摩尔线程主要从事以全功能GPU为核心的GPU芯片及相关产品的研发、设计和销售。目前，公司已推出 四代GPU架构和智能SoC，能够覆盖AI智算、高性能计算、图形渲染等领域丰富完整的计算加速产品矩 阵，产品实现了"云-边-端"全栈AI产品线的布局。 在辅导摩尔线程上市期间，我们见证了摩尔线程的高速发展，深刻感受到公司坚持创新的发展文化，也 对管理团队坚韧不拔的奋斗精神感到由衷的钦佩。我们非常荣幸能将摩尔线程这样一家优秀的企业推荐 给中国资本市场！作为摩尔线程IPO的保荐人和主承销商，我们将持续督促摩尔线程不断加强公司治理 与信息披露，早日实现盈利，以优异的业绩回报广大投资者。 最后，预祝本次网上路演圆满成功！再次感谢各位投资者对摩尔线程的关注。谢谢大家！ 大家好！ 作为本次发行的保荐人和主承销商，我谨代表中信证券股份有限公司，对所有参与摩尔线程智能科技 （北京）股份有限公司首次公开发行股票并在科创板上市网上投资者交流活动的嘉宾和投资者表示热烈 的欢迎和衷心的感谢！ 尊敬的各位嘉宾、各位网友： ...

Market Overview - The recent global market downturn, driven by heightened risk aversion, has led to a significant adjustment in the A-share market, with the Shanghai Composite Index falling below 3900 points [2][3] - Key sectors such as new energy, photovoltaic, and power equipment have experienced notable pullbacks, while banking, shipbuilding, and consumer sectors have shown relative resilience [2] External Influences - The adjustment in the A-share market is primarily attributed to external factors, including concerns over the "AI bubble," a retreat in expectations for Federal Reserve interest rate cuts, and a cautious shift in market sentiment [3][4] - The volatility in global risk assets has been exacerbated by year-end fund settlement periods, prompting some investors to lock in profits and rankings through selling [3] Fundamental Support - Despite recent market fluctuations, the fundamental factors supporting the current rally in the Chinese stock market remain intact, including steady macroeconomic recovery, improved competitiveness of key industries, and enhanced capital market positioning [4][5] - The adjustment is viewed as a short-term disturbance rather than a fundamental shift in market dynamics, with expectations for a potential recovery as market sentiment stabilizes [4] Investment Opportunities - The current market adjustment presents a strategic opportunity for investors to reposition their portfolios ahead of the anticipated spring market rally in 2026 [6] - There is a consensus among institutions that the internal certainties of the Chinese market, such as new growth momentum and clear policy direction, will not be adversely affected by external disturbances [5][6] - Following the adjustment, sectors such as banking and insurance, along with consumer stocks with stable fundamentals, may present rotation opportunities before the technology sector regains momentum [6]

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 证券行业并购稳步推进；保险业总资产突破 40 万亿 增持（维持） 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 2025 年 11 月 23 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 2024/11/25 2025/3/25 2025/7/23 2025/11/20 非银金融 沪深300 《中金公司拟换股合并东兴证券、信 达证券，资产规模将破万亿元》 2025-11-20 《金融科技 2026 年投资策略-- 短期 看市场活跃的持续性，中期关注金融 IT》 2025-11-17 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 ...

Group 1 - The core viewpoint is that the volatility of global risk assets is primarily due to liquidity issues and an over-reliance on AI narratives, leading to necessary valuation corrections when industrial development lags behind market expectations [1] - The recent adjustments in the A-share and Hong Kong stock markets may present opportunities for investors to reallocate towards equities, particularly in traditional manufacturing and resource sectors [1][5] - The market is currently experiencing a "three-phase overlap," characterized by a consolidation phase in the middle of a bull market, a critical period for verifying economic conditions, and a policy vacuum affecting performance [3] Group 2 - The Chinese stock market is expected to stabilize and potentially rally in the coming months, with a focus on AI applications, robotics, and domestic consumption as key themes [2] - The recent adjustments in the A-share market are attributed to weak domestic economic data, a strong dollar, and year-end profit-taking, with expectations for a recovery following important policy meetings in December [5][10] - The current market environment is marked by high volatility, necessitating a focus on safety margins in investment strategies, particularly in sectors like food and beverage, textiles, and cyclical industries [4][11]

周末两天，比特币强劲拉升。 截至发稿，比特币涨近3%，涨至86600美元上方，盘中一度突破87000美元，其余加密货币，以太坊， 狗狗币等也大幅上涨。 CoinGlass网站数据显示，近24小时内，加密货币共有超11万人爆仓。 值得注意的是，上周五（11月21日），美股迎来久违反弹，主要原因还是美联储三号人物威廉姆斯周五 的讲话，押注再次转向更高的降息概率。 威廉姆斯表示，"在不久的将来"降息可能是合理的，这推动投资者提高了对12月降息的预期。 责编：彭勃 校对：王朝全 美国财长贝森特表示，利率敏感行业正处于衰退期，但对（此类行业）2026年的增长前景充满信心。 不过，就在11月22日，波士顿联储主席苏珊·柯林斯表示，她认为美联储没有在12月继续降息的必要。 这番表态进一步凸显出决策者对未来货币政策行动的分歧。 据报道，自10月29日政策会议以来，美联储主席鲍威尔本人尚未公开发言。目前12名有投票权的联邦公 开市场委员会成员中，已有5人表态倾向维持利率不变，几乎形成势均力敌的局面，这意味着无论12月 10日做出何种决定，都可能出现反对票。 中信证券研报称，判断11月20日美股下跌由宏观因素主导，而非AI泡沫破 ...

Core Viewpoints - Current risk release provides an opportunity for reallocating A-shares and Hong Kong stocks by year-end and planning for 2026 [2] - The AI sector is experiencing a "darkest hour," but long-term confidence remains unwavering [4] - The adjustment phase is merely a "doubtful bull market level" [11] Industry Insights - Focus on resource and traditional manufacturing opportunities, particularly in chemicals, non-ferrous metals, and new energy [3] - The AI industry is expected to continue its growth trajectory, with significant valuation growth potential for A-share companies [8] - The market is likely to experience a style switch, with increasing attention on low-valued sectors [6] Investment Recommendations - Emphasize sectors benefiting from physical asset consumption, such as upstream resources (copper, aluminum, lithium, oil, coal) and midstream industries [5] - Maintain a balanced allocation between growth sectors and undervalued value industries, particularly in the consumer sector as year-end approaches [10] - Focus on AI applications and sectors closely related to the "14th Five-Year Plan," such as hydrogen energy, nuclear energy, and quantum technology [14]

Core Viewpoint - The volatility of global risk assets is primarily a liquidity issue, but fundamentally stems from an over-reliance on a single narrative surrounding AI, leading to potential valuation corrections as industrial development, particularly commercialization, lags behind market expectations [1] Group 1: Market Dynamics - The current market environment may see a shift where the A-share and Hong Kong stock markets could experience "sharp declines followed by slow recoveries," similar to trends observed in the US market [1] - The influx of absolute return-oriented funds is enhancing the intrinsic stability of the market, providing a foundation for future investments [1] Group 2: Investment Opportunities - There is a potential opportunity for investors to reallocate towards A-shares and Hong Kong stocks by the end of the year, particularly in preparation for 2026, as current risk levels are being released [1] - Key areas for allocation include the re-evaluation of pricing power in resource and traditional manufacturing sectors, as well as the ongoing trend of companies expanding overseas [1] Group 3: Strategy Considerations - The strategy of high-cut low investment may face increased difficulty in timing rotations due to overly consistent expectations among investors [1]

Domestic and International Developments - China Tourism Group leads the establishment of a new central enterprise focused on cruise operations, with the fleet size ranking first in Asia [2] - The first large-capacity all-solid-state battery production line in China has been completed and is currently undergoing small-scale testing [3] - The Ministry of Industry and Information Technology has officially launched commercial trials for satellite IoT services, aiming to stimulate private sector vitality and promote the integration of the real and digital economies [4] Capital Market Insights - Sixteen hard technology-themed funds, including those focused on AI and chips, have been rapidly approved, signaling regulatory support for strategic emerging industries [10] - Citic Securities highlights that the volatility in global risk assets is primarily due to liquidity issues and an over-reliance on AI narratives, suggesting that valuation corrections may be necessary as market conditions evolve [11][12]

人民财讯11月23日电，中信证券研报指出，近日，国防科工局官网发布2026年度考试录用公务员公告， 其中，招聘"商业航天司航天监管岗"，意味着商业航天司这一关键职能机构已正式成立。在发射端，中 型运载火箭即将首飞，助力星座大规模组网。目前GW、千帆星座均超百星在轨，应用端落地在即。中 信证券认为，商业航天司的成立将有效整合多部门相关职能，卫星产业发展有望在更高层面实现统筹协 调，商业航天发射审批、卫星运营牌照发放等关键环节的推进效率也有望进一步提升。 ...

智通财经APP获悉，中信证券发布研报称，美股整体将小幅震荡下行到12月10-11日的美联储议息会 议，资金从科技切向防御性的医疗的公用事业。此后特朗普预计将提名新任美联储主席候选人，对于货 币政策的交易预期有望转宽松。因此，美股或从12月下半月开始反弹，明年1月1日开始居民减税也将开 启，基本面维度对就业和消费也有一定支撑。行业层面，建议关注：1)美股市场中估值与业绩更为匹配 的科技行业；2)受益于再工业化进程和政策利好的制造业、中上游资源品以及能源基础设施(特别是核 电)；3)财政加码的军工；4)医疗支出削减或利好的互联网诊断；5)降息周期下的金融行业(尤其是银 行)。 事件： 11月20日美股整体高开低走，特别是科技股跌幅明显，纳指100和费城半导体指数分别下跌2.4%和 4.8%。特别是年初至今涨幅显著的部分科技股(超过50%的)，包括美光、AMD、Lam Research、Palantir 等跌幅都超过5%。但在英伟达披露了超预期的三季报以及未来的指引后，中信证券判断隔夜的下跌更 多是由宏观因素驱动的获利盘了结，而非投资者真正的对于AI泡沫破裂的恐慌性抛售所导致。 美国9月新增非农就业数据发布后，美联 ...