每日投资策略-20250530

Industry Insights - The semiconductor industry is experiencing strong demand, as evidenced by NVIDIA's Q1 performance, which reported revenue of $44.1 billion, a year-on-year increase of 69.2% and a quarter-on-quarter increase of 12.0%, surpassing Bloomberg consensus estimates [2] - NVIDIA's non-GAAP gross margin was 61.0%, and if excluding a$ 4.5 billion impairment related to H20, it would be 71.3%, slightly above market expectations [2] - The management anticipates Q2 revenue to reach $45 billion, reflecting a 50% year-on-year growth and a 12% quarter-on-quarter increase, indicating sustained AI demand [2] Company Analysis - Ideal Auto (LI US/2015 HK) reported Q1 2025 earnings in line with expectations, with a gross margin of 20.5%, exceeding predictions by 1.3 percentage points due to effective cost control [5][6] - SANY International (631 HK) achieved a 23% year-on-year increase in net profit for Q1 2025, driven by growth in large port machinery and oil and gas equipment, alleviating market concerns about growth prospects [6] - Salesforce (CRM US) reported Q1 FY26 revenue of$ 9.8 billion, a year-on-year growth of 8%, with cRPO increasing by 12% to $29.6 billion, indicating strong renewal performance and growth in data cloud and AI business [7][8] - Microsoft (MSFT US) is focusing on building an open AI agent network, with updates on three major AI platforms, which are expected to enhance AI product commercialization [8]