11月24日，万亿工业巨头工业富联（601138）股价遭遇剧烈下挫，盘中一度跌停。截至当日收盘，公司股价大跌7.80%报55.94元/股，刷新了近两个月以 来的最低纪录。 有投资者不禁提出"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？" 10月29日，工业富联发布2025年三季度报告，公司三季度营收达2431.72亿元，同比增长42.81%；归母净利润单季度首次突破100亿元，达103.73亿元，同 比增长62.04%，均创下公司单季度历史新高。 关于业绩增长原因，工业富联表示，受AI服务器市场持续扩张、新一代超大规模数据中心用AI机柜产品规模化交付及AI算力需求强劲拉动，公司在主要 客户的市场份额稳步提升，云服务商业务表现优异，推动整体营业收入增长。 二级市场上，截至11月24日收盘，工业富联跌7.8%，报55.94元/股，总市值1.11万亿元。 工业富联回应称，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， ...

记者丨叶映橙 见习记者林健民 这并非是工业富联的"小作文"首次发酵。此前，在11月13日举行的业绩说明会上，工业富联就回应称，针对市场上有关"订单或 展望下调"的传闻，未发布任何相关口径，现有客户项目进度与交付节奏正常。 彼时工业富联表示，当前公司各个重点案子推进顺利，对应产线、测试与交付能力均按计划运作当中。同时，公司新品推进顺 利，目前多项新产品的协同开发正同步进行，新品在算力密度、电源能效及系统可靠性方面全面升级，特别在供电架构、散热 效率与集成强度方面带来显著优化。后续，相关产品也会成为公司高端AI服务器交付的核心增长引擎之一。 三季报显示，2025年前三季度，工业富联实现营收6039.31亿元，同比增长38.4%，归母净利润达224.87亿元，同比增长48.52%； 第三季度营收达2431.72亿元，同比增长42.81%，归母净利润达103.73亿元，同比增长62.04%。面对亮眼的业绩表现，工业富联 在季报中表示，受AI服务器市场持续扩张、新一代超大规模数据中心用AI机柜产品规模化交付及AI算力需求强劲拉动，公司在 主要客户的市场份额稳步提升；云服务商业务表现优异，推动整体营业收入增长。 公开资料 ...

彼时工业富联表示，当前公司各个重点案子推进顺利，对应产线、测试与交付能力均按计划运作当中。 同时，公司新品推进顺利，目前多项新产品的协同开发正同步进行，新品在算力密度、电源能效及系统 可靠性方面全面升级，特别在供电架构、散热效率与集成强度方面带来显著优化。后续，相关产品也会 成为公司高端AI服务器交付的核心增长引擎之一。 近日，21财经《辟谣财知道》注意到，有市场传闻工业富联有关订单或展望下调。或受相关消息影响， 11月24日，工业富联盘中跌停，截至收盘，报55.94元/股，跌7.8%，总市值为1.11万亿元，成交额居A 股第二名，为187.2亿元。近两个交易日，工业富联累计跌幅超15%，股价创下近2个月以来新低。 三季报显示，2025年前三季度，工业富联实现营收6039.31亿元，同比增长38.4%，归母净利润达224.87 亿元，同比增长48.52%；第三季度营收达2431.72亿元，同比增长42.81%，归母净利润达103.73亿元， 同比增长62.04%。面对亮眼的业绩表现，工业富联在季报中表示，受AI服务器市场持续扩张、新一代 超大规模数据中心用AI机柜产品规模化交付及AI算力需求强劲拉动，公司在主 ...

关于近期这些对工业富联堪称"破财"的小作文，我们也注意到，早在11月13日的业绩说明会上，四季度 及2026年订单、业绩问题就已成为焦点。有分析师直接问出"近期有称公司下调了机柜出货与业绩预期 的传闻，请问当前公司应该如何理解"。工业富联方面的回应是针对相关传闻，公司"未发布任何相关口 径，现有客户项目进度与交付节奏正常"。并提示"无须过度解读市场传闻"，称公司将"继续拓展与客户 的多元合作，实现稳健交付，提升利润质量，做到一季比一季好"。 同时，工业富联方面还表示，目前新品推进顺利，在算力密度、电源能效及系统可靠性方面全面升级， 特别在供电架构、散热效率与集成强度方面带来显著优化。后续，相关产品也会成为公司高端AI服务 器交付的核心增长引擎之一。 同时，一些AI社群中也流传有"辟谣贴"，称英伟达为了标准化设计和加速生产切入L10或是行业趋势， 但目前肯定无法像有些传闻一样切入L11（机架级集成）和L12（多机架集群集成）。也有机构报告 称，产业链对英伟达切入L10可能会有较多反对意见，这意味着目前来看，这远非事实。 此外，有业内人士指出，目前工业富联业绩中主要的交付产品是GB200和GB300，可能要到明年 ...

Core Viewpoint - Shunluo Electronics (002138) has reported significant improvements in performance and pricing of TLVR inductors compared to non-TLVR AI inductors, indicating a strong future demand for TLVR products in AI servers [1] Group 1: Product Performance - The performance and unit price of TLVR inductor products have significantly improved compared to non-TLVR types [1] - The increase in TLVR product usage is expected to substantially enhance the value of magnetic components in AI servers [1] Group 2: Market Position and Strategy - Shunluo has proactively positioned itself in the TLVR inductor market, staying ahead of industry trends [1] - The company has already begun bulk supply of TLVR products to customers, indicating readiness to meet growing demand [1] Group 3: Future Outlook - The data center business is anticipated to enter a rapid growth phase in the coming years, driven by the rising demand for TLVR products [1]

1. Report's Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - **Copper**: The probability of the Fed cutting interest rates in December has increased. The copper price has support below, and it is expected to fluctuate in the short term. The reference operating range for the main Shanghai copper contract today is 85,500 - 87,000 yuan/ton, and for the LME copper 3M contract is 10,680 - 10,900 dollars/ton [4][5]. - **Aluminum**: Although the downstream is gradually entering the off - season, the overall global aluminum ingot inventory is low, and the aluminum price is still strongly supported. After the shock adjustment, the aluminum price may further strengthen. The reference operating range for the main Shanghai aluminum contract today is 21,300 - 21,600 yuan/ton, and for the LME aluminum 3M contract is 2,770 - 2,830 dollars/ton [6][7]. - **Lead**: The supply of lead ingots is relatively loose, and the lead price is still oscillating in a wide range. Recently, major global financial assets have shown weakness, and the lead price is expected to operate weakly in the short term [8][9]. - **Zinc**: The zinc industry is still in an over - supply cycle, and the structural risk has receded. Recently, major global financial assets have shown weakness, and the zinc price is expected to operate weakly in the short term [10][11]. - **Tin**: The short - term tin supply and demand are in a tight balance. Considering the inhibitory effect of high prices on tin consumption and the marginal alleviation of the shortage at the mine end, the tin price is expected to fluctuate. It is recommended to wait and see. The reference operating range for the domestic main contract is 280,000 - 300,000 yuan/ton, and for the overseas LME tin is 36,000 - 38,000 dollars/ton [12][13]. - **Nickel**: The short - term pressure on the nickel fundamentals is obvious, and the price may continue to be under pressure. It is not recommended to chase short or bottom - fish. Wait for the nickel iron price to stabilize before further observation. The short - term reference operating range for the Shanghai nickel price is 113,000 - 118,000 yuan/ton, and for the LME nickel 3M contract is 13,500 - 15,500 dollars/ton [15][16][18]. - **Lithium Carbonate**: The short - term demand and inventory reduction have been well - priced. The current lithium price is at a high level this year. It is necessary to pay attention to potential disturbances such as supply release and slowdown in demand growth. The reference operating range for the main lithium carbonate contract on the Guangzhou Futures Exchange today is 88,800 - 94,600 yuan/ton [20][21]. - **Alumina**: The overseas ore price is expected to decline after the rainy season. The over - capacity pattern at the alumina smelting end is difficult to change in the short term, but the current price is close to the cost line of most manufacturers, and the follow - up production reduction expectation is strengthened. It is recommended to wait and see in the short term. The reference operating range for the domestic main contract AO2601 is 2,600 - 2,900 yuan/ton [23][24]. - **Stainless Steel**: The stainless - steel market is still in an over - supply situation, demand is weak, and costs are moving down. The stainless - steel price is expected to continue the weak downward trend [26][27]. - **Cast Aluminum Alloy**: The cost side of the cast aluminum alloy has strong price support, while the demand side performance is relatively average. The price is expected to fluctuate in the short term [29][30]. 3. Summary of Each Metal's Content Copper - **Market Information**: On Friday, the LME copper 3M contract rose 0.86% to 10,778 dollars/ton, and the Shanghai copper main contract closed at 86,180 yuan/ton. LME copper inventory decreased by 2,900 tons to 155,025 tons. The domestic Shanghai Futures Exchange weekly copper inventory slightly increased, and the daily warehouse receipts decreased by 0.5 to 50,000 tons. The domestic copper spot import loss was about 500 yuan/ton, and the refined - scrap price difference narrowed [4]. - **Strategy Viewpoint**: The Fed's attitude has turned dovish, and the probability of an interest - rate cut in December has rebounded. The copper raw material supply remains tight, and the downstream start - up rate is relatively strong. The copper price has strong support below and is expected to fluctuate in the short term [5]. Aluminum - **Market Information**: The aluminum price rebounded after a decline. On Friday, the LME aluminum slightly rose 0.05% to 2,808 dollars/ton, and the Shanghai aluminum main contract closed at 21,390 yuan/ton. The Shanghai aluminum weighted contract position decreased by 42,000 to 612,000 lots, and the futures warehouse receipts slightly decreased to 69,000 tons. The domestic aluminum ingot and aluminum rod inventories in three major regions decreased, and the aluminum rod processing fee increased. The LME aluminum inventory increased by 4,000 tons to 548,000 tons [6]. - **Strategy Viewpoint**: The global equity market correction and geopolitical tensions have made the market cautious. The overall global aluminum ingot inventory is relatively low, and there are supply disruption expectations. After the shock adjustment, the aluminum price may further strengthen [7]. Lead - **Market Information**: Last Friday, the Shanghai lead index fell 0.31% to 17,165 yuan/ton. The LME lead 3S fell 17.5 dollars to 1,997.5 dollars/ton. The SMM1 lead ingot average price was 17,075 yuan/ton, and the refined - scrap price difference was 25 yuan/ton. The Shanghai Futures Exchange lead ingot futures inventory was 30,000 tons, and the domestic social inventory slightly decreased to 36,400 tons [8]. - **Strategy Viewpoint**: The supply of lead ingots continues to increase, the domestic battery enterprise start - up rate remains stable, and the export of lead - acid batteries continues to decline. The lead price is expected to operate weakly in the short term [9]. Zinc - **Market Information**: Last Friday, the Shanghai zinc index rose 0.03% to 22,395 yuan/ton. The LME zinc 3S fell 0.5 dollars to 2,989.5 dollars/ton. The SMM0 zinc ingot average price was 22,440 yuan/ton. The Shanghai Futures Exchange zinc ingot futures inventory was 72,900 tons, and the domestic social inventory slightly decreased to 152,700 tons [10]. - **Strategy Viewpoint**: The zinc ore import decreased significantly in October, and the zinc ore supply is tight due to the winter stockpiling demand of smelters. But in the long run, the zinc industry is still in an over - supply cycle. The zinc price is expected to operate weakly in the short term [11]. Tin - **Market Information**: On November 21, 2025, the Shanghai tin main contract closed at 291,310 yuan/ton, down 0.39%. The production of tin ingot smelters in Yunnan and Jiangxi is generally stable at a high level, and the raw material supply is tight. In October, the import of tin concentrate increased slightly. The demand in emerging fields provides support for the tin price, and the start - up rate of tin solder enterprises has slightly recovered. The national main tin ingot social inventory increased by 311 tons to 8,245 tons [12]. - **Strategy Viewpoint**: The short - term tin supply and demand are in a tight balance. Considering the high - price inhibitory effect on consumption and the marginal alleviation of the mine - end shortage, the tin price is expected to fluctuate. It is recommended to wait and see [13]. Nickel - **Market Information**: Last week, the nickel price continued to fall. The Shanghai nickel main contract closed at 114,130 yuan/ton on Friday, a decline of 2.70%, and the LME nickel was quoted at 14,620 dollars/ton on Friday, a weekly decline of 1.75%. The nickel ore price was stable with a weak trend, and the nickel iron price continued to fall [15]. - **Strategy Viewpoint**: The short - term pressure on the nickel fundamentals is obvious. The supply of refined nickel raw materials is further supplemented, the market demand has no increase, and the inventory continues to accumulate. The nickel price may continue to be under pressure [16][18]. Lithium Carbonate - **Market Information**: On November 21, the MMLC lithium carbonate spot index fell 6.87% to 92,211 yuan. The battery - grade and industrial - grade lithium carbonate prices both decreased significantly. The LC2601 contract closed at 91,020 yuan, down 8.04% [20]. - **Strategy Viewpoint**: The short - term demand and inventory reduction have been fully priced. The current lithium price is at a high level, and it is necessary to pay attention to potential disturbances such as supply release and slowdown in demand growth [21]. Alumina - **Market Information**: On November 21, 2025, the alumina index fell 0.65% to 2,737 yuan/ton. The Shandong spot price was 2,775 yuan/ton, with a premium of 38 yuan/ton over the 12 - contract. The overseas MYSTEEL Australia FOB price was 319 dollars/ton, and the import loss was 41 yuan/ton. The futures warehouse receipts decreased by 4,200 tons to 250,900 tons [23]. - **Strategy Viewpoint**: The overseas ore price is expected to decline after the rainy season. The over - capacity pattern at the alumina smelting end is difficult to change in the short term, but the current price is close to the cost line of most manufacturers, and the follow - up production reduction expectation is strengthened. It is recommended to wait and see in the short term [24]. Stainless Steel - **Market Information**: On Friday, the stainless - steel main contract closed at 12,290 yuan/ton, up 0.04%. The spot prices in Foshan and Wuxi markets were stable or slightly increased. The raw material prices such as nickel iron and scrap steel decreased. The futures inventory decreased by 1,726 tons to 70,365 tons, and the social inventory decreased to 1,071,700 tons [26]. - **Strategy Viewpoint**: The stainless - steel market is still in an over - supply situation, demand is weak, and costs are moving down. The stainless - steel price is expected to continue the weak downward trend [27]. Cast Aluminum Alloy - **Market Information**: On Friday, the cast aluminum alloy price fell. The main AD2601 contract closed at 20,595 yuan/ton, down 0.89%. The weighted contract position decreased to 24,300 lots, and the trading volume increased. The domestic mainstream ADC12 average price decreased by 150 yuan/ton. The domestic three - region aluminum alloy ingot inventory decreased by 300 tons to 50,600 tons [29]. - **Strategy Viewpoint**: The cost side of the cast aluminum alloy has strong price support, while the demand side performance is relatively average. The price is expected to fluctuate in the short term [30].

Group 1: AI Server Market - The company is strategically positioned in the AI server market, focusing on miniaturization, high precision, and high power density technology, providing comprehensive power supply solutions for clients [2] - Domestic clients in the AI server sector have shown steady growth due to the rapid application of domestic computing power models, with quarterly growth observed throughout the year [2] - The demand for modular inductive solutions for ASIC chips and GPU peripherals from overseas clients is also increasing, contributing to the sustained growth of the company's data center market [2][3] Group 2: TLVR Inductor Development - The TLVR inductor offers significant advantages over traditional VR structure inductors, including faster load transient response and reduced output capacitor size and cost [3] - The company has proactively developed various TLVR inductor products, which are now being supplied in bulk to clients, indicating a strong market position [3] Group 3: Tantalum Capacitor Market - The company has invested in the tantalum capacitor sector for years, developing new series products that cater to high-end consumer electronics, AI data centers, and automotive electronics [4] - The new tantalum capacitor products have gained recognition from major clients due to their thin profile and low ESR values, aligning with trends in high-performance applications [4] Group 4: Impact of Raw Material Prices - Precious metals constitute a small portion of the raw material costs, and as electronic components trend towards lighter and smaller designs, the impact of raw material costs on production is limited [4] - The company maintains strong supply chain management capabilities, which help mitigate the effects of raw material price volatility [4] Group 5: Ceramic Products Strategy - The company has been involved in the precision ceramic field for many years, focusing on high-performance ceramic materials and products for various applications, including solid oxide batteries and consumer electronics [5] - Continuous investment in ceramic powder technology has led to a diverse range of product offerings, supported by advanced manufacturing processes [5] Group 6: Future Capital Expenditure Plans - The company operates in a capital-intensive industry, necessitating ongoing expansion and high funding requirements [5] - Emphasis on R&D investment remains strong, with a commitment to increasing R&D spending over the long term to support growth in new business areas [5]

Core Viewpoint - The storage chip industry is experiencing a significant price surge driven by unprecedented demand from AI applications and a supply reduction, marking a strong recovery in the sector [1][4][15]. Price Surge in Storage Chips - The price of DDR5 chips increased by 102% within a month, while DDR4 saw a rise of over 90% [1][3]. - Samsung's DDR5-5600 (16GB) DRAM price tripled from 69,000 KRW to 208,050 KRW in two months, with contract prices for server memory chips raised by 30% to 60% [3][4]. - NAND spot prices rose approximately 50% over six months, while DRAM spot prices surged by 300%, significantly exceeding the growth seen during the 2016-2018 storage cycle [3][4]. Supply and Demand Dynamics - The core reason for the price increase is the dual impact of surging demand and reduced supply, with major manufacturers reallocating capacity to higher-margin products like HBM and DDR5, resulting in a 25% reduction in traditional storage supply [4][12]. - AI server requirements are driving demand, with DRAM usage in AI servers being about eight times that of traditional servers, and NAND Flash usage three times higher [4][12]. Impact on the Semiconductor Industry - The price increase in storage chips is causing a ripple effect across the semiconductor industry, affecting GPUs, SoCs, and passive components [6][8]. - GPU prices are expected to rise as manufacturers like NVIDIA and AMD prepare to increase graphics card prices due to the rising costs of GDDR memory linked to storage chips [6][7]. - The cost of passive components is also rising, with companies like Fenghua High-Tech announcing price increases of 5% to 30% due to higher raw material costs [8][9]. Market Reactions and Adjustments - Smartphone manufacturers are delaying storage chip purchases due to soaring prices, with some companies reducing RAM specifications to manage costs [10][11]. - The low-end smartphone market may face significant challenges, potentially leading to production bottlenecks and increased losses for entry-level models [11][12]. Long-term Industry Outlook - Morgan Stanley predicts that the storage industry will enter a "super cycle" driven by AI, with global storage revenue expected to reach $200 billion by 2025 and nearly $300 billion by 2027 [15]. - The price surge is expected to create structural differentiation in the market, with high-end chips remaining in tight supply while mid-range chips may face price adjustments by 2026 [15][16].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The short - term tin supply and demand are in a tight balance. Considering the inhibitory effect of high prices on tin consumption and the marginal relief of the shortage at the mine end, it is expected that tin prices will mainly fluctuate [11][13]. 3. Summary by Relevant Catalogs 3.1. Weekly Assessment and Strategy Recommendation - Cost side: In October, the increment of imported tin concentrates in China was obvious, and the shortage of domestic raw material supply was slightly alleviated. In October, the import volume of tin ore and its concentrates was 11,632 physical tons (equivalent to about 4,938 metal tons), a year - on - year decrease of 15.74% and a month - on - month increase of 43.36%. The import volume from Myanmar was 2,367 tons (equivalent to about 861 metal tons), a year - on - year decrease of 43.64% and a month - on - month increase of 1.50%. The total import volume from other countries in October was 9,266 tons (equivalent to about 4,077 metal tons), a year - on - year decrease of 5.90% and a month - on - month increase of 57.05% [12]. - Supply side: The resumption of tin mines in Wa State, Myanmar is slow, and the export volume remains low. The raw material shortage of smelting enterprises in Yunnan still exists. The short - term operating rate is stable, but there is insufficient upward momentum. In Jiangxi, due to a significant reduction in scrap, the supply of crude tin is insufficient, and the refined tin output continues to be at a low level. In general, it is expected that the overall operating level of smelters in the two places will be difficult to further improve in the short term [12]. - Demand side: Although the consumption performance in traditional fields such as consumer electronics and tinplate is a bit weak, the long - term demand expectations brought by emerging fields such as new energy vehicles and AI servers support tin prices. In the peak season, the operating rate of domestic tin solder enterprises showed a slight warming trend in October. The domestic integrated circuit output in October was 4.18 billion pieces, with a year - on - year growth rate of 17.7%. Downstream enterprises mainly replenish inventory at low prices. The short - term price increase is too large, and the downstream acceptance is limited, resulting in an obvious accumulation of inventory. This week, the total social inventory of tin ingots in major regions in China was 8,245 tons, an increase of 311 tons from last week [12]. 3.2. Futures and Spot Market No specific analysis content provided, only figures about the basis of Shanghai tin main contract and LME tin premium (0 - 3) are presented [19]. 3.3. Cost Side - The short - term supply of tin ore is generally tight, and the processing fee remains at a low level [26]. 3.4. Supply Side - The production of tin ingot smelters in Yunnan and Jiangxi is generally stable at a high level. The production recovery in Yunnan is obvious, while that in Jiangxi is a bit weak. The shortage of raw material supply is a common constraint for capacity release in both places [12][13]. - According to customs data, in October 2025, the physical volume of imported tin concentrates in China reached 11,632 tons, a slight increase from the previous month. The import volume of tin concentrates from countries such as the Democratic Republic of the Congo has rebounded, and the overall volume meets expectations. The import volume of tin ore from Myanmar decreased slightly in October, but it is expected to increase by more than 2,000 tons in November after the mining license is approved [12][13]. 3.5. Demand Side - The year - on - year growth rate of China's semiconductor sales has slightly rebounded, and the global semiconductor sales maintain high growth [44]. - The tin consumption in the tinplate field continues to decline because aluminum cans have almost completely replaced tinplate cans in the beverage packaging field. The PVC output increased slightly year - on - year in the first half of the year, and PVC stabilizers are a major consumer of tin compounds [55]. - The operating rate of downstream solder enterprises showed a slight warming trend in October, and the domestic integrated circuit output in October was 4.18 billion pieces, with a year - on - year growth rate of 17.7% [12]. 3.6. Supply - Demand Balance - The total social inventory of tin ingots in major regions in China this week was 8,245 tons, an increase of 311 tons from last week [12][13].

Core Insights - The company has established deep cooperative relationships with leading domestic AI server clients [1] - The production capacity utilization rate of the company's main products remains high through the first three quarters of 2025 [1] - The company is advancing the construction of new production capacity for its main products, including MLCC, chip resistors, and inductors [1] Pricing Strategy - The company has recently adjusted prices for certain products, such as inductive beads and varistors, in response to the ongoing rise in raw material prices [1] - The company operates in a highly competitive electronic components industry and will adjust its pricing strategy based on market supply and demand, customer needs, and product structure [1]