Core Viewpoint - Recent rumors regarding Foxconn Industrial Internet Co., Ltd. (referred to as "the company") suggest a downward revision of AI server cabinet shipment volumes and profits, leading to a 7.8% drop in stock price on November 24. However, the company has denied these claims, affirming that its fourth-quarter performance remains on track and customer demand is strong [2][3]. Group 1: Company Performance - For Q3 2025, the company reported revenue of 243.172 billion yuan, a year-on-year increase of 42.81%, and a net profit attributable to shareholders of 10.373 billion yuan, up 62.04%, both reaching historical highs for a single quarter [3]. - In the first three quarters, the company achieved revenue of 603.931 billion yuan and a net profit of 22.487 billion yuan, nearing last year's total figures [3]. - The growth is primarily driven by the expansion of the AI server market, large-scale delivery 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 in the first three quarters [3]. Group 2: Product Development and Market Position - The company reported smooth shipments of its GB200 product, with the GB300 achieving mass production in Q3, showing improvements in yield and testing efficiency [3]. - 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 [3]. - A representative from the company emphasized that short-term stock price fluctuations do not alter the fundamental performance, urging investors to view market rumors rationally [3].

近日，关于AI服务器龙头富士康工业互联网股份有限公司（以下简称"工业富联"）的一则传闻在市场发 酵，其称工业富联AI服务器机柜出货量和单柜利润面临下修。或受相关消息影响，11月24日，工业富 联盘中一度跌停，截至收盘，报55.94元/股，跌幅达7.8%，总市值1.11万亿元。 针对市场热议的传闻，工业富联于11月24日在投资者互动平台及晚间发布的澄清公告中接连发声，否认 相关不实言论。公告显示，公司第四季度整体经营，包括英伟达GB200、GB300等核心产品出货均按既 定计划推进，客户需求持续畅旺，生产及出货一切正常，且未收到主要客户关于调整业务模式、下修份 额或价格的要求。 "无须过度解读市场传闻，公司将继续拓展与客户的多元合作，实现稳健交付，提升利润质量，做到一 季比一季好。"工业富联相关人士向《证券日报》记者表示。 而从最新业绩数据来看，工业富联的经营基本面表现强劲。2025年第三季度，公司营收2431.72亿元， 同比增长42.81%；归属于上市公司股东的净利润103.73亿元，同比增长62.04%，均创单季度历史新高。 前三季度营收6039.31亿元、归属于上市公司股东的净利润224.87亿元，已接 ...

关于"AI泡沫论"的讨论仍在进行，美股多只算力相关个股股价震荡。上周英伟达发布超市场预期的 最新季度财报后，该公司股价连续两日下跌。 A股的英伟达概念股工业富联近期股价也在震荡下行。10月30日到11月24日，工业富联股价已累计 下跌30.77%，市值蒸发超4000亿元。截至11月24日收盘，工业富联股价下跌7.8%。 股价下跌的同时，近期市场传出关于工业富联下调第四季度业绩目标、机柜出货预期的传闻，投资者 对此十分关心。 工业富联在互动平台做出紧急澄清，称第四季度整体经营包括英伟达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，生产及出货正常。公司未向市场下调第四季度利润目标。 同时，与客户合作开发的下一代产品也在按前期计划如期顺利推进中。 2025.11. 24 本文字数：1314，阅读时长大约2.5分钟 作者 | 第一财经 郑栩彤 除了机构减持，英伟达与OpenAI的绑定关系也受到市场关注，英伟达此前计划助力OpenAI构建和 部署至少10吉瓦的AI数据中心，这些数据中心包含数百万块英伟达GPU。但OpenAI在大模型领域的 领先地位已受到谷歌的挑战。 11月19日，谷歌Gem ...

股价下跌的同时，近期市场传出关于工业富联下调第四季度业绩目标、机柜出货预期的传闻，投资者对此十分关心。 工业富联在互动平台做出紧急澄清，称第四季度整体经营包括英伟达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 正常。公司未向市场下调第四季度利润目标。同时，与客户合作开发的下一代产品也在按前期计划如期顺利推进中。 作为英伟达的核心供应商之一，工业富联的服务器出货情况将与英伟达的AI芯片需求情况相关。 本月早些时候，工业富联也回应了订单和展望下调的市场传闻，称公司未发布任何相关口径，现有客户项目进度与交付节奏正常。对应产线、测试与交付 能力均按计划运作中，新品也推进顺利。工业富联称，无须过度解读市场传闻。 关于"AI泡沫论"的讨论仍在进行，美股多只算力相关个股股价震荡。上周英伟达发布超市场预期的最新季度财报后，该公司股价连续两日下跌。 从业绩情况看，工业富联和英伟达最新季度业绩都高于市场预期。英伟达在截至2025年10月26日的2026财年第三财季录得营收570亿美元，同比增长 62%，净利润319亿美元，同比增长65%。英伟达CEO黄仁勋还强调英伟达Blackwell芯片销 ...

Core Insights - Google’s TPU v7 accelerators demonstrate significant performance improvements, with Ironwood being the most powerful TPU to date, achieving 10 times the performance of TPU v5p and 4 times that of TPU v6e [4][11] - The TPU v7 offers competitive performance against Nvidia's Blackwell GPUs, with Ironwood providing 4.6 petaFLOPS of dense FP8 performance, slightly surpassing Nvidia's B200 [3][4] - Google’s unique scaling approach allows for the connection of up to 9216 TPU chips, enabling massive computational capabilities and high bandwidth memory sharing [7][8] Performance Comparison - Ironwood TPU has a performance of 4.6 petaFLOPS, compared to Nvidia's B200 at 4.5 petaFLOPS and the more powerful GB200 and GB300 at 5 petaFLOPS [3] - Each Ironwood module can connect up to 9216 chips with a total bidirectional bandwidth of 9.6 Tbps, allowing for efficient data sharing [7][8] Architectural Innovations - Google employs a unique 3D toroidal topology for chip interconnects, which reduces latency compared to traditional high-performance packet switches used by competitors [8][9] - The optical circuit switching (OCS) technology enhances fault tolerance and allows for dynamic reconfiguration in case of component failures [9][10] Processor Development - In addition to TPU, Google is deploying its first general-purpose processor, Axion, based on the Armv9 architecture, aimed at improving performance and energy efficiency [11][12] - Axion is designed to handle various tasks such as data ingestion and application logic, complementing the TPU's role in AI model execution [12] Software Integration - Google emphasizes the importance of software tools in maximizing hardware performance, integrating Ironwood and Axion into an AI supercomputing system [14] - The introduction of intelligent scheduling and load balancing through software enhancements aims to optimize TPU utilization and reduce operational costs [14][15] Competitive Landscape - Google’s advancements in TPU technology are attracting attention from major model builders, including Anthropic, which plans to utilize a significant number of TPUs for its next-generation models [16][17] - The competition between Google and Nvidia is intensifying, with both companies focusing on enhancing their hardware capabilities and software ecosystems to maintain market leadership [17]

Market Overview - The A-share market experienced a collective decline in the morning session, with the Shanghai Composite Index down 0.19% at 3969.05 points, the Shenzhen Component Index down 1.27%, and the ChiNext Index down 1.51% [1] - The total trading volume in the Shanghai and Shenzhen markets was 123.11 billion yuan, a decrease of 16.74 billion yuan compared to the previous day, with over 3600 stocks declining [1] Semiconductor Sector Performance - The semiconductor sector showed positive performance, with the Kweichow Moutai Semiconductor ETF rising over 7%, and various semiconductor ETFs increasing by more than 2% [1][3] - The semiconductor equipment ETF tracks the CSI Semiconductor Materials and Equipment Index, with semiconductor equipment accounting for 61.4% and semiconductor materials for 21.9% [4] Investment Opportunities - Dongwu Securities highlighted the acceleration of new capacity expansion in storage fabs, indicating a historic development opportunity for domestic semiconductor equipment, with industry order growth expected to exceed 30% and potentially reach over 50% by 2026 [4] - Amazon signed a $38 billion agreement with OpenAI to provide computing power, which is expected to significantly boost the demand for AI-related infrastructure [5][6] Capital Expenditure Trends - North American cloud service providers reported a combined capital expenditure of $113.3 billion in Q3 2025, a 75% year-on-year increase, with a focus on AI infrastructure [6][7] - Companies like Google, Microsoft, and Meta are significantly increasing their capital expenditures for AI and data center infrastructure, indicating strong ongoing demand in the sector [6][7][8] Future Projections - Huawei's report predicts a tenfold increase in total computing power by 2035, emphasizing the transformative potential of general artificial intelligence [8] - The semiconductor industry is expected to benefit from a super cycle driven by AI, covering the entire supply chain from design to manufacturing and upstream equipment materials [8]

Group 1 - Amazon's cloud computing division, AWS, has signed a $38 billion agreement with OpenAI to provide computing capacity over seven years, including the supply of hundreds of thousands of NVIDIA GPUs [1] - The agreement aims to assist in generating responses and training next-generation models for ChatGPT [1] - Following the announcement, the CSI Artificial Intelligence Industry Index fell by 0.68%, with mixed performance among constituent stocks [1] Group 2 - The AI ETF (515980) recorded a turnover of 1.87% and a half-day trading volume of 150 million yuan, with a total size of 7.965 billion yuan [2] - Over the past five trading days, the AI ETF has seen net inflows on three days, totaling 353 million yuan [2] - The AI industry index reported a revenue growth rate of 26.23% and a profit growth rate of 74.75% in Q3, marking the highest values since 2019 [2] Group 3 - Market focus is shifting towards "turnaround" industries with average current performance but expected improvement next year, alongside cyclical industries benefiting from economic stimulus [3] - The AI industry is in a valuation digestion phase, providing a rare opportunity for long-term investors to accumulate positions since April [3] - The HuaFu AI ETF (515980) covers various aspects of the AI industry, tracking the only quarterly rebalancing AI index in the market [3]

Group 1: Amazon and OpenAI Partnership - Amazon's cloud computing division AWS signed a $38 billion agreement with OpenAI to provide computing capacity over seven years, including hundreds of thousands of NVIDIA GPUs [1] - Following the announcement, Amazon's stock surged by 4%, reaching an all-time high, while NVIDIA's stock also increased by over 2% [1] Group 2: TSMC Pricing Strategy - TSMC announced a price increase plan for advanced processes below 5nm, set to take effect from January 2026, with an average price increase of approximately 3%-5% over four years [3] - TSMC stated that its pricing strategy is based on strategic guidance rather than opportunistic pricing [3] Group 3: Micro-Short Drama Training - A training program focused on the creation of high-quality micro-short dramas was recently held in Beijing, organized by the National Radio and Television Administration [2] - The program included lectures, case sharing, and discussions, marking the first training initiative in the micro-short drama industry by the administration [2] Group 4: Lithium Hexafluorophosphate Price Surge - The price of lithium hexafluorophosphate has nearly doubled in one month, with companies reporting an increase in orders [11] - This price increase is seen as a strong indication of improved supply-demand dynamics and the end of the oversupply situation in the industry [11] Group 5: AI Application Growth - Palantir reported a 63% year-over-year increase in revenue for the third quarter and raised its full-year revenue guidance [12] - The media sector is expected to have excellent configuration value in the fourth quarter, with AI technology evolving from a supportive tool to a core engine for industry growth [12]

Core Insights - Schneider Electric's technology tour highlights the urgent need for computing power infrastructure in Shandong as AI transforms key industries [1][5][7] - The demand for computing power in Shandong is growing at an annual rate of over 30%, driven by initiatives in AI and manufacturing [3][6] Group 1: Challenges in Computing Power Infrastructure - Traditional data centers are facing a shift from a 70% white space to a near 1:1 ratio with gray space in intelligent computing centers, indicating a need for more efficient designs [3] - High power density requirements are increasing, with single cabinet power levels rising from 5kW to over 100kW, necessitating advanced cooling solutions [3][4] - Land and energy constraints are pressing issues, requiring efficient power and cooling solutions to support the rapid expansion of computing needs [3] Group 2: Innovative Solutions from Schneider Electric - The Galaxy VXL UPS offers a compact design with a maximum power of 1.25 MW, saving 70% in total space and significantly enhancing computing capacity [3][4] - The liquid cooling CDU system combines liquid and air cooling, addressing the heat dissipation challenges posed by high-density computing [4] - The IMDC modular data center provides flexible options for intelligent and edge computing, supporting rapid deployment and energy savings of up to 30% [4] Group 3: Strategic Importance of Computing Power - The global data center market is projected to grow from 93 GW in 2023 to 215 GW by 2028, with China's market expected to expand 3-4 times [6] - Computing power infrastructure is seen as a critical enabler for various applications, such as AI-optimized scheduling and real-time industrial data analysis [6][7] - Schneider Electric's localized supply chain and comprehensive service offerings align with Shandong's industrial development strategy, fostering a robust computing ecosystem [6][7]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Views - The electronic sector is expected to show both year-on-year and quarter-on-quarter growth in Q3 2025, driven primarily by AI demand from cloud services and a recovery in demand for edge AI applications [1] - Domestic AI hardware is poised for growth as local cloud providers increase investments, while overseas cloud companies are optimistic about their capital expenditures for 2026 [2] - The storage sector is experiencing a supply shortage due to increased demand for HDDs and SSDs driven by AI applications, which is expected to persist [3] - The PCB segment is benefiting from seasonal demand and AI-driven upgrades, leading to potential increases in product prices and profit margins [3] - The consumer electronics chain is focused on the upcoming replacement cycle, with Apple's iPhone 17 launch expected to boost sales through improved specifications and competitive pricing [4] - The domestic semiconductor industry is seeing optimistic guidance from wafer foundries, with a continuous increase in domestic production capacity and demand from various applications [7] - The packaging and testing sector is also expected to see year-on-year growth in Q3 2025, supported by increased demand for AI chips and related hardware [8] Summary by Sections AI Hardware - Domestic AI infrastructure is recovering as local cloud providers resume server purchases, while overseas companies are optimistic about future capital expenditures [2] - The storage market is facing a significant demand gap due to the shift towards SSDs driven by AI applications [3] Consumer Electronics - The upcoming iPhone 17 launch is expected to drive sales, with improved specifications and competitive pricing strategies [4] Semiconductor Industry - Wafer foundries are projecting revenue growth, supported by increased demand from automotive electronics and networking applications [7] - The packaging and testing sector is expected to benefit from rising demand for AI-related hardware [8]