证券研究报告 2025年12月18日 2026年大类资产配置展望：动能切换，增长扩散 最近一年走势 相关报告 -11% -4% 2% 9% 16% 22% 2024/12/18 2025/02/182025/04/182025/06/182025/08/18 2025/10/18 沪深300 《2025年中央经济工作会议解读：实施城乡居民增收计划，推动投资止跌回 稳*林加力，许潇琦》——2025-12-12 《公募REITs月报：一级市场项目进展顺利，产业园区板块承压*林加力，许 潇琦》——2025-12-04 《公募REITs月报：二级市场整体承压，新基建板块迎结构性行情*林加力， 许潇琦》——2025-11-05 相对沪深300表现 林加力(证券分析师) 许潇琦(证券分析师) 袁雨琦(证券分析师) 刘子路(联系人) S0350524100005 S0350525080004 S0350525080005 S0350125080017 linjl01@ghzq.com.cn xuxq01@ghzq.com.cn yuanyq@ghzq.com.cn liuzl02@ghzq.com.cn | 表现 | 1M ...

Market Overview - The S&P 500 index has experienced four consecutive declines, primarily driven by large technology stocks[1] - Major U.S. indices collectively fell, with the Nasdaq down nearly 2%[9] - The S&P 500 closed at 6,800, reflecting a decline of 1.16% for the day and a year-to-date increase of 14.28%[3] Hong Kong Market Performance - The Hong Kong stock market showed a significant recovery in the afternoon, with major indices rebounding after two consecutive days of decline[9] - Large technology stocks such as Meituan and Kuaishou rose nearly 2%, while Tencent and Alibaba increased over 1%[9] - The financial sector saw a collective rise, with China Life Insurance up over 4% and CITIC Securities up over 3%[9] Sector Highlights - Precious metals stocks strengthened, with China Silver Group rising over 7% due to a weaker dollar and expectations of interest rate cuts, pushing silver prices above $66 per ounce[9] - The aviation sector saw gains, with China Southern Airlines up over 5% as ticket bookings surged ahead of the New Year holiday[9] - The lithium battery sector also rose, driven by a significant increase in lithium carbonate futures prices, with Tianqi Lithium up 5.83%[9] Economic Indicators - Japan's November exports grew by 6.1% year-on-year, exceeding market expectations, with a trade surplus of 322.2 billion yen[13] - The U.S. Treasury yields have shown fluctuations, impacting market sentiment and investment strategies[18]

Key Takeaways Nebius AI Cloud 3.1 adds NVIDIA Blackwell Ultra, the first in Europe to run it in production.NBIS adds Capacity Blocks, real-time dashboards and tighter quotas to manage GPU supply and costs.NBIS lifted 2025 revenue to $500-$550M, flagging power, supply-chain and competition risks.As AI initiatives grow, enterprises face new operational challenges regarding GPU availability across regions, planning capacity for multiple teams and ensuring predictable access to resources. Nebius Group N.V. (NBI ...

今天分享的是：全球重点区域算力竞争态势分析报告（2025年） 中国通信工业协会数据中心委员会 全球重点区域算力竞争态势 分析报告 (2025年) 中国通信工业协会数据中心委员会 ２０２５年１２月 全球重点区域算力竞争态势分析报告(2025年) 前言 当前,算力已从技术支撑要素跃升为驱动全球经济发展的核心引擎,成为衡 量国家综合实力的关键指标。各国围绕算力基础设施、技术标准与产业链主导权 的竞争日趋激烈,全球算力竞争态势深刻影响着全球产业分工、技术创新版图乃 至经济政治格局的重构。 报告共计：114页 算力已成为驱动全球经济发展的核心引擎，全球算力竞争呈现多维度综合博弈态势，中美稳居第一梯队，欧盟及东盟、中 东、印度等新兴经济体各具特色。美国凭借在芯片设计、AI基础软件、技术人才等领域的深厚积累，构建了完整产业链生 态，政策侧重保护创新生态与国家安全，科技巨头持续加大资本支出，算力基础设施聚焦高性能计算与AI场景，在互联网科 技、金融、医疗等领域应用成熟。中国算力规模位居全球第二，通过"东数西算"工程构建全国一体化算力网络，政策体系系 统化且支持力度强劲，电力资源供给充足且绿色能源转型成效显著，在智能算力增长、 ...

The reopening of the Chinese market is also a significant growth catalyst, considering that Nvidia once earned nearly 20% to 25% of its data center revenue from this market. Recently, the U.S. government approved the export of Nvidia's H200 chips to China, provided that 25% of the revenue is paid to the U.S. Treasury. According to a Reuters report, the company has informed Chinese clients that it is evaluating options to expand H200 chip production to meet the surging demand. While the Chinese government ha ...

Core Insights - The article emphasizes the transformative impact of artificial intelligence (AI) on the global economy and highlights the potential investment opportunities in AI-driven companies [1]. Group 1: Industry Insights - The AI sector is reshaping various industries and driving innovation, indicating a significant shift in market dynamics [1]. - The coming decade is expected to present remarkable opportunities for both retail and institutional investors in the AI space [1]. Group 2: Company Focus - The portfolio of the retail investor is primarily centered around leading AI-related companies, particularly NVIDIA, which is at the forefront of the technological revolution [1]. - The investor expresses a belief that the current phase represents only the early stages of AI's impact, suggesting a long-term growth trajectory for companies involved in AI [1].

Nvidia stock was gaining Thursday as earnings from Micron Technology reassured the market about artificial-intelligence investment. ...

1、中国光伏行业协会名誉理事长王勃华：多晶硅产量12年来首次下降 在2025光伏行业年度大会上，中国光伏行业协会名誉理事长王勃华在报告中表示，多晶硅自2013年 以来产量首次同比下降，硅片自2009年以来首次同比下降。其给出的数据显示，2025年1-10月，多晶硅 产量约111.3万吨，同比下降29.6%；硅片产量约567GW，同比下降6.7%。电池片产量约560GW，同比 增长9.8%，光伏组件产量约514GW，同比增长13.5%。 证券时报推出"落实会议部署问答中国经济"系列述评，鉴于央行正逐步淡化量化目标，更加注重价 格型调控工具的作用，新的一年，央行还可能进一步推动收窄利率走廊、稳定国债收益率曲线、改革贷 款市场报价利率（LPR）报价等工作，加强各项利率之间的协同性和联动性，持续提升货币政策的传导 效果。加强财政政策和货币政策协调配合同样有助于扩大政策效能，在贷款贴息、风险补偿、信用增 进、国债发行等多个领域，财政、货币政策仍有深化合作空间。 4、美股三大股指收盘普跌 特斯拉跌超4% 周三美股三大股指收盘普跌，道指跌0.47%，纳指跌1.79%，标普跌1.14%。英伟达跌超3%，苹果 跌近1%，亚马逊 ...

on 17-Dec-2025 17 December 2025 U.S. Semiconductors and Semiconductor Capital Equipment Bernstein Semi Cycle Tearsheet: Why overcomplicate it? Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com Alrick Shaw +1 917 344 8454 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com How quickly narratives shift…The steam has come out of the AI trade in recent months as investors more fully wonder when the music might stop (or if we're there already). Memory has ...

2. 截至发稿，德国DAX指数涨0.26%，英国富时100指数涨0.22%，法国CAC40指数涨0.21%，欧洲斯托克50指数涨0.38%。 | 德国DAX30 | 24,018.12 | 24,041.19 | 23,914.00 | +62.41 | +0.26% | | --- | --- | --- | --- | --- | --- | | 英国富时100 | 9.795.80 | 9,805.65 | 9.764.60 | +21.48 | +0.22% | | II 法国CAC40 | 8,103.15 | 8,116.21 | 8,086.59 | +17.10 | +0.21% | | □ 欧洲斯托克50 | 5,703.25 | 5,710.06 | 5,678.06 | +21.58 | +0.38% | 3. 截至发稿，WTI原油涨0.09%，报55.86美元/桶。布伦特原油跌0.02%，报59.67美元/桶。 | 瑞 伦敦布伦特原油 | 2026年2月 | 59.67 | 60.73 | 59.62 | -0.01 | -0.02% | | --- | --- | --- | --- ...