【英伟达携手诺基亚打造为AI服务的全球网络】 英伟达正通过一笔10亿美元的股权投资，将芬兰电信设备制造商诺基亚纳入其庞大的AI生态系 统。英伟达CEO黄仁勋与诺基亚CEO贾斯廷·霍塔德在美国华盛顿特区举行的GTC大会上讨论 了这项计划的战略意义，以及AI的未来。 【阿里千问引爆下载热潮，资金涌入AI应用板块】 11月24日，受阿里巴巴千问应用下载量攀升带动，AI应用板块集体走强，多只阿里巴巴概念 股出现明显上涨。券商人士预计，随着模型能力提升和应用加速落地，AI应用商业化进程将继 续推动产业链景气延续，数据中心、算力设备等相关方向有望受益。 整理 | 美股研究社 在这个快速 变 化的 时代， 人工 智能技术正以前所未有的速度发展，带来了广泛的机会 。 《AI日 报 》致力于挖掘和分析最新的AI概念股公司和市场趋势，为您提供深度的行 业 洞察和 价 值 分析。 A I 快 报 【亚马逊向美国政府部门的AI和超算基建追加至多500亿美元投资】 亚马逊将投资高达500亿美元，以扩大面向美国政府机构的人工智能（AI）和超级计算基础设 施。该投资旨在为AWS Top Secret、AWS Secret、AWS GovC ...

来源：美股研究社 整理 | 美股研究社 在这个快速变化的时代，人工智能技术正以前所未有的速度发展，带来了广泛的机会。《AI日报》致 力于挖掘和分析最新的AI概念股公司和市场趋势，为您提供深度的行业洞察和价值分析。 AI快报 【诺基亚计划在美国进行40亿美元AI投资】 芬兰诺基亚公司表示，计划在美国投资40亿美元用于研发和生产，以加速人工智能（AI）网络连接的 创新。 这家电信设备制造商说，它是与美国总统特朗普政府合作宣布这项投资的。 "诺基亚在一份声明中说："我们扩大投资将有助于加强美国的能力，通过人工智能优化的大规模连接提 供更高的安全性、生产力和繁荣。 【高盛合伙人：美股出现多头缴械迹象，市场似乎正进入AI周期的新阶段】 高盛合伙人Tony Pasquariello认为，美国股市已出现多头"缴械"迹象，预计在市场企稳前还会出现进一 步抛售。 Pasquariello写道："虽然更低的价格可能会引发系统性和主动交易者的更多抛售，且10月的'派对后遗 症'或尚未完全消退，但我的直觉是，本周市场经历了显著的风险转移，并出现了一些投降迹象。" 他指出，虽然英伟达公布了"令人印象深刻的超预期业绩并上调了指引"，但市 ...

芬兰诺基亚公司表示，计划在美国投资40亿美元用于研发和生产，以加速人工智能（AI）网络 连接的创新。 这家电信设备制造商说，它是与美国总统特朗普政府合作宣布这项投资的。 "诺基亚在一份声明中说："我们扩大投资将有助于加强美国的能力，通过人工智能优化的大规 模连接提供更高的安全性、生产力和繁荣。 【高盛合伙人：美股出现多头缴械迹象，市场似乎正进入AI周期的新阶段】 高盛合伙人Tony Pasquariello认为，美国股市已出现多头"缴械"迹象，预计在市场企稳前还 会出现进一步抛售。 整理 | 美股研究社 在这个快速 变 化的 时代， 人工 智能技术正以前所未有的速度发展，带来了广泛的机会 。 《AI日 报 》致力于挖掘和分析最新的AI概念股公司和市场趋势，为您提供深度的行 业 洞察和 价 值 分析。 A I 快 报 【诺基亚计划在美国进行40亿美元AI投资】 【中信证券：英伟达指引、Google Gemini 3超预期 持续看好AI PCB板块】 中信证券研报指出，近期英伟达FY26Q3业绩表现及FY26Q4业绩指引超预期，同时谷歌发布 Gemini 3，模型性能大幅提升，表现超预期。我们认为背后本质是AI产 ...

Core Viewpoint - The European Commission is exploring methods to phase out equipment from Huawei and ZTE in telecom networks, labeling them as "high-risk suppliers" despite a lack of evidence supporting security concerns [1] Group 1: Regulatory Actions - The European Commission is pushing for legislation to ban member states from using products from Huawei and other high-risk suppliers [1] - This move reflects ongoing tensions regarding the security of Chinese telecom equipment, which has been a recurring theme in EU policy discussions [1] Group 2: Security Concerns - Claims regarding the security risks of Huawei's equipment, such as potential backdoors for cyberattacks, have been deemed baseless and absurd by various analysts [1] - German cybersecurity agencies have evaluated Huawei products and found no suspicious components or backdoors [1] - UK intelligence agencies have stated that the security risks associated with Huawei's 5G equipment are manageable [1] Group 3: Industry Impact - Chinese telecom companies, represented by Huawei, are focusing on technological innovation to build core competitiveness [1] - The ongoing narrative around security risks and market access barriers is seen as an attempt to hinder the development of Chinese telecom technology and industry [1] - The exclusion of Chinese telecom firms from the EU market is predicted to ultimately harm the EU's own interests [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The spot index's sharp rise drives the far - month contracts. Risk - preferring investors are advised to pre - layout the 02 contract and focus on the freight rate support logic in December [1]. - The tariff issue has a marginal effect, and the current core is the direction of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see [3]. 3. Summary by Related Content Freight Index - On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1504.80 points, up 24.5% from the previous period; the SCFIS for the US - West route was 1329.71 points, up 4.9% from the previous period [2]. - On November 7, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1053.62 points, down 4.24% from the previous period; the NCFI for the European route was 911.73 points, down 5.58% from the previous period; the NCFI for the US - West route was 1349.1 points, down 7.14% from the previous period [2]. - On November 7, the Shanghai Export Container Freight Index (SCFI) published price was 1495.10 points, down 3.6 points from the previous period; the SCFI European route price was 1323 USD/TEU, down 1.6% from the previous period; the SCFI US - West route was 2212 USD/FEU, down 16.4% from the previous period [2]. - On November 7, the China Export Container Freight Index (CCFI) (composite index) was 1058.17 points, up 3.6% from the previous period; the CCFI for the European route was 1366.85 points, up 3.3% from the previous period; the CCFI for the US - West route was 814.14 points, up 5.4% from the previous period [2]. Economic Data - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month; the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month [3]. - The initial value of the US S&P Global services PMI in October was 55.2 (expected 53.5, previous value 54.2); the initial value of the manufacturing PMI was 52.2 (expected 52, previous value 52); the initial value of the composite PMI was 54.8 (expected 53.1, previous value 53.9) [3]. - The initial value of the euro - zone manufacturing PMI in October was 45.9 (expected 45.1, previous value 45); the initial value of the services PMI was 51.2 (expected 51.5, previous value 51.4); the initial value of the composite PMI was 49.7 (expected 49.7, previous value 49.6). The euro - zone Sentix investor confidence index in October had a previous value of - 9.2 and a forecast value of - 8.5 [2]. Contract Information - On November 11, the main contract 2512 closed at 1746.1, down 1.87%, with a trading volume of 32,200 lots and an open interest of 25,200 lots, a decrease of 1475 lots from the previous day [3]. - The trading limits of contracts 2508 - 2606 are adjusted to 18%. The company's margin for contracts 2508 - 2606 is adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [4]. Strategy Recommendations - Short - term strategy: The main contract retraces while the far - month contracts are strong. Risk - preferring investors are advised to try long positions lightly in the 1550 - 1600 range of the EC2602 contract, focus on the spot trend, avoid holding losing positions, and set stop - losses [4]. - Arbitrage strategy: Against the backdrop of international turmoil, each contract maintains a seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [4]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent direction [4].

1. Report Industry Investment Rating - The investment rating for stock index futures is "Oscillating" [1] - The investment rating for treasury bond futures is "Relatively Strong" [1] 2. Core Viewpoints of the Report - The meeting between Chinese and US leaders is conducive to the improvement of China's total demand and the valuation of A - share technology stocks. The content of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China boosts market confidence, and the structured market is expected to continue. However, one should be cautious about chasing high in the current market. The market may refocus on fundamentals after the release of the third - quarter reports. A - share non - financial third - quarter reports show positive revenue and profit growth, but ROE remains in a low - level oscillation range [1] - In the treasury bond market, the central bank's resumption of treasury bond trading is beneficial to the bond market. The economic outlook in the fourth quarter is stable, the short - term necessity for the central bank to cut interest rates is low, and the "see - saw" effect between stocks and bonds disturbs the bond market sentiment. It is expected that the bond market will continue to oscillate [2] 3. Summary by Relevant Catalogs 3.1 Research Views 3.1.1 Stock Index Futures - On November 11, 2025, the Shanghai Composite Index closed at 4002.76, down 0.39%; the Shenzhen Component Index closed at 13289.00, down 1.03%; the ChiNext Index closed at 3134.32, down 1.40%; the CSI 300 closed at 4652.17, down 0.91%; the STAR 50 closed at 1387.53, down 1.42%; the CSI 500 closed at 7291.61, down 0.71%; the CSI 1000 closed at 7540.79, down 0.30% [1] - A - share non - financial third - quarter cumulative revenue increased by 0.3% year - on - year, and cumulative net profit attributable to the parent increased by 1.65% year - on - year. ROE (TTM) was 6.5% [1] 3.1.2 Treasury Bond Futures - On November 11, 2025, the 10 - year treasury bond futures main contract fell 0.01%, while the 30 - year, 5 - year, and 2 - year main contracts remained basically stable [1] - The central bank conducted 4038 billion yuan of 7 - day reverse repurchases on November 11, with a winning bid rate of 1.4%. After deducting the 1175 billion yuan of reverse repurchases due, there was a net investment of 2863 billion yuan [1][2] - DR001 rose 3BP to 1.51%, and DR007 rose 1BP to 1.51% [2] 3.2 Price Changes in the Second Quarter 3.2.1 Stock Index Futures | Variety | November 11, 2025 | November 10, 2025 | Change | Change Rate | | --- | --- | --- | --- | --- | | IH | 3033.0 | 3054.0 | - 21.0 | - 0.69% | | IF | 4626.8 | 4672.0 | - 45.2 | - 0.97% | | IC | 7173.0 | 7235.8 | - 62.8 | - 0.87% | | IM | 7390.4 | 7421.0 | - 30.6 | - 0.41% | [3] 3.2.2 Stock Indexes | Variety | November 11, 2025 | November 10, 2025 | Change | Change Rate | | --- | --- | --- | --- | --- | | SSE 50 | 3034.6 | 3053.9 | - 19.2 | - 0.63% | | CSI 300 | 4652.2 | 4695.1 | - 42.9 | - 0.91% | | CSI 500 | 7291.6 | 7343.8 | - 52.2 | - 0.71% | | CSI 1000 | 7540.8 | 7563.3 | - 22.5 | - 0.30% | [3] 3.2.3 Treasury Bond Futures | Variety | November 11, 2025 | November 10, 2025 | Change | Change Rate | | --- | --- | --- | --- | --- | | TS | 102.46 | 102.47 | - 0.006 | - 0.01% | | TF | 105.94 | 105.94 | - 0.005 | 0.00% | | T | 108.48 | 108.49 | - 0.01 | - 0.01% | | TL | 116.30 | 116.28 | 0.02 | 0.02% | [3] 3.3 Market News - The EU Commission is considering forcing member states to remove Huawei and ZTE equipment from their telecom networks. The Chinese Foreign Ministry spokesperson stated that this act by the EU violates market principles and fair competition rules [4] 3.4 Chart Analysis 3.4.1 Stock Index Futures - The report presents the trends of IH, IF, IM, and IC main contracts, as well as the trends of their respective monthly basis [6][7][9] 3.4.2 Treasury Bond Futures - The report shows the trends of treasury bond futures main contracts, treasury bond spot yields, basis of different - term treasury bond futures, inter - term spreads, cross - variety spreads, and capital interest rates [13][14][18][19] 3.4.3 Exchange Rates - The report includes charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [22][23][26][27]

【环球时报综合报道】据彭博社10日报道，欧盟委员会正在研究多种手段，试图强制各成员国将中国公 司的设备从其电信网络中"剔除"，甚至考虑对非欧盟国家施压，例如停止向使用中国设备的项目提供融 资。中国外交部发言人林剑11日表示，在没有法律依据和事实证据的情况下，以行政手段强行限制甚至 禁止企业参与市场，这严重违反市场原则和公平竞争规则。 彭博社援引消息人士的话称，欧盟委员会负责技术主权等事务的执行副主席维尔库宁计划将欧盟委员会 2020年提出的"禁止移动网络使用高风险供应商设备"的建议，升级为具有法律效力的强制性规定。报道 称，一旦该建议具备法律效力，违反规定的成员国或将面临所谓的侵权诉讼，并需缴纳经济罚款。 据报道，欧盟目前正在加速铺设尖端光纤电缆以扩大高速网络覆盖范围，但欧盟各成员国始终拒绝将是 否使用中国公司产品的决策权限交予欧盟委员会。欧盟的电信运营商则认为，相较于西方同类产品，中 国产品的性价比优势明显。 对此，外交部发言人林剑11日指出，事实证明，个别国家强行移除中国电信企业优质安全的设备，不仅 迟滞自身技术发展的进程，还造成巨额的经济损失，将经贸问题泛安全化、政治化将阻碍技术进步和经 济发展，损人不 ...

Core Viewpoint - The European Commission is considering a gradual removal of Huawei and ZTE equipment from EU member states' telecom networks, which has prompted a response from the Chinese Foreign Ministry urging for a fair and transparent business environment for Chinese companies in Europe [1][2]. Group 1: EU's Consideration - The European Commission is reportedly contemplating the exclusion of Huawei and ZTE from telecom networks in EU member countries [1]. - This potential action is seen as a violation of market principles and fair competition rules by the Chinese government [1]. Group 2: Chinese Government's Response - The Chinese Foreign Ministry emphasized that Chinese companies have been operating in Europe in compliance with local laws, providing quality products and services, and contributing positively to local economic development and employment [1]. - The Ministry criticized the forced removal of Chinese telecom equipment, stating it hinders technological progress and results in significant economic losses [1]. - The Chinese government called for the EU to ensure a non-discriminatory business environment to maintain investment confidence from Chinese enterprises [1].

Group 1 - The article emphasizes the importance of revitalizing the domestic semiconductor industry in China while also considering global perspectives [1] - It highlights the recent comments from the Chinese Foreign Ministry regarding the EU's potential actions to remove Huawei and ZTE from its telecom networks, stressing that such actions lack legal basis and violate market principles [3] - The article points out that the forced removal of Chinese telecom companies' equipment has not only hindered technological progress in the EU but has also resulted in significant economic losses [3] Group 2 - The Chinese government urges the EU to provide a fair, transparent, and non-discriminatory business environment for Chinese enterprises to maintain investment confidence [3]

Group 1 - The core viewpoint of the article emphasizes the importance of fair competition and the negative impact of administrative restrictions on Chinese telecom companies in Europe [1] - The Chinese government urges the EU to provide a fair, transparent, and non-discriminatory business environment for Chinese enterprises to maintain investment confidence [1] - The article highlights that the forced removal of Chinese telecom equipment not only hinders technological progress but also leads to significant economic losses for the countries involved [1] Group 2 - The article mentions that Chinese companies have been operating in Europe in compliance with local laws, contributing positively to the local economy and employment [1] - It points out that the lack of legal basis and factual evidence for the EU's actions against Chinese companies violates market principles and fair competition rules [1] - The article discusses the broader implications of politicizing economic issues, which could obstruct technological advancement and economic development [1]