美国的国债，正在变成中国手中的一粒定时炸弹。谁都知道美债是全球金融市场的"压舱石"，但如今， 中国已经不想再帮它压舱了。 根据2025年12月18日美国财政部发布的数据，中国10月再次减持美债118亿美元，总持有量降到6887亿 美元，创下2008年以来的最低点。这不是一次性"调仓"，而是一种趋势，一场清算的开始。 这不是简单的投资组合调整，这是战略判断，是对世界格局冷静而清醒的回应。 中国为什么要减持美债？答案不能用一句"中国不看好美债"打发，这背后，其实是三重逻辑在交错推 进。 第一重是对美国经济基本盘的不信任。别被华尔街的光鲜业绩和AI泡沫骗了，底子到底硬不硬，中国 最清楚。美联储的加息游戏玩得再花，也掩盖不了他们经济正在失速的事实。真实的数据早就透露端 倪，只不过被政客包装成"繁荣"。 你就看"英伟达"这个例子，一个AI芯片公司，市值4—5万亿美元？放眼世界，有这样的定价逻辑吗？这 已经不是市场信仰了，而是金融畸胎。从黄仁勋本人开始疯狂减持变现，看得出他们都觉得价格虚高。 美国的数据已经不再值得信。从特朗普怒斥统计局"唱反调"直接炒掉负责人那一刻起，中国就该清醒 了。押宝美国财务状况稳定，风险已经埋下 ...

Core Viewpoint - Youxun Co., Ltd. (688807.SH) experienced a significant decline in stock price, closing at 214.81 yuan, down 6.89%, with an intraday low of 214.57 yuan, marking a new low since its listing [1] Group 1: Company Overview - Youxun Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 19, 2025, with an initial public offering (IPO) of 20,000,000 shares, representing 25% of the total share capital post-issuance [1] - The IPO price was set at 51.66 yuan per share, and the total funds raised amounted to 103,320.00 million yuan, with a net amount of 92,768.83 million yuan after deducting issuance costs [1] Group 2: Fund Utilization - The company initially planned to raise 80,906.50 million yuan, which will be allocated for the development and industrialization of next-generation access network and high-speed data center chips, automotive chip development, and R&D projects for optical communication chips and silicon photonic components with 800G and above [1] Group 3: Issuance Costs - The total issuance costs (excluding VAT) amounted to 10,551.17 million yuan, with underwriting and sponsorship fees accounting for 7,055.80 million yuan [1]

Core Viewpoint - Biran Technology, a prominent player in the GPU sector, is set to launch its IPO in Hong Kong with a price range of HKD 17.00 to 19.60 per share, aiming to raise up to approximately HKD 48.55 billion for the development of next-generation chips [2][3][7]. Group 1: IPO Details - The company plans to issue 247,692,800 H-shares, with 95% allocated for international sale and 5% for public sale in Hong Kong [10][12]. - The expected listing date on the Hong Kong Stock Exchange is January 2, 2026, with a minimum entry fee of approximately HKD 3,959.54 for retail investors [9][10][19]. - The IPO is crucial for Biran Technology as it seeks to enhance its competitive edge in the GPU market, which is dominated by a few major players [3][12]. Group 2: Financial Performance - Biran Technology has shown rapid revenue growth, with revenues of RMB 49,900 in 2022, RMB 62,030,000 in 2023, and projected revenues of RMB 336,803,000 in 2024 [19][22]. - The company reported a revenue of RMB 58,903,000 in the first half of 2025, marking a year-on-year increase of 49.9% [18][19]. - Despite the growth, the company continues to face significant losses primarily due to high R&D expenditures, which accounted for over 70% of total operating expenses in recent years [21][22][23]. Group 3: Market Position and Competition - Biran Technology is recognized as one of the "Four Little Dragons" of domestic GPUs in China, alongside other companies like Moore Threads and Suiryan Technology [6][12]. - The smart computing chip market in China is projected to grow significantly, with market share expected to increase from approximately 20% in 2024 to about 60% by 2029 [24]. - However, the market is highly concentrated, with the top two players expected to hold 94.4% of the market share by 2024, posing challenges for new entrants [24]. Group 4: Strategic Focus - The funds raised from the IPO will primarily be used to invest in core technologies, further develop solutions, and enhance commercialization capabilities, particularly focusing on the development of next-generation chips like BR20X and BR30X [12][19]. - The company has a backlog of 24 binding orders valued at approximately RMB 821.8 million and additional framework agreements worth RMB 1.24 billion, indicating a solid foundation for future revenue growth [15][16].

Core Viewpoint - The article discusses the significant roles of Huang Renxun's children, Huang Shengbin and Huang Minshan, in NVIDIA, highlighting their contributions to the company's strategic focus on artificial intelligence and robotics, as well as the unique approach of Huang Renxun in nurturing his children within the family business [5][6][21]. Group 1: Company Performance and Market Position - NVIDIA's net profit is projected to soar from $4.368 billion in the fiscal year 2023 to $72.88 billion in the fiscal year 2025, with its stock price increasing 12 times since the beginning of 2023 [5]. - As of December 15, NVIDIA's total market capitalization reached $4.25 trillion (30 trillion RMB), making it the highest among global listed companies, surpassing Apple and Google [5]. - Huang Renxun's wealth has reached $152 billion (1.07 trillion RMB), placing him as the eighth richest person globally, significantly ahead of Li Ka-shing, whose wealth is less than one-third of Huang's [5]. Group 2: Family Involvement in Business - Huang Renxun's children, Huang Shengbin and Huang Minshan, both work at NVIDIA, which is atypical for Silicon Valley tech billionaires, who often do not involve their children in their companies [6][7]. - Huang Shengbin serves as the product line manager for NVIDIA's robotics business, indicating a strategic focus on AI applications, particularly in robotics [9]. - Huang Minshan is the senior product marketing director for NVIDIA's Omniverse and robotics business, responsible for marketing strategies and developer support [9][15]. Group 3: Career Paths of Huang Shengbin and Huang Minshan - Huang Shengbin, after studying marketing and cultural studies, initially worked in Taiwan before returning to the U.S. to pursue an MBA at NYU Stern, where he graduated in April 2022 and joined NVIDIA shortly after [11][13]. - Huang Minshan has been with NVIDIA for over five years, starting as an intern while pursuing her MBA in London, and has held multiple positions, eventually becoming the senior product marketing director [15][17]. Group 4: Unique Parenting Approach - Huang Renxun's parenting style involves allowing his children to explore their interests before joining the family business, which is seen as a unique approach among Chinese entrepreneurs [21][22]. - During a company meeting, Huang Renxun addressed concerns about nepotism, stating that he believes no parent would recommend a child who could embarrass them, and noted that many second-generation employees outperform their parents [21].

Market Overview - The Hong Kong stock market experienced fluctuations on December 22, with the Hang Seng Index rising by 0.43% to close at 25,801.77 points, the Hang Seng Tech Index increasing by 0.87% to 5,526.83 points, and the National Enterprises Index up by 0.43% to 8,939.68 points [1] - Major technology stocks showed mixed performance, with Alibaba up by 0.76%, Tencent Holdings up by 0.08%, and JD Group up by 0.9%, while Xiaomi fell by 1.83% and NetEase by 0.09% [1] - The optical communication sector was strong, with Huiju Technology rising by 13% and Changfei Optical Fiber Cable up by 11% [1] - Duty-free concept leader China Duty Free Group surged over 15%, while the new consumption sector saw significant gains, with Mixue Group up over 10% and Pop Mart up over 4% [1] - Chip stocks also rose, with SMIC increasing by nearly 6% and Hua Hong Semiconductor up over 5% [1] - Gold stocks generally rose, with China National Gold up over 7% and Shandong Gold up over 5% [1] - Four new stocks were listed, including Impression Dahongpao and Huacheng Biotechnology, all of which experienced a decline in their initial trading [1] Company News - SF Holding reported a total revenue of 27.173 billion yuan for November, a year-on-year increase of 7.85%, with express logistics revenue growing by 9.88% and business volume increasing by 20.13% [2] - Capital Venture expects to achieve an unaudited net profit of approximately 115 million to 140 million HKD for the fiscal year ending September 30, 2025, marking a turnaround from losses, primarily due to improved performance in listed equity investments [2] - Tianqi Lithium announced the completion of the third phase of its chemical-grade lithium concentrate expansion project, which has officially commenced trial production [3] - Qingdao Port plans to purchase two assets from the cruise port development for the Qingdao Shipping Financial Center [4] - CanSino Biologics has initiated Phase I clinical trials for its DTCP–HIb–MCV4 combined vaccine, completing the enrollment of the first subject [5] - Junshi Biosciences received FDA approval for the Phase I clinical trial application of its biosimilar HLX18 for the treatment of various solid tumors [5] - China National Nuclear Corporation's subsidiary, CNNC Haidewei, received clinical approval for its BNCT boron drug [6] - Hisense Home Appliances subscribed to a financial product from Jingu Trust worth 1.892 billion yuan [7] - Evergrande Property's liquidator has received several updated non-binding offers from selected bidders, which are currently under consideration [7] - Ruian Construction completed the sale of Ruian Property Management Services [8] - Tianjin Port Development's subsidiary plans to purchase ten gantry cranes for 185 million yuan [9] Institutional Insights - CITIC Securities noted that after a strong rally in September, the Hong Kong market has experienced fluctuations since October due to varying overseas macro expectations, with quality assets becoming more attractive [10] - Huatai Securities indicated that the market is still in a left-side layout phase, with uncertainties surrounding the "Santa rally" and potential supply-demand pressures at year-end [10] - China Galaxy suggested focusing on the technology sector as a long-term investment theme, which has seen valuation corrections and may rebound due to multiple favorable factors [10] - The consumption sector is expected to receive significant policy support, with current valuations at relatively low levels, indicating potential for long-term growth [10]

【文/观察者网 齐倩】 美国总统特朗普允许英伟达对华出口H200人工智能（AI）芯片，但要抽成25%。 消息公布至今已有两周，但争议未息。美国民主党人认为特朗普巧作名目，变相征收"出口税"，性质极 其恶劣。共和党人一直反对增加企业税，但至今几乎未予以置评。 据美国政治新闻网（Politico）12月21日报道，一些专家和民主党议员的第一反应是反对，控诉此举就 是针对企业的"抢劫勒索"。然而，由于该费用此前闻所未闻，且特朗普和英伟达"一个愿打一个愿挨"， 他们琢磨后竟发现自己不知从何下手。 特朗普要求从英伟达收入中抽成的做法，在美国引发了一系列问题。 "他是在增税吗？"报道称，在一些人看来，特朗普这一要求很像增加"出口税"，而且这实际上将是特朗 普政府对英伟达施加的第二项费用。今年早些时候，白宫表示将允许英伟达向中国销售一款H20芯片， 前提是支付政府15%的收入。 有匿名美国官员此前向路透社透露，这笔25%的抽成费用，将在英伟达H200芯片自台湾地区运往美国 时，以进口税形式征收。台媒解读称，这意味着这笔额外费用将由台湾地区代工厂"接盘"。台媒记者向 代工大厂广达、纬创和华硕求证，目前广达予以否认，其余两家台 ...

Core Insights - AI computing power is the most critical infrastructure and development engine for artificial intelligence, with NVIDIA establishing a near-monopoly in the AI training and inference chip market, becoming the highest-valued public company globally, with a market capitalization of approximately $4.5 trillion by November 2025 and a year-on-year revenue growth of about 62% in Q3 2025 [2] Competitive Landscape - NVIDIA faces challengers from traditional chip giants like AMD and Intel in the U.S., as well as self-developed computing power from tech giants like Google and Amazon, and emerging players like Cerebras and Groq, but none have significantly threatened NVIDIA's leadership position yet [2] - The AI computing chip market has two main application scenarios: training and inference, with training being the core bottleneck that determines the model's capabilities [3] Training Power Dominance - NVIDIA holds a dominant position in training power due to advanced technology and a monopolistic ecosystem, as training large models requires massive data computation that single-chip power cannot provide [5] - The requirements for training chips can be broken down into single-chip performance, interconnect capabilities, and software ecosystem [6] Technical Advantages - NVIDIA excels in single-chip performance, with competitors like AMD catching up in key performance metrics, but this alone does not threaten NVIDIA's lead in AI training [7] - Interconnect capabilities are crucial for large model training, and NVIDIA's proprietary technologies like NVLink and NVSwitch enable efficient interconnectivity at a scale of tens of thousands of chips, while competitors are limited to smaller clusters [8] Ecosystem Strength - NVIDIA's ecosystem advantage is primarily software-based, with CUDA being a well-established platform that enhances developer engagement and retention [8] - The strong network effect of NVIDIA's ecosystem makes it difficult for competitors to challenge its dominance, as many AI researchers and developers are already familiar with CUDA [9][10] Inference Market Dynamics - Inference requires significantly fewer chips than training, leading to reduced interconnect demands, which diminishes NVIDIA's ecosystem advantage in this area [11] - Despite this, NVIDIA still holds over 70% of the inference market share due to its competitive performance, pricing, and overall value proposition [11] Challenges to NVIDIA - Competitors must overcome both technical and ecosystem barriers to challenge NVIDIA, with options including significant technological advancements or creating protective market conditions [13] - In the U.S., challengers are primarily focused on technological advancements, such as Google's TPU, while in China, the market has become "protected" due to U.S. export bans on advanced chips [16] Geopolitical Implications - The U.S. government's restrictions on NVIDIA's chip sales to China have created a challenging environment for Chinese AI firms, but also present significant opportunities for domestic chip manufacturers [17] - The recent shift in U.S. policy allowing NVIDIA to sell advanced H200 chips to China under specific conditions indicates a recognition of the need to maintain NVIDIA's competitive edge while managing geopolitical tensions [19] Strategic Considerations - The competition in AI technology should not solely focus on domestic replacement strategies, as this could lead to a cycle of technological isolation [20] - Huawei's decision to open-source its CANN and Mind toolchain reflects a strategic move to build a competitive ecosystem that can attract global developer participation [21]

格隆汇12月22日丨成都华微(688709.SH)在投资者互动平台表示，在机器人技术领域，公司与四川具身 人形机器人科技有限公司签署战略合作协议，在芯片层面展开深度合作。双方聚焦机器人的"大 脑"和"小脑"关键方向，共同推进智能机器人核心部件的国产化研发与应用落地，包括芯片与算法协同 开发、国产化硬件平台共建等。公司产品主要为通用型芯片，可满足机器人的感知、控制及决策等功能 需求。 ...

日本股市收高，此前在日本央行周五进行市场普遍预期的加息后，日元大幅走软。芯片相关股领涨。软 银集团上涨4.1%，铠侠上涨8.4%，东京电子上涨6.3%。投资者正密切关注首相高市早苗提振该国经济 的政策措施进展。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：王永生 日经225指数收涨1.8%，报50402.39点，芯片股领涨。 日本国债进一步下跌，因市场担心日元走软可能会迫使日本央行以比先前预期更快的速度加息。此前日 本央行将基准利率上调至30年来最高水平。SMBC日兴证券的Ataru Okumura在评论中称，投资者似 乎"持这样一种看法，即日元贬值最终将促使日本央行加快加息步伐"。 日本10年期国债收益率上涨7.5个基点至2.095%，为1999年2月以来最高水平。对货币政策预期敏感的两 年期国债收益率攀升3个基点至1.12%，创1997年以来新高。此次主权债再度遭遇抛售源于日本央行上 周五的加息行动。然而，交易员对日本央行未就何时可能再次收紧政策提供明确指引感到失望。与此同 时，在日本财务大臣片山皋月和日本最高外汇事务官员三村淳对近期货币走软发出警告后，日元兑美元 汇率一度上涨0.3%，至157.2 ...

Group 1 - The technology sector is experiencing a collective surge, particularly in chips, communications, computer equipment, and consumer electronics, with significant gains observed in various ETFs [1] - The digital economy ETF, 富国 (159385), has seen an intraday increase of 3.11%, while the 科创芯片 ETF (588810) and chip leader ETF (516640) have risen by 3.06% and 3.05% respectively [1] - Notable stocks within the digital economy ETF include 瓷电子, which has surged over 7%, and 中芯国际, which has increased by over 6% [1] Group 2 - The Ministry of Commerce and five other departments have issued an action plan to promote high-quality development in service outsourcing, encouraging innovation and the development of cloud computing and supercomputing services in resource-rich cities [1] - Local initiatives include Anhui's "14th Five-Year Plan" to advance digital construction and create a national integrated data market hub, as well as Shanghai's announcement of 41 local standards related to the digital economy [1] - The robotics industry is highlighted by Wang Lihong's concert in Chengdu, showcasing the world's first robot dance stage, which demonstrates breakthroughs in humanoid robot technology and has received recognition from Tesla's CEO Elon Musk [1] Group 3 - The digital economy ETF 富国 (159385) closely tracks the 中证诚通国企数字经济指数 (931529.CSI), which includes leading companies in integrated circuit manufacturing, semiconductor equipment, digital chip design, telecom operators, and communication devices [2] - The top ten constituents of this index include 中芯国际, 北方华创, 海光信息, 中科曙光, 中微公司, and 中兴通讯 [2]