全球最大的高速铁路网、高速公路网和邮政快递网；全球最大、覆盖最广的网络基础设施，实现"县县 通千兆、乡乡通5G、村村通宽带"；国家科学数据中心、国家生物种质与实验材料资源库、国家野外科 学观测研究站……"十四五"时期，中国日益完善的现代化基础设施体系托起了经济社会的快速发展和人 民群众的便利生活。 据介绍，伴随人工智能、区块链、5G、数字孪生等新一代信息技术更加广泛融入并改变生产生活，中 国在信息基础设施、融合基础设施、创新基础设施等领域取得了突破性成就，这些新基建为数字经济发 展、传统基础设施转型升级、科学技术创新提供一般生产条件，为高质量发展奠定了基础、搭建了舞 台。 "十四五"规划纲要提出，加快建设新型基础设施。"十五五"规划建议则首次明确要"适度超前"。这一定 位，意义重大。 中国社会科学院经济研究所研究员黄群慧在接受本报记者采访时表示，加快发展新质生产力是推动高质 量发展的内在要求和重要着力点。新型基础设施无论是对未来产业发展，还是对传统产业转型升级都能 形成重要支撑。"在新一轮科技革命和产业变革中，科研、交通、能源、水利、通信等许多领域都有数 智化、绿色化的更新改造需求。这是现代基础设施建设的重要 ...

本报讯(记者李雯珊)11月25日，大湾区生态创新中心签约仪式在广州数字科技集团有限公司顺利举行。 广州广电五舟科技股份有限公司与沐曦集成电路(上海)股份有限公司、上海华研企业发展(集团)有限公 司正式签署战略合作协议。三方将依托各自在国产算力产业链中的核心优势，共建大湾区生态创新中 心，加速国产算力技术规模化应用，助力粤港澳大湾区智算生态构建与数字经济高质量发展。 当前，粤港澳大湾区正加速打造全球数字经济与人工智能创新高地。《广东省国家数字经济创新发展试 验区建设方案(2025-2027年)》明确提出，到2027年大湾区人工智能核心产业规模将超4400亿元，算力规 模突破60EFLOPS。在此背景下，大湾区生态创新中心将围绕"算力生态聚合+技术创新突破+行业场景 落地+人才培育+社区共建共享"五大核心，以"品牌赋能+价值共创"为导向，打造大湾区智算技术创新 基地，构建"芯片—整机—系统—场景—人才"全产业链协同生态，成为智算技术赋能千行百业的重要平 台、行业应用的"实验室"和"试验场"。 该创新中心建成后，将重点推动国产算力与医疗、交通、金融、教科研等关键领域的深度融合，加速 AI应用规模化落地；持续深化协同 ...

Market Overview - The computing sector experienced a significant rise, with the Communication ETF (515880) increasing by 7% and the ChiNext AI ETF (159388) rising over 6% [1][2]. Factors Driving the Market - Increased expectations for interest rate cuts have emerged, as several Federal Reserve officials, including allies of Powell, expressed support for a potential 25 basis point cut in December, raising the likelihood from approximately 40% to 80% [2]. - Google's recent release of the Gemini 3 model, which has outperformed its predecessors in various benchmarks, has contributed to positive market sentiment [2][4]. AI Model Performance - The Gemini 3 Pro model has shown superior performance across multiple benchmarks, including achieving 95% in mathematics and 91.9% in scientific knowledge assessments, indicating its advanced capabilities compared to competitors [3]. Hardware Developments - Google's TPU v7 (Ironwood) has exceeded expectations in terms of memory capacity and energy efficiency, posing a competitive challenge to NVIDIA's offerings. Google anticipates a doubling of computing power every six months to meet rising AI service demands [5]. Market Outlook - There is a gradual improvement in risk appetite as pessimistic expectations are being absorbed by the market, with strong support levels in the A-share market despite rapid style shifts [6]. - While the competitive landscape for computing chips may evolve, NVIDIA is expected to maintain revenue growth due to its existing market share and new demands from sovereign AI projects [6]. - The AI industry is progressing rapidly, with significant investments expected to sustain growth, although short-term volatility should be monitored [7].

证券日报网讯广合科技11月25日在互动平台回答投资者提问时表示，公司聚焦算力应用，与算力产业链 上的客户广泛进行合作，受商业政策限制，公司不便回应具体客户的合作情况，敬请理解。公司技术研 发及工艺能力储备覆盖各类算力芯片架构需求。公司业务目前仍然以海外算力需求为主，公司对每一个 客户均高度重视，也会积极把握每一个业务机会。 （文章来源：证券日报） ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In the past week (20251117 - 20251123), major stock indices in the US and Hong Kong, as well as A - shares in China, all declined. The Fed may turn dovish again, and there are investment opportunities in domestic equity markets and potential for gold prices to remain strong [2][3][15]. - The A - share market is likely to strengthen in subsequent oscillations, and attention can be paid to investment opportunities in sectors such as new energy, photovoltaic, coal, steel, chemical, chip, computing power, and artificial intelligence. The bond market will likely continue to oscillate within a narrow range, and gold prices are expected to maintain a strong oscillation [16]. 3. Summary by Related Content Stock Market Performance - US stock indices and the Hang Seng Index declined. The Nasdaq, S&P 500, and Dow Jones Industrial Average changed by - 2.74%, - 1.95%, and - 1.91% respectively, and the Nasdaq China Technology Index changed by - 6.06%. The Hang Seng Index changed by - 5.09% [2]. - A - shares tumbled across the board. The wind All - A Index changed by - 5.13%, and various indices such as CSI A100, CSI 300, etc., also declined [3]. - Blue - chip and growth sectors in the Shanghai and Shenzhen stock markets both dropped. The Shanghai Composite 50 and STAR Market 50 in Shanghai declined, and the Shenzhen Component 100 and ChiNext Index in Shenzhen also fell. The Beijing Stock Exchange 50 Index changed by - 9.04% [4]. - Among industries, banking, consumer goods, etc., had relatively small declines, and bond - related ETFs led the gains. All 30 CITIC industries fell, with banking, food and beverage, media, and home appliances having declines of less than 2.0% [5]. Bond Market Performance - The national debt market fluctuated within a narrow range. The 10 - year national debt futures main contract rose 0.01% compared to November 14, 2025, and the yield of the 10 - year active national debt bond increased by 0.26 BP [6]. - Fund prices mainly decreased, and the central bank made a net injection in open - market operations. As of November 21, 2025, R007 increased by 0.07 BP, and DR007 decreased by 2.65 BP. The central bank made a net injection of 554 billion yuan [7]. - The bond market leverage level decreased. The 5 - day average of inter - bank pledged repurchase volume decreased from 74.4 trillion yuan on November 14, 2025, to 72.9 trillion yuan on November 21, 2025 [9]. - US Treasury yields declined, and the yield curve shifted downward overall. As of November 21, 2025, the 10 - year US Treasury yield changed by - 8 BP to 4.06% [10]. Exchange Rate and Commodity Market Performance - The US dollar strengthened, and the RMB depreciated against the US dollar. The US dollar index rose 0.87%, and the exchange rates of the US dollar against the euro, pound, and yen all increased. The exchange rates of the US dollar against the offshore and on - shore RMB also rose [11]. - Gold prices showed a split between the international and domestic markets. The London gold spot price rose 0.04%, while the domestic Shanghai gold spot and futures prices fell by 2.49% and 2.79% respectively [12]. US Economic Data and Fed Expectations - In September, the number of new non - farm jobs in the US exceeded expectations, but the number of unemployed people increased significantly. The unemployment rate reached 4.4%, rising for the fourth consecutive month [13]. - The latest futures data shows that the probability of the Fed cutting interest rates in December is again higher than 50%. Due to the delayed release of non - farm data, the Fed's December decision will be based on September data [14].

Core Insights - The report emphasizes the importance of proactive discovery in the financial market rather than merely relaying information [1] Domestic Financial Market - The Shanghai Composite Index closed at 3836.77, with a slight increase of 0.05% - The Shenzhen Component Index closed at 12585.08, rising by 0.37% - The ChiNext Index closed at 2929.04, up by 0.31% - The Hang Seng Futures Index saw a significant increase of 1.88%, closing at 33186.03 [2] Macro News Summary - The Ministry of Industry and Information Technology plans to establish around 100 national emerging industry development demonstration bases and approximately 1000 enterprise-level bases by 2035 - The People's Bank of China will conduct a 10 billion yuan MLF operation on November 25 - The National Energy Administration reported that the cumulative installed power generation capacity reached 3.75 billion kilowatts by the end of October, marking a year-on-year increase of 17.3% [4] Industry Developments - Google stated that it must double its AI computing power every six months, indicating a potential growth opportunity for related stocks such as Yibo Technology and Yingweike [5] - A report suggests that the commercial aerospace sector may have been established, signaling a potential industrialization turning point, with related stocks including Shanghai Huguang and Shanghai Gangwan [5] - The pet industry is highlighted as a dual hotspot in the consumer market, with significant growth potential for stocks like Yuanfei Pet and Petty Co. [5] Company Focus - Hitec High-tech is collaborating with major manufacturers to advance its eVTOL simulator business [6] - Aoke Co. produces carbonate series products used as solvents in lithium battery electrolytes [6] - Tianyi Medical has applied for medical device certification for its blood dialysis concentrate in the EU [6] - Zhongwu Drone's shareholder, Chengdu Industrial Investment Group, has set a preliminary transfer price of 41.99 yuan per share [6] Market Review and Outlook - On November 24, the market rebounded, with all three major indices closing in the green. The total trading volume in the Shanghai and Shenzhen markets was 1.73 trillion yuan, a decrease of 237.9 billion yuan from the previous trading day - The market saw over 4200 stocks rise, with commercial aerospace concepts and military industry stocks experiencing significant gains - Despite recent market volatility influenced by global factors, the fundamental support for the Chinese stock market remains intact, providing an opportunity for investors to reposition for the upcoming spring market [7]

亚马逊表示，在这些基础设施下，美国的联邦政府机构将获得更广泛的AWS人工智能服务访问权限， 包括用于训练模型的SageMaker AI、用于代理部署的Bedrock、Claude模型，以及Trainium芯片和英伟达 芯片。根据媒体与调查网站SourceMaterial查阅的文件显示，亚马逊已经在全球50多个国家拥有逾900处 数据中心设施，这一运营规模远超外界普遍认知。 中信建投证券指出，近期，算力板块波动加大。复盘2023年以来的算力板块，三季报后调整比较常见， 考虑到AI带动的算力需求依然非常旺盛，调整是机会。目前，世界正处于AI产业革命中，类比工业革 命，影响深远，不能简单对比近几年的云计算、新能源等，需要以更长期的视角、更高的视野去观察。 因此，对AI带动的算力需求以及应用非常乐观。 CPO概念25日盘中强势拉升，截至发稿，德科立20%涨停，光库科技涨超17%，长光华芯、长芯博创涨 超15%，腾景科技涨超10%续创新高，中际旭创、新易盛等涨逾7%。 消息面上，科技巨头亚马逊宣布将投资高达500亿美元，用于扩展公司面向美国政府客户的AWS人工智 能和高性能计算（HPC）能力。 ...

Core Viewpoint - The market has experienced a recent decline, particularly with a significant drop on Friday, affecting previously popular sectors such as computing power and new energy [6][8]. Market Trends - The market has been on an upward trend since April, but has reached a high valuation point, leading to a short-term adjustment period due to external disturbances and liquidity issues from the Federal Reserve [8][9]. - Despite the current adjustments, the long-term slow bull market trend remains intact, with expectations for a rebound towards the end of November and early December [10][11]. Index and Valuation - The Shanghai Composite Index's equity risk premium (ERP) is at a mid-level, while the dividend yield of the CSI 300 remains higher than the ten-year government bond yield, indicating that A-shares still offer high value [9]. - Comparatively, the dividend yield of U.S. stocks is 1.2%, while the ten-year U.S. Treasury yield exceeds 4%, further supporting the attractiveness of A-shares [9]. Technology Sector Outlook - Anticipation for the release of the new version of DEEPSEEK and various AI applications, along with the upcoming listings of multiple tech unicorns, suggests a positive outlook for the technology sector [9]. - The approval of 16 hard technology funds, including the first batch of AI ETFs, indicates an influx of capital into the tech sector, which is expected to drive growth [9]. Short-term Considerations - The market is expected to take time to find a bottom, with a focus on the adjustments in the technology and new energy sectors, as well as clarity on external disturbances [10]. - The end of November is highlighted as a potential opportunity for a rebound, coinciding with institutional accounting periods and the conclusion of the Federal Reserve's balance sheet reduction [10][11].

Core Viewpoint - The market is experiencing unexpected weakness, with significant declines in key assets such as Industrial Fulian and Ganfeng Lithium, despite a rebound in US stocks last week [1][4]. Group 1: Industrial Fulian - Industrial Fulian has seen substantial sell-offs, contributing over 7.63 points to the Shanghai Composite Index's decline, indicating it accounted for more than half of the index's drop [3]. - The sell-off is attributed to rumors regarding Nvidia's potential entry into the L10 system and a downward revision of Q4 performance, which some institutions believe are unfounded [3]. - Industrial Fulian maintains that its Q4 operations are on track, with expected cabinet deliveries increasing by over 30% quarter-on-quarter, and no profit target adjustments have been made [3]. Group 2: Ganfeng Lithium - Goldman Sachs downgraded Ganfeng Lithium's H-shares rating to "Sell," citing a 14% reduction in lithium price expectations for the second half of 2026 due to weak short-term market feedback and slowing inventory replenishment [2][4]. - Despite improvements in the lithium market fundamentals, a prolonged inventory cycle in energy storage systems may offset the expected supply-demand balance [4]. Group 3: Japanese Financial Market - Japanese government bond yields continue to rise, with the 10-year yield above 1.78% and the 40-year yield reaching 3.678%, indicating ongoing market volatility [4]. - Analysts suggest that potential intervention measures may not reverse the broad depreciation of the yen but could slow its decline [2][5]. Group 4: A-share Market Outlook - The A-share market is currently in a "three-phase overlap," characterized by a consolidation phase in the mid-bull market, a critical period for economic verification, and a performance policy vacuum, leading to a slowdown in upward momentum [6][7]. - The market is expected to stabilize as it approaches key support levels, with a potential bottoming opportunity if the A-share index reaches the half-year line [7].

引子 一、政策红利下的冰火两重天 河北这份规划确实分量十足。要打造"环京智能算力集聚区"，光模块、液冷技术、量子计算等细分领域被券商报告用加粗字体反复强调。中泰证券说这 是"十年一遇的产业机遇"，中信证券更预测要复制美股科技股的长期牛市。 但翻开账户看看，持有相关概念的散户有几个真正赚到钱了？去年电子板块连续领涨时，我认识的老李在光模块龙头股上三进三出，最后算账还不如一直拿 着ETF的朋友赚得多。这就像去米其林餐厅却只吃到餐前面包——明明坐在盛宴现场，却尝不到主菜滋味。 二、牛市最危险的两种幻觉 河北"十四五"规划刚发布，算力概念股就集体躁动。看着满屏飘红的K线，老张在营业部拍着大腿直呼"又错过了"。这一幕何其熟悉——每次政策东风一 来，散户总是后知后觉。但更残酷的是，即便赶上了风口，多数人依然赚不到钱。这让我想起2025年那轮牛市，指数涨了900点，广聚能源的投资者却眼睁 睁看着60%的涨幅灰飞烟灭… 这时我依赖的「机构库存」数据给出了截然不同的信号：前三次调整中机构资金暗流涌动，第四次却突然销声匿迹。这就像赌场里的荷官突然换牌——表面 规则没变，底层逻辑早已天翻地覆。 十年看盘让我总结出散户最致命的两个认 ...