{"schema":"hottub-news/story/v1","story":"st_rs2cqujiljj3wh7qxwta","title":"从美光财报谈谈市场需要什么预期","title_en":"From the Micron Technology report, let's talk about what the market expects","outlets":1,"brief":null,"page":"https://hottub.news/stories/from-the-micron-technology-report-lets-talk-about-what-the-market-rs2cqujilj","count":1,"items":[{"id":"n_rs2cqujiljj3wh7qxwta","seq":1538503,"kind":"article","title":"从美光财报谈谈市场需要什么预期","title_en":"From the Micron Technology report, let's talk about what the market expects","url":"http://xueqiu.com/5332385101/411250110","summary":"9月30日盘后，美光公布2026财年第四季度业绩：营收542.29亿美元，同比增长379%；调整后每股收益33.42美元，毛利率达到87%。下一季度营收指引中值615亿美元，收入与盈利指引均远高于市场预期。 不过，股价并没有随之明显上行。10月1日先跌后收涨约3%，10月2日又回落超2%，两个交易日合计较财报发布前上涨约0.9%。这样的表现，与财报数字给人的第一印象存在差距。 所以今天从美光财报出发，和大家谈谈两个问题： 一是存储厂为什么能获得如此高的利润；二是市场需要什么证据，才愿意相信这种盈利能够持续。 提示：本文仅为学习思考记录，不构成任何投资建议。 一、这一轮业绩增长，主要来自哪里？ 先看财报本身。美光本季度营收环比增长31%，调整后每股收益环比增长33%，增长已经体现在实际交付和利润中。不过要理解增长来源，需要把销量、价格和产品结构分开： 第一，价格上涨贡献明显高于出货量增长。…","published":"2026-10-03T12:47:59Z","seen":"2026-10-03T13:31:40Z","lang":"zh","country":"CN","source":{"id":"kite-xueqiu-com-125fb5","name":"xueqiu.com","domain":"xueqiu.com","outlet":{"wikidata":"Q30946991","name":"Snowball","type":"website","country":"CN","designations":["business","website"]}},"via":"kite-xueqiu-com-125fb5","authors":["陆家嘴幽灵"],"entities":[{"id":"Q1197548","name":"Micron Technology","type":"org"}],"story":"st_rs2cqujiljj3wh7qxwta","category":"economy-business","category_p":0.9700000286102295,"sentiment":"neutral","tone":0.10000000149011612,"political":0.09000000357627869}]}