昨天把英伟达的GPU比作老詹，把谷歌的TPU比作（老年）雷阿伦的说法，大家吸收的效果不错，看来后续我可以多聊一点体育的内容，提前为转型做个 准备。 你说有就有吧，万一哪天没有，那当初也是你自己觉得有。 昨天说脸书采购了谷歌的TPU芯片，可能对 英伟达 产生影响，很多人开始为英伟达辩经，说CUDA是无敌的啦，英伟达自己也出来发声，说自己领先市 场一代（见《 英伟达差点崩了 》）。 但怎么说呢，逻辑都没问题，我也没那么懂哈，但我觉得有一个隐忧: 忠诚不绝对，就是绝对不忠诚；垄断不绝对，就是绝对不垄断，边际的一点点松动，就意味着溢价潜在的大幅压缩。 我虽然运动能力一般，但看各类比赛还是比较多的，时机也比较巧，最爱玩体育的青少年时期，正好是二十一世纪初，浙江卫视的体育频道开始每周六晚 上直播两场英超，而姚明登陆NBA后，央视五套每周大概做4场NBA的直播，每周日下午还在二套做一场录播，所以看球的机会特别多。 爱看球的小伙伴，普遍地理应该都是不错的，因为但凡你看足球和篮球，就能知道至少50个以上的欧洲城市，和30个北美城市，我个人的梦想，就是等有 钱有闲的时候，去看一场曼联的主场比赛——如果那时还没降级的话。 说回市场 ...

谷歌TPU引爆的新"AI算力链"行情，仍在进行中。 其中，CPO板块表现亮眼，已连续两日大爆发。"AI算力双雄"5G通信ETF(515050)今日狂飙5.08%，年内涨77.65%；创业板人工智能ETF华夏(159381)今日 涨5.05%，自今年3月24日上市以来涨71.09%。 在谷歌TPU产业链的突袭下，AI硬件叙事迎来重大转折，资本市场对于AI的投资逻辑，也在发生深刻变化。 在这场转折中，到底孕育着哪些确定性机会呢？ AI算力剧变 谷歌对于AI叙事的冲击，源于两个： Gemini 3"赶超"ChatGPT，大获市场赞誉； TPU芯片发布，风头一时无两，据报meta已经有意使用TPU。 野村证券分析师认为，谷歌的最新模型已经"重置"了"AI层级棋盘"，将市场拉入"新的DeepSeek时刻"。 可以说，谷歌重新激活了AI算力市场，谷歌TPU产业链迅速升温，特别是"TPU+OCS（光交换）+CPO"的高效能架构。 这或许正是创业板人工智能ETF华夏(159381)、5G通信ETF(515050)爆发的原因，两者的"谷歌链含量"分别达到48%、30.87%。 | 证券代码 | 证券简称 | 权重% | 证券代 ...

在谷歌TPU产业链的突袭下，AI硬件叙事迎来重大转折，资本市场对于AI的投资逻辑，也在发生深刻变化。 在这场转折中，到底孕育着哪些确定性机会呢？ AI算力剧变 01 作者 |深鹏 数据支持 | 勾股大数 据（www.gogudata.com） 谷歌TPU引爆的新"AI算力链"行情，仍在进行中。 其中，CPO板块表现亮眼，已连续两日大爆发。"AI算力双雄"5G通信ETF(515050)今日狂飙5.08%，年内涨77.65%；创业板人工智能ETF华 夏(159381)今日涨5.05%，自今年3月24日上市以来涨71.09%。 谷歌对于AI叙事的冲击，源于两个： Gemini 3"赶超"ChatGPT，大获市场赞誉； TPU芯片发布，风头一时无两，据报meta已经有意使用TPU。 野村证券分析师认为，谷歌的最新模型已经"重置"了"AI层级棋盘"，将市场拉入"新的DeepSeek时刻"。 可以说，谷歌重新激活了AI算力市场，谷歌TPU产业链迅速升温，特别是"TPU+OCS（光交换）+CPO"的高效能架构。 这或许正是创业板人工智能ETF华夏(159381)、5G通信ETF(515050)爆发的原因，两者的"谷歌链含量 ...

A股三大指数今日涨跌不一，截至收盘，沪指跌0.15%报3864点，深证成指涨1.02%，创业板指涨 2.14%。全市场成交额1.8万亿元，较前一交易日缩量290亿元，近3600股下跌。 创业板人工智能ETF标的指数权重股包含新易盛(光模块)、中际旭创(光模块)、天孚通信(光器件)、润泽 科技(IDC/云计算)等，"CPO含量"超50%。 有分析指出，全球AI领域近期利好催化不断，国内外AI巨头的资本开支规模持续超预期，全球AI产业 持续景气，AI相关市场规模有望保持高增长。 盘面上，CPO概念继续活跃，"易中天"同日大涨！中际旭创涨13.25%，创历史新高；新易盛涨8.66%， 天孚通信涨6.24%。 通信ETF、通信设备ETF、创业板人工智能ETF大成、云50ETF、5G通信ETF、创业板人工智能ETF南 方、创业板人工智能ETF华夏涨超5%；创业板人工智能ETF富国、创业板人工智能ETF国泰、创科技 ETF、创业板人工智能ETF华宝、5GETF、创业板人工智能ETF华安、通信ETF广发、5G50ETF、云计 算ETF天弘、通信ETF南方、通信ETF、云计算ETF华泰柏瑞涨超4%。 | 证券代码 | 证券简 ...

↑点击上面图片 加雪球核心交流群 ↑ A股三大指数涨跌不一，截至收盘，上证指数跌0.15%，深证成指涨1.02%，创业板指涨2.14%。 全市场全天成交额17972亿元，较上日缩量290亿元。全市场超3500只个股下跌。 从板块来看，AI产业链，算力硬件概念，光模块集体走强；大消费板块尾盘爆发；抗流感概念股表现活跃。军工、商业航天板块调整。 01 AI焦点生变，谷歌开战英伟达 光模块再度上涨，中际旭创创历史新高 今天光模块继续发力，长光华芯20cm涨停； 赛微电子，乾照光电纷纷跟涨； 中际旭创更是创历史新高，暴涨13.25%，近五个月涨幅高达 550%！ 一起来看一下今天的市场热点。 | 中际旭创 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 300308 盘后交易 11-26 15:23:30 北京 | | | | | | | | 543.22 +63.56 +13.25% | | | 20.43万人加自选 = > | | | | | | | | | | CN 融 通 L1 | | | 量 62.90万手 高 556.88 | 开 4 ...

Core Insights - The A-share semiconductor, optical chip, and optical module stocks have collectively surged, with companies like Changguang Huaxin, Mingwei Electronics, and Dongxin Co. hitting a 20% limit up, indicating strong market performance driven by positive developments in the AI sector [1][3] - The domestic AI industry is experiencing significant growth, with major players increasing capital expenditures beyond expectations, contributing to a robust global AI market [1][5] - Shanghai Chip-on-Wafer Technology Co., Ltd. announced a major breakthrough with the successful development and delivery of its first 350nm stepper lithography machine, marking a significant advancement in high-end semiconductor lithography equipment in China [1][8] Semiconductor and AI Market Trends - The demand for AI computing power is driving upgrades in optical modules and switches, with a projected increase in the market share of silicon photonics technology from 27% in 2023 to 59% by 2030 [6] - The Chinese AIGC-related 200G/400G equipment revenue is expected to grow by 132% year-on-year in 2024, with port shipment volumes increasing by 166.5% [6] - North American internet companies' capital expenditures reached $95.8 billion in Q2 2025, reflecting a 64% year-on-year increase, indicating a sustained investment trend in AI infrastructure [6] Shanghai Chip-on-Wafer Technology Co., Ltd. Developments - The AST6200 lithography machine features high-resolution imaging capabilities, achieving 350nm resolution to meet the requirements of mainstream compound semiconductor chip lithography processes [9] - It includes a high-precision alignment system for accurate multi-layer patterning, enhancing device yield [9] - The machine is designed for high production rates and cost efficiency, supporting various substrate materials and types, and is fully controlled by proprietary software, ensuring complete domestic sovereignty [9][10]

Core Viewpoint - The semiconductor, optical chip, and optical module sectors in A-shares have experienced a significant surge, driven by favorable developments in the global AI industry and breakthroughs in domestic semiconductor equipment manufacturing [2][3][5]. Group 1: Market Performance - On November 26, A-shares in the semiconductor, optical chip, and optical module sectors saw a collective rise, with companies like Changguang Huaxin, Mingwei Electronics, and Dongxin Co. hitting a 20% limit up [3]. - Other companies such as Zhongji Xuchuang and Yingjixin also recorded gains exceeding 10%, indicating a broad market rally [3]. Group 2: AI Industry Developments - Alibaba reported a 34% year-on-year growth in cloud revenue for Q2 of fiscal year 2026, with AI-related product revenue achieving triple-digit growth for nine consecutive quarters [5]. - Meta is negotiating with Google for the use of TPU chips worth billions in its data centers, while Google has launched its new AI model, Gemini3, which outperforms other models like GPT in various metrics [5]. Group 3: Infrastructure and Technology Trends - Tianfeng Securities highlighted that the demand for AI computing power is driving upgrades in optical modules and switches, with the 1.6T optical module expected to accelerate penetration in Q4 [6]. - The market for data center switches is projected to grow significantly, with a 132% year-on-year increase in revenue for AIGC-related 200G/400G equipment in China [6]. Group 4: Breakthroughs in Domestic Technology - Shanghai Chip Micro-Assembly Technology Co., Ltd. announced the successful development of its first 350nm stepper lithography machine (AST6200), marking a key breakthrough in high-end semiconductor lithography equipment [7][8]. - The AST6200 features high-resolution imaging, high-precision alignment, and a fully controllable software system, showcasing significant advancements in domestic semiconductor manufacturing capabilities [8][9].

Core Viewpoint - The semiconductor, optical chip, and optical module sectors in A-shares have experienced a significant surge, driven by favorable developments in the global AI industry and breakthroughs in domestic semiconductor equipment manufacturing [1][2][5]. Group 1: Market Performance - On November 26, A-shares in the semiconductor, optical chip, and optical module sectors saw a collective rise, with companies like Changguang Huaxin, Mingwei Electronics, and Dongxin Co. reaching a 20% limit up [2]. - Other notable performers included Zhongji Xuchuang, Yingjixin, and Saiwei Electronics, which rose over 10%, while companies like Botong Integration and Guosheng Technology achieved 10% limit up [2]. Group 2: AI Industry Developments - The global AI sector is experiencing continuous favorable catalysts, with major AI companies increasing capital expenditures beyond expectations, indicating sustained growth in the AI market [1][5]. - Alibaba reported a 34% year-on-year increase in cloud revenue for Q2 of FY2026, with AI-related product revenue achieving triple-digit growth for nine consecutive quarters [3]. Group 3: Breakthroughs in Semiconductor Equipment - Shanghai Chip Micro-Assembly Technology Co., Ltd. announced the successful development and delivery of its first 350nm stepper lithography machine (AST6200), marking a significant advancement in high-end semiconductor lithography equipment in China [5][6]. - The AST6200 lithography machine features high-resolution imaging, high-precision alignment, and a fully autonomous software control system, enhancing its adaptability and operational efficiency [7][8]. Group 4: Future Market Outlook - The AI arms race is ongoing, with significant capital expenditures from cloud service providers, particularly in North America, where the top four internet companies' capital expenditures reached $95.8 billion in Q2 2025, a 64% year-on-year increase [5]. - The demand for AI computing power is driving upgrades in optical modules and switches, with expectations for the 1.6T optical module to accelerate penetration in Q4 [4].

当前AI趋势明确，人工智能军备竞赛持续，国内外云厂商资本开支高增。通信板块作为"卖铲子"的 算力行业，市场规模持续增长。 消息面，谷歌正在利用其在人工智能（AI）模型领域的最新突破，对英伟达发起挑战。Meta正与 谷歌就2027年在其数据中心使用价值数十亿美元TPU芯片进行谈判，同时计划明年从谷歌云租用芯片。 通信ETF（515880）光模块占比超50%，"光模块+服务器+光纤+铜连接"占比超80%，一键布局算 力核心引擎。 受利好提振，今日光模块表现活跃，通信ETF（515880）涨超6%，盘中成交额持续放大。 资金也在积极布局，年内份额增长近160%，当前规模近120亿元位居同类首位。感兴趣的投资者可 以关注相关布局机会。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化 而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金 业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨 慎。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观 ...

图片来源：unsplash 在Gemini 3的助力之下，谷歌的"逆袭"大戏愈演愈烈，公司的市值也逼近4万亿美元关口。 11月25日美股盘中，受Meta计划采用其自研TPU芯片等消息刺激，谷歌母公司Alphabet盘中涨超3%，市 值达到3.97万亿美元。 虽然此后有所回落，但仍收涨1.53%，股价323.44美元，市值3.9万亿美元，距离4万亿美元大关就差"临 门一脚"，在全球市值排名中仅次于英伟达和苹果，年内70.86%的涨幅（市值增长约1.5万亿美元）更是 远高于"美股科技七姐妹"的其他成员。 近一个月以来接连迎来的重磅利好，谷歌再一次搅动科技巨头们的AI战局。 领跑美股Q3财报季 10月以来的美股Q3财报季，成为了科技巨头们股价走势的分水岭。 10月30日，Meta发布三季度财报，虽然营收超出市场预期，但持续上调的资本支出和暴跌的净利润， 进一步加剧了市场对AI投资回报率的质疑。 2025年，Meta资本支出从660亿美元至720亿美元上调至700-720亿美元，2026年预计将"显著增长"，主 要用于AI算力和云服务。与此同时，由于受到"大而美"法案（One Big Beautiful Bill A ...