02月23日 - 03月01日当周重磅财经事件一览，以下均为北京时间： | 数据 | 09:00 | 中国 2月一年期贷款市场报价利率(LPR) | 3% | | --- | --- | --- | --- | | | 09:00 | 中国 2月五年期贷款市场报价利率(LPR) | 3.5% | | | 待定 | 报道：德国总理默茨将于2月24日至2月26日访华 | | | 事件 | 待定 | 特朗普新加征关税税率加码至15%, 2月24日生效 | | | | 待定 | 美国总统特朗普将发表国情咨文演讲 | | | 财报 | | 汇丰控股、家得宝 | | 最后，地缘政治暗流涌动。伊朗局势骤然紧张，特朗普透露正考虑对伊朗进行"有限军事打击"，美国国务卿也将于2月28日前往以色列讨论伊核问题，地 缘风险或将对油价产生显著影响。另一方面，德国新任总理默茨将于2月24日至26日访华，此行为中欧关系及全球经贸合作注入新的变量。此外，美国国 会就爱泼斯坦案对克林顿夫妇的问询、MSCI中国指数调整生效等事件也将引发关注。 | 数据 | 18:00 | 欧元区 1月核心调和CPI同比终值 | 2.2% | 2.2% | | ...

Apple CEO Tim Cook is signaling that Visual Intelligence will be the defining feature of the company’s push into wearable AI devices, writes Mark Gurman.Read this week's Power On newsletter: https://t.co/lDDRC4E54k📷️: David Paul Morris/Bloomberg https://t.co/9LSy9mx7hm ...

Apple’s next big thing is visual artificial intelligence, something CEO Tim Cook has already dropped hints about, @markgurman writes in this week’s Power On https://t.co/IXy9sH5aM1 ...

Group 1: Apple's AI Potential - Apple's AI layer could be valued at approximately $1.5 trillion, which is nearly 50% of the company's current market valuation [2] - The current weakness in AAPL's stock may be attributed more to timing rather than fundamental issues [2] Group 2: Social Media Consultation - Mark Zuckerberg has consulted Tim Cook regarding social media safety, indicating a collaboration or exchange of ideas between the two tech leaders [3] Group 3: Upcoming Event - Apple is hosting a "special Apple Experience" event on March 4 in New York, London, and Shanghai, featuring a unique 3D Apple logo invite [4] Group 4: Streaming Strategy - Apple plans to launch a new integrated video podcast experience on its Apple Podcasts app this spring, enhancing its streaming segment and content offerings [5] Group 5: Capital Expenditure Strategy - Apple has reduced its capital expenditure by 19% year-over-year to $2.37 billion, contrasting with other tech giants that are investing around $700 billion in AI spending [6]

Group 1 - The article highlights Uttam as a growth-oriented investment analyst focusing on the technology sector, particularly in semiconductors, artificial intelligence, and cloud software [1] - Uttam's research also encompasses other sectors such as MedTech, Defense Tech, and Renewable Energy, indicating a broad analytical scope [1] - The Pragmatic Optimist Newsletter, co-authored by Uttam and Amrita Roy, is recognized and cited by major publications like the Wall Street Journal and Forbes, showcasing its influence in the investment community [1] Group 2 - Prior to his research career, Uttam gained experience in Silicon Valley, leading teams at major technology firms including Apple and Google, which adds credibility to his insights [1]

Move over, Apple: Meet the alternative app stores available in the EU and elsewhere https://t.co/JzMDGCw6BN ...

Market Reaction - The Supreme Court's ruling against President Trump's global tariff regime led to a brief rally in the DOW (+0.8%) and S&P 500 (+1.1%) as retailers anticipated the removal of 10% tariffs [2] - Following the ruling, President Trump raised the global tariff rate from 10% to 15%, reversing the positive market sentiment [2] - The immediate reaction in the crypto markets saw Bitcoin (BTC) drop by 5.6% to $68,000, reflecting investor concerns over the trade situation [4] Impact on Companies - Apple (AAPL) is expected to be significantly affected by the increase in tariffs, particularly impacting the upcoming iPhone refresh, as the cost will likely be passed to consumers [5] - The broader tech sector, represented by QQQ, is preparing for a challenging market environment, with a recalibration of risk premiums for U.S. equities [6] - Netflix (NFLX) faced pressure as President Trump demanded the firing of board member Susan Rice, complicating its ongoing acquisition talks with Warner Bros. Discovery (WBD) [7][8] International Reactions - Internationally, reactions varied, with French President Macron criticizing the U.S. administration's approach to the rule of law, while Canadian Prime Minister Carney navigated trade tensions involving potential 100% tariffs [9][10] Economic Outlook - The DOW futures indicate a potential drop of 400 points, with the VIX rising by 12.4%, reflecting market volatility amid the ongoing trade war and political tensions [11] - The current market dynamics suggest a shift from economic fundamentals to a focus on political maneuvering, with the S&P 500 acting as a barometer for these tensions [11][12]

另一边，段永平在雪球官方披露的2025年Q4美股持仓，同样有明确减仓动作：核心重仓股苹果减持7.09%，和巴菲特的操作形成了奇妙的呼应。 看到"减仓""清仓"就慌，属实是普通人的本能反应，但咱得掰扯清楚，这可不是拍脑袋的"撤退"，而是大佬们的精准调仓。 巴菲特减仓后，苹果依旧是伯克希尔第一大持仓，市值超619亿美元；清仓谷歌、减持亚马逊，更多是对估值与赛道的再权衡，而非看空整个市场。 段永平减苹果的同时，反手增持英伟达1110.62%，还新进多家AI产业链公司，属于"腾挪仓位"，不是"清空离场"。 说白了，两位大佬的操作，是"优化组合"，不是"仓皇跑路"。 突发大消息！巴菲特、段永平，集体减仓撤退了？ 刚沏好一杯热乎的陈皮茶，随手点开财经资讯，两条重磅调仓消息直接撞进眼里，连茶烟都晃了晃。投资圈里顶流级别的两位大佬——被全世界股民当"投 资教科书"的巴菲特，还有被网友亲切叫"段菲特"的段永平，居然在同一周期里齐刷刷动手减仓，这波操作默契得像提前通了气，让无数跟着抄作业的普通 投资者心里打鼓：难道市场要变天，大佬们要提前"撤退"离场了？ 先把实锤数据摆上台，全是官方可查的硬信息，半点不掺水。 美国SEC官网披露 ...

Core Insights - The latest holdings of top investment firms reveal a consensus on Pinduoduo and Google as major investments, with significant increases in their positions by several firms [1][2]. Group 1: Segment Analysis - **H&H Investment (Duang Yongping)**: - Total holdings exceed $17.49 billion (approximately 120.8 billion RMB) with 14 stocks. Major increases in positions for Berkshire, Nvidia, Pinduoduo, Google C, and Microsoft, while reducing Apple, Occidental Petroleum, Alibaba, Disney, and ASML [3][4]. - New investments in AI-related stocks include CoreWeave, Credo Technology, and Tempus AI, with respective holdings of 0.12%, 0.12%, and 0.04% [3]. - **Jinglin Asset**: - Total holdings valued at $4.045 billion, with Google becoming the largest position, replacing Meta. Significant reduction in Nvidia holdings by over 60% [5][6]. - **Himalaya Capital (Li Lu)**: - Total holdings of $3.57 billion, with a highly concentrated portfolio where the top five stocks account for 95.96%. Google is the largest holding at 43.86% [7][8]. - **Hillhouse Capital (HHLR)**: - Total holdings around $3.104 billion, focusing heavily on Chinese stocks, with Pinduoduo making up 39.17% of the portfolio [9][10]. - **Oriental Harbor (Dan Bin)**: - Total holdings of $1.316 billion, with significant increases in Google A and Nvidia, while reducing positions in several other stocks [11][12]. - **Gaoyi Asset**: - Total holdings of $683 million, with a concentrated portfolio where Huazhu and Pinduoduo account for 68.25% [13][14].

Core Insights - The semiconductor industry is shifting focus from miniaturization of individual chips to the integration of multiple smaller units, known as Chiplets, due to physical limitations in chip size and yield issues [2][6][9] - The demand for larger AI models necessitates an increase in transistor count on chips, leading to a need for larger chip sizes, which is constrained by current lithography technology [5][6] - The industry is exploring new materials and architectures, particularly glass substrates, to overcome the limitations of organic substrates and silicon interconnects [24][28][33] Group 1: Chiplet Architecture - Chiplet architecture allows for the assembly of smaller chips, improving yield and reducing costs while enabling the use of different manufacturing processes for various components [9][10] - The communication between Chiplets must be efficient; otherwise, the benefits of separating chips could be negated [10][11] - Companies like NVIDIA and Intel are already implementing Chiplet designs in their products, such as NVIDIA's Blackwell and Intel's Ponte Vecchio [9] Group 2: Material Limitations - Organic substrates have dominated the market for 25 years but are now facing challenges in high-performance applications, particularly in AI chips [15][16][20] - Silicon interconnects provide superior performance but come with high costs and resource constraints, leading to a bottleneck in production capacity [21][22][49] - Glass substrates are being explored as a potential solution, offering advantages in thermal expansion matching and signal integrity [28][29][30] Group 3: Glass Substrate Development - Two main approaches for glass substrates are emerging: replacing the interconnect layer with glass and using glass as a substrate itself [26][27] - Glass has shown superior performance in thermal expansion and signal loss compared to organic materials, making it a promising alternative [28][29] - However, challenges such as fragility, thermal conductivity, and power noise must be addressed before glass can be widely adopted [31][32][33] Group 4: Competitive Landscape - Intel has invested heavily in glass substrate technology and holds a significant number of patents, but recent leadership changes raise questions about its future in this space [36][38] - Samsung is pursuing a vertically integrated approach to glass substrate production, but quality issues have been reported with their prototypes [39] - Other companies, such as Absolics, are also entering the market but face challenges in securing large customers for their products [40] Group 5: Industry Dynamics - The semiconductor industry is at a crossroads, with multiple technologies competing for dominance in the substrate and interconnect space [52][53] - The future will depend on the ability to achieve high production yields and meet the demands of AI chip growth, with no clear winner emerging yet [35][58] - The ongoing developments in both glass and organic materials will shape the competitive landscape, with significant implications for production capabilities and market dynamics [57][60]