1、行情 今天走出了较为割裂的缩量行情。 题材方面，AI硬件集体大涨，OCS、CPO、PCB、算力芯片、服务器等均局部大涨，个股不再赘述； 流感、医药商业板块开盘续涨，广济药业3连板，金迪克（20CM）、北大医药2连板，粤万年青（20CM）、华人健康（20CM）、海王生物、 泰达股份、人民同泰纷纷涨停； 东芯股份午后单边大涨拿下20CM涨停，寒武纪、工业富联双双大幅反弹。 也正是在上述这些老哥们的努力下，推动指数大涨，尤其是创业板一度涨超3%。 指数的分时黄白线从10点前开始，逐渐形成"鸭子张嘴"的背离走势。 这让诸多股民再度体验到了：指数岁月静好，现实支离破碎！ 绝大部分股票午后就跟失去生命体征一样，连续小碎步往下走。 即使上周大跌的行情，我都没感觉这么令人想yue…… AI硬件：你们的下跌固然可怕，但我们的大涨更令人揪心？ 3、消费 零售板块早盘冲高回落，但在尾盘受消息刺激爆拉，茂业商业2连板，广百股份、居然智家、遥望科技、东百集团、三江购物、国光连锁先后涨 停； 此外，海南、航天、深圳本地股等均有局部强势表现，军工、水产养殖、两岸概念等集体大跌。 截至收盘，沪指微跌0.15%，深成指、创业板指分别收涨1 ...

如果要评选一款把"AI硬件"推上舆论高峰的产品，Rabbit r1肯定榜上有名。 早在其于2024年CES发布时，雷科技CES2024报道团就在拉斯维加斯现场体验过这款产品，这块小小的橙色"小砖头"，靠着Teenage Engineering（北欧著名 创意公司）打造的复古外观、大模型加持的"自然语言操作系统"rabbitOS，以及"取代App、用一句话操控一切服务"的宣传口号成为当时的明星产品。 不过，就是这么一家曾经高调无比，一度被视作业界先驱的公司，却在日前被传出欠薪几个月、部分员工与外包团队罢工等消息。说实话，如果不是刷到这 个新闻，小雷都快忘记Rabbit了，与去年的火遍全球相比，今天的Rabbit确实有点"默默无闻"了。 图源：tomsguide Rabbit跌倒，只因步子迈得太大了？ 2024年的AI大模型市场，热度远比现在要疯狂，那时候仅仅一个概念就可以拉来无数的投资和关注，而能够拿出实物并发售的Rabbit，更是AI赛道的焦点， 以至于不少人直接将Rabbit称为"下一个苹果"，也有人认为这会是另一个"iPhone时刻"。 图源：Rabbit 虽然被传出资金吃紧、员工停薪等消息，但是从Rab ...

Market Overview - On November 25, A-shares saw all three major indices open higher and continue to rise, with the Shanghai Composite Index up over 1.13%, the Shenzhen Component Index up 2.04%, and the ChiNext Index rising over 2.6% to surpass 3000 points [1][2] - Nearly 4900 stocks in the market were in the green, indicating a broad-based rally [1] Sector Performance - AI hardware sector experienced a strong rebound, with the CPO concept surging, and related sectors such as fiberglass, liquid cooling, and copper-clad boards also seeing significant gains [5] - The innovative drug index saw a strong upward movement, with stocks like Peking University Pharmaceutical hitting the daily limit, and several others like Frontier Bio and Nanjing New Pharmaceutical also performing well [5] - The CPO concept index rose over 10%, with stocks like Dekoli, Changguang Huaxin, and Guangku Technology hitting the daily limit, while others like Taicheng Light and Changxin Bochuang rose over 10% [5] Individual Stock Highlights - Longpan Technology saw its stock price hit the daily limit, with the latest quote at 18.06 yuan, following an announcement of expected sales to exceed 450 billion yuan, up from over 50 billion yuan [6] - In the Hong Kong market, Longpan Technology also rose over 18% [6] - Alibaba Health continued its upward trend, rising nearly 5%, with a year-to-date increase of 81.33% [9] Broader Market Trends - The Hong Kong stock market also saw gains, with the Hang Seng Index up 0.74%, the Hang Seng Tech Index up 1.38%, and the Hang Seng China Enterprises Index up 0.87% [7] - The tech sector followed the overnight surge in US stocks, with Xiaomi Group rising nearly 5% and Baidu Group up over 7% [9] - Precious metals saw a recovery, with Zijin Mining rising nearly 3% as spot gold prices increased from $4060 to $4144.6 per ounce [9]

■行业属性：AI硬件 ■核心竞争力：非语音交互设计、全球市场 ■未来关键词：端侧智能、成长性陪伴 会议室桌面上，黑白配色的Ropet轻轻晃动身体，绒毛在灯光下泛起柔和光泽。在访谈中，它不时眨动 双眼，偶尔发出像小动物一般轻柔的叫声，给人带来一种不打扰的"陪伴感"。 这款已进入全球50多个国家的AI（人工智能）萌宠，直到今年"双11"在国内才首次正式亮相。并且，令 人意外的是，当几乎所有AI硬件都在竞逐语音交互时，Ropet却主动放弃了对话功能。 这种"反其道"的决策无疑是大胆且冒险的。 近日，Ropet的开发商北京萌友智能科技有限公司（以下简称萌友智能）联合创始人兼CEO何嘉斌接受 了《每日经济新闻》"对话未来商业"栏目（更多内容，详见专题|对话未来商业记录、预见、让未来发 生）独家专访。 这位曾任职于微软亚洲研究院、百度、物灵科技、字节跳动的创业者，也是一位潮玩爱好者。他向记者 自述过去养猫的经历让他深刻洞察了宠物带来的情绪价值。这让他更坚定地认为，无论是静态的潮玩摆 件，还是真实饲养的宠物，核心价值都在于提供"情绪价值"与"存在感"。 这一理念催生了Ropet的设计理念和定位。成立近4年，萌友智能已经完成 ...

Core Viewpoint - The market is experiencing a rebound with major indices closing in the green, but there are significant disparities in sector performance, particularly in AI hardware and applications [2][4]. Group 1: AI Hardware and Applications - Industrial Fulian, a trillion-yuan company, saw its stock price plummet, hitting a limit down of 7.80% amid rumors of order reductions, although the company later confirmed that operations are proceeding as planned and there are no adjustments to profit targets for Q4 [4][6]. - The AI hardware sector is facing challenges, while the AI application sector is thriving, with notable stock performances from companies like Alibaba and Tencent, which are launching new AI products [7][11]. - Recent AI applications have seen rapid adoption, with Alibaba's "Qianwen" app achieving over 10 million downloads in just one week, marking it as one of the fastest-growing AI applications [11]. Group 2: Investment Opportunities in AI - Analysts suggest focusing on both foundational and application layers for AI investments, emphasizing the importance of companies with large user bases and proven willingness to pay [12]. - The ongoing development of AI applications by major companies presents significant investment opportunities, particularly in sectors with high-value applications such as automotive and industrial [12]. Group 3: Lithium Resource Market - The lithium resource sector is experiencing volatility, with significant price fluctuations in lithium carbonate futures, leading to sharp declines in related stocks [14][16]. - Recent trading actions by the Guangxi Futures Exchange, including increased transaction fees and adjusted trading limits, have contributed to market reactions and price drops in lithium futures [17]. - Goldman Sachs has revised its forecasts for lithium prices and company earnings, predicting a shift from profit to loss for certain companies in the sector, which has led to downgrades in stock ratings [17].

Market Overview - The market experienced a rebound with all three major indices closing in the green, with the Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 0.37%, and the ChiNext Index up 0.31% [1] - Over 4,200 stocks in the market rose, with a total trading volume of 1.73 trillion yuan, a decrease of 237.9 billion yuan compared to the previous trading day [3] Sector Performance - The military, AI applications, and commercial aerospace sectors saw the largest gains, while energy metals, Hainan, and gas sectors faced the most significant declines [2][12] - Notably, the military sector led the market, with sub-sectors like the China Shipbuilding Group and commercial aerospace showing strong performance [12][14] Stock Highlights - Among stocks with trading volumes exceeding 10 billion yuan, AI hardware stocks like Zhongji Xuchuang and Industrial Fulian faced declines, while AI application stock BlueFocus surged by 15.72% [7][8] - The performance of AI hardware stocks has notably changed compared to October, where they previously led the recovery [8] AI Application Developments - Recent announcements from major companies like Google and Alibaba regarding new AI models and applications have influenced market sentiment, particularly in the AI sector [9][10] - Alibaba's "Qianwen" app reached over 10 million downloads within a week of its public testing, indicating strong market interest in AI applications [10] Future Outlook - The military industry is expected to enter a new cycle of growth, supported by government policies and increasing global competitiveness, particularly in commercial aerospace and low-altitude economy sectors [14] - The AI application landscape is evolving, with significant advancements in various fields such as education, video, gaming, and social interaction, indicating a shift from strong expectations to tangible realities [11]

展望后市，摩根资产管理认为可关注以下方向：一是超跌科技主线中优质公司的低吸机会；二是具备政 策支持与基本面改善预期的反内卷行业（如光伏、化工）以及供给逻辑强化的有色金属（如铜、铝）； 三是避险属性较强的红利资产（如银行、煤炭）。 11月21日，A股主要指数集体收跌。对此，摩根资产管理认为，本次调整是内外因素共振的结果，外部 因素是导火索，但并非A股市场的主要矛盾。当前市场的波动可能为中长期布局提供机会。 上证报中国证券网讯（记者 王彭）11月21日，A股主要指数集体收跌。对此，摩根资产管理认为，本次 调整是内外因素共振的结果，外部因素是导火索，但并非A股市场的主要矛盾。当前市场的波动可能为 中长期布局提供机会。 具体而言，摩根资产管理认为，A股市场调整主要受以下几方面因素影响：第一、外部流动性担忧加 剧。美联储官员对12月降息持谨慎态度，市场对12月降息的预期快速降温，导致前期全球风险资产普遍 承压，对流动性较为敏感的科技股首当其冲。 第二、AI产业逻辑出现市场分歧。投资者开始担忧美国AI巨头资本开支的可持续性及最终回报，尽管 AI龙头公司业绩超预期，但其营收质量受到质疑，引发全球AI硬件板块共振下跌。第三， ...

市场点金 布局2026：五大具备强逻辑的行业赛道 薛洪言 星图金融研究院副院长 2026年，AI硬件、生物医药、航空航天、电力设备、有色金属这五大赛道在宏观周期与产业变革的共 振中，展现出清晰的确定性投资逻辑。 从驱动因素看，这些行业在产业周期、政策支持与技术突破三个维度高度协同：有色金属处于"产能不 足、需求扩张"的紧平衡阶段；电力设备迎来储能与新能源车的库存周期复苏；航空航天步入"十五 五"战略投入期；生物医药处于创新药出海与CXO业绩拐点的共振期；AI硬件则处于技术扩散与商业化 落地的爆发期。 长期而言，这五大赛道不仅具备年度配置价值，更是中国经济从"规模扩张"向"高质量发展"转型的核心 载体。它们既承载"硬科技自主可控"的战略使命，又契合"绿色转型"与"民生改善"的长期需求，有望在 产业升级与全球竞争背景下持续释放价值，为理性投资者带来可持续的长期回报。 宏观慧眼 如何理解"因地制宜发展新质生产力"？ 付一夫 苏商银行高级研究员 我们需从规划引导、要素配置、创新协同、政策优化四个层面构建支撑体系： 首先，要强化顶层规划与不同区域间的对接。国家层面应完善区域协调发展战略，明确不同区域新质生 产力的发展重 ...

Core Viewpoint - The A-share market experienced significant volatility on November 20, with the Shanghai Composite Index initially rising above 3960 points due to strong performances from technology and brokerage sectors, but later declined, particularly in the ChiNext Index, which fell over 1% [3] Group 1: Market Performance - The banking sector acted as a stabilizing force in the market, contrasting with the sharp declines in growth sectors, indicating a complex interplay of various market dynamics [3] - Defensive sectors emerged as safe havens for capital amid increasing uncertainty, with low-valuation defensive stocks attracting investment [5] - Growth sectors faced pressure, particularly technology stocks, which saw a decline despite Nvidia's strong Q3 earnings report of $57 billion, reflecting a disconnect between global tech performance and A-share investor sentiment [6][7] Group 2: External Influences - Nvidia's earnings, while indicative of high AI demand, did not translate into positive momentum for A-share tech stocks due to the predominance of short-term investors focused on profit-taking [7] - Uncertainty surrounding U.S. Federal Reserve policies contributed to market volatility, with a significant outflow of northbound capital exceeding 3 billion yuan [8] Group 3: Market Dynamics - The market's shift from high-volatility tech stocks to low-valuation defensive stocks was driven by year-end assessments and a need for public funds to secure returns [9] - A negative feedback loop was observed in the funding landscape, with a decrease in margin trading balances and a contraction in overall market turnover to 1.7 trillion yuan [10] - The traditional window for portfolio adjustments at year-end, combined with a lack of clear policy direction, led to increased market fluctuations [11] Group 4: Strategic Recommendations - Short-term strategies should prioritize defensive investments, focusing on high-dividend banks, infrastructure-related sectors, and stable public utilities [12] - Mid-term strategies should await signals from the upcoming Central Economic Work Conference and potential liquidity shifts from the Federal Reserve [13] - Long-term strategies emphasize maintaining cash reserves and focusing on low-valuation, stable cash flow, and high-dividend stocks to withstand market volatility [14] Conclusion - The market's recent high-to-low movement reflects a transition from emotion-driven trading to rational differentiation, suggesting that current low-valuation, high-certainty stocks may present valuable investment opportunities as market sentiment stabilizes [15][16]

市场早盘下挫，双创板块高开低走延续调整，截至11点20分，科创板50指数下跌0.8%，创业板指 数下跌0.7%。虽然近期科技成长风格震荡，但相关ETF却持续获资金加码，Wind数据显示，科创板 50ETF（588080）昨日获1亿元资金净流入，创业板ETF（159915）则连续4个交易日"吸金"，合计超20 亿元。 科创板50ETF（588080）、创业板ETF（159915）均实行ETF中最低一档0.15%/年的管理费率，可 助力投资者低成本布局科技成长板块。 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 消息面上，谷歌近日正式发布其新一代人工智能模型Gemini3，该模型在编程、应用开发与图像生 成等复杂任务方面能力显著增强，能够更精准理解用户意图，以更少提示生成高质量结果，此次发布或 意味着全球AI竞赛进一步升级，科技巨头持续加大投入，有望为算力基础设施及AI ...