关起门来，黄仁勋也有绷不住的时刻。 财报炸裂，市场反馈却是股价反而跌了，这种情况近两年在英伟达身上频频上演。但这一次，我们听到了黄仁勋的一些心里话。 在被泄露的一次内部全员大会上，黄仁勋诉苦"市场并未充分认识到（英伟达）令人难以置信的季度表现。" 这并不是说英伟达被低估了，而是预期过高。他觉得，现在英伟达无论做什么，都难以取悦市场，陷入"无赢"的境地。 黄仁勋正在品尝当"时代的司机"的痛苦。PC时代的双司机英特尔与微软，移动时代的苹果，都曾有相似的痛苦。 一旦成为手握方向盘的企业，外界对其的判断也会与"乘客"不同——业绩表现之外，外界总是会操心可持续性，也会联想过去人类经验的总和，正如当下 人们回想起当年互联网泡沫破裂的往事。 "时代的司机"不仅活在当下，也同时活在未来和过去。 AI时代刚刚开启，方向盘还在抢夺中。微软、Meta、谷歌、OpenAI……既是这辆车上的VIP乘客，也都虎视眈眈地盯着驾驶室，谷歌的TPU进展就是最新 鲜的例子。 方向盘固然有些烫手，黄仁勋只能紧紧握住。 在内部会议上，黄仁勋提到一个网络梗图，几根绝望的杆子苦苦支撑一栋倾斜严重的大楼，大楼是"全球股市"，杆子全是"英伟达"。 "如果我 ...

1. Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - Multiple foreign institutions have raised their GDP growth forecasts for China. Goldman Sachs has adjusted its 2025 forecast from 4.9% to 5.0%, and its 2026 and 2027 forecasts to 4.8% and 4.7% respectively. The OECD has raised its 2025 forecast for China to 5.0%, and Deutsche Bank has raised its Q4 2025 GDP growth forecast to 4.6% and the full - year forecast to 5.0% [2][17]. - The Chinese economy shows signs of recovery. The real estate market in first - tier cities has improved, with the number of second - hand housing transactions in November reaching a 7 - month high. The new housing market is expected to have a pulse - like recovery in December [18]. - The global commodity market is volatile. Copper prices have reached record highs, and the price of gold is expected to rise by 15% - 30% in 2026 [5][6]. 3. Summary by Directory 3.1 Macro Data Quick View - In Q3 2025, China's GDP grew by 4.8% year - on - year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year. - In November 2025, the manufacturing PMI was 49.2%, slightly up from 49.0% in the previous month but down from 50.3% in the same period last year; the non - manufacturing PMI was 49.5%, down from 50.1% in the previous month and 50.0% in the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Experts expect that the CPI in November will rise by 0.9% year - on - year, up 0.7 percentage points from October [2]. - The reduction of some US tariffs is an admission that tariffs push up domestic prices. The business community hopes that China and the US will focus on more cooperation [3]. - Many major projects in China are accelerating, and policy support for "two major" projects is expected to increase [3]. 3.2.2 Metals - The price of lithium iron phosphate is expected to rise, with some leading companies planning to increase the processing fee by 3000 yuan/ton in 2026 [5]. - Copper prices have reached record highs, driven by the Fed's interest - rate cut expectations and regional shortages of global copper inventories [5]. - Gold prices are expected to rise by 15% - 30% in 2026, affected by geopolitical and economic uncertainties [6]. 3.2.3 Coal, Coke, Steel and Minerals - The waterway transportation of key materials such as coal in northern Jiangsu is ensured, with 669,000 tons of coal and key materials handled by November [8]. - JFE Steel plans to acquire a 50% stake in the steel business of Bhushan Power & Steel for 157.5 billion rupees [8]. 3.2.4 Energy and Chemicals - The annual output of the Daqing Gulong continental shale oil demonstration area has exceeded 1 million tons for the first time, and the proven reserves are 158 million tons, with a planned output of 3 million tons by the end of the 15th Five - Year Plan [9]. - Chevron's capital expenditure in 2026 will be between $18 - 19 billion, mainly for US production and investments related to its Guyanese oil shares [9]. - The EU will ban the import of Russian natural gas starting from the fall of 2027 [10]. 3.2.5 Agricultural Products - Australia's beef exports have reached a record high this year, with exports in the first 11 months reaching 14 million tons, a 15% increase year - on - year [13]. - Brazil's exports of corn, soybeans and other agricultural products in December are expected to increase compared with the same period last year [13][14]. 3.3 Financial News Compilation 3.3.1 Open Market - On December 4, the central bank conducted 180.8 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 175.6 billion yuan on the same day [15]. - On December 5, the central bank will conduct 1 trillion yuan of 3 - month (91 - day) outright reverse repurchase operations to achieve equal - amount hedging [15]. 3.3.2 Key News - China and the US have carried out in - depth exchanges on trade and cooperation in various fields [16]. - The EU has terminated the WTO lawsuit against China's trade restrictions [17]. - The real estate market in first - tier cities has improved, and new housing sales in December are expected to have a pulse - like recovery [18]. 3.3.3 Bond Market Review - The Chinese bond market is weak, with the yields of interest - rate bonds generally rising, and the yields of 30 - year treasury bonds rising by more than 4bp [22]. - The prices of Vanke bonds have continued to adjust, with some bonds falling by more than 15% [22]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 7.069 on December 4, down 29 basis points from the previous trading day [27]. - The US dollar index rose 0.20% in late New York trading, and most non - US currencies fell [28]. 3.3.5 Research Report Highlights - If the Bank of Japan raises interest rates in December, Japanese government bond yields may rise, which may affect exchange rates and equity asset pricing [29]. - In December, investors are advised to actively allocate convertible bonds in the price range of 128 - 136 yuan, and pay attention to low - price large - cap bonds and low - premium equity - like bonds [29]. 3.4 Stock Market Key News - The A - share market shows a divergence between large and small indexes. The Shanghai Composite Index fell 0.06%, while the Shenzhen Component Index and the ChiNext Index rose 0.4% and 1.01% respectively [32]. - The Hong Kong Hang Seng Index rose 0.68%, and the Hang Seng Technology Index rose 1.45% [32]. - The Shenzhen - Hong Kong Stock Connect has reached its 9th anniversary, with a cumulative transaction volume of 131 trillion yuan [32].

深秋的深圳，书香与咖啡香在微风中交织。近日，第九届"阅在深秋"公共读书活动现场，一座蓝色主 题"西至哈至"展台悄然矗立。这是深圳读书会为《西至哈至》新书精心设计的沉浸式体验区，吸引数百 位读者开启了一场跨越现实与神话的体验之旅。 作为第26届深圳读书月重点活动，"阅在深秋"首次以"AI时代 爱阅读"为主题，而《西至哈至》恰是对 这个主题的生动回应——当AI能够生成文本时，读者为何还需要神话？ 读书月盛况：科技时代的精神归属 第26届深圳读书月举办超过3000场主题活动，辐射全城。而"阅在深秋"已然成为深圳极具影响力的城市 阅读品牌标杆，凝练为"图书馆之城"建设成果的生动缩影。深圳这座曾被称为"文化沙漠"的城市，通过 二十多年的读书月活动，已然构建起独特的阅读文化生态。从2000年首届读书月举办至今，这一活动已 成为深圳重要的文化品牌，塑造着城市的文化气质。 活动现场，深圳图书馆的"数智领航"体验区里，孩子们正向机器狗"布小汪"投递写给未来的"时光信 笺"。这些信件将通过AI技术封存，在数年后启封。科技在此刻不再是冰冷的工具，而成为承载情感与 期许的时光信使，生动诠释了"AI时代，爱阅读"的深层含义。 深圳读书 ...

Core Insights - Domestic and international copper prices have reached new highs, driven by expectations of Federal Reserve interest rate cuts and regional tightness in global copper inventories [2][4][6] - The anticipated demand for copper in the AI era is expected to require significant copper ore imports, leading to potential regional shortages [2][6] Price Movements - On December 3, LME copper futures peaked at $11,540 per ton, closing at $11,448.5, a 2.72% increase [4] - On December 4, domestic copper futures reached historical highs of 90,980 CNY per ton and 82,080 CNY per ton for international contracts, with increases of 2.26% and 2.96% respectively [4][5] Supply and Demand Dynamics - Analysts suggest that the copper price increase may continue, but any negative factors or unmet demand expectations could lead to significant price corrections [3][11] - The current imbalance in global copper inventory distribution is exacerbated by strong demand for copper in the U.S. and concerns over potential tariffs [5][12] Industry Impact - The impact of rising copper prices varies across the supply chain; overseas mines benefit the most, while smelting companies with high external ore procurement face greater challenges [8][9] - Copper processing companies are experiencing cost pressures due to rising procurement costs and low processing fees, which may lead to reduced operating rates [9][10] Future Outlook - The copper market is expected to remain volatile, with potential for high price fluctuations due to macroeconomic conditions and supply-demand fundamentals [11][12] - Key factors to monitor include the Federal Reserve's interest rate decisions, recovery of copper supply in response to high prices, and the realization of copper consumption growth driven by AI and energy storage [12]

Core Insights - Huang Renxun expressed frustration that the market does not fully recognize Nvidia's impressive quarterly performance, indicating that high expectations make it difficult for the company to please investors [2][6] - Nvidia's stock price has dropped 9% in November and over 13% in the past month, despite reporting a 62% year-over-year revenue growth and a 65% increase in net profit, which exceeded Wall Street expectations [6][21] Group 1: Market Perception and Performance - Huang Renxun mentioned that Nvidia is in a "no-win" situation where any poor quarterly report could be seen as evidence of an AI bubble, while a strong report could be interpreted as fueling that bubble [6][15] - The company is compared to past tech giants like Intel and Microsoft, who also faced market skepticism despite strong performance, highlighting a historical pattern of investor concerns over sustainability and future growth [11][12] Group 2: Competitive Landscape - Nvidia is currently the dominant player in the AI chip market, akin to the "Wintel" alliance during the PC era, but faces increasing competition from companies like Google and Amazon, who are developing their own AI chips [21][26] - Google's recent advancements with its TPU chips and the launch of Gemini 3 have raised concerns for Nvidia, as these developments could attract Nvidia's customers and challenge its market position [23][24] Group 3: Industry Dynamics - The AI era is still in its early stages, having only begun in earnest with the emergence of ChatGPT, and the competition for leadership in this space is intensifying [22][28] - Huang Renxun's acknowledgment of the competitive pressures and the need for Nvidia to maintain its innovation pace reflects the broader challenges faced by industry leaders in adapting to rapid technological changes [28]

Core Viewpoint - The article discusses the current state and future prospects of angel investing in China, emphasizing the importance of patience and long-term vision in the investment landscape, particularly in the context of emerging technologies like AI and hard tech. Group 1: Investment Landscape - The investment environment has become challenging, with difficulties in fundraising and high costs of customer acquisition, leading to longer exit cycles for investments [3][4]. - Previously, companies like Li Auto and NIO went public within a few years, but now the average time for an IPO in China has extended to around 12 years [4]. - Despite the challenges, angel investing can still be a profitable venture in China for those with sufficient patience [5]. Group 2: Investment Logic - The first investment logic is to focus on "unicorn tigers," which are companies that can dominate their market rather than just being another player [7][9]. - The second logic emphasizes investing in "small-town youth," who are seen as more dedicated and less likely to chase fleeting trends, thus fostering long-term growth [10][11][13]. - The third logic involves ensuring alignment of people, projects, timing, and valuation, as missing the right timing can lead to lost investment opportunities [14]. Group 3: Portfolio and Future Prospects - The company has invested in over 600 enterprises, with around 70 achieving profitability close to A-share listing standards, and expects about 20 companies to go public by 2026 [14][15]. - The focus on AI and new productive forces is seen as a key area for future investment, with a belief in a 20-year bull market for technology innovation in China [14].

2025年12月3日，2025企业家博鳌论坛《AI时代·"中国名牌"创新融合发展论坛》于海南博鳌隆重举行。作为深耕安全系统门窗领域的杰出代表，广东德技 优品门窗有限公司董事长雷少军受邀出席本次高峰论坛，与政府领导、行业专家及知名企业家共赴盛会，分享行业前沿洞察与实践经验，在深度对话中拆 解品牌成长密码，在思想碰撞中贡献产业升级智慧，以实干经验诠释"中国好门窗"的发展之道。 值得关注的是，博鳌论坛自2016年创立至今已成功举办九届，2025企业家博鳌论坛作为第十届重磅活动，除主论坛外，还设置30场平行论坛和20多场配套 活动，整体规模与参会人数均创历史新高。本次《AI时代·"中国名牌"创新融合发展论坛》由中国广告联合有限责任公司主办，新华社《中国名牌》杂志 社承办，聚焦"十五五"规划、数智化转型、品牌出海、产业协同等核心议题，为中国品牌高质量发展凝聚共识、指明方向。 作为以"安全系统门窗"为核心定位的企业，德技优品始终以研发驱动产品迭代，用智能升级筑牢品控防线。雷少军以企业7万㎡航母级生产基地与18万㎡ 智慧工业园为实例，详解数智化转型的实践路径。 4条国际领先的4.0全自动化生产线无缝衔接，核心数字化管理系统 ...

智通财经APP获悉，从能源到大宗矿石等大宗商品的全球海运费率，正走向一次极为罕见的年末飙升，持续上演的地 缘政治冲突、西方国家制裁举措以及不断攀升的产量正在颠覆全球海运供应线路。当前出现的年末运费暴涨凸显出 需求端并未如期"冬眠"，反而被AI基础设施+能源+大宗复苏顶着往上冲，而供给端则被地缘冲突和制裁"人为缩 水"，有效运力被拉长、被锁死，在短期运力基本固定的行业里，最终的结果就是——价钱突然间爆到天花板。 在全球关键航线上运输庞大原油产品的日收益今年以来出现了最大涨幅，大幅上涨了467%——年初到11月底基准航 线日收益的累计涨幅;而运输液化天然气以及铁矿石等商品的费率则分别上涨超过四倍和两倍。由于海运往往呈现出 明显的需求季节性走弱，运费成本通常在年末显著回落。 上图显示，全球运费市场已有相当长一段时间未如此乐观，2025年全球范围内的主要航线关键船型年内运输价涨幅 巨大。这里指的是今年以来到11月底，关键原油航线日运费(等价期租)的年内累计涨幅。 "我们看到的是一个老派并且运输产能极度紧张的实物流运市场，"运营包括超大型原油运输船在内油轮船队的 Frontline Management AS首席执行官 ...

传了一年多的华为云组织架构调整，终于尘埃落定。 2025年11月，华为云启动重大组织架构调整，华为常务董事、原华为云CEO张平安任华为云董事长，原华为数据存储产品线总裁周跃峰担任华为云CEO。 同时，华为云研发体系整体并入ICT基础设施业务体系，成立五大云研发产品线，包括"基础设施云服务"、"Data&AI云服务"、"数据库云服务"、"安全云 服务"、"HCS"。 而在此轮调整之前，今年8月，华为云已经经历了一轮业务的调整。 彼时张平安在内部发布通知，宣布对云BU下层组织进行大范围撤销与合并，重点围绕产品部、公有云服务部及研发部等核心团队，涉及数十个下层部门 与组织。 调整后，华为云将聚焦"3+2+1"业务：包括通算、智算、存储三大基础业务，AIPaaS和数据库两大平台业务，以及安全业务，彻底剥离非核心板块，为后 续架构整合扫清障碍。 结合两次调整，可以看到，华为云已经完成了一次自下而上的变革调整。 从底层业务聚焦，核心业务"合并同类项"，到上层管理人员的变动，及研发体系合并，背后是其整合集团资源，强化AI时代，华为云与ICT底层硬件资源 协同作战的能力。 华为常务董事、华为云董事长张平安 更为重要的一点在于 ...

每经AI快讯，有投资者在投资者互动平台提问：豆包近期联合中兴通讯发布了AI手机，请问未来AI手 机是否需要用LCP薄膜天线，或者使用LCP纤维制成的PCB电路板？ （文章来源：每日经济新闻） 普利特（002324.SZ）12月2日在投资者互动平台表示，公司是国内最早进行LCP材料研发和量产的企 业，LCP改性产品已经批量应用于多款手机连接器等精密零部件中。同时，公司LCP薄膜和纤维主要应 用于以高频高速信号传输为核心的通信和信号信息传输等产业中，随着新一代通信产业的建设和推广， 尤其是AI手机、AIPC、AI眼镜等智能终端的加速发展，对高频高速的需求将持续催化LCP相关材料的 应用，公司将通过从树脂到改性、再到薄膜及纤维的全产业链强化，为即将来临的AI时代提供坚实的 基础。 ...