来源：环球市场播报 但在分析师对该公司的销售额预期、储备订单和未来利润率预期提出质疑后，该股股价盘后下跌 4.5%。 博通专门为谷歌、OpenAI和Meta等公司设计定制AI加速器芯片，以及对先进计算至关重要的其他网 络、存储和内存芯片。该公司公布，在截止于11月初的第四财季，实现利润85.18亿美元，合每股收益 1.74美元，相比之下上年同期利润为43亿美元，合每股收益90美分。当季销售额为180.2亿美元，创下纪 录，整个财年销售额为639亿美元，分别好于分析师预期的175亿美元和633亿美元。 Piper Sandler将博通公司目标价从375美元上调至430美元；Melius Research将博通公司目标价从475美元 上调至530美元；杰富瑞将博通目标价从480美元上调至500美元；TD Cowen将博通目标价从405美元上 调至450美元。博通周四公布收入实现快速增长，驱动AI模型的数据中心对芯片的需求持续上升。 ...

转自：智通财经 【中科曙光：尽管重组终止 海光与曙光仍将深化协同并共同构建完整算力产业链】智通财经12月10日 电，中科曙光(603019.SH)发布投资者关系活动记录表，尽管重组终止，海光与曙光仍将在保持上市公 司独立性基础上深化协同：海光聚焦CPU、DCU芯片，已确立国内核心芯片领导地位；曙光深耕互 联、网络、调度、软件、算力服务及存储、液冷领域，处于国内领先水平，双方将共同构建完整算力产 业链。未来两个公司将分别聚焦算力基础设施集成和高端芯片设计的核心赛道，从产业协同合作角度实 现从芯片设计到算力服务的全链条协同发展。 ...

市场言论和投资者焦点往往会随着时间转变。在当前美国政策多变和科技创新加速的环境下，这种现象尤为明显。 年初至今，关税不明朗因素、通胀压力和美国债务攀升曾是市场的主要忧虑，但经济表现强韧和人工智能推动的强劲盈利克服了这些挑战，支持风险资产在 年初至今表现出色，多项股票指数创下历史新高。 展望未来，我们认为风险资产或仍有进一步上行的空间，但个中原因已有所不同。最大的变化在于市场观望美国降息的日子即将结束：美联储对通胀压力可 能温和且逐步的降温更有信心，决策者的焦点正转向经济增长温和放缓。在此背景下，债券市场有望受惠于降息，我们最近已再次上调投资级别债券的观点 至偏高，对冲基金则下调至中性观点。股债相关度下降，令债券的分散风险效益有所提升。此外，随着美元现金利率下降，原本倾向持有现金资产的投资者 或会考虑布局债市。 来源：汇丰 =丰私人银行 目录 04 欢迎辞 05 投资组合策略 10 五大投资趋势和精选主题 20 股票 つつ 24 外汇和大宗商品 26 对冲基金 28 房地产行业 30 私募市场 32 撰稿人 亚洲应对世界新秩序 10 科技颠覆 12 气候行动 14 社会演进 16 把握盈利和降息顺风时机 18 ...

Core Viewpoint - The company, UCloud (688158.SH), is a leading cloud service provider in China, offering a range of IaaS and basic PaaS products, as well as big data and artificial intelligence solutions [1] Group 1: Company Overview - UCloud is recognized as a domestic leader in cloud services, providing self-developed computing, networking, and storage solutions [1] - The company has established a collaborative foundation with Xiaopeng Motors [1] Group 2: Product and Service Offerings - UCloud offers IaaS and basic PaaS products, along with big data and artificial intelligence services [1] - In the field of embodied intelligence, UCloud has partnered with various industry clients to develop products such as pet companionship robots and variable robots [1] Group 3: Capabilities - The company has the capability to provide professional and secure cloud service computing power support to clients in relevant fields [1]

Core Insights - Broadcom reported record revenue of $15.952 billion for Q3 FY2025, reflecting a year-over-year growth of 22.0% and a quarter-over-quarter growth of 6.3% [1] - The company's CEO, Hock Tan, highlighted strong performance in custom AI accelerators, networking, and VMware as key drivers of revenue growth [2] Financial Performance - Total revenue for Q3 FY2025 reached $15.952 billion, approximately ¥1139.01 billion at current exchange rates [1] - AI revenue accelerated to $5.2 billion, marking a year-over-year growth of 63% [2] - The company anticipates AI semiconductor revenue to increase to $6.2 billion in Q4, continuing a growth streak for 11 consecutive quarters [2] Customer Base and Market Position - Broadcom identifies seven major AI companies as its primary customer base in the custom AI XPU (ASIC) sector, having secured orders from three of them [4] - A new customer has been converted, placing an order exceeding $10 billion for Broadcom's XPU-based AI computing racks [4]

Group 1 - Carlos Slim, the current richest man in Mexico, has a diverse business background including construction, real estate, and mining, which contributed to his initial wealth [1] - In 1990, Slim acquired Telmex, the national telecommunications company of Mexico, believing in the future potential of telecommunications [3] - His investments in telecommunications paid off significantly with the rise of mobile phones and the internet, leading to substantial profits for his company [4] Group 2 - In 2001, Slim purchased the largest computer retailer in the U.S. and began a deep collaboration with Microsoft, further accelerating his wealth accumulation [5] - By 2010, Slim became the world's richest person, holding the title for three consecutive years until 2014 when Bill Gates reclaimed it [5] - Despite losing the title of the world's richest, Slim remains the wealthiest man in Mexico [6] Group 3 - Slim's security measures are notably robust, with a large security team to protect his assets and family in a chaotic environment like Mexico [7] - He reportedly has a private armed force with high-quality equipment, making it risky for criminals to threaten him [9] - Engaging with Slim poses greater risks for criminals than confronting the government, due to his extensive connections and influence [10] Group 4 - Slim maintains good relationships with both government officials and elites in Mexico, which provides him with a level of protection against threats [11] - His connections extend to the U.S., where he has significant influence, including being a major shareholder in The New York Times [12] - Criminals often cannot locate Slim or his family, making it difficult to pose a threat [13] Group 5 - The risks associated with threatening Slim outweigh the potential benefits for criminals, who prefer to engage in less risky activities like drug trafficking [17] - The Mexican government often turns a blind eye to drug trafficking due to its economic implications, complicating the landscape for criminal activities [15] - Slim's philanthropic efforts enhance his reputation among the public, making it less appealing for criminals to target him [14][16]

Core Viewpoint - Deutsche Bank has added CommScope (COMM.US) to its "Catalyst Call Buy" list, indicating a strong bullish outlook for the stock in the short term, with expectations of significant outperformance over the next three months [1] Group 1: Company Overview - CommScope is a global communication network infrastructure provider based in North Carolina, USA, with approximately 20,000 employees and a history dating back to 1976 [2] - The company offers a full range of products including fiber, copper, wireless, and home network equipment, aimed at helping telecom operators accelerate gigabit/10-gigabit broadband deployment and reduce total cost of ownership [2] - CommScope's business is divided into four core segments: Broadband Networks, Venue & Campus Networks, Outdoor Wireless Networks, and Network, Intelligent Cellular & Security (NICS) [2] Group 2: Financial Outlook - Deutsche Bank analyst Matt Niknam highlighted two main reasons for adding CommScope to the Catalyst Call Buy list: sustained healthy fundamental growth and potential acquisition drivers [3] - The analyst expects CommScope's core adjusted EBITDA for 2025 to approach the upper limit of the company's guidance, estimated at approximately $1.05 billion, with the company's own range being $1.00 billion to $1.05 billion [3] - Deutsche Bank maintains a "Buy" rating on CommScope with a target price of $7.50, anticipating the company will report earnings of $0.23 per share and revenue of $1.27 billion for the second quarter [3]