 10% of its shares for OpenAI orders, calling it clever and imaginative [1][3] - He emphasized that Nvidia's relationship with OpenAI is fundamentally different, as Nvidia sells products directly to OpenAI rather than exchanging equity [1] - OpenAI currently lacks the funds to pay for its large orders, and will need to raise capital through future revenue growth, equity, or debt financing [3] Nvidia and OpenAI Transactions - Nvidia announced a potential investment of up to $100 billion in OpenAI, which will require 10 gigawatts of power, equivalent to 4 to 5 million GPUs [6] - OpenAI has agreed to purchase AMD chips, including the upcoming MI450 series, and will receive warrants for up to 160 million shares of AMD, representing about 10% of the company [6] - The warrants have a nominal exercise price of $0.01 per share, with conditions tied to chip deployment and AMD's stock performance [6] Circular Financing Dynamics - The transactions create a closed-loop funding mechanism where Nvidia's investment flows to Oracle through OpenAI, which then purchases Nvidia hardware [7] - The total value of AI computing transactions between OpenAI, Nvidia, AMD, and Oracle has surpassed $1 trillion, while OpenAI is projected to not achieve positive cash flow until 2029 [7] Nvidia's Broader Investment Strategy - Nvidia plans to invest $2 billion in Musk's xAI, which is part of a larger $20 billion funding round [8] - The investment will utilize a special purpose vehicle (SPV) structure, with funds allocated for purchasing Nvidia processors [8] - Nvidia has also invested in AI data center operator CoreWeave, holding a 7% stake, and has participated in numerous AI venture capital transactions [8] Market Concerns - The complex web of transactions has raised concerns about a potential AI bubble, with analysts warning that these deals could signal early warning signs if the bubble bursts [8] - Nvidia's spokesperson clarified that the company does not require its invested companies to use Nvidia technology [9]

Group 1 - A new wave of "AI infrastructure" development is emerging globally, with significant partnerships forming to enhance AI capabilities [1][2] - NVIDIA and Fujitsu have agreed to collaborate on AI infrastructure in Japan, aiming to build systems for various sectors by 2030 [1] - OpenAI plans to invest $100 billion in partnership with NVIDIA to develop advanced AI data centers, with a focus on deploying at least 10GW of NVIDIA systems [2] Group 2 - South Korea is accelerating its AI infrastructure development, with Samsung and SK Group partnering with OpenAI to expand data center capacity and advanced storage chip production [3] - The competition in AI infrastructure is intensifying, with a shift from "single card performance" to "system-level efficiency," highlighting the strategic importance of computational power [4] - Major Chinese companies, like Alibaba, are increasing capital expenditures on AI infrastructure, which is expected to support the development of AI applications [4]