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一 | Session reviews work in 1st half of 2026, calls for strengthened political oversight China's top anti-graft body has vowed to advance discipline inspection and supervision work with higher standards and more concrete measures in the second half of 2026, focusing on strengthening political oversight, combating grassroots corruption and enhancing coordination among supervisory bodies. The sixth plenary session of the 20th Central Commission for Discipline Inspection of the Communist Party of China was held in Beijing on Saturday. Li Xi, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and secretary of the CCDI, addressed the session. The session reviewed work carried out in the first half of the year and called for steadfastly following the Chinese path to combating corruption while promoting high-quality development of discipline inspection and supervision. In the first half of this year, authorities nationwide filed 538,000 cases and punished 412,000 people, according to the CCDI and the National Commission of Supervision. CCDI plenary sessions are generally held at the beginning of a year, but may also be convened midyear for major matters, interim reviews, personnel elections or to implement major decisions of the CPC Central Committee. The session emphasized the importance of maintaining a correct view of performance and strengthening political oversight. It called for deepening political inspections, strictly enforcing discipline in leadership transitions and consistently improving conduct. The session called for enforcing discipline, combating corruption and continuing concentrated rectification of misconduct and corruption at the people's doorsteps, in order to ensure the high-quality completion of all tasks for the year. Tasks closely connected Ji Yaping, a professor at Northwest University of Political Science and Law, said these tasks are closely connected. Political oversight should focus on whether officials truly follow a people-centered approach, implement central decisions, work pragmatically and respect objective laws, rather than pursue vanity projects or emphasize statements over results. Oversight itself should also avoid formalism and instead focus on effectiveness, Ji said. Yang Weidong, a professor at China University of Political Science and Law, said this year is both the start of the 15th Five-Year Plan period (2026-30) and a year when local leadership transitions are taking place, making implementation of central decisions and prevention of risks during personnel changes particularly important. Ji from Northwest University of Political Science and Law said that supervision during leadership transitions should ensure officials are selected according to standards of integrity and competence, while procedures remain lawful, transparent and subject to public oversight. The meeting also called for continued concentrated rectification of misconduct and corruption affecting people's daily lives. Experts said that punishment should be combined with prevention, with greater emphasis on regulating the exercise of grassroots power. Ji said that oversight should cover the authorization, exercise and supervision of power throughout the process to reduce opportunities for abuse. Li Zhiwei, a lecturer at China University of Political Science and Law's School of Discipline Inspection and Supervision, said the effectiveness of grassroots anti-corruption work should not be measured simply by the number of cases handled, but also by whether the number of recurring problems declines, governance improves and people see tangible benefits. Better coordination urged Additionally, the session emphasized systematic and bottom-line thinking, calling for better coordination among different forms of supervision. Experts said the discipline inspection authorities' work should be supervised by people's congresses, government departments and judicial, auditing and financial authorities, as well as the public and the media, so that different supervisory mechanisms reinforce rather than duplicate one another. Yang said such coordination should also help identify deeper institutional and governance problems through individual cases and prevent similar misconduct from recurring. The meeting also called for stronger internal oversight and continued efforts to make discipline inspection and supervision more standardized, law-based and regularized. In the first half of the year, 1,685 discipline inspection and supervision officials were placed under investigation and 1,535 were punished. Experts said that stronger self-supervision should be matched by better professional training, practical experience and internal checks. Ji called for narrowing capability gaps across regions and guarding against outside interference. 
。 根据Cantor Fitzgerald高级董事总经理兼科技行业分析师CJ Muse的分析，英伟达备受争议的财务举措——循环融资以及到处“兜底”给人融资——实际上可能会让该公司继续保持领先地位。
美东时间周三（8月26日）美股盘后，“AI芯片霸主”英伟达将公布2027财年第二季度财报。作为AI交易的风向标，英伟达财报已成为投资者每个季度都翘首以盼的重头戏，其业绩表现不仅关乎自身股价，更将牵动整个AI芯片乃至美股科技板块的走向。 Muse认为，投资者现在对待英伟达股票的态度，就好像该公司在人工智能领域“输了”一样，这种看法完全错误。
二 | 他在周一给客户的一份报告中写道：“是时候闭上眼睛，重仓买入英伟达的股票了。” 尽管Muse不确定英伟达股价的下一个利好因素是什么，但他表示：“一旦这支股票开始上涨，我们认为它的涨幅将会非常非常快。”
目前投资者的配置偏低 Muse指出，如果按照对英伟达2027年每股收益17美元和2028年每股收益25美元的乐观预期来估值，英伟达的股票看起来特别便宜。他指出，该股目前的市盈率是2027年预期收益的14倍，是2028年乐观预期收益的10倍。 他表示，他建议积极买入英伟达股票的投资者，是那些相信该公司盈利潜力及其在人工智能生态系统中获取更大价值能力的投资者。 Muse给出的350美元目标价较当前水平高出大约68%。他认为投资者目前对该股的配置属于“低配”，这意味着英伟达在投资组合中的占比低于其在整体市场中的占比。
不仅仅是芯片厂商 Muse进一步指出，该公司已不再仅仅是一家芯片供应商。
三 | 他对该公司通过投资OpenAI和Anthropic等人工智能公司，以及与CoreWeave和Nebius Group等新型云平台达成收益分成协议，进行“金融工程”的做法持乐观态度，尽管这种做法确实存在争议。 他认为，市场对这些举措的重视程度还不够。 Muse表示：“这一战略正变得越来越重要，我们相信，随着我们进一步推进当今强大的AI基础设施建设，这一战略将会大放异彩。” 尽管英伟达在人工智能半导体市场的主导地位正受到主要云公司日益关注定制芯片项目的威胁，但Muse认为，鉴于该公司正在推动超越主要云提供商的数据中心建设，与“新云服务”（neoclouds）进行收入分成是一种“更具韧性”的方法。 他还表示，英伟达也在拓展客户群体，将更多企业和主权国家纳入其中。Muse补充说，这种收益分成模式也有助于公司推进其机架、网络和其他组件的完整人工智能系统供应。 Muse认为，英伟达的股权和收入分成安排，其与领先的金融公司合作筹集5000亿美元用于人工智能基础设施的计划，以及为人工智能初创公司提供计算能力以换取股权的交易，已经将其图形处理单元（GPU）“变成了一种可融资、越来越可替代的资产类别”。 在他看来，这使得英伟达即使在技术堆栈的任何层面上输给了竞争对手，也能“很难被排挤出局”，因为“英伟达的资金和软件往往是超大规模数据中心基础设施得以存在的根本原因”。（文章来源：财联社）。
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