据环球网，路透社21日援引消息透露，特朗普政府正考虑批准向中国出口美国芯片制造商英伟达的 H200人工智能芯片。报道援引知情人士消息称，负责监管美国出口管制的美国商务部正就改变对华出 口限制一事进行审查，并称相关计划可能会发生变动。报道称，美国商务部暂未对此作出回应，英伟达 尚未就此直接置评。 ...

Core Insights - Berkshire Hathaway has made a significant investment in Alphabet, which contradicts Warren Buffett's principle of not investing in businesses that are difficult to understand [1][2] - The investment comes at a pivotal moment as Buffett prepares to step down, suggesting a potential shift in investment strategy under the new leadership of Greg Abel [2][4] Investment Analysis - Berkshire Hathaway acquired 17.84 million shares of Alphabet, making it the company's tenth-largest stock holding [2] - The investment was made at a high valuation, with Berkshire paying approximately 40 times the tracking free cash flow (FCF), significantly above the S&P 500 average of about 26 times since 1991 [1][4] - The investment represents a bet on future growth, requiring Alphabet to achieve an annual free cash flow growth of 13% to 23% over the next three to five years to justify its valuation [4] Market Context - This investment places Berkshire Hathaway at the center of the ongoing debate on whether AI-related stocks are overvalued [3][4] - Despite the high valuation, Alphabet's free cash flow profit margin was around 19% last year, with expectations to maintain that level this year, which raises concerns about its ability to support such a high valuation [4] - In contrast, Nvidia, a leader in AI chips, has a much higher profit margin of 44%, which supports its higher valuation of over 60 times free cash flow [4]

图片来源：AFP "你们看过网上的那些表情包吗？现在的英伟达基本是在维系地球运转。我觉得这种说法并不夸张。" "但即使我们交出了令人难以置信的好成绩，市场也并不买单！" 根据Business Insider获取英伟达内部会议录音显示，在本周四的内部会上这家全球市值最高公司的CEO黄仁勋抱怨连连，认为英伟达高光的三季度业绩表现 和对美国经济、全球发展的重要影响没有得到应有的重视。 外界对英伟达过高的期待值，导致黄仁勋似乎陷入了进退两难窘境。 "哪怕只是看起来有点问题，整个世界都会崩溃" 11月19日美股盘后，，570.1亿美元的营收表现创下同季度纪录，高出华尔街普遍不到550亿美元的预测。该公司四季度业绩展望更是高达650亿美元，比华 尔街预期普遍高出5%。 黄仁勋也在财报电话会议上回应了"AI泡沫"、英伟达大举出手投资、芯片竞争白热化等市场疑虑，并坚称"没看到泡沫"，称英伟达将会一如既往地优秀和领 先下去。 不过，财报带来的提振十分短暂，虽然当日盘后和次日开盘英伟达股价一度走高，但回落来得更加突然，11月20日，该公司从接近196美元的开盘价一路跌 至180美元左右，收跌3.15%，美股各大指数也同步受挫。 ...

Core Viewpoint - The article discusses the high expectations and multifaceted roles of Field Application Engineers (FAEs) at Company T, emphasizing their technical expertise, customer understanding, sales skills, and career development opportunities [5][7][9]. Group 1: Requirements for FAEs - Technical proficiency is fundamental for FAEs, with comprehensive training provided upon joining Company T, enabling them to continuously enhance their skills through practical experience [5]. - FAEs are expected to be customer experts, understanding clients' decision-making processes and influencing product development through their technical knowledge [7]. - Sales skills and influence are crucial, as FAEs are encouraged to build trust with clients and persuade them to choose Company T's solutions over competitors [7][8]. Group 2: Career Development Paths - FAEs at Company T can pursue two main career paths: technical expert or technical management, with a structured expert level system in place [9][11]. - The article highlights successful transitions from FAE roles to management positions, showcasing individuals who have excelled in both technical and managerial capacities [11][12]. - There are also opportunities for FAEs to shift into sales or product line roles, demonstrating the flexibility and diverse career options available within the company [12][13]. Group 3: Notable Examples - The article features several exemplary FAEs, such as D and H, who have made significant contributions to client support and technical innovation, earning recognition within the industry [5][6][10]. - The success stories of FAEs transitioning to higher roles or different departments illustrate the potential for career growth and the value placed on technical expertise at Company T [11][13]. Group 4: Conclusion - The collaboration between FAEs and sales teams is emphasized as essential for achieving business success, with a call for mutual respect and appreciation for the contributions of FAEs [14].

国产ARM的垂直整合路线，正在打开一块缺口。 这也意味着，未来在当地的信创替代工作中，国产ARM芯片不再作为"必选项"进行集采绑定。新一代自主安全计算体系将围绕"覆盖全技术栈、融合全产 业链、驱动多行业应用、具备开放合作活力"等目标，构建更好用易用、开放通用的信创体系大生态。 "两芯一生态"扩容，单一路线闭环瓦解 "两芯一生态"是对标"Windows+Intel"体系，由飞腾、鲲鹏CPU和麒麟OS构成的"Arm+Linux"闭环技术路线。这一自主安全计算体系的全面扩容，也预示着 国产ARM闭环正在层层瓦解。 据悉，在全国自主计算机技术百家争鸣的形势下，长沙率先融合长城"PKS"和湘江鲲鹏两大平台，确定了以麒麟操作系统为应用生态，飞腾CPU+鲲鹏 CPU为核心支撑的"两芯一生态"技术体系，主要为了解决国内自主安全计算的核心技术问题。 近日，"两芯一生态"自主安全计算体系进一步扩容——此前的"飞腾/鲲鹏CPU+麒麟OS"闭环解开封锁，并开始延伸至"通用芯片/专用芯片+国产操作系 统"全栈通用体系。 然而，尽管近年来当地信创产业取得长足进展，但仍面临技术路线分散、软硬件适配不足、标准化程度低等关键瓶颈。基于此，"两 ...

场景是系统性验证新技术、新产品、新业态的重要载体，也是赋能新质生产力发展的重要市场资源。近 日，国务院办公厅发布《关于加快场景培育和开放推动新场景大规模应用的实施意见》（以下简称《意 见》），旨在充分发挥我国超大规模市场和丰富应用场景优势，推动更多应用场景转变为"科创胜景"。 14亿多人组成的超大规模市场，居世界第一的研发人员总量，两者在应用场景的"催化"下，正在培育和 释放新的增长动能：无人驾驶汽车加速落地，无人机穿梭送外卖，医疗机器人走上手术台……层出不穷 的创新应用，不断拓宽产业的边界，重塑消费的内涵。 成功的场景是多技术融合的"协奏曲"。一个智能网联汽车场景，就是5G、人工智能、高精地图、云计 算等技术集群的综合体现。这种解决系统性问题的过程，会促进技术的交叉融合与集成创新，并驱动数 据、资本、人才等生产要素以全新的方式组合配置。 将蓝图变为现实，需要政府、市场、社会同向发力。在技术层面，以场景需求倒逼芯片、工业软件 等"卡脖子"环节的自主创新；在数据层面，加快建立数据产权、流通交易、安全治理等基础制度，让数 据要素在阳光下充分涌流；在制度层面，大力推行"沙盒监管"等包容审慎的监管模式，为新生事物预留 ...

周五，美国三大股指全线收涨，家得宝涨超3%，默克涨近3%，领涨道指。 芯片股多数上涨，费城半导体指数涨0.86%，德州仪器涨逾3%，恩智浦半导体涨超3%，微芯科技涨逾 3%，美光科技涨超2%。跌幅方面，博通跌逾1%，阿斯麦跌超1%，超威半导体跌逾1%。 中概股多数上涨，纳斯达克中国金龙指数涨1.23%，万得中概科技龙头指数涨1.08%。个股方面，涂鸦 智能涨超6%，阿特斯太阳能涨逾5%，亚朵涨近5%，老虎证券涨超4%，蔚来涨超3%；爱奇艺跌超2%， 小马智行跌逾1%，大全新能源跌超1%，再鼎医药跌近1%。 此外，国际贵金属期货收盘涨跌不一，COMEX黄金期货涨0.07%报4062.8美元/盎司，本周累计下跌 0.77%；COMEX白银期货跌1.27%报49.66美元/盎司，本周累计下跌2.02%。 美联储官员近期释放出对货币政策的分歧信号，副主席杰斐逊强调当前金融体系稳健且具韧性，认为 AI热潮与互联网泡沫时期不同，企业拥有实际收益且杠杆使用有限。与此同时，美联储理事米兰称数 据影响"明显偏向鸽派"，劳动力市场数据不如预期强劲，暗示可能支持降息。 截至收盘，道指涨1.08%报46245.41点，标普500指数 ...

今日关注 1、据新华社，中共中央政治局委员、国务院副总理何立峰11月21日下午在人民大会堂会见美国前总统 国家安全事务助理、大西洋理事会执行副主席哈德利一行。何立峰表示，中美拥有广阔的合作空间和广 泛的共同利益，经贸应该继续成为中美关系的压舱石和推进器。希望大西洋理事会发挥积极作用，推动 双边经贸关系稳定发展。详情>>> 2、据央视新闻，11月21日，外交部发言人毛宁主持例行记者会。毛宁表示，日方如果真心想发展中日 战略互惠关系，构建契合新时代要求的建设性、稳定的中日关系，就应该恪守中日四个政治文件精神和 所作的政治承诺，立即收回错误言论，切实把对华承诺体现在实际行动上。详情>>> 3、21日，第十五届全国运动会在广东深圳闭幕。闭幕式上，全运会会旗传给湖南，第十六届全国运动 会将于2029年在湖南举办。 宏观经济 1、11月21日中国科学院、中国工程院公布2025年院士增选结果，分别选举产生中国科学院院士73人， 中国工程院院士71人。值得注意的是，来自比亚迪股份有限公司廉玉波、金发科技股份有限公司黄险 波、宁德时代新能源科技股份有限公司吴凯当选中国工程院院士。详情>>> 2、国家能源局：10月份全社会用电量 ...

Group 1 - The meeting between Chinese Vice Premier He Lifeng and former U.S. National Security Advisor Hadley emphasized the importance of stable bilateral economic relations, guided by the consensus reached during the recent meeting of the two countries' leaders [4] - U.S. stock markets saw collective gains, with the Dow Jones up 1.08%, S&P 500 up 0.98%, and Nasdaq up 0.88%. Major tech stocks showed mixed results, with Google rising over 3% and Oracle falling over 5% [4] - Bitcoin has experienced a significant decline, trading at $84,626.20, down over 2%, marking a monthly drop of more than 22%, the worst performance since 2022 [5] Group 2 - The Ministry of Finance announced that savings bonds will be included in the personal pension product range starting June 2026, allowing pension investors to purchase these bonds through designated accounts [8] - The Ministry of Commerce reported that from January to October 2025, foreign investment in China reached 621.93 billion yuan, a year-on-year decrease of 10.3%, with the manufacturing sector attracting 161.91 billion yuan [9] - The China Consumers Association warned consumers about the risks associated with pirated drama apps, which not only infringe on copyright but also pose privacy and security threats [10] Group 3 - The approval of multiple ETFs focused on the semiconductor and artificial intelligence sectors is expected to attract new capital into the market, signaling regulatory support for strategic emerging industries [11] - Huawei announced a breakthrough in AI technology with the launch of Flex:ai, which enhances the utilization of computing resources by allowing a single GPU/NPU to support multiple AI workloads, potentially increasing resource utilization by 30% [17][18] - Evergrande Auto's two subsidiaries have been taken over by Guangzhou state-owned enterprises, indicating a move to stabilize the company's operations amid financial difficulties [19][20] Group 4 - Cambricon Technologies announced a stock issuance of 3.3349 million shares at a price of 1,195.02 yuan per share, raising approximately 3.985 billion yuan for projects focused on AI large models [21] - Haier Home has submitted an application for H-share listing on the Hong Kong Stock Exchange, marking a step towards international expansion [22] - Eli Lilly became the first healthcare company to reach a market capitalization of $1 trillion, reflecting a significant milestone in the healthcare sector [24]

Group 1 - China and the U.S. should lead bilateral economic and trade relations based on the consensus reached during the recent meeting between the two countries' leaders [5] - The U.S. stock market saw all three major indices rise, with the Dow Jones up 1.08%, S&P 500 up 0.98%, and Nasdaq up 0.88% [5] - Bitcoin has experienced a significant decline, currently priced at $84,626, down over 2% and more than 22% for the month, marking its worst performance since 2022 [6] - International oil prices fell, with WTI crude down 1.73% to $57.98 per barrel, and Brent crude down 1.42% to $62.48 per barrel [7] - Gold prices decreased by 0.3%, settling at $4,064.28 per ounce, while COMEX silver futures fell by 1.27% to $49.66 per ounce [8] Group 2 - China's Ministry of Commerce reported that from January to October, the country attracted foreign investment of 621.93 billion yuan, a year-on-year decrease of 10.3% [12] - The first batch of AI-focused ETFs and several chip-related ETFs have been approved, expected to attract new capital into the market [14] - Eli Lilly became the first healthcare company to reach a market capitalization of $1 trillion, with a stock price increase of over 38% this year [26][27] - Xiaopeng Motors has officially launched its first land carrier prototype, marking a significant step in the production of its flying car [28]