11月26日，香港恒生指数开盘涨0.59%，恒生科技指数涨0.67%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 26046.74 | 152.19 | 0.59% | | HSTECH 恒生科技 | | 5649.77c 37.74 | | 0.67% | | HSBIO | 恒生生物科技 | 15748.91c 144.96 | | 0.93% | | HSCEI | 恒生中国企业指数 | 9216.48c | 58.17 | 0.64% | | HSCI | 恒生综合指数 | 3982.23 c | 15.50 | 0.39% | 电气设备、有色金属、银行、医药生物等板块涨幅居前，半导体、国防军工等少数板块下跌。 锂电池概念大涨，赣锋锂业涨超3%，宁德时代涨逾2%。科网股走势分化，蔚来跌近7%，阿里巴巴跌超 2%；美团涨超4%，小鹏汽车涨超2%。小马智行-W涨超5%。 | 标准 | 成分 | 资讯 | 相关基金 | 月度收益 | | --- | --- | --- | --- | --- | | ...

2025.11.26 本文字数：2411，阅读时长大约1分钟 作者 |第一财经 郑栩彤 在一周前的内部会议上，英伟达首席执行官黄仁勋坦言，尽管公司交出了"令人难以置信的"成绩单，但 市场对英伟达的预期已经高到令公司陷入某种"无赢局面"。他直言："如果我们交出糟糕的季报，哪怕 只是差一点点，看起来有一点点不稳，整个世界就会崩溃。" 这样的预言正在成为现实。尽管交出了超出市场预期的财报，但在谷歌发布Gemini 3后，市场的风向开 始转变。谷歌的这一模型采用的是自研TPU进，而不是英伟达GPU，更重要的是，业内认为其已经"超 越"了OpenAI的GPT模型。 11月25日美股盘中，英伟达股价一度重挫逾7%，市值瞬间蒸发近3500亿美元，虽随后跌幅收窄，但最 终仍收跌2.59%，收盘价177.82美元，创两个多月收盘新低。英伟达曾在10月29日触及212美元/股的历 史高点，当时总市值达到5.15万亿美元，不过目前其股价较该历史高点已跌去约16%，市值蒸发超8000 亿美元。 英伟达紧急发声 当天，英伟达官方罕见对外发文，称该公司技术依然领先行业一代，是唯一能够运行所有人工智能 （AI）模型并应用于所有计算场景的平 ...

Group 1 - Satellite internet concept stocks are active at the opening, with companies like Reco Defense achieving three consecutive trading limits, and Dahua Intelligent and TeFa Information rising over 7% [1] - The Ministry of Industry and Information Technology has announced the organization of commercial trials for satellite IoT services [1] - The gaming sector shows weakness at the opening, with Fuchuan Co. dropping over 4%, and other companies like Tom Cat, Xinghui Entertainment, and Sheng Tian Network also declining [1] Group 2 - A-shares opened lower across the board, with the Shanghai Composite Index down 0.07%, the Shenzhen Component Index down 0.06%, and the ChiNext Index down 0.14% [2] - Energy metals, engineering machinery, and organic silicon concepts are performing actively, while the shipbuilding sector leads the decline, with gaming stocks also experiencing significant drops [2] Group 3 - The Hong Kong stock market opened with the Hang Seng Index up 0.59% and the Hang Seng Tech Index up 0.67% [3] - The lithium battery supply chain shows signs of stabilization, with CATL opening up over 2%, and pharmaceutical stocks recovering, with Innovent Biologics rising over 3% [3] - Tech stocks are mixed, with NIO and Alibaba both opening lower post-earnings, while Meituan rises by 4% [3] Group 4 - The central bank conducted a 7-day reverse repurchase operation of 213.3 billion yuan at an interest rate of 1.40%, with 310.5 billion yuan of reverse repos maturing today [4] - The RMB to USD central parity rate is reported at 7.0796, an increase of 30 basis points from the previous trading day [5] - The shipping index for European futures has dropped over 8%, currently at 1373.1 points [5]

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。 ...