撰 文 | 杜 咏 芳 编 辑 | 黄 大 路 设 计 | 甄 尤 美 尽管荷兰于11月19日宣布暂停对Nexperia的行政令，为紧张局势带来一丝缓和，但政治层面的进展并未真正平息其内部的控制权之争。 目前，荷兰企业法庭的裁决依然有效，荷兰政府并未完全撤销行政令，也未将安世半导体的控制权交还中方。这意味着，双方的角力仍在暗中推 进。 加入轩辕同学 ， 成就新汽车人! 12月10日传来最新动向：闻泰科技股份有限公司已邀请荷兰芯片制造商Nexperia BV的法院指定托管人进行磋商，以期重新掌控这家荷兰芯片制造 商，恢复Nexperia正常的治理结构。 闻泰科技在一份声明中表示："作为Nexperia的合法控股股东，闻泰科技已明确表明立场：解决Nexperia当前治理僵局的核心前提和根本基础是恢 复闻泰科技的合法控制权和全部股东权利。" 据悉，三星电子和SK海力士等芯片制造商的高管以及政策制定者和专家等40余人都出席了在总统府召开的这场会议。 然而，会谈的具体时间依旧悬而未决。在全球芯片短缺危机持续蔓延、供应链处处告急的背景下，这场拉锯战显得尤为紧迫。 同样在12月10日，东亚芯片产业的布局也传出新消息：韩国、 ...

【环球时报记者 倪浩 肖震冬 环球时报驻韩国特约记者 黎枳银】 编者的话： "你打算什么时候换手 机？"这一问题近来受到网友关注，原因是一些科技企业表示，存储芯片价格上涨正在推高消费电子产 品的价格，手机也在其列。这一问题引发全球产业链关注，路透社、美国消费者新闻与商业频道 （CNBC）等媒体分析认为，人工智能（AI）产业扩张对于存储芯片的需求正在吞噬厂商对其他终端的 供应，同时不少芯片厂商也在通过控制产量、提高定价获得更高利润。有机构分析称，存储芯片涨价潮 或将持续，手机价格也将随之抬高。存储芯片涨价对手机价格影响有多大？涨价的原因是什么？中国的 供应商处于什么位置？《环球时报》记者对此进行了采访调查。 AI 需求还是企业炒作？ 据美国CNBC网站2日报道，全球科技巨头正斥资数千亿美元打造AI数据中心，这些数据中心需要英伟 达等供应商的图形处理器（GPU），而GPU又依赖众多不同的零部件。AMD、谷歌和微软等公司的巨 大需求导致供应链多个环节不堪重负。路透社3日报道称，供应紧张几乎波及所有类型的内存，从U盘 和智能手机中使用的NAND闪存芯片（手机需要两种芯片：动态随机存取存储器DRAM负责临时运算存 储， ...

当地时间11月24日（周一），美股继续反弹，道指收涨0.44%，标普500指数收涨1.55%，纳指收涨 2.69%；纳斯达克中国金龙指数大涨2.82%。 大型科技股齐涨，中概股集体爆发 受美联储降息预期升温影响，美股三大指数全面拉升，中国资产全面爆发。 当地时间周一，美股热门科技股普遍上涨，特斯拉、谷歌A涨超6%，Meta涨超3%，亚马逊涨超2%，苹 果涨超1%，微软涨0.35%。AI"大基建"持续进行，亚马逊宣布，将投资高达500亿美元，用于扩展亚马 逊云科技面向美国政府客户的AI和超级计算能力，该投资将于2026年启动。 英伟达上涨超2%。知名分析师郭明錤驳斥了英伟达"做空论"。此前有做空者将目光放在英伟达应收账 款天数（DSO）上升与库存增加这两项指标上，质疑公司财务质量。 郭明錤表示，英伟达本财年第三季度的应收账款天数从过去数年的平均46天上升至53天，被部分批评者 视为"财务恶化甚至造假"的迹象，但这种看法忽略了应收账款集中度大幅提升这一关键因素。过去财年 英伟达来自大客户的应收账款占比平均仅23.8%，在本季度则攀升至65%。随着账款更集中于少数大型 客户，付款周期拉长是合理现象，尤其云端服务提供 ...

Group 1: Market Overview - US stock markets experienced a significant rebound, with the Dow Jones rising by 0.44%, the S&P 500 increasing by 1.55%, and the Nasdaq gaining 2.69% on November 24 [1] - The Nasdaq China Golden Dragon Index surged by 2.82%, indicating a strong performance in Chinese assets [1] Group 2: Technology Sector Performance - Major tech stocks saw widespread gains, with Tesla and Google A rising over 6%, Meta increasing by over 3%, and Amazon up by more than 2% [2] - Amazon announced a substantial investment of up to $50 billion to enhance its AI and supercomputing capabilities for US government clients, set to begin in 2026 [2] - Nvidia's stock rose over 2%, with a prominent analyst refuting short-seller claims regarding the company's financial health, emphasizing the concentration of receivables from major clients [2] Group 3: Chinese Stocks Surge - Chinese stocks experienced a collective surge, with notable gains including CICC's metal stocks rising over 40%, Hesai up over 18%, and several others like Baidu and Alibaba increasing by over 5% [3] Group 4: SanDisk Inclusion in S&P 500 - SanDisk was added to the S&P 500 index, leading to a stock price increase of over 13%, with a peak rise of over 10% in after-hours trading [4] - The company has seen its stock price increase by over 500% this year, driven by strong demand for AI data centers [4] - SanDisk reported a significant reduction in inventory turnover days and expects this trend to continue, with data centers projected to become the largest market for NAND flash by 2026 [4] Group 5: Federal Reserve Rate Cut Expectations - Federal Reserve officials are advocating for a rate cut in December, with a high probability of a 25 basis point reduction [5][6] - Goldman Sachs predicts that the Fed may lower rates to a range of 3% to 3.25% by 2025, with an increasing likelihood of aggressive easing if economic conditions worsen [6] Group 6: Gold Market Insights - COMEX gold futures rose by 1.33% to $4,129.3 per ounce, with Bank of America projecting gold prices could reach $5,000 per ounce by 2026 [7] - The bank also raised its price forecasts for copper, aluminum, silver, and platinum for 2026, citing supply constraints and low inventory levels as key drivers [7] - CICC's research indicates that the current rise in precious metals is primarily driven by cyclical demand for gold, with expectations for continued upward trends in gold and silver prices through 2026 [7]

Core Viewpoint - The article highlights the significant impact of rising expectations for interest rate cuts by the Federal Reserve, leading to a broad rally in U.S. stock markets and a surge in Chinese assets [1]. Group 1: U.S. Stock Market Performance - On November 24, U.S. stock markets continued to rebound, with the Dow Jones up 0.44%, the S&P 500 up 1.55%, and the Nasdaq up 2.69%. The Nasdaq Golden Dragon China Index rose by 2.82% [2]. - Major technology stocks saw widespread gains, with Tesla and Google A rising over 6%, Meta up over 3%, Amazon up over 2%, Apple up over 1%, and Microsoft up 0.35% [4]. Group 2: Chinese Stocks Performance - Chinese concept stocks experienced a collective surge, with notable increases such as Zhongjin Kewang up over 40%, Hesai up over 18%, and Baidu up over 7% [5]. Group 3: SanDisk's Inclusion in S&P 500 - SanDisk was added to the S&P 500 index, resulting in a stock price increase of over 13%. The company has seen its stock price rise over five times this year due to strong demand from AI data centers [6][7]. - SanDisk announced a 50% increase in contract prices for its NAND flash memory chips, with expectations of continued demand exceeding supply [7]. Group 4: Federal Reserve Interest Rate Expectations - Federal Reserve Governor Christopher Waller expressed support for a rate cut in December, emphasizing concerns about the labor market [8]. - Goldman Sachs predicts that the most likely path for the Federal Reserve is to initiate rate cuts in December, with a potential reduction to a range of 3% to 3.25% by 2025 [8]. - CME's FedWatch tool indicates an 82.9% probability of a 25 basis point rate cut in December, significantly up from previous estimates [9]. Group 5: Gold Price Forecast - COMEX gold futures rose by 1.33% to $4,129.3 per ounce, with Bank of America projecting gold prices could reach $5,000 per ounce by 2026 due to tight supply and low inventory [10]. - The report anticipates that gold and silver prices will continue to rise, with projections of $4,500 per ounce for gold and $55 per ounce for silver by 2026 [10].

Core Viewpoint - The prices of solid-state drives (SSDs) and memory chips have surged dramatically, driven primarily by increased demand from the AI industry, leading to a significant imbalance between supply and demand [12][24]. Price Trends - A 2TB SSD that was priced at 478 yuan two years ago has now increased to 1199 yuan, indicating a substantial price hike [2][17]. - The price of 32GB DDR5 memory has risen from around 700 yuan in mid-September to approximately 1300-1500 yuan, reflecting an increase of over 100% in just two months [6][8]. Market Dynamics - Major storage manufacturers like Samsung and SK Hynix have confirmed that prices for DRAM and NAND flash memory are expected to rise by up to 30% by Q4 2025 [8][21]. - The current market is characterized by extreme volatility, with prices changing rapidly, sometimes within a single day [10]. AI Impact - The demand for high-bandwidth memory (HBM) has surged due to the needs of AI model training, which requires significantly more memory than traditional servers [13][15]. - The shift in focus from DDR4 and DDR5 to HBM by major manufacturers has led to a reduction in the production of consumer-grade memory, further driving up prices [15][24]. Consumer Electronics - The price differences in smartphones have widened significantly due to rising storage costs, with the price gap between different memory configurations increasing from around 300 yuan to as much as 900 yuan [19][20]. - Xiaomi executives have acknowledged the unsustainable rise in storage costs, indicating that consumers may have to accept these higher prices [20]. Future Outlook - Analysts predict that the price increases driven by AI demand will continue at least until 2026, with no immediate relief in sight for consumers [21][22]. - The current situation is distinct from previous price surges, as it is fundamentally driven by technological advancements in AI rather than mere market manipulation [24].

Market Overview - On November 10, US stock indices collectively rose, with the Dow Jones up 0.81%, S&P 500 up 1.54%, and Nasdaq up 2.27% [1][2] - The S&P 500 saw eight sectors rise and three decline, with the technology and communication services sectors leading the gains at 2.68% and 2.53% respectively [2] Semiconductor Sector - The Philadelphia Semiconductor Index increased by 3.02%, with notable gains in Micron Technology (over 6%), Nvidia (over 5%), and AMD (over 4%) [2] - Industry reports indicate a global AI wave is driving demand, leading to a shortage of storage chips and prompting a production expansion [2] - Major companies like Samsung, SK Hynix, and Micron are shifting capital expenditures towards high-bandwidth memory (HBM) products, suggesting a supply-demand gap in traditional storage will persist at least until next year [2] Notable Stocks - SanDisk shares rose by 11.89%, reaching a historical high, with a year-to-date increase of over 400% [2] - SanDisk has reportedly raised contract prices for its November NAND flash memory chips by 50%, driven by AI-related demand growth [2] Banking Sector - Bank stocks saw a general increase, with Morgan Stanley, Goldman Sachs, and US Bancorp rising over 1% [3] Energy Sector - Energy stocks also experienced gains, with US energy up nearly 2% and companies like ConocoPhillips and BP rising over 1% [3] Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 2.25%, with significant increases in stocks like XPeng (over 16%) and Canadian Solar (nearly 14%) [3]

Market Overview - On November 10, US stock indices collectively rose, with the Dow Jones up 0.81%, S&P 500 up 1.54%, and Nasdaq up 2.27% [1][3] - The S&P 500 saw eight sectors gain and three decline, with the technology and communication services sectors leading the gains at 2.68% and 2.53% respectively [3] Semiconductor Sector - Semiconductor stocks surged, with the Philadelphia Semiconductor Index rising 3.02%. Notable gains included Micron Technology up over 6%, Nvidia up over 5%, and AMD up over 4% [1][4] - Industry reports indicate a global AI wave is driving demand, leading to a shortage of storage chips. Major manufacturers like Samsung and SK Hynix are shifting capital expenditures towards high-bandwidth memory (HBM) products, suggesting a supply-demand gap in traditional storage will persist at least until next year [4] Individual Stock Highlights - SanDisk's stock rose 11.89%, reaching a historical high, with a year-to-date increase of over 400%. The company has reportedly raised contract prices for its NAND flash memory chips by 50% for November [4] - In the banking sector, major banks like Morgan Stanley and Goldman Sachs saw gains of over 1% [5] Energy Sector - Energy stocks generally rose, with US energy up nearly 2%. Companies like ConocoPhillips and BP saw increases of over 1% [6] Federal Reserve Insights - Federal Reserve Governor Stephen Milan suggested that a 50 basis point rate cut in December would be more appropriate, citing signs of slowing inflation and labor market conditions [8] - Current probabilities indicate a 64.1% chance of a 25 basis point cut in December, with a 35.9% chance of maintaining rates [9]

来源：央视财经 当地时间7日，美国存储芯片龙头企业闪迪公司股价飙升引发关注。近期，闪迪还将其11月NAND闪存 芯片的合约价格上调了50%。业内人士指出，AI推动的需求增长，正在挤压传统存储晶圆厂的产能。 近期存储芯片龙头企业，总部位于美国加州的闪迪公司，公布的季度业绩超出了市场预期。在AI数据 中心强劲的需求推动下，闪迪上调了业绩指引，股价创下历史新高。当地时间上周五的美股交易中，截 至收盘，闪迪股价上涨约15.3%，收于每股239.48美元，今年迄今为止，该股已经上涨超565%。 在闪迪"业绩超预期加上上调指引"的表现后，至少有11位华尔街分析师上调了其目标股价。此前有分析 人士接受CNBC采访时还表示，看好闪迪后续的上行空间。 据悉，闪迪的涨价在存储模组产业链引发了震动，使得创见、宜鼎、宇瞻等存储模组厂商暂停出货并重 新评估报价。其中，创见从11月7日起暂停报价和出货，认为"市场环境将持续向好"，换句话说，意味 着价格可能还会继续上涨。 需要注意，这轮由AI推动的需求增长，也在挤压传统存储晶圆厂的产能。业内人士指出，晶圆厂的产 线正不断向GPU和高端内存倾斜，导致消费级SSD，也就是用于个人电脑和游戏主 ...

Core Insights - The US stock market saw a significant uptick, particularly in technology stocks, driven by news of a potential end to the longest government shutdown in US history. Nvidia led the gains with a 5.79% increase, bringing its market capitalization back to $4.8 trillion [1] - Palantir reported its ninth consecutive quarter of exceeding expectations, with a remarkable 121% surge in US commercial revenue and a record contract signing amount of $2.8 billion [1] - Analysts predict that despite high valuations, Palantir could reach a $1 trillion market cap within 5-6 years, with an estimated short-term upside of 6-7% [2] Company Summaries - **Nvidia**: Stock rose by 5.79% with a trading volume of $38.713 billion. The company plans new investments in Mexico [1] - **Tesla**: Stock increased by 3.66% with a trading volume of $33.659 billion. The company reaffirmed its ambitions in robotics and autonomous driving, despite leadership changes [1] - **Palantir**: Stock surged by 8.81% with a trading volume of $16.664 billion. The company achieved a 114% "Rule of 40" metric and a record adjusted EBIT margin of 51% [1] - **AMD**: Stock rose by 4.47% with a trading volume of $10.532 billion, as chip stocks collectively gained [3] - **Google (Alphabet)**: Stock increased by 4.04% with a trading volume of $8.39 billion. The company announced the rollout of its Gemini feature for Google TV and enhanced research capabilities [3] - **Micron**: Stock rose by 6.46% with a trading volume of $6.993 billion, amid a global AI-driven demand surge for storage chips [3] - **Eli Lilly**: Stock increased by 4.57%, reaching a historical high with a trading volume of $5.328 billion, driven by significant price reductions for its GLP-1 weight loss drug [4] - **SanDisk**: Stock surged by 11.89%, reaching a historical high with a trading volume of $3.815 billion, attributed to a 50% increase in NAND flash memory contract prices [4] - **Taiwan Semiconductor Manufacturing Company (TSMC)**: Stock rose by 3.06% with a trading volume of $3.158 billion, benefiting from sustained AI supply chain demand [4]