Group 1 - Nvidia requires overseas customers to pay full prepayment for its H200 AI chips, with orders exceeding 2 million units, and TSMC has been asked to increase production [2] - Sinopec and China National Aviation Fuel are undergoing a restructuring approved by the State Council, aiming to reduce aviation fuel supply costs and enhance industry competitiveness [2] - Alibaba's Taobao Flash Sale has made significant progress, targeting to achieve absolute market share leadership by 2026, reflecting an upgrade in the company's competitive strategy in the e-commerce sector [2] - Nestlé has expanded its global recall of infant formula to at least 50 countries, including China, with regulatory bodies urging the company to manage the recall effectively [2] - TSMC maintains high capacity utilization for advanced processes, with continued demand for 3nm processes, and has paused new project initiations while encouraging clients to evaluate the adoption of 2nm processes [2] Group 2 - Zhongwei Company’s major shareholder plans to reduce its stake by up to 2%, which may exert short-term pressure on the company's stock price [4] - Huaxia Happiness is expected to report a loss in 2025, facing dual pressures from operational losses and arbitration involving its controlling shareholder [4] - Jiechuang Intelligent plans to procure IT equipment and components worth up to 4 billion yuan to enhance its cloud computing infrastructure [4] - Pritchard anticipates no large-scale orders for LCP film products in the brain-computer interface sector in the short term, advising the market to view the concept rationally [4] - Unisoc has initiated IPO counseling, benefiting from the AI-driven demand growth in storage chips, contributing to a wave of IPOs in the industry [4] Group 3 - Changxin Technology's application for an IPO on the Sci-Tech Innovation Board has been officially accepted, marking a significant step in its listing process [5] - Geely Automobile has obtained an L3-level autonomous driving road test license for its Zeekr 9X model, covering an area of 9,224 square kilometers [5] - HSBC's proposal to privatize Hang Seng Bank has been approved by the bank's court meeting and shareholder meeting, with the delisting expected on January 27, 2026 [5] - JD.com has established a "Chameleon Business Department" to oversee the development and commercialization of core AI products [5] - Anta Sports has made a takeover offer to acquire 29% of Puma from the Pinault family, although negotiations are reportedly stalled [5] Group 4 - Apple’s market value has dropped to third globally, with its annual shareholder meeting scheduled for February 24, and CEO Cook's total compensation for 2025 set at $74.3 million [6] - Alphabet has risen to second globally, driven by its AI business, and is enhancing collaboration with Siemens on industrial AI operating systems [6] - Meta Platforms is under scrutiny by China's Ministry of Commerce regarding its acquisition of the AI platform Manus, with delays in the release of AI smart glasses [6] - Microsoft has partnered with Shopify, PayPal, and Stripe to launch a retail AI Copilot Checkout feature, while restructuring its GitHub team to strengthen AI development [6] - Amazon has adjusted its target price and is requiring employees to provide proof of work efficiency, indicating potential personnel optimization [6] Group 5 - Samsung Electronics has regained the top share in the global DRAM market and is in talks with Qualcomm for 2nm chip foundry collaboration [9] - Toyota has announced the independence of Gazoo Racing as a high-performance sub-brand and launched new models in the European market [9] - LG Electronics' CEO presented a profit-oriented growth strategy at CES 2026, focusing on sustainable development [9] - Mitsubishi UFJ Financial Group plans to establish a full-service bank in the EU to expand overseas financing profits [9] - SK Hynix has lost its position as the global leader in the DRAM market and is focusing on domestic energy storage orders [9]

Recent Key Events - The Federal Reserve announced a 25 basis point interest rate cut, lowering the target range to 3.50%-3.75%, with expectations for further cuts in 2026 and 2027 [1][9] - Japan's central bank raised its policy rate from 0.5% to 0.75%, the highest in 30 years, indicating a move towards achieving a 2% inflation target [1][9] Smart Driving Catalysts - On December 15, the Ministry of Industry and Information Technology approved two L3 autonomous driving models, Changan Deep Blue SL03 and BAIC Alpha S, for trial operations [2][10] - Tesla tested a Robotaxi service in Austin without a safety driver, marking a significant milestone in autonomous driving [2][10] - Waymo is reportedly in talks to raise over $15 billion, with a valuation nearing $100 billion [2][10] Consumer Goods Replacement Policy - The National Development and Reform Commission announced a large-scale equipment update and consumer goods replacement policy for 2026, including subsidies for electric and fuel vehicles, as well as various household appliances [3][11] Current Investment Recommendations - **Beike-W (2423.HK)**: Positioned as a restructuring force in the brokerage service industry, with significant growth potential in the existing real estate market [4][25] - **China Qinfa (0866.HK)**: Benefits from improved coal quality and expected price recovery, with significant growth opportunities [4][28] - **Alibaba-W (9988.HK)**: Steady model iteration and sustained interest in the Qianwen APP, with strong growth in e-commerce and cloud services [4][32] - **Tencent Holdings (0700.HK)**: Launching a mini-program growth plan to support developers in creating AI applications, with strong revenue growth [4][36] - **Kuaishou (1024.HK)**: Recent product launches received positive market feedback, with strong revenue growth driven by e-commerce [4][40] - **Google-A (GOOGL.O)**: Leading capabilities in AI models with continued penetration in edge applications, strong revenue growth in cloud services [4][44] - **Chipsun Technology (1478.HK)**: Expanding optical scenarios and building integrated capabilities, with significant revenue growth [4][49] - **Hesai (HSAI.O)**: Positive shipment growth in lidar products, indicating a strong long-term outlook [4][52]

智通财经APP获悉，美国股市已基本确定在2025年连续第三年实现双位数涨幅。在这一年里，支撑美股涨势的不止AI热潮下受益的科技巨头，更多AI价值链 上的公司同样获得青睐。与此同时，银行、医疗保健等价值股重新被投资者关注，贵金属猛涨则带飞金银矿业股。展望2026年，美股涨势将面临多重考验， 波动性预计也将贯穿全年。在AI对美股的提振可能减弱的情况下，周期股或许会成为新的"主角"。 一、回望2025 1、美股年内屡创新高 AI仍是主引擎 在人工智能(AI)热潮、货币政策宽松预期、企业盈利持续超预期以及地缘政治风险缓和(如贸易摩擦缓解)等多重因素的推动下，美股连续第三年实现双位数 涨幅。数据显示，截至12月24日，标普500指数年内上涨约18%，在12月26日盘中一度涨至6945.77点，创下历史新高;以科技股为主的纳斯达克综合指数上涨 约22%，道琼斯指数则上涨约14%。 具体来看，标普500指数的11个细分板块中，通信服务板块与信息技术板块涨幅靠前，分别上涨了约32%和25%。其中，通信服务板块的华纳兄弟探索 (WBD.US)在收购消息的加持下今年迄今涨超172%。信息技术板块中，在存储行业迎来"超级周期"的加 ...

要点速览 《科学》（Science）杂志揭晓2025年度十大科学突破榜单，带来一年中最重大的科学发现、可续进展和趋势： 每年，《科学》（Science）杂志都会评选出年度十大科学突破，包括一项科学突破冠军奖以及九项科学突 破入围奖。它们代表了一年中最重大的科学发现、科学进展和趋势。 2025年12月18日， 《科学》揭晓了2025年度十大科学突破榜单 ： 势不可挡的可再生能源 · 势不可挡的可再生能源 · 定制化基因编辑为极罕见疾病带来新希望 · 对抗性传播疾病的新武器 · 神经元对癌症的致命"馈赠" · 天空中的全视之眼 · 揭开"龙人"头骨之谜 · 大语言模型助力科学研究 · 计算的突破助力揭示粒子物理新进展 · 异种移植不断创造历史 · 耐高温水稻 自工业革命以来，人类社会一直依赖于来自"远古的太阳能"——这些能量由数亿年前的植物捕获，储存在化 石燃料中，并从地下挖掘和钻取而来。但今年，势头已明确转向来自"今天的太阳"的能源。可再生能源—— 其中大部分来自阳光本身或最终由太阳驱动的风能——已在多个方面超越了传统能源。 《科学》杂志指出，今年以来， 全球可再生能源以太阳能和风能为主快速增长，其新增发电量已 ...

The Information报道称，OpenAI在付费账户的计算利润率方面优于Anthropic，但Anthropic在整体服务器 支出效率上更胜一筹。 OpenAI正在与亚马逊进行早期洽谈，引入至少100亿美元的投资，并计划使用其自研人工智能芯片。 The Information报道，OpenAI努力保持其在人工智能领域领先地位的同时，今年付费产品利润率有所提 高。 据报道，OpenAI提高了其"计算利润率"，这一内部指标为扣除为企业和消费者产品付费用户运行模型 的成本后收入所占比例。报道援引一位知情人士称，截至10月OpenAI的计算利润率达到70%，高于 2024年底的52%，是2024年1月的两倍。 OpenAI的发言人表示，公司没有公布这些数据，并拒绝进一步置评。 OpenAI发布的ChatGPT引发了人工智能热潮，但该公司至今尚未盈利，也是投资者担忧该行业泡沫的主 要原因之一。OpenAI估值10月份达5000亿美元，为支付其高昂的计算成本和大规模的基础设施计划， 该公司在不断寻找盈利途径。 与此同时，OpenAI面临巨大的支出和竞争加剧压力。谷歌发布的Gemini模型在基准测试中表现出色， 之 ...

产品聚焦AI推理场景，用于自身Gemini模型 智通财经APP获悉，中国银河证券发布研报称，未来AI芯片的市场竞争将更加激烈，谷歌(GOOGL.US) 有望凭借TPU v7系列产品提升自身AI芯片市占率。该行认为，随着明年谷歌TPU v7的上市，国内液冷/ 电源/PCB领域有望带来新的发展机遇，同时随着AI芯片竞争格局不断深化，国产算力芯片在国产替代 趋势长期上行。 中国银河证券主要观点如下： 谷歌即将上市TPU v7，技术指标比肩英伟达B200 谷歌即将正式上市第七代TPU芯片"Ironwood"，标志着AI算力技术的重大突破。该芯片单芯片峰值算力 达到4614 TFLOPs(FP8精度)，配备192GB HBM3e内存，内存带宽高达7.4TB/s，功耗约1000W。与前代 产品相比，Ironwood的算力提升了4.7倍，能效比达到每瓦29.3 TFLOPs，是前代产品的两倍。服务器散 热方面，采用100%液冷架构，采用大冷板设计，覆盖4 颗TPU及VRM;集群规模上最大支持144 个机架 互联，即9216 个TPU芯片集群。整体技术指标比肩英伟达B200芯片。 风险提示 下游需求不及预期的风险，同业竞争格 ...

来源：六里投资报 在近日华安基金投资策略会上，基金经理胡宜斌以"聚焦工程师红利，布局投资未来"为题，分享了他对 2026年的投资展望。 胡宜斌是投资报长期跟踪、较早向市场推荐的TOP30基金经理之一。 | 基金代码 | 基金名称 | 任职日期 | 基金规模 | | 任职回报 任职年化 | 今年以来 | | --- | --- | --- | --- | --- | --- | --- | | | | | (亿元) | (%) | (%) | (%) | | 001071.OF | 华安媒体互联网混合A | 2015-11-26 | 65.52 | 259.12 | 13.55 | 28.59 | | 006879.OF | 华安智能生活混合A | 2019-05-08 | 23.62 | 199.07 | 18.02 | 40.12 | | 007460.OF | 华安成长创新混合A | 2019-06-27 | 17.51 | 171.20 | 16.66 | 39.49 | | 001694.OF | 华安沪港深外延增长灵活配置混合A | 2022-01-26 | 34.26 | 17.14 | 4.15 ...

Core Insights - Saudi Arabia is transforming into the world's third-largest computing hub, following the US and China, as part of its "Vision 2030" strategy aimed at diversifying its economy beyond oil dependency [2][16] - The country is investing heavily in high-performance computing and advanced technology, attracting global tech giants like NVIDIA, AMD, Amazon AWS, xAI, and Microsoft to establish partnerships and projects in the region [2][6] Investment and Infrastructure - The Saudi Public Investment Fund (PIF) is the driving force behind the AI transformation, acting as both a fund provider and a major customer [4] - PIF's subsidiaries, Alat and Humain, are focused on building a dual-driven system of manufacturing and computing capabilities, with Alat concentrating on hardware and Humain on AI technology and infrastructure [4][5] - A notable collaboration includes a $2 billion partnership with Lenovo to establish a server manufacturing facility in Riyadh, expected to produce millions of devices annually by 2026 [4][10] Strategic Partnerships - Major tech companies are entering the Saudi market, with NVIDIA planning to build an AI factory utilizing advanced GPUs, and AWS investing over $5 billion to create an "AI Zone" data center [6][7] - The partnerships aim to develop AI infrastructure and applications, including Arabic language models, enhancing Saudi Arabia's position in the global AI landscape [7][14] Economic Impact - The AI sector is projected to significantly contribute to Saudi Arabia's GDP, with estimates suggesting it could account for 12.4% of the GDP by 2030, translating to a substantial economic impact of $320 billion across the MENA region [14][15] - The region's IT spending is expected to reach $169 billion by 2026, indicating a robust growth trajectory as countries like Saudi Arabia and the UAE transition from traditional energy economies to AI powerhouses [15][16] Market Expansion and Diversification - Lenovo aims to increase its revenue from the Middle East to approximately $6 billion, reflecting the strategic importance of the region for tech giants seeking growth opportunities amid saturated traditional markets [13][15] - The establishment of a comprehensive AI ecosystem in Saudi Arabia, covering computing infrastructure, AI models, and industry applications, is creating a new cluster effect for global tech companies [15][16]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -11% -5% 1% 7% 13% 18% 24% 30% 2024.12 2025.04 2025.08 2025.12 上证指数 深证成指 | 国内市场表现 | | | | --- | --- | --- | | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | 3,870.28 | 1.19 | | 深证成指 | 13,224.51 | 2.40 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 4,579.88 | 1.83 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 4,441.29 | 1.74 | | 中证 500 | 7,137.83 | 1.95 | | 中证 1000 | 6,116.76 | 0.33 | | 国证 2000 | ...

Core Viewpoint - Musk is optimistic about the future of his AI company xAI, believing it can achieve Artificial General Intelligence (AGI) by 2026 if it survives the next two to three years [1][2][5]. Group 1: Company Progress and Strategy - Musk emphasized that rapid expansion of computational power and data capabilities will be key to xAI's success in the competition for "superintelligence" [2]. - xAI has a significant financial advantage, with annual funding support estimated between $20 billion to $30 billion, and benefits from synergies with Musk's other companies [3]. - The company has rapidly expanded its data center capabilities, with a current GPU count of approximately 200,000, aiming to increase this to 1 million [4]. Group 2: Competitive Landscape - xAI is a relatively new player in the race for AGI, competing against established giants like OpenAI and Google [6]. - The AI competition remains intense, with OpenAI reportedly entering an "emergency state" to accelerate model releases, and Google launching its new Gemini model [6]. Group 3: Product Development - During a recent all-hands meeting, xAI showcased updates to existing products, including Grok Voice and applications for Tesla owners, highlighting improvements in predictive capabilities, voice listening, and video editing [6].