Core Points - The U.S. administration under President Donald Trump has initiated a review that may lead to the first shipments of Nvidia's second-most powerful AI chips to China, fulfilling a prior commitment to permit these controversial sales [1] Group 1 - The review could result in significant developments regarding Nvidia's AI chip sales to China [1] - This move aligns with the administration's previous pledge to allow sales of these chips, which have been a topic of debate [1]

纳斯达克中国金龙指数收涨0.97%，热门中概股多数上涨。小鹏汽车涨幅近3%，BOSS直聘大涨5.22%。 黄金价格高位震荡，伦敦金现货价格微跌至4330美元附近，伦敦银现货价格回落至65美元上方。 市场再度聚焦美联储后续政策路径，通胀放缓强化了降息预期。若政策信号趋于宽松，美股等风险资产 有望获支撑，据芝商所美联储观察工具数据，1月降息的概率从24.4%升至27.7%。 【相关ETF】 美股三大指数集体收涨，道指上涨0.14%，纳指涨幅达1.38%，标普500指数上扬0.79%。科技股表现强 劲，美光科技因财报超预期股价大涨超10%，特斯拉涨超3%，英伟达、微软涨幅均超1%。美国11月 CPI同比涨幅放缓至2.7%，提振市场信心。 美股核心宽基：标普ETF(159655) 跟踪金价表现：黄金ETF(518850) 全球科技龙头：纳斯达克ETF(513300) ...

恒生指数开盘涨0.53%，报25634.22点，恒生科技指数涨0.81%，报5461.92点，国企指数涨0.58%，报 8893.1点，红筹指数涨0.2%，报4057.56点。 【隔夜外盘】 英皇资本(00717.HK)：公布截至2025年9月30日止年度业绩，总收入约7.3亿港元，同比增长37.3%；净 溢利约1.47亿港元，同比增长121.4%。 新特能源(01799.HK)：附属拟出售新疆风至新能源发电合伙企业79.92%财产份额配合类REITs发行，对 价约13.37亿元。 湾区发展(00737.HK)：附属广深珠公司与保利长大订立深圳段施工合同，签约合同价为人民币14.48亿 元。 大型科技股中，阿里巴巴-W涨0.62%，腾讯控股涨0.83%，京东集团-SW涨0.71%，小米集团-W涨 0.6%，网易-S涨1.42%，美团-W涨0.79%，快手-W涨1.3%，哔哩哔哩-W涨1.2%。新能源车概念股活 跃，小鹏汽车、零跑汽车走强。 美东时间周四，在利好通胀数据的推动下，三大指数集体走高，结束了近期的下跌走势。截至收盘，道 琼斯指数涨0.14%，报47,951.85点；标普500指数涨0.78%，报6, ...

2025 年 12 月初，圣地亚哥 NeurIPS 大会。 Geoffrey Hinton（神经网络奠基人、2024年诺贝尔物理学奖得主）与Jeff Dean（Google首席科学家、 Gemini模型联合负责人、TPU架构师）的炉边对谈，成为这场大会的重要时刻。 对话聚焦一个关键问题： 现代 AI 为什么能从实验室走向数十亿用户？ 从 AlexNet 在学生卧室的两块 GPU 上训练，到 Google 在餐巾纸上算出TPU需求；从学术圈的小众实 验，到支撑全球亿级应用的基础设施。 这是一次对 AI 工业化进程的系统性复盘。 他们给出的答案是：现代 AI 的突破从来不是单点奇迹，而是算法、硬件、工程同时成熟后的系统性涌 现。强算法必须与强基础设施结合，才能真正走向规模化。 看清这条路径，你就能理解AI为什么是今天这个样子。 第一节｜AI的突破，起于一块GPU板 Geoffrey Hinton 说，现代 AI 真正的转折，不在某篇论文里，而是在他学生 Alex 的卧室里：两块 NVIDIA GPU 板，插在父母家电脑上，训练图像识别模型。电费，还是家里人掏的。 那是 2012年 ，ImageNet 比赛。 别人 ...

上月，特朗普通过行政命令宣布启动该计划，旨在加强跨政府部门的科研统筹协调，更高效地整合AI 工具以取得更多科学突破。 Kratsios当时还指出，该计划将依托美国能源部下属国家实验室的算力资源，盘活联邦政府海量数据 （603138）集，推动更多AI驱动的实验项目开展。他预计，这项计划将有效缩短科学发现从理论到应 用的周期。 与此同时，美国政府官员也清醒认识到，AI发展所需的庞大算力依赖高能耗数据中心，因此正积极推 动新能源探索与电网升级工作。 重返白宫以来，特朗普将扶持AI产业列为施政重点，陆续宣布多项政策以简化AI设施建设审批流程、 加速技术研发。另一方面，政府着手限制州级监管规则，认为这些规定加重了企业负担。但AI批评人 士指出，联邦政府在相关监管政策制定上进展迟缓，各州层面的监管规则不可或缺，唯有如此才能及时 应对算法偏见、深度伪造内容、用户安全风险等现实问题。 据报道，24家顶尖人工智能(AI)企业已签署协议，加入美国联邦政府发起的"创世纪（300083）计划"。 这项由特朗普政府推动的举措，旨在推动新兴AI技术在科学探索与能源项目领域的应用落地。 白宫一份声明显示，OpenAI、微软(MSFT.US ...

Consumer Spending and Market Dynamics - The recent consumer spending data indicates a potential beginning of a Santa Claus rally, with the Dow advancing 66 points and the NASDAQ surging 1.38% [2] - Consumer spending, which constitutes two-thirds of the economy, has shown signs of improvement, particularly as inflation rates decline [4][8] - Retail performance has been mixed, with Walmart performing well due to its strategy of keeping prices low, while other retailers like Nike are struggling [3][11] Inflation Trends - The core Consumer Price Index (CPI) has fallen to a four-year low, suggesting that inflation may have peaked and is starting to decline positively [8][9] - Various costs, including gasoline and used car prices, are decreasing, which could enhance consumer spending power [9][10] - Home prices are also reportedly coming down, with some average selling prices now below 2019 levels [10] Technology Sector Insights - The technology sector has faced skepticism regarding unlimited data spending, particularly with Oracle raising $18 billion for data center buildouts [5][6] - OpenAI is attempting to raise $100 billion at an increased valuation of $830 billion, which could support aggressive data center expansion and positively impact stocks like Nvidia and Broadcom [6][7] - The market has shown a broadening rally beyond tech, with significant gains in financials and autos, indicating a shift in investor sentiment [16][22] Retail Sector Performance - Retail stocks have seen positive movements, with companies like Darden, Texas Roadhouse, and Target reporting gains [12] - Amazon's e-commerce platform remains a significant contributor to its overall performance, despite the focus on Amazon Web Services [13] - The overall retail sector is poised for growth, coinciding with the holiday season and improving consumer sentiment [16]

Core Viewpoint - Coatue Management, led by Philippe Laffont, is adjusting its investment strategy in the AI sector by reducing stakes in Nvidia and AMD while increasing investments in Alphabet and Marvell Technology, indicating a shift towards a broader semiconductor opportunity in AI infrastructure [2][12][14]. Group 1: Investment Moves - During Q3, Coatue Management reduced its exposure to Nvidia by 14% and AMD by 19% [2]. - The fund significantly increased its stakes in Alphabet and Marvell Technology, tripling its investments in both companies [2]. Group 2: Market Dynamics - Nvidia and AMD are leading the AI chip market, with their shares increasing by nearly 900% and 200% respectively during the AI revolution [3]. - McKinsey & Company forecasts that AI infrastructure investment will reach nearly $7 trillion over the next five years, primarily for data centers and chip procurement [6]. Group 3: Company Insights - Alphabet's cloud infrastructure, particularly Google Cloud, is attracting major clients like Anthropic, OpenAI, and Meta Platforms, enhancing its market position [7]. - Alphabet's custom-designed AI processors, known as Tensor Processing Units (TPUs), are becoming integral to its AI ecosystem [8]. - Marvell specializes in high-bandwidth memory computing stacks and other essential hardware for data centers, positioning itself well in the AI market [9][10]. Group 4: Strategic Outlook - The semiconductor opportunity is expanding beyond general-purpose chips, with a focus on specific segments like memory storage and custom chipsets [11][14]. - Laffont's strategy reflects a structural shift rather than a negative sentiment towards AI GPUs, indicating a bullish outlook on the growth of AI infrastructure [12][14]. - A diversified portfolio across GPUs, custom chipsets, and memory architecture is expected to be a successful long-term investment strategy [15].

Group 1 - Honda plans to suspend production at its factories in China and Japan due to semiconductor shortages, with a five-day shutdown starting December 29 at its joint venture with GAC Group [5][6] - NIO is implementing a new channel cooperation model where users can open stores without authorization, with sales consultants present to sell cars, marking a shift from traditional sales models [10] - GAC Group announced significant internal personnel changes, including the establishment of a new business unit for its brands Aion and Haobo, aiming for a comprehensive integration of sales channels by March 31 [11] Group 2 - Xiaomi is set to launch the Xiaomi 17 Ultra next week, featuring a new optical system developed in collaboration with Leica, aiming to enhance its position in the high-end smartphone market [12][33] - Sony has closed its factory in Huizhou, Guangdong, providing substantial severance packages to employees, as part of a strategic shift in its operations in China [23] - iRobot has filed for bankruptcy, citing inability to compete with Chinese brands, with its largest creditor being a Chinese company, indicating a significant shift in the competitive landscape of the home robotics market [40][41] Group 3 - Volkswagen has confirmed it will no longer produce new small fuel vehicles, focusing solely on electric models, as part of its strategy to comply with stricter emissions regulations [36] - Micron Technology reported strong earnings driven by high demand for AI-related products, projecting significant revenue growth in the upcoming quarters [42][43] - Nvidia has reached a settlement with Valeo regarding a former employee's theft of trade secrets, highlighting ongoing issues related to intellectual property in the tech industry [44]

Market Overview - The US stock market saw all three major indices close higher, with the Dow Jones Industrial Average rising by 65.88 points (0.14%), the Nasdaq increasing by 313.04 points (1.38%), and the S&P 500 gaining 53.33 points (0.79%) [4] - Micron Technology's stock surged by 10.2% following strong earnings, contributing to the overall market uplift [6][11] Economic Indicators - The US Consumer Price Index (CPI) for November showed a year-over-year increase of 2.7%, below the expected 3.1%, while the core CPI rose by 2.6%, marking the lowest growth rate since 2021 [6] - Fundstrat noted that the moderate CPI data reinforces the Federal Reserve's focus on protecting the job market, suggesting that a "Fed put" is in place to support the stock market in case of economic downturns [6] Technology Sector - Major technology stocks experienced collective gains, with Tesla rising over 3%, Amazon and Facebook increasing by over 2%, and Google and Nvidia close to 2% [7] - A total of 24 leading AI companies, including OpenAI, Microsoft, Nvidia, and Amazon Web Services, have agreed to join the US government's "Genesis Mission" initiative aimed at enhancing AI applications in scientific discovery and energy projects [9] Semiconductor Industry - Micron Technology reported strong demand for its memory chips, exceeding market expectations for the first fiscal quarter [11] - The company anticipates that the total addressable market for high-bandwidth memory chips will reach $100 billion by 2028, with a compound annual growth rate of 40% [13] - Other semiconductor stocks also saw gains, with TSMC rising nearly 3% and ASML increasing by over 2% [14] - Morgan Stanley predicts that semiconductor stocks will continue to be one of the best-performing sectors in the US market next year, highlighting Nvidia, Broadcom, and Astera Labs as top picks [14]

一、上市公司重要公告 12月18日盘后，多家A股上市公司披露增减持情况。 其中，大中矿业、四川路桥、西藏药业披露增持情况；立达信、药明康德、飞龙股份、瑞晨环保、蠡湖 股份、君实生物、奕东电子、华海诚科、博硕科技、安联锐视、大中矿业等11家公司披露减持情况。 二、宏观经济与市场分析 俄罗斯外交部发言人扎哈罗娃18日表示，海南自由贸易港启动全岛封关运作是创新之举，将为海南的成 功发展奠定基础，也将为中外人士拓展商机。 她指出，中国设立海南自由贸易港及其他自由贸易试验区，是促进对外贸易、完善外贸结构、实现外贸 多元化的有效举措，俄中相关部门高度重视在特殊经济区领域开展合作。 三、外围市场与关联资产 周四美股三大股指收盘普涨，道指涨0.14%，纳指涨1.38%，标普涨0.79%。 科技股表现强势，亚马逊、Meta涨超2%，苹果微涨，英伟达、谷歌、微软涨超1%，特斯拉涨超3%， 博通涨超1%。 盘后交易中，耐克股价跌幅扩大至10%，此前该公司公布第二财季营收124亿美元，虽高于预估的122亿 美元，但业绩表现仍引发市场担忧；甲骨文股价则上涨3%。 此外，纳斯达克中国金龙指数在18日交易中涨超1%，成分股中阿特斯涨6.0 ...