（原标题：美股前瞻 | 三大股指期货齐跌 特朗普关税不确定性席卷市场） 1. 2月23日(周一)美股盘前，美股三大股指期货齐跌。截至发稿，纳指期货现跌0.66%，标普500指数期 货跌0.46%，道指期货跌0.49%。 被美国最高法院裁定"非法"的关税完结在即! 15%全球新税无缝接棒。美国海关与边境保护局(CBP)表 示，将于周二美国东部时间凌晨12:01停止征收依据《国际紧急经济权力法》(IEEPA)实施的美国政府对 等关税举措——此举距美国最高法院宣告这些关税为"非法"性质征收已过去三天多。该政府机构在其货 物系统消息服务(CSMS)向托运人发布的消息中称，将自美东时间周二起停用与美国总统特朗普此前 IEEPA相关行政命令有关的所有关税政策代码。尽管在最高法院关税裁决公布之后，美国总统特朗普告 诉记者，美国政府不久后将在《1974年贸易法》第122条款下对全球征收15%的关税，但尚不清楚美国 政府是否需要退还已经征收的关税款项。 存储芯片巨头SK海力士：将扩大AI存储芯片产能以应对需求激增。在股价过去一年飙升逾四倍、创下 盈利纪录之际，SK海力士母公司SK集团董事长崔泰源承诺将显著扩大AI存储芯片产能， ...

Market Movements - As of January 27, U.S. stock index futures showed mixed results, with Dow futures down 0.48%, S&P 500 futures up 0.23%, and Nasdaq futures up 0.60% [1] - European indices also displayed varied performance, with Germany's DAX down 0.12%, UK's FTSE 100 up 0.36%, France's CAC 40 up 0.37%, and the Euro Stoxx 50 up 0.29% [2][3] - WTI crude oil fell by 0.23% to $60.49 per barrel, while Brent crude oil decreased by 0.25% to $64.61 per barrel [3][4] Market News - UBS forecasts the S&P 500 could reach 8,400 points by year-end, driven by opportunities in artificial intelligence, longevity technology, and electricity [5] - Amundi highlights a trend of investors moving from dollar assets to gold, supporting a continued rise in gold prices, which recently surpassed $5,000 per ounce [7] - Silver prices have surged over 7%, but warnings of potential short-term corrections have been issued due to speculative trading behavior [8] - A significant increase in bearish sentiment towards the dollar has led to the highest hedging costs since 2011, with the dollar index at 96.65 [9] Company News - UnitedHealth's Q4 revenue was $113.22 billion, slightly below expectations, while adjusted EPS was $2.11, slightly above expectations [12] - Boeing reported a non-GAAP EPS of $9.92 and revenue of $23.9 billion, exceeding expectations by $1.06 billion [12] - UPS's Q4 revenue was $24.5 billion, with adjusted EPS of $2.38, both surpassing market expectations [12] - General Motors' Q4 revenue fell 5% to $45.3 billion, but adjusted EPS grew 30.4% to $2.51, exceeding expectations [14] - Micron Technology plans to increase investment in storage chip manufacturing in Singapore to address global shortages [16] - Nike is laying off 775 employees in its U.S. distribution centers as part of a strategy to streamline operations and enhance automation [17]

Core Insights - Micron Technology (MU.US) is set to announce an investment in expanding storage chip manufacturing capacity in Singapore to address the global shortage of storage chips [1][2] - The investment will focus on NAND flash memory, which is critical for various applications including AI infrastructure [1][2] Group 1: Investment Plans - Micron is expected to reveal its investment plan on Tuesday, with a significant focus on increasing NAND flash memory production [1] - The company has already invested $7 billion in a high-bandwidth memory (HBM) advanced packaging facility in Singapore, which is projected to begin operations in 2027 [2] Group 2: Market Context - The global demand for storage chips has surged due to the increasing need for AI infrastructure, leading to a severe supply shortage affecting consumer electronics and AI service providers [2] - Analysts predict that the supply gap for global storage chips may persist until the end of 2027 [2] Group 3: Competitive Landscape - Micron's main competitors, Samsung (SSNLF.US) and SK Hynix, have also announced plans to build new production lines and have expedited their production timelines [2] - Recently, Micron has been in talks to acquire a wafer fab from Taiwan's Nanya Technology for $1.8 billion to enhance its DRAM wafer production capacity [2]

Group 1 - The core focus of Zhongtian Jingzhuang's invested company, Shenzhen Yuanjian Zhichun Technology Co., Ltd., is on high bandwidth memory (HBM) chips, with HBM2/2e products completing final testing and moving towards mass production and upgrades [1][2] - HBM3/3e products are currently in the research and development phase, having completed preliminary research and some design work [1][2] - Another invested company, Kuiruisi Semiconductor Technology (Dongyang) Co., Ltd., specializes in ABF substrate-related businesses, with products used for packaging high-performance chips such as CPUs, GPUs, AI, and automotive applications, and the first phase of the project has been successfully put into production [1][2] Group 2 - Hefei Xinfeng Technology Co., Ltd., another invested company, focuses on the packaging and testing of storage chips, providing integrated packaging and testing services to clients [1][2]

Group 1 - The core viewpoint is that SK Hynix and Samsung Electronics are rated as "sell" due to their stock prices reaching unsustainable valuation levels, which could lead to significant corrections with minor negative news [1] - The recent market volatility in tech stocks has been triggered by increased scrutiny of aggressive spending in the AI sector, highlighting the fragility of one of this year's hottest trades [1][5] - Investor confidence is described as unstable and tense, with high expectations requiring all driving factors to align perfectly for continued price increases, making disappointment likely [1] Group 2 - The latest shock to the market comes from SoftBank Group liquidating its holdings in Nvidia, which has heightened investor concerns about high valuations in tech stocks [2] - Notably, foreign ownership of SK Hynix has dropped to its lowest level since May, indicating a shift in investor sentiment [2] - Despite benefiting from the AI-driven demand for high-bandwidth memory chips, the long-term outlook for spending in this area remains uncertain [5] Group 3 - Although SK Hynix and Samsung Electronics have seen significant stock price increases, their current valuations still appear cheap compared to U.S. chip manufacturers, with Samsung's expected P/E ratio at 11 and SK Hynix at 8, while U.S. peers average 27 [8] - The analyst suggests that at current price levels, it is difficult for investors to find reasons to buy, while there are ample reasons to sell, advocating for a risk-averse strategy in a volatile market environment [8]