2025.12.03 本文字数：3068，阅读时长大约5分钟 作者 |第一财经 杜川 岁末本是银行揽储旺季，但在净息差持续承压的背景下，银行业存款产品结构调整进入深水区。 记者近日发现，存款市场已进入差异化竞争阶段：一边是5年期大额存单正加速退出市场，部分国有大 行收缩长期高成本存款，推出更高起存门槛的大额存单；一边是中小银行差异化调整，逆势上调存款利 率。 中信证券首席经济学家明明表示，近期多家银行下架5年期定期存款产品，背后或暗含银行负债端久期 开始缩短的信号；此外，一般性存款增长波动加大、核心存款增长乏力等也难以为商业银行资产端拉长 久期提供较多支撑。然而，政府债供给期限以及银行提高收益的诉求下，银行客观存在拉长配债久期的 需求，因此如何兼顾收益与风险，将成为商业银行稳健发展的重要课题。 5年大额存单逐步退场 按照以往惯例，大额存单作为商业银行年底揽储的重磅产品，此时应是银行加大布局的旺季，但近期5 年期大额存单逐步退出市场成为显著趋势。 近日，六家国有大型商业银行对存款产品进行调整，集体下架五年期大额存单。目前仅剩三年期、二年 期、一年期、六个月等短期限大额存单产品供投资者选择。 以中国银行为例，"大 ...

Core Insights - Li Auto officially launched its first AI smart glasses, Livis, priced from 1999 yuan, marking the first product from its newly established "Wearable Robotics" division [1] - The company aims to connect the physical and digital worlds, aspiring to become a leading global AI enterprise [1][2] - Li Auto plans to enhance the AI glasses in phases, starting with weight and battery life optimization, followed by a display version developed in collaboration with Zeiss, ultimately creating a standalone device [1][2] Company Strategy - The company has completed its roadmap for chips, operating systems, and AI since 2020, with significant investments in self-developed chips and foundational models [2] - Li Auto is increasing its investment in AI, with an expected annual R&D expenditure of 12 billion yuan, over 6 billion yuan of which will be allocated to AI [2] - The CEO revealed plans to deliver an AI system equipped with self-developed M100 chips by 2026, redefining products as "embodied intelligent" robots [2] Market Context - The AI glasses integrate traditional eyewear, camera, and Bluetooth headset functionalities, differing from AR/VR glasses by not producing virtual images [2] - The global sales of Meta's Ray-Ban are projected to reach 2.25 million units in 2024, while the total sales of AI smart glasses across the industry are only 2.34 million units, indicating a competitive landscape [2] - The company is focused on core functionalities such as weight, battery life, response speed, and intelligence, aiming for simplicity and elegance in design [3] Future Outlook - The company predicts that the "iPhone moment" for AI glasses will occur around 2027-2028, coinciding with advancements in L4 autonomous driving and contextual understanding capabilities [3] - Current model capabilities are improving but not exponentially, relying heavily on sufficient contextual and environmental data [3]

Core Points - Muxi Co., Ltd. announced its initial public offering (IPO) and listing on the Sci-Tech Innovation Board, setting the issue price at 104.66 yuan per share [1] - The company aims to raise approximately 39 billion yuan for its fundraising projects, with total expected funds of 41.97 billion yuan from the issuance of 4.01 million new shares [1] - After deducting issuance costs of 298 million yuan (excluding VAT), the net fundraising amount is projected to be 38.99 billion yuan [1] Company Overview - Muxi Co., Ltd. is a leading enterprise in the domestic high-performance general-purpose GPU market, focusing on the independent research and development of full-stack high-performance GPU chips and computing platforms [3] - The company's main business includes the research, design, and sales of full-stack GPU products used in artificial intelligence training and inference, as well as general computing and graphics rendering [3] Issuance Details - The total number of shares issued is 4.01 million, which represents 10.02% of the total share capital post-issuance [2] - The pricing mechanism for the issuance was determined through offline initial inquiry, with no further bidding for offline investors [2] - The strategic placement of shares accounts for 760.54 million shares, which is a significant portion of the total issuance [2]

12月3日，被市场称为"中国版英伟达"的摩尔线程公告，经上海证券交易所审核同意，摩尔线程智能科 技（北京）股份有限公司发行的人民币普通股股票将于2025年12月5日在上海证券交易所科创板上市。 根据公司发布的上市公告书，本次发行价格为114.28元/股，对应发行后市值约为537.15亿元。 (北京市海淀区翠微中里 14 号楼四层 B655) 首次公开发行股票科创板上市公告书 保荐人(主承销商) 分股份有限公司 广东省深圳市福田区中心三路 8号卓越时代广场(二期)北座 副主承销商 摩尔线程智能科技(北京)股份有限公司 股份有限公司 出版福田街道福华 东省广州市黄埔区中新广州知识城 长一街2号618室) 二〇二五年十二月 编辑丨瑜见 ...

Core Insights - The enthusiasm of local state-owned enterprises (SOEs) in acquiring control of listed companies has become a focal point in the capital market, particularly in Hubei province, where the number of companies controlled by the Hubei State-owned Assets Supervision and Administration Commission has reached 15 [2][4] Group 1: Recent Acquisitions - On December 2, 2023, Junting Hotel announced that Hubei Cultural Tourism acquired 29.99% of its shares for a total price of 1.499 billion yuan, changing the controlling shareholder to Hubei Cultural Tourism and the actual controller to the Hubei State-owned Assets Supervision and Administration Commission [2][4] - Just five days prior, the actual controller of Chaozhuo Aerospace also changed to the Hubei State-owned Assets Supervision and Administration Commission, indicating a trend of increasing control by Hubei SOEs [3] Group 2: Strategic Focus and Business Integration - Hubei Cultural Tourism's main business includes cultural tourism, commercial trade, and sports health, with assets exceeding 100 billion yuan and ownership of 44 scenic spots and 46 hotels [4] - Following the acquisition, Hubei Cultural Tourism plans to inject quality lodging assets into Junting Hotel and support its financing activities, aiming to establish it as a benchmark in the hotel industry and cultural tourism integration [4] Group 3: Broader Trends in Hubei SOEs - The acquisition wave by Hubei SOEs began in 2023, with significant control gained over companies like Tianfeng Securities and Shuanghuan Technology through various means [6] - Hubei SOEs are diversifying their investments into traditional sectors like chemicals and energy, as well as emerging industries such as semiconductors and new energy, enhancing their strategic positioning [5][6] Group 4: Future Opportunities and Reforms - The change in actual controllers to the Hubei State-owned Assets Supervision and Administration Commission is expected to provide new development opportunities under the "Three Assets" reform, which focuses on resource assetization, asset securitization, and financial leverage [7] - Companies like Chutian Expressway and Junting Hotel may leverage their assets for financing through real estate investment trusts (REITs) or commercial mortgage-backed securities (CMBS), enhancing their operational efficiency and capital utilization [7]

2025.12.03 本文字数：2399，阅读时长大约4分钟 作者 |第一财经 周楠 进入年尾，多家A股公司密集"换所"，部分遭立案的会计师事务所正在频繁"丢单"。 第一财经据公告统计，本月以来，平治信息（300571.SZ）、韩建河山（603616.SH）、荃银高科 （300087.SZ）等均公告称（拟）变更会计师事务所，原审计机构包括立信会计师事务所（下称"立信 所"）、中兴财光华会计师事务所（下称"中兴财光华"）等，拟改聘的新所涉及容诚会计师事务所等。 对于改聘理由，部分公司称，前任会计所已连续多年提供审计服务，为保证审计工作独立客观，更好匹 配公司后续发展需要，故做出变更。 这其中，近期遭立案的中兴财光华面临多家客户公司"出走"。上月底，因*ST立方（300344.SZ）被查明 存在长期财务造假，提供年审服务的中兴财光华被立案。"连锁反应"随即出现，上周末至今，珠海中富 （000659.SZ）、ST华扬（603825.SH）等均宣布改聘他所。 还有一些原拟与该所合作的公司，紧急叫停相关方案。航天宏图（688066.SH）最新披露，公司临时股 东大会取消审议聘任2025年年度会计师事务所的议案。11月下 ...

Group 1 - The A-share technology sector is experiencing an influx of capital as multiple semiconductor ETFs are being launched, indicating strong interest in AI, robotics, and chip sectors [1] - Since November 21, 49 semiconductor-focused ETFs have been reported, with the first batch of 7 AI ETFs approved on the same date, highlighting a strategic positioning by public fund institutions [1][2] - The market response has exceeded expectations, with the first AI ETF raising nearly 1 billion yuan on its first day, and if all ETFs reach their fundraising caps, over 30 billion yuan could flow into the sector [2] Group 2 - There is a noticeable differentiation in fundraising limits among various fund companies, with some setting caps as high as 8 billion units while others, like Yongying Fund, set a limit of 1 billion units [2] - Smaller funds are facing challenges in fundraising, as investor preference shifts towards larger, more established products, leading to a concentration of capital in top-tier institutions [3] - The technology sector is currently in a critical phase of "expectation fulfillment" and "valuation digestion," with a need to reassess market saturation as passive index products grow [4] Group 3 - Institutional investors have increased their positions in the technology sector, with TMT sector holdings surpassing 40%, and semiconductor stocks becoming the largest weighted industry with a total market value exceeding 250 billion yuan [5] - There are concerns regarding the valuation of technology stocks, with significant disparities in price-to-earnings ratios across different sub-sectors, indicating potential overvaluation risks [5] - Morgan Fund suggests that the current AI investment landscape is supported by cash-rich, profitable large enterprises, contrasting with the 1990s bubble, and the ongoing commercialization of AI is expected to mitigate risks of overbuilding [6]

进入年尾，多家A股公司密集"换所"，部分遭立案的会计师事务所正在频繁"丢单"。 第一财经据公告统计，本月以来，平治信息（300571.SZ）、韩建河山（603616.SH）、荃银高科 （300087.SZ）等均公告称（拟）变更会计师事务所，原审计机构包括立信会计师事务所（下称"立信 所"）、中兴财光华会计师事务所（下称"中兴财光华"）等，拟改聘的新所涉及容诚会计师事务所等。 对于改聘理由，部分公司称，前任会计所已连续多年提供审计服务，为保证审计工作独立客观，更好匹 配公司后续发展需要，故做出变更。 这其中，近期遭立案的中兴财光华面临多家客户公司"出走"。上月底，因*ST立方（300344.SZ）被查明 存在长期财务造假，提供年审服务的中兴财光华被立案。"连锁反应"随即出现，上周末至今，珠海中富 （000659.SZ）、ST华扬（603825.SH）等均宣布改聘他所。 还有一些原拟与该所合作的公司，紧急叫停相关方案。航天宏图（688066.SH）最新披露，公司临时股 东大会取消审议聘任2025年年度会计师事务所的议案。11月下旬，该公司曾拟变更会计所，由致同会计 师事务所变更为中兴财光华。 "中介机构被调查，本 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has experienced a decline in stock price, attributed to reduced trading volume and a lack of significant IPOs, with expectations for recovery in 2026 due to favorable monetary policies and a pipeline of IPOs [2][3][6]. Group 1: Stock Performance - On December 3, HKEX's stock fell by 0.88%, closing at 406.6 HKD, marking a nearly 12% drop from its high of 460 HKD on October 9 [2]. - The trading volume has decreased significantly, with recent daily trading amounts falling below 2000 billion HKD, compared to over 4000 billion HKD earlier in the year [2][3]. Group 2: IPO Market - The IPO market remains active, with HKEX reporting a total financing amount of 188.3 billion HKD from 69 new listings in the first three quarters of 2025, which is more than three times the amount from the same period in 2024 [5][6]. - The number of IPO applications being processed stands at 297, indicating a robust pipeline despite recent market challenges [5][6]. Group 3: Future Outlook - Analysts expect that the HKEX will benefit from potential improvements in market conditions, including increased trading volume as the market stabilizes, continued interest in new listings, and sustained inflow of capital from mainland investors [6][3]. - The anticipated policies from the mainland, such as fiscal expansion and consumption stimulus, are expected to support the market and potentially enhance HKEX's performance in the coming years [3][6].

Group 1 - The stock of Jinfutech experienced a significant decline, reaching a limit down and forming a "Tian Di Ban" pattern, with a trading volume of nearly 1.4 billion yuan [1] - As of the report, Jinfutech's stock price dropped by 7.89%, trading at 22.87 yuan [1] - Notably, Jinfutech had previously seen a consecutive rise in stock price with limit up for seven trading days [1]