11月18日，日经225指数下跌3%至48,813.06点。日本40年期国债收益率上升8个基点至3.68%。 ...

11月18日，比特币跌破9万美元，持续一个月的下跌态势已抹去该加密货币2025年的所有涨幅。此次逆 转行情出现之际，正值经济逆风加剧，包括市场对利率政策再度产生担忧，以及投机市场估值过高。期 权交易员押注比特币将进一步下跌，近期对8.5万美元和8万美元行权价的看跌期权保护需求占据主导。 ...

11月18日，市场早盘震荡调整，深成指、创业板指翻红后再度回落。 涨停表现 | 封板率 | 昨涨停今表现 | | --- | --- | | 59.00% | -0.81% | | 封板 38 触及 26 | 高开率 72% 获利率 | 沪深两市半日成交额1.28万亿，较上个交易日放量166亿。盘面上热点较为杂乱，全市场超4000只个股下跌。 从板块来看，AI应用概念大涨，榕基软件、浪潮软件2连板，宣亚国际等10余股涨停。半导体概念表现活跃，同益股份20cm涨停，龙迅股份涨停。机器人概 念股局部走强，首开股份5天3板。下跌方面，福建、锂电池等热门板块集体下挫。其中福建板块重挫，福建金森、福建水泥等多股跌停。锂电池板块震荡走 弱，石大胜华跌停。 板块方面，AI应用、半导体等板块涨幅居前，煤炭、电池、钢铁等板块跌幅居前。截至收盘，沪指跌0.56%，深成指跌0.43%，创业板指跌0.43%。 ...

Core Insights - OPPO launched the new Reno15 series smartphones, including Reno15 and Reno15 Pro, with starting prices of 2999 yuan and 3699 yuan respectively, available for sale on November 21 [1][2] Product Features - The Reno15 series focuses on imaging and live features, equipped with a four-camera system comprising a 200MP main camera, a 50MP periscope telephoto, a 50MP ultra-wide, and a 50MP front ultra-wide camera, making it competitive in the 3000-4000 yuan price range, especially for young users who prioritize photography [1] - The design incorporates a holographic engraving process, featuring a three-dimensional butterfly knot texture on the back, with color options including "Starry Butterfly Knot," Honey Gold, and Aurora Blue [1] - The Reno15 Pro features a 1.15mm narrow bezel flat screen and supports IP66/IP68/IP69 water resistance ratings [1] Key Functionalities - A standout feature is the "Out-of-Bounds Live Mosaic," allowing users to combine 2-9 live photos, with the system automatically separating the subject and supporting 4K output [1] - Additional functionalities include ultra-wide live selfies, CCD flash live, and simultaneous front-and-back shooting, along with a transmission speed of 145MB/s and support for high-definition releases on mainstream platforms [1] Live Streaming Capabilities - The Reno15 Pro is equipped with a front and rear anti-shake system, a three-microphone array for noise reduction, and AI live highlight slicing, supporting 6 hours of live streaming with an 80W fast charge and bypass power supply design [2] - It is powered by the Dimensity 8450 chip, enhancing gaming experiences with Super HDR and 120fps boost technology, along with 1080P game live streaming and 30-second recording features [2] Software and Pricing - The Reno15 series comes pre-installed with ColorOS 16, featuring dynamic depth wallpapers, AI live wallpapers, and cross-ecosystem connectivity with Apple devices [2] - Pricing details include the Reno15 Pro 12GB+256GB version at 3699 yuan, the highest configuration 16GB+1TB version at 4799 yuan, and the Reno15 12GB+256GB version at 2999 yuan, with the highest configuration 16GB+1TB version priced at 3999 yuan [2]

Core Viewpoint - UBS Investment Bank's China equity strategy head Wang Zonghao forecasts a prosperous year for the Chinese stock market in 2026, driven by factors such as innovation development and supportive policies for private enterprises and capital markets [1] Group 1: Market Outlook - The MSCI China Index is projected to reach a target of 100 by the end of next year, indicating a 14% upside from current levels [1] - Factors supporting the market include continuous fiscal expansion, ample liquidity under loose monetary policy, and potential capital inflows from domestic and international institutional investors [1] Group 2: Earnings and Sector Focus - Earnings growth for Chinese companies is expected to be around 10% in 2026, driven by anti-involution measures and a decrease in depreciation and amortization expenses [1] - The focus is on sectors such as internet, hardware technology, and brokerage firms, while high-dividend stocks are being removed from the watchlist due to declining yields [1] Group 3: Global Influences and Technology Sector - The potential pullback in global AI-related stocks may negatively impact Chinese tech stocks; however, certain factors may mitigate this effect [1] - The correlation between Chinese and global AI stocks is lower than that of other emerging markets like South Korea, and the domestic substitution process in the tech industry is unlikely to be affected by a slowdown in the global tech sector [1] - Chinese tech stocks are still valued lower than their global peers [1]

Core Viewpoint - Ant Group officially launched its multimodal AI assistant "Lingguang," which enables users to generate small applications in natural language within 30 seconds on mobile devices [1] Group 1: Product Features - Lingguang is a fully code-generating multimodal content AI assistant, initially offering three features: "Lingguang Dialogue," "Lingguang Flash Application," and "Lingguang Open Eye," supporting outputs in 3D, audio-video, charts, animations, and maps [1] - "Lingguang Dialogue" utilizes structured thinking to provide clear and concise AI responses, generating visual content such as dynamic 3D models and interactive maps, enhancing content presentation flexibility [1] - In educational scenarios, Lingguang can identify and distill knowledge points, presenting them logically and hierarchically, and generating 3D animated objects and interactive tables [1] Group 2: Strategic Development - Since 2025, Ant Group has accelerated its AGI (Artificial General Intelligence) layout, previously launching AI medical assistant AQ and developing embodied intelligence technology [1]

Core Viewpoint - The Federal Reserve is facing increasing internal divisions regarding the potential for another interest rate cut in December, with some members advocating for further easing to prevent worsening employment conditions, while others express concerns about persistent inflation risks [2][4]. Group 1: Support for Rate Cut - Federal Reserve Governor Waller supports another 25 basis point rate cut in December, citing concerns over a weakening labor market and recruitment activities [1]. - Waller emphasizes that the labor market is close to a critical level of growth stagnation and that inflation, excluding tariff impacts, is near the Fed's 2% target [1]. - He believes that a rate cut would serve as a "risk management" measure to alleviate pressure on the economy, particularly for middle- and low-income consumers [1]. Group 2: Opposition to Rate Cut - Several regional Fed presidents oppose further rate cuts, arguing that inflation remains a significant economic threat and that easing monetary policy could lead to a resurgence of inflation [2]. - Fed Vice Chair Jefferson acknowledges rising downside risks to employment but suggests caution in further rate cuts due to rates being close to neutral levels [2]. Group 3: Diverging Opinions - Boston Fed President Collins states that the threshold for further easing is high, indicating a more cautious stance [3]. - Fed Governor Milan, appointed by former President Trump, advocates for a more aggressive approach, suggesting a 50 basis point cut while at least supporting a 25 basis point reduction [3]. - The upcoming FOMC meeting on December 9-10 is expected to be contentious, with potential for significant dissent regardless of the decision made [4][5].

Core Viewpoint - Zhenjiang Urban Construction Industry Group Co., Ltd. has received a written warning from the Shanghai Stock Exchange due to improper management of raised funds, including transferring over 2.2 billion yuan into general accounts, and failing to disclose this in periodic reports from 2020 to 2022 [1] Group 1: Company Overview - Zhenjiang Urban Construction was established in 1994 and has developed into a "comprehensive urban operation service provider" with three main businesses: urban asset operation, real estate development, and environmental industry [1] - As of September 30, 2025, the company reported total assets of 172.635 billion yuan and total liabilities of 106.398 billion yuan [1] - For the first three quarters of 2025, the company achieved operating revenue of 6.362 billion yuan, a year-on-year decrease of 11.28%, and a net profit of 235 million yuan, a year-on-year increase of 2.29% [1] Group 2: Credit Rating and Risks - The company holds an AA credit rating with a stable outlook according to a report from Shanghai New Century Credit Rating Co., Ltd. [1] - The rating report highlights the company's advantages, such as being the main infrastructure construction entity in Zhenjiang, which allows it to receive government support, and its water business has regional exclusivity [2] - However, the report also points out significant risks, including a large debt scale, high repayment pressure, weak asset liquidity, and substantial external guarantees to other state-owned enterprises [2] Group 3: Regulatory Environment - The Shanghai Stock Exchange has strict regulations regarding the management of raised funds, requiring issuers to use a "special account" for receiving and storing raised funds [3] - The guidelines emphasize that funds must not be used for non-designated purposes until fully utilized and require issuers to maintain a detailed usage ledger [3] - The Shenzhen Stock Exchange has similar stringent requirements, stating that issuers changing the use of raised funds without rectification will be prohibited from issuing bonds again [4] Group 4: Enhanced Regulatory Measures - The China Interbank Market Dealers Association has also issued notifications for stricter fund supervision, emphasizing the need for thorough tracking of every account involved in the flow of raised funds [5] - Regulatory bodies are moving towards deeper penetration checks to ensure compliance with fund usage [5]

据知情人士透露，乔杜里近日离职跳槽到了一家AI创业公司。由于乔杜里在苹果设计团队中的声望不 断上升，他的离职在内部引起不小的震动。(作者/箫雨) 凤凰网科技讯 北京时间11月18日，据彭博社报道，苹果公司的设计团队再遭挫折，曾帮助开发iPhone Air并在该手机介绍视频中亮相的苹果设计师阿比杜尔·乔杜里(Abidur Chowdhury)已离职。 ...

Core Viewpoint - Tim Cook has been the CEO of Apple for over 14 years, and with recent leadership changes, John Ternus is emerging as a strong candidate for succession as Cook prepares to step down, potentially after the next quarterly earnings report in January 2024 [1][5]. Group 1: Leadership Transition - Tim Cook is expected to retire soon, with reports suggesting he may leave after the January 2024 earnings report [1]. - John Ternus, currently a senior hardware executive, is seen as the most likely successor to Cook, as he has gained visibility among Apple fans and Wall Street [1][4]. - Cook has indicated that he is cultivating several internal candidates for the CEO position, emphasizing the importance of internal succession [5]. Group 2: John Ternus's Background - John Ternus graduated from the University of Pennsylvania in 1997 with a degree in mechanical engineering and has been with Apple since 1997 [2]. - Ternus has extensive experience in hardware engineering, having been involved in the development of various Apple products, including every generation of iPads and AirPods [2][3]. - He has become a familiar face at Apple events, showcasing new products and articulating the company's strategies in hardware innovation [4]. Group 3: Public Engagement - Ternus has actively participated in public events, including multiple global developer conferences, where he has presented new products [4]. - His recent appearances, including interviews discussing Apple's strategies, have garnered significant attention, indicating his growing role within the company [4].