Market Movements - Global financial markets experienced a sudden downturn, with major indices across New York, London, Tokyo, and Sydney all significantly declining [3] - The S&P 500 index fell below key support levels, while the Nikkei 225 index saw a dramatic drop of over 3% in a single day [3][9] - The VIX index surged by 15%, reaching a near three-month high, indicating a sharp increase in market fear [3] Fed Policy Expectations - A month ago, the market was almost certain that the Federal Reserve would cut interest rates in December, with a 94% probability according to CME's FedWatch tool [5] - By mid-November, this probability plummeted to around 47%, suggesting that the market now believes the Fed is more likely to maintain current rates [6] - Recent hawkish comments from Fed officials have dampened previous optimistic expectations, leading to increased market volatility [7] Japan's Economic Crisis - Japan's economy shrank by a negative annualized growth rate of 1.8% in the third quarter, with weak domestic demand and export challenges [10] - The Japanese government is planning an unprecedented stimulus package, expected to exceed last year's 13.9 trillion yen, raising concerns about increased government debt [10] - The Nikkei 225 index fell by 3.2%, while the yield on 10-year Japanese government bonds rose above 1.75%, nearing the highest level since 2008 [10] AI Bubble Concerns - AI concept stocks, which had been performing well, faced significant sell-offs, raising doubts about their ability to generate sufficient revenue to justify high valuations [11] - Major tech companies like Nvidia and AMD saw substantial stock price declines, with institutional investors like Bridgewater and SoftBank reducing their holdings in Nvidia [11] - The financing environment for tech companies is worsening, as firms like Amazon and Google issued over $80 billion in bonds, increasing liquidity pressure [11] Broader Market Reactions - The downturn in the stock market affected other asset classes, with Bitcoin prices dropping below $90,000 and other cryptocurrencies also experiencing significant declines [13] - European markets were not spared, with the Euro Stoxx 50 index falling by 1.85% and concerns about the Eurozone's economic fundamentals persisting [13] Future Outlook - Investors are questioning whether the current market correction is a healthy adjustment or the beginning of a larger downturn [15] - Some analysts view the recent market turmoil as a "healthy correction," while others warn of potential bubbles in the U.S. stock market, as indicated by the Buffett Indicator exceeding 240% [15][17] - Upcoming economic data releases, including employment and inflation reports, will be crucial in shaping market expectations for the Fed's December meeting [17]

当地时间周五，美股开盘小幅高开，道琼斯指数开盘涨0.37%，标普500指数涨0.41%，纳斯达克综合指数涨0.52%。 不过随后美股三大指数持续走低，截至发稿，道指涨0.22%，纳指跌0.81%，标普500指数跌0.26%。 继延迟发布的9月"强非农"数据出炉，叠加近期美联储官员们的一系列"鹰派"发声之后，市场对美联储12月降息预期骤然冷却，隔夜美股随之大跌。当地 时间周五美股盘前，美联储纽约联储主席约翰·威廉姆斯出面"安抚市场"。 威廉姆斯在智利圣地亚哥发表的演讲稿中表示，随着劳动力市场降温，美联储在近期仍有进一步降息的空间，以将政策立场调整至更接近中性水平。正是 此番言论提振了市场情绪。在他发表讲话之后，芝商所"美联储观察"工具显示，市场预期美联储12月降息25个基点概率大幅跃升至约70%。 威廉姆斯在演讲中称，货币政策目前处于温和紧缩状态，尽管较美联储近期行动之前的限制性有所减弱。"因此，我认为短期内联邦基金利率目标区间仍 有进一步调整的空间，以使政策立场更接近中性区间，从而在实现我们两个目标之间保持平衡。" 威廉姆斯认为，随着劳动力市场降温，就业面临的下行风险已经增加，而通胀面临的上行风险有所减轻。在 ...

Group 1 - U.S. chip stocks continue to decline, with Nvidia and Broadcom experiencing a drop of 4%, AMD falling by 4.7%, and TSMC decreasing by 3.6% [1] - The Nasdaq Composite Index has decreased by 0.77% [1]

每经AI快讯，美股芯片股继续下挫，英伟达、博通跌幅扩大至4%。纳斯达克综合指数跌0.77%。 （文章来源：每日经济新闻） ...

每经AI快讯，美股芯片股继续下挫，英伟达、博通跌幅扩大至4%。纳斯达克综合指数跌0.77%。 ...

Core Insights - The domestic computing power sector is witnessing significant developments, with major companies like Moore Threads and Jiangyuan Technology making strides in the market [2][3] - The collaboration between Jiangyuan Technology and Pingao Co. aims to create a comprehensive ecosystem for domestic chip production and software integration, enhancing the capabilities of AI applications [4] Group 1: Market Developments - Moore Threads has set an IPO price of 114.28 yuan per share, achieving a total market value of 53.715 billion yuan, marking a record for the year in the Sci-Tech Innovation Board [2] - Jiangyuan Technology's core product, the Jiangyuan D20 chip, focuses on AI inference scenarios and utilizes a unique "one card, dual chip" architecture to address industry challenges related to performance, cost, and energy consumption [3] Group 2: Strategic Collaborations - Pingao Co. has entered a strategic partnership with Jiangyuan Technology through a 4 billion yuan capital increase and a 5 billion yuan equity transfer, making Pingao the second-largest shareholder of Jiangyuan [2] - The partnership emphasizes mutual strengths, with Jiangyuan focusing on the entire process of domestic chip development and Pingao excelling in cloud services and software optimization [2][3] Group 3: Technological Advancements - The new generation T800 chip from Jiangyuan is expected to achieve mass production by 2026, aiming to compete with NVIDIA's H800 in terms of performance [3] - The collaborative product, the Pingyuan AI integrated machine, has been successfully implemented in various scenarios, achieving a detection rate of over 95% for prohibited items in smart traffic security systems [3][4] Group 4: Industry Outlook - The AI chip market in China is projected to grow from 50 billion USD to 200 billion USD by the end of 2030, driven by the increasing demand for domestic computing power [3] - The partnership aims to establish a replicable model for "soft and hard collaboration" and ecological co-construction, supporting the transition of domestic AI chips from a "follower" to a "leader" position in the industry [4]

记者丨胡慧茵 编辑丨张星 受日本政府力推积极的财政政策、主张保持宽松货币政策等因素的影响，日本连日遭受股债汇"三杀"。 11月21日，据环球时报报道，日本政府正在制定一项规模超过20万亿日元的经济刺激方案。经济刺激计划震动市场，日本国债收益率已持续多 日大幅走高，与其反向变动的债券价格正不断走低，日本国债被市场抛售。与此同时，日本汇市和股市也同步承压。其中，日元兑美元持续跌 破157区间，日经225指数也跌穿49000点。 事实上，日本政府正陷入两难抉择。一方面，日本三季度经济出现萎缩，日本政府冒着债务负担加重的压力推出庞大的经济刺激计划；另一方 面，财政扩张叠加市场对日本央行推迟加息的预期，会进一步削弱日元，而日元贬值又会反过来推高进口商品成本，与日本政府通过补贴来缓 解通胀痛苦的做法背道而驰。 图源：新华社 "当前中日经贸的不确定性增强，叠加日本经济在美国关税政策下承压，市场风险情绪上涨。"复旦发展研究院金融研究中心主任孙立坚对21世 纪经济报道记者表示，"早苗经济学"忽视了日本经济的脆弱性，推行巨额政府支出计划，并辅以低利率政策，触发市场对日元和日本国债的抛 售。 在日本长期国债和日元承压的背景下，日本 ...

Market Overview - Global markets experienced significant declines, with the Nasdaq down 2.15%, Nikkei 225 down 2.4%, and the Hang Seng Index down 2.38% [1] - The catalyst for this downturn was the unexpected increase of 119,000 in U.S. non-farm employment for September, far exceeding the market expectation of 50,000, indicating economic resilience [1] - Bitcoin saw a sharp decline of over 8%, signaling heightened risk sensitivity in the cryptocurrency market [1] Technology Sector - Major tech stocks faced sell-offs, with Michael Burry questioning the longevity of Nvidia chips and the actual demand for AI, suggesting it is "ridiculously small" [2] - Nvidia's strong earnings report could not prevent its stock from declining, impacting related companies like Hongteng Precision Technology and SMIC, which fell over 8% and 6% respectively [2] - Consumer sectors in the U.S. are underperforming, with both non-essential and essential consumer goods sectors showing significant declines since the start of the government shutdown in October [2] Geopolitical Context - Japan's Prime Minister reiterated the country's stance on the Taiwan issue, indicating ongoing geopolitical tensions [3] - Military-related stocks, such as China Shipbuilding Defense, have seen increased investment interest amid these tensions [3] Energy Sector - The National Development and Reform Commission emphasized the importance of natural gas supply for the upcoming heating season, highlighting the need for stable production and supply [6] - Companies like China Resources Gas, Kunlun Energy, and China Gas are positioned to benefit from this focus on energy supply stability [7] Company Highlights - China Shipbuilding Defense reported a significant increase in revenue and net profit for Q3, with revenue of 14.3 billion yuan, up 13% year-on-year, and net profit of 660 million yuan, up 250% [8] - The company holds a strong market position with a 73% share of new ship orders globally, indicating robust demand and a solid order backlog [8] - The company is also involved in deep-sea resource development and marine research, with plans for advanced vessels and green ship designs [9]

（文章来源：每日经济新闻） 每经AI快讯，11月21日，寒武纪公告，公司向特定对象发行股票333.49万股，每股发行价格为人民币 1195.02元，募集资金总额为39.85亿元，扣除发行费用后，实际募集资金净额为39.53亿元。公司已与保 荐机构中信证券及商业银行签订募集资金专户存储监管协议，新增全资子公司上海寒武纪信息科技有限 公司、上海寒武纪信息科技有限公司深圳分公司、安徽寒武纪信息科技有限公司、寒武纪（西安）集成 电路有限公司作为募集资金投资项目实施主体，共同实施"面向大模型的芯片平台项目"和"面向大模型 的软件平台项目"。 ...

币圈再度上演急速杀跌行情！ 今日（11月21日）下午，加密货币市场再度大跳水，比特币一度跌破8.2万美元，跌幅超过10%；以太 坊一度跌至2700美元，跌幅一度超过12%。据Coin Gecko数据，加密货币总市值跌破3万亿美元，24小 时跌幅超过8%。 新一轮的杀跌，又导致数十万人爆仓。Coinglass数据显示，24小时内，加密货币全网合约爆仓超19亿美 元，爆仓人数高达40.3万人。 分析人士指出，此次加密货币下跌主要受新一轮避险情绪和科技股抛售拖累。当前，加密货币市场已进 入极度恐慌区间。加密货币常被投资者视为风险偏好晴雨表，此次剧烈下挫显示市场情绪已急剧恶化。 40.3万人爆仓！加密货币大跳水 11月21日午后，加密货币市场跌幅扩大，比特币一度下跌至81629美元，随后跌幅有所收窄；以太坊一 度跌至2700美元下方，最低触及2677美元。其他市值更小的加密货币也纷纷跟跌。 截至北京时间21日18:30，24小时内，比特币下跌10.44%报8.23万美元，以太坊跌10.92%报2681美元， XRP、Solana跌超10%，BNB跌9.72%，艾达币、狗狗币、Hyperliquid跌超12%。 Coi ...