很多人不太知道，其实跟美国一样，日本也是最大债务黑洞之一，比美国都要严重多了。日本政府债务已经是GDP的2.5倍多，随着长期国债利率上升，还 债务压力像滚雪球一样，且不说债务，每4日元税收就有1日元用于付息，利息都快还不起了。这一波长期收益率飙升，就是因为出现大量抛售。且另外美联 社也报道称，日本经济出现一年半来首次萎缩，第三季度GDP年化下降1.8%。这种情况，高市早苗也只能通过挑起与邻国的矛盾转移经济困境的注意力 了，但结果就是雪上加霜。因为搞事出现连锁反应，日本股市崩极，此外水产、旅游业以及汽车产业都遭到冲击。面对危机，高市早苗政府开出的药方却 是，21.3万亿日元经济刺激计划。这相当于日本GDP的3.5%，其中17.7万亿日元需通过发债融资。而且因为给议员涨薪这件事，已经引起日本国内强烈不 满，指责高市是在向"国民宣战"。 近日，日本金融市场遭遇了罕见的"股债汇三杀"。股市上，日经225指数单日暴跌3.22%，跌破49000点，半导体、旅游板块领跌；债市上，10年期国债收益 率飙升至1.76%，创2008年以来新高，长期国债流动性枯竭；汇率上，日元兑美元跌破155，兑欧元跌至180。其中最关键就是日债 ...

格隆汇11月28日｜香港特区政府公告，因应日本政府单方面决定把福岛核电站核污水排放大海，食物环 境衞生署署长已发出《食物安全命令》，禁止源自日本10(都)县的水产、海盐和海藻食品进口本港，受 禁(都)县包括东京、福岛、茨城、宫城、千叶、群马、栃木、新潟、长野和埼玉。 ...

Market Overview - The A-share market opened with mixed performance, with the Shanghai Composite Index up by 0.08% to 3867.20 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.03% and 0.11% respectively [2][3] - The Hong Kong market also opened with the Hang Seng Index rising by 0.07%, while the Hang Seng Tech Index decreased by 0.1% [4] Sector Performance - In the A-share market, the non-ferrous metals sector opened strongly, with tin and aluminum leading the gains. The AI computing concept remained active, with Cambrian rising over 3% [3] - Conversely, the CPO concept experienced a general pullback, with lithium battery, aquaculture, and real estate sectors mostly declining. Vanke A opened with a significant drop of nearly 5% [3] - In the Hong Kong market, the non-ferrous sector also saw gains, with China Aluminum rising over 4% and Zijin Mining increasing nearly 3%. However, Vanke Enterprises opened down over 5%, nearing its historical low [4]

Group 1 - The A-share market opened with mixed results, with the Shanghai Composite Index up by 0.08%, while the Shenzhen Component and ChiNext indices fell by 0.03% and 0.11% respectively [2][3] - The non-ferrous metal industry showed a collective rise, with tin and aluminum leading the gains, while the AI computing power concept remained active, with Cambrian rising over 3% [3] - The CPO concept experienced a general pullback, with sectors such as lithium batteries, aquaculture, and real estate mostly declining, and Vanke A opening down nearly 5% [3] Group 2 - The Hong Kong market opened with the Hang Seng Index up by 0.07%, while the Hang Seng Tech Index fell by 0.1%, with tech stocks like Baidu Group dropping over 1% [4] - The non-ferrous sector in Hong Kong also saw gains, with China Aluminum rising over 4% and Zijin Mining up nearly 3%, while Vanke Enterprises opened down over 5%, close to its historical low [4] - The People's Bank of China conducted a 7-day reverse repurchase operation of 356.4 billion yuan at an interest rate of 1.40%, with 300 billion yuan of reverse repos maturing today [4]

[Table_Main] 证券研究报告 | 策略点评 2025 年 11 月 26 日 策略点评 证券分析师 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 程强 相关研究 科技板块延续强势 [Table_Summary] 投资要点： 摘要。2025 年 11 月 26 日周三，A 股市场震荡分化，创业板指涨超 2%；国债期 货市场全线调整；商品指数微涨，原油系偏弱。 一、市场行情分析 1）股票市场：震荡分化，深强沪弱 震荡分化，深强沪弱。今日 A 股市场呈现"深强沪弱"格局，主要指数分化明显， 上证指数全天窄幅震荡，最终微跌 0.15%，收报 3864.18 点；深市表现强势，深 证成指上涨 1.02%至 12907.83 点，创业板指涨 2.14%，收于 3044.69 点；万得微 盘股指数和中证红利指数分别下跌 0.83%、0.42%。全市场成交额 1.80 万亿， ...

【导读】英伟达遭遇利空，日本软银集团股价崩跌 大家好，今天关注一下科技圈的AI芯片大战，谷歌一举重创了英伟达以及OpenAI跟日本软银。 英伟达地位开始松动 谷歌的股价在盘后交易中一度上涨2.7%，而英伟达则下跌2%。 一旦达成协议，将有助于把TPU打造成英伟达芯片的替代方案。当前，英伟达芯片是大科技公司和初创企业的"黄金标准"，从Meta到 OpenAI，都依赖其算力来开发和运行人工智能平台。谷歌此前已与Anthropic达成协议，向其提供多达100万颗TPU芯片。不过，英伟达在 这一市场中仍然占据主导地位。 日本软银集团暴跌 11月25日，英伟达公司股价盘前走低，此前有消息称，Meta正在洽谈斥资数十亿美元采购谷歌的人工智能芯片，这被视为这家搜索巨头 在打造竞品、挑战目前最畅销AI加速器方面取得进展的迹象。 据知情人士消息称，Meta正在讨论在2027年在数据中心中使用这些芯片——它们被称为张量处理单元（TPU）。报道还称，Meta也可能 在明年从谷歌云部门租用芯片。 在宣布与Anthropic的交易后，分析师称，"此举是对TPU的非常有力的背书，很多人之前就已经在考虑它了，现在可能会有更多人开始考 虑。 ...

Market Overview - Major stock indices in the Asia-Pacific region mostly rose, with the South Korean Composite Index and Nikkei 225 both experiencing slight gains, while SoftBank Group saw a significant decline of nearly 10%, marking its largest drop since November 5 [1] - The A-share market showed a strong upward trend, with the ChiNext Index closing up nearly 2% and total trading volume in the Shanghai and Shenzhen markets reaching 1.83 trillion yuan, an increase of 858 billion yuan from the previous trading day [1] Sector Performance - The AI application concept surged again, with Rongji Software hitting the limit up for six consecutive days and Shida Group achieving four consecutive limit ups [2] - Computing hardware stocks remained strong, with TeFa Information hitting the limit up for three consecutive days, and Changfei Optical Fiber and Huilv Ecology also reaching their daily limit [2] - The optical module (CPO) index saw a significant increase of 8.2%, with Dekoli, Changguang Huaxin, and Guangku Technology all hitting the limit up [3] Pharmaceutical Sector - Stocks related to flu prevention experienced substantial movements, with companies like Beijing Medical and Guangji Pharmaceutical seeing their shares surge to the limit up [4] - Recent data indicated a dramatic increase in sales of Oseltamivir by 237% and a rise of 180% for Mabalawe [4] Regional Highlights - The Fujian sector rapidly rose, with stocks such as Fujian Expressway and China Wuyi hitting the limit up [5] Hong Kong Market - In the Hong Kong market, Bilibili rose approximately 5%, Baidu Group increased over 4%, and Xiaomi rebounded nearly 4%, regaining a market capitalization of over 100 billion HKD [6] - Xiaomi's stock price had previously dropped over 35% since reaching a yearly high on June 27, but recent announcements of significant stock buybacks and personal investments by CEO Lei Jun have positively impacted its stock [6] Investment Insights - According to Goldman Sachs' chief China equity strategist, the rise of Chinese stocks led by AI is not a bubble, and there is still room for technology companies to enhance their valuations and profits through a focus on AI applications [6]

AI应用概念再度爆发， 榕基软件7天6板，实达集团4连板。算力硬件股持续强势，特发信息3 连板，长飞光纤、汇绿生态涨停。 光模块（CPO）指数暴力拉升8.2%，德科立、长光华芯、光库科技20cm涨停。"易中天"三巨 头走强，其中中际旭创涨5%，成交额超211亿元居两市之首。 | | 光模块(CPO)指数(8841258) | | | | --- | --- | --- | --- | | | 6637.60 | 503.60 8.21% | | | 资料 成分 | 资讯 | 相关基金 | 月度收益 | | 名称 | | 现价 | 涨跌 一 | | 德科立 | | 142.56 | 20.00% | | 688205.SH | | | | | 长米华芯 | | 89.29 | 20.00% | | 688048.SH | | | | | 光库科技 | | 147.00 | 20.00% | | 300620.SZ | | | | | 长芯博创 | | 123.00 | 13.87% | | 300548.SZ | | | | | 仕佳光子 | | 75.62 | 9.69% | | 688313.SH | | ...

巨丰投顾分析认为，随着一系列逆周期调节政策的实施，A股市场确认底部并进入强势阶段。中期看， 政策利好预计将推动A股市场进一步上行，建议投资者逢低进场。短线可关注超跌科技股；中线持续关 注人工智能、军工、半导体、机器人等景气度向好的板块。 25日，A股三大指数高开。Wind数据显示，截至收盘，上证指数涨0.87%，报3870.02点；深证成指涨 1.53%，创业板指涨1.77%。 东莞证券研究称，随着时间进入11月之后，市场有望逐步结束本轮调整，并开启对明年春季行情的提前 布局窗口。一方面，岁末年初往往是流动性环境趋于宽松的时期，政策预期与资金面改善对市场构成支 撑；另一方面，部分板块已显现出一定的估值吸引力，中长期配置价值逐步提升。综合来看，市场在经 历充分整理后，有望迎来结构性的修复机会。板块选择方面，建议重点关注红利、TMT、新能源等板 块。 CPO等AI硬件方向全天强势，锂矿、福建板块午后爆发；水产股大跌，民航、军工、白酒板块逆势下 挫。全市超4200只个股上涨。 | 14 | | w A股 | | | Q | | --- | --- | --- | --- | --- | --- | | A股 港股 ...

总体来看，个股呈普涨态势，上涨个股4300只。截至收盘，沪指报3870.02点，涨0.87%；深证成指报12777.31点，涨 1.53%；创指报2980.93点，涨1.77%。盘面上，F5G概念、游戏、CPO板块上涨，中船系、机场航运、军工装备板块跌幅居前。 板块方面，游戏板块短线拉升，巨人网络涨停；海南板块尾盘拉升，海南瑞泽、海南海药涨停；算力硬件股全天强势，德 科立、长光华芯20cm涨停；下跌方面，中船系集体调整，中船汉光跌幅居前；养殖业弱势震荡，水产方向领跌，中水渔业、獐 子岛跌停。 A股市场呈现冲高回落态势，三大指数早盘集体高开高走，午后涨幅收窄，最终全线收涨。 ...