中信证券研报称，纽约联储主席威廉姆斯暗示12月进一步降息，市场降息预期扭转，目前市场认为美联 储12月有七成概率降息。美联储将于11月29日开始进入静默期，静默期前鲍威尔没有公开发言或接受媒 体采访的日程安排，其"亲密盟友"威廉姆斯的发言可能便是最后一次影响市场预期的美联储官员发言。 我们延续此前观点，预计12月或是一次"close call"降息，幅度为25bps。对市场而言，降息预期扭转叠 加"28点"计划推进和特朗普政府考虑对华出口H200芯片的消息，宏观因素短期不再成为市场压力的来 源，市场或将更多聚焦AI公司发债、加密货币走势等问题。 ...

11月18日，第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展大会在广州南沙成功举办。第十四届全 国政协委员尹艳林发表主旨演讲。他强调，科技金融作为"五篇大文章"之首，在金融强国建设和社会主义现代化进程中 地位举足轻重，"十五五"时期我国科技金融发展机遇与挑战并存，需聚焦重点方向破解发展难题，构建科技产业与金融 的良性循环。 尹艳林首先回顾了"十四五"时期我国科技金融取得的显著成就。商业银行充分发挥间接融资主渠道作用，5年来科技贷款 增长30%，截至今年上半年规模超40万亿元，制造业长期贷款增速尤为突出。此外，贷款加权平均利率低至2.9%，100多 万家科技企业获得贷款服务，"小巨人"示范企业获贷率高达80%，"贷款难、贷款贵"问题显著缓解。 资本市场支持力度持续加码，科创板设立及注册制改革深化，设置科创成长层，启动第五套标准，截至4月底已有500多 家科创企业上市，占沪市企业总数的41%，新上市企业中70%为科技企业，市值占比30%以上。 版权声明 同时，科创债等创新产品推出，债券市场"科技板"正式启动；创业投资、科技保险蓬勃发展，推动7地设立科创金融改革 试验区，跨境金融便利化政策持续优化 ...

长江商报消息 ●长江商报记者 汪静 "找工作，跟老板谈！"这一洗脑广告，已让BOSS直聘（BZ.US、02076.HK）深深刻入求职人的脑海 中。 从北大才子到招聘巨头掌舵人，赵鹏带领BOSS直聘在不确定性中寻找确定性，用11年时间筑起一条营 销与技术驱动的增长护城河。 2018年世界杯期间，他果断投入1亿多元在央视打广告，让BOSS直聘用户量直接翻倍，从行业黑马一跃 跻身赛道前三。 如今，BOSS直聘表现出色，2025年第三季度，BOSS直聘交出了一份亮眼的成绩单，实现营收21.63亿 元，同比增长13.2%；净利润为7.75亿元，同比增长67.2%；经调整净利润为9.92亿元，同比增长 34.2%。截至2025年9月30日止的十二个月内，公司付费企业客户数达到680万，同比增长13.3%。 2025年10月，胡润百富发布《2025年胡润百富榜》，赵鹏以130亿元财富，位列榜单第528位。 在如今招聘平台充满挑战的背景下，赵鹏如何带领BOSS直聘实现逆势增长？ 豪赌世界杯广告跻身行业前三 公开资料显示，赵鹏出生于山西长治，以山西省高考文科探花的成绩考入北京大学法律系，毕业后在团 中央任职，其间，他发起并参与 ...

Core Viewpoint - Xiaomi Group has experienced significant growth in quarterly profits but faces backlash from over-marketing, resulting in a nearly 30% drop in stock price over six months [1][4]. Financial Performance - In Q3 2025, Xiaomi Group reported total revenue of 1131.21 billion yuan, a year-on-year increase of 22.3%, and an adjusted net profit of 113.11 billion yuan, up 80.9% [5]. - Smartphone revenue decreased by 3.1% from 475 billion yuan in Q3 2024 to 460 billion yuan in Q3 2025, attributed to a decline in average selling price (ASP) [5]. - The ASP for smartphones fell by 3.6% from 1102.2 yuan to 1062.8 yuan during the same period [5]. - The gross margin for smartphones was 11.7%, down 4.9 percentage points year-on-year [6]. Automotive Business - Xiaomi delivered 10.88 million new cars in Q3 2025, with a total of 260,000 cars delivered in the first three quarters [7]. - Revenue from the smart electric vehicle and AI segment reached 290 billion yuan, a 199.2% increase year-on-year, with electric vehicle revenue accounting for over 97% [6]. - The gross margin for the smart electric vehicle segment improved from 17.1% to 25.5% year-on-year [7]. Market Challenges - Xiaomi's automotive division is facing public scrutiny due to multiple traffic accidents and issues in the second-hand market, leading to a decline in consumer confidence [3][14]. - The company is involved in a legal dispute regarding false advertising related to the SU7 Ultra model, with consumers alleging that the advertised features do not match the actual product [2][10]. - The stock price of Xiaomi Group has dropped approximately 28% over the past six months, resulting in a market value loss of about 390 billion HKD (approximately 36 billion RMB) [4][17].

Group 1 - The 2025 AI Metaverse Industry Supply and Demand Matching Conference and the First Digital Culture Industry-Education Integration Conference was held in Shanghai, focusing on the integration of AI and metaverse technologies [1] - Shandong Digital Culture Group was awarded the title of "2025 China Metaverse Star Supplier (Five-Star)" at the conference, which is the highest level of recognition [1] - The conference attracted nearly 500 participants from various sectors, including enterprises, universities, government agencies, social organizations, investment institutions, and media, aiming to build a Chinese-style AI cultural metaverse industry ecosystem [1] Group 2 - The "Yidian Tianyuan Metaverse Platform" developed by Shandong Digital Culture Group integrates AI, blockchain, and VR/AR technologies, allowing users to create digital avatars for virtual events [2] - The platform features a core component called "Tianyuan Release Hall," which includes 600 seats and is applicable for various scenarios such as press conferences and live broadcasts [2] - As of 2025, the platform has constructed over 80 metaverse spaces, expanding its application scenarios under the "Media + Metaverse + N" model [2] Group 3 - Shandong Digital Culture Group is a large state-owned cultural enterprise responsible for implementing national cultural digitalization strategies and promoting the cultural and digital strength of Shandong Province [3] - The group has developed several key products, including the "Yidian Tianyuan" metaverse event platform and various digital models and platforms for media and cultural applications [3] - The group operates several innovation laboratories to support its research and development efforts in cultural digitalization and technology applications [3]

Market Overview - On November 21, 2025, the A-share market saw all three major indices decline, with the Shanghai Composite Index closing at 3,834 points, down 2.45%. The Shenzhen Component Index fell 3.41% to 12,538 points, and the ChiNext Index dropped 4.02% to 2,920 points. Over 5,000 stocks declined, with total trading volume reaching 1.97 trillion yuan, an increase of 250 billion yuan from the previous trading day [1]. - The Hong Kong stock market also followed the downward trend, with the Hang Seng Index falling 2.38% to 25,220.02 points and the Hang Seng Tech Index dropping 3.21% to 5,395.49 points. The total trading volume was 285.7 billion HKD, with the Hang Seng Index and the Hang Seng China Enterprises Index both down 5.09% for the week [1]. - In the U.S. stock market, all three major indices closed higher, with the Dow Jones Industrial Average rising 1.08% to 46,245.41 points. The S&P 500 and Nasdaq increased by 0.98% and 0.88%, respectively. However, the Nasdaq saw a cumulative decline of 2.74% for the week [1]. New Stock Offerings - One new stock is available for subscription today, with no new listings [2]. - The new stock, Moore Threads, is listed on the Sci-Tech Innovation Board with a price of 114.28 yuan per share and a price-to-earnings ratio of 60.12. The company focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for AI, digital twins, and scientific computing [3]. Regulatory Developments - The National Internet Information Office and the Ministry of Public Security have drafted a public consultation document on personal information protection for large online platforms. The draft requires that personal information collected within China must be stored domestically, and any necessary overseas transfers must comply with national data export safety regulations [4]. Foreign Investment Trends - From January to October 2025, China attracted 621.93 billion yuan in foreign investment, a year-on-year decrease of 10.3%. The number of newly established foreign-invested enterprises reached 53,782, up 14.7% year-on-year. The manufacturing sector attracted 161.91 billion yuan, while the service sector received 445.82 billion yuan. High-tech industries saw significant growth, particularly in e-commerce services, medical equipment manufacturing, and aerospace manufacturing [5]. - The Ministry of Industry and Information Technology has launched a commercial trial for satellite IoT services, which will last for two years. This initiative aims to enhance the supply in the satellite communication market and support the development of emerging industries such as commercial aerospace and low-altitude economy [5].

Market Overview - The market experienced fluctuations last Friday, with the Shanghai Composite Index falling over 2% and the ChiNext Index dropping over 4% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.97 trillion, an increase of 257.5 billion compared to the previous trading day [1] - By the end of last Friday, the Shanghai Composite Index fell by 2.45%, the Shenzhen Component Index by 3.41%, and the ChiNext Index by 4.02% [1] Investment Strategies - Huatai Securities emphasized the importance of focusing on mid-term themes and maintaining a safety margin in current market conditions, suggesting that the market adjustment has begun to show potential for recovery [2] - The firm noted that the current market valuation is close to a "reasonable" central point, and if there is an overshoot, investors could consider increasing their positions [2] - Recommended sectors include low-level domestic consumption, domestic computing power, and innovative pharmaceuticals, while continuing to hold large financial stocks to reduce volatility [2] Monetary Policy Insights - CITIC Securities highlighted that the recent issuance of offshore central bank bills in Hong Kong aims to stabilize the offshore RMB exchange rate and curb speculative trading [3] - The issuance is intended to tighten offshore RMB liquidity, thereby increasing the cost of short-selling and preventing a consensus on unilateral depreciation [3] - The central bank's strategy is based on three considerations: managing liquidity to avoid excessive market fluctuations, enhancing the competitiveness of the offshore RMB bond market, and preventing abnormal cross-border capital flows to maintain financial stability [3] Policy Focus - Zhongtai Securities indicated that the current "anti-involution" policies are likely to focus more on key sectors with global "rare earth-like" characteristics, particularly in industries like photovoltaics, batteries, and automobiles, where low-price competition has intensified [4] - The characteristics of these key sectors include holding dominant capacity and technology in the global market, facing challenges from disorderly expansion and low-price competition, and having potential for long-term growth driven by external demand [4] - The policies aim to ensure healthy industry development and leverage these sectors as strategic tools or bargaining chips between nations [4]

来源：中信建投证券 4、首次有业内人士预测10年后市占率过半！钠电池商业化进入"冲刺期" 5、华为正式发布并开源了创新AI容器技术Flex:ai 6、工业和信息化部：我国卫星物联网业务商用试验正式启动 摘要：上周五市场受制于全球流动性预期变化，市场情绪受到明显冲击，风偏急剧下降，资金分歧加 剧。周末固态电池、AI、芯片等多个产业利好消息发布，短期需关注市场反应，能否形成结构性机会 的情绪修复值得关注。后市重点聚焦三大因素，临近月底，短期市场资金流动性承压，中期关注12月中 央经济工作会议和美联储议息会议落地。 11月21日，市场全天震荡调整，沪指跌超2%，创业板指跌超4%。沪深两市成交额1.97万亿，较上一个 交易日放量2575亿。盘面上个股普跌，全市场近5100只个股下跌，99只个股跌停。从板块来看，AI应 用概念逆势走强，军工板块表现活跃，锂电池产业链集体调整，有机硅概念快速下跌，存储芯片概念持 续走弱。板块方面，中船系、AI应用等板块涨幅居前，电池、硅能源、锂矿等板块跌幅居前。截至收 盘，沪指跌2.45%，深成指跌3.41%，创业板指跌4.02%。（智通财经） 1、硬科技再获增量资金加持！涉及AI、芯片 ...

Group 1 - The core viewpoint of the news is the upcoming IPOs of two companies on the Sci-Tech Innovation Board, namely Moer Thread and Bai Ao Sai Tu, with significant fundraising goals and innovative technology focus [1][2][3]. Group 2 - Moer Thread is set to launch its IPO on November 24, with an issue price of 114.28 yuan per share, making it the highest-priced IPO of the year, aiming to raise approximately 75.76 billion yuan after deducting issuance costs [1]. - The company specializes in the research, design, and sales of full-function GPU products, positioning itself as a domestic leader in both graphics rendering and AI computing, often referred to as the "Chinese version of Nvidia" [1]. - The funds raised will be allocated to the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2]. - Bai Ao Sai Tu will initiate its IPO on November 28, aiming to raise 1.185 billion yuan, and is a preclinical CRO and biotechnology company that utilizes its proprietary gene editing technology for drug development services [2][3]. - Bai Ao Sai Tu is transitioning to an A+H listing, having already been listed on the Hong Kong Stock Exchange since September 2022 [3].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 智通财经11月24日讯，上周五市场震荡调整，沪指跌超2%，创业板指跌超4%。沪深两市成交额1.97万 亿，较上一个交易日放量2575亿。板块方面，中船系、AI应用等板块涨幅居前，电池、硅能源、锂矿 等板块跌幅居前。截至上周五收盘，沪指跌2.45%，深成指跌3.41%，创业板指跌4.02%。 中信证券：央行在港发行离岸央票有助稳定离岸人民币汇率 中信证券首席经济学家明明表示，近期离岸人民币有所走弱，央行此时发行离岸央票，一方面能够收紧 离岸人民币流动性，提高做空成本，抑制投机性交易，另一方面能稳定离岸人民币汇率预期，防止形成 单边贬值共识。明明又称，尽管2025年美联储处于降息周期，但三季度以来美元指数出现边际抬升。央 行维持离岸央票高位发行，主要基于三点考量：一是满足常态化流动性管理需求，避免市场过度波动； 二是完善离岸人民币债券市场，提升其国际竞争力；三是防范跨境资本异常流动，维护金融稳定。 中泰证券：本轮"反内卷"政策或更加聚焦于具备全球"类稀土"特征的重点领域 中泰证券表示，2024年以来，光伏、电池、汽车等行业低价竞争加剧，引发 ...