截至13:41，科创人工智能ETF（589010）上涨0.86%，日内上演精彩的"深V"反击战，早盘探底后强势 回升，午后稳居分时均线之上，修复行情正在展开。持仓股方面，主要成分股中26只上涨，仅4只下 跌，福昕软件飙涨超8%，海天瑞声、合合信息等AI应用龙头大涨超7%，板块赚钱效应显著回暖。流动 性方面，盘中成交额近6000万元，交投热度不减。 科创人工智能ETF华夏（589010）紧密跟踪上证科创板人工智能指数，覆盖全产业链优质企业，兼具高 研发投入与政策红利支持，20%涨跌幅与中小盘弹性助力捕捉AI产业"奇点时刻"。 （文章来源：每日经济新闻） 消息方面，阿里旗下的AI助手千问App公测一周，下载量已突破1000万次，超越ChatGPT、Sora、 DeepSeek成为史上增长最快的AI应用。 开源证券表示，从模型到算力、应用，AI创新不停歇。模型端：模型创新进入有序高质发展阶段，AI 模型能力持续提升，使用成本降低，以DeepSeek、Qwen为代表的中国开源模型崛起，被世界"看见"。 同时，多模态大模型迎来快速突破，有望推动应用端的进一步繁荣。算力端：全球CSP资本开支增长强 劲，英伟达、博通AI芯 ...

风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金 合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收 益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国 证监会对上述基金的注册，并不表明其对上述基金的投资价值、市场前景和收益做出实质性判断或保 证。基金投资须谨慎。 MACD金叉信号形成，这些股涨势不错！ 开源证券指出，AI需求可预见性提升，软件侧亦孕育机会，Mid-training有望延续Scaling Law，成为本 轮算力需求延续的底 ...

以下文章来源于36氪财经 ，作者丁卯 张帆 36氪财经 . 然而， 这种对算力 刚性需求 正迅速转化为关键上游供应链的巨大压力。 电话会中， 英伟达指 出， 代工、存储、电力等环节 已成为满足未来增长的关键 瓶颈 。 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 作者 | 丁卯 来源 | 36氪财经（ID： krfinance ） 11月19日，英伟达发布了2026财年第三季度的报告。 扫码加我本人微信 数据显示，FY26Q3，英伟达实现营收570亿美元，同比增长62%， 季度环比增长创纪录地达到 100亿美元，增速为 22%，大超市场预期。其中，最受市场关注的数据中心业务收入达到了512 亿美元，同比增长66%，环比增长25%。 利润方面，本季度，英伟达毛利率达到了73.4%，同期净利润为319.1亿美元，同比增长65%， 对应净利率56%。 英伟达强劲的业绩表现以及电话会中对于AI泡沫等核心关注点的有力回应，一定程度上弱化了近期 市场对于AI估值过高的担忧 ...

中金研报指出，英伟达(NVDA.US)2026财年第三季度收入570亿美元，同比增长62%，非通用会计准则 毛利率73.6%，同比下降1.4百分点；归母净利润318亿美元，同比增长59%，业绩超出市场预期，符合 该行预期，中金认为原因是Blackwell产品需求强劲，GB300系列产品出货顺利。由于市场竞争领先地位 持续，中金上调英伟达2026财年收入3%至2,136亿美元，基本维持2026财年非通用会计准则净利润预 测。上调2027年收入、非通用会计准则净利润16%、13%至3,415亿及1,911亿美元。当前股价交易于 2027年财年23.9倍市盈率，维持"跑赢行业"评级，上调目标价14%至228美元，对应2027年29.2倍市盈 率，上行空间22%。 ...

Core Viewpoint - Nvidia is not overvalued compared to other AI stocks, and its recent financial performance highlights strong revenue growth and profitability, making it a compelling investment opportunity [1][2]. Financial Performance - Nvidia reported a revenue increase of $21.92 billion year-over-year, with the cost of revenue rising by only $6.23 billion and operating expenses by $1.17 billion, indicating effective revenue conversion into operating income [3]. - The operating margin for Nvidia was higher than in Q3 of fiscal 2025, with 56% of revenue converted into after-tax net income [4]. - The company generated $31.91 billion in net income for the quarter, positioning it to potentially surpass Alphabet as the most profitable U.S. company within the next year [5]. Market Position and Valuation - Nvidia is recognized as the leader in data center computing and networking, benefiting significantly from increased AI capital investment, but it also faces risks during economic slowdowns [10]. - The company's valuation reflects expectations of continued double-digit earnings growth, reliant on hyperscalers maintaining strong cloud computing growth and profitable AI spending [9]. - Nvidia's stock performance is supported by solid fundamentals, distinguishing it from other overvalued market segments [12]. Financial Stability - Nvidia holds $60.61 billion in cash and marketable securities against $7.47 billion in long-term debt, providing a strong financial position to weather potential economic downturns [11].

Core Viewpoint - Nvidia reported third-quarter results that significantly exceeded market expectations in terms of revenue, profit, and outlook for the next quarter, while CEO Jensen Huang dismissed the "AI bubble" narrative [1] Group 1: Nvidia's Performance - Nvidia's third-quarter revenue and profit were notably higher than market forecasts, leading to investor optimism [1] - CEO Jensen Huang defended the company's position against claims of an AI bubble [1] Group 2: Criticism from Michael Burry - Michael Burry expressed skepticism about Nvidia's third-quarter performance, suggesting that the company's accounting practices may misrepresent profitability [1] - Burry criticized the notion that longer GPU lifespans justify extended depreciation periods, arguing that usage does not equate to profitability [1] - He provided an analogy involving airlines retaining old planes to illustrate that increased usage does not guarantee financial success [1] Group 3: AI Demand Concerns - Burry warned that the actual end-user demand for AI is significantly lower than reported by major tech companies [2] - He accused several companies, including Microsoft and Nvidia, of questionable revenue recognition practices, implying that reported growth may not reflect true market demand [2] - Burry characterized the funding for AI growth as largely coming from dealers, creating a self-reinforcing cycle rather than sustainable adoption [2] Group 4: Burry's Investment Strategy - Michael Burry is known for his contrarian investment approach and has previously achieved significant profits by shorting the market during the 2008 financial crisis [3] - After a period of absence from the public eye, Burry returned to express concerns about AI-driven market valuations and disclosed short positions in Nvidia and Palantir [3] - Recently, Burry announced the liquidation of his fund and withdrew registration from the SEC, hinting at a potential transition to a family office structure [3]

Market Overview - A and H shares continued to be negatively impacted by the Federal Reserve's lower-than-expected interest rate cuts, with significant declines in sectors such as non-ferrous metals and chemicals [1] - The A-share market saw the Shanghai Composite Index down 3.90%, Shenzhen Component Index down 5.13%, and ChiNext Index down 6.15% [3] - Defensive sectors like banking, media, food and beverage, and defense showed relative resilience, while sectors like power equipment, basic chemicals, and steel experienced significant declines [1][3] Industry Dynamics - The pharmaceutical industry index fell 6.88%, with sub-sectors like chemical pharmaceuticals and bioproducts declining by 7.02% and 7.46% respectively [5] - Eli Lilly became the first global healthcare company to reach a market capitalization of $1 trillion, driven by its GLP-1 weight loss drug contributing 55% of its revenue [7] - Moderna announced the termination of three mRNA projects and secured a $15 billion loan, focusing future efforts on oncology and rare diseases [7] - Innovative drug companies like BeiGene and Innovent Biologics reported significant revenue growth, with BeiGene's global revenue reaching $1 billion, up 51% year-on-year [8] Technology Sector - The technology sector faced significant adjustments, with the Hang Seng Technology Index dropping 7.18% [10] - Nvidia reported Q3 revenue of $57 billion, exceeding expectations, with data center revenue of $51.2 billion, up 66% year-on-year [17] - Google launched the Gemini 3 model, achieving breakthroughs in multi-modal understanding and reasoning capabilities, surpassing competitors [12] - Alibaba's AI application "Qianwen" quickly rose to the fourth position in the App Store rankings, aiming to become a personal AI assistant [13] Investment Strategies - Investment strategies are focusing on technological transformation and de-globalization, with an emphasis on AI and innovative pharmaceuticals [3] - The market is expected to enter a bottoming phase after two weeks of significant adjustments, with a long-term view of a structural bull market [1][3] - The focus is on identifying undervalued technology players within the overseas supply chain [2]

证券研究报告 2025 年 11 月 24 日 湘财证券研究所 行业研究 电子行业周报 英伟达三季度财报超预期，看好全球算力需求 ——电子行业周报（11.17~11.21） 相关研究： 1. 《国际存储大厂减产提价，看 好存储行业景气度》2025.11.16 2. 《闪迪发布财报，eSSD需求 快速增长》 2025.11.09 3. 《长鑫存储发布LPDDR5X， 看好国内存储产业链》 2025.11.02 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -5.6 2.9 19.4 绝对收益 -8.9 6.8 31.0 -20% -10% 0% 10% 20% 30% 40% 50% 60% 沪深300 电子（申万） 根据 Wind 数据，上周电子 PE（TTM，剔除负值）为 54.13X，较上周下降 3.30X，近一年PE 最大值为 69.14X，最小值为 39.61X。PB（LF）为 4.48X， 较上周下降 0.27X，近一年 PB 最大值为 5.49X，最小值为 3.13X。PE 处于近 10 年以来 36.16%分位数，PB 处于近 10 年以来 51.00 ...

文丨编辑 来科点谱 «——【·前言·】——» 英伟达一天之内没了一万亿人民币市值，这事儿得从美国密苏里州的操作说起，11月20日当地共和党政 客突然发狠，写信给白宫要联邦政府向中国 "催债"，张口就要250亿美元。 可这时候中美关系刚有点缓和，釜山会谈的余温还在，芬太尼和关税谈判正推进，这一闹直接让局面紧 绷，更怪的是，换以前早骂翻天的特朗普这次居然闭了嘴。 把这三件事凑一块儿就看明白了，美国内部闹得厉害，这哪是要债，分明是故意添乱，逼着特朗普表 态。 中美刚要缓和，就有人点火 一切还要从那个让人搞不懂的"转弯"说起，自釜山会谈之后，太平洋两岸的风向确实变了，不论是美国 总统特朗普，还是防长赫格塞斯，近期在公开场合的口风都软了下来。 他们开始频繁提一个不太像"鹰派"会说的话：和中国合作能让美国变得更强大。 这不是客套话，如果你去看最近的政策清单，会发现双方在港口收费标准、关税豁免、甚至芬太尼相关 化合物的出口监管上，都开始实际地互换筹码。 哈纳威是法学出身，不可能不知道，但她偏偏挑在中美刚见缓的时候，把这具"僵尸"从土里刨出来亮给 公众看，政治动机明显远大于法律意义。 问题是，不管中国还是特朗普政府，对这种长 ...

早上关于富联的小作文传的沸沸扬扬了，各种各样的都有。 首 先是下面 这个： 当然也有针对上面这个辟谣的小作文： 这件事的来龙去脉 这个事件的源头是一位分析师在纬创第三季度财报电话会议上表示，从明年的 Vera Rubin 平台开 始， 英伟达可能会直接向合作伙伴供应 Level-10 系统 ，以规范机架设计并显著缩短产品上市时间。 所以第一个图上面说的L6-L12拿回去自己做，肯定是错误的，目前所有的新闻都是说可能会做到 L10，目前英伟达只做到了L6。 关于L0-L12的定义如下： 1. NV将切入L10 (假) 标准化的L10是产业趋势， #但NV不会切入OEM环节 ，会降低公司利润 率。 (NV在上个业绩会中承诺，接下来的毛利率会维持在70以上) 2. 公司下修业绩(假) 我们预计公司四季度机柜交付环比增长30%以上。 展望一季度，虽然是传 统电子产业的淡季，但依旧会实现环比Q4的增长。 这里 还有个重点就是目前还只是有这个可能性，没有任何的官方确认 。 再有就是关于Q4的业绩指引下调，这个其实很不合理，10月29号才刚发布了三季报，这还不到一个 月，就要下调Q4的业绩指引？ 在工业富联其他业务没有明显 ...