Nvidia(US:NVDA) Nan Hua Qi Huo·2025-11-20 10:59Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Nvidia's Q3 earnings exceeded expectations, boosting the sentiment of the technology sector and causing today's stock indices to open higher. However, due to strong profit - taking intentions and unresolved Sino - Japanese tensions, the indices weakened after the opening. The market's risk - aversion sentiment was strong, and there was a style shift between large - and small - cap stocks. Defensive large - cap indices were relatively more resilient [5]. - The September non - farm payroll report released tonight is crucial for the Fed's December interest - rate decision. If the employment data improves, the expectation of interest - rate cuts will cool down, and the stock indices are expected to continue to adjust, with large - cap indices remaining dominant. If the data shows an increased risk of employment decline, the expectation of interest - rate cuts will rise, strengthening the support for A - shares, and the stock indices may stop falling and rebound in the short term [5]. 3. Summary by Relevant Catalogs Market Review - Today, the stock indices opened higher and closed lower. Large - cap indices were relatively more resilient, with the CSI 300 index closing down 0.51%. In terms of capital, the trading volume of the two markets decreased by 17.20 billion yuan. In the futures index market, IM declined with reduced volume, while other varieties declined with increased volume [3]. Important News - Nvidia's Q3 total revenue accelerated by 62% year - on - year, and its Q4 revenue guidance mid - point is expected to increase by 65% year - on - year. Data center revenue reached a record high, and the stock price rose by up to 6% after the market [4]. - The Fed meeting minutes revealed significant differences. Many people think it is not suitable to cut interest rates in December, and some are worried about the disorderly decline of the stock market [4]. Strategy Recommendation - Go long on IH and short on IM [6]. Futures Market Observation - The main contracts of IF, IH, IC, and IM had intraday declines of - 0.69%, - 0.49%, - 0.84%, and - 0.48% respectively. The trading volume of IF, IH, and IC increased, while that of IM decreased. The open interest of IF, IH, and IC increased, while that of IM decreased [6]. Spot Market Observation - The Shanghai Composite Index fell 0.40%, and the Shenzhen Component Index fell 0.76%. The ratio of rising to falling stocks was 0.37. The trading volume of the two markets was 1.708189 trillion yuan, a decrease of 17.20 billion yuan from the previous day [7].