机构预计短期市场以稳步震荡上行为主。 【财经日历】 国家统计局发布10月国民经济运行数据 国家统计局公布70城住宅销售价格月度报告 第二十七届高交会亚洲半导体与集成电路产业展（深圳，11/14-11/16） 华为举办操作系统大会&openEuler Summit 2025（北京，11/14-11/15） 英伟达中国开发者日活动（苏州） | (双) 盘前必读 | // 外盘怎么样 // | | | | --- | --- | --- | --- | | 名称 现价 | | 涨跌 | 涨跌幅 | | 道琼斯工业平均 47457.22 -797.60 -1.65% | | | | | 纳斯达克指数 22870.36c -536.10 -2.29% | | | | | 标普500 6737.49 -113.43 -1.66% | | | | ►►国家发改委公布《石油天然气基础设施规划建设与运营管理办法》，自2026年1月1日起施行。 当地时间周四，美国股市大幅下跌，三大指数创一个多月以来最大单日跌幅。截至收盘，道指跌1.65%，标普500指数跌1.66%，纳指重挫2.29%。 大型科技股集体承压，"七巨头"中，微软下 ...

Group 1 - The U.S. stock market experienced a significant decline, with the Nasdaq dropping 2.3% and the Dow Jones falling nearly 800 points, while Tesla's stock decreased by over 6% [3] - The European Union is reportedly accelerating efforts to tax small package imports from China, with plans to implement this by early next year [3] - The Federal Reserve's Daly stated that it is too early to definitively predict whether there will be a rate cut in December [3] Group 2 - China's social financing increased by 0.81 trillion yuan in October, with new RMB loans amounting to 0.22 trillion yuan, and the M2-M1 spread widening [3] - The National Energy Administration encourages qualified private capital to participate in the investment and construction of oil and gas reserves and LNG receiving stations [3] - The China Securities Regulatory Commission Chairman Wu Qing visited financial regulatory bodies in France and Brazil, engaging in discussions with international institutional investors [3] Group 3 - Tencent reported a 15% year-on-year increase in revenue for Q3, with adjusted net profit rising 18%, both exceeding expectations [3] - JD.com achieved Q3 revenue of 299.1 billion yuan, reflecting a growth of 14.9%, surpassing forecasts [3] - Bilibili's adjusted net profit for Q3 was 786 million yuan, marking a substantial year-on-year growth of 233% [3] Group 4 - Semiconductor manufacturer SMIC reported a net profit of 1.517 billion yuan for Q3, representing a year-on-year increase of 43.1% [3] - Alibaba has secretly launched the "Qianwen" project, aiming to compete directly with ChatGPT [3] - Tencent and Apple have reached a revenue-sharing agreement for WeChat games, with Apple's cut reduced to 15% [3]

Group 1: Market and Economic Data - As of the end of October, the broad money supply (M2) in China reached 335.13 trillion yuan, reflecting a year-on-year growth of 8.2% [2] - The narrow money supply (M1) stood at 112 trillion yuan, with a year-on-year increase of 6.2% [2] - The cash in circulation (M0) amounted to 13.55 trillion yuan, showing a year-on-year growth of 10.6% [2] - In the first ten months of the year, a net cash injection of 728.4 billion yuan was recorded [2] Group 2: IPO and Corporate Developments - Moer Technology announced the initiation of its IPO on the Sci-Tech Innovation Board, with the stock code "688795," and plans to accept subscriptions starting November 24 [2] - Muxi Integrated Circuit Co., Ltd. received approval for its IPO on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for various GPU development projects [7] Group 3: Industry Trends - The first phase of 6G technology trials in China has been completed, with over 300 key technology reserves established [4] - The memory chip market is experiencing a price increase, with DDR5 16G, DDR4 16Gb, and DDR3 4Gb prices rising by 0.66%, 0.18%, and 1.05% respectively [5][6] - The storage market is undergoing a significant price upcycle driven by explosive growth in AI applications and structural supply tightness due to prioritization of high-margin products by manufacturers [6] Group 4: Company Performance - Tencent Holdings reported third-quarter revenue of 192.87 billion yuan, a 15% year-on-year increase, and a net profit of 63.13 billion yuan, up 19% year-on-year [3] - Semiconductor Manufacturing International Corporation (SMIC) achieved third-quarter revenue of 17.162 billion yuan, a 9.9% year-on-year increase, and a net profit of 1.51 billion yuan, up 43.1% year-on-year [9]

Group 1 - Japan's Prime Minister Suga Yoshihide stated that China's potential military action against Taiwan could pose an existential crisis for Japan, and he has no intention of retracting this statement. The Chinese Foreign Ministry responded that any military intervention by Japan would be considered an act of aggression, and China would retaliate decisively [2] - The U.S. government shutdown, which lasted for 43 days, has ended after President Trump signed a temporary funding bill. Trump noted that the shutdown cost the U.S. economy approximately $1.5 trillion, and a full assessment of the impact will take weeks or months [2] Group 2 - The U.S. White House announced that China agreed to purchase about 12 million tons of U.S. soybeans in November and December, with a commitment to buy at least 25 million tons annually over the next three years. Additionally, China is designing a new rare earth export licensing system to expedite export processes [3] - China's social financing scale increased by 30.9 trillion yuan in the first ten months, which is 3.83 trillion yuan more than the same period last year. As of the end of October, the year-on-year growth of social financing stock was 8.5% [3] - The National Information Center's leading indicators for October show a 17.3% year-on-year increase in offline consumption heat index, with infrastructure construction rates and workload both increasing month-on-month [4] Group 3 - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing visited financial regulatory bodies in France and Brazil to discuss capital market cooperation and regulatory dynamics [5] - A-share market saw a significant rise, with the Shanghai Composite Index closing at 4029.5 points, up 0.73%, marking a ten-year high. The total trading volume for the day was 2.07 trillion yuan [5] - Hong Kong's Hang Seng Index closed up 0.56% at 27073.03 points, with notable performances from resource and pharmaceutical stocks [6] Group 4 - Tencent reported third-quarter revenue of 192.87 billion yuan, a 15% year-on-year increase, with all three main business segments showing double-digit growth [7] - JD Group's third-quarter total revenue reached 299.06 billion yuan, a 14.9% year-on-year increase, while adjusted net profit decreased by 56% [7] - Bilibili's third-quarter net revenue reached 7.69 billion yuan, a 5% year-on-year increase, with adjusted net profit rising by 233% [7] Group 5 - The Ministry of Industry and Information Technology announced that China has completed the first phase of 6G technology testing, with over 300 key technologies developed [10] - The end of the full exemption policy for new energy vehicle purchase tax is prompting a competitive rush among car manufacturers to offer tax subsidy plans [10] - Major insurance companies are launching "New Year" products, shifting towards floating design dividend insurance products [10]

1、腾讯、京东等中概股财报超预期!中国资产大涨 重要程度：★★★★★ 11月13日，多家知名上市公司密集披露2025年第三季度财务报告，引发市场广泛关注。具体来看下： 腾讯控股第三季度业绩报告显示，公司实现营收1928.7亿元，同比增长15%;经营利润(Non-IFRS)725.7亿 元，同比增长18%。 京东集团三季度收入为2991亿元，同比增长14.9%，超出市场预期。三季度归属净利润53亿元。 中芯国际第三季度营收为171.62亿元，同比增长9.9%;净利润为15.1亿元，同比增长43.1%，盈利能力显著 提升。 哔哩哔哩第三季度净营业额总额为76.9亿元，同比增长5%;经调整净利润为7.86亿元，同比增长233%，盈 利能力大幅提升。 在财报发布后，京东和哔哩哔哩股价美股盘前均直线上涨，京东一度大涨超4%，哔哩哔哩一度大涨超 6%。 2、10月金融数据出炉，解读来了 重要程度：★★★★ 11月13日，中国人民银行发布10月金融数据。数据显示，10月M2和社会融资规模同比增速均保持在较高水 平，持续为经济回升向好创造适宜的货币金融环境;贷款规模保持合理增长，信贷结构持续优化。数据要点 如下： 截至202 ...

Core Insights - China has completed the first phase of 6G technology testing, establishing over 300 key technology reserves [1][2] - 6G is projected to be the most significant new generation of digital information network infrastructure in the next decade, integrating communication, perception, computing, and intelligence [1] - The service scope of 6G will expand from humans, machines, and objects to intelligent entities, and from ground services to an integrated space of air, ground, and space [1] Summary by Sections 6G Technology Testing Phases - The 6G technology testing is divided into three phases: - The first phase focuses on key technology testing to clarify the main technical directions of 6G [2] - The second phase will involve testing technical solutions aimed at typical scenarios and performance indicators, leading to the development of 6G prototype models [2] - The third phase will focus on system networking tests, developing pre-commercial 6G equipment and conducting tests on key 6G products [2] Government Initiatives - The Ministry of Industry and Information Technology emphasizes the need to strengthen core technology research and the study of integrated technology solutions, promoting the development of technology, standards, testing, and application cultivation to lay a solid foundation for 6G standardization and industrialization [1]

Group 1: 6G Technology - China has completed the first phase of 6G technology trials, forming over 300 key technology reserves [1] - The consensus on 6G standards is deepening, with expectations for a relatively quick determination of system architecture decisions [1] - The communication industry is anticipated to experience a period of technological iteration and policy dividends by 2025, with new growth drivers from AI, quantum communication, and low-altitude economy [1] Group 2: Memory Market - Memory chip prices for DDR5 16G, DDR4 16Gb, and DDR3 4Gb have increased by 0.66%, 0.18%, and 1.05% respectively as of November 13 [2] - The storage market is undergoing a significant price increase cycle driven by explosive growth in enterprise storage demand due to AI applications and structural supply tightness in traditional storage [2] - If AI demand remains strong and supply does not effectively expand, the tight supply-demand relationship in the storage market may persist into 2026 [2] Group 3: GPU Development - The China Securities Regulatory Commission has approved the IPO registration of Muxi Integrated Circuit Co., which plans to raise 3.904 billion yuan for high-performance GPU projects [3] - Muxi is focused on developing high-performance GPU chips and computing platforms to support national AI public computing platforms and commercial intelligent computing centers [3] - Domestic GPU leaders like Muxi and Moore Threads are expected to break the overseas computing power monopoly and accelerate development in the domestic computing chip sector [3] Group 4: Tencent and Apple Agreement - Tencent has reached an agreement with Apple, allowing Apple to handle payments and take a 15% cut from purchases made in WeChat mini-games and apps [4] - Tencent's Q3 report shows total revenue of 192.87 billion yuan, a 15% year-on-year increase, with net profit rising 19% to 63.13 billion yuan [4] - Tencent's investment in AI continues to grow, with R&D spending reaching a record high of 22.82 billion yuan in the latest quarter [4] Group 5: Magnetic Storage Technology - The China Electronics Standardization Association will hold a conference on data storage industry trends, focusing on magnetic storage technology's potential due to its speed, low power consumption, and non-volatility [5] - The global data storage market is valued at over 2.6 trillion yuan, with a focus on enhancing China's industry competitiveness in the digital economy [5] Group 6: Alibaba's AI Project - Alibaba has secretly launched the "Qianwen" project, aiming to create a personal AI assistant app to compete with ChatGPT [6] - This move signifies a shift in Alibaba's AI strategy from B-end services to targeting the C-end consumer market [6] - The Qianwen app is expected to become a new high-frequency entry point for Alibaba's ecosystem within one to two years [6] Group 7: Hong Kong's Ensemble Project - The Hong Kong Monetary Authority has launched the Ensemble project, marking a significant step in real transactions using tokenized deposits and digital assets [7] - Ensemble will operate continuously until 2026, enhancing the financial transaction efficiency and transparency through tokenization [7] - This project is expected to have a profound impact on the global financial landscape, particularly in the context of RMB internationalization and the restructuring of the global payment system [7]

Core Viewpoint - China has completed the first phase of 6G technology trials, establishing over 300 key technology reserves, marking a significant step towards the development of the next generation of digital information networks [1] Group 1: 6G Technology Trials - China has organized 6G technology trials for four consecutive years, completing the first phase of these trials [1] - The first phase focused on identifying the main technological directions for 6G [1] Group 2: Future of 6G - 6G is expected to be the most important digital information network infrastructure in the next decade, integrating communication, perception, computing, and intelligence [1] - The service targets of 6G will expand from humans, machines, and objects to intelligent entities, and the service space will extend from ground to an integrated air-space-ground environment [1] Group 3: Development Phases - The 6G technology trials are divided into three phases: 1. Key technology trial phase, which has been completed 2. Technology solution trial phase, focusing on developing 6G prototype devices for typical scenarios and performance indicators 3. System networking trial phase, aimed at developing pre-commercial 6G equipment and testing key products [1] Group 4: Government Support - The Ministry of Industry and Information Technology emphasizes the need to strengthen core technology research and the development of integrated technology solutions to lay a solid foundation for the standardization and industrialization of 6G [1]

Group 1 - The company has made progress in the 6G technology field, achieving developmental milestones [2] - The advancements include active phased array antennas in Ku/Ka bands, reconfigurable metasurface array antennas, and millimeter-wave radar [2] - The current 6G business is still in the stage of industrial exploration [2]

Group 1: Apple and iPhone Air Delay - Apple has decided to postpone the release of the next-generation iPhone Air due to lower-than-expected sales, impacting the supply chain significantly [1] - The iPhone Air 2 development project has been removed from the schedule for a fall 2026 release, with no new timeline provided [1] - Foxconn, one of the assembly partners for iPhone Air, has dismantled most of its production lines and is expected to cease production by the end of the month [1] Group 2: Robotics Industry Insights - Goldman Sachs conducted a survey of nine Chinese robotics supply chain companies, finding none confirmed large orders or clear mass production timelines [2][3] - These companies are planning annual production capacities ranging from approximately 100,000 to 1 million robots, despite concerns about potential overcapacity in the market [2] - Tesla is preparing to expand its Texas Gigafactory to achieve an annual production capacity of 10 million units for its Optimus humanoid robots, with mass production expected to start in 2027 [3] Group 3: AI Developments and Investments - Anthropic's researcher highlighted that AI capabilities are doubling every seven months, predicting significant advancements by mid-2026 [3] - OpenAI has recruited Intel's CTO to focus on building computational infrastructure for AGI, with plans to invest approximately $1.4 trillion over the next eight years [4] - Morgan Stanley estimates that the AI boom will require $5 trillion in financing over the next five years, emphasizing the need for a robust financing structure across various capital markets [6] Group 4: 6G Technology and Patent Leadership - China leads the world in 6G patent applications, accounting for about 40.3% of the global total, and is also the largest holder of AI patents at 60% [5] - The country is accelerating the development and industrialization of 6G technology, with several listed companies entering key technology areas [5] - As of June 2025, China had 684 million fixed broadband users and 11.18 billion 5G mobile phone users, establishing a strong foundation for 6G research and future commercialization [5]