| 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 48049.39 | 121.43 | 0.25% | | 纳斯达克指数 | 23545.41 | 77.11 | 0.33% | | 标普500 | 6863.14 | 16.53 | 0.24% | 编辑丨钉钉 11月12日， 美股三大指数开盘齐涨 ，道指涨0.25%，标普500指数涨0.24%，纳指涨0.33%。 芯片股普涨，AMD涨超7%，格芯涨逾5%。 中概股涨跌不一，阿特斯太阳能、禾赛科技涨约3%，腾讯音乐跌超6%，小鹏汽车跌逾3%。 ...

当地时间11月11日，软银集团公布最新的季度财报。财报显示，软银集团在2025年第二财季 （截至9月）录得净利润2.38万亿日元（约合人民币1100亿元），远高于此前分析师普遍预计 的2070亿日元，净利润同比激增101.7%。 今年上半财年，软银集团也一举成为日本史上净利 润最高的企业。 在猛投AI、大力布局AI版图后，软银如愿吃到了这波科技浪潮的红利。只是，在软银公布这 份远超预期的亮眼财报后，市场并不买账，财报发布当天软银股价一度下挫超10%，周三收盘 时仍跌3.46%，主要原因正在于 其出人意料地清仓英伟达，再次引发市场对AI泡沫的担忧， 连带英伟达周二股价收跌近3%。 但在不少分析师看来，软银全部抛售英伟达、转投OpenAI，显示其依然坚信AI赛道。只是， 当孙正义不惜各种套现、激进豪赌AI，能否为软银再造巅峰？ （软银集团，图源：21世纪经济报道） 记者丨赖镇桃 编辑丨和佳 视频丨许婷婷 All in AI后，"赌徒"孙正义正在翻身。 A I点燃盈利之火 软银最新公布的财报显示，其上半年营收3.74万亿日元，净利润2.92万亿日元。第二财季营收 1.92万亿日元，创下公司历史新高；净利润2.50万 ...

曾在英伟达身上错过2500亿美元的软银创始人孙正义，如今再次用脚投票。为了投OpenAI，软银清仓了如日中天的英伟达。孙正义也许赌的是：AI的未 来，不在于制造铲子的英伟达，而在于定义金矿的OpenAI。而对投资者而言，软银的选择凸显了当今人工智能市场的一个关键矛盾：公司估值的快速上涨 究竟反映了其未来的盈利潜力，还是仅仅反映了投资者的过度乐观？ 面对市场疑惑，该公司回应称，此次出售与英伟达本身无关，而是必要的融资措施。今年早些时候，软银同意在12月底前向OpenAI投资300亿美元，规模超 过了迄今为止任何其他投资者。报道指出，对OpenAI的投资以及孙正义近期进行的一系列其他收购，已促使软银四处筹钱。 最近几个月，该公司通过出售其在T-Mobile US和德国电信（Deutsche Telekom）的部分股份，筹集超110亿美元。该公司还大举借债，软银周二报告称，已 将其与芯片公司Arm股份挂钩的股权质押贷款规模增加了65亿美元，并于今年春天通过向日本投资者出售债券筹集了逾40亿美元。 软银CFO表示，"由于对OpenAI的投资规模较大，因此通过（出售股票）来筹集资金并加以运用"。但他回避了AI投资是否" ...

Core Viewpoint - The company, Guoxin Technology, has announced its stock incentive plan and reported strong order backlog, indicating positive business performance and growth potential for the upcoming years [1] Group 1: Stock Incentive Plan - The company's stock incentive plan has been published on the Shanghai Stock Exchange website [1] - The assessment indicators for the stock incentive plan for 2025 will be detailed in a document to be released on September 12, 2025 [1] Group 2: Financial Performance - As of September 30, 2025, the company's contract liabilities amounted to 909 million yuan, reflecting a robust order backlog [1] - The revenue from the company's self-developed chip and module business for the first three quarters of 2025 reached 158.48 million yuan, representing a year-on-year growth of 40.58% [1] Group 3: Business Operations - All business lines of the company are operating normally, with the supply chain for custom chip business having returned to normal as of August 27, 2025 [1] - The company is committed to implementing the "Quality Improvement and Efficiency Enhancement" action plan for 2025 to enhance the quality of the listed company [1]

格隆汇11月12日｜尽管传统处理器的需求并不均衡，但格芯第三季度业绩高于华尔街的预期。财报显 示，该公司三季度营收达16.9亿美元，同比下降2.9%，超出预期1000万美元；非GAAP每股收益为0.41 美元，超出预期0.03美元。格芯首席执行官Tim Breen表示："公司第三季度业绩表现强劲，营收、毛利 率、营业利润率和每股收益均达到预期范围的高端。连续第四个季度，我们在汽车和通信基础设施以及 数据中心终端市场均实现了强劲的同比增长。 ...

All in AI后，"赌徒"孙正义正在翻身。 当地时间11月11日，软银集团公布最新的季度财报。财报显示，软银集团在2025年第二财季（截至9 月）录得净利润2.38万亿日元（约合人民币1100亿元），远高于此前分析师普遍预计的2070亿日元，净 利润同比激增101.7%。今年上半财年，软银集团也一举成为日本史上净利润最高的企业。 南方财经 21世纪经济报道记者 赖镇桃 报道 在猛投AI、大力布局AI版图后，软银如愿吃到了这波科技浪潮的红利。只是，在软银公布这份远超预 期的亮眼财报后，市场并不买账，财报发布当天软银股价一度下挫超10%，周三收盘时仍跌3.46%，主 要原因正在于其出人意料地清仓英伟达，再次引发市场对AI泡沫的担忧，连带英伟达周二股价收跌近 3%。 但在不少分析师看来，软银全部抛售英伟达、转投OpenAI，显示其依然坚信AI赛道。只是，当孙正义 不惜各种套现、激进豪赌AI，能否为软银再造巅峰？ 软银最新公布的财报显示，其上半年营收3.74万亿日元，净利润2.92万亿日元。第二财季营收1.92万亿 日元，创下公司历史新高；净利润2.50万亿日元，也是自2022年第二财季以来的最强表现。 软银旗下 ...

当地时间11月11日，华尔街见证了戏剧性的一幕：道琼斯指数刷新历史纪录，而以AI芯片闻名于世的英伟达却遭遇"滑铁卢"。股价骤降近3%，市值单日蒸 发1.43万亿元，这一数字甚至超过了大多数上市公司总市值。 这场暴跌来得突然却又有迹可循。在经历了连续数月的狂飙后，英伟达的疲态已现端倪。作为今年美股市场上最耀眼的明星，其股价从年初的不足500美元 一路飙升至最高点时的974美元，涨幅惊人。 谁在悄悄离场？ 日本软银集团的一纸公告，揭开了这场暴跌的序幕。这家以精准投资闻名的科技巨头，在最新财报中坦承已清仓所持的全部英伟达股份。这已是软银第二次 与英伟达"分手"。 警报早已拉响 市场对AI过度投资的担忧并非空穴来风。美国银行发布的研究报告指出，AI概念债券的利差已从9月的50个基点扩大至80个基点，这一变化在债市专家眼中 不啻为一记警钟。 "当资本开始用脚投票，再美好的故事也难以维系。"华尔街资深分析师马克·道格拉斯如是说。他进一步指出，包括Alphabet、Meta和微软在内的科技巨头， 第三季度资本支出总额高达1120亿美元，这些资金大多流向了AI基础设施领域。 麻省理工学院商学院的调研结果更为触目惊心：95%的 ...

Group 1: AI Market Trends - The rapid development of artificial intelligence (AI) technology is creating widespread opportunities in various sectors [3] - AMD's CEO Lisa Su forecasts that the company's annual revenue will grow by over 35% on average in the next 3-5 years, driven by strong demand for data center products, with AI data center revenue expected to grow by 80% on average [5] - The AI chip market is projected to reach a size of $1 trillion by 2030 [5] Group 2: Investment Strategies - CITIC Securities anticipates a high growth period for domestic AI chips by 2026, focusing on investment opportunities in cooling, PCB, power supply, and supply chain management [6] - There is an expected shift towards domestic chips as they enter mass production, leading to increased market concentration [6] - Companies like OpenAI are accelerating the commercialization of applications, presenting investment opportunities in AI's transformative potential across industries [6] Group 3: Regional Developments - Shanghai's action plan aims to promote the intelligent layout of the catering industry, targeting over 60% coverage of intelligent supply chain management by the end of 2028 [7] - The plan includes the establishment of AI-integrated dining scenarios and the introduction of AI nutrition analysts to provide personalized meal suggestions [7] Group 4: Major Corporate Investments - Google plans to invest €5.5 billion (approximately $6.4 billion) in Germany over the next four years for data center construction and operations [9] - Microsoft announced a $10 billion investment in Portugal to build AI infrastructure, marking one of the largest AI investment projects in Europe [10] - Apple's conservative approach to AI investments is now viewed favorably, positioning the company as a potential safe haven amid concerns over excessive spending in the AI sector by other tech giants [10]

Core Insights - The AI industry is facing a critical juncture where the marginal returns of large models are diminishing, leading to a shift from a parameter race to an efficiency revolution [1][4][11] - Training costs for cutting-edge AI models have skyrocketed, with expenses for models like GPT-4 exceeding $100 million and approaching $1 billion for the most advanced models, making it a domain dominated by capital-rich giants [1][2] - Smaller models, such as DeepSeek R1-0528, are demonstrating that they can outperform larger models while significantly reducing operational costs, indicating a potential paradigm shift in AI development [2][4] Industry Trends - The transition from "Cloud First" to "Local First" is underway, as the limitations of Moore's Law have prompted tech giants to seek new paths for efficiency and performance [5][6][7] - Companies like Apple and NVIDIA are innovating in chip design and architecture to adapt to the new landscape, focusing on vertical integration and parallel processing capabilities [6][7] - The emergence of small language models (SLMs) is challenging the dominance of large language models (LLMs), with SLMs achieving comparable or superior performance in various tasks at a fraction of the cost [2][4] Challenges in AI Deployment - The current AI landscape faces three major pain points: lack of closed-loop productivity experiences, high token costs limiting application scalability, and network dependency restricting usage scenarios [9][10] - Users are increasingly concerned about data privacy and the inability to utilize AI in offline environments, which has led to a demand for local AI solutions [10][11] GreenBitAI's Innovations - GreenBitAI is pioneering a Local Agent Infra that allows for professional-grade AI applications to run entirely offline on consumer-grade hardware, addressing privacy concerns and operational efficiency [15][32] - The company has developed a series of low-bit models that maintain high accuracy while significantly reducing computational requirements, demonstrating the viability of local AI solutions [19][22] - GreenBitAI's product, Libra, showcases the potential for local AI applications to handle complex tasks traditionally reserved for cloud-based solutions, marking a significant advancement in the field [32][33] Market Potential - The global market for AI PCs is projected to grow significantly, with estimates suggesting that by 2026, AI PCs will account for over 55% of the total PC market [35][36] - GreenBitAI aims to capture a substantial share of the emerging local AI market, positioning itself as a foundational infrastructure provider for future AI applications [37][38]

每经记者｜岳楚鹏 每经编辑｜金冥羽 兰素英 ① 【三大期指齐涨】道指期货涨0.17%、标普500指数期货涨0.39%、纳指期货涨0.69%。 ② 【明星科技股普涨】明星科技股盘前普涨。截至发稿，英伟达涨1.65%，美光科技涨2.77%，谷歌涨0.96%。 （声明：文章内容和数据仅供参考，不构成投资建议。投资者据此操作，风险自担。） 记者|岳楚鹏 编辑|金冥羽 兰素英 杜恒峰 校对|许绍航 ④ 【AI芯片业务年增速或达80%，AMD涨超5%】当地时间11月11日，AMD表示，未来三至五年公司整体营收预计将以约35%的年均速度增长。其中，数 据中心AI芯片业务将成为核心引擎，年增长率预计高达80%，到2027年有望实现数百亿美元的销售额。AMD首席执行官苏姿丰表示，公司有望在未来三 至五年内，在数据中心AI芯片市场取得"两位数份额"。截至发稿，AMD上涨5.05%。 ⑤ 【PayPal时隔近两年在英国重新上线】当地时间11月12日，PayPal表示，将在英国重新推出服务，支持客户在线和在实体店购物。此次重返距离其在英 国脱欧后调整当地业务已过去近两年时间。截至发稿，PayPal上涨0.45%。 ⑥ 【三菱日联金融 ...