证券研究报告 | 2025年11月30日 | 500 | 3.7% | | | 4.9% | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2000 | +6.3% | | | | 2000 | | +4.7% | | | | 1000 | +4.2% | | | | 1000 | +3.4% | | | 22 | 1 | | 1 | | | | | | | | +9.3% | | | +6.5% | | | | | +6.2% | | | | | +4.8% | | +4.7% | | | | | | | -0.4% | | | | | | | | | | | | 资金流向：多数行业带动资金显著回流 | | | | | | | | | | 500 | | | | | x | | +214.0 | | | | | -154.0 | 4 | | -133.6 | 13 | | +492.3 | | | | 22 | | 2 | | | | | | | | | +46.3 | | | +43.0 | | ...

[Table_Title] 海内外 AI 产业交织前行 计算机行业周报 [Table_Title2] 本周观点: [Table_Summary] 海外基础大模型持续迭代，算力投入继续加大 Google 持续加码 AI 软硬件，有望形成闭环。根据中国 科技信息杂志社消息，11 月 18 日，Google 正式推出 Gemini 3 系列人工智能（AI）模型。根据 IT 之家消 息，11 月 20 日，Google 正式推出了全新图像生成与 编辑模型 Nano Banana Pro (Gemini 3 Pro Image)。 我们认为，Google 是海外大模型第一梯队厂商中 AI 布 局最为完善的厂商，其软硬一体的竞争有望有望助力其 在与 openAI 和 Anthropic 的竞争中胜出。 Anthropic 发布 Claude Opus 4.5，通用智能能力提 升。根据新浪科技消息，11 月 25 日，Anthropic 最新 的大模型 Claude Opus 4.5 正式发布。我们认为， Claude Opus 4.5 正式发布主要有以下特点：（1）智能 进一步提升；（2）安全性进一步提升；（3）编程能力 ...

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 冰冰小美 来源：雪球 自从2019年开始 ， 锚定美股炒作A股成为一种风向 。 从特斯拉 ， 英伟达 ， 苹果 ， 谷歌 ， 甲骨文 ， 亚马逊 ， 礼来 ， 脸书 ， 美光科技 等 ， 产生了一大堆相关概念股 。 并且有一部分企业 ， 做大做强 ， 走向牛市 。 这里不是去探讨有没有泡沫的问题 ， 而是这种现象产生的内 核是什么 。 众所周知 ， 2018是我国改革的重要节点 。 核心是来自外部的挑战瞬间上升到安全范畴 。 和平的声音减少 。 这种裂痕下 ， 传统的继续世界贸 易组织的全球化收到严重的阻力 ， 并且逐步上升为米对全球的关税war 。 为了应对危机 ， 米采取了无限量化宽松的方式 ， 通过通胀与物价上涨 ， 维持经济增长 。 但是这也带来的极速膨胀的美债规模 。 这种美债规 模的庞大 ， 使得国防支出开始低于利息支出 ， 因此军事霸权有所削弱 。 对于全球的掌控力的减弱 ， 也引发全球的地缘波动 。 金融霸权带来 全球不安定性 ， 更多的是世界经济增长乏力 。 数 ...

Key TakeawaysU.S. equity funds have seen a massive inflow of over $900 billion since November 2024, signaling robust investor confidence in the American market.Elon Musk leads the world's wealthiest with an estimated $442 billion, followed by other tech titans like Larry Page and Sergey Brin of Alphabet (GOOGL).Bitcoin (BTC) marked a historic milestone today, eight years after first surpassing the $10,000 threshold.A U.S. judge has authorized the sale of Citgo parent's shares to an Elliott affiliate, conclu ...

图片来源：信实集团 Digital Connexion 是由穆克什·安巴尼的依赖工业有限公司 、布鲁克菲尔德资产管理公司以及 Digital Realty Trust 共同组建的合资企业，已签署协议计划到 2030 年投资 110 亿美元在印度南部开发 数据 中心设施，标志着对科技领域增长最快赛道之一的最新投资。 这则公告反映了全球趋势，随着各国政府和大型企业在一场前所未有的AI 硬件竞赛中力求跟上步伐，数万亿美元正涌入数据中心建设。 安得拉邦也正成为关键目的地，上个月 Alphabet 旗下 Google 宣布计划在未来五年投资约 150 亿美元，在维沙卡帕特南建设 AI 基础设施枢纽。 这家Reliance 合资企业正加入越来越多全球科技巨头的行列——主要来自美国——它们正大举投资印度，使该国成为全球 AI 热潮的最大受益者之一。 亚马逊公司正规划到2030 年投资 127 亿美元在印度建设云基础设施，而 ChatGPT 创建者 OpenAI 寻求建立一个 1 吉瓦的数据中心。 塔塔咨询服务公司上周从 TPG Inc.获得 10 亿美元资金，以加速其自身在 AI 数据中心领域的推进。 印度整体数据中心市场 ...

Core Insights - The MEET2026 Smart Future Conference will focus on cutting-edge technologies and industry developments that have garnered significant attention throughout the year [1] - The theme "Symbiosis Without Boundaries, Intelligence to Ignite the Future" emphasizes how AI and smart technologies penetrate various industries, disciplines, and scenarios, becoming a core driving force for societal evolution [2] Group 1: Conference Highlights - The conference will cover hot topics in the tech circle this year, including reinforcement learning, multimodal AI, chip computing power, AI in various industries, and AI going global [3] - It will feature the latest collisions between academic frontiers and commercial applications, showcasing leading technological achievements from infrastructure, models, and product industries [4] - The event will also include the authoritative release of the annual AI rankings and the annual AI trend report [5][116] Group 2: Notable Speakers - Zhang Yaqin, President of Tsinghua University's Intelligent Industry Research Institute and an academician of the Chinese Academy of Engineering, has extensive experience in AI and digital video technologies [11][12] - Sun Maosong, Executive Vice President of Tsinghua University's AI Research Institute, has led numerous national projects in AI research [15] - Wang Zhongyuan, Director of the Beijing Academy of Artificial Intelligence, has a strong background in AI core technology development and has published over 100 papers [19] Group 3: Industry Impact - The annual AI rankings initiated by Quantum Bit have become one of the most influential lists in the AI industry, evaluating companies, products, and individuals across three dimensions [117] - The annual AI trend report will analyze ten significant AI trends based on technological maturity, implementation status, and potential value, highlighting representative institutions and best cases [118] - The conference aims to attract thousands of tech professionals and millions of online viewers, establishing itself as an annual barometer for the smart technology industry [122]

Nvidia was an early leader in AI and has reaped the rewards. But it may soon need to defend its crown.The artificial intelligence (AI) market is booming, and could grow from $235 billion last year to $631 billion by 2028. The top AI stocks have already enjoyed tremendous returns since early 2023, and the future looks bright. Remember, the internet hasn't stopped growing since its initial boom decades ago.Nvidia has arguably been the most apparent AI winner thus far. Its GPU chips have become the de facto ch ...

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Core Insights - Berkshire Hathaway, led by Warren Buffett, maintains a large equities portfolio valued at over $300 billion, demonstrating a commitment to core investing principles while exploring newer sectors [1][2]. Investment Focus - Berkshire Hathaway has invested significantly in the "Magnificent Seven" stocks, with nearly 24% of its portfolio allocated to just three of these companies [2]. - The three major holdings include Apple, Alphabet, and Amazon, which represent key areas of focus for the company [2]. Company Analysis Apple - Apple constitutes 21.3% of Berkshire's portfolio, with the initial investment made in 2016. The position was once as high as 40% [3]. - Concerns exist regarding Apple's AI strategy, but the company is expected to benefit from AI integration in its products [4]. - Despite being Berkshire's largest position, the company has sold 74% of its stake since early 2023, indicating a cautious approach amid market concerns [6]. - Apple has performed well during the AI sell-off due to its limited investment in AI infrastructure compared to peers, making it a long-term hold for investors [7]. Alphabet - Alphabet represents 1.8% of Berkshire's portfolio, with a new position initiated in the third quarter. The stock has been favored by hedge funds despite a challenging year [8]. - The U.S. Department of Justice's lawsuit against Google for monopolistic practices resulted in a weaker punishment than expected, allowing the company to continue normal operations [9]. - Alphabet's stock trades at about 30 times forward earnings, with strong growth potential in various sectors, including Google Cloud and YouTube [11]. Amazon - Amazon accounts for 0.7% of Berkshire's portfolio, with the initial purchase made in 2019 [13]. - The company operates a robust e-commerce platform and a significant cloud business, Amazon Web Services (AWS), which holds a 30% market share in the global cloud market [16]. - Amazon's stock trades at about 32 times forward earnings, reflecting its strong growth potential despite not being considered cheap [18].

Core Insights - Cyber Monday, occurring on December 1, 2025, has evolved into a significant online shopping event, extending into a full "Cyber Week" with major retailers offering substantial discounts [1][3][12] Retailer Promotions - Amazon's Cyber Monday sale runs from November 29 to December 1, featuring discounts of up to 50% on tech products, 40% on select floorcare, and 50% on kitchen essentials [6][13] - Best Buy's event from November 30 to December 1 highlights electronics, with discounts reaching 63% on Chromebooks and 55% on TVs [8][13] - Target's sale, also from November 30 to December 1, includes up to 50% off clothing and shoes, and significant discounts on tech products [8][13] - Walmart's online sale on December 1 offers early access for Walmart+ members, with discounts on furniture, sports gear, and toys [9][13] - Macy's online-only sale from November 30 to December 1 features discounts of 60-70% on bedding and 50-60% on handbags and shoes [10][13] Historical Context - The term "Cyber Monday" was first coined by the National Retail Federation in 2005, recognizing the increase in online shopping as consumers returned to work after Thanksgiving [3][12]