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%。 ...

2025 年 11 月 23 日 宏观研究团队 增强消费品供需适配性 进一步促进消费 ——宏观周报 | 何宁（分析师） | 沈美辰（分析师） | | --- | --- | | hening@kysec.cn | shenmeichen@kysec.cn | | 证书编号：S0790522110002 | 证书编号：S0790524110002 | | 国内宏观政策：持续拓展新的消费增量  | | 过去两周（11 月 10 日-11 月 23 日）国内宏观主要聚焦以下几个方面： 经济增长方面，李强总理主持召开国常会，会议研究深入实施"两重"建设有关 工作，部署增强消费品供需适配性进一步促进消费政策措施。会议指出，要把"两 重"建设放在"十五五"全局中谋划和推进，牢牢把握战略性、前瞻性、全局性 要求。要强化人工智能融合赋能，聚焦重点行业、重点领域开发新产品和增值服 务，持续拓展新的消费增量。 基建与产业方面, 发改委和能源局发布《关于促进新能源消纳和调控的指导意 见》，指出到 2030 年，协同高效的多层次新能源消纳调控体系基本建立，持续保 障新能源顺利接网、多元利用、高效运行，新增用电量需求主要由新增新能源 ...

灵巧手堪称具身智能产业珠峰级的问题。 本文为IPO早知道原创 作者｜苏打 微信公众号｜ipozaozhidao "人工智能到底做什么？我想任何的事情都需要走自己的发展之路。AI发展有两个维度：一是攀登珠 峰，追求最大的投入做最强的模型；二是可以修建公路，有更多的人、更多的场景，让模型可规模化 的使用。这是两个不同思路"。 据IPO早知道消息，11月22日，IDEA研究院创院理事长、美国国家工程院外籍院士沈向洋在2025 IDEA大会上，从 算法范式、智能载体、交互范式、计算架构和数据五个维度 梳理了智能的演进， 希望帮助创新者在这场智能浪潮中，找到技术的、产品的、商业的切口。 从交互角度看创新同样非常重要。他认为，今天作为一个产品开发者，"必须要去理解今天的智能特 性，会带来什么样的交互创新机会。" 作为低空经济的"探险者"，今年，IDEA不仅带来《低空经济发展白皮书4.0：通导监网络之路》， 还发布了由沈向洋领衔的著作《低空时代》。全书从基础、应用、法规、系统、技术、安全、开放七 个篇章，梳理IDEA对低空经济的认知与实践框架。 大会现场，IDEA还宣布了两个新的创新平台：国际先进技术应用推进中心（深圳）与 ...

来源|券商中国 最近，美国科技巨头突然掀起发债热潮，亚马逊、谷歌母公司Alphabet、Meta、甲骨文四家公司的发行量，就已接近900亿美元。有外媒统计，美国 企业今年已发行超2000亿美元公司债券，用于资助人工智能相关基础设施项目。这引发了市场能否消化如此庞大供应的疑问，同时也加剧了人们对AI 相关支出的日益增长的担忧。 上述担忧，也"空袭"了美股市场，触发美股自11月初以来的大幅回调。数据显示，11月至今，以科技股为主的纳斯达克指数跌幅超过6%，标普500 指数、道指分别下跌3.47%、2.77%。另外，美国科技七巨头指数下跌5.73%，费城半导体指数大跌超11%。 尽管目前多数大型企业的杠杆率仍处于低位，但投资者正日益感到不安。为人工智能投资提供资金而快速增长的公共债务，可能令美国公司债市场承 压，并最终削弱科技股的吸引力。 虽然有投资者表示，由于这些公司相对于其规模而言杠杆率仍然较低，他们目前对近期融资活动对股票估值的影响并不十分担忧。然而，公共债务发 行的突然增加，引发了市场能否消化如此庞大供应的疑问，同时也加剧了人们对AI相关支出的日益增长的担忧。这种担忧帮助触发了美股在连续六个 月上涨后，于本 ...