3. 截至发稿，WTI原油涨0.60%，报62.16美元/桶。布伦特原油涨0.55%，报66.35美元/桶。 （原标题：美股前瞻 | 三大股指期货齐涨 英特尔绩后走高 美国9月CPI重磅来袭） 市场消息 "数据荒"中迎来CPI，今晚市场是惊还是喜？本月的华尔街对数据极度渴求，今晚发布的美国9月CPI报 告几乎成了唯一焦点，这也让其有更大可能成为影响市场走势的关键事件。经济学家预计9月整体CPI 环比将上涨0.4%，与8月持平;同比涨幅则为3.1%，较8月提升0.2个百分点。剔除食品和能源的核心CPI 预计环比上涨0.3%，同比涨幅3.1%，均与8月持平。尽管实际数据预计将与近几个月水平基本持平，但 受政府停摆影响，官方经济报告严重短失，哪怕数据出现轻微偏差，都可能引发远超往常的市场波动。 盘前市场动向 美国通胀料将升温，但美联储不在乎？经济学家对9月CPI预测显示，由于关税推高了商品价格，该月 通胀可能继续高位运行。不过，贝莱德美洲投资策略主管阿库利安表示："我不认为我们在CPI数据中看 到的任何情况会改变美联储10月会议的结果。从我们听到的美联储措辞和语言来看，很明显他们认为利 率是限制性的，因此从目前来看 ...

10月24日，英特尔发布2025年第三季度财报。公司第三季度营收137亿美元，同比增长3%，高于此前指 引的126亿至136亿美元；净利润41亿美元，去年同期亏损166亿美元；第三季度每股收益(EPS)为0.90美 元；非通用会计准则(Non-GAAP)每股收益为0.23美元。在此之前，英特尔已经连续六个季度亏损。 受该财报提振，英特尔周五盘前股价上涨近8%。 同时，英特尔预计2025年第四季度营收为128亿至138亿美元；非通用会计准则每股收益预计为0.08美 元。英特尔的前瞻性预测已不包括Altera，因对其多数股权的出售已于2025年第三季度完成。 英特尔首席执行官陈立武表示："第三季度的业绩表现，体现了公司执行力的提升以及在战略重点上的 稳步推进。人工智能正在加速计算需求，并在我们的产品组合中创造极具吸引力的机会，包括我们的核 心x86平台、专用ASIC和加速器方面的新业务，以及晶圆代工服务。英特尔先进的CPU与生态，加之以 我们的尖端逻辑制造和研发能力，使我们能够很好地把握这些趋势带来的长期机遇。" 9月18日，英特尔和NVIDIA(英伟达)宣布达成合作，共同开发面向超大规模计算、企业级和消费级市场 ...

Core Insights - Intel's stock surged by 8.44% to $41.38 in pre-market trading following the release of its Q3 earnings report [1] - The company reported Q3 revenue of $13.65 billion, marking a year-over-year increase of 2.8% [1] - Data center and AI revenue for Q3 reached $4.12 billion, exceeding analyst expectations of $3.97 billion [1] - Client computing revenue for Q3 was $8.54 billion, also surpassing analyst forecasts of $8.15 billion [1] - Adjusted earnings per share for Q3 were $0.23, a turnaround from a loss in the same period last year [1] - This marks the first year-over-year revenue growth for Intel in a year and a half, following two consecutive quarters of zero growth [1] Revenue Guidance - Intel's optimistic revenue guidance for Q4, excluding Altera business, has raised hopes for a company turnaround [1] - Analysts view the guidance as a positive indicator for Intel's future performance [1] Political Support - There are expectations that the Trump administration may provide greater support to Intel as the U.S. midterm elections approach, which could be a long-term benefit for the company [1]

英特尔首席执行官陈立武表示："第三季度的业绩表现，体现了公司执行力的提升以及在战略重点上的 稳步推进。人工智能正在加速计算需求，并在我们的产品组合中创造极具吸引力的机会，包括我们的核 心x86平台、专用ASIC和加速器方面的新业务，以及晶圆代工服务。英特尔先进的CPU与生态，加之以 我们的尖端逻辑制造和研发能力，使我们能够很好地把握这些趋势带来的长期机遇。" 英特尔预计，2025年第四季度公司营收为128亿至138亿美元；每股收益（损失）为（0.14）美元，非通 用会计准则每股收益预计为0.08美元。据悉，此预测已不包括Altera，因对其多数股权的出售已于2025 年第三季度完成。（新浪科技） 10月24日上午，英特尔公司发布2025年第三季度财报，宣布第三季度实现营收137亿美元，同比增长 3%，每股收益（EPS）为0.90美元，非通用会计准则（Non-GAAP）每股收益为0.23美元。 ...

Core Viewpoint - Intel has experienced significant challenges over the past five years, losing 12 percentage points of CPU market share to AMD and falling behind in advanced manufacturing processes compared to TSMC. However, the release of its Q3 financial results on October 24, 2025, marked a turning point, with a revenue of $13.65 billion, a gross margin of 40%, and an adjusted EPS of $0.23, signaling a potential recovery for the company [1]. Group 1: Historical Context and Challenges - In the 1990s, Intel dominated the CPU market with an 82% share, investing heavily in R&D and manufacturing. However, the rise of mobile internet in the 2010s led to strategic missteps, particularly a failure to enter the mobile chip market, resulting in a loss of market leadership [2]. - The crisis intensified in 2018 when AMD regained market share, and Intel struggled with its 10nm manufacturing process. By 2023, Intel's presence in flagship products diminished, reflecting a significant decline in its market position [2]. Group 2: Workforce and Organizational Changes - Under CEO Chen Lifeng, Intel initiated a major restructuring, reducing its workforce from 118,000 to 88,400, with plans to further cut to 75,000 by the end of the year. This included layoffs of long-term employees and recent graduates, aimed at creating space for innovation [3][4]. - The company implemented a "transformation plan" to support laid-off employees, offering severance packages, career training, and partnerships with other tech firms to facilitate job transitions [3]. Group 3: Financial Recovery and Investments - Intel's financial recovery is supported by significant cash reserves of $30.9 billion, bolstered by $15.9 billion in investments from the U.S. government, Nvidia, and SoftBank. This funding is aimed at revitalizing its core business and advancing technology development [6][8]. - The company has optimized its asset management by selling non-core assets, such as Altera for $4.3 billion and reducing its stake in Mobileye for $900 million, redirecting these funds towards critical areas like the 18A manufacturing process [4]. Group 4: Production and Market Strategy - Intel faces a production bottleneck, with a 60% increase in demand for AI server CPUs and a 41% rise in AIPC orders, while its 10/7 process capacity remains insufficient. The company is prioritizing the 18A process at its Fab52 facility to enhance its competitive edge [7]. - The strategy includes focusing on high-value customers in the AI and data center sectors, leading to a significant increase in gross margins for these segments [7]. Group 5: Cultural and Technological Revival - Intel is fostering a culture of innovation by allowing engineers to explore projects outside their primary responsibilities, which has historically led to significant technological advancements [8]. - The company is also investing in social responsibility initiatives, such as scholarships for underrepresented groups in semiconductor education, emphasizing a commitment to corporate values alongside financial recovery [8]. Conclusion - Intel's recent financial performance and strategic initiatives reflect a broader narrative of recovery and adaptation in the semiconductor industry. The company's ability to balance technological innovation with a focus on human capital and social responsibility may serve as a model for other tech giants facing similar challenges [9].

Core Viewpoint - Morgan Stanley raised Intel's target stock price from $21 to $30 [1] Group 1 - The adjustment in target price reflects a positive outlook on Intel's performance [1]

英特尔宣布，由于今年裁员和其他削减措施的加速，其核心产品线PC处理器的销量出现增长，而整个公司的成本出现下降，因此其扭转局面 的努力收获动力。 芯东西10月24日报道，今日，英特尔公布最新财报，第三季度净利润为41亿美元，而去年同期亏损166亿美元。 这一结果，打破了英特尔过去35年来的最长连续亏损，实现自2024年以来的首次季度盈利。截至第二季度，该公司已连续六个季度亏损。 | | GAAP | | | | Non-GAAP | | | --- | --- | --- | --- | --- | --- | --- | | | Q3 2025 | Q3 2024 | vs. Q3 2024 | Q3 2025 | Q3 2024 | vs. Q3 2024 | | Revenue ($B) | $13.7 | $13.3 | up 3% | | | | | Gross margin | 38.2% | 15.0% | up 23.2 ppts | 40.0% | 18.0% | up 22 ppts | | R&D and MG&A ($B) | $4.4 | $5.4 | down 20% | $3.9 ...

英特尔高管指出，强劲的业绩表明公司在经历了多年财务压力后，正在扭转局面中取得进展。而此前， 英特尔因在美国建设先进芯片制造基地而承受了数十亿美元的亏损。 来源：环球网 【环球网科技综合报道】10月24日，英特尔公司发布了2025年第三季度财报。财报显示，第三季度营收 137亿美元，同比增长3%。英特尔第三季度每股收益（EPS）为0.90美元；非通用会计准则（Non- GAAP）每股收益为0.23美元。同时，英特尔方面预计2025年第四季度营收为128亿至138亿美元；每股 收益（损失）为（0.14）美元，非通用会计准则每股收益预计为0.08美元。此次，因多数股权出售已于 2025年第三季度完成，英特尔的前瞻性预测已不包括Altera，。 对此，《金融时报》认为，陷入困境的芯片制造商英特尔公布了好于预期的营收业绩，推动其股价上 扬。与此同时，美国政府政策、英伟达及日本软银的大额投资，也为股价提供了额外支撑。 英特尔首席执行官陈立武（Lip-Bu Tan）表示，本季度表现"稳健"，反映了"核心市场的潜在增长与公司 重建过程中执行力的提升"。他补充说："我们正采取恰当措施，以实现可持续的股东价值。" 然而，陈立武所 ...

Core Insights - Intel reported its Q3 2025 earnings with revenue of $13.7 billion, a 3% year-over-year increase, surpassing market expectations of $13.2 billion. The net profit reached $4.1 billion, marking a significant turnaround from a net loss of $16.6 billion in the same quarter last year, ending a streak of consecutive losses. This is the first profitable report following investments from the U.S. government, Nvidia, and SoftBank, leading to a post-market stock price surge of up to 7% [2] Group 1: Financial Performance - The Client Computing Group generated $8.5 billion in revenue, a 5% year-over-year increase, benefiting from a recovery in the PC market, accounting for over 60% of total revenue [2] - The Data Center and AI segment reported revenue of $4.1 billion, a slight decline of 1%, while the foundry business generated $4.2 billion, down 2% year-over-year [2] Group 2: Strategic Investments and Future Outlook - Intel has received significant investments from the U.S. government, Nvidia, and SoftBank, which have strengthened its balance sheet and boosted market confidence in its ability to return to profitability and regain its leadership in chip manufacturing [2][3] - The company announced the official production launch of its Fab52 facility in Arizona, initiating mass production of 18A process chips, along with the introduction of the Panther Lake mobile processor and the ClearWater Forest platform, with plans for a 2026 release [2] Group 3: Challenges Ahead - Despite the positive financial results, Intel's foundry services division faces challenges, reporting $4.2 billion in revenue for Q3, a 2% year-over-year decline, and an operating loss of $2.3 billion, exceeding market expectations. Although this loss is significantly reduced from $5.8 billion in the previous year, the profitability of the foundry business remains a key focus for investors and the market [3]

另一个积极信号是，英特尔自2023年底以来首次实现季度盈利，该公司第三财季不含若干项目的每股收 益23美分，而分析师预估均值为1美分；营收增长3%，至137亿美元，也超过预估。 英特尔于9月份将其可编程芯片部门Altera分拆出去，目前仅持有该业务的少数股权。此次分拆使得英特 尔第四财季营收预测减少约4亿至5亿美元。 Zinsner在接受采访时表示，如果排除Altera的收入，公司的营收展望与市场预估相比"会显得更好"。编 辑/陈佳靖 这份业绩展望表明，英特尔在经历动荡一年后正逐步走上正轨。在短短几个月内，新任首席执行官陈立 武为英特尔赢得了美国政府的一项非常规投资，并获得英伟达和软银的支持。 受此提振，英特尔股价今年以来大涨约90%，股价表现在费城证交所半导体指数成分股中名列前茅。不 过，市场仍对英特尔能否推出有吸引力的产品心存疑虑。 英特尔首席财务官Dave Zinsner在声明中表示："目前的需求增速超过供应，我们预计这一趋势将持续至 2026年。"他补充说，第三财季的业绩超出预期，得益于"核心市场的基本面强劲"。 来源：商业周刊 英特尔在个人电脑需求回暖的带动下给出了乐观的营收展望，提振了外界对于这家 ...