2026.02.04 她还谈到AMD的产品研发进展和客户合作情况。据介绍，除了与OpenAI合作，AMD还在与其他客户探 讨大规模的多年产品部署计划。芯片迭代方面，MI450系列的开发进展顺利，下半年将发布并生产， AMD还将于2027年推出采用2nm制程的MI500。 本文字数：1118，阅读时长大约2分钟 作者 |第一财经 郑栩彤 当地时间2月3日，AMD发布了2025年第四季度财报。该季度AMD营收103亿美元，同比增长34%，净利 润（Non-GAAP）25.2亿美元，同比增长42%，营收和净利润都创历史纪录。2025年，AMD营收346亿 美元，同比增长34%，创历史纪录，净利润（Non-GAAP）68.3亿美元，同比增长26%。 分业务看，第四季度AMD数据中心业务收入54亿美元，同比增长39%，超过此前市场预期；客户端及 游戏业务收入39亿美元，同比增长37%；嵌入式业务收入9.5亿美元，同比增长3%。全年AMD数据中心 业务收入166亿美元，同比增长32%；客户端及游戏业务收入146亿美元，同比增长51%；嵌入式业务收 入35亿美元，同比下降3%。 在财报电话会上，AMD CEO苏姿丰多次释放 ...

不过因Q1业绩指引令市场失望，在业绩公布后，AMD股价盘后暴跌约8%，报222.76美元。 截至周二收盘，该股今年以来累计上涨13%，现总市值3941.65亿美元。 周二美股盘后，AMD公布2025年第四季度及全年财务财报。 Q4营收和盈利均超出华尔街预期。其中，数据中心收入猛增近40%至54亿美元，创下公司史上单季最 高记录。 数据中心收入猛增近40% 财报显示，AMD 2025年第四季度营收103亿美元创纪录，同比增长34%。 第四季度，公司毛利率达54%，上年同期为51%；营业利润18亿美元，同比增长10%；净利润15亿美 元，同比增长213%；摊薄后每股收益0.92美元。 其中，中国市场的销售额意外增长。四季度AMD Instinct MI308芯片在中国的销售收入约为3.9亿美 元。 | | | GAAP Quarterly Financial Results | | | | | --- | --- | --- | --- | --- | --- | | | 04 2025 | C4 2034 | YY | Q13 2005 | 0/0 | | Revenue (SM) | $10:270 | 57 ...

AMD（AMD.O）于北京时间2026年2月4日上午的美股盘后发布了2025年第四季度财报（截止2025年12月），要点如下： 1、整体业绩：AMD在2025年第四季度实现营收102.7亿美元，同比增长34.1%，好于上调后的市场预期（100亿美元）。在近期服务器CPU回暖的带动 下，市场主流机构已经对公司的预期进行上调。本季度收入端的增长，也主要得益于数据中心CPU、客户端业务的带动。 公司本季度毛利率（GAAP）54.3%，同比提升3.6pct，受益于MI308库存的释放（约3.6亿美元）。若不考虑该影响，公司实际毛利率为50.8%，同比基本 持平。 2、经营费用端：公司本季度研发费用为23.3亿美元，同比增长36.1%；销售及管理费用为12亿美元，同比增长51%。在营收保持较高增长的同时，公司的 核心经营费用支出也在走高。本季度公司核心经营费用率达到34.4%，同比提升1.7pct。 AMD本季度实现净利润15亿美元，主要是受到非经常性项目的影响。从经营性角度看，公司本季度核心经营利润20.5亿美元，继续增长，核心经营利润 率为20%。 3、各业务细分：在数据中心和客户端业务增长的带动下，两项收入合计占 ...

2月4日消息，三大指数集体低开，半导体板块跌幅居前。截至今日开盘，沪指报4064.68，跌0.08%；深成指报14072.41 点，跌0.39%；创指报3298.32点，跌0.80%。 消息面： 1、2026年中央一号文件发布，其中提到，因地制宜发展农业新质生产力，促进人工智能与农业发展相结合，拓展无人 机、物联网、机器人等应用场景，加快农业生物制造关键技术创新。 2、央行公告，为保持银行体系流动性充裕，2月4日将开展8000亿元买断式逆回购操作，期限为3个月。 3、上交所数据显示，2026年1月A股新开户491.58万户，环比增长89%，同比2025年1月的157.0万户增长213%，且高于 2025年所有月份。 4、据商务部消息，家电以旧换新及数码和智能产品购新补贴政策效应逐步显现。今年1月，6类家电产品及4类数码和智能 产品销售量超1500万台，销售额近590亿元。 5、据国家发展改革委消息，2月3日24时起，国内汽、柴油零售限价每吨分别上调205元、195元。 6、中国有色金属工业协会表示，研究将贸易量大、容易变现的铜精矿纳入储备范围。 7、昨日一些关于调整游戏、金融等行业增值税税率的传言在部分网络平 ...

Market Overview - On February 3, 2026, all three major U.S. stock indices closed lower due to a shift towards cyclical and value stocks, a new wave of AI replacement risks, and escalating tensions between the U.S. and Iran[2] - The Hang Seng Index closed at 26,835, down 0.22% for the day but up 4.70% year-to-date[3] - The S&P 500 index fell by 0.84%, while the Nasdaq dropped by 1.43%[3] Technology Sector Impact - Major tech stocks experienced significant declines, with Nvidia down 2.84%, Microsoft down 2.87%, and Meta down 2.08% due to fears of AI replacing software services[12] - AI data analytics company Palantir saw a 6.85% increase in stock price after reporting a 70% year-over-year revenue growth, reaching $1.41 billion for Q4 2025[12] Commodity and Resource Stocks - Gold prices surged, with spot gold rising nearly 6% to over $4,900 per ounce, while silver prices jumped 10% to $87.21 per ounce[9] - Resource stocks performed well, with Southern Copper rising 11.74% and Energy Fuels increasing by 16.56% amid rising commodity prices[12] Corporate Developments - China National Building Material saw an 8.51% increase after BlackRock raised its stake, reflecting long-term confidence despite a profit warning[9] - AMD's Q4 2025 revenue and EPS showed strong double-digit growth, but its Q1 2026 revenue guidance fell short of market expectations, leading to a 7% drop in after-hours trading[15]

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期：2026/2/4 隔夜夜盘市场走势 1. 国内商品期市日盘多数收跌，贵金属走势分化，沪银跌 16.71%，钯涨 8.62%； 基本金属跌幅居前，沪锡跌 6.7%；能源品全部下跌，原油跌 4.93%。贵金属、基 本金属夜盘反弹，沪银涨 5.93%，沪金涨 4.2%，沪锡涨 6.64%。 2.国际贵 ...

Market Performance - The Hang Seng Index closed at 26,835, up 0.22% for the day and up 4.70% year-to-date [1] - The Shanghai Composite Index closed at 4,068, up 1.29% for the day and up 2.49% year-to-date [1] - The US markets saw declines, with the Dow Jones down 0.34% and the S&P 500 down 0.84% [1] Sector Performance - The Hang Seng Financial Index rose by 0.99% with a year-to-date increase of 7.80% [2] - The Hang Seng Real Estate Index increased by 1.65%, showing a year-to-date growth of 14.84% [2] - The Hang Seng Technology Index fell by 1.07%, with a year-to-date decline of 0.88% [1][2] Chinese Stock Market Insights - The Chinese stock market rebounded, with materials, industrials, and defense sectors leading gains, while information technology and telecommunications sectors declined [3] - Southbound capital saw a net inflow of HKD 952 million, with Tencent, China Mobile, and Xiaomi being the top net buyers [3] - Concerns over potential VAT increases on financial and internet services led to declines in internet platform stocks, although these rumors were debunked by experts [3] Aluminum Industry Analysis - The global supply of electrolytic aluminum is expected to remain tight until 2026, supporting higher aluminum prices, projected to increase by 15% year-on-year [4] - China's electrolytic aluminum capacity utilization is nearing saturation, with a forecasted capacity limit of 45 million tons by December 2025 [4] - The report initiates coverage on Innovation Industries (2788 HK) with a "Buy" rating and a target price of HKD 32, citing cost advantages from green energy and expansion in Saudi Arabia [7] Insurance Industry Insights - The insurance sector in China is projected to see premium income growth, with life insurance premiums expected to reach CNY 3.56 trillion, a year-on-year increase of 11.4% [5] - December saw a recovery in premium income, with life insurance premiums growing by 10.1% year-on-year [5] - The report maintains a positive outlook on the insurance sector, recommending stocks like China Ping An (2318 HK) and AIA Group (1299 HK) with target prices of HKD 90 and HKD 89, respectively [7]

Key Points Summary Industry Overview - The technology sector in the US stock market, particularly storage stocks, continues to lead gains with notable increases: SanDisk up 4.55%, Western Digital up 7.40%, and Teradata up 13.41%. However, Micron experienced a decline of 4.19%, and AMD's guidance fell short of expectations, leading to a significant drop in after-hours trading [1][1]. Smartphone Market Insights - According to a recent report by Counterpoint Research, the smartphone market is unlikely to recover before 2027, with normalization expected in the second half of 2027 or early 2028 [1][1]. AMD Developments - AMD reported that demand for server CPUs is "very strong," with AI business accelerating. The company anticipates a 60% annual growth in data center revenue over the next three to five years, projecting AI revenue to reach "hundreds of billions" by 2027 [1][1]. Lumentum Expansion - Lumentum is rapidly expanding in the Optical Communications Solutions (OCS) sector to meet significant customer demand, with backlog orders exceeding $400 million. Additionally, the company has secured several hundred million dollars in new orders in the Chip-on-Board (CPO) sector, with expected deliveries in the first half of 2027 [1][1]. Samsung Electronics Update - Samsung Electronics plans to initiate a "conversion investment" for advanced NAND flash in the second quarter of this year. The X2 production line in Xi'an, China, will be converted to produce 280-layer V9 NAND, aiming to increase monthly production capacity by 40,000 to 50,000 wafers. The P1 facility in Pyeongtaek, South Korea, is also preparing for capacity enhancements [2][2].

Group 1: Public Fund Industry - In 2026, public fund companies showed strong enthusiasm for self-purchase, with 24 companies implementing self-purchases totaling 406 million yuan, over 80% of which was directed towards equity funds [1] - Among the self-purchases, stock funds received 100 million yuan and mixed funds received 248 million yuan, while bond funds received 30 million yuan [1] - Ruifeng Fund led the self-purchase with 100 million yuan, while several other companies, including GF Fund and China Merchants Fund, each self-purchased 20 million yuan [1] Group 2: Payment Industry - The number of third-party payment licenses is continuously decreasing, with the first company, Henan Jubao Payment, exiting the market in 2026 [2] - The decline in payment institutions is attributed to structural reshuffling and regulatory upgrades within the industry [2] - Traditional payment businesses are under pressure, with many companies reporting declines in net profit after excluding non-recurring gains, prompting a need for transformation towards cross-border payments and AI integration [2] Group 3: Refrigerant Industry - The refrigerant market remains strong despite being in the traditional off-season, with prices for R32 and R134a increasing by approximately 45% and 32% year-on-year, respectively [2] - The industry is expected to see long-term price increases due to strict global supply constraints and growing downstream demand [2] - Major companies are primarily executing long-term contracts, but market prices are expected to exceed contract prices, indicating a robust pricing environment [2] Group 4: Smartphone Market in India - The Indian smartphone market saw a 1% year-on-year increase in shipments in 2025, with sales revenue growing by 8% due to a shift towards high-end devices [3] - However, a single-digit decline in shipments is anticipated for 2026, particularly in the segment priced below 15,000 Indian Rupees, due to rising costs of components [3] - The average selling price (ASP) is expected to increase by 5%-7% as major OEMs focus on high-end strategies [3] Group 5: Nanobody Research - Research indicates that nanobodies extracted from llamas show potential in treating various diseases, including depression, prompting significant investment from pharmaceutical companies [4] - The development of next-generation nanobody drugs is seen as a breakthrough in precision medicine [4] Group 6: Cancer Burden Quantification - The IARC and WHO quantified the global burden of preventable cancers, revealing that nearly 40% of new cancer cases in 2022 were linked to modifiable risk factors [4] - The findings emphasize the importance of reducing smoking, infections, and alcohol consumption in cancer prevention efforts [4] Group 7: PayPal's Financial Performance - PayPal's fourth-quarter earnings and revenue fell short of expectations, leading to a significant drop in stock price and a change in CEO [5] - The company reported earnings of $1.23 per share and total revenue of $8.68 billion, both below analyst forecasts [5] Group 8: Tianqi Lithium Industry - Tianqi Lithium suspended trading in Hong Kong as it plans to dispose of part of its stake in SQM, with a maximum of 3.566 million A shares to be sold [6] - The company has already disposed of 748,500 B shares, and as of the announcement date, it holds 62.556 million A shares, representing 21.90% of SQM's total shares [6] Group 9: Corporate Governance Issues - Gaoxin Retail announced difficulties in contacting its CEO, but the board believes this will not significantly impact operations [7] - The Shanghai Stock Exchange issued a regulatory warning to Pengxin Resources for failing to appoint a board secretary, which has been vacant since January 2022 [8]

Market Overview - Major U.S. indices closed lower on Tuesday, with the Dow Jones Industrial Average slipping 0.3% to 49,240.99, the S&P 500 falling 0.8% to 6,917.81, and the Nasdaq dropping 1.4% to 23,255.18 [1] Super Micro Computer, Inc. (NASDAQ:SMCI) - Super Micro Computer shares dipped slightly by 0.13%, closing at $29.67, with an intraday high of $30.17 and a low of $28.64, and a 52-week range of $66.44 to $27.35. In after-hours trading, the stock increased by 7.18% to $31.80 [1] Chipotle Mexican Grill (NYSE:CMG) - Chipotle Mexican Grill saw its stock rise by 1.71%, closing at $39.17, with a trading range between $39.20 and $37.83, and a 52-week high of $59.19 and low of $29.75. The stock slid 5.62% to $36.97 in extended trading [2] - Chipotle beat fourth-quarter estimates, posting EPS of 25 cents versus the expected 24 cents, while revenue rose by $139 million year over year [2] PayPal Holdings, Inc. (NASDAQ:PYPL) - PayPal experienced a significant drop of 20.31%, closing at $41.70, with an intraday high of $43.70 and a low of $41.43, matching its 52-week low. The stock rose by 1.25% to $42.22 in after-hours trading [3] Advanced Micro Devices Inc (NASDAQ:AMD) - AMD stock has a value in the 6th percentile according to Benzinga Edge Stock Rankings, while it has a Momentum score in the 93rd percentile [4]