（原标题：CPO板块全线爆发，通信设备ETF、创业板人工智能ETF、通信ETF涨超5%） 重磅会议指明年继续实施更加积极的财政政策和适度宽松的货币政策，A股三大指数今日集体走高，截至收盘，沪指涨0.54%报3924点，深证成指 涨1.39%，创业板指涨2.6%。全市场成交额2.05万亿元，较前一交易日增量3127亿元，超3400股上涨。 盘面上，CPO板块全线爆发，其中，天孚通信20cm涨停，新易盛、中际旭创涨超6%。值得注意的是，天孚通信、中际旭创创出历史新高。 通信设备ETF、创业板人工智能ETF华安、创业板人工智能ETF大成、创业板人工智能ETF国泰、通信ETF、创业板人工智能ETF南方、创业板人 工智能ETF富国、创业板人工智能ETF华宝、创业板人工智能ETF华夏涨超5%；通信ETF、通信ETF广发、5GETF、5G通信ETF涨超4.5%。 国盛证券指出，在AI算力需求驱动下，全球光模块产业正加速向800G/1.6T升级。光隔离器作为光模块中保护激光器的关键无源组件，正因其上游 核心材料法拉第旋光片的全球性供应短缺，成为制约光模块产能扩张的"卡脖子"环节。长城证券认为，AI应用的不断落地，将进一步倒逼 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating expected performance above the market benchmark by over 10% [6][46]. Core Insights - The communication industry is experiencing significant growth driven by advancements in AI infrastructure and cloud computing technologies, particularly with the introduction of new AI chips and optical interconnect technologies [5][11][18]. - Companies like Marvell and Credo are leading the charge with substantial revenue growth and strategic acquisitions aimed at enhancing their capabilities in AI and data center technologies [2][3][21]. - The successful launch of the "Zhuque-3" rocket marks a pivotal moment in China's commercial space endeavors, further stimulating interest and investment in the aerospace sector [4][31]. Summary by Sections Industry News Tracking - AWS successfully hosted its annual re:Invent cloud computing conference, unveiling the next-generation AI chip Trainium 4, which supports NVLink Fusion technology for high-speed chip interconnects [11][12]. - Marvell reported a 37% year-over-year revenue increase for FY2026 Q3, driven by data center demand and operational efficiency, and announced a $3.25 billion acquisition of Celestial AI to enhance its optical interconnect technology [2][18]. - Credo's FY2026 Q2 revenue reached $268 million, reflecting a 20.2% quarter-over-quarter growth, with expectations for continued growth driven by AI training and inference infrastructure [3][21]. Market Performance Review - The communication sector index increased by 3.69% this week, outperforming the CSI 300 index by 2.41%, ranking second among primary industries [4][36]. - Notable performers in the sector included satellite internet, optical devices/chips, and IoT controllers, with respective increases of 9.85%, 5.93%, and 4.35% [36]. Investment Recommendations - The report emphasizes the importance of AI computing infrastructure development, recommending investments in optical devices, communication equipment, and liquid cooling technologies [5][43]. - It suggests long-term investment in the three major telecom operators due to their stable operations and increasing dividend payouts, highlighting companies such as China Mobile and ZTE [5][43].

一个中期挑战是，微软Azure、谷歌云GCP、甲骨文OCI、CoreWeave用投资或算力合作的方式，提前换 取了少数几家大客户未来3年-7年的合约。一些企业的剩余履约义务（RPO，即已签约但尚未确认收入 的合同金额，可以简单成积压订单）短期内暴增。这种"算力金融化"的竞争手段，给亚马逊带来了股价 和舆论的短期压力。 追逐短期泡沫带来的眼前利益不可取。在一些云厂商思考如何提前把算力卖出去的时候，亚马逊云科技 把重心放在让算力真正用起来，让Agent真正跑起来 在全球云计算市场，坐在头把交椅上的亚马逊云科技正面临着一场白热化的竞争。 微软通过投资OpenAI，拿到了OpenAI这几年在微软Azure数百亿美元的云支出。微软Azure与亚马逊云 科技的收入差距因此缩小。谷歌云GCP、甲骨文OCI、CoreWeave这些"挑战者"则是通过算力、资本合 作的策略，提前锁定了少数几家大客户未来3年-7年的合约。 亚马逊云科技依旧在全球云市场稳居第一，市场份额37.5%（Gartner 2025年数据），比第二名高12个百 分点。截至2025年12月，亚马逊云科技年度经常性收入（ARR，约等于年收入。云与软件公司以年/月 ...

盘前市场动向 1. 12月3日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.23%，标普500指数期货涨0.20%，纳指期货涨 0.18%。 | = ns 30 | 47,584.10 | 47,626.80 | 47,484.00 | +109.60 | +0.23% | | --- | --- | --- | --- | --- | --- | | 트 US 500 | 6,843.10 | 6,848.70 | 6,827.40 | +13.70 | +0.20% | | 트 US Tech 100 | 25,601.50 | 25,639.30 | 25,531.50 | +45.60 | +0.18% | 市场消息 ADP就业数据来袭!美国私营部门11月料维持稳定，劳动力市场韧性或加剧美联储内部分歧。对11月新增就业的预测分歧明 显：FactSet调查预计私营部门新增4万人，但媒体共识仅预期增加5,000人，反映出劳动力市场信号持续混杂。由于政府停摆导 致美国劳工统计局(BLS)10月与11月的官方就业报告延至12月16日才公布，迟于美联储12月9-10日会议，本周的ADP数据将被 ...

Market Overview - The main board saw significant gains with stocks like Caihong Co., Ltd. (+10.03%), Huaying Technology (+10.02%), and Fulong Technology (+10.01%) leading the charge [1] - The ChiNext board also performed well, with Puli Software (+11.38%) and Aike Co., Ltd. (+7.91%) among the top gainers [1] - The Sci-Tech Innovation board was led by China Resources Microelectronics (+7.94%) and Dongwei Semiconductor (+7.10%) [1] - Active sub-industries included SW Panel (+2.34%) and SW Discrete Devices (+0.26%) [1] Domestic News - Xi'an Yicai announced a partnership with Optoelectronic Semiconductor Investment to invest approximately 12.5 billion yuan in a silicon material base project in Wuhan [1] - Hongguang Semiconductor plans to acquire a 12.98% stake in Shenzhen Gallium Semiconductor for about 114 million HKD to enhance its third-generation semiconductor business [1] - Guangtong Yuanchi's AN762S smart cockpit module, featuring a 4nm flagship chip, has been certified for automotive use and is set for mass production by 2026 [1] - Jiangbolong announced a fundraising plan of up to 3.7 billion yuan for AI-related high-end storage development and semiconductor projects [1] Company Announcements - Liansheng Technology announced a pledge extension for 21,175,200 shares held by a major shareholder, now due on November 12, 2026 [2] - Ankai Micro plans to acquire 85.79% of Sice Technology for 326 million yuan to enhance its low-power Bluetooth processor product line [2] - Chen'an Technology is set to raise up to 1.419 billion yuan through a private placement for AI and public safety projects [2] - Mingwei Electronics received a government subsidy of 1.1008 million yuan to support its operations [2] International News - Marvell announced a cash and stock acquisition of Celestial AI for at least 3.25 billion USD to enhance its semiconductor networking capabilities [3] - Amazon launched the Trainium 3 chip, offering 25.2 million PFLOPs of performance and significantly increased memory capacity [3] - A KAIST team in South Korea developed a new OLED structure that improves external quantum efficiency to 48.0% [3] - NVIDIA's CFO projected that data center infrastructure could reach 3 to 4 trillion USD by 2030, driven by growing demand for accelerated computing [3]

美东时间12月2日周二，亚马逊云计算部门AWS在年度云计算盛会re:Invent上推出新一代人工智能（AI）训练芯片Trainium 3，预告了下一代产品 Trainium 4的开发计划，加大力度挑战英伟达和谷歌在AI芯片市场的主导地位，同时推出Nova 2系列模型和全新AI服务，试图在激烈的AI竞争中抢 占更多市场份额。 AWS宣布，Trainium 3芯片已于近期部署至少数几个数据中心，并从本周二当天起向客户开放使用。AWS的副总裁Dave Brown表示："进入明年 初，我们将开始非常非常快速地扩大规模。" 这款芯片的推出速度超出业界常规。亚马逊在部署前一代加速器约一年后便发布了Trainium 3，与英伟达承诺的每年发布新芯片的快节奏相当。 亚马逊希望吸引寻求性价比的公司。公司宣称，Trainium芯片能以比英伟达市场领先的图形处理单元（GPU）更低廉和高效的方式，为AI模型背后 的密集计算提供动力。Brown表示："我们对Trainium实现正确的价格性能比的能力感到非常满意。" 亚马逊周二不仅发布了四款新模型，还推出了业内首创的"开放式训练"服务Nova Forge，并发布了专注于浏览器任务自动化 ...

推出自研芯片是亚马逊在AI领域脱颖而出战略的关键一环。AWS是云计算和数据存储服务的最大供应 商，但在AI工具的主流开发者群体中，该公司却难以复制这种主导地位。部分企业更倾向于选择与 ChatGPT开发商OpenAI联系紧密的微软(MSFT.US)合作，或是选用谷歌(GOOGL.US)的相关服务。 此举将加剧AI芯片市场的竞争态势。当前英伟达在该市场占据主导地位，其在用于训练ChatGPT等大语 言模型的芯片市场上估计拥有80%至90%的份额。 就在上周，有消息称Meta(META.US)将在数据中心采用谷歌AI芯片，引发行业震动。这预示着目前全 球市值最高企业、AI投资热潮风向标英伟达将迎来新的竞争。此前一个月，谷歌最新发布的AI模型正 是使用其自研芯片而非英伟达硬件完成训练。 亚马逊试图以高性价比吸引企业客户。该公司称，与英伟达占据市场主导地位的GPU相比，Trainium系 列芯片在支撑AI模型密集型计算任务时，具备更高的成本效益和运算效率。 智通财经APP获悉，亚马逊(AMZN.US)旗下云计算部门AWS正加速将其最新一代人工智能(AI)芯片推向 市场，力图在硬件领域与英伟达(NVDA.US)和谷歌( ...

Core Insights - Amazon Web Services (AWS) has launched the Trainium 3 AI training chip, which is the first 3nm AWS AI chip, providing 2.52 PFLOPs FP8 computing power and significantly enhancing memory capacity and bandwidth compared to its predecessor [1][3][8] - The introduction of the Nova 2 series models and the Nova Forge service aims to strengthen AWS's position in the competitive AI market against Nvidia and Google [3][5][19] Trainium 3 Chip Performance - Trainium 3 offers a performance increase of over 4 times in training and inference speed compared to the second generation, with memory capacity increased by 1.5 times to 144GB HBM3e and memory bandwidth improved by 1.7 times to 4.9TB/s [8][9] - The Trn3 UltraServer system, equipped with Trainium 3, achieves a total computing power of 362 PFLOPs and can accommodate up to 144 chips, providing up to 20.7TB of HBM3e memory [8][9] Competitive Positioning - AWS aims to attract cost-sensitive companies by offering Trainium chips that provide a more affordable and efficient alternative to Nvidia's GPUs [5][9] - The announcement of Trainium 4, which will support Nvidia's NVLink Fusion technology, is expected to enhance compatibility with Nvidia-based applications, potentially lowering the technical barrier for migration to AWS [10][11] Nova 2 Series Models - The Nova 2 family includes models designed for various applications, such as Nova 2 Lite for everyday workloads and Nova 2 Pro for complex tasks, demonstrating competitive performance against models from Claude and GPT [16][18] - Nova 2 Omni is the first unified multimodal reasoning and generation model, capable of processing and generating text, images, and audio simultaneously [18] Nova Forge Service - Nova Forge allows enterprises to build customized versions of Nova models, addressing challenges in integrating proprietary knowledge into AI applications [19][20] - This service provides exclusive access to model checkpoints and data mixing capabilities, enabling businesses to train AI models more effectively [19] Nova Act Service - Nova Act is a new service for building AI agents that can automate tasks in web browsers, achieving 90% reliability in early customer workflows [21][23] - Companies like Reddit and 1Password have successfully integrated Nova Act to enhance their operational efficiency and automate critical business tasks [20][23]

Core Insights - Amazon Web Services (AWS) has launched the Trainium 3 AI training chip, aiming to compete with Nvidia and Google in the AI chip market, while also introducing the Nova 2 model series and new AI services to capture more market share [1][2][3] Trainium 3 Chip Launch - The Trainium 3 chip has been deployed in several data centers and is now available for customer use, with plans for rapid scaling in early next year [1] - Trainium 3 is the first AWS AI chip built on a 3nm process, offering significant improvements in training and inference performance, with speed increases of over 4 times and memory capacity also quadrupled compared to its predecessor [7][9] - Each Trainium 3 chip provides 25.2 million trillion floating-point operations (PFLOPs) and has a memory capacity of 144GB HBM3e, with a memory bandwidth of 4.9TB/s [8] Market Impact - Following the announcement, Amazon's stock price rose nearly 2.2%, while Nvidia's stock gains were reduced, indicating a competitive shift in the market [3] - AWS aims to provide 1 million Trainium chips to AI startup Anthropic by the end of the year, highlighting its commitment to scaling its AI capabilities [14] Nova 2 Model Series - The Nova 2 family includes models designed for various applications, emphasizing cost-performance advantages [2][17] - Nova 2 Lite is a fast and economical inference model, while Nova 2 Pro is designed for complex tasks, outperforming competitors in several benchmark tests [19][20] Nova Forge and Nova Act Services - Nova Forge introduces an "open training" model, allowing companies to create customized versions of Nova models, addressing challenges in integrating proprietary knowledge into AI applications [22] - Nova Act is a new service for building AI agents that automate tasks in web browsers, achieving 90% reliability in early customer workflows [24][26] Future Developments - AWS has announced plans for the Trainium 4 chip, which will support Nvidia's NVLink Fusion technology, potentially lowering the technical barriers for large AI applications to migrate to AWS [10][11] - The software ecosystem remains a challenge for AWS, as it lacks the extensive software libraries that Nvidia offers, which are crucial for rapid deployment [13][16]

每经编辑｜陈柯名 据新华社，美国总统特朗普2日在白宫举行的内阁会议上说，他很可能在2026年初公布下任美国联邦储备委员会主席提名人选，以接替将于2026年5月结束 任期的现任主席鲍威尔。特朗普当天还确认，美国财政部长贝森特无意担任美联储主席的职务。此前，特朗普称已就新任美联储主席提名人选做出决定。 彭博社援引知情人士说法报道，在特朗普及其顾问和盟友眼中，白宫国家经济委员会主任凯文·哈西特是下任美联储主席的头号候选人。 据报道，哈西特因与特朗普的密切关系而占据优势，这是其他竞争者无法比拟的。他曾在2017年至2019年担任白宫经济顾问委员会主席，2020年新冠疫情 爆发后短暂回归担任高级顾问，今年1月特朗普重返白宫后出任国家经济委员会主任。 除忠诚度外，哈西特的优势还在于他是一位发表过论文的经济学博士，曾在美联储担任经济学家。他拥有扎实的保守派资历，2017年参议院以两党多数票 确认其担任经济顾问委员会主席。 在特朗普第一任期内，哈西特曾坚定捍卫央行独立性的重要性，但今年他与特朗普一道尖锐批评美联储和鲍威尔。他在夏季和上个月指责美联储因未更积 极降息而存在党派偏见，这一指控几乎遭到所有央行政策制定者的反对。 大 ...