【导读】英伟达财报提振亚洲股市 中国基金报记者 泰勒 大家好，一起关注下今天全球市场的表现吧。 亚洲市场大涨 11月20日，受科技股推动，亚洲市场全线大涨。 日经225指数涨幅为2.65%，韩国KOSPI指数涨幅为1.92%，台湾加权指数涨超3%。 | < 标志 | 亚太指数 () | | | | --- | --- | --- | --- | | 名称 | 最新 | 涨幅↓ | 污长跌 | | 台湾加权 | 27426.36 | 3.18% | 846.24 | | TWII | | | | | 日经 225 | 49823.94 | 2.65% | 1286.24 | | N225 | | | | | 韩国 KOSPI200 | 564.20 | 2.09% | 11.54 | | KOSPI200 | | | | | 菲律宾马尼拉 | 5930.81 | 2.01% | 117.10 | | PSI (延 | | | | | 韩国 KOSPI | 4004.85 | 1.92% | 75.34 | | KS11 | | | | | 泰国 SET | 1291.42 | 1.51% | 19.25 | | ...

新华财经东京11月20日电（记者刘春燕）受英伟达财报超预期刺激，日本东京股市两大股指20日明显上 涨。日经225种股票平均价格指数收盘上涨2.65%，东京证券交易所股票价格指数上涨1.66%。 由于美东时间19日盘后公布的英伟达财报超过投资者预期，带动英伟达股价盘后大涨，对日本市场形成 利好，20日早盘东京股市两大股指跳空高开，日经股指高开近600点。大盘随后快速上扬，东京电子、 爱德万测试、软银集团等科技大盘股强势反弹，带动日经股指一度涨超2000点。此前东京股市两大股指 连续四个交易日下跌也成为投资者当天逢低买入的背景。 在各板块股票普遍上涨的背景下，资生堂、三越伊势丹百货、高岛屋、宜得利家居、三丽鸥等入境游及 中国市场相关股票继续下跌，显得格外引人注目。分析人士指出，由于中日关系恶化，相关公司业绩前 景不透明，投资者对买入相关股票变得谨慎。 至收盘时，日经指数上涨1286.24点，收于49823.94点；东证指数上涨53.99点，收于3299.57点。 从板块来看，东京证券交易所33个行业板块大多上涨，有色金属、电气产品、证券及商品期货交易业、 机械等板块涨幅靠前，当天仅保险业和陆地运输业板块下跌。 （ ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ ***************END*************** 半导体公众号推荐 半导体论坛百万微信群 11月20日消息，英伟达发布了第三季度业绩：营收570.1亿美元，超出市场预期的549.2亿美元；净利润319.1亿美元，同比上涨65%！受利好消息 影响，公司市值一夜增加超2万亿人民币。 分业务来看，英伟达最重要的数据中心业务实现营收512亿美元，同比增长66%。其中，计算业务（即GPU）贡献了430亿美元营收；网络业务 （即允许多个GPU协同工作的组件）贡献了82亿美元。 英伟达首席财务官Colette Kress在声明中表示，公司当前最畅销的芯片系列是Blackwell Ultra，这是Blackwell芯片的第二代产品。英伟达CEO黄仁 勋还在声明中提到："云端GPU已经全部售罄。" 虽然业绩不错，但业内对"AI泡沫"的担忧并未完全消退。近期，不少巨头接连抛售英伟达股票，如软银集团出售了价值58亿美元的英伟达股份； 风险资本家Peter Thiel执掌的一家对冲基金也在第三季度清仓了英 ...

Core Viewpoint - The article highlights significant movements in the Asia-Pacific markets, particularly in the A-share market, where banking and securities stocks have shown strong performance, alongside notable gains in lithium and rare earth sectors. The positive sentiment is further supported by strong earnings reports from major companies like Nvidia, alleviating concerns over tech stock valuations. Group 1: A-share Market Performance - The A-share market opened higher with the three major indices showing initial gains, particularly in banking stocks, with China Bank rising over 4% to reach a new historical high [2][4] - Other sectors such as securities, lithium mining, and rare earth materials also experienced strong performance, with several stocks hitting their daily limits [5] Group 2: Japanese and Korean Markets - The Nikkei 225 index surpassed the 50,000-point mark, with intraday gains exceeding 4%, while the Korean Composite Index approached a 3% increase [3][6] - Technology stocks led the rally, with SoftBank Group surging over 9% at one point, reflecting a broader recovery in tech valuations [3][6] Group 3: Nvidia's Earnings Report - Nvidia reported third-quarter revenues of $57.01 billion, a 62% year-on-year increase, surpassing market expectations, with net profits rising 65% to $31.9 billion [8] - The company's data center revenue reached $51.2 billion, up 66%, indicating strong demand for AI infrastructure [8] - Nvidia's fourth-quarter revenue guidance of $65 billion and a projected gross margin of 75% also exceeded market forecasts, boosting investor confidence [8][9] Group 4: AI Chip Exports - The U.S. government authorized the export of advanced AI chips to companies in Saudi Arabia and the UAE, with an estimated value of $1 billion for 35,000 Nvidia Blackwell chips [10] - This move is part of a broader strategic partnership between the U.S. and Saudi Arabia, focusing on AI infrastructure and semiconductor supply [10]

Core Viewpoint - Nvidia reported record sales and strong guidance, alleviating recent market concerns about an AI bubble [1] Group 1: Financial Performance - Nvidia's sales for the October quarter reached a record high of $57 billion, a 62% increase year-over-year, surpassing analyst expectations [1] - The company raised its sales forecast for the upcoming quarter to $65 billion, exceeding the previous analyst estimate of $62.1 billion [1] - Nvidia's quarterly net profit reached $31.9 billion, a 65% year-over-year increase [3] - Revenue from the data center business hit a record $51.2 billion, exceeding the analyst forecast of $49 billion [3] Group 2: Market Sentiment and Investor Behavior - Recent weeks have seen a sell-off in large tech stocks due to concerns over aggressive investments in AI infrastructure [1] - A Bank of America survey indicated that 45% of global fund managers view the AI stock market bubble as a significant risk [2] - Notable investors, including SoftBank and Peter Thiel's hedge fund, have liquidated their Nvidia holdings, reflecting a bearish sentiment [2] Group 3: Industry Dynamics - Nvidia's CEO stated that the company has entered a "virtuous cycle" of AI, with AI permeating various sectors [1] - The emergence of "circular" financing structures in AI transactions has raised market caution, particularly regarding large capital investments by suppliers like Nvidia [2] - Despite a recent pullback in stock price due to bubble concerns, Nvidia's stock has still seen a year-to-date increase of approximately 30% [3]

Core Insights - NVIDIA reported Q3 revenue of $57.006 billion, a 62% year-over-year increase, exceeding market expectations by approximately 10% [1][3] - The net profit for the quarter was $31.91 billion, reflecting a 65% year-over-year growth [1][3] - The data center business generated $51.2 billion in revenue, marking a 66% year-over-year increase and a record high [4][5] Financial Performance - NVIDIA's Q3 revenue of $57.006 billion surpassed the market forecast of $55.212 billion [1][3] - The company has achieved nine consecutive quarters of revenue growth [3] - The data center revenue reached a record $51.2 billion, with a 25% quarter-over-quarter increase and a 66% year-over-year increase [4][5] Business Segments - Data Center: Revenue of $51.2 billion, up 66% year-over-year [4][5] - Gaming: Revenue of $4.265 billion, a 30% year-over-year increase, but a slight 1% decrease quarter-over-quarter [6] - Professional Visualization: Revenue increased by 56% year-over-year to $760 million [6] - Automotive: Revenue grew by 32% year-over-year to $592 million [6] Market Impact - NVIDIA's significant market capitalization and weight in indices like S&P 500 and Dow Jones means its stock price movements can influence overall market trends [1] - The company's performance is seen as a critical indicator of the sustainability of AI demand in the market [1] Strategic Outlook - CEO Jensen Huang highlighted a robust demand for the Blackwell architecture, with a backlog of $500 billion in orders, excluding the Chinese market [8][9] - NVIDIA's partnerships and investments in companies like OpenAI and Nokia are aimed at building a strong AI ecosystem [15][16][17] - The company anticipates Q4 revenue to be around $65 billion, continuing its growth trajectory [18]

Core Insights - Nvidia's quarterly earnings report is seen as a critical indicator for market sentiment, with expectations heightened due to significant investments in artificial intelligence and a lack of reliable economic data from the US government shutdown [1][2] - The report is anticipated to influence broader market movements, with options markets predicting a potential 6% fluctuation in Nvidia's stock value, equating to approximately $280 billion [2] Financial Performance - Analysts had projected over 50% growth in both net income and revenue for Nvidia in its fiscal third quarter, driven by substantial investments from major tech companies [4] - Nvidia exceeded these expectations, reporting total revenues of $57.01 billion, surpassing the anticipated $54.9 billion, with a year-over-year sales increase of 62% and profit rising 65% to $31.9 billion [5] - The company also reported data-center sales revenue of $51.2 billion, exceeding expectations of $49 billion [5] Future Outlook - Nvidia forecasts fourth-quarter revenue of around $65 billion, which is above analysts' predictions of $61 billion [6] - CEO Jensen Huang addressed concerns regarding an AI bubble, asserting that Nvidia's capabilities in AI are unique and robust across all phases of AI development [7] Market Sentiment - There is growing anxiety among investors regarding the sustainability of AI investments, with notable figures in the industry, such as Peter Thiel and Masayoshi Son, selling off significant positions in Nvidia [3] - Despite recent sell-offs, Nvidia shares have increased by approximately 37% year-to-date, although shares in Nvidia and Palantir have fallen over 10% since last month [9] - The earnings report is expected to provide insights into broader economic signals, as AI investments are closely linked to overall economic confidence [10] Analyst Perspectives - Some analysts believe fears of an AI bubble are exaggerated, arguing that the largest tech companies are highly profitable and are reinvesting significantly in infrastructure [12] - Market psychology has been negative recently, with concerns that the AI infrastructure buildout may resemble the internet stock bubble of 1999 [11]

全球投资者都在关注着英伟达的最新财报，它的财报好坏将会影响着美股市场乃至全球市场AI股票的投资前景。 在英伟达披露Q3财报之前，包括软银、桥水等知名投资机构纷纷抛售英伟达的股票。其中，软银以58.3亿美元的价格清空式抛售，引起了市场的担忧。从市 场的角度考虑，包括软银桥水在内的顶级投资机构，它们的投资行为往往具有风向标的影响作用。如果它们选择财报披露前大幅抛售，恐怕意味着英伟达这 份财报并不如人意。 需要注意的是，软银并非首次清空式抛售英伟达股票。早在2019年，软银曾经做出了清空式抛售英伟达股票的行为，距离其首次建仓只有两年的时间。软银 最近一次建仓的时间是2024年，也就是说，软银在英伟达的投资上，并未完全抓住了英伟达高速成长的红利期。 Q3财报数据代表的是过去的表现，市场更关注的是英伟达对Q4的收入展望。从2026财年Q4的收入展望分析，英伟达给出了650亿美元的业绩展望，上下浮 动2%。该业绩展望显然是超出市场预期的，这也是英伟达继续维持高估值的关键所在。 英伟达继续交出了超预期的成绩单，Blackwell芯片和云端GPU的表现无疑是超预期的。作为全球AI总龙头的英伟达，它的超预期业绩表现反映出全球市 ...

Core Viewpoint - Nvidia reported record sales of $57 billion for the October quarter, driven by strong demand for high-end AI data center chips, alleviating recent concerns about an AI bubble in the market [1][2] Financial Performance - Nvidia's sales increased by 62% year-over-year, surpassing analyst expectations [1] - The company raised its revenue forecast for the upcoming quarter to $65 billion, exceeding the previous analyst estimate of $62.1 billion [1] - Net profit for the quarter reached $31.9 billion, a 65% increase compared to the previous year [4] - Revenue from the data center business hit a record $51.2 billion, exceeding the analyst forecast of $49 billion [4] Market Reaction - Nvidia's stock price rose over 6% in after-hours trading following the earnings report [2] - The company's stock has increased from $90 in early April to over $200 by the end of October, marking a rise of over 100%, although it has recently retraced some gains due to bubble concerns [5] Industry Context - The market sentiment around AI stocks has been tense, with concerns about excessive investments in data centers and chips amid the AI development race [3] - A recent Bank of America survey indicated that 45% of global fund managers view the AI stock market bubble as a significant risk [4] - Notable investors, including SoftBank and Peter Thiel, have recently reduced their holdings in Nvidia, reflecting growing caution in the market [4]

此外，一些重仓科技股的资金也在兑现浮盈。如2025年10月软银出售3210万股英伟达，套现58.3亿美 元，资金用于向OpenAI追加225亿美元投资。不过这也并不代表软银看空AI领域。此外2008年次贷危机 中"大空头"的标志性人物迈克尔·伯里（Michael Burry）已开始做空英伟达等AI龙头，加大了市场对AI 泡沫的担忧。 再次，当前美股科技股的估值已经非常接近互联网泡沫时期。标普500席勒市盈率10月30日时已攀升至 40.95倍，而历史上最高值出现在互联网泡沫时期，即1999年12月时为44.19倍。当前科技股估值接近互 联网泡沫时期，值得市场提高警惕。 当前，市场正担忧美股人工智能（AI）领域的非理性繁荣。8月以来，美股科技股回调，加上AI龙头股 英伟达市值大增，以及美国AI领域实际应用价值的质疑，叠加美联储12月降息预期回调等多重因素， 近期对AI泡沫的担忧甚嚣尘上。 首先，2025年6月一份由几位复杂科学家撰写的论文，对大语言模型性能提升曲线提出质疑，引发了对 相当长时间内持续吸金的美国AI领域的应用价值能否兑现，以及AI未来前景的巨大担忧。 其次，2025年美股前10大市值的公司，已有8 ...