11月24日，三大股指早盘窄幅震荡，其中创业板人工智能指数小幅拉升。截至上午9:37，创业板人工智能ETF华夏(159381)涨1.12%，相关持仓股 方面，中际旭创涨2.71%、新易盛涨2.65%、天孚通信涨1.15%，中科创达、全志科技、协创数据等小幅跟涨。 消息面上，谷歌于2025年11月正式发布Gemini3，新一代大模型在多项基准测试中实现了断层式领先，展现出跨越式的性能提升。基础思考能力： Gemini3Pro在衡量AI能否解决人类顶尖难题的Humanity'sLastExam中得分37.5%(无工具)和45.8%(带工具)，超过GPT-5.1的26.5%与ClaudeSonnet4.5 的13.7%。Gemini3在开发者工具领域实现了显著突破，重新定义了AI辅助编程的能力边界：在开发者社区运营的实战编码竞技场DesignArena中， Gemini3Pro在整体排名中位列第一 中信建投证券认为，近期，算力板块波动加大。复盘2023年以来的算力板块，三季报后调整比较常见，考虑到AI带动的算力需求依然非常旺盛， 我们认为调整是机会。目前，世界正处于AI产业革命中，类比工业革命，影响深远，不能简单对 ...

Group 1 - The article highlights the collaboration between a company and Huawei to launch a large model integrated machine, as well as a technical partnership with Moore Threads [1] - A company has signed a 100 million yuan contract for new energy power batteries, indicating a strong focus on renewable energy and storage solutions [1] - Another company has entered into a strategic cooperation agreement for humanoid robot components with a rolling bearing enterprise, showcasing advancements in humanoid robotics and automotive technology [1]

聚焦本源 拓宽投资视野 以认知破局 以调研求实 ——融通基金李进的成长投资之路 ◎记者 赵明超 哲学家安·兰德说过，财富是一个人思考能力的产物。融通产业趋势臻选基金经理李进比较认同这句 话。在他看来，产业发展瞬息万变，唯有持续迭代认知，方能精准捕捉到投资机遇。 从深耕电子行业，到逐步拓宽至消费、创新药等多元赛道，李进不断升级其投资框架。在投资中，他坚 持"均衡与集中并重"的组合策略，更恪守"不调研无投资"的铁律，以扎实的深度研究穿透市场表象，寻 找有竞争力的优质企业。 勤翻石头 坚持一线调研 在他看来，投资虽有市场情绪等层面的变量，但核心更偏向自然科学。股价最终由公司业绩与产业发展 决定，唯有刨根问底、厘清核心驱动因素，才能进行理性判断。 从李进的投资研究之路来看，经历了从深耕单一行业到不断拓展能力圈的成长。2017年，李进加入融通 基金，开启了电子行业研究之路。从半导体到消费电子，他全面覆盖电子领域的各个细分方向，凭借扎 实的研究功底连续多年拿下研究部考核第一名，并于2021年升任基金经理助理。 经过3年多深度积淀，李进发现，电子、计算机及其他制造业的产业规律与投资逻辑高度相似。在积累 了偏高弹性的制造业资 ...

Core Viewpoint - A public fund, which previously faced significant losses and reduced its scale to 40 million, has successfully transformed by investing in AI, achieving a 12-fold increase in scale and doubling its value within a year [1][4][20]. Fund Performance - The fund's unit net value experienced a maximum decline of nearly 60% in less than two years, dropping from 246 million to approximately 40 million [4]. - As of November 18, 2025, the unit net value surged to 1.52, with an annual return of 109.57%, effectively doubling its value [4][20]. Investment Strategy - Initially, the fund heavily invested in the liquor sector, with seven out of ten top holdings in well-known brands, but faced losses due to a downturn in the industry [6][8]. - The fund manager, Liu Xiaoming, pivoted to AI investments, recognizing the potential in CPO sectors, which began to show significant profit growth [12][14]. - In 2025, the fund aggressively increased its positions in key AI-related stocks, achieving substantial gains, with some stocks seeing increases of over 350% [14][16]. Fund Scale and Challenges - Following the impressive performance, the fund's scale grew from 344 million in Q2 2025 to 4.487 billion in Q3 2025, marking a 12-fold increase [20]. - The increase in scale presents challenges, as larger funds face reduced flexibility in trading and may struggle to manage liquidity effectively [22][24]. - The transition from a small, agile fund to a larger one requires not only a focus on sector selection but also skills in position management and industry diversification [24].

Market Overview - Global market risk aversion continues to escalate, influenced by significant fluctuations in US stocks, leading to declines in major Asia-Pacific indices [1] - A-shares experienced a substantial adjustment, with over 5,000 stocks in the red, and the Shanghai Composite Index fell 2.45% to 3,834.89 points [1] - The total market turnover reached 1.98 trillion yuan, showing a significant increase compared to the previous period [1] Sector Performance - Technology growth stocks were hit hard, with the hard technology broad-based dual innovation leader ETF (588330) down 4.1% [1] - The entrepreneurial board AI ETF (159363) opened lower and fell 4.83%, breaching all short-term moving averages [1] - Cyclical sectors such as non-ferrous metals and chemicals also faced declines, with both the non-ferrous leader ETF (159876) and chemical ETF (516020) experiencing significant drops [1] Defensive Stocks - Amidst the widespread decline, defensive stocks showed resilience, with China Bank rising 0.8% to set a new historical high [1] - Consumer stocks outperformed the market, with the consumer leader ETF (516130), food ETF (515710), and agriculture, animal husbandry, and fishery ETF (159275) all beating the market [1] - Eastern Securities forecasts that the food and beverage sector may experience "easy rises and difficult falls" by 2026 [1] ETF Insights - The food ETF (515710) showed significant resilience, outperforming the Shanghai Composite Index despite a 1.29% drop [10] - The Hong Kong Internet ETF (513770) saw a net inflow of 54.14 million yuan over the past five days, indicating strong buying interest despite recent declines [4] - The Hong Kong Internet ETF's top holdings include Alibaba, Tencent, and Xiaomi, which collectively account for over 73% of the fund [8] Future Outlook - Analysts suggest that the current market may continue a "weight protection + structural theme" oscillation pattern, with low-valuation financial stocks like banks offering defensive value [3] - The long-term "systematic slow bull" trend remains intact, with focus areas including large consumption, prosperity, traditional industries, and dividends [3] - The food and beverage sector is expected to see a fundamental turning point, with a potential recovery in earnings anticipated by 2026 [13]

周五（11月21日），创业板人工智能跳空大跌近5%，主要受光模块等算力硬件剧烈回调影响，截至收 盘，新易盛跌超8%创9月份以来新低，天孚通信跌超7%，中际旭创跌逾5%。AI应用方向则逆市活跃， 易点天下20CM涨停，万兴科技、中文在线、蓝色光标等涨超2%。 热门ETF方面，光模块含量超54%的创业板人工智能ETF（159363）场内收跌4.83%，失守所有短期均 线，为10月高点回调以来新低，单日成交9.2亿元。资金进场大举抢筹，全天净申购1.76亿份。 【海内外多事件催化，AI应用或迎补涨行情】 配置上看，中银证券指出，2025年以来，AI产业链内部已经经历了从海外算力-国产算力-存力与电力的 行情轮动，AI应用作为下游对比之下涨幅有限，仍具备较高配置性价比，产业拐点催化之下，AI应用 或将迎来补涨行情。 【算力高景气度持续，光模块有望引领反攻】 英伟达超预期财报印证了全球算力高景气度。机构指出，在全球算力需求持续高企的背景下，1.6T光模 块零售价格上涨，800G及以下速率光模块降价速度减缓，光模块行业一改以往量增价跌的态势，出现 了"量价齐增"的现象。 数量方面，此前据市场测算，明年全球800G光模块有 ...

Group 1 - The report highlights a strategic shift towards large financial and consumer sectors, indicating a rebound window following the maximum negative impact from equal tariffs [1][9] - The report emphasizes that the market is approaching a phase bottom, with short-term adjustments not altering the long-term upward trend, despite liquidity pressures from the Federal Reserve's hawkish stance [2][9] - Historical analysis of the U.S. stock market shows that significant downturns typically require major negative shocks, with expected maximum adjustments around 10% in the current context [3][10][11] Group 2 - The report notes that market volume has decreased, with transaction amounts falling below 20 trillion yuan, indicating a lack of momentum in market leadership [4][12] - It suggests that the current market adjustment presents a good opportunity for accumulation, focusing on sectors with favorable risk-reward ratios, such as real estate and resource commodities [4][13][14] - The report identifies mid-term investment opportunities in high-growth sectors, waiting for renewed confidence in high-prosperity segments like storage and AI [4][13][14]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The report highlights that the performance of major overseas companies, such as Nvidia and Google's Gemini3 model, confirms the high prosperity of computing power [5] - The electronic industry index has seen a decline of 5.66% this week, with specific sectors like consumer electronics and semiconductors dropping by 5.98% and 5.80% respectively [3][4] - The report emphasizes the acceleration of domestic chip launches and new product iterations, with a prediction that the smart glasses market will reach a significant turning point by 2026 [4] Summary by Sections Market Review - The US stock market has experienced significant volatility due to increased expectations of interest rate cuts by the Federal Reserve, impacting the domestic electronic sector [3] - Nvidia's third-quarter revenue reached $57.01 billion, with data center revenue contributing $51.2 billion, indicating strong performance despite market fluctuations [4] Industry Updates - The report notes that Samsung has increased the prices of certain memory chips by 60% compared to September, reflecting rising storage costs [4] - The launch of the "Qianwen" app by Alibaba and the upcoming release of Huawei's Mate80 are significant developments in the terminal market [4] Investment Recommendations - The report suggests focusing on technology sector stocks that have undergone significant adjustments and have potential catalysts, including companies like SMIC, Huahong Semiconductor, and Cambrian [5]

Core Viewpoint - Huibo Yuntong (301316) has disclosed a major asset restructuring plan to acquire control of Baode Computing, marking a significant shift in its merger strategy from direct acquisition to involving controlling shareholders and local state-owned assets to mitigate risks [1][2]. Group 1: Transaction Overview - The restructuring involves Huibo Yuntong purchasing 67.91% of Baode Computing's shares from 59 parties, with the largest change being the involvement of minority shareholders rather than the major shareholder [2]. - Baode Computing, a leading provider of computing products, reported nearly 10 billion in annual revenue, while Huibo Yuntong's revenue was only 1.7 billion, making this a "snake swallowing an elephant" type of deal [2]. - The transaction is valued at approximately 1.444 billion, based on Baode Computing's overall valuation of 4.5 billion [3]. Group 2: Shareholder Structure and Governance - Post-transaction, the shareholder structure of Baode Computing will include multiple stakeholders, such as Shenhui Jinwu and Hangzhou Chuantou, with strategic investor Yangtze River Industry Group participating in the financing [4][5]. - The original controlling shareholder of Baode Computing will exit management roles, transferring governance risks to external parties [3][4]. Group 3: Performance Commitments - Huibo Yuntong's controlling shareholder, Shenhui Holdings, is involved in performance commitments, ensuring that if Baode Computing's future performance does not meet targets, compensation will be provided [6][7]. - The performance compensation will be shared among all shareholders of Huibo Yuntong, enhancing protection for public shareholders [7]. Group 4: Strategic Implications - The transaction allows Huibo Yuntong to expand from software services to integrated hardware and software solutions, enhancing its competitive edge in the market [7]. - The collaboration is expected to create synergies in product ecosystems, technology development, and customer resources, positioning Huibo Yuntong as a comprehensive solution provider in the computing industry [7].

Core Insights - Huawei focuses on innovative breakthroughs in computing infrastructure during the 2025 World Computing Conference, emphasizing the importance of AI computing power for various industries' intelligent upgrades [1][2] - The collaboration between Huawei and Hunan aims to enhance computing infrastructure innovation, leveraging Hunan's strengths in advanced computing and AI [2][7] Group 1: Event Highlights - Two thematic activities were held during the conference, focusing on cutting-edge computing technologies and ecosystem building [1] - Various reports and cooperation agreements were released, including a strategic white paper on AI by Aier Eye Hospital and Huawei [4] Group 2: Technological Innovations - The conference showcased the latest achievements in computing, including advancements in Ascend and Kunpeng technologies, as well as Huawei Cloud [5] - Huawei's approach integrates core technologies with computing power and industry scenarios, promoting high-end, intelligent, and green development [7] Group 3: Talent Development - The Digital Skills Talent Public Training Base in Changsha has trained over 20,000 digital talents, with a 76% employment rate, supporting the digital economy in Changsha [8][10] - The training base focuses on practical skills in AI, 5G communication, and HarmonyOS, addressing the employment challenges faced by graduates [10]