NAND wafer 合约价格大幅提升，AI 从云到端 拥抱新机遇 [Table_ReportDate] 2025 年 12 月 7 日 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮箱：yangyuxuan@cindasc.com 王义夫 电子行业分析师 执业编号：S1500525090001 邮 箱：wangyifu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] NAND wafer 合约价格大幅提升，AI 从 云到端拥抱新机遇 [Table_ReportDate] 2025 年 12 ...

Company Overview - Intel is a leading global provider of computing and related technology products and services, operating through three primary segments: client computing group, data center group, and foundry/manufacturing services [2][3][4] Recent Financial Performance - For Q3 2025, Intel reported revenues of $13.7 billion, a 3% year-over-year increase and a 6% sequential increase [7] - The company posted a 23% adjusted profit, significantly exceeding expectations of break-even for the quarter [8] - Non-GAAP gross margins improved to 40% of sales, well above the expected guidance and its historical average of around 34% [8] Segment Performance - The client computing group revenue increased 5% year-over-year to $8.5 billion, driven by PC strength and early AI PC demand [9] - The data center division revenue was $4.1 billion, remaining flat year-over-year but showing improved operating income [9] Strategic Investments and Partnerships - Intel secured an $8.9 billion US government investment for a 10% stake, alongside a $7 billion investment from Nvidia and SoftBank, strengthening its balance sheet and funding its foundry and AI expansion [10][11] - The company reversed plans to spin out its networking division, opting to keep it integrated to support its long-term AI and edge computing strategy [10] Market Position and Competitive Landscape - Intel's unique value lies in its comprehensive product portfolio that supports a wide array of computing environments, positioning it as a key player in both design and manufacturing of advanced chips [6][11] - The company faces competition from AMD, Nvidia, Broadcom, Qualcomm, and Taiwan Semiconductor in various segments [5][11] Future Outlook - Profitability is expected to improve with EBITDA growth estimates increasing to over 9%, contrasting with a negative 3.9% average over the last five years [13] - The client computing division is benefiting from a PC refresh cycle and demand for AI PCs, while the data center division is upgrading CPUs and deploying AI accelerators [11] Technical Analysis - Intel's stock has shown strong performance, up approximately 87% over the past year, significantly outperforming the sector median and the S&P 500 [17] - The stock is trading above its 10-day moving average, indicating bullish sentiment and strong investor confidence [19] Long-term Considerations - Despite recent improvements, Intel's stock is still down approximately 17% over the past five years, reflecting ongoing structural and technology shifts [20] - The company is focusing on a full-stack strategy that integrates CPUs, GPU accelerators, networking, and software, while emphasizing openness and geographic diversification in manufacturing [21]

来源：环球网 【环球网科技综合报道】12月6日消息，据外媒MacRumors 报道称，广发证券分析师蒲得宇（Jeff Pu） 在最新研究报告中指出，英特尔有望于2028年起重新进入苹果iPhone供应链，为非Pro版机型代工A系列 芯片。届时，苹果自研的A22芯片将采用英特尔14A（1.4 nm级）先进制程，潜在搭载终端包括iPhone 20、iPhone 20e等标准款机型。 外媒称，英特尔仅承担晶圆代工角色，不参与芯片设计；苹果将继续手握核心架构，生产份额预计低于 台积电，但标志着iPhone主芯片代工格局再度生变。 此前，天风证券郭明錤曾预测，英特尔2027年将率先以18A（2 nm以下）制程为Mac/iPad低端M系列芯 片试产，为14A工艺在手机端落地铺路。 若计划成真，这将是英特尔继基带芯片（iPhone 7–11系列）之后，再度为iPhone提供核心处理器代工。 （青云） ...

Core Viewpoint - Citigroup has reiterated a "Sell" rating for Intel Corporation due to concerns regarding its ability to supply Apple with ARM CPUs, despite Intel's significant stock price increase over the past year [1][6]. Company Performance - Intel's stock price is currently $42.03, reflecting a 3.79% increase or a gain of $1.53, with a trading range today between $41.16 and $42.83 [3]. - Over the past year, Intel's stock has surged by 95%, significantly outperforming Nvidia's 28% increase, indicating a successful contrarian investment strategy [2][6]. - Intel's market capitalization stands at approximately $184.86 billion, with a trading volume of 75.09 million shares [3]. Investment Strategy - A strategic shift was recommended a year ago, suggesting investors reduce holdings in Nvidia and invest in Intel, which was perceived as undervalued at that time [2]. - The importance of diversified investment strategies and asset allocation is emphasized as the semiconductor market continues to evolve [5][6]. - Trefis' wealth management partner has successfully utilized asset allocation strategies, achieving positive returns even during significant market downturns, such as the 2008-09 financial crisis [4].

We came across a bearish thesis on Intel Corporation on TechIt_alt’s Substack. In this article, we will summarize the bulls’ thesis on INTC. Intel Corporation's share was trading at $40.01 as of December 1st. INTC’s trailing and forward P/E were 666.83 and 66.67 respectively according to Yahoo Finance. Photo by Slejven Djurakovic on Unsplash Intel’s Q3 results delivered a headline beat, with revenue up 3% year-over-year to $13.7 billion and EPS of $0.23 surpassing expectations, yet the underlying story ...

We recently published 10 Stocks Losing Their Fire. Intel Corporation (NASDAQ:INTC) is one of the worst performers on Thursday. Intel snapped a two-day rally on Thursday, shedding 7.45 percent to close at $40.50 apiece as investors resorted to profit-taking to take advantage of the previous day’s record high. At intra-day trading, the stock fell by as much as 8.3 percent. Intel (INTC) Falls 7% from Record High as Traders Book Profits Earlier this week, investors loaded on shares of Intel Corporation (NA ...

英特尔（INTC）周五早盘上涨4.4%，此前有报道称该公司将保留其网络业务部门 来源：环球市场播报 ...

来源：中国基金报 【导读】美股上涨，白银价格继续暴涨创新高，中概股大涨，背后三大利好消息 | 索威尔 | 0.967 | +12.03% | | --- | --- | --- | | us LHSW.OQ | | | | 奇梦岛 | 5.53 | +11.39% | | us HERE.OQ | | | | 叮咚买菜 | 2.15 | +10.33% | | us DDL.N | | | | 虎牙 | 3.03 | +8.04% | | US HUYA.N | | | | 亿咖通科技 | 2.09 | +7.47% | | us ECX.OQ | | | | 百度 | 124.84 | +5.15% | | us BIDU.OQ | | | | 新氧 | 3.26 | +4.66% | | us SY.OQ | | | | Epsium Enterprise Limited | 3.98 | +4.46% | | us EPSM.OQ | | | | 万国数据 | 35.18 | +4.14% | | us GDS.OQ | | | | 信也科技 | 5.21 | +3.99% | | us FINV.N ...

（文章来源：证券日报） 证券日报网讯 12月5日，华勤技术在互动平台回答投资者提问时表示，近日，华勤技术获得英特尔合作 伙伴联盟（IntelPartnerAlliance）最高等级认证——"尊享级合作伙伴"（IntelPrestigePartner）。这一荣誉 是英特尔对其全球合作伙伴在技术研发、市场影响力、客户服务等维度综合评估后的最高认可。这一认 证标志着华勤技术与英特尔的合作进入了"生态共振"的新阶段，正在构建一种更加深入、更具价值的协 同创新模式。未来，华勤技术将通过自身在研发能力、市场影响力、产品质量管理、销售业绩、客户服 务水准等多维度的优秀能力，与更多产业链上下游和技术平台进一步深化在硬件技术研发、软硬件融 合、等多价值链的合作，持续优化关键技术与产品，为客户创造更多价值。 ...

消息人士透露，英特尔战略转向的背后是公司财务状况的显著改善。今年8月，在一项由特朗普政府促 成的非传统交易中，美国政府购入了英特尔10%的股份。此外，软银集团向英特尔投资20亿美元，英伟 达也追加了50亿美元投资。在此背景下，英特尔股价今年以来已上涨逾一倍。 周五，英特尔(INTC.US)涨逾3%，报42.01美元。消息面上，周三，英特尔公司宣布搁置此前剥离其网 络与边缘计算业务部门(NEX)的计划，决定将该部门完全保留在公司内部运营。英特尔在周三发布的官 方声明中表示："在对NEX的战略选项进行了全面评估后，包括潜在的独立运营路径，我们认定该业务 留在英特尔内部最有利于其实现成功。将NEX保留在公司内部，有助于实现硅芯片、软件和系统之间 的更紧密集成，从而增强我们在人工智能、数据中心和边缘计算领域的客户解决方案。" ...