作为本财报季最受期待的财报，英伟达季报将于下周出炉。一位顶级科技投资人认为，在这家芯片巨头 发布财报之前，华尔街对其看涨情绪还不够强烈。 科技风投家、深水资产管理公司（Deepwater Asset Management）的创始人吉恩•蒙斯特（Gene Munster）仍看好英伟达，尽管有人担心其业绩可能显示出增长放缓以及人工智能交易降温。蒙斯特认 为，英伟达的繁荣期至少还将持续两年。 在本周的一篇文章中，蒙斯特表示，华尔街的怀疑者们没有考虑到英伟达CEO黄仁勋最近关于公司计划 的表态。 他补充道，华尔街目前预计英伟达2025年营收增长59%，2026年增长39%，2027年增长 22%。 蒙斯特认为，围绕英伟达的趋势存在一个 "第二十二条军规"（Catch-22）。这个词来源于美国作家约瑟 夫·海勒的同名小说《第二十二条军规》，指一种逻辑上自相矛盾、让人陷入 "怎么做都不对" 的两难困 境。 蒙斯特指出，如果英伟达的业绩指引疲软，投资者自然会认为这是市场走软的信号。然而，如果它表现 得过于强劲，一些人可能又会认为科技巨头们在GPU上的资本支出过于庞大。 他还提到了近期软银清仓英伟达、将投资转向OpenAI的 ...

Core Viewpoint - Black Sesame Intelligence has successfully integrated its flagship product, the Huashan A1000 automotive-grade high-performance driving assistance chip, into Desay SV's new low-speed unmanned vehicle brand "Chuanxing Zhiyuan" S6 series, enhancing safety and reliability in logistics operations [1] Group 1: Product and Technology - The Huashan A1000 chip features a dual-core lockstep safety processor and an independent safety island, ensuring high safety standards [1] - The chip has received multiple authoritative automotive certifications, including ISO 26262 ASIL-B functional safety certification and AEC-Q100 Grade 2 automotive reliability certification [1] Group 2: Strategic Partnership - The collaboration between Black Sesame Intelligence and Desay SV aims to deepen the application of the Huashan A1000 chip in the Chuanxing Zhiyuan S6, enhancing the competitiveness of low-speed unmanned vehicles in high safety-demand scenarios [1] - Black Sesame Intelligence will continue to provide safety redundancy support for the large-scale deployment of the Chuanxing Zhiyuan S6, helping to establish market advantages [1] Group 3: Market Impact - The partnership is expected to solidify Black Sesame Intelligence's leading position in the low-speed unmanned delivery chip sector [1] - The stock price of Black Sesame Intelligence increased by nearly 4% during trading, reflecting positive market sentiment regarding the news [1]

Core Viewpoint - Black Sesame Intelligence has successfully integrated its flagship product, the Huashan A1000 automotive-grade high-performance driving assistance chip, into Desay SV's new low-speed unmanned vehicle brand "Chuanxing Zhiyuan" S6 series, enhancing safety and reliability in logistics operations [1] Group 1: Product and Technology - The Huashan A1000 chip features a dual-core lockstep safety processor and an independent safety island, ensuring high safety standards [1] - The chip has passed multiple authoritative automotive certifications, including ISO 26262 ASIL-B functional safety certification and AEC-Q100 Grade 2 reliability certification [1] Group 2: Strategic Partnership - The collaboration between Black Sesame Intelligence and Desay SV aims to deepen the application of the Huashan A1000 chip in the Chuanxing Zhiyuan S6, promoting the development of safe and durable low-speed unmanned vehicle products [1] - This partnership will strengthen Black Sesame Intelligence's leading position in the low-speed unmanned delivery chip sector and support Desay SV in establishing a competitive market advantage [1]

Core Viewpoint - Black Sesame Intelligence has successfully integrated its flagship product, the Huashan A1000 automotive-grade high-performance driving assistance chip, into Desay SV's new low-speed unmanned vehicle brand "Chuanxing Zhiyuan" S6 series, enhancing safety and reliability in logistics operations [1] Group 1: Company Developments - Black Sesame Intelligence's stock rose nearly 4% during trading, currently up 2.67% at HKD 22.3, with a trading volume of HKD 135 million [1] - The Huashan A1000 chip has passed multiple authoritative automotive certifications, including ISO26262 ASIL-B functional safety certification and AEC-Q100 Grade 2 automotive reliability certification [1] - The collaboration aims to leverage Black Sesame's mature chip technology to enhance Desay SV's low-speed unmanned vehicle products, improving competitiveness in high-safety-demand scenarios [1] Group 2: Industry Impact - The partnership will solidify Black Sesame Intelligence's leading position in the low-speed unmanned delivery chip sector [1] - The company will continue to provide safety redundancy support for the large-scale deployment of the Chuanxing Zhiyuan S6, helping establish market advantages [1]

Core Viewpoint - The article discusses the ongoing debate in the Chinese restaurant industry regarding the concept of pre-prepared meals and the role of central kitchens, highlighting the challenges of modernization and standardization in Chinese cuisine [3][4][5]. Central Kitchen - The central kitchen is identified as a crucial component for improving efficiency and standardization in modern restaurant operations, yet it has become a controversial topic due to consumer perceptions and industry practices [8][11]. - Central kitchens are designed to process and prepare food in bulk, allowing restaurants to reduce labor costs and improve consistency across different locations [12][11]. - The article notes that the central kitchen concept has been misinterpreted by consumers, who often equate it with pre-prepared meals, leading to a trust crisis in the industry [5][11]. Pre-prepared Meals - The shift towards pre-prepared meals is seen as a necessary adaptation for restaurants facing intense competition and rising operational costs, particularly in the low-end dining segment [20][21]. - The article emphasizes that consumer perceptions of pre-prepared meals are often negative, complicating the industry's efforts to innovate and modernize [21][23]. - It is suggested that the future of the restaurant industry may involve a clear distinction between low-end pre-prepared meals and high-end freshly prepared dishes [20][21]. Industry Challenges - The article highlights the confusion and information asymmetry between industry practices and consumer understanding, which has led to a crisis of trust in the restaurant sector [5][11]. - The evolution of consumer preferences and the economic environment are driving changes in the restaurant industry, necessitating a reevaluation of traditional cooking methods and business models [20][21]. - The article also points out that the restaurant industry's transition to central kitchens and pre-prepared meals is not merely a response to consumer demand but also a strategic move to enhance operational efficiency [20][21].

Core Viewpoint - Yidu International Holdings (00259) experienced a stock price increase of over 6%, currently trading at 4.02 HKD with a transaction volume of 3.8388 million HKD, following the announcement regarding the China Securities Regulatory Commission's (CSRC) notice to Suzhou Qingyue [1] Group 1: Company Developments - Yidu International Holdings announced that it has received a notice from Suzhou Qingyue, stating that no further details regarding the incident have been provided [1] - The company is currently assessing whether this incident will impact its financial statements for the fiscal year ending March 31, 2025, as well as past annual performance [1] - Executive Director Mr. Liang Ziquan is one of the five directors of Suzhou Qingyue, but he does not hold any administrative position within the company [1] Group 2: Industry Context - On November 13, the CSRC approved the initial public offering (IPO) registration application for Muxi Co., Ltd. on November 12 [1] - The Shanghai Stock Exchange confirmed that Muxi's IPO on the Sci-Tech Innovation Board has been registered and is effective [1] - Suanfeng Information, a wholly-owned subsidiary of Yidu International, is a core customer and shareholder of the domestic AI chip company Muxi [1] - At this year's WAIC conference, Suanfeng Information collaborated with Muxi, Infinite Light Year, Fudan University, Shanghai Chuangzhi Academy, Luxshare Precision (002475), and Mohe Information to develop the domestic high-density computing system Shanghai Cube [1]

Core Viewpoint - The longest government shutdown in U.S. history has ended, but the stock market experienced significant turmoil, with fears exacerbated by economic data voids, mixed signals from the Federal Reserve, and a cooling AI market [1][6]. Group 1: Market Performance - The Dow Jones Industrial Average plummeted nearly 800 points, with major tech and chip stocks suffering severe losses [2]. - Tesla's stock dropped over 6%, resulting in a market value loss of $95.2 billion (approximately 675.5 billion RMB) in one night [3]. - Other notable declines included Intel down over 5%, and companies like Broadcom, Oracle, and AMD falling more than 4% [3][4]. Group 2: Economic Data and Federal Reserve Outlook - The market is now focused on delayed economic data, uncertainty regarding the Federal Reserve's interest rate cuts, and concerns over high-valuation tech stocks [7][8]. - The absence of the October Consumer Price Index (CPI) has created a significant economic data void, impacting market expectations for Federal Reserve rate cuts [11][9]. - Federal Reserve officials have expressed caution regarding interest rate cuts, with differing opinions on the timing and necessity of such actions [12][18]. Group 3: Michael Burry's Market Position - Notable short-seller Michael Burry has drawn attention for his significant short positions in Nvidia and Palantir, with a reported nominal value of over $1 billion [20][21]. - Burry later clarified that the reported short position was a media miscalculation, stating his actual investment was only $9.2 million [22]. - His recent criticisms of tech giants for alleged accounting manipulations have raised concerns about the sustainability of their profits [27].

Core Viewpoint - The financial performance of Biyimi (必易微) in the first three quarters of 2023 shows a decline in revenue and net profit, indicating ongoing challenges for the company [1]. Financial Performance - In the first three quarters of 2023, Biyimi achieved operating revenue of 461 million yuan, a year-on-year decrease of 3.15% [1]. - The net profit attributable to shareholders was -2.793 million yuan, compared to -20.3793 million yuan in the same period last year [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -13.4669 million yuan, an improvement from -42.3073 million yuan year-on-year [1]. - The net cash flow from operating activities was 21.5248 million yuan, a significant increase from -14.8522 million yuan in the previous year [1]. Future Projections - The projected net profits for 2023 and 2024 are -19.0727 million yuan and -17.1709 million yuan, respectively [2]. - The projected net profits after deducting non-recurring gains and losses for 2023 and 2024 are -58.5658 million yuan and -46.2823 million yuan, respectively [2]. IPO and Fundraising - Biyimi's initial public offering (IPO) raised a total of 952.0158 million yuan, with a net amount of 860.7779 million yuan after deducting issuance costs, exceeding the original plan by 208.2629 million yuan [3]. - The company intended to raise 652.515 million yuan for projects related to power management control chips, motor drive control chips, and the establishment of a research and development center [3]. Issuance Costs - The total issuance costs for Biyimi's IPO amounted to 91.2379 million yuan, including underwriting fees of 71.8503 million yuan and sponsorship fees of 0.9434 million yuan [4].

此外，11月13日，证监会网站显示，证监会于11月12日同意沐曦股份首次公开发行股票的注册申请。上 交所网站显示，沐曦股份科创板IPO已注册生效。公开资料显示，算丰信息是亿都国际的全资子公司， 也是国产AI芯片明星公司沐曦的核心客户和股东。在今年WAIC展会上，算丰信息联合沐曦、无限光 年、复旦大学、上海创智学院、立讯精密、模合信息等多家机构，共同全面正向开发了国产高密度算力 系统Shanghai Cube。 智通财经APP获悉，亿都(国际控股)(00259)涨超6%，截至发稿，涨6.07%，报4.02港元，成交额383.88 万港元。 消息面上，亿都(国际控股)昨晚发布公告，内容有关中国证监会对苏州清越下发立案告知书补充公布。 公司表示，已获苏州清越告知，苏州清越并无收到该事件的任何进一步详情；由于公司并不知悉该事件 的详情，现阶段评估会否对公司截至2025年3月31日止年度的财务报表及过往年度的年度业绩产生任何 影响为时尚早；公司执行董事梁子权先生为苏州清越五名董事之一，惟彼并未在苏州清越担任任何行政 职务。 ...

Core Viewpoint - SMIC reported strong Q3 earnings with record revenue and significant profit growth, indicating robust operational performance in the semiconductor industry [1] Financial Performance - In Q3, SMIC achieved revenue of 17.162 billion yuan, a quarter-on-quarter increase of 6.9%, marking a new high for single-quarter revenue [1] - The net profit attributable to shareholders was 1.517 billion yuan, representing a year-on-year growth of 43.1% [1] - The gross margin was 25.5%, up 4.8 percentage points from the previous quarter [1] Production Capacity - SMIC's monthly production capacity has surpassed 1 million wafers for the first time, which is more than double that of its domestic competitor, Hua Hong Semiconductor, whose latest monthly capacity is 468,000 wafers [1] - If the production continues to grow at a rate of 2% quarter-on-quarter, SMIC's revenue for Q4 is projected to be around 17.5 billion yuan [1] Market Valuation - The valuation of the A-share semiconductor index has reached historical highs, with the latest P/E ratio for the Sci-Tech Innovation Board at 184 times, placing it in the 91st percentile over the past three years [1][2] - The semiconductor industry’s latest P/E ratio stands at 128 times, also in the 91st percentile, while the Hong Kong stock market's semiconductor index has a P/E ratio of only 40 times, in the 46th percentile, indicating a significant valuation premium for A-shares [1][2] Investment Trends - The Hong Kong market is expected to experience a "slow bull market" due to international capital inflow during the interest rate cut cycle, with new economy sectors like AI technology anticipated to be key investment themes [3] - Southbound capital is primarily from long-term institutional investors focusing on the quality and sustainability of profit growth, with a potential allocation increase of 11 trillion HKD over the next five years [3] ETF Launch - The first ETF focusing on the Hong Kong semiconductor industry has been launched, comprising 70% hardware and 30% software, with SMIC holding a weight of 20.27% in the index [4] - This ETF aims to capture the AI hard technology market trends without including major internet companies like Alibaba and Tencent, enhancing its focus on high-tech sectors [4]