大树獭
05-06
老郭的分析非常理性，目前大部分利好都是可能性，甚至可能性都算不上。但很可惜，市场并不理性
谷歌新TPU订单会流向英特尔吗？郭明𫓹：谷歌连联发科的利润也想省，台积电良率优势显著
免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
1
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":561106537924456,"tweetId":"561106537924456","gmtCreate":1778020676566,"gmtModify":1778020679033,"author":{"id":4123895024847520,"idStr":"4123895024847520","authorId":4123895024847520,"authorIdStr":"4123895024847520","name":"大树獭","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"hat":"https://static.tigerbbs.com/ae1f49570794979e009a5efdeb6f4789","crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>老郭的分析非常理性，目前大部分利好都是可能性，甚至可能性都算不上。但很可惜，市场并不理性</p></body></html>","htmlText":"<html><head></head><body><p>老郭的分析非常理性，目前大部分利好都是可能性，甚至可能性都算不上。但很可惜，市场并不理性</p></body></html>","text":"老郭的分析非常理性，目前大部分利好都是可能性，甚至可能性都算不上。但很可惜，市场并不理性","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/561106537924456","repostId":2632938550,"repostType":2,"repost":{"id":"2632938550","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1777872038,"share":"https://www.laohu8.com/m/news/2632938550?lang=zh_CN&edition=full","pubTime":"2026-05-04 13:20","market":"sg","language":"zh","title":"谷歌新TPU订单会流向英特尔吗？郭明𫓹：谷歌连联发科的利润也想省，台积电良率优势显著","url":"https://stock-news.laohu8.com/highlight/detail?id=2632938550","media":"华尔街见闻","summary":"郭明𫓹指出，英特尔EMIB-T先进封装当前验证良率约90%，但距量产所需98%仍有明显差距，成为关键风险点。与此同时，谷歌为压缩AI芯片成本、对标英伟达，正尝试绕开联发科并直接向台积电采购晶圆，推动供应链重构。台积电则在产能分配与合作路径上谨慎平衡多方利益。整体来看，封装良率与成本控制正共同决定谷歌AI芯片战略成败。","content":"<html><body><p><a href=\"https://laohu8.com/S/GOOG\">谷歌</a>下一代TPU芯片的封装技术路线正面临关键考验。<a href=\"https://laohu8.com/S/INTC\">英特尔</a>为<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>2027年下半年新款TPU（代号Humufish）提供的EMIB-T封装技术，目前技术验证良率已达90%，但距离量产所需标准仍有差距，而谷歌为压缩成本、正面迎战<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>所展现出的强硬采购姿态，正在重塑整条供应链的利益格局。</p>\n<p>知名<a href=\"https://laohu8.com/S/AAPL\">苹果</a>及科技供应链分析师郭明𫓹最新披露，EMIB-T当前90%的技术验证良率属于积极但合理的数据点，然而英特尔的量产良率基准参照的是FCBGA工艺，后者行业普遍水平已在98%以上。从90%提升至98%的难度，远超从零起步至90%的阶段，加之Humufish部分规格尚未最终确定，近至中期内量产良率能否达标仍存在不确定性。</p>\n<p><img src=\"https://wpimg-wscn.awtmt.com/141737cc-27ce-4c63-8009-c6dc12be804a.png\"/></p>\n<p>与此同时，谷歌已悄然向<a href=\"https://laohu8.com/S/TSM\">台积电</a>询价，探讨能否绕开<a href=\"https://laohu8.com/S/002394\">联发</a>科、直接下单Humufish主计算芯片的晶圆订单，以削减中间环节的加价成本。这一动作释放出明确信号：谷歌正从过去的宽松买家转变为精打细算的成本控制者，其逻辑在于，要在AI加速芯片市场正面挑战英伟达，成本优势是谷歌的核心武器，而EMIB-T的量产良率因此直接关系到谷歌的竞争力。</p>\n<h2>良率瓶颈：从90%到98%是最难的一跳</h2>\n<p>郭明𫓹指出，EMIB-T目前90%的技术验证良率，对于一项仍处于开发阶段的技术而言，是一个积极的里程碑。英特尔在EMIB量产方面拥有一定的历史积累，这使得这一数字具备可信度。</p>\n<p>然而，技术验证良率与最终量产良率之间存在本质差异。英特尔衡量封装良率的参照基准是FCBGA，而当前行业FCBGA良率普遍高于98%。郭明𫓹强调，从90%跨越至98%，难度远大于从项目启动阶段爬升至90%，尤其是在Humufish部分规格尚未定稿的情况下，良率的最终走向存在更多变量。</p>\n<p>作为参照，台积电2026年5.5倍光罩尺寸CoWoS封装的良率目标同样从98%起步，这意味着谷歌对EMIB-T的良率预期并无妥协空间。郭明𫓹表示，长期而言他对英特尔先进封装的发展方向持正面看法，但近至中期内对其能否顺利达到量产标准保持审慎态度。</p>\n<h2>谷歌转向强硬：成本压力倒逼供应链重构</h2>\n<p>谷歌近期向台积电发出询问，探讨是否可以直接为Humufish主计算芯片（由谷歌内部自主设计）下达晶圆订单，而非沿用此前通过联发科中转的模式。</p>\n<p>郭明𫓹分析，谷歌与联发科自第一代TPU（8t）起便采用半COT（客户自有工具）模式合作。联发科的利润加成主要集中在其自主设计的部分，因此谷歌是否直接下单主计算芯片的晶圆，对联发科整体盈利轨迹的影响并非关键变量。</p>\n<p>但谷歌主动探询能否压缩晶圆订单的转手加价，本身已传递出重要信息：谷歌的采购策略已发生根本性转变。驱动这一转变的逻辑直接明了——要在AI芯片市场正面对抗英伟达，成本是谷歌最重要的竞争筹码，这也使得EMIB-T的量产良率从供应链技术问题，升级为谷歌必须亲自解决的战略问题。</p>\n<h2>台积电的两难：前端产能分配悬而未决</h2>\n<p>台积电目前仍在评估2027年下半年为Humufish分配多少先进制程产能，背后存在两重考量。</p>\n<p>其一，台积电仍希望争取Humufish的后端封装订单，但目前来看可能性不大——而这正是谷歌有意为之的布局结果。其二，台积电需要先摸清EMIB-T的实际后端产出能力，才能避免将稀缺的先进制程产能错配至无法充分消化的环节。</p>\n<p>郭明𫓹指出，Humufish的有效后端产出同时取决于EMIB-T封装和基板两个环节，两者需要联动追踪，任何一环的瓶颈都将影响整体出货节奏。</p>\n<p>在半COT模式下，台积电同样倾向于由联发科继续承接主计算芯片的晶圆订单。除双方长期紧密的合作关系外，更关键的商业逻辑在于：联发科是台积电2025年先进制程的第三大客户。一旦TPU订单发生转移，联发科的规模体量使其成为台积电重新平衡晶圆产能分配结构的天然缓冲器。这意味着，台积电在这场供应链博弈中，有其自身维护现有秩序的内在动力。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>谷歌新TPU订单会流向英特尔吗？郭明𫓹：谷歌连联发科的利润也想省，台积电良率优势显著</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n谷歌新TPU订单会流向英特尔吗？郭明𫓹：谷歌连联发科的利润也想省，台积电良率优势显著\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-05-04 13:20</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p><a href=\"https://laohu8.com/S/GOOG\">谷歌</a>下一代TPU芯片的封装技术路线正面临关键考验。<a href=\"https://laohu8.com/S/INTC\">英特尔</a>为<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>2027年下半年新款TPU（代号Humufish）提供的EMIB-T封装技术，目前技术验证良率已达90%，但距离量产所需标准仍有差距，而谷歌为压缩成本、正面迎战<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>所展现出的强硬采购姿态，正在重塑整条供应链的利益格局。</p>\n<p>知名<a href=\"https://laohu8.com/S/AAPL\">苹果</a>及科技供应链分析师郭明𫓹最新披露，EMIB-T当前90%的技术验证良率属于积极但合理的数据点，然而英特尔的量产良率基准参照的是FCBGA工艺，后者行业普遍水平已在98%以上。从90%提升至98%的难度，远超从零起步至90%的阶段，加之Humufish部分规格尚未最终确定，近至中期内量产良率能否达标仍存在不确定性。</p>\n<p><img src=\"https://wpimg-wscn.awtmt.com/141737cc-27ce-4c63-8009-c6dc12be804a.png\"/></p>\n<p>与此同时，谷歌已悄然向<a href=\"https://laohu8.com/S/TSM\">台积电</a>询价，探讨能否绕开<a href=\"https://laohu8.com/S/002394\">联发</a>科、直接下单Humufish主计算芯片的晶圆订单，以削减中间环节的加价成本。这一动作释放出明确信号：谷歌正从过去的宽松买家转变为精打细算的成本控制者，其逻辑在于，要在AI加速芯片市场正面挑战英伟达，成本优势是谷歌的核心武器，而EMIB-T的量产良率因此直接关系到谷歌的竞争力。</p>\n<h2>良率瓶颈：从90%到98%是最难的一跳</h2>\n<p>郭明𫓹指出，EMIB-T目前90%的技术验证良率，对于一项仍处于开发阶段的技术而言，是一个积极的里程碑。英特尔在EMIB量产方面拥有一定的历史积累，这使得这一数字具备可信度。</p>\n<p>然而，技术验证良率与最终量产良率之间存在本质差异。英特尔衡量封装良率的参照基准是FCBGA，而当前行业FCBGA良率普遍高于98%。郭明𫓹强调，从90%跨越至98%，难度远大于从项目启动阶段爬升至90%，尤其是在Humufish部分规格尚未定稿的情况下，良率的最终走向存在更多变量。</p>\n<p>作为参照，台积电2026年5.5倍光罩尺寸CoWoS封装的良率目标同样从98%起步，这意味着谷歌对EMIB-T的良率预期并无妥协空间。郭明𫓹表示，长期而言他对英特尔先进封装的发展方向持正面看法，但近至中期内对其能否顺利达到量产标准保持审慎态度。</p>\n<h2>谷歌转向强硬：成本压力倒逼供应链重构</h2>\n<p>谷歌近期向台积电发出询问，探讨是否可以直接为Humufish主计算芯片（由谷歌内部自主设计）下达晶圆订单，而非沿用此前通过联发科中转的模式。</p>\n<p>郭明𫓹分析，谷歌与联发科自第一代TPU（8t）起便采用半COT（客户自有工具）模式合作。联发科的利润加成主要集中在其自主设计的部分，因此谷歌是否直接下单主计算芯片的晶圆，对联发科整体盈利轨迹的影响并非关键变量。</p>\n<p>但谷歌主动探询能否压缩晶圆订单的转手加价，本身已传递出重要信息：谷歌的采购策略已发生根本性转变。驱动这一转变的逻辑直接明了——要在AI芯片市场正面对抗英伟达，成本是谷歌最重要的竞争筹码，这也使得EMIB-T的量产良率从供应链技术问题，升级为谷歌必须亲自解决的战略问题。</p>\n<h2>台积电的两难：前端产能分配悬而未决</h2>\n<p>台积电目前仍在评估2027年下半年为Humufish分配多少先进制程产能，背后存在两重考量。</p>\n<p>其一，台积电仍希望争取Humufish的后端封装订单，但目前来看可能性不大——而这正是谷歌有意为之的布局结果。其二，台积电需要先摸清EMIB-T的实际后端产出能力，才能避免将稀缺的先进制程产能错配至无法充分消化的环节。</p>\n<p>郭明𫓹指出，Humufish的有效后端产出同时取决于EMIB-T封装和基板两个环节，两者需要联动追踪，任何一环的瓶颈都将影响整体出货节奏。</p>\n<p>在半COT模式下，台积电同样倾向于由联发科继续承接主计算芯片的晶圆订单。除双方长期紧密的合作关系外，更关键的商业逻辑在于：联发科是台积电2025年先进制程的第三大客户。一旦TPU订单发生转移，联发科的规模体量使其成为台积电重新平衡晶圆产能分配结构的天然缓冲器。这意味着，台积电在这场供应链博弈中，有其自身维护现有秩序的内在动力。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4534":"瑞士信贷持仓","BK4141":"半导体产品","LU1196500208.SGD":"NORDEA STABLE RETURN \"HB\" (SGDHDG) ACC","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0238689110.USD":"贝莱德环球动力股票基金","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","BK4535":"淡马锡持仓","LU0345774631.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) INC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0072462426.USD":"贝莱德全球配置 A2","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","BK4538":"云计算","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","USJW.SI":"ALPHAB 3xLongSG261006","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU0138981039.USD":"FIDELITY FUNDS SUSTAINABLE MULTI ASSET INCOME \"A\" INC","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD) INC AV","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU1032955483.USD":"NORDEA 1 STABLE RETURN \"HB\" (USDHDG) ACC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LINT":"Direxion Daily INTC Bull 2X ETF","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0353189763.USD":"ALLSPRING US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1 Acc SGD-H","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU0426417589.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC","BK4507":"流媒体概念","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU0861579265.USD":"联博低波幅策略股票基金A","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","IE00BYQQ9H92.USD":"BNY MELLON GLOBAL LEADERS \"A\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","BK4503":"景林资产持仓","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0444971666.USD":"天利全球科技基金","LU2275660780.HKD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" (HKD) ACC","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","BK4505":"高瓴资本持仓","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","BK4504":"桥水持仓","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC","LU0321505439.SGD":"Schroder ISF Global Dividend Maximiser A Acc SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU0251132253.USD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","LU0251142724.SGD":"Fidelity America A-SGD","LU0251131958.USD":"FIDELITY AMERICA \"A\" (USD) ACC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU0882574139.USD":"富达环球消费行业基金A ACC","04335":"英特尔-T","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD) INC","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","BK4512":"苹果概念","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU2237443895.HKD":"abrdn SICAV I - GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","BK4514":"搜索引擎","LU2298321311.HKD":"BGF CIRCULAR ECONOMY \"A\" (HKDHDG) ACC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU1121112475.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USDHDG) ACC","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU0976567544.SGD":"FTIF - Templeton Global Income A Mdis SGD-H1","BK4515":"5G概念","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU0823414478.USD":"法巴经典能源转换基金","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1043141396.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) ACC","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1043141123.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) INC 2","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","BK4077":"互动媒体与服务","LU0994945656.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC 2","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY \"A4\" (USD) INC","LU2237443465.HKD":"abrdn SICAV I - GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","INTW":"2倍做多INTC ETF-GraniteShares","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU0080751232.USD":"富达环球多元动力基金A","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU0477156953.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU2764263039.SGD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (SGDHDG) ACC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU2764263203.CNY":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (CNYHDG) ACC","LU0690374615.EUR":"FUNDSMITH EQUITY \"R\" (EUR) ACC","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU2087625088.SGD":"ALLSPRING US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU0061474960.USD":"天利环球焦点基金AU Acc","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","IE000F7OJYX1.SGD":"RQI GLOBAL \"I\" (SGDHDG) INC","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","META":"Meta Platforms, Inc.","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","IE0000B7K699.USD":"RQI GLOBAL \"I\" (USD) INC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU1803068623.USD":"TEMPLETON GLOBAL CLIMATE CHANGE \"AH1\" (USDHDG) ACC","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","IE000BZT7R73.USD":"RQI GLOBAL \"I\" (USD) ACC","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","IE000MB6IJN5.SGD":"RQI GLOBAL \"I\" (SGD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU2663582299.SGD":"BSF BLACKROCK SYSTEMATIC ASIA PACIFIC EQUITY ABSOL \"A2\" (SGDHDG) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1508157978.USD":"BSF BLACKROCK SYSTEMATIC ASIA PACIFIC EQUITY ABSOLUTE RETURN \"A\" (USD) ACC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","BK4576":"AR","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","BK4575":"芯片概念","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","SG9999002232.USD":"Allianz Global High Payout USD","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","IE000WAW04H5.SGD":"RQI GLOBAL \"I\" (SGD) INC A","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU1645745479.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (HKDHDG) INC","SG9999002224.SGD":"Allianz Global High Payout SGD","IE000SO60NU8.SGD":"RQI GLOBAL \"I\" (SGDHDG) ACC A","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU0079474960.USD":"联博美国增长基金A","BK4579":"人工智能","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU0345774391.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) ACC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0541501648.USD":"ALLSPRING EMERGING MARKETS EQUITY \"A\" (USD) ACC","BK4574":"无人驾驶","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","LU1046421795.USD":"富达环球科技A-ACC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","HK0000304805.HKD":"PICTET 战略收益基金 P类港元","BK4573":"虚拟现实","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","BK4581":"高盛持仓","HK0000304797.USD":"PICTET 战略收益基金 P类 美元","INTC":"英特尔","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU2211814178.USD":"ALLIANZ CLEAN PLANET \"AT\" (USD) ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU0496365809.HKD":"TEMPLETON GLOBAL INCOME \"A\" (HKD) INC (Q)","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","BK4585":"ETF&股票定投概念","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","STSM":"Defiance Daily Target 2X Short TSM ETF","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","GOOP":"KURV YIELD PREMIUM STRATEGY GOOGLE (GOOGL) ETF","BK4587":"ChatGPT概念","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","GOOW":"Roundhill GOOGL WeeklyPay ETF","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","GOOX":"2倍做多GOOG ETF-T-REX","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","GOOY":"GOOGL期权收益策略ETF-YieldMax","BK4588":"碎股","HK0000819398.USD":"BLACKROCK PREMIER SYSTEMATIC GLOBAL EQUITY HIGH INCOME FUND A10 (USD)INC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","GOU":"GraniteShares 2x Long GOOGL Daily ETF","BK4598":"佩洛西持仓","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU0302445910.USD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" ACC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","LU0878004406.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) INC","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU0882747503.HKD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (HKD) INC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","BK4602":"量子计算概念","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","GGLL":"2倍做多GOOGL-Direxion","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","GGLS":"1倍做空GOOGL ETF-Direxion","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","HK0000532082.HKD":"ALLIANZ SELECTION INCOME AND GROWTH \"AM\" (HKD) INC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"AG\" (USD) ACC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","BK4605":"半导体精选","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0354030511.USD":"ALLSPRING U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU0143551892.USD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A\" (USD) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU2462591277.SGD":"TRP GLOBAL FOCUSED GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU0211326755.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) ACC","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU2954938101.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A8P\" (SGD) INC","BK4566":"资本集团","LU2999663052.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A4P\" (SGD) INC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU0859254822.USD":"T ROWE PRICE GLOBAL VALUE EQUITY \"A\" (USD) ACC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU2357627491.SGD":"TRP GLOBAL VALUE EQUITY \"AH\" (SGDHDG) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","BK4612":"AI芯片","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","BK4561":"索罗斯持仓","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","MSFT":"微软","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) INC (M)","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","AMZN":"亚马逊","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","SG9999015978.USD":"利安颠覆性创新基金A","AAPL":"苹果","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","LU0133085943.USD":"T ROWE PRICE US BLUE CHIP EQUITY \"A\" ACC","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","NVDA":"英伟达","LU0174119429.USD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"A\" ACC","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","BK4543":"AI","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU2462591350.SGD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU1400636574.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AMG\" (HKDHDG) INC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0557290698.USD":"施罗德环球可持续增长基金","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU2092937221.SGD":"Blackrock Circular Economy A2 SGD-H","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU2637965513.SGD":"BGF GLOBAL ALLOCATION \"A10\" (SGDHDG) INC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","GOOGL":"谷歌A","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU0056508442.USD":"贝莱德世界科技基金A2","BK4548":"巴美列捷福持仓","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","TSMG":"2倍做多TSM ETF- Leverage Shares","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","BK4554":"元宇宙及AR概念","LU1894683264.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) ACC","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","TSMU":"2倍做多TSM ETF-GraniteShares","BK4553":"喜马拉雅资本持仓","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund SGD","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","TSMX":"2倍做多TSM ETF-Direxion","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","TSMY":"TSM期权收益策略ETF-YieldMax","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","TSLA":"特斯拉","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","TSMZ":"1倍做空TSM ETF-Direxion","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","BK4550":"红杉资本持仓","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","03145":"华夏亚洲高息股","LU0130517989.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"R\" INC","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","IE000M9KFDE8.USD":"NEUBERGER BERMAN US LARGE CAP VALUE \"A\" (USD) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","TSM":"台积电","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AT\" (USDHDG) ACC","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","SG9999001077.SGD":"United International Growth Fund SGD","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0211326839.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) INC","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","BK4529":"IDC概念","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU2041044095.USD":"Blackrock Circular Economy A2 USD","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY \"A\" (USD) ACC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0426412945.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) ACC","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","BK4525":"远程办公概念","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0541502299.USD":"ALLSPRING EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","BK4527":"明星科技股","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","BK4526":"热门中概股","LU2360108059.USD":"BGF CIRCULAR ECONOMY \"A4\" (USD) INC","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","BK4591":"室温超导概念","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","BK4592":"伊斯兰概念","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU1221951046.USD":"NORDEA 1 STABLE RETURN \"HM\" (USDHDG) INC","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU1221951129.SGD":"NORDEA 1 STABLE RETURN \"HM\" (SGDHDG) INC","BK4532":"文艺复兴科技持仓","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC"},"source_url":"https://wallstreetcn.com/articles/3771528","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2632938550","content_text":"谷歌下一代TPU芯片的封装技术路线正面临关键考验。英特尔为谷歌2027年下半年新款TPU（代号Humufish）提供的EMIB-T封装技术，目前技术验证良率已达90%，但距离量产所需标准仍有差距，而谷歌为压缩成本、正面迎战英伟达所展现出的强硬采购姿态，正在重塑整条供应链的利益格局。\n知名苹果及科技供应链分析师郭明𫓹最新披露，EMIB-T当前90%的技术验证良率属于积极但合理的数据点，然而英特尔的量产良率基准参照的是FCBGA工艺，后者行业普遍水平已在98%以上。从90%提升至98%的难度，远超从零起步至90%的阶段，加之Humufish部分规格尚未最终确定，近至中期内量产良率能否达标仍存在不确定性。\n\n与此同时，谷歌已悄然向台积电询价，探讨能否绕开联发科、直接下单Humufish主计算芯片的晶圆订单，以削减中间环节的加价成本。这一动作释放出明确信号：谷歌正从过去的宽松买家转变为精打细算的成本控制者，其逻辑在于，要在AI加速芯片市场正面挑战英伟达，成本优势是谷歌的核心武器，而EMIB-T的量产良率因此直接关系到谷歌的竞争力。\n良率瓶颈：从90%到98%是最难的一跳\n郭明𫓹指出，EMIB-T目前90%的技术验证良率，对于一项仍处于开发阶段的技术而言，是一个积极的里程碑。英特尔在EMIB量产方面拥有一定的历史积累，这使得这一数字具备可信度。\n然而，技术验证良率与最终量产良率之间存在本质差异。英特尔衡量封装良率的参照基准是FCBGA，而当前行业FCBGA良率普遍高于98%。郭明𫓹强调，从90%跨越至98%，难度远大于从项目启动阶段爬升至90%，尤其是在Humufish部分规格尚未定稿的情况下，良率的最终走向存在更多变量。\n作为参照，台积电2026年5.5倍光罩尺寸CoWoS封装的良率目标同样从98%起步，这意味着谷歌对EMIB-T的良率预期并无妥协空间。郭明𫓹表示，长期而言他对英特尔先进封装的发展方向持正面看法，但近至中期内对其能否顺利达到量产标准保持审慎态度。\n谷歌转向强硬：成本压力倒逼供应链重构\n谷歌近期向台积电发出询问，探讨是否可以直接为Humufish主计算芯片（由谷歌内部自主设计）下达晶圆订单，而非沿用此前通过联发科中转的模式。\n郭明𫓹分析，谷歌与联发科自第一代TPU（8t）起便采用半COT（客户自有工具）模式合作。联发科的利润加成主要集中在其自主设计的部分，因此谷歌是否直接下单主计算芯片的晶圆，对联发科整体盈利轨迹的影响并非关键变量。\n但谷歌主动探询能否压缩晶圆订单的转手加价，本身已传递出重要信息：谷歌的采购策略已发生根本性转变。驱动这一转变的逻辑直接明了——要在AI芯片市场正面对抗英伟达，成本是谷歌最重要的竞争筹码，这也使得EMIB-T的量产良率从供应链技术问题，升级为谷歌必须亲自解决的战略问题。\n台积电的两难：前端产能分配悬而未决\n台积电目前仍在评估2027年下半年为Humufish分配多少先进制程产能，背后存在两重考量。\n其一，台积电仍希望争取Humufish的后端封装订单，但目前来看可能性不大——而这正是谷歌有意为之的布局结果。其二，台积电需要先摸清EMIB-T的实际后端产出能力，才能避免将稀缺的先进制程产能错配至无法充分消化的环节。\n郭明𫓹指出，Humufish的有效后端产出同时取决于EMIB-T封装和基板两个环节，两者需要联动追踪，任何一环的瓶颈都将影响整体出货节奏。\n在半COT模式下，台积电同样倾向于由联发科继续承接主计算芯片的晶圆订单。除双方长期紧密的合作关系外，更关键的商业逻辑在于：联发科是台积电2025年先进制程的第三大客户。一旦TPU订单发生转移，联发科的规模体量使其成为台积电重新平衡晶圆产能分配结构的天然缓冲器。这意味着，台积电在这场供应链博弈中，有其自身维护现有秩序的内在动力。","news_type":1,"symbols_score_info":{"META":0.6,"LINT":0.6,"AAPL":0.6,"GOOP":0.6,"TSMG":0.6,"GOOY":0.6,"GGLS":0.6,"GOU":0.6,"MSFT":0.6,"GOOX":0.6,"TSMU":0.6,"GOOGL":1.96,"TSMY":0.6,"TSLA":0.6,"TSMX":0.6,"TSMZ":0.6,"04335":1.93,"GGLL":0.6,"03145":0.6,"INTW":0.6,"AMZN":0.6,"NVDA":1.85,"TSM":1.91,"GOOW":0.6,"USJW.SI":0.6,"INTC":1.93,"STSM":0.6}},"isVote":1,"tweetType":1,"viewCount":237,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":84,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/561106537924456"}
精彩评论