来源：滚动播报 甲骨文创办人拉里·埃里森近期遭遇财富巨幅缩水，在连续数周的股价暴跌中累计蒸发 1300 亿美元，使 其在彭博亿万富豪指数中的排名从全球第二滑落至第三位。与此同时，谷歌联合创始人拉里·佩奇凭借 2569 亿美元的资产首次升至全球第二，仅次于埃隆·马斯克。这一反转格外戏剧性。就在两个月前，甲 骨文股价曾在 9 月单日暴涨 36%，凭借对 AI 云基础设施需求激增的乐观预期，埃里森的资产单日大增 890 亿美元，一度让他短暂超越马斯克成为全球首富。然而好景不长，甲骨文股价随后从历史高点回落 39%，过去六周连续下跌，最新收盘价为 198.76 美元。与之形成鲜明对比的是谷歌的表现。得益于新 模型 Gemini 3 获得的市场正面评价，谷歌股价今年以来上涨 58%，并在最新一个交易日再涨 3.5%。多 家机构指出，Gemini 3 的推理能力和生成式表现显著提升，有望进一步缩小谷歌与主要竞争对手在大型 模型表现上的差距。拉里·佩奇持有谷歌约 6% 的股份，2025 年资产已增加 886 亿美元。联合创始人谢 尔盖·布林今年同样收获丰厚，以 2399 亿美元 位列全球第五。马斯克则以 4218 亿美元 ...

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20251123 本周北证 50 缩量回调，建议关注优质稀缺 标的 [Table_Tag] [Table_Summary] [Table_Summary] 北交所市场表现 行业重要新闻： 观点: 2025 年 11 月 23 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 证券分析师 薛路熹 执业证书：S0600525070008 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 相关研究 《中长期配置价值明确，攻守之道双 轨并行》 ◼ 行情回顾：截至 2025 年 11 月 21 日，本周北证 50 指数较上周收盘 价下跌 9 ...

Group 1 - The core viewpoint is that the launch of satellite IoT commercial trials is a key link connecting commercial aerospace and low-altitude economy, aiming to enhance service capabilities and establish a regulatory framework for emerging industries [1][2] - The Ministry of Industry and Information Technology (MIIT) announced the official start of satellite IoT commercial trials, which will last for two years, to stimulate market vitality and support the healthy development of new industries [1][4] - Satellite IoT is expected to enable real-time tracking and data transmission for low-altitude vehicles, addressing communication gaps in the low-altitude economy and fostering deep integration between commercial aerospace and low-altitude sectors [2][3] Group 2 - The satellite IoT business connects various IoT devices through satellite communication technology, providing wide-area IoT connectivity in regions where terrestrial networks are unavailable [3][4] - The MIIT has proposed 19 specific measures to promote the development of the satellite communication industry, including organizing satellite IoT commercial trials and expanding market access for private enterprises [4][5] - Major telecommunications companies like China Telecom, China Mobile, and China Unicom are actively expanding their satellite communication services, enhancing applications in emergency communication and remote area connectivity [5][6] Group 3 - The integration of satellite IoT technology is expected to attract more capital and resources into the low-altitude sector, promoting collaborative development across various industry segments such as drone manufacturing and airspace management [3][5] - The commercial trials are anticipated to create opportunities for upstream and downstream enterprises in the satellite IoT industry chain, leading to a more complete industrial ecosystem [2][5] - The MIIT aims to enhance the synergy between industrial internet and artificial intelligence, promoting the development of smart manufacturing and digital infrastructure [6][7]

南都讯 记者陈栋 11月22日，欧美同学会第四届"双创"大赛新一代信息技术产业赛区决赛在珠海高新区 落下帷幕。本次活动吸引项目代表、归国留学人员代表、企业代表、高校代表、孵化园区、银行及投资 机构等近200人齐聚珠海高新区，共同见证赛事的圆满收官。 珠海是中国第一位留学生容闳的故乡，渴望人才和创新是珠海始终不变的追求。新一代信息技术是珠海 战略性新兴产业的核心支柱，作为首次落地广东珠海的国家级留学人员创新创业赛事，欧美同学会第四 届"双创"大赛自今年4月启动以来，线上关注突破150万人次，成为粤港澳大湾区科技创新的重要平台， 也为留学人才开启"回国创业第一站"提供强力支撑。 珠海高新区为获奖项目提供单个最高100万元的落户奖励，并依托规模超百亿元的珠海发展投资基金， 配套产业扶持与人才住房保障，推动创新成果迅速转化。活动现场，8个优质留学人员项目签署落地意 向，涵盖高端激光器芯片、脑机接口人工视觉、AI神经拟态芯片等前沿方向，与珠海重点产业布局高 度契合。 赛事共吸引510个高水平留学人才项目参赛，覆盖人工智能、具身智能、6G、量子科技等前沿领域。经 过层层选拔，21个项目脱颖而出。获奖项目整体质量亮眼，超9 ...

美国数据中心规划容量已激增至245吉瓦，其开发战略正发生根本性转变。由于对电网供应能力失去信心，开发商正绕开公用事业公司，转向在 德克萨斯州等能源产地直接利用天然气自建发电厂。截至第三季度，德州数据中心规划容量已达67吉瓦。但这种趋势将加剧天然气需求，可能推 高全美能源价格，并对电网可靠性构成挑战。 在人工智能热潮的推动下，美国数据中心正以前所未有的规模扩张，其对电力的渴求正在重塑能源格局，开发商的策略也从"接入电网"转向"自 建能源"。 根据咨询公司伍德麦肯兹（Wood Mackenzie）最新数据显示，截至10月中旬，美国数据中心的规划总容量已飙升至245吉瓦（GW），仅第三 季度就增加了45吉瓦。 而德克萨斯州成为此轮投资的焦点，其规划容量占全美超四分之一，并以获取二叠纪盆地的天然气资源为主。截至第三季度，德州数据中心规 划容量已达67吉瓦。 这一趋势的核心是开发商策略的根本性转变。报告指出，由于对公用事业公司满足其庞大电力需求和紧迫时间表的能力日益失去信心，数据中 心开发商正积极转向建设自有发电设施，尤其是天然气发电。 同时，如果这些项目独立于电网之外，将加剧电力涡轮机的供应紧张，给依赖电网的其他行业 ...

Group 1 - The core viewpoint emphasizes the importance of mutual support among China and Central Asian countries regarding core interests, particularly the One China principle [1] - Wang Yi's visit to Central Asia resulted in a collective statement from the three countries affirming their support for China's stance on Taiwan, reinforcing the One China principle as a universal consensus [1] - The article highlights Japan's historical obligations post-World War II regarding Taiwan, stressing that Japan should reflect on its past actions and adhere to international commitments [2] Group 2 - The article asserts that China will not compromise on issues concerning national sovereignty and territorial integrity, urging Japan to adhere to its commitments made in previous political documents [3] - It warns that if Japan continues to act contrary to its historical responsibilities, it may face renewed scrutiny and accountability from the international community regarding its wartime actions [3]

关于敦促安世荷兰切实回应沟通解决控制权问题以保障全球供应链稳定的声明 近日，我方注意到安世荷兰及其相关方的一系列单方面行为，已对全球半导体产业链的稳定构成潜在威 胁。为避免局势进一步升级，维护各方合法权益，我司特此发表声明如下： 百万用户都在看 直线飙涨！人工智能，重磅传来！ 凌晨，直线猛拉！英伟达，重大发布！ 利空突袭！集体大跌！ 深夜！全线大跌！美股，利空来袭！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 看券商中国 知天下财经 鉴于此，我们要求安世荷兰能在切实尊重事实和法律的基础上，就如何恢复闻泰科技的合法控制权与完整 股东权利，提出具有建设性且真正富有诚意的解决方案。 全球半导体产业的稳定关乎行业发展大局。我们再次呼吁各方以理性、负责任的态度行事，共同维护安世 半导体的稳定与繁荣，保障全球客户的供应链安全。 闻泰科技股份有限公司 2025年11月23日 来源：闻泰科技 责编： 刘珺宇 校 对： 吕久彪 自荷兰经济部不当干预以来，本着负责任的态度和维护全球客户利益的原则，在中国相关政府部门的大力 帮助与推动下，我方已主动释放善意，明确表达了愿意与安世荷兰方面就如何 ...

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints - Last week (from November 17 to November 21, 2025), the median weekly return of stock - type ETFs was -4.57%. Among broad - based ETFs, the Shanghai 50 ETF had the smallest decline; among sector ETFs, the large - finance ETF had the smallest decline; among hot - topic ETFs, the bank ETF had the smallest decline [1][12][59]. - Last week, stock - type ETFs had a net subscription of 49.12 billion yuan. Among broad - based ETFs, the GEM - type ETF had the largest net subscription; among sector ETFs, the technology ETF had the largest net subscription; among theme ETFs, the pharmaceutical ETF had the largest net subscription [2][59]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine were the top three fund companies in terms of the total scale of listed non - monetary ETFs. This week, GF CSI All - Index Food ETF and GF CSI A50 ETF will be issued [5][59]. 3. Summary by Relevant Catalogs ETF Performance - Stock - type ETFs had a median weekly return of -4.57%. The median returns of Shanghai 50, CSI 300, A500, CSI 500, CSI 1000, Sci - tech Innovation Board, and GEM - type ETFs were -2.69%, -3.72%, -4.24%, -5.71%, -5.77%, -5.77%, and -6.01% respectively. The median returns of money - type, bond - type, commodity - type, and cross - border ETFs were 0.01%, 0.01%, -2.50%, and -4.87% respectively [12]. - Among sectors, the median returns of large - finance, technology, consumption, and cyclical sector ETFs were -4.42%, -4.43%, -5.31%, and -5.32% respectively. Among hot - topics, bank, liquor, and AI ETFs had median returns of -0.91%, -2.39%, and -2.53% respectively, showing relatively strong performance, while photovoltaic, new energy vehicle, and pharmaceutical ETFs had median returns of -11.19%, -8.28%, and -6.12% respectively, with relatively weak performance [15]. ETF Scale Change and Net Redemption/Subscription - As of last Friday, the scales of stock - type, cross - border, and bond - type ETFs were 3550.6 billion yuan, 921 billion yuan, and 718.8 billion yuan respectively. The scales of commodity - type and money - type ETFs were relatively small, at 230.5 billion yuan and 176.7 billion yuan respectively [17]. - Among broad - based ETFs, the CSI 300 and Sci - tech Innovation Board ETFs had relatively large scales of 1148.2 billion yuan and 201.8 billion yuan respectively. The scales of A500, Shanghai 50, CSI 500, GEM - type, and CSI 1000 ETFs were relatively small, at 189.4 billion yuan, 184.6 billion yuan, 171.4 billion yuan, 170.3 billion yuan, and 163.7 billion yuan respectively [17][20]. - Among sectors, the technology sector ETF had a scale of 404.9 billion yuan, followed by the cyclical sector ETF with a scale of 210.9 billion yuan. The large - finance and consumption ETFs had relatively small scales of 203.5 billion yuan and 186.9 billion yuan respectively. Among hot - topics, chip, securities, and pharmaceutical ETFs had the highest scales of 145.6 billion yuan, 139.4 billion yuan, and 102.1 billion yuan respectively [24]. - Last week, stock - type ETFs had a net subscription of 49.12 billion yuan and a total scale decrease of 115.443 billion yuan; money - type ETFs had a net subscription of 7.923 billion yuan and a total scale increase of 7.938 billion yuan. Among broad - based ETFs, the GEM - type ETF had the largest net subscription of 6.729 billion yuan, and its scale decreased by 4.125 billion yuan; the Shanghai 50 ETF had the smallest net subscription of 0.316 billion yuan, and its scale decreased by 4.83 billion yuan [27][28]. - Among sectors, the technology ETF had the largest net subscription of 5.694 billion yuan, and its scale decreased by 14.492 billion yuan; the large - finance ETF had the largest net redemption of 0.172 billion yuan, and its scale decreased by 8.739 billion yuan. Among hot - topics, the pharmaceutical ETF had the largest net subscription of 2.21 billion yuan, and its scale decreased by 3.886 billion yuan; the bank ETF had the largest net redemption of 1.849 billion yuan, and its scale decreased by 2.17 billion yuan [32]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of Shanghai 50, CSI 300, CSI 500, CSI 1000, GEM - type, and A500 ETFs were at the 84.67%, 80.38%, 94.64%, 93.90%, 54.82%, and 83.67% quantile levels respectively, and the price - to - book ratios were at the 66.20%, 62.90%, 92.00%, 51.11%, 46.83%, and 83.09% quantile levels respectively. Since December 31, 2019, the price - to - earnings and price - to - book ratios of Sci - tech Innovation Board - type ETFs are currently at the 83.51% and 67.19% quantile levels respectively. Compared with the previous week, the valuation quantiles of A500 and CSI 300 ETFs decreased significantly [35]. - As of last Friday, the price - to - earnings ratios of cyclical, large - finance, consumption, and technology sector ETFs were at the 69.33%, 35.53%, 19.62%, and 88.79% quantile levels respectively, and the price - to - book ratios were at the 65.79%, 58.78%, 21.60%, and 75.19% quantile levels respectively. Compared with the previous week, the valuation quantiles of large - finance, cyclical, and consumption ETFs decreased significantly [38]. - As of last Friday, the price - to - earnings quantiles of bank, dividend, and military - industry ETFs were relatively high, at 99.84%, 99.26%, and 93.16% respectively; the price - to - book quantiles of dividend, AI, and robot ETFs were relatively high, at 96.54%, 94.39%, and 89.78% respectively. Compared with the previous week, the valuation quantiles of pharmaceutical and new energy vehicle ETFs decreased significantly [39]. - Overall, among broad - based ETFs, the GEM - type ETF had relatively low valuation quantiles; among sectors, the consumption and large - finance ETFs had relatively moderate valuation quantiles; among sub - topics, the liquor ETF had relatively low valuation quantiles [40]. ETF Margin Trading - As of last Thursday, the margin trading balance of stock - type ETFs increased from 47.328 billion yuan in the previous week to 48.368 billion yuan, and the short - selling volume decreased from 2.681 billion shares in the previous week to 2.608 billion shares [44]. - Among the top 10 ETFs with the highest average daily margin trading purchase amount from last Monday to Thursday, the Sci - tech Innovation Board ETF and GEM - type ETF had relatively high average daily margin trading purchase amounts. Among the top 10 ETFs with the highest average daily short - selling volume, the A500 ETF and CSI 300 ETF had relatively high average daily short - selling volumes [45][49][52]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - monetary ETFs, and had a relatively high management scale in multiple sub - fields such as scale index ETFs, theme, style, and strategy index ETFs, and cross - border ETFs. E Fund ranked second, with a relatively high management scale in scale index ETFs and cross - border ETFs. Huatai - Peregrine Fund ranked third, with a relatively high management scale in scale index ETFs and theme, style, and strategy index ETFs [53]. - Last week, 8 new ETFs were established, and this week, GF CSI All - Index Food ETF and GF CSI A50 ETF will be issued [56].

证券研究报告 | 2025年11月23日 基金周报 ETF 简称统一规范正式落地，非货基"T+0.5"赎回时代来临 核心观点 金融工程周报 上周市场回顾。上周A股市场主要宽基指数全线下跌，沪深 300、上证综 指、中小板指指数收益靠前，收益分别为-3.77%、-3.90%、-5.10%， 创业板指、中证 1000、中证 500 指数收益靠后，收益分别为-6.15%、 -5.80%、-5.78%。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周 银行、食品饮料、传媒收益靠前，收益分别为-0.87%、-1.36%、-1.39%， 综合、电力设备及新能源、基础化工收益靠后，收益分别为-9.47%、 -9.41%、-8.24%。 截至上周五，央行逆回购净投放资金 5540 亿元，逆回购到期 11220 亿 元，净公开市场投放 16760 亿元。除 5 年期和 10 年期外，不同期限的 国债利率均有所下行，利差扩大 1.22BP。 上周共上报 54 只基金，较上上周申报数量下降。申报的产品包括 1 只 REITs，3 只FOF，上证科创板芯片ETF、中证科创创业人工智能ETF、 易方达中证港股通信息技术 ...

"十四五"期间，我国加快推进"5G+工业互联网"应用落地，实现41个工业大类全覆盖，5G工厂"百千万"行动目标全面完成。下一步，我国将打造"5G+工业互 联网"升级版，实施工业互联网和人工智能融合赋能行动，同时加强6G与工业融合的前瞻研究，推动工业互联网向更高质量、更广范围发展。 央视网消息（新闻联播）：记者从工业和信息化部获悉，截至目前，我国"5G+工业互联网"建设项目已超过2万个，正式步入规模化应用新阶段。当前我国 具有一定影响力的工业互联网平台超过300家，重点平台工业设备连接数超亿台；建成了自主可控的工业互联网标识解析体系；培育的百家全球领先水平5G 工厂平均产能提升25%，产品质量提升21%，运营成本降低19%。 ...