英伟达即将公布季度财报，市场预期普遍乐观，但分析师认为股价反应可能依然平淡，真正的催化剂或许要等到三月 的英伟达GPU技术大会（GTC）。 2月25日美股盘后，AI超级巨头英伟达将发布最新财报，财报电话会议定于太平洋时间2月25日下午2:00，即北京时间2 月26日早上6:00举行。 法国巴黎银行分析师David O'Connor预计财报基调"相当积极"，但亮眼数字未必能带动股价明显上涨。他认为，英伟 达可能将最具市场影响力的信息留到三月GTC大会再披露。 英伟达今年股价涨幅仅约2%，远落后于费城半导体指数同期16%的涨幅。AI芯片竞争格局、存储芯片成本上涨对毛利 率的压力，以及超大规模云厂商资本支出走向，是本次财报季投资者关注的几个核心问题。 根据FactSet综合预测，英伟达第四财季调整后每股收益预期为1.54美元，营收预期661亿美元，其中数据中心业务预期 607亿美元。全财年营收预期2138亿美元，第一财季营收前瞻预期729亿美元。 问题在于，过去几个季度强劲的业绩数据屡屡未能提振股价。市场对英伟达的预期已经相当充分，超预期的空间越来 越窄。O'Connor认为，投资者的注意力已提前转向三月GTC大会 ...

TMTB晨间综述 TMT 突破 2026年2⽉24⽇ 已付费PAID Anthropic 也将在今天美国东部时间上午 9:30 举办⽹络研讨会，重点介绍 Claude 的代 理功能，以⽀持企业⼯作流程。 | | TMT Pre-mkt Movers/Shakers | | | Futures | % | Al Subsectors | | TMT Subsectors | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Winners | | Losers | | SP500 | -0.03% | Memory Exposed | 1.82% | Profitable Secular Growth | 0.94% | | AMD | 9.0% | GRPN | -3.8% | Nasdaq | 0.26% | Optical | 1.73% | Strong Balance Sheet | 0.52% | | ANET | 5.2% | IMAX | -2.9% | Russell | 0.01% | Al Tech Bene ...

李阳 国金证券建材分析师: 各位投资人大家晚上好，我是国金建材分析师李阳，感谢拨冗参会。那今天晚上我们是再 次邀请到一位专家来为我们去分享一下。整个像 CCL，包括电子部铜箔这些细分板块的一 些变化。那其实不少投资人关心，像最近在节前和节后的话，这两波其实行情还是走的比 较坚决的。这个其实还是比较符合预期，因为在最初的时候我们就提示一直要看涨价，价 格才是那个最重要的一个催化剂。所以这个也是可以看到，台面上我们最核心的几个标的 其实都是应该说是走势非常坚决，越来越多的这个板块和这资金段都往这个方向去进行一 个关注。 我觉得从这个时间点来看的话，其实最重要的是接下来会发生哪些变化？还是让我们再次 去点燃那个超预期这三个字，这个还是比较关心的。所以接下来的一些核心的变化、高频 的跟踪还是非常有必要的那我们今天也是请到专家跟我们去再更新一下节后的一些变化吧 我先抛砖引玉，请教，先请教专家几个比较笼统的问题随后我们也开放这个线上的沟通， 也欢迎各位投资人跟我们专家进行互动。专家您好，就是我们先跟您请教一下关于现在这 个 CCR，这个环节，就目前您看，您看到的关注，观察到的这个情况。 我们现在价格在 2 月份涨完之后的 ...

分析师 2: 好的，各位投资者，那个晚上好，欢迎大家参会。今天初八，启新程，祝各位投资者马年 开工大吉，万事马到成功，业绩定制长虹。今天光互联这个方向喜提开门红，我们认为是 这个产业逻辑和短期催化形成了一个共振。就关于这种技术路径的一个争议，也出区域， 一个平缓，所以各个细分方向的成长性这个之前相互压制的这样的一个恐慌，是有所放缓 了。同时，假期就春节假期，这个美股比如说像 AMD NVIDIA 还有 Coherent。A O I、 西雅娜等等这些光模块，或者说 CPO 相关的一些核心标的，也都大涨，都在 13%以上。 也给了这个今天 A 股光互联，就是普，这个普涨，也造，创造了一个比较好的一个条件。 下面我们主要来梳理一下，就是我们关于这个光互联这个板块，三个细分方向的一个划分 以及各自的这个逻辑观点和后后续这个走势的一个判断。首先我们先要介绍一下，就是我 们对于光互联，我们会按照这个不同的产品、不同的供应链和不同的逻辑，具体会划分成 三个细分的方向。分别是大光、小光和新光。那我们先来讲一下新光，新旧新旧的新。新 光其实主要是指这个 CPU、NPU、OCS 等等这些下一代光互联方案。 所涉及到的一些板块标的 ...

张宁 国联民生证券通信分析师: 尊敬的各位投资者大家好，我是国联民生通信团队的张宁，今天早上我和我的同事朱正庆 在我们开工的第一天的早 8 点。来给大家做一下我们春节期间对光通信，还有 CPU、OCS 等这些行业的一些观察。首先，也是给大家拜个年，也祝大家在新的一年里面，这个投资 顺利，业绩长虹。然后，因为很，因为这个，我们长话短说，因为 8 点的时间后面大家都 有很多的会议我们长话短说，第一个就是春节期间我们看到了什么？一个是围绕着 AI 的 资本开支的讨论，其实是在春节期间也没有停下来，特别是关于 OpenAI 他们的怎么开支， 到底是 2030 年 6000 亿，还是到 2033 年 8 年的时间，我们要投入这个 14000 亿。 以及这个资本开支的口径，到底是资本开支？还是算运营投入？之类之类的这样的讨论， 其实因为他们，因为都是一些非官方的访谈，或者是这种或者是发推测，这样的公出来的 数据，也没有谁有义务说给我们清晰的把所有的账单列出来。而且这是一个 8 年到 5 年后 的事情。我们从另另外一个就是从其他，像微软，还有其他几家，特别是亚马逊，谷歌的 角度去看。我觉得我们看的更短一点，至少 26 年、 ...

Equity Research NVIDIA (NVDA US) Buy Maintained ]Company Report | Technology Feb 22, 2026 Target price: US$295 ] Jeff Pu, CFA SFC CE No. BNO719 jeffpu@gfgroup.com.hk Evan Lee SFC CE No. BVI629 evanlee@gfgroup.com.hk Catalysts Heading into The Print and GTC 2026 Reiterate Buy and lift TP to $295: NVDA is scheduled to report Jan-Q earnings on Feb 25, and we model Jan-Q sales of $67.4bn (vs. Bloomberg $66.2bn) and expect Apr-Q sales of $78bn (vs Bloomberg $75.6bn) or April-Q guide of ~$76bn (vs. Buy-sides $74- ...

While the US continues to command a dominant share in global portfolios, questions around sustainability, overinvestment in AI, and stretched P/E multiples are prompting investors to reassess tactical allocations.In an interaction with Kshitij Anand of ETMarkets, He pointed to improving fundamentals across parts of Asia, compelling opportunities in India, South Korea and Indonesia, and a shifting sectoral mix in Europe — particularly manufacturing and defence — as reasons for potential diversification amid ...

In this article, we will look at the 10 Best Stocks to Buy and Hold For the Next 3 Years.On February 21, David Volpe, Chief Executive Officer of Emerald Asset Management, appeared on a Schwab Network interview to discuss the state of the markets amidst the volatility and positive news from the Supreme Court regarding tariffs. Volpe noted that the news from the Supreme Court is positive; but since the market was already expecting the ruling, the response has been muted. However, he believes that volatility s ...

Core Viewpoint - SanDisk (SNDK.US) has faced a significant challenge from Citron Research, which has established a short position against the company, arguing that the market has mispriced its stock amid a super cycle in storage chips [1][2]. Group 1: Market Dynamics - Citron Research asserts that the market is pricing SanDisk similarly to Nvidia (NVDA.US), despite the latter having a competitive moat, while SanDisk's products are considered commodities [2]. - The demand and price surge for NAND flash memory is viewed as a typical cyclical phenomenon, nearing its peak, with historical precedents from 2008, 2012, and 2018 suggesting a similar outcome this time [2]. - Citron warns that the current supply shortage of NAND memory could quickly reverse, potentially disappearing after a single earnings call [2]. Group 2: Competitive Landscape - Samsung Electronics (SSNLF.US) is identified as a major threat to SanDisk, with Citron highlighting Samsung's strategy of prioritizing market share over profits for 30 years [2]. - Samsung is reportedly shifting tactics to directly compete in SanDisk's core market, indicating they will not sell products below a 50% gross margin and are moving their best chips into the high-end SSD market [2]. Group 3: Investor Sentiment - Concerns have been raised regarding the ongoing sell-off by Western Digital (WDC.US), a long-term investor and former parent company of SanDisk, which is divesting its remaining shares at prices 25% below current levels [3]. - Citron suggests that Western Digital's actions indicate a recognition that the cycle is nearing its peak, contrasting with the bullish sentiment being promoted to retail investors [3]. Group 4: Financial Performance - SanDisk recently reported a second-quarter earnings that exceeded Wall Street expectations, driven by strong demand for enterprise SSDs, and provided an optimistic outlook for the third quarter [4]. - The upcoming third-quarter earnings report, scheduled for May 15, is seen as a critical moment for assessing market confidence and the direction of the industry [4].

Core Viewpoint - Nvidia's stock has risen approximately 7% to 8% over the past six months, underperforming compared to other AI-related stocks like TSMC (up 73%) and memory-related stocks (up 180% to 300%) [1] Group 1: Financial Performance - Nvidia is currently trading at a forecasted P/E ratio of 26 times for the fiscal year 2027, which is considered attractive value by the firm [1] - The firm anticipates Nvidia's revenue for the fourth quarter of fiscal year 2026, ending January, to be $67.2 billion, representing a year-over-year growth of 71%, exceeding the guidance upper limit of $66.3 billion [1] - For the first quarter of fiscal year 2027, the revenue forecast is $72.7 billion, reflecting a year-over-year growth of 65%, with any guidance equal to or above $75 billion reinforcing the message of accelerating revenue growth [1] Group 2: Market Outlook - The upcoming earnings report is seen as an opportunity to revitalize market narratives regarding Nvidia [1] - The firm maintains a "highly confident outperform" rating for Nvidia, with a target price set at $300 [1]