公告补充，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。 11月24日，网络上流传关于工业富联（601138.SH）"下调第四季度业绩目标""大客户在L10/L11商业模 式上会有调整"等言论。相关传闻让工业富联盘中一度跌停，截至11月24日收盘，工业富联 （601138.SH）跌7.80%，报55.94元/股。 同日晚上，工业富联（601138.SH）发布公告称，网络流传相关言论不属实。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，且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。 ...

Core Viewpoint - Industrial Fulian issued a clarification statement denying rumors about lowering its fourth-quarter performance targets and adjustments from major clients, asserting that operations are proceeding as planned and customer demand remains strong [2][5]. Financial Performance - In Q3 2025, Industrial Fulian reported revenue of 243.17 billion yuan, a year-on-year increase of 42.81%, with net profit surpassing 10 billion yuan for the first time, reaching 10.37 billion yuan, a growth of 62.04% [8]. - For the first three quarters of the year, the company achieved revenue of 603.93 billion yuan, up 38.4% year-on-year, and net profit of 22.49 billion yuan, an increase of 48.52% [8]. - The company's revenue and net profit for the first three quarters are close to last year's total, marking a historical high for the same period [8]. Business Segments - The AI server business showed significant growth, with cloud computing revenue increasing over 65% year-on-year in the first three quarters and over 75% in Q3, driven by the demand for AI cabinet products [8]. - Revenue from cloud service providers increased by over 150% year-on-year in the first three quarters, with Q3 revenue more than doubling compared to the previous year [8]. - The GPU AI server segment saw revenue growth exceeding 300% year-on-year in the first three quarters, with a quarterly increase of over 90% and a year-on-year increase of over five times [8][9]. Market Reaction - On November 24, Industrial Fulian's stock price fell by 7.8% to 55.94 yuan per share, with a total market capitalization of 1.11 trillion yuan, despite a cumulative increase of 165.29% year-to-date [5].

Core Viewpoint - The company, Ding Tai Gao Ke (301377), has reported a strong demand for its drill needle products, leading to high capacity utilization and tight delivery schedules for some products [1] Group 1: Company Performance - The company has sufficient orders for its drill needle products, indicating robust market demand [1] - Capacity utilization is high, suggesting efficient production processes and strong operational performance [1] - Some products are experiencing tight delivery schedules, highlighting the need for increased production capacity [1] Group 2: Future Plans - In response to changing demand, the company is accelerating the construction of its PCB micro drill needle production base [1] - The company plans to continuously and orderly expand production capacity based on market conditions to meet customer needs [1]

【#工业富联将调整回购股份价格上限#】#工业富联发布澄清公告# 11月24日，工业富联(601138.SH)股 价一度跌停。有投资者在互动平台问工业富联：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？工业富联表示，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。 11月24日，另有投资者问，"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？" 工业富联表示，公司2025年第一次临时股东大会审议通过的回购股份价格上限为不超过20 元/股，经2024年年度权益分派后调整为不超过19.36元/股。后续，公司将尽快召开董事会调整回购价格 上限，并加速推进回购事项。（智通财经） ...

Market Overview - The three major indices showed a stable and fluctuating trend with reduced trading volume, with over 4,200 stocks in the market rising, including nearly 100 stocks that increased by over 10%. However, there were still more than 20 non-ST stocks hitting the daily limit down. The total trading volume in the Shanghai and Shenzhen markets was 1.73 trillion, a decrease of 237.9 billion compared to the previous trading day [1]. Sector Performance - The TMT sector, represented by technology, has been experiencing a continuous pullback. As of the market close today, the indices for electronics, communications, computers, and media sectors have dropped by 15.14%, 12.66%, 8.20%, and 1.98% respectively since October 30. Notable individual stocks such as Industrial Fulian, Xinyi Technology, and others have also seen significant declines [3]. Company Specifics - Industrial Fulian experienced a significant drop of nearly 7.8% today, with an intraday limit down. The company stated on its interactive platform that its overall operations for the fourth quarter, including product shipments, are proceeding as planned, with strong customer demand and no adjustments to profit targets [3]. Foreign Investment Sentiment - Goldman Sachs' chief China equity strategist expressed optimism about Chinese stocks, stating that the rise led by AI is not a bubble, as Chinese tech companies have room to enhance valuations and profits through AI applications. The firm believes that the bull market for Chinese stocks will continue, with global investors increasingly interested in exploring investment opportunities in China [5].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View On November 21, the liquidity situation continued to ease, but market sentiment remained weak, leading to a volatile adjustment in the bond market. The convertible bond market followed the decline of the equity market, with most convertible bond indices and individual bonds falling. Yields of U.S. Treasury bonds across various maturities generally declined, and yields of 10 - year government bonds in major European economies mostly decreased as well [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News** - Starting from next June, savings bonds (electronic) will be included in the scope of personal pension products [3]. - From January to October this year, the number of newly - established foreign - invested enterprises in China increased by 14.7% year - on - year, while the actual use of foreign capital decreased by 10.3% year - on - year [3]. - The issuance of government bonds has entered a dense period, which is an important manifestation of the continuous implementation of proactive fiscal policies [3]. - **International News** - On November 21 local time, New York Fed President John Williams said there is room for further interest rate cuts in the near term [4]. - The preliminary value of the U.S. Markit Composite PMI in November reached the fastest growth in four months, with the service industry accelerating and the manufacturing industry slowing down [5]. - **Commodities** - On November 21, international crude oil futures prices continued to fall, while international natural gas prices turned up [6]. 3.2 Liquidity - **Open Market Operations** - On November 21, the central bank conducted 375 billion yuan of 7 - day reverse repurchase operations, with a net injection of 162.2 billion yuan [8]. - **Funding Rates** - Due to the end of the tax period and continuous net injections by the central bank, the liquidity situation continued to ease on November 21. Key funding rates such as DR001 and DR007 declined [9]. 3.3 Bond Market Dynamics - **Interest - Rate Bonds** - **Spot Bond Yields** - On November 21, despite the stock market decline, the bond market fluctuated and adjusted due to weak market sentiment. Yields of 10 - year Treasury bonds and 10 - year China Development Bank bonds increased slightly [12]. - **Bond Tendering** - On November 21, the 3 - year "25进出清发007(增发15)" was tendered, with a issuance scale of 2 billion yuan and a winning yield of 1.6542% [13]. - **Credit Bonds** - **Secondary Market Transaction Anomalies** - On November 21, the trading price of one industrial bond, "H0中骏02", deviated by more than 10%, rising by over 71% [13]. - **Credit Bond Events** - Multiple companies announced important events, including debt restructuring, bond exchange offers, regulatory warnings, and cancellations of bond issuances [14][15]. - **Convertible Bonds** - **Equity and Convertible Bond Indices** - On November 21, the three major A - share indices fell, and the convertible bond market also declined. Most convertible bond indices and individual bonds fell, with a decrease in trading volume [16]. - **Convertible Bond Tracking** - On November 24, "卓镁转债" will be listed. Multiple convertible bonds announced price adjustments, potential redemptions, etc. on November 21 [18][19]. - **Overseas Bond Markets** - **U.S. Bond Market** - On November 21, yields of U.S. Treasury bonds across various maturities generally declined, and the yield spreads between different maturities changed [20][21]. - **European Bond Market** - On November 21, except for the 10 - year government bond yield in the UK, which increased, yields of 10 - year government bonds in other major European economies generally declined [23]. - **Chinese - Issued U.S. Dollar Bonds** - As of the close on November 21, prices of some Chinese - issued U.S. dollar bonds changed, with some rising and some falling [25].

工业富联11月24日大宗交易平台共发生2笔成交，合计成交量18.85万股，成交金额1054.47万元。成交价 格均为55.94元。从参与大宗交易营业部来看，机构专用席位共出现在2笔成交的买方或卖方营业部中， 合计成交金额为1054.47万元，净卖出1054.47万元。 11月24日工业富联大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | 业部 | | 15.00 | 839.10 | 55.94 | 0.00 | 国泰海通证券股份有限公司总部 | 机构专 | | | | | | | 用 | | 3.85 | 215.37 | 55.94 | 0.00 | 中信证券股份有限公司深圳深南中路 | 机构专 | | | | | | 中信大厦证券营业部 | 用 | （文章来源：证券时报网） 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为1801.63万元。 证券时报·数据宝统计显示，工业富联今日收盘价为55.9 ...

Core Viewpoint - Recent rumors regarding Foxconn Industrial Internet Co., Ltd. (referred to as "Industrial Fulian") suggest a downward revision of AI server cabinet shipment volumes and profits, leading to a significant stock price drop. However, the company has denied these claims, asserting that operations are proceeding as planned and customer demand remains strong [2][3]. Group 1: Company Response - Industrial Fulian issued a clarification on November 24, denying the rumors and confirming that fourth-quarter operations, including shipments of core products like NVIDIA's GB200 and GB300, are on track [2]. - The company emphasized that it has not lowered its profit targets for the fourth quarter and has not received any requests from major clients to adjust business models or pricing [2]. - This is not the first time Industrial Fulian has addressed such rumors; similar statements were made during the third-quarter earnings call, asserting that project progress and delivery schedules are normal [2]. Group 2: Financial Performance - For the third quarter of 2025, Industrial Fulian reported revenue of 243.17 billion yuan, a year-on-year increase of 42.81%, and a net profit attributable to shareholders of 10.37 billion yuan, up 62.04%, both reaching historical highs for a single quarter [3]. - In the first three quarters, the company achieved revenue of 603.93 billion yuan and a net profit of 22.49 billion yuan, nearing last year's total figures [3]. - Growth is primarily driven by the expansion of the AI server market, large-scale data center AI cabinet product deliveries, and explosive growth in cloud service provider business, with GPU AI server revenue increasing over 300% year-on-year [3]. Group 3: Product Development and Outlook - Industrial Fulian's management indicated that the GB200 product is being shipped smoothly, and the GB300 has entered mass production in the third quarter, with improving yield rates and testing efficiency [3]. - The company expects that declining unit costs and improved yields will positively support gross margins in the fourth quarter, maintaining confidence in delivery efficiency as production scales up and manufacturing processes are optimized [3].

Core Viewpoint - Industrial Fulian (601138) issued a clarification statement on November 24, denying rumors about a "reduction in fourth-quarter performance targets" and adjustments in major clients' business models, asserting that operations are proceeding as planned and customer demand remains strong [1][2] Group 1: Company Operations - The company confirmed that the overall operations for the fourth quarter, including the shipment of products like GB200 and GB300, are progressing according to established plans, with no adjustments to performance targets [1][2] - There have been no requests from major clients to alter business models, reduce shares, or adjust prices, indicating stable client relationships [1] - The development of next-generation products in collaboration with clients is on track and proceeding smoothly as per the initial schedule [1][2] Group 2: Market Reactions - Industrial Fulian's market capitalization exceeds 1 trillion, but the stock has seen a nearly 8% decline over two consecutive days, closing at 55.94 yuan per share with a trading volume of 18.72 billion yuan, ranking second in A-share trading [1] - Recent market rumors suggested a downward adjustment in the shipment volume of AI server cabinets to 80,000 units and a decline in profit per cabinet due to cloud service providers and Nvidia reclaiming more profitable segments of the server supply chain [1] - The company has not officially lowered its fourth-quarter performance targets despite these rumors [1][2] Group 3: Industry Context - There are conflicting views regarding the recent volatility in AI-related stocks, with the International Monetary Fund (IMF) warning that the current AI investment boom resembles the internet bubble of 25 years ago, suggesting potential irrational exuberance in market valuations [2] - Conversely, some investment institutions argue that AI investments are still in the early stages, with significant long-term productivity enhancement potential [2]

"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 ...