光通信巨头Lumentum交出了一份堪称"炸裂"的第二财季成绩单，不仅在传统指标上全面超预期，更在 AI算力基础设施的关键技术路径上给出了实锤指引，获得数亿美元规模订单。这家公司正在兑现华尔 街看涨者的预期，尽管估值已经充分反映乐观预期。 Lumentum第二财季毛利率表现成为最大亮点。公司报告非GAAP营收6.655亿美元，每股收益1.67美 元，均超出摩根士丹利预期的6.486亿美元和1.38美元。 摩根士丹利将Lumentum目标价从350美元上调至420美元，但维持"Equal-weight"（与大盘持平）评级。 分析师指出，尽管公司基本面强劲，但股价已反映2027日历年每股收益约20美元的乐观预期，当前25倍 市盈率估值已较为充分。 毛利率大幅超预期，定价权凸显 毛利率的超预期表现主要源于两方面因素。首先是产品组合改善，更多高毛利的EML激光器和OCS产 品收入占比提升。其次，公司在供应持续紧张的背景下成功实施价格上调。管理层表示，尽管公司在12 月当季单独增加了20%产能，但供应短缺仍在持续，这使公司拥有定价权。 非GAAP运营利润率达到25.2%，同样大幅超出摩根士丹利预期的20.6%。公司展现 ...

Core Viewpoint - Nintendo's stock has experienced its largest drop in 18 months due to disappointing earnings data, highlighting a significant impact on operating profit margins from rising storage chip costs and concerns about future profitability [1][2]. Group 1: Financial Performance - Nintendo reported a quarterly operating profit of approximately 155.2 billion yen (about $998.5 million), which fell short of analysts' average estimate of 180.7 billion yen [4]. - Despite a sales increase of over 80% to 806.3 billion yen, the operating profit growth was limited to 23%, also below market expectations [4]. - The company maintained its annual revenue and operating profit guidance, projecting sales of 19 million units of the Switch 2 from June to the end of March [9]. Group 2: Market Concerns - The rising costs of storage components, particularly DRAM and NAND, are expected to significantly compress hardware profit margins and future pricing flexibility for consumer electronics [2][10]. - TrendForce predicts that the cost of game console storage modules could account for approximately 21%-23% of total hardware costs by 2026, leading to ongoing risks of declining gross margins for consumer electronics brands [2]. - The demand for storage from AI data centers is consuming a significant portion of global memory production capacity, further straining supply for consumer electronics [7]. Group 3: Strategic Responses - Nintendo's management acknowledged the challenges posed by high storage prices and indicated that they are in long-term discussions with suppliers to secure stable procurement of storage chips [9]. - The company is considering potential price adjustments for the Switch series to mitigate the impact of rising costs, although it aims to carefully weigh its options [9]. - Analysts suggest that the key to navigating the storage cost crisis lies in enhancing software sales and maintaining a robust software ecosystem, which is currently under pressure from competitive threats [8][11].

得益于光电路交换机（OCS）和共封装光学（CPO）的强劲需求，光模块巨头Lumentum不仅交出了一份营收利润双超预期的成绩单，更给出了高达 85%同比增长的下季度指引，向市场证明其在AI算力基础设施中的关键地位。 2月3日，全球光学和光子技术龙头企业Lumentum Holdings公布了2026财年第二季度财务业绩。财报显示，截至2025年12月27日的季度内，公司净营收 达到6.655亿美元，同比暴增65.5%，触及指引区间高端；Non-GAAP营业利润率达到25.2%，同比扩张超过1700个基点，盈利能力大幅改善远超此前预 期。 CEO Michael Hurlston对业绩表现给予高度评价："Lumentum实现了出色的第二季度表现，营收同比增长超65%，Non-GAAP营业利润率扩张超1700个 基点。营收触及指引高端，而盈利能力和每股收益的扩张远超此前预期，充分展现了我们业务模型的杠杆效应。" 更值得关注的是公司在AI基础设施领域的强劲势头。其中OCS业务正在快速扩张以满足超常规的客户需求，订单积压已超过4亿美元；而在CPO领域， 公司新获得一笔数亿美元的增量订单，将在2027年上半年交付。Hu ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ "在正常环境下，微软的这些业绩其实已经相当不错了。但在如此庞大的支出背景下，且市场预期已定 价至近乎完美，你必须每一个指标都达标，"GuideStone Funds公共投资组合经理Josh Chastant对此评价 道。该机构手中持有微软股份。 这一观点其实也能在另一只"七巨头"个股Meta上得到部分印证——是的，尽管Meta上周财报预测将实现 四年多来最快的季度营收增长，令投资者上周四推动其股价飙升了10%，创下7月以来的最佳单日表 现。但有鉴于该公司同样表示计划到2026年将资本支出增加多达87%，这一负面因素依然在上周五产生 了一定影响，Meta股价随后回落了近3%，创下去年10月30日以来最差单日表现。 这些市场反馈，揭示了科技巨头们目前依然正行走在愈发狭窄的钢丝上——AI领域已持续三年的涨势 建立在一种押注之上：即这些公司雄厚的财力和激进的投资，将使他们处于下一次变革性技术的前沿。 只要有增长支撑，投资者可以忍受巨额支出；否则，它们就得准备好迎接惩罚。 "我们已然进入这样一个时代：只有实现人工智能资本支出的变现，科技股估值才具 ...

近期披露完毕的2025年公募基金四季报显示，中际旭创（300308）、宁德时代（300750）、新易盛 （300502）、紫金矿业（601899）、寒武纪-U、立讯精密（002475）、贵州茅台（600519）、东山精 密（002384）、美的集团（000333）、中国平安（601318）成为主动基金的前十大重仓股。 纵观过去的公募基金重仓股名单，不难发现市场的热点赛道在不断变化。2024年三季度前，贵州茅台长 期稳坐公募基金重仓股第一的"宝座"。之后，随着新能源产业的崛起，宁德时代取代了贵州茅台，并连 续4个季度成为公募基金第一重仓股。直到现在，AI行业兴起，中际旭创成为基金重仓股。可以预见的 是，以AI算力基础设施、AI芯片、AI应用等领域为代表的AI相关产业链将继续成为未来一段时间内市 场关注的焦点。但与此同时，在科技成长风格持续主导的背景下，投资者需要关注相关行业短期估值水 平和业绩增长情况，避免过度追高。 从重仓股排行可以看出，主动权益类公募基金的持仓结构发生了明显变化，AI等科技成长股成为"重点 关注对象"。事实上，科技行业上市公司比重增加不仅体现在公募基金前10大重仓股上，也体现在整体 的持仓变 ...

智通财经APP获悉，有媒体援引知情人士透露的消息报道称，英伟达(NVDA.US)、微软(MSFT.US)以及 亚马逊(AMZN.US)正在商谈作为一轮重大新融资的一部分，向全球AI应用领军者OpenAI投资高达600亿 美元。知情人士表示，这家ChatGPT开发者计划本轮融资500亿美元或更多，意味着估值将达到约7500 亿美元至8300亿美元的超级独角兽区间。 能够持续筹集到愈发庞大的新资金支持GPT系列AI大模型训练进程以及无比庞大的人工智能推理工作负 载，对于覆盖OpenAI不断上升的训练与运行其最前沿AI大模型成本而言至关重要，因为来自Alphabet旗 下谷歌的竞争压力正在不断加剧，迫使OpenAI加快节奏推出万众瞩目的"AGI"或者"ASI"。 据媒体报道称，现有投资方英伟达正洽谈投资最高300亿美元;同样已是投资方的微软则可能追加投资， 预计将低于100亿美元。此外，作为OpenAI新投资者的亚马逊可能投资逾100亿美元，甚至可能超过200 亿美元。 知情人士表示，亚马逊对OpenAI的投资规模可能取决于两家公司正在谈判的其他大型交易。OpenAI正 在初步讨论从亚马逊筹集至少100亿美元并使用 ...

Core Viewpoint - The company aims to establish a fund in collaboration with professional investment institutions to leverage their expertise and industry resources for identifying investment opportunities, focusing on strategic layouts in core business synergy, emerging industries, and new productive forces [1] Group 1: Investment Strategy - The investment strategy is designed to achieve industrial synergy and expand development space while accumulating key technological reserves and project resources for future growth [1] - Future investment planning will primarily focus on hard technology and technology-driven enterprises that break through key core technologies, particularly in AI computing infrastructure and next-generation communication technologies [1] Group 2: Current Status and Future Plans - The current collaboration is in its initial stage, and the company will fulfill its information disclosure obligations based on subsequent developments [1]

Group 1 - Micron Technology plans to invest $24 billion in a NAND flash memory factory in Singapore over the next decade, with wafer production expected to start in the second half of 2028, creating 3,000 new jobs [1] - The expansion is driven by a surge in demand for high bandwidth memory (HBM) and enterprise-grade solid-state drives due to the construction of AI computing infrastructure, leading to a severe imbalance in supply and demand for storage chips [1] - Recent reports indicate that Samsung Electronics has raised NAND flash supply prices by over 100% in the first quarter, and major manufacturers have sold out their storage chip capacity for AI servers through 2026, highlighting the seriousness of the supply-demand imbalance [1] Group 2 - The tight supply situation for storage chips is expected to persist until 2027 or even 2028, with market value projected to reach $842.7 billion by 2027 [2] - Micron's expansion will drive demand for upstream semiconductor equipment, with the global semiconductor equipment sales expected to exceed $150 billion by 2027, and China remaining the largest market [2] - Following Micron's announcement, other manufacturers may follow suit, benefiting upstream semiconductor equipment suppliers, particularly domestic leading companies making rapid progress in semiconductor equipment localization [2]

在黄金历史性地站上5100美元/盎司的同时，白银以更猛烈的涨势创造着新高。1月27日凌晨，现货白银价格暴涨至创纪录高位，盘中一度突破117.00美元/盎 司（约28.83元人民币/克），该价格为2020年白银价格低点11.23美元/盎司（约2.77元人民币/克）的10倍。 据智通财经报道，银价暴涨之下，投资银条走红水贝。记者于深圳水贝零售市场发现，多家柜台上架"投资银条"产品，一块1000g银条价格高达30860元。 一位柜台商家告诉智通财经记者，这类投资银条是刚刚推出的新品，除了投资外，还可用于制作饰品，克价会低于直接购买成品。此外，多柜台还挂出 了"收银条"字样。 2026年开年以来，白银价格累计涨幅已达48%，远超同期黄金表现。而在第三方平台，近一周，投资银条价格持续上涨，涨幅大幅超过黄金，比金条更受欢 迎。得物App数据显示，投资银条价格近一周飙涨41%，价格涨幅大幅领先于投资金条，是投资金条价格涨幅（8.5%）的4.8倍。 此外，白银配饰价格也有一定程度的上涨，近一周，中国黄金的莫比乌斯环银手镯（10g）价格从369元上涨至429元，上涨了16%。 2026年以来，随着AI算力基础设施、光伏产业和新 ...

Core Viewpoint - The company expects significant growth in sales revenue from PCB specialized processing equipment and various spindle products by 2025, driven by increased demand in the PCB market due to AI computing infrastructure and consumer electronics upgrades, as well as accelerated domestic substitution and technological innovation [1] Group 1: Financial Performance - The company anticipates a substantial increase in net profit attributable to shareholders in 2025, supported by improved gross margins from scale effects [1] Group 2: Operational Strategy - To address the significant rise in order volume and ensure delivery capability for future growth, the company has proactively initiated capacity planning and resource allocation [1] - The company is also planning to establish dedicated production lines related to PCB to enhance delivery assurance and reserve capacity for future business development [1] - Currently, the company's overall production organization and delivery pace are operating smoothly, with related orders being delivered steadily as planned [1]