有专家在接受记者采访时指出，在本轮A股市场的上涨行情中，科技板块是主要驱动因素之一，背后的 科技自立以及AI浪潮是两条重要的逻辑主线。 人民财讯11月19日电，近期，年内持续强势的科技股涨势出现一定减缓迹象，而红利股表现则开始相对 强势。与此同时，作为年内科技股行情驱动因素之一的人工智能(AI)浪潮，市场对其是否存在较大泡沫 的分歧也在逐渐加大。A股市场的风格转换是否又到了新的"十字路口"？ ...

（原标题：美股前瞻 | 三大股指期货齐涨 英伟达及零售业财报考验牛市信念） 盘前市场动向 英伟达又遭清仓！硅谷知名创投大佬彼得·蒂尔(Peter Thiel)旗下蒂尔宏观基金三季度清仓了AI芯片巨头 英伟达(NVDA.US)。这是继软银、桥水等大型投资机构抛售英伟达后，再次有机构对英伟达用脚投 票。据悉，蒂尔今年早些时候曾警告英伟达估值过高，并将科技股估值飙升与1999—2000年互联网泡沫 1. 11月17日(周一)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.12%，标普500指数期货 涨0.33%，纳指期货涨0.58%。 2. 截至发稿，德国DAX指数跌0.49%，英国富时100指数涨0.00%，法国CAC40指数跌0.28%，欧洲斯托 克50指数跌0.57%。 3. 截至发稿，WTI原油跌0.07%，报59.91美元/桶。布伦特原油跌0.12%，报64.31美元/桶。 市场消息 "数据真空"中美股迎大考!英伟达(NVDA.US)和零售业财报成牛市信念试金石。11月的最后一个完整交 易周将为投资者带来两份关键财报以及9月份就业报告的恢复发布，这些事件将为今年最后几周的交易 定下基调。英伟达将于 ...

在持续波动的市况下，股债市场的相关性将维持高企，分散投资并运用主动型投资方式，以分辨哪些证 券与行业板块具回报潜力，很可能是关键所在。 一些长远市场趋势有望成为未来十年全球的主要增长动力。Remi表示，营业利润率高、自由现金流充 裕的环球高增长企业可带来良好的资本增值机会。企业质素、股东总回报、派息率、估值以及企业管治 方向亦是主要考虑因素。 行业板块方面，人工智能(AI)发展与应用热潮，带动相关科研支出增加，持续推动美国巨型科技企业盈 利增长。近年日本政府及监管机构积极促进企业改革，日企管治日益改善，有助提升当地企业盈利能力 及日股的潜在投资回报，估值且具吸引力。在聚焦大型企业之余，环球小型公司与大型股的关连性较 低，可有效同时提升增长并分散投资。此外，受惠于通胀走势的企业(如黄金相关行业)，亦值得投资者 关注。 美国增长和整体通胀前景仍不明朗，随着股票及其他资产强劲回升，最具消费能力的20%消费者，其消 费能力已因此有所提升。至于这些消费者能否继续推动美国经济增长，仍然是未知之数。不过，这一现 象凸显出美国经济正变得越来越金融化，而这亦带来风险。 Remi表示，尽管市场波动仍存在，整体上宏观环境仍然支持投 ...

格隆汇11月17日｜施罗德集团行政总裁Richard Oldfield认为，无论美股或中资股，都出现资金过度集中 投资少数股份的情况，实际上两地股市仍然值得看好，人工智能(AI)概念可望进一步带动其他企业盈利 上升。他指出，中资股估值上扬之际，更重要的是流动性大幅提升，相信2026年中资企业在AI应用 下，盈利增长情况会变得更为广泛。港股IPO在2025年相当活跃，海外投资者目光亦再度投放在中资 股。据Oldfield观察，外资重投中国，但不见有大量资金流出美元市场，中资股的反弹更大程度来自长 期停泊的现金重新入市。 ...

Core Insights - Consumption remains a key driver of economic growth, with a high contribution rate to GDP growth in recent years [1] - The focus on expanding domestic demand is essential, which includes increasing disposable income, stabilizing employment, and enhancing public service supply [1] - The current economic environment faces challenges of local supply surplus and relatively insufficient consumption [1] Group 1: Economic Strategy - The "14th Five-Year Plan" emphasizes the mutual traction between supply and demand, aiming for a higher level of dynamic adaptation [1] - The commercial circulation industry is crucial in connecting supply and demand, needing to guide manufacturing to optimize supply structure [1] Group 2: Regional Development - Anhui Province has seen significant improvements in its commercial circulation system, with plans to cultivate over 50 large commercial circles and establish 79 provincial-level characteristic commercial streets [1] - The province aims to attract over 200 brand flagship stores annually [1] Group 3: Innovation and Digitalization - Emphasis on innovation across various sectors, including product, technology, culture, and integration innovation [2] - The integration of digitalization and artificial intelligence in retail is highlighted as a key development direction for the commercial circulation system [2] Group 4: Green Development - The importance of green development, environmental protection, and circular economy is stressed, with suggestions for enhancing green consumption incentives and improving the recycling system [2] - The shift in commercial focus from merely selling products to providing services is noted, with considerations for enhancing community living circles and services for specific demographics [2] Group 5: Rural Economic Growth - The rapid growth of the county economy in Anhui Province presents significant opportunities for further development in the retail sector, particularly in rural areas [2]

近年来，人工智能(AI)行业的爆发式增长对通信网络的带宽、密度及能效提出了前所未有的要求。在全球AI数据中心建设加速与技术迭代的双重驱动下，光 模块行业呈现高速增长态势，吸引众多企业争相布局。 在此背景下，光电互连产品提供商——北京海光芯正科技股份有限公司(简称：海光芯正)于10月31日向港交所主板提交上市申请书，华泰国际担任独家保荐 人。公司拟使用上市募集资金的约51%用于产能扩张与自动化升级；约37%投入新产品及技术研发；约2%用于业务推广及海外市场拓展，约10%作为营运资 金及一般企业用途，旨在进一步巩固其在硅光子光模块领域的竞争优势，把握AI驱动下的行业机遇。 全球第十大专业光模块提供商 据招股书，海光芯正的历史可追溯至2011年11月成立的苏州海光芯创光电科技有限公司，2020年12月完成股份制改制并更名为现用名。作为专注于光电互连 产品的提供商，公司业务为光模块、有源光缆(AOC)及其他产品。公司产品广泛应用于AI数据中心，以支持高速、高密度及高能效的数据传输。 据弗若斯特沙利文数据，按2024年收入计，海光芯正以0.7%的市场份额在全球专业光模块提供商中排名第十，且为2022-2024年前十大厂 ...

11月11日至13日，第28届非洲科技节在南非开普敦举行。图为展会现场。 中新社记者 孙翔 摄 通信基础设施建设是中国企业助力非洲数字化转型的重点方向之一。中国移动国际南非公司总经理陶吉 表示，非洲通信产业发展已进入新的阶段，数字化转型是大势所趋。非洲拥有庞大且快速增长的年轻人 口结构，这一独特优势将持续推动信息通信技术需求增长。 陶吉介绍，今年，中国移动参建的环非洲海缆"2Africa"项目部分已陆续投产。该项目将有效降低当地上 网成本、增强数字基础设施韧性、推动跨境互联互通，为打造统一的非洲数字市场发挥重要作用。中国 移动希望通过与非洲运营商及企业客户深入合作，共同助力当地数字化进程。 "中国企业来到非洲，不仅带来资金和技术，也提供大量就业机会。如今，许多非洲国家正逐步向中国 企业敞开大门。"江苏亨通光电股份有限公司南非光缆公司总经理刘德厚介绍，公司已在南非建成年产 200万芯公里的产能，"长期看好南非市场"，并希望不断拓展产品系列及区域布局。 中新社开普敦11月14日电 (记者 孙翔)参展第28届非洲科技节的多家中国企业代表受访时表示，坚持在 非洲"长期主义"投入，才能真正实现产品落地、人员培训与技术能 ...

头顶年内"最强板块"光环的有色金属，明年还会强者恒强吗？临近年底，这一问题也成为了各大机构在 展望2026年时的聚焦所在之一。 中信证券预测，有色铜仍将是2026年金属行业最为确定的配置方向之一。受益于流动性宽松和供应端趋 紧的拉动，预计2026年铜价格区间为10000~12000美元/吨，而且板块估值提升的逻辑较强，供给侧约束 将继续作为配置的主线思路。 王介超认为，2006年或将出现的大宗商品牛市有所不同，其需求增长的核心驱动力并非传统的基建地 产，而是来自新能源、新材料、AI、军工航天等新兴领域。在中美博弈背景下，战略金属的稀缺性与 战略价值进一步凸显，需求弹性显著高于传统工业金属。从供给侧来看，由于资本开支不足与资源保护 主义将导致供需矛盾加剧。历史上，有色金属的供给弹性较高，但近年来受双碳政策、供给侧改革、资 源民族主义等扰动的影响，资本开支严重不足，供给约束也长期化。 当前，全球AI数据中心对于铜等有色产品的需求较为旺盛。摩根大通策略师团队最新发表的研究观点 认为，未来五年，全球AI数据中心的建设将是一次"非同凡响且持续"的资本市场事件。AI数据中心的建 设热潮至少需要5万亿美元，甚至可能高达7万 ...

Market Overview - The U.S. stock market showed mixed results with the Dow Jones reaching a historical high, driven by expectations of an end to the government shutdown [1] - The Senate passed a budget bill to end the government shutdown, which is now under consideration by the House of Representatives [1] - Concerns over high valuations in AI stocks led to a decline in companies like Nvidia, which saw a sell-off after SoftBank liquidated its Nvidia shares for $5.8 billion [1][2] Employment and Economic Data - Recent ADP data indicated a loss of an average of 11,250 jobs per week in the U.S. private sector over the last four weeks, contributing to negative market sentiment [2] Stock Performance - The Dow Jones increased by 559.33 points (1.18%) to close at 47,927.96, while the Nasdaq fell by 58.87 points (0.25%) to 23,468.30 [3] - The S&P 500 rose by 14.18 points (0.21%) to 6,846.61, with healthcare and energy sectors performing well, while the technology sector declined by 0.72% [3] Notable Company Movements - Nvidia's stock dropped by 2.96%, reflecting broader concerns in the AI sector [4] - CoreWeave, an Nvidia-invested cloud computing company, lowered its revenue guidance for the year, further pressuring AI stocks [2][4] - AMD's CEO stated that the AI data center market is expected to exceed $1 trillion by 2030, with significant growth anticipated in their data center business [6] - Google announced a $6.4 billion investment in Germany for data center construction, marking a significant commitment to European infrastructure [7] - Microsoft plans to invest $10 billion in Portugal for AI infrastructure, collaborating with Nvidia and other partners [8]

Core Insights - Klook Technology Limited is planning an IPO on the New York Stock Exchange under the ticker symbol KLK, having filed its prospectus with the SEC on November 10, 2025, after a confidential submission on July 18, 2025 [2]. Business Overview - Klook is a regional experience platform aiming to build a digital infrastructure for the global experience economy, connecting travelers with a wide range of activities and services across over 4,200 destinations [6][8]. - As of September 30, 2025, Klook has listed approximately 310,000 experience offerings and facilitated over 65 million bookings in the past year [6]. - The company focuses on the "last mile" of travel bookings, providing instant confirmations and dynamic recommendations based on user interests and locations [8]. Market Position - Klook has become the largest regional experience platform in the Asia-Pacific region by gross transaction value (GTV) as of 2024, according to Euromonitor International [6]. - The platform's user base is primarily young, tech-savvy travelers, with over 70% of traffic coming from organic channels, indicating strong brand loyalty [10]. Financial Performance - Klook's revenue for the years 2022, 2023, 2024, and the first three months of 2025 were $129 million, $335 million, $417 million, and $407 million respectively, with corresponding net losses of $123 million, $142 million, $99 million, and $141 million [32]. - The company reported a gross profit of $172 million for the first half of 2025, with an operating loss of $9.8 million [35]. Shareholder Structure - The pre-IPO shareholder structure shows that Ethan Lin, through various entities, holds approximately 20.5% of the total shares, with significant stakes also held by investment funds affiliated with HSG (15.5%) and Softbank (11.1%) [12][13]. Management Team - The management team includes co-founders Ethan Lin (CEO), Eric Gnock Fah (President), and Bernie Xiong (CTO), all of whom have extensive backgrounds in investment banking and technology [19][20][21][22].