周末关注的消息主要就是5个：第一是美股那边没有持续暴跌，几大指数普遍反弹大涨；第二个就是英伟达出售H200芯片消息传来；第三就是比特币在这 个周末是大型过山车走势；第四个就是24日摩尔线程科创板IPO将启动申购；第五个就是冬天来临，流感相关最近频繁被提及。 从调整原因来看，内部原因之前说过，这一波主要是外部施压，是美联储表态导致的流动性问题！流动性问题导致的全球资本市场大波动，进而波及到A 股。次要的原因还是对于全球科技股估值的争议，带来的波动加大和风险偏好下降。 从调整点位来看，沪指这个三角形跌破之后，向下极限是看到3800-3810一带会有短期支撑。创业板这个三角形跌破之后，向下极限是看到2500-2530一带 支撑了。 从买入信号的角度，现在强调是短期买入。并且要关注的两个信号是市场出现恐慌盘和港股那边企稳才行。 从操作策略上来看，依然是保持谨慎和等待！维持之前的边打边撤不变！到了现在是耐心等待企稳信号之后再度可以入场！现在甚至可以不入场，一直在 观望。后续有的一波反弹和反抽甚至可以不用参与，耐心等待春季躁动和挖坑成型之后！ 所以，现在能做的也是短期等急跌恐慌做一把，并且是保持低仓位！不想做的话，就是看 ...

科技日报记者 刘垠 "中国在全球汽车供应链中的作用与地位将更加突出。在一些关键的零部件领域，中国已成为全球增量 汽车供应链的中心。"在日前举行的智能新能源汽车供应链创新暨淮南深度融链发展大会上，车百会理 事长张永伟分享了全球汽车供应链变革新趋势。 值得关注的是，在汽车供应链的关键领域，动力电池、芯片和软件正成为全球竞争的焦点。张永伟坦 言，尽管中国在动力电池领域已形成规模优势，但上游资源垄断和技术快速迭代带来双重挑战；在芯片 领域，中国汽车芯片产业快速崛起，在汽车算力芯片领域，地平线、华为等成为国产芯片的重要支撑力 量，但大量小芯片的自主化进程仍需加速；软件特别是操作系统，成为智能汽车竞争的底层基石。"这 三个领域均具有极端重要性和不确定性，是保障供应链安全的关键所在。"张永伟说。 江汽集团采购中心副总经理魏沈平则从构建开放韧性的供应链生态体系提出建议：从产品输出到体系输 出，不仅输出整车，更要推广车型平台+供应链组合方案；从地理布局到韧性网络，打造既能全球协同 又能区域自主的弹性供应链网络；从资源整合到生态共赢，以开放姿态反向链接全球细分领域的隐形冠 军，通过合资合作实现核心技术的深度融合。 展望未来，汽车 ...

Investment Rating - The report maintains a "Buy" recommendation for the industry, indicating a positive outlook for investment opportunities in the sector [2]. Core Insights - AI has emerged as a new growth engine for performance, with significant capital expenditures from major cloud providers driving revenue growth in related cloud businesses [1][6]. - The report highlights that the demand for AI computing power remains robust, with companies like NVIDIA reporting record revenues and strong future guidance [6][42]. - SaaS companies are experiencing substantial revenue growth, largely attributed to the application of AI technologies [54]. Summary by Sections Cloud: Continued Increase in Capital Expenditures - Major cloud providers collectively invested over $110 billion in capital expenditures in Q3 CY25, with AI being a key driver for this increase [6][13]. - Amazon's capital expenditure surged by 55% to $35.1 billion, surpassing Microsoft as the largest spender in a single quarter [6][18]. - Future guidance indicates that cloud providers will continue to increase capital expenditures focused on AI and data center infrastructure [6][18]. Computing Power: Performance Orders Exceeding Expectations - NVIDIA reported a 62% increase in revenue for Q3 FY26, with data center revenue reaching $51.2 billion, a 66% year-over-year growth [42][45]. - AMD also achieved record revenues of $9.2 billion in Q3, driven by strong demand for its EPYC and Ryzen processors [50][51]. Applications: Overview of SaaS Company Performance - SaaS companies reported significant revenue growth in Q3 CY25, with many exceeding expectations due to AI technology applications [54][55]. - ServiceNow's subscription revenue grew by 21.5%, while Palantir's revenue increased by 63%, driven by demand for its AIP platform [57][58]. - AppLovin's revenue rose by 68%, supported by its AI-driven advertising technology [60].

01 美国政府正考虑允许英伟达对华出售H200芯片 11月22日，据环球网援引路透社报道，特朗普政府正考虑批准向中国出口美国芯片制造商英伟达的H200人工智能芯片。报道援引知情人士消息称， 负责监管美国出口管制的美国商务部正就改变对华出口限制一事进行审查，并称相关计划可能会发生变动。 报道指出，这一决定得益于中美双边关系缓和，这为美国先进技术对华出口提供前景。消息人士告诉路透社，美国商务部正在审查是否更改此类政 策。报道称，美国商务部暂未对此作出回应，英伟达尚未就此直接置评。 05 电车续航有望突破1000公里！国内首条大容量全固态电池产线建成 02 周末利好来袭 11月23日，长鑫存储正式发布其最新DDR5产品系列：最高速率达8000Mbps，最高颗粒容量24Gb，并同步推出覆盖服务器、工作站及个人电脑全领 域的七大模组产品。长鑫存储现场展示了最新DDR5系列产品，以及最高速率10667 Mbps、最高颗粒容量16Gb的最新LPDDR5X移动端内存。据称， 这两大产品系列速率、容量双维度均位居业界第一梯队，标志着国产存储芯片具备与国际一线大厂同台竞技的技术实力。 卫星物联网、核电领域均有利好消息传出。工业和 ...

Core Insights - The article highlights the performance of Dongfang Hongwan's overseas fund, which achieved a three-year return of 138.98%, ranking third among 9,970 global hedge funds, and a one-year return of 26.63% [1][5] - There is a mixed market interpretation of these results, with the one-year return being slightly above the domestic average of 24.32% but significantly lower than the top 5% return of 82.48% [1][5] - Concerns have been raised regarding the underperformance of domestic products, which recorded returns around 15%, well below the average [1][5] Investment Strategy - Dongfang Hongwan's investment strategy is heavily focused on AI, with a significant portion of its $1.292 billion portfolio allocated to AI-related stocks, including major holdings in Nvidia and Google [3][4] - The fund's top holdings include Nvidia at $236 million, Google at $224 million, and new positions in Alibaba and Broadcom, reflecting a strong belief in the AI sector [3][4] - The fund also invested in key players in the AI supply chain, such as Astera Labs and BitMine Immersion Technologies, indicating a comprehensive approach to the AI industry [4] Performance Analysis - The long-term performance of Dongfang Hongwan is praised for its effectiveness in value investing, with a three-year return of 138.98% demonstrating strong asset judgment [5][7] - However, the one-year performance has sparked debate, as it falls short compared to peers, raising questions about the sustainability of its strategy [5][7] - The domestic products have shown significant volatility, with notable losses earlier in the year, leading to investor concerns about short-term performance [6][7] Market Perspective - Analysts suggest that the performance disparity reflects the inherent differences between value investing and short-term speculation, especially in a structural bull market [7] - The current market environment has created numerous short-term opportunities, but high volatility is expected, making long-term strategies more appealing [7] - The ongoing debate centers on whether to pursue short-term gains or to invest in long-term growth, with Dongfang Hongwan's strategy leaning towards the latter [7]

1、市场趋势：踏浪逐牛，再攀高峰。2025年中国股市演绎"信心重估牛"，市场重估科技G2与国际化背 景下的中国股市，估值有所修复，但并未过热。2025年A股盈利结束2022年-2024年的下行周期，盈利 不再低于市场预期，出现筑底回暖迹象，景气线索占比明显提升。2026年，东方财富证券对中国股市趋 势依然乐观，微观增量资金流入有望持续增强，可关注三个预期差：企业盈利有望超预期、中国AI进 展有望超预期、中美扩大"务实合作"有望超预期。同时，也要关注新的波动风险点，尤其是美国再通胀 与AI应用商业化的赛跑。总体来看，2026年牛市继续已是一致预期，但注意驾驭波动，把握好节奏与 结构变化是影响超额收益的胜负手。 （一）重磅消息 11月21日晚间，据证监会官网披露，多只科创板芯片类ETF以及首批科创创业人工智能ETF正式获批， 有望吸引更多增量资金入市。根据监管披露的信息，这批产品中有4只上证科创板芯片设计主题ETF，3 只上证科创板芯片ETF，另外还有2只首批科创创业人工智能ETF。另据报道，还有多只科创创业人工 智能ETF和科技主题主动权益类基金获批，传递出监管部门支持战略性新兴产业的积极信号。这些精准 锚定硬 ...

Industry News - The Chinese tourism group is leading the establishment of a new central enterprise focused on cruise operations, with the fleet size becoming the largest in Asia after the integration [5] - Sixteen hard technology-themed funds have been rapidly approved, including AI and chip-related ETFs, signaling regulatory support for strategic emerging industries [8][9] - The first large-capacity all-solid-state battery production line in China has been completed and is currently undergoing small-scale testing [13] - Huawei has launched Flex:ai AI container technology, which allows a single GPU/NPU to support multiple AI workloads simultaneously, enhancing computational efficiency [14] Company News - Guangku Technology plans to acquire 99.97% of Suzhou Anjie Xun Optoelectronics for a transaction price of 1.64 billion yuan, aiming to strengthen its position in the optical communication sector [15] - Zhaoyi Innovation announced that several board members and senior management plan to reduce their holdings by a total of 249,000 shares due to personal financial needs [16][17] - Huaxia Happiness responded to regulatory concerns regarding its pre-restructuring process, emphasizing it as a rare opportunity to alleviate debt crises [18] - Two companies, Jushi Chemical and Haosai, are under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure [19]

11月19日美股盘后，整个市场都在焦灼等待英伟达的财报数据。在此之前，关于AI（人工智能）泡沫 是否存在的讨论愈发广泛且紧迫，投资者急需从英伟达的业绩中寻找信心支撑。不出所料，英伟达再度 交出惊艳答卷：第三财季营收达570.1亿美元，超出市场预期的549.2亿美元，同比增长62%；净利润 319.1亿美元，同比大涨65%。 受这一利好推动，11月20日美股大幅高开，但这份乐观情绪仅维持了1个小时，此后纳指一路震荡走 低，盘中翻绿并最终以2.15%的跌幅收盘，留下一根难看的大阴线。英伟达股价走势与纳指同步，20日 下跌3.15%，21日续跌0.97%，自10月高点以来累计回撤已超15%。 股市热度骤降的背后，AI基础设施投资却依旧一片红火。美银分析师预测，仅2025年全球人工智能基 础设施支出就将超过4000亿美元；英伟达更预期，到2030年全球人工智能基础设施支出将达到3万亿美 元至4万亿美元。包括英伟达在内的硬件厂商，相关产品需求仍处于供不应求状态。但需要警惕的是， 当前AI的繁荣局面，更多是科技巨头"军备竞赛"的产物，其脆弱性已日益凸显。 脆弱性三：技术发展与现实需求脱节。 科技巨头普遍抱有"害怕错过"的 ...

2025.11．23 作者 | 第一财经安卓 截至招股书公告日，摩尔线程尚未盈利。2022年至2024年，摩尔线程分别实现营业收入0.46亿元、1.24 亿元、4.38亿元，归母净利润分别为亏损18.94亿元、17.03亿元及16.18亿元。2025年上半年，摩尔线程 实现营业收入7.02亿元，归母净利润为亏损2.71亿元。 其中，2022年至2024年，摩尔线程营业收入由0.46亿元增长至4.38亿元，营收复合增长率为208.44%。 该公司持续保持较高的研发投入，报告期内（2022年至2025年上半年）研发投入占比分别为 2422.51%、1076.31%、309.88%、79.33%。 截至2025年6月30日，摩尔线程累计未弥补亏损为16.04亿元。摩尔线程表示，上市后预计其账面累计未 弥补亏损将持续存在，导致一定时期内无法向股东进行现金分红。 另外，由于摩尔线程尚未盈利，如上市时仍未盈利，自上市之日起将纳入科创成长层。 根据目前发行安排，下周有2只新股可申购，均隶属科创板，分别为下周一可申购的摩尔线程，以及11 月28日可申购的百奥赛图。 11月20日晚间，摩尔线程披露科创板上市发行公告，正式确定发 ...

韩国股市在2025年有望创下25年来最大涨幅，KOSPI指数年内累计上涨61%。此轮行情由总统李在明提出的"5000点目标"、全球人工智能热潮以及国 内企业治理改革共同推动。摩根大通和花旗集团近期纷纷上调目标点位，前者将5000点作为基准预期，后者预测2026年底可达5500点。然而，市场对 AI估值过高、散户杠杆交易激增以及指数过度依赖少数权重股等问题表示担忧。 韩国总统李在明在竞选期间提出的"Kospi指数5000点"目标，成为点燃本轮股市行情的政策催化剂。 这一罕见的政治承诺叠加全球AI芯片需求激增， 令三星电子和SK海力士股价飙升，带动整体市场大幅上涨。摩根大通和花旗集团近期纷纷上调目标点位，前者将5000点作为基准预期，后者预测2026 年底可达5500点。 然而，韩国股市涨势过快也引发市场担忧。近半数涨幅来自三星电子和SK海力士两只个股，散户杠杆交易创纪录高位，AI估值泡沫忧虑导致股指上周 五暴跌近4%。 韩国股市今年有望创下25年来最强涨幅，KOSPI指数从年初约2400点暴涨61%，突破4000点大关，表现领跑全球市场。 政治承诺点燃史诗级涨势 韩国交易所本月在巨型屏幕上以醒目黄色字体展示"K ...