此外，一些重仓科技股的资金也在兑现浮盈。如2025年10月软银出售3210万股英伟达，套现58.3亿美 元，资金用于向OpenAI追加225亿美元投资。不过这也并不代表软银看空AI领域。此外2008年次贷危机 中"大空头"的标志性人物迈克尔·伯里（Michael Burry）已开始做空英伟达等AI龙头，加大了市场对AI 泡沫的担忧。 再次，当前美股科技股的估值已经非常接近互联网泡沫时期。标普500席勒市盈率10月30日时已攀升至 40.95倍，而历史上最高值出现在互联网泡沫时期，即1999年12月时为44.19倍。当前科技股估值接近互 联网泡沫时期，值得市场提高警惕。 当前，市场正担忧美股人工智能（AI）领域的非理性繁荣。8月以来，美股科技股回调，加上AI龙头股 英伟达市值大增，以及美国AI领域实际应用价值的质疑，叠加美联储12月降息预期回调等多重因素， 近期对AI泡沫的担忧甚嚣尘上。 首先，2025年6月一份由几位复杂科学家撰写的论文，对大语言模型性能提升曲线提出质疑，引发了对 相当长时间内持续吸金的美国AI领域的应用价值能否兑现，以及AI未来前景的巨大担忧。 其次，2025年美股前10大市值的公司，已有8 ...

近日，国产汽车芯片产业化应用与质量提升"质量强链"成果交流推进会在北京召开。会议系统总结 了"质量强链"项目取得的阶段性成果，正式发布升级版《汽车芯片认证审查技术体系2.0》，同步上线 国产汽车芯片认证审查专家库与认证审查数字化平台。这标志着我国在构建自主可控的汽车芯片质量保 障体系方面迈出关键一步。 工信部数据显示，2024年我国新能源汽车整车消费规模突破2万亿元，有力带动产业链上下游及相关产 业快速发展。但产业仍存在一些短板，尤其是高端智能车用芯片的自主供给能力仍有待提升。 当前，新能源汽车正从电动化阶段全面迈向智能化升级。随着智能电动汽车的快速普及，汽车芯片已从 辅助控制单元跃升为支撑整车智能化的核心"底座"，其应用范围从传统的动力控制、底盘域，扩展至智 能座舱、辅助驾驶域乃至整车中央计算平台。据统计，传统燃油车所需汽车芯片数量为每辆车600颗至 700颗，电动车所需芯片数量为1600颗，未来，随着智能功能复杂度的提升，单车芯片数量还将进一步 增长。 汽车芯片种类涵盖控制、计算、传感、存储、通信、安全、功率、驱动、电源及模拟芯片等多个领域。 目前全球市场仍由少数几家西方头部厂商主导。尽管我国企业已全面进 ...

Market Overview - The U.S. stock market opened with all three major indices rising, with the Dow Jones up 0.41%, Nasdaq up 1.67%, and S&P 500 up 1.05% as of 23:16 [1] - The technology sector saw a broad increase, with the Wande Technology Seven Giants Index rising over 2% [3] Company Performance - Google (Alphabet) shares rose over 6% after its latest model, Gemini 3 Pro, topped the LMArena leaderboard [3] - Nvidia shares increased by over 3% ahead of its quarterly earnings report [4] - Other notable stock performances include Tesla up 2.26%, Apple up 1.33%, and Microsoft up 0.13%, while Amazon and Meta Platforms saw slight declines [5] Chinese Stocks - The Nasdaq China Golden Dragon Index fell by 1.13%, with mixed performances among Chinese concept stocks [5] - Yixian E-commerce led the gains with a rise of 7.79%, while Qifu Technology dropped over 11% [5] Commodity Market - Precious metals showed a contrasting trend, with London gold rising 1.42% to $4124.88 per ounce and London silver up 2.9% to $52.166 per ounce [6] - In contrast, oil prices fell nearly 3%, with NYMEX WTI crude down 2.87% and ICE Brent crude down 2.64% [7] Economic Indicators - Nvidia's upcoming earnings report is anticipated to be a significant market driver, with expectations of strong performance but concerns about future guidance [8] - The Federal Reserve is set to release minutes from its monetary policy meeting, which will be crucial for assessing future interest rate decisions [8]

记者丨崔文静 实习生张长荣 编辑丨巫燕玲 视频丨王学权 市场关注已久的中金公司合并消息终于落地，但此番合并对象并非此前市场猜测的银河证券，而是东兴 证券与信达证券。 11月19日晚，三家券商同步发布《关于筹划重大资产重组的停牌公告》，揭晓了这宗由中金公司通过换 股方式吸收合并后两者的重磅方案，自11月20日起，三家券商将正式停牌，预计停牌时间不超过25个交 易日。 此次"三合一"整合，是2024年新"国九条"发布后又一例大型券商深度整合案例。 "三合一"大并购 | 证券代码 证券简称 停复牌类型 停牌起始日 停牌货止日 复牌日 | | | --- | --- | | 601995 2025/11/20 | 中金公司 A股 停牌 | 根据中金公司、东兴证券、信达证券公告，此次合并由中金公司牵头，中金公司通过向东兴证券全体A 股换股股东发行A股股票、向信达证券全体A股换股股东发行A股股票的方式，换股吸收合并东兴证 券、信达证券。 中金公司合并对象并非此前市场猜测已久的银河证券，而是东兴证券与信达证券，这虽看似意外，实则 是另一盘券商整合大棋的重要落子。 随着三大AMC相继划入中央汇金旗下，东兴证券与信达证券也摇身 ...

Core Insights - The active user count for securities apps has declined after four consecutive months of growth, with October seeing a total of 169 million active users, representing a year-on-year decrease of 8.40% and a month-on-month decrease of 3.38% [1][2][5] - The decline in active users is attributed to market fluctuations and changes in investor behavior, particularly after the Shanghai Composite Index surpassed 4000 points, leading to profit-taking pressures and increased investor caution during the National Day holiday [1][5][12] - Despite the overall decline, some smaller securities apps and specialized tools have shown positive growth, indicating a divergence in user engagement across different platforms [12][14] User Activity Trends - In October, the top 50 securities apps all experienced a decline in active users, with only Huatai Securities' "Zhang Le Wealth" app surpassing 10 million active users [10][11] - The top three third-party apps, Tonghuashun, Dongfang Wealth, and Dazhihui, continue to dominate the market with significant user bases, while the gap between third-party apps and broker-owned apps is gradually narrowing [8][12] - The overall user activity in October was the fourth highest of the year, following a peak in September, which saw 175 million active users [11][12] Market Dynamics - The market's high base effect from October 2024 has put pressure on year-on-year comparisons, contributing to the observed declines in user activity [1][5][11] - The number of new A-share accounts opened in October 2025 was 2.31 million, reflecting a month-on-month decline, which aligns with the decrease in app activity [8][12] - The competitive landscape among the top 50 apps remained stable, with no changes in rankings despite the overall decline in user activity [11][12] Technological Advancements - Securities firms are increasingly investing in financial technology, transitioning their apps from basic trading tools to comprehensive wealth management platforms that integrate research, education, and lifestyle services [3][14][15] - The integration of AI technologies is becoming a focal point for firms, with new AI-driven applications being launched to enhance user experience and engagement [14][15] - The emphasis on user-centric services and intelligent solutions is seen as essential for navigating market fluctuations and ensuring long-term growth [15][16]

0:00 市场瞩目的中金公司合并案刚刚揭晓答案！ 11月19日晚，中金公司、东兴证券、信达证券同时发布停牌公告，确认中金将通过换股方式吸收合并后 两家券商。 中金凭借其在高端投行和国际化业务的领先地位，与东兴、信达在区域布局和零售网络上的深厚根基完 美结合。合并后，三家券商营业部总数将跃居行业第三，资本规模突破1700亿元，构建起从高端投行到 基层网点的全链条服务能力。 21世纪经济报道 记者 崔文静 更值得关注的是，这次合并开创了"汇金系"券商整合新模式。通过大券商整合中小券商，实现了难度更 低、协同效应更强的重组路径。一个业务更全面、实力更强劲的券商新巨头正在崛起！ 三家券商于11月20日开市时起停牌，预计停牌时间不超过25个交易日。 这次合并的最大意外在于，此前被市场看好的银河证券并未入局，取而代之的是同属中央汇金旗下的东 兴证券和信达证券。 ...

21世纪经济报道赵云帆报道 其指出，暂停（"suspending"）根据《商品供应法》对安世半导体下达的命令，因与中国方面进行了建 设性会谈，并且"会继续进行建设性对话"。 21世纪经济报道记者注意到，尽管荷兰政府经济事务部做出表态，荷兰法院尚未对此前的判决予以撤 回，恢复控制权事宜暂时无法正常推进。 19日晚间，商务部新闻发言人就安世半导体相关问题答记者问，中方对荷方主动暂停行政令表示欢迎， 认为这是向妥善解决问题的正确方向迈出的第一步，但距离解决全球半导体产供链动荡和混乱的根 源"撤销行政令"还有差距。 此前在10月7日，荷兰法院作出裁定，冻结安世股权，指派独立董事行使管理权限。 在荷经济部推动下的企业法庭剥夺闻泰科技对荷兰安世控制权的错误裁决，仍是阻碍问题解决的关键所 在，希望荷方继续展现与中方真诚合作的意愿，真正提出建设性解决问题的方案。双方同意取消行政干 预，支持和推动企业通过协商依法解决内部纠纷，既保护投资者的合法权益，也为恢复全球半导体产供 链安全与稳定创造更有利的条件。 21世纪经济报道记者向荷兰安世半导体发出电子邮件采访提纲，要求其就是否恢复闻泰科技控制权，是 否未来会涉及管理层变更，是否供 ...

Core Insights - Kuaishou's Q3 revenue reached 35.6 billion RMB, a year-on-year increase of 14.2%, with core business revenue growing by 19.2% [1] - The company's operating profit hit a record high, increasing by 69.9% year-on-year to 5.3 billion RMB, while adjusted net profit rose by 26.3% to 5 billion RMB [1] - The integration of AI capabilities into Kuaishou's business is a significant factor in its financial performance, with Keling AI generating over 300 million RMB in revenue during Q3 [1] Industry Dynamics - The video generation sector is experiencing rapid competition with numerous participants from both large internet companies and startups, indicating its potential as a high-quality market [2] - The industry is in an early stage of rapid technological iteration and product exploration, with competition driving advancements in video generation technology [2] - Keling AI remains a leader in the global video generation space, focusing on technological and product innovation to maintain its competitive edge [2] Product Strategy - Keling AI's core focus is on AI film creation, with an emphasis on resource aggregation to enhance technology and product capabilities [2] - The company plans to advance its product iterations by focusing on technological leadership and product imagination, utilizing multi-modal interaction concepts [2] - Keling AI aims to enhance the user experience for professional creators while exploring consumer applications, with plans to further commercialize its technology in the future [3] Financial Outlook - Kuaishou plans to increase investments in AI-related capabilities, expecting a mid-to-high double-digit percentage growth in overall capital expenditures for 2025 compared to the previous year [3] - Keling AI's projected revenue for 2025 is approximately 140 million USD, significantly higher than the initial target of 60 million USD [3] - Despite increased investments in AI capabilities and talent, the company remains confident in achieving year-on-year improvements in adjusted operating profit margins [3]

南方财经11月19日电，闻泰科技公告安世半导体事件进展，称10月13日公告说明的企业法庭的所有紧急 措施还在进行中，公司对安世的控制权仍然处于受限状态。21世纪经济报道从接近闻泰人士处获悉，闻 泰科技或仍暂未获得荷兰安世合法权益，"如果保障闻泰科技恢复相关权益，必须要求去除目前替代行 使管理权限的指派独立董事，包括撤销非法管理团队等。"查看原文：荷兰暂停行政令，闻泰科技合法 权益仍有待恢复刚刚 ...

此次"三合一"整合，是2024年新"国九条"发布后又一例大型券商深度整合案例。 21世纪经济报道记者崔文静实习生张长荣北京报道 市场关注已久的中金公司合并消息终于落地，但此番合并对象并非此前市场猜测的银河证券，而是东兴证券与信达证券。 11月19日晚，三家券商同步发布《关于筹划重大资产重组的停牌公告》，揭晓了这宗由中金公司通过换股方式吸收合并后两者 的重磅方案，自11月20日起，三家券商将正式停牌，预计停牌时间不超过25个交易日。 | 证券代码 证券简称 停复牌类型 停牌起始日 停牌期间 | | | --- | --- | | 601995 中金公司 A 股 停牌 | 2025/11/20 | "三合一"大并购 根据中金公司、东兴证券、信达证券公告，此次合并由中金公司牵头，中金公司通过向东兴证券全体A股换股股东发行A股股 票、向信达证券全体A股换股股东发行A股股票的方式，换股吸收合并东兴证券、信达证券。 中金公司合并对象并非此前市场猜测已久的银河证券，而是东兴证券与信达证券，这虽看似意外，实则是另一盘券商整合大棋 的重要落子。 随着三大AMC相继划入中央汇金旗下，东兴证券与信达证券也摇身成为中央汇金旗下券商。 ...