汇丰：下调黄金的超配评级，将石油上调至完全超配。

A-share storage sector has corrected, with some names down more than 40%. At Huaqiangbei spot, 16GB DDR5 modules are quoted 1,400–1,600 yuan, 32GB 2,000–3,000+ yuan, and 1TB SSDs 800–1,000+ yuan — slightly below recent peaks but still elevated. Sales volumes have fallen about 20–30% since October. Channel sellers under funding pressure are liquidating to raise cash, causing modest local markdowns, but high-cost inventory limits deeper cuts, leaving quotes firm, turnover thin and pockets of price inversion; channel inventory and funding stress are accumulating.

苹果首款折叠屏手机iPhone Duo于10月23日正式开售，首批所有机型迅速售罄，第二批交付预计延至2027年1月22日。供应链消息称，苹果已要求代工厂加快生产，并追加约30%订单。 受需求超预期推动，市场研究机构将2026年备货量预期从600万部上调至800万—1000万部，预计2027年出货量最高可达3300万部，有望占据全球折叠屏手机市场约40%的份额，挑战三星的领先地位。 目前产能瓶颈主要集中在铰链供应不足及整机组装良率偏低。鸿海负责独家组装，台积电代工核心处理器，鸿海与新日兴合资企业供应关键铰链组件，美国安费诺为第二供应商。若产能及良率问题得到解决，上述供应链企业有望受益。