前三季度，全省规模以上服务业营业收入增长7.1%。支柱行业支撑有力，信息传输、软件和信息技术 服务业，交通运输、仓储和邮政业，租赁和商务服务业营业收入分别增长10.0%、6.2%、8.1%，其中， 互联网和相关服务、软件和信息技术服务业营业收入分别增长13.0%、10.8%。 运输市场平稳运行，1—10月，货运量、货物周转量同比分别增长0.2%、7.6%，客运量、旅客周转量分 别增长2.6%、5.4%。 消费方面，1—10月，全省社会消费品零售总额同比增长2.7%。按经营单位所在地分，城镇消费品零售 额增长3.0%，乡村消费品零售额增长0.8%。线上消费潜力持续释放，限额以上单位通过公共网络实现 商品零售增长15.7%，增速比限额以上单位商品零售快13.2个百分点。 11月21日，广东省统计局发布前10月广东经济运行简况。1—10月，全省经济运行总体平稳，全省规模 以上工业增加值同比增长3.5%，制造业增长3.8%，无人机、机器人和新能源汽车等高技术产品、绿色 能源产品产量实现较快增长。 前三季度，全省规模以上服务业营业收入增长7.1%。1—10月，全省货运量、客运量同比分别增长 0.2%、2.6%。同期固定 ...

格隆汇11月24日｜西部证券日前研报指出，紫光股份25Q3营收同、环比增长，归母净利润同、环比下 降。新华三前三季度利润同比+15%，高速率交换机、服务器维持亮眼表现。未来展望：1）服务器：公 司积极合作国产AI芯片，2026 年超节点服务器的应用推广有望拉动服务器业务毛利率提升；2）光通 信：公司持续布局基于硅光的CPO、NPO 技术和OCS 光交换技术，内部研发效率和制造效率的提升有 望提升交换机业务的毛利率。高速率交换机、AI服务器仍将是公司业绩增长核心驱动力，看好Scale Up 趋势下公司软硬件协调优势、ICT融合解决方案能力及供应链整合能力和海外市场的拓展。预计 25/26/27年归母净利润18/20/26亿元，对应P/E为38/34/26倍，给予"增持"评级。 ...

中国证监会要求华勤技术补充说明三点事项。 一是，说明实际控制人支配的股东持有公司的股份存在质押的具体情况，并结合偿债能力等情况说明本次发行完成前后，股份质押情况是否可能导致控制权 发生变化，是否构成《境内企业境外发行证券和上市管理试行办法》第八条规定的境外发行上市禁止性情形。 二是，按照《监管规则适用指引——境外发行上市类第2号：备案材料内容和格式指引》要求说明本次发行上市方案，以及募集资金的境内外具体用途及相 应比例，是否涉及具体的募投项目，是否已履行必要的审批、核准或备案程序。 三是，说明公司及下属公司业务涉及智能驾驶辅助控制器的具体情况及产品用途。 资料显示，华勤技术成立于2005年，是一家专业从事智能硬件产品的研发设计、生产制造和运营服务的平台型公司。公司产品线涵盖智能手机、笔记本电 脑、平板电脑、智能穿戴、AIoT产品及服务器等智能硬件产品。 今年9月初，华勤技术实际控制人邱文生在业绩说明会明确表示，港股市场上市会为公司带来几个层面的协同，包括"向国际资本市场传递华勤的核心价值， 促进国际业务拓展，提升全球范围内影响力"，以及"搭建国际资本运作平台"，"有助于公司在后续再融资、海外收并购等项目上的稳 ...

本报讯(记者贾丽)近日，在乌镇举办的联想中国群英会2025上，联想集团有限公司(以下简称"联想")执 行副总裁兼中国区总裁刘军分享了联想2025/2026财年上半财年(2025年4月份—9月份)中国区业绩。他表 示，联想中国区营收创上半财年新纪录。 其中，联想政企业务群营收和净利润均实现双位数大幅增长，PC市场份额创同期新高，基础设施收入 同比增长42%。中小企业业务群PC销售额市场份额达30.9%，创下同期历史新高。消费业务群一路高 歌，PC销售额市场份额达36.6%，刷新历史纪录；消费平板与手机在"一体多端"战略牵引下，分别同比 实现121%与28%的增长。基础设施业务群营继续保持高速增长，服务器在E/SMB(企业基础设施)市场全 面丰收，在CSP(云基础设施)市场高速增长。方案服务业务群加速领跑，IT服务稳居中国市场第一名， 并拉开与第二名的差距；城市超级智能体已"落地"十城；百应智能体发布2.0移动版并在AI运维、AI办 公和AI营销场景全面升级至L3；想帮帮智能体半年新客户拓展高达440万。 ...

消息面，谷歌云计划每6个月将算力容量翻倍，未来4~5年目标实现1000倍能力提升。 受利好提振，光模块表现活跃，通信ETF（515880）涨超1%，盘中成交额持续放大。 当前AI趋势明确，人工智能军备竞赛持续，国内外云厂商资本开支高增。通信板块作为"卖铲子"的算力 行业，市场规模持续增长。 通信ETF（515880）光模块占比超50%，"光模块+服务器+光纤+铜连接"占比超80%，一键布局算力核 心引擎。 资金也在积极布局，年内份额增长超160%，当前规模超120亿元位居同类首位。感兴趣的投资者可以关 注相关布局机会。 （文章来源：每日经济新闻） ...

Core Insights - Nvidia's latest earnings report has created significant market volatility, with a notable stock price fluctuation following the announcement, reflecting concerns about future growth sustainability [1][3] - The tech sector's downturn in the US has impacted the A-share market, leading to a decline in related sectors such as computing power and AI chips [4] Market Trends - The computing power sector is experiencing a reevaluation of valuations and fundamentals, with a potential short-term profit-taking pressure as year-end approaches [4] - Major tech companies like Microsoft, Google, Meta, and Amazon are increasing capital expenditures, indicating sustained demand in the computing power supply chain [4][6] Domestic Developments - The domestic computing power ecosystem is rapidly evolving, with a significant shift towards self-sufficiency in chip supply, as evidenced by the projected decrease in reliance on foreign chips from 63% to 42% by 2025 [7] - Domestic chip manufacturers are showing substantial revenue growth, with companies like Cambricon reporting a 2386.38% increase in revenue year-on-year [7] Technological Advancements - The focus in the computing power industry is shifting from hardware accumulation to efficiency optimization, with significant reductions in inference costs for AI models [9][10] - Innovations in system architecture, such as the adoption of supernode technology, are enabling better performance despite limitations in chip capabilities [10] Industry Opportunities - The AI computing power sector is becoming a primary growth engine for the communications industry, with investment opportunities emerging in areas like optical modules and storage chips [13][14] - The liquid cooling technology market is expected to grow significantly, with a projected compound annual growth rate of 46.8% from 2024 to 2029 [10][14] Investment Shifts - Investment in the computing power industry is transitioning from infrastructure to application innovation, reflecting a maturation of the sector [14] - Companies that can accurately navigate technological trends are likely to gain a competitive advantage during the upcoming industrial transformation [14]

作者丨雷晨 剧烈波动的背后，是外界对其未来增长可持续性的微妙预期，叠加近期外部环境不稳定不确定因素较多。 随着美股科技板块承压下行，其冲击波也迅速传导至A股市场。 东方财富数据显示，11月21日， 算力概念板块较上一日下跌3.38%， 资金净流出141.2亿元，光模块"三剑客"新易盛、天孚通信、中际旭创分 别收跌8.46%、7.34%、5.69%。 此外，AI芯片板块收跌4.33%，净流出16.85亿元，寒武纪跌5.54%。 基金持仓方面，截至今年第三季度末，电子、通信板块（含算力相关标的）超配比例已达历史高位，筹码结构相对复杂。有分析指出， 接近年 末，部分机构存在回笼资金需求，导致短期获利盘了结压力加大。 业内专业人士人认为， 市场正对算力板块估值与基本面匹配度重新审视。 而从长远来看，当前市场的波动更像是产业浪潮中的一次理性回 调。 全球AI算力竞赛的长期逻辑并未改变，微软、谷歌、Meta、亚马逊等科技巨头仍在持续上调资本开支，为光模块、服务器等产业链环节带来确 定性需求。 在国内，算力产业链各环节都在经历深刻变革，从芯片制造到系统集成，从算法优化到应用落地，一场围绕算力自主可控的产业升级正在全面 展开 ...

证券日报网讯博敏电子11月21日在互动平台回答投资者提问时表示，公司前三季度研发费用为11， 288.88万元，占营业收入的比例为4.35%，主要投向服务器、新能源汽车电子、高阶HDI、陶瓷衬板、 载板等。 （文章来源：证券日报） ...

Economic Overview - Jinan's economy has shown overall stability in 2023, with a focus on steady progress and the implementation of various policies to support economic growth [1] Industrial Production - From January to October, the added value of industrial enterprises above designated size increased by 7.9% year-on-year, with significant growth in key sectors such as computer, communication, and other electronic equipment manufacturing (52.6%), automotive manufacturing (25.1%), and general equipment manufacturing (6.2%) [2] - High-tech manufacturing and equipment manufacturing saw added value growth of 18.7% and 20.0%, respectively, surpassing the overall industrial growth by 10.8 and 12.1 percentage points [2] Service Sector - The revenue of the service industry above designated size reached 362.57 billion yuan in the first three quarters, marking a 5.6% year-on-year increase [3] - The productive service sector, particularly leasing and business services, contributed significantly with a revenue of 59.64 billion yuan, growing by 15.1% and boosting overall service sector growth by 2.3 percentage points [3] Consumer Market - Retail sales of consumer goods reached 166.67 billion yuan from January to October, reflecting a 1.5% year-on-year increase [4] - The "trade-in" policy has positively impacted sales, with communication equipment retail sales increasing by 38.3%, cultural and office supplies by 30.3%, and new energy vehicles by 8.0% [4] - Online retail sales also showed vitality, with a growth of 20.8%, totaling 44.58 billion yuan [4] Investment Trends - Investment in various service sectors has surged, with leasing and business services up by 37.1%, wholesale and retail by 83.1%, and accommodation and catering by 142.4% [4] Fiscal and Financial Performance - Public budget revenue reached 98.41 billion yuan, a 1.5% increase year-on-year, with tax revenue growing by 3.2% [5] - Financial institutions reported a deposit balance of 3.14634 trillion yuan, up 6.0%, and a loan balance of 3.44679 trillion yuan, up 9.7% [5] - The total import and export volume reached 233.2 billion yuan, with exports growing by 26.2% and imports by 34.3% [5] Consumer Price Index - The Consumer Price Index (CPI) increased by 0.1% year-on-year, with a 0.2% rise in October [6] - Prices for five categories of goods and services increased, while three categories saw declines, indicating a mixed inflationary environment [6]

进口方面，呈现"生产性需求强劲，粮食、水产品需求升级"的双重特征。前10个月，深圳进口机电产品 1.2万亿元，增长8.5%，占同期深圳进口总值的（下同）81.6%。其中，进口集成电路6615.3亿元，增长 18.4%；进口以显卡、服务器为主的电脑零部件2427亿元，增长12.3%。反映出全球半导体市场复苏背 景下，深圳作为电子制造基地对高端芯片、核心零部件的刚性需求。同期，进口农产品822.6亿元，增 长10%，占5.6%。其中，粮食、食用水产品分别进口97.3亿元、92.7亿元，增长高达107.7%、36.2%。 数据显示，在全球贸易环境复杂多变、国内产业结构加速调整的背景下，深圳传统电子信息产业和新兴 产业相关产品出口逆势增长。其中，深圳机电产品出口延续主导地位，出口1.72万亿元，增长4%，占 比达75.7%。传统电子信息领域，电脑及其零部件、音视频设备及其零件分别出口2639.6亿元、755.9亿 元，分别增长9.6%、6.5%，增幅较高。新兴产业中，锂电池、3D打印机、医疗器械分别出口700.6亿 元、67.5亿元、251.2亿元，分别增长35.6%、19.8%、5.5%，成为出口增长的"新引擎"。 ...