点击招商研究小程序查看PDF报告原文 事件： 英伟达发布FY26Q1季报，本季营收440.62亿美元，同比+69.18%/环比+12.03%，剔除H20相关 费用影响后毛利率为71.3%，按剔除影响后同比-2.2pcts/环比-7.6pcts。综合财报及交流会议信 息，总结要点如下： 评论： 1、FY26Q1营收符合指引预期，H20禁售费用影响低于公司预期。 FY26Q1营收440.62亿美元，同比+69.18%/环比+12.03%，超指引预期（430亿美元）； FY26Q1 non-GAAP毛利率为61%，剔除H20相关费用影响后为71.3%，按剔除影响后同 比-2.2pcts/环比-7.6pcts，毛利率下降主要系H20带来的45亿美元费用影响；非GAAP运营费用 增长6%，系薪酬及员工增加。4月5日英伟达接到美国政府通知，表示H20出口到中国市场需要许 可证，公司在FY26Q1因H20产品库存过剩和采购义务而产生45亿美元的费用，由于部分原材料可 以重复使用所以45亿美元费用低于公司预期，FY26Q1 H20产品营收为46亿美元，在FY26Q1无法 额外交付约25亿美元的H20产品。 2、数据中心部门网 ...

Group 1 - King Charles III expressed support for Canada amidst U.S. President Trump's threats regarding tariffs and statehood, emphasizing Canada's strength and freedom [1][3] - The King's speech in the Canadian Parliament addressed the government's legislative agenda and subtly responded to concerns over U.S. tariffs and the notion of Canada becoming the "51st state" [3][4] - The Canadian Prime Minister, Carney, highlighted the importance of protecting Canadian institutions and expressed a desire for Canada to join the "rearm Europe" initiative to reduce reliance on U.S. weapons [3] Group 2 - Trump responded to the King's speech by suggesting that Canada could receive the Iron Dome missile defense system for free if it became the "51st state," indicating ongoing discussions about security cooperation [4] - The Canadian government is in talks with the U.S. regarding security issues, including enhancing cooperation on the Iron Dome and North American defense [4]

继5月稍早陪同美国总统特朗普前往中东宣布大单之后，后续还将宣布许多决定。 英伟达CEO黄仁勋：我下周将前往欧洲。 所有国家都需要主权AI，我保证将让供应链保持繁忙状态。 ...

当美元在"特里芬难题"里越陷越深，一些国家的货币则想抓住这轮机遇。 拉加德呼吁，欧洲应夯实"国际货币使用的三个重要基础"——地缘政治基础、经济基础和法律基础，以 提升欧元的全球地位。 今年以来，美元指数已经跌去7.5%，而且关税政策、白宫对美联储的施压，或冲击美元信用和经济前 景，导致美元进入长周期下行区间。美元强势失据之际，欧洲再次对国际储备货币之位发起进攻，但问 题是，欧元有替代美元的潜力吗？当市场不再坚定买美元，哪些资产可能成为替代选项？ "全球欧元时刻"有戏吗？ 据新华社报道，欧洲央行行长拉加德5月26日在德国柏林参加一场活动时指出, 在当前地缘政治环境下， 美元的主导地位面临不确定性，目前美元在全球外汇储备中的占比约为58%，处于1994年以来最低水 平；欧元在全球外汇储备中的占比约为20%。 "拉加德这次的演讲带有宣战（battle cry）的意味。"荷兰合作银行策略师Jane Foley评价道。 在2008年金融危机爆发前，欧洲官员一直抱有挑战美元的雄心，无奈后来的欧债危机浇灭了这种希望 ——欧央行拒绝成为最后贷款人，银行体系趋向"本国化"，成员国主权债风险差异巨大，都极大削弱了 欧元作为单一主 ...

【环球网报道】据美国有线电视新闻网（CNN）报道，在美国总统特朗普力推让加拿大成为美国"第51 个州"之际，英国国王查尔斯三世当地时间27日以加拿大国家元首身份访问加拿大期间在加拿大议会发 表讲话，并强调加拿大的主权。CNN称，这次讲话是对加拿大坚定支持的有力象征。 报道称，查尔斯在讲话中提到保卫加拿大主权，称加拿大政府将考虑"重建、重新武装和重新投资加拿 大武装部队"。他表示，加拿大政府"将通过加入'重新武装欧洲'计划，与加拿大的欧洲合作伙伴共同投 资跨大西洋安全，从而推动加拿大国防产业的发展。此外，由于加拿大的北部地区面临新的威胁，加拿 大政府还将投资加强其在北部地区的存在，北部地区是加拿大不可分割的一部分。" "无论面临国内外的何种挑战，政府都将履行职责，保护加拿大人民及其主权权利。"查尔斯还称。 据英国广播公司（BBC）报道，查尔斯自26日开始对加拿大进行为期两天的访问。 特朗普再度入主白宫以来，多次提及要将加拿大变成美国"第51州"，遭到加拿大方面广泛反对。当地时 间5月27日，特朗普在其社交平台上发文表示，加拿大非常希望成为美国"金穹"导弹防御计划的一部 分。如果加拿大继续保持"独立但不平等的国家 ...

Group 1 - The main focus is on the significant military escalation in Ukraine, with Russia launching a record 367 drones and missiles in a single day, resulting in at least 12 deaths and numerous injuries [2] - Ukrainian President Zelensky has called for U.S. intervention, while U.S. officials have condemned Russia's actions and suggested potential additional sanctions [2] - The European Union is urging the U.S. to approach trade negotiations with respect, emphasizing a commitment to mutually beneficial agreements [2] Group 2 - The silver market is experiencing fluctuations, with the main contract reported at 8231 yuan per gram, a decrease of 0.47%, and trading within a range of 8200 to 8314 yuan per gram [1] - The outlook for silver is influenced by U.S.-China trade negotiations, which are expected to boost industrial manufacturing and improve demand in the photovoltaic and new energy sectors [3] - However, concerns about the U.S. economic downturn and high inventory levels may negatively impact industrial and investment demand for silver [3]

Group 1 - The UAE will become the first country to offer free ChatGPT Plus subscriptions to all citizens and residents, as part of a large-scale collaboration with OpenAI [1] - The "Stargate UAE" project aims to build the world's largest AI supercomputing cluster, with the free ChatGPT Plus subscription being a key component of this agreement [1] - UAE residents will not only gain access to free ChatGPT Plus but will also benefit from customized AI tools tailored to Arabic language and local regulations [1] Group 2 - OpenAI will construct an AI data center in Abu Dhabi, with a total capacity of 5GW and covering approximately 10 square miles, making it the largest known AI data center globally [2] - The project involves multiple tech giants, including Oracle for cloud computing support and NVIDIA for advanced chips, with the first phase of 200 MW facilities expected to be operational by 2026 [2] - The UAE sovereign fund has committed to a 1:1 investment in US-based AI data centers, with total investments potentially reaching $20 billion, shared between the Gulf region and the US [2] Group 3 - The "Stargate UAE" initiative is part of OpenAI's "OpenAI for Countries" program, which aims to assist other nations in building local AI systems and tools [3] - OpenAI's CEO, Sam Altman, describes the project as a "bold vision" to extend the benefits of AI, such as improved healthcare and modernized education, to more regions globally [3] - The core of the UAE model is "data sovereignty exchange," where participating countries gain customized AI systems in exchange for opening some data training rights, meeting regulatory needs while expanding OpenAI's global data pool [3] Group 4 - The "Stargate UAE" project has sparked political divisions in the US, with some lawmakers questioning the prioritization of investments in the UAE over domestic states like Ohio [4] - Former Trump advisor David Sacks views the initiative as a strategic move to curb AI development in other countries [4] - Sam Altman criticized the detractors as "naive," emphasizing the necessity of global resource integration for AI development [4]

• 周度宏观及消息面 • 国债后市展望 国债期货市场周报 华金期货 研究院 2025/5/27 一、国债期货宏观及市场展望 上周国债期货震荡。资金方面，上周央行净回笼4600亿元。上周十年期国债利率略升；长期看，十年 期国债利率处于历史低位。 技术上，T2506合约短期价格位于40日均线附近。操作方面，国债市场价格高位震荡，利率仍处低位 区间，中长期看上方空间有限，短期逢低买入。 国内消息：穆迪决定维持中国主权信用评级"A1"和负面展望不变。财政部有关负责人表示，去年四季 度以来，中国政府实施一揽子宏观经济调控政策，经济指标回升向好，市场预期和信心稳定，债务中长 期可持续性增强，穆迪作出维持中国主权信用评级稳定的决定，是对中国经济向好前景的正面反映。 国外消息：国际清算银行总经理卡斯滕斯周二表示，由于利率上升使一些国家的财政路径难以为继，全 球各国政府必须遏制公共债务的攀升。他警告称，面对巨大的失衡，金融市场可能突然出现不稳定。 二、国债期货行情 • 价格走势：上周国债期货弱势下行 | 名称 | 上周收盘 | 本周收盘 | 周涨跌幅 | 周成交量 | 周持仓量 | 成交量/持仓量 | | --- | --- ...

Core Viewpoint - The U.S. government's debt and tariff policies are pushing the country towards a financial crisis, with increasing inflation and loss of investor confidence in debt management [1][2]. Group 1: Debt and Economic Policies - The U.S. government is promoting a massive tax cut bill, which is seen as disastrous and likely to increase inflation [1]. - Investors are losing confidence in the U.S. government's ability to manage its debt, leading to concerns about the potential for a debt sell-off [1][2]. - Moody's has downgraded the U.S. sovereign credit rating from Aaa to Aa1 due to rising debt and interest expenditures [1]. Group 2: Impact on Financial Markets - The U.S. Treasury had to sell 20-year bonds at high interest rates, with 10-year and 30-year bond yields reaching levels not seen since before the 2007 financial crisis [1]. - By the end of 2026, the U.S. will need to restructure $9 trillion in debt, replacing low-interest old debt with high-interest new debt, which is becoming increasingly unattractive to investors [1]. Group 3: Consequences of Debt Management - A potential sell-off of U.S. Treasuries could lead to significant wealth evaporation, particularly affecting U.S. savers [2]. - Central banks may shift reserves from U.S. Treasuries to gold, resulting in a substantial increase in gold prices [2]. - Continued escalation of trade wars and unreliability of the U.S. could lead to a complete loss of confidence in the dollar, signaling a systemic collapse [2].

Core Viewpoint - Japan's Finance Minister, Kato Katsunobu, has not yet understood any details regarding SoftBank CEO's proposal to establish a joint Japan-U.S. sovereign wealth fund [1] Group 1 - The Japanese government is currently unaware of the specifics related to the proposed sovereign wealth fund by SoftBank [1]