/ CONTENTS 01 02 03 04 05 2 / 3 / 01 DeepSeek AI 图：Deepseek日活高速增长 图：Deepseek多项基准测试性能对标国际顶尖AI模型 图：豆包日均token用量高速增长 | Benchmarks | DeepSeek-R1- | OpenAl- | Gemini-2.5- | Owen3- | DeepSeek-R1 | | --- | --- | --- | --- | --- | --- | | | 0528 | o3 | Pro-0506 | 235B | | | AIME 2024 数学资源 pass@1 | 91.4 | 91.6 | 90.8 | 85.7 | 79.8 | | AIME 2025 数学見賽 pass@1 | 87.5 | 88.9 | 83.0 | 81.5 | 70.0 | | GPQA Diamond 科学测试 pass@1 | 81.0 | 83.3 | 83.0 | 71.1 | 71.5 | | LiveCodeBench 代码生成 pass@1 | 73.3 | 77.3 | 71.8 | 66.5 | 63.5 ...

杰富瑞将英伟达目标价从220美元上调至240美元。 ...

Famed investor Michael Burry, known for his “Big Short” bet against the 2008 housing market, has issued a stark warning that the current AI boom is a speculative bubble mirroring the 2000 dot-com bust.Michael Burry Compares Telecom Bust With AI BoomThe warning came via a series of social media posts just after his firm, Scion Asset Management, revealed over $1 billion in bearish put options against AI-centric stocks Nvidia Corp. (NASDAQ:NVDA) and Palantir Technologies Inc. (NASDAQ:PLTR).In a cryptic post on ...

Ah, the stock market. A bastion of rational decision-making, driven by cold, hard data and predictable policy, right? Wrong. Especially when President Donald Trump is in the Oval Office, where economic policy often feels less like a well-oiled machine and more like a high-stakes game of Twister. Investors, buckle up, because the latest Google Alerts confirm what we’ve long suspected: predicting market movements based on Trump’s pronouncements is less about fundamental analysis and more about deciphering a p ...

Core Insights - OpenAI has committed to invest over $1.5 trillion in the coming years, addressing skepticism regarding its financial capabilities and growth potential [2][5] - The company has raised approximately $47 billion through venture capital in the past year, with a valuation reaching around $500 billion [2] - OpenAI has signed over $1 trillion in agreements this year, partnering with major companies like AMD, NVIDIA, Oracle, CoreWeave, Broadcom, Microsoft, and Amazon AWS [2][5] Investment Agreements - Oracle signed a $300 billion cloud services agreement with OpenAI as part of the $500 billion "Stargate" initiative, with SoftBank also participating in the funding [2] - OpenAI and CoreWeave established a partnership worth $6.5 billion, building on previous agreements totaling $22 billion [2][3] - A strategic partnership with NVIDIA involves an investment of up to $100 billion to support the deployment of at least 10 gigawatts of NVIDIA systems [2] Infrastructure Development - OpenAI and AMD reached a $300 billion agreement for a 6-gigawatt infrastructure powered by AMD Instinct GPUs, with AMD expected to receive over $100 billion in chip orders [3] - OpenAI and Broadcom are collaborating to develop custom AI accelerators for a 10-gigawatt data center, with total investment projected at $500 billion [3] - OpenAI has signed a new agreement with Microsoft, granting Microsoft a 27% stake in OpenAI valued at approximately $135 billion, while OpenAI commits to purchasing $250 billion in Azure services [4] Market Position and Future Outlook - OpenAI's annual revenue is approximately $13 billion, leading to questions about its ability to sustain such large investments, which CEO Sam Altman addressed with confidence in the company's growth [5] - The company is diversifying its revenue streams through various products, including ChatGPT, enterprise API services, and cloud business [5] - Speculation about OpenAI's potential IPO is increasing, with reports suggesting a valuation of around $1 trillion [5][6]

Investment Rating - The report maintains an "Outperform" rating for the computer sector, suggesting a focus on semiconductor supply chains benefiting from eased export controls and AI commercialization driven by technological breakthroughs [4][10]. Core Insights - The easing of US-China tech tensions provides a one-year buffer for the global high-tech supply chain, with the US pausing the "50% penetration rule" and China delaying export controls on rare earths, creating certainty for the flow of key tech components [4][10]. - NVIDIA's GTC conference showcased significant advancements, including the launch of the Vera Rubin chip with a performance increase of 3.3 times, and plans for further enhancements by 2027 [4][10]. - Domestic breakthroughs in AI computing power are highlighted by Moore Threads' successful IPO, raising RMB 8 billion for AI chip development, marking a significant step towards technological autonomy [4][10]. Summary by Sections Investment Recommendations - Key investment targets include Wuxi Unicomp Technology, Beijing Kingsoft Office Software, Hand Enterprise, Hikvision, Newland Digital Technology, Autel, Hygon, with Dawning Information Industry as a related target [4][10]. Market Developments - The report notes that international cooperation and self-sufficiency are emerging as dual tracks in global AI computing power development, with NVIDIA's agreements in South Korea significantly boosting local AI infrastructure [4][10]. Financial Projections - The report includes earnings per share (EPS) forecasts for recommended companies, with notable figures such as Wuxi Unicomp Technology projected to have an EPS of 1.30 in 2025, and Hikvision with an EPS of 1.47 in the same year [5].

Group 1 - Amazon's cloud computing division, AWS, has signed a $38 billion agreement with OpenAI to provide computing capacity over seven years, including the supply of hundreds of thousands of NVIDIA GPUs [1] - The agreement aims to assist in generating responses and training next-generation models for ChatGPT [1] - Following the announcement, the CSI Artificial Intelligence Industry Index fell by 0.68%, with mixed performance among constituent stocks [1] Group 2 - The AI ETF (515980) recorded a turnover of 1.87% and a half-day trading volume of 150 million yuan, with a total size of 7.965 billion yuan [2] - Over the past five trading days, the AI ETF has seen net inflows on three days, totaling 353 million yuan [2] - The AI industry index reported a revenue growth rate of 26.23% and a profit growth rate of 74.75% in Q3, marking the highest values since 2019 [2] Group 3 - Market focus is shifting towards "turnaround" industries with average current performance but expected improvement next year, alongside cyclical industries benefiting from economic stimulus [3] - The AI industry is in a valuation digestion phase, providing a rare opportunity for long-term investors to accumulate positions since April [3] - The HuaFu AI ETF (515980) covers various aspects of the AI industry, tracking the only quarterly rebalancing AI index in the market [3]

Group 1 - The Core Point: The performance of the Science and Technology Innovation Artificial Intelligence ETF (589010) is under pressure, with a recent decline of 0.85% and a trading price of 1.408 yuan, indicating a weak market sentiment [1] - The ETF's component stocks show mixed results, with 14 stocks rising and 16 falling, highlighting a divergence in performance between software and hardware sectors [1] - Recent trading activity indicates a slowdown in net inflows, with a single-day inflow of approximately 12.71 million yuan, suggesting ongoing market volatility [1] Group 2 - CICC reports a new trend in China's dual circulation model, emphasizing internal circulation while also promoting external circulation, particularly in emerging markets and Belt and Road countries [2] - The report highlights that the financial cycle's second half is characterized by deleveraging, leading to excess savings being directed towards risk assets, which is a shift from previous patterns [2] - The breakthrough of DeepSeek is identified as a factor that has triggered a re-evaluation of China's innovation capabilities, enhancing investor risk appetite [2]

Market Performance - The S&P 500 advanced about 1.9%, the Dow Jones gained 1.7%, and the Nasdaq Composite surged about 4.2% in October 2025 [1] Earnings Season - Of the 222 S&P 500 companies that reported Q3 results, earnings increased by 10.7% year over year on 8% higher revenues, with 83.8% surpassing EPS estimates and 77.9% exceeding revenue forecasts; notably, 68.5% beat both metrics [3] Federal Reserve Actions - The Federal Reserve cut interest rates by a quarter percentage point, bringing the benchmark rate to a range of 3.75-4.00%, reflecting intentions to bolster economic growth and strengthen the labor market [4] U.S.-China Trade Relations - Hopes for easing U.S.-China trade tensions have increased investor confidence, with discussions between President Trump and President Xi Jinping indicating a pause in new trade tensions and a resumption of U.S. agricultural imports [5] - China will end investigations targeting U.S. companies in the semiconductor supply chain, as announced by the White House [6] Company Highlights - NVIDIA has reached a $5-trillion market cap, driven by partnerships with the U.S. Energy Department and Uber, among others, focusing on supercomputers and self-driving cars [7] - Advanced Micro Devices Inc. (AMD) shares surged 55.5% over the past month, bolstered by a multi-billion dollar strategic partnership with OpenAI [10] Gold Market - Gold prices fell in late October, with the SPDR Gold Trust losing about 0.8% over the past week and about 8.7% over the last 10 days, attributed to easing U.S.-China trade tensions and a stronger U.S. dollar [8] ETF Performance - The Defiance Leveraged Long + Income AMD ETF (AMDU) increased by 97.7% in the past month [9] - The Global X MSCI Argentina ETF (ARGT) rose by 35.3%, driven by political developments that strengthened confidence in fiscal reforms [12] - The CoinShares Bitcoin Mining ETF (WGMI) gained 29.7%, benefiting from increased institutional and corporate adoption of cryptocurrencies [13] - The Global X Hydrogen ETF (HYDR) increased by 28.2%, driven by the AI industry's demand for clean energy sources [14]

智通财经APP获悉，韩国总统李在明在他的首次预算演讲中，将人工智能置于其领导下的韩国政府经济 愿景的最核心位置，誓言通过大举 AI 投资和韩国政策支持，全面改造国家的核心产业链、公共服务乃 至军工国防，力争将该国的一切事物都与AI全面融合。 而在他发表最新演讲前不久，三星与现代汽车等韩国财阀巨头们集体表示，将联手英伟达斥巨资打造出 支撑韩国国内天量级AI训练/推理工作负载的"AI工厂"，未来将采购大规模的英伟达AI GPU算力集群。 因此韩国国内的一系列AI动态新闻，被一些股票市场交易员视为韩国举国之力进军AI领域，这也是为 何韩国两大存储芯片巨头——SK海力士、三星，以及一众AI算力领军者股价在韩国股市狂飙至频繁创 新高，带动韩国综合股价指数KOSPI在今年屡创新高，10月更是单月涨超20%，创2001年来最佳单月。 这次演讲，乃李在明6月就任以来首次向韩国国会发表预算讲话，李在明将2026年预算案描述为"AI时代 的第一份国家级别预算"，在其前任尹锡悦试图实施戒严但失败且引发韩国数月政治动荡之后，这一说 法释放出韩国政策全面转向科技变革的信号。 "在AI时代，哪怕晚一天就意味着落后一整代人，"李在明周二对 ...