Core Viewpoint - Nvidia is expected to report earnings on November 19, with performance in line with expectations and guidance stronger than anticipated, driven by Blackwell and RTXPro [1] Group 1: Earnings Forecast - Estimated revenue for the January quarter is $64.5 billion, with guidance of $62.5 billion, compared to consensus of $61.7 billion, driven by continued demand for Blackwell [2] - For the October quarter, revenue is estimated at $55.9 billion, exceeding consensus of $55 billion, based on the sales of 1.4 million Blackwell units and a small contribution from Hopper [2] Group 2: Business Growth Potential - Nvidia's Networking business is projected to grow over 90% year-on-year in FY27, supported by aggressive plans for Spectrum-X and NVLinkFabric [3] - The company has set ambitious deployment plans for its CY26 Ethernet switches, with Spectrum-X ARR reaching $10 billion [3] Group 3: Product Development and Client Base - The company anticipates strong demand from clients such as P, Neocloud, and startups, despite potential competition from Google and AWS [2] - Progress on Rubin and VR200NVL144 is on track, with expected production capacity of 377,000 and 630,000 units in 2025 and 2026, respectively [2]

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]