1. 11月28日(周五)美股盘前，由于 CyrusOne 数据中心出现冷却问题，芝加哥商品交易所集团 ( CME ) 暂停交易，导致股指期货周 五继续停牌。然而，追踪主要股票指数的 ETF 在盘前交易中上涨：SPY +0.26%，QQQ +0.42%，DIA +0.11%。 非农持续萎靡之际，特朗普祭出"核弹级"移民限制! 试图封死第三世界劳动力闸门。美国总统唐纳德·特朗普当地时间周四晚间宣 布了一项全面收紧美国移民规定的重磅计划，其中包括暂停来自"第三世界国家"的移民，以及取消在美"非联邦公民"享有的所有 联邦福利和政策补贴。特朗普对于美国国内非法移民的最新立场意味着，在非农就业数据报告已经显著走弱的同时，未来劳动力 市场供给还可能被特朗普政策进一步收紧。因此美国劳动力市场短期内更像是一场"慢性衰退"，不至于瞬间断崖式崩塌，却足以 让美国经济步入长期缓慢甚至负增长区间。 高盛警示：裁员潮持续蔓延，美国就业市场疲软迹象加剧。高盛在其新发布的报告中警告称，美国劳动力市场可能开始走软，因 为私营部门数据显示多个行业正在出现日益加剧的裁员潮。高盛表示，美国各州与计划大规模裁员相关的申报——即WARN申报 ——已飙 ...

All right, folks. Welcome back. Five things to know ahead of today's opening bell.Uh, listen up if you are just waking up. A data center issue has halted trading of futures and options on the Chicago Merkantile Exchange. That means that stock futures, foreign exchange, and commodities are currently not available to trade.But in the last few minutes, Broker Tech US, which is the CME unit that deals in electronic trading of treasuries, has had its service restored. So you can see yields we believe that are ac ...

大无语事件天天有，今天特别多—— AI大模型公司阶跃星辰的研究员，自曝被苹果挂在arXiv上的论文，狠狠坑了一把。 自己去反馈问题，对方简单回了两句就把issue关了；直到自己留下公开评论，对方才撤稿下架代码了。 看到这儿，你是不是已经觉得够离谱了？ 不好意思了朋友们，这还不是最离谱的……后续的故事看得人脑子上一个问号接一个问号冒出来。 这场闹剧的荒诞程度，一步步升级，直到最终Lei Yang"公开把它喷撤稿了"。 别着急，我们先来梗概一下故事线： 这个月月初，阶跃研究员Lei Yang被同事安利了一篇arXiv上苹果出品的论文（该论文也在投ICLR 2026），论文中提出的benchmark和Lei Yang最近做的研究 非常契合。 他超级开心，马上停下手头的工作，开始适配这个benchmark。 结果这个声称"小模型全面超越GPT-5、数据经人工精心把控"的视觉benchmark，实际上却存在荒谬的官方代码bug和高达约30%的GT（Ground Truth）错 误率。 总之看得围观的Reddit吃瓜网友连连摇头： 我们曾拥有BatchNorm、ResNet、Dropout、Transformer这些革命 ...

苹果于周五回应称，已向欧盟反垄断监管机构提交正式反驳意见。该公司强调，Apple Ads在欧盟在线 广告服务市场中并非主要参与者，其市场份额远低于谷歌(GOOGL.US)、Meta(META.US)、微软 (MSFT.US)、TikTok及X平台等竞争对手，且该服务未使用来自其他苹果服务或第三方平台的数据。 至于Apple Maps，苹果强调其在欧盟市场的使用率远低于Google Maps、Waze等同类产品，且不具备直 接连接商业用户与终端用户的关键中介功能。 欧盟委员会透露，苹果已正式通报其广告与地图服务已满足《数字市场法案》中"守门人"(gatekeepers) 的两项判定标准：相关服务月活跃用户数超4500万，且公司市值达到750亿欧元(约合790亿美元)。符合 该标准的企业需遵守一系列强制性义务与禁止性规定。 欧盟委员会将在45个工作日内就是否将苹果这两项服务列为"守门人"作出最终裁定。若裁定通过，苹果 需在六个月内完成合规整改。 智通财经APP获悉，欧盟反垄断监管机构表示，在苹果(AAPL.US)的广告服务平台Apple Ads与地图服务 Apple Maps达到关键标准后，将评估其是否应受制于欧 ...

Group 1 - The rapid development of artificial intelligence (AI) technology is creating widespread opportunities in various sectors [3] - Alibaba's Qianwen application has been natively embedded in the Quark browser, providing AI assistance to over 100 million users [5] - Alibaba has launched the Quark AI glasses, which integrate the Qianwen assistant and connect with various Alibaba ecosystem services [6] Group 2 - Beijing plans to build a large-scale data center system in the dawn-dusk orbit, aiming to move significant AI computing power into space [7][9] - Morgan Stanley reports that Google's Tensor Processing Units (TPUs) may be sold externally, potentially transforming its cost center into a profit center and challenging Nvidia's hardware dominance [15] - The Chinese AI industry is experiencing a clear development trend, with expectations for application innovation and popularization in 2026 [10]

Market Overview - U.S. stock futures halted trading on Friday due to a data center glitch, impacting trade in US Treasuries and crude oil [1] - The benchmark index tracking ETFs was trading higher, with the SPDR S&P 500 ETF Trust (SPY) up 0.30% at $681.70 and Invesco QQQ Trust ETF (QQQ) up 0.42% at $616.85 [3] Company Performance - Tilray Brands Inc. (TLRY) fell 14.93% in premarket trading after announcing a 1-for-10 reverse stock split, maintaining a weaker price trend [7] - Direct Digital Holdings Inc. (DRCT) dropped 12.06% after revealing a settlement agreement to issue up to 50 million Class A common shares [7] - SMX (Security Matters) PLC surged 74.43% after presenting its technology at a conference in Dubai, despite maintaining a weaker price trend [7] - Walmart Inc. (WMT) rose 0.31% on Black Friday, promising discounts and exclusive offers, and maintaining a stronger price trend [7][15] - Apple Inc. (AAPL) was up 0.36% on Black Friday, offering promotions and gift cards, while maintaining a stronger price trend [15] Economic Insights - The consumer debt level in the U.S. has reached $18.6 trillion, but the ratio of household debt to disposable income is near a 25-year low at just below 90% [10][11] - The consumer landscape is described as "bifurcated," with high-wage earners spending while lower-income consumers struggle [11] - The long-term economic outlook remains optimistic, with projections for improvement driven by AI-related capital expenditures and deregulation [12]

②【中概股普涨】中概股盘前普涨。截至发稿，拼多多上涨0.69%，京东上涨1.29%，蔚来汽车上涨 1.46%，小鹏汽车上涨1.32%。 每经记者｜岳楚鹏 每经编辑｜高涵 ①【数据中心故障导致芝商所交易暂停】当地时间11月27日，由于数据中心故障，芝加哥商品交易所的 期货和期权交易出现了暂停，扰乱了股票、外汇、债券和大宗商品市场。此次故障引发了市场参与者的 普遍不满，他们担心会因此损失一个交易日。截至发稿，芝商所并未恢复交易。 ④【甲骨文洽谈380亿美元巨额贷款】当地时间11月28日，据媒体援引知情人士透露，多家银行正在就 一笔高达380亿美元的新贷款事宜，与甲骨文以及数据中心开发商Vantage Data Centers展开洽谈，这笔 贷款将用于为OpenAI扩建更多基础设施。截至发稿，甲骨文下跌1.64%。 ⑤【苹果就印度反垄断机构380亿美元罚款提起诉讼】当地时间11月27日，据媒体报道，由于可能被处 以高达380亿美元的巨额罚单，苹果公司已在德里高等法院提起诉讼。印度反垄断机构正在调查印度初 创企业联盟以及Tinder母公司Match提出的投诉，这些公司指控苹果存在"滥用行为"，迫使开发者为应 用内购买 ...

Core Insights - Apple is accelerating its AI capabilities, which are expected to exceed expectations and drive smartphone upgrades and AR glasses penetration [1][2][3] - Doubao is exploring the integration of AI large models into smartphones, aiming to form an Agent-like functionality [2][3] Group 1: AI Integration and Product Development - Apple's Siri is set to evolve towards an AI Agent form, enhancing smartphone upgrades and AR glasses penetration [3] - Apple plans to launch the AI search tool "World Knowledge Answers" in Spring 2026, integrating it deeply with Siri to capture the generative AI market [3] - The upcoming iOS 26.4 is expected to significantly update Siri, improving its understanding of user context and integrating various media types for a better user experience [3] Group 2: Market Impact and Sales Projections - It is anticipated that at least two-thirds of iOS users will need to upgrade to the iPhone 15 Pro or higher by 2026 to optimize system experience, potentially leading to record smartphone sales [3] - The introduction of second-generation MR and AR glasses is expected to create a comprehensive AI hardware ecosystem, with projected sales reaching tens of millions [3] Group 3: Catalysts for Growth - The new iOS system experience is expected to surpass user expectations, acting as a catalyst for growth in the smartphone and AR markets [4]

（文章来源：证券日报） 证券日报网讯 11月28日，安利股份在互动平台回答投资者提问时表示，公司聚氨酯复合材料在苹果部 分终端产品官方配件上实现应用。 ...

Core Insights - The AI industry is entering a rapid change cycle, with 2025 being a pivotal year for the development of large models, particularly with the emergence of DeepSeek, which is reshaping the global landscape and promoting open-source initiatives [1][10][18] - The dual-core driving force of AI development is characterized by the United States and China, each following distinct paths, with key technologies accelerating towards engineering applications [1][10][11] - Despite advancements in model capabilities, challenges in real-world application remain prevalent, indicating a shift in focus from "large models" to "AI+" [1][10][19] Group 1: Global Large Model Landscape - The global large model development is driven by a dual-core approach, with the U.S. leading in closed-source models and China focusing on open-source models [10][11][13] - OpenAI, Anthropic, and Google represent the leading trio in the large model arena, each adopting differentiated strategic paths [17] - DeepSeek's emergence marks a significant breakthrough for China's large model development, showcasing the potential of open-source models [18][19] Group 2: Key Technological Evolution - The evolution of large models is marked by four major technological trends: native multimodal integration, reasoning capabilities, long context memory, and agentic AI [22][24] - Native multimodal architectures are replacing text-centric models, allowing for seamless integration of various modalities [23] - Reasoning capabilities are becoming a core feature of advanced models, enabling them to demonstrate their thought processes [24][26] Group 3: Industry Chain and Infrastructure - The AI infrastructure is still dominated by Nvidia, with a slow transition towards a multi-polar ecosystem despite the emergence of alternatives like Google’s TPU and AMD’s chips [47][48] - The AI industry is shifting from reliance on a few cloud providers to a more collaborative funding model, with Nvidia and OpenAI acting as dual cores driving the ecosystem [51][52] Group 4: Application Layer Opportunities - Large model companies are positioning themselves as "super assistants" while also aiming to control user entry points through various products and services [53][54] - Independent application companies can find opportunities in vertical markets that require deep industry understanding and complex workflow integration [55][56] - The evolution of AI applications is moving towards intelligent agents capable of autonomous operation, indicating a significant shift in application development paradigms [61][62]