近日，雷神科技的一组数据引发市场关注：截至2025年9月，公司存货规模达7.34亿元，较上年末大幅 增长88.27%。公司解释，存货增加主要基于对市场及原材料价格变动趋势的预判，重点加大了CPU、 内存等核心元器件的储备。 在财务管理中，有一个形象的比喻："存货就是打了捆的钞票扔在库房里。"此次雷神科技的存货变动之 所以引爆市场，核心就在于存货与生俱来的"二元性"：市场的第一反应，往往是将其与"资金占用"的标 签绑定，而实际上，在强周期市场环境下，存货是最被低估的战略资产，换言之，这笔高企的前瞻备 货，将成为雷神科技穿越周期、释放业绩弹性的"底气"。 | 合并资产负债表 | 报告期末 | 变动幅度 | 变动说明 | | --- | --- | --- | --- | | 项目 | (2025年9月30日) | | | | 货币资金 | 289,825,423.50 | -37.99% | 主要原因是公司根据资金情况,支付供应商 货款增加、偿还银行贷款,以及购置了自用 | | | | | 办公场所,使得报告期末货币资金较少。 | | 应收款项融资 | 48,472,074.92 | -31.94% | 主要原因 ...

格隆汇1月27日｜雷神科技在美股盘前上涨3%，公司预计2026年调整后销售额在920亿美元至930亿美 元，符合市场预期。 ...

每经AI快讯，1月27日，雷神科技在美股盘前上涨3%。 （文章来源：每日经济新闻） ...

格隆汇1月27日｜雷神科技公司第四季度销售额242.4亿美元，同比增长12%；第四季度调整后每股收益 1.55美元，市场预估1.47美元。雷神科技预计2026年调整后销售额在920亿美元至930亿美元，市场预估 为924.3亿美元。 ...

证券日报网讯 1月23日，雷神科技发布公告称，青岛海立方舟创业投资中心拟自公告30个交易日后3个 月内，通过集中竞价或大宗交易减持不超1，779，067股，占总股本1.7791%，拟减持原因为基金存续 期届满。 （文章来源：证券日报） ...

Group 1: Market Dynamics - The ongoing "memory shortage" driven by the AI wave is causing significant price increases in DRAM, with Samsung and SK Hynix notifying clients of a 60% to 70% rise in contract prices for the first quarter of 2026 compared to the previous quarter [1] - The AI industry's demand for high-capacity and high-speed memory chips, particularly High Bandwidth Memory (HBM), is creating a "super bull market" in the memory sector, with HBM gross margins reaching 50%-60%, significantly higher than traditional DRAM margins of about 30% [2] - The memory market is expected to enter a "super bull market," surpassing the 2018 peak, with DRAM prices projected to increase by 40%-50% in Q1 2026 and an additional 20% in Q2 2026 [4] Group 2: Impact on PC Industry - The sharp rise in memory prices is exerting new pressure on the recovering global PC market, with a projected year-on-year increase of 3.47% in global PC shipments for 2024 and 9.52% for Q3 2025, although rising memory costs are disrupting this growth [4] - Major PC manufacturers have begun to raise prices, with some products seeing increases of up to 20%, as companies like HP and Lenovo adjust their pricing strategies in response to rising costs [5][6] - The share of DRAM in the overall cost of PC systems is expected to rise to between 15% and 24.3% in the medium term, further squeezing profit margins for PC manufacturers [4] Group 3: Company Strategies - Companies like Thunderobot have demonstrated strong risk management and growth resilience by increasing their inventory of key components, such as CPUs and memory, in anticipation of price hikes, resulting in a 105.29% increase in inventory year-on-year [7] - Thunderobot's proactive inventory strategy has allowed it to maintain steady growth, with a 13.9% increase in revenue and a 10.36% increase in net profit for the first nine months of 2025 [7] - The company is also optimizing its product structure and sales channels, with overseas revenue growing from 107 million yuan in 2021 to 1.15 billion yuan in 2024, achieving a compound annual growth rate of 120.7% [9]

Summary of Key Points Core Viewpoint - On January 9, a total of 8 companies had their restricted shares unlocked, with a total unlock volume of 164 million shares, amounting to a market value of 2.829 billion yuan based on the latest closing price [1]. Group 1: Unlock Volume and Market Value - The companies with the highest unlock volumes are Shun'an Environment, Goldwind Technology, and Development Technology, with unlock shares of 139 million, 11.409 million, and 6.6933 million respectively [1]. - In terms of unlock market value, Shun'an Environment, Development Technology, and Goldwind Technology lead with market values of 1.804 billion yuan, 611 million yuan, and 331 million yuan respectively [1]. Group 2: Unlock Ratio - The companies with the highest unlock ratios relative to total share capital are Shun'an Environment, Development Technology, and Thunder God Technology, with unlock ratios of 12.97%, 4.82%, and 0.77% respectively [1].

Group 1 - A total of 8 companies had their restricted shares unlocked on January 9, with a combined unlock volume of 164 million shares, equating to a market value of 2.829 billion yuan based on the latest closing price [1] - The companies with the highest unlock volumes were Shun'an Environment, Goldwind Technology, and Development Technology, with unlock shares of 139 million, 11.409 million, and 6.693 million respectively [1] - In terms of unlock market value, Shun'an Environment, Development Technology, and Goldwind Technology led with values of 1.804 billion yuan, 611 million yuan, and 331 million yuan respectively [1] Group 2 - The companies with the highest percentage of total share capital unlocked were Shun'an Environment, Development Technology, and Thunder God Technology, with unlock ratios of 12.97%, 4.82%, and 0.77% respectively [1]

Core Viewpoint - Raytheon Technologies (RTX.N) experienced a drop of over 3% in after-hours trading following criticism from former President Trump regarding the company's willingness to distribute dividends [1] Group 1 - Raytheon Technologies' stock price fell significantly after Trump's remarks [1] - The criticism focused on the company's approach to dividends, suggesting a misalignment with shareholder interests [1]

Core Viewpoint - The 2026 International Consumer Electronics Show (CES) in Las Vegas marks a significant unveiling for Thunderobot Technology, showcasing its new lightweight gaming laptop, the Thunderobot ZERO Air, which combines high performance with portability [1][22]. Group 1: Product Launch and Features - Thunderobot ZERO Air is introduced as a next-generation lightweight gaming laptop, weighing only 1.58 kg while delivering 160W dual full-blood performance, addressing the industry's long-standing challenge of balancing performance and portability [6][12]. - The laptop is powered by the Intel Panther Lake mobile platform, which offers over 50% multi-core performance improvement and a 30% reduction in power consumption, alongside the optimized power-performance ratio of the NVIDIA GeForce RTX 50 series GPUs [8]. - The device features a 15.3-inch OLED display with 165Hz refresh rate, 100% DCI-P3 color gamut, and high contrast, catering to both gaming and professional creative needs [10]. Group 2: Event Highlights and Engagement - Thunderobot's booth at CES includes the NVIDIA ZONE, showcasing high-performance gaming laptops and interactive experiences, attracting significant attention from attendees [3][5]. - The "NVIDIA Passport Program" and "Spotted By NVIDIA" activities at the booth engage visitors, with notable esports team XEN praising the gaming experience of the ZERO 18 Pro [5]. Group 3: Additional Product Offerings - The company also launched the Thunderobot aibook14 Air Carbon, featuring an AMD AI9 H 365 processor and an 85Wh battery, aimed at professionals and creative workers with a focus on portability and performance [15]. - Another product, the aibook14 Ultra, weighs 1 kg and is equipped with the Intel UltraX7 358H processor, emphasizing extreme performance and battery life [17]. - Thunderobot introduced mini PCs, including the THUNDEROBOT MIX STATION and the MIX G2 gaming mini PC, pushing the boundaries of performance in compact form factors [21].