Market Overview - On November 25, the Shanghai Composite Index rose by 0.87%, the Shenzhen Component Index increased by 1.53%, and the ChiNext Index gained 1.77% with a total market turnover of 1.83 trillion yuan [1] - 4,300 stocks rose, with 95 stocks hitting the daily limit up, while sectors such as gaming, AI applications, CPO, and precious metals saw significant gains, whereas military equipment and aquaculture sectors declined [1] Key Stocks Performance - Jialv Technology (301117) saw a price increase of 20.00% to 48.17 yuan, with a turnover of 13.22 million yuan [2] - Guangku Technology (300620) rose by 20.00% to 147.00 yuan, with a turnover of 65.45 million yuan [2] - Qingshuiyuan (300437) increased by 20.00% to 18.66 yuan, with a turnover of 9.01 million yuan [2] - Dekeli (688502) also rose by 20.00% to 142.56 yuan, with a turnover of 28.73 million yuan [2] - Changguang Huaxin (688048) increased by 20.00% to 89.29 yuan, with a turnover of 20.29 million yuan [2] Top Net Buying and Selling Stocks - The top three net buying stocks were Guangku Technology (4.59 billion yuan), Hudian Co. (3.11 billion yuan), and Changguang Huaxin (1.77 billion yuan) [4] - The top three net selling stocks were Giant Network (2.18 billion yuan), Dekeli (1.56 billion yuan), and Zhongshui Fishery (1.05 billion yuan) [5] Sector Highlights - Solid-state battery concept stock Guosheng Technology achieved 8 boards in 12 days, while AI application concept stock Rongji Software recorded 6 boards in 7 days [3] - The commercial aerospace sector saw significant activity with stocks like Aerospace Power (2 boards) and Aerospace Universe (3 boards) [3] Institutional Activity - Institutional net buying was significant in stocks like Aerospace Development (1.47 billion yuan) and Guofeng New Materials (939.09 million yuan) [6] - Institutional net selling was led by Dekeli (1.50 billion yuan) and Shengxin Lithium Energy (1 billion yuan) [7] Trading Dynamics - The trading dynamics showed a high turnover rate for stocks like Guangku Technology (19.11%) and Qingshuiyuan (30.79%) [2][4] - The market experienced a notable fluctuation with stocks like Hudian Co. showing a 7.41% amplitude [11] Conclusion - The market showed a positive trend with significant gains in various sectors, particularly in technology and aerospace, indicating strong investor interest and potential growth opportunities in these areas [1][3]

11月24日，A股AI算力龙头工业富联（601138.SH）股价午后跳水，一度触及跌停，最终收跌7.80%，报 55.94元/股，创下两个月以来的新低。作为市值一度突破1.3万亿元的AI算力核心标的，工业富联单日蒸 发市值近千亿元，近三个交易日累计跌幅已超14%。 同日，有投资者在互动平台向工业富联提问：有消息传，公司已经下调了第四季度业绩目标，同时也有 观点认为，大客户在L10/L11商业模式上会有调整，可能对公司在业务布局和盈利能力产生不利影响。 请问属实吗，公司如何看待？ 工业富联回应称，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。 同日，工业富联母公司鸿海精密（2317.TW）亦同步发布相关澄清公告，强调生产及出货一切正常。11 月25日，截至当日收盘，工业富联上涨1.2%，报56.61元/股。 股价震荡 尽管工业富联基本面保持高增长，但近期股价却呈现单边下跌态势。自10月30日创下阶段性高 ...

（原标题：单日蒸发近千亿！工业富联急跌背后，机构乐观难敌商业模式隐忧） 21世纪经济报道记者 彭新 11月24日，A股AI算力龙头工业富联（601138.SH）股价午后跳水，一度触及跌停，最终收跌7.80%，报55.94元/股，创下两个月以来的新低。作为 市值一度突破1.3万亿元的AI算力核心标的，工业富联单日蒸发市值近千亿元，近三个交易日累计跌幅已超14%。 同日，有投资者在互动平台向工业富联提问：有消息传，公司已经下调了第四季度业绩目标，同时也有观点认为，大客户在L10/L11商业模式上会 有调整，可能对公司在业务布局和盈利能力产生不利影响。请问属实吗，公司如何看待？ 工业富联回应称，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。 同日，工业富联母公司鸿海精密（2317.TW）亦同步发布相关澄清公告，强调生产及出货一切正常。11月25日，截至当日收盘，工业富联上涨 1.2%，报56.61元/股。 ...

Group 1 - The company provides high-speed copper cables (DAC, ACC, AEC) to major connector manufacturers like Amphenol, which are used in Google's data center AI server clusters for short-distance, high-speed data transmission [2] - The company's high-speed cable business is positioned upstream in the supply chain, with direct clients including international companies such as Amphenol, Huber+Suhner, Molex, and TE Connectivity, as well as domestic connector firms like Luxshare, Qinghong, and Huafeng [2] - These direct clients further process the cables before supplying them to major server manufacturers, including Google, for end-use [2]

Group 1 - The technology growth sector is experiencing strong gains, with the ChiNext Index rising over 2.5% and the Sci-Tech Innovation Index increasing by more than 1.7% [1] - The Double Innovation Leader ETF (588330) saw a peak intraday increase of 3.45%, currently up 2.5%, with a trading volume exceeding 320 million yuan [1] - Key players in the optical module sector, including Zhongji Xuchuang and Xinyi Sheng, have seen stock increases of over 6%, while Tianfu Communication rose by more than 4% [1] Group 2 - The top ten components of the Double Innovation Leader ETF have shown significant price increases, with Zhongji Xuchuang up 6.70% and Shenghong Technology up 6.62% [2] - The report from HSBC indicates that the acceleration of AI server iterations is driving a dual cycle of technology and price increases for core components like PCBs and CCLs [3] - Citigroup previously projected that the supply-demand tension for AI PCBs will persist into next year, highlighting the ongoing demand in the sector [3] Group 3 - The Double Innovation Leader ETF is characterized by cross-market diversification, focusing on 50 large-cap strategic emerging industry companies from the Sci-Tech Innovation Board and ChiNext [4] - The ETF is positioned as a high-elasticity tool to capture technology market trends, with a low investment threshold allowing entry for less than 100 yuan [4] - The index that the ETF tracks has shown varied annual performance from 2020 to 2024, with a notable increase of 86.90% in 2020 [4]

有色金属日报 2025-11-25 五矿期货早报 | 有色金属 铜 【行情资讯】 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 中美领导人通电话，市场情绪回暖，铜价震荡略升，昨日伦铜 3M 合约微涨 0.03%至 10781 美元/吨， 沪铜主力合约收至 86040 元/吨。LME 铜库存增加 725 至 155750 吨，注销仓单比例下滑，Cash/3M 小 ...

Core Viewpoint - Recent rumors regarding Foxconn Industrial Internet Co., Ltd. (referred to as "the company") suggest a downward revision of AI server cabinet shipment volumes and profits, leading to a 7.8% drop in stock price on November 24. However, the company has denied these claims, affirming that its fourth-quarter performance remains on track and customer demand is strong [2][3]. Group 1: Company Performance - For Q3 2025, the company reported revenue of 243.172 billion yuan, a year-on-year increase of 42.81%, and a net profit attributable to shareholders of 10.373 billion yuan, up 62.04%, both reaching historical highs for a single quarter [3]. - In the first three quarters, the company achieved revenue of 603.931 billion yuan and a net profit of 22.487 billion yuan, nearing last year's total figures [3]. - The growth is primarily driven by the expansion of the AI server market, large-scale delivery of AI cabinet products for data centers, and explosive growth in cloud service provider business, with GPU AI server revenue increasing over 300% year-on-year in the first three quarters [3]. Group 2: Product Development and Market Position - The company reported smooth shipments of its GB200 product, with the GB300 achieving mass production in Q3, showing improvements in yield and testing efficiency [3]. - The company anticipates that declining unit costs and improved yields will positively impact gross margins in Q4, maintaining confidence in delivery efficiency as manufacturing processes are optimized [3]. - A representative from the company emphasized that short-term stock price fluctuations do not alter the fundamental performance, urging investors to view market rumors rationally [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].

"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 ...

【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。 中国基金报问讯 - 更快 更准 更有料 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%。 2025-11-24 19:34:53 星期一 【工业富联: 澄清下调Q4业绩 目标传闻) 中国基金报11月24日电, 工业富联 (601138.S H) 发布澄清公告，称网络流传公司"下调第四 季度业绩目标""客户商业模式调整"等信息不属 实。公司表示，GB200、GB300等产品出货按 计划推进,客户需求旺盛,生产出货正常,未 收到主要客户调整份额或价格要求，亦未下调 利润目标，下一代产品开发如期进行。 长按右侧二维码 阅读原文 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 ...