投资要点 本周政策层面延续“稳预期”基调，中央与地方协同发力。中央层面，国新办强调“盘活闲置土地房屋”“推进农村集体经营性建设用地入市”，但明确禁止用于商品住房建设；地方层面，福建出台“库存超24个月暂停供地”“房票安置+共有产权购房”等措施，上海试点收购二手房用于保障性租赁住房（优先内环内“老破小”），南京推动“房票全城通兑”，政策精准度提升。核心城市二手房价格好转持续跟踪二手端信心修复-挂牌/议价改善-成交结构上移的链条。 行业基本面跟踪 （1）新房成交及库存：上周30大中城市新房成交面积为123.24万方，本年累计新房成交面积为870.59万方，累计同比-3.6%。30大中城市近四周平均成交面积为131.24万方，同比-18.5%，环比+0.8%其中一线城市近四周平均成交面积为39.33万方，同比+33.7%，环比+1.5%，二线城市近四周平均成交面积为62.35万方，同比+16.8%，环比+1.2%，三线城市近四周平均成交面积为29.57万方，同比+5.7%环比-1.1%。上周14城商品住宅可售面积为7883.7万方，同比-5.38%环比-0.25%，14城去化周期为19.89个月，其中一线城市去化周期为14.2个月。 （2）二手房成交及挂牌：上周20城二手房成交面积为221.16万方，本年累计二手房成交面积为1330.26万方，累计同比+27.8%。20城近四周平均成交面积为233.48万方，同比+27.8%，环比+0.6%。截至2026/1/26全国城市二手房出售挂牌量指数为3.91，环比-1.5%，挂牌价指数为147.05，环比+0%。 （3）土地市场成交：上周100大中城市新增供应住宅类土地数量为23宗，成交住宅类土地数量为34宗，新增供应商服类土地数量为64宗，成交商服类土地数量为39宗。近四周100大中城市平均住宅类土地成交数量/供应数量为1.33，平均商服类土地成交数量/供应数量为1。近四周100大中城市成交住宅类土地楼面均价为4501元/平方米，溢价率为2.21%，环比-0.23pct，成交商服类土地楼面均价为2813.75元/平方米，溢价率为2.76%，环比-0.47pct。 行情回顾： 上周A股申万一级房地产行业指数上涨0.01%，沪深300指数下跌1.33%，房地产指数跑赢沪深300指数1.34pct。上周港股恒生物业服务及管理指数下跌...

投资要点： 数据中心已成为电力设备行业核心增量应用场景，其发展趋势直接驱动电力设备需求增长与技术迭代。然而，数据中心行业具有资本开支规模大、投资回报周期长、技术迭代速度快的特点，若仅依赖数据中心自身维度指标，难以精准把握供配电设备需求的拐点与强度。因此，需引入AI行业多维度指标，通过其前瞻性判断为数据中心供配电设备赛道投资决策提供支撑。具体从三方面构建指标体系：1）需求端：数据中心行业景气度由下游资本开支直接驱动并向上游传导，头部云厂商资本开支作为需求最直接的“风向标”，可直观反映供配电设备短期需求潜力；2）供应链端：数据中心投资节奏受制于GPU供给，跟踪供应链关键节点数据，可前瞻判断GPU供给能力，同步验证数据中心需求落地进度；3）AI应用端：应用层发展情况直接关系到数据中心资本开支周期的强度与延续性，可有效判断资本开支周期是否具备延长基础，进而为供配电设备长期需求趋势提供依据。 需求端：资本开支持续增长。1）海外：2025年四季度海外主要云厂商资本开支持续增长，总和达1138.62亿美元，同比增长59.42%，环比增长14.30%。2）国内：2025年第三季度阿里、腾讯资本开支均显放缓。2025年第三季度，阿里资本开支315亿元，同比增80.10%但环比降18.55%。公司在2025年三季度业绩会上重申三年3800亿元投资框架，不排除进一步增投。腾讯资本开支130亿元，同比降24.05%、环比降32.05%，下调全年指引，开支低于年初预期。2025Q4微软和甲骨文资本开支分别为170.79亿美元和90.80亿美元，环比增长约2%和55%。 供应链：英伟达、台积电营收保持增长。1）英伟达：2025年第三季度，英伟达总营收570.06亿美元，其中数据中心产品营业收入达512.15亿美元，创历史峰值，环比增长24.62%、同比增长66.44%，占总营收比重超89%。2）台积电：2025年12月营收为3350.03亿新台币，同比增长20.4%、环比下滑2.5%，创历年同期新高。2025年全年台积电营收3.8万亿新台币，同比增长31.6%。3）价格：2025年12月CPU价格指数101.21，较11月99.04小幅回升；DRAM现货价自2026年1月30日71.00美元小幅回落至2026年2月6日的69.25美元，周降幅约2.46%。 应用端：模型数量稳步增长，应用落地增...

摘要 2025年11月，Anthropic发布Claude Opus4.5模型，模型发布后，我们观察到AWS(Amazon)的云服务收入在12月出现了显著增长，我们推测Anthropic主要使用AWS Bedrock渠道，Opus的高消耗或直接拉动了AWS的营收。Opus4.5被一线开发者评价为让"Agent"从“超级实习生”变成了“资深架构师”的拐点，真正用目标驱动替代指令驱动，使用场景全面迈向“任务执行与结果交付”。在底层模型的技术进化下，我们观察到2026年以来，Agent现象级产品不断出圈： ① Claude Cowork:正在把“AI代码执行能力”从开发者拓展到普通办公用户，主打办公自动化。围绕本地文件与企业工具提升工作流的自动化水平，高频场景包括文件整理、会议/资料汇总、Excel与文档自动生成、浏览器协同检索； ② OpenClaw：开源、本地优先、可执行任务的AI智能体网关，定位为24/7全职数字员工，用户相当与获得随时随地托管电脑工作的员工。 ③ Moltbook：全球首个AI专属Reddit式社交平台，人类只能浏览，无法参与任何互动。 我们认为2026年Agent爆发将推动CPU需求显著提升：CPU从辅助单元升级为调度中枢与执行载体，负载由工具执行、编排调度、沙箱隔离、高并发与长任务四类开销驱动。促使服务器CPU配置自1:32（如阿里云智算集群、AWS Trainium集群等）向1:4(如NVIDIA DGX、阿里云ECS实例)演进，新代产品甚至普遍达到1:2(如NVIDIA NVL72)。CPU正沿着“通过先进制程实现在更高核心密度下的功耗可控”这一主线发展，所需CPU总体呈“超多核+低功耗/高制程+大内存带宽/容量+强IO/虚拟化+更大共享缓存”特征。 过去20年摩尔定律下，CPU名义价格基本没涨但性能暴涨。目前后摩尔时代，CPU需求增长叠加贵金属原材料涨价、先进制程产能稀缺，CPU开启涨价周期，目前26年2月已涨10%、我们预计涨价趋势可持续。 本篇报告还分析了全球CPU市场份额与生态阵营：垄断与头部效益明显。根据IDC数据我们预计2026年英特尔在服务器CPU市场份额预计为55%左右，AMD预计为40%。X86（英特尔/AMD阵营）凭借稳定性和成熟的软件生态占据主流，尤其在服务器市场兼容性突出。ARM（英伟达、苹果、高通阵营）在能效和特定...

电综市场洞察 节目规模 电综市场收缩，新节目份额较高，第三季度上新逆势增长 电综整体规模有所缩减，相较于综N代，新节目在整体占比上较为突出 2025年在播电综总量为172部，较2024年减少20部，同比下降约10.4%，整体呈“减量”趋势。 2025年电综市场新节目与综N代并存，新节目占比超52%，可以看出节目从“延续”向“创新”转移，但新节目突破仍面临挑战。 2025年各季度上新节目，仅第三季度实现同比增长，其余三个季度均较2024年同期有所下滑

市场情绪因受访者所处区域和细分领域而异 尽管多数生命科学行业受访高管对2026年持乐观态度，但信心水平存在区域与领域差异。在受访的欧洲和亚洲国家中，90%的生物制药行业领导者对来年持“乐观”或“谨慎乐观”的预期；此外，83%的受访者预计营收将稳步或强劲增长，仅2%预期下滑。相比之下，美国生物制药企业领导者的乐观情绪更为温和：56%的受访者对2026年持乐观或谨慎乐观态度，而27%仍持消极或不确定态度（图1）。在营收增长预期方面，71%的美国生物制药受访者预计收入将有所增长，但18%的受访者预计将下滑。

联动科技(301369) 投资要点 营收稳健增长，股份支付短期影响业绩表现。2025年前三季度，公司营业收入2.33亿元，同比增长3.48%，归属于上市公司股东的净利润0.14亿元，同比下降4.79%。得益于公司积极开拓市场，产品销售收入有所增加。前三季度共计产生0.12亿元股份支付费用，股权激励股份支付分摊一定程度影响了公司的利润水平。 锚定自主创新发展主线，旗下产品填补国内技术空白。公司产品关键技术指标达国内领先、国际先进水平，核心竞争力突出；集成电路测试系统兼具模拟与数字信号测试能力，核心性能指标与同类进口设备相当，具备较强的国产化替代潜力。公司已构建自主研发的功率半导体及数模混合信号IC测试系统产品矩阵，涵盖QT-3000/4000/6000/8400系列及QT-8000集成电路测试系列。其中，功率类测试系统聚焦IGBT、SiC、GaN等第三代半导体的晶圆、KGD及模块测试，下游覆盖新能源汽车、风电、光伏、储能等新能源赛道及工业控制领域；QT-8000系列集成电路测试系统主攻模拟IC与射频器件测试，下游应用以消费电子市场为核心。 市场开拓多点发力，业务规模有序扩容，进一步夯实核心竞争壁垒。公司延续“深耕核心赛道、拓展新兴应用”的市场策略，凭借深厚技术积淀与优质客户资源，业绩实现稳健增长。公司与安森美集团、力特半导体、威世集团等国际头部企业及芯联集成、中国中车、三安光电、通富微电、华天科技、华润微、扬杰科技等本土领军企业合作广度与深度不断提升，通过定制化测试解决方案有效扩大产品导入范围。2025H1，重点产品表现突出：QT-8400系列测试平台在第三代半导体晶圆及模块全性能测试领域技术突破持续落地，已批量切入国内外重要客户供应链；QT-4000系列凭借高压大电流测试与动态参数测试核心技术优势，在功率器件及功率模块测试领域构建起测试性能领先、功能模块覆盖最广的标准化测试方案。公司产品矩阵持续优化，朝着封测产线测试系统全覆盖、测试能力高端化、激光打标全自动化方向发展，可为封测企业提供更多元化的产品组合，显著增强公司在配套解决方案领域的市场竞争力。 大算力SoC测试机加速推进。公司全力推进大规模数字SoC类集成电路测试领域新产品的研发与验证工作，因产品技术复杂度高，验证周期相对较长。当前国内高端SoC测试机国产化率仍处较低水平，在国产替代、自主可控趋势明确的背景下，...

4Q25海外云服务商收入维持加速趋势，谷歌云收入+48%，微软Azure+39%，亚马逊AWS+24%。收入的加速增长带动谷歌云经营利润同比提升至30%，与竞对的差距缩小。海外科技公司对2026年资本开支指引维持高增速，绝对值体量均在千亿美元量级。映射至国内，考虑大模型下游需求强劲，我们对阿里云12月季度收入维持乐观，建议关注全栈AI自研能力及布局的阿里巴巴。 报告摘要 海外云服务商收入均维持加速增长趋势，谷歌云最为亮眼：据各家财报披露（图表1-3），4Q25，亚马逊AWS收入356亿美元，同比增24%，对比前三季度增速分别为17%/17%/20%。微软Azure收入同比增39%，对比前三季度增速分别为33%/39%/40%。Aphabet谷歌云收入177亿美元，同比增48%，对比前三季度增速分别为28%/32%/34%，加速最为明显。经营利润层，4季度亚马逊AWS经营利润率为35%，微软智能云为42%，同比及环比较为稳定；谷歌云经营利润率提升至30%，同比/环比改善13个/6个百分点。我们认为，云服务商的收入加速增长反映AI推理需求强劲，谷歌云受益于Gemini模型能力及产品领先，收入及利润增速好于竞对。 资本开支指引维持高增速：2025年4季度，亚马逊、微软、Alphabet、Meta的资本开支合计1,260亿美元（图表4），同比/环比增62%/12%，维持快速增长趋势。其中，亚马逊为385亿美元（+47%），微软375亿美元（+66%），Alphabet279亿美元（+95%），Meta221亿美元（+49%）。从指引看，亚马逊指引2026年CAPEX为2,000亿美元，同比增60%；Alphabet2026年指引为1,750-1,850亿美元（+91%-102%），Meta2026年指引为1,150-1,350亿美元（同比增59-87%）；微软指引FY26CAPEX增速快于FY25（+58%）。 Alphabet业绩超预期：总收入1,138亿美元，同比增18%，超彭博一致预期2%，谷歌服务/谷歌云收入同比增14%/48%，其他收入同比降8%。谷歌服务分部中，整体广告收入+14%，其中搜索广告+17%，小幅加速，YouTube广告同比增9%，较3Q25增速（+15%）放缓，联盟广告同比降2%。经营利润层面，整体经营利润同比增16%，其中谷歌服务为401亿美元，...

核心发现与关键数据速览 生源高度集中53%+ 前三大生源地（北京、广东、上海）合计占比超53%，凸显经济发达地区对高层次学历的强劲需求 "知行鸿沟"显著75%vs7.46% 超75%潜在申请者对政策有基本了解，但仅7.46%曾实际申请，显示从认知到行动的转化存在重大障碍 需求高度务实90.48% "提升学历学位"是绝对首要动机，"积累医疗领域人脉"（61.90%）紧随其后，学术追求相对次要

Q1：什么是激光雷达？激光雷达可分为哪些类型？ 激光雷达全称为光探测和测距，是一种测量LiDAR设备周围物体距离的方法激光雷达LiDAR的全称为Light Detection and Ranging激光探测和测距，又称光学雷达。是一种通过发射激光束来探测目标位置和速度的雷达系统，激光波段位于0.5μm-10μm，使用光电探测器作为接收装置，光学望远镜作为天线。由于激光具有波长短、准直度高的特点，使得激光雷达具有角分辨率和距离分辨率高、抗干扰能力强、可获取多种目标图像信息（深度、反射率等）、体积小、质量轻的优异性能。目前，激光雷达被广泛应用于测绘、气象监测、安防、自动驾驶等领域。 激光雷达基于扫描方式可分为机械扫描激光雷达、半固态激光雷达、固态激光雷达；基于工作原理和功能可分为ToF激光雷达、CW激光雷达、FMCW激光雷达

西子洁能(002534) 投资逻辑： 全球燃气轮机需求上行，公司余热锅炉收入有望加速提升。AIDC催化燃机行业需求高增，我们预计25-28年美国AIDC对燃机需求从4.1GW提升到57.9GW，26-28年增速分别为219%/135%/88%。燃机行业产能紧张，当前全球头部燃机主机厂在手订单覆盖年限已超过4年，并均提出扩产规划。例如GEV规划26年中期将产能提升到20GW，28年提升到24GW。余热锅炉是燃机联合循环发电系统的重要设备，燃机厂商扩产有望带动配套余热锅炉需求上行。根据公司官微，公司是国内燃机余热锅炉龙头，产品适配GE、西门子、三菱等全球主流燃机品牌，国内份额在50%以上。公司近年来发力海外市场，产品远销东南亚、南美洲、非洲、中东等“一带一路”沿线国家及地区。公司规划未来加快全球布局，全力推动燃机余热锅炉全球化及北美市场的订单机会落地，看好公司海外订单持续提升。25年公司新签余热锅炉订单19.67亿元，同比+16.81%，新签订单加速提升。 下游光热发电高景气，看好公司熔盐储能订单长期提升。我国对光热发电的重视程度较高，政策上鼓励光热发电与光伏、风电组合，提升国内可再生能源的并网比例。根据《2025中国太阳能热发电行业蓝皮书》，2025年底，我国光热发电累计装机1738MW，同比+107%，装机规模加速提升。公司是我国光热发电行业早期开拓者，可为熔盐储能光热电站提供吸热、换热、储热系统等核心设备。在我国21-24年实质性开工的塔式光热项目中，公司在总设计容量和项目数量上的市场份额达58%和55%。公司与下游头部客户可胜技术长期深度合作，并持有可胜技术3.25%的股权，凭借过往的深度合作经验，在未来我国光热装机持续提升背景下，公司光热发电设备订单有望持续提升。 核电机组审批持续回暖，公司持续扩大核电产业业务布局。22-25年我国每年核准机组10台及以上，持续保持积极有序发展的良好势头，有望拉动核电设备需求释放。公司从1998年进入核电领域，现已提供186台常规岛压力容器和换热器，435台核2、3级压力容器和储罐，是中广核集团、中核集团等长期战略合作伙伴。2025年公司设立西子核能，未来将积极向三代核电、四代核电领域拓展。同时在核聚变领域，公司未来将持续拓展杜瓦结构等产品的制造能力，有望带动公司核电业务收入长期提升。 盈利预测、估值和评级 我们预计25-27...

行业观点： 1)上周（2/2-2/6）大消费板块仅商贸零售收跌。食品饮料、美容护理、纺织服饰、家用电器、社会服务、商贸零售周涨跌幅分别为+4.31%、+3.69%、+1.32%、+1.28%、+0.02%、-0.34%。食品饮料、家用电器、纺织服饰、商贸零售、社会服务、美容护理各板块领涨的个股分别是皇台酒业（+13.50%）、民爆光电（+115.92%）、菜百股份（+30.39%）、杭州解百（+33.75%）、*ST开元（+22.32%）贝泰妮（+13.49%）；领跌的个股分别是*ST椰岛（-15.69%）、深康佳B（-37.23%）、中国黄金（-22.21%）、怡亚通（-14.36%）、大连圣亚（-20.09%）、延江股份（-13.61%）。 2)海南“零关税”向居民普惠，免税头部企业有望持续受益。2月5日，财政部、海关总署、税务总局联合发文，正式落地海南自贸港岛内居民消费进境商品“零关税”政策，岛内符合条件的居民可在指定经营场所，凭年度1万元免税额度（不限次数）购买免税日常消费品，涵盖食品饮料、日化、母婴等品类，免征多环节税种。政策落地标志着海南“零关税”政策从离岛旅客特惠转向居民普惠，对免税行业构成实质性利好，开辟出非旅游导向的稳定增量消费场景。不同于以往离岛免税依赖旅游客流的季节性波动特征，岛内居民作为长期稳定的消费群体，其消费需求的释放将直接拉动免税门店日常客流与销售额稳步提升，有效填补非旅游旺季的需求空白。从竞争格局看，头部免税运营商有望凭借已有的门店布局、供应链整合及运营管理优势，率先承接岛内居民消费增量，进一步扩大市场领先优势。长期看，政策驱动的消费需求增长将持续推动免税产业链上下游完善，叠加政策实施过程中规范化监管的强化，将加速中小不合规经营主体出清，头部企业的市场份额将得到持续巩固。 3)春节特别活动方案助力春节消费升温。商务部等九部门印发《2026“乐购新春”春节特别活动方案》，方案围绕2026年2月15-23日春节假期制定，旨在繁荣节日市场、丰富群众文化生活、激发假期消费活力，打造全域联动、全民乐享的春节消费盛宴。活动内容围绕好吃、好住、好行、好游、好购、好玩六大维度，融合马年文化，联动多领域推出优惠活动，线上线下联动、商旅文体健融合，激发春节消费活力，支持措施如下：1）开展有奖发票，试点城市加大奖金投放，其他地区组织购物抽奖、消费补贴等活动...

股市回顾 A股行情：2月6日沪指收跌0.25%，报4065.58点；深成指跌0.3%，报13906.73点；创业板指跌0.73%，报3236.46点；北证50涨0.9%。 亚太市场：港股三大指数表现分化，恒生指数收涨1.21%，报26559.95点；恒生科技指数跌1.11%，报5346.20点；国企指数跌0.68%，报9031.38点。日经225指数涨0.81%，报54253.68点。韩国KOSPI指数收跌1.44%，报5089.14点。 欧洲市场：英国富时100收涨0.5871%，报10369.75点；德国DAX30收跌0.46%，报24491.06点；法国CAC40收跌0.29%，报8238.17点。 美股市场：美股三大指数集体收涨，道指涨2.47%，报50115.67点；站上50000点创收盘新高，上周累计上涨2.5%，纳指涨2.18%，报23031.213点；上周累计下跌1.84%。标普500指数涨1.97%，报6932.3点；上周累计下跌0.1%。 中概股：2月6日，中概股普遍上涨，纳斯达克中国金龙指数涨3.71%，万得中概科技龙头指数涨2.90%。个股方面，世纪互联涨超10%，陆控涨约10%，禾赛科技涨近10%，小马智行涨超9%，好未来涨超6%。蔚来涨近8%。 国际要闻 美国对伊朗开始新一轮制裁，美伊会谈后油价持续走高 法国去年对美出口下滑 国内要闻 国务院总理李强：做大做强国内大循环 我国出台关于境内资产发行境外资产支持证券代币的监管指引，防范和处置虚拟货币交易炒作风险 美团拟斥资7.17亿美元收购叮咚 重要公告 信达生物：与礼来制药达成全球战略合作，推进肿瘤及免疫领域的新药开发 杉杉股份：控股股东杉杉集团实控人将变更为安徽省国资委 龙韵股份：拟通过发行股份的方式向上海炳昶、段泽坤购买其合计持有的愚恒影业58%股权

一、宏观消息汇总 1.国常会：深入谋划实施一批重大举措、重大项目。要在发展新质生产力、做强国内大循环、促进居民增收等方面取得更大突破。 2.国务院第十次全体会议讨论政府工作报告稿和“十五五”规划纲要草案稿。 3.中国人民银行、中国证监会等八部门联合发布《关于进一步防范和处置虚拟货币等相关风险的通知》，明确虚拟货币监管力度只紧不松。 二、行业最新动态 1.特斯拉据称正在美布局多州建厂，以扩张太阳能电池制造版图。相关个股：奥维特(688516)，捷佳伟创(300724)等。 2.AI推动先进封装产，台积电CoWoS供应紧张，FOPLP登上舞台。相关个股：长电科技(600584)，通富微电(002156)等。 3.千问“春节30亿免单”送奶茶，店铺爆单、店员忙疯！AI购物火县城消费。相关个股：三江购物(601116)，新华都(002264)等。 三、上市公司聚焦 1.壹网壹创(300792)：拟收购北京联世传奇网络技术有限公司100%的股权，进一步布局AI智能营销。 2.新华医疗(600587)：终止收购新三板挂牌公司中帜生物36.19%的股权，公司不存在违约情形。 3.富乐德(301297)：公司目前已在日本熊本投资建设洗净工厂，下属全资子公司富乐华也与较多海外客户建立了业务合作关系。 4.捷佳伟创(300724)：公司目前在手订单以TOPCon为主，海外订单保持增长，海外订单占比持续提升。 四、市场回顾及展望 2月6日（星期五），周五A股市场呈现低开冲高回落的震荡整理态势，截至收盘，三大指数均微幅收跌。个股分化特征明显，上涨家数略多于下跌家数，全市场上涨家数达2749家。成交量方面，两市合计成交额约2.16万亿，较前一交易日小幅缩量。 盘面上，短线情绪整体表现相对平稳，未出现明显单边走势。两市61只涨停中首板个股占据绝大多数，显示出资金主要以挖掘低位启动或超跌反弹机会为主。连板接力方面，最高连板数停留在3板，且像韩建河山、杭州解百、协鑫集成等3连板个股分属基建、零售、光伏等不同板块，缺乏清晰统一的题材主线进行引领，这反映出热点快速轮动下，资金难以在某一方向上形成持续一致的合力。 板块方面，当日热点板块集中在化工、油气、电力设备及中药领域，其中化工板块主要受巴斯夫上调TDI价格、全球供应缺口扩大的驱动，氟化工、磷化工等细分领域表现强势。调整方向则主要集中于大消费领域，前...

重点推荐 >1.宏观背景下的化工行业改善持续性增强，关注油价变量——资产配置周报（2026/02/02-2026/02/06） >2.预制菜国标推出，行业规范化里程碑——行业简评报告 财经要闻 >1.国常会：研究促进有效投资政策措施 >2.国务院第十次全体会议：讨论政府工作报告稿和“十五五”规划纲要草案稿 >3.商务部：将搭建培育服务消费新增长点“1+N”政策体系 >4.1月外汇储备规模上升，央行连续15个月增持黄金 >5.美国威胁对与伊朗有贸易往来国家加征关税 >6.日本众议院选举结果出炉

0P0001KUU0.SI 互動股市圖表 | 0P0001KUU0.SI 股市 Yahoo 財經

Key Points SPLB offers a lower expense ratio and a positive return over the last 12 months, while TLT has decreased in price within that span. TLT carries less risk than SPLB because all of the bonds it holds are backed by the U.S. government. 10 stocks we like better than iShares Trust - iShares 20+ Year Treasury Bond ETF › Both the iShares 20 Year Treasury Bond ETF (NASDAQ:TLT) and State Street SPDR Portfolio Long Term Corporate Bond ETF (NYSEMKT:SPLB) target the long end of the U.S. bond market, but their approaches and risk profiles differ. TLT tracks government debt with maturities over 20 years, while SPLB provides broad exposure to investment-grade corporate bonds with maturities over 10 years. Snapshot (cost & size) Metric TLT SPLB Issuer IShares SPDR Expense ratio 0.15% 0.04% 1-yr return (as of Feb. 7, 2026) -2.61% 0.22% Dividend yield 4.43% 5.25% Beta 0.56 0.67 AUM $44.81 billion $1.22 billion Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months. SPLB stands out for its lower expense ratio and higher yield percentage, while actually having a positive return over the last 12 months. Performance & risk comparison Metric TLT SPLB Max drawdown (5 y) -43.71% -34.45% Growth of $1,000 over 5 years $585 $710 What's inside SPLB invests in a broad basket of 2,961 long-term, investment-grade U.S. corporate bonds, offering diversification across issuers and sectors. Some of the largest holdings include bonds that are issued by top companies including Meta (NASDAQ:META), CVS Health (NYSE:CVS), and Verizon (NYSE:VZ). TLT, by contrast, holds just 47 U.S. Treasury bonds, all with maturities beyond 20 years. This heavy tilt toward government debt minimizes the risk of default by the bond issuer, as 100% of holdings are AA-rated, the second-safest type of bond. For more guidance on ETF investing, check out the full guide at this link. What this means for ...

Makhbubakhon Ismatova/iStock via Getty Images It may seem hard to find value stocks when the Dow Jones Industrial Average ( DJI ) just surpassed the key psychological level of 50,000. While that may appear to be the case to the untrained eye, I continue to view it as a market for stocks rather than the stock market, with plenty of opportunities in bull and bear markets alike. This brings me to Skyworks Solutions ( SWKS ), which I last covered back in July 2023, highlighting its strong positioning as a supplier for Apple ( AAPL ) along with its robust cash flow generation. The past year hasn’t been kind to SWKS due to volatility in demand and competition, which has pressured revenue and margins, as shown below. YCharts However, the current price already reflects recent headwinds. At $62.10, SWKS trades in the bottom half of its 52-week range with a 13.3 forward P/E and a 4.6% dividend yield, as shown below. SWKS Stock 1-Yr Trend (Seeking Alpha) In this article, I revisit SWKS, including recent business results , and discuss why now may be an opportune time to pick up this quality semiconductor player while it’s undervalued, so let’s dig in! Why SWKS? Skyworks Solutions is a global designer and manufacturer of high-performance analog and mixed-signal semiconductors. SWKS’ chips enable wireless connectivity and advanced signal processing across mobile and diversified technology markets. Its products are foundational components in smartphones, broadband infrastructure, automotive systems, IoT devices, and emerging AI-enabled edge applications. SWKS delivered solid results in Q1 2026 (ended January 2, 2026) that exceeded the high end of guidance, with revenue coming in at $1.04 billion (3.1% YoY decline) and adjusted EPS of $1.54 (3.8% YoY decline). Adjusted gross margin improved slightly by 10 basis points YoY to 46.6%, and SWKS generated $339 million in free flow, of which $106 million was paid out through dividends. The Mobile segment remains the primary revenue drive...

Peter Mandelson’s personal disgrace is deep and unique, and may yet bring down a prime minister – but by laying bare the dark allure of the “filthy rich”, it also underlines the need for tougher constraints on money in politics. It is hard to know what system or process could have shielded sensitive government decisions from the risk that a senior cabinet minister might nonchalantly pass on the details to a friend, the convicted sex offender Jeffrey Epstein. But Epstein’s efforts to influence government policy – working to water down Alistair Darling’s bonus tax at a time when the banks had crashed the British economy, for example – underline the powerful forces with which politicians are faced. One bulwark against this is the expectation that most will display a probity and strength of character Mandelson clearly lacked. The Bank of England governor, Andrew Bailey, spoke for many on Thursday when he unfavourably compared the disgraced Mandelson with the late Alistair Darling. Describing the former chancellor as having “a thorough sense of honesty and decency”, Bailey appeared too emotional to finish the sentence that began: “To see those pictures of Peter Mandelson with Alistair Darling …” but all of us present at the press conference took the point. Unfortunately, when it comes to money and politics – whether post-parliamentary employment, lobbying or party funding – the revelations are a reminder that it is unwise to take honesty and decency as a given. Keir Starmer is reportedly furious with Mandelson, but the decision to appoint him was consistent with his administration’s tendency to blur the lines between business and politics. From allowing the Labour donor Waheed Alli a pass to No10, to hiring senior aides who continued to hold shares in lobbying companies, Starmer’s preference for competence over ideology sometimes appears to have blinded him to potential conflicts of interest. As Gordon Brown pointed out in the Guardian this weekend, it now behoves the pr...

Disclosure: Some links on this page are monetized by the Skimlinks, Amazon, Rakuten Advertising, and eBay, affiliate programs, and Liliputing may earn a commission if you make a purchase after clicking on those links. All prices are subject to change, and this article only reflects the prices available at time of publication. Last summer GEEKOM released a pair of mini PCs with the latest Intel and AMD processors: the GEEKOM IT15 with an Intel Core Ultra 9 285H Arrow Lake processor and the GEEKOM A9 Max with an AMD Ryzen AI 9 HX 370 Strix Point processor. When I reviewed the Intel model, I noted that the mini PC’s cooling system wasn’t up to the task of allowing the powerful processor to live up to its potential, so potential customers might be better off with the AMD version. Now that I’ve had a chance to test the GEEKOM A9 Max, it’s time to decide whether it really does offer better value. The GEEKOM A9 Max is available from the GEEKOM store for $1299, but customers who place an order before February 9th can use the coupon 16A9M to bring the price down to $1091. It’s also available from Amazon for $1099 at time of publication. Those prices are for a model with a Ryzen AI 9 HX 370 processor, 32GB of RAM, and a 2TB SSD. GEEKOM provided Liliputing with a demo unit for free, with no requirement that the mini PC be returned upon completion of the review. This review is not sponsored by GEEKOM, and the company did not modify or approve the content of this article in any way. Overview and Design The GEEKOM A9 Max has a 12-core 24-thread AMD Ryzen AI 9 HX 370 Strix processor with a maximum boost clock of up to 5.1 GHz. It also includes the AMD Radeon 890M iGPU which has 16 graphic cores with a frequency up to 2.9 GHz. There’s also an NPU capable of delivering up to 50 TOPS of hardware-accelerated AI performance, allowing the processor to provide up to 80 TOPS when using the NPU, GPU, and CPU together. The mini PC uses DDR5 memory running at 5600 MT/s and supports up to 128...

Strong analyst sentiment on Taiwan Semiconductor Manufacturing (TSM) as AI demand drives massive 2026 capital spending MSN

GMVozd/E+ via Getty Images Introduction Last time I covered Ingredion ( INGR ), I reiterated their Buy rating, backed by their strong financial health, with the cost savings program accelerating and strong shareholder returns despite going through an investing cycle. With a better-than-expected free cash flow in 2025 and the company advancing well on all their strategic pillars, I continue rating them a Buy, with potential to benefit from an improving environment, although I will remain cautious about MAHA policies and long-term consumer risks. Internal Developments Ingredion IR Ingredion’s Q4 missed the market’s expectations , with a slight miss on both EPS and revenue, with 4% net sales volume growth in Texture & Healthful Solutions, a 3% decline in Food & Industrial Ingredients in LATAM, and a 7% decrease in that segment's North American operations. Ingredion IR They advanced on all strategic pillars, with a focus on protein and clean-label ingredients that’s gaining momentum, helping customers adapt to the new environment (e.g., cocoa reduction due to tariffs or the low/no-sugar alternatives) while also finishing their Cost2Compete cost savings program, achieving $59 million in run-rate savings and expecting “very little” impact from the new tariffs since their products are generally bought and sold locally (more than 80% of production, as they say ). This transformation is also delivering greater profitability, with the gross margins reaching 25.3% in 2025 compared to 18.8% in 2022. Ingredion IR In 2025, INGR reported a significantly lower cash flow from operations as a result of a negative working capital change, with the free cash flow reaching $511 million (above the management’s $375 million to $500 million guidance) compared to $1.14 billion, while the CAPEX grew to $433 million compared to $295 million in 2024. This covers their $211 million in dividends and $224 million worth of buybacks completed in 2025, for a combined yield of ~5.75%, which is not bad...

Applied Digital (NASDAQ: APLD) is scaling AI data centers faster than almost anyone, but the path to $100 depends on margins, cash flow, and execution. I break down the catalysts and risks investors must understand before the next big move. Stock prices used were the market prices of Jan. 30, 2026. The video was published on Feb. 7, 2026. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » Should you buy stock in Applied Digital right now? Before you buy stock in Applied Digital, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Applied Digital wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $443,299!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,136,601!* Now, it’s worth noting Stock Advisor’s total average return is 914% — a market-crushing outperformance compared to 195% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of February 8, 2026. Rick Orford has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Rick Orford is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool. The views and opinions expressed herein are the views and op...

在啟德舉行的，世界桌球大獎賽決賽，趙心童贏張安達10-6奪冠。 決賽分成兩節，19局10勝，兩位中國球手在首節打成4-4，其中白色裇衫的趙心童，第七局打出一桿145度，超越張安達在次圈對戰奧蘇利雲時，造出一桿144度的成績，成為今屆賽事最高桿數紀錄。趙心童在晚上進行的第二節，先贏兩局拉開，之後再沒試過落後。 這位世錦賽冠軍全日五次「一桿破百」，三次在第二節造出，包括第14局的一桿134度。隨著他第16局打出一桿131度勝出，奠定贏局數10-6封王。

This is spot on. It’s impossible to quantify just how big an impact Jota’s death must have had on the players and staff. An email from Andy Flintoff: “One big difference between last year’s champions and this year’s Liverpool team that you’ve elided is the unfortunate loss of Diogo Jota, which has obviously affected the club both tactically and mentally. They haven’t really replaced that sort of player who could always find space whether coming in from the flanks or from deep.” Two very strong XIs, and no real surprises. But look at the difference in quality and experience between the two benches. Liverpool’s decline from Premier League champions to Premier League also rans is not due to any one problem. Injuries have played their part, new signings have taken their time to bed in, Mo Salah playing well within himself, plus Arne Slot has struggled to evolve this team with the same cohesion. The Dutchman admitted on Friday that Liverpool’s issues were no more apparent than in the reverse fixture of this one – a 3-0 defeat to City in November at the Etihad – and said the “the biggest difference between this season and last season … was “how much intensity [of lack thereof] we had in our pressing as a team”. There are lots of other metrics to point to: goalkeeper Alisson is 21st amongst the 28 goalkeepers used across the Premier League for save percentage. Only four teams have conceded more goals from set pieces than the Reds. Be a problem tactically, or with fitness or motivation, Liverpool have often not been up to their high standards. That said, Liverpool have been excellent in their last two matches, beating Qarabag 6-0 and Newcastle 4-1. Manchester City, though, are a different proposition, and need to win here to stay in the title race. City hate it at Anfield, winning just one of their past 22 visits (and losing 14) and any dropped points here will surely hand Arsenal the title. If City do win, it will be the club’s first league double over Liverpool since 1936...

格隆汇2月8日｜美国总统特朗普：美国的选举充满舞弊和窃取，已成为全世界的笑柄。

Goldman Sachs revamps Nvidia stock forecast ahead of earnings thestreet.com

Key Points Tariffs, as well as the removal of EV incentives, are weighing on the automotive industry. GM was able to offset almost 40% of its tariff costs in 2025. The key point for investors is that GM's current success is sustainable. 10 stocks we like better than General Motors › While the U.S. electric vehicle (EV) industry lost some steam and tariff complications made investors nervous, General Motors (NYSE: GM) managed to drive through the obstacle course of issues last year with ease. The company topped earnings estimates for the fourth quarter, reached its highest U.S. market share since 2015, increased its dividend 20% and authorized a new $6 billion share repurchase program -- not a bad day's work. GM's tariff and EV profitability problem isn't going away, however. Here's a closer look at how the automaker can mitigate some of the pressure for investors. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » EV profitability pain Detroit auto rivals GM and Ford Motor Company (NYSE: F) both felt pain from EV profitability, changes to emissions regulations, and the removal of some EV incentives, and that caused decision makers to rethink production capacity and locations. Ford made big headlines with its decision to effectively discontinue the F-150 Lightning in its current form, among other adjustments, that culminated in a $19.5 billion special charge to pivot away from EVs in the near term. GM wasn't able to escape the EV pain either, as more than $7 billion in charges related to scaling back EV production hit the automaker's net income, driving a $3.3 billion loss during the fourth quarter. Special charges did not impact adjusted earnings, which are the figures Wall Street estimates. GM expects EV volume to most likely be down for the full year, but despite the market losing steam, the automaker is expecting to cut EV losses by $1 billion to...

Takashi Aoyama/Getty Images News Japan’s equity rally is expected to continue after Prime Minister Sanae Takaichi’s Liberal Democratic Party secured a strong showing in Sunday’s lower house election, while the yen and government bonds could come under renewed strain, Bloomberg News reported Sunday. Local media reported the LDP won a majority, with public broadcaster NHK projecting the ruling coalition could approach a two-thirds supermajority. The result was stronger than some investors had anticipated and is seen as clearing the way for Takaichi’s pro-spending agenda. Japanese shares have already been outperforming. The Topix closed at a record high on Friday and is up more than 8% this year, far ahead of gains in global developed-market equities, as investors price in higher fiscal spending and stronger growth. Currency and bond markets tell a different story. The yen weakened 1.6% last week to around 157 per dollar, edging closer to levels that previously prompted official intervention. Analysts said the election result removes uncertainty and could allow existing trends, including a weaker yen and higher bond yields, to reassert themselves. Equity investors are focusing on so-called “Takaichi trades,” with defense, nuclear energy, semiconductors and AI-related sectors seen as potential beneficiaries of increased public investment. A weaker yen could further support exporters, though it also raises costs for households. Japanese government bonds remain vulnerable. Many global investors entered the election underweight JGBs, particularly at longer maturities, citing fiscal concerns, tax-cut proposals and thin liquidity. While bonds steadied somewhat last week, strategists warned that political clarity could renew selling pressure. Some market participants note a possible counterpoint: a decisive win could give Takaichi more room to moderate stimulus plans and respond to bond market concerns. Still, interest-rate markets are increasingly pricing in tighter policy, ...