Core Insights - The competition threat posed by OpenAI has surpassed the short-term revenue benefits from cloud services for major tech companies [1][4] - OpenAI's ambitious revenue target of $41 billion by 2030 is expected to disrupt the industry landscape significantly [1][4] Group 1: OpenAI's Partnerships and Risks - OpenAI has signed large-scale computing partnerships with major tech giants like Microsoft, Google, Amazon Web Services, and Oracle [4] - The primary motivations for these partnerships include expanding cloud AI scale, deepening technological collaboration, and managing controllable risk exposure [4] - While these collaborations have led to short-term stock price increases for the tech giants, long-term strategic risks are becoming apparent [4] Group 2: Competitive Threats and Market Impact - OpenAI's competitive threat is twofold: success could lead to market share capture in enterprise AI and consumer applications, while underperformance could result in idle computing resources for the giants, causing industry overcapacity and revenue decline [4] - OpenAI plans to enter advertising and e-commerce commission sectors, which could directly impact the core interests of platforms like Meta and YouTube [4] - It is projected that advertising and e-commerce commissions will significantly contribute to OpenAI's $41 billion revenue target, accounting for approximately 8% of the total industry scale [4] Group 3: Current Market Position - Currently, OpenAI accounts for less than 10% of the cloud service revenue for major tech companies, with AWS contributing less than 5% [4] - Despite the relatively controllable risk exposure at present, the competitive threat from OpenAI in key areas such as search, e-commerce, and enterprise AI has already surpassed the short-term revenue gains from cloud services [4]

今日（11月24日），港股市场跳空高开，机构最新观点认为，港股市场已经进入"布局区"。 截至发稿，恒生指数报25452.87点，上涨232.85点，涨幅0.92%。 每经记者|曾子建 每经编辑|袁东 其他方面，盘面上，科网股普涨，网易涨超3%，百度涨超2%，阿里、腾讯、京东、联想、快手、小米等涨超1%；黄金股活跃，中国黄金国际高开4%；创 新药概念多数上涨，恒瑞医药涨超3%；锂电池概念股高开，宁德时代高开超3%；汽车股普涨，广汽集团涨超9%。新股方面，创新实业（HK02788）上市首 日高开38%。 后市展望： 华泰证券最新观点指出，华泰港股情绪指标仍在悲观区间。从该指标指示的操作信号看，指标进入悲观区间，意味着上下行风险已经较为平衡，港股正在进 入布局区，左侧投资者可以逐步建仓。对胜率要求更高或偏右侧的资金，可等待阿里、美团等港股核心企业发布财报以及密集解禁期结束。 华泰还指出，近期宏观数据再度转弱引发基本面和股市背离担忧，导致AI交易和顺周期接棒之间出现空窗期。但对港股企业的基本面前景并不悲观，预测 2026年海外中资股非金融盈利增速从今年的10%进一步上升到15%左右，宏观表观增长温和改善，企业盈利能力 ...

【环球网科技综合报道】11月24日消息，据外媒marketwatch报道，芯片巨头英伟达近日发布了2025年10月 季度财报，营收与净利润均超预期，甚至披露未来Blackwell和Rubin芯片将带来5000亿美元营收可见度， 但美股AI板块未能扭转颓势，次日高开低走，相关个股集体下挫。 外媒指出，此次AI板块遇冷，源于多重因素叠加。行业层面，OpenAI的偿付能力引发质疑，其与云厂商、 芯片企业的巨额合作超出当前营收，叠加CoreWeave等合作方的债务融资问题，加剧市场对AI泡沫的警 惕。 同时，英伟达自身也面临争议：库存持续膨胀与递延收入模式引发部分投资者担忧，认为若未来订单放缓 可能出现营收缺口，但也有分析师表示，库存增长是为保障产能、应对供应链竞争的必要布局。此外，谷 歌发布的Gemini 3模型性能超越ChatGPT，且基于自研TPU训练，削弱了市场对英伟达芯片的依赖度，进一 步冲击板块情绪。（旺旺） ...

Core Viewpoint - Huawei's data storage product line has launched the AI container technology Flex:ai, in collaboration with Shanghai Jiao Tong University, Xi'an Jiaotong University, and Xiamen University, to address the low utilization of computing resources in the AI industry [1][3] Group 1: AI Industry Challenges - The rapid development of the AI industry has led to a massive demand for computing power, but global utilization rates remain low, resulting in significant resource waste [1] - Issues include small model tasks monopolizing entire cards, large model tasks lacking sufficient single-machine computing power, and many general servers being in a state of "sleep" due to a lack of GPU/NPU [1] Group 2: Flex:ai Technology Features - Flex:ai is built on the Kubernetes container orchestration platform, enabling precise management and intelligent scheduling of GPU and NPU resources to match AI workloads, significantly improving computing resource utilization [3] - The technology integrates research strengths from three universities and Huawei, resulting in three core technological breakthroughs [3] Group 3: Specific Technological Solutions - The XPU pooling framework developed with Shanghai Jiao Tong University addresses the issue of resource waste in small model training by allowing a single GPU or NPU card to be divided into multiple virtual computing units, improving overall utilization by 30% [4] - The cross-node virtualization technology developed with Xiamen University aggregates idle XPU resources into a "shared computing pool," enabling general servers to forward AI workloads to remote GPU/NPU cards, thus integrating general and intelligent computing resources [4] - The Hi Scheduler intelligent scheduler, developed with Xi'an Jiaotong University, optimally schedules heterogeneous computing resources across multiple brands and specifications, ensuring stable operation of AI workloads even under fluctuating loads [5]

——百度 25Q3 点评 核心观点 盈利预测与投资建议 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 134,598 | 133,125 | 128,951 | 135,695 | 144,353 | | 同比增长 (%) | 8.8% | -1.1% | -3.1% | 5.2% | 6.4% | | 营业利润(百万元) | 21,856 | 21,270 | -4,782 | 13,785 | 16,978 | | 同比增长 (%) | 37.4% | -2.7% | -122.5% | -388.2% | 23.2% | | 归属母公司净利润(百万元) | 28,747 | 27,002 | 19,310 | 19,484 | 21,952 | | 同比增长 (%) | 39.0% | -6.1% | -28.5% | 0.9% | 12.7% | | 每股收益（元） | 10.24 | 9.68 | 7.12 | 7.18 | 8.09 | ...

Core Viewpoint - The semiconductor equipment sector is experiencing a high prosperity cycle driven by self-controllable policies and AI technology, with the semiconductor equipment index rising by 57.28% this year [3]. Investment Strategy - The investment framework is divided into three levels: industry prosperity cycle (40%-50% weight), company fundamentals (30%-40% weight), and valuation level [4][5]. - The semiconductor equipment sector is entering a high growth phase, transitioning from 0 to 1 to 1 to 10, making it an ideal investment opportunity [4]. Market Dynamics - The core logic of the self-controllable direction is the increase in domestic production rates combined with demand-driven long-term high growth [6]. - Domestic semiconductor equipment and materials manufacturers are benefiting from the continuous expansion of downstream wafer fabs, providing significant growth space [6]. - The semiconductor equipment sector is currently in the early to mid-stage of high-speed growth, supported by both domestic policies and increasing demand for high-end equipment from wafer fabs [6]. Emerging Opportunities - Advanced packaging is also viewed positively, as it becomes crucial for enhancing chip performance amid the slowdown of Moore's Law, with AI driving related demand [7]. - The investment landscape is characterized by a historic opportunity driven by domestic substitution and AI, with domestic self-controllable processes deepening and being less affected by global economic cycles [8]. Future Outlook - The semiconductor industry is expected to see significant improvements in penetration and domestic production rates over the next three years, maintaining high growth rates [6]. - Companies successfully positioned in the AI supply chain are anticipated to gain global competitiveness, opening up larger development spaces [8]. - Caution is advised regarding stocks that rely heavily on price rebounds, particularly in the storage chip sector, where significant price increases have already occurred [9].

Core Insights - The report highlights the significant growth potential of the electronic skin industry, projecting a market size of $756 million by 2030, driven by the demand for humanoid robots [6][7] - The report emphasizes the competitive landscape, noting that leading companies in the flexible tactile sensor market are predominantly based in Europe, the US, and Japan, holding 57.1% of the market share [6][7] - The report discusses the technological barriers in the electronic skin industry, focusing on materials, manufacturing processes, and algorithms as critical areas needing breakthroughs [6][7] Industry Overview - The electronic skin technology is categorized into five main types, with resistive, capacitive, and piezoelectric sensors being the most common [6] - The report indicates that the demand for humanoid robots is expected to drive the growth of the electronic skin market, with a long-term potential reaching trillions in the domestic humanoid robot market [6][7] - The report identifies key companies in the electronic skin sector, including Fulei New Materials, Hanwei Technology, and others, highlighting their technological advancements and market strategies [6][7] Company Analysis - The report provides an analysis of Zhongji Xuchuang (300308.SZ), noting a revenue of 25 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 44.4% [8] - The company’s gross margin and net margin have shown continuous improvement, indicating a shift towards higher-end product offerings [8] - The report mentions the company's plans for an H-share listing to enhance its international strategy and financing capabilities [8]

（原标题：德国将征收小包裹税；拼多多：全球化业务存在不确定性丨出海周报） 21世纪经济报道记者 董静怡 报告：东南亚、非洲、中东成为中企出海未来三年最受关注的增量市场 ACCA 联合多机构发布的《CFO 视角下的中国企业出海机遇与挑战》调研报告显示，东南亚、非洲和 中东地区成为未来三年中国企业出海关注的增量市场。行业层面，建筑与工程（71%）、医疗保健 （67%）及信息技术与软件（65%）行业对东南亚市场前景最为乐观；零售电商（63%）战略性布局拉 美市场；能源与公用事业企业更关注中东及中亚地区（各约30%）。 深圳前十月进出口3.74万亿元，居内地城市首位 据深圳海关统计，前10个月，深圳累计进出口达3.74万亿元，同比下降0.2%。同期，上海累计进出口规 模为3.71万亿元。深圳进出口规模仍居内地城市首位。 11月17日，阿里国际站正式宣布将面向全球企业买家推出AI Mode，用AI Agent帮全球中小企业全自动 地执行跨境电商采购流程，抢占全球AI采购入口。阿里国际站总裁张阔表示，AI正在深度重塑电商， 尤其是在B2B全球贸易等决策链路更长、单笔订单价值更高的电商场景，AI的价值更为巨大。 速卖通巴西 ...

国产GPU第一股"摩尔线程即将登陆科创板，今日启动申购。 根据摩尔线程此前发布的公告，公司本次发行股份数量为7000万股，发行价格为114.28元/股，预计募集 资金总额为80亿元，扣除发行费用后，预计募集资金净额为75.76亿元。该股将在2025年11月24日进行 网上和网下申购。 值得注意的是，摩尔线程是今年以来发行价最高的新股，中一签需缴款57140元。摩尔线程的网上发行 申购上限为11000股，顶格申购需配沪市市值11万元。 公开资料显示，摩尔线程成立于2020年6月，2020年10月开始正式运营，公司为国家"专精特新"小巨人 企业。摩尔线程主要从事全功能GPU相关产品的研发、设计和销售。目前，公司已成为国内少数能够提 供从FP8到FP64全计算精度支持的GPU厂商之一，也是国内率先推出支持DirectX12图形加速引擎的国产 GPU企业。 公司多位核心高管均有英伟达公司的工作经历。公司创始人、实际控制人张建中曾在英伟达工作超过十 年，曾任全球副总裁、中国区总经理，成立摩尔线程后，公司确立了"全功能GPU"的技术路线。 在日前举行的摩尔线程首次公开发行股票并在科创板上市的网上投资者交流会上，张建中带领 ...

Market Overview - Markets will be closed on Thursday for Thanksgiving and will close early on Friday at 1 pm ET, leading to a shortened trading week with lower volumes expected [6] - Major indexes remain under pressure, with the S&P 500 declining 2% last week and 3.5% for November, while the Nasdaq Composite fell 2.7% last week and is down 6.1% month-to-date [6] Federal Reserve Insights - Investor expectations for a December rate cut have surged, with futures markets now assigning nearly a 70% probability for a quarter-point cut at the December 10 Fed meeting, up from about 44% a week earlier [6] - Goldman Sachs Research supports the case for a December cut, anticipating the Fed's proactive approach to managing potential economic risks and forecasting two additional rate cuts in 2026 amid a cooling labor market [4][6] Economic Data and Market Sentiment - The Bureau of Labor Statistics canceled its October consumer price index (CPI) report and postponed November's CPI release until after the Fed's December meeting, adding to market uncertainty [5][6] - Investor sentiment remains cautious, particularly regarding high valuations in AI-linked stocks that have driven much of the year's market gains, with a noted desire for certainty in the current noisy market environment [5][7] Nvidia and AI Chip Sales - Reports indicate that the US government may allow Nvidia Corp. to resume sales of its advanced AI chips to China after a prior suspension due to export controls, although the review is still ongoing [6]