跨境ETF"热"与"险"背后，机构激辩AI是"泡沫"还是"繁荣" "特此提示投资者关注二级市场交易价格溢价风险，盲目投资可能遭受重大损失。"近期，这样的风险提 示公告在跨境ETF中密集刷屏。据第一财经初步统计，四季度以来，有33只产品合计发布超过500条溢 价风险提示，其中11只产品预警次数超过20次，美日主题产品成为溢价"高发区"。 多只产品保持高溢价状态，甚至频频出现临时停牌情况。如景顺长城纳斯达克科技市值加权ETF的 IOPV溢价率连续25个交易日保持在10%以上，仅11月就连续12个交易日发布溢价风险提示及停牌的公 告。 与高溢价相伴生的，是跨境ETF赛道的爆发式增长，年内整体规模增幅近117%，远超A股ETF同期增 速。随着近来海外市场出现震荡调整，叠加市场对AI泡沫的热议，这场跨境投资热究竟是资金对海外 资产的迫切追逐，还是暗藏风险的"价格泡沫"？ 美日跨境ETF"高烧不退" 11月18日早盘，景顺长城基金一则公告揭开了当前跨境ETF市场的热度一角。公告内容显示，景顺长城 纳斯达克科技市值加权ETF的二级市场交易价格明显高于基金份额参考净值，出现较大幅度溢价，因此 开市停牌一小时。 据第一财经统计 ...

Core Viewpoint - The hydrogen industry in China is facing challenges such as disorderly competition, indicator speculation, and low-price dumping, prompting the establishment of the "Healthy Development Initiative for the Electrolyzer Industry" by the Hydrogen Energy Promotion Association and 40 leading manufacturers to address these issues and promote healthy competition [1][2]. Group 1: Industry Challenges - The rapid expansion of production capacity for water electrolysis hydrogen production equipment has not been matched by downstream market demand, leading to fierce price wars among manufacturers [2]. - The average bidding price for alkaline electrolyzers in China has dropped from 10 million yuan per unit in 2021 to 6.5 million yuan per unit in 2024, with recent bids falling to between 2.54 million and 2.85 million yuan per unit, representing a decline of over 60% from last year's average [2]. - The negative impact of price competition is extending to overseas markets, with some international clients demanding prices based on low Chinese bids, potentially harming the global market for hydrogen [2]. Group 2: Proposed Solutions - The initiative emphasizes the need for rational industry development, discouraging false planning and blind pessimism, while advocating for industry collaboration [1]. - It calls for strict adherence to truthful reporting of key metrics such as electrolyzer efficiency and lifespan, promoting healthy competition within a reasonable profit margin [1]. - The focus should shift from scale expansion to technological innovation, with an emphasis on establishing standards to regulate market order and maintain the national brand image [1][3]. Group 3: Industry Perspectives - Industry leaders are advocating for a shift from a price-centric approach to a value-driven development philosophy, emphasizing the importance of performance validation and technological innovation [3]. - There is a call for credible standards and third-party testing platforms to ensure that electrolyzer data is accurate and reliable, which is essential for the industry's long-term health [3].

信濠光电晚间公告，持股5%以上股东梁国豪先生所持有的267.15万股（占公司总股本比例1.32%）将被 司法拍卖。梁国豪先生不是公司的第一大股东或其一致行动人，本次司法拍卖不会导致公司第一大股东 发生变化，不会对公司正常生产经营、公司治理产生不利影响。本次司法拍卖事项存在不确定性，公司 将密切关注后续进展并及时履行信息披露义务。 ...

Core Viewpoint - Major investment banks like UBS and Goldman Sachs are optimistic about the performance of the Chinese market in 2026, highlighting opportunities in sectors such as AI and overseas expansion [1][7]. Group 1: Market Performance and Trends - The A-share market has experienced fluctuations, with the Shanghai Composite Index closing at 3939.81 points on November 18, down 0.81% [2]. - Despite market volatility, foreign investment interest remains high, with over 100 A-share companies receiving foreign research attention this month [2][4]. - The overall health of corporate earnings, supported by robust Q3 reports, indicates that recent market fluctuations are more influenced by sentiment rather than fundamental weaknesses [6]. Group 2: Foreign Investment and Research - AI companies are the most favored by foreign investors, with Optoelectronics receiving 92 institutional research visits, over half from foreign entities [2][3]. - Other notable companies attracting foreign research include BeiGene, Luxshare Precision, and Huichuan Technology, all of which are involved in AI or technology sectors [4][5]. - The trend shows that large-cap stocks continue to attract foreign interest, with companies like Wens Foodstuffs, Industrial Fulian, and BYD being included in recent foreign research lists [4]. Group 3: Future Outlook and Investment Themes - UBS forecasts that the Chinese stock market will experience another prosperous year in 2026, driven by innovation, particularly in AI, and supportive policies for private enterprises [7]. - Key investment themes identified by UBS include internet, hardware technology, and brokerage sectors, while high-dividend stocks are being deprioritized [7]. - Goldman Sachs also highlights several investment themes expected to outperform the market, including the return of private enterprises, overseas expansion, and AI-related sectors [7].

Core Insights - The hydrogen industry in China is facing challenges due to chaotic competition, price wars, and a focus on short-term gains rather than long-term value [1][2][4] - The China Hydrogen Energy Promotion Association, along with 40 leading hydrogen companies, has issued a "Healthy Development Initiative" to address these issues and promote a value-first approach [1][4] Industry Challenges - The average cost of alkaline electrolyzers has decreased from 10 million yuan (approximately 1.4 million USD) in 2021 to 6.5 million yuan (approximately 910,000 USD) in 2024, indicating a significant price drop of over 60% [2] - The rapid expansion of production capacity in the hydrogen industry has not been matched by market demand, leading to aggressive pricing strategies among manufacturers [2] Competitive Landscape - The price competition has extended to international markets, with foreign clients expecting similar low bids as seen in China, potentially harming the industry's global prospects [4] - Companies are increasingly prioritizing short-term sales over research and development, which could lead to quality issues and damage brand reputation [4] Call for Change - Industry leaders are advocating for a shift from a price-centric mindset to a value-driven approach, emphasizing the importance of technological innovation and verified performance [4] - There is a pressing need for credible standards and third-party testing platforms to ensure the integrity of electrolyzer data and foster trust in the industry [4]

信测标准晚间公告，公司持有的信测环境2%股权已于2025年10月出售，交易完成后，公司持有信测环 境49%股权，信测环境不再纳入公司合并报表范围。截至股权交割日，公司为信测环境已提供且尚未归 还的借款本金共计300万元，该笔借款尚未归还本息合计397.2万元。信测环境出表后公司尚未收回的上 述债权被动构成财务资助。 ...

目前公司生产经营正常，董事长及公司法定代表人职责由董事张文平代行，日常经营管理由高管团队负 责。 11月18日晚间，中国一重公告，此前披露，公司法定代表人、董事长、党委书记陆文俊涉嫌严重违纪违 法，接受中央纪委国家监委纪律审查和监察调查。 近日，公司母公司中国一重集团有限公司收到检察机关出具的《机关事业单位工作人员被采取刑事强制 措施情况告知书》，陆文俊因涉嫌受贿罪被执行逮捕。 ...

不过，对于2025年全年的总收入，公司暂未披露。 在经销商奖项中，25家"全国优秀经销商"共享1000g金牌与150万元激励。73家"省级优秀经销商" 则因在区域市场中的综合 领先表现获得表彰，累计奖励146万元，他们助力娃哈哈进行渠道下沉。 147名销售人员获奖，总计颁发223万元现金及280g金牌。其中，最高荣誉"全国卓越省级经理"独获10万元现金与100g金 牌；另有3名"全国优秀省级经理"、1名"全国优秀区域经理"、42名"优秀区块经理"与100名"优秀终端人员"获得表彰。 第一财经记者了解到，虽然本次表彰大会宗馥莉并未现身，此前辞去娃哈哈集团董事长职位的宗馥莉，现在是宏胜集团的 总裁。2026年，"娃哈哈"品牌也将继续被使用。 但在前不久的宏胜集团片区工作会议上，宗馥莉出席会议并作工作部署，各片区总经理及相关部门负责人参加会议。会议 系统梳理了2025年集团在生产经营、技术创新、安全管理等方面取得的新进展新成效，分析当前发展形势，统筹谋划下一 阶段重点任务。 在经销商奖项中，25家"全国优秀经销商"共享1000g金牌与150万元激励。 据宏胜集团公众号，11月18日，娃哈哈品牌2025年全国销售工作 ...

百度发布财报显示，2025年第三季度营收311.74亿元，同比减少7%。第三季度，来自人工智能驱动业 务的收入同比增长超过50%，达到约100亿元。 ...

典型案例涉及低空物流配送、低空交通运输生产作业、低空应急救援等领域。 低空交通运输正在成为我国交通运输领域新场景的"试验田"和"大舞台"，在为生产生活创造更多快捷便 利服务的同时，也创造了可观的经济效益。 11月18日，交通运输部办公厅印发一批低空交通运输应用场景典型案例，涉及低空物流配送、低空交通 运输生产作业、低空应急救援等领域。交通运输部介绍，此次印发的低空交通运输应用场景典型案例是 在各地推荐基础上，梳理遴选的，共有23个低空交通运输应用场景，旨在推动低空交通运输应用场景创 新发展。 岛之间开通北方首条海岛低空物流常态化运营航线，采用长距离、长航时物流无人机，实现全天候物资 配送，单程运输时间由原先的40分钟缩短至10分钟，配送效率提升70%以上。 同时，青岛市开发无人机物流管理系统，通过大数据分析和人工智能技术优化物流路径，实现智能调度 和高效配送。2024年10月航线开通后，累计飞行60余次，运输物资1吨以上，有效解决传统运输方式运 输时间长、受天气影响大等问题。 在低空交通运输生产作业领域，哈尔滨市将无人机与传统执法船艇、执法车辆相结合，构建"水陆空"立 体航道执法巡航网络，采取"定期巡航+专项 ...