RAYYY的个人主页 - 老虎社区

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07-22

$美国超微公司(AMD)$ 过度高估，适合腰斩价格，回归到正常水平

07-22

$美国超微公司(AMD)$ 过度高估

06-23

说不准财报一发回到800，他发的预期价格

花旗看高美光目标价至1200美元，Q3盈利同比增速预期上调至1092%

06-23

洗钱公司又开始了，实际价值仅300美金

美光科技与Anthropic签署多年期存储产品供应协议

2025-12-05

$AppLovin Corporation(APP)$ 这作假的公司还能上涨，看来还是集团利益牛逼，黑的都能搞成白的

2025-11-03

去老虎APP查看更多动态

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过度高估","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/588596124591560","isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":578030376772424,"gmtCreate":1782144175863,"gmtModify":1782148644063,"author":{"id":"4212826975085082","authorId":"4212826975085082","name":"RAYYY","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4212826975085082","idStr":"4212826975085082"},"themes":[],"title":"","htmlText":"说不准财报一发回到800，他发的预期价格","listText":"说不准财报一发回到800，他发的预期价格","text":"说不准财报一发回到800，他发的预期价格","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/578030376772424","repostId":"2645046651","repostType":2,"repost":{"id":"2645046651","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":1782108311,"share":"https://www.laohunote.com/m/news/2645046651?lang=zh_CN&edition=full","pubTime":"2026-06-22 14:05","market":"us","language":"zh","title":"花旗看高美光目标价至1200美元，Q3盈利同比增速预期上调至1092%","url":"https://stock-news.laohu8.com/highlight/detail?id=2645046651","media":"华尔街见闻","summary":"花旗将美光科技目标价大幅上调43%至1200美元，核心逻辑直指内存超级周期远超预期：DRAM现货价格年内已飙涨52%，预计2026年全年均价涨幅高达200%。花旗将2026财年第三季度营收及每股收益（EPS）预测上调6%，第四季度上调5%，第三季度每股收益同比涨幅从1025%上调至1092%，内存价格对盈利的杠杆效应正全面引爆。","content":"<html><head></head><body><p style=\"text-align: left;\">花旗研究大幅上调<a href=\"https://laohu8.com/S/MU\">美光科技</a>目标价及盈利预测，认为内存市场超级周期仍在延续，价格上行动能远超此前预期。</p><p style=\"text-align: left;\">据追风交易台，花旗在6月17日报告中，将美光科技目标价从840美元上调至1200美元，维持&#34;买入&#34;评级，调幅达43%。与此同时，团队将美光2026财年及2027财年每股收益预测分别上调4%和10%，其中2027财年每股收益预测为114.73美元，较市场一致预期高出约4%。</p><p style=\"text-align: left;\"><strong>此次上调的核心逻辑在于内存价格持续超预期走强。</strong>花旗预计，受数据中心需求强劲及供给受限双重驱动，DRAM平均售价2026年全年将上涨200%，NAND平均售价同期涨幅亦达186%，价格上行趋势料延续至2027年。截至6月19日收盘，美光股价报1133美元，新目标价较现价隐含约6%的上行空间。</p><p style=\"text-align: left;\">美光将于6月24日公布2026财年第三季度（截至5月）业绩，管理层届时对长期供货协议及供需展望的最新表态，将成为市场关注焦点。</p><h2 style=\"text-align: left;\">近期季度预测同步上调，财年盈利展望大幅跃升</h2><p style=\"text-align: left;\">此次不仅调整全年预测，亦同步上调近期季度预估。<strong>报告将2026财年第三季度营收及每股收益预测上调6%，第四季度上调5%，第三季度每股收益同比涨幅从1025%上调至1092%，主要依据为更为乐观的定价预期。</strong></p><p style=\"text-align: left;\">按最新预测，美光2026财年核心每股收益为60.73美元，2027财年进一步跃升至114.73美元，2028财年则为117.83美元。营收层面，预测美光2026财年营收达1150亿美元，2027财年进一步增至1975亿美元。</p><p style=\"text-align: left;\">利润率的扩张幅度尤为显著，充分反映了内存价格上涨对盈利的高度杠杆效应。花旗预计美光2026财年毛利率将从2025财年的39.8%大幅扩张至76.9%，2027财年进一步升至82.9%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4edc000190573a8d87e21f4692d11420\" data-align=\"center\" tg-width=\"815\" tg-height=\"672\"/><span></span></p><h2 style=\"text-align: left;\">现货价格领涨，合约价格上行空间仍存</h2><p style=\"text-align: left;\">DRAM现货市场已率先反映供需紧张态势。数据显示，DRAM现货价格自今年1月初以来累计上涨52%，自4月初以来涨幅亦达22%。目前现货价格较合约价格溢价21%，花旗认为这一价差预示合约价格仍有持续上行空间。</p><p style=\"text-align: left;\">按季度拆分，花旗预计DRAM平均售价在2026年第二至第四季度将分别环比上涨37%、13%和11%；NAND平均售价同期各季度涨幅则预计为45%、17%和6%，受强劲需求与供应增长放缓共同支撑。</p><h2 style=\"text-align: left;\">供需缺口料延续至2027年，HBM成下阶段核心催化剂</h2><p style=\"text-align: left;\">花旗预计2026年全球DRAM市场供给缺口约为5%，且这一供需失衡格局将延续至2027年。报告指出，今年以来DRAM价格上涨主要集中于普通商用DRAM，而非高带宽内存（HBM），预计HBM定价明年将进一步提升，成为下一阶段价格上行的主要驱动力。</p><p style=\"text-align: left;\">供给端方面，TrendForce预测2026年DRAM行业整体产出供给增速约为30%，美光自身产出增速预计达42%。花旗还指出，DRAM持续短缺将加速互补性NAND解决方案的采用，例如KV缓存卸载技术，这一趋势有望同时利好纯NAND标的及半导体设备股。</p><p style=\"text-align: left;\">此外，报告特别提及Vera Rubin平台因DRAM供给有限出现降规格现象，进一步印证了当前供给瓶颈的现实压力。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/41f072bbda584ae97a15d31c4f133565\" data-align=\"center\" tg-width=\"491\" tg-height=\"324\"/><span></span></p><h2 style=\"text-align: left;\">估值折价反映高利润率风险，长协进展受投资者关注</h2><p style=\"text-align: left;\">尽管前景乐观，花旗将目标价设定于修正后2027日历年每股收益的10倍，显著低于美光历史三年峰值估值的17倍。这一折价主要反映当前毛利率处于高位所蕴含的均值回归风险，以及近期Vera Rubin降规格报道带来的供给不确定性。</p><p style=\"text-align: left;\">投资者当前关注的核心议题包括：美光更新后的2026至2027年DRAM及NAND供需展望、长期供货协议（LTA）的签署进展——花旗认为<a href=\"https://laohu8.com/S/DELL\">戴尔</a>已完成签约。随着美光6月24日财报的临近，管理层在上述议题上的最新表态将对市场预期产生直接影响。</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>花旗看高美光目标价至1200美元，Q3盈利同比增速预期上调至1092%</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{ 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}\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花旗看高美光目标价至1200美元，Q3盈利同比增速预期上调至1092%\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\">2026-06-22 14:05</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">花旗研究大幅上调<a href=\"https://laohu8.com/S/MU\">美光科技</a>目标价及盈利预测，认为内存市场超级周期仍在延续，价格上行动能远超此前预期。</p><p style=\"text-align: left;\">据追风交易台，花旗在6月17日报告中，将美光科技目标价从840美元上调至1200美元，维持&#34;买入&#34;评级，调幅达43%。与此同时，团队将美光2026财年及2027财年每股收益预测分别上调4%和10%，其中2027财年每股收益预测为114.73美元，较市场一致预期高出约4%。</p><p style=\"text-align: left;\"><strong>此次上调的核心逻辑在于内存价格持续超预期走强。</strong>花旗预计，受数据中心需求强劲及供给受限双重驱动，DRAM平均售价2026年全年将上涨200%，NAND平均售价同期涨幅亦达186%，价格上行趋势料延续至2027年。截至6月19日收盘，美光股价报1133美元，新目标价较现价隐含约6%的上行空间。</p><p style=\"text-align: left;\">美光将于6月24日公布2026财年第三季度（截至5月）业绩，管理层届时对长期供货协议及供需展望的最新表态，将成为市场关注焦点。</p><h2 style=\"text-align: left;\">近期季度预测同步上调，财年盈利展望大幅跃升</h2><p style=\"text-align: left;\">此次不仅调整全年预测，亦同步上调近期季度预估。<strong>报告将2026财年第三季度营收及每股收益预测上调6%，第四季度上调5%，第三季度每股收益同比涨幅从1025%上调至1092%，主要依据为更为乐观的定价预期。</strong></p><p style=\"text-align: left;\">按最新预测，美光2026财年核心每股收益为60.73美元，2027财年进一步跃升至114.73美元，2028财年则为117.83美元。营收层面，预测美光2026财年营收达1150亿美元，2027财年进一步增至1975亿美元。</p><p style=\"text-align: left;\">利润率的扩张幅度尤为显著，充分反映了内存价格上涨对盈利的高度杠杆效应。花旗预计美光2026财年毛利率将从2025财年的39.8%大幅扩张至76.9%，2027财年进一步升至82.9%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4edc000190573a8d87e21f4692d11420\" data-align=\"center\" tg-width=\"815\" tg-height=\"672\"/><span></span></p><h2 style=\"text-align: left;\">现货价格领涨，合约价格上行空间仍存</h2><p style=\"text-align: left;\">DRAM现货市场已率先反映供需紧张态势。数据显示，DRAM现货价格自今年1月初以来累计上涨52%，自4月初以来涨幅亦达22%。目前现货价格较合约价格溢价21%，花旗认为这一价差预示合约价格仍有持续上行空间。</p><p style=\"text-align: left;\">按季度拆分，花旗预计DRAM平均售价在2026年第二至第四季度将分别环比上涨37%、13%和11%；NAND平均售价同期各季度涨幅则预计为45%、17%和6%，受强劲需求与供应增长放缓共同支撑。</p><h2 style=\"text-align: left;\">供需缺口料延续至2027年，HBM成下阶段核心催化剂</h2><p style=\"text-align: left;\">花旗预计2026年全球DRAM市场供给缺口约为5%，且这一供需失衡格局将延续至2027年。报告指出，今年以来DRAM价格上涨主要集中于普通商用DRAM，而非高带宽内存（HBM），预计HBM定价明年将进一步提升，成为下一阶段价格上行的主要驱动力。</p><p style=\"text-align: left;\">供给端方面，TrendForce预测2026年DRAM行业整体产出供给增速约为30%，美光自身产出增速预计达42%。花旗还指出，DRAM持续短缺将加速互补性NAND解决方案的采用，例如KV缓存卸载技术，这一趋势有望同时利好纯NAND标的及半导体设备股。</p><p style=\"text-align: left;\">此外，报告特别提及Vera Rubin平台因DRAM供给有限出现降规格现象，进一步印证了当前供给瓶颈的现实压力。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/41f072bbda584ae97a15d31c4f133565\" data-align=\"center\" tg-width=\"491\" tg-height=\"324\"/><span></span></p><h2 style=\"text-align: left;\">估值折价反映高利润率风险，长协进展受投资者关注</h2><p style=\"text-align: left;\">尽管前景乐观，花旗将目标价设定于修正后2027日历年每股收益的10倍，显著低于美光历史三年峰值估值的17倍。这一折价主要反映当前毛利率处于高位所蕴含的均值回归风险，以及近期Vera Rubin降规格报道带来的供给不确定性。</p><p style=\"text-align: left;\">投资者当前关注的核心议题包括：美光更新后的2026至2027年DRAM及NAND供需展望、长期供货协议（LTA）的签署进展——花旗认为<a href=\"https://laohu8.com/S/DELL\">戴尔</a>已完成签约。随着美光6月24日财报的临近，管理层在上述议题上的最新表态将对市场预期产生直接影响。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/97dc49a1c38f37d8c33d7241fccf9976","relate_stocks":{"BK4527":"明星科技股","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","BK4575":"芯片概念","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) 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SGD-H1","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC"},"source_url":"https://wallstreetcn.com/articles/3775163","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2645046651","content_text":"花旗研究大幅上调美光科技目标价及盈利预测，认为内存市场超级周期仍在延续，价格上行动能远超此前预期。据追风交易台，花旗在6月17日报告中，将美光科技目标价从840美元上调至1200美元，维持\"买入\"评级，调幅达43%。与此同时，团队将美光2026财年及2027财年每股收益预测分别上调4%和10%，其中2027财年每股收益预测为114.73美元，较市场一致预期高出约4%。此次上调的核心逻辑在于内存价格持续超预期走强。花旗预计，受数据中心需求强劲及供给受限双重驱动，DRAM平均售价2026年全年将上涨200%，NAND平均售价同期涨幅亦达186%，价格上行趋势料延续至2027年。截至6月19日收盘，美光股价报1133美元，新目标价较现价隐含约6%的上行空间。美光将于6月24日公布2026财年第三季度（截至5月）业绩，管理层届时对长期供货协议及供需展望的最新表态，将成为市场关注焦点。近期季度预测同步上调，财年盈利展望大幅跃升此次不仅调整全年预测，亦同步上调近期季度预估。报告将2026财年第三季度营收及每股收益预测上调6%，第四季度上调5%，第三季度每股收益同比涨幅从1025%上调至1092%，主要依据为更为乐观的定价预期。按最新预测，美光2026财年核心每股收益为60.73美元，2027财年进一步跃升至114.73美元，2028财年则为117.83美元。营收层面，预测美光2026财年营收达1150亿美元，2027财年进一步增至1975亿美元。利润率的扩张幅度尤为显著，充分反映了内存价格上涨对盈利的高度杠杆效应。花旗预计美光2026财年毛利率将从2025财年的39.8%大幅扩张至76.9%，2027财年进一步升至82.9%。现货价格领涨，合约价格上行空间仍存DRAM现货市场已率先反映供需紧张态势。数据显示，DRAM现货价格自今年1月初以来累计上涨52%，自4月初以来涨幅亦达22%。目前现货价格较合约价格溢价21%，花旗认为这一价差预示合约价格仍有持续上行空间。按季度拆分，花旗预计DRAM平均售价在2026年第二至第四季度将分别环比上涨37%、13%和11%；NAND平均售价同期各季度涨幅则预计为45%、17%和6%，受强劲需求与供应增长放缓共同支撑。供需缺口料延续至2027年，HBM成下阶段核心催化剂花旗预计2026年全球DRAM市场供给缺口约为5%，且这一供需失衡格局将延续至2027年。报告指出，今年以来DRAM价格上涨主要集中于普通商用DRAM，而非高带宽内存（HBM），预计HBM定价明年将进一步提升，成为下一阶段价格上行的主要驱动力。供给端方面，TrendForce预测2026年DRAM行业整体产出供给增速约为30%，美光自身产出增速预计达42%。花旗还指出，DRAM持续短缺将加速互补性NAND解决方案的采用，例如KV缓存卸载技术，这一趋势有望同时利好纯NAND标的及半导体设备股。此外，报告特别提及Vera Rubin平台因DRAM供给有限出现降规格现象，进一步印证了当前供给瓶颈的现实压力。估值折价反映高利润率风险，长协进展受投资者关注尽管前景乐观，花旗将目标价设定于修正后2027日历年每股收益的10倍，显著低于美光历史三年峰值估值的17倍。这一折价主要反映当前毛利率处于高位所蕴含的均值回归风险，以及近期Vera Rubin降规格报道带来的供给不确定性。投资者当前关注的核心议题包括：美光更新后的2026至2027年DRAM及NAND供需展望、长期供货协议（LTA）的签署进展——花旗认为戴尔已完成签约。随着美光6月24日财报的临近，管理层在上述议题上的最新表态将对市场预期产生直接影响。","news_type":1,"symbols_score_info":{"MU":1.98,"MUD":0.6,"MUU":0.6,"MULL":0.6}},"isVote":1,"tweetType":1,"viewCount":324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":578029745668848,"gmtCreate":1782144021013,"gmtModify":1782148592669,"author":{"id":"4212826975085082","authorId":"4212826975085082","name":"RAYYY","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4212826975085082","idStr":"4212826975085082"},"themes":[],"title":"","htmlText":"洗钱公司又开始了，实际价值仅300美金","listText":"洗钱公司又开始了，实际价值仅300美金","text":"洗钱公司又开始了，实际价值仅300美金","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/578029745668848","repostId":"1181346408","repostType":2,"repost":{"id":"1181346408","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1782133436,"share":"https://www.laohunote.com/m/news/1181346408?lang=zh_CN&edition=full","pubTime":"2026-06-22 21:03","market":"us","language":"zh","title":"美光科技与Anthropic签署多年期存储产品供应协议","url":"https://stock-news.laohu8.com/highlight/detail?id=1181346408","media":"老虎资讯综合","summary":"6月22日，美光科技盘前短线拉升，现涨超5%，与Anthropic公司宣布达成协议，将扩大下一代人工智能的规模。","content":"<html><head></head><body><p>6月22日，美光科技盘前短线拉升，现涨超5%！美光科技与Anthropic签署了一项多年期存储供应协议，包括HBM、DRAM和SSD等数据中心级产品。该协议将供应承诺与Anthropic为训练和部署其Claude模型而进行的长期算力扩张计划相挂钩。与此同时，美光已将Anthropic的Claude模型部署至其工程、制造及企业职能体系中，以支持代码生成与智能体业务流程。除供应及技术合作外，美光还在Anthropic的H轮融资中参与了战略性投资。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/349bd0badebdcff27134a4f7ed0d4578\" title=\"\" tg-width=\"849\" tg-height=\"723\"/></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\" 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21:03</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>6月22日，美光科技盘前短线拉升，现涨超5%！美光科技与Anthropic签署了一项多年期存储供应协议，包括HBM、DRAM和SSD等数据中心级产品。该协议将供应承诺与Anthropic为训练和部署其Claude模型而进行的长期算力扩张计划相挂钩。与此同时，美光已将Anthropic的Claude模型部署至其工程、制造及企业职能体系中，以支持代码生成与智能体业务流程。除供应及技术合作外，美光还在Anthropic的H轮融资中参与了战略性投资。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/349bd0badebdcff27134a4f7ed0d4578\" title=\"\" tg-width=\"849\" tg-height=\"723\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/97dc49a1c38f37d8c33d7241fccf9976","relate_stocks":{"MU":"美光科技","MULL":"2倍做多MU ETF-GraniteShares","MUU":"2倍做多MU ETF-Direxion","MUD":"1倍做空MU 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href=\"https://laohu8.com/S/APP\">$AppLovin Corporation(APP)$&nbsp;</a>&nbsp; 这作假的公司还能上涨，看来还是集团利益牛逼，黑的都能搞成白的","listText":"<a href=\"https://laohu8.com/S/APP\">$AppLovin Corporation(APP)$&nbsp;</a>&nbsp; 这作假的公司还能上涨，看来还是集团利益牛逼，黑的都能搞成白的","text":"$AppLovin Corporation(APP)$ 这作假的公司还能上涨，看来还是集团利益牛逼，黑的都能搞成白的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/507443049918880","isVote":1,"tweetType":1,"viewCount":2233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":496264955195512,"gmtCreate":1762181720959,"gmtModify":1762181852495,"author":{"id":"4212826975085082","authorId":"4212826975085082","name":"RAYYY","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4212826975085082","idStr":"4212826975085082"},"themes":[],"title":"","htmlText":"","listText":"","text":"","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/496264955195512","isVote":1,"tweetType":1,"viewCount":1024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":507443049918880,"gmtCreate":1764871281081,"gmtModify":1764884115300,"author":{"id":"4212826975085082","authorId":"4212826975085082","name":"RAYYY","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4212826975085082","idStr":"4212826975085082"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/APP\">$AppLovin Corporation(APP)$&nbsp;</a>&nbsp; 这作假的公司还能上涨，看来还是集团利益牛逼，黑的都能搞成白的","listText":"<a href=\"https://laohu8.com/S/APP\">$AppLovin Corporation(APP)$&nbsp;</a>&nbsp; 这作假的公司还能上涨，看来还是集团利益牛逼，黑的都能搞成白的","text":"$AppLovin Corporation(APP)$ 这作假的公司还能上涨，看来还是集团利益牛逼，黑的都能搞成白的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/507443049918880","isVote":1,"tweetType":1,"viewCount":2233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":578029745668848,"gmtCreate":1782144021013,"gmtModify":1782148592669,"author":{"id":"4212826975085082","authorId":"4212826975085082","name":"RAYYY","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4212826975085082","idStr":"4212826975085082"},"themes":[],"title":"","htmlText":"洗钱公司又开始了，实际价值仅300美金","listText":"洗钱公司又开始了，实际价值仅300美金","text":"洗钱公司又开始了，实际价值仅300美金","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/578029745668848","repostId":"1181346408","repostType":2,"repost":{"id":"1181346408","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1782133436,"share":"https://www.laohunote.com/m/news/1181346408?lang=zh_CN&edition=full","pubTime":"2026-06-22 21:03","market":"us","language":"zh","title":"美光科技与Anthropic签署多年期存储产品供应协议","url":"https://stock-news.laohu8.com/highlight/detail?id=1181346408","media":"老虎资讯综合","summary":"6月22日，美光科技盘前短线拉升，现涨超5%，与Anthropic公司宣布达成协议，将扩大下一代人工智能的规模。","content":"<html><head></head><body><p>6月22日，美光科技盘前短线拉升，现涨超5%！美光科技与Anthropic签署了一项多年期存储供应协议，包括HBM、DRAM和SSD等数据中心级产品。该协议将供应承诺与Anthropic为训练和部署其Claude模型而进行的长期算力扩张计划相挂钩。与此同时，美光已将Anthropic的Claude模型部署至其工程、制造及企业职能体系中，以支持代码生成与智能体业务流程。除供应及技术合作外，美光还在Anthropic的H轮融资中参与了战略性投资。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/349bd0badebdcff27134a4f7ed0d4578\" title=\"\" tg-width=\"849\" tg-height=\"723\"/></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\" 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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美光科技与Anthropic签署多年期存储产品供应协议\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-06-22 21:03</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>6月22日，美光科技盘前短线拉升，现涨超5%！美光科技与Anthropic签署了一项多年期存储供应协议，包括HBM、DRAM和SSD等数据中心级产品。该协议将供应承诺与Anthropic为训练和部署其Claude模型而进行的长期算力扩张计划相挂钩。与此同时，美光已将Anthropic的Claude模型部署至其工程、制造及企业职能体系中，以支持代码生成与智能体业务流程。除供应及技术合作外，美光还在Anthropic的H轮融资中参与了战略性投资。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/349bd0badebdcff27134a4f7ed0d4578\" title=\"\" tg-width=\"849\" tg-height=\"723\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/97dc49a1c38f37d8c33d7241fccf9976","relate_stocks":{"MU":"美光科技","MULL":"2倍做多MU ETF-GraniteShares","MUU":"2倍做多MU ETF-Direxion","MUD":"1倍做空MU ETF-Direxion"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181346408","content_text":"6月22日，美光科技盘前短线拉升，现涨超5%！美光科技与Anthropic签署了一项多年期存储供应协议，包括HBM、DRAM和SSD等数据中心级产品。该协议将供应承诺与Anthropic为训练和部署其Claude模型而进行的长期算力扩张计划相挂钩。与此同时，美光已将Anthropic的Claude模型部署至其工程、制造及企业职能体系中，以支持代码生成与智能体业务流程。除供应及技术合作外，美光还在Anthropic的H轮融资中参与了战略性投资。","news_type":1,"symbols_score_info":{"MUD":0.6,"MUU":0.6,"MU":2,"MULL":0.6}},"isVote":1,"tweetType":1,"viewCount":741,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":496264955195512,"gmtCreate":1762181720959,"gmtModify":1762181852495,"author":{"id":"4212826975085082","authorId":"4212826975085082","name":"RAYYY","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4212826975085082","idStr":"4212826975085082"},"themes":[],"title":"","htmlText":"","listText":"","text":"","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/496264955195512","isVote":1,"tweetType":1,"viewCount":1024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":588596277810520,"gmtCreate":1784731768989,"gmtModify":1784731771109,"author":{"id":"4212826975085082","authorId":"4212826975085082","name":"RAYYY","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4212826975085082","idStr":"4212826975085082"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$&nbsp;</a><v-v data-views=\"0\"></v-v> 过度高估，适合腰斩价格，回归到正常水平","listText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$&nbsp;</a><v-v data-views=\"0\"></v-v> 过度高估，适合腰斩价格，回归到正常水平","text":"$美国超微公司(AMD)$ 过度高估，适合腰斩价格，回归到正常水平","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/588596277810520","isVote":1,"tweetType":1,"viewCount":812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":588596124591560,"gmtCreate":1784731735246,"gmtModify":1784731737684,"author":{"id":"4212826975085082","authorId":"4212826975085082","name":"RAYYY","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4212826975085082","idStr":"4212826975085082"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$&nbsp;</a><v-v data-views=\"0\"></v-v> 过度高估","listText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$&nbsp;</a><v-v data-views=\"0\"></v-v> 过度高估","text":"$美国超微公司(AMD)$ 过度高估","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/588596124591560","isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":578030376772424,"gmtCreate":1782144175863,"gmtModify":1782148644063,"author":{"id":"4212826975085082","authorId":"4212826975085082","name":"RAYYY","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4212826975085082","idStr":"4212826975085082"},"themes":[],"title":"","htmlText":"说不准财报一发回到800，他发的预期价格","listText":"说不准财报一发回到800，他发的预期价格","text":"说不准财报一发回到800，他发的预期价格","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/578030376772424","repostId":"2645046651","repostType":2,"repost":{"id":"2645046651","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":1782108311,"share":"https://www.laohunote.com/m/news/2645046651?lang=zh_CN&edition=full","pubTime":"2026-06-22 14:05","market":"us","language":"zh","title":"花旗看高美光目标价至1200美元，Q3盈利同比增速预期上调至1092%","url":"https://stock-news.laohu8.com/highlight/detail?id=2645046651","media":"华尔街见闻","summary":"花旗将美光科技目标价大幅上调43%至1200美元，核心逻辑直指内存超级周期远超预期：DRAM现货价格年内已飙涨52%，预计2026年全年均价涨幅高达200%。花旗将2026财年第三季度营收及每股收益（EPS）预测上调6%，第四季度上调5%，第三季度每股收益同比涨幅从1025%上调至1092%，内存价格对盈利的杠杆效应正全面引爆。","content":"<html><head></head><body><p style=\"text-align: left;\">花旗研究大幅上调<a href=\"https://laohu8.com/S/MU\">美光科技</a>目标价及盈利预测，认为内存市场超级周期仍在延续，价格上行动能远超此前预期。</p><p style=\"text-align: left;\">据追风交易台，花旗在6月17日报告中，将美光科技目标价从840美元上调至1200美元，维持&#34;买入&#34;评级，调幅达43%。与此同时，团队将美光2026财年及2027财年每股收益预测分别上调4%和10%，其中2027财年每股收益预测为114.73美元，较市场一致预期高出约4%。</p><p style=\"text-align: left;\"><strong>此次上调的核心逻辑在于内存价格持续超预期走强。</strong>花旗预计，受数据中心需求强劲及供给受限双重驱动，DRAM平均售价2026年全年将上涨200%，NAND平均售价同期涨幅亦达186%，价格上行趋势料延续至2027年。截至6月19日收盘，美光股价报1133美元，新目标价较现价隐含约6%的上行空间。</p><p style=\"text-align: left;\">美光将于6月24日公布2026财年第三季度（截至5月）业绩，管理层届时对长期供货协议及供需展望的最新表态，将成为市场关注焦点。</p><h2 style=\"text-align: left;\">近期季度预测同步上调，财年盈利展望大幅跃升</h2><p style=\"text-align: left;\">此次不仅调整全年预测，亦同步上调近期季度预估。<strong>报告将2026财年第三季度营收及每股收益预测上调6%，第四季度上调5%，第三季度每股收益同比涨幅从1025%上调至1092%，主要依据为更为乐观的定价预期。</strong></p><p style=\"text-align: left;\">按最新预测，美光2026财年核心每股收益为60.73美元，2027财年进一步跃升至114.73美元，2028财年则为117.83美元。营收层面，预测美光2026财年营收达1150亿美元，2027财年进一步增至1975亿美元。</p><p style=\"text-align: left;\">利润率的扩张幅度尤为显著，充分反映了内存价格上涨对盈利的高度杠杆效应。花旗预计美光2026财年毛利率将从2025财年的39.8%大幅扩张至76.9%，2027财年进一步升至82.9%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4edc000190573a8d87e21f4692d11420\" data-align=\"center\" tg-width=\"815\" tg-height=\"672\"/><span></span></p><h2 style=\"text-align: left;\">现货价格领涨，合约价格上行空间仍存</h2><p style=\"text-align: left;\">DRAM现货市场已率先反映供需紧张态势。数据显示，DRAM现货价格自今年1月初以来累计上涨52%，自4月初以来涨幅亦达22%。目前现货价格较合约价格溢价21%，花旗认为这一价差预示合约价格仍有持续上行空间。</p><p style=\"text-align: left;\">按季度拆分，花旗预计DRAM平均售价在2026年第二至第四季度将分别环比上涨37%、13%和11%；NAND平均售价同期各季度涨幅则预计为45%、17%和6%，受强劲需求与供应增长放缓共同支撑。</p><h2 style=\"text-align: left;\">供需缺口料延续至2027年，HBM成下阶段核心催化剂</h2><p style=\"text-align: left;\">花旗预计2026年全球DRAM市场供给缺口约为5%，且这一供需失衡格局将延续至2027年。报告指出，今年以来DRAM价格上涨主要集中于普通商用DRAM，而非高带宽内存（HBM），预计HBM定价明年将进一步提升，成为下一阶段价格上行的主要驱动力。</p><p style=\"text-align: left;\">供给端方面，TrendForce预测2026年DRAM行业整体产出供给增速约为30%，美光自身产出增速预计达42%。花旗还指出，DRAM持续短缺将加速互补性NAND解决方案的采用，例如KV缓存卸载技术，这一趋势有望同时利好纯NAND标的及半导体设备股。</p><p style=\"text-align: left;\">此外，报告特别提及Vera Rubin平台因DRAM供给有限出现降规格现象，进一步印证了当前供给瓶颈的现实压力。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/41f072bbda584ae97a15d31c4f133565\" data-align=\"center\" tg-width=\"491\" tg-height=\"324\"/><span></span></p><h2 style=\"text-align: left;\">估值折价反映高利润率风险，长协进展受投资者关注</h2><p style=\"text-align: left;\">尽管前景乐观，花旗将目标价设定于修正后2027日历年每股收益的10倍，显著低于美光历史三年峰值估值的17倍。这一折价主要反映当前毛利率处于高位所蕴含的均值回归风险，以及近期Vera Rubin降规格报道带来的供给不确定性。</p><p style=\"text-align: left;\">投资者当前关注的核心议题包括：美光更新后的2026至2027年DRAM及NAND供需展望、长期供货协议（LTA）的签署进展——花旗认为<a href=\"https://laohu8.com/S/DELL\">戴尔</a>已完成签约。随着美光6月24日财报的临近，管理层在上述议题上的最新表态将对市场预期产生直接影响。</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>花旗看高美光目标价至1200美元，Q3盈利同比增速预期上调至1092%</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{ 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}\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花旗看高美光目标价至1200美元，Q3盈利同比增速预期上调至1092%\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\">2026-06-22 14:05</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">花旗研究大幅上调<a href=\"https://laohu8.com/S/MU\">美光科技</a>目标价及盈利预测，认为内存市场超级周期仍在延续，价格上行动能远超此前预期。</p><p style=\"text-align: left;\">据追风交易台，花旗在6月17日报告中，将美光科技目标价从840美元上调至1200美元，维持&#34;买入&#34;评级，调幅达43%。与此同时，团队将美光2026财年及2027财年每股收益预测分别上调4%和10%，其中2027财年每股收益预测为114.73美元，较市场一致预期高出约4%。</p><p style=\"text-align: left;\"><strong>此次上调的核心逻辑在于内存价格持续超预期走强。</strong>花旗预计，受数据中心需求强劲及供给受限双重驱动，DRAM平均售价2026年全年将上涨200%，NAND平均售价同期涨幅亦达186%，价格上行趋势料延续至2027年。截至6月19日收盘，美光股价报1133美元，新目标价较现价隐含约6%的上行空间。</p><p style=\"text-align: left;\">美光将于6月24日公布2026财年第三季度（截至5月）业绩，管理层届时对长期供货协议及供需展望的最新表态，将成为市场关注焦点。</p><h2 style=\"text-align: left;\">近期季度预测同步上调，财年盈利展望大幅跃升</h2><p style=\"text-align: left;\">此次不仅调整全年预测，亦同步上调近期季度预估。<strong>报告将2026财年第三季度营收及每股收益预测上调6%，第四季度上调5%，第三季度每股收益同比涨幅从1025%上调至1092%，主要依据为更为乐观的定价预期。</strong></p><p style=\"text-align: left;\">按最新预测，美光2026财年核心每股收益为60.73美元，2027财年进一步跃升至114.73美元，2028财年则为117.83美元。营收层面，预测美光2026财年营收达1150亿美元，2027财年进一步增至1975亿美元。</p><p style=\"text-align: left;\">利润率的扩张幅度尤为显著，充分反映了内存价格上涨对盈利的高度杠杆效应。花旗预计美光2026财年毛利率将从2025财年的39.8%大幅扩张至76.9%，2027财年进一步升至82.9%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4edc000190573a8d87e21f4692d11420\" data-align=\"center\" tg-width=\"815\" tg-height=\"672\"/><span></span></p><h2 style=\"text-align: left;\">现货价格领涨，合约价格上行空间仍存</h2><p style=\"text-align: left;\">DRAM现货市场已率先反映供需紧张态势。数据显示，DRAM现货价格自今年1月初以来累计上涨52%，自4月初以来涨幅亦达22%。目前现货价格较合约价格溢价21%，花旗认为这一价差预示合约价格仍有持续上行空间。</p><p style=\"text-align: left;\">按季度拆分，花旗预计DRAM平均售价在2026年第二至第四季度将分别环比上涨37%、13%和11%；NAND平均售价同期各季度涨幅则预计为45%、17%和6%，受强劲需求与供应增长放缓共同支撑。</p><h2 style=\"text-align: left;\">供需缺口料延续至2027年，HBM成下阶段核心催化剂</h2><p style=\"text-align: left;\">花旗预计2026年全球DRAM市场供给缺口约为5%，且这一供需失衡格局将延续至2027年。报告指出，今年以来DRAM价格上涨主要集中于普通商用DRAM，而非高带宽内存（HBM），预计HBM定价明年将进一步提升，成为下一阶段价格上行的主要驱动力。</p><p style=\"text-align: left;\">供给端方面，TrendForce预测2026年DRAM行业整体产出供给增速约为30%，美光自身产出增速预计达42%。花旗还指出，DRAM持续短缺将加速互补性NAND解决方案的采用，例如KV缓存卸载技术，这一趋势有望同时利好纯NAND标的及半导体设备股。</p><p style=\"text-align: left;\">此外，报告特别提及Vera Rubin平台因DRAM供给有限出现降规格现象，进一步印证了当前供给瓶颈的现实压力。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/41f072bbda584ae97a15d31c4f133565\" data-align=\"center\" tg-width=\"491\" tg-height=\"324\"/><span></span></p><h2 style=\"text-align: left;\">估值折价反映高利润率风险，长协进展受投资者关注</h2><p style=\"text-align: left;\">尽管前景乐观，花旗将目标价设定于修正后2027日历年每股收益的10倍，显著低于美光历史三年峰值估值的17倍。这一折价主要反映当前毛利率处于高位所蕴含的均值回归风险，以及近期Vera Rubin降规格报道带来的供给不确定性。</p><p style=\"text-align: left;\">投资者当前关注的核心议题包括：美光更新后的2026至2027年DRAM及NAND供需展望、长期供货协议（LTA）的签署进展——花旗认为<a href=\"https://laohu8.com/S/DELL\">戴尔</a>已完成签约。随着美光6月24日财报的临近，管理层在上述议题上的最新表态将对市场预期产生直接影响。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/97dc49a1c38f37d8c33d7241fccf9976","relate_stocks":{"BK4527":"明星科技股","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","BK4575":"芯片概念","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) 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