1. 8月6日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.35%，标普500指数期货涨0.24%，纳指期货涨 0.23%。 2. 截至发稿，德国DAX指数涨0.02%，英国富时100指数涨0.20%，法国CAC40指数涨0.28%，欧洲斯托克50指数涨0.22%。 3. 截至发稿，WTI原油涨1.63%，报66.22美元/桶。布伦特原油涨1.52%，报68.67美元/桶。 | 瑞 伦敦布伦特原油 | 2025年10月 | 68.67 | 68.81 | 67.65 | +1.03 | +1.52% | | --- | --- | --- | --- | --- | --- | --- | | 雪 WTI原油 | 2025年9月 | 66.22 | 66.34 | 65.12 | +1.06 | +1.63% | 市场消息 降息预期凌乱，华尔街投行"吵"起来。美国"非农"数据暴雷令美联储降息预期飙升，但本周华尔街知名投行对降息分歧却在加 大。高盛、花旗均认为，9月或激进降息，摩根大通甚至认为今年可能降息125个基点。然而，美银认为今年美联储或按兵不 动，巴克莱和汇丰同样态度谨慎。未来几个月将 ...

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月6日｜超微电脑(SMCI.US)盘前大跌超17%，报47.5美元。消息面上，超微电脑第四财季营收 57.6亿美元同比增长7.5%，低于分析师预期的60.1亿美元；调整后每股收益0.41美元，亦低于预期的 0.44美元。展望方面，公司预计2026财年首财季营收将介于60亿至70亿美元之间，调整后每股盈利将介 于0.4至0.52美元之间，分别低于分析师平均预期的65.9亿美元和0.59美元。 另外，公司将2026财年营收预期从此前的400亿美元大幅砍至330亿美元。彭博智库分析师Woo Jin Ho表 示，这一展望暗示着高度竞争的定价环境，特别是来自戴尔的竞争，引发市场担忧超微电脑市场份额可 能不断被侵蚀。(格隆汇) ...

Core Viewpoint - Super Micro Computer (SMCI.US) experienced a pre-market drop of over 17%, trading at $47.5, following disappointing financial results and lowered revenue forecasts [1]. Financial Performance - For the fourth fiscal quarter, the company reported revenue of $5.76 billion, a year-over-year increase of 7.5%, but below analyst expectations of $6.01 billion [1]. - Adjusted earnings per share (EPS) were $0.41, also falling short of the anticipated $0.44 [1]. Future Outlook - The company projects first-quarter revenue for fiscal year 2026 to be between $6 billion and $7 billion, with adjusted EPS expected to range from $0.40 to $0.52, both below analyst averages of $6.59 billion and $0.59, respectively [1]. - Additionally, the revenue forecast for fiscal year 2026 has been significantly reduced from $40 billion to $33 billion [1]. Competitive Environment - Analyst Woo Jin Ho from Bloomberg Intelligence indicated that the outlook suggests a highly competitive pricing environment, particularly due to competition from Dell, raising concerns about potential erosion of Super Micro Computer's market share [1].

Core Viewpoint - The recent earnings report from the company indicates a significant decline in revenue expectations and profitability, highlighting the challenges faced in a competitive market despite the ongoing AI trend [1][3][7]. Financial Performance - In the fourth quarter, the company reported revenue of $5.76 billion, a year-over-year increase of 7.5%, but below analyst expectations of $6.01 billion [3][4]. - Adjusted earnings per share were $0.41, also falling short of the anticipated $0.44 [3][4]. Downgraded Expectations - The company expects next quarter's revenue to be between $6 billion and $7 billion, significantly lower than analyst forecasts [4]. - Revenue expectations for fiscal year 2026 have been revised down from $40 billion to $33 billion, a decrease of 17.5% [4][13]. Profitability Pressure - The projected operating profit margin for the next quarter is only 5%, well below the analyst expectation of 7% [5][10]. - The company faces dual pressures from inventory backlog and pricing competition, particularly from Dell [5][12]. Business Challenges - Customers are delaying purchases in anticipation of new products featuring the latest NVIDIA chips, negatively impacting current product demand [5][10][12]. - The company is struggling with old inventory and is compelled to accept lower prices to secure large AI server orders, reflecting a broader trend in the industry [10][12][13]. Market Reaction - Following the disappointing earnings report and lowered guidance, the company's stock price fell over 16% in after-hours trading [1][7]. - The stock had previously surged 88% this year, driven by optimistic market sentiment regarding AI, but the recent developments have dampened this enthusiasm [7][13].

Core Viewpoint - Songjing Technology (01079) experienced a significant stock price increase of 24.82%, reaching 0.171 yuan per share with a trading volume of 1.079 million yuan as of 09:30 on August 6 [1] Group 1: Company Overview - Songjing Technology Holdings Limited is a global technology company engaged in the design and manufacturing of image display adapters and power supplies, as well as the development of high-performance personal computer components and innovative peripheral technology products [1] - The company employs over 300 staff across 13 locations worldwide, with sales, marketing, and technical support centers in North America, Europe, and Asia, and distributors in over 50 countries [1] Group 2: Financial Performance - As of the mid-2024 report, Songjing Technology reported total operating revenue of 130 million yuan and a net profit of -6.3221 million yuan [2]

Core Viewpoint - The latest earnings report from Supermicro has disappointed investors, leading to a significant drop in stock price despite the company's previous strong performance in the AI sector [1][4]. Financial Performance - For the fourth quarter, Supermicro reported revenue of $5.76 billion, a year-over-year increase of 7.5%, but below analyst expectations of $6.01 billion [1]. - Adjusted earnings per share were $0.41, also falling short of the anticipated $0.44 [1]. - The company has significantly lowered its revenue guidance for the next quarter to between $6 billion and $7 billion, and adjusted earnings per share to between $0.40 and $0.52 [1][2]. Profitability Challenges - The company expects an operating profit margin of only 5% for the next quarter, which is well below the analyst forecast of 7% [2][7]. - Supermicro faces dual pressures from inventory backlog and pricing competition, particularly from Dell [7]. Business Difficulties - Demand for current products is being impacted as customers are waiting for the latest NVIDIA chip products [3][7]. - The company is struggling with old inventory while trying to compete for large AI server orders at lower prices [7]. Future Outlook - Supermicro has revised its revenue forecast for the fiscal year 2026 from $40 billion to $33 billion, a reduction of 17.5% [8]. - The optimistic growth expectations earlier this year, driven by AI product demand, have been replaced by a more competitive pricing environment [9].

周二美股盘后，超微电脑公布的第四财季报告未能给投资者带来惊喜。营收57.6亿美元同比增长7.5%， 调整后每股收益0.41美元，双双低于市场预期。 更令人担忧的是指引的疲软。公司预计下季度营收在60-70亿美元之间，显著低于分析师的预期。以下 是财报要点： CEO Charles Liang表示： 公司预计未来新型AI半导体的供应情况将比过去两个季度有所改善。但这种改善能否转化 为实际的营收增长和利润率回升，仍然高度依赖于竞争环境的变化和库存去化的进程。 超微电脑股价今年以来已经飙升88%，这样一份不及预期的业绩和一份大幅下调的未来指引，让市场的 狂热情绪迅速冷却，公司股价在盘后交易中暴跌超过16%。 超微电脑盘后大跌16%，最新财报再次提醒投资者，即便是在AI浪潮中的"宠儿"，也难逃残酷的商业现 实。 CEO Charles Liang在财报电话会议上承认: 一些客户等待最新英伟达芯片的新产品，这影响了当前产品的需求。 另一方面是定价压力。为了在大型AI服务器订单中击败竞争对手，公司被迫接受更低的价格。 （超微电脑绩后大跌16%） 财务表现：四季度营收57.6亿美元，同比增长7.5%，但低于分析师预期的60 ...

格隆汇8月6日｜超微电脑（SMCI.US）盘后大跌近16%。超微电脑第四财季净销售57.6亿美元，分析师 预期60.1亿美元；第四财季毛利润率9.6%，分析师预期10%；调整后每股收益41美分，预期为44美分。 公司预计2026财年净销售至少330亿美元，分析师预期300.3亿美元；预计第一财季净销售60亿-70亿美 元，分析师预期65.9亿美元。 来源：格隆汇APP ...

智通财经APP获悉，花旗将超微电脑(SMCI.US)的目标价从37美元上调至52美元，但维持"中性"评级不 变。花旗分析师表示，对人工智能(AI)服务器的需求正在改善。超微电脑管理层对在未来两个季度内完 成"当前的交付承诺"持乐观态度，因为Blackwell GPU 供应限制正在缓解。 据悉，超微电脑将于美东时间8月5日美股盘后发布2025财年第四季度业绩报告。根据TipRanks预测数 据，华尔街分析师预计该公司每股收益为0.45美元，同比下滑29%;但营收有望同比增长13%，达到59.8 亿美元。 尽管如此，由于戴尔科技(DELL.US)和慧与科技(HPE.US)的竞争，分析师仍然对超微电脑的利润率感到 担忧。 花旗预测，超微电脑2025财年第四季度营收将达到60.7亿美元，同比增长13.4%，环比增长32%;预计每 股收益为0.45美元，与市场普遍预期基本一致。 花旗还预计该公司2026财年第一季度营收将增长至70.2亿美元，每股收益将达到0.65美元，这两项数据 均高于市场预期。 ...

Core Viewpoint - Lenovo Group's stock rose over 4%, driven by positive earnings expectations and market share growth in the PC segment [1] Group 1: Financial Performance - Lenovo Group's board meeting is scheduled for August 13 to review and approve the unaudited financial results for the three months ending June 30, 2025 [1] - Citi Research raised Lenovo's earnings forecast for the April to June period due to better-than-expected PC shipment volumes and profit margins, as well as stable server business revenue [1] - The target price for Lenovo Group was increased from HKD 11 to HKD 12, maintaining an outperform rating [1] Group 2: Market Share and Growth - According to Morgan Stanley, Lenovo's PC market share continues to grow, creating a positive feedback loop for earnings [1] - Gartner data indicates that Lenovo's PC shipments increased by 12% quarter-over-quarter and 14% year-over-year for the April to June period [1] - Lenovo's global PC market share rose from 24.7% in Q2 2024 to 26.9% in Q2 2025, attributed to stronger-than-expected enterprise replacement demand and market share gains from U.S. competitors [1]