ETF进化论 AI泡沫要破？巨佬颠覆认知的观点来了！ 原创 阅读全文 ...

以下文章来源于格隆汇交易学苑 ，作者格隆汇小编 格隆汇交易学苑 . 以基本面为基础，专注于趋势交易 今天又超过 4000 家公司下跌，大跌的公司其实并不多，但最近的盘面，就是持续的阴跌，其难受程度，远不如 4 月给人 一个痛快。 从 10 月至今，市场超过 3000 家公司是大跌的，涨 10 个点以上的公司 1100 家（ 10 个点以内可以理解为震荡行 情）。如果我们按 10 月至今的区间最高价算到昨天收盘价，回撤 10 个点以上的公司有 3300 家，回撤超过 15 个点的 有 2049 家，回撤超过 20 个点的有 1024 只。 所以，这段时间，虽然上证指数回撤并没有多少，但应该不少人的回撤是很大的。 如果配了港股，那会更加悲剧，因为就恒生科技指数来说，最高下来回撤了近 20% ，个股回撤 2 、 30 个点的一抓一大 把，说港股一脚已经踏入熊市，都不算过分的。 这就引出了一个灵魂问题：牛市到底还在不在？ 我们从这波回撤的原因，当前的市场环境来讨论这个问题。 这里小感慨一下，中兴通讯还真的是 A 股科技股明月，它出来了，天就差不多黑了，这个规律真是屡试不爽。 这些偃旗息鼓的方向在 A 股还勉强，在港股 ...

11 月 27 日，阿里巴巴发布夸克 AI 眼镜 S1 。 6000 台预售量乍看不大，在手机界甚至连 水花都算不上。但在 AI 硬件这个如今仍处"草莽时代"的领域里，这数字不只是一笔订单，更 像是一发响亮的信号弹。 AI 的下一阶段，不是在口袋里冷冰冰的屏幕里，而是在你脸上最自然的第一视角里展开。智能 眼镜比赛，正式跑枪。 01 从"看手机"到"看世界"： 阿里放出的那张大牌 过去十多年，我们被困在手机的那块小屏幕里：查餐厅要低头、打车要点 app 、导航要来回 切界面、购物要挨个搜索比价。手机很强，但它需要你"配合它"。 阿里显然不满意这种关系。 它想让 AI 不再是一个工具，而是一个随时跟着你、理解你情境、替你行动的助理。而要做到 这一点， AI 必须"看到"你看到的世界。 第一视角数据，就是 AI 演化的燃料。 手机只能获取 "摆拍数据"：你举起手机那一瞬间发生的事情。 眼镜却能获取 "生活数据"：你真正沉浸其中、连续发生的环境流。 两者差异就像：看 1000 本烹饪书≠实际走进厨房闻到蒜香、听到油锅声、看到锅里的颜色变 化。 对于大模型，前者是知识，后者是智慧。 夸克 S1 的意义，并不在于它完成了 ...

Core Viewpoint - The article highlights the recent surge in interest and investment in the aerospace sector, particularly in stocks related to commercial space and military aerospace, driven by significant policy support and market speculation [2][14][17]. Group 1: Market Performance - The aerospace and military sector has seen a strong performance, with multiple stocks hitting daily price limits and significant trading volumes, such as Aerospace Development achieving a trading volume of 5.727 billion [2][4]. - Aerospace Development has recorded 9 price limits in 12 trading days, indicating high investor interest and speculation [5][12]. - The stock has been heavily traded by well-known speculative investors, with significant buy and sell amounts recorded [6][9]. Group 2: Company Fundamentals - Aerospace Development reported a revenue of 1.697 billion for the first three quarters, a year-on-year increase of 42.59%, with Q3 revenue alone reaching 1.008 billion, a 209.17% increase [9]. - Despite revenue growth, the company has not yet turned a profit, with a net loss of 489 million for the first three quarters, although losses have narrowed compared to previous periods [9][10]. - The company's gross margin is significantly lower than the industry average, at only 5.09%, indicating potential operational challenges [9]. Group 3: Policy and Industry Outlook - Recent government policies have been favorable for the aerospace sector, including the National Space Administration's action plan for commercial aerospace development from 2025 to 2027 [14][15]. - The establishment of a dedicated regulatory body for commercial aerospace indicates a shift towards a more structured development of the industry [15][17]. - The commercial aerospace market in China is projected to grow significantly, with industry output expected to increase from 1 trillion in 2020 to 2.8 trillion by 2025 [26][27]. Group 4: Investment Opportunities and Risks - The article suggests that while the aerospace sector is currently a hot investment area due to favorable policies and market dynamics, there are underlying risks related to company performance and market conditions [12][28]. - The commercial space industry faces challenges such as high costs and a lack of downstream commercialization, which could impact the realization of profits for companies in the sector [22][24][25].

ETF进化论 杠杆资金，清算时刻来临？ 原创 阅读全文 ...

格隆汇新股 开4300多家门店！北京冲出一家护肤品IPO，与欧莱雅、雅诗兰黛竞争 原创 阅读全文 ...

格隆汇新股 估值59亿，上海航空航天智能制造装备巨头冲击IPO，鼎晖押注 原创 阅读全文 ...

Core Viewpoint - Bosideng's latest financial report for the 25/26 fiscal year shows strong performance, with revenue and profit reaching new highs, indicating a sustained high-quality growth trajectory driven by brand enhancement, product innovation, and refined channel operations [2][3][30] Financial Performance - Revenue reached 8.928 billion yuan, with a net profit of 1.201 billion yuan, representing year-on-year growth of 1.4% and 5.2% respectively [2] - The down jacket segment saw an 8.3% increase in revenue, with self-operated and wholesale channels growing by 6.6% and 7.9% respectively [2] - Overall gross margin and operating profit margin improved to 50.0% and 17.0% [2] - Inventory turnover days decreased by 11 days to 178 days, indicating improved operational efficiency [2] Brand Strategy - Bosideng is focused on becoming a "global leader in down jackets," implementing a "four-dimensional differentiation" strategy to enhance brand value [5] - The brand is expanding its matrix by investing significantly in sub-brands like Xuezhongfei, which aims to become "China's first brand in ice and snow down jackets," showing over 20% year-on-year growth [7] - The internationalization of the brand is evident through collaborations with high-profile designers and participation in global fashion events, enhancing its presence in the luxury market [8][9] Product Innovation - Bosideng is leveraging consumer insights to drive product innovation, focusing on multi-scenario applicability and addressing consumer pain points [12][13] - The "Puff Down Jacket" series exemplifies this approach, combining style and comfort for urban consumers, leading to significant sales growth [14][16] - The AREAL series targets urban elites, addressing the dual need for warmth and style, and has shown strong market performance [20][21] Channel Strategy - Bosideng is enhancing channel efficiency through refined operations, focusing on flagship stores and a top-store system to create a unique brand experience [22][23] - The company is actively reducing inventory levels and improving operational efficiency in both self-operated and wholesale channels, with inventory down over 20% year-on-year [28] - A user-centric, omnichannel ecosystem is being developed to enhance customer engagement and brand value [29]

Core Insights - The article discusses the emergence of Doubao mobile assistant as a significant player in the AI assistant market, likening it to a "personal butler" that enhances user experience through advanced AI capabilities [2][5][30] - Doubao's collaboration with manufacturers like ZTE and Nubia allows it to rapidly deploy AI technology across various industries, significantly accelerating the adoption of edge AI [5][6] - The article highlights the explosive growth of Doubao, with daily usage reaching 30 trillion calls by September 2025, an 80% increase in six months, and a monthly active user base of 157 million, making it the largest mobile AI assistant in China [6][12] Industry Trends - The article identifies three key factors driving the explosion of edge AI: the breaking of technical barriers, advancements in hardware capabilities, and increasing user demand for local data processing to protect privacy [12][15] - The edge AI market in China is projected to exceed 250 billion yuan by 2025 and reach 1.2 trillion yuan by 2030, with a compound annual growth rate of over 30% [15][16] Investment Opportunities - The article outlines three core segments within the edge AI industry that present investment opportunities: 1. Upstream core hardware, particularly AI chips that balance high performance and low power consumption [17] 2. Midstream terminals and modules, where manufacturers partnering with Doubao can capitalize on early market entry [21] 3. Downstream application scenarios, where the value of edge AI is realized through practical implementations in smartphones and other devices [23][24] Market Reactions - Following the release of Doubao AI mobile assistant, there was a notable surge in stock prices of related companies, indicating strong market optimism regarding the commercialization of edge AI [27][28]

ETF进化论 但斌：国内能对标谷歌的公司，可能只有2家… 原创 阅读全文 ...