公众号记得加星标⭐️，第一时间看推送不会错过。 来 源 ： 内容来自 semiengineering 。 芯片粒（chiplet）和多芯片组件（multi-die assemblies）的转型，正推动全球供应链发生重大变 革，包括企业与政府之间需建立更紧密的合作，以确保半导体部件的真实性和质量。 一段时间以来，芯片行业一直将数字证书视为减少假冒产品、保障质量一致性的最佳手段。问题在 于，这需要政府、制造商和封装测试厂（assembly houses）的共同参与，而并非所有相关方都愿意 投入必要的基础设施和技术来共享数字证书。不过这种情况已有所改变，部分原因是推动人工智能应 用的高性能计算（HPC）多芯片产品呈指数级增长。同样重要的是，政府对关键基础设施和国防应用 中使用的、经过认证的非高性能计算设备的需求，也推动了这一转型。 过去五年间，行业联盟和多个国家已建立论坛，讨论技术投资和经济激励措施，部分国家还通过了监 管并投资半导体行业的立法。但要成功堵住供应链漏洞，还需填补现有空白、消除标准与法规之间的 冲突、打破供应商与客户之间的壁垒，并建立公认的商业和技术框架。 这并非全新理念。软件行业多年来一直在创建和使 ...

Core Insights - The construction of Shanghai as a strong international financial center is emphasized, with a focus on enhancing cross-border financial convenience and developing a robust asset management and risk management center [1][8][10] Group 1: Financial Market Developments - Shanghai's financial market has seen a total transaction volume exceeding 29.68 trillion yuan (approximately 4.5 trillion USD) from January to September, marking a year-on-year growth of 12.7% [4] - The Shanghai shipping index futures, launched over two years ago, have become active and stable, attracting attention from domestic and international financial professionals [2][3] - The international reinsurance center in Shanghai has attracted 26 insurance institutions, with 128 institutions having trading permissions, covering 14 countries and regions [3] Group 2: Financial Innovation and Talent Development - The introduction of the digital RMB international operation center and the successful issuance of offshore bonds in the Shanghai Free Trade Zone are part of ongoing financial reforms [2][3] - The need for a strong talent pool in finance is highlighted, particularly in emerging fields such as green finance and digital finance, emphasizing the importance of professionals who understand international financial laws and compliance [9][10] - The collaboration between technology and finance is underscored, with companies like Moer Thread, a domestic GPU manufacturer, showcasing the synergy between capital markets and technological innovation [5][6] Group 3: Policy and Strategic Initiatives - The Shanghai government is committed to deepening financial market reforms and promoting high-level financial openness, leveraging the Free Trade Zone for innovative cross-border financial services [8][10] - The recent launch of multiple futures options products reflects a strategic move to provide flexible risk management tools for enterprises [7] - The focus on serving the real economy and national strategies is evident, with initiatives aimed at enhancing financial services for aging populations and supporting new trade models [7][8]

Core Insights - The article discusses the missed investment opportunity by SoftBank's founder Masayoshi Son in NVIDIA, highlighting the regret over selling shares before the company's significant growth driven by AI demand [1][2][4]. Group 1: Investment History - SoftBank invested approximately $3.6 billion in NVIDIA in May 2017, acquiring a 4.9% stake, but sold all shares in January 2019 for about $6.9 billion, realizing a profit of approximately $3.3 billion [1][7]. - If SoftBank had retained its shares, their current value would exceed $150 billion [1][7]. - In October 2025, SoftBank sold 32.1 million shares of NVIDIA for approximately $5.83 billion as part of its asset monetization strategy [5][7]. Group 2: Strategic Shifts - SoftBank's recent stock sales are part of a broader strategy to invest heavily in AI projects, including a $22.5 billion investment in OpenAI, which will increase its stake from 4% to 11% [5][8]. - The company aims to maintain financial stability while providing investment opportunities, as stated by CFO Yoshiaki Goto [5]. Group 3: Market Reactions and Analyst Perspectives - Despite SoftBank's stock sales causing a 2% drop in NVIDIA's share price, the company remains involved in several AI projects reliant on NVIDIA technology, such as the $500 billion Stargate data center project [6]. - Analysts suggest that SoftBank's actions should not be interpreted as a negative stance towards NVIDIA but rather as a necessity for funding its AI investments [6]. Group 4: Short Selling Dynamics - NVIDIA has become a significant target for short sellers, with a nominal short position exceeding $48 billion as of October 2025, making it the largest single short position in the U.S. capital markets [16][21]. - The volatility of NVIDIA's stock is largely influenced by the substantial options positions, leading to exaggerated price movements [23]. - Short sellers express concerns over NVIDIA's pricing power, the AI investment return timeline, and potential accounting adjustments affecting depreciation [17][18][19].

Economic Data and Events - Japan's Q3 GDP is expected to show a decline of 0.6% quarter-on-quarter, down from a previous growth of 0.5% [3] - The U.S. government has resumed operations, and key economic data, including the non-farm payroll report for September, will be released on November 20 [10] - China's LPR for November is anticipated to remain unchanged at 3% for the one-year rate and 3.5% for the five-year rate [3][10] Corporate Earnings Reports - Major companies such as Nvidia, Baidu, Xiaomi, and Pinduoduo are set to release their earnings reports next week, with Nvidia's report on November 19 being particularly significant for the AI sector [5][6] - Analysts expect Nvidia to report an adjusted EPS of $1.25 and revenue of $54.8 billion, reflecting year-on-year increases of 54% and 56% respectively [7] - Other companies reporting include Kuaishou, NetEase, and Xpeng Motors, alongside U.S. firms like Home Depot and Walmart [8][9] Key Events - The Microsoft Ignite 2025 conference will take place from November 18 to 21, focusing on AI and cloud computing innovations [12] - The Japanese Ministry of Finance will auction 800 billion yen of 20-year government bonds, amid indications of a shift towards expansionary fiscal policy [13] - The 2025 Data Storage Industry Conference will be held in Guangzhou, emphasizing the integration of AI in storage solutions [13]

【环球网财经综合报道】英伟达公司将于当地时间11月19日盘后公布季度业绩，这一财报对市场的重要性不言而喻。作为 全球AI芯片领域的代表性企业，其业绩表现将进一步影响市场对人工智能投资趋势的判断。 近期，投资者持续讨论AI泡沫是否已经开始破裂。安联集团首席经济顾问穆罕默德·埃尔-埃利安（Mohamed El-Erian）表 示，市场正在经历"理性泡沫"，尽管AI领域创造了巨大价值，吸引投资者因预期高回报而过度投资，但这一趋势也可能伴 随"眼泪"和损失。摩根大通资产与财富管理首席执行官Mary Callahan Erdoes则称，投资者应关注人工智能带来的长期机 遇，而非纠结于当前是否存在泡沫。她认为，AI正在创造尚未被充分认知的广阔前景。 花旗近日发布的研究报告维持对英伟达股票的"买入"评级，并将目标价从210美元/股上调至220美元/股。该报告直接回应了 投资者对AI资本支出"虚火"的担忧。分析师Atif Malik和Papa Sylla在报告中称，尽管市场对AI投资资金来源存在疑虑，但更 关键的基本面因素是，由于先进封装（CoWoS）产能受限，AI芯片的供应在2026年之前都将持续低于需求。花旗认为，英 伟 ...

Group 1 - The November LPR (Loan Prime Rate) will be announced on November 20, with the previous rates being 3% for the 1-year LPR and 3.5% for the 5-year LPR, both unchanged from the previous month [2] - The Federal Reserve will release the minutes of its monetary policy meeting on November 20, providing insights into discussions on interest rates, inflation, and economic outlook [3] - NVIDIA is set to disclose its earnings report after the market closes on November 19, with a focus on its data center and GPU business performance, which is seen as a barometer for the AI industry [4] Group 2 - The Dubai Airshow will take place from November 17 to 21, featuring two C919 aircraft and one C909 business jet, marking a significant step for China's aviation industry [5] - Multiple industry conferences will be held, including the 2025 China 5G + Industrial Internet Conference from November 21 to 23, focusing on 5G networks and smart factories [6] - The 2025 Quantum Technology and Industry Conference is scheduled for November 20, with discussions on quantum computing and communication [6] - The China International Semiconductor Expo will be held from November 23 to 25, focusing on the entire semiconductor industry chain [6] - The 23rd Guangzhou International Automobile Exhibition will take place from November 21 to 30, highlighting new energy vehicles and autonomous driving technology [6] Group 3 - A total of 42 restricted stocks will be unlocked from November 17 to 23, with a total market value of approximately 952.23 billion yuan, led by Ruijie Networks at 480.34 billion yuan [7] - The top three companies by unlock market value are Ruijie Networks (480.34 billion yuan), Innovation New Materials (105.42 billion yuan), and Xin Nuo Wei (53.4 billion yuan) [7] - The largest number of unlocked shares will come from Innovation New Materials (2.287 billion shares), Ruijie Networks (700 million shares), and Bona Film Group (309 million shares) [7] Group 4 - Two new stocks will be issued next week, with Jingchuang Electric set to issue on November 18 at a price of 12.1 yuan, and China Uranium Industry on November 21 [11] - The issuance details include a maximum subscription limit of 65.07 million shares for Jingchuang Electric and 24,818 million shares for China Uranium Industry [12]

Core Insights - Nvidia is set to announce its quarterly earnings on November 19, highlighting its significance in the market [2] - Citigroup maintains a "buy" rating for Nvidia, raising the target price from $210 to $220 per share, addressing investor concerns about AI capital expenditure [2] - Despite worries about AI investment funding, analysts note that AI chip supply will remain below demand until 2026 due to limited advanced packaging capacity [2] - Nvidia's current price-to-earnings ratio is approximately 28, which is more attractive compared to peers like Broadcom at 38 and AMD at 37 [2] Market Reactions - The Nasdaq index experienced a 1.9% intraday drop but recovered to close up 0.1%, providing a stable starting point for Nvidia's upcoming earnings report [3] - Nvidia's stock saw a slight increase last week, while companies related to OpenAI faced significant declines, with Oracle down over 9% and CoreWeave dropping nearly 30% [3] - A forthcoming report from The Verge describes CoreWeave as "the core of the AI bubble," questioning its business model and heavy reliance on Nvidia's support [3] Investor Sentiment - Discussions among investors revolve around whether the AI bubble is beginning to burst, with Allianz's chief economic advisor describing the market as experiencing a "rational bubble" [4] - While the total value created is substantial, there are concerns about potential losses, as noted by Mohamed El-Erian [4] - JPMorgan's CEO emphasizes the importance of focusing on future opportunities presented by AI rather than fixating on the existence of a bubble [4]

花旗11月10日发布的一份研究报告维持对英伟达股票的"买入"评级，并将目标价从210美元/股上调至220美元/股。这份报告直接回应了投资者对AI资本支 出"虚火"的担忧。分析师Atif Malik和Papa Sylla在报告中指出，尽管存在关于AI投资资金来源的疑虑，但一个更基本面的事实是，由于先进封装 （CoWoS）产能受限，AI芯片的供应在2026年之前都将持续低于需求。 花旗暗示英伟达的股价在当前水平仍具吸引力。报告称，英伟达目前的市盈率约为28倍，相较于AI同行博通的38倍和AMD的37倍，估值更具优势。 上周五，纳斯达克指数在盘中一度下跌1.9%，但随后迅速收复失地，最终收涨0.1%。 英伟达上周股价勉强收涨，这为其本周三公布的财报提供了一个相对平稳的起点。 与此同时，与OpenAI相关的循环交易公司面临大幅下跌。甲骨文股价上周下跌超9%，数据中心云服务提供商CoreWeave重挫近30%。 美国科技媒体The Verge预告了一篇即将发布的调查报道，将AI基础设施供应商CoreWeave形容为"AI泡沫的核心"，并对其商业模式及对英伟达的高度依赖 提出质疑。报道强调，CoreWeave几乎不可能在 ...

1、市场监管总局就《互联网平台反垄断合规指引（征求意见稿）》公开征求意见。详细列举互联网平 台可能发生的反垄断合规风险，引导平台经营者加强反垄断合规管理，有效预防和制止垄断行为的发 生，有利于营造公平竞争的市场环境。 2、国家卫生健康委："十四五"以来，我国不断完善生育政策体系和激励机制。9月开始申领的育儿补 贴，目前全国累计提交3170多万条申领信息，各地已经于本月中旬陆续开始发放育儿补贴。 今日关注 11月14日，外交部和中国驻日本使领馆郑重提醒中国公民近期避免前往日本。11月15日，继南航、国 航、东航三大航司后，川航、厦航、海航等多家航司发出通知，公布了涉及日本航线客票的特殊处置方 案，对于出行日期在12月31日之前，涉及日本相关航线且符合相关条件的客票，可予以免费退改处理。 宏观经济 3、第二十七届中国国际高新技术成果交易会正在深圳进行，本届高交会共设置国之重器重大装备、人 工智能与机器人、半导体、低空经济与商业航天、消费电子等22个专业展区，5000余项代表全球科技前 沿的新产品、新技术、新成果集中发布。 4、国家体育总局的最新数据显示，在我国，户外运动的人群已经超过4亿人。VR虚拟登山、夜间徒 ...

Core Viewpoint - Dongxin Semiconductor announced that its investment in Lisan Technology is progressing well, with the first GPU chip "7G100" entering the customer sampling phase, utilizing a 6nm process, and moving towards production and market promotion [1][2][3]. Group 1: Product Development and Market Strategy - Lisan Technology's GPU "7G100" is currently in the customer sampling stage, focusing on testing optimization and production arrangements, with plans for a professional version release in Q4 and a retail version in Q1 of the following year [2][3][4]. - The company is actively promoting the "7G100" to ensure a successful market entry and rapid market capture [1][2]. - The company will provide timely announcements regarding any developments that meet disclosure standards [2][3][4]. Group 2: Financial Performance and Market Conditions - The storage product market has shown signs of recovery, with price increases observed since October, positively impacting the company's sales performance [5][6]. - The company reported a significant increase in R&D investment, totaling 57.07 million yuan in Q3 2025, a 9.31% increase year-on-year, indicating a commitment to enhancing storage chip technology and reliability [3][5]. - The company is focusing on optimizing operational efficiency and inventory management to capitalize on market opportunities [5][6]. Group 3: Strategic Partnerships and Future Plans - The investment in Lisan Technology is part of the company's strategy to integrate storage, computing, and networking capabilities, enhancing core competitiveness [6][7]. - The collaboration between Dongxin and Lisan is expected to leverage technical synergies, improving product performance and customization capabilities for clients [6][7]. - Future investment decisions will be based on industry trends and strategic planning, with potential for further collaboration or investment in Lisan Technology [6][7].