东海证券认为，10月份全球半导体需求持续改善，PC、平板保持小幅增长，TWS耳机、可穿戴腕式设 备、智能家居快速增长，AI服务器保持高速增长，需求在11月或将继续复苏。供给端看，尽管短期供 给仍相对充裕，企业库存水位较高，但已出现下降趋势，同时整体价格涨幅扩大，预计11月供需格局将 继续向好。当前全球AI算力投入仍在大幅增长，存储结构性缺货局面仍在持续。短期内外部政策下， 部分依赖美国进口的产业成本高升，长期来看，半导体国产化有望继续加速。 平安证券认为，1)2025年，在AIGC和消费类下游需求向好的加持下，半导体行业将继续向好发展，同 时我国半导体产业国产化进程有望进一步提速。2)国内半导体行业正掀起并购热潮，产业链多领域企业 纷纷布局收并购计划，推动行业加速迈向新阶段。并购覆盖半导体材料、设备、EDA、封装、芯片设 计等各个领域。企业通过横向并购扩大规模、纵向并购完善产业链，国内半导体产业格局在重塑。 第二十七届高交会亚洲半导体与集成电路产业展于11月14日至16日在深圳举办。 ...

来源：@华夏时报微博 【"涨"声响起！#手机电脑可能要涨价#】#手机电脑或将涨价#近日，全球存储芯片市场掀起一轮涨价浪 潮。存储芯片作为关键元器件，其价格飙升将不可避免地传导至手机、PC(个人计算机)等下游终端产 品。艾媒咨询首席分析师张毅对@中新经纬 表示智能手机由于单机存储容量大，对成本变化极为敏 感，因此成为受本轮涨价影响最直接、最明显的行业。消费者未来可能需要为手机支付更高的价格。而 随着AI PC对内存规格要求的提升，存储芯片成本的增加将直接推高PC的制造成本，最终也很可能反映 到产品的市场售价上。 ...

Core Viewpoint - The article analyzes the recent revenue performance of major chip distributors, WPG Holdings and Auras Technology, highlighting their month-over-month declines but year-over-year growth, indicating a mixed market outlook driven by AI demand and seasonal trends [4][5]. Group 1: Revenue Performance - WPG Holdings reported a revenue of NT$126.88 billion in October, a month-over-month decrease of 5.97% but a year-over-year increase of 28.69%, marking the second-highest monthly revenue in its history [6][8]. - Auras Technology achieved a revenue of NT$83.39 billion in October, down 6.4% month-over-month but up 11.4% year-over-year, reflecting strong demand in AI-related sectors [7][15]. - For the first ten months of the year, WPG's cumulative revenue reached NT$962.75 billion, a year-over-year increase of 20.93%, surpassing its total revenue for the previous year [8][14]. Group 2: Market Trends and Outlook - WPG's Chairman expressed optimism for the upcoming year, citing strong growth in AI semiconductor demand driven by cloud service providers' data center expansion plans [7][10]. - Auras Technology noted that the demand for AI-related products is expected to continue strong through 2026, with significant growth in various sectors including cloud servers and autonomous vehicles [7][15]. - Both companies are experiencing a seasonal slowdown in consumer electronics, with expectations of a slight decrease in revenue for the fourth quarter, although the year-over-year growth trend remains positive [6][10]. Group 3: Comparative Performance - In the first three quarters of the year, WPG led the global chip distribution market with a cumulative revenue of approximately USD 270.37 billion, while Auras followed with USD 240.59 billion [16]. - The article highlights that WPG's performance remains robust compared to its competitors, indicating a strong position in the market as the industry begins to recover [16].

【炼油板块】周前期，中美经贸磋商取得积极成果，美国可能打击委内瑞拉，叠加欧佩克+虽然12月份 小幅增产，但明年一季度暂停增产，在利好支撑下，国际油价窄幅上涨。周后期，降息疑虑和避险需求 推动美元走强，亚洲及美国制造业数据表现疲软，加之上周美国原油库存增幅超预期，国际油价震荡下 跌。2025年11月7日布伦特、WTI原油价格分别为63.63、59.75美元/桶，较2025年10月31日分 别-1.44、-1.23美元/桶。成品油方面，国内外成品油价格价差小幅震荡运行。 信达证券近日发布石油加工行业大炼化周报：截至11月7日当周，国内重点大炼化项目价差为2327.79元/ 吨，环比变化+18.00元/吨（+0.78%）；国外重点大炼化项目价差为1361.85元/吨，环比变化+56.54元/吨 （+4.33%）。截至11月7日当周，布伦特原油周均价为64.23美元/桶，环比变化-1.45%。 以下为研究报告摘要： 本期内容提要： 国内外重点炼化项目价差跟踪：截至11月7日当周，国内重点大炼化项目价差为2327.79元/吨，环比变化 +18.00元/吨（+0.78%）；国外重点大炼化项目价差为1361.85元/吨，环 ...

Core Insights - The global tablet market has seen continuous growth for seven consecutive quarters, with a year-on-year increase of 5% to 40 million units in Q3 2025, driven by seasonal stocking and promotional activities [1][4] - Lenovo has emerged as a leader in the tablet market with a remarkable year-on-year shipment growth rate of 23%, surpassing Huawei to reclaim the third position globally with a market share of 9.1% [1][4] - In the Chromebook segment, Lenovo also leads with a year-on-year growth rate of 54.6%, indicating strong competitive strength in both tablet and Chromebook markets [1][4] Tablet Market Overview - The total global tablet shipments reached 40.041 million units in Q3 2025, reflecting a 5.1% increase from 38.091 million units in Q3 2024 [2] - Major competitors include Apple with a 0.4% growth, Samsung with a 0.1% growth, and Huawei with an 11.5% growth, indicating a slowdown in growth for leading brands [4] - Lenovo's success is attributed to its strategic regional focus and deep engagement in specific market segments, particularly in the EMEA region [4] Chromebook Market Overview - Lenovo's Chromebook shipments reached 1.404 million units in Q3 2025, capturing a market share of 33.0%, up from 22.0% in the previous year [3] - Other competitors in the Chromebook market include Acer and ASUS, with significant fluctuations in their year-on-year growth rates [3] AI Technology Impact - Lenovo's growth in the tablet market is significantly supported by the integration of AI technology, enhancing its product offerings and positioning in the market [4][6] - The company's collaboration with partners like NVIDIA and Intel is pivotal in transforming tablets into "AI terminals," reflecting a proactive approach to the global AI trend [4] - The overall demand for powerful AI-capable devices is expected to surge, with Lenovo poised to leverage its hybrid AI strategy and large shipment scale for competitive advantage [6]

Core Insights - The global tablet market experienced a 5% year-over-year growth in Q3 2025, reaching 40 million units shipped, marking the seventh consecutive quarter of growth [1][3] - Lenovo led the industry with a remarkable 23% year-over-year increase in tablet shipments, surpassing Huawei to reclaim the third position in the global tablet market with a 9.1% market share [1][2] - Lenovo also excelled in the Chromebook segment, achieving a 54.6% year-over-year growth rate, highlighting its strong competitive position in the tablet sector [1][2] Market Performance - The overall tablet market growth was driven by seasonal stocking ahead of overseas holidays and promotional events in the Asia-Pacific region, particularly during the Double 11 sales [3] - Lenovo's tablet shipments reached 3.7 million units, significantly benefiting from its expansion in the commercial tablet business across Europe, the Middle East, and Africa (EMEA) [3] AI Integration - Lenovo's high growth in the tablet market is attributed to the comprehensive empowerment of its terminal products through AI technology, collaborating with partners like NVIDIA and Intel to transform tablets into "AI terminals" [4] - In the PC market, Lenovo achieved a market share of 25.5% with a year-over-year growth rate of 17.3%, outperforming the market average of 9.4% and all major competitors [4][5] Future Trends - The demand for terminal devices with strong AI capabilities is expected to surge, with Lenovo establishing a first-mover advantage in the emerging edge AI market through its "hybrid AI" strategy and large shipment volumes [6]

上 市 公 司 公 司 研 究 / 公 司 点 评 计算机 2025 年 11 月 04 日 软通动力 (301236) ——盈利质量提升，计算产品业务持续增长 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 31,316 | 25,383 | 34,615 | 38,788 | 43,865 | | 同比增长率（%） | 78.1 | 14.3 | 10.5 | 12.1 | 13.1 | | 归母净利润（百万元） | 180 | 99 | 369 | 483 | 646 | | 同比增长率（%） | -66.2 | 30.2 | 104.5 | 31.0 | 33.6 | | 每股收益（元/股） | 0.19 | 0.10 | 0.39 | 0.51 | 0.68 | | 毛利率（%） | 12.5 | 11.4 | 12.9 | 12.9 | 13.1 | | ROE（% ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's Q3 performance met expectations, with a slight narrowing of price differentials during the traditional off-season, and asset impairment is expected to ease in the future [6] - The company reported a total revenue of 21.918 billion yuan for the first three quarters of 2025, with a year-on-year growth of 1.6%, and a net profit attributable to shareholders of 1.023 billion yuan, down 35% year-on-year [6] - The company is progressing well with its ongoing projects, which supports significant long-term development potential [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 30.78 billion yuan, with a year-on-year growth rate of 3.4% [5] - The net profit attributable to shareholders for 2025 is projected to be 1.499 billion yuan, a decrease of 26.1% year-on-year [5] - The company’s gross margin is expected to be 13.8% in 2025, with a return on equity (ROE) of 7.5% [5] - The company has adjusted its 2025 profit forecast downwards due to asset impairment, now expecting a net profit of 1.499 billion yuan compared to the previous estimate of 1.914 billion yuan [6]

Core Insights - BASF has signed a strategic cooperation agreement with Jiangsu Niutai Technology Group to integrate its advanced materials expertise with Niutai's product development and manufacturing capabilities, focusing on innovation in materials for the robotics and automotive industries [2] - This partnership aims to accelerate the application of innovative material solutions in the fields of robotics and automotive components [2] - The collaboration is part of BASF's broader strategy to establish a comprehensive layout in the robotics industry, having signed multiple agreements since August [3] Company Overview - Jiangsu Niutai Technology Group, established in August 2010, is recognized as a national high-tech enterprise and specializes in high-performance precision injection and aluminum casting components for automotive lightweighting and energy-saving needs [2] - The company went public on the ChiNext board in February 2022, with a projected sales output of 975 million yuan in 2024 [2] Industry Trends - The global industrial robot installation is expected to remain stable in 2024, while the Chinese market is projected to grow by 7%, driven by strong policy support and market demand for smart robotics [3] - Morgan Stanley forecasts that the global humanoid robot annual revenue will exceed $5 trillion by 2050, indicating a significant growth potential for the robotics industry [3] Material Applications - The automotive industry has seen a surge in demand for lightweight and sustainable materials, with over 50% of the supply chain resources shared between the automotive and robotics sectors, particularly in core areas like sensors, chips, and power systems [4] - Various polymer materials are being utilized in robotics, including PBT+glass fiber for radar shells, LCP for connectors, and TPU for electronic skin, highlighting the diverse applications of advanced materials in this field [4]

证券代码：603266 证券简称：天龙股份 公告编号：2025-032 宁波天龙电子股份有限公司 2025 年前三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 宁波天龙电子股份有限公司（以下简称"公司"）根据《上海证券交易所上 市公司自律监管指引第 3 号——行业信息披露》第十三号—化工和《关于做好主 板上市公司 2025 年第三季度报告披露工作的重要提醒》要求，现将公司 2025 年 前三季度主要经营数据披露如下： 产销量情况说明： 生产量数量仅指公司自制生产量，公司产品除自制生产外，还存在部分产品委 外加工，如以上电工电器类塑料件产品销售数量远大于自制生产量，主要是因为此 类产品委外生产比例较高引起。 二、主要产品价格变动情况 三、主要原材料价格变动情况 一、主要产品的产量、销量及收入实现情况 主要产品 产量（只） 销量（只） 营业收入（元） 汽车类塑料件 228,397,030.00 253,208,307.00 757,006,060.82 电工电器类塑料件 65,887,068.00 1 ...