格隆汇8月28日｜国盛证券研报指出，胜宏科技25H1实现归母净利润21.43亿元，同比增长366.89%，盈 利能力大幅提升。单季度来看，25Q2实现归母净利润12.2亿元，同比增长390.1%，环比增长32.8%。公 司业绩及盈利能力大幅提升主要系公司精准把握AI 算力技术革新与数据中心升级浪潮带来的历史新机 遇，快速落地AI算力、数据中心等领域的产品布局，实现大规模量产，产品结构持续优化。该行看好 公司作为AI PCB龙头，深度把握AI浪潮带来的发展机遇，看好公司后续新建产能释放后带来的业绩高 增，上调公司2026/2027年营收预期至348/548亿元，上调2026/2027年归母净利润预期至110/180亿元， 维持"买入"评级。 ...

最新财报显示，英伟达Q2营收保持两位数的增长，新一代架构Blackwell芯片的收入环比增长17%，被 CEO黄仁勋视为"需求非常旺盛"的迹象。但公司核心业务数据中心的收入仍继续逊色，部分源于H20芯 片收入减少，当季未在华出售任何H20。 在随后举办的财报电话会上，首席执行官黄仁勋强调，"未来的机遇仍然巨大"，未来几年，肯定是在本 十年末内，我们将看到非常快速增长、非常重要的增长机会。 在对华销售的问题上，执行副总裁兼首席财务官Colette Kress表示，如果能够解决地缘政治问题，三季 度其H20芯片对中国的销售额有望达到20-50亿美元，并且过去几周内，已有"部分"中国客户获得了许 可证。 中国今年有500亿美元的商机，同比增速可达50% 黄仁勋表示，中国今年可能带来500亿美元的商机。如果能够用有竞争力的产品来满足这个市场，假设 今年是500亿美元，预计该市场将每年增长50%，就像世界其他地区的AI市场也在增长一样。 他指出，中国是一个非常大的市场，英伟达正在与美国政府讨论满足中国市场的重要性，并称"将 Blackwell带到中国市场"的机会是真实存在的，将继续争取向华销售Blackwell架构的G ...

Core Viewpoint - Nvidia reported record revenue of $46.743 billion for Q2 of fiscal year 2026, marking a 56% year-over-year increase and a 6% quarter-over-quarter increase, with net profit reaching $26.422 billion, a 59% year-over-year increase and a 41% quarter-over-quarter increase [1] Financial Performance - Revenue for Q2 of fiscal year 2026 was $46.743 billion, up 56% year-over-year and 6% quarter-over-quarter [1] - Net profit was $26.422 billion, reflecting a 59% year-over-year increase and a 41% quarter-over-quarter increase [1] - Adjusted net profit, not in accordance with GAAP, was $25.783 billion, a 52% year-over-year increase and a 30% quarter-over-quarter increase [1] Market Outlook - Nvidia's CEO highlighted the evolution of reasoning AI as a key driver for growth, indicating that the computational demand has increased significantly due to the capabilities of reasoning AI [3] - The company is targeting a market opportunity of $3 trillion to $4 trillion in AI infrastructure over the next few years, with significant capital expenditures from major cloud service providers reaching approximately $600 billion [4][10] Product Development - The Blackwell platform and NVLink 72 system were developed to meet current demands, achieving significant speed and energy efficiency improvements [4] - The Rubin platform is expected to contribute to revenue in the second half of the fiscal year, with a focus on AI applications [2][4] Competitive Landscape - Nvidia's products are widely adopted across major cloud platforms, providing a competitive edge in the AI infrastructure market [7] - The company is addressing the complexities of ASIC development, emphasizing the challenges and the need for comprehensive solutions in AI computing [6][8] China Market Potential - Nvidia estimates a potential market opportunity of $50 billion in China, with expectations of 50% annual growth in the AI sector [13] - The company is actively engaging with the Chinese government to facilitate market entry and product distribution [14] Future Projections - Nvidia anticipates that the data center infrastructure spending will reach $3 trillion to $4 trillion by 2030, driven by the increasing demand for AI capabilities [10][12] - The company is positioned to capture a significant share of this market, with estimates suggesting Nvidia's contribution to a gigawatt-level AI factory could be around $35 billion [11] Technological Advancements - The introduction of the Spectrum XGS product is aimed at enhancing data center interconnectivity, with significant market opportunities identified [16] - The company is focused on improving energy efficiency and performance per watt, which is critical for the profitability of AI factories [12][20]

Financial Data and Key Metrics Changes - The company reported a net revenue of RMB 14.8 billion for Q2 2025, representing a 16% increase year over year and a 7% increase quarter over quarter, driven by strong travel demand across segments [30] - Adjusted EBITDA for Q2 was RMB 4.9 billion, up from RMB 4.4 billion in the same period last year, reflecting operational efficiency [34] - Diluted earnings per ordinary share were RMB 6.97, or USD 0.97, for Q2 2025, with non-GAAP diluted earnings at RMB 7.20, or USD 1.01 [34] Business Line Data and Key Metrics Changes - Accommodation reservation revenue increased by 21% year over year to RMB 6.2 billion, with a 12% increase quarter over quarter [30] - Transportation ticketing revenue was RMB 5.4 billion, an 11% year-over-year increase, remaining flat quarter over quarter [31] - Packaged tour revenue grew by 5% year over year and 14% quarter over quarter, driven by international tour offerings [32] Market Data and Key Metrics Changes - Inbound travel bookings increased by over 100% year over year, with national inbound arrivals growing by 30% [14][6] - International bookings on the platform rose by over 60% year over year, with strong contributions from the APAC region [17] - Outbound travel from China saw flight capacity recover to 84% of pre-pandemic levels, with outbound hotel and air bookings surpassing 120% of 2019 volumes [19] Company Strategy and Development Direction - The company aims to leverage AI technology to enhance travel planning and user experience, with a focus on personalized recommendations and content generation [9][42] - A commitment to empowering small and medium-sized enterprises in the travel sector through digital tools and marketing support is emphasized [8] - The company plans to expand its reach globally while focusing on inbound travel as a key growth engine, particularly as visa policies ease [16][76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term prospects of the travel industry, highlighting the importance of travel for economic development and cultural exchange [11] - The company is focused on maintaining operational efficiency and cost discipline to deliver sustainable growth and long-term value [36] - Management noted that consumer sentiment remains resilient, with strong demand for experiential products and travel among various demographics [53] Other Important Information - The company launched a USD 100 million tourism innovation fund to support commercial innovation in travel [27] - A new share repurchase program was approved, allowing the company to repurchase up to USD 5 billion of its outstanding shares, reflecting confidence in long-term value [35][94] Q&A Session Summary Question: AI and content strategy - Management elaborated on the integration of AI and content, enhancing user experience through personalized recommendations and improved data processing efficiency [38][39] Question: Booking trends and cross-border travel - Management noted resilient demand in domestic travel and strong growth in outbound and inbound travel, with significant year-over-year increases [44][46] Question: Hotel and air ticket price trends - Management indicated that domestic hotel and air ticket prices faced pressure despite volume growth, with outbound air ticket prices softening year over year [49][50] Question: Consumer sentiment trends - Management observed strong volume growth across all markets, particularly for experiential products, despite slight decreases in average daily rates [52][53] Question: Competition landscape - Management emphasized a focus on service quality and comprehensive product offerings rather than engaging in price competition, aiming to maintain leadership in the travel industry [64] Question: Market potential for Old Friends Club and Travel Plus Entertainment - Management projected significant growth potential in these segments, estimating the market could exceed USD 1 trillion in the next few years [68][70] Question: Inbound travel potential - Management highlighted the substantial growth potential for inbound travel in China, which currently accounts for less than 0.5% of GDP compared to 1-2% in developed markets [76] Question: International expansion and marketing strategy - Management discussed the effectiveness of their marketing strategy, focusing on user acquisition through their mobile app, which accounts for 70% of global orders [85][90] Question: Shareholder return and buyback process - Management provided updates on the share repurchase program, indicating a commitment to enhancing shareholder returns through disciplined capital allocation [94][95]

Core Insights - The integration of artificial intelligence (AI) is rapidly transforming the healthcare industry, with Zhonghong Medical actively engaging in AI healthcare initiatives to enhance its development framework [1] - The management's decision to increase shareholding reflects confidence in the company's future prospects, which is expected to stabilize market expectations and bolster investor trust [2] - Strategic investment in Weimike Technology marks a significant step in building an AI-driven digital healthcare ecosystem, leveraging both companies' strengths for mutual benefit [3] Investment and Strategic Moves - Zhonghong Medical's management plans to purchase at least 50,000 shares within six months, using personal funds, which indicates strong belief in the company's current operations and future growth [2] - The partnership with Weimike Technology aims to enhance technology development and market expansion in the digital vital signs management sector, with Weimike's solutions already serving over 1,000 hospitals nationwide [3] Technological Advancements - Weimike's AI-driven health management software predicts disease progression and manages patient temperature during surgeries, significantly reducing complications and improving recovery efficiency [3] - The AI-powered cardiopulmonary rehabilitation management platform personalizes intervention plans based on real-time physiological data, enhancing the precision of rehabilitation efforts [4] - Zhonghong Medical is addressing high-end medical equipment challenges through the development of an intra-aortic balloon pump, marking a key advancement in domestic medical technology [4] Data Infrastructure Development - The introduction of brain electrode technology through a partnership with Jincheng Rui Medical enhances Zhonghong Medical's data collection capabilities for neurological conditions [5] - The integration of brain activity monitoring with external environmental data aims to create innovative medical devices for real-time patient monitoring [5] Organizational Strengths - Zhonghong Medical's robust business structure includes three major divisions, ensuring comprehensive coverage of healthcare sectors and efficient product development [6] - The company has established a strong talent pool and innovation platform, supporting its AI healthcare initiatives with over 200 patents and ongoing product innovation [6] Future Outlook - Zhonghong Medical's AI healthcare strategy is characterized by a complete logic chain of confidence, technological collaboration, and data support, positioning the company to play a significant role in the digital healthcare ecosystem [7] - The ongoing penetration of AI in healthcare is expected to enhance the quality and efficiency of medical services provided to patients globally [7]

前沿领域全面布局，聚焦把握未来发展机遇：公司25H1 研发费用为3.34亿元，同比增长157.6%。上半 年公司新产品新技术领域多个研发项目取得突破和进展，高速率光模块产品销售占比持续提升。已成功 推出1.6T/800G 的单波200G 光模块产品，同时800G 和400G 光模块产品组合已涵盖基于VCSEL/EML和 硅光解决方案的中短距光模块、传输距离可达80km~120km 的ZR/ZR+相干长距光模块、以及基于LPO 方案的800G/400G 光模块。 投资建议：考虑到AI 驱动下高端光模块需求持续高企，我们上调盈利预测，预计公司2025-2027 年归母 净利润分别为87.28/130.19/157.06 亿元，对应PE倍数为35x/24x/20x。公司在数通光模块领域实力强劲， 深度绑定海外头部厂商的同时持续聚焦新客户的突破，并且在前沿技术领域深度布局，未来公司有望持 续受益于AI 带来的高端光模块产品需求增长。维持"推荐"评级。 风险提示：AI 领域需求增长不及预期，光模块行业竞争加剧，原材料供应短缺。 事件：8 月25 日，公司发布2025 年半年报，上半年实现营收104.37 亿元，同比增长 ...

海外红人营销SaaS行业丨研究报告 核心摘要： 市场环境 宏观经济压力与传统广告ROI走低，红人营销凭借"精准触达+信任闭环"成为高效拓客方案。为解决海外红 人管理存在跨平台数据割裂、履约率低、建联周期长等痛点，红人营销SaaS应运而生，将碎片化流程升级 为系统化运营，成为品牌全球化扩张的必要工具。 市 场规 模 TikTok电商生态爆发与全球红人商业化的成熟驱动红人营销SaaS市场增长，预计未来3年中国海外红人营销 SaaS市场复合增速为15%。未来厂商将持续推进红人资源整合与履约链条优化，并运用AI提升红人营销效 率。 竞 争格 局 当前海外红人营销 SaaS 厂商按背景可分为三类： MCN 背景厂商、数据分析背景厂商、电商平台衍生工 具。从服务能力与发展潜力两个维度评估，卧兔旗下 WotoHub ，以长期沉淀的红人资源 + 红人营销全链 路业务布局，在中国跨境电商 - 海外红人营销全链路管理 SaaS 中，市占率位列第一。 发 展趋 势 技术层面，AI将从运营托管、内容生成、决策支持三个维度升级红人营销SaaS的功能。商业层面，红人经 济价值向长尾纳米红人迁移，同时，SaaS厂商将双向赋能品牌与红人，通 ...

英国新冠疫情最严重的时候，我还在英国一家报社的中文网工作，但因为封锁隔离，所有的员工都在家 办公。 封锁导致了社交活动被强制剥夺：有工作的人，在家工作，远离同事；没工作的人，在家闲着，远离朋 友；有家庭的人，天天面对同样烦躁的家人；没家庭的人，天天面对自己孤独、沮丧的影子…… 克莱尔·布希是我所在报社的驻美记者，那时美国也在搞封锁隔离，单身的她，一个人孤独地隔离在芝 加哥的一个小公寓之中。别人孤独，憋出了心疾，克莱尔孤独，却憋出了一篇直面孤独的好文章，发表 在报纸周末版附送的杂志上。 读完文章，我拍案叫绝：克莱尔居然能够把孤独写得那么深刻，但又那么美、那么有哲学意味！赞叹之 余，我选择了这篇文章，准备让翻译团队翻译出来，放在下一个周末，排在其他重要文章之后，作为一 篇软性文章，发表出去。 下一个周末到了，我不是责任编辑，我的一个和我同样居家工作的年轻同事是责任编辑。我是终审编 辑，负责审稿。 那天，他把他排好的文章清单通过邮件发给了我。我看了清单，大吃一惊——他把这篇文章排在了当天 封面文章的位置！ 我当时有一种马上给他打电话的冲动，想说"你比我还大胆，但我必须要为你的大胆点赞！"但最终电话 还是没有拨出去。 ...

Q2英伟达营收同比增速逾两年最低，仍高于分析师预期，释放1.8亿美元在华H20库存；数据中心收入连续两季逊色，其中Blackwell产品营收环比增 17%，数据中心计算收入环比降1%、源于H20销售收入减少40亿美元；游戏业务收入增49%、再创新高；Q3营收指引未考虑对华出口H20；黄仁勋称中 国今年或带来500亿美元商机；新增回购授权600亿美元。英伟达盘后跌超3%。 财报显示，截至7月末的上一财季，英伟达保持两位数的总营收增长，新一代架构Black芯片的收入环比增长17%，被CEO黄仁勋视为"需求非常旺盛"的 迹象。但公司核心业务数据中心的收入仍继续逊色，部分源于H20芯片收入减少，当季未在华出售任何H20，倒是释放了1.8亿美元预留中国市场的该芯 片库存。 相比上季业绩，英伟达本季的指引似乎更令人担心。评论认为，英伟达本财季的营收指引不愠不火，引发了投资者对AI支出增长势头放缓的担忧。 据央视新闻，英伟达CEO黄仁勋7月中访华时表示，美国政府已批准该司的出口许可，将开始向中国市场销售H20芯片。而从英伟达的业绩看，特朗普 政府放松出口限制还未转换为实质性的收入反弹，英伟达在华的困境给业绩前景蒙上阴影。 ...

凤凰网科技讯 北京时间8月28日，AI芯片巨头英伟达公司(NASDAQ:NVDA)今天发布了截至7月27日的 2026财年第二季度财报。财报显示，按照美国通用会计准则(GAAP)计算，英伟达第二财季营收为 467.43亿美元，较上年同期的300.40亿美元增长56%；净利润为264.22亿美元，较上年同期的165.99亿美 元增长59%。 英伟达表示，第二财季未向中国出售任何H20芯片，但公司受益于此前预留的价值1.8亿美元的H20库存 释放，以及向中国以外一位客户出售价值约6.5亿美元的不受限制的H20芯片。 股价表现： 英伟达第二财季营收和每股收益均超出分析师预期，对于第三财季营收展望符合预期，但未达到最乐观 预期，股价在盘后下跌超2%。 英伟达周三在纳斯达克交易所的开盘价为182.07美元。截至周三收盘，英伟达股价下跌0.17美元，报收 于181.60美元，跌幅为0.09%。截至发稿，英伟达股价在盘后交易中下跌5.22美元至176.38美元，跌幅为 2.87%。过去52周，英伟达股价最高为184.48美元，最低为86.62美元。 第二财季业绩要点： ——营收为467.43亿美元，较上年同期的300.40 ...