本文字数：457，阅读时长大约1分钟 11月20日上午，新东方董事长俞敏洪在社交平台发文回应此前在南极发布全员信被吐槽。 俞敏洪表示，"允许员工吐槽是新东方的传统，我一直鼓励。员工有不满，我和公司有问题，及时纠 正。也有冒充新东方员工在网上发声的，我相信大家也能明辨。南极是一片纯净的土地，如果大家有机 会，可以来看看。我打算明年冬天，选择10个左右的新东方、东方甄选的基层优秀员工，加上东方甄选 10个优秀会员，由公司支持到南极来看一看。" 2025.11.20 俞敏洪称，到南极旅游，不同的船和舱位，不同的价格，从5万到30万不等。 "我和奚志农坐的夏古 号，确实是比较先进的破冰级邮轮，价格在20-25万之间（不司舱位），而不是外界所说的148万。" 微信编辑| 七三 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） ...

编辑丨瑜见 11月20日，银行板块早盘延续强势，中国银行一度涨超4%，续创历史新高，截至发稿，总市值达1.8万 亿元；邮储银行、光大银行、建设银行、中信银行等涨幅靠前。 ...

Market Overview - US stocks experienced a slight increase, with the Dow Jones rising by 47.03 points (0.10%) to 46138.77, the Nasdaq up by 0.59% to 22564.23, and the S&P 500 gaining 0.38% to 6642.16, ending a four-day decline for the Dow and S&P 500 [1] - The Federal Reserve's October meeting minutes revealed significant internal disagreement regarding potential rate cuts in December, with rising US Treasury yields closely linked to interest rate expectations [3] - The US trade deficit narrowed by 23.8% in August to $59.6 billion, driven by a 5.1% decline in imports [3][4] Company Performance - Nvidia's stock rose by 2.8% following a strong quarterly earnings report that exceeded Wall Street expectations, leading to a post-market surge of over 5% [2] - Oracle's shares increased by 2.3%, while Tesla, Apple, and Amazon saw modest gains of 0.7%, 0.4%, and 0.1%, respectively [2] - Lowe's, a home improvement retailer, surged nearly 6% after reporting third-quarter earnings that surpassed market expectations and raised its full-year sales guidance [5] Commodity Prices - International oil prices fell, with light crude oil futures for December delivery dropping by $1.30 to $59.44 per barrel (a decline of 2.14%) and Brent crude for January delivery down by $1.38 to $63.51 per barrel (a decline of 2.13%) [5] - Gold prices increased, with COMEX gold futures for November delivery rising by 0.40% to $4077.70 per ounce [6]

Group 1 - The securities sector opened collectively higher, with First Capital Securities rising over 8%, and other firms like Northeast Securities, China Galaxy, Guosheng Securities, Xiangcai Securities, and Shenwan Hongyuan also showing significant gains [2] - On November 19, major firms including CICC, Dongxing Securities, and Xinda Securities announced a suspension of trading due to planning significant asset restructuring [2] - The A-share market opened with all three major indices rising: the Shanghai Composite Index increased by 0.35%, the Shenzhen Component Index rose by 1.03%, and the ChiNext Index gained 1.79% [3][4] Group 2 - The market saw strong performance in sectors such as the Nvidia supply chain, CPO, and memory storage, while semiconductor, fintech, and AI application themes also strengthened; however, oil, coal, and military industries experienced a pullback [4] - The Hong Kong stock market opened with the Hang Seng Index up by 0.65% and the Hang Seng Tech Index rising by 0.7%, with Baidu Group and Huahong Semiconductor gaining over 3%, while shares of Xpeng Motors, Li Auto, and NIO weakened [5]

| 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | મટા | 恒生指数 | 25999.78 | 169.13 | 0.65% | | HSTECH 恒生科技 | | 5646.28c | 39.38 | 0.70% | | HSBIO | 恒生生物科技 | 15693.12c | 80.54 | 0.52% | | HSCEI | 恒生中国企业指数 | 9203.07 c | 52.03 | 0.57% | | HSCI | 恒生综合指数 | 3995.86c | 25.49 | 0.64% | | TVDEIM | 74.600 | 2.19% | | --- | --- | --- | | 0981.HK | | | | 比亚迪电子 | 33.580 | 2.19% | | 0285.HK | | | | 地平线机器人-W | 7.630 | 1.87% | | 9660.HK | | | | 同程旅行 | 21.720 | 1.78% | | 0780.HK | | | | 京东健康 | 68.200 | 1.64% | | 6 ...

Core Viewpoint - Recent discussions in the market have centered around the potential bursting of the AI bubble, particularly following news of significant stock reductions by major investors like Bridgewater and Peter Thiel's complete divestment from Nvidia. Nvidia's latest quarterly earnings report is seen as a key indicator of actual AI demand [2]. Group 1: Nvidia's Financial Performance - Nvidia reported revenue of $57 billion for Q3 of fiscal year 2026, marking a 62% year-over-year increase and surpassing market expectations [2]. - The company's net profit reached $31.9 billion, up 65% year-over-year, with a GAAP gross margin of 73.4% [2]. - Data center revenue hit a record $51.2 billion, reflecting a 66% year-over-year growth and exceeding market forecasts [2][3]. Group 2: Business Segments and Collaborations - Nvidia's network business revenue was $8.2 billion, a significant increase of 162% year-over-year [3]. - The gaming and AI PC segment generated $4.3 billion, up 30% year-over-year, while professional visualization revenue was $760 million, increasing by 56% [3]. - Nvidia has established strategic partnerships with OpenAI, Google, Microsoft, Oracle, and xAI, planning to deploy at least 10 gigawatts of Nvidia systems in the U.S. [3]. Group 3: Future Outlook and Market Position - Nvidia anticipates fourth-quarter revenue of approximately $65 billion, which exceeds previous market expectations [3]. - CEO Jensen Huang expressed confidence in sustained AI demand, noting that Nvidia's products are uniquely suited for all stages of AI development [3][4]. - Nvidia is involved in three major platform shifts: transitioning from CPU to GPU computing, the transformation of applications through AI, and the rise of agentic AI [4]. Group 4: Infrastructure and Supply Chain Management - Nvidia's CFO Colette Kress indicated that revenue from Blackwell and Rubin platforms is expected to reach $500 billion by the end of next year, with significant opportunities ahead [5]. - The company is driving a $100 billion infrastructure investment, with Blackwell contributing two-thirds of the revenue in the data center segment [5][6]. - Huang mentioned that Nvidia has planned with suppliers to meet future demand for cloud GPUs, despite challenges in power, memory supply, and manufacturing [5]. Group 5: Stock Performance - Nvidia's stock rose by 2.85% to $186.52 per share, with a market capitalization of $4.53 trillion, and increased by over 5% in after-hours trading [7].

Core Insights - The upcoming 2025 Global Digital Business Conference will feature an interactive digital carnival that merges technology with everyday experiences, inviting participants to engage with various digital innovations [6][19] - The event aims to create a unique environment where attendees can experience AI, robotics, digital art, and smart living in a playful and accessible manner [6][19] Event Structure - Attendees can earn points by checking in at various locations, starting with the registration area [9] - A stage will feature performances, and attendees can collect points by checking in to enjoy the shows [11] - Four interactive experience zones will be set up, where participants can earn points for completing challenges, which can be exchanged for food vouchers [13] Rewards and Experiences - Collecting all six points allows attendees to redeem exclusive conference memorabilia, enhancing their experience [15] - The event will showcase a blend of digital and artistic performances, including an electronic band with a retro Shanghai theme, robot dance performances, and digital restoration of classic Shanghai films [16] - Attendees can engage in various activities, such as sending voice postcards, creating digital identities with AI, and participating in reaction time challenges [16][19] Additional Offerings - After the activities, attendees can enjoy food at the digital lifestyle market or relax in a camping area [19] - The event emphasizes that every participant is both an experiencer and a creator, highlighting the interactive nature of the carnival [19]

Core Viewpoint - NVIDIA's Q3 earnings report exceeded Wall Street expectations, with strong revenue guidance for Q4, indicating robust demand for AI-related products and services [2][4]. Group 1: Financial Performance - Q3 revenue reached $57.01 billion, surpassing the expected $55.09 billion, with a net profit of $31.91 billion, up 65% from $19.31 billion year-over-year [2][4]. - Adjusted earnings per share (EPS) were $1.30, beating the forecast of $1.28 [2][4]. - Data center revenue was $51.2 billion, a 66% increase year-over-year, significantly exceeding analyst expectations of $49.09 billion [3][4]. Group 2: Business Segments - The data center segment remains the core revenue driver, with GPU products contributing $43 billion and network-related components accounting for $8.2 billion of the data center revenue [3]. - Gaming revenue reached $4.3 billion, reflecting a 30% year-over-year growth [3]. - The automotive and robotics segment generated $592 million, marking a 32% increase compared to the previous year [3]. Group 3: Future Outlook - For Q4, NVIDIA expects revenue to be approximately $65 billion, exceeding the analyst consensus of $61.84 billion [4][5]. - The company anticipates gross margins of 74.8% under GAAP and 75.0% under non-GAAP for the upcoming quarter [5]. - CEO Jensen Huang emphasized the strong sales of the new Blackwell GPU series, indicating a healthy demand for AI chips [4][5].

Core Viewpoint - The Federal Reserve's October FOMC meeting minutes reveal strong divisions among officials regarding a potential interest rate cut in December, with increasing concerns that progress on inflation has stalled [2][3]. Summary by Sections Interest Rate Decisions - The Fed lowered rates by 25 basis points in the previous meeting, marking the second consecutive cut, with a 10-2 vote [3]. - Chairman Powell indicated that a December rate cut is not a "foregone conclusion" [3]. - Many officials expressed opposition to further cuts, fearing that the 2% inflation target progress has stagnated, which could lead to rising long-term inflation expectations [3]. Economic Outlook - Officials are concerned about the uncertainty in the economic outlook, particularly due to the government shutdown affecting economic assessments [4]. - The upcoming FOMC meeting on December 9-10 will determine the future interest rate policy [5]. Challenges Faced by the Fed - The Fed is currently facing multiple challenges, including interruptions in official data releases and conflicting signals from existing information [6]. - The absence of employment data prior to the next meeting adds to the uncertainty regarding monetary policy decisions [6]. Market Expectations - Investor expectations for a December rate cut have significantly decreased from over 90% to 32.8% [2][6]. - Macro strategist Boris Schlossberg noted that unless there are significant changes in the economic landscape, the likelihood of a rate cut in December is diminishing [7].

2025.11.20 周三美股小幅收高，投资者等待英伟达收盘后发布的季度财报；与此同时，美联储10月会议纪要公布 后，美国国债收益率上升。截至收盘，道指涨47.03点，涨幅0.10%，报46138.77点，纳指涨0.59%，报 22564.23点，标普500指数涨0.38%，报6642.16点。道指、标普500指数结束日线四连阴。 明星科技股普涨，谷歌涨2.8%并创下历史新高。这得益于市场对其新一代人工智能模型 Gemini 3 的乐 观预期，该模型已于周二推出。 芯片巨头英伟达涨2.8%。公司于盘后发布的财报显示，营收和盈利均超出华尔街预期，并给出强劲的 四季度营收指引。盘后大涨超5%。 近期，由于市场担忧估值过高，科技股（尤其是人工智能相关个股）备受压力。"这份财报可能成为 （人工智能）相关交易的成败关键，"D.A.戴维森在给客户的报告中表示。 "鉴于英伟达对全球股市情绪的巨大影响 ——尤其是在人工智能、芯片及更广泛的科技板块领涨方面 ——其财报结果要么能缓解市场焦虑，要么会增添新的不确定性。"盛宝银行在报告中称，"强劲的数据 可能通过恢复市场对增长及人工智能相关主题的信心来降低波动性，而任何不及预期的表 ...