全球市场陷入"AI泡沫"争论之际，即便是最成功的英伟达，也正面临着前所未有的审视压力。作为AI基 础设施的核心供应商，英伟达的一举一动都被视为整个行业健康状况的晴雨表。 他还引用了一些帖子称英伟达的业绩正在帮助美国避免经济衰退，凸显出市场已将这家芯片制造商视为 宏观经济健康的关键指标。 英伟达周三公布的财报显示，三季度营收加速增长62%，本季指引再超预期。黄仁勋在财报发布时反驳 了关于AI泡沫日益增长的论调。然而，市场反应却反复无常：股价周三上涨（一度超过6%）后，周四 再度下挫（惨跌7%）。公司市值在数周内蒸发约5000亿美元。 据Business Insider周五报道，英伟达首席执行官黄仁勋在周四的内部会议上坦言，尽管公司交出了"令 人难以置信的"成绩单，但"市场并不领情"。这位芯片巨头掌门人罕见地承认，英伟达如今面临一个无 解困境：业绩出色会被指控助推AI泡沫，业绩不佳则被视为泡沫破裂的证据。 黄仁勋在会上表示，市场对英伟达的预期已经高到令公司陷入某种"无赢局面"。他直言："如果我们交 出糟糕的季报，哪怕只是差一点点，看起来有一点点不稳，整个世界就会崩溃。" 陷入"无赢困境" 据Business In ...

Group 1 - Zhongke Lanyun's stock price dropped by 5.15% to 139.10 CNY per share, with a trading volume of 398 million CNY and a turnover rate of 6.21%, resulting in a total market capitalization of 16.775 billion CNY [1] - The company, established on December 19, 2016, and listed on July 15, 2022, specializes in the research, design, and sales of wireless audio chips, with 99.83% of its revenue coming from chip sales [1] Group 2 - Zhonghang Fund has a significant holding in Zhongke Lanyun, with its flagship fund increasing its stake by 272,000 shares to a total of 301,500 shares, representing 10.14% of the fund's net value, making it the largest holding [2] - The fund, Zhonghang Vision Leading Mixed Initiation A (021491), has a current scale of 137 million CNY and has reported a year-to-date return of 11.41%, ranking 5389 out of 8136 in its category [2] Group 3 - The fund manager, Wang Sen, has been in charge for 2 years and 57 days, overseeing assets totaling 2.85 billion CNY, with the best fund return during his tenure being 132.1% and the worst being -0.6% [3]

11月21日，中科蓝讯跌5.15%，截至发稿，报139.10元/股，成交3.98亿元，换手率6.21%，总市值167.75 亿元。 东财景气驱动混合发起式A（019143）基金经理为方一航。 截至发稿，方一航累计任职时间4年77天，现任基金资产总规模1489.17万元，任职期间最佳基金回报 30.45%， 任职期间最差基金回报-47.46%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，深圳市中科蓝讯科技股份有限公司位于广东省深圳市南山区沙河街道高发社区侨香路4068号 智慧广场A栋1301-1，成立日期2016年12月19日，上市日期2022年7月15日，公司主营业务涉及无线音 频芯片的研发、设计与销售。主营业务收入构成为：芯片销售收入99.83%，工具及其他0.17%。 从基金十大重仓股角度 数据显示，东财基金旗下1只基金重仓中科蓝讯。东财景气驱动混合发起式A（019143）三季度持有股 数5356股，占基金净值比例为5.9%，位居第 ...

Core Viewpoint - The recent financial report of Lixin Microelectronics (688601.SH) indicates a significant decline in revenue and profit for the first three quarters of the year, raising concerns about the company's financial health and future performance [1][3]. Financial Performance Summary - For the first three quarters of the year, the company achieved a revenue of 564.5 million yuan, a year-on-year decrease of 6.69% [1][3]. - The net profit attributable to shareholders was 28.73 million yuan, down 71.40% compared to the previous year [1][3]. - The net profit after deducting non-recurring gains and losses was 17.48 million yuan, reflecting an 80.93% decline year-on-year [1][3]. - The net cash flow from operating activities was 13.24 million yuan, a significant drop of 85.66% year-on-year [1][3]. 2024 Financial Projections - In 2024, the company is projected to generate a revenue of 787.49 million yuan, which represents an 11.19% decrease compared to 2023 [4]. - The net profit attributable to shareholders is expected to be 126 million yuan, a decline of 37.23% year-on-year [4]. - The net profit after excluding non-recurring items is forecasted to be 104.97 million yuan, down 40.88% from the previous year [4]. - The net cash flow from operating activities is anticipated to be 133.18 million yuan, a decrease of 37.75% compared to 2023 [4]. Company Background - Lixin Microelectronics was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 28, 2021, with an issuance of 16 million shares at a price of 36.48 yuan per share [4]. - The total amount raised from the initial public offering was 583.68 million yuan, with a net amount of 512.44 million yuan after deducting issuance costs [5].

③大客户包括OpenAI、谷歌、微软、亚马逊和Meta。 这里含着三层意思：第一，算力大基建，都是实打实的投资，目的也是为了堆算力，实业怎么可能是泡 沫。第二，都是科技巨头在搞（先不算OpenAI），不差钱、真花钱，钱的流动也是真的，又没有财务 造假，当然不存在泡沫。第三，英伟达视角下可不一片蒸蒸日上嘛。 老黄说的对吗？ 那确实有一定道理，在上述部分中并没有泡沫的典型特征。另外，资源浪费、重复建设的情况肯定也存 在，但还属于可控范围内，而且哪个行业发展初期都会有这些现象，所以不能据此认为存在泡沫。而且 金融市场上，英伟达市值≈1.14个苹果，热钱涌入肯定有，可你也没法说这就走向失控了，毕竟英伟达 在AI芯片市场也具有垄断属性，市值没那么虚。 #为什么AI泡沫被反复提及# 刚刚交出亮眼财报后，黄仁勋在财报电话会上再次驳斥了"AI泡沫论"，觉得从他和公司的角度看不到泡 沫存在，并认为"已经进入了AI的良性循环期"。其核心论据如下： ①算力需求指数级叠加，Blackwell芯片卖爆了，业务"非常、非常强劲"。 ②公司手里还有5000亿美元未交付的AI芯片订单，都排到2026年了。 那么是不是说就完全没问题了，AI市 ...

Core Insights - Zhongcheng Hualong officially launched its HL series of domestically produced AI chips and full-stack intelligent computing products on November 19 [1][3] - The HL100 AI chip features a self-developed "GPGPU+NPU" architecture, achieving a peak FP16 computing power of 256 TFLOPS and supporting up to 128GB of LPDDR5 memory [1][3] - The company plans to release future generations of chips, including HL200, HL200Pro, and HL400, which will support FP8/FP4 and meet the demands of next-generation generative AI [3] Company Developments - Zhongcheng Hualong's HL100 chip is designed for training and inference, with characteristics such as high energy efficiency, national production, and low total cost [1] - The company has successfully achieved the tape-out of domestically produced high-performance AI chips based on local technology [3] - Zhongcheng Hualong has developed over thirty integrated machine products across six series, establishing a complete industry layout of "chip + machine + solution" [3] Future Outlook - The company aims to continue breaking through the boundaries of AI computing power in terms of efficiency and cost, promoting the large-scale application of affordable computing and artificial intelligence [3] - The HL series chips are positioned to compete with international mainstream AI chip performance, indicating a strategic focus on enhancing domestic capabilities in AI technology [3]

坐在他身旁的黄仁勋愣了一下，随即半开玩笑地接话："钱真没用的时候，记得提前通知我一声！"台下 爆发出一阵笑声，台上的二人干了个杯——两位科技领袖关于未来的即兴探讨就此拉开帷幕。 "货币将变得无关紧要了。" 当埃隆·马斯克在舞台上抛出这个石破天惊的论断时，全场先是静默随即一片哗然。 2025年11月19日，美国华盛顿肯尼迪中心的美国-沙特投资论坛("U.S.-Saudi Investment Forum")现场，马 斯克和黄仁勋这两位科技圈重量级人物并肩对谈。 在马斯克看来，只有通过大规模应用AI和机器人（例如他寄予厚望的Tesla Optimus人形机器人），才能 真正消除贫困，实现人人富足。届时，人类从繁重劳动中解放出来，工作将像种花弄草般的怡然自得。 "有些人明知自己种菜不如超市买菜方便，却仍乐此不疲，因为那是他们的兴趣所在"。马斯克预言未来 的工作也将回归这样的本源：出于热爱，而非生存所需。 然而，坐在一旁的黄仁勋并没有完全认同这幅乌托邦图景。他的回应颇为谨慎："每个人的工作都会被 AI改变，但不等于没人需要工作了"。 一位是敢想敢言、以梦想改变世界的"硅谷钢铁侠"，另一位是务实低调、手握核心算力的"芯 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of the Hang Seng Technology ETF (513130) amid fluctuating market conditions, driven by investor interest in Hong Kong tech assets and the resilience of leading tech companies in their Q3 earnings reports [1][2]. - The Hang Seng Technology Index is currently at a historically low valuation, with a PE ratio of 21.57, significantly lower than the Sci-Tech 50 Index and the Nasdaq, indicating a notable valuation advantage [2]. - The Hang Seng Technology ETF has seen substantial inflows, with a net inflow of 171 billion yuan in the first 14 trading days of November, reflecting strong investor sentiment towards the tech sector [1][2]. Group 2 - The Hang Seng Technology ETF (513130) offers multiple advantages, including large scale, good liquidity, and a low management fee of 0.2% per year, making it an important tool for investors looking to gain exposure to core Hong Kong tech assets [3]. - The management company, Huatai-PB Fund, is one of the first ETF managers in China, with extensive experience in managing various successful ETFs, enhancing investor confidence in the product [3].

目前，均胜电子关键部件解决方案已基本搭建完毕。此前，均胜电子发布了基于不同芯片平台的机器人 全域控制器总成方案，与黑芝麻智能战略合作将进一步拓展至国产芯片平台，更加具备支持基于国内外 多芯片平台的机器人产品研发与制造能力。 依托自主可控的计算架构与算法生态，黑芝麻智能以车规级算力赋能机器人控制与感知决策，加速推进 机器人领域的战略延伸，推动智能计算平台在多场景下的规模化落地。11月20日，黑芝麻智能正式推出 了面向机器人产业的SesameX多维智能计算平台。 黑芝麻智能是领先的智能计算平台企业，专注于高性能AI SOC芯片、边缘计算模组及系统级智能解决 方案的研发，旗下"华山""武当"等系列芯片广泛应用于智能驾驶、机器人及智能制造等领域，具备高算 力、低功耗与车规级安全特性。 近年来，具身智能机器人行业发展加速，汽车、芯片等行业企业纷纷跨界入局产业链，持续推动这一新 兴产业升级。由于技术同源与生态协同，均胜电子2025年起积极拓展机器人部件业务，依托在汽车零部 本报讯 （记者吴奕萱）11月20日，宁波均胜电子股份有限公司（以下简称"均胜电子"）与黑芝麻智能 国际控股有限公司（以下简称"黑芝麻智能"）达成战略合 ...

Core Insights - Nvidia's CEO Jensen Huang expressed concerns over U.S. export restrictions leading to a halt in chip sales to China, predicting zero sales for the next two quarters [1][3] - The Chinese AI chip market is currently valued at approximately $50 billion and could grow to $200 billion by the end of 2030, but U.S. companies are unable to participate due to restrictions [1][3] - Nvidia reported a record revenue of $57 billion for Q3, with a 62% year-over-year increase, but sales in China dropped significantly by 63% to $3 billion [1][4] Group 1 - Huang emphasized the importance of improving U.S.-China trade relations for maintaining U.S. competitiveness in the AI sector [3] - He noted that re-entering the Chinese market would benefit both the U.S. and China, enhancing the technological ecosystem in both countries [3][4] - Nvidia's CFO Colette Kress highlighted that geopolitical issues and fierce competition in China hindered the company from securing large orders from the region [4] Group 2 - Huang revealed that Nvidia's market share in China has plummeted from 95% to 0%, indicating a complete exit from the Chinese market [5] - There are mixed signals regarding U.S. legislation affecting Nvidia's ability to sell AI chips to China, with reports suggesting the White House is urging Congress to reject a bill that would restrict such sales [6] - However, despite some positive developments, there are still indications that the U.S. government will not allow Nvidia to sell its latest AI chips to China [6]