苹果公司没有立即回应媒体的置评请求。CG Semi则表示，公司不对市场猜测或与特定客户的讨论发表 评论，并称"当有具体事项可以分享时，我们将作出适当披露"。 将部分芯片后端制造环节移至印度的讨论，与此前苹果公司加速实现供应链多元化的宏观战略吻合。据 路透社今年4月报道，苹果的目标是到2026年底，将在美国销售的大部分iPhone转由印度工厂生产。 据媒体周三援引知情人士消息报道，苹果公司正与印度芯片制造商进行早期商谈，讨论为iPhone组装和 封装组件。这一动向表明，苹果在印度的布局可能从现有的终端产品组装，进一步向上游延伸至更复杂 的半导体封测领域。 此前苹果与印度的合作主要集中在iPhone、AirPods等终端产品的最终组装环节。 据称，苹果已与Murugappa集团旗下的CG Semi进行了会谈。该公司目前正在古吉拉特邦的萨纳恩德 （Sanand）建设一座外包半导体封测（OSAT）工厂。报道补充说，目前尚不清楚将在该工厂封装哪些 芯片，但很可能是用于iPhone的显示芯片。 苹果公司正探索在印度进行半导体组装和封装，这是其首次在该国涉足芯片制造的后端环节。 风险提示及免责条款 市场有风险，投资需谨慎。 ...

从市场影响来看，MiMo-V2-Flash的入局可能搅动现有开源AI模型的竞争格局。其官方公布的每百万输入token 0.1美元、输出token 0.3美元的极低 成本，结合高达150 tokens/秒的推理速度，为开发者和企业提供了极具吸引力的选择，或将加速高性能AI技术在更广泛场景的应用和普及，尤其 是对其庞大的"手机 x AIoT"生态系统形成强大赋能。 11个小时前，小米深夜"突袭式"发布并开源了其最新的专家混合架构（MoE）大语言模型MiMo-V2-Flash。该模型总参数量达3090亿，活跃参数为 150亿，采用对开发者友好的MIT开源协议，基础版权重也已经在Hugging Face上发布。 小米MiMo团队负责人罗福莉（Fuli Luo）在社交平台上明确表示："MiMo-V2-Flash已经上线。这只是我们AGI路线图上的第二步。"这一表态凸 显了小米在AI领域的长远规划和技术雄心。 性能媲美DeepSeek-V3.2，并且"极具性价比" MiMo-V2-Flash在多个权威基准测试中展现了强大的实力，其性能表现足以和部分顶尖的开源及闭源模型同台竞技。 根据小米官方公布的数据，在衡量编程能力的S ...

研报强调传统的拉长久期获取资本利得策略难度大幅上升，不同类型机构需要调整操作思路——交易性 资金应转向中短久期套息加杠杆策略，配置型资金需要耐心等待保险资金入场带来的买点，而年初以来 的套牢盘则应把握反弹机会逐步减仓。 定价权转移的宏观逻辑 申万宏源指出债券市场的定价权正在经历2022年以来的首次重大逆转。 在2022年之前，30年国债并非主流品种，长债与超长债的定价权牢牢掌握在配置盘手中。 但2022年后，随着新旧动能切换、信用收缩加剧和物价低迷预期深化，拉久期成为市场主流策略。大量 中长债基金发行，叠加交易性机构深度参与，债市定价权逐渐被交易盘主导。 进入2025年，市场环境再次发生根本性变化。 央行降准降息幅度保持克制，反内卷提振物价、存款搬家资产配置再平衡、资产荒压力缓解等新的宏观 叙事正在形成。 申万宏源认为中国债券市场的定价权正在发生深刻转移。 12月15日，申万宏源黄伟平团队发表研报，指出尽管10月以来国内经济数据边际回落、央行重启买债等 利好因素出现，债券利率下行幅度却相当有限，市场呈现利多出尽态势。 申万宏源认为这背后反映的是长债和超长债的定价权正从交易盘向配置盘转移。 央行流动性投放能够保 ...

Core Viewpoint - The fate of the Trump administration's signature tariff policy hinges on a critical ruling from the U.S. Supreme Court, with increasing indications that the government may lose the case, complicating potential remedial measures [1][2] Group 1: Legal Proceedings and Predictions - The Supreme Court is expected to rule in early January on whether the government has the authority to impose broad "reciprocal tariffs" under the International Emergency Economic Powers Act (IEEPA) [1][2] - Goldman Sachs reports that based on the questioning during oral arguments, the Court is "likely" to rule much of the tariffs imposed this year as illegal [2] - The two core cases under review challenge whether the President overstepped constitutional boundaries by using IEEPA to exercise Congress's exclusive taxing power [2] Group 2: Government Response and Internal Dynamics - There is a stark contrast in public statements within the White House, with President Trump expressing urgency and concern, while Treasury Secretary Mnuchin attempts to project confidence, suggesting backup plans exist [2] - Mnuchin acknowledges that overturning the tariffs could lead to a "fiscal disaster," yet he also claims the government has alternative revenue-raising options [2] Group 3: Alternative Legal Frameworks - Legal experts indicate that any alternative trade regulations to rebuild the tariff system would face significant legal and political hurdles [3] - The Trade Act of 1974 allows the President to impose tariffs for severe international balance of payments deficits, but it has limitations such as being non-discriminatory and having a short effective period [4] - The Tariff Act of 1930 permits tariffs against countries that discriminate against U.S. trade, but its legal application has never been tested in court, raising questions about necessary investigations [4] Group 4: Economic Implications - Goldman Sachs predicts that if the IEEPA tariffs are overturned, the risk leans towards lower tariff rates, with an expected decline of about 2 percentage points in effective tariff rates by the end of 2026 [5] - The government has collected approximately $130 billion in tariffs through IEEPA, with ongoing monthly increases of about $20 billion, leading to potential refund issues for companies [5] Group 5: Political and Diplomatic Consequences - A legal defeat could have severe political and diplomatic repercussions for the Trump administration, including challenges to the credibility of trade agreements made under the threat of IEEPA tariffs [6] - The credibility of government officials may be undermined if the predicted turmoil does not materialize following a ruling against the tariffs, complicating the political landscape ahead of the 2026 midterm elections [6]

Core Viewpoint - The debut of Mu Xi Co., Ltd. on the STAR Market on December 17 showcased strong market interest in domestic GPU companies, with the stock price surging by 568.83% on the first day, reflecting high investor confidence in the self-controlled chip industry [1][4]. Group 1: IPO Performance - Mu Xi Co., Ltd. opened at 700 CNY, representing a 568.83% increase from the issuance price of 104.66 CNY, with potential profits for investors reaching up to 31.41 million CNY per share [1][4]. - The company achieved a market capitalization of approximately 418.74 billion CNY at the opening price, with a price-to-sales ratio of 56.35, significantly lower than its peer, Moer Technology, which has a ratio of 122.51 [1][4]. - The subscription rate was notably low at 0.03348913%, indicating that less than 4 out of every 10,000 applicants received shares, which is below the average of 0.04% for new STAR Market stocks in 2025 [1][5]. Group 2: Financial Performance - Mu Xi Co., Ltd. reported rapid revenue growth, with revenues of 42.64 million CNY in 2022, 530.21 million CNY in 2023, and projected revenues of 743 million CNY in 2024, resulting in a compound annual growth rate of 4074.52% over three years [6]. - Despite the revenue growth, the company remains unprofitable, with net losses of 7.77 billion CNY in 2022, 8.71 billion CNY in 2023, and 14.09 billion CNY in 2024, and a loss of 2.33 billion CNY in the first quarter of 2025 [7]. Group 3: Fundraising and Investment Plans - The company plans to raise approximately 41.97 billion CNY, which will be allocated to three major GPU research and development projects focused on technological innovation [8]. - Strategic investors, including the National Artificial Intelligence Industry Investment Fund, China Telecom, JD.com, and Meituan, participated in the subscription, indicating strong confidence in the future of domestic GPU chips [4].

OpenAI发言人证实了这一调整，称基于用户反馈，免费及Go用户更偏好默认的流畅聊天体验。尽管 OpenAI仍计划在技术完善后重新推出该功能，且付费用户仍可使用，但此次回撤表明，科技巨头在将 高成本、高延迟的尖端模型整合进大规模消费级产品时，正面临"性能与速度"博弈的严峻挑战。 OpenAI悄然逆转了其针对大众用户的核心产品策略，撤回了旨在提升回答精度的自动"模型路由器"系 统，转而通过更快的响应速度来挽留用户。这一举措突显了在竞争激烈的AI聊天机器人市场中，先进 的"推理"能力与即时响应的消费者需求之间存在着难以调和的矛盾。 据WIRED报道，OpenAI已在免费版及每月5美元的订阅层级中取消了"模型路由器"功能，用户将默认使 用响应速度更快、服务成本更低的GPT-5.2 Instant模型。此前，该系统旨在自动分析用户提问，并将复 杂问题分流至更强大但处理较慢的"推理"模型，而现在普通用户必须手动切换才能使用这些高级功能。 知情人士透露，这一逆转主要源于其对业务指标的冲击：路由系统的延迟对日活跃用户产生了负面影 响。尽管推理模型代表了AI性能的前沿，但其处理复杂问题时可能耗时数分钟，导致不愿等待的大众 用 ...

Core Viewpoint - The listing of Mu Xi Co., Ltd. on the STAR Market on December 17 has highlighted the strong market interest in domestic semiconductor companies, particularly in the GPU sector, with the stock opening at a 568.83% increase from its issue price, reflecting investor confidence in the self-controlled chip industry [1] Group 1: IPO Performance - Mu Xi Co., Ltd. issued shares at a price of 104.66 yuan per share, resulting in a market capitalization of approximately 41.87 billion yuan and a price-to-sales ratio of 56.35 times, which is significantly lower than its peer, Moore Threads, at 122.51 times [1] - The subscription rate for online investors was 0.03348913%, indicating that less than 4 out of every 10,000 applicants received shares, which is below the average of 0.04% for new STAR Market stocks in 2025 [1] - The company raised a net amount of approximately 3.90 billion yuan after deducting issuance costs, with strategic investors like the National Artificial Intelligence Industry Investment Fund and major companies such as China Telecom and JD.com participating in the subscription [1] Group 2: Financial Performance - Mu Xi Co., Ltd. has shown rapid revenue growth, with revenues of 426,400 yuan in 2022, 53.02 million yuan in 2023, and projected revenues of 743 million yuan in 2024, resulting in a compound annual growth rate of 4,074.52% over the last three years [3] - Despite the revenue growth, the company remains unprofitable, with net losses of 777 million yuan in 2022, 871 million yuan in 2023, and 1.41 billion yuan in 2024, and a net loss of 233 million yuan in the first quarter of 2025 [3] Group 3: Fundraising and Project Focus - The company plans to raise a total of 4.197 billion yuan, which will be allocated to three major projects focused on technological innovation in the GPU sector, including the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [4] - The enthusiasm for the IPO is influenced by various factors, including the supply rhythm of IPOs and the fundamental performance of the company, which will be critical for sustaining valuation in the competitive domestic GPU market [4]

Core Viewpoint - Goldman Sachs anticipates that the Trump administration is likely to implement tariff reductions and fiscal stimulus measures before the upcoming midterm elections to boost voter sentiment [1][2]. Tariff Reductions - Goldman Sachs predicts that by the end of 2026, the effective tariff rate in the U.S. will decrease by approximately 2 percentage points from current levels, although it will still be 9.5 percentage points higher than early 2025 [1][10]. - The Supreme Court is expected to rule that tariffs imposed by the Trump administration under the International Emergency Economic Powers Act (IEEPA) exceed its legal authority, which could lead to a significant reduction in tariffs [3][10]. - If the Supreme Court rules against the IEEPA tariffs, the Trump administration may need to rely on other legal authorizations, such as the Trade Act of 1974, which allows for tariffs of up to 15% for a period of 150 days [3][4]. - Current IEEPA tariffs contribute approximately 7.5 percentage points to the effective tariff rate, with a potential reduction of about 1.6 percentage points if tariffs are capped at 15% [4]. Fiscal Stimulus Measures - The Trump administration may also utilize fiscal policy to improve economic sentiment ahead of the midterm elections, with a potential second round of fiscal stimulus facing significant hurdles [5][8]. - Goldman Sachs estimates that the first round of fiscal measures will peak in its impact on growth by the second quarter of 2026, with tax refunds expected to increase by nearly $100 billion from February to April [5][6]. - There is a 50% probability that at least $1,000 in stimulus checks will be issued to Americans by the end of 2026, despite challenges in passing a comprehensive fiscal plan [6][8]. Housing Policy and Regulatory Reforms - Goldman Sachs believes that administrative measures related to housing are likely to be implemented, focusing on government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac [9][10]. - Potential options include adjustments in loan pricing, the introduction of 50-year mortgage products, and possibly expanding the GSEs' balance sheets to hold more mortgage-backed securities [9]. - Legislative reforms to simplify the National Environmental Policy Act (NEPA) are also expected to have a significant chance of becoming law in the coming months, which would streamline federal reviews of major infrastructure projects [10].

沐曦股份此次发行价格为104.66元/股，对应市值约418.74亿元，市销率为56.35倍，仅为摩尔线程122.51 倍市销率的一半。公司共发行4010万股，占发行后总股本的10.02%，扣除发行费用后预计募集资金净 额为38.99亿元。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 沐曦股份上市首日高开568.83％，报700元，按开盘价计算，中一签可赚29.77万元。 在近期科创板上市的半导体企业中，该中签率处于低水平，申购热度位居第一梯队。国家人工智能产业 投资基金、中国电信、京东、美团等众多战略投资者参与认购，显示市场对国产GPU芯片前景的高度关 注。 ...

N沐曦-U上市首日高开568.83%，报700元/股。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...