宏观 金融产品深度报告 来源：东吴研究所 纳斯达克100ETF，2025年11月复盘与12月展望 市场表现回顾： 走势复盘：2025年11月上旬，市场对AI泡沫的担忧令美股震荡回调。中旬美联储官员密集鹰派言论打 压降息预期，指数承压下探。下旬市场围绕AI泡沫与降息主线博弈，伴随谷歌、英伟达发布利好及美 联储官员释放鸽派信号，市场降息预期大幅升温，情绪企稳，指数在探底后稳步反弹，并于月底连续上 涨。 估值分析：截至2025年11月28日，纳斯达克100指数市盈率PE-TTM为36.50倍，位于2011年以来的91.4% 历史分位数，处于历史估值相对高位，指数对利率环境与业绩兑现的依赖度较高。 技术分析：截至2025年11月28日，纳斯达克100指数风险度为56.28，较10月底的92.57大幅回落，市场情 绪降温，纳斯达克100指数的性价比有所提升。趋势层面，快线TMP在11月17日下穿慢线JAX，提示回 调风险，但后续慢线JAX走平，且在11月26日快线TMP上穿JAX，预示上涨趋势。综合来看，指数或将 继续维持震荡上行趋势。 事件驱动盘点： 宏观层面：2025年11月，纳斯达克100指数的宏观环境由矛盾数据 ...

Core Insights - The report indicates a rebound in the equity market, with the Wande All A index rising by 1.24% and a trading volume of 1.83 trillion yuan, an increase of 858 billion yuan compared to the previous week [1] - The U.S. stock market showed a significant rebound, with the Nasdaq index increasing by 2.69%, attributed to rising expectations of a Federal Reserve interest rate cut [2] - The report highlights a strong performance in the technology sector, particularly with Google’s stock rising by 6.31% due to its AI strategy [2] - Southbound capital inflow into Hong Kong stocks reached 112 billion HKD, indicating confidence in the recovery trend of the Hong Kong market [4] Equity Market Summary - The report notes that the ChiNext index experienced a brief rise before a sustained decline, suggesting ongoing market divergence regarding upward momentum [3] - The light module sector saw a significant increase of 8.21%, driven by released demand following a cautious investment attitude [2][3] - The report suggests that the market is still in a consensus-building phase, with investors cautious about the potential for further declines in the U.S. market and geopolitical tensions [3] Bond Market Summary - The bond market experienced volatility, with long-term interest rates showing limited upward movement initially, followed by a sell-off in long bonds later in the day [4][5] - The report indicates that the sentiment in the bond market is weak, with adjustments in long-duration bonds being influenced by market news [6] - The net redemption strength for bond funds was reported at -0.09, indicating manageable outflows compared to previous significant redemption points [5] Commodity Market Summary - The commodity market showed signs of recovery, particularly in precious metals, with gold and silver prices rising by 1.48% and 2.75% respectively [6] - Lithium carbonate prices rebounded by 4.47%, driven by strong demand and expectations of supply recovery [7] - The report notes a decline in coking coal prices due to increased supply and reduced demand from steel and coke enterprises [8]

丨证券研究报告丨 行业研究丨点评报告丨通信设备Ⅲ [Table_Title] 英伟达财报超预期，谷歌 Gemini 3 大放异彩 报告要点 [Table_Summary] 英伟达 FY26Q3 业绩超预期，数据中心业务高速增长；GB300 加速放量，Rubin 平台预计在 2026H2 加速推广。谷歌 Gemini 3 展现强劲多模态能力，支持原生生成式 UI，全面接入搜索 场景；模型采用自研 TPU 训练，有望提升成本效率。全球算力需求加速释放，产业景气再得 验证，持续看好海外 AI 算力供应链。 分析师及联系人 [Table_Author] SAC：S0490517110002 SAC：S0490522050005 SFC：BUX641 于海宁 黄天佑 操俊茹 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title2] 英伟达财报超预期，谷歌 Gemini 3 大放异彩 [Table_Summary2] 事件描述 风险提示 丨证券研究报告丨 2025-11-21 行业研究丨点评报告 [Table_Rank ...