2025.12.04 本文字数：241，阅读时长大约1分钟 作者 |第一财经 樊志菁 人工智能公司OpenAI周三宣布，已就收购Neptune 公司达成最终协议。Neptune 是一家专注于研发监控 与调试工具的初创企业，其产品可供人工智能模型训练过程中使用。Neptune将在未来几个月内逐步停 止对外服务。不过此次收购的具体条款并未对外公布。 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。） ...

据媒体报道，特朗普政府取消了原定于周三美联储主席候选人终选名单面试。在美国总统此前一天发出 重要信号后，现任白宫国家经济委员会主任哈塞特（Kevin Hassett）已经成为了新任美联储主席的最大 热门，他也将成为特朗普"改组"美联储的关键人物，然而摆在其面前的挑战随着宏观经济形势走向不确 定性依然艰巨。 大局已定？ 截至12月3日，根据 Kalshi 预测市场数据，哈塞特出任下任美联储主席的概率超过80%。 鲍威尔的决定 如果哈塞特成为美联储新任主席，他将承担起特朗普改组美联储的重任。 除了鲍威尔以外，目前美联储理事会三名成员由前总统拜登任命，剩余三名则由特朗普任命。其中最新 任命的成员是米兰（Stephen Miran）。若鲍威尔在领导任期结束后未辞去理事职务，或特朗普未能成 功罢免拜登任命的美联储理事库克（Lisa Cook），那么米兰将不得不辞职，为新美联储主席候选人腾 出职位。 前美联储理事沃尔什（Kevin Warsh）是哈塞特角逐美联储主席职位的主要竞争对手，他曾公开批评美 联储当前的架构体系。即便未能出任主席，市场观察人士仍预计他有望加入美联储理事会，助力推动美 联储在经济增长与通胀调控思路上 ...

Core Insights - The U.S. private sector experienced its largest job loss in nearly two and a half years in November, primarily driven by small businesses, indicating a general slowdown in hiring activity [2][3] - This marks the third instance of job losses in the private sector within four months, raising concerns about a potential increase in the unemployment rate and adverse economic impacts [2][3] - The upcoming Federal Reserve meeting may see the end of interest rate cut speculation due to these employment trends [2] Employment Market Analysis - According to the ADP report, 32,000 jobs were cut in November, the largest decline since March 2023, with small businesses losing 120,000 jobs [3] - Medium-sized businesses added 51,000 jobs, while large businesses increased their workforce by 39,000 [3] - The ADP report's significance has risen due to the recent government shutdown, which delayed the release of the official employment report [6][9] Economic Indicators - The ISM reported a further decline in overall manufacturing sentiment, with employment indicators contracting for ten consecutive months [7] - 67% of survey participants indicated that managing headcount is the norm rather than hiring new employees [7] - The ISM services index rose to 52.6, marking six months of growth, but hiring and investment remain cautious due to ongoing tariff uncertainties [7] Federal Reserve Policy Outlook - The Federal Reserve is expected to announce its final interest rate decision of the year next week, with labor market weakness being a primary concern [9][11] - Market expectations for a rate cut have increased significantly, with a nearly 90% probability priced in following the ADP report [9][11] - Some Federal Reserve officials express concerns about inflation, suggesting a divergence in views regarding future monetary policy [11]

2025.12.04 纳斯达克中国金龙指数跌1.38%，阿里巴巴跌1.9%，百度、拼多多跌1.4%，网易跌1.0%，京东跌0.6%。 本文字数：1395，阅读时长大约2分钟 作者 |第一财经 樊志菁 周三美国股市三大股指集体走高。最新公布的私营企业就业岗位意外减少，推动美国国债收益率走低， 进而使下周美联储降息的概率小幅上升。截至收盘，道指涨408.44点，涨幅0.86%，报47882.90点，纳 指涨0.17%，报23454.09点，标普500指数涨0.30%，报6849.72点。 明星科技股涨跌互现，微软跌2.5%。媒体援引微软Azure云业务部门两名销售人员的说法，由于在6月 底结束的财年中，多款人工智能产品均未达成销售目标，微软多个业务部门已下调了部分人工智能产品 的销售增长指标。消息传出后，微软股价跳水。随后，微软否认相关报道，跌幅有所收窄。 特斯拉涨4.1%，甲骨文涨3.3%，谷歌涨1.5%，亚马逊跌0.9%，英伟达跌1.0%，Meta跌1.1%。 奈飞跌4.9%，公司联合创始人兼前首席执行官黑斯廷斯出售了37.547万股公司股票，套现约4070万美 元。目前担任公司董事的黑斯廷斯仍持有约2140 ...

Core Viewpoint - A recent investment scam involving a fake stock opportunity named "中新股" was uncovered by Shanghai police, highlighting the prevalence of fraudulent investment schemes targeting vulnerable individuals, particularly the elderly [2][4][8]. Group 1: Scam Details - The scam was orchestrated through a WeChat group called "创投精英汇," which had 109 members, with 108 being accomplices posing as investors [2][6]. - The victim, an elderly woman, was convinced to transfer 100,000 yuan based on false claims of high returns from a supposed upcoming stock listing [4][5]. - The scammers provided a fake PowerPoint presentation about a company in Hefei, claiming it would go public, which misled the victim into believing the investment was legitimate [5][8]. Group 2: Police and Bank Intervention - Police intervened at a bank where the victim was attempting to make the transfer, successfully preventing the loss of her savings [4][8]. - The police confirmed that the investment app used by the victim was not from a legitimate securities company, and the identities of the so-called "experts" in the group were dubious [8][6]. - The police conducted anti-fraud education for the victim, emphasizing the importance of using legitimate financial institutions and being cautious of recommendations from unknown individuals [8][12]. Group 3: Broader Implications - The incident reflects a growing trend of sophisticated scams that utilize immersive tactics to deceive victims, making it difficult for them to discern the truth [9][10]. - Similar scams have been reported in other regions, indicating a widespread issue with fraudulent investment schemes that exploit social media platforms [9][10]. - There is a call for better regulatory measures from platforms to prevent such scams, including the removal of fake accounts and the implementation of warning systems for fraudulent investment apps [11][12].

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 semiconductor fields [2][3] - Since November 21, 49 new technology-focused ETFs have been reported, with the first batch of seven AI ETFs approved on the same date, reflecting a strategic positioning by public fund institutions [2][3] - The market response has exceeded expectations, with a potential influx of over 30 billion yuan if all ETFs reach their maximum fundraising limits [3] Group 2 - There is a noticeable market differentiation, with larger fund companies attracting more capital while smaller, homogeneous products struggle to gain traction, leading to a "good reputation but low sales" situation [4] - Investors prefer top-tier products with higher average daily trading volumes, which raises concerns about the liquidity and potential risks of smaller products [4] - The technology sector is currently in a critical phase of "expectation fulfillment" and "valuation digestion," necessitating a reassessment of market saturation as passive index products grow in size [5] Group 3 - Institutional investors' allocation to technology (TMT) has surpassed 40%, with semiconductor stocks becoming the largest holding sector, valued at over 250 billion yuan [6] - The valuation of technology stocks is under scrutiny, with significant disparities in price-to-earnings ratios across different sub-sectors, indicating potential overvaluation risks [6] - Unlike the 1990s tech bubble, current AI investments are supported by cash-rich, profitable large enterprises, with a strong commercial momentum and high data center utilization rates [6]

Core Viewpoint - The banking industry is experiencing a structural adjustment in deposit products, with a shift towards differentiated competition as banks respond to ongoing pressure on net interest margins [2][15]. Group 1: Changes in Deposit Products - The five-year large denomination certificates of deposit (CDs) are gradually exiting the market, with major state-owned banks collectively discontinuing these products [3][6]. - Currently, only shorter-term large denomination CDs (one year, two years, three years, and six months) are available, with interest rates for three-year CDs at 1.55% and one-year and two-year CDs at 1.20% [3][4]. - The trend of discontinuing five-year CDs reflects a broader strategy among banks to shorten the duration of liabilities in response to low net interest margins [6][7]. Group 2: Interest Rate Adjustments - Some banks are experiencing an inverted yield curve, where shorter-term rates exceed longer-term rates, challenging traditional pricing logic [6][15]. - Major banks are implementing differentiated management of large denomination CDs, with some increasing the minimum investment threshold to attract high-end clients while still offering lower thresholds for standard products [8][13]. - Smaller banks, facing pressure to attract deposits, are raising interest rates on certain products, with some offering rates as high as 1.9% for large deposits [15][17]. Group 3: Industry Trends and Future Outlook - The ongoing pressure on net interest margins is driving banks to lower funding costs, which is expected to continue as a long-term trend [17][18]. - The net interest margin for commercial banks was reported at 1.42% as of the end of Q3 2023, reflecting a year-on-year decrease of 11 basis points [17]. - Analysts predict that banks will continue to lower deposit rates and adjust product offerings to manage costs effectively, with a potential slowdown in the pace of rate cuts as current rates are already low [18][19].

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 ...