9月22日，A股三大股指集体高开。沪指涨0.05%，深证成指涨0.37%，创业板指涨0.1%。截至发稿，A 股三大股指涨跌不一，沪指涨0.01%，报3820.55点；深证成指涨0.05%，报13077.19点；创业板指跌 0.5%，报3075.60点。 | 55.41- | | 0.00% | 14.03 | | 0.00% | | --- | --- | --- | --- | --- | --- | | 49.87 | | -10.00% | 12.63 | | -9.98% | | 09:30 | 11:30 | 15:00 | 09:30 | 11:30 | 15:00 | | ે છે ર | | 14.38% | | --- | --- | --- | | 13.07 | | 0.00% | | 11.19 | | -14.38% | | 09:30 | 11:30 | 15:00 | | .08 +7.54% +2.46 | | | | 119.94 +7.76% +8.64 | | | --- | --- | --- | --- | --- | --- | | ABM | | 8.77% | ...

每经AI快讯，9月22日，工业富联逆势大涨7%，股价首次突破70元大关，总市值突破1.4万亿元。 （文章来源：每日经济新闻） ...

| < W | 工业富联(601138) | | | | | | --- | --- | --- | --- | --- | --- | | | 交易中 09-22 10:02:01 融 通 | | | | | | 额 74.91亿 70.19 | | 股本 198.58亿 市盈 52.4 | | 万得 | | | 6.19% 换 0.55% 4.09 | | 市值1 13938亿 市净 9.19 | | 2 L | | | 分时 ■ 日 日K | | 周Ｋ 目K | | 申示 | | | 營加 | | 均价:68.39 | ・ | | | | 71.10 4 | | 7.56% | 卖五 | 70.25 | 2 | | 10 | | | | 70.23 70.21 | 21 3 | | | | | | 70.20 | 4 | | | | 0.00% 买一 | | 70.19 | 30 | | | | | | 70.16 | 12 | | | | | | 70.11 | 24 | | | | | | 70.10 | 45 | | | | | all Vi | 70.09 | 19 | | 61.10 | | ...

（文章来源：每日经济新闻） 每经AI快讯，9月22日，液冷服务器概念反复走强，工业富联涨近5%，续创历史新高，此前海鸥股份4 天3板，英维克、盾安环境、思泉新材、申菱环境等跟涨。 ...

（文章来源：每日经济新闻） 每经AI快讯，9月22日，液冷服务器板块盘初冲高，海鸥股份涨停，英维克涨超7%，申菱环境涨超 4%，工业富联涨超3%再创新高，中科曙光、中鼎股份跟涨。 ...

工业富联涨幅扩大至7%，股价首次突破70元大关，总市值突破1.4万亿元。 ...

Group 1 - The liquid cooling server sector experienced a strong initial surge, with Seagull Co., Ltd. hitting the daily limit, Invec rising over 7%, and Shenling Environment increasing by over 4% [1] - Industrial Fulian achieved a new high with an increase of over 3%, while Zhongke Shuguang and Zhongding Co., Ltd. also saw gains [1]

Core Viewpoint - Industrial Fulian is considered one of the most overvalued stocks in A-shares, with a market capitalization of 1.23 trillion yuan and a price-to-earnings ratio of 51 times, despite its low asset quality and profit margins [5][9][46]. Group 1: Stock Performance and Market Position - As of September 12, 2025, Industrial Fulian's stock price reached 61.9 yuan, with a cumulative increase of 195.2% from early July to mid-September 2025, driven by the demand for AI computing infrastructure [5][6]. - The valuation of Industrial Fulian is deemed excessive, especially when compared to industry leaders like Nvidia, as the company primarily benefits from the AI boom without substantial profit margins [7][9]. Group 2: Financial Performance and Growth - In 2024, Industrial Fulian reported revenue of 609.1 billion yuan, a year-on-year increase of 27.9%, and a net profit of 23.2 billion yuan, up 10.3% [12]. - For Q2 2025, the company achieved revenue of 200.35 billion yuan, a 35.9% increase year-on-year, and a net profit of 6.9 billion yuan, reflecting a 51.6% growth [14]. - The revenue growth from its main business segments, communication and cloud service equipment, has shown limited growth potential, with communication equipment revenue only increasing by 11.1% from 2018 to 2024 [18][22]. Group 3: Asset Quality and Profitability - Industrial Fulian's fixed assets are significantly lower than competitors, with a book value of only 22.63 billion yuan, compared to BYD's 280.8 billion yuan [8][43]. - The company's gross profit margins are low, with cloud service equipment yielding only a 5% margin compared to Nvidia's 50% [27]. - The company has a high proportion of low-efficiency overseas assets, which accounted for 66.6% of total assets by mid-2025, raising concerns about potential impairment losses [39][42]. Group 4: Risks and Challenges - The AI computing investment landscape faces challenges such as diminishing returns, energy constraints, and data scarcity, which could impact Industrial Fulian's growth prospects [28][30]. - The company's net profit margin has remained low, averaging 4.2% from 2018 to 2024, with R&D investment significantly lagging behind industry peers [32].

Core Viewpoint - Industrial Fulian executed a block trade on September 19, with a transaction volume of 69,900 shares and a transaction amount of 4.0486 million yuan, at a price of 57.92 yuan, which represents a discount of 12.38% compared to the closing price of the day [1] Trading Activity - The closing price of Industrial Fulian on the same day was 66.10 yuan, reflecting an increase of 2.70% with a turnover rate of 1.19% and a total transaction amount of 15.781 billion yuan [1] - The net inflow of main funds for the day was 60.9061 million yuan, and the stock has increased by 6.79% over the past five days [1] Margin Financing - The latest margin financing balance for the stock is 7.124 billion yuan, with an increase of 15.557 million yuan over the past five days, representing a growth rate of 0.22% [1] Institutional Ratings - In the past five days, two institutions have provided ratings for the stock, with the highest target price estimated by Huatai Securities at 76.00 yuan, as reported on September 15 [1]

$\mu_{\rm B}=\mu_{\rm B}$. 作者 | 董 静 编辑 | 硬 AI 得益于AI投资热潮的火爆，工业富联股价屡屡创下历史新高，年初迄今累计涨幅超200%，高盛最新的研报，或将给这个"万亿巨头"注入新的"兴奋剂"！ 9月18日，高盛在最新研报中称，预计工业富联将从2025年三季度开始进入强劲的盈利增长周期，主要受益于AI服务器市场份额提升、模块化AI数据中心建设以 及智能手机新产品周期等多重驱动因素。 该行分析师Verena Jeng等在研报中指出， 工业富联在机架级AI服务器领域的先发优势将推动其在AI基础设施市场获得更大份额，母公司鸿海与东元电机的合作 伙伴关系，将加速为客户部署AI数据中心，再加上网络设备升级以及智能手机新品周期 ，都成为驱动驱动盈利增长的重要因素。 基于此，高盛上调2025-2027年净利润预测3%/3%/4%，比彭博一致预期高出4%-14%，显示该行对公司前景明显更为乐观。 这种垂直整合的能力使特斯拉成为目前唯一能将"车+软件+网络平台"三者统一打包的企业。高盛认为，这主要受益于AI服务器市场份额提升、模块化AI数据中心建设、网络设备升级 以及智能手机新品周期等四 ...