今日A股震荡下行。上证指数收于3867.92点，下跌0.55%，深证成指收于13112.09点，下跌1.10%。两市 共计成交不足1.8万亿元，较前一交易日有所下降。市场整体跌多涨少，电子通信方向领跌。当前A股所 处的经济和政策环境整体维持积极，预计财政支出将保持积极，推动经济总需求回暖。中期来看，在各 项稳增长措施及宽松货币、财政政策落地后，总需求增速有望重回扩张区间，带动A股重新进入上行周 期。 统计局日前发布的经济数据显示，11月CPI、PPI保持稳定，固定资产投资增速加速下滑，其中房地产开 发投资增速累计同比录得-15.9%继续寻底。在供给偏强、需求偏弱、投资趋缓、通胀低位的环境下，债 券仍然具有配置价值。就点位而言，当前10年期国债收益率突破1.85%的央行合意区间上沿，且需求端 或因长债利率上升增加配置需求。建议适当关注久期策略，持续关注十年国债ETF(511260)。 黄金板块今日表现亮眼，黄金基金ETF(518800)上涨1.37%，黄金股票ETF(517400)上涨1.28%。短期， 12月FOMC降息25bp，并在12月启动准备金管理购买；俄乌和谈仍在拉扯，特朗普持续对委内瑞拉施 压。中长 ...

Core Viewpoint - Nvidia is gradually scaling back its nascent cloud computing business, specifically its DGX Cloud service, which indicates a shift in strategy and a reduction in competitive pressure with major cloud service providers like Amazon Web Services [1][2][3] Group 1: Business Strategy - Nvidia has reduced efforts to attract enterprises to use its DGX Cloud service, planning to primarily utilize it for internal purposes, including support for its own researchers [2][3] - The scaling back of the cloud business may reflect limited demand and market resistance to Nvidia's pricing strategy, as AI developers find the DGX Cloud servers to be more expensive than traditional cloud services [3] - Nvidia's recent quarterly report no longer specifies that its cloud spending commitments include DGX Cloud, suggesting a decreased priority for external customer service [3][4] Group 2: Market Performance - Following Nvidia's news, major tech stocks in the U.S. saw a rise, with Tesla surging over 7% and the Nasdaq index reaching a historical high [1][6] - Goldman Sachs highlighted that AI-driven tech giants and loose monetary policies are the two main pillars supporting the current bull market in U.S. stocks [1][6] - Despite uncertainties, Goldman Sachs projects a steady 7% growth in earnings per share for the S&P 500 over the next two years, reaching $262 and $280 respectively [6][8] Group 3: Competitive Landscape - Nvidia's CEO had previously envisioned a robust future for DGX Cloud, aiming to democratize access to AI chip servers for large enterprises [4] - The introduction of DGX Cloud Lepton, a new cloud service platform, has faced slow initial development, as it competes with existing cloud service providers [5]