Nvidia(US:NVDA) Wanlian Securities·2026-03-03 14:29Investment Rating - The industry is rated as "Outperform" with an expectation of a relative increase of over 10% compared to the market index in the next six months [20]. Core Insights - The communication industry index outperformed the CSI 300 and ChiNext indices, with a weekly increase of 4.76%, surpassing the CSI 300 and ChiNext by 3.69 and 3.72 percentage points respectively [11][12]. - Nvidia's revenue for the fiscal year 2026 reached $215.938 billion, exceeding market expectations, indicating a sustained growth in AI computing demand [2][14]. - LightCounting has raised its forecast for the shipment of 800G and 1.6T optical modules, predicting a more than doubling of 800G shipments in 2026 and significant growth in 1.6T module sales [2][18]. - The commercial aerospace sector is advancing, with Blue Arrow Aerospace planning to conduct recovery tests in the second quarter of 2026, reflecting ongoing cost reductions in the satellite industry [2][18]. Summary by Sections Industry Dynamics - AI Computing: Nvidia's fiscal year 2026 revenue was $215.938 billion, a 65% year-on-year increase, with a projected sales forecast of $78 billion for the first quarter of fiscal year 2027, exceeding market expectations [2][14]. - Optical Communication: LightCounting predicts that 800G optical module shipments will more than double in 2026, while 1.6T module shipments are expected to grow significantly from a small base in 2025, with sales exceeding $2 billion in 2026 [2][18]. - Commercial Aerospace: Blue Arrow Aerospace is optimizing landing processes and plans to conduct recovery tests in 2026, aiming for the first reuse flight by the fourth quarter [2][18]. Industry Valuation - As of February 27, 2026, the PE-TTM for the communication industry is 28.06 times, which is above the historical average of 22.25 times for 2023-2025 [3][16].