股指期货周报：股指将再受考验 研究员：孙锋 期货从业证号：F0211891 投资咨询证号：Z0000567 目录 第一部分 周度核心要点分析及策略推荐 2 第二部分 周度数据追踪 5 周度核心要点及策略推荐 【综合分析】 【策略推荐】 GALAXY FUTURES 3 逻辑梳理：本周市场保持高位震荡，上证指数周五创下4034点十年新高后尾盘快速跳水。宽基指数高位震荡，仅上证50指 数出现周阳线，市场分化严重。指数的分化源自行业板块的表现，人工智能硬件——光模块、英伟达产业链、国产芯片等 纷纷跌幅居前，资金大举流出，这与美股科技龙头震荡，国产芯片龙头公布业绩后不涨反跌，日本存储公司季报远低预期 等有关。相反资金流向大消费板块，高低切换显示了避险需求。 后市展望：科技股在下周继续面临压力。中芯国际略超预期的季报并未能再动板块，反而受大市影响下跌；摩尔线程招股 使现有GPU的替代性加强，是否会有共振走强还有待观察；虽然美股科技龙头有止跌迹象，但周末华为的新技术将使投资 者对算力投资再度生疑。科技股震荡之下，股指难有集体表现，预计市场将再探支撑。 期货方面：本周基差先收敛再扩大，周三市场盘中调整见底、科技股反弹的情况 ...

芯片ETF景顺（159560）业绩比较基准为中证芯片产业指数收益率，管理人为景顺长城基金管理有限公 司，基金经理为张晓南，成立（2023-11-09）以来回报为59.95%，近一个月回报为-3.94%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 11月17日，芯片ETF景顺（159560）开盘跌0.19%，报1.602元。芯片ETF景顺（159560）重仓股方面， 中芯国际开盘跌1.15%，寒武纪跌0.61%，海光信息涨0.75%，北方华创跌0.14%，澜起科技涨0.09%，兆 易创新涨0.99%，中微公司涨0.00%，豪威集团涨0.30%，芯原股份涨3.08%，长电科技跌0.13%。 ...

Group 1 - The storage chip sector showed strength on November 17, with the ChiNext 50 ETF (159682) experiencing a slight decline of 1.05% by midday, with a trading volume of 159 million yuan [1] - Notable performers among the constituent stocks included BlueFocus, which rose over 13%, while companies like Ningde Times and Mindray Medical saw minor declines [1] - The ChiNext 50 ETF has recorded net inflows for 4 out of the last 5 trading days, accumulating over 150 million yuan [1] Group 2 - Samsung Electronics has reportedly increased the prices of certain memory chips by up to 60% compared to September, driven by a supply shortage due to the global demand for AI data centers [1] - Huaxi Securities believes that the domestic AI chip localization process is a long-term trend, indicating that the current period is optimal for the development of domestic chips [2] - Shenwan Hongyuan suggests that the migration of resident asset allocation, in conjunction with economic, policy, and industrial cycles, is sufficient to drive a bull market, with a focus on technology and China's increasing global influence [2]

智通财经APP获悉，硅谷"风投教父"、美国副总统万斯长期以来的密友彼得·蒂尔(Peter Thiel)旗下投资 机构Thiel Macro LLC最新的13F报告并没有显示出仅仅是小幅调整英伟达仓位，而是完全退出了对 于"AI芯片霸主"英伟达(NVDA.US)的仓位。彼得·蒂尔的这一举动发生在一个令人感到惊讶的时刻，此 时华尔街正忙于宣称英伟达乃首选科技股以及坚称所谓"AI泡沫时刻"纯属市场多虑。 尽管英伟达最近的市值突破了5万亿美元这一史诗级的里程碑关口，且华尔街对于英伟达目标价持续上 调至开始接近300美元，但是这并未阻止蒂尔完全撤出该股仓位。此外，彼得·蒂尔旗下对冲基金机构缩 减了整体股票组合约三分之二，并将其资金集中在三只市值巨头科技股票上——分别是苹果 (AAPL.US)、微软(MSFT.US)以及特斯拉(TSLA.US)。其中微软和苹果为该机构的首次建仓，对于特斯 拉则进行大幅减仓。 有分析师认为，彼得·蒂尔的最新持仓变化远不是一次简单的再平衡，而更像是一种明确的声明。 彼得·蒂尔本人在不久之前曾警告市场对于AI的炒作周期走得远远超前于其实际经济性，他的第三季度 投资组合调整与这一观点一致。 尽管 ...

2025年11月14日，中国香港——赛昉科技隆重发布首款基于RISC-V架构的数据中心管理芯片 "狮子山 芯"。作为一款具有里程碑意义的产品，"狮子山芯"成功实现了RISC-V在数据中心领域的首次规模化商 业落地，为中国的算力基础设施发展注入了新的核心动能。 本次产品发布备受瞩目，赛昉科技创始人兼CEO徐滔、赋生资本创始人李家杰博士、香港投资管理有限 公司行政总裁陈家齐女士、超聚变董事长兼CEO刘宏云、英特尔中国区数据中心与人工智能销售业务部 总经理何佳卫、赋生资本管理合伙人陈英龙、中国移动香港有限公司董事兼行政副总裁李昕等百余位业 界领袖齐聚香江，共同见证了RISC-V在数据中心应用场景中的关键突破。 关键伙伴鼎力支持，RISC-V实现数据中心规模化商用破局 本次活动上，赛昉科技与超聚变共同举办了"狮子山芯"交付仪式，成为芯片原厂与系统应用厂商协同合 作的典范。双方将以此次交付为新的起点，持续推进"狮子山芯"的商业化拓展，深化在数据中心领域的 多维度合作。 "狮子山芯"交付仪式，左起为赛昉科技创始人兼CEO徐滔、赛昉科技CTO兼数据中心业务总裁章纳新、 超聚变算力研发部总裁刘全仲、超聚变董事长兼CEO刘宏云 ...

Group 1 - Zhongyuan Shipping (01138) rose over 3% as VLCC daily charter rates hit a new high, surpassing $125,000 [1] - Guanghetong (00638) fell over 4% due to adjustments in the Hong Kong Stock Connect securities list effective November 17, 2025 [1] - Zhenjiu Lidu (06979) dropped nearly 4% as media reported a temporary halt in recruitment in several provinces to ensure market stability [1] - Kangnait Optical (02276) increased over 2% as smart glasses sales surged 25 times year-on-year, ranking in the top 3 of Tmall's 3C digital trends [1] - Alibaba-W (09988) experienced a short-term spike before falling 0.5% after announcing the launch of its "Thousand Questions" AI project [1] Group 2 - Maoyan Entertainment (01896) fell over 5%, with a cumulative drop of over 12% in two trading days, as a new Japanese animated film is set to release [2] - Chip stocks rose, with Shanghai Fudan (01385) up 4.19% and SMIC (00981) up 0.54%, following SMIC's Q3 2025 report showing a 6.9% quarter-on-quarter revenue increase [2] - Zhonghuan New Energy (01735) rose over 5% after announcing a global strategic partnership with the Hemingway Family Foundation [2] - InnoScience (02577) increased over 3% as it was identified as a leading GaN power semiconductor company with a 30% global market share [2] Group 3 - Jingyang Group (08257) surged over 80% after announcing a privatization proposal from Watlow Electric Manufacturing Company [3] Group 4 - Avadel Pharmaceuticals (AVDL.US) rose 22.45% after receiving an unsolicited acquisition proposal from Lundbeck at $23 per share [4] - Netflix (NFLX.US) fell 3.64% amid reports of potential bids for Warner Bros Discovery [4] - CoreWeave (CRWV.US) dropped 1.25% after concerns were raised about its business model and dependence on Nvidia [4] Group 5 - Quantum computing stocks rebounded, with Quantum Computing (QUBT.US) up 5.68% [5] - Storage stocks rose, with SanDisk Corp (SNDK.US) up 4.35% following reports of significant price increases from Samsung Electronics [5] - RLX Technology (RLX.US) surged 10.3% after reporting Q3 revenue of $158.6 million, a 47.1% year-on-year increase [5] Group 6 - Cidara Therapeutics (CDTX.US) soared over 105.41% after Merck announced a cash acquisition agreement at $221.50 per share [6] - Major tech stocks showed mixed results, with Tesla (TSLA.US) slightly up and Amazon (AMZN.US) down 1.22% [6] - Gold mining stocks fell, with Coeur Mining (CDE.US) down 1.99% as spot gold prices dropped nearly 1% [6] Group 7 - Cryptocurrency stocks fell ahead of market opening, with IREN Ltd (IREN.US) down 4.69% [7]

2025.11. 17 本文字数：1310，阅读时长大约2分钟 作者 | 一财 阿驴 11:31 A股午盘丨创业板指半日跌0.8% 截至午盘，沪指跌0.43%，深成指跌0.35%，创业板指跌0.8%。 沪深两市半日成交额1.27万亿，较上个交易日放量329亿。全市场超2900只个股下跌。 10:49 碳酸锂期货主力合约涨超7%，现报93600元/吨。 10:40 沪深两市成交额突破1万亿，较上一日此时放量近200亿。 10:34 国债期货涨幅扩大，30年期主力合约涨0.43%，10年期主力合约涨0.09%，5年期主力合约涨 0.04%，2年期主力合约涨0.03%。 | 名称 | 最新 涨幅� | 涨跌 | | --- | --- | --- | | 三十年国债主连 | 116.57 +0.43% +0.50 | | | 十年国债主连 | 108.490 +0.09% +0.100 | | | 五年国债主连 | 105.895 +0.04% +0.045 | | | 二年国债主连 | 102.474 +0.03% +0.028 | | 10:01 集运指数欧线期货主力合约涨超8%，报1747点。 09:47 存 ...

Core Viewpoint - Peter Thiel's fund, Thiel Macro LLC, made significant adjustments in Q3, completely exiting its position in Nvidia and reducing its Tesla holdings by 76%, signaling caution towards the AI hype cycle [1][3][7] Group 1: Portfolio Changes - Thiel Macro LLC's total holdings shrank from approximately $212 million to $74.4 million, indicating a drastic reduction of about two-thirds [3][5] - The fund sold all 537,700 shares of Nvidia, which previously accounted for 40% of its portfolio, and also divested a significant position in Vistra Energy, which represented 19% of the portfolio [4][6] - The fund's turnover rate exceeded 80%, reflecting a decisive strategic contraction rather than a mild rebalancing [5] Group 2: New Investments - In contrast to the sell-offs, Thiel Macro LLC established new positions in Microsoft and Apple, purchasing 49,000 shares of Microsoft and 79,181 shares of Apple [6] - Following the reductions, Tesla remained the largest holding at approximately 38.8%, while Microsoft and Apple accounted for 34.1% and 27.1% of the portfolio, respectively [6] Group 3: Market Sentiment and AI Concerns - Thiel's actions align with his previous warnings about the AI sector's speculative bubble, comparing the current market enthusiasm to the internet bubble of 1999 [7] - Despite acknowledging Nvidia's leadership in hardware, Thiel's decision to eliminate the position reflects a belief that AI's transformative impact will be gradual, favoring platform companies with diversified revenue streams over high-valuation chip manufacturers [7]

格隆汇11月17日｜寒武纪临近午盘收盘直线跳水，一度跌逾3%。 ...

Core Insights - The AI industry structure is currently unhealthy, with the chip layer capturing most of the value, while the model and application layers earn significantly less. This imbalance is unsustainable, and companies like Baidu are compelled to develop their own chips to regain control over value creation [1][4]. Group 1: Chip Development and Strategy - Baidu has launched two self-developed AI chips, Kunlun M100 and M300, as part of its strategy to enhance its AI capabilities [2]. - The Kunlun chip team has been active since 2011, evolving from early AI models to developing chips specifically for large models, such as the P800 [1][8]. - The M100 chip is optimized for large-scale inference and is set to be released in early 2026, while the M300 chip, designed for high-end training and inference tasks, will be available in early 2027 [8][10]. Group 2: Industry Challenges and Opportunities - The emergence of the Transformer model has unified the architecture of AI models, making it easier for chip manufacturers to target performance improvements [4]. - However, the rapid growth of AI applications presents challenges, as the future direction of the AI industry remains uncertain, leading to increased costs in computing power, energy, and infrastructure [5][6]. - The industry is moving towards a new engineering and scientific exploration route, where simply stacking chips is no longer sufficient [7]. Group 3: System Integration and Performance - The concept of "super nodes" is crucial for optimizing chip performance, allowing multiple chips to work together as a single unit, significantly enhancing communication efficiency [9]. - Baidu's super node solutions, such as the Tianchi 256 and 512, are designed to handle trillion-parameter models, with performance improvements of over 50% compared to previous iterations [9][10]. - The integration of chips, memory, communication, power supply, and cooling systems is essential for the success of AI infrastructure [9].