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木雨四道风5

06-26

扯淡呢，泡沫破灭再看吧

联想：内存涨价是“新常态”，DRAM和NAND高价将持续至2030年后

木雨四道风5

06-16

真爽

小米股价创年内新低 425亿港元配售参与机构浮亏52%

木雨四道风5

06-02

$小米集团-W(01810)$ 逐出恒科吧，别一天到晚拖后腿了

木雨四道风5

05-26

鸿蒙不敢测吗[开心]

你认可吗！手机系统流畅度最新排名：OPPO继续第一、小米澎湃OS升至第3

木雨四道风5

04-16

$小米集团-W(01810)$

木雨四道风5

03-27

自己抄自己，吹起来眼睛不带眨的

存储抛售是错杀？大摩：传统周期卖出逻辑不适用，TurboQuant恐慌是认知偏差！

木雨四道风5

03-26

吹吧就，看看今年的市场情况，还100w，有50w都算赢了

【券商聚焦】华创证券维持零跑汽车(09863)“强推”评级指公司处上行周期

木雨四道风5

03-24

$小米集团-W(01810)$

木雨四道风5

03-20

xjb写

新款小米SU7，“融冰”比销量更重要

木雨四道风5

03-12

$小米集团-W(01810)$

木雨四道风5

02-03

$小米集团-W(01810)$

木雨四道风5

01-30

$赛力斯(601127)$ 舒服了加仓

木雨四道风5

01-22

$小米集团-W(01810)$ 拜拜了，20再见

木雨四道风5

01-19

$小米集团-W(01810)$

木雨四道风5

01-14

$小米集团-W(01810)$

木雨四道风5

01-05

$小米集团-W(01810)$

木雨四道风5

2025-12-23

$小米集团-W(01810)$

木雨四道风5

2025-10-21

$小米集团-W(01810)$

木雨四道风5

2025-10-10

$小米集团-W(01810)$ 跑路了

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14:21","market":"sh","language":"zh","title":"联想：内存涨价是“新常态”，DRAM和NAND高价将持续至2030年后","url":"https://stock-news.laohu8.com/highlight/detail?id=2646339702","media":"华尔街见闻","summary":"告别廉价数码时代！联想发布重磅预警：DRAM和NAND闪存价格已进入结构性上涨周期，即便主要厂商持续扩产，价格也极难回落至2025年初水平。高成本正全面向下传导。未来PC、手机等全品类终端面临持续涨价压力，价格上涨最终将成为2030年及以后的“新常态”。","content":"<html><head></head><body><p>内存价格高企的时代或许不会结束。<a href=\"https://laohu8.com/S/00992\">联想</a>在ISC 2026大会上发出警告：DRAM和NAND闪存价格已进入结构性上涨周期，即便主要厂商持续扩产，价格也极难回落至2025年初水平，价格上涨最终将成为2030年及以后的“新常态”。</p>\n<p>联想在大会演示中展示了DRAM和NAND产品的价格走势图。据其分析，尽管<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>、SK海力士、<a href=\"https://laohu8.com/S/MU\">美光</a>等主要内存厂商正加速新建产能，但扩产效果难以弥合供需缺口，预计价格长期居高不下。与此同时，美光已公开表示无法满足包括战略级客户在内的市场需求，三星和SK海力士亦发出类似信号，供应紧张局面短期内难以缓解。</p>\n<p>这一判断对整个消费电子产业链影响深远。联想预警，高内存成本将向下传导至PC、游戏主机、智能手机及所有搭载内存或固态硬盘的终端产品，消费者未来十年将面临持续的设备价格上涨压力。</p>\n<div>\n<h2>价格失控始于2025年末，涨势至今未止</h2>\n</div>\n<p>根据联想在ISC 2026大会上呈现的数据，本轮内存价格的快速攀升始于2025年第三季度末至第四季度初。彼时，DRAM和NAND价格开始脱离此前的周期性波动区间，加速上行至市场普遍未曾预期的高位。</p>\n<p>联想指出，尽管主要厂商正持续推进产能扩张、新建晶圆厂以应对供需失衡，但这些举措对于压低价格的实际效果极为有限。供需缺口的扩大速度已超出产能爬坡的节奏，价格回归2025年初水平的可能性正在下降。</p>\n<p>值得注意的是，联想演讲者在大会上的相关评论带有一定的玩笑性质，但其对2030年及以后高价格常态化的判断，仍被视为一次正式的行业预警信号。</p>\n<div>\n<h2>供应商扩产计划难解近渴</h2>\n</div>\n<p>在主要内存厂商中，SK海力士已宣布将原定2040年以后实施的产能扩张路线图大幅提前至2030年以后，预计在该时间节点前将内存产出增至现有水平的三倍。</p>\n<p>然而，联想与业内观察人士均对这一扩产计划能否真正缓解供需矛盾持保留态度。美光已明确表示，即便对战略级重要客户，当前也无法足额供货。三星和SK海力士的表态同样悲观，多家头部厂商实际上正借助这一供应紧缺周期获取丰厚利润。</p>\n<p>在AI基础设施需求持续爆发的背景下，高带宽内存（HBM）及通用DRAM的需求增速依然强劲。扩产所带来的新增供应量，能否匹配同期的需求增量，目前仍是未知数。</p>\n<div>\n<h2>终端消费者承压，全品类设备涨价难避</h2>\n</div>\n<p>联想的预警意味着，内存和固态硬盘的高价将在未来十年持续向终端产品传导。PC、游戏主机、智能手机及其他搭载存储器件的消费电子产品，都将承受更高的物料成本压力。</p>\n<p>对于普通消费者而言，这意味着低价PC和入门级智能设备的时代可能正在远去。企业端同样难以幸免——服务器、数据中心基础设施的采购成本将随内存价格同步抬升，进一步推高AI及云计算基础设施的整体投资门槛。</p>\n<p>联想此次在ISC 2026大会上主动披露这一判断，在业界被解读为一份面向采购决策者和企业客户的前瞻性预算警示：高内存价格并非暂时性冲击，而是需要纳入长期成本规划的结构性变量。</p></body></html>","collect":0,"html":"<!DOCTYPE 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overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n联想：内存涨价是“新常态”，DRAM和NAND高价将持续至2030年后\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-06-26 14:21</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>内存价格高企的时代或许不会结束。<a href=\"https://laohu8.com/S/00992\">联想</a>在ISC 2026大会上发出警告：DRAM和NAND闪存价格已进入结构性上涨周期，即便主要厂商持续扩产，价格也极难回落至2025年初水平，价格上涨最终将成为2030年及以后的“新常态”。</p>\n<p>联想在大会演示中展示了DRAM和NAND产品的价格走势图。据其分析，尽管<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>、SK海力士、<a href=\"https://laohu8.com/S/MU\">美光</a>等主要内存厂商正加速新建产能，但扩产效果难以弥合供需缺口，预计价格长期居高不下。与此同时，美光已公开表示无法满足包括战略级客户在内的市场需求，三星和SK海力士亦发出类似信号，供应紧张局面短期内难以缓解。</p>\n<p>这一判断对整个消费电子产业链影响深远。联想预警，高内存成本将向下传导至PC、游戏主机、智能手机及所有搭载内存或固态硬盘的终端产品，消费者未来十年将面临持续的设备价格上涨压力。</p>\n<div>\n<h2>价格失控始于2025年末，涨势至今未止</h2>\n</div>\n<p>根据联想在ISC 2026大会上呈现的数据，本轮内存价格的快速攀升始于2025年第三季度末至第四季度初。彼时，DRAM和NAND价格开始脱离此前的周期性波动区间，加速上行至市场普遍未曾预期的高位。</p>\n<p>联想指出，尽管主要厂商正持续推进产能扩张、新建晶圆厂以应对供需失衡，但这些举措对于压低价格的实际效果极为有限。供需缺口的扩大速度已超出产能爬坡的节奏，价格回归2025年初水平的可能性正在下降。</p>\n<p>值得注意的是，联想演讲者在大会上的相关评论带有一定的玩笑性质，但其对2030年及以后高价格常态化的判断，仍被视为一次正式的行业预警信号。</p>\n<div>\n<h2>供应商扩产计划难解近渴</h2>\n</div>\n<p>在主要内存厂商中，SK海力士已宣布将原定2040年以后实施的产能扩张路线图大幅提前至2030年以后，预计在该时间节点前将内存产出增至现有水平的三倍。</p>\n<p>然而，联想与业内观察人士均对这一扩产计划能否真正缓解供需矛盾持保留态度。美光已明确表示，即便对战略级重要客户，当前也无法足额供货。三星和SK海力士的表态同样悲观，多家头部厂商实际上正借助这一供应紧缺周期获取丰厚利润。</p>\n<p>在AI基础设施需求持续爆发的背景下，高带宽内存（HBM）及通用DRAM的需求增速依然强劲。扩产所带来的新增供应量，能否匹配同期的需求增量，目前仍是未知数。</p>\n<div>\n<h2>终端消费者承压，全品类设备涨价难避</h2>\n</div>\n<p>联想的预警意味着，内存和固态硬盘的高价将在未来十年持续向终端产品传导。PC、游戏主机、智能手机及其他搭载存储器件的消费电子产品，都将承受更高的物料成本压力。</p>\n<p>对于普通消费者而言，这意味着低价PC和入门级智能设备的时代可能正在远去。企业端同样难以幸免——服务器、数据中心基础设施的采购成本将随内存价格同步抬升，进一步推高AI及云计算基础设施的整体投资门槛。</p>\n<p>联想此次在ISC 2026大会上主动披露这一判断，在业界被解读为一份面向采购决策者和企业客户的前瞻性预算警示：高内存价格并非暂时性冲击，而是需要纳入长期成本规划的结构性变量。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7f10c5571533b425a393d535b40586ec","relate_stocks":{"80992":"联想集团-R","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","00992":"联想集团","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","RAM":"2倍做多DRAM ETF-T-REX","LU1235295612.USD":"FIDELITY PACIFIC \"A\" (USDHDG) INC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BK1193":"电脑硬件、储存设备及电脑周边","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","BK1526":"科网股","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU1046422090.SGD":"Fidelity Pacific A-SGD","BK1607":"新IT概念","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LNVGY":"联想集团ADR","BK4588":"碎股","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0049112450.USD":"FIDELITY PACIFIC \"A\" INC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","DRAM":"Roundhill Memory ETF"},"source_url":"https://wallstreetcn.com/articles/3775587","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2646339702","content_text":"内存价格高企的时代或许不会结束。联想在ISC 2026大会上发出警告：DRAM和NAND闪存价格已进入结构性上涨周期，即便主要厂商持续扩产，价格也极难回落至2025年初水平，价格上涨最终将成为2030年及以后的“新常态”。\n联想在大会演示中展示了DRAM和NAND产品的价格走势图。据其分析，尽管三星、SK海力士、美光等主要内存厂商正加速新建产能，但扩产效果难以弥合供需缺口，预计价格长期居高不下。与此同时，美光已公开表示无法满足包括战略级客户在内的市场需求，三星和SK海力士亦发出类似信号，供应紧张局面短期内难以缓解。\n这一判断对整个消费电子产业链影响深远。联想预警，高内存成本将向下传导至PC、游戏主机、智能手机及所有搭载内存或固态硬盘的终端产品，消费者未来十年将面临持续的设备价格上涨压力。\n\n价格失控始于2025年末，涨势至今未止\n\n根据联想在ISC 2026大会上呈现的数据，本轮内存价格的快速攀升始于2025年第三季度末至第四季度初。彼时，DRAM和NAND价格开始脱离此前的周期性波动区间，加速上行至市场普遍未曾预期的高位。\n联想指出，尽管主要厂商正持续推进产能扩张、新建晶圆厂以应对供需失衡，但这些举措对于压低价格的实际效果极为有限。供需缺口的扩大速度已超出产能爬坡的节奏，价格回归2025年初水平的可能性正在下降。\n值得注意的是，联想演讲者在大会上的相关评论带有一定的玩笑性质，但其对2030年及以后高价格常态化的判断，仍被视为一次正式的行业预警信号。\n\n供应商扩产计划难解近渴\n\n在主要内存厂商中，SK海力士已宣布将原定2040年以后实施的产能扩张路线图大幅提前至2030年以后，预计在该时间节点前将内存产出增至现有水平的三倍。\n然而，联想与业内观察人士均对这一扩产计划能否真正缓解供需矛盾持保留态度。美光已明确表示，即便对战略级重要客户，当前也无法足额供货。三星和SK海力士的表态同样悲观，多家头部厂商实际上正借助这一供应紧缺周期获取丰厚利润。\n在AI基础设施需求持续爆发的背景下，高带宽内存（HBM）及通用DRAM的需求增速依然强劲。扩产所带来的新增供应量，能否匹配同期的需求增量，目前仍是未知数。\n\n终端消费者承压，全品类设备涨价难避\n\n联想的预警意味着，内存和固态硬盘的高价将在未来十年持续向终端产品传导。PC、游戏主机、智能手机及其他搭载存储器件的消费电子产品，都将承受更高的物料成本压力。\n对于普通消费者而言，这意味着低价PC和入门级智能设备的时代可能正在远去。企业端同样难以幸免——服务器、数据中心基础设施的采购成本将随内存价格同步抬升，进一步推高AI及云计算基础设施的整体投资门槛。\n联想此次在ISC 2026大会上主动披露这一判断，在业界被解读为一份面向采购决策者和企业客户的前瞻性预算警示：高内存价格并非暂时性冲击，而是需要纳入长期成本规划的结构性变量。","news_type":1,"symbols_score_info":{"80992":0.6,"LNVGY":0.6,"00992":1.5,"DRAM":1.5,"RAM":0.6}},"isVote":1,"tweetType":1,"viewCount":31,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":575872194110360,"gmtCreate":1781607676240,"gmtModify":1781609229164,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"真爽","listText":"真爽","text":"真爽","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/575872194110360","repostId":"2643753355","repostType":2,"repost":{"id":"2643753355","kind":"highlight","pubTimestamp":1781603045,"share":"https://www.laohu8.com/m/news/2643753355?lang=zh_CN&edition=full","pubTime":"2026-06-16 17:44","market":"hk","language":"zh","title":"小米股价创年内新低 425亿港元配售参与机构浮亏52%","url":"https://stock-news.laohu8.com/highlight/detail?id=2643753355","media":"中金财经","summary":"中国经济网北京6月16日讯 小米集团 今日收报25.660港元，跌幅2.285%。小米集团股价今日盘中最低至25.500港元，创年内新低。　　小米集团港股2025年6月27日盘中创下历史最高点61.45港元，截至今日，小米集团股价累计跌幅58.24%。　　小米集团2025年3月31日发布完成配售现有股份及根据一般授权先旧后新认购新股份的公告。　　以配售价格53.25港元计算，截至今日，参与小米集团3月配售认购方亏损幅度为51.81%。","content":"<html><body><p>　　中国经济网北京6月16日讯 <a href=\"https://laohu8.com/S/XIACY\">小米</a>集团(01810.HK)今日收报25.660港元，跌幅2.285%。<a href=\"https://laohu8.com/S/01810\">小米</a>集团股价今日盘中最低至25.500港元，创年内新低。\r\n\r\n　　<a href=\"https://laohu8.com/S/81810\">小米</a>集团港股2025年6月27日盘中创下历史最高点61.45港元，截至今日，小米集团股价累计跌幅58.24%。\r\n\r\n　　小米集团2025年3月31日发布完成配售现有股份及根据一般授权先旧后新认购新股份的公告。董事会欣然宣布，配售事项已根据配售及认购协议的条款及条件于2025年3月27日完成，其中合共800,000,000股配售股份已按每股配售股份53.25港元的配售价由经办人基于最大努力成功配售予不少于六名承配人。经董事作出一切合理查询后所知、所悉及所信，承配人及彼等最终实益拥有人均为独立第三方。\r\n\r\n　　由于完成认购事项的所有条件均已达成，公司根据配售及认购协议的条款及条件于2025年3月31日按每股认购股份53.25港元向卖方配发及发行800,000,000股认购股份。认购事项的所得款项净额(经扣除将由公司承担的卖方及本公司适当产生之所有费用、成本及开支(包括经办人之佣金、印花税、联交所交易费及证监会交易征费)以及公司就配售事项及认购事项产生的其他开支)约为425亿港元。\r\n\r\n　　公司拟将认购事项的所得款项净额用于(a)加速业务扩张；(b)研发投资，以进一步提升科技实力；及©其他一般公司用途。\r\n\r\n　　以配售价格53.25港元计算，截至今日，参与小米集团3月配售认购方亏损幅度为51.81%。\r\n\r\n　　(责任编辑：徐自立)        </p></body></html>","source":"zhongjincaijing_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" 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小米集团(01810.HK)今日收报25.660港元，跌幅2.285%。小米集团股价今日盘中最低至25.500港元，创年内新低。\r\n\r\n　　小米集团港股2025年6月27日盘中创下历史最高点61.45港元，截至今日，小米集团股价累计跌幅58.24%。\r\n\r\n　　小米集团2025年3月31日发布完成配售现有股份及根据一般授权先旧后新认购新股份的公告。董事会欣然宣布，配售...</p>\n\n<a href=\"http://sc.stock.cnfol.com/gushijujiao/20260616/32281368.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU2294711473.HKD":"BNP PARIBAS CHINA EQUITY \"C\" (HKD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) 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SGD","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC"},"source_url":"http://sc.stock.cnfol.com/gushijujiao/20260616/32281368.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2643753355","content_text":"中国经济网北京6月16日讯 小米集团(01810.HK)今日收报25.660港元，跌幅2.285%。小米集团股价今日盘中最低至25.500港元，创年内新低。\r\n\r\n　　小米集团港股2025年6月27日盘中创下历史最高点61.45港元，截至今日，小米集团股价累计跌幅58.24%。\r\n\r\n　　小米集团2025年3月31日发布完成配售现有股份及根据一般授权先旧后新认购新股份的公告。董事会欣然宣布，配售事项已根据配售及认购协议的条款及条件于2025年3月27日完成，其中合共800,000,000股配售股份已按每股配售股份53.25港元的配售价由经办人基于最大努力成功配售予不少于六名承配人。经董事作出一切合理查询后所知、所悉及所信，承配人及彼等最终实益拥有人均为独立第三方。\r\n\r\n　　由于完成认购事项的所有条件均已达成，公司根据配售及认购协议的条款及条件于2025年3月31日按每股认购股份53.25港元向卖方配发及发行800,000,000股认购股份。认购事项的所得款项净额(经扣除将由公司承担的卖方及本公司适当产生之所有费用、成本及开支(包括经办人之佣金、印花税、联交所交易费及证监会交易征费)以及公司就配售事项及认购事项产生的其他开支)约为425亿港元。\r\n\r\n　　公司拟将认购事项的所得款项净额用于(a)加速业务扩张；(b)研发投资，以进一步提升科技实力；及©其他一般公司用途。\r\n\r\n　　以配售价格53.25港元计算，截至今日，参与小米集团3月配售认购方亏损幅度为51.81%。\r\n\r\n　　(责任编辑：徐自立)","news_type":1,"symbols_score_info":{"81810":0.6,"HXXD.SI":0.6,"XIACY":1.98,"01810":1.98}},"isVote":1,"tweetType":1,"viewCount":67,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":570873110663496,"gmtCreate":1780373516943,"gmtModify":1780375765072,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v> 逐出恒科吧，别一天到晚拖后腿了","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v> 逐出恒科吧，别一天到晚拖后腿了","text":"$小米集团-W(01810)$ 逐出恒科吧，别一天到晚拖后腿了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/570873110663496","isVote":1,"tweetType":1,"viewCount":641,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":568345985564856,"gmtCreate":1779777546851,"gmtModify":1779779059640,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"鸿蒙不敢测吗[开心]&nbsp;&nbsp;","listText":"鸿蒙不敢测吗[开心]&nbsp;&nbsp;","text":"鸿蒙不敢测吗[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/568345985564856","repostId":"2638955175","repostType":2,"repost":{"id":"2638955175","kind":"news","pubTimestamp":1779773049,"share":"https://www.laohu8.com/m/news/2638955175?lang=zh_CN&edition=full","pubTime":"2026-05-26 13:24","market":"sh","language":"zh","title":"你认可吗！手机系统流畅度最新排名：OPPO继续第一、小米澎湃OS升至第3","url":"https://stock-news.laohu8.com/highlight/detail?id=2638955175","media":"快科技","summary":"快科技5月26日消息，在昨天举办的Reno 16系列新品发布会上，OPPO官方对外公布认证成绩，自家的ColorOS已经连续7次获评鲁大师安卓最流畅的操作系统。从本次榜单的具体排名来看，OPPO的ColorOS 16拿下总榜第一，荣耀的MagicOS 10排在第二位，小米的HyperOS 3位列第三。从海量普通用户的日常使用反馈来看，OPPO的ColorOS系统算得上是目前安卓阵营里流畅度表现第一梯队的产品，长期使用的卡顿控制能力获得了广泛认可。","content":"<html><body><p>快科技5月26日消息，在昨天举办的Reno 16系列新品发布会上，OPPO官方对外公布认证成绩，自家的ColorOS已经连续7次获评<a href=\"https://laohu8.com/S/03601\">鲁大师</a>安卓最流畅的操作系统。</p><p><strong>这一信息发布后很快引发大量网友热议，不少人好奇榜单的参考价值，不过从鲁大师官方最新公布的2026年Q1名单来看，ColorOS的流畅度长期表现始终优于其余安卓阵营友商的同类系统。</strong></p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>从本次榜单的具体排名来看，OPPO的ColorOS 16拿下总榜第一，荣耀的MagicOS 10排在第二位，<a href=\"https://laohu8.com/S/XIACY\">小米</a>的HyperOS 3位列第三。</p><p>从海量普通用户的日常使用反馈来看，OPPO的ColorOS系统算得上是目前安卓阵营里流畅度表现第一梯队的产品，长期使用的卡顿控制能力获得了广泛认可。</p><p>ColorOS 16能登顶拿下第一，评选参考的指标除了广大用户的实际使用反馈之外，更和系统底层的实际技术表现直接相关。</p><p>OPPO通过自研潮汐引擎和<a href=\"https://laohu8.com/S/JG\">极光</a>引擎两项核心技术，对芯片资源调度机制和全局动画逻辑做了深度重构，最终实现了比过往版本更细腻、更丝滑的全场景动效体验。</p><p><strong>具体的排名如下：</strong></p><p>第一名，ColorOS 15（OPPO）</p><p>第二名，MagicOS 10.0（荣耀）</p><p>第三名，HyperOS 3（<a href=\"https://laohu8.com/S/01810\">小米</a>）</p><p>第四名，OriginOS 6（vivo）</p><p>第五名，<a href=\"https://laohu8.com/S/300648\">星云</a> AIOS2（努比亚）</p><p>第六名，REDMAGIC OS 11（红魔）</p><p>第七名，ROG UI（华硕）</p><p>第八名，Flyme AIOS 2（魅族）</p><p>第九名，myui 8（moto）</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p></body></html>","source":"ifeng_tech","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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href=https://tech.ifeng.com/c/8tRNnoNDkyI><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技5月26日消息，在昨天举办的Reno 16系列新品发布会上，OPPO官方对外公布认证成绩，自家的ColorOS已经连续7次获评鲁大师安卓最流畅的操作系统。这一信息发布后很快引发大量网友热议，不少人好奇榜单的参考价值，不过从鲁大师官方最新公布的2026年Q1名单来看，ColorOS的流畅度长期表现始终优于其余安卓阵营友商的同类系统。从本次榜单的具体排名来看，OPPO的ColorOS 16拿下...</p>\n\n<a href=\"https://tech.ifeng.com/c/8tRNnoNDkyI\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","HK0000286598.CNH":"中银保诚中国价值基金 A","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","BK1607":"新IT概念","01810":"小米集团-W","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","BK1523":"武汉本地概念股","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) 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data-views=\"0\"></v-v>&nbsp;","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/554084370560016","isVote":1,"tweetType":1,"viewCount":303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":546909032785304,"gmtCreate":1774546201180,"gmtModify":1774563104401,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"自己抄自己，吹起来眼睛不带眨的","listText":"自己抄自己，吹起来眼睛不带眨的","text":"自己抄自己，吹起来眼睛不带眨的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/546909032785304","repostId":"2622861842","repostType":2,"repost":{"id":"2622861842","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1774539315,"share":"https://www.laohu8.com/m/news/2622861842?lang=zh_CN&edition=full","pubTime":"2026-03-26 23:35","market":"hk","language":"zh","title":"存储抛售是错杀？大摩：传统周期卖出逻辑不适用，TurboQuant恐慌是认知偏差！","url":"https://stock-news.laohu8.com/highlight/detail?id=2622861842","media":"华尔街见闻","summary":"摩根士丹利报告指出，存储芯片股近期因谷歌TurboQuant技术引发的需求担忧遭遇抛售，但这一担忧被过度放大。该技术旨在扩展模型能力而非削减存储采购，对存储市场并无实质性影响。AI已令DRAM供应从松弛转为紧缺，PC与智能手机生产均受内存制约，存储已成为AI基础设施扩张的核心瓶颈。该行认为，当前估值下的悲观情绪被过度放大，供需紧张态势料将持续数年。","content":"<html><head></head><body><blockquote><p>摩根士丹利报告指出，存储芯片股近期因谷歌TurboQuant技术引发的需求担忧遭遇抛售，但这一担忧被过度放大。该技术旨在扩展模型能力而非削减存储采购，对存储市场并无实质性影响。AI已令DRAM供应从松弛转为紧缺，PC与智能手机生产均受内存制约，存储已成为AI基础设施扩张的核心瓶颈。该行认为，当前估值下的悲观情绪被过度放大，供需紧张态势料将持续数年。</p></blockquote><p style=\"text-align: justify;\">美国存储芯片股近期因谷歌TurboQuant内存优化技术引发的需求担忧而遭遇大幅抛售，但摩根士丹利认为，市场正以传统周期股的逻辑错误定价一个结构性短缺故事。</p><p style=\"text-align: justify;\">在最新发布的报告中，该行<strong>维持了对美国存储芯片股的超配评级</strong>，认为近期市场抛售属于正常获利了结，而非周期见顶信号。存储器已从AI需求的受益者演变为AI基础设施扩张的核心瓶颈，<strong>供需紧张态势料将持续数年，当前估值仍具吸引力</strong>。</p><p style=\"text-align: justify;\">摩根士丹利认为，<strong>市场对资本开支上升、需求破坏及谷歌内存优化技术等利空因素的担忧被过度解读</strong>。</p><p style=\"text-align: justify;\">对于谷歌TurboQuant内存优化技术，摩根士丹利分析师Joseph Moore认为其属于渐进式演进，<strong>目的在于扩展上下文窗口、提升模型能力，而非削减存储需求，对存储市场基本没有实质性影响。</strong></p><h2 id=\"id_1424086571\">谷歌TurboQuant技术冲击被过度解读</h2><p style=\"text-align: justify;\">报告专门回应了近期引发存储股下跌的谷歌“TurboQuant”内存优化技术。谷歌介绍了一种针对键值缓存（KV Cache）的数据压缩算法，并于近日宣布即将推出。<strong>市场广泛流传“谷歌将内存使用量降低6倍”的说法，导致存储股再度承压。</strong></p><p style=\"text-align: justify;\">摩根士丹利在与业内人士沟通后认为，这属于渐进式技术演进，对存储需求基本没有实质性影响。报告解释称，KV Cache通常存储于高带宽内存中，其容量固定无法改变；若需额外缓存卸载，通常转移至机架内18TB的LPDDR5内存，同样容量固定。更高效的KV Cache使用对第三层存储（SSD或HDD）可能有一定影响，但业内人士普遍反映，<strong>相关改进主要用于扩展上下文窗口、提升模型能力，而非削减存储成本。</strong></p><p style=\"text-align: justify;\">报告还援引谷歌自身案例指出，Gemini 1.5 Pro曾测试1000万token上下文窗口并取得良好效果，但因推理成本过高而未发布。随着类似优化技术降低成本，预计将被用于支持更高智能、更高算力的产品，而非减少存储需求。</p><h2 id=\"id_3529761704\">AI吞噬产能，存储成为算力扩张瓶颈</h2><p style=\"text-align: justify;\">摩根士丹利报告表示，<strong>此轮存储周期与历史规律存在本质差异</strong>。报告指出，AI对DRAM的消耗已大到令其他终端市场出现供应短缺——PC和智能手机的生产均受到内存供应不足的制约。</p><p style=\"text-align: justify;\">此前三年市场普遍认为DRAM供应存在松弛空间，但这一缓冲已经消失。AI数据中心对高带宽内存（HBM）的需求持续攀升，HBM4的复杂性将进一步吸收产能，而Rubin Ultra平台明年上线后相关内存容量需求将翻倍。与此同时，机架用低功耗DDR5及企业级存储需求同样呈爆发式增长。</p><p style=\"text-align: justify;\">摩根士丹利还指出，AI资本开支增速超过50%，且随着AI在整体支出中占比持续扩大，这一趋势每年都在强化。更高的资本开支固然会带来更多供给，但这并非传统意义上由智能手机和服务器市场3%至5%增长驱动的供给扩张，其量级不可同日而语。</p><p style=\"text-align: justify;\"><strong>报告援引OpenAI暂停旗下AI视频生成应用Sora一事，作为算力供给不足的佐证</strong>。摩根士丹利认为，这一事件清晰印证了其投资主题——<strong>在token数量每周以两位数速度增长的背景下，算力供给严重不足，需求远超供给</strong>。视频生成对存储和HDD的需求极为密集，存储短缺可能也是Sora暂停的因素之一。</p><p style=\"text-align: justify;\">报告指出，<strong>对于需求旺盛到无法被完全满足的商品而言，在当前估值水平下很难持过度悲观的立场。</strong></p><h2 id=\"id_3505269910\">美光上看520美元，SanDisk目标690美元</h2><p style=\"text-align: justify;\"><strong>摩根士丹利对美光科技维持超配评级，目标价520美元</strong>，对应约25倍穿越周期每股收益21美元，较当前股价382.09美元有约36%上行空间。牛市情景下目标价为700美元（28倍穿越周期EPS 25美元），熊市情景下目标价为240美元。该行预测美光2026财年GAAP营收达1104.89亿美元，非GAAP每股收益59.36美元，非GAAP毛利率77.8%。</p><p style=\"text-align: justify;\"><strong>对于SanDisk，摩根士丹利目标价690美元</strong>，对应23倍穿越周期EPS 30美元，较当前股价677.86美元上行约1.8%。牛市情景目标价875美元，熊市情景350美元。该行预测SanDisk 2026财年GAAP营收154.99亿美元，非GAAP每股收益41.09美元，非GAAP毛利率60.2%。</p><p style=\"text-align: justify;\">报告指出，两家公司在当前盈利水平下的年化自由现金流可达各自市值的15%至25%。即便考虑到周期性因素，两年以上的高盈利持续期已足以支撑股价实质性上涨。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>存储抛售是错杀？大摩：传统周期卖出逻辑不适用，TurboQuant恐慌是认知偏差！</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n存储抛售是错杀？大摩：传统周期卖出逻辑不适用，TurboQuant恐慌是认知偏差！\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-03-26 23:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>摩根士丹利报告指出，存储芯片股近期因谷歌TurboQuant技术引发的需求担忧遭遇抛售，但这一担忧被过度放大。该技术旨在扩展模型能力而非削减存储采购，对存储市场并无实质性影响。AI已令DRAM供应从松弛转为紧缺，PC与智能手机生产均受内存制约，存储已成为AI基础设施扩张的核心瓶颈。该行认为，当前估值下的悲观情绪被过度放大，供需紧张态势料将持续数年。</p></blockquote><p style=\"text-align: justify;\">美国存储芯片股近期因谷歌TurboQuant内存优化技术引发的需求担忧而遭遇大幅抛售，但摩根士丹利认为，市场正以传统周期股的逻辑错误定价一个结构性短缺故事。</p><p style=\"text-align: justify;\">在最新发布的报告中，该行<strong>维持了对美国存储芯片股的超配评级</strong>，认为近期市场抛售属于正常获利了结，而非周期见顶信号。存储器已从AI需求的受益者演变为AI基础设施扩张的核心瓶颈，<strong>供需紧张态势料将持续数年，当前估值仍具吸引力</strong>。</p><p style=\"text-align: justify;\">摩根士丹利认为，<strong>市场对资本开支上升、需求破坏及谷歌内存优化技术等利空因素的担忧被过度解读</strong>。</p><p style=\"text-align: justify;\">对于谷歌TurboQuant内存优化技术，摩根士丹利分析师Joseph Moore认为其属于渐进式演进，<strong>目的在于扩展上下文窗口、提升模型能力，而非削减存储需求，对存储市场基本没有实质性影响。</strong></p><h2 id=\"id_1424086571\">谷歌TurboQuant技术冲击被过度解读</h2><p style=\"text-align: justify;\">报告专门回应了近期引发存储股下跌的谷歌“TurboQuant”内存优化技术。谷歌介绍了一种针对键值缓存（KV Cache）的数据压缩算法，并于近日宣布即将推出。<strong>市场广泛流传“谷歌将内存使用量降低6倍”的说法，导致存储股再度承压。</strong></p><p style=\"text-align: justify;\">摩根士丹利在与业内人士沟通后认为，这属于渐进式技术演进，对存储需求基本没有实质性影响。报告解释称，KV Cache通常存储于高带宽内存中，其容量固定无法改变；若需额外缓存卸载，通常转移至机架内18TB的LPDDR5内存，同样容量固定。更高效的KV Cache使用对第三层存储（SSD或HDD）可能有一定影响，但业内人士普遍反映，<strong>相关改进主要用于扩展上下文窗口、提升模型能力，而非削减存储成本。</strong></p><p style=\"text-align: justify;\">报告还援引谷歌自身案例指出，Gemini 1.5 Pro曾测试1000万token上下文窗口并取得良好效果，但因推理成本过高而未发布。随着类似优化技术降低成本，预计将被用于支持更高智能、更高算力的产品，而非减少存储需求。</p><h2 id=\"id_3529761704\">AI吞噬产能，存储成为算力扩张瓶颈</h2><p style=\"text-align: justify;\">摩根士丹利报告表示，<strong>此轮存储周期与历史规律存在本质差异</strong>。报告指出，AI对DRAM的消耗已大到令其他终端市场出现供应短缺——PC和智能手机的生产均受到内存供应不足的制约。</p><p style=\"text-align: justify;\">此前三年市场普遍认为DRAM供应存在松弛空间，但这一缓冲已经消失。AI数据中心对高带宽内存（HBM）的需求持续攀升，HBM4的复杂性将进一步吸收产能，而Rubin Ultra平台明年上线后相关内存容量需求将翻倍。与此同时，机架用低功耗DDR5及企业级存储需求同样呈爆发式增长。</p><p style=\"text-align: justify;\">摩根士丹利还指出，AI资本开支增速超过50%，且随着AI在整体支出中占比持续扩大，这一趋势每年都在强化。更高的资本开支固然会带来更多供给，但这并非传统意义上由智能手机和服务器市场3%至5%增长驱动的供给扩张，其量级不可同日而语。</p><p style=\"text-align: justify;\"><strong>报告援引OpenAI暂停旗下AI视频生成应用Sora一事，作为算力供给不足的佐证</strong>。摩根士丹利认为，这一事件清晰印证了其投资主题——<strong>在token数量每周以两位数速度增长的背景下，算力供给严重不足，需求远超供给</strong>。视频生成对存储和HDD的需求极为密集，存储短缺可能也是Sora暂停的因素之一。</p><p style=\"text-align: justify;\">报告指出，<strong>对于需求旺盛到无法被完全满足的商品而言，在当前估值水平下很难持过度悲观的立场。</strong></p><h2 id=\"id_3505269910\">美光上看520美元，SanDisk目标690美元</h2><p style=\"text-align: justify;\"><strong>摩根士丹利对美光科技维持超配评级，目标价520美元</strong>，对应约25倍穿越周期每股收益21美元，较当前股价382.09美元有约36%上行空间。牛市情景下目标价为700美元（28倍穿越周期EPS 25美元），熊市情景下目标价为240美元。该行预测美光2026财年GAAP营收达1104.89亿美元，非GAAP每股收益59.36美元，非GAAP毛利率77.8%。</p><p style=\"text-align: justify;\"><strong>对于SanDisk，摩根士丹利目标价690美元</strong>，对应23倍穿越周期EPS 30美元，较当前股价677.86美元上行约1.8%。牛市情景目标价875美元，熊市情景350美元。该行预测SanDisk 2026财年GAAP营收154.99亿美元，非GAAP每股收益41.09美元，非GAAP毛利率60.2%。</p><p style=\"text-align: justify;\">报告指出，两家公司在当前盈利水平下的年化自由现金流可达各自市值的15%至25%。即便考虑到周期性因素，两年以上的高盈利持续期已足以支撑股价实质性上涨。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU0426417589.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","LU0109392836.USD":"富兰克林科技股A","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","IE00BYQQ9H92.USD":"BNY MELLON GLOBAL LEADERS \"A\" (USD) 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Cache）的数据压缩算法，并于近日宣布即将推出。市场广泛流传“谷歌将内存使用量降低6倍”的说法，导致存储股再度承压。摩根士丹利在与业内人士沟通后认为，这属于渐进式技术演进，对存储需求基本没有实质性影响。报告解释称，KV Cache通常存储于高带宽内存中，其容量固定无法改变；若需额外缓存卸载，通常转移至机架内18TB的LPDDR5内存，同样容量固定。更高效的KV Cache使用对第三层存储（SSD或HDD）可能有一定影响，但业内人士普遍反映，相关改进主要用于扩展上下文窗口、提升模型能力，而非削减存储成本。报告还援引谷歌自身案例指出，Gemini 1.5 Pro曾测试1000万token上下文窗口并取得良好效果，但因推理成本过高而未发布。随着类似优化技术降低成本，预计将被用于支持更高智能、更高算力的产品，而非减少存储需求。AI吞噬产能，存储成为算力扩张瓶颈摩根士丹利报告表示，此轮存储周期与历史规律存在本质差异。报告指出，AI对DRAM的消耗已大到令其他终端市场出现供应短缺——PC和智能手机的生产均受到内存供应不足的制约。此前三年市场普遍认为DRAM供应存在松弛空间，但这一缓冲已经消失。AI数据中心对高带宽内存（HBM）的需求持续攀升，HBM4的复杂性将进一步吸收产能，而Rubin Ultra平台明年上线后相关内存容量需求将翻倍。与此同时，机架用低功耗DDR5及企业级存储需求同样呈爆发式增长。摩根士丹利还指出，AI资本开支增速超过50%，且随着AI在整体支出中占比持续扩大，这一趋势每年都在强化。更高的资本开支固然会带来更多供给，但这并非传统意义上由智能手机和服务器市场3%至5%增长驱动的供给扩张，其量级不可同日而语。报告援引OpenAI暂停旗下AI视频生成应用Sora一事，作为算力供给不足的佐证。摩根士丹利认为，这一事件清晰印证了其投资主题——在token数量每周以两位数速度增长的背景下，算力供给严重不足，需求远超供给。视频生成对存储和HDD的需求极为密集，存储短缺可能也是Sora暂停的因素之一。报告指出，对于需求旺盛到无法被完全满足的商品而言，在当前估值水平下很难持过度悲观的立场。美光上看520美元，SanDisk目标690美元摩根士丹利对美光科技维持超配评级，目标价520美元，对应约25倍穿越周期每股收益21美元，较当前股价382.09美元有约36%上行空间。牛市情景下目标价为700美元（28倍穿越周期EPS 25美元），熊市情景下目标价为240美元。该行预测美光2026财年GAAP营收达1104.89亿美元，非GAAP每股收益59.36美元，非GAAP毛利率77.8%。对于SanDisk，摩根士丹利目标价690美元，对应23倍穿越周期EPS 30美元，较当前股价677.86美元上行约1.8%。牛市情景目标价875美元，熊市情景350美元。该行预测SanDisk 2026财年GAAP营收154.99亿美元，非GAAP每股收益41.09美元，非GAAP毛利率60.2%。报告指出，两家公司在当前盈利水平下的年化自由现金流可达各自市值的15%至25%。即便考虑到周期性因素，两年以上的高盈利持续期已足以支撑股价实质性上涨。","news_type":1,"symbols_score_info":{"WDC":2,"SNDK":2,"STX":2,"MU":2}},"isVote":1,"tweetType":1,"viewCount":714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":546675231687408,"gmtCreate":1774490284571,"gmtModify":1774490287258,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"吹吧就，看看今年的市场情况，还100w，有50w都算赢了","listText":"吹吧就，看看今年的市场情况，还100w，有50w都算赢了","text":"吹吧就，看看今年的市场情况，还100w，有50w都算赢了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/546675231687408","repostId":"2622028874","repostType":2,"repost":{"id":"2622028874","kind":"highlight","weMediaInfo":{"introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"media_name":"金吾财讯","id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"pubTimestamp":1774423430,"share":"https://www.laohu8.com/m/news/2622028874?lang=zh_CN&edition=full","pubTime":"2026-03-25 15:23","market":"hk","language":"zh","title":"【券商聚焦】华创证券维持零跑汽车(09863)“强推”评级 指公司处上行周期","url":"https://stock-news.laohu8.com/highlight/detail?id=2622028874","media":"金吾财讯","summary":"金吾财讯 | 华创证券发布研报指，零跑汽车 2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。","content":"<html><body><p>金吾财讯 | 华创证券发布研报指，<a href=\"https://laohu8.com/S/09863\">零跑汽车</a>(09863)2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。报告认为，公司正处在上行周期，核心逻辑在于密集的新车周期即将开启，以及海外出口业务的稳步拓展，这有望为后续销量增长提供支撑。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。季度销量达20.1万辆，同比增长66%。费用控制方面，受益于规模效应，管理和研发费用率环比下降。公司展现出强成本控制能力。</p><p>业务层面，新车周期是重要催化剂。公司计划自2026年3月起密集推出A、D系列全新车型，包括小型SUV A10、大型SUV D19、A05及首款MPV D99，以完善产品<a href=\"https://laohu8.com/S/301365\">矩阵</a>。报告预计，若新车型延续高性价比定价策略，公司2026年销量有望达到100万辆，同比增长68%。</p><p>海外业务成为新的增长引擎。2026年1月公司出口销量达1.5万辆，同比增长5.7倍。公司持续推进海外本地化布局，如西班牙CKD项目预计2026年10月投产。目前海外销售服务网点约900家，并计划进一步拓展欧洲、南美市场。报告预测公司2026年出口目标为10-15万辆，并通过零跑国际股权收益、碳积分等方式贡献盈利。</p><p>基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。采用相对估值法，给予公司2026年15倍市盈率，对应目标价61.68港元。</p><p>风险包括：汽车行业景气度下滑、市场竞争加剧及新车型销量不及预期。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】华创证券维持零跑汽车(09863)“强推”评级 指公司处上行周期</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】华创证券维持零跑汽车(09863)“强推”评级 指公司处上行周期\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2026-03-25 15:23</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | 华创证券发布研报指，<a href=\"https://laohu8.com/S/09863\">零跑汽车</a>(09863)2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。报告认为，公司正处在上行周期，核心逻辑在于密集的新车周期即将开启，以及海外出口业务的稳步拓展，这有望为后续销量增长提供支撑。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。季度销量达20.1万辆，同比增长66%。费用控制方面，受益于规模效应，管理和研发费用率环比下降。公司展现出强成本控制能力。</p><p>业务层面，新车周期是重要催化剂。公司计划自2026年3月起密集推出A、D系列全新车型，包括小型SUV A10、大型SUV D19、A05及首款MPV D99，以完善产品<a href=\"https://laohu8.com/S/301365\">矩阵</a>。报告预计，若新车型延续高性价比定价策略，公司2026年销量有望达到100万辆，同比增长68%。</p><p>海外业务成为新的增长引擎。2026年1月公司出口销量达1.5万辆，同比增长5.7倍。公司持续推进海外本地化布局，如西班牙CKD项目预计2026年10月投产。目前海外销售服务网点约900家，并计划进一步拓展欧洲、南美市场。报告预测公司2026年出口目标为10-15万辆，并通过零跑国际股权收益、碳积分等方式贡献盈利。</p><p>基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。采用相对估值法，给予公司2026年15倍市盈率，对应目标价61.68港元。</p><p>风险包括：汽车行业景气度下滑、市场竞争加剧及新车型销量不及预期。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.szfiu.com/news/20200915/NjdlOTQyZDE5NzA3MzU4ZTU3YTk2ZGQ0MjAwMDE4NjcyODIz.jpg","relate_stocks":{"161027":"证券","09863":"零跑汽车"},"source_url":"1977215","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2622028874","content_text":"金吾财讯 | 华创证券发布研报指，零跑汽车(09863)2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。报告认为，公司正处在上行周期，核心逻辑在于密集的新车周期即将开启，以及海外出口业务的稳步拓展，这有望为后续销量增长提供支撑。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。季度销量达20.1万辆，同比增长66%。费用控制方面，受益于规模效应，管理和研发费用率环比下降。公司展现出强成本控制能力。业务层面，新车周期是重要催化剂。公司计划自2026年3月起密集推出A、D系列全新车型，包括小型SUV A10、大型SUV D19、A05及首款MPV D99，以完善产品矩阵。报告预计，若新车型延续高性价比定价策略，公司2026年销量有望达到100万辆，同比增长68%。海外业务成为新的增长引擎。2026年1月公司出口销量达1.5万辆，同比增长5.7倍。公司持续推进海外本地化布局，如西班牙CKD项目预计2026年10月投产。目前海外销售服务网点约900家，并计划进一步拓展欧洲、南美市场。报告预测公司2026年出口目标为10-15万辆，并通过零跑国际股权收益、碳积分等方式贡献盈利。基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。采用相对估值法，给予公司2026年15倍市盈率，对应目标价61.68港元。风险包括：汽车行业景气度下滑、市场竞争加剧及新车型销量不及预期。","news_type":1,"symbols_score_info":{"161027":1.5,"09863":1.5}},"isVote":1,"tweetType":1,"viewCount":498,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":546062165697760,"gmtCreate":1774325332589,"gmtModify":1774325333849,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/546062165697760","isVote":1,"tweetType":1,"viewCount":947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":544704597403016,"gmtCreate":1773993907631,"gmtModify":1773993910180,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"xjb写","listText":"xjb写","text":"xjb写","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544704597403016","repostId":"2620378807","repostType":2,"repost":{"id":"2620378807","kind":"news","pubTimestamp":1773988980,"share":"https://www.laohu8.com/m/news/2620378807?lang=zh_CN&edition=full","pubTime":"2026-03-20 14:43","market":"hk","language":"zh","title":"新款小米SU7，“融冰”比销量更重要","url":"https://stock-news.laohu8.com/highlight/detail?id=2620378807","media":"虎嗅网","summary":"3月19日，在小米春季发布会上，新款小米SU7正式上市，售价区间21.99万至30.39万元。但新款小米SU7则是在今年1月7日就可以进行小订了。如果新款小米SU7顺利完成了此任务，带动小米汽车重回2024年的“火热”，在短期内无疑有助于其完成今年的销量目标。当然，“破圈”的前提是新款小米SU7成功建立良好的口碑，赢得消费者更多的信任。","content":"<html><body><p>作者|王亚骏</p><p>上市34分钟，锁单1.5万。这是新款<a href=\"https://laohu8.com/S/XIACY\">小米</a>SU7上市后交出的第一份成绩单。</p><p>3月19日，在<a href=\"https://laohu8.com/S/01810\">小米</a>春季发布会上，新款<a href=\"https://laohu8.com/S/81810\">小米</a>SU7正式上市，售价区间21.99万至30.39万元。王传福、李想、何小鹏、王兴兴、张建勇和陈年出席了此次发布会。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>王传福、王兴兴、李想和何小鹏等嘉宾 图源：小米发布会</p><p>雷军对这款车的重视，不只体现在邀请知名企业家来助阵。3月，小米还公布了两位汽车品牌代言人，分别是短跑名将苏炳添和艺人舒淇。此前，小米汽车未曾签约过代言人。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>在发布会上，雷军、舒淇、苏炳添站在新款小米SU7旁边；图源：小米发布会</p><p>在发布会上，雷军称此举是为了“破圈”，让更多人知道这款车。</p><p>得到如此支持力度的新款小米SU7，其成绩是否超越了前辈？相比于销量，这款车还有什么更重要的任务？本期《车圈脉动》Vol.23，来进行解析。</p><p><strong>新款小米SU7，不如初代惊艳</strong></p><p>新款小米SU7的第一份成绩单，并没有超越自己的前辈。</p><p>34分钟锁单1.5万辆，这个数字其实已经足够亮眼。3月18日上市的小鹏P7新版型与新款小米SU7<a href=\"https://laohu8.com/S/002835\">同为</a>轿车，两者的售价区间也存在重合（20.38万至30.18万元），但该车型上市后一直未公布大定数或锁单数。</p><p>不过和初代小米SU7比起来，新车的成绩就稍显逊色了。2024年3月28日，初代小米SU7上市，作为小米旗下的首款车型，它在上市后27分钟拿下了5万大定、24小时拿下了8.9万大定，一时间可谓震惊了整个汽车行业。</p><p>当然，大定和锁单并非同一个概念。前者是指支付较大金额订金（小米的大定定金是5000元），以表达购买意向，如果消费者在犹豫期改变主意（小米的犹豫期是72小时），这笔钱可以退回；而后者是指已经确认车辆具体配置，订单进入生产排期，相当于真正的订单。</p><p>不过我们依然可以将两者进行对比。</p><p>在初代小米SU7上市后不久，华龙证券曾用40%的订单/大定转化率来计算真实的订单数。</p><p>已知初代小米SU7上市后27分钟的成绩是5万大定，按照40%的转化率来计算，便是2万个订单。这个成绩从效率和数量上都优于“34分钟1.5万锁单”。</p><p>此外还要考虑到，初代小米SU7是在2023年12月底的“小米汽车技术发布会”上亮相的，但此后官方始终未开启任何形式的预售、小定或盲订，仅于第二年3月下旬才开放了免费的“品鉴预约”（不可试驾、不收取订金），真正的订单收集是在3月底上市发布会后才开始。但新款小米SU7则是在今年1月7日就可以进行小订了。</p><p>诚然，售价也是影响大定和锁单数的因素之一。但新款小米SU7全系比初代仅贵了4000元，整体未拉开档位级差距，且在三电、底盘、智驾、内饰和安全等方面都做了提升。故而价格因素在此次对比中权重并不大。</p><p><strong>“融冰”比销量更重要</strong></p><p>虽然新款小米SU7的初战成绩不如前辈，但考虑到小米本身的关注度和车型产品力，这款车依然有望在今年的竞争中搏取到可观的销量。</p><p>虎嗅汽车认为，相比于销量，这款车还有一个更重要的任务，便是帮助小米汽车尽快走过“信任修复期”。</p><p>3月17日，雷军在回应热点问题的视频中，对小米汽车过去两年进行了总结：“跌宕起伏，冰火两重天，所取得的成绩远超想象、所受到的关注也不可思议。”</p><p>对于小米汽车而言，去年无疑是水火交融的一年。</p><p>从销量上来看，小米汽车的表现其实足够亮眼。去年，小米共卖出了41.2万辆汽车，同比增长近200%，增速远超大盘。</p><p>但是在去年的3月和10月，小米汽车旗下车型发生了两次重大事故；在5月，小米SU7 Ultra则陷入了“锁马力”和有关碳纤维双风道前舱盖的争议。</p><p>这些事故和争议，为小米汽车引来了海量的安全性质疑，并极大损害了消费者的信任。据知名咨询机构杰兰路发布的研究报告，2025年下半年，小米在“百人青睐指数”方面，“不喜欢”的比例上升约 10 个百分点，“喜欢”比例下降超 10 个百分点，成为统计周期中变化幅度最突出的品牌之一。</p><p>进入2026年后，雷军开始尝试通过直播的形式消解质疑、挽回信任。2月底，他还宣布重建“小米汽车安全顾问委员会”，并向全国各大专院校、科研院所的车辆安全专家，以及曾参与过国家事务调查召回的专家发出邀请，为小米汽车的安全进行多角度评估和把关。</p><p>这些举措固然回应一定效果，但小米能否成功修复信任，还是要看新车型能否在消费者口中建立安全可靠的口碑。</p><p>如果新款小米SU7顺利完成了此任务，带动小米汽车重回2024年的“火热”，在短期内无疑有助于其完成今年的销量目标（55万辆）。回顾去年走势可见，小米汽车的市场表现与其口碑高度联动：声量高涨时订单随之激增，信任受损时销量亦受拖累。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>小米汽车在去年6月后迎来了一波销量上涨，这是得益于小米YU7的发布，但在10月的事故发生后，其销量也出现了回落；数据来源：<a href=\"https://laohu8.com/S/BITA\">易车</a></p><p>从长期来看，这个任务也事关未来小米汽车的整体布局能否顺利推进。</p><p>今年是小米汽车最密集的产品发布期。据36氪报道，除了新款小米SU7外，小米汽车还计划在今年推出三款车，分别是SU7行政版、一款增程五座SUV和一款增程七座SUV。</p><p>在国内<a href=\"https://laohu8.com/S/01490\">车市</a>，增程式SUV与家庭用车联系颇深。而小米在今年的产品规划，可以视为其试图打破“米粉圈层”，进入主流家庭市场的举措。如若成功，无疑可以帮助小米汽车进一步打开增长天花板。</p><p>当然，“破圈”的前提是新款小米SU7成功建立良好的口碑，赢得消费者更多的信任。从这个角度来说，这款新车不容有失。</p></body></html>","source":"ifeng_tech","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>新款小米SU7，“融冰”比销量更重要</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n新款小米SU7，“融冰”比销量更重要\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-20 14:43 北京时间&nbsp;&nbsp;&nbsp;<a href=https://tech.ifeng.com/c/8reFQSlcVhQ><strong>虎嗅网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者|王亚骏上市34分钟，锁单1.5万。这是新款小米SU7上市后交出的第一份成绩单。3月19日，在小米春季发布会上，新款小米SU7正式上市，售价区间21.99万至30.39万元。王传福、李想、何小鹏、王兴兴、张建勇和陈年出席了此次发布会。王传福、王兴兴、李想和何小鹏等嘉宾 图源：小米发布会雷军对这款车的重视，不只体现在邀请知名企业家来助阵。3月，小米还公布了两位汽车品牌代言人，分别是短跑名将苏炳添...</p>\n\n<a href=\"https://tech.ifeng.com/c/8reFQSlcVhQ\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0051755006.USD":"摩根大通中国A (dist)","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1868837565.USD":"CT (LUX) 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INC"},"source_url":"https://tech.ifeng.com/c/8reFQSlcVhQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2620378807","content_text":"作者|王亚骏上市34分钟，锁单1.5万。这是新款小米SU7上市后交出的第一份成绩单。3月19日，在小米春季发布会上，新款小米SU7正式上市，售价区间21.99万至30.39万元。王传福、李想、何小鹏、王兴兴、张建勇和陈年出席了此次发布会。王传福、王兴兴、李想和何小鹏等嘉宾 图源：小米发布会雷军对这款车的重视，不只体现在邀请知名企业家来助阵。3月，小米还公布了两位汽车品牌代言人，分别是短跑名将苏炳添和艺人舒淇。此前，小米汽车未曾签约过代言人。在发布会上，雷军、舒淇、苏炳添站在新款小米SU7旁边；图源：小米发布会在发布会上，雷军称此举是为了“破圈”，让更多人知道这款车。得到如此支持力度的新款小米SU7，其成绩是否超越了前辈？相比于销量，这款车还有什么更重要的任务？本期《车圈脉动》Vol.23，来进行解析。新款小米SU7，不如初代惊艳新款小米SU7的第一份成绩单，并没有超越自己的前辈。34分钟锁单1.5万辆，这个数字其实已经足够亮眼。3月18日上市的小鹏P7新版型与新款小米SU7同为轿车，两者的售价区间也存在重合（20.38万至30.18万元），但该车型上市后一直未公布大定数或锁单数。不过和初代小米SU7比起来，新车的成绩就稍显逊色了。2024年3月28日，初代小米SU7上市，作为小米旗下的首款车型，它在上市后27分钟拿下了5万大定、24小时拿下了8.9万大定，一时间可谓震惊了整个汽车行业。当然，大定和锁单并非同一个概念。前者是指支付较大金额订金（小米的大定定金是5000元），以表达购买意向，如果消费者在犹豫期改变主意（小米的犹豫期是72小时），这笔钱可以退回；而后者是指已经确认车辆具体配置，订单进入生产排期，相当于真正的订单。不过我们依然可以将两者进行对比。在初代小米SU7上市后不久，华龙证券曾用40%的订单/大定转化率来计算真实的订单数。已知初代小米SU7上市后27分钟的成绩是5万大定，按照40%的转化率来计算，便是2万个订单。这个成绩从效率和数量上都优于“34分钟1.5万锁单”。此外还要考虑到，初代小米SU7是在2023年12月底的“小米汽车技术发布会”上亮相的，但此后官方始终未开启任何形式的预售、小定或盲订，仅于第二年3月下旬才开放了免费的“品鉴预约”（不可试驾、不收取订金），真正的订单收集是在3月底上市发布会后才开始。但新款小米SU7则是在今年1月7日就可以进行小订了。诚然，售价也是影响大定和锁单数的因素之一。但新款小米SU7全系比初代仅贵了4000元，整体未拉开档位级差距，且在三电、底盘、智驾、内饰和安全等方面都做了提升。故而价格因素在此次对比中权重并不大。“融冰”比销量更重要虽然新款小米SU7的初战成绩不如前辈，但考虑到小米本身的关注度和车型产品力，这款车依然有望在今年的竞争中搏取到可观的销量。虎嗅汽车认为，相比于销量，这款车还有一个更重要的任务，便是帮助小米汽车尽快走过“信任修复期”。3月17日，雷军在回应热点问题的视频中，对小米汽车过去两年进行了总结：“跌宕起伏，冰火两重天，所取得的成绩远超想象、所受到的关注也不可思议。”对于小米汽车而言，去年无疑是水火交融的一年。从销量上来看，小米汽车的表现其实足够亮眼。去年，小米共卖出了41.2万辆汽车，同比增长近200%，增速远超大盘。但是在去年的3月和10月，小米汽车旗下车型发生了两次重大事故；在5月，小米SU7 Ultra则陷入了“锁马力”和有关碳纤维双风道前舱盖的争议。这些事故和争议，为小米汽车引来了海量的安全性质疑，并极大损害了消费者的信任。据知名咨询机构杰兰路发布的研究报告，2025年下半年，小米在“百人青睐指数”方面，“不喜欢”的比例上升约 10 个百分点，“喜欢”比例下降超 10 个百分点，成为统计周期中变化幅度最突出的品牌之一。进入2026年后，雷军开始尝试通过直播的形式消解质疑、挽回信任。2月底，他还宣布重建“小米汽车安全顾问委员会”，并向全国各大专院校、科研院所的车辆安全专家，以及曾参与过国家事务调查召回的专家发出邀请，为小米汽车的安全进行多角度评估和把关。这些举措固然回应一定效果，但小米能否成功修复信任，还是要看新车型能否在消费者口中建立安全可靠的口碑。如果新款小米SU7顺利完成了此任务，带动小米汽车重回2024年的“火热”，在短期内无疑有助于其完成今年的销量目标（55万辆）。回顾去年走势可见，小米汽车的市场表现与其口碑高度联动：声量高涨时订单随之激增，信任受损时销量亦受拖累。小米汽车在去年6月后迎来了一波销量上涨，这是得益于小米YU7的发布，但在10月的事故发生后，其销量也出现了回落；数据来源：易车从长期来看，这个任务也事关未来小米汽车的整体布局能否顺利推进。今年是小米汽车最密集的产品发布期。据36氪报道，除了新款小米SU7外，小米汽车还计划在今年推出三款车，分别是SU7行政版、一款增程五座SUV和一款增程七座SUV。在国内车市，增程式SUV与家庭用车联系颇深。而小米在今年的产品规划，可以视为其试图打破“米粉圈层”，进入主流家庭市场的举措。如若成功，无疑可以帮助小米汽车进一步打开增长天花板。当然，“破圈”的前提是新款小米SU7成功建立良好的口碑，赢得消费者更多的信任。从这个角度来说，这款新车不容有失。","news_type":1,"symbols_score_info":{"81810":0.6,"HXXD.SI":0.6,"XIACY":1.95,"01810":1.95,"MIUmain":0.6}},"isVote":1,"tweetType":1,"viewCount":617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":541790209024688,"gmtCreate":1773298575539,"gmtModify":1773298576833,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a 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拜拜了，20再见","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/524586889146640","isVote":1,"tweetType":1,"viewCount":1363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":487478305460360,"gmtCreate":1760063480552,"gmtModify":1760063576600,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>跑路了","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>跑路了","text":"$小米集团-W(01810)$ 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13:24","market":"sh","language":"zh","title":"你认可吗！手机系统流畅度最新排名：OPPO继续第一、小米澎湃OS升至第3","url":"https://stock-news.laohu8.com/highlight/detail?id=2638955175","media":"快科技","summary":"快科技5月26日消息，在昨天举办的Reno 16系列新品发布会上，OPPO官方对外公布认证成绩，自家的ColorOS已经连续7次获评鲁大师安卓最流畅的操作系统。从本次榜单的具体排名来看，OPPO的ColorOS 16拿下总榜第一，荣耀的MagicOS 10排在第二位，小米的HyperOS 3位列第三。从海量普通用户的日常使用反馈来看，OPPO的ColorOS系统算得上是目前安卓阵营里流畅度表现第一梯队的产品，长期使用的卡顿控制能力获得了广泛认可。","content":"<html><body><p>快科技5月26日消息，在昨天举办的Reno 16系列新品发布会上，OPPO官方对外公布认证成绩，自家的ColorOS已经连续7次获评<a href=\"https://laohu8.com/S/03601\">鲁大师</a>安卓最流畅的操作系统。</p><p><strong>这一信息发布后很快引发大量网友热议，不少人好奇榜单的参考价值，不过从鲁大师官方最新公布的2026年Q1名单来看，ColorOS的流畅度长期表现始终优于其余安卓阵营友商的同类系统。</strong></p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>从本次榜单的具体排名来看，OPPO的ColorOS 16拿下总榜第一，荣耀的MagicOS 10排在第二位，<a href=\"https://laohu8.com/S/XIACY\">小米</a>的HyperOS 3位列第三。</p><p>从海量普通用户的日常使用反馈来看，OPPO的ColorOS系统算得上是目前安卓阵营里流畅度表现第一梯队的产品，长期使用的卡顿控制能力获得了广泛认可。</p><p>ColorOS 16能登顶拿下第一，评选参考的指标除了广大用户的实际使用反馈之外，更和系统底层的实际技术表现直接相关。</p><p>OPPO通过自研潮汐引擎和<a href=\"https://laohu8.com/S/JG\">极光</a>引擎两项核心技术，对芯片资源调度机制和全局动画逻辑做了深度重构，最终实现了比过往版本更细腻、更丝滑的全场景动效体验。</p><p><strong>具体的排名如下：</strong></p><p>第一名，ColorOS 15（OPPO）</p><p>第二名，MagicOS 10.0（荣耀）</p><p>第三名，HyperOS 3（<a href=\"https://laohu8.com/S/01810\">小米</a>）</p><p>第四名，OriginOS 6（vivo）</p><p>第五名，<a href=\"https://laohu8.com/S/300648\">星云</a> AIOS2（努比亚）</p><p>第六名，REDMAGIC OS 11（红魔）</p><p>第七名，ROG UI（华硕）</p><p>第八名，Flyme AIOS 2（魅族）</p><p>第九名，myui 8（moto）</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p></body></html>","source":"ifeng_tech","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>你认可吗！手机系统流畅度最新排名：OPPO继续第一、小米澎湃OS升至第3</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n你认可吗！手机系统流畅度最新排名：OPPO继续第一、小米澎湃OS升至第3\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-26 13:24 北京时间&nbsp;&nbsp;&nbsp;<a href=https://tech.ifeng.com/c/8tRNnoNDkyI><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技5月26日消息，在昨天举办的Reno 16系列新品发布会上，OPPO官方对外公布认证成绩，自家的ColorOS已经连续7次获评鲁大师安卓最流畅的操作系统。这一信息发布后很快引发大量网友热议，不少人好奇榜单的参考价值，不过从鲁大师官方最新公布的2026年Q1名单来看，ColorOS的流畅度长期表现始终优于其余安卓阵营友商的同类系统。从本次榜单的具体排名来看，OPPO的ColorOS 16拿下...</p>\n\n<a href=\"https://tech.ifeng.com/c/8tRNnoNDkyI\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","HK0000286598.CNH":"中银保诚中国价值基金 A","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","BK1607":"新IT概念","01810":"小米集团-W","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","BK1523":"武汉本地概念股","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) 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23:35","market":"hk","language":"zh","title":"存储抛售是错杀？大摩：传统周期卖出逻辑不适用，TurboQuant恐慌是认知偏差！","url":"https://stock-news.laohu8.com/highlight/detail?id=2622861842","media":"华尔街见闻","summary":"摩根士丹利报告指出，存储芯片股近期因谷歌TurboQuant技术引发的需求担忧遭遇抛售，但这一担忧被过度放大。该技术旨在扩展模型能力而非削减存储采购，对存储市场并无实质性影响。AI已令DRAM供应从松弛转为紧缺，PC与智能手机生产均受内存制约，存储已成为AI基础设施扩张的核心瓶颈。该行认为，当前估值下的悲观情绪被过度放大，供需紧张态势料将持续数年。","content":"<html><head></head><body><blockquote><p>摩根士丹利报告指出，存储芯片股近期因谷歌TurboQuant技术引发的需求担忧遭遇抛售，但这一担忧被过度放大。该技术旨在扩展模型能力而非削减存储采购，对存储市场并无实质性影响。AI已令DRAM供应从松弛转为紧缺，PC与智能手机生产均受内存制约，存储已成为AI基础设施扩张的核心瓶颈。该行认为，当前估值下的悲观情绪被过度放大，供需紧张态势料将持续数年。</p></blockquote><p style=\"text-align: justify;\">美国存储芯片股近期因谷歌TurboQuant内存优化技术引发的需求担忧而遭遇大幅抛售，但摩根士丹利认为，市场正以传统周期股的逻辑错误定价一个结构性短缺故事。</p><p style=\"text-align: justify;\">在最新发布的报告中，该行<strong>维持了对美国存储芯片股的超配评级</strong>，认为近期市场抛售属于正常获利了结，而非周期见顶信号。存储器已从AI需求的受益者演变为AI基础设施扩张的核心瓶颈，<strong>供需紧张态势料将持续数年，当前估值仍具吸引力</strong>。</p><p style=\"text-align: justify;\">摩根士丹利认为，<strong>市场对资本开支上升、需求破坏及谷歌内存优化技术等利空因素的担忧被过度解读</strong>。</p><p style=\"text-align: justify;\">对于谷歌TurboQuant内存优化技术，摩根士丹利分析师Joseph Moore认为其属于渐进式演进，<strong>目的在于扩展上下文窗口、提升模型能力，而非削减存储需求，对存储市场基本没有实质性影响。</strong></p><h2 id=\"id_1424086571\">谷歌TurboQuant技术冲击被过度解读</h2><p style=\"text-align: justify;\">报告专门回应了近期引发存储股下跌的谷歌“TurboQuant”内存优化技术。谷歌介绍了一种针对键值缓存（KV Cache）的数据压缩算法，并于近日宣布即将推出。<strong>市场广泛流传“谷歌将内存使用量降低6倍”的说法，导致存储股再度承压。</strong></p><p style=\"text-align: justify;\">摩根士丹利在与业内人士沟通后认为，这属于渐进式技术演进，对存储需求基本没有实质性影响。报告解释称，KV Cache通常存储于高带宽内存中，其容量固定无法改变；若需额外缓存卸载，通常转移至机架内18TB的LPDDR5内存，同样容量固定。更高效的KV Cache使用对第三层存储（SSD或HDD）可能有一定影响，但业内人士普遍反映，<strong>相关改进主要用于扩展上下文窗口、提升模型能力，而非削减存储成本。</strong></p><p style=\"text-align: justify;\">报告还援引谷歌自身案例指出，Gemini 1.5 Pro曾测试1000万token上下文窗口并取得良好效果，但因推理成本过高而未发布。随着类似优化技术降低成本，预计将被用于支持更高智能、更高算力的产品，而非减少存储需求。</p><h2 id=\"id_3529761704\">AI吞噬产能，存储成为算力扩张瓶颈</h2><p style=\"text-align: justify;\">摩根士丹利报告表示，<strong>此轮存储周期与历史规律存在本质差异</strong>。报告指出，AI对DRAM的消耗已大到令其他终端市场出现供应短缺——PC和智能手机的生产均受到内存供应不足的制约。</p><p style=\"text-align: justify;\">此前三年市场普遍认为DRAM供应存在松弛空间，但这一缓冲已经消失。AI数据中心对高带宽内存（HBM）的需求持续攀升，HBM4的复杂性将进一步吸收产能，而Rubin Ultra平台明年上线后相关内存容量需求将翻倍。与此同时，机架用低功耗DDR5及企业级存储需求同样呈爆发式增长。</p><p style=\"text-align: justify;\">摩根士丹利还指出，AI资本开支增速超过50%，且随着AI在整体支出中占比持续扩大，这一趋势每年都在强化。更高的资本开支固然会带来更多供给，但这并非传统意义上由智能手机和服务器市场3%至5%增长驱动的供给扩张，其量级不可同日而语。</p><p style=\"text-align: justify;\"><strong>报告援引OpenAI暂停旗下AI视频生成应用Sora一事，作为算力供给不足的佐证</strong>。摩根士丹利认为，这一事件清晰印证了其投资主题——<strong>在token数量每周以两位数速度增长的背景下，算力供给严重不足，需求远超供给</strong>。视频生成对存储和HDD的需求极为密集，存储短缺可能也是Sora暂停的因素之一。</p><p style=\"text-align: justify;\">报告指出，<strong>对于需求旺盛到无法被完全满足的商品而言，在当前估值水平下很难持过度悲观的立场。</strong></p><h2 id=\"id_3505269910\">美光上看520美元，SanDisk目标690美元</h2><p style=\"text-align: justify;\"><strong>摩根士丹利对美光科技维持超配评级，目标价520美元</strong>，对应约25倍穿越周期每股收益21美元，较当前股价382.09美元有约36%上行空间。牛市情景下目标价为700美元（28倍穿越周期EPS 25美元），熊市情景下目标价为240美元。该行预测美光2026财年GAAP营收达1104.89亿美元，非GAAP每股收益59.36美元，非GAAP毛利率77.8%。</p><p style=\"text-align: justify;\"><strong>对于SanDisk，摩根士丹利目标价690美元</strong>，对应23倍穿越周期EPS 30美元，较当前股价677.86美元上行约1.8%。牛市情景目标价875美元，熊市情景350美元。该行预测SanDisk 2026财年GAAP营收154.99亿美元，非GAAP每股收益41.09美元，非GAAP毛利率60.2%。</p><p style=\"text-align: justify;\">报告指出，两家公司在当前盈利水平下的年化自由现金流可达各自市值的15%至25%。即便考虑到周期性因素，两年以上的高盈利持续期已足以支撑股价实质性上涨。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>存储抛售是错杀？大摩：传统周期卖出逻辑不适用，TurboQuant恐慌是认知偏差！</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n存储抛售是错杀？大摩：传统周期卖出逻辑不适用，TurboQuant恐慌是认知偏差！\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-03-26 23:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>摩根士丹利报告指出，存储芯片股近期因谷歌TurboQuant技术引发的需求担忧遭遇抛售，但这一担忧被过度放大。该技术旨在扩展模型能力而非削减存储采购，对存储市场并无实质性影响。AI已令DRAM供应从松弛转为紧缺，PC与智能手机生产均受内存制约，存储已成为AI基础设施扩张的核心瓶颈。该行认为，当前估值下的悲观情绪被过度放大，供需紧张态势料将持续数年。</p></blockquote><p style=\"text-align: justify;\">美国存储芯片股近期因谷歌TurboQuant内存优化技术引发的需求担忧而遭遇大幅抛售，但摩根士丹利认为，市场正以传统周期股的逻辑错误定价一个结构性短缺故事。</p><p style=\"text-align: justify;\">在最新发布的报告中，该行<strong>维持了对美国存储芯片股的超配评级</strong>，认为近期市场抛售属于正常获利了结，而非周期见顶信号。存储器已从AI需求的受益者演变为AI基础设施扩张的核心瓶颈，<strong>供需紧张态势料将持续数年，当前估值仍具吸引力</strong>。</p><p style=\"text-align: justify;\">摩根士丹利认为，<strong>市场对资本开支上升、需求破坏及谷歌内存优化技术等利空因素的担忧被过度解读</strong>。</p><p style=\"text-align: justify;\">对于谷歌TurboQuant内存优化技术，摩根士丹利分析师Joseph Moore认为其属于渐进式演进，<strong>目的在于扩展上下文窗口、提升模型能力，而非削减存储需求，对存储市场基本没有实质性影响。</strong></p><h2 id=\"id_1424086571\">谷歌TurboQuant技术冲击被过度解读</h2><p style=\"text-align: justify;\">报告专门回应了近期引发存储股下跌的谷歌“TurboQuant”内存优化技术。谷歌介绍了一种针对键值缓存（KV Cache）的数据压缩算法，并于近日宣布即将推出。<strong>市场广泛流传“谷歌将内存使用量降低6倍”的说法，导致存储股再度承压。</strong></p><p style=\"text-align: justify;\">摩根士丹利在与业内人士沟通后认为，这属于渐进式技术演进，对存储需求基本没有实质性影响。报告解释称，KV Cache通常存储于高带宽内存中，其容量固定无法改变；若需额外缓存卸载，通常转移至机架内18TB的LPDDR5内存，同样容量固定。更高效的KV Cache使用对第三层存储（SSD或HDD）可能有一定影响，但业内人士普遍反映，<strong>相关改进主要用于扩展上下文窗口、提升模型能力，而非削减存储成本。</strong></p><p style=\"text-align: justify;\">报告还援引谷歌自身案例指出，Gemini 1.5 Pro曾测试1000万token上下文窗口并取得良好效果，但因推理成本过高而未发布。随着类似优化技术降低成本，预计将被用于支持更高智能、更高算力的产品，而非减少存储需求。</p><h2 id=\"id_3529761704\">AI吞噬产能，存储成为算力扩张瓶颈</h2><p style=\"text-align: justify;\">摩根士丹利报告表示，<strong>此轮存储周期与历史规律存在本质差异</strong>。报告指出，AI对DRAM的消耗已大到令其他终端市场出现供应短缺——PC和智能手机的生产均受到内存供应不足的制约。</p><p style=\"text-align: justify;\">此前三年市场普遍认为DRAM供应存在松弛空间，但这一缓冲已经消失。AI数据中心对高带宽内存（HBM）的需求持续攀升，HBM4的复杂性将进一步吸收产能，而Rubin Ultra平台明年上线后相关内存容量需求将翻倍。与此同时，机架用低功耗DDR5及企业级存储需求同样呈爆发式增长。</p><p style=\"text-align: justify;\">摩根士丹利还指出，AI资本开支增速超过50%，且随着AI在整体支出中占比持续扩大，这一趋势每年都在强化。更高的资本开支固然会带来更多供给，但这并非传统意义上由智能手机和服务器市场3%至5%增长驱动的供给扩张，其量级不可同日而语。</p><p style=\"text-align: justify;\"><strong>报告援引OpenAI暂停旗下AI视频生成应用Sora一事，作为算力供给不足的佐证</strong>。摩根士丹利认为，这一事件清晰印证了其投资主题——<strong>在token数量每周以两位数速度增长的背景下，算力供给严重不足，需求远超供给</strong>。视频生成对存储和HDD的需求极为密集，存储短缺可能也是Sora暂停的因素之一。</p><p style=\"text-align: justify;\">报告指出，<strong>对于需求旺盛到无法被完全满足的商品而言，在当前估值水平下很难持过度悲观的立场。</strong></p><h2 id=\"id_3505269910\">美光上看520美元，SanDisk目标690美元</h2><p style=\"text-align: justify;\"><strong>摩根士丹利对美光科技维持超配评级，目标价520美元</strong>，对应约25倍穿越周期每股收益21美元，较当前股价382.09美元有约36%上行空间。牛市情景下目标价为700美元（28倍穿越周期EPS 25美元），熊市情景下目标价为240美元。该行预测美光2026财年GAAP营收达1104.89亿美元，非GAAP每股收益59.36美元，非GAAP毛利率77.8%。</p><p style=\"text-align: justify;\"><strong>对于SanDisk，摩根士丹利目标价690美元</strong>，对应23倍穿越周期EPS 30美元，较当前股价677.86美元上行约1.8%。牛市情景目标价875美元，熊市情景350美元。该行预测SanDisk 2026财年GAAP营收154.99亿美元，非GAAP每股收益41.09美元，非GAAP毛利率60.2%。</p><p style=\"text-align: justify;\">报告指出，两家公司在当前盈利水平下的年化自由现金流可达各自市值的15%至25%。即便考虑到周期性因素，两年以上的高盈利持续期已足以支撑股价实质性上涨。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU0426417589.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","LU0109392836.USD":"富兰克林科技股A","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","IE00BYQQ9H92.USD":"BNY MELLON GLOBAL LEADERS \"A\" (USD) 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Cache）的数据压缩算法，并于近日宣布即将推出。市场广泛流传“谷歌将内存使用量降低6倍”的说法，导致存储股再度承压。摩根士丹利在与业内人士沟通后认为，这属于渐进式技术演进，对存储需求基本没有实质性影响。报告解释称，KV Cache通常存储于高带宽内存中，其容量固定无法改变；若需额外缓存卸载，通常转移至机架内18TB的LPDDR5内存，同样容量固定。更高效的KV Cache使用对第三层存储（SSD或HDD）可能有一定影响，但业内人士普遍反映，相关改进主要用于扩展上下文窗口、提升模型能力，而非削减存储成本。报告还援引谷歌自身案例指出，Gemini 1.5 Pro曾测试1000万token上下文窗口并取得良好效果，但因推理成本过高而未发布。随着类似优化技术降低成本，预计将被用于支持更高智能、更高算力的产品，而非减少存储需求。AI吞噬产能，存储成为算力扩张瓶颈摩根士丹利报告表示，此轮存储周期与历史规律存在本质差异。报告指出，AI对DRAM的消耗已大到令其他终端市场出现供应短缺——PC和智能手机的生产均受到内存供应不足的制约。此前三年市场普遍认为DRAM供应存在松弛空间，但这一缓冲已经消失。AI数据中心对高带宽内存（HBM）的需求持续攀升，HBM4的复杂性将进一步吸收产能，而Rubin Ultra平台明年上线后相关内存容量需求将翻倍。与此同时，机架用低功耗DDR5及企业级存储需求同样呈爆发式增长。摩根士丹利还指出，AI资本开支增速超过50%，且随着AI在整体支出中占比持续扩大，这一趋势每年都在强化。更高的资本开支固然会带来更多供给，但这并非传统意义上由智能手机和服务器市场3%至5%增长驱动的供给扩张，其量级不可同日而语。报告援引OpenAI暂停旗下AI视频生成应用Sora一事，作为算力供给不足的佐证。摩根士丹利认为，这一事件清晰印证了其投资主题——在token数量每周以两位数速度增长的背景下，算力供给严重不足，需求远超供给。视频生成对存储和HDD的需求极为密集，存储短缺可能也是Sora暂停的因素之一。报告指出，对于需求旺盛到无法被完全满足的商品而言，在当前估值水平下很难持过度悲观的立场。美光上看520美元，SanDisk目标690美元摩根士丹利对美光科技维持超配评级，目标价520美元，对应约25倍穿越周期每股收益21美元，较当前股价382.09美元有约36%上行空间。牛市情景下目标价为700美元（28倍穿越周期EPS 25美元），熊市情景下目标价为240美元。该行预测美光2026财年GAAP营收达1104.89亿美元，非GAAP每股收益59.36美元，非GAAP毛利率77.8%。对于SanDisk，摩根士丹利目标价690美元，对应23倍穿越周期EPS 30美元，较当前股价677.86美元上行约1.8%。牛市情景目标价875美元，熊市情景350美元。该行预测SanDisk 2026财年GAAP营收154.99亿美元，非GAAP每股收益41.09美元，非GAAP毛利率60.2%。报告指出，两家公司在当前盈利水平下的年化自由现金流可达各自市值的15%至25%。即便考虑到周期性因素，两年以上的高盈利持续期已足以支撑股价实质性上涨。","news_type":1,"symbols_score_info":{"WDC":2,"SNDK":2,"STX":2,"MU":2}},"isVote":1,"tweetType":1,"viewCount":714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":546675231687408,"gmtCreate":1774490284571,"gmtModify":1774490287258,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"吹吧就，看看今年的市场情况，还100w，有50w都算赢了","listText":"吹吧就，看看今年的市场情况，还100w，有50w都算赢了","text":"吹吧就，看看今年的市场情况，还100w，有50w都算赢了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/546675231687408","repostId":"2622028874","repostType":2,"repost":{"id":"2622028874","kind":"highlight","weMediaInfo":{"introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"media_name":"金吾财讯","id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"pubTimestamp":1774423430,"share":"https://www.laohu8.com/m/news/2622028874?lang=zh_CN&edition=full","pubTime":"2026-03-25 15:23","market":"hk","language":"zh","title":"【券商聚焦】华创证券维持零跑汽车(09863)“强推”评级 指公司处上行周期","url":"https://stock-news.laohu8.com/highlight/detail?id=2622028874","media":"金吾财讯","summary":"金吾财讯 | 华创证券发布研报指，零跑汽车 2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。","content":"<html><body><p>金吾财讯 | 华创证券发布研报指，<a href=\"https://laohu8.com/S/09863\">零跑汽车</a>(09863)2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。报告认为，公司正处在上行周期，核心逻辑在于密集的新车周期即将开启，以及海外出口业务的稳步拓展，这有望为后续销量增长提供支撑。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。季度销量达20.1万辆，同比增长66%。费用控制方面，受益于规模效应，管理和研发费用率环比下降。公司展现出强成本控制能力。</p><p>业务层面，新车周期是重要催化剂。公司计划自2026年3月起密集推出A、D系列全新车型，包括小型SUV A10、大型SUV D19、A05及首款MPV D99，以完善产品<a href=\"https://laohu8.com/S/301365\">矩阵</a>。报告预计，若新车型延续高性价比定价策略，公司2026年销量有望达到100万辆，同比增长68%。</p><p>海外业务成为新的增长引擎。2026年1月公司出口销量达1.5万辆，同比增长5.7倍。公司持续推进海外本地化布局，如西班牙CKD项目预计2026年10月投产。目前海外销售服务网点约900家，并计划进一步拓展欧洲、南美市场。报告预测公司2026年出口目标为10-15万辆，并通过零跑国际股权收益、碳积分等方式贡献盈利。</p><p>基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。采用相对估值法，给予公司2026年15倍市盈率，对应目标价61.68港元。</p><p>风险包括：汽车行业景气度下滑、市场竞争加剧及新车型销量不及预期。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】华创证券维持零跑汽车(09863)“强推”评级 指公司处上行周期</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】华创证券维持零跑汽车(09863)“强推”评级 指公司处上行周期\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2026-03-25 15:23</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | 华创证券发布研报指，<a href=\"https://laohu8.com/S/09863\">零跑汽车</a>(09863)2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。报告认为，公司正处在上行周期，核心逻辑在于密集的新车周期即将开启，以及海外出口业务的稳步拓展，这有望为后续销量增长提供支撑。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。季度销量达20.1万辆，同比增长66%。费用控制方面，受益于规模效应，管理和研发费用率环比下降。公司展现出强成本控制能力。</p><p>业务层面，新车周期是重要催化剂。公司计划自2026年3月起密集推出A、D系列全新车型，包括小型SUV A10、大型SUV D19、A05及首款MPV D99，以完善产品<a href=\"https://laohu8.com/S/301365\">矩阵</a>。报告预计，若新车型延续高性价比定价策略，公司2026年销量有望达到100万辆，同比增长68%。</p><p>海外业务成为新的增长引擎。2026年1月公司出口销量达1.5万辆，同比增长5.7倍。公司持续推进海外本地化布局，如西班牙CKD项目预计2026年10月投产。目前海外销售服务网点约900家，并计划进一步拓展欧洲、南美市场。报告预测公司2026年出口目标为10-15万辆，并通过零跑国际股权收益、碳积分等方式贡献盈利。</p><p>基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。采用相对估值法，给予公司2026年15倍市盈率，对应目标价61.68港元。</p><p>风险包括：汽车行业景气度下滑、市场竞争加剧及新车型销量不及预期。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.szfiu.com/news/20200915/NjdlOTQyZDE5NzA3MzU4ZTU3YTk2ZGQ0MjAwMDE4NjcyODIz.jpg","relate_stocks":{"161027":"证券","09863":"零跑汽车"},"source_url":"1977215","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2622028874","content_text":"金吾财讯 | 华创证券发布研报指，零跑汽车(09863)2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。报告认为，公司正处在上行周期，核心逻辑在于密集的新车周期即将开启，以及海外出口业务的稳步拓展，这有望为后续销量增长提供支撑。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。季度销量达20.1万辆，同比增长66%。费用控制方面，受益于规模效应，管理和研发费用率环比下降。公司展现出强成本控制能力。业务层面，新车周期是重要催化剂。公司计划自2026年3月起密集推出A、D系列全新车型，包括小型SUV A10、大型SUV D19、A05及首款MPV D99，以完善产品矩阵。报告预计，若新车型延续高性价比定价策略，公司2026年销量有望达到100万辆，同比增长68%。海外业务成为新的增长引擎。2026年1月公司出口销量达1.5万辆，同比增长5.7倍。公司持续推进海外本地化布局，如西班牙CKD项目预计2026年10月投产。目前海外销售服务网点约900家，并计划进一步拓展欧洲、南美市场。报告预测公司2026年出口目标为10-15万辆，并通过零跑国际股权收益、碳积分等方式贡献盈利。基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。采用相对估值法，给予公司2026年15倍市盈率，对应目标价61.68港元。风险包括：汽车行业景气度下滑、市场竞争加剧及新车型销量不及预期。","news_type":1,"symbols_score_info":{"161027":1.5,"09863":1.5}},"isVote":1,"tweetType":1,"viewCount":498,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":546062165697760,"gmtCreate":1774325332589,"gmtModify":1774325333849,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v 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14:43","market":"hk","language":"zh","title":"新款小米SU7，“融冰”比销量更重要","url":"https://stock-news.laohu8.com/highlight/detail?id=2620378807","media":"虎嗅网","summary":"3月19日，在小米春季发布会上，新款小米SU7正式上市，售价区间21.99万至30.39万元。但新款小米SU7则是在今年1月7日就可以进行小订了。如果新款小米SU7顺利完成了此任务，带动小米汽车重回2024年的“火热”，在短期内无疑有助于其完成今年的销量目标。当然，“破圈”的前提是新款小米SU7成功建立良好的口碑，赢得消费者更多的信任。","content":"<html><body><p>作者|王亚骏</p><p>上市34分钟，锁单1.5万。这是新款<a href=\"https://laohu8.com/S/XIACY\">小米</a>SU7上市后交出的第一份成绩单。</p><p>3月19日，在<a href=\"https://laohu8.com/S/01810\">小米</a>春季发布会上，新款<a href=\"https://laohu8.com/S/81810\">小米</a>SU7正式上市，售价区间21.99万至30.39万元。王传福、李想、何小鹏、王兴兴、张建勇和陈年出席了此次发布会。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>王传福、王兴兴、李想和何小鹏等嘉宾 图源：小米发布会</p><p>雷军对这款车的重视，不只体现在邀请知名企业家来助阵。3月，小米还公布了两位汽车品牌代言人，分别是短跑名将苏炳添和艺人舒淇。此前，小米汽车未曾签约过代言人。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>在发布会上，雷军、舒淇、苏炳添站在新款小米SU7旁边；图源：小米发布会</p><p>在发布会上，雷军称此举是为了“破圈”，让更多人知道这款车。</p><p>得到如此支持力度的新款小米SU7，其成绩是否超越了前辈？相比于销量，这款车还有什么更重要的任务？本期《车圈脉动》Vol.23，来进行解析。</p><p><strong>新款小米SU7，不如初代惊艳</strong></p><p>新款小米SU7的第一份成绩单，并没有超越自己的前辈。</p><p>34分钟锁单1.5万辆，这个数字其实已经足够亮眼。3月18日上市的小鹏P7新版型与新款小米SU7<a href=\"https://laohu8.com/S/002835\">同为</a>轿车，两者的售价区间也存在重合（20.38万至30.18万元），但该车型上市后一直未公布大定数或锁单数。</p><p>不过和初代小米SU7比起来，新车的成绩就稍显逊色了。2024年3月28日，初代小米SU7上市，作为小米旗下的首款车型，它在上市后27分钟拿下了5万大定、24小时拿下了8.9万大定，一时间可谓震惊了整个汽车行业。</p><p>当然，大定和锁单并非同一个概念。前者是指支付较大金额订金（小米的大定定金是5000元），以表达购买意向，如果消费者在犹豫期改变主意（小米的犹豫期是72小时），这笔钱可以退回；而后者是指已经确认车辆具体配置，订单进入生产排期，相当于真正的订单。</p><p>不过我们依然可以将两者进行对比。</p><p>在初代小米SU7上市后不久，华龙证券曾用40%的订单/大定转化率来计算真实的订单数。</p><p>已知初代小米SU7上市后27分钟的成绩是5万大定，按照40%的转化率来计算，便是2万个订单。这个成绩从效率和数量上都优于“34分钟1.5万锁单”。</p><p>此外还要考虑到，初代小米SU7是在2023年12月底的“小米汽车技术发布会”上亮相的，但此后官方始终未开启任何形式的预售、小定或盲订，仅于第二年3月下旬才开放了免费的“品鉴预约”（不可试驾、不收取订金），真正的订单收集是在3月底上市发布会后才开始。但新款小米SU7则是在今年1月7日就可以进行小订了。</p><p>诚然，售价也是影响大定和锁单数的因素之一。但新款小米SU7全系比初代仅贵了4000元，整体未拉开档位级差距，且在三电、底盘、智驾、内饰和安全等方面都做了提升。故而价格因素在此次对比中权重并不大。</p><p><strong>“融冰”比销量更重要</strong></p><p>虽然新款小米SU7的初战成绩不如前辈，但考虑到小米本身的关注度和车型产品力，这款车依然有望在今年的竞争中搏取到可观的销量。</p><p>虎嗅汽车认为，相比于销量，这款车还有一个更重要的任务，便是帮助小米汽车尽快走过“信任修复期”。</p><p>3月17日，雷军在回应热点问题的视频中，对小米汽车过去两年进行了总结：“跌宕起伏，冰火两重天，所取得的成绩远超想象、所受到的关注也不可思议。”</p><p>对于小米汽车而言，去年无疑是水火交融的一年。</p><p>从销量上来看，小米汽车的表现其实足够亮眼。去年，小米共卖出了41.2万辆汽车，同比增长近200%，增速远超大盘。</p><p>但是在去年的3月和10月，小米汽车旗下车型发生了两次重大事故；在5月，小米SU7 Ultra则陷入了“锁马力”和有关碳纤维双风道前舱盖的争议。</p><p>这些事故和争议，为小米汽车引来了海量的安全性质疑，并极大损害了消费者的信任。据知名咨询机构杰兰路发布的研究报告，2025年下半年，小米在“百人青睐指数”方面，“不喜欢”的比例上升约 10 个百分点，“喜欢”比例下降超 10 个百分点，成为统计周期中变化幅度最突出的品牌之一。</p><p>进入2026年后，雷军开始尝试通过直播的形式消解质疑、挽回信任。2月底，他还宣布重建“小米汽车安全顾问委员会”，并向全国各大专院校、科研院所的车辆安全专家，以及曾参与过国家事务调查召回的专家发出邀请，为小米汽车的安全进行多角度评估和把关。</p><p>这些举措固然回应一定效果，但小米能否成功修复信任，还是要看新车型能否在消费者口中建立安全可靠的口碑。</p><p>如果新款小米SU7顺利完成了此任务，带动小米汽车重回2024年的“火热”，在短期内无疑有助于其完成今年的销量目标（55万辆）。回顾去年走势可见，小米汽车的市场表现与其口碑高度联动：声量高涨时订单随之激增，信任受损时销量亦受拖累。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>小米汽车在去年6月后迎来了一波销量上涨，这是得益于小米YU7的发布，但在10月的事故发生后，其销量也出现了回落；数据来源：<a href=\"https://laohu8.com/S/BITA\">易车</a></p><p>从长期来看，这个任务也事关未来小米汽车的整体布局能否顺利推进。</p><p>今年是小米汽车最密集的产品发布期。据36氪报道，除了新款小米SU7外，小米汽车还计划在今年推出三款车，分别是SU7行政版、一款增程五座SUV和一款增程七座SUV。</p><p>在国内<a href=\"https://laohu8.com/S/01490\">车市</a>，增程式SUV与家庭用车联系颇深。而小米在今年的产品规划，可以视为其试图打破“米粉圈层”，进入主流家庭市场的举措。如若成功，无疑可以帮助小米汽车进一步打开增长天花板。</p><p>当然，“破圈”的前提是新款小米SU7成功建立良好的口碑，赢得消费者更多的信任。从这个角度来说，这款新车不容有失。</p></body></html>","source":"ifeng_tech","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>新款小米SU7，“融冰”比销量更重要</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n新款小米SU7，“融冰”比销量更重要\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-20 14:43 北京时间&nbsp;&nbsp;&nbsp;<a href=https://tech.ifeng.com/c/8reFQSlcVhQ><strong>虎嗅网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者|王亚骏上市34分钟，锁单1.5万。这是新款小米SU7上市后交出的第一份成绩单。3月19日，在小米春季发布会上，新款小米SU7正式上市，售价区间21.99万至30.39万元。王传福、李想、何小鹏、王兴兴、张建勇和陈年出席了此次发布会。王传福、王兴兴、李想和何小鹏等嘉宾 图源：小米发布会雷军对这款车的重视，不只体现在邀请知名企业家来助阵。3月，小米还公布了两位汽车品牌代言人，分别是短跑名将苏炳添...</p>\n\n<a href=\"https://tech.ifeng.com/c/8reFQSlcVhQ\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0051755006.USD":"摩根大通中国A (dist)","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1868837565.USD":"CT (LUX) 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INC"},"source_url":"https://tech.ifeng.com/c/8reFQSlcVhQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2620378807","content_text":"作者|王亚骏上市34分钟，锁单1.5万。这是新款小米SU7上市后交出的第一份成绩单。3月19日，在小米春季发布会上，新款小米SU7正式上市，售价区间21.99万至30.39万元。王传福、李想、何小鹏、王兴兴、张建勇和陈年出席了此次发布会。王传福、王兴兴、李想和何小鹏等嘉宾 图源：小米发布会雷军对这款车的重视，不只体现在邀请知名企业家来助阵。3月，小米还公布了两位汽车品牌代言人，分别是短跑名将苏炳添和艺人舒淇。此前，小米汽车未曾签约过代言人。在发布会上，雷军、舒淇、苏炳添站在新款小米SU7旁边；图源：小米发布会在发布会上，雷军称此举是为了“破圈”，让更多人知道这款车。得到如此支持力度的新款小米SU7，其成绩是否超越了前辈？相比于销量，这款车还有什么更重要的任务？本期《车圈脉动》Vol.23，来进行解析。新款小米SU7，不如初代惊艳新款小米SU7的第一份成绩单，并没有超越自己的前辈。34分钟锁单1.5万辆，这个数字其实已经足够亮眼。3月18日上市的小鹏P7新版型与新款小米SU7同为轿车，两者的售价区间也存在重合（20.38万至30.18万元），但该车型上市后一直未公布大定数或锁单数。不过和初代小米SU7比起来，新车的成绩就稍显逊色了。2024年3月28日，初代小米SU7上市，作为小米旗下的首款车型，它在上市后27分钟拿下了5万大定、24小时拿下了8.9万大定，一时间可谓震惊了整个汽车行业。当然，大定和锁单并非同一个概念。前者是指支付较大金额订金（小米的大定定金是5000元），以表达购买意向，如果消费者在犹豫期改变主意（小米的犹豫期是72小时），这笔钱可以退回；而后者是指已经确认车辆具体配置，订单进入生产排期，相当于真正的订单。不过我们依然可以将两者进行对比。在初代小米SU7上市后不久，华龙证券曾用40%的订单/大定转化率来计算真实的订单数。已知初代小米SU7上市后27分钟的成绩是5万大定，按照40%的转化率来计算，便是2万个订单。这个成绩从效率和数量上都优于“34分钟1.5万锁单”。此外还要考虑到，初代小米SU7是在2023年12月底的“小米汽车技术发布会”上亮相的，但此后官方始终未开启任何形式的预售、小定或盲订，仅于第二年3月下旬才开放了免费的“品鉴预约”（不可试驾、不收取订金），真正的订单收集是在3月底上市发布会后才开始。但新款小米SU7则是在今年1月7日就可以进行小订了。诚然，售价也是影响大定和锁单数的因素之一。但新款小米SU7全系比初代仅贵了4000元，整体未拉开档位级差距，且在三电、底盘、智驾、内饰和安全等方面都做了提升。故而价格因素在此次对比中权重并不大。“融冰”比销量更重要虽然新款小米SU7的初战成绩不如前辈，但考虑到小米本身的关注度和车型产品力，这款车依然有望在今年的竞争中搏取到可观的销量。虎嗅汽车认为，相比于销量，这款车还有一个更重要的任务，便是帮助小米汽车尽快走过“信任修复期”。3月17日，雷军在回应热点问题的视频中，对小米汽车过去两年进行了总结：“跌宕起伏，冰火两重天，所取得的成绩远超想象、所受到的关注也不可思议。”对于小米汽车而言，去年无疑是水火交融的一年。从销量上来看，小米汽车的表现其实足够亮眼。去年，小米共卖出了41.2万辆汽车，同比增长近200%，增速远超大盘。但是在去年的3月和10月，小米汽车旗下车型发生了两次重大事故；在5月，小米SU7 Ultra则陷入了“锁马力”和有关碳纤维双风道前舱盖的争议。这些事故和争议，为小米汽车引来了海量的安全性质疑，并极大损害了消费者的信任。据知名咨询机构杰兰路发布的研究报告，2025年下半年，小米在“百人青睐指数”方面，“不喜欢”的比例上升约 10 个百分点，“喜欢”比例下降超 10 个百分点，成为统计周期中变化幅度最突出的品牌之一。进入2026年后，雷军开始尝试通过直播的形式消解质疑、挽回信任。2月底，他还宣布重建“小米汽车安全顾问委员会”，并向全国各大专院校、科研院所的车辆安全专家，以及曾参与过国家事务调查召回的专家发出邀请，为小米汽车的安全进行多角度评估和把关。这些举措固然回应一定效果，但小米能否成功修复信任，还是要看新车型能否在消费者口中建立安全可靠的口碑。如果新款小米SU7顺利完成了此任务，带动小米汽车重回2024年的“火热”，在短期内无疑有助于其完成今年的销量目标（55万辆）。回顾去年走势可见，小米汽车的市场表现与其口碑高度联动：声量高涨时订单随之激增，信任受损时销量亦受拖累。小米汽车在去年6月后迎来了一波销量上涨，这是得益于小米YU7的发布，但在10月的事故发生后，其销量也出现了回落；数据来源：易车从长期来看，这个任务也事关未来小米汽车的整体布局能否顺利推进。今年是小米汽车最密集的产品发布期。据36氪报道，除了新款小米SU7外，小米汽车还计划在今年推出三款车，分别是SU7行政版、一款增程五座SUV和一款增程七座SUV。在国内车市，增程式SUV与家庭用车联系颇深。而小米在今年的产品规划，可以视为其试图打破“米粉圈层”，进入主流家庭市场的举措。如若成功，无疑可以帮助小米汽车进一步打开增长天花板。当然，“破圈”的前提是新款小米SU7成功建立良好的口碑，赢得消费者更多的信任。从这个角度来说，这款新车不容有失。","news_type":1,"symbols_score_info":{"81810":0.6,"HXXD.SI":0.6,"XIACY":1.95,"01810":1.95,"MIUmain":0.6}},"isVote":1,"tweetType":1,"viewCount":617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":541790209024688,"gmtCreate":1773298575539,"gmtModify":1773298576833,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a 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