Group 1 - The core viewpoint of the articles highlights the intensifying competition in the AI chip market, particularly with Google's promotion of its TPU amidst the explosive growth in AI computing demand and NVIDIA's dominance in the supply chain [1] - Google's seventh-generation TPU, "Ironwood," has been tested with select customers since April and is set for commercial deployment in the coming weeks, showcasing its advantages in cost, performance, and energy efficiency [1] - The Hang Seng Technology Index saw a nearly 2% increase, while A-share and Hong Kong chip representatives also experienced significant gains, indicating a robust market response to AI-related stocks [1] Group 2 - The article from Xinhua discusses the rapid emergence of Chinese AI applications, exemplified by Ant Group's AI assistant "Lingguang," which achieved over 2 million downloads within six days of its launch, reflecting a strong market demand for high-quality AI products [3] - Goldman Sachs asserts that the rise of Chinese stocks driven by AI is not a bubble, as tech companies have room to enhance valuations and profitability through AI applications, suggesting a sustained bullish trend in the Chinese stock market [3] - The first ETF focused on the Hong Kong chip industry, which allows T+0 trading, has been launched, comprising 70% hardware and 30% software, with significant weights in companies like SMIC and Xiaomi, aiming to capture the AI hard tech market [4] Group 3 - The ETF tracking the Hong Kong chip industry is designed to follow the CSI Hong Kong Stock Connect Information Technology Composite Index, which has a sample weight cap of 15% per stock, with adjustments made biannually [6] - The ETF's structure excludes major internet companies like Alibaba and Tencent, allowing for a sharper focus on the AI hard tech sector [4]

Group 1 - Fubo Group (03738) increased by over 9% after launching AI music detection services on November 21 [1] - Hard Egg Innovation (00400) rose nearly 8% as it reported a revenue of approximately RMB 3.332 billion for Q3 2025, a year-on-year increase of about 22.1% [1] - ZTO Express (02057) saw a rise of over 4% following a report indicating a Q3 revenue and adjusted net profit growth of 11% and 7% year-on-year, respectively [1] - Qiniu Intelligent (02567) increased by 5% due to its core advantage in integrated MPaaS technology, supporting one-stop audio and video solutions [1] Group 2 - HAPO Pharmaceuticals-B (02142) rose nearly 5% after announcing an expanded collaboration with AstraZeneca for new generation biotherapies [2] - Junshi Biosciences (01877) increased by over 5% after achieving primary research endpoints in a clinical study for its drug JS001sc [2] - Dazhong Public Utilities (01635) rose over 8% following the announcement of the successful IPO of Moer Thread, marking a record high issuance price in the A-share market [2] Group 3 - Airline stocks faced declines, with China Eastern Airlines (00670) dropping nearly 6% and China Southern Airlines (01055) down nearly 3% due to a significant increase in flight cancellations to Japan [3] Group 4 - Alibaba-W (09988) increased by over 3% after its app surpassed 10 million downloads within a week of public testing [4] - Xiaomi Group-W (01810) rose over 5% as its founder invested over HKD 100 million to increase his stake to 23.26%, reflecting confidence in the company's growth potential [4] Group 5 - U.S. storage stocks saw collective gains, with SanDisk (SNDK.US) up 13.33% and Western Digital (WDC.US) up 8.43%, following a bullish outlook from Bank of America [5] - Qudian (QD.US) rose 10.3% after reporting a Q3 diluted earnings per ADS of RMB 2.47, exceeding last year's figure [5] - WeRide (WRD.US) surged 14.72% with a 144% year-on-year revenue growth to RMB 171 million for Q3, attributed to fleet expansion [5] Group 6 - Lotus (LOT.US) fell 1.57% after reporting a narrower loss of USD 0.10 per share for Q3, with sales declining to USD 137 million [6] - Chinese concept stocks mostly rose, with HSAI (HSAI.US) up 18.08% and Alibaba (BABA.US) up 5.1%, driven by significant partnerships in the ADAS sector [6] Group 7 - Major tech stocks in the U.S. saw gains, with Google A (GOOGL.US) up 6.31% and Tesla (TSLA.US) up 6.82%, following advancements in AI technology [7]

Market Overview - Current market conditions are being compared to the 1920s before the crash, raising fears of a selloff, particularly in tech stocks like Nvidia and Palantir Technologies, despite their strong fundamentals [1] - The Nasdaq experienced one of its worst weeks this year, influenced by bearish sentiments from notable investors [1] Historical Context - The Dow Jones has seen significant growth, from crossing the 1,000-point mark in 1972 to nearly 48,000 points today, indicating a long-term upward trend despite short-term corrections [2] - Market corrections of 5% to 7% are common, with larger corrections of 20% or more occurring once or twice every three to five years [2] Recent Market Movements - A notable market selloff occurred in April due to political announcements, resulting in a nearly 20% decline, but markets have since rebounded [3] - The S&P 500 has increased over 70% in the past three years, with some investors achieving average annual returns of 20% [4] Investment Strategy - Investors are encouraged to remain invested during market fluctuations, as historical patterns show that markets will recover and reach new highs [5][6] - Research indicates that missing the best days in the market can significantly reduce returns, emphasizing the importance of staying invested [7] Asset Allocation - For growth-oriented investors, equities remain a strong investment choice due to low interest rates [9] - A diversified portfolio is recommended, focusing on profitable companies with solid growth potential, while avoiding trends or over-concentration in specific sectors [10]

高盛表示，AI引领的中国股票上涨远非泡沫，因为中国科技公司仍有空间通过专注于AI应用来提升估 值和盈利。中国股票的牛市行情将延续，全球投资者越来越愿意探索中国市场的投资机会，高盛来自墨 西哥、智利和中东等新兴市场的客户正在积极布局中国资产。 直指港股芯片超级周期！可以T+0的港股芯片产业链ETF来了——全市场首只聚焦"港股芯片"产业链的 港股信息技术ETF（159131），标的指数由"70%硬件+30%软件"构成，重仓港股"半导体+电子+计算机 软件"，涵盖42只港股硬科技公司，其中中芯国际权重达20.27%，小米集团-W权重9.11%，华虹半导体 权重5.64%；不含阿里巴巴、腾讯、美团等大市值互联网企业，锐度更高，更易捕捉港股AI硬科技行 情。（截至2025.10.31） 随着AI计算需求爆炸性增长，以及英伟达持续主导供应链，谷歌推销其TPU的举措标志着AI芯片战争进 入了竞争更激烈的阶段。 据悉，谷歌的TPU属于定制芯片，具有成本、性能与能效方面的优势。据本月早些时候的报道，谷歌的 第七代TPU"Ironwood"已于4月面向部分客户测试部署，并将在未来数周内正式商用。 11月25日，AI行情再度爆发， ...

谷歌开始向Meta等大型客户推销在其自有数据中心部署TPU芯片的方案，试图将AI芯片从谷歌云租赁业务拓展至 更广阔的市场。尽管TPU不如英伟达GPU灵活，但它们开发成本更低，满负荷运行时功耗也更小。英伟达也展开 防御反击，在谷歌与Anthropic达成提供多达100万个TPU的协议后，黄仁勋立即宣布向该公司投资数十亿美 元。 谷歌正在利用其在AI模型领域的最新突破，发起对英伟达芯片霸主地位的全面挑战。这家搜索巨头已开始向 Meta等大型客户推销在其自有数据中心部署TPU芯片的方案，试图将这一替代性AI芯片从谷歌云租赁业务拓展 至更广阔的市场。 根据媒体援引知情人士最新报道，Meta正与谷歌就2027年在其数据中心使用价值数十亿美元TPU芯片进行谈 判，同时计划明年从谷歌云租用芯片。这一潜在交易可能让谷歌抢占英伟达年收入的10%份额，为其带来数十 亿美元的新增收入，谷歌云部门的部分领导层已向内部表达这一目标。 据一位直接了解情况的人士透露，谷歌在向企业推销这一方案时强调，客户表示希望在自己的数据中心部署芯 片以满足更高的安全性和合规标准要求，特别是对敏感数据的处理。谷歌还指出，TPU可能对在自有设施运行 AI模 ...

"大空头"Michael Burry发布重磅檄文《供给侧的暴食》，正式向AI泡沫宣战。他驳斥"盈利即安全"的论调，直言"英伟达就是当年的思科"，警告市场 正面临灾难性的过度供应与折旧陷阱。这位传奇空头认定：无论多少人试图证明这次不一样，1999年的历史正在重演。 Burry在这篇文章中，正式向当下的AI热潮宣战，而风暴的中心正是英伟达。 他直指英伟达即是当年的思科。 "这一次没有什么不同，无论多少人试图证明。再一次，有一个思科处于这一切的中心，它为所有人提供'镐和铲子'，并伴随着宏大的愿景。它的名字叫 英伟达。" 核心论战：英伟达就是当年的思科 针对近期市场认为"科技巨头盈利能力强，因此不存在泡沫"的主流观点，Burry在文中进行了针锋相对的反驳。他列举了1999年互联网泡沫巅峰时期的 数据指出，当年的繁荣同样是由高利润公司推动的，而非仅仅是那些甚至没有收入的小网站。 他在文中写道： 在经历了基金注销传闻与"做空AI金额被媒体夸大百倍"的闹剧后，电影《大空头》原型、知名投资者Michael Burry于当地时间11月24日兑现承诺，准 时"回归"。 这一次，他并未如传言般通过巨额期权做空市场，而是选择通过首篇 ...

据The Information周一报道，谷歌与Meta正在洽谈一项规模数十亿美元的TPU（张量处理器）交易。 周一，谷歌美股收盘大涨6.31%，继续刷新年度强势行情。 自上周发布新一代旗舰AI模型Gemini3后，谷歌的技术实力与战略前景正在被市场快速重新定价。 而最新消息进一步强化了这一趋势：谷歌正积极推进与Meta的大规模TPU供应谈判，此举有望撬动英伟 达的核心客户阵营，在AI芯片领域实现关键突破。 受此影响，A股谷歌产业链相关标的今日再度走强，德科立、光库科技、腾景科技等公司股价均录得显 著涨幅。 谷歌开始正面挑战英伟达 谷歌还向包括高频交易公司及大型金融机构在内的潜在客户强调，在本地部署TPU（终端处理单元）可 以帮助他们满足敏感数据严格的安全和合规要求。 谷歌云内部人士透露，若TPU推广顺利，谷歌有望在几年内吃下英伟达约10%的年收入规模（价值数十 亿美元）。 Gemini 3好评如潮 本月初，谷歌正式发布第七代TPU——"Ironwood"，并称该芯片将于未来几周内正式上市。 多年来，谷歌一直将其定制的TPU限制在自家云数据中心内使用，并出租给运行大规模人工智能工作负 载的公司。但谷歌现在正向 ...

Core Insights - Meta is reportedly considering the use of Alphabet's custom chips for its data centers, indicating a potential shift in its hardware strategy [1] - The news has led to a decline in shares of Nvidia and AMD, suggesting increased competition in the semiconductor market [1] Company Implications - If Meta adopts Alphabet's custom chips, it could enhance its data center efficiency and reduce reliance on traditional chip suppliers [1] - The move may signal a broader trend of tech companies developing in-house solutions to optimize performance and cost [1] Industry Impact - The potential partnership between Meta and Alphabet could intensify competition among major chip manufacturers, particularly Nvidia and AMD, who may face pressure on market share and pricing [1] - This development highlights the ongoing evolution in the semiconductor industry, where companies are increasingly looking for tailored solutions to meet specific operational needs [1]

来源：滚动播报 来源：智通财经 上周，在英伟达公司公布第三财季财报后，华尔街知名的"大空头"、因高调做空AI热门股引发关注的迈 克尔·伯里就在社交平台上指责各大科技巨头对自己的营收作出了不实陈述。 针对他的指控，英伟达已向华尔街分析师们发布了一份详尽的备忘录，对与"大空头"迈克尔·伯里有关 的欺诈指控以及题为"能发现6100亿美元欺诈行为的算法"的文章予以反驳。 英伟达直接回击"大空头" 英伟达直接回应了"大空头"伯里的每一项指控，称这些指控对公司的业务实践、财务披露以及当前人工 智能投资周期的动态进行了错误描述。 反驳财务指控 因《大空头》一书而闻名的伯里此前曾警告称，华尔街大型科技公司可能低估了与人工智能基础设施相 关的折旧费用。在最近的一篇推文中，他指出，这些科技巨头以一种"人为地提高收益"的方式延长了资 产的预计使用寿命——这是现代较为常见的欺诈行为之一。 他表示："通过购买英伟达芯片/服务器来大幅增加资本支出，这种做法在2-3年的产品周期内进行，不 应导致计算设备使用寿命的延长。" 伯里估计，从2026年到2028年，整个行业在折旧方面的数据可能会低估约1760亿美元，并指出像甲骨文 和Meta这样 ...

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week (November 17-23, 2025) saw a decline in major indices, with the Shanghai Composite Index down 3.90%, the Shenzhen Component Index down 5.13%, and the ChiNext Index down 6.15%. The telecommunications sector, represented by the Shenwan Communications Index, also experienced a decline of 2.51% [2][11]. - Among the sub-sectors, the telecommunications network equipment and devices had the lowest decline at 1.76%, while telecommunications cables and supporting equipment saw the highest decline at 6.09% [2][14]. - Notable individual stock performances included Dekeli with a rise of 24.82%, Shida Group at 18.16%, and Guangku Technology at 14.86% [2][16]. Summary by Sections Market Overview - The telecommunications sector experienced a general downward trend, with the Shenwan Communications Index declining by 2.51% during the week [2][11]. - The sub-sectors showed varied performance, with telecommunications network equipment and devices declining the least at 1.76%, while telecommunications cables and supporting equipment faced the most significant drop at 6.09% [2][14]. Key Company News - Nvidia reported strong third-quarter results for FY2026, with revenue reaching $57 billion, a year-on-year increase of 62.5% and a quarter-on-quarter increase of 22%. The data center segment accounted for 90% of total revenue, highlighting its role as a key growth driver [3][18]. - The Ministry of Industry and Information Technology (MIIT) initiated commercial trials for satellite IoT services, aiming to enhance the satellite communication market and support emerging industries [4][20]. Investment Focus Areas - The report suggests focusing on the computing power industry chain and the satellite industry chain, particularly in light of Nvidia's strong performance and the launch of satellite IoT services [3][4].