Core Viewpoint - Foxconn Industrial Internet Co., Ltd. (Industrial Fulian) announced a significant increase in its 2025 annual performance, with both annual and fourth-quarter operating results expected to grow substantially. However, due to a downward adjustment in industry valuation, China International Capital Corporation (CICC) lowered its target price by 18% [1][8]. Financial Performance - For Q4 2025, the company expects a net profit attributable to shareholders of 12.6 billion to 13.2 billion yuan, an increase of 4.5 billion to 5.1 billion yuan year-on-year, representing a growth of 56% to 63%. After excluding non-recurring gains and losses, the expected net profit is 12.4 billion to 13 billion yuan, with a year-on-year increase of 37 billion to 43 billion yuan, marking a growth of 43% to 50% [3][10]. - For the full year 2025, the company anticipates a net profit attributable to shareholders of 35.1 billion to 35.7 billion yuan, an increase of 11.9 billion to 12.5 billion yuan compared to 2024, reflecting a growth of 51% to 54%. After excluding non-recurring gains and losses, the expected net profit is 34 billion to 34.6 billion yuan, up 10.6 billion to 11.2 billion yuan year-on-year, indicating a growth of 45% to 48% [4][11]. Business Segments - The cloud computing sector is particularly strong, with server revenue from cloud service providers expected to grow over 1.8 times year-on-year in 2025. In Q4, this business is projected to grow over 30% quarter-on-quarter and over 2.5 times year-on-year. AI servers are identified as a core growth driver, with revenue expected to increase over 3 times year-on-year in 2025, and over 50% quarter-on-quarter in Q4 [5][11]. - In the communication and mobile network equipment sector, the company’s high-speed switch business continues to show robust growth. Revenue from switches above 800G is expected to increase by 13 times year-on-year in 2025, with Q4 showing a growth of over 4.5 times year-on-year. This growth is attributed to strong demand from the AI industry [12]. Market Position and Future Outlook - CICC provided an objective evaluation of Industrial Fulian's performance, indicating that the earnings forecast aligns with previous expectations. The upcoming release of NVIDIA's next-generation Rubin cabinet is expected to enhance the company's market position, with potential for increased shipment volumes and profit margins due to higher complexity and integration [6][12]. - CICC has cautiously adjusted the company's 2025 net profit forecast down by 2.7% to 35.5 billion yuan, while maintaining a 2026 net profit forecast of 75.8 billion yuan and introducing a 2027 forecast of 89.8 billion yuan. The current stock price corresponds to a price-to-earnings ratio of 15.9 times for 2026 and 13.4 times for 2027 [7][13].

1月28日，富士康工业互联网股份有限公司（以下简称"工业富联"）发布业绩预增公告，2025年全年及 第四季度经营业绩均实现显著增长，表现超出市场预期。 公告显示，2025年第四季度，工业富联预计实现归属于母公司所有者的净利润126亿元至132亿元，较上 年同期增加45亿元至51亿元，同比上升56%至63%；预计实现归属于母公司所有者的扣除非经常性损益 的净利润124亿元至130亿元，较上年同期增加37亿元至43亿元，同比上升43%至50%。 全年来看，工业富联预计2025年实现归属于母公司所有者的净利润351亿元至357亿元，较上年同期增加 119亿元至125亿元，同比上升51%至54%；预计实现归属于母公司所有者的扣除非经常性损益的净利润 340亿元至346亿元，较上年同期增加106亿元至112亿元，同比上升45%至48%。据悉，2024年度工业富 联归属于母公司所有者的净利润为232亿元，归属于母公司所有者的扣除非经常性损益的净利润为234亿 元，每股收益1.17元。 关于本次业绩预增的主要原因，公告指出得益于核心业务的强劲增长及产品结构的持续优化。在云计算 业务方面，2025年公司云服务商服务器营业收入 ...

预告日期：2026-01-29 产业趋势与价格周期驱动，结构性行情持续深化。 | 作者 | | 迷宫 | | --- | --- | --- | | 编辑 | | 小白 | 本研报基于截至2026年1月28日A股上市公司发布的业绩预告公告，筛选出值得关注的标的。 业绩增速亮眼标的 01 工业富联（601138） 业绩预告类型： 预增 预计净利润区间： 351亿元-357亿元 同比变化： 增长51.00%-54.00% 核心原因摘要： AI服务器营收增长超3倍， 800G交换机业务增长13倍 ，受益于人工智能和算力基础设施建设需求爆 发 亮点/风险点分析： 亮点：AI算力需求强劲，公司在服务器代工领域全球领先；风险点：客户集中度高，毛利率可能受 上游芯片价格波动影响 02 西藏珠峰（600338） 业绩预告类型： 预增 预告日期：2026-01-29 预计净利润区间： 44150万元-53960万元 同比变化： 增长92.28%-135.01% 半导体检测设备需求旺盛 ，国产替代加速，公司订单饱满 核心原因摘要： 有色金属价格上涨 ，公司矿产产量提升，同时受益于汇率变动产生的正向汇兑损益 亮点/风险点分析： 亮 ...

Core Viewpoint - Industrial Fulian expects a significant increase in net profit for 2025, projecting a rise of 51% to 54% year-on-year, driven by strong demand in the AI server and switch markets [1][2] Group 1: Financial Performance - The company anticipates a net profit of 35.1 billion to 35.7 billion yuan for the full year of 2025, an increase of 11.9 billion to 12.5 billion yuan compared to the previous year [1] - For Q4 2025, the expected net profit is between 12.6 billion to 13.2 billion yuan, reflecting a year-on-year increase of 56% to 63% [1] - The average daily profit for 2025 is projected to be nearly 100 million yuan [1] Group 2: Business Growth Drivers - The growth in net profit is primarily attributed to increased shipments of servers and switches, particularly for cloud service providers [1] - Revenue from cloud service provider servers is expected to grow over 180% year-on-year in 2025, with Q4 revenue showing a month-on-month increase of over 30% and a year-on-year increase of over 250% [1] - AI server revenue is projected to grow over 50% quarter-on-quarter and over 550% year-on-year [1] Group 3: Market Position and Future Outlook - Industrial Fulian holds a 73.8% market share in the 800G high-speed switch segment, with revenue from this segment expected to increase by 1300% year-on-year in 2025 [1] - The company is positioned to benefit from the ongoing demand for AI, with expectations of steady growth in AI server and 800G switch shipments [2] - Industrial Fulian is a key foundry for Nvidia, which is expected to enhance profit margins with the introduction of the next-generation Rubin cabinet [2] Group 4: Dividend Policy - The strong financial performance supports substantial dividend payouts, with a cash dividend of 3.3 yuan per 10 shares, totaling 6.55 billion yuan, which is 54.07% of the net profit for the first half of 2025 [2] - Over the past three years, the company has distributed and repurchased over 36.6 billion yuan [2]

2026.01. 28 本文字数：714，阅读时长大约2分钟 | 代码 | 名称 | 涨幅 | 现价 | | --- | --- | --- | --- | | 600199 | 金种子酒 | +10.04% | 10.30 | | 000995 | 皇台酒业 | +10.03% | 14.48 | | 603198 | 迎驾贡酒 | +10.01% | 42.63 | | 603919 | 金徽酒 | +10.01% | 21.54 | | 600779 | 水井坊 | +10.01% | 41.99 | | 000799 | 酒鬼酒 | +10.00% | 56.85 | | 600702 | 舍得酒业 | +10.00% | 59.49 | | 002304 | 洋河股份 | +10.00% | 59.82 | | 803588 | □头是 | +10.00% | 31.34 | | 0002ae | 古井贡酒 | +10.00% | 138.58 | | 600800 | 山西分河 | +10.00% | 177.42 | | 000858 | 五 粮 液 | +10.00% | 110.77 | | ...

沪深两市成交额3.23万亿，较上一个交易日放量2646亿。 1月29日，A股市场全天震荡分化，上证50尾盘一度涨超2%。截至收盘，沪指涨0.16%，深成指跌0.3%，创业板指跌0.57%。科创综指跌 2.63%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | In Nurw | 4157.98c | 6.75 | 0.16% | | 399001 | 深证成指 | the control | 14300.08c | -42.82 | -0.30% | | 399006 | 创业板指 | yenny | 3304.51 c | -19.05 | -0.57% | | 000680 | 科创综指 | mann | 1831.10c | -49.46 | -2.63% | 盘面上，白酒股掀涨停潮，贵州茅台涨逾8%；黄金股延续强势，多股续创新高；AI应用题材活跃，短剧游戏方向领涨；地产、保险、银行涨 幅靠前。半导体、算力硬件、商业航天、人形机器人概念股回调明显。 具体来看，白酒板块午后 ...

据交易所数据显示，截至1月29日午后一小时，主力资金流出前20的股票分别为： 工业富联（-54.44亿元）、 阳光电源（-15.58亿元）、 中国铝业（-14.52亿 元）、铜陵有色（-12.04亿元）、 中芯国际（-11.09亿元）、 洛阳钼业（-10.80亿元）、 立讯精密（-10.68亿元）、 湖南白银（-10.62亿元）、 特变电工 （-10.23亿元）、 通富微电（-9.90亿元）、 澜起科技（-9.65亿元）、 沪电股份（-8.95亿元）、 兆易创新（-8.54亿元）、 厦门钨业（-8.21亿元）、 南山铝 业（-7.94亿元）、 歌尔股份（-7.74亿元）、 沃尔核材（-7.66亿元）、 三花智控（-7.61亿元）、 中国中铁（-7.41亿元）、 胜宏科技（-7.40亿元）。 | 沪电股份 | -3.79 | -8.95亿元 | 电子元件 | | --- | --- | --- | --- | | 兆易创新 | -4.22 | -8.54亿元 | 未营体 | | 厦门钨业 | -7.1 1 | -8.21亿元 | 小金属 | | 南山铝业 | 2.29 | -7.94亿元 | 有色金属 | | ...

（文章来源：每日经济新闻） 每经AI快讯，1月29日，CPO等算力硬件股震荡走低，奕东电子跌超9%，生益科技跌超6%，工业富 联、四会富仕跌超5%，华丰科技、长光华芯跟跌。 ...

6 证券研究报告 点评报告 2026 年 1 月 29 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、宏观经济组： 分析师：刘笑瑜 证书编号：S1080525070001 电话：0755-23838239 另外 ，对于 5 月份主席任期届满之后的去留还没有任何打算。建议 下一届 美联储主席应远离民选政治，表示美联储独立性这种立法安排已经让美联 储很好地服务于美国；不相信美联储会丧失独立性。 市场方面，从盘后市场看，10 年期美债收益率变化不大，而由于美国财长贝森 特重申强势美元政策并否认干预日元汇率，美元指数涨 0.63%收于 96.35；美股 邮箱：liuxiaoyu@fcsc.com 事件： 1 月 29 日（星期四）3 点，美联储公开市场委员会（FOMC）2026 年第 1 次议息 会议。 点评： 美联储公布了 2026 年的第 1 份利率决议,决定将联邦基金利率区间维持在 3.5-3.75%区间不变，符合市场预期，这是美联储去年 9 月重启降息以来首次暂 停降息，投票结果显示，有投票权的 12 位 FOMC 委员中 10 票赞成，2 票反对， 反对者是美联储理事沃勒和 ...

【国联民生电子】工业富联业绩预告速递 领导好，工业富联发布业绩预告，预计2025年四季度归母净利润#126亿元~132亿元，同比增长56%-63%；预计 2025年全年归母净利润#351亿元-357亿元，同比增长51%-54%。 现将核心要点汇报如下： →云计算业务是成长重要引擎：全年CSP服务器收入同比增长超1.8倍；四季度CSP服务器营业收入环比增长超 30%，同比增长超2.5倍。 【国联民生电子】工业富联业绩预告速递 CSP服务器，尤其是CSP AI服务器是成长加速的重要引擎。 800G以上高速交换机实现数倍增长，精密机构件也实现出货双位数增长。 #超出市场保守预期。 现将核心要点汇报如下： →云计算业务是成长重要引擎：全年CSP服务器收入同比增长超1.8倍；四季度CSP服务器营业收入环比增长超 30%，同比增长超2.5倍。 2025年，CSP AI服务器收入同比增长超3倍；第四季度，CSP AI服务器收入环比增长超50%，同比增长超5.5倍。 →通信及移动网络设备业务：2025年，800G以上高速交换机收入同比增幅13倍；第四季度，800G以上高速交换机 收入同比增超4.5倍。 精密机构件出货量较上年 ...