美国劳工统计局周四公布9月非农就业数据。美国9月非农就业人数增加11.9万人，市场预估为增加5.2万 人。美国9月失业率为4.4%，预估4.3%。 费城联储行长哈玛克指出，就业报告"略显稳定"，基本符合预期，但强调高通胀仍是美国经济面临的现 实问题。芝加哥联储行长古尔斯比则坦言，利率在未来"将有相当大的下调空间"，但在短期内，他对12 月会议再次降息仍持谨慎态度。 市场对政策路径的预期也随之调整。根据CME"美联储观察"工具最新数据显示，美联储12月降息25个 基点的概率已降至39.6%，而维持利率不变的概率则升至60.4%。 谷歌推出新一代AI图像生成器Nano Banana Pro，谷歌Labs和Gemini的副总裁乔希·伍德沃德（Josh Woodward）称，Nano Banana Pro的功能超越了8月底推出的第一代产品。"它在信息图表方面令人难以 置信。它可以做幻灯片。它可以使用多达14个不同的图像，或者五个不同的角色，并保持角色的一致 性。" 美股方面，三大指数集体收跌，道琼斯指数跌0.84%，标普500指数跌1.56%，纳斯达克综合指数跌 2.15%。 大型科技股集体下挫，AMD跌超7%，甲骨 ...

Market Overview - On November 20, US stock markets opened high but closed lower, with all three major indices declining. The Dow Jones fell by 0.84% to 45,752.26 points, the S&P 500 dropped by 1.56% to 6,538.76 points, and the Nasdaq decreased by 2.15% to 22,078.05 points [3][5] - Large-cap technology stocks collectively declined, with the Wind US Technology Seven Giants Index falling by 1.74%. Notably, Nvidia dropped over 3%, while Amazon and Tesla fell over 2% [5][6] Nvidia Performance - Nvidia initially surged over 5% due to a strong quarterly earnings report and optimistic sales outlook, but reversed to close down over 3%. CEO Jensen Huang stated that demand for the current generation Blackwell chips is "extremely strong" [7][8] - Despite Nvidia's strong earnings, analysts express concerns about the company's growth potential and market share nearing its peak, leading to overall market caution regarding high valuations in AI-related companies [8] Employment Data Impact - The US Labor Department released the September non-farm payroll report, showing an increase of 119,000 jobs, more than double the expected 51,000. However, the unemployment rate rose to 4.4%, the highest since October 2021 [10][11] - This report is significant as it is the last employment data available before the Federal Reserve's meeting in December, complicating the decision-making process regarding potential interest rate cuts [11] Federal Reserve Outlook - The Federal Reserve's recent meeting minutes indicate a divergence among officials regarding the need for further rate cuts, with some believing inflation is close to target while others see it remaining above the 2% goal [11] - The uncertainty surrounding key economic data due to the federal government "shutdown" may also influence the Fed's decision on interest rates [11]

每经编辑｜陈鹏程 王晓波 √美国2025年FOMC票委、芝加哥联储主席古尔 斯比发表讲话 2 欧元区11月综合PMI初值公布 3 美国11月密歇根大学消费者预期指数终值公布 国际油价走低，美油主力合约跌0.88%，报58.73美元/桶；布伦特原油主力合约跌0.66%，报63.09美元/桶。 4 2025第二十三届广州国际汽车展览会将于11. 21日至30日举办 5 华为将发布AI领域突破性技术,有望解决算力 资源利用效率难题 1 何立峰在湖北、湖南调研时强调 持续推动外贸提质增效 打通全国统一大市场建设卡点堵点 中共中央政治局委员、国务院副总理何立峰11月18日至20日到湖北、湖南调研。何立峰指出，面对严峻复杂的外部环境，我国外贸顶住压力保持稳定增长， 为国内经济发展提供了有力支撑。要支持跨境电商等新业态新模式发展和海外仓建设，持续推动外贸市场多元化，继续保持外贸平稳增长。要持续优化商品 和服务供给，更好满足多样化消费需求。要积极探索"铁公水空"多式联运，加快构建现代物流体系，有效降低全社会物流成本，坚决打通阻碍全国统一大市 场建设的卡点堵点。（新华社） 2 隔夜市场 美股三大指数集体收跌，道指跌0.84%， ...

Core Insights - Google shares increased by 3.2% on November 20, reaching a total market capitalization of $3.65 trillion, slightly surpassing Microsoft and entering the top three in U.S. stock market capitalization [2] Group 1 - The top three companies in U.S. stock market capitalization this year have been dominated by Nvidia, Apple, and Microsoft [2]

记者丨金珊 编辑丨江佩霞 11月20日，美股开盘集体上涨，截至北京时间23:20，道指涨1.35%，纳指涨2.2%，标普500指数涨 1.69%。互联网科技股、半导体板块强势上涨。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 46762.08 | 23060.81 | 6754.19 | | +623.31 +1.35% | +496.58 +2.20% | +112.03 +1.69% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7700.50 | 25209.50 | 6774.25 | | +27.29 +0.36% | +487.75 +1.97% | +112.75 +1.69% | 热门科技股中，特斯拉涨超5%，英伟达、谷歌涨超4%，谷歌总市值达到3.68万亿美元，略超过微软公 司，进入美股总市值前三。 中概股方面，纳斯达克中国金龙指数涨0.36%，声网大涨19%，文远知行涨超9%，万物新生涨超7%、 万国数据涨超5%，阿特斯太阳能跌9%，名创优品、霸王茶姬跌超3%。 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | -- ...

记者丨金珊 编辑丨江佩霞 现货黄金拉升 再次涨超4100美元 ，最新涨0.67%， 报4104美元/盎司。11月20日盘后，上海黄金交易所发布《关于继续做好近期市场风险控制 工作的通知》，这是上海黄金交易所继10月16日发布风险提示后再度提示金价波动风险。 11月以来，黄金价格高位震荡，现货黄金突破历史新高后快速下跌至3900美元/盎司，此后出现深V反弹。除了交易所，银行等机构也纷纷做了 风险提示。 中金认为，除非美联储彻底结束宽松周期或美国经济重新进入"通胀下行+增长上行"的强复苏阶段，否则黄金的中期上涨逻辑仍将 维持。在此趋势延续下，不排除明年黄金价格突破5000美元/盎司的可能。 加密货币方面，多个币种下跌，比特币跌超1.5%，报90495美元/枚，过去24小时，全市场超21万人爆仓。 11月20日，美股开盘集体上涨，截至北京时间23:20，道指涨1.35%，纳指涨2.2%，标普500指数涨1.69%。互联网科技股、半导体板块强势上 涨。 热门科技股中，特斯拉涨超5%，英伟达、谷歌涨超4%，谷歌总市值达到3.68万亿美元，略超过微软公司，进入美股总市值前三。 | 特斯拉(TESLA) | 428.090 ...

Group 1 - Google's stock rose over 3.9% after the market opened on November 20, reaching a total market capitalization of $3.68 trillion, slightly surpassing Microsoft and entering the top three in U.S. stock market capitalization [1] - The stock price of Alphabet Inc. (GOOGL) was reported at $304.42 with a market cap of $3.68 trillion and a price-to-earnings ratio of 9.50 [2]

| 11月20日美股开盘后，谷歌涨超3.9%，总市值达到3.68万亿美元，略超过微软公司，进入美股总市值前三。 | | --- | ...

Core Viewpoint - Nvidia's Q3 FY2026 financial report shows record revenue of $57 billion, reinforcing the growth of the AI market amid skepticism about an AI bubble [1][2]. Financial Performance - Nvidia reported Q3 revenue of $57 billion, a 22% increase from the previous quarter and a 62% increase year-over-year [2]. - Net profit reached $31.91 billion, up 65% year-over-year, marking the highest growth rate for the year [2]. - Data center revenue hit a record $51.2 billion, growing 66% year-over-year, while gaming revenue was $4.3 billion, up 30% [2]. Future Projections - Nvidia's CFO projected that revenue from the Blackwell and Rubin platforms could reach $500 billion by December 2026, with potential for further growth [2]. - The company plans to use the anticipated cash flow for growth support, stock buybacks, and investments to expand the CUDA ecosystem [2]. Profitability Metrics - The GAAP gross margin for Q3 was 73.4%, a decrease of 1.2 percentage points year-over-year, attributed to a shift in business model and a $4.5 billion expense related to H20 [3]. - Nvidia aims to improve gross margin to around 75% by the end of the fiscal year through cost improvements and business structure optimization [3]. Regional Revenue Insights - Nvidia's revenue from the U.S. nearly doubled to $39.177 billion year-over-year, while revenue from China fell over 60% to $2.973 billion due to geopolitical issues and market competition [4][6]. - The company is committed to engaging with the Chinese government to maintain a competitive position in the AI computing sector [6]. Strategic Partnerships - Nvidia has established significant partnerships with AI leaders, including a $100 billion investment agreement with OpenAI and collaboration with Microsoft on Anthropic [4]. - These partnerships are part of a "circular" AI investment strategy, enhancing Nvidia's platform capabilities across various AI models [4]. Challenges and Market Dynamics - Nvidia faces challenges from the need to develop comprehensive systems rather than just GPUs, as the complexity of AI models and memory requirements increases [5]. - The company emphasizes that its CUDA architecture can adapt to diverse workloads, unlike ASICs, which struggle to meet the evolving demands of AI [5].

Core Viewpoint - Google shares increased by 3.2%, resulting in a total market capitalization of $3.65 trillion, slightly surpassing Microsoft and entering the top three in U.S. stock market capitalization [1] Group 1 - Google's market capitalization reached $3.65 trillion, marking a significant milestone for the company [1] - The increase in Google's stock price by 3.2% contributed to its rise in market value [1] - With this valuation, Google has positioned itself above Microsoft in terms of total market capitalization [1]