交银国际每日晨报-20250530

Group 1: Nvidia (NVDA US) - The report highlights that Nvidia has fully entered the Blackwell era, with a significant increase in inference demand, leading to a target price adjustment to $175, indicating a potential upside of +29.8% from the current price of $134.81 [3][4] - The short-term financial impact of export restrictions is less than expected, with asset impairment reduced to $4.5 billion from $5.5 billion, and revenue guidance for FY1Q26 and FY2Q26 set at $2.5 billion and $8 billion respectively [3][4] - Nvidia emphasizes the importance of the Chinese market, predicting that Blackwell will contribute nearly 70% of data center computing revenue, with the new GB300 Blackwell Ultra system starting testing this month [3][4] Group 2: Kingsoft (3888 HK) - Kingsoft's Q1 performance was affected by seasonal factors and increased R&D spending, particularly in AI and new game categories, with game revenue declining due to seasonal decreases in commercialization updates for "Jian Wang 3" [5] - The company plans to launch new games, including "Jie Xian Ji" in July and "Jian Xia Qian Yuan: Zero" at the end of May, which are expected to stabilize gaming revenue in the second half of the year [5] - The target price for Kingsoft has been adjusted down from HKD 50 to HKD 46, maintaining a buy rating due to changes in valuation contributions from Kingsoft Cloud [5] Group 3: Pharmaceutical Industry - The ASCO conference revealed that 71 original research results from Chinese pharmaceutical companies were selected for oral presentations, marking a record high and demonstrating the increasing international influence of Chinese innovative drugs [9][10] - The report suggests that the innovative drug sector is likely to attract attention and may lead to more outbound transactions, with market sentiment and sector valuations entering a positive recovery phase [9][10] - Investment recommendations include focusing on companies with rich short-term catalysts and high growth potential, such as Rongchang Biologics and Kangfang Biologics, as well as prescription drug companies like Xiansheng Pharmaceutical and Hansoh Pharmaceutical [10]