Core Viewpoint - Nasdaq 100 index futures rose nearly 1%, with major tech stocks mostly up in pre-market trading, indicating strong investor sentiment in the tech sector [1] Group 1: Company Performance - Google A (GOOGL.US) increased nearly 4%, poised to set a new historical high at the opening [1] - Tesla (TSLA.US) and Broadcom (AVGO.US) both rose over 2%, while Amazon (AMZN.US) and Meta (META.US) saw gains exceeding 1% [1] - Nvidia (NVDA.US) and Microsoft (MSFT.US) also turned positive, reflecting a broad recovery in tech stocks [1] Group 2: Industry Developments - Google's AI advancements, including the new image model NanoBanana Pro and the latest large model Gemini 3, have made significant impacts in the global AI technology sector [1] - OpenAI CEO Altman indicated that Google's Gemini could pose serious challenges for OpenAI, highlighting competitive pressures in the AI industry [1] Group 3: Economic Outlook - Federal Reserve Governor Waller expressed concerns about the labor market and advocated for interest rate cuts [1] - Goldman Sachs' latest report suggests that a rate cut by the Federal Reserve in December is highly likely, with no significant obstacles in the current schedule [1] - The report anticipates two rate cuts in March and June of the following year, driven by core PCE inflation nearing the 2% target and rising unemployment rates among recent college graduates, indicating increasing economic downside risks [1]

（文章来源：证券日报） 证券日报网讯 11月24日晚间，光智科技发布公告称，根据《公司2024年股票期权激励计划（草案）》 （以下简称"本激励计划"）《2024年股票期权激励计划考核管理办法》的相关规定及公司2024年第二次 临时股东大会的授权，本激励计划首次授予的股票期权第一个行权期因2024年度公司层面业绩考核未达 标，未满足行权条件及已经离职不再符合激励对象资格的股票期权共计437万份由公司注销，涉及激励 对象153人。截至本公告披露日，经中国证券登记结算有限责任公司深圳分公司审核确认，公司上述股 票期权注销事宜已办理完成。 ...

品高股份公告称，公司股票在2025年11月20日、21日、24日连续三个交易日收盘价格涨幅偏离值累计超 30%，属异常波动。公司自查及询证控股股东、实控人，除已披露事项外无应披露未披露重大事项。公 司控股股东拟协议转让12%股份，受让方和转让方均承诺12个月内不减持。公司拟4亿元增资参股江原 科技，交易完成后预计持股15.4182%。江原科技尚处初创阶段，2024年营收3000万元、净利 润-14663.28万元，2025年1-10月营收3561.65万元、净利润-12061.58万元，投资风险大。此外，公司 2024年及2025年前三季度均亏损。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the short - term, the technology mainline in the fourth quarter may face pressure, and overseas pressure will be transmitted to the domestic market. In 2026, since the Fed is likely to maintain relative looseness and the diffusion direction of AI themes has not converged, the structural opportunities in 2026 will still revolve around the technology mainline [2][35]. - For convertible bonds, it is recommended to defend in the short - term. The low - price style ended eight consecutive weeks of positive gains last week. The medium - and low - price style may experience a phase of waiting for performance at the meso - level and the Fed's interest - rate cut rhythm may slow down at the macro - level in the fourth quarter, which will trigger a phased correction of US technology stocks and suppress the domestic technology mainline. Therefore, consider diversification and diffusion in industry styles [2][36]. Summary by Relevant Catalogs 1. Week - on - Week Market Review 1.1 Equity Market Declined Overall - From November 17th to November 21st, the equity market declined overall, with all indices closing down. The average daily trading volume of the two markets decreased by about 1759.86 billion yuan to 18487.98 billion yuan compared with last week, a week - on - week decline of 8.69%. Among them, the Shanghai Composite Index fell 3.90% to 3834.89 points, the Shenzhen Component Index fell 5.13% to 12538.07 points, the ChiNext Index fell 6.15% to 2920.08 points, and the CSI 300 fell 3.77% to 4453.61 points. All 31 Shenwan primary industries closed down, with power equipment, basic chemicals, commercial retail, steel, and pharmaceutical biology leading the decline, with declines of 10.54%, 7.47%, 7.24%, 6.98%, and 6.88% respectively [7][9][11]. 1.2 Convertible Bond Market Declined Overall - From November 17th to November 21st, the CSI Convertible Bond Index fell 1.78% to 482.94 points. Among the 29 Shenwan primary industries, 1 industry closed up, and no industry had a gain of more than 2%. The social services industry led the gains with a 0.31% increase, while non - ferrous metals, coal, basic chemicals, commercial retail, and steel led the declines, with declines of 1.93%, 1.72%, 1.63%, 1.57%, and 1.35% respectively. The average daily trading volume of the convertible bond market was 656.75 billion yuan, a significant decrease of 56.65 billion yuan, a week - on - week change of - 7.94%. About 6.70% of individual convertible bonds rose, about 4.47% had a gain in the range of 0 - 1%, and 0.74% had a gain of more than 2% [7][14]. - In terms of conversion premium rate, the overall market conversion premium rate rebounded this week, with an average daily conversion premium rate of 39.86%, an increase of 2.05 pcts compared with last week. In terms of price intervals, except for the price interval above 120 yuan which widened by 2.27 pcts, the average daily conversion premium rates of convertible bonds in other price intervals narrowed, with the 100 - 110 yuan price interval narrowing the most, by 25.23 pcts. In terms of parity intervals, except for the parity intervals below 90 yuan and 110 - 120 yuan where the average daily conversion premium rates of convertible bonds narrowed, the average daily conversion premium rates of convertible bonds in other parity intervals widened, with the 90 - 100 yuan parity interval widening the most, by 2.70 pcts [19]. - In terms of conversion parity, the parity of 7 industries increased this week, with 2 industries having a widening amplitude of more than 2%. The social services, steel, environmental protection, petroleum and petrochemical, and beauty care industries led the gains, with increases of 32.81%, 5.17%, 1.28%, 0.42%, and 0.40% respectively; the electronics, power equipment, food and beverage, non - bank finance, and building materials industries led the declines, with decreases of 4.93%, 4.14%, 4.00%, 3.80%, and 3.71% respectively [29]. 1.3 Comparison of Stock and Bond Market Sentiments - From November 17th to November 21st, the week - on - week weighted average and median of the convertible bond and underlying stock markets were negative, and the convertible bond market had a smaller weekly decline than the underlying stock market. In terms of trading volume, the trading volume of the convertible bond market decreased by 7.94% week - on - week and was at the 57.20% quantile level since 2022; the trading volume of the underlying stock market decreased by 17.87% week - on - week and was at the 84.00% quantile level since 2022. The trading volume of both the underlying stock and convertible bond markets decreased significantly, and the underlying stock market had a larger decline in trading volume and a higher quantile level. In terms of the proportion of rising and falling stocks and bonds, about 11.33% of convertible bonds closed up, and about 5.80% of underlying stocks closed up; about 91.99% of convertible bonds had a larger increase or decrease than underlying stocks. In general, the trading sentiment in the convertible bond market was better this week [30]. 2. Future Outlook and Investment Strategy - In the short - term, it is still recommended to defend rather than attack in the convertible bond market. Consider diversification and diffusion in industry styles. Diversify by choosing some chemical targets such as Xingfa Convertible Bond, Hebang Convertible Bond, etc.; focus on the diffusion direction of the technology mainline, such as AI edge - side consumer electronics, and recommend targets like Weil Convertible Bond, Luxshare Convertible Bond, etc. Also, small - cap stocks may perform well during the diffusion period, and recommend targets such as Huachen Convertible Bond, Guoli Convertible Bond, etc [2][36]. - The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for conversion parity premium rate repair next week are Hengbang Convertible Bond, Chutian Convertible Bond, etc [2][37].

来源|券商中国 最近，美国科技巨头突然掀起发债热潮，亚马逊、谷歌母公司Alphabet、Meta、甲骨文四家公司的发行量，就已接近900亿美元。有外媒统计，美国 企业今年已发行超2000亿美元公司债券，用于资助人工智能相关基础设施项目。这引发了市场能否消化如此庞大供应的疑问，同时也加剧了人们对AI 相关支出的日益增长的担忧。 上述担忧，也"空袭"了美股市场，触发美股自11月初以来的大幅回调。数据显示，11月至今，以科技股为主的纳斯达克指数跌幅超过6%，标普500 指数、道指分别下跌3.47%、2.77%。另外，美国科技七巨头指数下跌5.73%，费城半导体指数大跌超11%。 尽管目前多数大型企业的杠杆率仍处于低位，但投资者正日益感到不安。为人工智能投资提供资金而快速增长的公共债务，可能令美国公司债市场承 压，并最终削弱科技股的吸引力。 虽然有投资者表示，由于这些公司相对于其规模而言杠杆率仍然较低，他们目前对近期融资活动对股票估值的影响并不十分担忧。然而，公共债务发 行的突然增加，引发了市场能否消化如此庞大供应的疑问，同时也加剧了人们对AI相关支出的日益增长的担忧。这种担忧帮助触发了美股在连续六个 月上涨后，于本 ...

11月22日，和讯投顾魏玉根称，周一A股或要反弹。原因如下：美股出现曙光，三大指数反弹且盘中力 度大，a50涨0.7%，金融指数三倍做多等也在涨，中国相关资产涨势不错，起了好头。美国科技股中， 虽担忧AI泡沫，但很多在反弹上涨，如谷歌携手苹果上涨，英伟达盘中稍有回落，甲骨文跌幅较大， 不过问题不大。美联储呵护市场，三把手称12月或降息，数据也给予支撑，虽部分数据未达预期，但市 场押注加息概率此前降至33%，现重回50%以上，投行态度转变快。金属市场金银铜铝多有反弹或跌幅 收窄，白银收长下引线，显示探底后或反弹。 ...

Core Insights - As of October 2025, U.S. employers have laid off nearly 1.1 million workers this year, marking a 65% increase compared to the same period last year, the highest level since 2020 [1] Industry Summary - The government, technology, warehousing, and retail sectors have seen the highest number of layoffs, while the aerospace, apparel, and transportation industries have experienced significant declines in layoffs [1] - Layoffs in the government sector surged to over 307,000, more than eight times the number from the same period in 2024, primarily due to layoffs related to the Department of Government Efficiency (DOGE), leading to widespread employee attrition [1] - The technology sector announced layoffs exceeding 141,000, continuing a trend of adjustments due to restructuring, automation, and a slowdown in hiring [1]

除中国一汽外，New Territory Technology Company Limited、国投招商、比亚迪（002594）、光远投 资、上汽恒旭、北汽产投、徐工云汉基金等多家国内外知名机构为卓驭股东。 人民财讯11月21日电，卓驭科技(简称"卓驭")宣布，获得来自中国第一汽车集团有限公司(简称"中国一 汽")超36亿元的战略投资。此次交易完成后，卓驭投后估值超人民币100亿元。同时，卓驭将作为独立 法人实体运营，保持现有管理团队、技术路线与品牌战略不变。中国一汽作为战略股东，将主要通过业 务协同与资源支持赋能卓驭。 ...

中经记者 谭志娟 北京报道 北京时间11月20日凌晨，美国联邦储备委员会（以下简称"美联储"）公布了10月联邦公开市场委员会 （FOMC）货币政策会议纪要。会议纪要显示，美联储官员对12月是否继续降息存在较大分歧。 会议纪要显示，许多与会者支持降低联邦基金利率目标区间，但同时也指出部分支持降息的成员对维持 利率不变同样可接受。另有数名官员反对降息。 美联储最终以10比2的投票结果通过降息25个基点，将联邦基金利率区间降至3.75%至4%。但此次纪要 表明决定是在激烈争论下勉强达成的共识，而12月是否会再度降息仍存在不确定性。 郭一鸣则表示："因为A股定价核心仍锚定国内基本面，当前稳健的货币政策与持续加码的稳增长措施 有望形成有效对冲，且市场前期已逐步消化部分外部预期，冲击幅度或处于可控范围。" 展望明年A股走势，郭一鸣预计，A股有望呈现"先抑后扬、逐步震荡上行"的慢牛格局。 "预计驱动因素将从当前的流动性宽松预期，逐步切换至基本面实质复苏的验证。全球主要国家宽财政 与宽货币的政策环境仍有利于需求回暖，国内企业盈利亦有望随经济修复而稳步回升，共同支撑市场的 中长期趋势。"郭一鸣解释说。 巨丰投顾投资顾问总监郭一 ...

Core Insights - Recent reports indicate that some investors are facing a daily purchase limit of only 10 yuan for off-exchange Nasdaq ETFs, suggesting a tightening of QDII fund quotas [1] - Bank staff mentioned that this situation may not improve until the new annual foreign exchange quotas are released [1] - There are growing concerns in the market regarding the profitability outlook of U.S. tech stocks, particularly those related to AI concepts [1] - Industry perspectives highlight worries about the alignment between the valuations of Nasdaq tech stocks and their actual profitability, as well as the effectiveness of AI technology applications [1]