每经编辑｜陈柯名 毕陆名 美东时间周一，美股三大指数盘初短暂冲高后，全线跳水，纳指盘中一度大跌近1.5%，恐慌指数VIX日内涨幅达13%。 截至收盘，道琼斯指数跌1.18%，报46590.24点；标普500指数跌0.92%，报6672.41点；纳斯达克指数跌0.84%，报22708.07点。 随着周一的走势，标普500指数11月迄今已下跌逾2%，此前该指数已连续六个月上涨。标普500指数目前较历史高点回落逾3%，而科技权重更高的纳指跌 幅更大，较纪录高点回落逾5%。 大型科技股多数下跌，苹果跌1.82%，微软跌0.53%，亚马逊跌0.78%，Meta跌1.22%，特斯拉涨1.13%，博通涨0.06%，甲骨文跌1.34%。 | く 気店 | 知名美股 () | | | --- | --- | --- | | 名称 | 最新 | 涨幅。 总量 | | 特斯拉 | 408.920 | 1.13% 1.01亿股 | | TSLA | | | | 英伟达 | | 186.600 -1.88% 1.71亿股 | | NVDA | | | | 谷歌-A | 285.020 | 3.11% 5248万股 | | GOOGL ...

Market Review - The Huaxia Sci-Tech AI ETF (589010) opened at 1.317 CNY and closed at 1.325 CNY, a slight increase of 0.53%, maintaining a positive performance [1] - Among the holdings, 18 stocks rose while 12 fell, indicating significant structural opportunities; leading gains were seen in AI computing and software sectors, with Star Ring Technology rising over 11% [1] - The Robot ETF (562500) opened at 0.961 CNY and closed at 0.966 CNY, a minor increase of 0.21%, showing a weak recovery pattern [1] - The trading volume for the Robot ETF was approximately 6.94 billion shares with a turnover of about 6.69 billion CNY, indicating sustained high market interest [1] Hot News - Zhiyuan Robotics' CMO introduced three product series based on the "One Body Three Intelligence" technology system, focusing on various scenarios including entertainment and emotional interaction [2] - Ling Universe, an AI + consumer robotics company, announced the completion of a 200 million CNY Pre-A round financing, with participation from several leading financial institutions and listed companies [2] - Chengdu Kanopu Robotics has submitted a listing application to the Hong Kong Stock Exchange [2] Institutional Views - Minsheng Securities highlighted that Tesla's production progress and technological iteration are key themes, with the Optimus V3 expected to start mass production in 2026 [2] - The upcoming IPOs of domestic robot manufacturers like Yushu Technology in 2026 are anticipated to serve as strong catalysts for the industry [2] Popular ETFs - The Robot ETF (562500) is the only ETF in the market with a scale exceeding 20 billion CNY, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [3] - The Huaxia Sci-Tech AI ETF (589010) captures the "singularity moment" of the AI industry with a 20% price fluctuation limit and flexibility in small and mid-cap stocks [3]

（三大指数日内走势图，来源：TradingView） 截至收盘，道琼斯指数跌1.18%，报46,590.24点；标普500指数跌0.92%，报6,672.41点；纳斯达克指数跌0.84%，报22,708.07点。 随着周一的走势，标普500指数11月迄今已下跌逾2%，此前该指数已连续六个月上涨。标普500指数目前较历史高点回落逾3%，而科技权 重更高的纳指跌幅更大，较纪录高点回落逾5%。 华尔街正在更加深入地审视人工智能（AI）热潮的基本面。近几周来，对于科技股估值过高的担忧情绪一直主导着市场。 美东时间周一，随着投资者再度抛售科技股，美股三大指数集体下跌，道指领跌，下跌约1.2%。 热门股表现 AI风向标英伟达将于本周三盘后公布财报，英伟达和其他AI概念股近期成为市场压力来源。 Baird投资策略师Ross Mayfield表示："一方面，英伟达需要证实需求仍然强劲，没有出现放缓迹象。但除非他们更进一步说明，否则另一 个问题会更悬而未决，那就是'我们知道计算需求很强，但购买这些芯片的企业，其投资回报率到底如何？'" Mayfield警告道："如果他们对芯片需求给出任何哪怕稍显温和的指引或预测，市场都会作出负 ...

更多干货，欢迎加入国内首个具身智能全栈学习社区： 具身智能之心知识星球（戳我） ，这里包含所有你想要的! 一场由车企深度参与的机器人竞赛已拉开帷幕。 编辑丨具身智能之心 原文链接 | https://zhuanlan.zhihu.com/p/1973067340615817110 点击下方 卡片 ，关注" 具身智能之心 "公众号 >> 点击进入→ 具身 智能之心 技术交流群 据不完全统计，当前已有广汽、上汽、比亚迪、长安、奇瑞等十余家车企相继涌入人形机器人赛道。在海外，特斯拉、宝马等也提出了自己的人形机器人思路。 汽车产业链上游同样动作密集——2025年以来，A股近30家汽车零部件公司设立机器人子公司，瞄准灵巧手、传感器等关键环节。 业内认为，车企集体杀入机器人赛道，既是产业升级与技术演进的必然结果，也是新能源资本故事退潮后市场亟需的新估值锚点。在这场车企、科技巨头与初创 公司混战的新局中，胜负的关键已不在于某一单项技术的突破，而是跨系统整合能力与资本耐力的综合较量。 车企忙"造人" 一场由车企深度参与的机器人竞赛已拉开帷幕。 在11月7日的特斯拉年度股东大会上，马斯克称特斯拉人形机器人Optimus将是"史 ...

中国汽车工业协会：10月汽车出口66.6万辆，同比增长22.9% 据中国汽车工业协会分析，10月，汽车出口连续三个月维持在60万辆以上，乘用车出口同比增速连续五 个月保持20%以上，商用车出口环比同比双增。2025年10月，汽车出口66.6万辆，环比增长2.1%，同比 增长22.9%。2025年1-10月，汽车出口561.6万辆，同比增长15.7%。 乘联分会崔东树：2025年汽车投资增速达17.5% 11月17日，乘联分会秘书长崔东树发文表示，2025年汽车投资增速也达到17.5%，近两年汽车投资超预 期的强，处于近年的1-10月历史高位，也远高于其它制造业行业的投资增速。2025年10月汽车生产328 台，同比增11%；新能源汽车生产171万台，同比增19%，渗透率52%；燃油车生产157万台，同比增 4%。2025年1-10月汽车生产2733万台，同比增11%；新能源汽车生产1267万台，同比增28%，渗透率 46%；燃油车生产1465万台，同比持平。 11月17日，别克品牌官微宣布GL8陆尚第5万台整车下线，用时不足半年。 蔚来宣布新ES6纪念版车型上市 11月17日，零跑汽车在港交所公告，2025年 ...

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当地时间11月17日（周一），美股三大指数集体收跌，道指下跌超500点，跌幅1.18%。 标普500指数跌0.92%，纳斯达克综合指数跌0.84%。大型科技股多数下跌，戴尔科技跌超8%，超微电脑 跌超6%，超威半导体、英特尔跌超2%，美光科技、安森美半导体、英伟达、苹果、META跌超1%。AI 风向标英伟达将于本周三盘后公布财报，英伟达和其他AI概念股近期成为市场压力来源。 热门中概股多数下跌，纳斯达克中国金龙指数收跌1.21%。 美股全线收跌 当地时间11月17日，美股三大指数集体收跌，道指跌1.18%，标普500指数跌0.92%，纳斯达克综合指数 跌0.84%。 当天，美联储副主席杰斐逊表示，他认为就业面临的下行风险有所上升，但由于利率正接近中性水平， 美联储在进行进一步降息时应保持谨慎。 美联储今年9月和10月分别实施了各25个基点的降息，将联邦基金利率目标区间下调25个基点到3.75% 至4.00%。 美国就业增长显著放缓，促使美联储于9月重启降息。但鉴于最新官方数据显示通胀率为3%，部分美联 储官员对于进一步降息持谨慎态度。 联邦基金期货合约显示，在近期部分美联储官员鹰派表态的推动下，市场对12月降 ...

公司加速布局机器人核心总成零部件，叠加与特斯拉具备较强商务关系，机器人业务将有望开启新的成 长曲线。 投资建议：预计公司2025-2027 年归母净利润分别为9.19、13.81、17.32 亿元，对应PE分别为36.17X、 24.08X、19.20X，维持"买入"评级。 风险提示 2025Q3 业绩承压，海外贡献核心业绩弹性。2025Q3 公司实现营收39.5 亿元，同环比+14.9%、+0.4%， 收入环比增幅较弱，主要系下游核心客户产量承压所致。Q3 特斯拉全球产量为44.7 万辆，同环比分 别-4.8%、+9%。奇瑞、理想销量分别为65.55、9.3 万台，同环比分别+7.1%/+14.5%、-39%/-16.1%。 2025Q3 实现归母净利润2.0 亿元，同环比-27.1%、-4.1%。2025Q3 公司毛利率为15.6%，同环 比-5.7pct、-1.2pct；归母净利率为5.1%，同环比-2.9pct、-0.2pct。盈利能力承压，主要系：1、汽车行业 竞争加剧致主机厂年降压力增加；2、座椅业务处于布局初期，短期规模化效应仍较低拖累业绩；3、海 外美国及德国新设公司前期投入稀释部分利润。20 ...

Market Overview - On November 17, US stock indices collectively declined, with the Dow Jones falling over 500 points, a drop of 1.18% [1][5] - The S&P 500 index decreased by 0.92%, and the Nasdaq Composite index fell by 0.84% [2][5] - Major technology stocks mostly experienced declines, with Dell Technologies dropping over 8% and AMD falling over 6% [2][11] Federal Reserve Insights - Federal Reserve Vice Chairman Jefferson indicated that the risks to employment are increasing, suggesting caution in further rate cuts as interest rates approach neutral levels [6] - The Fed implemented two rate cuts of 25 basis points each in September and October, lowering the federal funds rate target range to 3.75% to 4.00% [7] - Despite a significant slowdown in US job growth prompting the Fed to restart rate cuts, some officials are cautious about further reductions due to a current inflation rate of 3% [8] Investment Sentiment - Market expectations for a rate cut in December have dropped from nearly 100% to about 40% following hawkish statements from some Fed officials [9] - Jeffrey Gundlach, a seasoned investor, warned that many asset prices are extremely overvalued and recommended investors allocate about 20% of their portfolios to cash to mitigate major market correction risks [9] - Gundlach described the current US stock market as exhibiting dangerous speculative characteristics, labeling it one of the most unhealthy markets he has seen in his career [9] Technology Sector Performance - Nvidia, a key player in AI stocks, is set to announce its earnings after the market closes on Wednesday, with its stock down 1.88% prior to the announcement [11] - Notably, Peter Thiel's Thiel Macro Fund sold approximately 537,000 shares of Nvidia in Q3, representing nearly 40% of its portfolio, cashing out around $100 million [11] - Berkshire Hathaway acquired 17.85 million shares of Alphabet, valued at approximately $4.93 billion, marking a rare bet on a tech stock by Warren Buffett's firm [12] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index fell by 1.21%, with significant declines in several Chinese stocks, including a drop of over 20% for Yatsen and over 10% for Xpeng [3][13] - Alibaba was one of the few gainers, rising over 2% amidst the overall downturn in Chinese stocks [13]

Group 1 - JD.com announced the official launch of its independent food delivery app, aiming to enhance user accessibility and convenience for its delivery services [3] - New Oriental's founder Yu Minhong sent a controversial letter to employees from Antarctica, reflecting on the company's journey and encouraging unity amidst challenges, which received mixed reactions from staff [5][7] - Alibaba's new AI application "Qianwen" faced service interruptions on its first day due to overwhelming user traffic, leading to a trending topic on social media [8] Group 2 - Former CEO of Hema, Hou Yi, is launching a new pet food brand "Chong Tian Tian" after the closure of his previous venture "Pai Te Xian Sheng" [10] - ByteDance's Seed AI team has seen significant turnover, with seven core members leaving this year, raising concerns about talent retention [11] - XPeng Motors plans to release seven new vehicles in 2026, focusing on "super range extender" configurations to address market needs [11] Group 3 - DJI confirmed its investment in a 3D printing company, reflecting confidence in the growth potential of the consumer 3D printing market, which is projected to reach $24.61 billion in 2024 [11] - Ubisoft is rumored to have been acquired, following a sudden halt in its stock trading and a delay in its Q2 financial report [13] - Meta's executives defended their aggressive AI investments, suggesting that current spending levels are not excessive compared to historical tech bubbles [13] Group 4 - Mercedes-Benz's CEO stated that the strict deadline for phasing out fuel vehicles in Europe by 2035 is no longer feasible, advocating for more flexibility in the transition to electric vehicles [13] - OceanBase launched a new AI domain, indicating a strong commitment to integrating AI into its database solutions [13] - L'Oréal Group made a minority investment in the Chinese skincare brand "LAN," marking its first investment in a local skincare company [14]