Nvidia(US:NVDA) Donghai Securities·2026-03-02 07:57Investment Rating - The report maintains a "Market Weight" rating for the electronic industry, indicating a neutral outlook for the sector over the next six months [44]. Core Insights - Nvidia's performance in Q4 of fiscal year 2026 exceeded market expectations, with data center revenue growing by 58% year-on-year, continuing to drive core growth [5][10]. - The upcoming GTC conference from March 16-19 is expected to showcase Nvidia's new Feynman platform and a new AI inference chip integrated with Groq LPU technology, highlighting Nvidia's strategic focus on inference computing [5][10]. - The electronic industry is experiencing a recovery in demand, effective supply clearance, and rising prices for storage chips, with significant domestic production efforts exceeding expectations [5]. - Investment opportunities are identified in AI computing, AIOT, semiconductor equipment, key components, and the rising prices of storage [5]. Summary by Sections Industry Overview - Nvidia's Q4 revenue reached $68.127 billion, a 73.21% increase year-on-year, with net profit at $42.96 billion, marking a 94.47% increase [5]. - The data center segment's revenue for Q4 was $62.3 billion, up 75% year-on-year, significantly contributing to Nvidia's overall performance [10]. Market Trends - The electronic sector outperformed the market, with the Shenzhen 300 index rising by 1.08% and the Shenwan electronic index increasing by 4.07% [18]. - The semiconductor sub-sector saw a 2.19% increase, while electronic components surged by 12.34% [20]. Investment Recommendations - Suggested stocks to watch include companies benefiting from strong domestic and international demand in the AIOT sector, such as Lexin Technology and Hanguang Technology [6]. - For AI-driven innovation, focus on companies like Cambricon and Moore Threads, while in the optical device sector, companies like Source Technology are recommended [6]. Price Trends - The report notes that the price of DRAM and NAND Flash has shown signs of recovery, with DRAM prices expected to rise significantly in 2026 [31][12].