Group 1 - Quark will launch a new AI browser that integrates with the Qianwen app, marking a strategic collaboration aimed at reshaping the internet access logic [1] - The new AI browser is expected to undergo a significant upgrade on the PC side, enhancing user experience and privacy considerations [1] Group 2 - Weibo has released its first self-developed open-source large model, VibeThinker, which focuses on enhancing capabilities in complex mathematics and competitive programming [2] - The current version of VibeThinker is experimental and not optimized for daily chat interactions, indicating its targeted application in high-intelligence scenarios [2] Group 3 - Several smartphone manufacturers, including Xiaomi, OPPO, and vivo, have paused their procurement of storage chips due to low inventory levels and rising prices from suppliers [3] - The inventory for some manufacturers is reported to be below two months, with certain DRAM stocks dropping to less than three weeks, prompting a reevaluation of procurement strategies [3]

3、海关总署：前10个月，广州市外贸进出口总值达1.02万亿元，创下历史同期新高，同比增长12.1%， 外贸规模历史上首度在前10月突破万亿，月度进出口连续4个月运行在1000亿元以上的较高水平。 1、央视新闻：11月18日，外交部发言人毛宁主持例行记者会。毛宁表示，中日关系出现目前的局面， 根源在于日本首相高市早苗公然发表涉台错误言论，粗暴干涉中国内政，严重违背一个中国原则和中日 四个政治文件的精神，破坏中日关系政治基础。中方维护核心利益、捍卫国际正义的立场没有丝毫改 1、央视新闻：11月18日，商务部新闻发言人就美方修改申请专利无效相关规则答记者问。中方注意 到，美方近期以"国家安全"为名修改申请专利无效相关规则。中方认为美方做法违反其知识产权相关国 际义务，是对中国企业合法权利的歧视性限制。中方将密切关注事态发展，并采取必要措施，坚决维护 中国企业正当合法权益。 2、工信部印发《高标准数字园区建设指南》，目标到2027年，建成200个左右高标准数字园区，算力基 础设施实现有效部署和应用；强化"人工智能+可信数据空间"应用，推动园区数据服务创新；积极开 展"人工智能+制造"应用探索，推进工业机器人等智能制 ...

Group 1 - Quark will launch a new AI browser that integrates with the Qianwen app, marking a strategic collaboration aimed at reshaping the internet access logic [1] - The new AI browser is positioned to enhance user experience and privacy considerations, moving beyond traditional browser functionalities [1] Group 2 - Weibo has released its first self-developed open-source large model, VibeThinker, which focuses on enhancing capabilities in complex mathematics and competitive programming [2] - The current version of VibeThinker is experimental and not yet optimized for daily chat interactions, indicating its targeted application in high-intelligence scenarios [2] Group 3 - Several smartphone manufacturers, including Xiaomi, OPPO, and vivo, have paused their storage chip procurement due to low inventory levels and rising prices from suppliers [3] - The inventory for some manufacturers is reported to be below two months, with certain DRAM stocks dropping to less than three weeks, prompting a reevaluation of procurement strategies [3]

Market Overview - The U.S. stock market experienced a collective decline, with the Dow Jones and Nasdaq both dropping over 1%, specifically the Dow down by 498.5 points [2][3] - Major technology stocks fell, with the Philadelphia Semiconductor Index leading the decline; notable drops included Amazon down 4.4% (losing approximately $110.3 billion in market value) and Nvidia down nearly 3% [3][4] Company Performance - Nvidia's stock has decreased over 10% this month, with significant sell-offs reported from major hedge funds, including Peter Thiel's fund liquidating all 537,000 shares and Bridgewater cutting its position by 65% [3][6] - Other major tech stocks also saw declines: Microsoft down 2.7%, Tesla down 1.9%, and the "Big Seven" tech stocks have collectively dropped nearly 5% this month [3][4] Chinese Stocks - In contrast, Chinese stocks showed resilience, with the Nasdaq Golden Dragon China Index rising by 0.42%. Notable gainers included iQIYI and NIO, both up over 6% [4] Cryptocurrency Market - Bitcoin experienced volatility, dropping below $90,000 before rebounding to above $93,000, with over 125,000 traders liquidated, totaling $482 million in losses [5][6] AI Sector Insights - Concerns have been raised regarding the sustainability of AI capital expenditures, with Barclays downgrading Oracle's debt rating. This reflects a broader skepticism about high valuations in AI-weighted stocks [6][7] - The debate continues on whether AI has inflated stock valuations to bubble levels, with some investors viewing the current AI demand as fundamentally healthier compared to the 2000 internet bubble [7]

每经记者｜陈晴 每经编辑｜陈柯名 陈鹏程 王晓波 标题点睛： 当地时间18日，美国参议院批准强制公开爱泼斯坦案文件的法案。当日稍早前，美众议院表决并通过要求美国司法部公开全部爱泼斯坦案文件。美国总统 特朗普此前已对公开爱泼斯坦案文件表示支持。 美股三大指数集体收跌，道琼斯指数跌1.07%，标普500指数跌0.83%，纳斯达克综合指数跌1.21%；大型科技股多数下挫，亚马逊、AMD跌超4%，微 软、英伟达跌近3%，特斯拉跌超1%。 日本外务省亚洲大洋洲局局长金井正彰17日起访华。据日媒报道，在中国期间，他将围绕日本首相高市早苗涉台言论与中方进行磋商。11月18日，外交部 亚洲司司长刘劲松与其会面。14时左右，金井正彰一行离开中国外交部。面对媒体提问，他并未给出任何表态。 1 隔夜市场 美股三大指数集体收跌，道琼斯指数跌1.07%，标普500指数跌0.83%，纳斯达克综合指数跌1.21%；大型科技股多数下挫，亚马逊、AMD跌超4%，微 软、英伟达跌近3%，特斯拉跌超1%。中概股涨跌互现，纳斯达克中国金龙指数涨0.42%，爱奇艺涨超6%，百度涨超2%，阿里巴巴、网易涨超1%；拼多 多跌超7%并创5月27日以来最大跌 ...

Industry News - The Ministry of Industry and Information Technology issued the "Guidelines for the Construction of High-Standard Digital Parks," aiming to establish around 200 high-standard digital parks by 2027, with a target of achieving 100% coverage of dual-gigabit networks and effective deployment of computing power infrastructure [4] Company News - Chinese Media announced plans to use idle funds of 9.5 billion yuan to purchase financial products [7] - Xiaomi Group reported third-quarter revenue of 113.12 billion yuan, a year-on-year increase of 22.3%, with adjusted net profit reaching a record high of 11.3 billion yuan, up 80.9% year-on-year. The company aims to meet its annual delivery target of 350,000 units for Xiaomi cars this week [7] - Pinduoduo reported third-quarter revenue of 108.28 billion yuan, with adjusted earnings per ADS of 21.08 yuan [9] - Baidu's third-quarter financial report showed total revenue of 31.2 billion yuan, with core revenue of 24.7 billion yuan. The company disclosed AI business revenue for the first time, showing a year-on-year growth of over 50% [9] - Jingmei Technology announced a cooperation framework agreement with CATL for the joint design and development of "lithium battery composite busbars" [9] - Ever Creative, the second-largest shareholder of Yaxiang Integration, reduced its holdings by 130,000 shares as of November 18 [10]

2、美国商务部专利商标局近期发布备忘录，修改专利无效申请的透明度规则，重点审查有外国背景企业提出的申请。个别中国企业已收到美方通知，要 求其陈述适用专利无效申请的理由。 商务部对此回应称，美方做法违反其知识产权相关国际义务，是对中国企业合法权利的歧视性限制。中方将密切关 注事态发展，并采取必要措施，坚决维护中国企业正当合法权益。 1、 外交部亚洲司司长刘劲松同日本外务省亚大局局长金井正彰举行磋商。磋商结束后，刘劲松回应相关问题时表示对磋商结果不满意，并称双方会面时 气氛严肃。 外交部发言人毛宁在例行记者会上表示，中方维护核心利益、捍卫国际正义的立场没有丝毫改变。日方必须立即收回错误言论，深刻反省， 改弦更张，给中国人民一个明确的交代。 1、 国务院总理李强在上合组织会议上表示，高额关税等经贸壁垒增多使国际经贸秩序受到严重冲击，呼吁各方拥抱自由贸易、减少壁垒。 他强调上合组 织应强化安全合作机制，推动科技交流，反对人为阻碍科技发展，并倡议建立新能源等合作机制，扩大中国－上合组织在金融、科技等领域的协作平台。 7、 北京出台金融支持提振和扩大消费实施方案提出，加大对汽车特别是新能源汽车消费的金融支持力度， 激励引 ...

| .HSIADR 恒生指数ADR | | | --- | --- | | 26026.07 ↑ +96.04 +0.37% 收盘价 11/18 16:00 美东 | | | 二月日日 ■ | | | 最高价 26146.61 开盘价 25816.22 | 成交量 5085.28万 | | 最低价 25813.19 昨收价 25930.03 | 平均价 25979.90 | | 52周最高 27275.90 上 涨 -- | 平 智 -- | | 52周最低 18856.77 下 跌 -- | 振 幅 1.29% | | 800000 恒生指数 25930.03 -454.25 -1.72% | | 大型蓝筹股多数上涨，汇丰控股收报108.351港元，较香港收市跌1.14%；腾讯控股收报624.042港元，较香港收市涨0.09%。 智通财经APP获悉，周二，美股三大指数集体下跌。恒生指数ADR上涨，按比例计算，收报26026.07点，较香港收市升96.04或0.37%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换复价(HKD) | 较港股升跌 较 | | ...

9月底，拼多多发布了《新质供给一周年发展报告》。报告显示，平台产业带商家数量快速增长，95后 商家数量同比增长31%，00后商家数量同比增长44%，优质产品SKU数量同比增长超五成，产业带的品 牌店铺也实现大幅增长，各大产业带正在逐步迈向高质量发展。 百度第三季度财报显示，公司第三季度总营收312亿元，同比减少7%；归属公司净亏损112.32亿元，上 年同期净利润为76.32亿元。 11月18日，拼多多、百度亮出三季度"成绩单"。 结合近期京东、腾讯等巨头发布的业绩来看，不少公司均取得了亮眼的成绩，尤其是在AI不断发展的 当下，巨头们均在实现各自突围与寻求新的增长曲线。 拼多多第三季度财报显示，公司单季度营收1083亿元，同比增长9%；经调整净利润313.82亿元，同比 增长14%。不过，拼多多经营利润同比仅取得低个位数增长，营收和利润已经连续多个季度增速放缓。 据介绍，今年以来，拼多多首次在电商行业启动"千亿级别"的惠商战略。截至目前，"千亿扶持"已经持 续投入两个季度，一定程度上影响了过去两个季度的业绩表现，也为商家及产业的健康发展创造了长期 价值。 "第三季度，我们全方位展示了AI为业务带来的变革性价值 ...

格隆汇11月19日｜美股三大指数集体收跌，道琼斯指数跌1.07%，标普500指数跌0.83%，纳斯达克综合 指数跌1.21%。大型科技股多数下挫，亚马逊、AMD跌超4%，微软、英伟达跌超2%，特斯拉跌超1%。 纳斯达克金龙中国指数收涨0.42%，热门中概股中，大全新能源初步收跌6.7%，阿特斯太阳能跌6.7%， 晶科能源跌6.1%，亚朵跌2.9%，再鼎医药跌2.2%，蔚来跌1.5%，百胜中国、新东方涨超2.6%。 ...