Market Overview - The main board saw significant gains with notable stocks such as Dingxin Communication (+10.07%), Huanrui Century (+10.06%), and Shida Group (+10.04) [1] - The ChiNext board led with Jia Yuan Technology (+20.00%) and Guangku Technology (+20.00%) [1] - The Sci-Tech Innovation board also experienced gains with Dekeli (+20.00%) and Changguang Huaxin (+20.00%) [1] - Active sub-industries included SW Printed Circuit Boards (+5.82%) and SW Gaming III (+5.36%) [1] Domestic News - Huawei launched the new Mate 80 series, featuring the Kirin 9020 chip, which shows a 35% performance improvement over the Mate 70 [1] - TCL Huaxing signed a contract to build a printed OLED pilot verification platform, aiming to increase monthly production capacity from 3,000 to 9,000 large panels [1] - Shunluo Electronics announced that its TLVR inductor products have achieved mass supply, marking progress in high-performance magnetic devices for AI servers [1] - BOE's Jingdong project phase three has officially started, with expectations to achieve mass production by December 2026, adding over 10 million pieces of annual capacity [1] Company Announcements - Huashi Technology announced an investment of 22.5 million yuan to increase its stake in Hangzhou Yuchuang Robot Technology Co., Ltd. to 15% [2] - Liansheng Technology plans to terminate certain value-added telecommunications business licenses to align with its strategic transformation [2] - Allianz Ruishi announced an investment of 8 million yuan to establish Jiangsu Yuanqi Lian'an Robot Technology Co., Ltd., focusing on embodied intelligent robots [2] - Weijie Chuangxin received a government subsidy of 5 million yuan, accounting for 21.07% of its net profit for 2024 [2] International News - Enjet signed a business agreement with JWMT to develop glass substrate post-processing technology for next-generation high-density packaging [3] - The European Commission approved a 450 million euro subsidy for ON Semiconductor to build an 8-inch silicon carbide factory in the Czech Republic [3] - AIST announced the successful construction of Japan's first 12-inch wafer shared pilot line supporting advanced processes [3] - Microsoft launched a new open-source small language model, Fara-7B, designed for computer operations [3]

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]

今日（11月25日）科技成长方向强势进攻，创业板指涨超2.5%，科创综指涨逾1.7%，覆盖创业板+科创板高成长龙头的硬 科技宽基——双创龙头ETF（588330）场内涨幅盘中上探3.45%，现涨2.5%，实时成交额超3200万元，交投较为活跃！ 细分方向来看，光模块三巨头王者归来，中际旭创、新易盛涨超6%，天孚通信涨逾4%；PCB（印制电路板）方面，胜宏 科技涨超6%；光伏方面，阳光电源涨超5%，阿特斯涨逾2%。 【掘金新质生产力，投资中国版"纳斯达克"】 关注双创龙头ETF（588330）及其场外联接基金（A类：013317 / C类：013318）的三大特征： 1、跨市场多元配置，百分百战略新兴：标的指数从科创板和创业板中选取市值较大的50只战略新兴产业上市公司作为指 数样本，汇集高成长龙头，囊括新能源、光伏、光模块、半导体、医疗设备等热门主题； 2、成长风格"战斗基"，一键配置中国顶尖科技：全球科技博弈背景下，科技自立自强和产业链自主可控的重要性提升至 新高度，"中国版纳斯达克"呼之欲出； 3、高弹性工具捕捉科技行情，低门槛布局突围力量：标的指数20%涨跌幅限制，抢反弹更快，有能力担当"反弹先锋"。 相 ...

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].

近日，关于AI服务器龙头富士康工业互联网股份有限公司（以下简称"工业富联"）的一则传闻在市场发 酵，其称工业富联AI服务器机柜出货量和单柜利润面临下修。或受相关消息影响，11月24日，工业富 联盘中一度跌停，截至收盘，报55.94元/股，跌幅达7.8%，总市值1.11万亿元。 针对市场热议的传闻，工业富联于11月24日在投资者互动平台及晚间发布的澄清公告中接连发声，否认 相关不实言论。公告显示，公司第四季度整体经营，包括英伟达GB200、GB300等核心产品出货均按既 定计划推进，客户需求持续畅旺，生产及出货一切正常，且未收到主要客户关于调整业务模式、下修份 额或价格的要求。 "无须过度解读市场传闻，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。"工业富联相关人士向《证券日报》记者表示。 而从最新业绩数据来看，工业富联的经营基本面表现强劲。2025年第三季度，公司营收2431.72亿元， 同比增长42.81%；归属于上市公司股东的净利润103.73亿元，同比增长62.04%，均创单季度历史新高。 前三季度营收6039.31亿元、归属于上市公司股东的净利润224.87亿元，已接 ...

"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 ...