华泰证券表示，闪迪、美光、三星等海外存储原厂陆续发布涨价函，奠定2025Q4存储价格持续上涨趋 势。AI数据中心建设持续加码、AI应用进一步深化对存储需求的显著拉动，且短期存储产能供给释放 有限，看好2026年存储周期持续上行。国内存储模组、存储芯片以及主控/配套芯片等产业链上各个环 节厂商均有望受益于周期上行带来的量价齐升。 截至收盘，上证科创板100指数强势上涨1.93%，成分股源杰科技上涨11.54%，东芯股份上涨9.70%，国 盾量子上涨9.48%，盛科通信，经纬恒润等个股跟涨。科创100ETF华夏（588800）上涨1.96%，最新报 价1.3元。 流动性方面，科创100ETF华夏（588800）盘中换手11.72%，成交3.13亿元，市场交投活跃。拉长时间 看，截至12月5日，科创100ETF华夏（588800）近1周日均成交2.82亿元，领先同类。 截至收盘，上证科创板半导体材料设备主题指数强势上涨1.43%，成分股神工股份上涨8.71%，晶升股 份上涨7.04%，新益昌上涨6.67%，和林微纳，华海诚科等个股跟涨。科创半导体ETF（588170）上涨 1.43%，最新报价1.42元。 据悉，联 ...

曝苹果芯片主管或离职 据彭博社报道，苹果公司突然经历数十年来最大规模的人事变动，高级管理人员和核心工程师纷纷离 职。同时，硬件技术高级副总裁约翰尼・斯鲁吉最近告诉库克，他正在认真考虑不久的将来离职。作为 苹果自研芯片项目的主要架构师，斯鲁吉已经告知同事，如果最终决定离开，他打算加入另一家公司。 报道称，库克一直在积极努力挽留斯鲁吉，包括提供丰厚的薪酬包以及未来可能增加的责任。 俞敏洪称写公开信员工正常上班 12月6日，新东方集团董事长俞敏洪发文称："南极事件和新东方员工公开信的事情，一再把我和新东方 推上热搜，有朋友担心写信的员工被整。请大家放心，他们都在各自的岗位上正常上班。他们反应的问 题，我已经要求相关部门认真调查，倾听员工的诉求，真有问题的，立刻纠正。" 豆包辟谣手机助手可以直接查余额 12月6日，豆包手机助手微博发布辟谣称，网传"豆包手机助手可以直接查询银行卡余额，并跳过认证读 取用户信息"为谣言。豆包手机助手表示其仅在用户的要求与授权下帮助用户查询银行卡余额，其中涉 及敏感操作，需用户手动确认。此外，豆包手机助手在用户授权操作的过程中，并不存在系统权限可以 直接跳过密码、人脸识别等类似认证环节，查 ...

晨会纪要（R3） 晨会纪要 2025 年 12 月 08 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3902.81 | 0.70 | | 深证成指 | 13147.68 | 1.08 | | 创业板指 | 3109.30 | 1.36 | | 科创 50 | 1326.10 | 0.00 | | 北证 50 | 1408.34 | 1.52 | | 沪深 300 | 4584.54 | 0.84 | 【债券研究】债券市场综述 二、重要财经资讯 【宏观经济】中国央行连续第 13 个月增持黄金 【财经要闻】过去三年跑输业绩比较基准 10%且利润率为负的基金经理 降薪 30% -10% 0% 10% 20% 30% 2024-12 2025-03 2025-06 2025-09 上证指数 沪深300 | 何晨 | 分析师 | | --- | --- | | 执业证书编号:S0530513080001 | | | hechen@hnchasing.com | | | 周剑 | 分析师 | | 执业证书编号:S053052509000 ...

Market Overview - On December 2, the market experienced a decline, with the Shanghai Composite Index falling by 0.42%, the Shenzhen Component Index by 0.68%, and the ChiNext Index by 0.69%[3] - The total trading volume was 1.6 trillion yuan, a decrease of approximately 290 billion yuan compared to the previous trading day[1] Sector Performance - Most sectors declined, with notable increases in oil, light industry, and home appliances, while media, non-ferrous metals, computer, pharmaceuticals, and electric equipment sectors faced significant declines[1] - The main indices rebounded to the 20 or 60-day moving averages, indicating potential technical pressure and a phase of market balance with limited breakout potential[1] Capital Flow - On December 2, net outflows were recorded at 11.665 billion yuan for the Shanghai Stock Exchange and 4.290 billion yuan for the Shenzhen Stock Exchange[4] - The top three sectors for capital inflow were communication equipment, packaging and printing, and military electronics, while semiconductor, software development, and liquor sectors saw the highest outflows[4] New Accounts and Market Sentiment - In November, 2.38 million new A-share accounts were opened, a 3% increase from October, bringing the total for the year to 24.84 million, a year-on-year increase of 7.95%[7] - Compared to November 2024, the new accounts in November 2025 decreased by 12%[7] Industry Dynamics - The PC market in China saw a 2% year-on-year increase in shipments in Q3 2025, reaching 11.3 million units, driven by strong demand in the commercial sector[8] - The total number of medical consultations in 2024 exceeded 10.15 billion, with a 6 million increase from the previous year, indicating a steady growth in healthcare services[10] Investment Insights - The pharmaceutical sector has seen a slowdown in momentum after a strong rise earlier in the year, with a significant reduction in the number of "doubling funds" remaining[13] - The stock private equity position index reached a new high for the year at 82.97% on November 21, indicating a strong bullish sentiment among private equity investors[14]

Core Viewpoint - The global PC industry is facing significant cost pressures due to rising prices of DRAM and NAND storage chips, prompting major manufacturers to consider price adjustments for their products [1][2][11] Group 1: Price Adjustments and Cost Structure - Major PC brands, including HP and Dell, have warned of a potential shortage of memory chips by 2026, leading to inevitable price increases [1][2] - Lenovo, as the largest PC manufacturer, is exploring price hikes for certain products to address ongoing cost pressures, although specific details are yet to be publicly announced [1][2] - The cost of memory chips currently accounts for 15% to 18% of a typical PC's total cost, indicating a significant impact on profit margins [1][2] Group 2: Market Dynamics and Demand - The demand for high-value storage solutions, driven by AI servers and data centers, has led to a reduction in DRAM and NAND production capacity, exacerbating supply constraints for traditional PC manufacturers [2][6] - Lenovo's strategy of bulk purchasing and supply chain management has been challenged by the unprecedented rise in storage chip prices, necessitating potential price adjustments [2][3] Group 3: Competitive Landscape - Different manufacturers face varying pressures regarding price increases, largely influenced by their customer structures; Lenovo's significant commercial client base allows for greater pricing flexibility compared to retail-focused brands [4][5] - The ability to maintain stable supply and service is crucial for enterprise clients, making them more accepting of price adjustments as long as overall costs remain manageable [5][8] Group 4: Future Implications - The current price increase cycle is expected to reshape the competitive landscape, with manufacturers that can ensure supply stability and maintain service quality likely to gain market share [7][10] - Historical trends suggest that during price hikes, larger manufacturers with robust supply chains tend to benefit, while those reliant on promotional strategies may struggle [9][10] - The ongoing price adjustments may not only help maintain profitability but also strengthen the market position of leading manufacturers like Lenovo [11]

Core Insights - The global PC industry is facing significant cost pressures due to rising prices of DRAM and NAND storage chips, prompting major manufacturers to reconsider their pricing strategies for the upcoming quarter [1][2][11] - Companies like HP and Dell have warned of a potential memory chip shortage by 2026, which will inevitably lead to price increases being passed on to end customers [1][2] - Lenovo, as the largest PC manufacturer, is exploring price adjustments for certain products to mitigate ongoing cost pressures, although this has not been publicly announced yet [1][2][3] Pricing Strategies - The price of storage chips has shifted from short-term fluctuations to a systematic upward trend, with some products experiencing price increases of over 100% within a year [2] - Lenovo's CFO indicated that the company has stockpiled memory and other critical components, with current inventory levels approximately 50% higher than usual [3] - Different manufacturers face varying pressures regarding price increases, influenced by their customer structures; Lenovo's significant commercial client base allows for greater flexibility in pricing adjustments [4][5] Market Dynamics - The price increase cycle is expected to impact market dynamics, with consumer-oriented brands like HP and Dell being more sensitive to price changes compared to Lenovo, which has a higher proportion of enterprise clients [7][8] - The demand elasticity for Lenovo is lower due to its strong position in the enterprise market, where clients prioritize stability and service over minor price increases [8][9] - The current supply chain dynamics indicate a bifurcation, where manufacturers with long-term contracts benefit from lower costs, while those without face higher procurement prices [9][10] Future Outlook - The ongoing price increases in storage chips are likely to lead to a restructuring of the PC industry's cost structure, with potential implications for market share and profitability [6][11] - Companies with robust supply chain capabilities and a diversified customer base are expected to emerge stronger from this pricing cycle, as they can maintain stable supply and pricing strategies [10][11] - The anticipated price adjustments may not only help mitigate cost pressures but also serve as a catalyst for improving profit margins and reinforcing market leadership for top manufacturers like Lenovo [11]

Omdia最新数据显示，2025年第三季度，中国PC市场同比增长2%，达到1130万台。台式机(包括台式工作站)出货量达到330万台，同比增 长8%，主要由商用市场强劲需求推动，该市场出货量增长了9%。笔记本(包括移动工作站)出货量维持在800万台，基本与去年持平，主 要由于本季度消费补贴力度减弱。平板电脑市场继续保持强劲势头，出货量同比增长9%至880万台。 Omdia高级分析师徐颖(Emma Xu)表示："2024年8月底启动的补贴措施确实在当年下半年推动了出货量增长，但到了2025年第三季度，这 些补贴的覆盖范围和实际拉动效果都已明显减弱。然而，在过去两个季度，大型国有企业和政府机构仍保持较高水平的商用PC采购。随 着信创生态体系内的国产替代加速推进，我们预计未来一年偏向本地供应PC零部件的采购需求将成为新的关键增长动力，特别是在消费 补贴逐渐退坡的背景下。" 展望未来，预计到2025年底，中国PC市场将同比增长5%，达到4150万台。增长动力来自上半年稳健的消费需求和强劲的商用采购，特 别是信创领域的推动。平板电脑市场预计在2025年底增长12%至3500万台，这一增长主要受国内厂商激进的产品发布与定 ...

Omdia最新数据显示，2025年第三季度，中国PC市场同比增长2%，达到1130万台。台式机（包括台式工作站）出货量达到330万台，同比增长8%， 主要由商用市场强劲需求推动，该市场出货量增长了9%。笔记本（包括移动工作站）出货量维持在800万台，基本与去年持平，主要由于本季度消 费补贴力度减弱。平板电脑市场继续保持强劲势头，出货量同比增长9%至880万台。 展望未来，预计到2025年底，中国PC市场将同比增长5%，达到4150万台。增长动力来自上半年稳健的消费需求和强劲的商用采购，特别是信创领域的 推动。预计这一趋势将延续至2026年，但由于消费需求进一步走弱，市场预计将小幅下降2%。平板电脑市场预计在2025年底增长12%至3500万台，这 一增长主要受国内厂商激进的产品发布与定价策略带动；但在2026年，随着市场调整，出货量预计将回落9%至3200万台。 文章版权和解释权归微信平台Omdia所有 Omdia高级分析师徐颖（Emma Xu）表示："2024年8月底启动的补贴措施确实在当年下半年推动了出货量增长，但到了2025年第三季度，这些补贴的覆 盖范围和实际拉动效果都已明显减弱。然而，在过去两个季度 ...

Core Performance - Dell Technologies reported Q3 FY26 revenue of $27 billion, a year-over-year increase of 10.8%, close to market expectations of $27.3 billion, with nearly $2.7 billion of the increase attributed to AI server shipments [1][15] - The gross margin for the quarter was 20.7%, down 1.1 percentage points year-over-year, slightly better than the market expectation of 20% [1][16] - The Infrastructure Solutions Group (ISG) revenue was $14.1 billion, a year-over-year increase of 24%, meeting market expectations [26][29] AI Server Business - AI server revenue for the quarter was approximately $5.6 billion, aligning with market expectations [1][31] - The backlog for AI server orders reached $18.4 billion, with projections for next quarter's AI server revenue to be around $9.4 billion, significantly exceeding market expectations [1][4][29] Client Solutions Group (CSG) - CSG revenue was $12.5 billion, a year-over-year increase of 3%, but below market expectations of $12.7 billion [30] - Commercial customer revenue was $10.6 billion, up 5% year-over-year, while personal consumer revenue fell 7% to $1.86 billion [30][35] Future Guidance - The company raised its Q4 revenue guidance to $31-32 billion, up from previous guidance of below $29 billion, driven by AI business growth [1][4] - The projected GAAP EPS for the next quarter is $3.1, reflecting growth primarily from AI business [1][4] Cost and Profitability - Operating expenses for the quarter were $3.47 billion, down 5% year-over-year, with a reduction in sales and management costs due to the low performance of traditional businesses [18][20] - Core operating income was $2.12 billion, a 27% increase year-over-year, with a core profit margin of 7.8% [20][22] Market Context - The company previously raised its long-term revenue guidance for FY26-30 from 3-4% to 7-9%, which initially boosted stock prices [5] - Concerns over rising storage costs and potential impacts on PC business have led to cautious market expectations [8][10]

点击按钮▲立即预约 工信部组织开展卫星物联网商用试验 11月26日消息，工业和信息化部发布关于组织开展卫星物联网业务商用试验的通知。通过开展卫星物联网业务商用试验，丰富卫星通信市场供 给、激发市场主体活力、提升行业服务能力、建立安全监管体系，形成可复制可推广的经验和模式，支持商业航天、低空经济等新兴产业安全健 康发展。 美国消费者信心跌至五年来次低水平 11月26日消息，美国商务部数据显示，美国9月零售销售额仅增长0.2%，远低于华尔街预期，结束了此前数月的加速势头。世界大型企业联合会 11月消费者信心指数从上月的95.5骤降至88.7，为五年来第二低读数，仅高于今年4月水平。此前公布的通胀数据显示，美国批发价格在截至9月 的12个月中上涨2.7%，高于市场预期。劳动力市场显示出越来越明显的疲软迹象。失业率在9月触及4.4%的四年高点，而今年大部分时间招聘活 动 一直疲软。 特朗普总统周二在白宫的火鸡赦免仪式上坚称物价正在下降，尽管数据显示情况恰恰相反。"这个感恩节，我们也在让美国重新变得负担得起方 面取得了令人难以置信的进展，"特朗普说，"我们已经降到了很长时间没见过的水平。"（华尔街见闻） ｜点评｜ 就业 ...