工业富联11月24日大宗交易平台共发生2笔成交，合计成交量18.85万股，成交金额1054.47万元。成交价 格均为55.94元。从参与大宗交易营业部来看，机构专用席位共出现在2笔成交的买方或卖方营业部中， 合计成交金额为1054.47万元，净卖出1054.47万元。 11月24日工业富联大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | 业部 | | 15.00 | 839.10 | 55.94 | 0.00 | 国泰海通证券股份有限公司总部 | 机构专 | | | | | | | 用 | | 3.85 | 215.37 | 55.94 | 0.00 | 中信证券股份有限公司深圳深南中路 | 机构专 | | | | | | 中信大厦证券营业部 | 用 | （文章来源：证券时报网） 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为1801.63万元。 证券时报·数据宝统计显示，工业富联今日收盘价为55.9 ...

Group 1 - Industrial Fulian clarifies that it has not lowered its fourth-quarter profit target and that operations are proceeding as planned with strong customer demand [1] - Moore Threads announces an initial online subscription rate of 0.0242% for its recent issuance, with 4.8266 million valid subscription accounts [1] - Longpan Technology signs a supplementary agreement with Chuangneng New Energy, increasing the total sales amount to over 45 billion RMB for lithium iron phosphate products from 2025 to 2030 [2] Group 2 - Fangda Carbon plans to participate as an investor in the restructuring of Shanshan Group and its wholly-owned subsidiary [3] - Tianqi Lithium's subsidiary appeals to the Chilean Supreme Court against a ruling from the Santiago Court [4] - Pingao Co. reports significant uncertainty regarding the future profitability of Jiangyuan Technology, which has not yet achieved profitability [4] Group 3 - Antai Technology secures a major order worth nearly 70 million RMB for key components in controlled nuclear fusion projects [6] - Petty Co. announces a share repurchase plan of 50 to 70 million RMB, with a maximum price of 26 RMB per share [7] - Huida Technology conducts its first share repurchase, acquiring 120,000 shares at a total cost of approximately 9.57 million RMB [8] Group 4 - Jianghua Micro announces a 1.23% reduction in shares by its chairman through block trading [10] - Lege Co.'s controlling shareholder plans to increase holdings by 40 to 80 million RMB [11] - Hongfu Han's controlling shareholder intends to reduce holdings by up to 2% [12] Group 5 - Tongji Technology's subsidiary wins an 866 million RMB project in Xi'an [16] - Guangdong Construction signs an 1.888 billion RMB contract for a 300MW/1200MWh energy storage project [16] - Jinguang Electric is a candidate for a 32.32 million RMB project with the State Grid [17] Group 6 - Jinbei Automotive signs a cooperation framework agreement with JD.com to become a supplier for JD's automotive business [19] - Shunyu Co. is part of a consortium that has pre-bid for a 1.023 billion RMB project [20] - Huaxia Happiness faces uncertainties regarding its pre-restructuring process, with board members raising objections [21] Group 7 - Beijing Junzheng corrects its third-quarter report, adjusting net profit upwards by 11.44 million RMB [22] - Yidian Tianxia's major shareholder sold shares during stock fluctuations, consistent with prior disclosures [23]

今日焦点 摩尔线程：网上发行最终中签率为0.03635054% 摩尔线程公告，根据上交所提供的数据，本次网上发行有效申购户数为482.66万户，有效申购股数为 462.17亿股，网上发行初步中签率为0.02423369%。根据《摩尔线程智能科技（北京）股份有限公司首 次公开发行股票并在科创板上市发行公告》公布的回拨机制，由于本次网上发行初步有效申购倍数约为 4126.49倍，超过100倍，发行人和保荐人（主承销商）决定启动回拨机制，对网下、网上发行的规模进 行调节，将扣除最终战略配售部分后本次公开发行股票数量的10%（向上取整至500股的整数倍，即 560.00万股）从网下回拨到网上。回拨机制启动后：网下最终发行数量为3,920.00万股，占扣除最终战 略配售数量后发行数量的70.00%；网上最终发行数量为1,680.00万股，占扣除最终战略配售数量后发行 数量的30.00%。回拨机制启动后，网上发行最终中签率为0.03635054%。 工业富联：公司未向市场下调第四季度利润目标 工业富联发布澄清公告称，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 ...

Market Overview - The net outflow of large orders in the two markets reached 321 million yuan, with 2,043 stocks experiencing net inflows and 2,660 stocks facing net outflows [1] - The Shanghai Composite Index closed up by 0.05% [1] Industry Performance - Among the 12 industries with net inflows, the defense and military industry led with a net inflow of 4.99 billion yuan and an index increase of 4.31% [1] - The media industry followed with a net inflow of 2.73 billion yuan and a rise of 3.49% [1] - Other notable industries with significant net inflows include construction decoration and computer sectors [1] - Conversely, 19 industries experienced net outflows, with the electronics sector seeing the highest outflow of 4.76 billion yuan [1] - The power equipment sector followed with a net outflow of 1.36 billion yuan [1] Individual Stock Performance - A total of 24 stocks had net inflows exceeding 200 million yuan, with BlueFocus leading at 1.706 billion yuan [2] - Great Wall Military Industry ranked second with a net inflow of 989 million yuan [2] - Other notable stocks with significant inflows include Provincial Advertising Group, 360 Security Technology, and Data Harbor [2] - On the outflow side, Industrial Fulian had the highest net outflow of 1.743 billion yuan [4] - Other stocks with significant outflows include Zhongji Xuchuang and Rongji Software, with outflows of 1.248 billion yuan and 679 million yuan, respectively [4] Stock Price Movements - Stocks with net inflows exceeding 200 million yuan saw an average increase of 9.94%, outperforming the Shanghai Composite Index [2] - Notable stocks that closed at their daily limit include Guangyun Technology and Provincial Advertising Group [2] Sector Concentration - The stocks with the highest net inflows are concentrated in the defense and military, computer, and communication sectors, with 6, 4, and 3 stocks respectively [2]

Market Overview - The Shanghai Composite Index rose by 0.05% on November 24, with 19 sectors experiencing gains, led by defense and military industry and media, which increased by 4.31% and 3.49% respectively [1] - The electronic industry saw a modest increase of 0.64% [1] - The sectors with the largest declines were oil and petrochemicals, down by 1.21%, and coal, down by 1.09% [1] Capital Flow Analysis - The main capital flow showed a net outflow of 10.192 billion yuan across the two markets, with 11 sectors experiencing net inflows [1] - The defense and military industry had the highest net inflow of 5.466 billion yuan, corresponding with its 4.31% increase [1] - The media sector followed with a net inflow of 2.542 billion yuan and a daily increase of 3.49% [1] - The electronic industry faced the largest net outflow of 6.708 billion yuan, followed by the power equipment sector with a net outflow of 2.087 billion yuan [1] Electronic Industry Performance - Within the electronic industry, 471 stocks were tracked, with 407 stocks rising and 60 stocks declining [2] - Notably, 1 stock hit the daily limit up while 1 stock hit the daily limit down [2] - A total of 198 stocks in the electronic sector experienced net inflows, with 8 stocks seeing inflows exceeding 100 million yuan [2] - The top three stocks with the highest net inflows were Changying Precision (296 million yuan), Zhongfu Circuit (250 million yuan), and Jingchen Co. (241 million yuan) [2] Electronic Industry Outflow Analysis - The electronic industry also had significant outflows, with 18 stocks experiencing net outflows exceeding 100 million yuan [3] - The stocks with the largest net outflows included Industrial Fulian (-2.562 billion yuan), Heertai (-788 million yuan), and Zhaoyi Innovation (-549 million yuan) [3] - Other notable outflow stocks included Shenghong Technology, Huahong Semiconductor, and others, each with significant negative capital flow [3]

Core Viewpoint - Recent rumors regarding Foxconn Industrial Internet Co., Ltd. (referred to as "Industrial Fulian") suggest a downward revision of AI server cabinet shipment volumes and profits, leading to a significant stock price drop. However, the company has denied these claims, asserting that operations are proceeding as planned and customer demand remains strong [2][3]. Group 1: Company Response - Industrial Fulian issued a clarification on November 24, denying the rumors and confirming that fourth-quarter operations, including shipments of core products like NVIDIA's GB200 and GB300, are on track [2]. - The company emphasized that it has not lowered its profit targets for the fourth quarter and has not received any requests from major clients to adjust business models or pricing [2]. - This is not the first time Industrial Fulian has addressed such rumors; similar statements were made during the third-quarter earnings call, asserting that project progress and delivery schedules are normal [2]. Group 2: Financial Performance - For the third quarter of 2025, Industrial Fulian reported revenue of 243.17 billion yuan, a year-on-year increase of 42.81%, and a net profit attributable to shareholders of 10.37 billion yuan, up 62.04%, both reaching historical highs for a single quarter [3]. - In the first three quarters, the company achieved revenue of 603.93 billion yuan and a net profit of 22.49 billion yuan, nearing last year's total figures [3]. - Growth is primarily driven by the expansion of the AI server market, large-scale data center AI cabinet product deliveries, and explosive growth in cloud service provider business, with GPU AI server revenue increasing over 300% year-on-year [3]. Group 3: Product Development and Outlook - Industrial Fulian's management indicated that the GB200 product is being shipped smoothly, and the GB300 has entered mass production in the third quarter, with improving yield rates and testing efficiency [3]. - The company expects that declining unit costs and improved yields will positively support gross margins in the fourth quarter, maintaining confidence in delivery efficiency as production scales up and manufacturing processes are optimized [3].

Core Viewpoint - Industrial Fulian (601138) issued a clarification statement on November 24, denying rumors about a "reduction in fourth-quarter performance targets" and adjustments in major clients' business models, asserting that operations are proceeding as planned and customer demand remains strong [1][2] Group 1: Company Operations - The company confirmed that the overall operations for the fourth quarter, including the shipment of products like GB200 and GB300, are progressing according to established plans, with no adjustments to performance targets [1][2] - There have been no requests from major clients to alter business models, reduce shares, or adjust prices, indicating stable client relationships [1] - The development of next-generation products in collaboration with clients is on track and proceeding smoothly as per the initial schedule [1][2] Group 2: Market Reactions - Industrial Fulian's market capitalization exceeds 1 trillion, but the stock has seen a nearly 8% decline over two consecutive days, closing at 55.94 yuan per share with a trading volume of 18.72 billion yuan, ranking second in A-share trading [1] - Recent market rumors suggested a downward adjustment in the shipment volume of AI server cabinets to 80,000 units and a decline in profit per cabinet due to cloud service providers and Nvidia reclaiming more profitable segments of the server supply chain [1] - The company has not officially lowered its fourth-quarter performance targets despite these rumors [1][2] Group 3: Industry Context - There are conflicting views regarding the recent volatility in AI-related stocks, with the International Monetary Fund (IMF) warning that the current AI investment boom resembles the internet bubble of 25 years ago, suggesting potential irrational exuberance in market valuations [2] - Conversely, some investment institutions argue that AI investments are still in the early stages, with significant long-term productivity enhancement potential [2]

Macro Dynamics - The People's Bank of China will conduct a 1-year MLF operation of 1 trillion yuan on November 25, 2025, to maintain ample liquidity in the banking system [2] Oil Price Adjustment - Domestic gasoline and diesel prices will be reduced by 70 yuan and 65 yuan per ton respectively, effective from November 24, 2023, with 92 gasoline decreasing by 0.05 yuan per liter, resulting in a savings of 2.5 yuan for a full 50-liter tank [3] Financial Institutions - Morgan Asset Management forecasts a 7.7% annualized return for A-shares over the next 10-15 years, despite a year of rising global stock markets [7] - Citi's wealth management head indicates that record inflows from wealthy clients suggest that the U.S. stock market still has room for growth [8] Market Data - On November 24, the market rebounded with the ChiNext Index rising by 0.31%, driven by strong performances in the aerospace, military, and AI application sectors [8] Company Dynamics - Zhaoyi Innovation plans to achieve mass production of its self-developed LPDDR4X series products next year, supported by its investment in Changxin Technology [10] - Xiaomi Group's founder Lei Jun invested over 100 million HKD to increase his stake to 23.26%, while the company repurchased 21.5 million shares this month [11] - Industrial Fulian confirmed that it has not lowered its profit target for Q4, with operations proceeding as planned [12] - Unisoc announced that its 800G CPO silicon optical switch is ready for mass production and commercial delivery, supporting high-speed interconnect needs for AI workloads [13]

"公司未向市场下调（2025年）第四季度利润目标。"工业富联方面称，公司与客户合作开发的下一代产品，正在按前期计划如期顺利推进中。 2025年前三季度，工业富联的归母净利润为224.87亿元，同比增长48.52%；扣非后净利润为216.57亿元，同比增长46.99%。 【导读】工业富联发布澄清公告称，公司未向市场下调第四季度利润目标 中国基金报记者 邱德坤 11月24日晚间，工业富联发布《澄清公告》称，当日网传公司"下调2025年第四季度业绩目标、大客户在L10/L11商业模式上会有调整"等事项均不属实。 澄清公告显示，当前，工业富联2025年第四季度整体生产及出货一切正常，GB200、GB300等相关产品出货，均按既定计划推进，客户需求持续旺盛。 同时，工业富联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。 | | | | | 单位:千元 币种:人民币 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 本报告期比 上年同期增 | | 年初至报告期 末比上年同期 | | | | | 年初至报告期末 | | | | | 减变动幅度 | | 增减变动幅 ...

"公司未向市场下调（2025年）第四季度利润目标。"工业富联方面称，公司与客户合作开发的下一代产 品，正在按前期计划如期顺利推进中。 【导读】工业富联发布澄清公告称，公司未向市场下调第四季度利润目标 2025年前三季度，工业富联的归母净利润为224.87亿元，同比增长48.52%；扣非后净利润为216.57亿 元，同比增长46.99%。 11月24日晚间，工业富联发布《澄清公告》称，当日网传公司"下调2025年第四季度业绩目标、大客户 在L10/L11商业模式上会有调整"等事项均不属实。 澄清公告显示，当前，工业富联2025年第四季度整体生产及出货一切正常，GB200、GB300等相关产品 出货，均按既定计划推进，客户需求持续旺盛。 同时，工业富联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。 | 项目 | 本报告期 | 本报告期比 上年同期增 | 年初至报告期末 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 243,171,777 ...