全球要闻 11月19日美股盘后，芯片巨头英伟达再次以一份"炸裂"的财报震撼华尔街。2026财年第三季度（截至 2025年10月26日），英伟达营收同比大涨62.5%，净利润同比增长65%。数据中心业务单季收入首次突 破500亿美元大关。 来源：东财财经头条 美东时间周四，美股三大指数冲高回落，截至发稿，道指跌0.47%，纳指跌0.96%，标普500指数跌 0.69%。美国劳工统计局公布的数据显示，美国9月非农就业意外大增11.9万人，显著高于市场预期的5 万人。 英伟达抹去此前5%的涨幅，英伟达第三财季营收达570亿美元，同比增长62%；预计第四财季营收约为 650亿美元，市场预期620亿美元。谷歌涨1%，市值略超过微软公司，进入美股总市值前三。 双线资本CEO、"新债王"冈拉克本周对当前投资形势做出了惊人的评估，他认为美国股市陷入了"狂 热"，同时将黄金视为主要避难所；他表示，当前美国股市是其整个职业生涯中见过的"最不健康的"市 场之一；尽管黄金似乎正在高位盘整，但冈拉克仍然建议保持黄金配置，配置比例在15%左右。 沙特阿美石油公司近日与美国企业达成17项最新协议及谅解备忘录，总价值超300亿美元；这些协议 ...

Market Overview - US stock market opened with collective gains, with Dow Jones up 1.08%, Nasdaq up 2.19%, and S&P 500 up 1.6% [3] - The US Labor Department reported an unexpected increase of 119,000 in non-farm employment for September, significantly above the market expectation of 50,000 [3] Company Performance - Nvidia's Q3 revenue reached $57 billion, a year-on-year increase of 62%, with Q4 revenue expected to be around $65 billion, surpassing market expectations of $62 billion [4][7] - Google's market capitalization reached $3.65 trillion, slightly exceeding Microsoft, placing it among the top three in the US stock market [4] - AMD, Intel, and TSMC stocks rose over 3%, with Broadcom increasing by over 4% and Micron Technology up by 1% [6][7] Semiconductor Industry - Nvidia's data center business revenue surpassed $50 billion for the first time in a single quarter [7] - The US Commerce Minister Wang Wentao discussed semiconductor supply chain issues with UK Trade Minister Peter Kyle, emphasizing the need for responsible actions to stabilize the global semiconductor supply chain [7] AI Developments - Reports indicate that President Trump plans to sign an executive order to launch the "Genesis Plan" aimed at enhancing AI development in the US [8]

Group 1: Industry Overview - The fashion industry is experiencing mixed results, with frequent personnel changes and organizational streamlining as brands strive to maintain stability amid challenges [1] - Some brands are expanding, such as Ulta Beauty opening its first stores in Mexico, while Mugler returns to the beauty sector after 15 years [1] - Positive news includes Sweaty Betty achieving profitability last year and Ralph Lauren's stock reaching a multi-year high, contrasting with the performance of most luxury brands [1] Group 2: Company Performance - Sweaty Betty reported a decrease in annual revenue to £14.04 million but improved gross profit to £7.45 million, with EBITDA rising from a loss of £4.52 million to a profit of £0.748 million [2] - Ermenegildo Zegna's revenue for the first half of 2025 was €928 million, a 3% decline, but net profit surged 53% to €47.9 million, driven by strong DTC channel performance [4][5] - lululemon's Q2 revenue grew 7% to $2.5 billion, but the stock plummeted over 15% after missing market expectations, primarily due to a 4% decline in comparable store sales in North America [9][10] - Ulta Beauty has opened its first physical stores in Mexico, marking a significant step in its international expansion strategy [12] - Lanvin's sales plummeted 42.1% to €27.9 million in the first half of the year, with the company emphasizing a transitional phase as it seeks to implement a new creative direction [26] Group 3: Leadership Changes - Unilever plans to optimize its top 50 executives, with a potential replacement of up to 25% of its leadership team to enhance operational efficiency [17] - Chantecaille appointed Tennille Kopiasz as its new CEO, bringing experience from L'Oréal and LVMH to the high-end beauty brand [7] Group 4: Market Trends - Ralph Lauren's stock reached a historic high of $317.34, with a market cap nearing $19 billion, driven by a 14% revenue increase to $1.7 billion and a 30.7% rise in net profit [19][20] - Mugler is re-entering the beauty market with a new makeup line in collaboration with L'Oréal, marking its first beauty product launch in 15 years [22]

Group 1: Industry Overview - The fashion industry is experiencing mixed results, with frequent personnel changes and organizational streamlining as brands strive to maintain stability amid challenges [1] - Ulta Beauty has opened its first stores in Mexico as part of its international expansion strategy [7] - Ralph Lauren's stock reached a multi-year high, driven by strong financial performance and a unique market strategy [10][11] Group 2: Company Performance - Sweaty Betty reported a decrease in annual revenue to £14.04 million but achieved a turnaround with EBITDA rising from a loss of £4.52 million to a profit of £0.748 million [2][3] - Ermenegildo Zegna's revenue for the first half of 2025 was €928 million, a 3% decline, but net profit surged 53% to €47.9 million, indicating strong performance in direct-to-consumer channels [3][4] - lululemon's Q2 revenue grew 7% to $2.5 billion, but the stock plummeted over 15% after failing to meet market expectations, primarily due to a 4% decline in comparable store sales in North America [6][7] - Lanvin's sales plummeted 42.1% to €27.9 million, with significant declines in both the Greater China and European markets, indicating severe operational challenges [11][15] Group 3: Leadership Changes - Unilever plans to optimize its top management by potentially replacing a quarter of its top 200 leaders to enhance operational efficiency [9] - Chantecaille appointed Tennille Kopiasz as its new CEO, bringing in experience from previous roles at L'Oréal and LVMH [5] Group 4: Market Trends - Mugler is re-entering the beauty sector after 15 years, launching a new makeup line in collaboration with L'Oréal, indicating a trend of luxury brands diversifying into beauty products [12][13] - The World Gold Council introduced a new digital gold framework aimed at modernizing the global gold market and enhancing transaction efficiency [14]

Core Viewpoint - The World Gold Council is seeking to launch digital gold, which could revolutionize the $900 billion physical gold market in London [1][3]. Group 1: Digital Gold Initiative - The new digital unit called "Pool Gold Interests" (PGIs) will pilot in London with commercial participants in the first quarter of next year [3]. - Digital gold aims to expand market coverage despite many investors valuing gold for its physical characteristics and lack of counterparty risk [3][4]. - The digitalization of gold could allow it to be used as collateral and meet margin requirements, transforming it from a static asset on balance sheets [3][5]. Group 2: Market Structure and Participants - The London wholesale gold market is the largest physical trading center globally, supported by major banks like HSBC and JPMorgan [6]. - Currently, there are two types of trading in the London market: "allocated" gold trading involving specific bars and "unallocated" gold trading without specific bars [7]. - The proposal for PGIs will create a third trading type in the London over-the-counter gold market [7]. Group 3: Challenges and Competition - Despite rising gold prices, the asset faces competition from cryptocurrencies and stablecoins, which could surpass traditional gold investments [9]. - Efforts to create gold-backed stablecoins have largely failed, with the most successful ones managing around $1.3 billion in assets compared to $400 billion held in gold-backed ETFs [9]. - The adoption of blockchain initiatives in the gold market has been slow, but there is a positive reception among refiners, with 96% of good delivery list refiners participating [9].

Core Viewpoint - The World Gold Council plans to pilot "Pool Gold Interests" (PGIs) next year, allowing banks and investors to buy and sell fractional ownership of physical gold stored in independent accounts, aiming to digitize gold to expand market coverage [1][3]. Group 1: Digital Gold Initiative - The new digital unit PGIs will be tested in London in Q1 next year, with the goal of transforming the $900 billion physical gold market [1]. - The digitization of gold is seen as a way to utilize it for margin requirements and as collateral, moving away from its traditional role as a static, non-yielding asset on balance sheets [1][4]. - The initiative is part of a broader effort to create a new model for precious metal trading, settlement, and collateral [1]. Group 2: Market Dynamics and Challenges - The plan faces resistance from existing market participants who prioritize gold's physical characteristics and view it as a safe-haven asset [2][6]. - The London wholesale gold market, dominated by major banks, currently operates under two trading types: allocated and unallocated gold trading, with the PGIs proposal introducing a third type [5]. - The gold market is also facing competition from cryptocurrencies and stablecoins, with previous attempts to create gold-backed stablecoins largely unsuccessful [6]. Group 3: Industry Support and Adoption - Major banks and trading companies are expected to participate as co-owners of the underlying gold in the pilot project [4]. - The World Gold Council's previous blockchain initiative, the "Gold Bar Integrity Program," has seen good acceptance among refineries, with 96% of compliant refineries joining [7]. - The CEO of the London Bullion Market Association acknowledges the challenges but believes in the potential for significant changes in gold procurement processes [7].