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]

本次活动由中国计算机行业协会、中国机电设备招标中心(工业和信息化部政府采购中心)、厦门市工业 和信息化局联合举办，旨在推动服务器产业高质量发展，促进产业上下游企业高效对接、畅通产业循 环、优化产业发展环境。(完) 与会企业和金融机构、科研院所围绕行业需求深入交流。服务器相关领域企业介绍了技术成果、应用方 案、融资及用人需求等；金融机构推介了专项融资、供应链金融等定制化产品，产教机构围绕培育高水 平复合型产业人才进行了深入探讨。 活动现场达成多项合作意向，打破信息壁垒、实现供需精准匹配，为推动产业链、创新链、资金链与人 才链的协同发展筑牢基础。 中新网厦门11月26日电(林永传)26日，以"计算筑基链动未来"为主题的"2025全国服务器产业供需对接活 动"在厦门举行。相关政府机构、金融机构、科研院所及电子信息企业代表300余人现场参会。 与会相关部门官员表示，此次供需对接活动搭建起精准高效的合作桥梁，为破解产业发展痛点、整合上 下游资源、激活创新动能创造了有利条件。未来，需持续聚焦自主创新与高质量发展双主线，强化企业 主体地位，推动核心软硬件技术突破；深化政产学研用协同机制，完善产业链供应链生态；用好政策引 导 ...

Market Overview - US stock index futures are all up, with Dow futures rising by 0.06%, S&P futures up by 0.25%, and Nasdaq futures increasing by 0.39% [1] - Major European stock indices are also rising, with the Euro Stoxx 50 up by 0.56%, FTSE 100 up by 0.12%, CAC 40 up by 0.3%, and DAX 30 up by 0.15% [1] - WTI crude oil is down by 0.26% at $57.8 per barrel, while Brent crude oil is down by 0.19% at $61.68 per barrel. Gold is up by 0.29% at $4189.5 per ounce [1] Economic News - The UK budget report has been leaked, showing a significant increase in fiscal buffer from £9.9 billion in March to £22 billion, the largest fiscal leeway since March 2022 [1] - The UK Chancellor of the Exchequer, Reeves, will implement a three-year stamp duty exemption for new IPOs and plans to increase tax revenue by £29.8 billion by the fiscal year 2030-31 [1] - Canada will reduce tariff quotas for certain countries [1] - HSBC forecasts the S&P 500 index to reach a target price of 7500 points by 2026 [1] - The European Central Bank has criticized the US stock market, stating that bubbles are driven by "fear of missing out," with three potential black swan events that could trigger market disruptions [1] - Traders are increasing bets on the Bank of England cutting interest rates, expecting a cumulative reduction of 68 basis points by the end of 2026 [1] Company News - Li Auto reported Q3 2025 revenue of 27.4 billion yuan, down from 42.87 billion yuan in the same period last year [1] - Dell's Q3 revenue for fiscal year 2026 reached $27 billion, an 11% year-over-year increase, with AI server orders totaling $12.3 billion and backlog orders at $18.4 billion, raising the annual server shipment forecast from $20 billion to $25 billion [1] - The Italian Competition and Market Authority has initiated temporary measures against Meta for alleged abuse of market dominance, claiming that its WhatsApp business solution terms and AI tool integration may limit competition in the AI chatbot service market [1] - Panasonic Energy will supply lithium-ion batteries to Amazon's Zoox, starting deliveries of the latest 2170 model batteries in 2026 under a multi-year agreement [1] - Nvidia responded to competition from Google, stating that its GPUs remain a generation ahead in the industry, with a continuously expanding AI server customer base and project reserves expected to grow in the next five quarters, outpacing backlog orders [1] - UBS's credit fund may face over a 10% markdown due to the bankruptcy of First Brands [1]

Core Insights - Nvidia is set to release its quarterly earnings report, with a focus on whether the strong demand for AI products can offset the decline in global computer hardware sales [1] - Nvidia previously projected a revenue growth of approximately two-thirds and a threefold increase in earnings per share for the second fiscal quarter ending July 30, 2024, driven by robust demand for its AI processors [1] - The current supply of Nvidia's H100 AI processors meets only half of the market demand, with expected shipments for next year projected to reach between 1.5 million to 2 million units, a significant increase from the anticipated 500,000 units this year [1] Industry Trends - The demand for Nvidia's AI chips is impacting the broader computing device market, as major buyers are investing heavily in AI while cutting back on investments in the general server market [1] - Foxconn, the world's largest electronics contract manufacturer, anticipates strong demand for AI servers in the coming years, although it warns of a decline in overall server market revenue this year [1] - Lenovo, the leading global PC manufacturer, reported an 8% year-over-year revenue decline due to weak demand from cloud service providers for servers and a shortage of AI processors [1] Cloud Service Providers - Lenovo's CEO noted that cloud service providers are shifting their demand from traditional computers to AI servers, but the supply of AI servers is constrained by GPU shortages [2] - TSMC, the largest chip foundry and exclusive manufacturer of Nvidia's AI processors, expects demand for AI server chips to grow nearly 50% annually over the next five years, but this growth is not enough to offset the downward pressure from the global tech downturn [2] - Major cloud service providers like Microsoft, Amazon, and Google are focusing on building their own AI infrastructure, facing challenges due to the high costs associated with upgrading every component in AI servers [2] Market Projections - TrendForce forecasts a 6% decline in global server shipments this year, with a moderate recovery of 2% to 3% growth expected in 2024 [5] - Companies like Meta and Microsoft are reducing server procurement to invest in AI hardware, with Meta cutting over 10% of its server purchases [5] - Analysts highlight that supply chain bottlenecks, including shortages in advanced packaging and high-bandwidth memory, are limiting the production of AI hardware products [5] Beneficiaries of AI Demand - Foxconn is positioned to benefit from the shift towards AI servers, as it provides a full range of services from components to final assembly, and its subsidiary is the exclusive supplier of Nvidia GPU modules [6] - AI orders have accounted for 50% of revenue for WiWynn, a subsidiary of Foxconn's competitor Wistron, more than doubling from the previous year [6] - PCB manufacturers are also expected to see significant growth, with the revenue share from AI servers projected to rise from less than 3% this year to 38%, as AI servers require seven times more PCBs than general servers [6]

Core Viewpoint - Recent rumors regarding Industrial Fulian's revenue forecast for Q4 2025 have led to significant market reactions, including a stock price drop of 7.8% on November 24, 2023, prompting the company to issue a clarification stating that operations are proceeding as planned and there are no adjustments to revenue targets [1][2]. Group 1: Company Performance - In Q3 2025, Industrial Fulian reported revenue of 243.17 billion yuan, a year-on-year increase of 42.81%, and a net profit of 10.37 billion yuan, up 62.04%, both marking record highs for a single quarter [2]. - For the first three quarters of 2025, the company achieved revenue of 603.93 billion yuan and a net profit of 22.49 billion yuan, nearing last year's total figures [2]. - The growth is primarily driven by the expansion of the AI server market, large-scale deliveries of AI cabinet products for data centers, and explosive growth in cloud service provider business, with GPU AI server revenue increasing over 300% year-on-year [2]. Group 2: Product Development and Operations - Industrial Fulian's GB200 product shipments are progressing smoothly, and the GB300 product has entered mass production in Q3, with improvements in yield and testing efficiency [2]. - The company anticipates that declining unit costs and improved yields will positively impact gross margins in Q4, maintaining confidence in delivery efficiency as manufacturing processes are optimized [2]. Group 3: Market Reactions and Clarifications - Following the rumors about potential revenue adjustments, Industrial Fulian issued a statement confirming that all operations, including product shipments and customer demand, are normal and in line with established plans [1]. - The company has not lowered its profit targets for Q4 and is continuing to develop next-generation products as scheduled [1].

Group 1: Liquid Cooling Technology - Over 50% of data center projects are expected to adopt liquid cooling technology by 2025[2] - The liquid cooling market is projected to reach approximately 218 billion yuan in China by 2025, with a growth rate of 67% from 2024[2][28] - The cold plate liquid cooling market is expected to account for about 65% of the total market, while immersion cooling and spray cooling will account for approximately 34% and 1%, respectively[20] Group 2: Industry Demand and Applications - The demand for liquid cooling in the supercomputing, internet, finance, and telecommunications sectors is anticipated to grow rapidly, with the internet sector expected to reach 24% of liquid-cooled data centers by 2025[22] - The financial sector is projected to account for 25% of liquid-cooled data centers, while telecommunications will represent 23%[22] Group 3: Market Performance and Valuation - The median price-to-earnings (P/E) ratio for the information technology sector on the North Exchange has decreased from 70.4X to 66.7X[43] - The median market capitalization for electronic device companies on the North Exchange has dropped from 25.1 billion yuan to 23.0 billion yuan[43][44] - The overall median stock price change for technology growth stocks on the North Exchange was -9.77% from November 17 to November 21, 2025[39] Group 4: Company Announcements - Haixi Communications signed a procurement contract worth 402 million yuan for a 400MW/800MWh energy storage system[2]

Core Viewpoint - The ongoing discussion around the "AI bubble theory" continues as stock prices of several computing power-related companies fluctuate, particularly following Nvidia's recent quarterly earnings report which exceeded market expectations but led to a two-day stock price decline [2]. Group 1: Company Performance - Nvidia reported a revenue of $57 billion for the third quarter of fiscal year 2026, marking a 62% year-over-year increase, with a net profit of $31.9 billion, up 65% [4]. - Industrial Fulian achieved record high quarterly revenue of 243.17 billion yuan, a 42.81% year-over-year increase, and a net profit of 10.373 billion yuan, reflecting a 62.04% increase [4]. Group 2: Market Reactions and Speculations - Industrial Fulian's stock price has seen a cumulative decline of 30.77% from October 30 to November 24, resulting in a market value loss exceeding 400 billion yuan [2]. - There are rumors regarding Industrial Fulian lowering its fourth-quarter performance targets and cabinet shipment expectations, which the company has denied, stating that operations are proceeding as planned and customer demand remains strong [4]. Group 3: Institutional Actions - Some institutions have reduced their holdings in Nvidia during the third quarter, with Bridgewater significantly cutting its stake by nearly two-thirds and Thiel Macro Fund selling approximately 537,000 shares, representing nearly 40% of its portfolio [5]. Group 4: Competitive Landscape - Nvidia's partnership with OpenAI is under scrutiny as Google has made significant advancements in AI with its Gemini 3 model, which has outperformed OpenAI in various benchmarks, potentially impacting OpenAI's economic position [5]. - Morgan Stanley estimates that 28% of Nvidia's HGX/DGX servers in 2024 will come from Hon Hai and its subsidiary Industrial Fulian, indicating a strong link between Nvidia's AI chip demand and Industrial Fulian's server shipments [6].

Core Viewpoint - The report from Shenwan Hongyuan maintains a "Buy" rating for Lenovo Group (00992), highlighting that the company's performance exceeded expectations with revenue and adjusted net profit growing by 14.58% and 25.18% year-on-year, respectively. The growth is primarily driven by the accelerated penetration of AIPC and strong performance in the AI server business, with expectations for continued high demand in the AI trend [1]. Performance Overview - Lenovo's FY25/26Q2 financial report showed revenue of $20.452 billion, a year-on-year increase of 14.58%, and an adjusted net profit of $512 million, up 25.18% year-on-year. The adjusted net profit is emphasized due to significant impacts from the fair value changes of warrants [1]. IDG Smart Device Business Group - The PC business performed well, with the IDG segment achieving revenue of $15.107 billion in FY25/26Q2, a year-on-year increase of 11.79%. PC revenue was approximately $11.1 billion, reflecting a 17.58% increase, significantly outpacing the IDC's reported global PC shipment growth of 10.32% for Q3 [2]. AIPC Penetration - AIPC's global shipment accounted for 33% of total PC shipments, with a 30% share in the domestic market for notebooks, marking a 3 percentage point increase from the previous quarter, indicating accelerated market penetration [2]. ISG Infrastructure Solutions - The ISG segment reported revenue of $4.087 billion in FY25/26Q2, with a year-on-year growth of 23.65%. AI servers experienced double-digit growth, and the order backlog is strong. Revenue from the Neptune liquid cooling technology surged by 154%, indicating ongoing transformation in the AI server business [3]. Gross Margin and Supply Chain Management - The gross margin for FY25/26Q2 was 15.39%, reflecting a 0.66 percentage point increase quarter-on-quarter, validating the positive progress in the AI server business transformation. The company has a robust supply chain and has developed comprehensive strategies to address price increases in components [4]. Profit Forecast - Shenwan Hongyuan maintains its previous profit forecasts, expecting revenues of $79.49 billion, $91.55 billion, and $105.24 billion for FY25/26 to FY27/28, with net profits of $1.67 billion, $2.03 billion, and $2.43 billion, respectively. This outlook is based on Lenovo's leading position in the PC market and the ongoing advancement of AIPC products, alongside strong growth in AI servers driven by the AI trend [5].

Core Insights - The technology cycle of AI is unlikely to end in the short term, with a continued focus on computing power as a key driver [1] - NVIDIA's recent earnings report exceeded expectations, indicating that the demand for computing power is still rapidly growing [1] - Google's Gemini3 model has received positive market feedback for its strong capabilities [1] - The hardware sector for computing power is expected to see significant growth in light modules and other components in the coming year [1] Industry Overview - The ongoing investment in computing infrastructure both domestically and internationally is expected to sustain high demand in the light module market [1] - The Communication ETF (515880) is the largest in its category, with light modules accounting for 52% and servers for 22% of its composition as of October 28 [1] - When combined with fiber optics and copper connections, these components represent over 81% of the ETF, reflecting the fundamental strength of overseas computing power [1]

Core Insights - The company reported a revenue growth of 14.6% year-on-year, reaching $20.45 billion, exceeding Bloomberg's expectations by 1.7% [1] - The adjusted net profit margin increased to 2.5%, surpassing Bloomberg's forecast by 0.3% [1] Financial Performance - Revenue from the IDG segment was $15.11 billion, exceeding Bloomberg's expectations by 3.7%, with a year-on-year growth of 11.8% [1] - The ISG segment generated $4.09 billion in revenue, which was below Bloomberg's expectations by 3.9%, but still showed a year-on-year increase of 23.7% [1] - The SSG segment achieved a record revenue of $2.56 billion, exceeding Bloomberg's expectations by 3.2%, with a year-on-year growth of 18.1% [1] Profitability Metrics - The gross margin was reported at 15.4%, slightly lower than Bloomberg's expectation by 0.06 percentage points [1] - The operating profit margin for the IDG segment was 7.3%, in line with expectations, while the SSG segment reported an operating profit margin of 22.3%, exceeding expectations by 3.1 percentage points [1] Future Outlook - The company anticipates adjusted net profit growth of 16.9%, 9.9%, and 13.3% for FY25/26 to FY27/28, translating to $1.68 billion, $1.85 billion, and $2.10 billion respectively [1] - The stock price is projected to have a PE ratio of 9.2X, 8.4X, and 7.4X for FY25/26 to FY27/28 [1]