Financial Performance - The company expects a net profit attributable to shareholders of the parent company to reach between 12.6 billion to 13.2 billion yuan in Q4 2025, an increase of 4.5 billion to 5.1 billion yuan compared to the same period last year, representing a year-on-year growth of 56% to 63% [1] - For the entire year of 2025, the expected net profit attributable to shareholders is projected to be between 35.1 billion to 35.7 billion yuan, an increase of 11.9 billion to 12.5 billion yuan year-on-year, reflecting a growth of 51% to 54% [1] - The company anticipates a net profit excluding non-recurring gains and losses to be between 12.4 billion to 13.0 billion yuan in Q4 2025, which is an increase of 3.7 billion to 4.3 billion yuan year-on-year, indicating a growth of 43% to 50% [1] Cloud Computing Business - In 2025, revenue from cloud service providers' servers is expected to grow by over 180% year-on-year, with Q4 2025 showing a sequential growth of over 30% and a year-on-year increase of over 250% [2] - The revenue from AI servers for cloud service providers is projected to increase by over 300% year-on-year in 2025, with Q4 2025 revenue showing a sequential growth of over 50% and a year-on-year increase of over 550% [2] Communication and Mobile Network Equipment - The company’s high-speed switch business continues to show strong growth, with revenue from 800G and above high-speed switches expected to increase by 1300% year-on-year in 2025, and a year-on-year growth of over 450% in Q4 2025 [2] - The precision components business is expected to achieve double-digit growth in shipment volume compared to the previous year in 2025, further solidifying the foundation for the company's diversified business development [2]

证券代码：601138 证券简称：工业富联 公告编号：2026-006 号 富士康工业互联网股份有限公司 2025 年度业绩预增公告 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。 重要内容提示： 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日 （二）业绩预告情况 经财务部门初步测算，预计公司 2025 年第四季度实现归属于母公司所有者 的净利润 126 亿元到 132 亿元，与上年同期相比，增加 45 亿元到 51 亿元，同比 经富士康工业互联网股份有限公司（以下简称"公司"）财务部门初 步核算，预计公司 2025 年第四季度实现归属于母公司所有者的净利润 126 亿元到 132 亿元，与上年同期相比，增加 45 亿元到 51 亿元，同比 上升 56%到 63%；预计 2025 年全年实现归属于母公司所有者的净利润 351 亿元到 357 亿元，与上年同期相比，增加 119 亿元到 125 亿元，同 比上升 51%到 54%。 预计公司 2025 年第四季度实现归属 ...

每经AI快讯，工业富联（601138）1月28日公告，预计公司2025年全年实现归属于母公司所有者的净利 润351亿元到357亿元，与上年同期相比，增加119亿元到125亿元，同比上升51%到54%。 ...

Core Viewpoint - The company, Industrial Fulian, expects a significant increase in net profit for 2025, driven by strong growth in cloud computing and communication equipment sectors [1] Financial Projections - The company anticipates a net profit attributable to shareholders of 35.1 billion to 35.7 billion yuan for 2025, representing a year-on-year increase of 51.00% to 54.00% [1] - The projected net profit excluding non-recurring gains and losses is expected to be between 34 billion and 34.6 billion yuan, reflecting a year-on-year growth of 45.00% to 48.00% [1] Cloud Computing Business - In 2025, revenue from cloud service provider servers is expected to grow by over 180% year-on-year [1] - For Q4 2025, the revenue from cloud service provider servers is projected to increase by over 30% quarter-on-quarter and over 250% year-on-year [1] - Revenue from AI servers for cloud service providers is expected to grow by over 300% year-on-year in 2025, with Q4 2025 revenue increasing by over 50% quarter-on-quarter and over 5.5% year-on-year [1] Communication and Mobile Network Equipment - The company’s high-speed switch business is expected to continue its strong growth, achieving a year-on-year revenue increase of 1300% for 800G and above high-speed switches in 2025 [1] - In Q4 2025, revenue from 800G and above high-speed switches is projected to grow by over 450% year-on-year [1] Precision Components Business - The precision component business is expected to achieve double-digit growth in shipment volume compared to the previous year, supported by mature technology and a stable customer supply system [1]

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 工业富联公告，预计公司2025年第四季度实现归属于母公司所有者的净利润126亿元到132亿元，与上年 同期相比，增加45亿元到51亿元，同比上升56%到63%；预计2025年全年实现归属于母公司所有者的净 利润351亿元到357亿元，与上年同期相比，增加119亿元到125亿元，同比上升51%到54%。 风险提示及免责条款 ...

- The financing balance of the Shanghai and Shenzhen stock markets increased by 139.05 billion yuan to 26,969.49 billion yuan last week[13][16] - The top five stocks with the highest net financing purchases last week were Ping An Insurance (601318), New Easys (300502), Zijin Mining (601899), Tianfu Communication (300394), and Industrial Bank (601166)[48][50] - The top five stocks with the highest net securities lending sales last week were BYD (002594), Chifeng Gold (600988), BlueFocus (300058), Kweichow Moutai (600519), and Foxconn Industrial Internet (601138)[48][52] - The financing balance of the ETF market was 1142.77 billion yuan, a decrease of 9.40 billion yuan from January 20[43] - The top five ETFs with the highest net financing purchases were Huaxia SSE 50ETF, Huatai-PineBridge CSI 300ETF, GF CSI Hong Kong Stock Connect Non-Bank ETF, Huaan Gold ETF, and Harvest CSI 300ETF[45][46]

Core Viewpoint - The article discusses the growth and dynamics of the PCB (Printed Circuit Board) industry, particularly focusing on the demand for copper-clad laminates (CCL) driven by advancements in AI applications and the increasing need for high-speed, high-frequency materials [3][13]. Industry Overview - PCB is referred to as the "mother of electronic products," serving as a carrier for electrical connections and functional integration of electronic components. The demand for PCBs is influenced by the terminal market, showing a stable growth trend [3]. - The cost structure of PCBs reveals that copper-clad laminates account for approximately 27.30% of the total cost, making them a crucial substrate in PCB manufacturing [3]. Market Segmentation - CCL can be classified based on material and structure, with different categories suitable for various applications, including communication devices, consumer electronics, and automotive electronics [10]. - High-frequency and high-speed CCLs are emerging to meet the demands of AI applications, characterized by high signal transmission speeds (10-50 Gbps) and low loss [11]. Market Size and Growth - The global AI application CCL market is projected to reach approximately $2.4 billion by 2025, $5.8 billion by 2026, and $18.7 billion by 2027, with a compound annual growth rate (CAGR) of about 18% from 2024 to 2027. The high-speed CCL market is expected to grow at a CAGR of 40%, significantly outpacing the average growth rate of the CCL market [13]. Competitive Landscape - The global CCL production capacity is primarily concentrated in Asia, with Taiwanese and Japanese companies holding significant market shares. The high-end CCL market is dominated by Taiwanese and Japanese manufacturers, while mainland Chinese companies are expected to ramp up production starting in 2026 [13]. - Key players in the CCL industry include companies like Shengyi Technology, Nan Ya Plastics, and Panasonic, each with unique strengths and market positions [17]. Recent Developments - Shengyi Technology plans to invest 4.5 billion yuan in a high-performance CCL project by 2026 [18]. - Jinan Guojiji has approved a fundraising plan to raise 1.557 billion yuan for a high-grade CCL project and R&D center [18]. - Nan Ya Plastics intends to raise up to 900 million yuan for the development of high-frequency CCLs based on AI computing power [19]. - Huazheng New Materials has recently added a high-end production line, increasing its capacity to 14 million sheets per year [19].

截至2026年1月28日 13:09，中证消费电子主题指数(931494)上涨0.51%，成分股北京君正上涨7.65%，兆 易创新上涨5.44%，闻泰科技（维权）上涨3.94%，华天科技上涨3.68%，长电科技上涨3.67%。消费电 子ETF(561600)上涨0.46%，最新价报1.31元。 消息面上，存储涨价潮蔓延，多家厂商继续涨价，涨价潮正从存储芯片扩展至代工与封测环节。三星电 子在今年第一季度将NAND闪存的供应价格上调了100%以上，这一涨幅远超市场此前预期。国内方 面，中微半导和国科微2家半导体公司相继发出涨价函。 数据显示，截至2025年12月31日，中证消费电子主题指数(931494)前十大权重股分别为立讯精密、寒武 纪、工业富联、中芯国际、京东方A、兆易创新、澜起科技、东山精密、豪威集团、生益科技，前十大 权重股合计占比54.35%。 消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电 子主题ETF发起式联接C：015895；平安中证消费电子主题ETF发起式联接E：024557)。 大同证券指出，受益于AI浪潮推动产品附加值提升及汽 ...

AI 各种算力应用百花齐放 20260127 摘要 太空算力前景广阔，马斯克规划未来可能实现 100-300GW，推动商业 航天、卫星、火箭及太空光伏能源发展，未来几年该主题将持续发酵带 来投资机会。 海外算力市场预计今年增长 150%，明年增长 5%-100%，旭创、新易 盛、工业富联等公司估值具吸引力。小型企业如源杰科技创新高，显示 中小数字海外算力受短期资金青睐。 国内算力市场以润泽科技、协创数据为代表表现强劲，受益于英伟达高 端制程突破及国产卡增加，行业需求旺盛，配套设施提升，市场愿意给 予更高估值。 AI 应用领域进入入口之战，各大公司如阿里、腾讯、百度、字节跳动等 争夺 AI 入口，今年将涌现各种新玩法和闭合生态系统，带来市场机遇。 光通信领域加速恢复，光纤光缆价格上涨，AI 数据中心需求拉动供给端， 亨通、中天科技和长飞等公司有望实现千亿市值，烽火通信也具备潜力。 多模态 AI 视频应用是今年 AI 应用的重要方向，巨头关注短剧、漫剧等 内容，AI 制作降低成本，形成闭环市场，关注 Minimax、兆驰旗下风行 等公司。 海外与国内算力市场有哪些具体表现？ 海外算力市场今年预计有 150%的增长 ...

Group 1 - The AI computing sector continues to show strong performance, with the ChiNext AI ETF rising by 1.37%, marking a potential three-day winning streak, and a net inflow of 150 million yuan over the past 10 days [1] - Following Amazon Web Services' price increase, Google Cloud has also announced a price hike effective May 1, 2026, with some services in North America seeing prices double, which may trigger a chain reaction among cloud service providers [1][2] - Nvidia has invested $2 billion in CoreWeave to enhance its AI computing capacity by over 5GW by 2030, indicating a sustained positive outlook for the cloud computing industry [1] Group 2 - The demand for AI is driving inflationary trends across the AI supply chain, with cloud computing expected to be the next area affected, as confirmed by AWS's price increase reflecting high demand for AI computing [2] - The communication ETF Huaxia, which includes key components of AI computing systems, has seen a rise of 0.55%, with significant holdings in leading companies such as NewEase and Zhongji Xuchuang [3] - The ChiNext AI ETF, which has over 50% exposure to CPO and the lowest fee rate, has increased by 1.42%, with major stocks including NewEase and Tianfu Communication [3]