Nvidia(US:NVDA) KAIYUAN SECURITIES·2026-02-28 13:43Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - Nvidia's FY2026 Q4 revenue reached $68.1 billion, a year-on-year increase of 73% and a quarter-on-quarter increase of approximately 19%. The data center business revenue was $62.3 billion, growing 75% year-on-year and 22% quarter-on-quarter, primarily driven by the release of Blackwell and Blackwell Ultra products [5][13] - DeepSeek, in collaboration with Tsinghua University and Peking University, introduced the DualPath system, which significantly enhances online inference throughput by an average of 1.96 times, addressing storage bandwidth bottlenecks in LLM inference [6][16] - The report emphasizes the ongoing global AI resonance, highlighting four main investment themes: optical networks, liquid cooling, domestic computing power, and satellite internet [7][18] Summary by Sections Nvidia Performance - Nvidia's data center revenue is projected to continue growing, with an expected FY2027 Q1 revenue of $78 billion, not accounting for Chinese data center income. The demand for Nvidia's AI chips from major cloud service providers remains strong, contributing over 50% of the data center revenue [14][15] DeepSeek Innovation - The DualPath system represents a milestone innovation in AI computing power, effectively breaking traditional single-path dependencies and optimizing model efficiency and cost structure. This collaboration between academia and industry is expected to establish technological barriers in the domestic computing power industry [6][16][17] Investment Recommendations - The report recommends focusing on three core AI themes: optical networks, liquid cooling, and domestic computing power, while also considering AI applications, telecom operators, and satellite internet & 6G sectors. Specific recommended stocks include Zhongji Xuchuang, Xin Yi Sheng, and others across various segments [18][19][20] Communication Data Tracking - As of December 2025, China had 4.84 million 5G base stations, with 1.204 billion 5G mobile phone users, reflecting an 18.74% year-on-year growth. However, 5G mobile phone shipments saw a decline of 27.3% year-on-year [28][30][41]