山西证券研究早观点-20250606

Core Insights - The report highlights the strong performance of Nvidia, with Q1 FY26 revenue reaching $44 billion, a 69% year-over-year increase, driven by a 73% increase in data center revenue to $39 billion. Despite a $2.5 billion order loss due to U.S. government policy changes, Nvidia has successfully transitioned from Hopper to Blackwell architecture, improving manufacturing yields and ramping up cabinet shipments to major CSP customers [6][7]. Industry Commentary - Nvidia's focus on edge computing is emphasized, with record gaming revenue of $3.8 billion in Q1, a 48% quarter-over-quarter increase. New products like RTX 5060 are driving a wave of upgrades among gamers. The introduction of tools like DGX Spark and DGX Station aims to support AI developers and research institutions, facilitating the deployment of local intelligent agents [6][7]. - The Ministry of Industry and Information Technology (MIIT) has issued the "Computing Power Interconnection Action Plan," aiming to establish a comprehensive standard and rule system for computing power interconnection by 2026. This initiative is expected to enhance the utilization of domestic computing power cards and support the sustainability of computing power leasing businesses [6][7]. Market Trends - The overall market experienced a decline during the week of May 26 to May 30, 2025, with the Shenwan Communications Index rising by 1.53%. Notable stock performances included HaiGe Communication and New Yi Sheng, with increases of 16.34% and 7.03%, respectively. Conversely, Dongtu Technology and Ruikeda saw declines of 4.96% and 3.52% [9].