花旗11月10日发布的一份研究报告维持对英伟达股票的"买入"评级，并将目标价从210美元/股上调至220美元/股。这份报告直接回应了投资者对AI资本支 出"虚火"的担忧。分析师Atif Malik和Papa Sylla在报告中指出，尽管存在关于AI投资资金来源的疑虑，但一个更基本面的事实是，由于先进封装 （CoWoS）产能受限，AI芯片的供应在2026年之前都将持续低于需求。 花旗暗示英伟达的股价在当前水平仍具吸引力。报告称，英伟达目前的市盈率约为28倍，相较于AI同行博通的38倍和AMD的37倍，估值更具优势。 上周五，纳斯达克指数在盘中一度下跌1.9%，但随后迅速收复失地，最终收涨0.1%。 英伟达上周股价勉强收涨，这为其本周三公布的财报提供了一个相对平稳的起点。 与此同时，与OpenAI相关的循环交易公司面临大幅下跌。甲骨文股价上周下跌超9%，数据中心云服务提供商CoreWeave重挫近30%。 美国科技媒体The Verge预告了一篇即将发布的调查报道，将AI基础设施供应商CoreWeave形容为"AI泡沫的核心"，并对其商业模式及对英伟达的高度依赖 提出质疑。报道强调，CoreWeave几乎不可能在 ...

Core Viewpoint - Binhai Energy has announced the termination of its plan to acquire 100% equity of Cangzhou Xuyang Chemical Co., Ltd. through a share issuance and related fundraising due to changes in market conditions and failure to reach consensus on commercial terms with transaction parties [1][4]. Group 1: Termination of Acquisition - The company held a board meeting on November 14, where it approved the termination of the asset acquisition and fundraising plan [1]. - The initial announcement regarding the acquisition was made on April 30, 2025, with subsequent meetings and disclosures leading up to the termination [4]. - The decision to terminate was made after careful consideration and negotiations, aiming to protect the interests of the company and its shareholders [4]. Group 2: Business Operations and Financial Performance - Binhai Energy's main business focuses on the research, production, and sales of lithium battery anode materials, with ongoing efforts to expand market reach and develop new materials [5]. - The company reported a revenue of 374.75 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 2.03%, while the net profit attributable to shareholders was a loss of 49.44 million yuan [5][6]. - In Q3 2025, the revenue was 139 million yuan, showing a 14% increase year-on-year, but the net profit attributable to shareholders was still a loss of 12.33 million yuan [5][6]. - The termination of the acquisition is not expected to significantly impact the company's existing operations or strategic development [5].

金饰消费格局正在改变。 "走，去洪湖公园吹吹风吧！"在深圳水贝经营金饰生意多年的谢经理最近有点烦恼，"金价太高了，一个上午就成交了一单。没事做，跟同行出去走走。" 近日，国际金价重回涨势，金饰价格也水涨船高。与此同时，自11月1日实施的黄金税收新政，对非投资性黄金的税收抵扣规则进行了调整，直接影响了深圳水贝市 场的黄金交易，导致价格出现调整。目前，深圳水贝市场商家给客户的报价都已经包含相关税费，价格一度突破每克1100元，品牌金饰的克价也普遍超过1300元。 世界黄金协会日前发布的《2025年中国金饰零售市场洞察》调研结果显示，轻克重黄金产品对零售商销售额的贡献占比进一步提升。零售商反馈，2025年上半年10 克以内黄金产品占其金饰销量的45%，相较于2023年上一次调研时的37%有了显著增长。 （低克重金饰受到年轻消费者的欢迎。 吴家明/摄） 世界黄金协会中国区研究负责人贾舒畅认为，在高金价与理性消费并存的当下，金饰产业竞争的核心正在从"规模效应"转向"价值创造"，硬足金饰品及"黄金+"其他 材质产品将继续通过其创新的设计和相对较低的门槛，助力零售金饰门店的未来销售与利润。 而在11月14日，国际金价突然大 ...

11月15日，玉渊谭天发文称："针对高市早苗的露骨挑衅言论，我们的忍耐，是有限度的。如果日方执迷不 悟，中国就没有什么好再克制的了。" 文章指出，在中方的回应中，有两个表述："一切后果必须由日方承担"和"必将予以迎头痛击"。谭主对官方网 络公开信息检索发现，其中，"迎头痛击"是第一次出现在中日外交场合中。这些表述，传递出中方已做好实质 反制准备的信号。 敢键而走险必将碰得头破血流。 ||晚上,中国驻日本大使馆发布消息,中国 驻日本大使吴江浩奉示约见日本外务事务次官 船越健裕。 | | 15 日一早,"钧声"署名文章《日本胆敢武 力介入台海局势必遭迎头痛击》发布。 今年,是中国人民抗日战争暨世界反法西斯战 争胜利80周年。在这样的背景下,高市早苗发 出的一系列言论,性质更显恶劣。 中方的表态,已经从前几天的"敦促日方立即停 止干涉中国内政",到如今的"否则一切后果必 须由日方承担"。 今天,谭主给高市早苗之流翻译翻译,中国表 态的变化到底意味着什么,日本将会面临怎样 的后果,承担怎样的代价! 「一」中日交涉首提"奉示" 葡单逻辑看复杂世界 YU YUAN TAN TIAN 13日,中国外交部副部长奉示召见日本驻 ...

Core Viewpoint - Foreign capital continues to show optimism towards Chinese assets, with several major financial institutions raising target prices for key Chinese companies, indicating a positive outlook for the Chinese stock market [1][7]. Group 1: Target Price Adjustments - Citigroup raised the target price for Tencent Holdings from 735 HKD to 751 HKD per share, maintaining a "Buy" rating [3]. - Morgan Stanley increased the target price for Bilibili's US stock from 23 USD to 25 USD, while Citigroup raised it to 27 USD, and Lyon raised it to 29.1 USD [4]. - Morgan Stanley significantly raised the target price for XPeng Motors' Hong Kong stock to 195 HKD, and UBS raised the target price for China Hongqiao to 38.60 HKD [1][5]. Group 2: Company Performance Insights - Tencent's third-quarter revenue grew by 15% year-on-year to 192.9 billion CNY, with a Non-IFRS net profit of 70.6 billion CNY, up 18% year-on-year [3]. - Bilibili's third-quarter advertising revenue and adjusted operating profit exceeded expectations, prompting analysts to raise profit forecasts for 2025 and 2026 [4]. - XPeng Motors is expected to see growth driven by its recent AI initiatives, including Robotaxi and humanoid robots, although significant revenue contributions are not anticipated until late 2026 [5]. Group 3: Positive Sentiment Towards Chinese Market - UBS stated that the valuation and capital flow conditions of the Chinese stock market are favorable, maintaining an "overweight" rating on Chinese stocks [8]. - Global asset management executives expressed increasing confidence in the long-term investment value of the Chinese market, citing improvements in macroeconomic conditions and policy environments [9]. - The consensus among foreign investment executives is that investing in China represents investing in the future, with a focus on the opportunities presented by China's 14th Five-Year Plan [9].

百亿收购。 电投能源（002128）11月14日晚间公告，公司拟通过发行股份及支付现金方式购买国家电投集团内蒙古白音华煤电有限公司100%股权， 同时，公司拟向不超过35名符合条件的特定投资者发行股份募集配套资金，交易价格为111.49亿元（简称"本次交易"）。本次交易预计构 成重大资产重组，构成关联交易，不构成重组上市。 行情方面， 电投能源股价年内已上涨超过50%，最新总市值为641.76亿元。 11月14日，公司召开了2025年第十三次临时董事会会议，审议通过了《关于〈内蒙古电投能源股份有限公司发行股份及支付现金购买资产 并募集配套资金暨关联交易报告书（草案）〉及其摘要的议案》等与本次交易相关的各项议案。 电投能源表示，本次交易前上市公司主营业务为生产销售煤炭、铝及电力产品等业务。本次交易完成后，上市公司主营业务未发生变化。 本次交易完成后，上市公司的资产规模、营业收入、归属于母公司的净利润等主要财务指标预计将得到提升，进一步提高了上市公司的业 绩水平。 公告称，本次交易尚需提交公司股东会审议及相关法律法规所要求的其他可能涉及的批准或核准，能否取得上述审议通过、批准或核准及 最终取得上述审议通过、批准或 ...

Core Viewpoint - The article discusses the special handling of tickets for flights to and from Japan by three major Chinese airlines: China Southern Airlines, Air China, and China Eastern Airlines, in response to recent travel advisories issued by the Ministry of Foreign Affairs of China. Group 1: China Southern Airlines (南航) - Applicable tickets include those purchased or exchanged before November 15, 2025, for flights to and from Japan between November 15, 2025, and December 31, 2025 [2] - Ticket change rules allow for the first change to the same itinerary without a fee, while subsequent changes are subject to ticket conditions [2] - Refunds can be requested without a fee within the ticket validity period, but previously changed tickets will follow original ticket conditions for refunds [2] Group 2: Air China (国航) - Applicable conditions for tickets include those purchased before November 15, 2025, for flights to specific Japanese cities during the same travel window [4] - Ticket change rules allow for the first change without a fee, but fare differences may apply, and subsequent changes must adhere to ticket conditions [5][6] - Refunds can be processed without a fee for unused segments within the ticket validity period, with conditions applying for previously changed tickets [7] Group 3: China Eastern Airlines (东航) - Applicable tickets include those issued before November 15, 2025, for flights involving Japan between November 15, 2025, and December 31, 2025 [10][11] - Change policies allow for one free change within three days before or after the original flight, with further changes subject to ticket conditions [13] - Refunds for unused segments can be processed without a fee, with conditions for previously changed tickets [13]

11月15日，加密货币比特币延续下跌态势，盘中跌幅超过1%，其他加密货币的价格也普遍下跌。就在14日，比特币近6个月来首次跌破9.5万美 元。 至此，比特币连续第三周下跌，也是过去六周中的第五次下跌。市场数据显示，自10月10日以来，所有加密货币的总市值损失已超过1万亿美元。 Coinglass数据显示，过去24小时加密货币市场共有接近18万人爆仓，爆仓总金额为6.8亿美元，其中多单爆仓5.1亿美元，空单爆仓1.7亿美元。有业内人士表示，今 年以来比特币的累计涨幅已收窄至不到8%，这令今年这个本来币圈屡创新高的年份，似乎有可能变为"虎头蛇尾"的一年。 富兰克林邓普顿投资解决方案副首席投资官Max Gokhman表示："当前的抛售与其他风险资产完全相关，但加密货币的跌幅更大，因为其波动性更高。" 在业内人士看来，在比特币表现低迷之际，多重因素正在共同压制比特币。有消息指出，在比特币跌破10万美元关键里程碑的背后，"巨鲸"（持有1000个比特币以 上的大户）和长期持有者的抛售成为显著推手。 区块链数据显示，过去30天内长期比特币持有者已出售约81.5万枚比特币，这是自2024年初以来的最高抛售水平。更为关键的是， ...

建仓谷歌母公司 Alphabet 。 11月15日，"股神"巴菲特领导的伯克希尔·哈撒韦公布了第三季度的13F报告。和此前一天提交的10Q报告一致，巴菲特在第三季度继续大量卖出苹果股票。不过同 时，巴菲特还买入了不少谷歌母公司Alphabet的股份。由于巴菲特将于年底卸任伯克希尔公司CEO一职，有分析认为，此次改变被认为公司的投资风格将有所改 变。 建仓谷歌母公司Alphabet 报告显示，截至第三季度末，伯克希尔共持有41只股票，总持仓市值为2670亿美元，较前一季度的2580亿美元有所提升，提升幅度为3.4%。 苹果仍然是其第一大持仓，持仓市值约为606.6亿美元，但是伯克希尔该季度的苹果持仓已经从2.8亿股降至2.382亿股，目前已出售了其曾持有的9.05亿股中的近四 分之三。巴菲特对苹果的减持动作早从2024年就已经开始。此前，苹果持仓规模曾一度占伯克希尔投资组合的50%以上。 在前十大持仓中，伯克希尔还减持了3719万股美国银行股票，增持了429万股安达保险股票。过去一年多来，伯克希尔的美国银行持股已经从去年中的10.3亿股降至 5.68亿股，降幅接近45%。此外，伯克希尔清仓了美国四大房地产开发商 ...

Core Viewpoint - The article discusses the strategic direction for China's economic and social development over the next five years as outlined in the "15th Five-Year Plan" and emphasizes the importance of creating a favorable business environment to stimulate new productive forces and high-quality development [1][4]. Group 1: Economic Development Strategies - High-quality development should focus on developing new productive forces tailored to local conditions, with various business entities as the strategic basis [4][5]. - A first-class business environment is essential for stimulating the vitality of various business entities, which includes protecting property rights, providing industry subsidies, and ensuring labor protection [5][9]. - The construction of a transparent, stable, and predictable business environment is crucial, characterized by marketization, rule of law, and internationalization [5][10]. Group 2: Investment and Infrastructure - Effective investment opportunities are abundant at the local level, particularly in projects like sponge cities and comprehensive water system renovations, which require significant funding support [7][11]. - The "15th Five-Year Plan" aims for fixed asset investment growth to remain reasonable and stable, with a target investment growth rate of at least 3% to achieve economic growth goals [13]. - Investment should focus on "three new and one heavy" areas: new productive forces, new infrastructure, new urbanization, and major engineering projects, with significant potential in sectors like electricity, water conservancy, and ecological environment [13]. Group 3: Innovation and Intellectual Property - Protecting investors and intellectual property rights is vital for fostering innovation and new productive forces, with a supportive legal environment being a key component [9][10]. - A culture that tolerates failure and encourages entrepreneurship is necessary to enhance research and development investments and improve corporate investment efficiency [10].