每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 （三）避雷针 安达智能：公司发布公告，持股10.9603%的股东东莞市易指通实业投资合伙企业（有限合伙）计划十 五个交易日后的三个月内，通过集中竞价、大宗交易方式减持公司股份不超过225.03万股，即不超过公 司目前股份总数的2.7401%。 广立微：公司发布公告，合计持有公司股份1420.35万股的股东北京武岳峰亦合高科技产业投资合伙企 业（有限合伙）及其一致行动人上海建合工业软件合伙企业（有限合伙）、常州武岳峰桥矽实业投资合 伙企业（有限合伙）计划通过集中竞价、大宗交易的方式减持公司股份数量不超过440.62万股，即不超 过公司总股本的2.2359%。减持计划将于15个交易日后的3个月内进行。 点评：华为突破性技术的落地，将有助于国内AI算力产业链的自主可控与生态融合，推动国产算力全 链路的升级。该方案对标并突破了国际龙头企业在AI软硬件协同和算力调度领域的领先优势，有望成 为中国AI基础设施的重要支撑。此次技术突破有助于强化市场对AI算力替代进程与潜力的信心。该技 术的发布标志着AI基础设施竞争正从"拼硬件"转向"拼系统"。当软件能真正驾驭硬件，当开 ...

Market Overview - Futures on the S&P 500 and Nasdaq 100 gained about 0.5% as the new week began, following a turbulent stretch marked by a selloff in riskier market segments [1][12] - Bitcoin edged lower on Monday, giving up some gains from a weekend rally [1][12] - Shares in Australia and South Korea opened higher, while Japan was closed for a holiday [1][12] Oil Market - Oil prices extended their slump after the biggest weekly loss since early October, as traders considered the potential for a Ukraine-Russia peace deal that could increase crude flows into an already well-supplied market [2][12] Risk Sentiment - Risk sentiment improved on Wall Street amid reports of early talks by US officials regarding Nvidia's potential sale of H200 AI chips to China [3][12] - The market received a boost from comments by Fed Bank of New York President John Williams, suggesting a near-term rate cut remains a possibility [3][12] Volatility and Market Dynamics - Markets experienced a resurgence in volatility last week, driven by doubts over the Fed's ability to cut rates, unsettling investors [6][12] - Retail momentum traders favored assets such as cryptocurrencies and AI-related stocks, which experienced sharp swings [6][12] - The MSCI Asia Pacific Index saw its steepest weekly drop since April due to a selloff in Asian tech shares [6][12] US Debt and Interest Rates - US debt climbed on Friday after Williams indicated room for easing policy in the near term, citing increased downside risks to employment and eased upside risks to inflation [8][12] - Traders increased bets on a December rate cut, although officials remained divided on the decision [8][12] European Fiscal Pressures - The euro and pound remained steady as fiscal pressures in Europe gained attention, particularly after France's National Assembly rejected part of the 2026 budget [8][12] - The UK government announced a freeze on rail fares in the upcoming budget, part of measures to offset the political impact of raising up to £25 billion ($33 billion) in taxes and spending restraint [9][12] - Analysts noted that the credibility of spending cuts and revenue-raising measures would be crucial for market perception [10][12] Geopolitical Developments - Tensions between China and Japan continued, with China writing a letter to the UN and Japan's defense minister discussing missile deployment plans near Taiwan [10][12] - US Secretary of State Marco Rubio indicated that the proposed November 27 deadline for securing Ukraine's support for a US-backed peace plan could be flexible [11][12]

格隆汇11月24日丨蜂助手(301382.SZ)在投资者互动平台表示，公司在人工智能领域持续深耕，已在智 能体(Agent)技术方向形成核心能力，涵盖用户意图精准识别与AIGC内容生成等关键环节。相关技术将 重点应用于云手机、智能玩具等产品，并推动内部工作流程的自动化重塑，以提升企业运营效率。在对 外合作方面，公司正与行业伙伴共同推进AI智能随身WiFi、智能视频监控等解决方案的落地，并与芯 片厂商、智能交互方案商等多元化合作项目也在洽谈推进中。 ...

The Information披露了一份Sam Altman在10月份的OpenAI内部备忘录。他指出随着谷歌等竞争对手在人工智能领域的快速进步，公司正面临“氛围紧张”和“经济逆风”的双重挑战。为稳定军心，Sam Altman强调即使在当前的技术路径上“暂时落后”，OpenAI也必须将精力集中在实现“超级智能”这一终极目标上。 https://t.co/Ia2ShjXE8a ...

Hint: It unites AI and payments https://t.co/d7NkSgXFcA ...

Investment Trends in AI - Corporations are significantly investing in AI, with Google planning to invest $40 billion, Oracle committing $3 billion over five years, Bosch aiming for Euro 2.5 billion by 2027, and Nvidia outlining a $10 billion investment [1][2] - Indian companies are also making substantial investments, with L&T investing Rs.1,407 crore for a 21% stake in E2E Networks, and other firms like Tata Elxsi and Zensar Technologies announcing AI-led strategies [1][2] Market Sentiment and Exposure - There is a strong belief in the transformative potential of AI, leading asset managers and retail investors to increase their exposure to AI-linked companies [3][4] - The Parag Parikh Flexi Cap Fund has allocated around 16% of its portfolio, approximately Rs.19,000 crore, to AI-linked companies, while global ETFs are also reflecting this trend [3][4] Comparisons to Historical Trends - Some experts draw parallels between the current AI boom and the dot-com bubble of 2000, citing high valuations and massive capital flows without guaranteed demand [4][5] - Unlike the dot-com era, today's AI companies are generating substantial revenues, with major players making $300-500 billion in revenue and nearly $100 billion in annual cash flows [5][10] Valuation Insights - Current valuations of major AI companies are not as extreme as during the dot-com bubble, with leading firms trading at 26-30 times forward earnings compared to 70 times in 2000 [10][12] - The so-called 'Magnificent Seven' account for about 35% of the S&P 500, but this concentration is supported by actual earnings growth [10][11] Investment Pace and Funding Sources - US tech giants are projected to spend $344 billion on AI this year, with expectations to exceed $500 billion by the end of the decade, primarily funded by internal cash generation rather than debt [13][14] - Concerns have been raised about 'circular deals' among companies, which may appear to inflate growth but are seen as strategic partnerships necessary for market maturation [14][16] Revenue Generation and Future Outlook - Companies like OpenAI and Anthropic are projected to have meaningful revenues, with estimates of $13 billion annually and $9 billion expected in 2025, indicating real business activity [17] - Despite strong fundamentals, there are concerns about whether current spending will yield sufficient future revenue, which could lead to market volatility [18][19] Risks and Market Dynamics - Potential risks include the possibility of slower-than-expected earnings growth and power supply challenges for AI data centers, which could impact expansion plans [18][20] - The tightening liquidity environment could affect funding for smaller AI companies, which are often unprofitable and reliant on external capital [20][23]

人民财讯11月24日电，中信证券研报认为，近期英伟达FY26Q3业绩表现及FY26Q4业绩指引超预期，同 时谷歌发布Gemini 3，模型性能大幅提升，表现超预期。研报认为背后本质是AI产业仍在加速上行阶 段，看好PCB作为AI芯片端最同频升级环节的产业机会，近期PCB板块亦存在密集催化，持续推荐AI PCB板块的重点厂商。建议关注：1.技术能力/客户卡位领先、业绩高确定性的龙头厂商。2.边际变化突 出，积极扩张产能、AI业务预期持续强化的厂商。3.受益于覆铜板价格上行周期的利润改善，以及高端 材料放量的覆铜板龙头。 转自：证券时报 ...

Core Insights - The "5G + Industrial Internet" construction projects in China have exceeded 20,000, marking a new phase of large-scale application [1] - There are over 300 influential industrial internet platforms in China, with key platforms connecting over 100 million industrial devices [1] - The self-controlled industrial internet identification and resolution system has been established [1] - The average production capacity of the cultivated top 100 global leading 5G factories has increased by 25%, product quality has improved by 21%, and operational costs have decreased by 19% [1] - During the 14th Five-Year Plan period, China aims to accelerate the implementation of "5G + Industrial Internet" across 41 major industrial categories, achieving the "Hundred-Thousand-Million" action goal for 5G factories [1] - Future plans include creating an upgraded version of "5G + Industrial Internet," implementing actions to integrate industrial internet with artificial intelligence, and enhancing forward-looking research on the integration of 6G with industry [1]

Core Insights - Faraday Future Intelligent Electric Inc. is participating in the LA Auto Show with its FX Super One and FF 91 2.0 models, inviting attendees to experience ride-alongs and place preorders [1][7] - The company has completed a significant transition by becoming the controlling and majority stockholder of AIxCrypto Holdings, marking a new strategic direction [4][5] - The establishment of a "Dual Flywheel, Dual Bridge, and Dual Listed-Company" structure is expected to enhance growth opportunities across both electric automotive and cryptocurrency sectors [5][6] Company Developments - Faraday Future has transitioned into the pilot build and pre-production phase for the FX Super One, with the first batch of components arriving soon [7] - The company aims to redefine mobility through AI innovation, focusing on user-centric and technology-first approaches in the automotive industry [8] - The FX strategy is designed to introduce mass production models targeting a broader market with mid-to-low price range offerings, complementing the luxury positioning of the FF 91 [8] Strategic Importance - The partnership with AIxCrypto is anticipated to create a new growth engine for Faraday Future, enhancing capital, technology, and user ecosystems [6] - This strategic move is expected to provide lower-cost financing options and expand the user base, which is crucial for the company's long-term success [6] - The integration of Web3 capabilities into the existing Web2 framework is seen as a transformative opportunity for both sectors [5]

Core Viewpoint - Micron's stock experienced a significant decline of 16% this week, despite a major investment firm becoming increasingly bullish on the stock, raising its price target substantially [1][2][7]. Market Performance - The pullback in Micron's stock occurred alongside a 2% drop in the S&P 500 and a 2.7% drop in the Nasdaq Composite [2]. - The decline was influenced by a broader market sentiment regarding AI stocks and shifting expectations about the Federal Reserve's interest rate decisions [3]. Company-Specific Developments - Nvidia's third-quarter results initially boosted Micron and other AI stocks, but investor sentiment turned bearish later in the session [4]. - UBS maintained a buy rating on Micron and raised its price target from $245 to $275, citing favorable demand trends for Micron's high-bandwidth-memory (HBM) solutions driven by the rise of AI data centers [7].