CHE REAL 《北京市推进科技成 11月18日，北京市人民政府新闻办公室举行《北京市推进科技成果转化落地行动方案（2025—2027年）》（以下简称《行动方案》）新闻发布会，市科委、 中关村管委会、市教委、市卫生健康委、海淀区、中关村发展集团等相关单位负责人出席，围绕方案内容、实践进展及后续计划向北京商报等媒体详细介 绍，一幅加速科技成果从实验室走向生产线的图景逐渐清晰。 在发布会上，北京市科委、中关村管委会党组成员、副主任杨璞介绍，《行动方案》以深化科技成果转化机制改革为主线，坚持科技创新与制度创新双轮驱 动，聚焦科技成果"转得出、帮得上、落得下"三个阶段，着力加速成果从"1到10"在京落地进程。 方案明确，到2027年的核心目标是基本形成高效协同的科技成果转化体系，促成1000家合作平台、5000项技术开发合作项目，转化孵化3000家科技型企业与 600家专精特新企业，推动一批服务国家战略需求的重大成果落地。具体将从五方面发力，包括深化职务科技成果赋权改革、建立"企业出题+研发单位答 题"的科研组织模式、强化对接服务机制、完善概念验证与中试平台体系以及建设中关村国际技术交易中心，构建全链条转化服务生态 ...

分析师预计，这家芯片巨头2025财年第三季度的净利润和营收增幅都将超过50%。原因相当明确：数据 显示，微软、亚马逊、Alphabet和Meta Platforms这四家企业合计占英伟达销售额的40%以上，它们未来 12个月的AI支出预计将增长34%，达到4400亿美元。 风险在于，若大型AI支出方(尤其是未上市的OpenAI)不得不缩减投入承诺，这些数据可能会失去参考价 值。 "AI领域的这些参与者刻意不断抬高市场预期，如今他们不仅要实现业绩目标，还得持续满足市场日益 高涨的期待，"琼斯交易公司首席市场策略师迈克尔·奥罗克说，"对上市公司而言，这是一场危险的游 戏。" 万众瞩目的英伟达(NVDA.US)财报将于美股周三盘后发布，届时华尔街将得以一窥数十亿美元AI支出 的流向，但低迷的股市会作何反应仍是个未知数。 "这份财报堪称'英伟达定调，市场跟风'，"景顺财富管理公司首席投资官斯科特·马丁表示。该公司持有 英伟达及其多家大型科技同行的股份。 就财报本身而言，投资者将重点关注其 Blackwell系列芯片的强劲表现——该系列预计将推动公司下一 阶段的增长。利润率扩张也至关重要，尤其是数据中心业务，该部门在第 ...

Core Viewpoint - The article discusses the shift in the computing power market towards domestic solutions, highlighting the decline in profitability for NVIDIA products and the rise of domestic computing power projects supported by substantial subsidies [1][6][10]. Group 1: Market Dynamics - The computing power market is witnessing a transformation, with domestic solutions gaining traction as NVIDIA's products fail to maintain their previous popularity [2][4]. - Major internet companies are adapting to domestic chip solutions, indicating a collective industry shift towards supply chain security and business development needs [2][3]. - The domestic computing power projects are becoming commercially viable due to policy support and increasing market demand [3][10]. Group 2: Financial Support and Subsidies - Financial institutions are actively supporting domestic computing power projects, with significant subsidies available, reaching up to 80% of project costs [6][8]. - The government is providing targeted assistance to domestic computing power projects, including lowering funding barriers and offering substantial financial incentives [7][10]. - The cost of domestic computing power is becoming more competitive due to these subsidies, which help bridge the price gap with NVIDIA products [8][9]. Group 3: Technological Advancements - Domestic chip manufacturers have made significant advancements, achieving performance levels comparable to NVIDIA's mainstream products [12][16]. - The demand for inference tasks is expected to drive the growth of domestic computing power, with a notable increase in token usage for AI models [13][20]. - The development of supernode products is emerging as a key trend, enhancing efficiency and reducing costs in the deployment of AI infrastructure [26][27]. Group 4: Market Competition and Strategy - The domestic chip market is entering a competitive phase, with the need for rapid commercialization and efficient deployment becoming critical [25][30]. - Pricing strategies are evolving, with manufacturers willing to offer discounts to penetrate the market and expand application scenarios [28][29]. - The lack of a unified standard in the software ecosystem poses challenges for the adoption of domestic chips, highlighting the need for improved interoperability [29][30].

Group 1 - The core point of the news is that Hengshuo Semiconductor experienced a decline in stock price, dropping by 5.04% to 56.48 CNY per share, with a trading volume of 235 million CNY and a turnover rate of 6.22%, resulting in a total market capitalization of 4.684 billion CNY [1] - Hengshuo Semiconductor, established on February 13, 2015, and listed on August 29, 2022, focuses on the research, design, and sales of storage chips and MCU chips, with storage chips accounting for 83.57% of its main business revenue and microcontrollers and others making up 16.37% [1] Group 2 - Among the top ten circulating shareholders of Hengshuo Semiconductor, Huaxia Fund's Huaxia Industry Prosperity Mixed A (003567) increased its holdings by 99,200 shares in the third quarter, holding a total of 3.2427 million shares, which represents 4.97% of the circulating shares [2] - The estimated floating loss for Huaxia Industry Prosperity Mixed A today is approximately 9.7282 million CNY [2] - Huaxia Industry Prosperity Mixed A, established on February 4, 2017, has a latest scale of 8.972 billion CNY, with a year-to-date return of 50.89% and a one-year return of 53.99%, ranking 740 out of 8138 and 658 out of 8055 respectively [2]

Core Viewpoint - The strategic cooperation agreement between Hezhima Intelligent and Jiangsu Zhichi Zhiyuan focuses on advancing optical communication technology applications in automotive and intelligent terminal sectors, enhancing autonomous driving capabilities, and developing AI industrial robot solutions [1][2]. Group 1: Strategic Cooperation Details - The cooperation will emphasize the joint development of optical communication modules for automotive and intelligent terminals, targeting next-generation vehicle central computing platforms [1]. - Both companies will collaborate on developing advanced driver assistance system (ADAS) controllers for passenger and commercial vehicles, covering multiple applications from Level 2 and above [1][2]. - The partnership aims to create AI industrial robot solutions by integrating existing chip products with Zhichi Zhiyuan's diverse industrial production capabilities [1][2]. Group 2: Market and Growth Potential - The collaboration is expected to enhance market share in the Level 2 and above autonomous driving market by launching high-performance product solutions [2]. - The joint efforts will focus on meeting future demands for lower latency and higher data transmission rates in various applications, thereby improving transmission speed and timeliness [2]. - This strategic partnership is anticipated to accelerate the commercialization of core technologies, opening new growth opportunities for the company [2].

编辑｜MAX 编者按：下面的文字是一段AI生成的视频文本，近期在网上流行。这段视频模仿巴菲特老人家的口气 对AI热泼了一瓢冷水。我们认为这虽然不是巴菲特本人的话，但其中的一些信息和逻辑值得借鉴。我 们把它翻译过来，供读者一阅。希望对你有启发帮助。 英文原文： We're sitting here in late 2025, and I'm watching the biggest tech companies in America spend 400 billion on AI infrastructure in a single year. That's not a typo—400 billion. 中文翻译： 我们现在身处2025年末，我正目睹美国最大的科技公司在一年内投入4000亿美元用于AI基 础设施。这不是笔误——4000亿美元。 中文翻译： 微软、亚马逊、谷歌、Meta。它们都在竞相建造足以覆盖曼哈顿的数据中心。它们拼命购 买芯片，与那些甚至还没有营收的公司签署价值数千亿美元的协议。 英文原文： And folks, I'm getting that same sinking feeling I ...

Group 1 - A-shares experienced a collective rise on November 19, with the Shanghai Composite Index increasing by 0.19%, led by gains in the communication, non-ferrous metals, and electronics sectors, while the comprehensive and real estate sectors saw declines [1] - The chip technology sector showed strong fluctuations, with the chip ETF (159995.SZ) rising by 0.53% as of 9:44 AM, and notable increases in component stocks such as Rockchip (5.12%), Amlogic (3.89%), Haiguang Information (1.37%), Zhaoyi Innovation (1.25%), and Cambricon (1.08%) [1] Group 2 - Nvidia's Blackwell is expected to achieve a total lifecycle shipment of 20 million units, contributing $500 billion in revenue over the next five quarters with the upcoming Rubin launch in 2026 [3] - AMD reported a record high revenue for Q3 2025, with an estimated 4% quarter-over-quarter growth for Q4 2025, and anticipates a CAGR of over 60% for its data center business [3] - Intel has indicated strong quarter-over-quarter growth in DC AI revenue for Q4 [3] - Domestic AI chip companies in China are maintaining a high growth trend in Q3 2025, although the SoC sector is experiencing a slowdown in growth due to subsidy reductions and rising storage chip prices [3] - The chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry, including SMIC, Cambricon, Changdian Technology, and Northern Huachuang [3]

截至11月10日，星宸科技股东户数3.04万，较上期减少3.48%；人均流通股6152股，较上期增加3.61%。 2025年1月-9月，星宸科技实现营业收入21.66亿元，同比增长19.50%；归母净利润2.02亿元，同比增长 3.03%。 11月18日，星宸科技涨0.12%，成交额1.63亿元。两融数据显示，当日星宸科技获融资买入额1318.38万 元，融资偿还1161.12万元，融资净买入157.26万元。截至11月18日，星宸科技融资融券余额合计3.98亿 元。 融资方面，星宸科技当日融资买入1318.38万元。当前融资余额3.95亿元，占流通市值的3.72%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，星宸科技11月18日融券偿还700.00股，融券卖出1.05万股，按当日收盘价计算，卖出金额 59.61万元；融券余量5.48万股，融券余额311.10万元，超过近一年80%分位水平，处于高位。 资料显示，星宸科技股份有限公司位于福建省厦门市同安区后詹路1号16层,香港湾仔皇后大道东183号 合和中心46楼，成立日期2017年12月21日，上市日期2024年3月28日，公司主营业务涉及视频 ...

可能有朋友会问，帮主，这是不是全球科技股要凉的信号？别急，做了20年财经记者，我最清楚一点：短期波动就像天气变化，时而晴时而雨，但中长线投 资看的是"气候趋势"。你看，就在美股科技股跌跌不休的时候，谷歌直接扔出了王炸——最强大的AI模型Gemini 3，不仅推理能力大突破，还当天就装进了 谷歌搜索里，编程、图像生成样样在行。百度也不示弱，第三季度AI云稳健增长，萝卜快跑都跑到瑞士去了，智能体和数字人还赚了不少真金白银。这说 明啥？科技股的波动是暂时的，但AI技术迭代的浪潮是挡不住的，短期的恐慌抛售，反而可能给中长线投资者留了"捡漏"的窗口。 再看咱们国内的消息，也有不少让人安心的信号。北京12部门联合出台了金融支持消费的方案，要从信贷、债券、股权融资多方面发力，支持住宿餐饮、文 旅体育、养老这些领域，目标是到2030年建成多元化消费金融服务体系。可能有朋友觉得这是"远水"，但中长线投资看的就是政策托底的方向——消费是经 济的压舱石，现在政策加码，那些真正有竞争力的消费类企业，未来的成长空间肯定错不了。还有个大亮点，小米汽车首次实现单季盈利，赚了7个亿，智 能电动汽车收入同比暴涨超199%，眼看就要完成全年交付 ...

当地时间11月18日，美国股市三大股指全线收跌，道琼斯工业指数跌1.07%，报46091.74点，标准普尔500 指数跌0.83%，报6617.32点，纳斯达克指数跌1.21%，报22432.85点。其中，道琼斯工业指数、标准普尔 500指数均为连续 第四个交易日 下跌。 美股市场大型科技股集体下跌，其中，亚马逊跌超4%，英伟达跌近3%，微软跌超2%，特斯拉跌近2%， Meta、谷歌、苹果跌幅均不足1%。 牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 当地时间11月18日（周二），美国股市三大股指全线收跌，其中道琼斯工业指数、标准普尔 500指数均为连续 第四个交易日 下跌。 美股市场闪存芯片公司闪迪股价暴跌，盘中跌幅超过10%，后跌幅收窄。 18日，知名网络基础设施公司Cloudflare表示，其全球网络出现问题，导致许多网站和应用程序的服务中断， 包括X（原twitter）和ChatGPT在内的多家互联网平台无法访问。据媒体报道，Spotify和亚马逊也出现了服 务中断。 Cloudflare股价收跌近3%。 中概股涨跌不一，纳斯达克中国金 ...