格隆汇10月28日｜杰富瑞将诺基亚的目标价从4.5美元上调至6.6美元，评级从"持有"上调至"买入"。 ...

行业整体表现 - 人工智能投资持续扩张正重塑欧洲科技产业格局，相关企业第三季度业绩显著超越市场预期 [1] - MSCI欧洲科技指数成分股第三季度至今每股收益同比增长16%，远高于季前4.2%的预期增速 [1] - 已披露业绩的成分股市值占比超86%，且表现领先于欧洲其他行业板块 [1] - 市场对人工智能的极度看涨情绪正外溢至欧洲，使得一批有望直接受益于AI基建投资的公司盈利预期集体上调，结束了此前连续数月的下调趋势 [4] 半导体设备行业 - 阿斯麦(ASML)先进芯片制造设备订单因人工智能基础设施支出加速而大幅增长 [3] - 阿斯麦的业绩表现有效缓解了市场对明年经济放缓的担忧，并支撑了“2026年比预期更糟的悲观看法将被推翻”这一观点 [3] - BE Semiconductor Industries NV报告称，亚洲地区人工智能相关需求推动其订单与利润双双超预期 [3] - 花旗集团分析师指出，行业宣布的人工智能芯片交易规模与设备商承诺的资本支出存在缺口，但预计相关交易将逐步渗透至供应链并转化为实际订单，推动增长动能持续至2026年后 [8] 软件与电信行业 - SAP SE首席执行官强调人工智能正成为推动公司增长的关键使能器，财报会上关于AI应用日益普及的讨论安抚了投资者 [3] - 爱立信通过剥离呼叫路由业务实现利润飙升 [3] - 诺基亚第三季度利润超预期主要得益于人工智能及云客户需求增长 [3] - 人工智能超级周期带来的光纤接入、数据中心连接及传输网络需求，正支撑诺基亚销售前景改善，且美国市场正成为关键增长极 [4] 供应链挑战 - 欧洲科技巨头面临供应链挑战，中美贸易紧张加剧导致芯片行业供应链中断，关税壁垒进一步恶化经营环境 [8] - 美国限制对华出口尖端人工智能芯片，而中国则试图管控芯片制造关键稀土出口 [8] - 意法半导体与美国德州仪器一同释放信号，汽车和工业终端客户仍在推迟订单，特别是汽车市场可能面临荷兰政府接管中资芯片商Nexperia后的潜在冲击 [8]

Since I first covered Crown Castle (NYSE: CCI ) and looked into their divestiture of small cells and fiber, CEO change, and dividend cut in order to refocus on its core tower business, the stock fell quiteAs of 2025, I've got over 10 years of researching companies. In total, throughout my investing life, I estimate that I researched (in depth) well over 1000 companies, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many emerging market stocks, which I believe could ...

Vitesse Energy (NYSE: VTS ) owns working and mineral interests in oil and gas assets, primarily in the Bakken and Three Forks formations in North Dakota and Montana, funding wells/drilling in return for their shareAs of 2025, I've got over 10 years of researching companies. In total, throughout my investing life, I estimate that I researched (in depth) well over 1000 companies, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many emerging market stocks, which I belie ...

Innovative Industrial Properties (NYSE: IIPR ) is the only NYSE-listed cannabis REIT, with over 100 industrial properties across the US and 93% of their leases expiring after 2034. Due to dividend cut risks, major tenant defaults, and otherAs of 2025, I've got over 10 years of researching companies. In total, throughout my investing life, I estimate that I researched (in depth) well over 1000 companies, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many emerging ma ...

Since the last time I covered Nokia (NYSE: NOK ) and called them a “ Healthy And Undervalued 5G Leader Ready To Shine After Rate Cuts ,” the stock is up about 25% thanks to severalAs of 2025, I've got over 10 years of researching companies. In total, throughout my investing life, I estimate that I researched (in depth) well over 1000 companies, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many emerging market stocks, which I believe could help me provide useful co ...

Since the last time I covered Nokia (NYSE: NOK ) and called them a “ Healthy And Undervalued 5G Leader Ready To Shine After Rate Cuts ,” the stock is up about 25% thanks to severalAs of 2025, I've got over 10 years of researching companies. In total, throughout my investing life, I estimate that I researched (in depth) well over 1000 companies, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many emerging market stocks, which I believe could help me provide useful co ...

尽管欧洲当年的封杀措施因各国执行差异未形成致命打击，部分国家仅限制华为参与核心区域建设，未 全面禁入，但这种政治态度的倾向性已足够明确。 中国限制诺基亚、爱立信的电信设备使用，是单纯的"对等反制"吗？结合欧洲此前对华为的限制与双方 市场数据，这背后藏着技术博弈与战略考量的双重逻辑。 据《金融时报》报道，中国正收紧国内电信网络对诺基亚和爱立信设备的使用权限。具体来看，中国在 推动关键技术基础设施与西方适度脱钩的过程中，明确要求移动运营商、公共事业单位等国营采购方， 对外国电信设备的投标实施更严格的安全审查。 这类针对关键基础设施的采购审查，在全球主要经济体中并非个例，欧美多国早有类似针对外资设备的 安全评估机制，中国此次调整实则是对国际通行规则的衔接与细化。 知情人士透露，爱立信和诺基亚需先向中国网络安全审查部门提交全套资料，整个审查流程最长可能耗 时三个月。 更关键的是，企业不会收到审查标准的书面说明，审查结束后也无详细的结果反馈，这种"标准不公 开、结果不反馈"的审查模式，恰恰击中了欧洲企业的竞标痛点。 海外市场投标往往依赖明确的规则预判，模糊的流程会直接压缩企业的报价策略与工期规划空间，进而 让欧洲企业在 ...

Press Release Nokia extends long-term partnership with VNPT in Vietnam Companies sign deal extension to upgrade VNPT’s radio infrastructure across the Hanoi area, border provinces, and the South of Vietnam.Deployment of Nokia's advanced AirScale equipment portfolio will enhance connectivity and increase network capacity.Deal aims to further improve mobile coverage, accelerate digital transformation and contribute to Vietnam's socio-economic development. 24 October 2025Espoo, Finland – Nokia today announced ...

Hydro’s adjusted EBITDA for the third quarter of 2025 was NOK 5,996 million, down from NOK 7,367 million in the same quarter last year. The results decreased from lower realized alumina prices and a stronger NOK. This was partly offset by higher primary and alumina volumes, positive gain from increasing U.S. Midwest premium in Extrusions (metal effect) and realization of previously eliminated internal profits. Hydro generated NOK 2.2 billion in free cash flow, while the twelve month adjusted RoaCE ended at ...