每日投资策略-20251121

Core Insights - The report highlights Nvidia's strong quarterly performance with revenue reaching $57 billion, a year-on-year increase of 62% and a quarter-on-quarter increase of 22%, surpassing Bloomberg consensus estimates by 3% and guidance by 6% [2] - Nvidia's management provided a robust guidance for Q4, expecting revenue to reach $65 billion, which indicates a year-on-year growth of 65% and a quarter-on-quarter growth of 14%, significantly above market expectations [6] - The semiconductor industry is experiencing a shift towards AI applications, with companies like SK Hynix planning to increase DRAM production to meet the growing demand [5] Industry Commentary - The semiconductor industry, particularly Nvidia, is alleviating market concerns regarding an AI bubble through strong execution and guidance [6] - The report notes that Nvidia's gross margin for the quarter was 73.6%, slightly below consensus but higher than guidance, reflecting improvements in product mix and cost structure [2] - The report anticipates that the AI supply chain will continue to outperform the market until 2026, driven by strong demand for AI-related products [6] Company Analysis - NetEase reported a total revenue of RMB 28.4 billion for Q3 2025, an 8% year-on-year increase, although slightly below consensus expectations [6] - Palo Alto Networks achieved a revenue of $2.5 billion for Q1 FY26, a 15.7% year-on-year growth, exceeding consensus estimates [6] - Stone Pharmaceutical's revenue for the first three quarters of 2025 was RMB 19.9 billion, with a notable contribution from licensing income, indicating a sustainable growth trajectory [7][9]