研究早观点 2025 年 11 月 28 日 星期五 市场走势 资料来源：最闻 【今日要点】 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,875.26 | 0.29 | | 深证成指 | | 12,875.19 | -0.25 | | 沪深 | 300 | 4,515.40 | -0.05 | | 中小板指 | | 7,823.58 | -0.40 | | 创业板指 | | 3,031.30 | -0.44 | | 科创 | 50 | 1,310.70 | -0.33 | 资料来源：最闻 分析师： 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 【行业评论】通信：周跟踪（20251117-20251123）-谷歌 nano banana 再掀现象级热潮，看好国内算力 2026 市场 【山证机械】珂玛科技（301611.SZ）-国产先进陶瓷材料龙头，26 年 业绩弹性可期 研究早观点 【今 ...

大家早上壕！ 先看海外要闻： 美股感恩节休市。 谷歌重启AI眼镜：富士康代工，三星设计，或2026Q4发布。 远超警戒级别！日本疫情暴发，感染人数已达近10年来的最高水平。 黄仁勋预告英伟达11月28日发布机器人技术新品。 彪马暴涨近19%，报道称安踏、李宁等巨头正考虑竞购。 媒体曝马克龙12月3日起将访华 在北京、成都停留两站。（观察者网） 普京首次公开谈和平计划，称尚无最终方案，准备下周与美方"严肃"讨论。 国内重大事件汇总： 1、商务部：接下来将从促进大宗消费、壮大新型消费、打造国际化消费环境等方面推动商品消费扩容升级，积极推进首发经济；培育"人工智能 +消费"，打造更多消费新增长点等。 2、国家发展改革委：鼓励多种新型储能和氢能技术路线有序发展；要注意防范重复度高的人形机器人产品"扎堆"上市。 6、四川官宣：婚假由5天延长到20天，延长女方生育假90天，延长男方护理假至30天。 13、11月28日，中央广播电视总台倾力打造的大型直播晚会《鸿蒙星光盛典》将于深圳龙岗大运体育中心璀璨启幕。 今日券商策略前瞻： 光大证券指出，指数冲高回落明显，导致市场情绪有所降温，指数短期或需要震荡休整，静待12月两场重磅 ...

AI芯片市场暗流涌动。 巨头之一谷歌正加快自研AI芯片TPU的商业化步伐，有报道称谷歌正与Meta等科技大厂谈外采合作。在外界看来，如果合作落地，TPU将进入 谷歌体系之外的超大规模数据中心，或对英伟达GPU主导的算力市场带来冲击。 相关消息一出，英伟达股价随即震荡。周二美股早盘，英伟达股价一度下滑7%，最终收跌约2.6%。而自10月29日以来，英伟达市值从5.03万 亿美元跌至11月25日收盘的4.32万亿美元，不到一个月时间市值缩水已超过7000亿美元（约合人民币5万亿元）。 11月26日凌晨，英伟达在社交平台上正面回应谷歌的竞争："我们对谷歌的成功感到高兴——他们在人工智能领域取得了重大进展，而我们仍 将继续向谷歌供货。英伟达领先行业整整一代，是唯一能够运行所有AI模型，并可在所有计算场景中部署的平台。" 作为全球GPU市场的主导者，英伟达用"领先一代"与"全场景优势"回应这场自研芯片带来的挑战。而即便谷歌TPU得以进入Meta等巨头的数据 中心，也并不意味着GPU会在短期内被替代。事实上，谷歌也表示，自家定制的TPU和英伟达GPU的需求都在加速增长。 更多业内观点认为，随着AI训练与推理的负载增长和高 ...

【环球时报报道 记者 倪浩】继年初DeepSeek引发行业震动后，随着谷歌发布基于自研芯片训练的高性 价比模型Gemini 3，人工智能（AI）领域的竞争格局再次迎来剧变。市场围绕"AI泡沫"，特别是"英伟 达泡沫"的质疑声浪再度升温。25日，英伟达、超威半导体和安谋等热门芯片股普跌。当天早盘时段， 英伟达股价一度重挫超过7%，较一个月前历史最高点时市值蒸发约1万亿美元。直到26日，股价才小幅 回调。 谷歌母公司Alphabet最新推出的多模态AI模型Gemini 3近日横扫硅谷各大基准测试榜单，性能被认为已 经超越了OpenAI的ChatGPT。值得关注的是，Gemini 3是基于谷歌自研的TPU（张量处理单元）芯片完 成训练，而非行业普遍采用的英伟达GPU（图形处理单元）。 此外，据科技媒体"The Information"报道，Meta正在考虑从2027年起在其数据中心部署谷歌的TPU，并 且最早可能在明年通过谷歌云租借TPU。如果消息属实，这笔交易不仅能为谷歌带来数十亿美元收入， 还将有效证明其芯片技术的可靠性。这被视为谷歌在AI芯片领域挑战当前霸主英伟达的重要一步。 英国《金融时报》援引知名机构经纪 ...

The U.S. stock market observed a quiet Thursday, November 27, 2025, as trading floors were closed in observance of the Thanksgiving holiday, allowing investors a pause after a robust week. However, the preceding day, Wednesday, November 26, saw a significant rally across major indices, extending gains for a fourth consecutive session, fueled by growing optimism for a Federal Reserve interest rate cut in December.Major Index Performance Recap (Wednesday, November 26, 2025)On Wednesday, all three benchmark U. ...

The U.S. stock market is closed today, Thursday, November 27, 2025, in observance of the Thanksgiving holiday. This pause comes after a robust midweek performance where major indexes extended their winning streak, fueled by growing optimism for a Federal Reserve interest rate cut in December and strong showings from the technology sector. Markets are set to resume trading with a shortened session on Friday, November 28, closing early at 1:00 PM ET.Market Indexes PerformanceBefore the Thanksgiving break, U.S ...

曾经风光无限的"AI股王"英伟达，如今股价遭遇断崖式下跌，8000亿美元市值凭空蒸发，投资者纷纷用 脚投票，就连背后的资本大佬也集体跑路。 这波暴跌来得又快又猛，让整个市场都始料未及，毕竟此前英伟达还靠着AI风口一路高歌，成为全球 投资者追捧的香饽饽。 曾经的AI神话为何突然失宠？这8000亿市值蒸发，是AI风口退潮还是另有隐情？这场资本狂欢的急刹 车，背后藏着的行业变化，可能比我们想象中更关键。 市值雪崩 科技行业历来信奉"预期先行于业绩"，但当预期被推到脱离现实的高度，泡沫的破裂只是时间问题。 英伟达的崛起堪称教科书式的赛道红利捕获，AI算力需求的爆发式增长，让其GPU芯片成为无可替代 的核心硬件，股价也随之承载了太多超出业务本身的想象空间。 从被奉为"AI时代终极赢家"到27天内市值蒸发近3500亿美元，这样的剧烈震荡看似突然，实则早已埋下 伏笔。 黄仁勋此前在内部会议中坦言的"无赢局面"，与其说是巨头的审慎，不如说是对行业潜规则的清醒认 知。 在科技领域，单一赛道依赖从来都是高风险游戏，当一家公司的估值完全绑定某个风口，任何细微的风 吹草动都可能引发市场的过度反应。 就像曾经的互联网泡沫、新能源造车热 ...

This Thanksgiving’s real drama may be Michael Burry versus Nvidia https://t.co/aliD6C5Wvf ...

Core Viewpoint - Michael Burry is aggressively betting against Nvidia, claiming that the AI boom is a bubble and attempting to convince others of his bearish thesis [2][3][15]. Group 1: Burry's Allegations and Strategy - Burry holds over $1 billion in bearish put options on Nvidia and Palantir, indicating a strong belief that their stock prices will decline [3]. - He accuses Nvidia of costing shareholders $112.5 billion through stock-based compensation, which he claims reduces owners' earnings by 50% [3]. - Burry suggests that AI companies are manipulating financials by overstating the useful lives of Nvidia's GPUs, leading to inflated capital expenditures [3]. - He argues that the demand for AI products is misleading, as customers are allegedly funded through a circular financing scheme [3]. Group 2: Nvidia's Response - Nvidia has issued a seven-page memo to Wall Street analysts, countering Burry's claims and stating that his calculations are incorrect, particularly regarding stock buybacks [5]. - The company asserts that its employee compensation practices are consistent with industry peers and emphasizes that it is not comparable to Enron [5]. Group 3: Market Implications and Historical Context - Burry's warnings have gained traction, leading to speculation about whether he could influence investor sentiment and trigger a sell-off in Nvidia's stock [15][16]. - Historical examples show that prominent critics can accelerate the unraveling of companies with underlying issues, as seen with Enron and Lehman Brothers [15]. - Nvidia's market cap is currently at $4.5 trillion, having increased twelvefold since early 2023, making it the most valuable company in the world [8].

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences across the company [1] - Elon Musk predicts that by 2040, the humanoid robot market could be valued at $250 trillion, driven by an ecosystem of AI innovators [2][3] - Major firms like PwC and McKinsey recognize the multi-trillion-dollar potential of AI, suggesting a broad consensus on its economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is believed to be redefining work, learning, and creativity, attracting significant interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, with its technology posing a threat to competitors [4][6] - Prominent figures in technology and investment, including Bill Gates and Warren Buffett, are positioning themselves around AI, highlighting its potential to improve various sectors such as healthcare and education [8]