11月24日，锐捷网络涨5.01%，截至发稿，报69.57元/股，成交2.43亿元，换手率0.45%，总市值553.40 亿元。 金元顺安成长动力灵活配置混合（620002）基金经理为孔祥鹏、韩辰尧。 截至发稿，孔祥鹏累计任职时间8年152天，现任基金资产总规模1.43亿元，任职期间最佳基金回 报-3.29%， 任职期间最差基金回报-18.09%。 韩辰尧累计任职时间2年270天，现任基金资产总规模8.3亿元，任职期间最佳基金回报6.65%， 任职期 间最差基金回报-17.15%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，锐捷网络股份有限公司位于北京市海淀区复兴路29号东塔A座11层，成立日期2003年10月28 日，上市日期2022年11月21日，公司主营业务涉及网络设备、网络安全产品及云桌面解决方案的研发、 设计和销售。主营业务收入构成为：网络设备87.85%，其他6.12%，网络安全产品3.19%，云桌面解决 方案2.84%。 ...

美股三大指数集体上涨，道指涨1.08%，纳指涨2.19%，标普500指数涨1.6%。英伟达涨5%，公司第三 财季业绩超市场预期；AMD涨4%，沙特AI公司Humain宣布将与AMD、思科系统公司成立合资企业； 沃尔玛涨3%，公司连续第二个季度上调业绩预期。 来源：第一财经 ...

科罗拉多州以及一些其他州已要求Pitts对与特朗普政府有关联的游说团体在该协议中所扮演的角色进行 调查，并评估该提议是否解决了美国司法部最初对这笔交易的担忧。民主党议员以及一些前司法部律师 也对这一协议提出了批评。 上周，美国司法部提出了新的条款，要求慧与科技将其即时连接无线网络业务出售给一家有实力的竞争 对手，并禁止慧与科技在十年内回购该业务。 在特朗普于今年 1 月就职后不久，美国司法部便提起诉讼，试图阻止这笔交易，理由是该交易将抑制竞 争，并导致只有两家公司——思科(CSCO.US)和慧与科技——能够控制超过 70%的美国网络设备市场。 美国司法部于 6 月同意撤回其指控，以换取惠普同意向竞争对手授权一些瞻博网络的人工智能技术，并 出售一个面向中小企业的业务部门。 智通财经APP获悉，一名法官在周二的听证会上表示，美国的一些州可以介入慧与科技(HPE.US)以 140 亿美元收购瞻博网络一案。美国司法部已提议对该案进行和解并让交易继续进行。加利福尼亚州圣何塞 的美国地方法官Casey Pitts表示，科罗拉多州及其他州可以对这笔交易发表意见，但他并未决定是否要 调查该交易达成的具体情况。 慧与科技的一位 ...

Core Viewpoint - The Fujian Provincial Quality Inspection Institute is actively promoting high-quality development through strategic collaborations with leading enterprises and tailored support for local economies, aiming to enhance industrial upgrading and regional revitalization [1][5]. Group 1: Strategic Collaborations - The Fujian Provincial Quality Inspection Institute has established strategic partnerships with 19 leading enterprises, providing personalized services and achieving 100% on-site response for 150 key companies [2]. - Collaborations include assisting companies like Fuyao Glass and Ruijie Networks in overcoming technical challenges and obtaining essential certifications [2]. Group 2: Local Economic Support - The institute has created quality assistance stations in industrial clusters, serving 41 companies and conducting over 600 tests, saving approximately 2 million yuan [3]. - Continuous support for small and micro enterprises in Nanan has led to the resolution of 239 quality management issues [3]. Group 3: Supply Chain and Industry Development - The institute has visited over 3,380 enterprises to address 5,267 technical challenges across 14 key industrial chains, including new energy and electronic information [4]. - It has been approved as a designated laboratory for electric vehicle power supply equipment certification, aiding local companies in obtaining necessary certifications [4]. Group 4: Future Directions - The Fujian Provincial Quality Inspection Institute aims to integrate into the dual circulation development pattern, collaborating with international organizations to help local enterprises expand into global markets [5]. - The institute emphasizes that inspection and testing are crucial for industrial upgrading, regional revitalization, and safety governance [5].

昨夜，华尔街遭遇"黑色星期四"！没有一丝防备，美股三大股指全线崩塌，科技股更是上演了一场惊心 动魄的"大逃杀"。 一、 血流成河：科技"七巨头"神话破灭？ 如果说前几日的市场只是阴雨绵绵，那么周四的行情无疑是一场夹杂着冰雹的狂风暴雨。以高成长性著 称的科技股，成为了抛售的重灾区。 ² "电车之王"特斯拉（TSLA.O）暴跌超6%：作为市场情绪的风向标，特斯拉的暴跌格外刺眼。股价一 举跌破关键技术支撑位，单日市值蒸发超过数百亿美元。这背后，不仅是宏观环境的压力，更有市场对 其本身增长放缓、竞争加剧的深层忧虑。市场在问：当电动车的红利期逐渐过去，特斯拉的护城河还剩 下多宽？ ² "AI皇冠上的明珠"英伟达（NVDA.O）跌3.5%：作为去年以来最耀眼的明星，英伟达的下跌更具象征 意义。它标志着市场对人工智能狂热情绪的暂时降温。尽管其基本面依然强劲，但股价在前期累计涨幅 过高后，任何风吹草动都可能引发获利盘的了结。投资者开始变得现实：天价的估值是否已经透支了未 来多年的增长预期？ ² "第二梯队"同样惨烈：超微半导体（AMD.O）与老牌软件巨头甲骨文（ORCL.N）均重挫超过4%。这 些在AI浪潮中紧随英伟达的标的 ...

2025.11.14 本文字数：1002，阅读时长大约2分钟 作者 |第一财经 胡弋杰 美国股市周四大幅下跌，三大指数创一个多月以来最大单日跌幅，AI 龙头引领下挫。随着通胀担忧升 温、多位美联储官员对进一步宽松释放谨慎信号，市场对12月降息的押注明显降温。截至收盘，道琼斯 工业平均指数下跌797.6点，收于47457.22点，跌幅1.65%；标普500指数下跌1.66%，收于6737.49点；纳 斯达克综合指数重挫2.29%，报22870.36点。 七巨头全线承压，科技股领跌大盘。大型科技股集体承压，"七巨头"中，微软下跌1.54%，亚马逊下跌 2.71%，苹果下跌0.19%，特斯拉大跌6.64%，英伟达下跌3.58%，谷歌A下跌2.84%，只有Meta微涨 0.14% 资产管理公司Longbow Asset Management首席执行官杰克·多拉海德（Jake Dollarhide）表示："市场在押 注降息，但美联储并没有给出明确信号。关税推升的通胀是否只是一次性扰动，是官员们犹豫的关键原 因。" 公司层面，思科上涨4.6%，公司上调全年营收与利润预测，受益于网络设备需求持续增长。迪士尼重 挫7.8%， ...

Market Overview - The U.S. stock market experienced a significant decline, with the three major indices recording their largest single-day drop in over a month, driven by rising inflation concerns and cautious signals from multiple Federal Reserve officials regarding further easing [2] - The Dow Jones Industrial Average fell by 797.6 points, closing at 47,457.22 points, a decrease of 1.65%; the S&P 500 dropped by 1.66% to 6,737.49 points; and the Nasdaq Composite plummeted by 2.29% to 22,870.36 points [2] Technology Sector - Major technology stocks faced substantial pressure, with all seven tech giants declining. Microsoft fell by 1.54%, Amazon by 2.71%, Apple by 0.19%, Tesla by 6.64%, Nvidia by 3.58%, and Google A by 2.84%, while only Meta saw a slight increase of 0.14% [2] - The S&P 500's information technology sector declined by 2.37%, reflecting a shift of funds from overvalued tech stocks to defensive sectors [2] Chinese Stocks - Chinese stocks also faced challenges, with the Nasdaq Golden Dragon China Index dropping by 1.59%. Baidu fell over 6%, Bilibili nearly 5%, and both Xpeng Motors and NIO declined by over 3% [2] Economic Indicators - Following a record 43-day government shutdown, the overall economic sentiment remains weak, with significant data disruptions still affecting the market. The uncertainty surrounding Federal Reserve policy persists, as multiple decision-makers express caution regarding persistent inflation and a resilient labor market [3] - Market expectations for a 25 basis point rate cut in December have decreased to approximately 47%, down from 70% the previous week [3] Company-Specific Developments - Cisco saw a rise of 4.6% after raising its full-year revenue and profit forecasts, benefiting from sustained demand for networking equipment [3] - Disney experienced a sharp decline of 7.8% due to warnings about a prolonged distribution dispute with YouTube TV, raising concerns about further pressures on its traditional television business [3] Commodity Prices - As of November 13, international oil prices increased, with WTI crude oil futures rising by $0.20 to $58.69 per barrel, a gain of 0.34%, and Brent crude oil futures up by $0.30 to $63.01 per barrel, a rise of 0.48% [4] - COMEX gold futures fell by $19.10, or 0.45%, closing at $4,194.50 per ounce [4]

Market Overview - On November 13, U.S. stock indices opened lower, with the Nasdaq index dropping over 1% at one point, although the decline narrowed by the time of reporting [1] - Chinese concept stocks surged, with the Wind Chinese Technology Leaders Index rising over 1% [1] Key Stock Movements - Disney's stock fell over 8% after the company reported Q4 FY2025 earnings that exceeded profit expectations but slightly missed revenue forecasts. Q3 revenue was $22.46 billion, below the expected $22.75 billion, while net profit was $1.44 billion, up from $564 million year-over-year [3][4] - Nvidia's stock dropped over 3% following news that Michael Burry's Scion fund disclosed short positions against Nvidia and Palantir [5][6] - Cisco's stock rose over 4% after reporting Q1 revenue of $14.88 billion, an 8% year-over-year increase, and non-GAAP earnings per share of $1.00, exceeding Wall Street expectations. Cisco raised its full-year revenue guidance to $60.2 billion to $61 billion [7] - Chinese solar company Canadian Solar saw its stock rise over 6% after reporting Q3 2025 revenue of $1.5 billion, surpassing market expectations, with Q4 revenue projected between $1.3 billion and $1.5 billion [8][9] - Alibaba's stock increased over 2% as the company secretly launched the "Qianwen" project, an AI assistant app aimed at competing with ChatGPT [10] - Beike's stock rose over 2% after reporting a total transaction volume (GTV) of 736.7 billion yuan and a net income increase of 2.1% year-over-year to 23.1 billion yuan [11]

Market Overview - US stock indices opened lower, with the Nasdaq index dropping over 1% at one point, but the decline narrowed by the time of reporting [1] - Chinese concept stocks surged, with the Wind Chinese Technology Leaders Index rising over 1% [1] Key Company Performances - **Disney**: The company saw its stock drop over 8% despite reporting Q3 revenue of $22.46 billion, which was below analyst expectations of $22.75 billion. However, net profit increased to $1.44 billion, or $0.73 per share, up from $564 million ($0.25 per share) year-over-year. Adjusted EPS was $1.11, exceeding the market expectation of $1.05 [3][4] - **NVIDIA**: The stock fell over 3% following news that Michael Burry's Scion fund disclosed short positions against NVIDIA and Palantir [5][6] - **Cisco**: The company reported Q1 revenue of $14.88 billion, an 8% year-over-year increase, with non-GAAP EPS of $1.00, up 10% and exceeding Wall Street expectations. Cisco raised its full-year revenue guidance to $60.2 billion to $61 billion [7] - **Canadian Solar (CSIQ)**: The stock rose over 6% after reporting Q3 revenue of $1.5 billion, surpassing market expectations. Q4 revenue is projected to be between $1.3 billion and $1.5 billion [8][9] - **Alibaba**: The stock increased over 2% as the company secretly launched the "Qianwen" project, an AI assistant app aimed at competing with ChatGPT [10] - **Beike (BEKE)**: The company reported a total transaction value (GTV) of 736.7 billion yuan for Q3, with net revenue growing 2.1% year-over-year to 23.1 billion yuan [11]

Core Viewpoint - Cisco Systems (CSCO) is a well-established technology company that, while not the fastest-growing, is expected to attract investors seeking both growth and low valuation due to its steady growth pace and reasonable valuation [1]. Financial Performance - Cisco's Q1 FY2026 earnings report showed that both revenue and earnings per share exceeded market expectations, continuing a trend of 13 consecutive quarters of outperforming expectations, indicating a tendency for analysts to underestimate Cisco [2][4]. - The company's Q1 revenue grew by 7.5% year-over-year, which is considered a healthy growth rate compared to recent levels, where revenue growth was around 5% to 6% in FY2025, and a decline was noted the previous year [4][5]. Revenue Breakdown - Cisco's total revenue for the quarter was $14.9 billion, with the network equipment segment contributing $7.8 billion, accounting for slightly over 50% of total revenue. This segment's revenue grew by 15% year-over-year, outperforming other business segments [7]. - The network equipment market is expected to continue expanding due to increased investments in data centers by major tech companies like Amazon and Google, which will benefit Cisco despite competition from Arista Networks [8]. Geographic Distribution - Cisco's revenue is heavily concentrated in the Americas, contributing approximately 60% of total revenue, with Europe, the Middle East, and Africa (EMEA) and Asia-Pacific accounting for about 25% and 15%, respectively. The Americas saw a year-over-year growth of 9%, while other regions grew around 5% [8]. Order Growth and Profitability - Product orders for Q1 increased by 13% year-over-year, with the Americas showing the fastest growth at 16%. Orders from service providers and cloud service customers surged over 40% [8]. - Cisco's Q1 net profit grew by 9%, driven by improved operating profit margins and controlled operating expenses, which only increased by 3%, highlighting effective cost management [9]. Future Outlook - Cisco's revenue guidance for the current quarter suggests a year-over-year growth of about 8%, with an expected total revenue of approximately $60.6 billion for FY2026, reflecting a growth of about 7% compared to FY2025 [11]. - Analysts anticipate an annual growth of around 10% in earnings per share, supported by profit margin improvements and stock buybacks, with the current price-to-earnings ratio at 17 to 18 times, indicating it is not overvalued [12].