北京商报讯（记者 陶凤 王天逸）11月17日，龙芯中科披露投资者关系活动记录表称，9A1000是龙芯首 款GPGPU芯片，融合了图形和AI的算力，可以用作AIPC。总体上，9A1000图形性能高于CPU中集成的 集显性能，是入门级独显。争取开发9A1000的Windows驱动，也可以与Windows电脑配套。9A1000在9 月底交付流片，仍需要一定时间。 ...

AI服务器需求挤占传统市场供应，HBM抢走所有芯片产能？ 芯片制造商正将生产重心转向AI计算所需的先进内存芯片，减少了消费产品所需的生产投入。AI服务 器主要依靠英伟达等公司设计的处理器运行，这些AI处理器严重依赖高带宽内存(HBM)。 TriOrient研究副总裁Dan Nystedt表示，"AI建设绝对消耗了大量可用的芯片供应，从整体需求来看， 2026年看起来将远超今年。"他指出，SK海力士和美光等内存公司正在追逐AI需求，因为AI服务器公司 愿意为优质芯片支付高价。 内存供应商一直在追逐尽可能多的AI需求，得益于通常较高的利润率。Nystedt警告称，"这对依赖廉价 内存芯片的PC、笔记本电脑、消费电子产品和汽车来说可能非常糟糕。" 供应紧张推高芯片价格 面对供应限制，内存公司据报已开始提高芯片价格。Counterpoint Research研究总监M.S. Hwang表 示，"随着内存价格上涨和供应量萎缩，对生产瓶颈的担忧正在增加。" 人工智能需求的爆发式增长正在引发全球内存芯片供应紧张，芯片制造商和分析师警告称，这一短缺可 能在明年冲击消费电子和汽车行业。芯片厂商将生产重心转向利润丰厚的AI应用芯 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company achieved a record high revenue of 40.58 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 57.83%. The net profit attributable to the parent company was 16.32 billion yuan, up 66.89% year-on-year [5][11] - In Q3 2025, the company reported revenue of 14.24 billion yuan, a year-on-year increase of 57.22% and a quarter-on-quarter increase of 0.92%. The net profit attributable to the parent company was 4.73 billion yuan, up 22.94% year-on-year but down 25.33% quarter-on-quarter due to the impact of equity incentive expenses [5][11] - The company is actively seizing opportunities in the AI industry, with significant increases in shipments of DDR5 memory interface chips and high-performance computing chips, contributing to substantial growth in operating performance [11] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 61.46%, an increase of 3.34 percentage points year-on-year. The revenue from interconnect chips was 38.32 billion yuan, up 61.21% year-on-year, with a gross margin of 64.83% [11] - The company expects the demand for DDR5 memory interface chips and high-performance computing chips to continue to grow significantly in 2025, driven by trends in the AI industry [11] Research and Development - The company invested 5.33 billion yuan in R&D in the first three quarters of 2025, with an R&D expense ratio of 13.14%. It has launched new products such as the CXL 3.x MXC chip and is actively developing PCIe Switch chips [11] Future Outlook - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 21.97 billion yuan, 30.13 billion yuan, and 37.40 billion yuan, respectively, with corresponding EPS of 1.92 yuan, 2.63 yuan, and 3.27 yuan [11]

（文章来源：证券日报） 证券日报网讯英唐智控11月17日在互动平台回答投资者提问时表示，公司代理产品线中包含存储类芯 片，涵盖DRAM、NANDflash、NORFLASH、EMMC和SSD等多种存储器件，代理品牌包括佰维、时 创意、晶存、东芯、芯天下等。公司自研芯片（MEMS微振镜、车载显示芯片）均已进入市场化阶段， 改进型版本也在按预定研发计划加速推进中。 ...

分析师们指出，英伟达是这场人工智能革命的重要基石。他们预计，鉴于他们在对亚洲供应链的调查中 所获取的多项积极数据，以及大型科技企业 10 月底财报中所披露的巨额资本支出数据，该公司业绩将 轻松超出市场预期。 智通财经APP获悉，Wedbush表示，预计英伟达(NVDA.US)在第三季度的业绩报告会传来"好消息"，这 家人工智能芯片巨头将于当地时间11月19日公布其财报。该机构给予了英伟达"增持"评级，并设定了 210 美元的目标价。 由Daniel Ives领导的分析师团队称："当前，科技股波动不定，投资者对'人工智能泡沫'的担忧情绪日益 浓厚……这一切都取决于对人工智能革命需求前景的评估，而这一前景的起点和终点都与英伟达紧密相 关。本周三盘后，我们将听取AI教父黄仁勋以及英伟达的业绩报告和业绩展望，届时华尔街交易大厅 将鸦雀无声，因为整个全球市场都将密切关注詹森的这些结果和评论。" 分析师们认为，对于Blackwell芯片的强劲需求将在电话会议中占据"核心位置"。而目前特朗普政府针对 中国的芯片限制措施依然生效，并且贸易谈判仍在进行中，因此这些结果与实际情况存在巨大差距。 分析师们表示："我们相信，英伟达的 ...

（文章来源：证券日报） 证券日报网讯英唐智控11月17日在互动平台回答投资者提问时表示，公司在维持现有分销业务板块规模 稳定的基础上，将持续加大在芯片设计制造方面的投入，期望芯片研发制造业务在公司整体业务中的占 比能显著提升，成为支撑公司持续发展的核心力量，助力公司在半导体领域实现更大突破。 ...

Group 1: Market Overview - The overall market adjusted last week, with the Shanghai Composite Index slightly down by 0.18%, the CSI 300 Index down by 1.08%, and the CSI 500 Index down by 1.26% [3][17] - Small-cap stocks outperformed, and value style outperformed growth style, with consumer services, textiles, and basic chemicals leading the sectors [3][17] - The average daily trading volume of the entire A-share market was 20,410 billion, showing an increase compared to the previous week [3][17] Group 2: Sector Analysis - In the technology sector, A-shares have shifted focus from hardware to issues like power shortages and power equipment construction, with storage chips replacing optical modules as a new theme [4][20] - The A-share technology sector is currently influenced by the performance of major US tech companies, with upcoming earnings reports from Nvidia, Alibaba, and Baidu expected to impact market sentiment [20] Group 3: Gold Market Insights - Gold prices experienced fluctuations, driven by a declining US dollar index and a temporary easing of liquidity constraints in the US banking system [21] - The outlook for gold prices will closely follow US economic data releases and signals from Federal Reserve officials regarding interest rate paths [21] Group 4: Public Fund Market Dynamics - The Asset Management Association of China released a draft for the "Guidelines for Investor Suitability Management of Publicly Offered Securities Investment Funds," aimed at enhancing investor protection and fund sales practices [22] - The guidelines introduce new principles for risk assessment, including the correlation between stock positions and risk levels, ensuring that higher-risk funds are not rated lower than lower-risk funds [22][23] Group 5: Fund Performance Tracking - The Active Equity Fund Index decreased by 0.15% last week, with a cumulative excess return of 14.77% since inception [6][24] - The Value Equity Fund Index increased by 1.37%, with a cumulative excess return of 3.23% since inception [7][24] - The Growth Equity Fund Index rose by 0.20%, achieving a cumulative excess return of 16.12% since inception [9][24]

1. 11月17日(周一)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.12%，标普500指数期货涨0.33%，纳指期货涨 0.58%。 | = US 30 | 47,203.50 | 47,311.30 | 47,027.50 | +56.00 | +0.12% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6,756.40 | 6,780.90 | 6,721.10 | +22.30 | +0.33% | | 트 US Tech 100 | 25,153.80 | 25,273.90 | 24,940.10 | +145.60 | +0.58% | 盘前市场动向 2. 截至发稿，德国DAX指数跌0.49%，英国富时100指数涨0.00%，法国CAC40指数跌0.28%，欧洲斯托克50指数跌0.57%。 | 德国DAX30 | 23,769.43 | 23,941.69 | 23,724.62 | -117.64 | -0.49% | | --- | --- | --- | --- | --- | --- | | 英国富时100 | 9, ...

（原标题：美股前瞻 | 三大股指期货齐涨 英伟达及零售业财报考验牛市信念） 盘前市场动向 英伟达又遭清仓！硅谷知名创投大佬彼得·蒂尔(Peter Thiel)旗下蒂尔宏观基金三季度清仓了AI芯片巨头 英伟达(NVDA.US)。这是继软银、桥水等大型投资机构抛售英伟达后，再次有机构对英伟达用脚投 票。据悉，蒂尔今年早些时候曾警告英伟达估值过高，并将科技股估值飙升与1999—2000年互联网泡沫 1. 11月17日(周一)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.12%，标普500指数期货 涨0.33%，纳指期货涨0.58%。 2. 截至发稿，德国DAX指数跌0.49%，英国富时100指数涨0.00%，法国CAC40指数跌0.28%，欧洲斯托 克50指数跌0.57%。 3. 截至发稿，WTI原油跌0.07%，报59.91美元/桶。布伦特原油跌0.12%，报64.31美元/桶。 市场消息 "数据真空"中美股迎大考!英伟达(NVDA.US)和零售业财报成牛市信念试金石。11月的最后一个完整交 易周将为投资者带来两份关键财报以及9月份就业报告的恢复发布，这些事件将为今年最后几周的交易 定下基调。英伟达将于 ...

Macro Dynamics - The Ministry of Finance reported that from January to October, the stamp duty on securities transactions reached 162.9 billion yuan, a year-on-year increase of 88.1% [2] - The total stamp duty collected during the same period was 378.1 billion yuan, reflecting a year-on-year growth of 29.5% [2] Automotive Industry - The China Automobile Industry Association called for industry peers to actively maintain the normal export order and interests of the Chinese automotive industry, emphasizing the importance of recent policies issued by various government departments [3] Gold Export Tax - Indonesia is finalizing a plan to impose an export tax of 7.5% to 15% on gold products, aimed at encouraging domestic processing of gold [5] Real Estate Market - According to Centaline Property, mainland buyers accounted for 24% of private residential transactions in Hong Kong in the first ten months, with 11,290 transactions totaling approximately 109.7 billion HKD (about 14.1 billion USD), marking a year-on-year increase of over 20% [6] Cosmetics Industry - The National Medical Products Administration issued opinions to deepen cosmetic regulation reform, aiming to foster internationally competitive domestic cosmetic brands through supportive policies [7] Financial Institutions - CITIC Securities is reducing its business categories as part of the follow-up to its acquisition of Guangzhou Securities, with applications submitted to the China Securities Regulatory Commission [8] Market Data - The Shanghai Composite Index fell by 0.46%, while the lithium mining sector showed strong performance with several stocks hitting the daily limit [10][11] - The Hang Seng Index decreased by 0.71%, with notable declines in major tech companies [12] Semiconductor Sector - The semiconductor index in A-shares has seen a year-to-date increase of 40.63%, with a total market value of 5.76 trillion yuan, reflecting a growth of 1.86 trillion yuan since the beginning of the year [13] Company Dynamics - XPeng Motors reported third-quarter revenue of 20.38 billion yuan, a year-on-year increase of 101.8%, with a net loss of 380 million yuan [15] - Kexin Information is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure [16] - Haiguang Information indicated that price fluctuations in storage chips could increase costs for server manufacturers, driven by surging demand for AI servers [17] - Daimai Co. plans to invest 100 million yuan to establish a wholly-owned subsidiary focused on robotics, although there are risks associated with the development [18] - COMAC participated in the Dubai Airshow, showcasing the C919 and C909 aircraft, marking its first appearance at the event [19]