资讯日报：美联储"褐皮书"显示美国消费支出进一步下滑 股票市场概览 港股市场表现 美股市场表现 2025 年 11 月 27 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日涨跌 | 周涨跌 | 年初至今 消费 | | --- | --- | --- | --- | --- | | | | (%) | (%) | (%) | | 恒生指数 | 25.928 | 1 0.13 | 2.81 | 29.25 | | 恒生科技 | 5.618 | 1 0.11 | 4.13 | 25.74 | | 恒生国企 | 9.162 | 0.04 | 2.72 | 25.69 | | 上证指数 | 3.864 | (0.15) | 0.76 | 15.29 | | 目经225 | 49.559 | 9 1.85 | 1.92 | 24.23 | | 新加坡海峡 | 4.502 | 199 0.36 | 0.73 | 0.00 | | 标普500 | 6.813 | 3 0.69 | 3.17 | 15.83 | | 纳斯达克 | 23,215 | 3 0.82 | 4.23 | 20.22 | | 道琼斯 ...

Core Viewpoint - The French antitrust authority has dismissed a complaint from the local search engine Qwant against Microsoft, which accused the company of abusing its dominant market position [1] Group 1 - The complaint was filed by Qwant, a local search engine, alleging that Microsoft was engaging in anti-competitive practices [1] - The dismissal of the complaint indicates a potential strengthening of Microsoft's position in the French market [1]

" GAIR：沈向洋、黄学东、张宏江、杨强、周志华、洪小文、张 正友、何晓冬等40大微软学术明星的 AI 第二故乡。 " 编辑丨李希 1996年，刚刚开启哈工大博士生涯的吴枫（现中科大副校长），在导师高文的建议下，给30岁的张亚勤写了 封信。 此时的张亚勤，虽刚入而立之年，却已是享誉欧美的顶级科学家，也是音视频编码MPEG委员会的核心成员。 可当时中国还不是MPEG成员国，因此本土学者的成果，很难受到国际上的认可。 吴枫寄往张亚勤普林斯顿家中、封装着高文愿景的那封信，正是希望中国学界能加入MPEG委员会，为本土学 者搭建起一座接轨国际的桥梁，增强在国际上的话语权。 那一年，在众人的努力下，年满40周岁的高文，被信标委指派为中国代表团团长，正式参与到国际MPEG专 家组的工作当中，从此改变了我国早期在MPEG标准制定方面处于旁听他人提案或仅发表一些意见的状况。 两年后，与高文共同有着"中西连接"学术信念的张亚勤，在北京香江花园与李开复会完面，便毅然决定回国， 和李开复联合创办中国人工智能的黄埔军校：微软中国研究院。 那是中国学术界努力与国际接轨的年代、也是一个坚忍而勇于搏取的年代，更是中国高校与微软共同创造出A ...

Group 1: Peter Thiel's Investment Moves - Hedge fund billionaire Peter Thiel sold his entire stake in Nvidia and initiated a position in Microsoft during the third quarter [1] - Thiel's hedge fund, Thiel Macro, is known for its strategic investment decisions, including the recent shift from Nvidia to Microsoft [1][2] Group 2: Nvidia Overview - Nvidia holds over 80% revenue share in AI accelerators, making its GPUs highly sought after for demanding data center workloads [3] - Analysts predict Nvidia will maintain a revenue share of 70% to 90% in AI accelerators, with the market expected to grow at 29% annually through 2033 [7] - Nvidia's earnings are forecasted to increase at 37% annually over the next three years, suggesting a current valuation of 44 times earnings is relatively cheap [7] Group 3: Microsoft Overview - Microsoft is the largest enterprise software company and the second-largest public cloud provider, leveraging its market presence to monetize artificial intelligence [9] - The adoption rate of Microsoft 365 Copilot is accelerating, with 90% of Fortune 500 companies utilizing the AI assistant [9] - Wall Street expects Microsoft's earnings to grow at 14% annually over the next three years, with enterprise software and cloud spending projected to increase at 12% and 20% annually, respectively, through 2030 [10]

来源：环球网 【环球网科技综合报道】11月26日，微软发文透露，其Xbox云游戏服务在全球范围内呈现出显著的增 长态势。 微软数据显示，与去年同期相比，Game Pass 用户的云游戏总时长增加了45%，其中主机端时长增加了 45%，其他设备（如PC、掌机）时长增加24%。微软方面还透露，Xbox云游戏现已覆盖29个国家/地 区。 据悉，Xbox云游戏服务依托微软Azure全球数据中心网络，通过动态分配服务器资源实现用户就近接 入，完成游戏启动、数据同步和实时串流。此外，玩家无需购买昂贵主机或高性能PC，仅需支持网络 连接的设备即可体验。（青山） ...

决议称，成瘾性设计功能往往内嵌于平台的商业模式中，尤其是社交媒体。隶属丹麦社会民主党的沙尔 德莫斯引用一项研究表示，四分之一的儿童和青少年表现出"有问题"或"功能失调"的智能手机使用行 为，而这种行为模式与成瘾现象如出一辙。 沙尔德莫斯表示，她参与起草的这项法案力度很大，"但还可以做得更多"。"尤其是在成瘾性设计功能 和有害的暗黑模式等领域，我们在这方面做得不够具体、不够精确。" 当地时间11月26日，欧洲议会以压倒性多数通过一项不具法律约束力的决议，主张禁止16岁以下未成年 人使用社交媒体，除非家长允许。 这项决议提出之际，澳大利亚即将实施全球首个针对16岁以下儿童的社交媒体禁令，丹麦与马来西亚也 正计划推出类似限制措施。 起草该决议的欧洲议会议员克里斯蒂尔·沙尔德莫斯表示，政治家们需要采取行动保护儿童。"这不仅仅 是父母的责任，社会也需要挺身而出，确保平台对未成年人足够安全。" 不过，持欧洲怀疑论的议员对此计划提出批评，认为决议恐有越权之嫌。欧洲保守派和改革主义者党 （ECR）波兰籍议员科斯马·兹沃托夫斯基表示："关于儿童使用权限的决策应当尽可能由贴近家庭的层 面决定，应由成员国自主决定，而非布鲁塞尔统一 ...

↑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： 王博雅投资 来源：雪球 一、引言 对于投资纳斯达克的朋友而言，市盈率PE是大家最关心的指标之一。大部分时候，我们可以利用它来判断指数是贵了还是便宜了。 在之前，我基于自费购买的数据计算了纳指100全部公司及指数最新的滚动市盈率，同时还计算了2026财年前瞻市盈率。 最近，纳指100迎来了新一轮的下跌，估值重新回落到了中等偏高。 表1 纳斯达克100及其主要成分股最新滚动市盈率及其前瞻市盈率（2025.11.21） 在此，让我们一起看看纳指100及其主要成分股最新滚动市盈率和最新前瞻市盈率。 | Pr 름 | 名称 | 权重 % | 市值 亿美元 | 最新 滚动利润 | 最新 漆动 | 最新 前瞻 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 亿美元 | T 可: 23 | 市密区 | | 1 | 纳指100 | 100 | 17162 | 458 | 37.5 | 29.3 | | 1 | 英伟达 | 9.81 | ...

以下文章来源于棱镜 ，作者温世君 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 纷纷减持。 作者/温世君 编辑/孙春芳 跟着股神抄最后一次作业？ "很多时候，我们的领导者和富人得到的运气远超他们应得的份额，而这些人往往不愿 承认这一点。"距离退休不到两个月，9 5岁的巴菲特最后一次以伯克希尔·哈撒韦CEO的 身份撰写了公开信。 来源/棱镜 (ID： lengjing_qqfinance ) 11月1 2日，道琼斯工业指数冲上4 8 4 3 1 . 5 7点的历史新高。相较于2 0 2 3年初——也就是 本轮美股牛市的起点，已经上涨了4 6 %。 Ch a tGPT 引 爆 的 AI 革 命 是 本 轮 美 股 牛 市 的 核 心 驱 动 力 ， 纳 斯 达 克 指 数 的 涨 幅 自 然 不 遑 多 让 。 1 0 月 2 9 日 2 4 0 1 9 . 9 9 点 的 历 史 新 高 ， 相 较 2 0 2 3 年 初 翻 番 还 要 多 ： 上 涨 了 1 3 1 . 2 5 %。 关键的支撑来自几家数万亿市值的科技股：不到三年时间，微软、苹果股价翻番，总市 值 双 双 攀 升 至 4 万 亿 ...

Core Viewpoint - The AI industry is experiencing a dual narrative in 2025, with a significant market correction in global tech stocks while the AI agent sector is witnessing explosive growth, particularly in China, where the market size is projected to increase from 4.75 billion yuan in 2024 to 7.84 billion yuan, representing over 60% growth [1][6]. Group 1: Evolution of AI Agents - AI agents are defined as software programs capable of autonomously understanding, planning, and executing complex tasks, fundamentally differing from traditional AI assistants [2]. - The emergence of AI agents is a result of technological advancements, transitioning from early models that were primarily for demonstration to sophisticated systems capable of logical reasoning and multi-modal understanding [3][4]. - The core value of this evolution is transforming intelligence from a cost into a productivity driver, as articulated by industry leaders [5]. Group 2: Major Investments and Market Dynamics - The growth of AI agents is fueled by strategic investments from global tech giants, which are based on clear commercial return expectations, creating a positive cycle of research, implementation, and profitability [6]. - Companies like Baidu and Tencent are leading the charge with innovative AI solutions, such as Baidu's self-evolving AI agent and Tencent's integration within its WeChat ecosystem [7]. - The commercial value of AI agents is evident across various sectors, including healthcare, retail, and finance, where they are significantly enhancing operational efficiency and reducing costs [8]. Group 3: Underlying Factors for Growth - The rapid growth of AI agents is attributed to the convergence of technological maturity, rising demand, and an improved ecosystem [9]. - Breakthroughs in technology have drastically reduced the cost of large model inference by 90% and increased speed by tenfold, addressing previous scalability issues [10]. - The pressing need for cost reduction and efficiency in businesses drives the adoption of AI agents, which offer non-intrusive solutions that integrate seamlessly with existing systems [11]. Group 4: Future Outlook - The future of AI agents is expected to shift from scaling to refinement, ushering in a new era of human-machine collaboration, with predictions indicating that 60% of enterprises will rely on AI agents for core operations by 2026 [12]. - Despite existing challenges such as communication delays and talent shortages, the evolution of AI agents is seen as a necessary phase in technological advancement, distinguishing them from past speculative bubbles [13].

Core Insights - The global AI server shipments are expected to grow by over 20% year-on-year in 2026, driven by increased capital expenditure from North American CSPs and the rise of sovereign cloud initiatives [1][2] - The competition in the AI chip market is intensifying, with companies like AMD and various Chinese firms enhancing their self-developed ASIC capabilities, challenging NVIDIA's dominance [1][2] Group 1: AI Chip and Cooling Technologies - The thermal design power (TDP) of AI chips is projected to rise from 700W for NVIDIA's H100 and H200 to over 1,000W for upcoming models, necessitating liquid cooling systems in server cabinets, with a forecasted penetration rate of 47% for liquid cooling in AI chips by 2026 [2] - Microsoft is introducing new microfluidic cooling technologies for next-generation chip packaging, while the market is expected to transition from liquid-to-air (L2A) to liquid-to-liquid (L2L) cooling designs [2] Group 2: Memory and Data Transfer Innovations - HBM and optical communication technologies are becoming critical for overcoming bandwidth limitations in AI computing, with HBM4 expected to enhance I/O bandwidth and local bandwidth for AI chips [3][4] - The introduction of 800G/1.6T pluggable optical modules is underway, with expectations for higher bandwidth SiPh/CPO platforms to be integrated into AI switches starting in 2026 [4] Group 3: NAND Flash and Storage Solutions - NAND Flash suppliers are accelerating the development of specialized solutions to address the performance gap in AI training and inference workloads, including storage-class memory (SCM) SSDs and Nearline QLC SSDs [5][6] - QLC technology is anticipated to achieve a 30% market penetration in enterprise SSDs by 2026, significantly reducing the cost of storing large AI datasets [6] Group 4: Energy Storage Systems - AI data centers are evolving towards large-scale clusters, with energy storage systems transitioning from emergency backup to core energy solutions, expected to grow from 15.7 GWh in 2024 to 216.8 GWh by 2030, reflecting a CAGR of 46.1% [7] - North America is projected to become the largest market for AI data center energy storage, driven by major cloud providers [7] Group 5: Power Infrastructure and Semiconductor Demand - Data centers are shifting to 800V HVDC architectures to enhance efficiency and reliability, with third-generation semiconductors (SiC/GaN) expected to penetrate 17% of data center power supply by 2026 [8] Group 6: Advanced Semiconductor Technologies - The transition to 2nm GAAFET technology is underway, emphasizing higher transistor density and heterogeneous integration to meet the demands of AI applications [9] Group 7: Humanoid Robots and Market Growth - The global shipment of humanoid robots is projected to increase by over 700% in 2026, focusing on AI adaptability and application-specific designs [10][11] Group 8: Display Technology Advancements - OLED technology is set to accelerate in laptops, with Apple expected to introduce OLED panels in MacBook Pro by 2026, leading to a significant increase in OLED penetration in the laptop market [12][13] Group 9: Autonomous Driving and Robotaxi Expansion - The penetration rate of L2 and above advanced driver-assistance systems is expected to exceed 40% by 2026, with Robotaxi services expanding globally beyond just China and the US [15]