今日A股午后，算力硬件板块持续走强，成为市场核心亮点之一，板块内个股呈现普涨态势，赚钱效应 显著。其中，凯德石英股价涨幅超20%，表现尤为亮眼；天岳先进斩获20CM涨停，牢牢封住涨停板； 江波龙、佰维存储、蓝箭电子等多只核心标的纷纷跟涨。此次整体走强，既是近期行业多重利好消息的 集中释放，也反映出市场对算力硬件赛道长期发展潜力的高度认可，叠加AI大模型落地加速带来的需 求支撑，板块短期活跃度有望维持。 2026年1月，算力硬件行业迎来多项权威政策与产业利好，为行业发展注入强劲动力。 其一，政策层面强化支撑，工信部于1月发布《数据中心绿色低碳发展行动计划》，明确规定新建智算 中心的PUE不得高于1.2，超算中心的PUE不得高于1.15，而液冷技术作为满足该标准的核心方案，直接 推动算力硬件向高效节能方向升级，刺激相关硬件需求爆发。 其二，国家级基建布局落地，"十五五"规划首次将"全国一体化算力网"纳入国家级基础设施体系，国家 数据局布局7个区域功能节点、25个城市业务节点，年底将扩容至50个，覆盖80%省区市，构建起全国 算力网络骨架，直接拉动AI服务器、算力集群等硬件采购需求。 算力硬件行业的高景气度，将持续 ...

" 欧米伽未来研究所 " 关注科技未来发展趋势，研究人类向欧米伽点演化过程中面临的重大机遇与挑战。将不定期推荐和发布世界范围重要科技研究进展和未 来趋势研究。 （ 点击这里查看广义智能体理论 ） 在人工智能（AI）浪潮席卷全球科技行业数年后，市场对于这一趋势的持久性与周期性始终保持着高度关注。2026年1月6日，摩根士丹利（Morgan Stanley）研究团队发布了题为《2026年全球科技行业展望》（Global Tech Outlook 2026）的重磅报告。这份长达34页的深度分析文件，不仅是对新一年科 技股投资的战术指南，更是对全球计算架构转型期的一次全景式扫描。 摩根士丹利预测，AI服务器的需求在2026年将保持强劲。最引人注目的预测是关于英伟达（Nvidia）GPU服务器机架的出货量：预计将从2025年的约2.8 万架翻倍增长至2026年的更高水平。报告特别强调，这一增长并非仅仅是数量的堆叠，更是算力密度的质变。随着数据中心相关收入预计占到英伟达2025 年总收入的40%，并在2026年至少达到50%，整个产业链的价值中枢正在不可逆转地向高性能计算集群转移。 这种扩张并非没有代价，它正在重塑数据中 ...

招商证券此前发布研报称，公司是立讯体系的重要组成，数通业务绝佳卡位MPO光通信、AI服务器等 赛道，有望实现高质量成长，汽车业务受益于莱尼电缆业务的成功收购，有望快速跃升至全球头部汽车 线缆供应商，医疗设备业务长坡厚雪，积极布局前沿赛道，结合立讯体系赋能协同成长，中长线成长空 间可期。 消息面上，汇聚科技发布盈喜公告，预计2025年度纯利将较上年度增长60%至70%。主要受惠电线组件 分部内数据中心及服务器分部的销售订单增加带动收入增加；及年内分占联营公司业绩净额增加。 智通财经APP获悉，汇聚科技(01729)盈喜后涨近6%，截至发稿，涨5.17%，报16.88港元，成交额 5523.01万港元。 ...

汇聚科技(01729)盈喜后涨近6%，截至发稿，涨5.17%，报16.88港元，成交额5523.01万港元。 消息面上，汇聚科技发布盈喜公告，预计2025年度纯利将较上年度增长60%至70%。主要受惠电线组件 分部内数据中心及服务器分部的销售订单增加带动收入增加；及年内分占联营公司业绩净额增加。 招商证券此前发布研报称，公司是立讯体系的重要组成，数通业务绝佳卡位MPO光通信、AI服务器等 赛道，有望实现高质量成长，汽车业务受益于莱尼电缆业务的成功收购，有望快速跃升至全球头部汽车 线缆供应商，医疗设备业务长坡厚雪，积极布局前沿赛道，结合立讯体系赋能协同成长，中长线成长空 间可期。 ...

高盛给AI服务器大厂超微电脑"卖出"评级，并将目标价从34美元下调至26美元，理由是AI服务器毛利率 仅个位数，压制今年整体毛利率表现。 ...

Group 1 - The semiconductor sector experienced a strong rally on January 14, with notable stock increases: Zhaoxin Co. up over 14%, Jingfeng Mingyuan up over 12%, and Longxin Zhongke up nearly 10% [1] - The U.S. government approved Nvidia's export of its AI chip H200 to China, following a statement from former President Trump indicating that the government would allow such sales [1] - The U.S. Department of Commerce will oversee the approval and security review of these sales, with the U.S. set to collect approximately 25% fees from related transactions [1] Group 2 - Donghai Securities noted that global semiconductor demand is expected to improve by December 2025, with slight growth in PCs and smartphones, and rapid growth in TWS headphones, wearable devices, and smart home products [1] - AI servers and new energy vehicles are projected to maintain high growth rates, with demand potentially continuing to recover into January 2026 [1] - Companies like Broadcom and Micron reported significant growth in Q4 driven by AI, indicating that AI will remain a central narrative for the foreseeable future [1] Group 3 - There is a slight easing of U.S.-China tariff policies, as evidenced by the approval of Nvidia's H200 exports to China; however, high-pressure policies may persist in certain technology-intensive sectors [1] - The costs for industries reliant on U.S. imports may rise in the short term, but long-term prospects for domestic semiconductor production are expected to accelerate [1] - It is recommended to pay attention to leading companies in specific segments during market dips [1]

台湾2025年的出口同比增长35%，达到6407亿美元。其中对美国出口占31%，对大陆出口占27%，对美 出口自1999年以来首次跃居首位。特朗普政府正在要求纠正与台湾之间的贸易逆差…… 在台湾的出口目的地中，2025年美国所占的比例超过中国大陆（包括香港），是26年来的首次。台湾 2025年的对美出口同比增长78%，达到1982亿美元，超过对大陆出口的1704亿美元。按全年数据来看， 对美出口自1999年以来首次跃居首位。 台湾方面的统计显示，台湾2025年的对美贸易顺差膨胀至1501亿美元，达到上年同期的2.3倍。美国特 朗普政府正在要求纠正与台湾之间的贸易逆差。台湾的赖清德政府对来自美国的关税压力和纠正新台币 贬值状态的要求等保持警惕。 台湾的财政部的统计显示，台湾2025年的出口同比增长35%，达到6407亿美元。其中对美国出口占 31%，对大陆出口占27%。 从市场份额来看，台湾企业在面向AI的服务器生产领域占全球9成，在半导体代工领域占7成。以AI热 潮带来的巨额数据中心投资为背景，美国英伟达等企业的需求扩大，显著改变了台湾的出口结构。 鸿海精密工业和广达电脑等台湾大型厂商在中国大陆拥有个人电脑和 ...

Core Insights - The latest "Top 500 Chinese Listed Companies by Market Value" list for 2025 highlights the dominance of leading enterprises in finance, energy, technology, consumption, and intelligent manufacturing, with companies like Tencent and Industrial and Commercial Bank of China showcasing trillion-level market values [2][5][17] - The presence of companies such as Industrial Fulian, SMIC, and BYD in the 11th to 30th rankings reflects the deep transformation of China's economic structure, indicating these firms are both stabilizers and leaders in industrial upgrades [2][5][24] Market Value Rankings - The top ten companies by market value include Tencent (49400 billion), ICBC (26311 billion), Agricultural Bank of China (26123 billion), Alibaba (24621 billion), and others, collectively representing a significant portion of the market [17][19] - The total market value of the top ten companies reaches 181.5 trillion, emphasizing the concentration of market power among these leading firms [17][19] Industry Distribution - The companies ranked 11th to 20th span key sectors such as intelligent manufacturing, finance, e-commerce, energy, technology, and new energy vehicles, with a combined market value of 91645 billion [7][24] - The average market value of the top 500 companies is 1856 billion, reflecting a year-on-year increase of 373 billion, with information technology, finance, and consumer discretionary sectors leading in market share [10][27] Economic Transformation - The high market values of these companies signify a shift from extensive growth to intensive growth in China's economy, driven by national policies like "Made in China 2025" and the new energy strategy [9][26] - Analysts suggest that the emergence of high-value companies is due to their alignment with economic transformation directions and their potential for future growth, leading to higher valuation premiums from the capital market [9][26] Corporate Strategies - Companies are focusing on core business upgrades and exploring new growth avenues, with Xiaomi targeting 550,000 vehicle deliveries by 2026 and BYD investing in solid-state and hydrogen fuel cell technologies [11][28] - Financial institutions like China Ping An and China Merchants Bank are enhancing their digital transformation and wealth management capabilities, while Pinduoduo is investing in agricultural technology and expanding its global market presence [11][28] Investment Trends - The performance of the 11th to 20th ranked companies reinforces a value investment orientation, guiding capital towards high-quality enterprises and core sectors [12][28] - The capital market is expected to support the long-term matching of value and market capitalization for these quality enterprises, promoting a positive cycle of corporate development and investor returns [12][28]

Core Insights - The demand for AI servers is driving a significant cost change in the supply chain, affecting various manufacturing sectors beyond electronics [1] - The price increases in storage chips and precious metals are indicative of a broader inflationary trend in manufacturing costs [1] Group 1: Cost Transmission from Upstream - Samsung Electronics and SK Hynix plan to raise server DRAM prices by 60%-70% in Q1 2026 compared to Q4 2025, significantly higher than previous cycles [2] - AI servers are identified as the starting point for this cost transmission, with their increased GPU, memory, and bandwidth requirements creating a supply-demand gap [2] - Leading AI chip manufacturers like NVIDIA maintain high product prices, with high-end AI GPUs reaching tens of thousands of dollars, impacting the cost structure for server and cloud computing companies [2] Group 2: Pressure on End Consumer Products - Storage chips are the first to transmit cost increases to consumer products, with flagship smartphones seeing price hikes of 300-500 yuan and mid-range models by 200-300 yuan [3] - Memory costs account for approximately 15%-20% of the BOM cost in mid-range smartphones and 10%-15% in high-end models, indicating a significant impact from rising storage prices [3] - The automotive industry is also expected to face storage chip shortages, potentially leading to price increases in electric vehicles, as these chips are crucial for advanced features [3] Group 3: Market Dynamics and Predictions - The global memory market is experiencing an unprecedented structural shortage, with major manufacturers reallocating capacity to high-value products, limiting supply for traditional DRAM and NAND [4] - Citigroup predicts an 88% increase in average DRAM prices by 2026, while Nomura forecasts a 46% increase in DRAM and a 65% increase in NAND prices [4] - Price fluctuations in storage chips are influenced by market dynamics, with potential for short-term price corrections as new products are released [5] Group 4: Impact on Manufacturing and Cost Management - The rising costs are affecting various manufacturing sectors, with IDC predicting a contraction in the global smartphone market and price increases of 3%-8% depending on market conditions [5] - Major PC manufacturers are also expected to raise prices by 15%-20% due to increased component costs [5] - Industries with strong technological barriers and brand premium capabilities are better positioned to absorb these cost increases, while those in highly competitive, low-tech sectors may struggle [6]

文丨牛刀商业评论 前哨 一边是高盛、开源证券点赞的亮眼业绩，盛赞其供应链韧性与议价能力；一边是Tech World 大会上杨元 庆高调官宣与英伟达的 3-4 年深度合作，誓言押注 AI 转型。 去年11月，联想集团交出了一份让资本市场欣喜万分的财报。 但事实上，联想将业绩大涨主要归功于AI业务布局其实并不客观。 看似双喜临门的联想，实则陷入 "业绩稳健但转型滞后" 的尴尬：喊了许久的 AI战略，至今未能让 AI PC 成为真正的核心支柱，想要借 AI 重返巅峰的杨元庆，肩上的担子远比成绩单看起来更沉重。 财报数据显示，2025年第三季度，联想营收高达1428亿元（按实时汇率换算），同比增长15%，创下财 季历史新高；经调整净利润更是达到36.6亿元，同比激增25%，净利增速远超营收增速。 外界不禁要问：杨元庆的联想集团还有未来吗？ 值得关注的是，联想集团在相关报告中首次对外公布了其AI相关业务的收入状况。 业绩狂欢背后，藏在AI增长的担忧 数据显示，AI相关业务收入在集团总营收中的占比已提升至30%，这一数据直观地反映出AI业务在联想 整体业务布局中的重要性日益凸显。 对于杨元庆而言，AI 是联想重返巅峰的最 ...