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 ...

2025.11.25 本文字数：2447，阅读时长大约4分钟 作者 |第一财经 周楠 针对上市公司的强监管持续进行，又有一批A股公司被立案或吃罚单。 11月24日晚间，龙佰集团（002601.SZ）、东江环保（002672.SZ）、*ST创兴（600193.SH）均公告称， 公司或子公司收到行政处罚。其中，*ST创兴被查明存在财务数据虚假记载、关联交易披露不实，公司 及9名相关责任人被出具警示函。 厦门绿洲此次被罚事发偷税。披露显示，该公司于2015年9月至10月期间，向个人销售方收购旧家电， 取得销售方以外的第三方开具的增值税专用发票350份，认证抵扣税额385.56万元，列支主营业务成本 2268.02万元，造成少缴税款，已构成偷税。 最终，厦门绿洲被处以所偷税款的0.5倍罚款，合计202.42万元。 另一家披露罚单的上市公司*ST创兴，涉及年报虚假记载、关联交易信息披露不实。 几天前，就有多家公司被集中立案或处罚。公告显示，21日晚间，豪尔赛（002963.SZ）、聚石化学 （688669.SH）披露了立案公告，嘉应制药（002198.SZ）等公司收到行政处罚决定。 另据第一财经初步统计，月内，已有超1 ...

2025.11.25 本文字数：1966，阅读时长大约4分钟 作者 |第一财经 黄思瑜 "今年中国股市是全球表现最好的市场，到年末难免有一些获利回吐的压力，我们投的是中国公司在全 球地位不断上升的趋势。"莲华资产管理公司管理合伙人兼首席投资官洪灝称。 洪灝是在11月21日举办的"2025第一财经金融价值年会"上作出上述表述的。对于今年中国股市的上涨， 有观点认为没有基本面支撑，但洪灝持反对意见。他认为，中国股市的运行有基本面支撑，支撑经济基 本面的核心力量由房地产转变为新能源、半导体、高端制造等新兴产业。 在洪灝看来，"9.24"以来的行情没有修复完，随着工业利润不断修复，将支持上证指数继续创新高。中 国股市最值得期待的"第五浪"刚刚开始，涨幅可能超出普遍预期。 通缩预期有望修复 近三年，中国的上游行业基本处于通缩状态，今年通缩压力开始向下游传导，具体体现在需求不振、内 卷等方面。 "今年我觉得最有意义的事情，就是反内卷的具象化。反内卷讲了一年多，但是一直没有具体落地，导 致产能继续过剩和无序价格竞争升级，下游也出现通缩现象。"洪灝说。 "我们看到的上游反通缩工作，在未来几个月会逐渐传导到下游。"洪灝的逻辑在 ...