当地时间周三盘后，英伟达发布第三财季财报，营收和每股收益均超出华尔街预期，同时给出的四季度 营收指引表现强劲。截止记者发稿时，盘后交易中，英伟达股价上涨超3.7%。 英伟达的营收表现及未来展望被科技行业视为AI热潮健康度的重要风向标。近期，对美股人工智能 （AI）泡沫的担忧加剧，投资者担忧，英伟达快速增长的营收过度依赖少数超大规模云服务提供商， 而这些厂商需为芯片找到终端用户。对此，英伟达首席执行官黄仁勋表示，公司新一代 GPU"Blackwell"的销量 "突破纪录"。所有云服务器专用图形处理器（GPU）已全部售罄。针对训练与 推理领域的计算需求持续加速增长，且两者均呈指数级扩张。 黄仁勋在财报电话会议上表示："关于AI泡沫的说法很多。但从我们的角度来看，情况却截然不同。" 财报显示，三季度营收570.1亿美元（预期 550.9亿美元），净利润总额达319.1亿美元，较上年同期的 193.1亿美元（稀释后每股 0.78 美元）增长65%。调整后每股收益1.30 美元（预期1.28美元）。 | NVIDIA FQ3 RESULTS AND GUIDANCE AT A GLANCE | | | | | | -- ...

Core Viewpoint - The Federal Reserve's October FOMC meeting minutes reveal a strong division among officials regarding a potential interest rate cut in December, with increasing concerns that progress on inflation has stalled, leading to a cautious stance on further easing [1][2]. Summary by Sections Interest Rate Outlook - The probability of a rate cut on December 10 has dropped to 32.8%, down from over 90% a month ago [2]. - In the previous meeting, the Fed lowered rates by 25 basis points with a vote of 10-2, marking the second consecutive cut [2]. - Many officials expressed a desire to maintain stable rates in December, fearing that further cuts could increase the risk of persistent high inflation [2][3]. Economic Concerns - Officials are worried that the progress towards the 2% inflation target has stalled, which could lead to rising long-term inflation expectations if not addressed [2]. - The uncertainty in the economic outlook has increased, particularly due to the government shutdown affecting the assessment of economic conditions [3][5]. Data and Decision-Making - The upcoming December meeting will occur without the release of key employment data for October, which complicates the decision-making process for the Fed [5]. - The absence of October's unemployment data may influence the positions of committee members who are currently undecided on whether to support a rate cut [5]. Market Reactions - Analysts suggest that unless there are significant changes in economic conditions or capital markets, the likelihood of a rate cut in December is diminishing [6]. - Current inflationary pressures are primarily driven by tariffs, which monetary policy may not effectively address [7].

| < w | 谷歌(ALPHABET)-A | | | | | --- | --- | --- | --- | --- | | | GOOGL.O | | | | | 302.050 | 量 2064.27万 股本 120.77亿 市盈 | | 29.4 万得 | | | +17.770 +6.25% 换 | 0.18% 市值 3.65万亿 市净 | | 9.43 | 盘口 | | 时间 10:06 涨跌 | 17.770 均价 295.033 IOPV | | | | | 价格 302.050 涨跌幅 6.25% | 成交量 6.66万 | | | | | 營加 | | | 571 302.060 120 | | | 310:06 ) 302.050 | | 6.25% | 示 302.020 70 | | | | | | 10:06 302.040 781 | | | | | | 10:06 302.040 177 | | | 284 280 | | | 0.00% 10:06 302.060 287 | | | | | | 10:06 302.060 465 | | | | | | 10:06 302 ...

中概股涨跌不一，亚玛芬体育、富途控股涨超2%，阿特斯太阳能跌逾4%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 46111.66 | 19.92 | 0.04% | | 纳斯达克指数 | 22468.05 | 35.20 | 0.16% | | 标普500 | 6625.00 | 7.68 | 0.12% | 大型科技股多数上涨，英伟达涨近2%，谷歌、特斯拉涨超1%。 11月19日，美股开盘三大指数小幅上涨，截至发稿，道指涨0.04%，纳指涨0.16%，标普500指数涨 0.12%。 编辑 ｜ 钉钉 ...

Group 1: Company Announcements - Aoyuan Meigu has received court approval to continue operations and manage its affairs during the restructuring period, with a risk of bankruptcy and stock delisting if the restructuring fails [3] - Inspur Software reported a net profit of -211.06 million yuan for the first three quarters of 2025, a 123% decline year-on-year, indicating a risk of performance decline [4] - Dayu Water-saving's acquisition of 70% equity in Huai'an Design Institute for 311 million yuan has passed antitrust review, allowing the transaction to proceed [5] - Hainan Development disclosed a cumulative litigation amount of 122 million yuan over the past 12 months, accounting for 11.37% of its latest audited net assets [6] Group 2: Share Buybacks - Haida Group conducted its first share buyback, repurchasing 137,600 shares for a total of approximately 7.99 million yuan [8] - Guangyu Group completed a share buyback of 10,108,000 shares, totaling 29.99 million yuan, representing 1.31% of its total share capital [9] - Puluo Pharmaceutical plans to repurchase shares worth 180 million to 360 million yuan for employee incentive plans, with a maximum price of 23 yuan per share [10] - Huarong Co. executed its first share buyback, acquiring 100,000 shares for a total of 1.89 million yuan [11] Group 3: Shareholding Changes - Kanglongda's major shareholder plans to reduce its stake by up to 3% within 90 days starting December 11, 2025 [12] - Liyuan Technology's shareholder intends to reduce its stake by up to 2.0303% between December 12, 2025, and March 11, 2026 [13] - Yinlong Co.'s controlling shareholder reduced its stake, bringing the total holding down to 25% [14] - Bicheng Co. announced multiple shareholders' plans to reduce their stakes, with specific amounts disclosed [15] Group 4: Major Contracts - Han Jian Heshan won a bid for a water supply project with a contract value of 388 million yuan, expected to significantly impact its revenue [17] - Dafeng Industrial secured a project worth 165 million yuan, representing 8.97% of its 2024 revenue, which could have a long-term positive effect on its performance [18] - Jiangnan Water signed a contract worth 368 million yuan for a drainage project, which is anticipated to positively influence its business performance [19]

闻泰科技表示，公司将继续与国际律师事务所团队沟通法律救济方案及手段，采取一切行动，最大限度 维护公司及全体股东的合法权益。 11月19日晚间，闻泰科技公告，2025年11月19日，荷兰经济事务与气候政策部大臣Vincent Karremans在 社交媒体上公开发布声明，声明中称："鉴于近期事态发展，我认为当前正是采取建设性举措的恰当时 机——在与欧洲及国际伙伴密切磋商后，暂停我根据《商品供应法》对安世所下达的部长令。" 虽然上述部长令（Order）被宣布暂停，但2025年10月7日（荷兰时间）企业法庭裁决依旧处于生效状 态，其效力并未受暂停的部长令任何影响，公司10月13日公告说明的企业法庭的所有紧急措施还在进行 中，公司对安世的控制权仍然处于受限状态，请广大投资者 注意投资风险。 编辑 ｜ 钉钉 ...

Core Insights - The rapid growth of emerging applications such as AI large models, industrial internet, and fintech is driving a shift in computing power demand from "resource-intensive" to "experience certainty" [1] - The Shanghai Municipal Communications Administration and the Shanghai Economic and Information Commission have initiated a special action to develop a "millisecond computing" network, aiming for comprehensive coverage and efficient connectivity by 2027 [1][3] Group 1: Millisecond Computing Network - The "1ms city computing network" aims to create a super brain for cities, enabling ultra-fast response times and integrating various computing resources [2] - The construction of the 1ms city computing network is part of the national integrated computing power network initiative, which seeks to optimize resource allocation and scheduling [2][3] - Traditional networks face inherent bottlenecks such as multiple layers and uncertain delays, which cannot meet the demands of future computing needs [2] Group 2: Infrastructure Development - The "14th Five-Year Plan" emphasizes the construction of modern infrastructure, including information communication networks and integrated computing networks [3] - The Ministry of Industry and Information Technology has called for the development of high-speed, low-latency urban networks to provide millisecond-level computing resources [3][5] Group 3: Shanghai's Strategic Initiatives - Shanghai's "Pudong Computing" initiative aims to enhance the quality of computing power development, focusing on 5G-A base stations and fiber optic networks [7] - The city plans to establish a large-scale intelligent terminal facility system by 2026, enhancing its computing infrastructure [7] - Shanghai is leveraging its strengths in finance and AI to extend the capabilities of the 1ms computing network for real-time risk management and AI model training [8][9]

Core Insights - The A-share market is experiencing a mixed performance in equity funds, with over 97% of active equity funds achieving positive returns in the past year, while some funds face liquidation [1][2][3] - The top-performing funds have seen returns double, with notable examples like Yongying Technology Select A achieving a return of 210.65% [2][3] - A significant reduction in the number of "毛基" (funds with net asset values below 1 yuan) has been observed, dropping from 44% to 22% year-on-year [3] Fund Performance - As of November 18, 4266 out of 4378 active equity funds reported positive returns, highlighting a strong overall profitability effect [2] - The number of funds that have successfully increased their net asset values above 1 yuan includes 937 funds, with some like Guangfa Growth Leading A reaching 2.21 yuan [3] - Conversely, 108 funds have been liquidated in the second half of the year, with 75 funds facing potential liquidation warnings [3][4] Market Trends - The market is currently at a critical juncture around the 4000-point level, with concerns about potential shifts in main investment themes [1][5] - The performance of funds is closely tied to sectors like artificial intelligence and innovative pharmaceuticals, which have driven the recovery of previously underperforming funds [5][6] - Analysts suggest that the structural opportunities in the market are not limited to AI, indicating a broader range of investment themes [6] Future Outlook - Institutions maintain an optimistic outlook for the market, with expectations of continued support from policies and liquidity, particularly in the AI and innovative sectors [6][7] - The upcoming year is anticipated to bring favorable conditions for the market, driven by innovation and supportive policies for private enterprises [7] - The focus on high-value exports and self-sufficiency in technology is expected to be a core theme for A-shares in the coming year [7]

Core Viewpoint - The recent termination of the acquisition and control transfer plans by Mengtian Home (603216.SH) reflects broader challenges in the A-share market regarding mergers and acquisitions, highlighting difficulties in reaching consensus on key terms among parties involved [1][2][6]. Company Summary - Mengtian Home announced the termination of its plans to acquire control of Shanghai ChuanTu Microelectronics through a share issuance and cash payment, alongside the cessation of its controlling shareholder's control transfer plans [2][3]. - The company's controlling shareholder and related parties transferred 6.86% of shares at a premium of 11.21%, raising approximately 267 million yuan [3][5]. - Following the announcement, Mengtian Home's stock price hit the daily limit up on November 19 [2][3]. Industry Context - The trend of terminated mergers and acquisitions is not isolated to Mengtian Home, as several other companies in the A-share market have faced similar challenges, often due to disagreements on core terms during negotiations [6][7]. - Factors contributing to the difficulties in mergers and acquisitions include market environment changes, strategic adjustments by companies, and the complexity of negotiations [7][8]. - The scarcity of quality target assets and the presence of valuation bubbles further complicate the negotiation process, making it hard for parties to agree on pricing [8][9].

Core Points - The article discusses President Trump's response to economic concerns, particularly inflation, during a speech at the McDonald's Washington Influence Summit [2] - Trump claims that the U.S. is experiencing "normal inflation" and attributes economic challenges to the previous administration, while emphasizing the need for time for his policies to take effect [2][3] - The article highlights the political implications of rising living costs, with the Democratic Party gaining victories in local elections by focusing on affordability issues [3][4] Economic Context - Trump asserts that energy costs have decreased, leading to a drop in prices for various goods, including gasoline [3] - The article notes that inflation and employment data for October are missing due to a government shutdown, contributing to public anxiety over rising living costs [3] - A recent poll indicates a significant drop in consumer confidence, reaching its lowest level since June 2022 [4] Policy Proposals - The Trump administration has proposed measures to improve housing affordability, including 50-year mortgages and transferable mortgage options [4] - Trump claims that domestic employment has increased by 1.9 million since his presidency began, and hourly wages have seen the fastest growth in 60 years [4] Trade and Tariff Issues - Trump criticizes Democrats for not acknowledging the severity of inflation and high energy prices, while also addressing the impact of tariffs on consumer goods [5] - The administration announced the removal of tariffs on certain imported goods, including coffee and avocados, which are not produced domestically in sufficient quantities [5] - The article mentions that the average price of beef in the U.S. has risen to $6.33 per pound, a 15% increase since Trump's presidency began [5] Political Dynamics - The article outlines the ongoing political battle between the two parties, with both sides blaming each other for inflation and economic challenges [6] - Trump's past economic policies are scrutinized, with critics arguing that they have contributed to current inflationary pressures [6]