据韩联社报道，韩国科技副总理兼科学技术信息通信部长官裴庆勋18日表示，他认为中国也许将成为比 美国更强大的人工智能（AI）竞争对手，并强调韩国要加快推进AI基础设施建设与技术研发，以在全 球AI竞争中占据市场制高点。 大韩商工会议所（大韩商会）当天在首尔中区商会会馆举办一场座谈会，裴庆勋应邀出席并作如上表 述。 裴庆勋 资料图。 韩联社 裴庆勋说，今年通过民官合作扩充尖端AI基础设施，成功吸引国际科技巨头的投资，为韩国迈向AI三 强奠定基础，并强调迅速掌握世界顶尖AI模型和技术的必要性。 谈及全球AI格局，裴庆勋表示，美国在AI方面投入巨大、成果显著，但中国同样不可小觑，甚至可能 成为更强大的竞争对手。韩国可以在中美之间找到自身定位，但仍有大量准备工作需要完成。为跻身全 球第一、第二梯队，韩国需要进行更多投资并做好战略思考。 本文系观察者网独家稿件，未经授权，不得转载。 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [5][21]. Core Views - The performance of Shuguang X640 is outstanding and is expected to accelerate breakthroughs in domestic training scenarios, while Haiguang DCU chips are expanding applications across multiple scenarios, leading to rapid growth in performance [2][12]. - The company is a leading domestic high-end processor manufacturer, with products covering general processors (CPU) and co-processors (DCU). The accelerating growth in domestic AI demand, coupled with the trend of domestic substitution, is expected to drive significant growth in performance [12]. Financial Summary - Total revenue is projected to grow from 6,012 million in 2023 to 40,426 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 27.7% [4]. - Net profit attributable to the parent company is expected to increase from 1,263 million in 2023 to 10,439 million in 2027, with a CAGR of about 53.6% [4]. - Earnings per share (EPS) is forecasted to rise from 0.54 yuan in 2023 to 4.49 yuan in 2027 [4]. Market Data - The target price for the company's stock is set at 350.40 yuan [5]. - The stock has a market capitalization of 471,841 million yuan and a price-to-earnings (P/E) ratio of 373.53 at the current price [6][4]. Performance Drivers - The Shuguang X640 features high computing density and strong compatibility with mainstream AI computing software, which is expected to enhance the performance of domestic chips in large model training scenarios [12]. - Haiguang DCU chips are facilitating the establishment of AI computing centers in various sectors, including oil and gas, electricity, and telecommunications, indicating a broad application of the technology [12].

Group 1: Market Overview - Major tech stocks experienced declines, with Tesla and Broadcom dropping over 4%, Google down over 3%, and Meta and Apple falling over 1% [1] - Energy and precious metals sectors saw gains, with ConocoPhillips rising over 4% and ExxonMobil and BP increasing over 2% [1] Group 2: Oracle's Challenges - Oracle faced significant setbacks in its ambitious AI infrastructure expansion plan, as its largest data center partner, Blue Owl Capital, decided to withdraw support for a $10 billion data center project [1] - Despite the setback, Oracle stated that negotiations for the project are proceeding as planned and that the overall progress is on track, with the deal not including Blue Owl Capital [1] - Analysts suggest that this incident highlights potential risks in the funding chain for AI infrastructure as private credit markets tighten [1] Group 3: Nvidia's Market Impact - Nvidia shares fell by 3.81%, resulting in a market value loss of $164.8 billion (approximately 1160.8 billion RMB) [2][3] - The decline is attributed to competitive pressures and a broader downturn in the sector [3] Group 4: Medline's IPO Success - Medline Inc. had a successful IPO, with shares rising 41.38% on the first day to $41, after pricing at $29, raising $6.26 billion [4][5] - The company specializes in manufacturing and distributing medical supplies, including gloves and surgical gowns, and has secured commitments from cornerstone investors [4]

在CPI公布前，指数层面仍宜以区间震荡思路应对。短线交易可重点关注通胀数据对实际利率预期的边 际变化，以及科技板块内部资金流向的再平衡情况。业绩确定性较强、估值相对合理的个股具备一定防 御属性，而高预期、高波动品种仍需注意仓位控制与节奏管理。 总体来看，市场正处在由宏观数据重新校准方向的关键节点。企业业绩能够提供局部支撑，但尚不足以 改变风险定价的核心逻辑。在通胀路径与政策节奏重新形成清晰锚定之前，市场更可能通过反复震荡来 消化分歧，结构性机会与回撤风险并存。 市场焦点集中在即将公布的美国消费者价格指数。当前普遍预期显示，11月整体通胀同比或小幅回升， 核心通胀仍处在相对偏高区间。在通胀粘性尚未被有效削弱之前，利率预期难以出现单边修正。美联储 理事沃勒隔夜的讲话延续了此前偏谨慎的政策基调。他表示，当前政策利率水平仍高于中性区间，但在 通胀尚未完全回落前，并不需要加快降息节奏。这一表态与美联储上次会议后释放的信号保持一致，也 使得市场对未来降息路径的定价继续处于反复调整状态。 UNFX 12月18日讯 在关键通胀数据公布前，市场整体情绪依旧偏向防守。周四早间，美股期货出现小 幅回稳，但修复幅度有限。隔夜盘后，美 ...

责任编辑：栎树 12月18日，摩根大通(JPMorgan)在最新的2026年展望中，结合最新的CEO调查数据指出，市场正重新校 准预期，焦点正从AI应用转向"AI是否真的能带来获利"。普华永道最新的全球CEO调查涵盖109个国 家、超过4700名高阶主管，结果显示明显的"预期落差"。尽管有超过40%的CEO在2025年初预期生成式 AI将推升营收，近一半预期能带动获利能力，但到了年底，仅约三分之一受访者表示在这两项指标上 看到显著成效。虽然营运效率确实有所改善，但成果仍低于原先的期待。 摩根大通的解读并非认为AI投资方向错误，而是变现速度慢于预期。这样的落差正在改变企业决策行 为。该行指出，董事会与财务长正更严格要求投资报酬率(ROI)，偏好财务成果更明确的专案，而非无 止尽的实验性投入。单纯的增长已不再足够，必须同时具备获利与利润纪律。 美股频道更多独家策划、专家专栏，免费查阅>> ...

来源：@中新经纬微博 【#甲骨文跌超5%带崩大盘#！#纳指跌近2%#】美东时间周三(17日)，美股三大股指跳水走低。截至收 盘，道指跌0.47%，标普500指数跌1.16%，纳指跌1.81%。大型科技股集体下跌，特斯拉跌超4%，英伟 达、谷歌跌超3%，苹果、META跌超1%，亚马逊、微软下跌。投资者继续从人工智能（AI）概念股中 撤出资金。甲骨文下跌5.4%。据报道，Blue Owl Capital原计划为该公司在密歇根州的100亿美元数据中 心项目提供融资，但该计划最终未能落地，原因在于市场对甲骨文债务水平和支出规模的担忧。甲骨文 否认了该报道，并表示该项目仍在推进中。但甲骨文的声明未能扭转市场情绪。#马斯克谈盖茨做空特 斯拉# ...

Core Viewpoint - The lithium market is facing a more severe supply shortage than previously anticipated due to a surge in demand, leading to significant price increases for lithium carbonate and spodumene [1][7][8]. Demand Dynamics - The growth in lithium demand is primarily driven by energy storage systems (ESS) and electric commercial vehicles (CV), with forecasts for global ESS production in 2026 raised by 17% to 900 GWh, and a projected increase in ESS's share of total lithium carbonate equivalent (LCE) demand from 32% in 2026 to 38% by 2030 [2][3]. - The demand for electric vehicle (EV) batteries, particularly in the commercial vehicle sector, has been significantly revised upwards, with projections for battery demand from 2026 to 2030 increased by 4% to 22% [2][3]. Supply Constraints - Despite anticipated supply growth from regions like China, Africa, and Australia, the report emphasizes that the response from the supply side is lagging behind the rapid demand increase, with supply expected to grow only 7% in 2026 and 14%-18% from 2027 to 2030 [6]. Price Forecast Adjustments - The supply-demand imbalance is projected to create a shortfall of 4% to 7% of total demand in the mid-term, necessitating higher prices to stimulate new supply [7]. - Price forecasts for lithium carbonate have been raised to $18,000 per ton and for spodumene to $2,000 per ton, reflecting the tightening market conditions [8][10]. Stock Ratings and Price Targets - Following the optimistic outlook for lithium prices, JPMorgan has upgraded all pure lithium mining stocks to "Overweight" and raised their price targets significantly, indicating substantial upside potential for these stocks [1][10].

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2025 年 12 月 18 日 0 / 51 研究所 期货眼·日迹 | 股指期货：反弹再受美股情绪影响 4 | | --- | | 国债期货：博弈反弹行情 5 | | 蛋白粕：供应压力较大 | 盘面继续承压 6 | | --- | --- | | 白糖：国际糖价小幅下跌 | 郑糖大跌后调整 6 | | 油脂板块：棕榈油技术性反弹，油脂整体仍处于底部震荡 8 | | | 玉米/玉米淀粉：现货回落，盘面底部震荡 9 | | | 生猪：供应压力好转 | 现货小幅反弹 10 | | 花生：花生现货回落，花生盘面窄幅震荡 10 | | | 鸡蛋：需求表现一般 | 蛋价稳定为主 11 | | 苹果：需求表现一般 | 果价稳定为主 12 | | 棉花-棉纱：新棉销售较好 | 棉价震荡偏强 13 | | 钢材：原料止跌企稳，钢价触底反弹 15 | | --- | | 双焦：波动加大，关注交易逻辑的变化 15 | | 铁矿：市场预期反复，矿价震荡运行 16 | | 铁合金：成本有支撑，需求存压制 17 | | 金银：美联储释放鸽派信号 再现金稳银强走势 18 | | --- ...

技术在指数级加速，但岗位机会没有同步增长。 为什么会这样？机会流向了哪里？在这个转折点上，什么样的人能抓住新机会？ 这篇文章，我们从这堂课出发，回答四个问题： 第一节 | 不是岗位少了，是方向变了 2025 年的毕业生，正面对一个规则变了的求职市场。 2025 年 11 月，美国失业率升至 4.6 %，创近四年新高；中国城镇失业率为5.1%，青年失业率（16-24 岁，不含在校生）持续高位。同时，应届毕业生规模创纪录：2025 届 1222 万，2026 届预计 1270 万。 但与过去不同，这次不是岗位总量在减少，而是机会的流向变了。 就在昨天（12月17日），吴恩达一个月前在斯坦福的内部讲座视频才公开。11 月 18 日的 AI 课堂上， 他用两组数据解释了这个变化： 2025年，AI 让写程序变得前所未有地快。但这并不意味着工程师更吃香了，恰恰相反，许多人的工作 变得更容易被替代。 吴恩达在课堂上说了一句话： 模型可以帮你写出正确的代码，但它不会告诉你，这段代码要去解决什么问题。 这句话点出了关键：现在大多数岗位的分工逻辑已经变了。 不是谁更懂技术，而是谁先把问题定义清楚。 以往，一个产品从想法落地，需 ...

Market Overview - On December 17, US stock indices collectively declined, with the Dow Jones down 0.47%, the Nasdaq falling 418.14 points (1.81%), and the S&P 500 decreasing by 1.16% [1] - Major tech stocks experienced significant drops, including Tesla and Broadcom falling over 4%, Google down over 3%, and Meta and Apple down over 1% [2] Company-Specific Developments - Oracle faced a setback in its ambitious AI infrastructure expansion plan as its largest data center partner, Blue Owl Capital, decided to withdraw support for a $10 billion data center project. However, Oracle stated that negotiations for the project are still proceeding as planned [2] - Nvidia's stock dropped 3.81%, resulting in a market value loss of $164.8 billion (approximately 1160.8 billion RMB) [4] - Medline Inc. had a successful IPO, with shares rising 41.38% on the first day to $41, after pricing at $29, raising $6.26 billion [6][5] Sector Performance - The energy sector saw gains, with ConocoPhillips rising over 4% and ExxonMobil and BP increasing by over 2% [2] - The semiconductor and computer hardware sectors faced significant declines, with companies like AMD and Arm dropping over 5% [2] Geopolitical and Economic Factors - Geopolitical risks, particularly related to Venezuela, have influenced market dynamics, with the price of WTI crude oil increasing by 3% to $56.8 per barrel [7] - The Federal Reserve's stance on interest rates remains cautious, with officials indicating potential for gradual rate cuts amid concerns about the labor market [13]