#工业富联表示将调整回购价格上限#【工业富联：将尽快召开董事会调整回购价格上限】#工业富联股 价自最高点跌30%#有投资者问工业富联，公司最近股价一路下跌，从最高点已跌30％，请问公司是否 有回购计划及实施进度？工业富联在互动平台表示，公司2025年第一次临时股东大会审议通过的回购股 份价格上限为不超过20元/股，经2024年年度权益分派后调整为不超过19.36元/股。后续，公司将尽快召 开董事会调整回购价格上限，并加速推进回购事项。（智通财经） ...

Core Viewpoint - Industrial Fulian's stock price has experienced a significant decline, reaching a low of 54.6 CNY per share, with a closing price of 55.94 CNY, down 7.80% on November 24, 2023, and a total market value of 1.1 trillion CNY [2][6]. Group 1: Stock Performance - The stock has seen a cumulative decline of over 15% in the last two trading days, marking a new low in nearly two months [2]. - The trading volume on November 24 reached 18.724 billion CNY [2]. Group 2: Market Rumors and Company Response - The unusual stock price fluctuation may be linked to rumors regarding a downward revision of AI server cabinet shipments and profits, with cabinet numbers adjusted to 80,000 and profit per cabinet declining due to competition from cloud service providers and Nvidia [6]. - Industrial Fulian has not officially responded to these rumors, but previously stated that there were no adjustments to orders or outlooks, and that project progress and delivery schedules remain normal [6][7]. Group 3: Financial Performance - In Q3, Industrial Fulian reported record-high revenue of 243.17 billion CNY, a year-on-year increase of 42.81%, and a net profit attributable to shareholders of 10.37 billion CNY, up 62.04% [7][8]. - For the first three quarters of 2025, the company achieved revenue of 603.93 billion CNY, a 38.4% increase year-on-year, and a net profit of 22.49 billion CNY, up 48.52% [8]. Group 4: Industry Outlook - According to TrendForce, global capital expenditure by major cloud service providers is expected to grow by 65% in 2025, with a forecast of exceeding 600 billion USD in 2026, indicating strong long-term growth potential for AI infrastructure [9]. - Industrial Fulian anticipates that the overall shipment of AI servers will exceed previous expectations due to increased capital expenditure from cloud service providers [9]. - The company expects positive support for its gross margin in Q4 due to declining unit costs and improved yield rates, with significant growth in its switch business driven by AI demand [9].

Core Viewpoint - Industrial Fulian's stock price has experienced a significant decline, reaching a low of 54.6 CNY per share, with a total market value of 1.1 trillion CNY, amid rumors regarding its AI server cabinet shipments and profit margins [2][6]. Group 1: Stock Performance - As of November 24, Industrial Fulian's stock closed at 55.94 CNY per share, down 7.80%, with a trading volume of 18.724 billion CNY, marking a cumulative decline of over 15% in the past two trading days [2]. - The stock price has hit a new low in nearly two months, reflecting investor concerns [2]. Group 2: Market Rumors and Company Response - Recent rumors suggest a downward revision 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 [6]. - Industrial Fulian has not officially responded to these rumors, maintaining that project progress and delivery schedules are normal [6][7]. Group 3: Business Performance and Outlook - In the third quarter, Industrial Fulian reported record-high revenue of 243.172 billion CNY, a year-on-year increase of 42.81%, and a net profit of 10.373 billion CNY, up 62.04% [7]. - For the first three quarters of 2025, the company achieved revenue of 603.931 billion CNY, a 38.4% increase, and a net profit of 22.487 billion CNY, up 48.52%, nearing last year's total [9]. - The company anticipates continued growth in AI server shipments due to increased capital expenditures from major cloud service providers, with expectations for improved gross margins in the fourth quarter driven by cost reductions and yield improvements [9][10]. Group 4: Product Development and Future Projections - Industrial Fulian is advancing multiple new products that enhance computing density, power efficiency, and system reliability, which are expected to drive growth in high-end AI server deliveries [7]. - The company expects the 800G product line to be a key driver of revenue in 2026, with significant growth anticipated in the switch business, which saw a 100% year-on-year increase in the third quarter [9][10].

Market Overview - A-shares saw collective gains across the three major indices, with the Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 0.37%, and the ChiNext Index up 0.31% [2][3] Sector Performance - The military, satellite navigation, low-altitude economy, AI applications, cloud computing, 6G, and e-commerce sectors showed active performance, while the lithium battery industry chain experienced a pullback, particularly in lithium mining stocks [3] - The military sector saw significant gains, with over 10 stocks hitting the daily limit up, including Jianglong Shipbuilding, Jiuzhiyang, China Shipbuilding Defense, and Guoji Precision [3][4] Stock Highlights - Notable gainers included Jiuzhiyang (+20.00%), Pingao Co. (+19.99%), and Jianglong Shipbuilding (+19.98%) [4] - The total trading volume in the Shanghai and Shenzhen markets was 1.73 trillion yuan, a decrease of 237.9 billion yuan from the previous trading day, with over 4,200 stocks rising [3] Capital Flow - Main capital inflows were observed in the media, aerospace, and automotive sectors, with net inflows into stocks like BlueFocus, 360, and Changcheng Military Industry [6] - Conversely, significant net outflows were noted in stocks such as Industrial Fulian, New Yisheng, and Zhongji Xuchuang [7] Institutional Insights - Huatai Securities indicated that the current market adjustment has begun to show signs of support, with expectations of improved overseas liquidity and reduced domestic funding pressure [8] - Galaxy Securities highlighted structural strengths in emerging industries amid economic transformation, with a narrowing decline in PPI potentially boosting corporate profit margins [8] - Xing Shi Investment noted that historical bull markets often experience pullbacks, attributing the current market adjustment primarily to valuation corrections, while maintaining a "slow bull" outlook for the A-share market [8]

Market Overview - A-shares saw collective gains across the three major indices, with the Shanghai Composite Index up 0.05%, Shenzhen Component Index up 0.37%, and ChiNext Index up 0.31% [3][4]. - The total trading volume in the Shanghai and Shenzhen markets was 1.73 trillion, a decrease of 237.9 billion from the previous trading day [8]. Sector Performance - The military industry sector experienced a significant surge, with over 10 stocks hitting the daily limit, including Jianglong Shipbuilding and Jiuzhiyang [5]. - Lithium mining stocks continued to adjust, with Shengxin Lithium Energy hitting the daily limit down, and other companies like Jinyuan Co. and Ganfeng Lithium also seeing notable declines [6]. Capital Flow - Main capital inflows were observed in sectors such as media, aerospace, and automotive, while semiconductor, electronics, and securities sectors experienced net outflows [9]. - Specific stocks that attracted net inflows included BlueFocus, 360, and Great Wall Military Industry, with inflows of 1.317 billion, 1 billion, and 842 million respectively [9]. Analyst Insights - Huatai Securities noted that the current market adjustment has begun to show signs of support, with expectations of improved overseas liquidity and reduced domestic funding pressure, leading to a healthier market environment [9]. - Galaxy Securities highlighted that structural highlights in emerging industries are becoming more prominent, with narrowing PPI declines expected to boost corporate profit margins, supporting a positive trend for A-shares [9]. - Xing Shi Investment pointed out that historical bull markets often experience corrections, attributing the current market pullback primarily to valuation adjustments, while anticipating a shift towards fundamental drivers as the market enters an earnings realization phase [10].

格隆汇11月24日｜有市场传闻称公司下调第四季度利润目标，工业富联(601138.SH)今日大跌，盘中一 度触及跌停，最终收跌7.85报55.94元。工业富联证券事务代表揭晓小在社交平台称，不信谣，不传谣！ 并称"那个没来源的图都包浆了"。 另外，工业富联今日在互动平台回复提问称，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。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。 ...

格隆汇11月24日丨工业富联(601138.SH)在互动平台表示，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。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。 ...

转自：智通财经 【主力资金监控：蓝色光标净买入超11亿】智通财经11月24日电，智通财经星矿数据显示，今日主力资 金净流入国防军工、文化传媒、计算机等板块，净流出电子、半导体、基础化工等板块，其中电子板块 净流出超67亿元。个股方面，蓝色光标主力资金净买入11.68亿元位居首位，三六零、数据港、省广集 团主力资金净流入居前；工业富联遭净卖出超26亿元位居首位，中际旭创、榕基软件、新易盛主力资金 净流出额居前。 ...

Core Viewpoint - The article discusses the recent rumors surrounding Industrial Fulian (富联) and its relationship with NVIDIA, particularly regarding the potential impact of NVIDIA's Level-10 (L10) system on the company's performance and market position [2][3][5]. Group 1: Market Rumors and Clarifications - There has been a surge of rumors about Industrial Fulian, primarily focusing on its role as a core asset in computing power and its advancements with ASIC manufacturers like Google [2]. - An analyst's comments during Wistron’s Q3 earnings call suggested that NVIDIA might supply L10 systems directly to partners, which has led to confusion regarding the company's product strategy [3]. - The article emphasizes that the claims about transitioning from L6 to L12 are incorrect, as NVIDIA has only achieved L6 so far [3]. Group 2: Performance Expectations - The article mentions that despite the rumors, Industrial Fulian's Q4 cabinet deliveries are expected to grow by over 30% quarter-on-quarter, indicating a positive outlook for the company's performance [4]. - The downward revision of Q4 performance guidance is questioned, as it seems unreasonable to adjust forecasts so soon after the Q3 report, especially when other business segments remain stable [5]. - The cloud computing segment is projected to see a continued increase in gross margin due to successful GB200 shipments and improved production efficiency with GB300 [5]. Group 3: Competitive Landscape - The article outlines the various levels of integration in the production process, from component manufacturing to multi-rack cluster integration, highlighting the complexity of the supply chain [6]. - It notes that in the GB200/300 series, CSPs (Cloud Service Providers) can customize their AI server trays significantly, which may be impacted by NVIDIA's push for standardized L10 trays [11]. - JP Morgan's analysis suggests that CSPs may oppose NVIDIA's standardization efforts, which could lead to a more concentrated competitive landscape among ODMs [10][11]. Group 4: Future Prospects - Industrial Fulian's ASIC customization business is expected to enter a substantial deployment phase next year, with projections indicating a revenue contribution ratio of 2:8 for ASIC to GPU [9]. - The article concludes that the current situation remains uncertain, and the market tends to react negatively to any adverse news, necessitating a rational perspective on the developments [11].

全市场半日成交额为1.03万亿元，较上日同期明显缩量；全市场超3200只个股上涨。 11月24日上午，A股市场高开低走，午前跌幅持续扩大。截至午间收盘，上证指数跌0.34%，深证成指跌0.59%，创业板指跌0.77%。 盘面上，上午国防军工、传媒等板块走高，中船系、航母、商业航天、军工信息化等概念股活跃，水产股继续走强；锂板块全线走弱，海南概念股冲高回 落。 | 序号代码 名称 | 现价 涨跌 涨跌幅 * | | --- | --- | | 1 9999 网易-S | 216.2011.600 5.67% | | 2 1024 快手-W | 67.300 3.300 5.16% | | ന | 9988 阿里巴巴-W 153.70 6.100 4.13% | | ব 3692 翰森制药 | 39.700 1.520 3.98% | | 5 2359 药明康德 | 104.70 3.200 3.15% | | 6 | 9888 百度集团-SW 110.50 3.200 2.98% | | 7 | 95.250 2.500 2.70% | | 8 0001 长和 | 54.850 1.400 2.62% | | ...