第一创业晨会纪要-20250529

Group 1: Company Performance - Nvidia reported Q1 revenue of $44.1 billion, a 69$43.29 billion. Data center revenue was $39.1 billion, up 73$39.22 billion. Given the restrictions on H20 sales, data center revenue is likely to exceed expectations [2] - The company expects Q2 revenue to be $45 billion, with a fluctuation of 2$45.5 billion. The adjusted gross margin for Q1 was 61%, a decrease of 17.9 percentage points year-over-year, while the gross margin excluding H20 impact was 71.3%, surpassing the market expectation of 71% [2] Group 2: Industry Developments - Siemens' EDA division is reportedly suspending support and services for mainland China, based on a notification from the U.S. Department of Commerce. This could potentially stimulate investor interest in domestic EDA software companies such as Huada Jiutian and Kailun Electronics if the news is confirmed [3] - Recent developments in the domestic duty-free market have injected new vitality into consumer spending. The first city duty-free store in Changsha opened on May 22, covering approximately 2,000 square meters and expected to start trial operations by September. Similar initiatives are underway in Guangzhou and Chengdu, aiming to attract foot traffic and respond to national policies encouraging consumption [5] - The upcoming Dragon Boat Festival and Children's Day holidays are expected to diversify the tourism market. Data from Ctrip indicates that local and surrounding travel accounted for 50% of bookings during the Dragon Boat Festival, with family travel orders making up 35%. The search interest for family-friendly hotels increased by 45% year-over-year [6]