广发海外电子通信： 来源：市场资讯 （来源：君实财经） 英伟达业绩前瞻 预计1月季度营收645亿美元，或指引625亿美元：对于10月季度，我们现估计559亿美元，对比共识的 550亿美元，基于Blackwell140万部及少量Hopper。对于1月季度，我们预计将增至645亿美元（暗示指 引625亿美元），对比共识的617亿美元，因Blackwell持续上量，与我们先前对出货受限的观点不同。 我们还认为RTXPro及Hopper的轻微贡献将增添额外动能。 Rubin及VR200NVL144进展顺利：我们仍预计2025/2026年CoWoS产能分别为37.7万/63万片，包括 VeraCPU的5万，得益于Rubin按计划于2026年中封装出货，随后为ODM的VR200NVL144于7月开始组装 量产。客户角度来看，我们预计英伟达的强势主要由P、Neocloud及初创企业驱动，尽管其谷歌/AWS的 ASIC有上行潜力，但我们观察到ODM的VR200订单增加。 Networking上行潜力：根据财第二财季业绩会，其暗示Spectrum-XARR已达100亿美元。得益于英伟达 推出Spectrum-X及系统级集成，我 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The domestic retail market for textiles and apparel continues to show steady performance, with most companies achieving positive revenue growth, although profit margins vary significantly [2][4] - The manufacturing sector faces challenges due to weak retail performance and expectations, with inventory replenishment becoming difficult and tariffs further suppressing manufacturing performance [2][4] - The recovery of Nike's operations is expected to alleviate some negative pressures on the industry, potentially leading to a rebound in the manufacturing sector [2][4][30] Summary by Sections Brand Performance - The retail environment remains stable, with most companies reporting positive revenue growth, while profit margins show divergence [4][16] - Sub-sectors exhibit varied performance, with sports retail maintaining steady growth, mid-to-high-end menswear showing resilience, and mass-market brands facing pressure [4][20] Manufacturing Sector - The manufacturing sector is under pressure as downstream brands enter a phase of passive inventory accumulation, compounded by tariffs affecting short-term performance [4][17] - The sector is expected to face challenges in the short term, but improvements in Nike's operations may provide a positive outlook for the manufacturing sector [4][30] Key Company Performance - Companies such as Luolai Life and Weigao Medical are expected to perform well in Q2 2025, with Luolai's revenue projected to grow by 0%-5% and net profit by 20%-30% due to low base effects [5][29] - Weigao Medical anticipates a revenue increase of 23%-33% and a net profit growth of 25%-35% driven by strong performance in personal care and medical products [5][29] Detailed Company Forecasts - 361 Degrees expects a revenue growth of 10%-20% in Q2 2025, with strong performance in adult and children's apparel [6][20] - Crystal International is projected to achieve a revenue growth of 12%-16% in H1 2025, benefiting from a low base and improved product mix [6][20] Market Trends - The retail sales growth for clothing and textiles in June 2025 was 1.9%, with a sequential decline of 2.1 percentage points [25][29] - The overall retail environment remains weak, with significant variations across different segments, particularly in the mass-market sector [20][29]