Nvidia(US:NVDA) Guoyuan Securities·2025-11-25 03:14Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week (November 17-23, 2025) saw a decline in major indices, with the Shanghai Composite Index down 3.90%, the Shenzhen Component Index down 5.13%, and the ChiNext Index down 6.15%. The telecommunications sector, represented by the Shenwan Communications Index, also experienced a decline of 2.51% [2][11]. - Among the sub-sectors, the telecommunications network equipment and devices had the lowest decline at 1.76%, while telecommunications cables and supporting equipment saw the highest decline at 6.09% [2][14]. - Notable individual stock performances included Dekeli with a rise of 24.82%, Shida Group at 18.16%, and Guangku Technology at 14.86% [2][16]. Summary by Sections Market Overview - The telecommunications sector experienced a general downward trend, with the Shenwan Communications Index declining by 2.51% during the week [2][11]. - The sub-sectors showed varied performance, with telecommunications network equipment and devices declining the least at 1.76%, while telecommunications cables and supporting equipment faced the most significant drop at 6.09% [2][14]. Key Company News - Nvidia reported strong third-quarter results for FY2026, with revenue reaching $57 billion, a year-on-year increase of 62.5% and a quarter-on-quarter increase of 22%. The data center segment accounted for 90% of total revenue, highlighting its role as a key growth driver [3][18]. - The Ministry of Industry and Information Technology (MIIT) initiated commercial trials for satellite IoT services, aiming to enhance the satellite communication market and support emerging industries [4][20]. Investment Focus Areas - The report suggests focusing on the computing power industry chain and the satellite industry chain, particularly in light of Nvidia's strong performance and the launch of satellite IoT services [3][4].