标普500指数下跌0.92%，4月以来首次跌破50日均线这一关键技术支撑位。 市场恐慌指数VIX随之飙升12.97%，报22.39，显示投资者恐慌情绪大幅升温。 华尔街的恐慌情绪像病毒一样蔓延。 道指暴跌557点，标普500指数跌破关键支撑线，而"硅谷风投教父"彼得·蒂尔清仓英伟达的全部股份，正在引发一场关 于AI泡沫的深刻忧虑。 交易终端屏幕上的红色数字不断跳动。 华尔街刚刚经历了一个不眠之夜，道指暴跌557.24点，跌幅达1.18%，创下近一个月来最差表现。 彼得·蒂尔的清仓行为引发市场广泛关注。 他不仅清空了英伟达全部持股，还减持特斯拉20.76万股，减持比例高达76%。 蒂尔宏观基金三季度末持仓总市值仅为7440万美元，相比二季度的2.12亿美元大幅下降65%。 该基金同时新建仓苹果和微软，但总体呈现大幅收缩态势。 彼得·蒂尔今年早些时候曾警告英伟达估值过高，并将科技股估值飙升与1999-2000年互联网泡沫破灭进行了类比。 作为PayPal联合创始人和Facebook早期投资者，他在硅谷拥有巨大影响力，其投资动向备受关注。 在这场全面溃败中，"硅谷风投教父"彼得·蒂尔旗下基金清仓英伟达全部股份的消息 ...

"十四五"期间，峰岹科技研发投入复合年增长率超20%，多项核心技术指标领跑国际水平，并持续促成 研发成果产业化落地。除巩固家电、消费电子等基本盘，公司还积极布局汽车电子、工业伺服、机器人 等高端领域，目前车规级芯片已实现量产交付并获多家Tier1厂商(车企一级供应商)认可，散热等工业领 域已经导入头部终端客户；公司也建立起稳定分红机制，上市以来累计现金分红占归母净利润比例持续 超过30%，与投资者"共享成长"；公司还实施股份回购，传递发展信心。 展望下一个五年，峰岹科技将在技术、业务和资本维度攻坚突破，引进国际一流技术人才，建设国际一 流的电机驱动控制芯片研发中心，攻克关键技术难题；借助A+H股资本平台，公司将探索海内外并购 机会，朝着"成为卓越的电机驱动控制芯片及控制系统行业引领者"的愿景不断前进。 "'十四五'时期是峰岹科技实现战略跨越和产业升级的关键五年,"峰岹科技负责人向证券时报记者表示， 近五年公司实现技术护城河持续深化、业务结构战略突破以及资本平台全面升级，助力公司从"专精特 新"企业向国际领先的电机驱动控制芯片企业跃升。 面对行业智能化、自动化等发展趋势，峰岹科技坚持自主研发，用算法硬件化的技术 ...

在国家集成电路产业各项政策支持以及产业链上下游高效协同下，企业和行业规模化发展注入动力；注 册制改革与科创属性评价指引，推动公司核心技术能力获得资本市场认可；科创板下的股权激励等制度 助力公司持续吸引人才、强化研发实力；H股上市，帮助公司打通海外融资渠道的同时，更是提升了公 司在海外的知名度，为公司高水平的国际化合作奠定了基础，国际销售业务得以持续提升。 "十四五"期间，峰岹科技研发投入复合年增长率超20%，多项核心技术指标领跑国际水平，并持续促成 研发成果产业化落地。除巩固家电、消费电子等基本盘，公司还积极布局汽车电子、工业伺服、机器人 等高端领域，目前车规级芯片已实现量产交付并获多家Tier1厂商（车企一级供应商）认可，散热等工 业领域已经导入头部终端客户；公司也建立起稳定分红机制，上市以来累计现金分红占归母净利润比例 持续超过30%，与投资者"共享成长"；公司还实施股份回购，传递发展信心。 展望下一个五年，峰岹科技将在技术、业务和资本维度攻坚突破，引进国际一流技术人才，建设国际一 流的电机驱动控制芯片研发中心，攻克关键技术难题；借助A+H股资本平台，公司将探索海内外并购 机会，朝着"成为卓越的电机驱动控 ...

Market Overview - The Shanghai Composite Index closed at 3939.81 points, down 0.81%, while the Shenzhen Component Index and the ChiNext Index fell by 0.92% and 1.16%, respectively [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 1.946 trillion yuan, marking three consecutive days below 2 trillion yuan [1] - The market exhibited a "structural consolidation + general pullback" characteristic, with about 1277 stocks rising and over 4100 stocks declining [1] Sector Performance - **Strong Sectors**: - AI applications and e-commerce saw strength due to Alibaba's "Qianwen" launch and expectations for the Sora application, with stocks like Xiaohongshu, Pinduoduo, and Kuaishou performing well [1] - The beauty care sector, including companies like Shierjia and Bawei, experienced late-session gains [1] - The semiconductor sector showed localized activity, with Longxun shares hitting the daily limit [1] - **Weak Sectors**: - The coal sector faced significant pressure, with Yunmei Energy and Baotailong hitting the daily limit down [1] - Battery stocks, including Huasheng Lithium and Haike Xinyuan, saw declines exceeding 10% [1] - The non-ferrous metals sector collectively adjusted, with Hainan Mining hitting the daily limit down [1] Global Interest Rate Dynamics - Recent market sentiment shifted from expecting potential rate cuts by the Federal Reserve in 2024 to a possible delay until mid-2026, driven by internal policy disagreements and concerns over persistent inflation [2][3] - The structural stickiness of U.S. inflation, influenced by high fiscal deficits, tariffs, and labor costs, limits the scope for monetary easing [2][3] - The anticipated delay in rate cuts has led to a decrease in the probability of a December rate cut to below 50%, resulting in an upward shift in long-term interest rate expectations [2][3] Japanese Fiscal Stimulus Impact - Japan's decision to implement a large-scale fiscal stimulus of over 17 trillion yen aims to counteract a 1.8% economic contraction in Q3, marking the first negative growth in six quarters [3][5] - The increase in Japanese government bond yields has implications for global interest rates, as Japan is a major net creditor and significant holder of global bonds [3][5][6] - The rise in yields may trigger a reallocation of funds back to Japan, impacting global risk assets and increasing borrowing costs [3][7] A-Share Market Reaction - The recent pullback in A-shares reflects a localized pricing adjustment to the new consensus of prolonged high interest rates, particularly affecting high-beta sectors like batteries and non-ferrous metals [2][10] - Despite the pullback, there was no significant panic selling, with evidence of structural inflows into the market, indicating a divergence from typical panic-driven sell-offs [11][12] - Net inflows into financing exceeded 7.6 billion yuan on Tuesday, signaling a relative optimism among investors [13][14] Investment Strategy Recommendations - In the current environment of high global interest rates, the focus should be on optimizing portfolio structure rather than short-term price movements [22] - Investors are advised to manage positions carefully, reducing exposure to high-beta and high-valuation stocks while increasing allocations to high cash flow and dividend-paying companies [23][25] - Attention should be given to sectors with defensive attributes and those closely tied to domestic demand and structural upgrades [25][27]

尾盘一砸，评论区、群里立刻变成"火山口"： "机构又砸盘！" "这是不是中期调整的开始？" "都怪谁谁谁发了个利空！" 但如果你把K线缩小一点，看的是"指数"和"趋势"而不是"自家那几只股"，周二这种走势，更多只是——正常得不能再正常的一次震荡回调： 沪指收报 3939.81 点，跌 0.81% 深成指收报 13080.49 点，跌 0.92% 创业板指收报 3069.22 点，跌 1.16% 三大指数都是一个字：跌，但远称不上"暴"。 真正让人愤怒的，是两件事： 个股普跌带来的"体感崩盘"： 下跌个股超过 4100 只，局部板块（煤炭、电池、有色）甚至出现多只跌停，这种"账户层面的冲击"远远大于指数层面的跌幅。 情绪预期和现实的落差： 上周刚创新高，大家心里已经在默念"牛市、起飞、翻倍"。结果刚高兴没几天，账户就开始"回撤教育"。 情绪一落差，就容易把一次正常的盘整，当成"末日预警"。 如果你是指数基金、宽基ETF、行业指数的长期持有者，今天这种盘面——说得直白一点： 和"崩盘"没有半毛钱关系。 二、周二盘面：不是"中期大调整"，是"箱体里的正常回调" 先把结论放前面： 从指数层面看，今天的调整，不是"大级 ...

11月18日晚，美股三大指数集体低开，截至23:35，道指跌1.18%，纳指跌1.6%，标普500指数跌1.07%。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 苹果(APPLE) | 267.050 | -0.15% | | TIP马逊(AMAZON) | 227.250 | -2.41% | | 谷歌(ALPHABET)-C | 283.197 | -0.84% | | 脸书(META PLATFORMS) | 588.762 | -2.20% | | 微软(MICROSOFT) | 496.110 | -2.24% | | 英伟达(NVIDIA) | 181.850 | -2.55% | | 特斯拉(TESLA) | 399.570 | -2.29% | 黄金拉升，现货黄金一度站上4080美元/盎司，18日盘中跌逾1%跌破4000美元。纽约期金也转为上涨，重回4070美元上方。现货白银日内涨幅扩 大至1%。 加密货币持续大跌，比特币一度跌破90000美元，截至发稿仍跌超3%，以太币跌超2%。据CoinGlass数据显示，过去24小时内，市场超17万人被 爆仓，爆仓金额 ...

上市公司"投资热"折射出半导体产业巨大的发展潜力和战略价值。中关村物联网产业联盟副秘书长袁帅 在接受《证券日报》记者采访时表示，半导体是当今信息技术与电子产业的基石，广泛应用于AI、 5G、物联网及汽车电子等新兴领域。随着全球经济的发展及技术创新的推进，半导体产业的市场需求 将持续增长。 11月7日，苏州苏大维格（300331）科技集团股份有限公司发布的公告显示，公司与常州维普半导体设 备有限公司（以下简称"常州维普"）部分股东签署了《附条件生效的股权购买协议》，拟以自有或自筹 资金5.1亿元收购常州维普51%股权。 此外，芯原微电子（上海）股份有限公司、湖南国科微（300672）电子股份有限公司等企业也纷纷发起 并购，交易覆盖半导体材料、半导体设备、数字芯片设计等多个核心领域，产业链整合态势明显。 对此，中国民协新质生产力委员会秘书长吴高斌对《证券日报》记者表示，产业链企业的纵向整合能促 进产业链结构优化，提高我国半导体产业的整体效率与竞争力。而跨界企业的加入则为产业带来了资金 增量和新的创业思路，能够为产业注入新的活力，但同样需警惕盲目跟风带来的风险。 资本助力的维度不止于此，一批优秀的国内半导体企业正加 ...

美国长期以来就是坚持翻脸如翻书的政策，如今美国总统已经公开强调，美国要制裁与俄罗斯有贸易往来的 国家，并且是要用课税500%的方式。 2025年11月，美国政府宣布给予匈牙利为期一年的能源制裁豁免，允许其继续进口俄罗斯石油，理由是"匈牙 利作为内陆国家高度依赖俄能源"。 就在同一时间段，美国国会却在积极推动一项针对与俄罗斯维持贸易往来经济体的制裁法案，明确提出要加 征500%的关税，而印度因为持续从俄罗斯进口石油并出口成品油，正成为这项法案的重点针对对象。 这种截然不同的待遇，赤裸裸地暴露了美国所谓"基于规则的国际秩序"不过是服务于自身利益的工具，双标 的底色早已昭然若揭。 美国对俄罗斯的制裁早已不是新鲜事，自2022年俄乌冲突爆发以来，西方国家对俄罗斯实施的制裁措施已超 过1.5万项，其中美国主导的就有3500多项。 但到了2025年，美国似乎觉得这些手段还不够，又想出了加征500%关税的"狠招"。 据路透社报道，美国国会在2025年初就开始酝酿相关法案，声称要"切断俄罗斯通过第三方国家获取战争资 金的渠道"，而印度被美国视为"重点关注对象"。 美国总统在公开场合多次抨击印度，称其在俄乌冲突期间"攫取了巨大 ...

Group 1: Market Overview - The report highlights a significant decline in Asian markets due to escalating political tensions between Japan and China, with the Nikkei 225 and KOSPI dropping by 3.22% and 3.32% respectively, while the Shanghai Composite and CSI 300 fell by 0.81% and 0.65% [1] - The overall trading volume in the A-share market was 1.95 trillion yuan, an increase of 156 billion yuan compared to the previous day, indicating a high level of trading activity despite the market downturn [2] - Hong Kong's Hang Seng Index and Hang Seng Tech Index also experienced declines of 1.72% and 1.93%, respectively, with significant net inflows into stocks like Alibaba and XPeng [1][4] Group 2: Sector Performance - The report notes a rotation in sector performance, with the renewable energy sector experiencing a downturn while AI and semiconductor sectors showed resilience, with respective increases of 0.77% and 0.75% [3] - The renewable energy sector's strong performance prior to November 14 raised expectations, making it more sensitive to negative news, while the AI and semiconductor sectors benefited from reduced structural risks [3] - In the Hong Kong market, technology stocks saw continued net inflows, particularly into ETFs focused on technology, indicating a strong interest in this sector despite broader market declines [4] Group 3: Bond Market Dynamics - The bond market has seen a decrease in trading activity, with the number of transactions for 10-year government bonds and policy bank bonds dropping significantly compared to late October [4][5] - The report suggests that the current low volatility environment may favor a more cautious trading approach, with a recommendation to consider spread strategies in the bond market [6] - Recent monetary policy actions, including the central bank's repo operations, have maintained a stable liquidity environment, although there are signs of tightening due to upcoming fiscal payments [5] Group 4: Commodity Market Sentiment - The commodity market is characterized by weak sentiment, with declines in precious metals and industrial metals, attributed to a retreat in global risk appetite and expectations of interest rate changes [7][8] - Significant outflows were observed across major commodity sectors, with notable withdrawals from precious metals, non-ferrous metals, and renewable energy commodities [7] - The report indicates that the recent pullback in precious metals may be nearing an end, with central bank gold purchasing trends remaining strong despite short-term fluctuations [8]

11月18日，美股三大指数集体低开，截至22:53，道指跌1.01%，纳指跌1.26%，标普500指数跌0.85%。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 苹果(APPLE) | 267.050 | -0.15% | | 亚马逊(AMAZON) | 227.250 | -2.41% | | 谷歌(ALPHABET)-C | 283.197 | -0.84% | | 脸书(META PLATFORMS) | 588.762 | -2.20% | | 微软(MICROSOFT) | 496.110 | -2.24% | | 英伟达(NVIDIA) | 181.850 | -2.55% | | 特斯拉(TESLA) | 399.570 | -2.29% | 中国资产方面，中概股普跌，纳斯达克中国金龙指数跌1.15%。个股方面，晶科能源跌超7%，大全新能源跌超6%，亚朵、迅雷跌超3%。 | 名称 | 现价 | 涨跌幅 - | | --- | --- | --- | | 晶科能源 | 28.367 | -7.24% | | 大全新能源 | 32.200 | -6.67% | | ...