2025 年 5 月 23 日 股指期货将震荡整理 黄金、白银、铜、氧化铝、焦煤、 玻璃、纯碱期货将偏弱震荡 PTA、甲醇期货将偏强震荡 陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货将震荡整理：IF2506 阻力位 3905 和 3933 点，支撑位 3864 和 3850 点；IH2506 阻力位 2726 和 2734 点，支撑位 2698 和 2689 点；IC2506 阻力位 5666 和 5700 点，支撑位 5560 和 5540 点；IM2506 阻力位 60 ...

Group 1 - AMD is expected to meet its Q1 financial targets, but an $800 million impairment loss due to U.S. AI chip export controls is negatively impacting its future performance outlook [1][2] - HSBC has significantly lowered AMD's target price from $90 to $70 and reiterated a "reduce" rating, citing concerns over revenue and gross margin [1] - AMD's Q2 revenue is projected to decline by 3% quarter-over-quarter, contrasting with the market's expectation of a 3% increase [1] Group 2 - HSBC forecasts AMD's Q2 gross margin to drop to 40.4%, well below the market consensus of 52.5%, marking the largest expected deviation in nearly two years [1] - Despite increased demand for low-cost AI chips following the release of the DeepSeek model, AMD's AI GPU business has not shown growth momentum in the past 3-4 months [1] - AMD's advanced packaging capacity is expected to remain stagnant at 35,000 wafers per year by the end of FY2025, raising concerns about the production schedule for the MI355 chip and the delivery of the MI400 server platform [1] Group 3 - Intel's aggressive pricing strategy for its CPU product line may further compress AMD's market share and profit margins [2] - NVIDIA, a key competitor, is also facing export control challenges, with potential costs related to its H20 chip export issues estimated at $5.5 billion [2] - AMD is set to release its Q1 earnings report on May 6, with market expectations for revenue at $7.12 billion and adjusted EPS at $0.94 [2]