Accessible version Asia Fund Manager Survey Recovery in motion When do you think the BOJ next rate hike will be? 29% 68% 4% Dec 2025 Jan-Mar 2026 Apr-Jun 2026 Source: BofA Asia Fund Manager Survey BofA GLOBAL RESEARCH Trading ideas and investment strategies discussed herein may give rise to significant risk and are not suitable for all investors. Investors should have experience in relevant markets and the financial resources to absorb any losses arising from applying these ideas or strategies. Growth upswi ...

Group 1 - Diodes (DIOD) is a leading manufacturer and supplier of high-quality discrete and analog semiconductor products, primarily serving the communications, computing, industrial, consumer electronics, and automotive markets [1] - The Zacks Consensus Estimate for Diodes' current year earnings has been revised 12.2% downward over the last 60 days [1] Group 2 - Ardent Health, Inc. (ARDT) is a provider of healthcare services [2] - The Zacks Consensus Estimate for Ardent Health's current year earnings has been revised almost 8.8% downward over the last 60 days [2] Group 3 - F5 (FFIV) provides products and services to manage Internet traffic worldwide [2] - The Zacks Consensus Estimate for F5's current year earnings has been revised almost 6.3% downward over the last 60 days [2]

截至收盘，沪指报3939.81点，跌0.81%；深成指报13080.49点，跌0.92%；创指报3069.22点，跌1.16%。 盘面上，拼多多概念、小红书概念、Sora概念涨幅居前，煤炭开采加工、电池、氟化工概念跌幅居前。 11月18日消息，市场弱势震荡，三大指数尾盘跌幅有所收窄。板块方面，AI应用概念全天强势，福石控股、宣亚国际双双 20cm涨停；美容护理板块尾盘拉升，敷尔佳、芭薇股份等多股上涨；半导体板块活跃，龙讯股份20cm涨停；下跌方面，煤炭 股全天调整，云煤能源、宝泰隆跌停；电池板块全天调整，华盛锂电、海科新源等多股跌超10%；有色股集体调整，海南矿业 跌停。总体来看，个股呈普跌态势，下跌个股超4100只。 ...

Group 1 - MiniMax has launched a full-modal "all-in-one" solution that covers text, video, voice, and music, with its text model M2 achieving a cost-effective breakthrough in the "performance, speed, cost" triangle, with reasoning costs as low as $0.53 per million tokens, only 8% of Claude 4.5 Sonnet, while reasoning speed is nearly double that of the latter [1] - M2 ranks among the top tier in global authoritative evaluations, becoming the first Chinese model to top the global open-source large model rankings, marking a significant leap for Chinese AI technology from following to leading [1] - MiniMax's commitment to higher costs for a complete attention mechanism ensures the model's generation quality and stability in long context and complex logical reasoning scenarios, reflecting a long-term investment in foundational algorithm research and a pursuit of technical quality [1] Group 2 - The Guotai Chip ETF (589100) tracks the Chip Innovation Index (000685), with a daily fluctuation of 20%, selecting listed companies from the Sci-Tech Innovation Board that cover the entire chip industry chain, including upstream materials and equipment, midstream design and manufacturing, and downstream packaging and testing, to reflect the overall performance of China's chip industry in technological innovation and high-end manufacturing [1]

Core Viewpoint - Chongqing Chuangyuan Zhihang Technology Co., Ltd. has been established with a registered capital of 100 million yuan, focusing on integrated circuit design and artificial intelligence application software development [1] Company Summary - The legal representative of the newly established company is Wang Zhou [1] - The company’s business scope includes integrated circuit design, integrated circuit chip design and services, sales of integrated circuit chips and products, and development of artificial intelligence application software [1] - The company is jointly held by Aixin Yuan Zhi Semiconductor (Chongqing) Co., Ltd., OmniVision Technologies (603501), and NIO's Anhui Shenji Technology Co., Ltd. [1]

机器之心报道 机器之心编辑部 今年 2 月，月之暗面提出了一种名为 MoBA 的注意力机制，即 Mixture of Block Attention，可以直译为「块注意力混合」。 据介绍，MoBA 是「一种将混合专家（MoE）原理应用于注意力机制的创新方法。」该方法遵循「更少结构」原则，并不会引入预定义的偏见，而是让模型自主 决定关注哪些位置。 MoBA 在处理长上下文时表现出极强的潜力，它允许 Query 只稀疏地关注少量 Key-Value 块，从而大幅降低计算成本。 然而，目前业界对 MoBA 性能背后的设计原则仍缺乏深入理解，同时也缺少高效的 GPU 实现，这限制了其实际应用。 在这篇论文中，来自 MIT、NVIDIA 机构的研究者首先建立了一个统计模型，用于分析 MoBA 的内部机制。模型显示，其性能关键取决于路由器是否能够基于 Query-Key 的相似度，准确区分相关块与无关块。研究者进一步推导出一个信噪比，将架构参数与检索准确率建立起形式化联系。 基于这一分析，本文识别出两条主要的改进路径：一是采用更小的块大小，二是在 Key 上应用短卷积，使语义相关信号在块内聚集，从而提升路由准确性。 然而 ...

Market Overview - The market opened lower and experienced fluctuations, with the Shanghai Composite Index closing at 3949.83 points, down 0.56%, and a total turnover of 517.5 billion yuan [1] - The Shenzhen Component Index closed at 13145 points, down 0.43%, with a turnover of 764.9 billion yuan, while the ChiNext Index closed at 3091.87 points, also down 0.43%, with a turnover of 338.3 billion yuan [1] Sector Performance - AI application and semiconductor sectors saw significant gains, with stocks like Rongji Software and Inspur Software hitting the limit up, while over ten stocks in the AI sector reached their daily limit [2] - Conversely, the coal, battery, and steel sectors experienced notable declines, particularly the Fujian sector, which saw multiple stocks, including Fujian Jinsen and Fujian Cement, hit the limit down [2] Institutional Insights - UBS forecasts a prosperous year for the Chinese stock market in 2026, driven by factors such as innovation development and supportive policies for private enterprises, with a target for the MSCI China Index at 100, indicating a potential 14% upside [3] - Xinhua Fund suggests a continuation of the 4000-point range for the market in the short term, with rapid sector rotation and potential recovery in the consumer sector as inflation data improves [3] - CITIC Securities highlights a significant contract between Haibo Sichuang and CATL for 200GWh over three years, confirming the tight supply of energy storage batteries and suggesting a favorable outlook for materials and battery sectors [4] Company Developments - Ant Group launched a full-modal general AI assistant named "Lingguang," capable of generating applications in 30 seconds using natural language, marking a significant advancement in AI capabilities [5] - The financing balance in the two markets increased by 7.579 billion yuan, with the Shanghai Stock Exchange reporting a balance of 1.257015 trillion yuan and the Shenzhen Stock Exchange at 1.217425 trillion yuan [6] Industry Trends - The volatility in polysilicon prices has led to an increase in the number of companies participating in the futures market for price risk management, with 458 companies announcing hedging strategies in October alone, a significant increase from the previous year [7][8]

11月18日，江波龙跌5.22%，截至发稿，报272.72元/股，成交13.37亿元，换手率1.75%，总市值1143.09 亿元。 资料显示，深圳市江波龙电子股份有限公司位于深圳市前海深港合作区南山街道听海大道5059号鸿荣源 前海金融中心二期B座2001、2201、2301,中国香港新界沙田安睦街28号永得利中心7楼B室，成立日期 1999年4月27日，上市日期2022年8月5日，公司主营业务涉及半导体存储应用产品的研发、设计与销 售。主营业务收入构成为：存储产品及相关99.99%，其他(补充)0.01%。 从基金十大重仓股角度 数据显示，国融基金旗下1只基金重仓江波龙。国融融盛龙头严选混合A（006718）三季度持有股数 14.85万股，占基金净值比例为3.86%，位居第九大重仓股。根据测算，今日浮亏损失约222.9万元。 国融融盛龙头严选混合A（006718）成立日期2019年5月29日，最新规模1.33亿。今年以来收益 13.48%，同类排名5290/8140；近一年收益8.84%，同类排名5992/8057；成立以来收益117.5%。 国融融盛龙头严选混合A（006718）基金经理为周德生。 截至 ...

The US Federal Trade Commission has ended its review of SoftBank Group Corp.’s acquisition of semiconductor designer Ampere Computing LLC, removing an obstacle to the $6.5 billion deal. https://t.co/BgeUirJTAC ...

Tesla - Tesla received a price target increase from Stifel to $58, up from $4.83, while maintaining a buy rating due to improved performance of its full self-driving driver assistance product [2] - Elon Musk suggested that Tesla may build its own factory for AI computing chips, citing concerns over the semiconductor industry's ability to meet quality and speed demands for his AI vision [3] - Tesla is reportedly working to decouple its US supply chain from China, instructing suppliers to eliminate all China-made components from parts destined for US factories, with a goal to switch to non-Chinese sources within two years [4] Bitcoin - Bitcoin prices have fallen nearly 30% from early October highs, currently trading in the $91,000 range, with Michael Saylor viewing this as a buying opportunity [5][6] - Strategy disclosed a purchase of over $835 million in Bitcoin in the week ending Sunday, marking its largest acquisition since July, bringing total holdings to just under 650,000 tokens, valued at approximately $61.7 billion [5][6] Palo Alto Networks - Palo Alto Networks experienced a slight decline of about 1% ahead of its earnings report, with analysts boosting price targets to $230 from $225, maintaining an outperform rating [6][7] - Analysts expect strong performance in subscription growth, product revenue growth, and margin expansion, despite negative sentiment surrounding the stock [8] Home Depot - Home Depot is set to report earnings with EPS expected at approximately $3.81 on revenue of just under $41 billion, and comparable store sales anticipated to rise by about 1.5% [10] - The company previously announced price increases in certain categories to offset tariff impacts, and investor focus will be on customer responses and updates on its pro business segment [10][11] Baidu - Baidu, referred to as China's Google, will have its ad business closely scrutinized as it faces pressure from a challenging economic environment and local competition from Chinese video platforms [12][13] - Investors will also focus on Baidu's non-marketing revenue, particularly its cloud business and autonomous driving initiatives [13] Microsoft - Microsoft is expected to provide updates on its AI progress during the Ignite event, amid volatility in big-cap tech stocks related to AI valuations and spending plans [14]