证 券 研 究 报 告 从百舸争流到自成畦径 ——2026年中国AI投资策略 证券分析师：黄忠煌 A0230519110001 杨海晏 A0230518070003 洪依真 A0230519060003 刘洋 A0230513050006 林起贤 A0230519060002 李国盛 A0230521080003 研究支持：袁航 A0230521100002 崔航 A0230524080005 杨紫璇 A0230524070005 曹峥 A0230525040002 陈晴华 A0230525100001 徐平平 A0230525080002 罗宇琦 A0230124070004 陈俊兆 A0230124100001 联系人：王开元 A0230125030001 2025.11.17 结论：从百舸争流到自成畦径 • 供给侧：国产算力放量，国产AI芯片从可用到好用，超节点展现国产工程能力。 • 需求侧：互联网、运营商智算中心需求旺盛。 • 国产创新：芯片、超节点、IDC多维度工程创新，提升整体计算性能，独树一帜。 ◼ 模型：中美大模型差距缩小，从单纯的性能提升迈向商业化落地 • 模型：2025年，全球大模型迭代速 ...

Core Insights - Alibaba has officially launched the "Qianwen" project to compete in the AI to C market, positioning it as a significant strategic initiative in the AI era [1][4] - The Qianwen app, based on the open-source Qwen3 model, aims to provide differentiated value beyond mere conversation, focusing on practical applications across various life scenarios [1][5] - The company views the development of AI as progressing through stages, with the current capabilities entering the "Agentic AI" era, making it an opportune time to expand into the C-end market [4][5] Company Strategy - The Qianwen project has gathered over 100 engineers and has been in secret development for several months, indicating a strong commitment to this initiative [4] - Alibaba's Qwen model has surpassed competitors in performance and application, with over 600 million downloads, and the flagship Qwen3-Max model ranking among the top three globally [5] - The company has committed 380 billion yuan to AI infrastructure, aiming to support applications like Qianwen and expand its cloud data center capabilities significantly by 2032 [5] Market Context - The global AI to C market is projected to reach $1.3 trillion by 2030, with an annual growth rate exceeding 35%, highlighting a ripe environment for Alibaba's entry [5] - Consumer habits in China are evolving towards AI usage, with competitors like ByteDance and Tencent establishing their footholds, indicating a competitive landscape [5] Product Development - The Qianwen app is designed to be a comprehensive AI assistant, integrating features like dialogue, intelligent writing, and a multifunctional camera [3][8] - The app is currently in public beta and will soon launch an international version to compete directly with ChatGPT for global users [7][8] Integration and Ecosystem - Alibaba aims to create a unified life entry point through Qianwen, similar to its previous initiatives like Gaode and Taobao, to streamline user experiences and enhance decision-making efficiency [9][10] - The integration of various services such as maps, food delivery, ticketing, and shopping into the Qianwen app is intended to create a strong ecosystem that keeps users within Alibaba's network [10][12] Future Outlook - The success of Qianwen will be crucial for Alibaba to maintain its ecological advantages in the AI era, with the potential for significant commercial opportunities if it becomes the preferred AI assistant for users [12]

南财智讯11月17日电，凌云光公告，公司于2025年11月17日召开第二届董事会第二十二次会议，审议通 过《关于部分募投项目结项并将节余募集资金用于其他募投项目的议案》，同意将募投项目"工业人工 智能算法与软件平台研发项目"结项，该项目已达到预期目标。截至2025年11月17日，该项目募集资金 承诺投资总额为29,000.00万元，累计投入金额为23,874.89万元，待支付款项为505.32万元，利息收入和 理财产品投资收益扣除手续费后净额为1,345.18万元，预计节余募集资金金额为5,964.97万元。公司拟将 节余资金用于募投项目"工业人工智能太湖产业基地"的工程建设费用和软硬件设备购置费用等资本性支 出。待支付款项完成支付且节余募集资金转出后，公司将注销相关募集资金专户。 ...

11月17日，A股主要指数集体下跌，全市场成交额1.93万亿元，较前一交易日缩量501亿元。 市场热点聚焦锂矿、军工、船舶制造板块，福建板块反复活跃，减肥药、创新药及CRO等方向领跌。 今日全市场共85股涨停，连板股总数25只，25股封板未遂，封板率为77%（不含ST股、退市股）。 焦点股方面，福建本地股平潭发展22天14板、三木集团11天8板，锂电池板块孚日股份8连板、大中矿业 14天7板。此外，煤炭股安泰集团上演"准天地天板"走出23天14板。 | 代码 | 省标 | 价格 | 名传唱 | 儿大儿板 张停分析 | 换手率 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | | 002083 | 三日股份 | 12.72 | +10.03% | 81年板 电解液添加剂+涂层材料+股 | 0.65% | 7784.15万 | | 000632 | 三木集团 | 8.75 | +10.06% | 7连板 海峡两岸+跨境电商+创投+E | 45.14% | 17.89 Z | | 600829 | 人民同泰 | 16.64 | 49.98% | 6连板 医药流通 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 截至9点59分，科创人工智能ETF（589010） 最新价1.319元，小幅上涨0.08%。分时上看，盘初冲 高触及1.334元后快速回落，当前运行于分时均线下方，短线呈震荡回压态势，价格围绕开盘价附近反 复博弈。持仓股结构上，成分股涨跌互现，14只上涨、16只回调，强势方向由设计与AI算力链条带 动，部分标的涨幅超过4%，而智能硬件类个股承压回落。 消息方面，谷歌新一代AI大模型Gemini 3.0有望本周登场，该模型被视为谷歌三年来追赶市场的里 程碑，引发业界高度关注。内部消息人士透露，模型包含Pro、Flash及Ultra多个版本，部分已悄悄在 Open Router和iOS端测试。实测结果显示，Gemini 3.0表现堪称"史诗级跨越"，可5秒生成新粗野主义风 格网页，一句话搭建动态Windows系统，甚至模拟m ...

时政要闻 工信部：统筹推进中试平台做优做强，补齐人工智能、人形机器人等关键行业领域中试供给 近日，工业和信息化部办公厅印发《关于进一步加快制造业中试平台体系化布局和高水平建设的通知》（以下简称《通知》），统筹推进中试平 台做优做强。 《通知》提出，到2027年底，高水平中试平台力量进一步壮大，现代化中试平台体系基本建立，多主体参与、多领域布局、多层次服务的全国制 造业中试服务网络初步形成。 《通知》明确，按照"做强一批、激活一批、补齐一批"的推进思路，引导中试平台按照"储备中试平台—工业和信息化部重点培育中试平台—国家 级制造业中试平台"的路径向更高水平迈进。 （原标题：推进中试平台做优做强，严控新车以二手车名义出口｜营商环境周报） 《通知》提出，对于发展低效的中试平台，引导开辟发展新领域、新赛道，进一步增强检验检测、试验验证核心功能，盘活资源、释放潜力，围 绕优势业务方向转型发展。 《通知》要求，聚焦人工智能、人形机器人、量子科技、清洁低碳氢、生物医药、工业母机、仪器仪表以及重大技术装备、新材料、信息技术等 关系未来发展、关乎产业安全、中试供给紧缺的关键行业领域，各地工业和信息化主管部门结合特色优势选择补齐 ...

2025年3月，国家网络安全通报中心紧急通报开源大模型工具Ollama存在严重漏洞，存在数据泄露、算力盗取、服务中断等安全风险，极易引发网络和数 据安全事件；2025年6月，英国高等法院发现数十份法律文书中含ChatGPT生成的虚构判例，其中一起高额索赔案件中，多项判例引用均为伪造…… 当大模型以"基础设施"姿态渗透到各种关键领域，其自身存在的数据安全、算法鲁棒性、输出可信度等"内生风险"已从理论隐患变为现实威胁，甚至关乎 公共利益与社会秩序。 在今年世界互联网大会乌镇峰会期间，360安全发布《大模型安全白皮书》，提到当前大模型安全漏洞呈指数级增长，2025年国内首次AI大模型实网众测 发现281个安全漏洞，其中大模型特有漏洞占比超60%。 无论是企业面对漏洞时的被动修复，还是行业缺乏覆盖全链路的风险管控工具，都让大模型安全防护陷入"事后补救"的困境。近日，安远AI发布前沿AI风 险监测平台，这是专注于评估与监测前沿AI模型灾难性风险的第三方平台，通过基准测试和数据分析，对全球15家领先模型公司的前沿大模型的滥用和 失控风险进行针对性评估和定期监测，动态掌握AI模型风险现状及其变化趋势，为破解大模型"带病运行 ...

研究所 贵金属研发报告 贵金属衍生品日报 2025 年 11 月 17 日 研究所副所长：车红云 期货从业证号：F03088215 投资咨询号：Z0017510 研究员：王露晨 CFA 期货从业证号：F03110758 投资咨询号：Z0021675 联系方式： 上海：021-65789219 北京：010-68569781 邮箱： wangluchen_qh@chinastock.co m.cn 贵金属衍生品日报 【市场回顾】 1.贵金属市场: 今天白天，继上周五的跳水后，贵金属窄幅波动，伦敦金交投 于 4075 美元；伦敦银表现稍强，当前交投于 50.9 美元附近。受外盘驱动，沪金 最终收跌 3.09%，报 929.46 元/克; 沪银主力合约最终收跌 4.08%，报 11933 元/ 千克。 2.美元指数: 美元指数小幅反弹，当前交投于 99.36 美元。 3.美债收益率:10 年美债收益率横向盘整，当前交投于 4.127%附近。 4.人民币汇率:人民币兑美元低开低走，当前交投于 7.1064 附近。 【重要资讯】 3.美联储观察：美联储 12 月降息 25 个基点的概率为 44.4%，维持利率不变的 概 ...

Core Insights - The recent week marked the most volatile period for US tech stocks since April, with the Nasdaq index dropping over 3% and major AI companies like Microsoft and Nvidia losing a combined market value of approximately $800 billion, leading to a total loss of nearly $1 trillion in the AI sector [1][3] Group 1: Market Concerns and AI Bubble - The sell-off was triggered by renewed concerns over an AI bubble, particularly following questions about whether the government should guarantee OpenAI's AI infrastructure, which raised investor fears about excessive reliance on capital investment [3] - Nvidia's CEO Jensen Huang stated that if current trends continue, China may win the AI competition, intensifying the ongoing US-China AI rivalry [3] Group 2: Profitability and Growth Potential - Since the launch of ChatGPT in November 2022, the US AI industry has experienced explosive growth, with the capital expenditure growth rate of the "Magnificent Seven" reaching 64.8%, and AI investment is expected to contribute to US economic growth at a level comparable to consumer spending by 2025 [3] - The average price-to-earnings ratio of the "Magnificent Seven" is approximately 29 times, significantly lower than the extreme levels seen during the tech bubble, indicating that the current rise is supported by solid profit growth rather than mere speculation [7] Group 3: Earnings and Capital Expenditure - The ability to convert substantial capital expenditure into sustainable profits is crucial to dispelling the AI bubble narrative, with recent earnings reports showing an expected EPS growth rate of 18.2%, nearly double the overall market growth rate, and projected total profits for M8 reaching $700 billion by 2025 [9] Group 4: China's AI Market Dynamics - The AI bull market in the US is gradually influencing the Chinese market, with the Chinese AI industry entering a fast track since the release of DeepSeek-R1 in 2025 [11] - The Shanghai Composite Index has returned to 4000 points for the first time in a decade, with technology stocks represented by the Hang Seng Tech Index and STAR Market showing year-to-date gains exceeding 30%, indicating a market driven by the Chinese AI sector [12] Group 5: Valuation and Investment Strategy - Chinese technology stocks exhibit significant valuation differentiation, with upstream chip companies having high valuations while internet platforms still offer value, highlighting a clear overall valuation advantage [13] - China's unique path of "algorithm open-sourcing + application scenarioization" is effectively driving profitability by lowering technical barriers and integrating deeply with manufacturing, particularly in verticals like smart manufacturing and smart cities [16] Group 6: Future Outlook and Investment Opportunities - Historical experience suggests that as the industry cycle continues upward and corporate profits grow steadily, high valuations will gradually be diluted by performance, allowing the bull market to persist amid volatility [19] - Investors are advised to focus on companies with solid technology, sustainable profits, and verifiable value, while maintaining a "value-for-money first" principle in their investment strategies [20]

基 金 研 究 ETF 基金周报（20251110-20251114）： 港股高股息类 ETF 基金获资金青睐 2025 年 11 月 17 日 投资要点 分析师：李荣 SAC 执业证书编号： S0340521010001 基金从业资格证书编号： F4520000001431 电话：0769-26628039 邮箱：lirong@dgzq.com.cn 各类ETF基金周度平均收益及资金流动概览：随着美国政府在史上最长 的43天"停摆"后重启，金融市场流动性得到缓解，权益市场普遍反弹， MSCI新兴市场上涨0.29%，MSCI发达市场上涨0.43%。美国市场方面由于 对AI泡沫的担忧，纳斯达克指数出现微幅下跌。商品方面表现优异，不 论是贵金属黄金、白银还是原油都出现不同程度上涨，映射在ETF基金上， 本周商品ETF基金以周度平均上涨2.95%居首。本周ETF基金资金净流入 295.97亿元，除了债券型ETF基金小幅净流出外，其他各类型ETF基金均 出现不程度净流入。从结构上来看，资金还是"轻宽基金指数，重行业 或主题"。 基 金 策 风险提示：（1）报告数据均来自历史公开数据整理分析，研究人员不对 数据的准确性 ...