来源：光大证券微资讯 热点聚焦 HOT 1、11月26日，商务部部长王文涛与欧委会贸易和经济安全委员谢夫乔维奇视频会谈，就安世半导体等 经贸问题深入交换意见。王文涛表示，荷方对企业的不当行政和司法干预仍未取消，希望欧方敦促荷兰 政府尽快提出建设性的解决方案，为企业开展内部协商创造有利条件。谢夫乔维奇表示，欧方愿与中方 一道，致力于推动局势进一步降温。双方一致同意，共同敦促安世荷兰与安世中国尽快开展建设性沟 通，尽快恢复全球半导体产供链的畅通与稳定。双方还就中欧出口管制等问题交换了意见。 2、隔夜，美股三大指数连续第四天收涨。纳斯达克中国金龙指数收跌0.03%。科技股多数上涨，甲骨 文涨超4%，AMD涨超3%，英伟达、特斯拉、奈飞、微软涨超1%。博通涨超3%，创历史新高。国际油 价上涨，WTI 1月期货上涨1.21%，结算价报每桶58.65美元；布伦特1月期货结算价上涨1.04%，报每桶 63.13美元。 3、美联储褐皮书显示，整体消费者支出进一步下滑。交易员大举押注12月美联储将会再度降息（据 CME"美联储观察"，12月降息25个基点的概率为84.9%），摩根大通预计美联储12月将降息，改变之前 按兵不动的 ...

1.美国三大股指期货小幅上涨，纳指期货涨0.21%，标普500指数期货涨0.15%，道指期货涨0.06%。 2.欧股主要指数涨跌不一，德国DAX指数涨0.09%，英国富时100指数跌0.12%，法国CAC指数涨 0.26%，欧洲斯托克50指数涨0.51%。 5.马斯克：继特斯拉于6月在奥斯汀推出Robotaxi服务后，车队规模下月将翻倍。 6.特斯拉副总裁陶琳：无论是美国、中国还是欧洲，供应商的原产国或地理来源不构成排除性标准。 10.波音获美国军方授予两份总价值超70亿美元的合同。 11.华纳兄弟探索公司要求潜在买家在下月初前提交改进后的报价。 3.据CME"美联储观察"：美联储12月降息25个基点的概率为84.9%。 12.文远知行与Uber在阿布扎比正式启动L4级纯无人Robotaxi商业化运营。 4.英伟达：公司技术依然领先行业一代，是唯一能够运行所有人工智能（AI）模型并应用于所有计算场 景的平台。 13.戴尔科技第三财季营收同比增长11%至270.05亿美元创新高，AI服务器需求强劲。 7.台积电回应追加兴建3座2纳米新厂的规划传闻：产能投资相关资讯以公告为准。 8.美国医保药价谈判落地，诺和诺德 ...

Group 1: Market Overview - US stock index futures showed slight increases, with Nasdaq futures up 0.21%, S&P 500 futures up 0.15%, and Dow futures up 0.06% [1] - European stock indices had mixed results, with Germany's DAX index up 0.09%, UK's FTSE 100 down 0.12%, France's CAC index up 0.26%, and the Euro Stoxx 50 index up 0.51% [1] - According to CME's "FedWatch," the probability of a 25 basis point rate cut by the Federal Reserve in December is 84.9% [1] Group 2: Company Updates - Nvidia maintains its technological leadership, being the only platform capable of running all AI models across various computing scenarios [1] - Tesla's fleet for Robotaxi service is set to double next month following its launch in Austin in June [1] - TSMC responded to rumors about plans to build three additional 2nm fabs, stating that capacity investment information will be announced as per regulations [1] - Qualcomm launched its fifth-generation Snapdragon 8 mobile platform to meet the growing demand for advanced features [1] - Boeing received two contracts from the US military valued at over $7 billion [1] - Warner Bros. Discovery is requesting potential buyers to submit improved bids by early next month [1] Group 3: Financial Performance - Dell Technologies reported a record third-quarter revenue of $27 billion, an 11% year-over-year increase, driven by strong demand for AI servers [1] - HP's earnings outlook for the current quarter fell short of market expectations, leading to an announcement of layoffs affecting 4,000 to 6,000 employees [1] - Workday's third-quarter revenue grew 12.6% year-over-year to $2.43 billion, with subscription revenue meeting expectations [1] - Autodesk's third-quarter revenue and adjusted earnings per share exceeded expectations, prompting an upward revision of its full-year revenue guidance [1]

Market Overview - The main board saw significant gains with notable stocks such as Huazhu Holdings (+10.11%), Huanrui Century (+10.05%), and Yanhua Intelligent (+10.04%) leading the charge [1] - The ChiNext board also performed well, with Sanwei Tiandi (+20.01%) and Saiwei Electronics (+16.27%) among the top gainers [1] - The Sci-Tech Innovation board experienced similar growth, highlighted by Mingwei Electronics (+20.01%) and Changguang Huaxin (+20.00%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+7.58%) and SW Printed Circuit Boards (+3.64%) [1] Domestic News - Chip-on-Micro's self-developed 350nm stepper lithography machine AST6200 has been shipped to clients after passing rigorous factory testing, tailored for advanced compound semiconductor manufacturing scenarios [1] - Tianfu Communication clarified that rumors regarding a $3 billion order from Google are untrue, emphasizing adherence to regulatory disclosure requirements for significant orders [1] - Hongtai Technology signed a memorandum of cooperation with ADI, integrating ADI's high-performance measurement chips into its new SoC testing platform [1] - ASE Group announced major real estate and expansion decisions, including a purchase of a new factory and collaboration on a technology park [1] Company Announcements - Demingli plans to raise up to 3.2 billion yuan through a private placement, with funds allocated for SSD expansion, DRAM expansion, and a new headquarters project [2] - SIRUI announced a suspension of trading due to plans for a major asset restructuring involving the acquisition of control over Ningbo Aola Semiconductor [2] - Sitaiwei declared a cash dividend of 1.25 yuan per 10 shares based on a total share count of 401,304,700 after accounting for repurchased shares [2] - Zongheng Communication reported the completion of a share reduction by major shareholders, decreasing their combined holding from 31.40% to 30.74% [2] Overseas News - Qualcomm launched its fifth-generation Snapdragon 8 mobile platform, featuring a custom Qualcomm Oryon CPU with a peak frequency of 3.8GHz, achieving a performance increase of 36% and a 76% improvement in web browsing response time [3] - JPR's Q3 2025 market report indicated a 145% quarter-on-quarter increase in global data center GPU shipments, while PC GPU shipments showed modest growth [3] - The ITC initiated a "337 investigation" into specific LCD devices and components, involving several Chinese companies and international firms [3] - GSMA's latest report warned that the mid-band spectrum required for 6G networks will be two to three times the currently available spectrum, urging governments to develop policies to avoid capacity bottlenecks in the 2030s [3]

作为面向移动设备的系统级芯片，第五代骁龙8搭载定制高通Oryon CPU，最高主频达3.8GHz，相比前代在性能、网页浏览响应速度上均有明显提升，能支 撑高需求场景下的流畅多任务处理与快速响应。其Adreno GPU采用创新切片架构，优化时钟速度表现，进一步提升游戏与图形处理能力，可适配高帧率游 戏体验。同时，平台在CPU、GPU及整体SoC功耗控制上均有改善，实现性能与能效的平衡。 【环球网科技综合报道】11月26日，高通正式推出第五代骁龙8移动平台，该平台以均衡的性能表现和全面的技术升级，成为骁龙8系旗舰产品组合的新成 员，为全球消费者带来更多旗舰选择。 AI体验升级是该平台的核心亮点之一。依托高通传感器中枢，设备可智能整合麦克风与传感器输入，精准识别用户语音意图，实现AI助手快速唤醒。高通 Hexagon NPU带来显著AI性能提升，支持智能体AI助手提供情景感知交互与个性化建议，打造端侧驱动的无缝智能体验，同时赋能多模态AI应用落地。此 外，平台还集成先进的5G调制解调器及射频技术、FastConnect移动连接系统与蓝牙6.0技术，保障高速稳定的连接体验，搭配AI ISP与Night Vision ...

Core Insights - Qualcomm has launched the fifth-generation Snapdragon 8 mobile platform, which integrates superior performance and cutting-edge technology to meet the growing demand for advanced features among consumers [1] Group 1: Product Features - The new Snapdragon 8 series mobile platform allows users to activate AI assistants simply by picking up their phones, thanks to Qualcomm's sensor hub that intelligently integrates microphone and sensor inputs to accurately perceive user voice intentions [1] - The fifth-generation Snapdragon 8 is enhanced by Qualcomm's AI engine, supporting intelligent AI assistants that provide context-aware interactions and personalized suggestions, delivering a seamless, edge-driven smart mobile experience [1]

Core Insights - Qualcomm Technologies, Inc. has announced the launch of the fifth-generation Snapdragon 8 mobile platform, which aims to meet the growing demand for cutting-edge features among users [2] Group 1: Product Features - The new platform encompasses advancements in AI, imaging innovations, and immersive gaming experiences [2]