Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Spotify.Getty Images Good morning! Here is the latest in trending:Rally back on! Nvidia (NVDA) lifts stocks after blowout earnings, with CEO Huang saying cloud GPUs are 'sold out.' See a Seeking Alpha graphic of key metrics here.MAHA moves: A CDC webpage now indicates that vaccines may cause autism, reversing its prior language on the matter.Turnaround needed: Besides new AI efforts, Target ( ...

业绩公布后，多家投行上调英伟达目标价，其中，美利亚斯研究将英伟达目标价上调至320美元；里昂 维持"高确信度跑赢大市"评级，予目标价270美元；伯恩斯坦将目标价上调至275美元；杰富瑞、摩根大 通将目标价上调至250美元；德银将目标价上调至215美元。 财报显示，英伟达三季度营收570亿美元，同比增长62%，其中，数据中心营收为512亿美元，高于预期 的490亿美元，此外，其对四季度的营收展望为约650亿美元，远高于分析师的平均预估的616亿美元。 英伟达CEO黄仁勋表示："Blackwell的销量爆表，云GPU更是全部售罄。" 格隆汇11月20日｜英伟达(NVDA.US)盘前大涨超5%，报196.6美元。消息面上，英伟达周三盘后公布Q3 业绩，作为人工智能热潮核心的芯片销量增长速度超过了华尔街预期，同时公司给出强劲的当季营收预 测。 ...

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The Fed meeting minutes showed significant differences among participants regarding the December interest - rate decision. Many thought it was not suitable to cut rates in December, while some were concerned about the disorderly decline of the stock market. The "new Fed newswire" believed that a slight majority of policymakers were uneasy about a December rate cut [8][23]. - For precious metals, the long - term upward trend of gold and silver is certain, but the short - term prices are volatile. Gold should be bought on dips, and silver may reach a new high this year if the macro - sentiment is favorable [9][10]. - Fuel oil and low - sulfur fuel oil have been following the decline of crude oil. High - sulfur fuel oil is expected to remain weaker than low - sulfur fuel oil, and the long - term strength reversal of low - sulfur fuel oil should be watched out for [11]. - PX supply is tight due to increased overseas aromatics blending demand and the planned reduction of South Korea's GS disproportionation unit, and its price has risen [12]. - The short - term trend of lithium carbonate is strong, but the risk of a price correction in the first - quarter demand off - season should be noted [13]. 3. Summary by Relevant Catalogs 3.1 Fed Meeting and Macro - news - The Fed meeting minutes revealed that participants had different views on the December policy decision. Some thought a rate cut in December might be appropriate, many preferred to keep rates unchanged this year. Most believed that rate cuts in the context of high inflation and a cooling job market could exacerbate inflation risks. Almost all supported ending the balance - sheet reduction in December, and many supported increasing the proportion of short - term debt holdings [8]. - U.S. economic data is missing after the government shutdown, which has reduced the December rate - cut expectations. The 10 - month non - farm payroll report will not be released, and the 11 - month report is rescheduled to December 16 [10]. 3.2 Precious Metals (Gold and Silver) - Gold: The price has been affected by the change in rate - cut expectations. The recent fundamentals show that the price of Shanghai Gold 2512 closed at 937.00 with a daily increase of 2.01%, and the night - session price was 935.42 with a 0.53% increase. The overall trend is that the long - term is upward, but short - term fluctuations are large [9][10][20]. - Silver: It is in a state of shock adjustment. The price of Shanghai Silver 2512 closed at 12141 with a daily increase of 3.81%, and the night - session price was 12035.00 with a 0.63% increase. The spot supply is tight, and there is potential for a new high [9][10][20]. 3.3 Fuel Oil and Low - sulfur Fuel Oil - High - sulfur fuel oil: The spot trading was active in November, but the premium remained low. With the end of refinery maintenance in the Middle East, the supply is expected to increase, and it will be under pressure in the Asia - Pacific region [11]. - Low - sulfur fuel oil: It has been strengthening recently due to ongoing refinery maintenance in Brazil, Japan, etc., and the high cracking spread of European gasoline and diesel. However, as overseas refineries return to operation in mid - November, there is a risk of price decline [11]. 3.4 PX - The supply of PX is tight due to increased overseas aromatics blending demand and the planned reduction of South Korea's GS disproportionation unit. The price has risen, and operations such as 5 - 9 spread positive arbitrage, long PX and short PTA/PF/PR, and long PX and short pure benzene hedging are recommended [12]. 3.5 Lithium Carbonate - The short - term trend is strong, but the industry is still in the de - stocking cycle. The spot trading is light, and downstream acceptance of high - price lithium salts is low. In the medium - term, the risk of price correction in the first - quarter off - season should be noted [13][48]. 3.6 Other Commodities - Copper: The price lacks a clear driver and is in a state of shock. The fundamentals show that the price of Shanghai Copper's main contract closed at 86110 with a 0.53% daily increase [24]. - Zinc: LME inventories have increased. The price of Shanghai Zinc's main contract closed at 22420 with a 0.49% daily increase [27]. - Lead: The reduction in inventory limits the price decline. The price of Shanghai Lead's main contract closed at 17250 with a 0.12% daily increase [30]. - Tin: The price has fallen from a high level. The price of Shanghai Tin's main contract closed at 288890 with a - 0.51% daily increase [34]. - Aluminum: It is in a range - bound shock. The price of Shanghai Aluminum's main contract closed at 21570 [39]. - Nickel: The price has broken through the support level and is under pressure. The price of Shanghai Nickel's main contract closed at 115650 [42]. - Stainless steel: The weak reality suppresses the steel price, but the downside space is limited. The price of the stainless - steel main contract closed at 12335 [43]. - Industrial silicon: It is recommended to short on rallies. The price of Si2601 closed at 9390 [52]. - Polysilicon: Attention should be paid to when the positive - arbitrage funds leave the market. The price of PS2601 closed at 54625 [52]. - Iron ore: The downstream demand space is limited, and the valuation is high. The price of the iron - ore futures contract closed at 791.5 [55]. - Rebar and hot - rolled coil: Both are in a wide - range shock. The price of RB2601 closed at 3070, and the price of HC2601 closed at 3277 [58]. - Ferrosilicon and silicomanganese: Both are in a wide - range shock. The price of ferrosilicon 2601 closed at 5462, and the price of silicomanganese 2601 closed at 5642 [62]. - Coke and coking coal: Both are in a wide - range shock. The price of JM2601 closed at 1139.5, and the price of J2601 closed at 1639 [65]. - Logs: The price fluctuates repeatedly [67].

Report Industry Investment Rating There is no relevant content provided in the report. Core Viewpoints - Gold: Expectations of interest rate cuts are rising [2]. - Silver: Undergoing a period of fluctuating adjustment [2]. - Copper: Lacking a clear driving force, prices are oscillating [2]. - Zinc: LME inventories are accumulating [2]. - Lead: Reduced inventories are limiting price declines [2]. - Tin: Prices are falling from a high level [2]. - Aluminum: Trading within a range [2]. - Alumina: Continuing to face downward pressure [2]. - Cast aluminum alloy: Following the trend of electrolytic aluminum [2]. - Nickel: Nickel prices have broken through support levels and are under pressure, moving in a volatile manner [2]. - Stainless steel: Weak market realities are suppressing steel prices, but the downside is not expected to be significant [2]. Summary by Commodity Gold - **Price and Performance**: The closing price of Shanghai Gold 2512 was 937.00, with a daily increase of 2.01%, and the night - session closing price was 935.42, up 0.53%. Gold T + D closed at 934.28, up 2.05% daily, and 934.44 at night, up 0.39%. Comex Gold 2512 closed at 4078.30, up 0.27% [4]. - **Trading Volume and Open Interest**: The trading volume of Shanghai Gold 2512 was 239,515, an increase of 2,600 from the previous day, and the open interest was 82,838, a decrease of 8,034 [4]. - **Inventory**: The inventory of Shanghai Gold was 90,426 kilograms, unchanged from the previous day, and Comex Gold inventory (in troy ounces, the day before) was 37,224,744, a decrease of 93,766 [4]. - **Macro and Industry News**: Cryptocurrencies tumbled during the session. The Fed meeting minutes showed a significant divide, with many believing it's inappropriate to cut rates in December, and some worried about a disorderly stock - market decline [4][7]. Silver - **Price and Performance**: The closing price of Shanghai Silver 2512 was 12141, up 3.81% daily, and the night - session closing price was 12035.00, up 0.63%. Silver T + D closed at 12150, up 3.78% daily, and 12038 at night, up 0.33%. Comex Silver 2512 closed at 51.065, up 1.04% [4]. - **Trading Volume and Open Interest**: The trading volume of Shanghai Silver 2512 was 98,089, an increase of 22,238 from the previous day, and the open interest was 59,430, a decrease of 2,902 [4]. - **Inventory**: The inventory of Shanghai Silver was 547,685 kilograms, a decrease of 15986 from the previous day, and Comex Silver inventory (in troy ounces, the day before) was 465,535,121, a decrease of 4,000,330 [4]. - **Macro and Industry News**: Similar to gold, including cryptocurrency drops and Fed meeting - related news [4][7]. Copper - **Price and Performance**: The closing price of the Shanghai Copper main contract was 86,110, up 0.53% daily, and the night - session closing price was 86190, up 0.09%. The LME Copper 3M electronic - trading platform closed at 10,803, up 0.98% [8]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Copper index was 185,519, a decrease of 23,389 from the previous day, and the open interest was 527,120, an increase of 5,581. The LME Copper 3M electronic - trading platform had a trading volume of 16,612, a decrease of 7,909, and an open interest of 317,000, a decrease of 2,389 [8]. - **Inventory**: Shanghai Copper inventory was 58,352, a decrease of 2,522 from the previous day, and LME Copper inventory was 157,875, an increase of 17,375. The cancellation - warrant ratio was 6.16%, a decrease of 0.19% [8]. - **Macro and Industry News**: The Fed meeting showed a divide on December rate - cut expectations. Peru's copper production in September increased by 3.7% year - on - year to 240,995 tons. China's copper product output in October 2025 decreased by over 10% month - on - month [8][10]. Zinc - **Price and Performance**: The closing price of the Shanghai Zinc main contract was 22420, up 0.49%, and the LME Zinc 3M electronic - trading platform closed at 2990.5, up 0.03% [11]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Zinc main contract was 91247, a decrease of 2222, and the open interest was 67487, a decrease of 14839. The LME Zinc trading volume was 14603, an increase of 3454, and the open interest was 224451, a decrease of 3059 [11]. - **Inventory**: Shanghai Zinc futures inventory was 75314, a decrease of 1473, and LME Zinc inventory was 45075, an increase of 1550 [11]. - **News**: A report warns that the AI bubble may burst in 6 - 12 months. Morgan Stanley believes the power - equipment bull market is in the early - to - mid - stage [12]. Lead - **Price and Performance**: The closing price of the Shanghai Lead main contract was 17250, up 0.12%, and the LME Lead 3M electronic - trading platform closed at 2027, down 0.56% [14]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Lead main contract was 46208, a decrease of 8860, and the open interest was 63895, a decrease of 5231. The LME Lead trading volume was 8497, a decrease of 383, and the open interest was 172614, an increase of 9150 [14]. - **Inventory**: Shanghai Lead futures inventory was 31206, a decrease of 1484, and LME Lead inventory was 264475, a decrease of 325 [14]. - **News**: Similar to other metals, including Fed meeting - related news [15]. Tin - **Price and Performance**: The closing price of the Shanghai Tin main contract was 288,890, down 0.51%, and the night - session closing price was 291,890, up 0.68%. The LME Tin 3M electronic - trading platform closed at 36,860, down 0.11% [19]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Tin main contract was 67,408, a decrease of 10,882, and the open interest was 27,950, a decrease of 3,954. The LME Tin 3M electronic - trading platform had a trading volume of 180, a decrease of 9, and an open interest of 13,988, an increase of 53 [19]. - **Inventory**: Shanghai Tin inventory was 6,062, a decrease of 37, and LME Tin inventory was 3,055, unchanged. The cancellation - warrant ratio was 6.57%, a decrease of 0.38% [19]. - **Macro and Industry News**: Similar to other metals, including cryptocurrency drops and Fed meeting - related news [19][20]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Performance**: The closing price of the Shanghai Aluminum main contract was 21570, up 105 from the previous day. The LME Aluminum 3M closed at 2815, up 25. The closing price of the Shanghai Alumina main contract was 2740, down 40. The closing price of the aluminum alloy main contract was 20815, up 85 [23]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Aluminum main contract was 202981, a decrease of 56481, and the open interest was 347833, a decrease of 8714. The LME Aluminum 3M trading volume was 22278, a decrease of 7841 [23]. - **Inventory and Other Data**: LME Aluminum cancellation - warrant ratio was 10.13%, up from 5.41%. The LME cash - 3M spread was - 28.05 [23]. - **News**: NVIDIA's revenue growth exceeded expectations. Fed Governor Milan called for reshaping bank regulations [24]. Nickel and Stainless Steel - **Price and Performance**: The closing price of the Shanghai Nickel main contract was 115,650, up 810. The closing price of the stainless - steel main contract was 12,335, down 30 [26]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Nickel main contract was 82,563, a decrease of 34,853, and the trading volume of the stainless - steel main contract was 114,420, a decrease of 7,812 [26]. - **Industry Chain Data**: The price of 8 - 12% high - nickel pig iron (ex - factory price) was 897, down 3. The price of 304/2B coil - cut edge (Wuxi) from TISCO/Zhangpu was 13,250, down 100 [26]. - **News**: An Indonesian mining area was taken over due to violations. China suspended an unofficial subsidy for imported copper and nickel from Russia [26][27].

公众号记得加星标⭐️，第一时间看推送不会错过。 来 源 ： 内容来自半导体行业观察综合 。 芯片巨头英伟达的营收和即将上市的销售额均超出华尔街预期，缓解了投资者对人工智能 (AI) 领域 巨额支出引发市场动荡的担忧。 该公司周三发布的季度财报显示，截至10月份的三个月内，营收飙升62%至570亿美元，主要得益于 人工智能数据中心对其芯片的需求增长。该部门的销售额增长66%，超过510亿美元。达到512亿美 元，轻松超过分析师此前预期的490.9亿美元，较上一季度增长25%，较去年同期增长66%。剩余的 68亿美元营收来自英伟达的游戏业务（42亿美元），其次是专业可视化和汽车领域的销售额。 按美国通用会计准则（GAAP）计算，公司净利润为320亿美元，同比增长65%。营收和利润均超出 英伟达首席财务官科莱特·克雷斯在一份声明中表示，该公司最畅销的芯片系列现在是 Blackwell Ultra，这是该公司 Blackwell 芯片的第二代版本。 英伟达首席财务官科莱特·克雷斯在致股东的声明中指出，计算能力的加速发展、强大的AI模型以及 智能体应用的兴起推动了公司数据中心业务的增长。克雷斯在公司第三季度财报电话会议 ...

这份备受关注的业绩报告，或缓解市场对人工智能泡沫日益增长的担忧。"我并未看到人工智能泡沫。"黄仁勋说。数据公布后，收涨近3%的英伟达在盘 后交易中涨幅迅速扩大，截至发稿，盘后涨幅一度超过6%。 英伟达业绩超预期 盘后涨幅一度超过6% 美东时间11月19日周三美股盘后，英伟达公布了三季度财务数据，再次超出预期。财报显示，英伟达三季度营收570亿美元，同比增长62%，市场预期 551.9亿美元；净利润为319亿美元，同比增长65%；经调整后的每股收益为1.30美元，高于市场预期的1.25美元。 数据中心业务是英伟达最重要的业务板块。财报显示，英伟达三季度数据中心收入达到512亿美元，同比增长66%。其中，"计算业务"（即GPU）贡献了 430亿美元的营收；网络业务（即允许多个GPU能协同工作的组件）贡献了82亿美元。 英伟达首席财务官Colette Kress在声明中表示，公司当前最畅销的芯片系列是Blackwell Ultra，这是Blackwell芯片的第二代产品。黄仁勋在声明中表 示："云GPU也已售罄。" 在投资者表现出对人工智能泡沫日益增长的担忧之际，AI芯片龙头英伟达再次交出了一份超预期的财报。美东时 ...

| | | 全球主要股票指数 | | | | --- | --- | --- | --- | --- | | 市场 | 名称 | 现价 | 涨跌 | 涨跌幅 | | 欧美 | 道琼斯工业平均 | 46138.77 | 47.03 | 0.10% | | | 纳斯达克 | 22564.23 | 131.38 | 0.59% | | | 标普500 | 6642.16 | 24.84 | 0.38% | | | 欧洲斯托克50 | 5542.05 | 8.52 | 0.15% | | | 英国富时100 | 9507.41 | -44.89 | -0.47% | | | 法国CAC40 | 7953.77 - | -14.16 | -0.18% | | | 德国DAX fonghul | | 23162.92 80 g u d a gar 69 m | -0.08% | | | 俄罗斯RTS | 1029.78 | 33.64 | 3.38% | | | 上证指数 | 3946.74 | 6.93 | 0.18% | | | 深证成指 | 13080.09 | -0.4 | 0.00% | | | 创业板指 | ...

商务部新闻发言人就安世半导体相关问题答记者问表示，对荷方主动暂停行政令表示欢迎，希望荷方继 续展现与中方真诚合作的意愿。此前，荷兰经济大臣卡雷曼斯称，已暂停对安世半导体的干预。另外闻 泰科技公告，虽然荷兰对安世所下达的部长令被宣布暂停，但公司对安世的控制权仍然处于受限状态。 英伟达Q3业绩爆表，AI营收、展望均超华尔街预期。Q3营收为570亿美元，同比增长62%；其中数据中 心营收为512亿美元，高于预期的490亿美元，此外四季度营收展望约为650亿美元，远高于分析师的平 均预估的616亿美元。英伟达CEO黄仁勋表示，并未看到人工智能泡沫，Blackwell的销量爆表，云GPU 更是全部售罄。 美俄绕开乌克兰，敲定俄乌28点和平方案。近期，美俄被曝就结束俄乌冲突的框架协议接近达成"重大 突破"，预计最迟本月底、甚至"最快本周内"完成。据悉，这是一份受特朗普加沙停火计划启发而制定 的28点路线图，与"加沙20点计划"类似。潜在协议由美俄直接协商形成，可能以"既成事实"方式呈交乌 克兰总统泽连斯基，且"几乎没有征求乌克兰或欧洲盟友的意见"。不过俄罗斯方面否认有新进展。 美股方面，在连跌四日后迎来反弹，道指涨0.1 ...

Group 1 - Nvidia's revenue accelerated growth by 62% in the last quarter, with guidance for the next quarter exceeding expectations, indicating strong demand for cloud GPUs [4] - Nvidia's data center revenue reached a record high, growing by 66% year-over-year and nearly 25% quarter-over-quarter [4] - Nvidia's gross margin is expected to be 75%, marking the first year-over-year increase in six quarters [4] Group 2 - Google shares rose over 6% following the release of its latest AI model [2] - The Nasdaq Golden Dragon China Index fell by 1.54%, with notable declines in stocks like Qifu Technology and Tiger Securities [3] - The U.S. dollar and bond yields rose, with the 10-year Treasury yield increasing by 2.5 basis points [4] Group 3 - Counterpoint Research predicts memory prices will rise by approximately 50% before the second quarter of 2026 [6][13] - Nvidia plans to switch AI server memory chips from traditional DDR5 to low-power LPDDR chips, which may lead to supply chain challenges [12][13] - Major organic silicon manufacturers have seen significant price increases following production cuts [10] Group 4 - China’s Ministry of Industry and Information Technology is developing a plan to promote the application of AI technology in the toy industry [7] - The Chinese Ministry of Foreign Affairs stated that Japanese seafood exports to China will not find a market under current conditions [8] - The Qianwen App quickly rose to third place in the Apple App Store free applications chart shortly after its public testing [9] Group 5 - China International Capital Corporation (CICC) plans to merge with Dongxing Securities and Xinda Securities, which will reduce the number of brokerages under Central Huijin to six [12] - The merger will create a new brokerage with total assets of approximately 1,009.58 billion yuan, making it the fourth brokerage with over a trillion in assets [12] - The merger is expected to help brokerages quickly fill business gaps and expand geographically [12]

Group 1: Market Overview - On November 19, US stock indices collectively rose, with the Dow Jones up 0.1%, S&P 500 up 0.38%, and Nasdaq up 0.59% [1] - Major tech stocks saw an increase, with the Wind US Tech Seven Giants Index closing up 0.87% [5] Group 2: Nvidia's Financial Performance - Nvidia reported record revenue of $57 billion for Q3 FY26, a 62% year-over-year increase, surpassing analyst expectations of $55.4 billion [3][6] - The company's net income reached $31.9 billion, also a 65% increase year-over-year, with diluted earnings per share at $1.30, exceeding the expected $1.25 [6][7] - Nvidia's data center revenue hit a record $51.2 billion, growing 66% year-over-year and accounting for nearly 90% of total revenue [6][8] Group 3: Nvidia's Business Segments - Nvidia's gaming revenue was $4.3 billion, a 30% year-over-year increase; professional visualization revenue was $760 million, up 56%; and automotive and robotics revenue was $592 million, a 32% increase [8] - CEO Jensen Huang highlighted strong sales of the Blackwell platform and the ongoing demand for cloud GPUs, indicating a robust AI ecosystem [6][8] Group 4: Federal Reserve Insights - The Federal Reserve's October meeting minutes revealed significant divisions among officials regarding potential interest rate cuts in December, with some favoring maintaining rates while others suggested a possible cut [12] - The minutes indicated that the decision to lower rates is not predetermined, reflecting a range of opinions on the economic outlook [12]