本报讯 （记者吴文婧）11月12日，芯联私募基金管理（杭州）合伙企业（有限合伙）（以下简称"芯联 资本"）宣布其首只主基金完成12.5亿元规模的募集。该基金整体规模预计超15亿元，重点布局半导 体、人工智能、机器人、新能源等硬科技领域。 据悉，此次投资人包括基石出资人芯联集成电路制造股份有限公司（688469.SH），以及上海临港新片 区私募基金管理有限公司、上海国孚领航投资合伙企业（有限合伙）、苏州工业园区元禾鼎盛股权投资 合伙企业（有限合伙）、建发新兴基金、嘉兴嘉国叁号股权投资合伙企业（有限合伙）、南京银行股份 有限公司、无锡芯朋微电子股份有限公司（688507.SH）、安徽富乐德科技发展股份有限公司 （301297.SZ）、宁波江丰电子材料股份有限公司（300666.SZ），涵盖产业上市公司龙头、头部市场化 母基金、知名国资母基金、市场化政府出资平台及银行系金融机构等。 （编辑 乔川川） 芯联资本创始合伙人袁锋表示，该期基金的顺利募集，本质上是投资者对中国硬科技及战略性新兴产业 长期发展的信心体现。由于战略产业具有特殊性和周期性，不同发展阶段的企业需求差异显著。芯联资 本作为专注产业投资、陪伴被投企业穿 ...

2025.11. 14 本文字数：2499，阅读时长大约4分钟 作者 | 第一财经 韦薇 近期，全球IPO复苏进程引发关注，纳斯达克交易所无疑在聚光灯下。今年9月，纳斯达克拟修改规 则，提高上市企业的最低募资要求。 11月9日，纳斯达克副董事长兼全球资本主管鲍勃·麦库伊（Bob McCooney）在全美华人金融协会 （TCFA）年会期间接受了第一财经的采访。 麦库伊表示，今年IPO市场的复苏由多层因素推动。从地区分布来看，亚洲继续成为国际业务最主要 的增长动力，"今年以来仍有66家中国企业在纳斯达克IPO，虽规模多集中在600万~700万美元，但 作为全球第二大经济体，中国企业的上市需求仍将持续。" 麦库伊称，在今年于纳斯达克上市的中国企业中，医疗健康领域仍保持较高上市意愿，生物科技企业 在中国香港市场表现亮眼，但部分仍会选择赴美上市。此外，部分中国企业通过SPAC合并、直接上 市等多元路径登陆纳斯达克，去年年末也有小马智行（Pony.ai）、文远知行（WeRide）等企业成 功挂牌。 相对于纽交所，纳斯达克一直对上市企业的财务要求更低、周期短。其科技股的定位，对科技股溢价 显著，能给予AI、自动驾驶、新能源 ...

Core Insights - The AI computing power market is increasingly focused on "SuperNode" technology, with multiple companies showcasing their solutions at various conferences throughout 2023 [2][3] - The emergence of SuperNodes is driven by the need to overcome bottlenecks in training large AI models, particularly the "communication wall" that arises during parallel computing [4][9] - Domestic companies are adopting SuperNode technology as a practical solution to enhance overall computing power, compensating for limitations in single-chip performance [10][12] Group 1: SuperNode Technology - SuperNode refers to a high-density computing solution that integrates multiple AI chips within a single cabinet, allowing them to function as a unified system [6][7] - The design of SuperNodes involves two main approaches: Scale-Up, which increases resources within a single cabinet, and Scale-Out, which connects multiple cabinets [5][8] - The numbers associated with SuperNodes (e.g., "384", "640") indicate the number of AI training chips integrated within a single system, serving as a key metric for performance and density [7][8] Group 2: Industry Competition - Companies like Huawei and Inspur are positioning their SuperNode products as superior to NVIDIA's offerings, with Huawei claiming its Atlas 950 will outperform NVIDIA's NVL144 in multiple performance metrics [10][11] - The competitive landscape is marked by aggressive parameter comparisons, with domestic firms striving to achieve higher integration density within their SuperNode solutions [12][14] - The engineering challenges of integrating numerous high-power chips into a single cabinet necessitate advanced cooling and power supply technologies [12][14] Group 3: Market Demand and Challenges - The primary demand for AI computing power is expected to come from large internet companies and state-led cloud services, which have the infrastructure to support high-end computing needs [19][20] - Despite the strong demand, there are concerns about the sustainability of investments in AI computing infrastructure, particularly regarding the potential for overbuilding [20][22] - The software ecosystem remains a significant challenge for domestic manufacturers, as effective software solutions are crucial for the successful deployment of high-density computing systems [18][22]

Group 1: Oil and Gas Sector Performance - The oil and gas sector showed strong performance on November 14, with multiple related ETFs rising over 1% [1] - The leading oil and gas ETF, Bosera Oil and Gas ETF (561760), recorded a gain of 2.02%, while other ETFs like Oil and Gas Resource ETF (159309) and (563150) also saw increases of 1.68% and 1.48% respectively [4][5] - The best-performing sector this week was the innovative drug sector, with several ETFs gaining over 7% in the last five trading days [4] Group 2: Technology Sector Weakness - The technology sector, particularly in subcategories like chips, internet, cloud computing, and AI, experienced significant declines in ETF performance [2][6] - Despite the weak performance of many technology-themed ETFs, there remains a strong inflow of funds into artificial intelligence ETFs, indicating continued investor interest [3][9] Group 3: Fund Inflows and Market Sentiment - Despite the overall weak performance of technology-themed ETFs, there was a notable net inflow of over 1.1 billion yuan into the Southern Growth Enterprise Board AI ETF from November 10 to 13, even as it dropped over 2.6% [9][10] - The top inflow ETFs included Southern Growth Enterprise Board AI ETF with a net inflow of 5.45 billion yuan, and other ETFs like Huatai Golden ETF and ICBC Hong Kong Stock Innovation Drug ETF also saw significant inflows [10] Group 4: Chemical Industry Outlook - The chemical industry is expected to reach an inflection point, with ongoing "anti-involution" self-regulation actions and demand recovery expectations driving strength in the sector [11] - The chemical sector has been in a bottoming phase since early 2023, and with new capacity nearing its end, the industry is poised for improvement in supply-demand dynamics by 2026 [11]

Core Points - Company Keda Xunfei has completed the response to the Shenzhen Stock Exchange's inquiry regarding the issuance of A-shares to specific investors for the year 2025, and has updated the fundraising prospectus accordingly [1][2] - The company emphasizes that the issuance is subject to approval from the Shenzhen Stock Exchange and registration by the China Securities Regulatory Commission, indicating uncertainty regarding the final implementation [1][2] Group 1 - The company received the inquiry letter from the Shenzhen Stock Exchange on October 24, 2025, and has addressed the questions raised in the letter [1] - The updated fundraising documents include the latest financial data from the company's third-quarter report disclosed on October 21, 2025 [1] - The updated documents were officially disclosed on November 15, 2025, on the Giant Tide Information Network [1] Group 2 - The company clarifies that the issuance of A-shares requires approval from the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission, with no guaranteed timeline for these processes [2] - Investors are advised to make cautious decisions due to the uncertainties surrounding the approval and registration processes [2]

智通财经APP获悉，周五盘前，美联储官员鹰鸽分歧加剧，12月降息前景未明，美股三大股指期货集体 下跌，纳斯达克100指数期货大跌1.66%，明星科技股多数下跌，特斯拉(TSLA.US)跌超5%，英伟达 (NVDA.US) 、美国超微公司(AMD.US)跌超3%，谷歌-A(GOOGL.US) 、Meta Platforms(META.US)跌超 2%，亚马逊(AMZN.US)跌超1%。 此外，据媒体报道，上月特斯拉AI软件副总裁Elluswamy在会议上表示："如果你在特斯拉的人工智能团 队工作，明年将是你人生中最艰难的一年。"报道称，近两小时的全员会议被定位为一次"动员令"，期 间AI部门各级领导向员工传达了具体目标。这些目标关系将到马斯克本月新薪酬方案能否兑现。 消息面上，美联储关于12月是否进行年内第三次降息的决定正变得悬而未决。由于对通胀的担忧以及部 分官员认为劳动力市场依然稳健，越来越多决策者对进一步放松货币政策流露出犹豫，其中包括一些此 前坚定的支持者。波士顿联储主席Susan Collins和旧金山联储主席Mary Daly发出了迄今最明确的谨慎信 号。Collins直言，近期进一步放松政策的"门 ...

艾夫斯及其团队表示："这加剧了围绕空头'AI泡沫论'的担忧，以及对英伟达在华收入被切断的忧虑，还 有对'太大而不能倒'的OpenAI的议论……加上迈克尔·伯里的做空推文更是添乱。简而言之，我们认为这 对科技股来说只是一个短暂的小型恐慌时刻，因为我们相信，随着投资者寻求参与AI革命以及目前正 在消费端和企业端上演的第二、第三、第四轮衍生效应，科技股将在今年剩余时间内迎来大幅上涨。" 分析师指出，第三季度科技股财报季最重要的收获是微软(MSFT.US)、亚马逊(AMZNJ.US)和 Alphabet(GOOGL.US)公布的强劲云业务数据，以及由Meta平台公司和其他科技巨头引领的直至2026年 的大幅资本支出增长。分析师认为，随着AI交易进入下一阶段，科技巨头的资本支出在2026年可能从 今年的约3800亿美元增至5500亿至6000亿美元。 艾夫斯及其团队表示："这是一场AI军备竞赛，推动下一阶段增长的是科技巨头们的支出，而且这一趋 势到2026年也不会放缓，思科本周公布的乐观季度业绩和指引就是另一个积极数据点……我们认为这对 AI革命看涨论点是一个巨大的积极因素和验证时刻。" 智通财经APP获悉，投行韦德布 ...

Group 1: Semiconductor Industry - The semiconductor industry is undergoing a transformation driven by accelerated technological iteration, supply chain restructuring, and deepening domestic substitution, with advanced process nodes becoming a core growth driver[17] - In Q2 2025, TSMC's revenue reached $30.239 billion, with advanced process nodes (3nm, 5nm, 7nm) contributing 24%, 36%, and 14% respectively to its revenue structure[18] - By 2024, China's semiconductor sales are projected to be $182.1 billion, accounting for 29.52% of global sales, while its wafer demand is only 5%, indicating a significant gap in domestic chip design capabilities[30] Group 2: AI Infrastructure and Applications - The AI industry is transitioning into a dual-phase of infrastructure development and deep industry integration, with domestic AI chip production and commercialization being key investment themes[39] - The demand for AI servers is expected to surge, driven by the need for robust computing power, which will enhance the domestic AI infrastructure[7] - AI is anticipated to become a foundational productivity driver in the economy, with significant potential for explosive applications in various sectors[39] Group 3: Nuclear Energy and New Energy Storage - Nuclear power is positioned as a clean and stable energy source, crucial for achieving dual carbon goals, with the industry entering a golden development period focusing on third-generation technology and breakthroughs in fourth-generation technology[7] - New energy storage technologies are rapidly advancing, with installed capacity expected to double under strong policy support, leading to a diversified technological landscape[7] Group 4: Emerging Industries - The commercial aerospace sector is transitioning from state-led initiatives to large-scale commercialization, with significant growth in low-orbit satellite demand and the development of reusable rocket technologies[7] - The pet economy is evolving into a mature market, with a notable shift towards high-end products and domestic brands gaining market share through online channels[8] - The CXO industry is entering a new growth cycle, with China holding nearly 30% of the global market share, driven by innovation in drug development despite geopolitical challenges[8]

Core Insights - The article discusses the launch of Marble, a world model by World Labs, which allows users to create immersive 3D environments using a single image or text prompt [2][3][4] - The concept of "spatial intelligence" is highlighted as a key focus for the next decade of AI development, as articulated by Li Feifei [6][7][70] Group 1: Product Features - Marble enables the generation of persistent, downloadable 3D environments, distinguishing it from other real-time models [21] - Users can upload 2D images or 3D models (with a fee) to create worlds, achieving high-quality visuals akin to AAA games [11][13] - The platform includes AI-native editing tools and a mixed 3D editor, allowing users to construct spatial frameworks and fill in visual details [23][50] Group 2: Creative Control - Marble supports multi-image prompts, allowing for more creative control and higher precision in world creation [39][43] - Users can input multiple images or short videos to generate 3D worlds that incorporate real-world elements [44] - The editing process is iterative, enabling users to refine and modify generated worlds extensively [46][47] Group 3: Export Options - Marble offers various export options, including high-quality mesh and video formats, facilitating integration into downstream projects [54][62] - The system can generate both low-precision collision meshes for physical simulations and high-quality visual meshes [59][61] Group 4: Pricing Structure - Marble has a tiered pricing model with three levels: a free version allowing limited world generation, a standard version at $20 per month, and a pro version at $95 per month for up to 75 worlds [82][84] - The pro version offers significant credits for actions and commercial rights, enhancing its appeal for professional users [87]

油价方面，WTI和布伦特原油均出现周中大幅下跌后震荡回升的走势。OPEC最新月报显示，其对第三季度全球原油市场的预估从"供应短缺"调整为"供应过 剩"；IEA连续第六个月上调明年全球石油供应过剩量预测，预计需求将在本十年末停止增长。 非美货币方面，日元兑美元自2月以来首次跌破155关口，市场认为，日本官员可能进行口头干预以遏制日元下滑。另外，欧元兑美元本周明显走高。英镑兑 美元震荡剧烈，周五财政大臣里夫斯据悉放弃提高所得税计划，因财政预测意外改善。 美股方面，随着投资者从科技股轮动至非科技蓝筹股，道指一度表现亮眼，并创下历史新高。但随着市场消化美联储政策风险和AI泡沫以及高估值担忧， 周四科技股重挫，三大股指集体创下自10月10日以来的最差单日表现。 加密货币市场继续全线暴跌。比特币跌破95000美元，以太坊一度下破3100美元。 投行观点分享 行情回顾 美元指数本周整体略微承压，一度跌破99关口，料将连续第二周收跌。美国政府最长停摆结束，关键经济数据仍需时间才能陆续公布。美联储官员陆续释放 鹰派信号，12月降息概率下降。 贵金属价格整体走高。现货黄金在美元走低和避险资金双重影响下得到提振，最高触及4245美 ...