中国科技硬件股票下跌，部分公司令人瞩目的季度业绩未能抵消市场对基本面的持续担忧以及全球AI情绪疲软的影响。
Chinese tech hardware shares tumbled as eye-popping quarterly results at some companies failed to offset persistent concerns over fundamentals and weak global AI sentiment.
芯片权重较大的科创50指数周四盘中最大跌幅达4.6%，前一交易日曾上涨2.5%。AI芯片制造商摩尔线程科技股价盘中最大跌幅达13%，尽管其截至9月止三个月销售额同比激增近1800%。存储芯片生产商佰维存储科技下跌14%。同样侧重硬件股的创业板指最大跌幅达3.9%。
The chip-heavy STAR 50 Index dropped as much as 4.6% on Thursday after gaining 2.5% in the previous session. Artificial intelligence chipmaker Moore Threads Technology Co. plunged as much as 13% even after sales surged nearly 1,800% on-year in the three months through September. Memory chip producer Biwin Storage Technology Co. slid 14%. The ChiNext gauge, similarly focused on hardware stocks, fell as much as 3.9%.
本月迄今科创50指数已累计下跌近20%，跌至2025年9月以来最低水平，市场担忧估值过高以及国内竞争激烈。投资者信心依然脆弱，自指数6月下旬见顶以来的反弹均昙花一现。
The Star50 has slumped nearly 20% so far this month to the lowest since September 2025 amid worries over frothy valuations and intense domestic competition. Investor confidence remains fragile, with rebounds since the gauge peaked in late June proving to be short-lived.
此次抛售是全球科技股普遍疲软的一部分，行业巨头令人失望的业绩重燃市场对巨额AI支出的审视。三星电子因芯片利润不及预期下跌逾5%，Alphabet因销售额不及预期在盘后交易中暴跌10%。
The selloff was part of broader weakness in global tech shares as disappointing results from industry heavyweights renewed scrutiny of hefty AI spending. Samsung Electronics Co. fell more than 5% after its chip profit missed estimates, while Alphabet Inc. tumbled 10% in extended trading after weaker-than-expected sales.
上海承洲投资管理首席投资官傅志峰表示：“缺乏基本面支撑，投资者将反弹视为短期交易机会而非持续复苏。三星和Alphabet业绩不及预期也是拖累科技情绪的因素之一。”谷歌供应商中际旭创盘中最大跌幅达7.4%，光模块厂商苏州长光华芯和印制电路板制造商胜宏科技在周三短暂反弹后也随之下跌。
“With little fundamental support, investors were treating the rebound as a short-term trading opportunity rather than a sustained recovery,” said Fu Zhifeng, chief investment officer at Shanghai Chengzhou Investment Management. “Samsung and Alphabet’s results miss are also among the factors weighing on tech sentiment.”Google supplier Zhongji Innolight Co. fell as much as 7.4%, while optical-component maker Suzhou TFC Communication Co. and printed circuit board manufacturer Victory Giant Technology also fell after a brief rebound on Wednesday.
即使经历近期抛售，AI相关股票估值依然昂贵。科创50指数目前市盈率（按前瞻盈利）约为38倍，而韩国KOSPI指数不足5倍，纳斯达克100指数为20倍。
AI-related stocks remain expensive even after the recent selloff. The Star50 now trades at about 38 times forward earnings, compared with less than five times for South Korea’s Kospi Index and 20 times for the Nasdaq 100.