那个男人又来了！ 没错，就是川子。昨晚他的两个动作，给予了市场极大的信心。一个是和我们的上层打了一通电话，强化10月底再韩国达成的框架，表示明年会进行访 华。一个是给小日子打了一通电话，具体谈了什么，并没有披露，但是大致的意思，是希望小日子不要搞事情。 川子现在的重心都放在明年的中期选举，对外局面上要和和气气，据说俄乌有望近期达成协议。 这些自然都属于利好，隔夜美股大涨。 除此之外，美联储三把手理事戴利发表讲话，表示12月份有可能会降息。美联储通讯社也发文，标题都非常的直截了当，"美联储主席鲍威尔的盟友为12 月降息铺路"。 对于市场来说，最近一段时期的摆动，除了对AI科技信心的松动，再就是美联储降息预期的降低。 前者，随着谷歌推出Gemini 3.0，并且用上自家研发的AI芯片，AI似乎有了新的叙事逻辑，谷歌价格新高。连带着近期A股的AI应用方面行情火热，没想 到A股当中对标谷歌的竟然是蓝色gb。 后者，现在降息预期又回来了，不过要警惕12月份的议息会议仍旧和上一次一样，是一次降息+鹰派讲话。 也就是说，影响市场当下最重要的两件事情，都有好转。 那是不是A股就会重回4000点？ 从今天的冲高回落来看，确实有 ...

以下文章来源于节点财经 ，作者节点财经 节点财经 . 来源 | 节点财经 硅谷的深秋通常是科技巨头们最为焦虑的季节，但对于谷歌而言，这种焦虑在昨天戛然而止。 在OpenAI发布其备受瞩目的GPT-5.1模型仅仅数日后，谷歌没有选择沉默，而是以一种近乎激进的姿态，发布了其史上最强大的 AI 系统 Gemini 3.0。 专注价值，聚焦增长，超 100 位上市公司老板关注的商业内参 这不仅仅是一次例行的版本更新，更像是一场精心策划的"诺曼底登陆"。 过去两年，谷歌在AI战场上一直扮演着"追赶者"的角色，被外界诟病为动作迟缓、由于大公司病而畏首畏尾。然而，Gemini 3.0的亮相彻底 改变了这一叙事。 凭借一项被称为"Deep Think"（深度思考） 的核心突破，以及一个旨在重塑软件开发行业的 Antigravity（反重力） 平台，谷歌试图向世 界证明：人工智能的下一个时代，不再是关于"谁能陪你聊天"，而是关于"谁能帮你思考"和"谁能帮你行动"。 从 快 思 考 到 慢 思 考 ， A I 的 逻 辑 觉 醒 如果你使用过之前的AI模型，可能会发现它们像一个反应极快但喜欢不懂装懂的实习生，你问一个问题，它立刻 ...

华泰证券认为，谷歌凭借TPU v7p自研芯片至Gemini模型的全栈AI生态，正强势反击。TPU推动云业务增速达34%，仅次于Azure；Gemini月活达6.5 亿用户，AI Overviews服务超20亿用户。搜索市占率重回90%以上，充沛广告现金流支撑高强度资本开支。 硬科技护城河：TPU v7p对标B300，云业务增速超越AWS 市场长期低估了谷歌的"全栈式"AI反击能力。 近日，华泰证券在最新研报中称，不同于OpenAI严重依赖外部算力（英伟达）和云设施（微软）， 谷歌正在构建从芯片（TPU v7p）到模型（Gemini 3.0）再到应用（搜索+Waymo）的完全自给自足的生态闭环。 看好谷歌 自给自足"全栈式"AI 生态和能力，抢回主导权正当时 。 报告指出，这一闭环正在转化为实打实的财务回报： TPU部署大幅降低推理成本，搜索市场份额企稳回升至90%以上，充沛的广告现金流为高强度的 资本开支（Capex）提供了充足弹药。 华泰证券认为，谷歌的云端大规模自研 TPU 及配套软件生态，带动云业务增速及份额提升；广告业务在 Gemini 赋能下具备变现弹性，充沛现金流反 哺 AI 投入与应用落地。 反 ...

华泰证券认为，与依赖外部算力资源的竞争对手不同，谷歌早在2016年就启动TPU部署，2017年已具备训练和推理能力。目前正推动TPU部署至第三方云服 务商，如Fluidstack，并采用按用量分成模式，有望开辟新的增长空间。 市场长期低估了谷歌的"全栈式"AI反击能力。 近日，华泰证券在最新研报中称，不同于OpenAI严重依赖外部算力（英伟达）和云设施（微软），谷歌正在构建从芯片（TPU v7p）到模型（Gemini 3.0） 再到应用（搜索+Waymo）的完全自给自足的生态闭环。看好谷歌自给自足"全栈式"AI 生态和能力，抢回主导权正当时。 报告指出，这一闭环正在转化为实打实的财务回报：TPU部署大幅降低推理成本，搜索市场份额企稳回升至90%以上，充沛的广告现金流为高强度的资本开 支（Capex）提供了充足弹药。 华泰证券认为，谷歌的云端大规模自研 TPU 及配套软件生态，带动云业务增速及份额提升；广告业务在 Gemini 赋能下具备变现弹性，充沛现金流反哺 AI 投入与应用落地。反观OpenAI仅具备大模型研发能力。当前用户规模虽多，但C端付费意愿较低，而B端商业化路径也尚未跑通，先发优势能否继续仍有待 ...

Core Viewpoint - The market has long underestimated Google's "full-stack" AI capabilities, which are self-sufficient from chip development (TPU v7p) to model creation (Gemini 3.0) and application deployment (Search + Waymo) [1] Group 1: AI Ecosystem and Financial Performance - Google's self-sufficient "full-stack" AI ecosystem is translating into tangible financial returns, with TPU deployment significantly reducing inference costs and stabilizing search market share above 90% [1][6] - The cloud business is experiencing growth, with Q3 cloud revenue reaching $15.2 billion, a 34% year-over-year increase, and market share rising from 18.6% to 19.3% [4] - The advertising business, empowered by Gemini, shows strong monetization elasticity, providing ample cash flow to support ongoing AI investments [7][10] Group 2: Competitive Positioning - The TPU v7p chip, with an FP8 computing power of 4.5 PF, directly competes with Nvidia's B300 chip, showcasing Google's dominance in computing power [3] - Unlike competitors that rely on external computing resources, Google has been deploying TPU since 2016, now expanding to third-party cloud service providers [3] - Google's AI ecosystem, built on TensorFlow and OpenXLA, has the potential to compete with Nvidia's CUDA [3] Group 3: User Engagement and Product Integration - Gemini 3.0 has improved capabilities, with monthly active users reaching 650 million, and is expected to leverage Google's extensive user traffic through deeper integration with search [6] - The Chrome browser is accelerating the integration of Gemini features, enhancing user experience with personalized search results and content generation [6] Group 4: Future Projections - Based on the comprehensive ecosystem development, revenue forecasts for Google have been raised, with expected revenue of $405.17 billion in 2025 and net profit of $131.51 billion [10] - The target price for Google has been adjusted to $380, indicating over an 18% upside potential based on a 30x PE ratio for 2026 [1][10]

近期横空出世的谷歌大模型Gemini3.0，在多个维度实现了关键突破，获得了多方赞誉！ 谷歌内部项目Apollo，在其数据中心大范围部署MEMS型OCS替换EPS，带来了数据中心网络架构的重大变革。从图表9可以看到，64个TPU芯 片形成一个cube，每个面有16条链路，每个块总共有96条光链路连接到OCSes。为了提供3D环面的环绕链路，这些链路上的对立的双方必须连 接到同一个OCS，因此，最外侧六个面上的TPU与48个OCSes相连（6×16÷2=48OCSes）。PalomarOCS为136×136规格（128个端口，外加8个用 于链路测试和维修的备用端口），内部的TPU之间通过电缆连接，从而实现4096个TPUv4芯片的预期总数，形成一个大型的超算系统。 Gemini3.0是真正的"原生多模态"模型。它能深度协同处理文字、图片、视频、音频等多种信息，并理解它们之间的关联。例如，它不仅能描 述一张图片，还能理解图片中的场景、动作和潜在含义。在权威的多模态基准测试中，其成绩处于领先地位。 目前全球主流OCS技术分为三大方向：MEMS方案、液晶方案(DLC)和直接光束偏转方案(DBS)，每种技术各有优劣，对 ...

11月24日，美股科技巨头谷歌股价创历史新高。日前，谷歌发布新一代AI模型Gemini 3.0，多项专业测 评行业领先，其视觉、推理、编程、多模态等能力均显著提升，实际应用层面可用性及适用性大幅提 升。 在国内市场，阿里连续发布千问、灵光等AI应用。阿里系凭借这两款产品，"杀入"苹果App Store中国 区免费榜前六。11月24日，千问公测一周下载量突破1000万，增速超过ChatGPT、Sora、DeepSeek，成 为至今增长最快的AI应用。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 刘怡鹤）11月25日上午，CPO、PCB板块领涨A股。截至10时10分，两板块 涨幅均超5%。个股方面，德科立20cm涨停，瑞斯康达、可川科技、长飞光纤、汇绿生态、中材科技、 沪电股份涨停。 ...

Core Insights - The recent launch of AI applications in China, particularly Alibaba's Qianwen and Lingguang, has led to significant market interest and rapid user adoption, with Qianwen achieving over 10 million downloads in just one week, surpassing competitors like ChatGPT [2][3][4] - The emergence of these applications signifies a shift in China's AI landscape from technology catch-up to application leadership, driving growth in the GPU industry and providing opportunities for domestic computing chip manufacturers [2][11] Company Developments - Alibaba's Qianwen and Lingguang have quickly climbed the ranks in the Apple App Store, with Qianwen reaching the third position in the free apps category within days of its launch [3][4] - Qianwen is designed as a personal AI assistant capable of performing tasks such as report writing and PPT creation, while Lingguang features a popular function that allows users to create small applications in under 30 seconds, enhancing user engagement [5][6] Industry Trends - The global AI application market is experiencing a surge, with major players like Google and Meta also making significant advancements. Google's Gemini 3.0 has reached 650 million monthly active users, showcasing the competitive landscape [8][9] - The AI industry is projected to grow significantly, with estimates suggesting a market size of approximately $615.7 billion in 2024, potentially exceeding $2.6 trillion by 2030 [10] Market Opportunities - The rapid growth of AI applications is expected to drive demand for GPU technology, presenting a unique opportunity for domestic GPU companies to capitalize on this trend [11][12] - Companies like MoEr Thread and Hanbo Semiconductor are entering the market with innovative GPU solutions, indicating a robust pipeline for future growth in the AI computing sector [11][12]

11月24日，美股科技巨头谷歌股价创历史新高。截至记者发稿，谷歌股价涨幅一度超6%，总市值超过3.8万亿美元，最高股价报318.56美元/股。 日前，谷歌发布新一代AI模型Gemini 3.0，多项专业测评行业领先，其视觉、推理、编程、多模态等能力均显著提升，实际应用层面可用性及适用性大幅 提升。 由于在生成式AI技术上的重大突破，Gemini3.0 Pro视觉理解能力对屏幕截图的理解准确率高达72.7%，达到现有最先进水平的两倍。这意味着Agent（智能 体）将装上接近人的"眼睛"，从而彻底重塑AI操作计算机的模式。谷歌还首次将能执行多步骤任务的AI助手"Gemini Agents"（双子座代理），以系统化方 式向消费者开放。 与此同时，谷歌AI大模型的用户正在快速增加。谷歌最新披露的数据显示，Gemini应用目前月活跃用户已达6.5亿，而集成其能力的AI Overviews更是拥有 20亿月活用户。 | us 谷歌-A Ai) [ Q | | | --- | --- | | GOOGL | | | 315.710 今开 310.940 最高 318.560 最低 309.595 | | | 5.36% 1 ...

Economic Overview - High-frequency data indicates that automotive consumption remains strong, benefiting from tax incentives and subsidies, while textile and film consumption is weak[7] - Real estate sales and land market show signs of fatigue, with infrastructure special bonds fully issued but project progress lagging[7] - Exports to South Korea are recovering, while import demand weakens post shopping festival[7] Market Performance - Major global asset prices have declined, with the Hang Seng Index dropping 5.1%, the largest decline among major indices[9] - The S&P 500 Index fell by 1.9%, while the Shanghai Composite Index decreased by 3.9%[9] - The 10-year U.S. Treasury yield fell by 8 basis points to 4.06%[9] Federal Reserve Insights - The U.S. added 119,000 non-farm jobs in September, significantly exceeding expectations of 51,000[12] - The unemployment rate rose to 4.4%, higher than the expected 4.3%[12] - Federal Reserve officials exhibit significant internal disagreement regarding future monetary policy direction[8] Investment Strategies - ETF inflows have increased significantly to 503 billion, while foreign and financing funds have seen outflows[15] - The market's trading activity has decreased, with average daily turnover dropping to 1.9 trillion[14] - The risk appetite remains low, with the overall market sentiment declining[14] Sector Analysis - The technology sector is expected to benefit from AI advancements, with recommendations for investments in internet and computing sectors[35] - The financial sector is poised for recovery, with a focus on brokerage and insurance stocks[35] - Consumer stocks are seen as undervalued, with potential growth in food and beverage sectors[35]