编辑 | 夏木 美股齐涨 美股主要股指周二继续走高，一系列经济数据强化了投资者对于美联储将在12月实施年内第三次降息的 预期。然而，科技板块表现疲弱，在一定程度上限制了纳斯达克指数的涨幅。 截至收盘，道指上涨664.18点，涨幅1.43%，报47112.45点；标普500指数上涨60.76点，涨0.91%，报 6765.88点；纳指上涨153.59点，涨0.67%，报23025.59点。 【热门股表现】 热门大型科技股涨跌互现。Meta上涨3.78%，微软上涨0.63%，亚马逊上涨1.50%，苹果上涨0.38%，特 斯拉上涨0.39%；英伟达下跌2.59%。此前有市场消息称，Meta正考虑未来数年在数据中心使用Alphabet 的人工智能芯片，并计划在明年之前在谷歌云租用芯片，推动Alphabet股价上涨1.53%并再创历史新 高。 零售板块走势强劲，Kohl's大涨42.53%，Abercrombie&Fitch飙升37.54%，均因上调全年盈利预期而走 高；Burlington Stores因第三季度营收不及预期大跌12.24%。 纳斯达克金龙中国指数收涨0.35%，报7753.25点。中概股中，小马智行 ...

Core Insights - Nvidia's CEO Jensen Huang expressed concerns about the company's position in a "no-win situation" due to high market expectations, indicating that even a slight miss in quarterly results could lead to significant market repercussions [1] - Following the release of Google's Gemini 3 model, which is perceived to have surpassed OpenAI's GPT model, Nvidia's stock experienced a sharp decline, losing over 7% in a single trading session and resulting in a market cap drop of nearly $350 billion [1][3] - Despite Nvidia's claims of maintaining a technological edge and being the only platform capable of running all AI models, investor confidence has waned, leading to significant sell-offs by major investors [4][6] Financial Performance - Nvidia reported a 62% year-over-year revenue increase to $57 billion and a 65% increase in net profit to $31.9 billion for the third quarter of fiscal year 2026, exceeding market expectations [8] - The company's stock price has fallen approximately 16% from its historical high of $212 per share, resulting in a market cap reduction of over $800 billion [1] Market Dynamics - The competitive landscape for AI infrastructure is shifting, with Google making significant advancements in AI chip development, potentially reducing reliance on Nvidia's GPUs [7][8] - Concerns have been raised regarding the sustainability of AI demand and the ability of AI investments to translate into sufficient revenue, as highlighted by prominent investors questioning the underlying demand for AI capabilities [4][9] Strategic Positioning - Nvidia has publicly defended its market position, asserting that its technology remains superior to specialized ASIC chips, emphasizing performance, versatility, and better substitutability [3][6] - The company is facing increasing competition from self-developed AI chip manufacturers, with competitors like Anthropic planning to deploy Google TPUs for their AI models, further intensifying the competitive pressure on Nvidia [8]

Core Viewpoint - US stock indices continued to rise, bolstered by economic data that strengthened expectations for a Federal Reserve rate cut in December, although the technology sector's weak performance limited the Nasdaq's gains [2][3] Group 1: Stock Market Performance - The Dow Jones Industrial Average rose by 664.18 points, or 1.43%, closing at 47,112.45 points; the S&P 500 increased by 60.76 points, or 0.91%, to 6,765.88 points; the Nasdaq gained 153.59 points, or 0.67%, ending at 23,025.59 points [2] - Major tech stocks showed mixed results, with Meta up 3.78%, Microsoft up 0.63%, Amazon up 1.50%, Apple up 0.38%, and Tesla up 0.39%, while Nvidia fell by 2.59% [2] - The retail sector performed strongly, with Kohl's surging 42.53% and Abercrombie & Fitch rising 37.54% due to raised full-year profit forecasts; Burlington Stores dropped 12.24% after third-quarter revenue missed expectations [2] Group 2: Economic Data and Federal Reserve Expectations - The Nasdaq Golden Dragon China Index rose by 0.35% to 7,753.25 points, with notable gains in Chinese stocks like Pony.ai up 5.9% and Xpeng up 3.2%, while Alibaba fell 2.3% and NIO dropped 4.3% [3] - Recent economic data reinforced expectations for a December rate cut, with the probability of a cut rising to 84.7% from 50.1% a week prior [3] - The ADP employment report indicated a faster decline in private sector jobs, averaging a loss of 13,500 jobs per week over the past four weeks, compared to a loss of 2,500 jobs the previous week, highlighting a weakening labor market [3] Group 3: Consumer and Producer Price Index - The Producer Price Index (PPI) for September rose by 0.3%, rebounding from a previous decline of 0.1%, aligning with economists' expectations [4] - The Conference Board reported that the consumer confidence index fell to 88.7 in November, the lowest since April, significantly below the market expectation of 93.2 [4] Group 4: Future Federal Reserve Actions - Goldman Sachs' chief economist stated that there are virtually no obstacles to the Fed cutting rates on December 10, with expectations for two additional cuts in 2026, each by 25 basis points [5] - Market strategist noted that recent data and Fed officials' comments have shifted market sentiment towards a December rate cut due to significant weakness in the job market [5] - The yield on the 10-year US Treasury bond fell below 4%, marking the lowest level since the end of October [5] Group 5: Commodity Market - International oil prices declined, with light crude oil futures for January dropping by $0.89 to $57.95 per barrel, a decrease of 1.51% [6] - Spot gold prices slightly fell by 0.14% to $4,130.59 per ounce, while COMEX gold futures rose by 0.81% to $4,127.20 per ounce [6]

当地时间周二，英伟达罕见回应市场对其AI芯片主导地位受威胁的担忧，称公司GPU"仍领先行业一 代"，可支持所有AI模型并覆盖多场景计算，是目前唯一具备通用平台能力的厂商。英伟达强调，将持 续深化与多家科技巨头的合作。 有报道称，英伟达重要大客户Meta正考虑在未来数据中心采用谷歌自研TPU，并从明年起租用谷歌云芯 片资源。报道提到，谷歌TPU被推销为英伟达GPU的"成本更优替代品"，并引发投资者忧虑，这或削弱 英伟达在AI基础设施中的统治地位。 ...

11月25日，由第一财经携手上海交易集团主办的"2025租赁业产融生态大会"在上海举行，上海市委常 委、常务副市长吴伟出席大会并致辞。本次大会以"融物承新、租赢未来"为核心愿景，吸引了监管机构 代表、经济学家、金融基础设施单位、国内外领先融资租赁机构及新质产业企业，共同探讨融资租赁如 何成为新质产业发展的"价值伙伴"，推动产业金融生态高质量建设，中国工商银行股份有限公司上海市 分行为本次大会的战略支持伙伴。 融资租赁价值重估 聚焦新质产业 随着产业数字化升级、人工智能制造、绿色能源布局以及低空经济等新兴产业的发展，融资租赁早已不 再局限于"租设备"或"类信贷"的功能，而成为企业新质生产力发展的"孵化器"。大会指出，融资租赁的 价值回归，是金融服务向实体经济本源的致敬；其价值重估，则体现了市场对其产业赋能能力的再认 知。 上海交易集团党委副书记、总裁管小军在致欢迎辞时表示，融资租赁已从传统的"融物"与"类信贷"定位 走向实体产业的"价值伙伴"，深度嵌入新质生产力的成长体系。 他介绍，上海作为国际金融中心，汇聚全国近四成融资租赁资产，产业基础与金融生态优势显 著。"2024年3月挂牌成立的上海融资租赁资产流转中心 ...

11月25日美股开盘，英伟达跌幅扩大至6.52%，创9月17日以来新低，总市值跌至4.15万亿美元，较历史 最高点跌去1万亿美元。 编辑：雨林 ...

编辑 ｜ 钉钉 11月25日晚间， 国际原油走低， 美、布两油日内跌幅扩大至2%，现分别报57.40美元/桶和61.42美元/ 桶。 现货黄金短线跳水15美元，日内跌0.3%，现报4123.18美元/盎司。 ...

本文字数：1110，阅读时长大约2分钟 据证券时报，11月25日，*ST东通(300379.SZ)公告称，公司收到中国证券监督管理委员会北京监管局下 发的《行政处罚决定书》，认定公司2019年至2022年年度报告信息披露存在虚假记载，同时构成欺诈发 行。该行为触及《创业板股票上市规则》规定的重大违法强制退市情形，公司股票可能被终止上市。根 据相关规定，公司股票自2025年11月26日起停牌。 *ST东通及相关当事人在9月12日收到中国证监会下发的《行政处罚事先告知书》（简称"《告知 书》"），告知书称公司2019年至2022年度报告存在虚假记载、公司2022年向特定对象发行股票构成欺 诈发行。 2025.11.25 《告知书》指出，*ST东通在2019年至2022年分别虚增收入6145.10万元、8485.06万元、12550.58万元、 16052.95万元；2019年至2022年分别虚增利润5222.79万元、5877.42万元、7948.22万元、12369.20万 元，其中2022年虚增利润金额占公司当期披露利润总额的219.43%。 据估算，*ST东通在2019年至2022年期间，累计虚增收入4.3 ...

Legal Issues - Danghong Technology is involved in a lawsuit with Guangxi Broadcasting Network Technology Development Co., Ltd., with a counterclaim amounting to RMB 35.9495 million, excluding legal fees and other costs [3] - Zhangjiajie faces a court ruling in a contract dispute with Zhuzhou CRRC Engineering, with the amount in question being RMB 20.144 million plus related penalties [12] Regulatory Actions - Keres received an administrative regulatory decision from the Guangdong Securities Regulatory Bureau for violations related to accounts receivable aging calculations and related party transactions [4] Business Developments - Dongfang Yuhong acquired mining rights for limestone in a bid worth RMB 267 million, valid from November 24, 2025, to November 24, 2045 [5] - Saikexide has received approval for three medical device products, enhancing its product range in the in vitro diagnostics sector [6] - Huayou Cobalt signed a supply agreement with Yiwei Lithium Energy for high-nickel ternary cathode materials, with an estimated supply of 127,800 tons from 2026 to 2035 [7] Stock Performance and Corporate Actions - Mengtian Home experienced a five-day stock price increase, with a total rise of 61.08%, significantly outpacing the Shanghai Composite Index [9] - Jiumuwang's stock showed abnormal fluctuations, with a revenue decline of 6.02% year-on-year for the first three quarters [10] - Huafeng shares are suspended due to a potential change in control, with a stock suspension expected to last no more than three trading days [11] - Baiyun Electric conducted its first share buyback, acquiring 86,500 shares for a total of RMB 1.0034 million [13] - Mercury Home Textiles plans to repurchase and cancel 137,200 restricted shares due to employee departures and performance issues [14] - Petty Co. announced a share buyback plan of RMB 50 million to 70 million, with a maximum price of RMB 26 per share [15] - Century Huatong obtained a loan commitment of up to RMB 900 million from China Merchants Bank for stock repurchase purposes [17] Shareholding Changes - Tongding Interconnection's major shareholder plans to reduce its stake by up to 0.49% [18] - Wanrun Co.'s controlling shareholder plans to increase its stake by no less than RMB 365 million and no more than RMB 730 million [19]

11月25日，摩尔线程发布首次公开发行股票并在科创板上市网下初步配售结果及网上中签结果公告，本 次发行战略配售的缴款及配售工作已结束，本次发行的参与战略配售的投资者均按承诺参与了本次发行 的战略配售。 | के | 参与战略配售的投资 | | | 获配股数 | | | | --- | --- | --- | --- | --- | --- | --- | | | | 参与战略配售的投资者 | 获配股数 | 占本次发 | 获配金额 | 曝售期 | | ਵੇ | 著名称 | 炭型 | (股) | 行数量的 | (元) | (月) | | | | | | 比例 | | | | 1 | 中信证券投资有限公 | 参与科创板课按的保荐 | 1.400.000 | 2.00% | 159,992,000.00 | 24 | | | 间 | 人相关子公司 | | | | | | | 中信证券资管学尔线 | 发行人的高级管理人员 | | | | | | 2 | 程员工参与科创板战 | 与核心员工参与本次战 | 2,911,095 | 4.16% | 332.679.936.60 | 12 | | | 旺盛如果你一脚蛋糕 | 儿 ...