Core Viewpoint - A notable investor, Peter Thiel, has completely exited his investment in Nvidia, raising concerns about the company's high valuation and the sustainability of the AI hype cycle [2][4]. Group 1: Investment Actions - Peter Thiel's Thiel Macro Fund sold approximately 537,742 shares of Nvidia, representing nearly 40% of its portfolio, with the sale valued at nearly $100 million based on Nvidia's average stock price during the period [2]. - Bridgewater Associates also reduced its Nvidia holdings by nearly 4.72 million shares, decreasing its stake by 65.3% to 2.51 million shares by the end of the third quarter [3]. - Thiel Macro Fund's overall portfolio turnover exceeded 80%, with total holdings dropping from $212 million to $74.4 million [4]. Group 2: New Investments - The Thiel Macro Fund significantly increased its positions in Microsoft and Apple, acquiring 49,000 shares of Microsoft and 79,181 shares of Apple during the third quarter [4]. - The fund completely divested from Vistra Energy Corp, selling 208,747 shares, and reduced its Tesla holdings from 272,613 shares to 65,000 shares, a reduction of 76% [4]. Group 3: Investment Philosophy - Thiel believes that while AI is transformative, it progresses slowly, and that platform-based software service companies provide sustainable economic growth rather than high-valuation "pure chip companies" [5]. - Microsoft and Apple are viewed as stronger investments due to their robust debt structures, solid free cash flow, and mature diversified business models, particularly in the integration of AI, cloud, and devices [5].

永赢上证科创板人工智能指数发起A（024774）成立日期2025年8月12日，最新规模6300.89万。成立以 来收益9.49%。 永赢上证科创板人工智能指数发起A（024774）基金经理为张璐。 截至发稿，张璐累计任职时间6年111天，现任基金资产总规模229.21亿元，任职期间最佳基金回报 108.47%， 任职期间最差基金回报-60.31%。 11月18日，晶晨股份涨5.15%，截至发稿，报84.28元/股，成交4.59亿元，换手率1.33%，总市值354.96 亿元。 资料显示，晶晨半导体(上海)股份有限公司位于上海市浦东新区秀浦路2555号漕河泾康桥商务绿洲E5, 香港湾仔皇后大道东183号合和中心46楼，成立日期2003年7月11日，上市日期2019年8月8日，公司主营 业务涉及系统级SoC芯片及周边芯片的研发、设计与销售。主营业务收入构成为：销售商品99.98%，租 赁服务0.02%。 从基金十大重仓股角度 数据显示，永赢基金旗下1只基金重仓晶晨股份。永赢上证科创板人工智能指数发起A（024774）三季 度持有股数15.04万股，占基金净值比例为6.04%，位居第六大重仓股。根据测算，今日浮盈赚 ...

Core Insights - The report highlights the recent trends in the U.S. bond market, indicating a slight increase in the 2-year Treasury yield by 0.63 basis points to 3.608% while the 10-year yield decreased by 0.78 basis points to 4.137% [5] - The report notes a 0.8% year-on-year increase in China's general public budget revenue from January to October, alongside a significant 88.1% increase in securities transaction stamp duty during the same period [4] - The automotive industry in China experienced a notable growth in exports, with October exports reaching 666,000 vehicles, marking a 22.9% year-on-year increase [4] Economic Data Summary - The Baltic Dry Index closed at 2125.00, reflecting a 2.31% increase, while major U.S. indices such as the Nasdaq and Dow Jones saw declines of 0.84% and 1.18% respectively [6] - The ICE Brent crude oil price was reported at $64.03, down by 0.56%, and the London gold spot price was $4044.51, decreasing by 0.92% [6] - The exchange rate for the U.S. dollar against the Chinese yuan (CFETS) was 7.10, showing a slight increase of 0.06% [6] Market Performance - The Hang Seng Index closed at 26384.28, down by 0.71%, while the Hang Seng Tech Index fell by 0.96% [6] - The Shanghai Composite Index ended at 3972.03, reflecting a decrease of 0.46%, and the Shenzhen Composite Index remained relatively stable with a slight increase of 0.01% [6]

随着AI芯片领军者AMD以及SSD存储巨头闪迪(SanDisk)公布AI热潮驱动之下的无比强劲业绩以及高盛、瑞银 等华尔街金融巨头们发布研报驳斥"AI泡沫"，市场关于AI泡沫的担忧情绪显著减弱，带动英伟达、美光科技、 爱德万测试、东京电子、软银集团以及SK海力士等与AI密切相关联的科技巨头们近日股价有所反弹，凸显出 逢低买盘真金白银涌向这些AI算力领军者们。 全球持续井喷式扩张的AI算力需求，加之美国政府所主导的全球主权AI基础设施投资项目愈发庞大，并且科技 巨头们不断斥巨资投入建设大型数据中心，很大程度上意味着对于长期钟情于英伟达以及AI算力产业链的投资 者们来说，席卷全球的"AI信仰"对算力领军者们的股价"超级催化"远未完结，他们押注英伟达、台积电、美 光、SK海力士以及希捷、西部数据等算力领军者们所主导的AI算力产业链公司的股价将继续演绎"牛市曲 线"。 令人感到震撼的5000亿美元 智通财经APP获悉，英伟达(NVDA.US)首席执行官黄仁勋在10月底的华盛顿GTC大会上重磅透露，英伟达在 2025年到2026年日历年全年合计拥有高达5000亿美元的AI GPU算力基础设施订单，这些订单对应的是处于本 ...

11月17日，北京君正涨1.94%，成交额34.66亿元。两融数据显示，当日北京君正获融资买入额4.43亿 元，融资偿还3.79亿元，融资净买入6408.04万元。截至11月17日，北京君正融资融券余额合计33.06亿 元。 融资方面，北京君正当日融资买入4.43亿元。当前融资余额32.85亿元，占流通市值的7.25%，融资余额 超过近一年90%分位水平，处于高位。 截至9月30日，北京君正股东户数10.81万，较上期增加6.03%；人均流通股3891股，较上期减少5.68%。 2025年1月-9月，北京君正实现营业收入34.37亿元，同比增长7.35%；归母净利润2.44亿元，同比减少 19.75%。 分红方面，北京君正A股上市后累计派现4.39亿元。近三年，累计派现1.83亿元。 机构持仓方面，截止2025年9月30日，北京君正十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股808.96万股，相比上期增加170.68万股。易方达创业板ETF（159915）位居第七大流通股 东，持股683.97万股，相比上期减少114.88万股。南方中证500ETF（510500）位居第九大流通股东，持 股4 ...

Core Viewpoint - The Chip ETF Fund (159599) opened at a decline of 0.35%, indicating a slight downturn in the semiconductor sector [1] Fund Performance - The Chip ETF Fund (159599) has a performance benchmark of the CSI Chip Industry Index return rate [1] - Since its establishment on April 19, 2024, the fund has achieved a return of 98.05% [1] - Over the past month, the fund has experienced a return of -1.19% [1] Major Holdings Performance - Major stocks within the Chip ETF Fund include: - SMIC (中芯国际) opened down 0.11% - Cambricon (寒武纪) increased by 0.22% - Haiguang Information (海光信息) decreased by 0.35% - Northern Huachuang (北方华创) fell by 0.19% - Lattice Semiconductor (澜起科技) dropped by 0.33% - Zhaoyi Innovation (兆易创新) declined by 1.07% - Zhongwei Company (中微公司) decreased by 0.87% - OmniVision (豪威集团) slightly increased by 0.01% - Chipone (芯原股份) fell by 1.15% - JCET (长电科技) decreased by 0.19% [1]

（原标题：重注AI下半场，资本"惩罚"软银） 作者 | 范亮 编辑 | 张帆 11月11日，软银集团宣布清仓英伟达，将资金投向OpenAI后，股价在后续三个交易日累计下跌10%。进 入11月后，年内暴涨200%的软银集团股价涨势戛然而止，开始从高位剧烈回调。至今已经回调近 30%。 那么，市场为何对软银态度陡转？ 软银，也是OpenAI影子股 要深入分析软银集团（SoftBank Group）的股价表现，首先必须清晰地理解其复杂的业务构成及核心利 润来源。整体来看，软银的业务版图可划分为两大主要板块：实体商业运营与金融投资。 软银的商业板块涵盖了芯片架构及设计（ARM）、通信及互联网（如雅虎日本）等核心业务。在2026 财年上半年（即2025年第二、三季度），该分部实现了3.74万亿日元的营业收入和1.96万亿日元的毛利 润。相较之下，其金融投资板块（包括自有资金投资和愿景基金）同期斩获了高达3.9万亿日元的投资 收益。 数据明确显示，金融投资是软银当前最主要的利润引擎。然而，这一来源也伴随着显著的波动性。例 如，在2022至2024财年（软银财年为当年二季度至下年一季度）期间，软银的投资业务曾面临持续亏 损 ...

2025 前三季度营收同比增长13.42%，单三季度归母净利润环比减亏。公司发布2025Q3 季报，前三季度 实现营收28.8 亿元(YoY +13.42%)，归母净利润-3.27 亿元。其中，单三季度实现营收9.82 亿元(YoY +11.1%，QoQ -0.59%)，归母净利润-0.82 亿元(环比减亏0.4 亿元)，综合毛利率为26.65%，较2Q25毛利 率23.21%环比提升3.44 个百分点。 风险提示：激烈竞争导致产品价格下降风险；新产品开发滞后风险；地缘政治风险；先进制程产能受限 风险；公司持续亏损风险等。 6nm 八核4G 芯片差异化竞争，云端推理ASIC 项目储备多种方案。公司第一代4G 八核芯片已推向市 场，首发客户G-Tab 智能手机已于8 月底上市；第二个手机客户为南非最大零售渠道的自有品牌，预计 明年年初面世；第三个客户的手机产品预计在明年一季度量产。目前近10 个智能手机项目正在推进 中，智能平板有10+项目正在推进中。第二代6nm 八核4G 芯片关键功能验证结果均符合预期，部分超 出设计目标。该芯片是目前同类中唯一能支持LPDDR4x/5/5x 的4G 智能手机芯片，预计将在今 ...

Group 1: Market Overview - US stock indices experienced slight fluctuations, remaining mostly flat as traders prepared for Nvidia's earnings report and a key employment report [1] - Analysts noted that Nvidia's earnings report is crucial for shaping market momentum, especially after recent underperformance in AI-related trades [1] - Nvidia's stock saw a minor decline after Peter Thiel's hedge fund liquidated its entire position in the company [1] Group 2: Nvidia and AI Sector - Nvidia is expected to report earnings that exceed market expectations, but investor anxiety over high AI valuations is growing [1] - The upcoming employment report, delayed due to government shutdown, is anticipated to provide critical data for decision-makers and investors [1] Group 3: Stock Performance - Micron Technology's stock surged over 5%, reaching a new historical high, while SanDisk rose approximately 8% [2] - Alphabet (Google's parent company) saw its stock price increase significantly, with a market capitalization surpassing $3.5 trillion, following Berkshire Hathaway's substantial investment in the company [4][7] - The investment in Alphabet is seen as a significant move by Berkshire, indicating confidence in AI-related stocks despite Warren Buffett's historically cautious stance on high-growth tech stocks [7][8] Group 4: Federal Reserve Insights - Federal Reserve Vice Chair Philip Jefferson emphasized a cautious approach to further rate cuts to avoid undermining anti-inflation efforts [9] - Jefferson indicated that the current policy stance is approaching a neutral level, balancing between stimulating and restraining the economy [9][10] - The Fed is facing challenges in balancing inflation control and unemployment reduction, with recent employment growth slowing down [9][10]

当地时间11月17日周一，一场剧烈的抛售潮席卷了美国金融市场，从高歌猛进的科技股到加密货币乃至黄金，几乎 所有资产类别都未能幸免。在对AI热潮可持续性以及经济前景的担忧加剧下，投资者纷纷抛售风险资产，导致主要 股指跌破关键技术支撑位，市场避险情绪急剧升温。 几乎所有主要股指都跌破了关键技术支撑位：标普500指数、道琼斯指数和纳斯达克指数跌破50日均线，RTY指数 跌破100日均线。技术分析师通常将跌破此类关键均线视为市场短期趋势可能逆转的信号。 最新的市场动态显示，标普500指数和纳斯达克综合指数双双收于50日移动平均线下方，这是138个交易日以来的首 次，打破了自今年5月以来的最长连续上涨纪录。道琼斯工业平均指数则经历了自4月以来的最差三日表现，周一收 盘下跌1.2%，或557点。纳斯达克指数下跌0.8%，标普500指数下跌0.9%。 这场抛售并不仅限于股票市场。被一些分析师视为投机资产的黄金期货价格回落至每金衡盎司4068.30美元。现货黄 金价格跌至4000美元水平附近。 美股跌破关键技术位，AI热潮降温 加密货币市场同样遭到重创，比特币价格跌破9.2万美元，年内涨幅由正转负。市场的恐慌情绪推动芝加哥期 ...