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Joe998
Joe998
·
10-01
老掉重弹, AI操刀的文章
美光财报“炸裂”却股价震荡：存储超级周期远未见顶，市场为何不再激动?
有分析指出，随着财务业绩持续超越预期，美光股价可能进入盘整阶段，不再单纯因财报利多而大幅上扬。美光股价今年以来已大幅上涨，市场对超预期业绩的定价相当充分。高盛在美光公布财报后维持“中性”评级，但将目标价从1100美元上调至1250美元，基于18倍市盈率及上调后的正常化每股收益70美元。
美光财报“炸裂”却股价震荡：存储超级周期远未见顶，市场为何不再激动?
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Joe998
Joe998
·
10-01
$美光科技(MU)$
$SK海力士(SKHY)$
$南方东英SK海力士每日杠杆最多 (2x) 产品(07709)$
相对于PC使用的DRAM标准品的周期性特性，HBM需要为每个产品量身定制，设计和认证周期长达数年，这个已经非常类似于汽车行业技术密集的高价值零部件特性，一旦获得认证，只要需求稳定，HBM业务就是现金奶牛。从这个点来说，美光三星海力士的大部分业务已经不具备周期性特征，价值重估是必然的。唯一需要担心的是AI数据中心的高资本开始可以维持d多久。从产业发展来说，得算力者得天下，AI数据中心还处于建设周期的早期，整个周期至少可以维持10年以上，所以在未来5年应该不太可能出现见顶迹象。在这轮超级周期里面，GPU，HBM，光通讯和高速PCB等行业肯定能够产生一批新贵...
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Joe998
Joe998
·
10-01
$美光科技(MU)$
财报亮眼，又到了重新计算估值的时刻，静待空翻多的力量释放。
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2
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Joe998
Joe998
·
08-07
季报基本披露完毕，加仓风险应该不高了
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Joe998
Joe998
·
08-06
现在的市场对AI的发展有点过于杯弓蛇影，AI的普及像极了90年代个人电脑的普及，记得我的第一台电脑是Intel奔腾II 200Mhz处理器，16MB内存；非常类似，目前AI的发展还处于90年代个人电脑的开始普及的阶段。相对于AI发展对计算能力的需求，当前数据中心的建设才刚刚开始，相信未来10年AI对计算能力的需求会出现指数级的爆发增长。如果说AI写1000行代码现在还需要5分钟，那么1年后也许就只要1分钟了。加速计算能力会在很多年内成为限制AI发展的制约因素，因此GPU，CPU，高速内存，高速存储，光通信必定会在未来10年迎来爆发性的增长机会，当前对存储周期的见顶实在是过于悲观了。
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Joe998
Joe998
·
04-29
Replying to
@叁陆玖
:现在只能做做T降低成本了//
@叁陆玖
:已经有点不敢买了
@Joe998：
$美光科技(MU)$
$美光科技(MU)$
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Joe998
Joe998
·
02-12
专业卖put，看起来收益率也不错[微笑]
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Joe998
Joe998
·
2025-09-16
$小米集团-W(01810)$
稳步提升
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Joe998
Joe998
·
2025-09-02
$小米集团-W(01810)$
人怕出名猪怕壮，雷军不想做首富
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Joe998
Joe998
·
2025-08-27
AI OS?
小米澎湃OS 3发布会官宣8月28日举行，卢伟冰称目标是把系统做“顺”
IT之家 8 月 27 日消息，小米澎湃 OS3 发布会官宣，将于 8 月 28 日 15:00 举行。小米集团合伙人、总裁，手机部总裁、小米品牌总经理卢伟冰称，“小米澎湃 OS 3，是一个新起点。把系统做‘顺’，就是我们的目标。”目前官方并未透露小米澎湃 OS 3 将有哪些更新，IT之家将保持关注。
小米澎湃OS 3发布会官宣8月28日举行，卢伟冰称目标是把系统做“顺”
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AI操刀的文章","listText":"老掉重弹, AI操刀的文章","text":"老掉重弹, AI操刀的文章","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/613759649718480","repostId":"2672875327","repostType":2,"repost":{"id":"2672875327","kind":"news","pubTimestamp":1790849612,"share":"https://www.laohunote.com/m/news/2672875327?lang=zh_CN&edition=full","pubTime":"2026-10-01 18:13","market":"us","language":"zh","title":"美光财报“炸裂”却股价震荡：存储超级周期远未见顶，市场为何不再激动?","url":"https://stock-news.laohu8.com/highlight/detail?id=2672875327","media":"智通财经","summary":"有分析指出，随着财务业绩持续超越预期，美光股价可能进入盘整阶段，不再单纯因财报利多而大幅上扬。美光股价今年以来已大幅上涨，市场对超预期业绩的定价相当充分。高盛在美光公布财报后维持“中性”评级，但将目标价从1100美元上调至1250美元，基于18倍市盈率及上调后的正常化每股收益70美元。","content":"<html><head></head><body><p style=\"text-align: left;\">美东时间周四美股盘后， <a href=\"https://laohu8.com/S/MU\">美光科技</a>以一份几乎无可挑剔的财报为其2026财年画上了句号。</p><p style=\"text-align: left;\">财报显示，该公司第四财季营收542.3亿美元，同比增长379%，环比增长31%，连续六个季度创下纪录;调整后每股收益33.42美元，同比增长超过十倍;毛利率攀升至87%，较上一季度提高2.1个百分点。放眼整个财年，美光总营收达到1331.9亿美元，是上一财年创纪录水平的3.5倍，其中数据中心收入同比翻了四倍，DRAM全年收入首次突破1000亿美元。</p><p style=\"text-align: left;\">对下一财季的指引同样远超预期：营收指引中值615亿美元，高于华尔街预期的575.7亿美元;调整后每股收益指引中值38.15美元，高于华尔街预期的35.81美元。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/9d2c42eb58cb035cdae6ce816a46ad73\" data-align=\"center\" tg-width=\"200\" tg-height=\"120\"/><span></span></p><p style=\"text-align: left;\">然而，财报公布后，美光股价盘后一度涨约2%，随后迅速转跌，在多空之间反复拉锯，截至发稿，该股盘前交易价格维持在1060美元附近，跌幅约为0.5%。</p><p style=\"text-align: left;\">一份几乎“满分”的财报，为何未能点燃市场的热情?</p><p style=\"text-align: left;\"><strong>业绩强劲程度：不止于数字</strong></p><p style=\"text-align: left;\">美光这份财报的强劲，首先体现在营收结构的质变。第四财季，核心数据中心业务(CDBU)营收达到180亿美元，环比增长56%，毛利率高达90%，同比增长超过十倍，AI服务器需求是核心推动力。</p><p style=\"text-align: left;\">数据中心业务目前占公司总营收的33%，而云存储业务营收163亿美元，占30%，两者合计已超过总营收的六成。在DRAM方面，营收达到398亿美元，同比增长343%，位出货量环比中个位数增长，但价格上涨幅度达到高个位数，说明增长主要由价格驱动而非单纯的出货量堆叠，这反映出行业供需的极度紧张。NAND营收141亿美元，同比增长526%，环比增长42%，位出货量增长约10%，价格涨幅约30%，同样印证了供给瓶颈的严峻。</p><p style=\"text-align: left;\">另外值得关注的是，美光在电话会上披露了关于未来产能的关键信息：2027财年超过75%的出货已经通过长期协议锁定，策略客户协议(SCA)数量从上一季度的16份增至26份，客户预付款总额从220亿美元增至320亿美元，剩余履约义务(RPO)达到约1500亿美元，较上一季度的约1000亿美元大幅增长。这些协议预计覆盖美光截至2030年超过35%的营收，其中约四分之三已确定定价框架，多数设置了价格区间，部分协议甚至延伸至2031年。</p><p style=\"text-align: left;\">资本开支方面，美光宣布2027财年上半年资本开支约250亿美元，其中第一季度约115亿美元，下半年还将进一步增加，大部分增量用于新建晶圆厂而非单纯的设备采购。产能落地节奏方面，首个爱达荷州工厂产出时间提前至CY27年中，新加坡工厂预计2HCY28产出，广岛工厂洁净室完工提前至CY28末，纽约工厂已破土动工。</p><p style=\"text-align: left;\">首席财务官Mark Murphy在电话会上透露，第四财季产生了440亿美元运营现金流和332亿美元自由现金流，并承诺未来将100%的超额现金返还给股东。</p><p style=\"text-align: left;\"><strong>存储正在定义AI的边界</strong></p><p style=\"text-align: left;\">美光CEO Sanjay Mehrotra在电话会上将当下的行业变革定义为：“超级智能正在为美光创造其历史上最引人注目的机遇”。这句话并非空洞的修辞。</p><p style=\"text-align: left;\">从产业逻辑看，AI模型规模扩大带来的不只是算力需求，还有对内存容量和带宽的指数级需求增长。Mehrotra在电话会上指出，在内存能力更强的平台上运行AI应用，能够实现更具扩展性的增长，改善终端用户体验。换言之，存储不仅是AI基础设施的重要角色，还是决定AI系统能力上限的关键变量。</p><p style=\"text-align: left;\">在HBM领域，美光已与英伟达(NVDA.US)合作开发业界首款定制化HBM方案。2026年第一季度，美光已开始为英伟达Vera Rubin平台量产HBM4 12层堆叠36GB产品，实现了超过2.8TB/秒的带宽。Mehrotra透露，2027年HBM的大部分供应已经签订协议，“价格同比大幅上涨，这缩小了HBM与传统DRAM之间的毛利率差距”。这意味着HBM业务正从“战略投入”转向“利润贡献”。</p><p style=\"text-align: left;\">长远来看，Mehrotra在电话会上勾勒了“物理AI”的新增长极。他强调，L4级及以上自动驾驶汽车的内存容量通常超过200GB，存储容量达到数TB，比当前L2+/L3级别高出一个数量级;人形机器人预计也将有类似的需求量。他强调，到本世纪末，物理AI将成为存储需求的重要驱动力。</p><p style=\"text-align: left;\">摩根大通在财报前发布的供需分析显示，HBM市场在2026年、2027年和2028年的供需缺口分别为20%、19%和16%，累计短缺到2028年将达到23周。花旗的分析更为激进，预计供需缺口将从2027年的-21%扩大到2028年的-36%。<a href=\"https://laohu8.com/S/0H7D.UK\">德意志银行</a>的测算则认为，DRAM供需缺口将在2027、2028年进一步扩大，市场或在2029年才达到供需平衡。</p><p style=\"text-align: left;\">这些数据指向同一个结论：AI驱动的存储需求已经进入结构性短缺阶段，而非周期性波动。</p><p style=\"text-align: left;\"><strong>股价为何陷入震荡?</strong></p><p style=\"text-align: left;\">既然基本面如此强劲，为何美光股价几乎纹丝不动?</p><p style=\"text-align: left;\">首先，毛利率指引成为短期情绪的“刹车”。第四财季87%的毛利率确实超出了分析师的预期(86.9%)，但下一财季的毛利率指引约为86.25%，低于市场预期的87.4%。CFO Murphy解释称，第一财季将是2027财年全年毛利率的低点，主要原因是更高成本的库存销售以及更高的薪酬费用，此后各季度毛利率预计逐步回升，但价格上涨速度将趋于温和。在预期极度饱满的情况下，哪怕是0.45个百分点的毛利率指引落差，也足以触发部分投资者的获利了结。</p><p style=\"text-align: left;\">其次，资本开支的大幅跳升压过了财报超标的利好。市场开始担忧美光正在从“毛利率扩张模式”转向“产能扩张模式”。有分析指出，随着财务业绩持续超越预期，美光股价可能进入盘整阶段，不再单纯因财报利多而大幅上扬。资本开支的显著增加意味着未来折旧费用上升、利润率可能面临结构性压力，这成为压制短期股价的重要因素。也有分析指出，“资本支出加码”的消息在盘后压过了财报超标的利好。</p><p style=\"text-align: left;\">高盛分析师James Schneider团队在最新研报中也指出，美光最新财季业绩和下一季度指引均显著高于华尔街预期，同时公司披露更多长期客户协议并大幅上调资本开支计划，这些因素有望支撑股价温和走高;但毛利率略低于高盛预期，且投资者此前预期已偏高，限制了估值进一步扩张的空间。</p><p style=\"text-align: left;\">从投资者角度看——也可能是最根本的原因——市场关注点正在从“景气度有多高”转向“景气度能维持多久”。摩根士丹利在财报后指出，市场的关注焦点正在发生转移，投资者不再仅仅关心当前业绩有多好，而是开始审视这轮超级周期在2028年之后能否持续。美光股价今年以来已大幅上涨，市场对超预期业绩的定价相当充分。尽管基本面强劲，美光股价仍以约7倍远期市盈率交易，远低于过去两年约10倍的均值，市场对2027至2028财年增速大幅放缓的预期已经部分反映在估值中。</p><p style=\"text-align: left;\">此外，预期管理甚至可能已经进入“超越预期也不够”的阶段。有分析指出，分析师已经将美光超越自身指引视为常态，市场期待的是“超越超越预期”。期权市场数据显示，过去10次财报中，美光股价次日平均波动幅度为9.4%，中位数为9.1%，但本次期权仅定价了约6.3%的波动幅度，说明市场对财报后的剧烈波动预期已明显降低。</p><p style=\"text-align: left;\">高盛在美光公布财报后维持“中性”评级，但将目标价从1100美元上调至1250美元，基于18倍市盈率及上调后的正常化每股收益70美元。Schneider团队总结道，当前水平风险回报大致平衡，但若看到行业在2028年及以后持续保持供应增长纪律，将考虑对美光转为更积极看法。</p><p style=\"text-align: left;\">事实上，美光这份财报的意义，已经超越了单个公司的业绩表现。它传递出的核心信号是：AI基础设施建设对存储的需求不是短期脉冲，而是一个可能持续到2028年甚至更久的长期结构性趋势。</p><p style=\"text-align: left;\">但对于投资者而言，挑战在于：当一家公司的基本面强劲已成共识，超额收益的来源就不再是确认景气度本身，而是判断这个周期的持续性能否超出市场预期。当前约7倍远期市盈率的估值水平，既反映了市场对增速放缓的担忧，也可能蕴含着被低估的长期价值。</p></body></html>","source":"stock_zhitongcaijing","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\" 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#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美光财报“炸裂”却股价震荡：存储超级周期远未见顶，市场为何不再激动?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-10-01 18:13 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1503079.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美东时间周四美股盘后， 美光科技以一份几乎无可挑剔的财报为其2026财年画上了句号。财报显示，该公司第四财季营收542.3亿美元，同比增长379%，环比增长31%，连续六个季度创下纪录;调整后每股收益33.42美元，同比增长超过十倍;毛利率攀升至87%，较上一季度提高2.1个百分点。放眼整个财年，美光总营收达到1331.9亿美元，是上一财年创纪录水平的3.5倍，其中数据中心收入同比翻了四倍，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1503079.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcTLn6DBSTWeHoCHh_FOlRfHHzSxCFwfoVSBspw4USllog&s=10","relate_stocks":{"MU":"美光科技","MUYY":"GraniteShares YieldBOOSTMU ETF","MUD":"1倍做空MU ETF-Direxion","MUU":"2倍做多MU ETF-Direxion","MIC":"2倍做多MU ETF-Corgi","MUZ":"2倍做空MU ETF-Defiance","MUG":"Leverage Shares 2X Long MU Daily ETF","MULL":"2倍做多MU ETF-GraniteShares"},"source_url":"http://www.zhitongcaijing.com/content/detail/1503079.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2672875327","content_text":"美东时间周四美股盘后， 美光科技以一份几乎无可挑剔的财报为其2026财年画上了句号。财报显示，该公司第四财季营收542.3亿美元，同比增长379%，环比增长31%，连续六个季度创下纪录;调整后每股收益33.42美元，同比增长超过十倍;毛利率攀升至87%，较上一季度提高2.1个百分点。放眼整个财年，美光总营收达到1331.9亿美元，是上一财年创纪录水平的3.5倍，其中数据中心收入同比翻了四倍，DRAM全年收入首次突破1000亿美元。对下一财季的指引同样远超预期：营收指引中值615亿美元，高于华尔街预期的575.7亿美元;调整后每股收益指引中值38.15美元，高于华尔街预期的35.81美元。然而，财报公布后，美光股价盘后一度涨约2%，随后迅速转跌，在多空之间反复拉锯，截至发稿，该股盘前交易价格维持在1060美元附近，跌幅约为0.5%。一份几乎“满分”的财报，为何未能点燃市场的热情?业绩强劲程度：不止于数字美光这份财报的强劲，首先体现在营收结构的质变。第四财季，核心数据中心业务(CDBU)营收达到180亿美元，环比增长56%，毛利率高达90%，同比增长超过十倍，AI服务器需求是核心推动力。数据中心业务目前占公司总营收的33%，而云存储业务营收163亿美元，占30%，两者合计已超过总营收的六成。在DRAM方面，营收达到398亿美元，同比增长343%，位出货量环比中个位数增长，但价格上涨幅度达到高个位数，说明增长主要由价格驱动而非单纯的出货量堆叠，这反映出行业供需的极度紧张。NAND营收141亿美元，同比增长526%，环比增长42%，位出货量增长约10%，价格涨幅约30%，同样印证了供给瓶颈的严峻。另外值得关注的是，美光在电话会上披露了关于未来产能的关键信息：2027财年超过75%的出货已经通过长期协议锁定，策略客户协议(SCA)数量从上一季度的16份增至26份，客户预付款总额从220亿美元增至320亿美元，剩余履约义务(RPO)达到约1500亿美元，较上一季度的约1000亿美元大幅增长。这些协议预计覆盖美光截至2030年超过35%的营收，其中约四分之三已确定定价框架，多数设置了价格区间，部分协议甚至延伸至2031年。资本开支方面，美光宣布2027财年上半年资本开支约250亿美元，其中第一季度约115亿美元，下半年还将进一步增加，大部分增量用于新建晶圆厂而非单纯的设备采购。产能落地节奏方面，首个爱达荷州工厂产出时间提前至CY27年中，新加坡工厂预计2HCY28产出，广岛工厂洁净室完工提前至CY28末，纽约工厂已破土动工。首席财务官Mark Murphy在电话会上透露，第四财季产生了440亿美元运营现金流和332亿美元自由现金流，并承诺未来将100%的超额现金返还给股东。存储正在定义AI的边界美光CEO Sanjay Mehrotra在电话会上将当下的行业变革定义为：“超级智能正在为美光创造其历史上最引人注目的机遇”。这句话并非空洞的修辞。从产业逻辑看，AI模型规模扩大带来的不只是算力需求，还有对内存容量和带宽的指数级需求增长。Mehrotra在电话会上指出，在内存能力更强的平台上运行AI应用，能够实现更具扩展性的增长，改善终端用户体验。换言之，存储不仅是AI基础设施的重要角色，还是决定AI系统能力上限的关键变量。在HBM领域，美光已与英伟达(NVDA.US)合作开发业界首款定制化HBM方案。2026年第一季度，美光已开始为英伟达Vera Rubin平台量产HBM4 12层堆叠36GB产品，实现了超过2.8TB/秒的带宽。Mehrotra透露，2027年HBM的大部分供应已经签订协议，“价格同比大幅上涨，这缩小了HBM与传统DRAM之间的毛利率差距”。这意味着HBM业务正从“战略投入”转向“利润贡献”。长远来看，Mehrotra在电话会上勾勒了“物理AI”的新增长极。他强调，L4级及以上自动驾驶汽车的内存容量通常超过200GB，存储容量达到数TB，比当前L2+/L3级别高出一个数量级;人形机器人预计也将有类似的需求量。他强调，到本世纪末，物理AI将成为存储需求的重要驱动力。摩根大通在财报前发布的供需分析显示，HBM市场在2026年、2027年和2028年的供需缺口分别为20%、19%和16%，累计短缺到2028年将达到23周。花旗的分析更为激进，预计供需缺口将从2027年的-21%扩大到2028年的-36%。德意志银行的测算则认为，DRAM供需缺口将在2027、2028年进一步扩大，市场或在2029年才达到供需平衡。这些数据指向同一个结论：AI驱动的存储需求已经进入结构性短缺阶段，而非周期性波动。股价为何陷入震荡?既然基本面如此强劲，为何美光股价几乎纹丝不动?首先，毛利率指引成为短期情绪的“刹车”。第四财季87%的毛利率确实超出了分析师的预期(86.9%)，但下一财季的毛利率指引约为86.25%，低于市场预期的87.4%。CFO Murphy解释称，第一财季将是2027财年全年毛利率的低点，主要原因是更高成本的库存销售以及更高的薪酬费用，此后各季度毛利率预计逐步回升，但价格上涨速度将趋于温和。在预期极度饱满的情况下，哪怕是0.45个百分点的毛利率指引落差，也足以触发部分投资者的获利了结。其次，资本开支的大幅跳升压过了财报超标的利好。市场开始担忧美光正在从“毛利率扩张模式”转向“产能扩张模式”。有分析指出，随着财务业绩持续超越预期，美光股价可能进入盘整阶段，不再单纯因财报利多而大幅上扬。资本开支的显著增加意味着未来折旧费用上升、利润率可能面临结构性压力，这成为压制短期股价的重要因素。也有分析指出，“资本支出加码”的消息在盘后压过了财报超标的利好。高盛分析师James Schneider团队在最新研报中也指出，美光最新财季业绩和下一季度指引均显著高于华尔街预期，同时公司披露更多长期客户协议并大幅上调资本开支计划，这些因素有望支撑股价温和走高;但毛利率略低于高盛预期，且投资者此前预期已偏高，限制了估值进一步扩张的空间。从投资者角度看——也可能是最根本的原因——市场关注点正在从“景气度有多高”转向“景气度能维持多久”。摩根士丹利在财报后指出，市场的关注焦点正在发生转移，投资者不再仅仅关心当前业绩有多好，而是开始审视这轮超级周期在2028年之后能否持续。美光股价今年以来已大幅上涨，市场对超预期业绩的定价相当充分。尽管基本面强劲，美光股价仍以约7倍远期市盈率交易，远低于过去两年约10倍的均值，市场对2027至2028财年增速大幅放缓的预期已经部分反映在估值中。此外，预期管理甚至可能已经进入“超越预期也不够”的阶段。有分析指出，分析师已经将美光超越自身指引视为常态，市场期待的是“超越超越预期”。期权市场数据显示，过去10次财报中，美光股价次日平均波动幅度为9.4%，中位数为9.1%，但本次期权仅定价了约6.3%的波动幅度，说明市场对财报后的剧烈波动预期已明显降低。高盛在美光公布财报后维持“中性”评级，但将目标价从1100美元上调至1250美元，基于18倍市盈率及上调后的正常化每股收益70美元。Schneider团队总结道，当前水平风险回报大致平衡，但若看到行业在2028年及以后持续保持供应增长纪律，将考虑对美光转为更积极看法。事实上，美光这份财报的意义，已经超越了单个公司的业绩表现。它传递出的核心信号是：AI基础设施建设对存储的需求不是短期脉冲，而是一个可能持续到2028年甚至更久的长期结构性趋势。但对于投资者而言，挑战在于：当一家公司的基本面强劲已成共识，超额收益的来源就不再是确认景气度本身，而是判断这个周期的持续性能否超出市场预期。当前约7倍远期市盈率的估值水平，既反映了市场对增速放缓的担忧，也可能蕴含着被低估的长期价值。","news_type":1,"symbols_score_info":{"MIC":0.6,"MUD":0.6,"MU":2,"MUU":0.6,"MUYY":0.6,"MUG":0.6,"MUZ":0.6,"MULL":0.6}},"isVote":1,"tweetType":1,"viewCount":155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":613634924319760,"gmtCreate":1790832428247,"gmtModify":1790832431408,"author":{"id":"3536111704981962","authorId":"3536111704981962","name":"Joe998","avatar":"https://static.tigerbbs.com/87ff5d6ca4244e30ffc93e1df5fa80f2","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536111704981962","idStr":"3536111704981962"},"themes":[],"title":"","htmlText":"<a 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财报亮眼，又到了重新计算估值的时刻，静待空翻多的力量释放。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/613561487147320","isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":594132325905512,"gmtCreate":1786068527046,"gmtModify":1786068529054,"author":{"id":"3536111704981962","authorId":"3536111704981962","name":"Joe998","avatar":"https://static.tigerbbs.com/87ff5d6ca4244e30ffc93e1df5fa80f2","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536111704981962","idStr":"3536111704981962"},"themes":[],"title":"","htmlText":"季报基本披露完毕，加仓风险应该不高了","listText":"季报基本披露完毕，加仓风险应该不高了","text":"季报基本披露完毕，加仓风险应该不高了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/594132325905512","isVote":1,"tweetType":1,"viewCount":1153,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":593882098918504,"gmtCreate":1786007436473,"gmtModify":1786007544526,"author":{"id":"3536111704981962","authorId":"3536111704981962","name":"Joe998","avatar":"https://static.tigerbbs.com/87ff5d6ca4244e30ffc93e1df5fa80f2","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536111704981962","idStr":"3536111704981962"},"themes":[],"title":"","htmlText":"现在的市场对AI的发展有点过于杯弓蛇影，AI的普及像极了90年代个人电脑的普及，记得我的第一台电脑是Intel奔腾II 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</a>","text":"$美光科技(MU)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/558528876041056","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1811,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":531929841743456,"gmtCreate":1770886649844,"gmtModify":1770886652525,"author":{"id":"3536111704981962","authorId":"3536111704981962","name":"Joe998","avatar":"https://static.tigerbbs.com/87ff5d6ca4244e30ffc93e1df5fa80f2","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536111704981962","idStr":"3536111704981962"},"themes":[],"title":"","htmlText":"专业卖put，看起来收益率也不错[微笑] ","listText":"专业卖put，看起来收益率也不错[微笑] ","text":"专业卖put，看起来收益率也不错[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/531929841743456","isVote":1,"tweetType":1,"viewCount":2477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":479157609574584,"gmtCreate":1758000462676,"gmtModify":1758000474596,"author":{"id":"3536111704981962","authorId":"3536111704981962","name":"Joe998","avatar":"https://static.tigerbbs.com/87ff5d6ca4244e30ffc93e1df5fa80f2","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536111704981962","idStr":"3536111704981962"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a> 稳步提升","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a> 稳步提升","text":"$小米集团-W(01810)$ 稳步提升","images":[{"img":"https://static.tigerbbs.com/13349a858bddb8a488c1cff10a7fd276","width":"690","height":"1534"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/479157609574584","isVote":1,"tweetType":1,"viewCount":3465,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":474047405867080,"gmtCreate":1756786701764,"gmtModify":1756786713058,"author":{"id":"3536111704981962","authorId":"3536111704981962","name":"Joe998","avatar":"https://static.tigerbbs.com/87ff5d6ca4244e30ffc93e1df5fa80f2","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536111704981962","idStr":"3536111704981962"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a> 人怕出名猪怕壮，雷军不想做首富","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a> 人怕出名猪怕壮，雷军不想做首富","text":"$小米集团-W(01810)$ 人怕出名猪怕壮，雷军不想做首富","images":[{"img":"https://static.tigerbbs.com/18e7f169d79c7fc6693377647298a0b0","width":"822","height":"780"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/474047405867080","isVote":1,"tweetType":1,"viewCount":3822,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":472020579196944,"gmtCreate":1756271012020,"gmtModify":1756271014809,"author":{"id":"3536111704981962","authorId":"3536111704981962","name":"Joe998","avatar":"https://static.tigerbbs.com/87ff5d6ca4244e30ffc93e1df5fa80f2","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3536111704981962","idStr":"3536111704981962"},"themes":[],"title":"","htmlText":"AI OS?","listText":"AI OS?","text":"AI OS?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/472020579196944","repostId":"2562798347","repostType":2,"repost":{"id":"2562798347","kind":"news","pubTimestamp":1756261580,"share":"https://www.laohunote.com/m/news/2562798347?lang=zh_CN&edition=full","pubTime":"2025-08-27 10:26","market":"sh","language":"zh","title":"小米澎湃OS 3发布会官宣8月28日举行，卢伟冰称目标是把系统做“顺”","url":"https://stock-news.laohu8.com/highlight/detail?id=2562798347","media":"IT之家","summary":"IT之家 8 月 27 日消息，小米澎湃 OS3 发布会官宣，将于 8 月 28 日 15:00 举行。小米集团合伙人、总裁，手机部总裁、小米品牌总经理卢伟冰称，“小米澎湃 OS 3，是一个新起点。把系统做‘顺’，就是我们的目标。”目前官方并未透露小米澎湃 OS 3 将有哪些更新，IT之家将保持关注。","content":"<html><body><p>IT之家 8 月 27 日消息，<a href=\"https://laohu8.com/S/XIACY\">小米</a>澎湃 OS3 发布会官宣，将于 8 月 28 日 15:00 举行。</p><p><img src=\"https://x0.ifengimg.com/ucms/2025_35/F96A14F28A16E853997A861076B9DECF6269188E_size371_w1440_h1920.jpg\"/></p><p><a href=\"https://laohu8.com/S/01810\">小米</a>集团合伙人、总裁，手机部总裁、<a href=\"https://laohu8.com/S/81810\">小米</a>品牌总经理卢伟冰称，“小米澎湃 OS 3，是一个新起点。把系统做‘顺’，就是我们的目标。”</p><p>卢伟冰称，“我们就是要让用户用起来，不仅基础体验流畅，响应速度快，更要自然连续，体感顺畅。同时，在功能的体验上，要使用便捷，符合直觉才能‘顺手又顺心’。”</p><p>卢伟冰还称，小米澎湃 OS 3 Beta 版的首批机型，将于今日在小米社区开启报名，希望大家多提意见、多反馈，“小米澎湃 OS3 的发布，是阶段性的成果，也将是我们不断精进用户体验的新起点。”</p><p><img src=\"https://x0.ifengimg.com/ucms/2025_35/9D0B484CDD55F02F1E69B70BD03DFA578190B3CB_size450_w1080_h4500.jpg\"/></p><p>目前官方并未透露小米澎湃 OS 3 将有哪些更新，IT之家将保持关注。</p></body></html>","source":"fenghuang_stock","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>小米澎湃OS 3发布会官宣8月28日举行，卢伟冰称目标是把系统做“顺”</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小米澎湃OS 3发布会官宣8月28日举行，卢伟冰称目标是把系统做“顺”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-27 10:26 北京时间 <a href=https://tech.ifeng.com/c/8m9gsjrx2cz><strong>IT之家</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>IT之家 8 月 27 日消息，小米澎湃 OS3 发布会官宣，将于 8 月 28 日 15:00 举行。小米集团合伙人、总裁，手机部总裁、小米品牌总经理卢伟冰称，“小米澎湃 OS 3，是一个新起点。把系统做‘顺’，就是我们的目标。”卢伟冰称，“我们就是要让用户用起来，不仅基础体验流畅，响应速度快，更要自然连续，体感顺畅。同时，在功能的体验上，要使用便捷，符合直觉才能‘顺手又顺心’。”卢伟冰还称，...</p>\n\n<a href=\"https://tech.ifeng.com/c/8m9gsjrx2cz\">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","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0359201612.USD":"贝莱德中国基金A2","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0605514214.HKD":"FIDELITY CHINA 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2to1"},"source_url":"https://tech.ifeng.com/c/8m9gsjrx2cz","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2562798347","content_text":"IT之家 8 月 27 日消息，小米澎湃 OS3 发布会官宣，将于 8 月 28 日 15:00 举行。小米集团合伙人、总裁，手机部总裁、小米品牌总经理卢伟冰称，“小米澎湃 OS 3，是一个新起点。把系统做‘顺’，就是我们的目标。”卢伟冰称，“我们就是要让用户用起来，不仅基础体验流畅，响应速度快，更要自然连续，体感顺畅。同时，在功能的体验上，要使用便捷，符合直觉才能‘顺手又顺心’。”卢伟冰还称，小米澎湃 OS 3 Beta 版的首批机型，将于今日在小米社区开启报名，希望大家多提意见、多反馈，“小米澎湃 OS3 的发布，是阶段性的成果，也将是我们不断精进用户体验的新起点。”目前官方并未透露小米澎湃 OS 3 将有哪些更新，IT之家将保持关注。","news_type":1,"symbols_score_info":{"81810":0.6,"MIUmain":0.6,"HXXD.SI":0.6,"XIACY":0.6,"01810":1}},"isVote":1,"tweetType":1,"viewCount":4376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}