Investment Rating - Industry investment rating is "Outperform the Market" [23] Core Viewpoints - Nvidia's Q3 2026 financial report shows impressive performance with revenue of $57 billion, a year-on-year increase of 62% and a quarter-on-quarter increase of 22%. The net profit reached $31.9 billion, growing 65% year-on-year and 21% quarter-on-quarter. The outlook for Q4 anticipates revenue of $65 billion, indicating a year-on-year growth of 65% and a quarter-on-quarter growth of 14%, reflecting strong global demand for AI computing power [5][10][19] - The competition in the global AI large model sector remains intense, which is expected to drive the application of large models and sustain high demand in the AI computing market. Domestic large models in China are continuously iterating and improving, positioning themselves among the top tier globally [19][22] Summary by Sections Industry News and Commentary - Nvidia's Q3 2026 report highlights a robust demand for AI computing power, with significant revenue growth driven by the data center business, which generated $51.2 billion, a 66% increase year-on-year and a 25% increase quarter-on-quarter. The gaming and professional visualization segments also showed strong performance [9][10][19] - The overall computer industry index fell by 2.74% this week, while the CSI 300 index dropped by 3.77%, indicating that the computer sector outperformed the broader market by 1.03 percentage points [13][16] Investment Recommendations - The report suggests focusing on investment opportunities in the AI sector, particularly in AI computing power and algorithms. Recommended stocks include Haiguang Information, Longxin Zhongke, and Industrial Fulian for AI computing power, and strong recommendations for companies like Hengsheng Electronics and Zhongke Chuangda in AI algorithms and applications [19][22]

Market Overview - Wall Street experienced a decline due to Nvidia's high-stakes numbers and a stronger-than-expected U.S. jobs report, leading to investor concerns [1][2][3] - The S&P 500 and Dow Jones Industrial Average fell approximately 2% for the week, while the Nasdaq Composite dropped 2.7% [3] Nvidia and AI Sector - Nvidia's third-quarter results surpassed Wall Street estimates, but concerns about high valuations and a potential bubble in the AI sector persisted [2] - The "Magnificent Seven" tech stocks, excluding Alphabet, faced a losing week amid these concerns [2] U.S. Jobs Report Impact - The U.S. Bureau of Labor Statistics reported a significant increase in September payrolls, which exceeded economists' expectations and affected market sentiment [3] - This report led investors to reduce their expectations for a December interest rate cut [3] Federal Reserve Commentary - New York Federal Reserve President John Williams indicated that there is "room" for interest rate cuts, which increased market expectations for a December cut to around 70% [4] Alphabet's Performance - Despite a general sell-off in AI stocks, Alphabet's shares performed well, driven by positive reception of its new AI model, Gemini 3, and potential competition with Nvidia's custom chips [5] Market Diversification - The need for diversification within the AI sector is highlighted as a potential solution for the current market challenges [6]

Core Insights - Nvidia has established itself as the leader in the artificial intelligence (AI) data revolution, primarily due to its dominance in the GPU market, holding over 90% share in the data center GPU segment [2][4] - The company has formed a vast network of partnerships and alliances, reinforcing its position and dependence among top AI players [3][7] Partnerships and Investments - Nvidia has made significant investments in AI start-ups, including a $10 billion investment in Anthropic, which has raised its valuation to approximately $350 billion [4][8] - Other notable partnerships include investments in Intel ($5 billion), OpenAI ($100 billion over time), and ownership stakes in CoreWeave (24.3 million shares) and Nebius (1.19 million shares) [4][5][6] Strategic Implications - The partnership with Anthropic allows Nvidia to hedge its bets against competitors like OpenAI, ensuring a stake in the growing generative AI market [6][9] - Anthropic aims for a run-rate revenue of $9 billion by year-end, with projections to nearly triple to $26 billion, making it an attractive investment for Nvidia and Microsoft [8]

"国产GPU第一股"摩尔线程即将登陆科创板。 其在公告中披露，截至2025年11月19日，摩尔线程已收到286家网下投资者管理的7787个配售对象的初步询价报价信息，报价区间为88.79-159.57元/股，拟 申购数量总和约为729.99亿股。在剔除部分无效报价后，仍有7766个配售对象符合条件，有效申购总量达到704.06亿股。机构投资热情可见一斑。 据悉，此次IPO，摩尔线程拟募资80亿元，投向新一代自主可控AI（人工智能）训推一体芯片研发项目、新一代自主可控图形芯片研发项目、新一代自主可 控AISoC芯片研发项目等。 公开资料显示，摩尔线程成立于2020年6月11日，注册资本约4亿元，主要从事GPU及相关产品的研发、设计和销售。摩尔线程法定代表人为张建中，他曾担 任英伟达全球副总裁、中国区总经理，在GPU行业拥有近二十年的积累和丰富经验。此外，摩尔线程多位核心高管也有英伟达公司的工作经历。 11月21日，张建中回应投资者提问 图片截取自上证路演网 据上交所官网消息，在11月21日举行的网上投资者交流会上，公司创始人、董事长、总经理张建中回应了约200个问题，内容涵盖公司技术路径、业绩预 期、行业发展等 ...

相关ETF：科创50ETF（588000）。 展望后市，中信证券认为，Token需求增速持续超预期，谷歌在10月公布每月推理Tokens用量达到 1.3qn，相比5月翻倍。此外Gemini3基于谷歌自研芯片TPU进行训练，自研芯片的高性价比意味着同样 的Capex下有望获得更高的算力，也对应更高的配套零组件开支。我们继续看好AIPCB板块的高确定性 与成长性，正交背板方案正处在迭代/验证进程中，有望于1-2个月内获进一步反馈结果，后续其PCB方 案从材料、选型等层面有望逐步清晰，均有望为AI板块修复/上行提供催化。 科创50ETF（588000）追踪科创50指数，指数持仓电子行业69.3%，计算机行业5.17%，合计74.47%， 与当前人工智能、机器人等前沿产业的发展方向高度契合。同时涉及半导体、医疗器械、软件开发、光 伏设备等多个细分领域，硬科技含量高，看好中国硬科技长期发展前景的投资者建议持续关注。 11月24日午后A股三大指数全线翻红。科创50ETF（588000）低位拉升，最大涨幅超1%。盘面上，天岳 先进、金山办公涨超5%，持仓的50只股票40只上涨。资金方面，科创50ETF（588000）近期持 ...

Market Analysis by covering: Nasdaq 100, S&P 500, Dow Jones Industrial Average, Invesco QQQ Trust. Read 's Market Analysis on Investing.com ...

Market Overview - The Hang Seng Index closed at 25,220, down 2.38% for the day and 5.09% for the week, but up 25.72% year-to-date[3] - The Hang Seng Technology Index fell 3.21% to 5,395, with a year-to-date increase of 20.76%[3] - The Hang Seng China Enterprises Index decreased by 2.45% to 8,920, with a year-to-date rise of 22.36%[3] - The Shanghai Composite Index dropped 2.45% to 3,835, with a year-to-date increase of 14.41%[3] Sector Performance - The lithium battery sector saw significant declines, with Ganfeng Lithium down over 12% and Tianqi Lithium down over 11%[9] - Semiconductor stocks also performed poorly, with Innolux down over 8% and SMIC and Hua Hong Semiconductor both down over 6%[9] - Xiaomi-related stocks rose against the trend, driven by the launch of Xiaomi's enhanced smart driving system[9] U.S. Market Insights - On November 21, U.S. markets saw all major indices rise, with the Dow Jones gaining approximately 1.1%[9] - The probability of a 25 basis point rate cut by the Federal Reserve in December increased from under 40% to over 70% following dovish comments from New York Fed President Williams[9] - Notable movements in large tech stocks included Google up 3.53% and Nvidia down 0.96%[9] Japanese Market Trends - The Nikkei 225 index fell 2.4%, with a cumulative decline of 3.5% over the past week[13] - Japanese semiconductor stocks faced significant drops, with Tokyo Electron down 7.14% and Advantest down 12.10%[13] - The Japanese government announced a $135 billion economic stimulus plan, adding pressure to the yen and government bonds[13]

Group 1 - The core viewpoint of the news highlights the significant growth and investment in the AI and software development sectors, driven by strong demand and technological advancements [3][4]. - The 信创 ETF fund (562030) experienced a rapid increase of 2.49%, with key stocks such as 品高股份 and 三六零 hitting their daily limit [1]. - Nvidia reported record data center revenue of $51.2 billion for Q3 of fiscal year 2026, indicating robust demand for its Blackwell architecture products [3]. Group 2 - Major cloud service providers (CSPs) have increased their capital expenditures, with the top four companies collectively spending over $110 billion in Q3, primarily on data centers and AI infrastructure [4]. - AWS has a backlog of orders exceeding $200 billion, while Azure's growth rate reached 40%, showcasing the strong demand for AI-driven cloud services [4]. - The AI sector is expected to continue driving revenue growth for SaaS companies, with notable increases in revenue for firms like ServiceNow and Palantir [4].

[Table_ReportDate] 2025 年 11 月 24 日 [Table_Author] 分析师：李时樟 执业证书：S1030522060001 电话：18065826333 邮箱：lisz@csco.com.cn 分析师：罗晴 执业证书：S1030524110001 电话：13603091122 邮箱：luoqing@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 [Table_Industry] TMT [Table_Title] 国内外大模型厂商加速抢占 C 端入口 TMT 行业周报（11 月第 3 周） [Table_S 行业观点： ummary] 请务必阅读文后重要声明及免责条款 】 [Table_ReportType] [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业上周（11.17-11.21）涨 跌幅为：传媒（-1.25%）、通信（-2.51%）、计算机（-2.74%）、 电子（-5.89%）。TMT 板块内涨幅靠前的三级子行业为营销代 理（9.60%），跌幅靠前的三级子行业分别为其他电子Ⅲ（- 11.95%）、半导体设备（-7.19 ...

一是摩尔线程科创板IPO从获受理到过会仅用时88天，创造了年内科创板IPO最快过会记录。这一速度充分体现了资本市场对硬科技企业的强力支持，极大 地提振了市场对半导体板块，特别是上游"卡脖子"环节的信心。 二是构建国产算力集群，能够拉动上游需求。摩尔线程的上市并非孤立事件，后续沐曦、燧原等国产算力芯片公司也将逐步登陆资本市场，这些公司将共同 形成国产算力集群。它们的发展离不开最上游的半导体设备与材料，其持续的研发与产能扩张，有望为设备材料公司带来了明确的订单增长预期。 11月24日午后，半导体设备ETF（561980）直线拉升涨1.78%，成份股神工股份大涨8.50%，北方华创、天岳先进、晶瑞电材涨超5%，南大光电、晶升股份 涨超4%，中微公司、安集科技等设备、材料股集体走强。 消息面上，今日摩尔线程正式启动科创板IPO申购，发行价高达114.28元/股，成为年内最贵新股之一，被市场寄予"中国版英伟达"的厚望。 为何摩尔线程的上市能提振整个半导体设备、材料板块？主要源于两个方面： 从持仓上来看，中证半导主要聚焦中微公司、北方华创、寒武纪、中芯国际、海光信息等芯片产业链上/中游公司，前五大权重占比约57%，前十大 ...