Report Industry Investment Rating - Morgan Stanley's latest report indicates that the Chinese stock market is expected to rise further in 2026, continuing this year's strong upward trend [2]. - A team led by the head of Asia at J.P. Morgan and the co - head of global emerging market equity strategy upgraded the rating of Chinese stocks to "overweight" [2][3]. Core Viewpoints - Due to the expected interest rate hike by the Bank of Japan, which has a negative impact on the peripheral markets, the major indices of the two Chinese stock markets oscillated and declined on Tuesday. However, the markets have basically digested the external negative factors, and the shrinking trading volume shows that the selling pressure is not significant. The market is expected to continue to oscillate and recover in the future [1][2][3]. - The stock market's profit - making effect will trigger the reallocation of domestic and global funds, with overseas capital flowing back to the Chinese market. This round of market may become a bubble and reach a considerable height [3]. - In the next three years, there is unlikely to be an AI bubble as current GPUs, including older generations, are fully utilized [3]. Summary by Directory Market Review - On Tuesday, affected by the expected interest rate hike by the Bank of Japan, the major indices of the two markets oscillated and declined. The trading volume was 1.59 trillion yuan, showing a shrinking trend during the adjustment. The CSI 300 index closed at 4,554 points, down 22 points or 0.48%; the SSE 50 index closed at 2,978 points, down 15 points or 0.51%; the CSI 500 index closed at 7,040 points, down 61 points or 0.87%; the CSI 1000 index closed at 7,313 points, down 73 points or 1.00% [1]. - Among industry and theme ETFs, the top - performing ones were 5G Communication ETF, Building Materials ETF, China State - owned Enterprises ETF, Infrastructure 50 ETF, and General Aviation ETF, while the worst - performing were Media ETF, Film and Television ETF, and Rare Metals ETF Fund. Among the sector indices of the two markets, the top - performing were forestry, aquatic products, hotel and catering, real estate services, and petrochemical indices, and the worst - performing were household appliance parts, motor manufacturing, energy metals, gaming, and film and television theater indices [1]. - The settlement funds of stock index futures for the CSI 1000, CSI 300, CSI 500, and SSE 50 indices had net outflows of 2.7 billion, 2.2 billion, 1.7 billion, and 1.2 billion yuan respectively [1]. Important Information - As of the last trading day of November (November 28), among all the funds that individual pension can invest in (Y - share funds), the best - performing funds in 2025 are mainly index funds such as CSI Science and Technology Innovation and Entrepreneurship 50, ChiNext 50, ChiNext, and SSE Science and Technology Innovation Board 50 [1]. - DeepSeek released DeepSeek - V3.2 and DeepSeek - V3.2 - Speciale. DeepSeek - V3.2 aims to balance reasoning ability and output length for daily use and reaches the highest level of current open - source models in agent evaluation. DeepSeek - V3.2 - Speciale aims to push the reasoning ability of open - source models to the extreme [1]. - J.P. Morgan upgraded the rating of Chinese stocks to "overweight" [2][3]. - Alibaba Group's CEO stated that Alibaba is making efforts in both AI - to - B and AI - to - C directions, and based on its ecological advantages, Qianwen APP is expected to create the future AI living entrance [2]. - International Finance Association data shows that in the first 10 months of this year, overseas capital flowing into the Chinese stock market totaled $50.6 billion, far exceeding the full - year figure of $11.4 billion in 2024 [2][3]. - NVIDIA's CEO Huang Renxun said that China will win the artificial intelligence competition due to a more favorable regulatory environment and lower energy costs [2][3]. - The Bank of Japan's expected interest rate hike has led to market concerns about a potential "carry - trade massacre" similar to that in December 2022 [2]. - The US ISM manufacturing PMI index in November was 48.2, lower than the expected 49 and the previous value of 48.7, indicating continuous contraction in the manufacturing industry [2]. - India's industrial output growth rate in October was much lower than that in September and the expected value, with manufacturing, mining, and power sectors all showing declines [2]. Market Logic - Affected by the expected interest rate hike by the Bank of Japan, the major indices of the two markets oscillated and declined on Tuesday. The trading volume was 1.59 trillion yuan, showing a shrinking trend during the adjustment. The scale of newly - registered private equity fund products in October was only over 40 billion yuan, which is normal, but the existing scale increased by 1.14 trillion yuan, with an increase of more than 17 percentage points [1][2]. Future Outlook - The major indices of the two markets have basically digested the external negative factors, and the shrinking trading volume shows that the selling pressure is not significant. The market is expected to continue to oscillate and recover. Stock index futures long positions should be mainly allocated to the CSI 300 and CSI 500 indices for range trading [1][2][3]. - Traders' bullish sentiment on the offshore RMB has reached a 14 - year high [3]. - The probability of the Fed cutting interest rates in December has risen to over 85% [3]. Trading Strategies - Stock index futures directional trading: The major indices of the two markets have basically digested the external negative factors, and the shrinking trading volume shows that the selling pressure is not significant. The market is expected to continue to oscillate and recover. Stock index futures long positions should be mainly allocated to the CSI 300 and CSI 500 indices for range trading [3]. - Stock index option trading: As the stock index is in the stage of oscillating recovery, look for opportunities to buy deep - out - of - the - money long - term call options on the stock index [3].

以下文章来源于晚点LatePost ，作者晚点团队 晚点LatePost . 晚一点，好一点 泡沫之后。 作者/曾梦龙 编辑/ 黄俊杰 来源/晚点LatePost (ID：postlate) 继今年成为首个 4 万亿美元市值的公司后，英伟达在 1 0 月 2 9 日成为目前唯一一个 5 万亿公司。 2 0 2 2 年 11 月 底 Ch a tGPT 上 线 前 夕 ， 英 伟 达 还 只 有 4 0 0 0 亿 美 元 市 值 。 之 后 近 三 年，美国资本市场与 AI 密切相关的公司价值就增加了 1 0 多万亿美元，相当于整个 A 股的总市值。 光英伟达新增的市值就超过英法德股市总和。Op e nAI 估值增加 4 8 0 0 亿美元，也超过 了大多数国家的 GDP。 与此同时，今年 1 0 月的新书《1 9 2 9》则回顾了一个技术进步、金融澎湃时代也有另一 种可能。《大而不倒》的作者、美剧《亿万》编剧索尔金（An d r ew Ro ss S o r k i n）回 到大萧条前的经济泡沫，呈现了与今天有诸多相似之处的环境：技术革命连环爆发，电 网 、 家 电 、 收 音 机 、 电 视 机 、 汽 ...

Core Viewpoint - Jeff Bezos views the current investment frenzy in artificial intelligence (AI) as a "good bubble," suggesting that even if it bursts like the 2000 internet bubble, the long-term benefits to society will be significant [1][2][3]. Group 1: Bezos's Perspective on AI Investment - Bezos categorizes the current AI trend as an "industrial bubble" rather than a purely "financial bubble," arguing that industrial bubbles can leave valuable legacies even after they burst [3][4]. - He cites historical examples, such as the massive investment in fiber optics during the internet bubble, which laid the groundwork for future internet development, and the biotechnology boom of the 1990s, which led to life-saving drugs despite many company failures [4]. - Bezos reflects on Amazon's experience during the internet bubble, noting that the company's stock price fell dramatically while its business remained strong, indicating a disconnect between stock prices and actual business performance [4]. Group 2: Solomon's Cautious Outlook - David Solomon, CEO of Goldman Sachs, acknowledges the potential of AI to enhance productivity and predicts that "global business operations will be transformed by AI," but he warns that the substantial capital invested in AI may not yield returns [5]. - Solomon refrains from labeling the current market situation as a "bubble," expressing uncertainty about whether a bubble has formed, and compares the current environment to 1998, when similar questions were raised before the market continued to rise for three more years [5][6]. - He suggests that a market correction within the next 12 to 24 months would not be surprising, given the recent trends [6].

Group 1 - Jeff Bezos views the current AI investment surge as a "good bubble," suggesting that even if it bursts like the 2000 internet bubble, the long-term societal benefits will be significant [1][2] - Bezos categorizes the AI hype as an "industrial bubble" rather than a purely "financial bubble," arguing that industrial bubbles can leave valuable legacies even after they burst [2] - He cites historical examples, such as the massive investment in fiber optics during the internet bubble and the biotechnology boom of the 1990s, which led to essential infrastructure and life-saving drugs despite many failures [2] Group 2 - David Solomon, CEO of Goldman Sachs, expresses a more cautious perspective, warning that significant capital invested in AI may not yield returns [3] - Solomon acknowledges the potential of AI to enhance productivity and transform global business but refrains from labeling the current market situation as a "bubble" [3] - He draws a parallel to the market conditions of 1998, indicating uncertainty about whether a bubble has formed, and suggests that a market correction within the next 12 to 24 months would not be surprising [3]