Market Performance - The market has successfully surpassed the 4000-point mark, closing near the highest point of the day, aligning with weekend expectations [1] - The strongest index today was the North Exchange 50, which stimulated capital inflow due to the announcement of a North Exchange 50 ETF [1] - The Shanghai Composite Index stabilized above 4000, supported by the brokerage sector, which saw a 2.22% increase, indicating a strong bullish sentiment [4] Sector Performance - The micro-cap stocks experienced a decline of 1.86% [2] - The ChiNext Index rose by 2.93%, while the Sci-Tech 50 only increased by 1.18%, showing varied performance within the technology sector [4] - The following sectors showed significant gains: - Energy Metals: +4.44% - Photovoltaic Equipment: +4.26% - Industrial Metals: +3.94% - Precious Metals: +3.25% - Securities: +2.22% [5] Economic Indicators - The market is anticipating a 25 basis point interest rate cut from the Federal Reserve, with expectations running high for positive outcomes from the upcoming meeting [5] - A significant meeting is set to take place tomorrow, marking the first meeting in six years, which is expected to yield favorable results [5] Influencing Factors - The performance of the A-share market is closely tied to the trends in the US stock market, particularly influenced by major tech companies [7] - The upcoming Federal Reserve's interest rate decision and Jerome Powell's comments are crucial for determining the continuation of the current market rally [7] Technical Analysis - The ChiNext Index has reached a new high, showing strong elasticity after a significant adjustment [10] - Current indicators suggest potential issues with market strength, indicating the need for stronger bullish signals or a possible downward adjustment [10]

会议时间： 2025 年 2 月 26 日（北京时间） 注：以下材料仅为公开资料整理，不涉及分析师的研究观点和投资建议，记录和翻译可能产 生误差，仅供参考，如有异议，请联系删除。 FY4Q25（截至 2025/1/26）： - blackwell 专门为 AI 推理设计 blackwelll superchargers 推理模型，与 H100 相比，token 吞吐 量提升 25 倍，成本下降 20 倍 | | | Revenue by Market Platform | | | | | --- | --- | --- | --- | --- | --- | | ($ in millions) | Q4 FY25 | Q3 FY25 | Q4 FY24 | Q/Q | Y/Y | | Data Center | $35,580 | $30,771 | $18.404 | Up 16% | Up 93% | | Compute | 32,556 | 27,644 | 15.073 | Up 18% | Up 116% | | Networking | 3,024 | 3,127 | 3.331 | Down 3 ...