Group 1 - The core point of the news is that NVIDIA's CEO Jensen Huang plans to sell up to 6 million shares of NVIDIA stock, valued at approximately $809 million based on the closing price on the announcement date [1] - Huang's previous stock sales from March to September last year totaled 6 million shares, generating over $700 million [1] - Despite the planned sales, Huang remains NVIDIA's largest individual shareholder, holding 75.4 million shares directly and 786 million shares through trusts and partnerships [1] Group 2 - NVIDIA reported its Q1 2026 financial results, achieving revenue of $44.1 billion, a 12% increase from the previous quarter and a 69% increase year-over-year [2] - The net profit for the same period was $18.8 billion, reflecting a 26% year-over-year growth, although it fell short of expectations [2] - The data center segment remains the primary revenue driver, generating $39.1 billion in Q1, a 73% year-over-year increase, with the Blackwell chip contributing 70% of this revenue [2] Group 3 - Due to U.S. government export restrictions, NVIDIA faces reduced demand for its H20 chips in China, leading to a $5.5 billion asset impairment charge [2] - NVIDIA anticipates an $8 billion loss in Q2 due to $2.5 billion worth of H20 chips that cannot be delivered [2] - Despite trade tensions, NVIDIA continues to experience strong growth, with significant increases in token generation by major clients like OpenAI, Microsoft, and Google [2]

Investment Rating - The investment rating for the company is "Positive" [2] Core Insights - The company reported Q1 FY26 revenue of $44.1 billion, which is a 69% year-over-year increase and a 12% quarter-over-quarter increase, exceeding analyst expectations of $43.29 billion [2] - Non-GAAP gross margin was 61%, down 17.9 percentage points year-over-year, but adjusted for H20 impact, the gross margin was 71.3%, slightly above the expected 71% [2] - Net profit reached $19.89 billion, a 31% year-over-year increase, but a 10% decrease quarter-over-quarter [2] - Non-GAAP diluted EPS was $0.81, up 33% year-over-year, and adjusted for H20 impact, EPS was $0.96, higher than the expected $0.93 [2] Performance Summary - The company expects Q2 FY26 revenue to be $45 billion, with a margin of ±2%, and anticipates GAAP and non-GAAP gross margins of 71.8% and 72.0%, respectively [2] - Data center revenue was $39.11 billion, a 73% year-over-year increase and a 10% quarter-over-quarter increase [2][5] - Gaming and AI PC revenue was $3.76 billion, a 42% year-over-year increase and a 48% quarter-over-quarter increase [2][5] - Professional visualization revenue was $509 million, a 19% year-over-year increase, remaining flat quarter-over-quarter [2][5] - Automotive and robotics revenue was $567 million, a 72% year-over-year increase but a 1% decrease quarter-over-quarter [2][5] AI Infrastructure Developments - The company announced a partnership with HUMAIN to establish an AI factory in Saudi Arabia to drive the next wave of AI development [2] - Collaborations with G42, OpenAI, Oracle, SoftBank Group, and Cisco to launch the next-generation AI infrastructure cluster Stargate UAE [2] - Plans to build an AI supercomputer with Foxconn and the Taiwanese government [2] Transition to Blackwell Architecture - The transition from the Hopper architecture to Blackwell is nearly complete, with Blackwell contributing nearly 70% of data center revenue this quarter [2] - The GB200 NVL rack is now fully available to customers, with major data centers deploying nearly 1,000 NVL72 racks weekly [2] - The GB300 has been sampled to major cloud service providers and is expected to begin mass production by the end of Q2 [2] H20 Impact - The U.S. government imposed new export controls on H20 chips on April 9, affecting the company's revenue [2] - The company recognized $4.6 billion in H20 revenue for Q1, but due to export controls, it incurred a $4.5 billion expense and had $2.5 billion worth of H20 products that could not be delivered [2] - The guidance for Q2 FY26 considers the impact of H20 export restrictions, with expected revenue from H20 potentially decreasing by about $8 billion [2]

● 本报记者 吴玉华 5月27日，A股市场震荡调整，大消费板块逆势活跃，市场继续出现结构性行情。三大指数均下跌，整 个A股市场超2600只股票上涨。市场成交继续缩量，成交额为1.02万亿元。资金面上，Wind数据显示， 5月26日A股融资净买入超46亿元，股票型ETF资金净流入超49亿元。 分析人士认为，近期市场风格切换较为频繁，大盘与小盘轮番占优，市场行情轮动较快，短期内，市场 或仍维持震荡格局，但在国内一系列政策支持下，市场行情亦有支撑。 缩量调整 5月27日，A股市场缩量调整，题材板块继续轮动。Wind数据显示，截至收盘，上证指数、深证成指、 创业板指、科创50指数分别下跌0.18%、0.61%、0.68%、0.95%，北证50指数上涨0.08%，上证指数报收 3340.69点，创业板指报收1991.64点。 0.88%；有色金属、电子、汽车行业跌幅居前，分别下跌2.07%、1.28%、1.05%。 领涨的纺织服饰行业中，明牌珠宝、锦泓集团、莱绅通灵涨停，潮宏基涨逾7%，盘中一度涨停。 医药生物行业中，三生国健涨逾15%，常山药业、新天地涨逾14%，舒泰神、华兰股份均涨逾10%，河 化股份、华森制药、誉 ...

Market Overview - The A-share market showed weak fluctuations on May 27, with the Shanghai Composite Index down 0.08%, the Shenzhen Component down 0.51%, and the ChiNext Index down 0.62% [1] - The market is expected to maintain a consolidation pattern in the short term, with strong support at the 3300-point level for the Shanghai Composite Index [8] Sector Performance Food and Beverage Sector - The food and beverage sector continued its strong performance, with companies like Kweichow Moutai achieving a five-day three-board increase and setting new historical highs [2] - The China Catering Association reported that the beverage industry performance index exceeded neutral levels, indicating a recovery in consumption driven by domestic demand policies [2] Autonomous Logistics Vehicle Concept - The autonomous logistics vehicle concept remained active, with companies like KJ Intelligent achieving a two-day consecutive increase [4] - Several autonomous driving companies focused on logistics have completed new rounds of financing, indicating strong investment interest in this sector [4] Institutional Insights Industry Rotation and Investment Opportunities - According to Industrial Securities, the market is currently experiencing increased volatility and rapid industry rotation, with a potential focus on technology growth sectors in June [6] - Galaxy Securities highlighted the fast rotation of market styles and suggested focusing on three main investment lines: high-margin assets, clear "technology narrative" opportunities, and consumer sectors boosted by policy support [7]

Group 1 - In 2025, over 2000 listed companies have been surveyed by brokers, with more than 700 in May alone [1][2] - The electronic, machinery equipment, and pharmaceutical industries are favored by institutions, with over 30% of surveyed companies in these sectors [2][3] - The electronic industry has the highest survey activity, with over 90 companies surveyed in May, focusing on electronic components, integrated circuits, and semiconductor materials and equipment [2][3] Group 2 - Companies like Anji Technology (688019.SH) have been heavily surveyed, with 56 brokers participating in its research [2] - The pharmaceutical industry has also seen significant interest, with over 230 companies surveyed this year, and more than 60 in May [2] - Recent interest has also risen in the non-ferrous metals and defense industries, with around 20 companies surveyed in May [3] Group 3 - Brokers are optimistic about low-valuation defensive sectors and high-growth tracks, with over 130 companies being increased or newly held in Q1 2025 [3] - The focus for the second half of the year includes dividend sectors, domestic consumption, and technology tracks, driven by policy dividends and industrial upgrades [4][5] - Analysts suggest that investment strategies should consider geopolitical risk premiums and domestic demand activation, with a focus on sectors like military and gold as new safe-haven assets [4][6]

Core Insights - The report highlights the increasing recognition of Invesco Great Wall's funds among public fund of funds (FOF) managers, with multiple funds ranking in the top 10 for both number of holdings and market value [1][3] - The performance of Invesco Great Wall's funds, particularly in the technology sector, has been outstanding, with significant excess returns compared to benchmarks [2] Group 1: Fund Performance - Invesco Great Wall's "Quality Evergreen" fund achieved a return of 59.45% over the past year, significantly outperforming its benchmark return of 14.53% [2] - The "Research Select" fund managed by Zhang Xuewei returned 38.26% in the same period, compared to its benchmark of 9.66% [2] - The "Invesco Great Wall CSI Hong Kong Stock Connect Technology ETF" was held by 11 FOFs, with a total market value of 274 million, marking the largest increase in holdings among FOFs [2] Group 2: Fund Holdings and Strategies - The "Invesco Great Wall Jingyi Shuangli" fund was held by 20 FOFs with a total market value of 216 million, while "Invesco Great Wall Jingying Shuangli" was held by 6 FOFs, increasing its holdings by 4 FOFs and market value by 29 million [2] - The "Invesco Great Wall Jingtai Yuli" pure bond fund had a total market value of 119 million, with a scale of 15.2 billion, consistently ranking in the top tier of its category over the past three years [2] Group 3: Strategic Positioning - Invesco Great Wall has diversified its fund offerings across various asset classes, including active equity, passive index, "fixed income plus," and pure bond funds, reflecting its strategy to become a "multi-asset management expert" [3]

Core Viewpoints - The A-share market experienced a decline last Friday, with the Shanghai Composite Index falling by 0.94% to 3348.37 points, the Shenzhen Component Index down by 0.85%, and the ChiNext Index down by 1.18%. The total trading volume in the A-share market was 1.18 trillion RMB, with over 4200 stocks declining. Only the automotive, pharmaceutical, and basic chemical industries saw gains, while the computer industry led the declines [1][6] - In the Hong Kong market, the Hang Seng Index rose by 0.24%, while the Hang Seng Technology Index fell by 0.09%. Internationally, all three major US indices closed lower, with the Dow Jones down by 0.61%, the S&P 500 down by 0.67%, and the Nasdaq down by 1.00%. European stock markets also saw declines, while the Asia-Pacific markets showed mixed results [1][6] Important News - The People's Bank of China announced that funds raised from overseas listings, as well as funds from the reduction or transfer of shares, should generally be returned to the domestic market. This is part of efforts to improve and unify the management of cross-border funds related to domestic companies directly listed overseas [2][7] - US President Trump suggested imposing a 50% tariff on the EU starting June 1, 2025, although products manufactured in the US would be exempt from these tariffs [2][7] Industry Analysis - The first quarter of 2025 showed a rebound in A-share performance, with a year-on-year increase of 89.76% in net profit attributable to shareholders, marking a significant improvement compared to the previous quarter [8] - The retail sales of consumer goods in April 2025 increased by 5.1% year-on-year, although the growth rate slightly declined compared to March. The total retail sales reached 37,174 billion RMB [12][16] - The performance of various sectors showed divergence, with the consumer goods sector benefiting from domestic consumption policies, particularly in the automotive and home appliance industries [10][11][16] Investment Recommendations - The report suggests focusing on sectors with strong growth potential, such as technology and consumer goods, particularly in the automotive and home appliance industries, which are expected to benefit from expanding domestic demand [11][16] - The report highlights the importance of companies with stable profit models and core competitive advantages, especially in the context of improving market sentiment and reducing short-term volatility [11]

Core Viewpoint - The market is expected to remain in a high central oscillation phase during Q2, with short-term adjustments anticipated due to increased uncertainty in the U.S. economy and limited expansion space for new consumption [1][2][3]. Group 1: Market Conditions - Q2 is characterized as a high central oscillation market, with short-term adjustments expected [2]. - The upper limit of the oscillation range is supported by a combination of wide monetary policy and external demand improvements, but concerns about economic downturns remain [2][3]. - The lower limit is influenced by the timely implementation of monetary policies and the role of stabilization funds in managing market sentiment [2][3]. Group 2: Sector Analysis - Technology and consumer sectors are currently not positioned to lead market breakthroughs, with technology still in a mid-term adjustment phase [2][4]. - New consumption trends are facing limitations in expanding outward due to reduced internal demand stimulus [2][4]. - The pharmaceutical sector (CXO and innovative drugs) and precious metals are expected to continue their positive trends in the short term [4]. Group 3: Fund Management and Market Dynamics - The recent trend of public funds aligning with performance benchmarks has concluded, with potential for a new round of market dynamics in June [5]. - Fund managers are encouraged to reassess their benchmark choices, as the alignment with performance benchmarks may not be suitable for all [3][4]. - The potential inflow of funds into sectors such as non-banking, banking, construction, public utilities, and coal is noted, although actual inflows remain low relative to market capitalization [3]. Group 4: Profitability and Economic Outlook - A general expectation is that A-shares will struggle to see a significant uptick in profitability until 2025 [2]. - The mid-term outlook for A-shares relies heavily on breakthroughs in the technology sector, particularly in AI, embodied intelligence, and defense industries [4]. - The combination of new merger regulations and venture capital financing is anticipated to contribute positively to high-growth segments of the new economy [4]. Group 5: Market Sentiment Indicators - The market sentiment indicators show varying levels of profitability across sectors, with banking at 97% and consumer sectors like beauty care and pharmaceuticals showing moderate expansion [8]. - Sectors such as public utilities and basic chemicals are experiencing contraction, indicating a need for focused investment strategies [8]. - The overall A-share market sentiment is showing signs of contraction, with only 42% of stocks indicating profitability expansion [8].

Group 1 - The overall performance of A-shares in 2024 showed a decline in net profit, but a recovery was observed in Q1 2025, with a year-on-year net profit growth of 89.76% compared to a decrease of 2.34% in 2024 [4][18][15] - The revenue of all A-share listed companies in 2024 decreased by 0.83%, while the revenue in Q1 2025 saw a significant decline of 12.37% compared to the previous quarter, marking the lowest level since 2023 [4][18][15] - The performance of major indices varied, with the ChiNext index showing a notable recovery in net profit, growing by 5.63% in 2024, while the Shanghai Composite Index's net profit increased by 8.15% [21][22][4] Group 2 - The expansion of domestic demand policies has positively impacted the consumer sector, with industries such as automotive and home appliances experiencing significant growth in net profit, exceeding 5% year-on-year [6][29][30] - In Q1 2025, 17 out of 31 industries reported a year-on-year increase in net profit, with the electronics industry leading with a growth rate of 17.81% [33][35][36] - The TMT sector showed a comprehensive recovery, with the computer industry achieving a remarkable net profit growth of 652.14% in Q1 2025 [33][36][31] Group 3 - The report suggests focusing on technology growth sectors, particularly in electronics and communications, which are expected to maintain high levels of prosperity and improved performance [10][42] - The consumer sector, especially in automotive and home appliances, is highlighted for its potential due to cost advantages and rapid demand expansion [10][42] - The cyclical sector is anticipated to maintain an improving trend, with the real estate industry's decline expected to narrow, presenting valuation recovery potential [10][42]

Market Overview - The three major stock indices rose collectively, with the ChiNext Index showing strong performance, closing at 2065.39 points, up 0.83% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 1214.6 billion yuan, similar to the previous day [1] - Sectors such as coal, banking, pharmaceuticals, and liquor saw gains, while sectors like chemical fiber, semiconductors, tourism, agriculture, and home appliances declined [1] Investment Opportunities - The foldable device market is expected to grow rapidly, with Huawei launching the world's largest foldable screen laptop, MateBookFold [2] - IDC forecasts that China's foldable smartphone market will reach around 10 million units by 2025, representing an 8.3% year-on-year growth [2] - The demand for foldable devices is anticipated to drive the need for related upstream materials [2] Banking Sector - The one-year and five-year LPR were adjusted to 3% and 3.5%, respectively, down by 10 basis points [3] - The overall impact of the LPR and deposit rate cuts is expected to boost the net interest margin of listed banks by 3.1 basis points [3] - The banking sector is projected to maintain a stable fundamental outlook, with high dividend yield attractiveness under the current interest rate environment [3] AI Industry - The development of Agent products is expected to drive the AI industry chain upward, with significant products emerging in the C-end market [4] - There is a divergence in development strategies between North American and Chinese companies regarding Agent applications [4] Automotive Sector - Huawei's new product orders have shown strong performance, with the M8 model achieving 80,000 pre-orders in 34 days, setting a record for the brand [5] - The upcoming launch of the ZunJie S800 on May 30 is expected to further enhance Huawei's brand strength [5][6] Policy Support - Eight government departments have issued measures to support small and micro enterprises in listing on the New Third Board [7] - Shanghai's government has launched a consumption promotion plan, including incentives for vehicle and home appliance upgrades [8] Technological Advancements - A breakthrough in solid-state battery technology has been reported, revealing mechanisms behind short-circuit transitions in inorganic solid electrolytes [11] - The successful implantation of a closed-loop spinal nerve interface marks a significant advancement in the field of neural interfaces [10] Robotics - Tesla released a new video showcasing its humanoid robot performing various tasks, indicating advancements in robotics technology [9]