Group 1 - The Shanghai Composite Index achieved a record 13 consecutive days of gains, closing up 1.5% at 4083.67 points, marking a new high in over a decade [1] - The CES 2026 kicked off with NVIDIA's CEO announcing the full production of the new AI chip platform Vera Rubin, which boasts a fivefold increase in AI inference performance compared to Blackwell, with costs reduced to one-tenth [1] - Brain-computer interface unicorn Strong Brain Technology completed approximately 2 billion RMB financing, making it the second-largest financing in the field globally, following Neuralink [1] Group 2 - The People's Bank of China emphasized the flexible and efficient use of monetary policy tools to maintain ample liquidity and improve the structural monetary policy tool system [2] - The Ministry of Commerce announced a ban on the export of dual-use items to Japanese military users, with legal consequences for violations [2] - The Chinese government reiterated its stance on respecting the development paths chosen by other nations, particularly in response to the situation in Venezuela [3] Group 3 - The Chinese consumer sentiment market is rapidly growing, projected to rise from 1.63 trillion RMB in 2022 to 2.31 trillion RMB in 2024, and expected to exceed 4.5 trillion RMB by 2029 [3] - The Shanghai Municipal Development and Reform Commission and other departments proposed 20 measures to encourage foreign investment in domestic reinvestment [4] - The Hong Kong stock market saw a significant rise, with the Hang Seng Index up 1.38% and net inflows from southbound funds reaching 2.879 billion HKD [4] Group 4 - The Shanghai Stock Exchange reported that 42 companies went public in 2025, raising a total of 81.289 billion RMB, while the Shenzhen Stock Exchange had 48 companies raising 42.954 billion RMB [5] - Over 280 Hong Kong-listed companies have released their annual performance forecasts for 2025, with positive trends in the precious metals and innovative pharmaceuticals sectors [5] - QDII funds have recently shown premium risks, with over 20 funds issuing risk warnings due to high premiums [6] Group 5 - The aviation industry in China is expected to reach a record 770 million passenger trips in 2025, with international passenger transport increasing by 21.6% [10] - The first oil price adjustment of 2026 was "suspended," with no changes to domestic gasoline and diesel prices [11] - The automotive industry in China is projected to exceed 34 million units in production and sales in 2025, with new energy vehicles becoming the dominant market force [12]

2026 年 01 月 07 日 每日晨报 | 主要市场股指表现 | 10.00 | （%） | 近一交易日% | 近20交易日% | | --- | --- | --- | --- | --- | | 8.00 | 6.00 | | | | | 4.00 | 2.00 | | | | 相关报告： 2026 年"两重"、"两新"政策加快部 署，超长期特别国债或提速加量—— 2026 年"两重"、"两新"政策点评 2026.1.6 贾晓庆 低空经济行业周报（第 1 周） 2026.1.6 李景星 20260104 中芯国际拟收购中芯北方或 加速国产替代及先进制程进度 2026.1.6 唐仁杰 工作邮箱：zqyjsw@jyzq.cn 金元晨报 国际股市概况 国际新闻 国内新闻 重要公司情况 研报推荐 请务必仔细阅读本报告最后部分的免责声明 曙光在前 金元在先 -1- 每 日 晨 报 -2.00 0.00 欧洲市场：德国DAX30指数涨0.27%报24936.46点；法国CAC40指 数涨0.32%，报8237.43点；英国富时100指数涨1.18%，报10122.73点 美股市场：道琼斯指数涨0.99%，报494 ...

Group 1 - The Shanghai Composite Index achieved a record 13 consecutive days of gains, closing at 4083.67 points, the highest in over a decade, with a market turnover of 2.83 trillion yuan [3] - The CES 2026 showcased Nvidia's new AI chip platform, Vera Rubin, which boasts a fivefold increase in AI inference performance and a cost reduction to one-tenth of its predecessor [3] - Strong Brain Technology, a brain-computer interface unicorn, completed a financing round of approximately 2 billion yuan, marking it as the second-largest financing in this field globally, following Neuralink [3] Group 2 - The People's Bank of China emphasized the need for flexible monetary policy tools to maintain liquidity and enhance financial market supervision [4] - The Ministry of Commerce announced a ban on dual-use items exports to Japanese military users, with legal consequences for violations [4] - The Chinese government reiterated its stance on respecting the development paths chosen by other nations, particularly in the context of Venezuela [5] Group 3 - The Hong Kong stock market saw a significant rise, with the Hang Seng Index up 1.38% and net inflows from southbound funds reaching 2.879 billion HKD [7] - Regulatory bodies are investigating barriers to increasing bank wealth management investments in A-shares, indicating a focus on long-term investment potential [7] - In 2025, the Shanghai Stock Exchange saw 42 companies go public, raising a total of 81.289 billion yuan, while the Shenzhen Stock Exchange had 48 companies raise 42.954 billion yuan [7] Group 4 - The Chinese civil aviation sector reported a record passenger transport volume of 770 million in 2025, with international travel increasing by 21.6% [12] - The automotive industry is projected to exceed 34 million units in production and sales in 2025, with new energy vehicles becoming the dominant market force [12] - The National Bureau of Statistics plans to introduce over 30 national standards in the data sector in 2026, focusing on advanced data standards [12] Group 5 - Morgan Stanley is seeking SEC approval to launch an ETF linked to Bitcoin and Solana, marking a significant move into the digital asset space by a major U.S. bank [13] - The first commercial rocket company in China is set to change ownership, with a stake being offered for approximately 3.299 billion yuan [14] - Tesla introduced long-term financing options for its Model 3 and Model Y vehicles, aiming to boost sales in China [14] Group 6 - The Chinese stock market is experiencing a surge in new account openings, with 2.5967 million new accounts in December 2025, reflecting strong investor interest [8] - The performance of the precious metals sector is improving, with companies in the non-ferrous metals industry reporting positive earnings amid rising prices [8] - The QDII funds are showing signs of premium risks, with over 20 funds issuing warnings about potential overvaluation [8]

Core Insights - The 2025 OCP Global Summit emphasizes "Scale Up" architecture as the core theme for AI data center infrastructure development [1][8] - The industry is shifting focus from general server components to core technology suppliers that support supernode architectures to meet the endless demand for computing power from AI [1][8] Group 1: Scale Up Architecture - "Scale Up" architecture aims for higher density single-node computing, leading to revolutionary changes in cabinet design [2][5] - AMD, in collaboration with Meta and Wistron, introduced the Helios cabinet, which features an Open Rack Wide (ORW) specification that is twice the width of traditional cabinets [2][3] - The Helios cabinet is expected to start shipping in the second half of 2026, with major clients including Meta, Oracle, and OpenAI [3] Group 2: Power Supply Innovations - The 800V direct current (VDC) power supply architecture is highlighted as a key technology for the next generation of gigawatt-level AI factories [4][5] - Compared to traditional 50V systems, the 800V solution can transmit over 150% more power on the same copper cable and improve power usage efficiency (PUE) by approximately 5% [6] - Delta Electronics has showcased mature solutions, including a 1.2MW solid-state transformer and 800V electronic fuses, with the new 800V solution expected to debut with NVIDIA's Rubin Ultra platform in the second half of 2027 [6] Group 3: Cooling Solutions - Large-scale liquid cooling systems are becoming a focal point, with a clear technological path evolving from hybrid cooling to fully liquid cooling [7] - The GB300 computing tray, which has entered mass production, utilizes a hybrid cooling solution, while the next-generation VR200 platform will be fully liquid-cooled [7] - Google has open-sourced its 2MW cooling liquid distribution unit (CDU) design, supporting high-pressure applications for advanced cooling solutions [7] Group 4: Network Technology Enhancements - Enhancements in network technology are crucial for meeting AI demands, with Ethernet solutions (ESUN) and CPO switch technology being widely adopted for optimizing AI data networks [8][9] - The reliability and cost of these products remain key factors affecting their widespread adoption [8][9] - Active cables (AEC) are emerging as a cost-effective solution, gaining market share in network expansion, as seen in Meta's GB300 cabinet [9]