（文章来源：每日经济新闻） 每经AI快讯，11月20日，蚂蚁集团宣布开源万亿参数强化学习高性能权重交换框架Awex。 ...

消息面上，美国经济数据开始逐步发布，今日公布的是进出口相关数据。其中，美国8月份出口为2808亿美元，比7月份多出2亿美元。8月进口为3404亿美 元，比7月少184亿美元。 美国8月贸易录得逆差596亿美元，预期为贸易逆差610亿美元，前值由贸易逆差783亿美元修正为逆差782亿美元。 此外，谷歌高开高走，涨幅扩大至4%，再创历史新高。谷歌此前发布的最新大模型Gemini 3 Pro登顶"大模型竞技场"LMArena排行榜榜首。 中概股方面，纳斯达克中国金龙指数直线下跌，截至发稿跌超1.3%，个股方面，理想汽车跌逾3%，小鹏汽车跌逾2%，金山云跌近7%。 | < W | | | 纳斯达克中国金龙指数(HXC) | | | Q | | --- | --- | --- | --- | --- | --- | --- | | | | | 11-19 09:57:25 | | | | | 7694.10 | | 昨收 | 7793.00 | 成交额 | | 0 | | -98.90 | -1.27% | 今井 | 7725.11 | 成交量 | | 0 | | 上 涨 | 0 | 平 智 | 0 | 下 跌 | | ...

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.10%, the S&P 500 up 0.38%, and the Nasdaq Composite up 0.59% [1] - Large-cap tech stocks showed mixed results, with Google, Nvidia, Oracle, and Intel rising over 2%, while Netflix fell over 3%, AMD dropped over 2%, and Microsoft and Meta declined over 1% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 1.53%, with most popular Chinese concept stocks declining [1] - Xpeng Motors dropped over 6%, NetEase fell over 4%, and NIO, Bilibili, and Li Auto each decreased by over 3%, while JD.com and Baidu were down over 1% [1]

写在前面 感谢各位老板，我这个合集「哪家公司又出破事了」完全不缺内容。今天要特别感谢的是新东方的俞敏洪。 最近，创始人俞敏洪身处南极向全体员工发出一封全员信。信中提到，"此刻，我正站在南极的冰雪世界中。四周是浩瀚的洁白、翡翠般的冰山和无边的 宁静。冰川在阳光下闪烁着迷人的光芒，仿佛在无声地诉说着时间的力量与坚守的意义。现在是南极时间11月16日上午6点钟（北京时间16日下午5点）， 在这片远离尘嚣的纯净之地，我热烈祝贺新东方32周年的生日快乐！" 坦率说，俞老师是文人，写字水平还是不错的。 他借南极企鹅在极端环境中相互扶持、努力生存，类比新东方人面对困境时的团结与希望，回顾了新东方从北大一间简陋教室起步，历经风雨的创业历 程，鼓励员工坚守初心，服务好学生与客户，展望未来事业的发展。 但是，文字再优美，改变不了员工不买单的现实。 有新东方教育板块员工透露，纪念日当天仍在上完课连夜加班做续费方案，看到信中对南极风光的描述"只觉得讽刺"。还有一些员工在社交媒体上表 示"无法共情"。 网友也不买单。 很多网友认为，「作为老板，少点鸡汤，多点实际行动，给员工加薪才是最好的激励。」 当然，俞老师依然坚持持续发旅游视频，给 ...

Group 1 - The European Union plans to simplify its AI and privacy regulations, easing previously strict regulatory frameworks [1] - The reform proposal includes allowing tech companies to use personal data for training AI models based on "legitimate interests" without consent and postponing compliance deadlines for high-risk AI systems by one year [1] - The reform aims to reduce regulatory burdens that have been criticized for stifling innovation and putting European companies at a competitive disadvantage [1][2] Group 2 - Adjustments to the AI Act may exempt companies with AI systems used in narrow fields or procedural tasks from registering in the EU high-risk systems database [2] - The goal of the EU Commission appears to be establishing simpler, more predictable rules while maintaining core protective mechanisms [2] - The proposed reforms require approval from EU member states and privacy-focused members of the European Parliament before implementation [2] Group 3 - Privacy advocacy groups and civil rights organizations argue that these revisions will weaken EU regulatory effectiveness, labeling it as the largest rollback of digital rights in EU history [3] - Critics suggest that the EU's actions are aimed at appeasing tech giants and the Trump administration, expressing disappointment over perceived compromises [3]

Core Viewpoint - The ongoing debate about the slowdown in AI development and whether the scaling law has hit a ceiling is countered by Google's release of Gemini 3, with DeepMind's VP asserting that there is no ceiling in sight [2][5]. Group 1: Investment Outlook - Investors are increasingly optimistic about the long-term prospects of the U.S. tech sector and the substantial investment opportunities in AI, despite concerns over market concentration and AI bubbles [3]. - Coatue Management's founder, Philippe Laffont, emphasizes the "super-scale enterprise advantage" of tech giants like Alphabet, Microsoft, and Amazon, predicting that their AI investments could exceed $500 billion next year [3]. - General Atlantic's chairman, Bill Ford, agrees that the current massive investments in AI are a reason to maintain confidence in large tech stocks rather than a source of concern [3]. Group 2: AI Application and Market Dynamics - General Atlantic is actively investing in AI across its portfolio of 200 companies, indicating significant returns, particularly in customer service, software development, and digital marketing [4]. - Laffont notes the need for caution regarding rapidly rising tech stock valuations, using Oracle's stock price fluctuations as an example [4]. - Alphabet has emerged as the best-performing large tech stock this year, with Berkshire Hathaway recently disclosing its investment in the company, highlighting a missed opportunity from the past [6]. Group 3: Market Fundamentals and Comparisons - Laffont contrasts the current market environment with the internet bubble era, stating that top tech companies are now targeting nearly $1 trillion in annual free cash flow with minimal debt [9]. - Both Laffont and Ford believe that the current market structure is healthy, with controlled leverage levels and investment decisions undergoing formal board reviews [9]. - Ford emphasizes that the growth in valuations of the "seven giants" is supported by actual earnings rather than mere price-to-earnings ratio expansion [9]. Group 4: Future Growth Potential - Laffont metaphorically describes the expansion of AI applications as akin to fueling an engine, asserting that while the cost of computing may decrease, the overall market size will continue to grow robustly due to limitless application scenarios [10].

导语 今年三季度，小米集团总收入同比增长22%至1131亿元，经调整净利润同比增长80.9%至113.1亿元。华 泰证券认为，该公司净利润超过市场一致预期12.6%。 "问题在于现在市场情况并不明确，整体避险情绪在升温。"红蚁资本投资总监李泽铭向第一财经分析， 小米三季度业绩的确高于市场预期，但手机业务板块出现了同比下滑，成本上涨也不容易转嫁给消费 者，再加上市况不佳导致小米19日以及最近股价下跌；跌破40港元之后，要看能否守住今年4月时36港 元的低位。位 关于多家科技股业绩超预期却继续下跌，李泽铭认为，现在困扰港股的因素，包括美联储12月份是否减 息的忧虑，目前委员投票情况来看，赞成减息跟反对减息的票数相当接近；另一方面，市场更加担心 AI投资所造成的泡沫，最近领跌的板块，基本上都是跟AI相关的，美股和港股都是类似情况，这个情 绪进一步蔓延也导致了市场下跌。近日港股成交比较低迷，预计12月美联储议息结果落地后，港股成交 额及波动幅度有望重新放大。 华金证券策略分析师邓利军认为，市场短期风险偏好可能偏中性。国内短期稳增长政策预期仍对风险偏 好有一定支撑；海外方面，受美联储内部分歧加剧影响，12月降息预期有所 ...

Market Overview - The Hong Kong stock market indices experienced declines, with the Hang Seng Tech Index falling by 0.69%, reaching a new low since early September. The Hang Seng Index and the Hang Seng China Enterprises Index decreased by 0.38% and 0.26%, respectively [1][2]. Technology Sector - Major technology stocks mostly declined, with Xiaomi dropping nearly 5%, Kuaishou down over 1%, and slight declines in JD.com, Meituan, Baidu, and Tencent. Alibaba saw an increase of over 1% [2][4][5]. New Energy Vehicle Sector - Stocks in the new energy vehicle sector fell, including Li Auto, NIO, Chery, Beijing Automotive, BYD, and Leap Motor [6]. Semiconductor Sector - Semiconductor stocks experienced declines, with companies like Shanghai Fudan, Jingmen Semiconductor, and Zhongxing Communications reporting losses [7][8]. Gold Sector - Gold stocks led the market gains, with China Gold International rising over 8%. Other gold-related stocks also saw increases, driven by expectations of significant gold purchases by global central banks [9][10]. Military Industry - Military stocks performed well, with China Shipbuilding Industry rising over 9%. Analysts expect the military industry to enter an upward cycle, supported by recent quarterly reports indicating a narrowing decline in performance [11][12]. Oil Sector - Oil stocks saw an uptick, with China Petroleum & Chemical Corporation increasing nearly 3%. This rise is attributed to recent increases in crude oil futures prices [13]. Lithium Battery Sector - Lithium battery stocks gained, with Tianqi Lithium rising nearly 3%. The market for lithium carbonate has shown significant recovery, with prices expected to rise further due to increasing demand [15][16]. Market Sentiment - The market sentiment remains cautious, with expectations of continued adjustments in the Hong Kong stock market due to weak macro liquidity and corporate earnings forecasts. Investors are advised to wait for clearer signals from U.S. monetary policy and mainland economic data before seeking rebound opportunities [21].

Market Overview - The Hong Kong stock market experienced a decline in the afternoon session, with the Hang Seng Index closing down 0.38% at 25,830.65 points and a total turnover of HKD 2,114.26 million [1] - The Hang Seng Tech Index fell 0.69% to 5,606.9 points, while the Hang Seng China Enterprises Index decreased by 0.26% to 9,151.04 points [1] Blue-Chip Stocks Performance - Sinopec (00386) led the blue-chip stocks, rising 2.93% to HKD 4.57, contributing 4.63 points to the Hang Seng Index [2] - Other notable blue-chip performers included Chow Tai Fook (01929) up 2.7% and Zijin Mining (02899) up 2.34%, while Techtronic Industries (00669) and Li Auto-W (02015) faced declines of 2.83% and 2.6%, respectively [2] Sector Highlights - Gold stocks saw significant gains, with China Gold International (02099) rising 8.2% and Shandong Gold (01787) increasing by 7.01% [3] - The lithium carbonate futures price surged, breaking the 100,000 yuan/ton mark, indicating a strong market for lithium stocks [5] - Oil stocks were active, with Sinopec and CNOOC (00883) both showing positive performance, attributed to their resilience during periods of declining oil prices [4] Lithium Sector Insights - The chairman of Ganfeng Lithium predicted a 30% increase in lithium carbonate demand by 2026, potentially reaching 1.9 million tons [5] - The lithium battery sector is expected to see over threefold growth in shipments from 2025 to 2035, indicating a robust future for the industry [6] Notable Stock Movements - China Oriental Group (00581) saw a significant increase of 12.1% to HKD 1.39, following a positive earnings report [7] - China Shipbuilding Industry Corporation (00317) rose 9.14% to HKD 15.17, benefiting from a strong market share in new ship orders [8] - Pony.ai-W (02026) gained 4.35% to HKD 96, announcing a partnership to develop autonomous trucks [9] - Techtronic Industries (00669) faced pressure due to disappointing earnings from its major client, Home Depot, leading to a decline of 2.83% [10]

11月19日，港股震荡走低，恒生指数收跌0.38%，恒生科技指数下跌0.69%。 科网股涨跌互现， 快手，中芯国际等跌超1%，京东集团、美团等小幅下跌；阿里巴巴涨超1%，腾讯音乐、京东健康等小幅上涨。 编辑 ｜ 钉钉 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 25830.65c | -99.38 | -0.38% | 2114亿 | | HSTECH 恒生科技 | | 5606.90c | -38.83 | -0.69% | 680亿 | | HSBIO | 恒生生物科技 | 15612.58c | -80.56 | -0.51% | 84亿 | | HSCEI | 恒生中国企业指数 | 9151.04c | -23.80 | -0.26% | 840亿 | | HSCI | 恒生综合指数 | 3970.37c | -8.57 | -0.22% | 1439亿 | 新能源汽车股延续昨日跌势，小米集团跌超4%，理想汽车、蔚来等跌超2%。 ...