2、公司未向市场下调第四季度利润目标，不存在应披露未披露的信息。同时，与客户合作开发的下一代产品，也正在按前期的计划如期顺利推进当 中。 总市值超万亿的工业富联(601138.SH)发布澄清公告称，2025年11月24日，网络上流传关于富士康工业互联网股份有限公司（简称"公司"）"下调第四 季度业绩目标"、"大客户在L10/L11商业模式上会有调整"等不实言论，引发部分关注。 1、网络流传相关言论不属实。当前，公司第四季度整体经营，包括GB200、GB300等相关产品出货均按既定计划推进，客户需求持续畅旺，生产及 出货一切正常，且目前未收到任何主要客户关于调整业务模式、下修份额或价格的要求。 对此，公司澄清并郑重声明。经核实，公司针对网络平台流传事项声明如下： ...

证券代码：601138 证券简称：工业富联 公告编号：临 2025-083 号 三、其他说明 公司指定的信息披露媒体为《中国证券报》《上海证券报》《证券时报》《证 券日报》及上海证券交易所网站（www.sse.com.cn）。公司发布的信息以在上述 指定报刊和网站刊登的公告为准。敬请广大投资者理性投资，注意风险。 1、网络流传相关言论不属实。当前，公司第四季度整体经营，包括GB200、 GB300等相关产品出货均按既定计划推进，客户需求持续畅旺，生产及 出货一切正常，且目前未收到任何主要客户关于调整业务模式、下修份 额或价格的要求。 2、公司未向市场下调第四季度利润目标，不存在应披露未披露的信息。同 时，与客户合作开发的下一代产品，也正在按前期的计划如期顺利推进 当中。 特此公告。 富士康工业互联网股份有限公司董事会 富士康工业互联网股份有限公司 澄清公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、传闻简述 2025年11月24日，网络上流传关于富士康工业互联网股份有限公司（以下简 称"公司"）"下调第四季度业绩目标 ...

Core Viewpoint - The article discusses the ongoing debate around the "AI bubble" and the volatility of stock prices related to computing power, particularly focusing on Nvidia and its impact on the A-share market, specifically Industrial Fulian [1][3]. Group 1: Stock Performance - Nvidia's stock price fell for two consecutive days after releasing a quarterly report that exceeded market expectations [1]. - Industrial Fulian's stock price has also been volatile, dropping 30.77% from October 30 to November 24, resulting in a market value loss of over 400 billion yuan [1][5]. Group 2: Company Performance and Clarifications - Industrial Fulian clarified rumors regarding a downward adjustment of its fourth-quarter performance targets and cabinet shipment expectations, stating that operations are proceeding as planned with strong customer demand [5][6]. - Both Industrial Fulian and Nvidia reported quarterly results that surpassed market expectations, with Nvidia achieving revenues of $57 billion, a 62% year-over-year increase, and a net profit of $31.9 billion, up 65% [6]. Group 3: Market Dynamics and Competition - Institutional investors have reduced their holdings in Nvidia, with Bridgewater cutting its stake by nearly two-thirds and Thiel Macro Fund selling approximately 537,000 shares, representing nearly 40% of its portfolio [6]. - Nvidia's partnership with OpenAI is under scrutiny as Google has made significant advancements in AI, potentially impacting OpenAI's economic position [7]. - The future server shipments of Industrial Fulian are expected to correlate with Nvidia's AI chip demand, with Morgan Stanley estimating that 28% of Nvidia's HGX/DGX servers in 2024 will come from Industrial Fulian [7].

Core Insights - A-shares experienced a slight increase across the three major indices on November 24, with most industry sectors rising, particularly the shipbuilding sector, while energy metals faced a decline [1] Industry Summary - Ten industries saw net inflows of main funds, with significant inflows in defense and military (24.98 billion) and media (20.27 billion) sectors, surpassing other industries [1] - The retail, construction decoration, and public utilities sectors also recorded net inflows exceeding 2 billion each [1] - In contrast, 21 industries experienced net outflows, with the electronics sector leading at over 40 billion, followed by computer and power equipment sectors with over 20 billion each [1] Company Summary - BlueFocus saw a significant increase of over 15%, with net inflows of 13.44 billion, attributed to stable revenue growth and rapid expansion in AI revenue [3] - Provincial Advertising reached a limit-up with net inflows of 7.38 billion, benefiting from upcoming aviation exhibitions showcasing new products and technologies [3] - Longcheng Military Industry led the tail-end net inflows with 2.51 billion, while several companies like Xinyi Sheng and Heertai faced substantial outflows exceeding 8 billion [4][6]

Market Overview - A-shares experienced a midday surge with the Shanghai Composite Index slightly up by 0.05% closing at 3836.77 points, while the Shenzhen Component rose by 0.37% to 12585.08 points, and the ChiNext Index increased by 0.31% to 2929.04 points [1] - The total trading volume across the Shanghai, Shenzhen, and North exchanges reached 17,405 billion yuan [1] Military Industry Surge - The military sector saw significant gains, with companies like Zhaobiao Co. (301136), Jiuzhiyang (300516), and Jianglong Shipbuilding (300589) hitting the 20%涨停 limit [2][3] - Notable performers included North Long Dragon (301357) up over 12% and other companies like Zhongtian Rocket (003009) and Changcheng Military Industry (601606) also reaching涨停 [2] AI Application Activity - The AI application sector was notably active, with Guangyun Technology (688365) hitting a 20%涨停 and Pinming Technology (688109) rising nearly 16% to reach a new historical high [5][6] - Other significant gainers included BlueFocus (300058) and Shanshui Bide (300844), both increasing over 15% [5] Industrial Fortune's Decline - Industrial Fortune (601138), a company with a market capitalization exceeding 1 trillion yuan, saw a significant drop of nearly 8% over two days, closing at 55.94 yuan per share [8] - Market rumors suggested a downward revision in the company's AI server cabinet shipment volume and profit per cabinet, leading to a reduction in fourth-quarter performance targets [8] - However, Industrial Fortune clarified that its fourth-quarter operations are proceeding as planned, with no adjustments to profit targets [8]

Core Viewpoint - The stock price of Industrial Fulian has been declining, influenced by the fluctuations in Nvidia's AI chip demand and ongoing discussions about the "AI bubble" [1][5] Group 1: Stock Performance - Industrial Fulian's stock price has dropped 30.77% from October 30 to November 24, resulting in a market value loss of over 400 billion yuan [1] - As of November 24, Industrial Fulian's stock closed down 7.8% [1] Group 2: Earnings and Market Reactions - There are rumors regarding Industrial Fulian lowering its fourth-quarter performance targets and cabinet shipment expectations, which have raised investor concerns [3] - Industrial Fulian clarified that its fourth-quarter operations, including shipments of Nvidia's GB200 and GB300 products, are proceeding as planned, with strong customer demand [3][4] - Both Industrial Fulian and Nvidia reported quarterly earnings exceeding market expectations, with Nvidia achieving revenue of $57 billion and net profit of $31.9 billion for the third quarter of fiscal 2026, marking year-on-year increases of 62% and 65% respectively [4] - Industrial Fulian's third-quarter revenue reached 243.172 billion yuan, a year-on-year increase of 42.81%, and net profit was 10.373 billion yuan, up 62.04% [4] Group 3: Institutional Actions - Some institutions have reduced their holdings in Nvidia, with Bridgewater significantly cutting its stake by nearly two-thirds in the third quarter [4] - Thiel Macro Fund sold approximately 537,000 shares of Nvidia, representing nearly 40% of its investment portfolio [4] Group 4: Competitive Landscape - Nvidia's partnership with OpenAI is under scrutiny, especially as Google has made significant advancements in AI with its Gemini 3 model, potentially impacting OpenAI's economic position [5] - Google's progress in AI may alter the competitive landscape, as it has developed chips that reduce reliance on Nvidia's GPUs [5] - As a core supplier to Nvidia, Industrial Fulian's server shipments will be closely tied to Nvidia's AI chip demand, with Morgan Stanley estimating that 28% of Nvidia's HGX/DGX servers in 2024 will come from Hon Hai and its subsidiary Industrial Fulian [5]

Core Viewpoint - The A-share market experienced a significant afternoon rally, with major indices closing higher, while the Hong Kong stock market also saw substantial gains, particularly in the military and AI application sectors [1][2]. Group 1: A-share Market Performance - The Shanghai Composite Index rose by 0.05% to close at 3836.77 points, while the Shenzhen Component Index increased by 0.37% to 12585.08 points, and the ChiNext Index gained 0.31% to 2929.04 points [1]. - The total trading volume across the Shanghai and Shenzhen markets reached 17,405 billion yuan [1]. Group 2: Military Sector Surge - The military sector saw a significant increase, with companies like Zhaobiao Co., Jiu Zhi Yang, and Jianglong Shipbuilding hitting the 20% daily limit up [4]. - Notable performers included Beifang Changlong, which rose over 12%, and several other military-related stocks also reached their daily limit [4][5]. Group 3: AI Application Sector Activity - The AI application sector was notably active, with Guangyun Technology hitting the 20% limit up and Pinming Technology rising nearly 16% to reach a new historical high [8]. - Other companies in this sector, such as Lanse Guangbiao and Shanshui Bide, also saw gains exceeding 15% [8][9]. Group 4: Industrial Fulian's Decline - Industrial Fulian experienced a significant drop, with its stock price falling nearly 8% over two days, closing at 55.94 yuan per share [12]. - Market rumors suggested a downward revision in the company's AI server cabinet shipment volume and profit margins, leading to a reassessment of its fourth-quarter performance targets [12].

记者丨叶映橙 见习记者林健民 这并非是工业富联的"小作文"首次发酵。此前，在11月13日举行的业绩说明会上，工业富联就回应称，针对市场上有关"订单或 展望下调"的传闻，未发布任何相关口径，现有客户项目进度与交付节奏正常。 彼时工业富联表示，当前公司各个重点案子推进顺利，对应产线、测试与交付能力均按计划运作当中。同时，公司新品推进顺 利，目前多项新产品的协同开发正同步进行，新品在算力密度、电源能效及系统可靠性方面全面升级，特别在供电架构、散热 效率与集成强度方面带来显著优化。后续，相关产品也会成为公司高端AI服务器交付的核心增长引擎之一。 三季报显示，2025年前三季度，工业富联实现营收6039.31亿元，同比增长38.4%，归母净利润达224.87亿元，同比增长48.52%； 第三季度营收达2431.72亿元，同比增长42.81%，归母净利润达103.73亿元，同比增长62.04%。面对亮眼的业绩表现，工业富联 在季报中表示，受AI服务器市场持续扩张、新一代超大规模数据中心用AI机柜产品规模化交付及AI算力需求强劲拉动，公司在 主要客户的市场份额稳步提升；云服务商业务表现优异，推动整体营业收入增长。 公开资料 ...

Core Viewpoint - Recent market rumors suggested that Industrial Fulian may lower its orders or outlook, leading to a significant drop in its stock price, which fell by 7.8% to 55.94 yuan per share on November 24, marking a cumulative decline of over 15% in two trading days, reaching a two-month low [1][3]. Financial Performance - For the first three quarters of 2025, Industrial Fulian reported revenue of 603.93 billion yuan, a year-on-year increase of 38.4%, and a net profit attributable to shareholders of 22.49 billion yuan, up 48.52%. In the third quarter alone, revenue reached 243.17 billion yuan, growing by 42.81%, with net profit at 10.37 billion yuan, reflecting a 62.04% increase [5]. Business Operations - Industrial Fulian has confirmed that its overall operations for the fourth quarter are proceeding as planned, with strong customer demand and normal production and shipment activities. The company has not adjusted its profit targets for the fourth quarter and is on track with the development of next-generation products [3][4]. - The company emphasized that its key projects are progressing smoothly, with production lines, testing, and delivery capabilities operating as scheduled. New products are being developed in collaboration with clients, focusing on improvements in power supply architecture, heat dissipation efficiency, and integration strength, which are expected to drive growth in high-end AI server deliveries [4]. Market Position - Industrial Fulian is recognized as a leading provider of high-end intelligent manufacturing and technology service integration solutions, specializing in the design, research and development, manufacturing, and sales of communication and mobile network equipment, cloud computing, industrial internet, and robotics [5].

Group 1: Market Activity - AI application stocks showed active performance today, with "Zhi De Mai" receiving purchases from three institutions totaling 57.48 million [1] - "Visual China" faced sell-offs from two institutions amounting to 79.92 million, along with significant sales from two frontline trading seats [1][15] - "Yi Dian Tian Xia" was sold off by one institution for 78.35 million, with additional sales from two frontline trading seats totaling 18.1 million [2][15] Group 2: Stock Trading Volume - The total trading volume for the Shanghai Stock Connect reached 1146.53 billion, while the Shenzhen Stock Connect totaled 1216.55 billion [3] - The top traded stocks on the Shanghai Stock Connect included "Industrial Fulian" at 34.19 billion, followed by "Kweichow Moutai" at 16.77 billion [4] - On the Shenzhen Stock Connect, "Zhongji Xuchuang" led with 47.87 billion, followed by "Ningde Times" at 34.51 billion [5] Group 3: Sector Performance - Sectors such as military industry, AI applications, and commercial aerospace saw significant gains, while energy metals, Hainan, and gas sectors experienced declines [6] - The military industry sector had a net inflow of 50.72 billion, marking a net inflow rate of 5.31% [7] - The electronics sector led in net outflows, with a total of -67.82 billion, reflecting a net outflow rate of -2.61% [8] Group 4: Individual Stock Fund Flow - "BlueFocus" topped the net inflow list with 13.02 billion, followed by "Yiling" at 9.85 billion [9] - Conversely, "Industrial Fulian" led the net outflow with -26.94 billion, followed by "Xin Yi Pan" at -12.06 billion [10] Group 5: ETF Trading - The top ten ETFs by trading volume included "Zha Gang Securities ETF" at 74.282 billion, with a decrease of 12.56% from the previous trading day [11] - The "Real Estate ETF" saw a significant increase in trading volume, up 161.34% to 7.3597 billion [11] Group 6: Futures Market - In the futures market, all four major index contracts (IH, IF, IC, IM) saw a reduction in positions, with IM experiencing the most significant decrease in short positions [13]