Core Viewpoint - The Hong Kong stock market is experiencing a divergence between traditional heavyweight stocks supporting the index and technology growth stocks facing pressure, reflecting a complex market environment influenced by the Federal Reserve's policies and the slowing economic recovery in mainland China [1][2]. Group 1: Market Performance - The Hang Seng Index rose slightly by 0.07% to close at 17,825.43 points, primarily driven by the financial and energy sectors, with financial stocks contributing nearly 60% of the index's gains [1]. - HSBC Holdings saw a 1.2% increase due to better-than-expected quarterly results, while PetroChina and CNOOC also posted gains of 0.8% and 1.5%, respectively [1]. - In contrast, the Hang Seng Tech Index fell by 0.36% to 3,852.19 points, indicating a collective downturn in technology stocks, with Tencent, SMIC, and Alibaba all experiencing declines [2]. Group 2: Investor Sentiment - The divergence in stock performance reflects a layered market risk appetite, with investors prioritizing defensive positions in low-valuation, high-dividend sectors like financials and energy [2]. - There has been a net inflow of 23 billion HKD into the financial sector through the Stock Connect program in November, while the technology sector saw a net outflow of 12 billion HKD [2]. Group 3: Key Variables Influencing Future Trends - The future trajectory of the Hong Kong stock market hinges on three critical variables: the direction of the Federal Reserve's monetary policy, the strength of the economic recovery in mainland China, and the performance of the technology sector [3][4]. - Market expectations suggest that if the Fed signals a rate cut in December, the Hang Seng Tech Index could rebound by 10%-15% [3]. - The performance of the mainland economy, particularly manufacturing PMI data, will directly impact core sectors like real estate and consumption [3]. Group 4: Investment Outlook - Despite the current market volatility, there is a consensus among institutions that the Hang Seng Index is undervalued, with a price-to-earnings ratio of 8.5, indicating a high margin of safety [5]. - Three main investment themes have emerged: defensive sectors like banking and energy, cyclical sectors benefiting from economic recovery, and leading companies in emerging technology fields such as AI and cloud computing [5].

股价两个月狂飙三倍！牛股德明利抛32亿元定增计划，存储芯片风口还能飞多久？ 11月25日晚间，今年9月以来股价大涨的牛股德明利(001309.SZ，股价221.06元，市值501.55亿元)披露 定增计划，拟定增募资不超过32亿元。 其定增计划也与当前火爆的存储市场有关。11月20日，在一场半导体展会上，《每日经济新闻》记者实 探发现DRAM内存条供应紧张。而在10月，德明利在机构调研中也提到了扩产计划。 不过，存储市场具有周期性，德明利也提到了产业高景气度时扩张潜藏的未来风险。 两个月股价翻三倍 11月25日晚间，德明利公告，拟定增募资不超过32亿元，发行数量不超过6806.59万股，募集资金将用 于固态硬盘(SSD)扩产项目、内存产品(DRAM)扩产项目、德明利智能存储管理及研发总部基地项目及 补充流动资金。 德明利定增之所以受到市场关注，主要因为它曾是前段时间存储产品板块的牛股。德明利股价从9月11 日不到百元，一度上涨至11月13日的306元，两个月股价翻三倍。 德明利之所以受到资金热捧，也是全球存储市场高景气度所致。2025年以来，全球存储市场呈现出明显 的前低后高走势。一季度开始，受主要下游市场延 ...

谷歌传统上将客户使用的张量处理单元（TPU）用于自己的数据中心，然后出租给客户。但据Th e Information周一晚间报道，谷歌现在开始向客户出售TPU，供其在自己的数据中心使用。 报道指出，Meta Platforms 正在考虑从 2027 年开始在其数据中心购买价值数十亿美元的谷歌 T PU，同时最早从 2026 年就开始从谷歌云租用 TPU 容量。Meta 一直以来主要依靠英伟达图形处 理器 (GPU) 来满足其人工智能需求。 如果您希望可以时常见面，欢迎标星收藏哦~ 对于谷歌和博通（它们参与了Tensor AI芯片的设计）来说，这可能是一个巨大的新市场。但它 也可能对英伟达和AMD构成重大竞争，威胁到它们巨大的销售和定价权。 据报道，谷歌母公司Alphabet (正与Meta Platforms 等公司洽谈，希望它们能使用谷歌的Tensor AI芯片，此举将加剧其与英伟达的竞争。谷歌及其AI芯片合作伙伴博通股价尾盘上涨，而英伟达 和AMD股价则下跌。 受The Information报道的影响，谷歌股价在盘后交易中上涨超过2%，博通股价上涨近2%，延续 了常规交易时段的强劲涨势。 周一，博通股价 ...

【 导读 】 A股市场高开高走，超4700只个股上涨；光模块概念股集体飙涨，AI应用方向走 强 中国基金报记者 晨曦 大家好！来一起关注最新的市场行情和资讯～ 11月25日，A股市场主要指数开盘集体飘红。截至发稿，上证指数涨0.71%，深证成指涨 1.62%，创业板指涨超2%；全市场超4700只个股上涨。 | 全A | 涨 4707 平 139 | 跌 602 | A股成交额 | | | --- | --- | --- | --- | --- | | 序号 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | 1 | 000001 上证指数 | 3864.06 | 27.29 | 0.71% | | 2 | 399001 深证成指 | 12789.25 204.16 | | 1.62% | | 3 | 899050 北证50 | 1407.48 21.44 | | 1.55% | | 4 | 881001 万得全A | 6146.47 | 78.35 | 1.29% | | 5 | 000688 转制20 | 1314.30 | 17.70 | 1.36% | | 6 | 399006 创业板指 | 299 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来 源 ： 内容来自半导体行业观察综合 。 据报道，谷歌母公司Alphabet (正与Meta Platforms 等公司洽谈，希望它们能使用谷歌的Tensor AI 芯片，此举将加剧其与英伟达的竞争。谷歌及其AI芯片合作伙伴博通股价尾盘上涨，而英伟达和 AMD股价则下跌。 谷歌传统上将客户使用的张量处理单元（TPU）用于自己的数据中心，然后出租给客户。但据The Information周一晚间报道，谷歌现在开始向客户出售TPU，供其在自己的数据中心使用。 报 道 指 出 ， Meta Platforms 正 在 考 虑 从 2027 年 开 始 在 其 数 据 中 心 购 买 价 值 数 十 亿 美 元 的 谷 歌 TPU，同时最早从 2026 年就开始从谷歌云租用 TPU 容量。Meta 一直以来主要依靠英伟达图形处理 器 (GPU) 来满足其人工智能需求。 对于谷歌和博通（它们参与了Tensor AI芯片的设计）来说，这可能是一个巨大的新市场。但它也可 能对英伟达和AMD构成重大竞争，威胁到它们巨大的销售和定价权。 受The Information报道的影 ...

2.有人被拖欠工资！毫末智行北京总部已人去楼空，长城曾经的"亲儿子"倒下！ 3.辟谣！拓竹被曝完成新一轮融资？官方：消息不属实 要闻提示 NEWS REMIND 1.曝ASML为美国监控中国客户！官方否认 4.李想夫妇现身二手手机回收店 ，网友：百亿富豪真会过日子 5.雷军出手：个人斥资超1亿港元增持公司股票，持股比例增加至23.26% 6.国产GPU第一股来了！超480万户疯抢摩尔线程，中签率出炉 7.强制所有售后服务商停止小米和格力业务？美的否认 8.消息称苹果CEO库克暂时没有卸任计划 今日头条 HEADLINE NEWS 曝ASML为美国监控中国客户！官方否认 11月24日消息，近日，荷兰光刻机巨头ASML被曝曾向美国政府提议，愿意作为其耳目，监控中国客户。 对此，ASML出面澄清否认。 据悉，上述说法来自一本新书《世界上最重要的机器》，其中声称ASML CEO Peter Wennink在被指向 中国销售了过多DUV光刻机之后，提出ASML应被允许继续向中国客户提供服务，但同时工程师需汇报这 些中国公司内部的发展状况。事实上，任何公司向任何实体，其中包括国家政府提供客户数据的行为，都 可能违反多项数 ...

2025 年 11 月 23 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 陈云 S0350524070001 cheny17@ghzq.com.cn ——新材料产业周报 最近一年走势 | 2- 11. 1-41. 2 - | | --- | | 行业相对表现 | | | 2025/11/21 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 1.2% | 1.7% | 16.1% | | 沪深 300 | -3.3% | 3.9% | 11.6% | 相关报告 《化工新材料产业周报：2025H1 中国 AI IaaS 市 场同增 122.4%，2030 年我国动力电池回收市场将 破千亿（推荐）*基础化工*李永磊，董伯骏，陈云》 ——2025-10-26 《化工新材料产业周报：英伟达拟向英特尔投资 50 亿美元，2027 年全国储能装机预计 1.8 亿 ...

Core Viewpoint - Michael Burry warns of potential fraud in the AI investment landscape involving major tech companies, highlighting concerns over "suspicious revenue recognition" practices [3][11]. Group 1: Financial Performance - NVIDIA reported impressive Q3 earnings with revenue of $57.01 billion and earnings per share of $1.30, surpassing market expectations [4]. - Following the earnings announcement, NVIDIA's stock surged by 5%, adding approximately $130 billion to its market capitalization [5]. - However, within 54 hours, NVIDIA's stock experienced a dramatic fluctuation of over $1 trillion in market value, indicating investor uncertainty [6]. Group 2: Financial Data Concerns - A significant red flag was raised with NVIDIA's accounts receivable reaching $33.4 billion, leading to a Days Sales Outstanding (DSO) of 53.3 days, a 15.9% deterioration compared to historical averages [7]. - NVIDIA's inventory surged to $19.8 billion, a 32% increase from the previous quarter, contradicting claims of "crazy" demand [7][8]. Group 3: Insider Selling - Notable investors, including Michael Burry, have begun to exit their positions in NVIDIA, with Burry's firm disclosing substantial put options against the stock [10]. - SoftBank's Masayoshi Son completely liquidated an $5.8 billion position in NVIDIA, shifting focus to "application layer" AI investments [10]. - Peter Thiel's hedge fund also closed its entire NVIDIA position, drawing parallels between the current tech environment and the dot-com bubble [10]. Group 4: Circular Financing Allegations - Burry's concerns extend to a "circular financing" scheme among major tech firms, where companies like NVIDIA and xAI engage in transactions that may inflate revenue figures [11][12]. - This scheme involves NVIDIA providing capital to xAI, which in turn uses that capital to purchase NVIDIA products, creating a loop that artificially boosts NVIDIA's revenue [12][13]. Group 5: Geopolitical Risks - The U.S. Department of Justice has charged four individuals with illegally exporting advanced NVIDIA AI chips to China, highlighting the geopolitical tensions surrounding AI technology [15][16]. - The black market demand for NVIDIA chips underscores the intense global competition for AI computing power [17]. Group 6: Historical Comparisons - Current concerns about NVIDIA's financial practices bear resemblance to past accounting fraud cases, such as Enron and Lucent Technologies, which involved misleading revenue recognition [18]. - The structure of NVIDIA's dealings with xAI mirrors past fraudulent practices, raising questions about the sustainability of its reported revenues [18][19]. - As of November 21, NVIDIA's stock traded at $180.32, maintaining a market cap of $4.39 trillion, but underlying debates about the AI industry's integrity persist [19][20].

日本媒体报导，日本熊本官员将于23日至25日访台积电（2330），争取设第三座厂与洽谈当地布局议 题。另外规划招揽半导体供应链赴熊本投资。 根据访问计划，木村知事将针对菊阳町的第二工厂开始兴建，向台积电相关人士表达感谢之意。此外， 木村也将传达希望台积电在熊本县进行更多设备投资，其中也包含该县正积极争取的第三工厂兴建。 这将是木村知事继2024年8月以来，第二度访问台积电总部。 此外，木村知事预告，还将在同一天，出席熊本县在台北召开的半导体相关企业招商研讨会，招揽企业 进驻熊本县。 熊本日日新闻以及NHK报导，熊本县知事木村敬计划11月23日至25日来台进行为期三天的访问，木村 知事此次访问的主要目的，将向台积电的高层干部提出投资促进的具体要求，特别包括争取第三工厂的 选址与设立。 熊本县知事木村敬日前11月19日记者会上宣布，将于11月造访中国台湾，并预计在24日访问半导体龙头 台积电的总部。 ...

Group 1 - Yu Minhong responded to New Oriental employees' complaints, emphasizing that allowing employees to voice their dissatisfaction is a tradition of the company, and he encourages it as a means to correct issues [4] - Xiaomi announced the allocation of 29,366,734 shares to 3,334 selected participants, including employees and service suppliers, with a total value of approximately HKD 1.14 billion (around CNY 1.041 billion) [5] - The recent changes in the management of Pang Donglai Group were confirmed by internal sources, indicating that Yu Donglai will not be heavily involved in daily operations but will focus on empowering his team [5] Group 2 - ByteDance's valuation surged to USD 480 billion during a recent equity auction, with the price of shares rising from an initial USD 200 million to nearly USD 300 million due to competitive bidding [5] - The founder of Bawang Tea Ji, Zhang Junjie, is set to marry Gao Haichun, a prominent figure in the solar energy sector, indicating potential synergies between the two industries [5] - He Tongxue, a notable figure in the tech industry, reported a loss of CNY 1-2 million for his company this year, attributing it to a significant impact from a social media post [5] Group 3 - KargoBot appointed a new CFO, Zhan Ruinan, to accelerate its development in the autonomous driving sector, signaling a strategic move towards internationalization and capital expansion [5] - The first MPV from Hongmeng Zhixing is set to launch, featuring advanced technology and multiple powertrain options, showcasing the company's commitment to innovation in the automotive sector [5] - Meizu denied rumors of relocating its headquarters, affirming that its current building will continue to serve the company for a long time [7] Group 4 - GAC Toyota's sales vice president refuted claims that the company would cease production of several key gasoline vehicles, clarifying that such information is false [8] - Nvidia's recent earnings report highlighted significant contributions from various clients, including a lesser-known Saudi startup, Humain, which aims to supply a substantial portion of global AI computing power by 2034 [8] - Ant Group's CTO discussed the relationship between its Lingguang App and Alibaba's Qianwen App, emphasizing collaboration in the pursuit of AGI [8] Group 5 - The humanoid robot A2 completed a 100-kilometer cross-province walk, earning a Guinness World Record for the longest distance walked by a humanoid robot [10] - Meta's chief scientist, Yann LeCun, announced his departure to start a new venture focused on advanced machine intelligence, aiming to revolutionize AI capabilities [11] - WeRide's Robotaxi received a pure unmanned license in Switzerland, marking a significant milestone in the deployment of autonomous vehicles [11] Group 6 - Physical Intelligence, a robotics startup, raised USD 600 million in funding, achieving a valuation of USD 5.6 billion, indicating strong investor confidence in AI-driven robotics [12] - Star Motion Era completed nearly CNY 1 billion in A+ round financing, led by Geely Capital, to support its technology iterations and applications [12] - SoftBank plans to invest up to USD 3 billion in a factory to produce equipment for OpenAI's data center, reinforcing its commitment to AI development [12] Group 7 - IDC forecasts that the smart glasses market in China will reach a significant turning point by 2026, with expected shipments surpassing 4.915 million units [17] - The sales of pure electric large three-row SUVs have outperformed other powertrain types for two consecutive months, indicating a strong market trend towards electric vehicles [17]