每经记者｜宋欣悦 每经编辑｜何小桃 兰素英 ① 【三大期指齐涨】截至发稿，道指期货涨0.25%、标普500指数期货涨0.28%、纳指期货涨0.22%。 ② 【存储概念股盘前上涨，闪迪涨超7%】存储概念股盘前上涨。截至发稿，闪迪涨超7%，美光科技涨近4%，西部数据、希捷科技涨超3%。消息面上， 日本存储巨头铠侠业绩显示，公司2025财年Q3净利润为878.1亿日元，全年利润指引高出预期。 ③ 【中概股普跌】中概股盘前普跌。截至发稿，阿里巴巴跌1.0%，拼多多跌0.3%，百度跌1.2%，京东跌1.6%。 ④ 【大摩：100GW光伏计划或将特斯拉能源业务估值提升多达500亿美元】摩根士丹利在本周发布的一份最新研报中指出，特斯拉规划建设100GW垂直 整合光伏制造产能的计划，可能使其能源业务估值提升多达500亿美元。但该公司需要大力投资才能实现这一目标。 校对|段炼 ⑤ 【季度毛利率低于预期，思科跌近8%】思科盘前跌近8%。消息面上，思科预计，公司第三财季的调整后毛利率为65.5%至66.5%，而分析师此前的平 均预期为68.2%。 ⑥ 【"华尔街之狼"重仓押注Meta约20亿美元】被誉为"华尔街之狼"的比尔·阿克曼 ...

Group 1 - Storage concept stocks continue to rise, with SanDisk up 6.5%, Micron Technology up 3.4%, Western Digital up nearly 3%, and Seagate Technology up 2.8% [1] - Kioxia reported revenue of 543.6 billion yen for the third fiscal quarter, with Non-GAAP operating profit of 144.7 billion yen, exceeding previous guidance [1] - Kioxia provided an optimistic fourth-quarter earnings forecast, expecting revenue between 845.0 billion and 935.0 billion yen, and Non-GAAP operating profit between 440.0 billion and 530.0 billion yen, reflecting strong confidence in market prospects [1] - The company emphasized that due to a significant increase in data center demand, it expects demand to exceed supply [1]

本文源自：金融界AI电报 存储概念股美股盘前走强，闪迪(SNDK.O)涨近7%，美光科技(MU.O)涨近4%，西部数据(WDC.O)和希 捷科技(STX.O)涨超2%。消息面上，日本存储巨头铠侠第四季度收入5436亿日元，环比增长953亿日 元。 ...

Group 1 - The core viewpoint of the article highlights the strong performance of storage concept stocks in the U.S. market, driven by AI demand, with significant gains for companies like SanDisk and Micron Technology [1] - SanDisk experienced a nearly 7% increase, while Micron Technology rose by nearly 4% [1] - Western Digital and Seagate Technology also saw gains of over 2% [1] Group 2 - The article notes that AI demand has led to a 60% increase in the annual profit guidance for Japanese storage giant Kioxia, exceeding consensus expectations [1] - In contrast, Cisco's stock dropped nearly 8% following its earnings report, while Applovin and QuantumScape fell over 5% and 10%, respectively [1]

这家原东芝集团旗下的内存业务公司正受益于AI热潮带来的行业格局变化。铠侠预计本财年营业收入将达到7095.7亿日元至7995.7亿日元，远 高于彭博一致预期的5254.7亿日元。净利润预期为4537.6亿日元至5137.6亿日元，同样大幅超过市场预期的3207.5亿日元。净销售额预期区间 为2.18万亿日元至2.27万亿日元，高于市场预期的2万亿日元。 尽管第三季度实际业绩略低于市场预期，但该公司强调闪存市场需求正在因AI应用而扩张，数据中心和企业级服务器需求持续增长，而PC和智 能手机市场也因新AI模型的推出保持强劲。公司表示由于数据中心需求大幅增加， 预计需求将超过供应。 铠侠发布的年度业绩预测远超市场预期，营业收入与净利润目标较分析师预测高出约 35% 至 60%。尽管三季度业绩略逊预期，但受益于 AI 驱 动的数据中心及企业级服务器需求爆发，NAND 闪存市场已步入强劲复苏周期，供需格局反转推动产品价格显著上涨，公司财务状况亦持续改 善。 日本闪存制造商铠侠发布的全年业绩预测远超市场预期，凸显AI应用驱动的数据中心需求正在重塑NAND闪存市场格局。 该公司预计营业收入 和净利润将较分析师预期高出约35 ...

日本存储巨头铠侠预计全年营业利润为7095.7亿日元至7995.7亿日元，市场预期为5254.7亿日元；第三 财季净利润为878.1亿日元，市场预期为1004.1亿日元。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Market Overview - The Hang Seng Index fell by 0.89%, down 242 points, closing at 27,024 points, while the Hang Seng Tech Index dropped by 1.68% [1] - The trading volume in the Hong Kong stock market reached HKD 127.3 billion in the morning session [1] Company Highlights - Zhizhong (02513) saw its stock price increase by over 24% after its flagship model GLM-5 was adapted to several mainstream domestic chip platforms, including Huawei Ascend [1] - MiniMax (00100) experienced a rise of over 14% [1] - Optical communication stocks performed well, with Zhongji Xuchuang rising by 11%, Changfei Optical Fiber and Cable increasing by 11%, and Huiju Technology gaining over 6% [1] - Dongfang Electric (01072.HK) rose by over 11% due to expectations of new orders from Southeast Asian data centers or utility customers, as noted by Citigroup [1] - Harbin Electric (01133.HK) increased by 7.8% [1] - Tianyu Semiconductor (02658) rose by 4.9% after forming a strategic partnership with EYEQ Lab to focus on silicon carbide epitaxial wafer supply and applications [1] - Zhaoyi Innovation (03986) increased by over 7% following a surge in the U.S. memory sector, with strong demand expected to continue into next year [1] Sector Developments - The construction boom in U.S. data centers has led to an electricity shortage, with over 29 GW of natural gas power generation capacity under construction in the U.S. as of January 2026, more than doubling in one year [1] - CIMC Enric (03899) rose by 2.8% as JPMorgan expressed positive expectations for its Indonesian coke oven gas project, indicating the company's overseas expansion is moving into the execution phase [2] - COSCO Shipping Energy (01138) surged by over 10%, with an annual increase of over 80%, amid reports that the U.S. is considering seizing Iranian oil tankers to exert pressure [2] - China Nuclear International (02302) increased by over 6% due to a rise in uranium trade transaction volumes, significantly boosting annual revenue and profit [3] - Budweiser APAC (01876) fell by over 4%, dragging down the Hang Seng Index, as its fourth-quarter loss widened to USD 105 million [4]

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经济观察网闪迪股价近期大幅波动主要受AI驱动业绩增长与行业强周期性风险交织影响。 行业与风险分析 历史周期规律：存储行业具有强周期性，供需错配常导致价格剧烈波动。当前市场出现与2022年相似的 风险——供应商为争夺云厂商订单超前采购，超大规模企业可能高估需求，导致潜在供应过剩。高位获 利了结：截至2026年2月11日，闪迪股价年初至今累计上涨148.96%，过去半年涨幅一度超1200%。2月4 日单日跌幅达15.95%，反映市场对估值过高的担忧及资金从科技股轮动。 机构观点 乐观预期：部分机构基于AI需求持续性上调目标价，认为HBM等技术差异可能延长本轮周期。风险警 示：华创证券等机构提示需关注存储价格波动及产能扩张可能引发的供需逆转风险。 业绩经营情况 财报超预期：2026年1月29日发布的2026财年第二季度财报显示，营收达30.25亿美元，非GAAP净利润 9.67亿美元，数据中心业务收入环比飙升64%。公司预计第三季度营收指引为44亿-48亿美元，远超市场 预期。AI技术驱动：人工智能推理应用提升存储需求，尤其是企业级SSD需求激增。闪迪通过PCIe Gen5产品认证及与铠侠合资扩产，强化了在NAND ...

Market Overview - The US stock market opened with all three major indices rising, with the Nasdaq up by 0.76%, the Dow Jones up by 0.41%, and the S&P 500 up by 0.62% [1] Company Performance - Storage concept stocks rebounded, with Micron Technology rising over 6%, SanDisk increasing by over 9%, and Western Digital up by over 4% [2] - Ride-sharing company Lyft saw a significant decline, dropping over 15% as its Q4 2025 revenue fell short of market expectations [2]