Core Insights - Huang Renxun's influence on the U.S. stock market and economy is now considered greater than that of Elon Musk, particularly following Nvidia's earnings report [1][10] - Nvidia's strong earnings report has boosted market confidence, leading to a rebound in AI-related stocks and the broader market [2][4] Financial Performance - Nvidia reported third-quarter revenue of $35.1 billion, with data center revenue contributing $30.8 billion, a 112% year-over-year increase, significantly exceeding Wall Street's expectations [5] - Non-GAAP earnings per share were $0.81, up 103% year-over-year, and net profit reached $19.3 billion, compared to $9.24 billion in the same period last year [5] - For the upcoming fourth quarter, Nvidia expects revenue of $37.5 billion, which is well above Wall Street's estimates, indicating strong future growth confidence [5] Market Reaction - Following the earnings report, Nvidia's stock surged by 5% in after-hours trading, recovering from a previous 10% decline over the past three weeks [4] - However, the positive market reaction was short-lived, with the Nasdaq and S&P 500 indices declining by 2.15% and 1.56%, respectively, the following day [4] AI Market Dynamics - Huang Renxun emphasized the strong demand for Nvidia's new Blackwell architecture, which is expected to be a significant growth driver, with predictions of "billions" in revenue from Blackwell in the fourth quarter [7] - Nvidia has delivered 13,000 Blackwell sample chips to customers, indicating robust demand for AI infrastructure [7] Strategic Investments - Nvidia has made substantial investments in AI startups, including a $10 billion investment in Anthropic, which will help the company secure more computing power from Microsoft [8][10] - The company has also invested in OpenAI and xAI, with potential total investments reaching $100 billion [8] Concerns and Market Sentiment - Despite Nvidia's strong performance, concerns about an "AI bubble" persist, with investors worried about the sustainability of AI spending and the potential for a market correction [11][15] - The Nasdaq index has dropped nearly 5% this month, reflecting broader market anxieties about AI valuations and the concentration of market power among a few tech giants [15][16] Future Outlook - Nvidia's data center business has surpassed $50 billion in quarterly sales, indicating continued investment in AI infrastructure globally [11][12] - Analysts suggest that Nvidia's expected price-to-earnings ratio of 29 is not indicative of a bubble, as it is lower than the three-year average [14] - The company faces challenges in managing supply chains and meeting the high demand for its products, which may impact future growth [10]

【导读】日韩股市开盘重挫，AI泡沫隐忧带累科技股走低 亚太市场，不平静！ 隔夜美股巨震，拖累日韩股市下挫。11月21日，日韩股市开盘集体跳水。 韩国KOSPI 200期货开盘下跌4%，韩国KOSPI指数跌超4%。 | 首尔综合指数 | | | --- | --- | | 指 HQ.KOSPI | | | 3870.21 -134.64 -3.36% | | | 11-21 08:29:00 | | | 今开 3908.70 最高 3911.55 | | | 昨收 4004.85 最低 | 3838.70 | | સ્ત્રે મથ 日Ｋ 周Ｋ 季Ｋ | 更多 | | 均价:3869.11 最新:3870.21 -134.64 -3.36% | | | 4171.00 | 4.15% | | 4087.93 | | | 4004.85 | 0.00% | | 3921.77 | | | 9838.70 | -4.15% | | 11:15 08:00 | 14:30 | | MACD ▼ [12,26,9] MACD:2.465 DIFF:-1.136 DEA:-2.368 | | | 16782 | | 对人 ...

【导读】日韩股市开盘重挫，AI泡沫隐忧带累科技股走低 中国基金报记者 晨曦 亚太市场，不平静！ 隔夜美股巨震，拖累日韩股市下挫。11月21日，日韩股市开盘集体跳水。 韩国KOSPI 200期货开盘下跌4%，韩国KOSPI指数跌超4%。 | | KIOXIA | | | | | --- | --- | --- | --- | --- | | | 285A.T | | | | | 量 746万 9428.0 | | 股本 5.41亿 市盈 " | 32.8 万得 | | | -1907.0 -16.82% | 换 1.38% 市值5.10万亿 市净" | | 월 □ 6.22 | | | 分时 モ日 日K | 周Ｋ | | 童家 | (0) | | 叠加 | | | 英1 9430.0 | 300 | | 13330.0 | | 17.60% | 拿1 9428.0 | 400 | | | | | 09:28 9436.0 | 100 | | | | | 09:28 9440.0 | 100 | | 11335.0 | | 0.00% | 09:28 9441.0 | 100 | | | | | 09:28 94 ...

黄仁勋在财报电话会上表态试图打消市场疑虑，但分析认为指望黄仁勋承认泡沫存在本就不现实——没有哪个"卖铲子"的人会告诉淘金者山里没有金 子。周四英伟达股价盘中反转走低，此前该公司发布的超预期财报曾一度推动股价上涨5%。 尽管英伟达第三季度营收同比激增62%至570.1亿美元，并给出强劲的第四季度指引，但投资者对AI估值泡沫的担忧并未完全消散。 周四英伟达股价盘中反转走低，此前该公司发布的超预期财报曾一度推动股价上涨5%。 财报公布后，包括AMD、博通在内的AI生态系统相关股票最初受到提振，但随后均随大盘回落。德意志银行分析师Ross Seymore虽认可业绩亮眼，但 指出股票"估值合理"，维持中性评级。 英伟达CEO黄仁勋在财报电话会议上直言： 有很多关于AI泡沫的讨论，但从我们的角度看，情况截然不同。 这一表态试图打消市场疑虑。然而，分析认为指望黄仁勋承认泡沫存在本就不现实—— 没有哪个"卖铲子"的人会告诉淘金者山里没有金子。 业绩超预期但仍存争议 英伟达本次财报表现超过了市场的最乐观预期。 公司预计第四季度营收将达到约650亿美元，显著高于市场预期。更引人注目的是，黄仁勋在华盛顿的演讲中透露，未来六个财季， ...

当地时间11月20日，美股三大指数上演"过山车式"行情，尽管英伟达强劲财报一度显著提振了市场情绪，纳指一度涨超2%，但随着估值担忧卷土重来， 以及降息预期进一步受挫，三大指数悉数收跌。 有分析指出，受"割裂"的非农报告影响，美联储降息预期进一步受挫，叠科技股高估值的担忧情绪卷土重来，投资者选择大幅抛售，VIX恐慌指数日内飙 升超11%。 截至收盘，道琼斯指数跌0.84%，标普500指数跌1.56%，纳斯达克综合指数跌2.15%。 道琼斯 ▼ DJI 46856.75 开 46567.51 45752.26 7.29亿 45728.93 量 -386.51 -0.84% 低 相关ETF 2 道琼斯ETF 2.15% 跟踪度 100% > 分时 日K 月K 五日 更多▽ 时间05:00 最新45752.26 -386.510 -0.838% +1.56% 199.750V - - 0.00%- -46-138.770- 45420.790 -1.56% 22:30 05:00 标普500 SPX 6538.76 高 6770.35 开 6737.93 37.26亿 作 6534.05 t play -103.40 ...

格隆汇11月21日｜隔夜美股集体收跌，AI龙头英伟达一度在财报超预期的推动下上涨5%，但最终收跌 3%，市值一夜蒸发1429亿美元(约10169亿人民币)，英伟达CEO黄仁勋在财报电话会上表态试图打消市 场疑虑。黄仁勋在财报电话会议上直言："有很多关于AI泡沫的讨论，但从我们的角度看，情况截然不 同。"但分析认为指望黄仁勋承认泡沫存在本就不现实：没有哪个"卖铲子"的人会告诉淘金者山里没有 金子。 分析师表示，英伟达在财报电话会议上"试图反驳几乎所有看空理由"，包括扩展定律、超大规模客户资 本支出以及主权AI等各个层面。投资者对AI泡沫的担忧并非针对本季度或未来几个季度，而是关注一 两年后资本支出能否持续增长。这些巨额投资终究需要产生回报。分析认为，如果AI投资真是难以持 续的泡沫，不能指望黄仁勋亲口承认，也不会从英伟达当前业绩或短期展望中看出来。 ...

盘前要闻 1、何立峰：持续推动外贸提质增效，打通全国统一大市场建设卡点堵点 类型：宏观 情绪影响：正面 国务院副总理何立峰11月18日至20日到湖北、湖南调研。何立峰指出，持续推动外贸提质增效，完善高 标准物流体系建设，加力支持制造业高质量发展，加快构建全国统一大市场，进一步畅通国内国际双循 环。 2、估值担忧卷土重来叠加降息预期进一步受挫!美股上演过山车式大跳水 类型：市场 情绪影响：负面 美国9月强劲的就业数据进一步压低了降息预期，市场预计美联储12月降息的概率已降至不足40%。另 外，黄仁勋并未完全打消市场对AI泡沫的担忧。美股上演过山车式行情，纳指盘中一度涨超2%，但收 跌逾2%，大型科技股全线下跌，热门中概股普跌。 3、磷酸铁锂行业推进反内卷，行业协会将建议设成本红线规范报价 类型：行业 情绪影响：正面 【美】约翰•博格《长赢投资》 机构观点 中国化学与物理电源行业协会将发布《关于参考磷酸铁锂成本指数及规范行业发展的通知》。该《通 知》建议，企业应将协会11月18日披露的行业平均成本区间作为报价的重要参考，不要突破成本红线开 展低价倾销。 4、商务部部长王文涛会见美国驻华大使，就中美经贸关系等问题交 ...

Group 1: Macro Economic Outlook - The global economy is expected to operate smoothly in 2025, with convergence between the US and non-US economies, while asset bubbles and differentiation coexist [8] - The AI sector is anticipated to drive a "rigid bubble" narrative, reflecting strong expectations against weak realities, with risk assets and safe-haven assets moving upward together [8][9] - The macroeconomic foundation for the AI bubble includes stable global economic conditions, a low probability of a hard landing for the US economy, and a favorable liquidity environment due to ongoing interest rate cuts [8][11] Group 2: Hong Kong Stock Market Strategy - The Hang Seng Index has seen a 29.15% increase in the first ten months of the year, indicating a bull market driven by valuation expansion and upward revisions in earnings expectations [12] - The potential return for the Hang Seng Index in a neutral scenario is approximately 22.92%, with an optimistic scenario reaching 33.83% [12][13] - The structural changes in the Hong Kong market, including the increasing representation of technology and new economy sectors, suggest a systemic elevation in valuations [12] Group 3: Transportation Sector Investment Strategy - The investment focus for the transportation sector in 2026 will center on four main lines: long-cycle shipping and aviation, resource products in conjunction with the Belt and Road Initiative, technology-enabled new tracks, and high-dividend asset value reassessment [14][15] - The shipping sector is expected to experience a long-term upward cycle driven by supply constraints and inflation elasticity, with key stocks identified for investment [15][18] - The aviation sector is also projected to improve due to supply-side constraints and increased demand, with specific airlines highlighted as investment opportunities [15][18]

Group 1: Japan's Economic Stimulus Plan - Japan is planning a significant economic stimulus package worth 21.3 trillion yen (approximately 961 billion RMB) to help households cope with ongoing inflation, marking the largest stimulus since the pandemic [2][3] - The plan includes 17.7 trillion yen in general spending and 2.7 trillion yen in tax cuts, exceeding last year's 13.9 trillion yen [2] - The total impact, including private sector funding, could reach 42.8 trillion yen, reflecting Prime Minister Kishi's expansionary fiscal and monetary policy stance [2] Group 2: AI Development Initiatives in the U.S. - Former President Trump plans to launch the "Genesis Mission," aimed at enhancing the U.S. artificial intelligence capabilities, which is considered a strategic priority akin to the Manhattan Project [4] - The initiative may involve increased research efforts in national laboratories and promote public-private partnerships, with a focus on establishing a unified AI regulatory framework [4] - The "Genesis Mission" follows previous challenges faced by the "Stargate" initiative, indicating a shift towards more government involvement in AI development [4] Group 3: Labor Insurance Regulations in China - The Ministry of Human Resources and Social Security has released guidelines clarifying the recognition of work-related injuries, including cases of medical malpractice and injuries during remote work [5][6] - The new standards aim to broaden the scope of work injury insurance, reflecting the evolving nature of work environments, such as remote work [5][6] - The adjustments highlight a commitment to ensuring that new employment forms, like gig economy workers, receive adequate protection [6] Group 4: E-commerce Growth in China - China's online retail sales increased by 9.6% year-on-year in the first ten months of the year, with significant growth in smart products and digital services [7] - The government has issued guidelines to boost digital consumption, emphasizing the development of AI hardware and software innovations [7] - Despite the growth in online retail, the overall consumer market remains under pressure, with mixed results from major promotional events like "Double 11" [8] Group 5: Nvidia's Financial Performance - Nvidia reported a 62% year-on-year revenue increase to $57.006 billion for the third quarter of fiscal 2026, surpassing market expectations [9] - The company anticipates fourth-quarter sales to reach approximately $65 billion, indicating strong demand for AI chips and cloud GPU products [9] - CEO Jensen Huang expressed optimism about the AI industry's growth, dismissing concerns about an AI bubble, and highlighted the ongoing demand for their Blackwell chips [9][10] Group 6: Kuaishou's Financial Results - Kuaishou's Q3 revenue grew by 14.2% year-on-year to 35.6 billion RMB, with adjusted net profit increasing by 26.3% to 5 billion RMB [11] - The e-commerce segment saw a GMV increase of 15.2% to 385 billion RMB, driven by growth in AI-related services [11][12] - Despite a slowdown in live-streaming revenue, Kuaishou's advancements in AI technology position it well for future growth in the content ecosystem [12] Group 7: Securities Industry Consolidation - China International Capital Corporation (CICC) is set to merge with Dongxing Securities and Xinda Securities, creating a significant player in the securities industry with a capital scale exceeding 170 billion RMB [13] - This merger represents a new model for integrating smaller securities firms into larger entities, enhancing service capabilities across the industry [13] - If successful, CICC's market value could significantly increase, positioning it among the top securities firms in China [13] Group 8: Market Trends and Investor Sentiment - The Chinese stock market experienced fluctuations, with the Shanghai Composite Index falling by 0.4% amid mixed investor sentiment [14] - Despite Nvidia's strong earnings report, the A-share market showed limited positive impact, with various sectors experiencing declines [14][15] - Investor concerns about potential interest rate changes by the Federal Reserve have led to a cautious market outlook, with heightened sensitivity to negative news [15]

昨夜， 英伟达的超预期财报叠加"金发姑娘"式的非农数据（新增就业超预期但失业率上升），双重利好。 美股三大股指集体大幅高开，标普500指数一度超过1.4%，纳斯达克指数更是飙升2.18%。 但到尾盘时全线重挫，标普500指数收跌1.56%，纳斯达克指数更是暴跌2.16%。 这种情况此前只发生过两次：2020年4月7日（新冠疫情冲击后）和2025年4月8日（特朗普关税冲击后）。 英伟达业绩利好昙花一现，同样上演高开后大跳水：盘中涨超5%后，收跌3%。 费城半导体指数从早盘大涨转为收盘暴跌近4.8%。 分析认为当利好消息都无法推动市场上涨时，这本身就成为了一个强烈的看空信号，触发了美股大规模的获利了结和技术性抛售。 美股上演四月关税风暴来最大盘中逆转 乐观情绪风云突变，美股上演"高开低走"大逆转。美股三大股指悉数转跌，并持续扩大跌幅。 最终，标普500指数收跌103.40点，跌幅1.56%，报6538.76点。 道琼斯工业平均指数收跌386.51点，跌幅0.84%，报45752.26点。 纳指收跌486.181点，跌幅2.16%，报22078.048点。 市场质疑英伟达："卖铲人"不会说山里没金子 盘前， 9月非 ...