Q&A NV 业绩再超预期，AI 后续投资怎么看？20251121 摘要 英伟达业绩超预期，收入指引乐观，预计 Q4 收入中位数为 650 亿美元， 环比增长 14%，显示 AI 基础设施投资持续强劲，但宏观经济不确定性 影响股价波动。 英伟达预估 2025-2026 年通过 Blackwell 和 Rubin 等产品实现 5,000 亿美元收入，并积极拓展中东数据中心等新项目，企业级 AI 和主权 AI 将推动 AI 基础设施投资。 AMD 预测数据中心 TAM 将从 2025 年的 2000 亿美元增长到 2030 年 的 1 万亿美元，五年复合增长率超 40%，并持有 OpenAI、Oracle 和 Meta 等公司的大量订单，预计 2027 年数据中心收入达数百亿美元。 工业富联作为 NV 链核心标的，未来订单确定性高，受益于英伟达 GPU 需求增长和 ASIC 相关需求增加，组装环节竞争格局较好，单机柜价值 量持续提升。 PCB 行业短期回调，但长期受益于 NV 链增长逻辑，已获明年及以后 ASIC 订单，机柜价值量和数量快速增长，核心 PCB 公司仍具投资价值。 英伟达在 2025 财年第三季度的 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来 源 ： 内容编译自cnbc，谢谢 。 英伟达公司业绩远超预期，周三公布的财报显示，其图形处理器在人工智能工作负载方面表现出色， 利润飙升。但其他类型的人工智能芯片也正在迅速崛起。 从谷歌到其他所有大型超大规模数据中心，所有主要超大规模数据中心都在设计定制ASIC（专用集 成电路）。TPU到亚马逊的Trainium 和OpenAI与博通的合作计划这些芯片体积更小、价格更低、更 容易获得，并且能够降低这些公司对英伟达GPU的依赖。Futurum Group的丹尼尔·纽曼告诉CNBC， 他认为未来几年定制ASIC芯片的增长速度"甚至会超过GPU市场"。 除了GPU和ASIC之外，还有现场可编程门阵列（FPGA），这种芯片在制造完成后可以通过软件重 新配置，用于各种应用，例如信号处理、网络和人工智能。此外，还有一整套人工智能芯片，它们为 设备端而非云端的人工智能提供支持。高通，苹果还有一些人则大力支持这些设备端人工智能芯片。 CNBC采访了大型科技公司的专家和内部人士，分析了竞争激烈的人工智能领域以及市面上各种类型 的人工智能芯片。 用于通用计算的GPU GPU最初 ...

watch nowNvidia outperformed all expectations, reporting soaring profits Wednesday thanks to its graphics processing units that excel at AI workloads. But more categories of AI chips are gaining ground. Custom ASICs, or application-specific integrated circuits, are now being designed by all the major hyperscalers, from Google's TPU to Amazon's Trainium and OpenAI's plans with Broadcom. These chips are smaller, cheaper, accessible and could reduce these companies' reliance on Nvidia GPUs. Daniel Newman of th ...

国金证券近日发布信息技术产业行业研究：英伟达举行GTC大会，对26年出货、订单指引积极。英伟达 Rubin本季度也开始投产。AMD举行投资者日活动，对3~5年的长期增速表述乐观。AI芯片的高速增 长，带动存储数据中心需求提速。 国内外需求环境波动，技术落地不及预期，竞争加剧影响利润率等。（国金证券 孟灿,樊志远,张真桢） 电子行业观点：AI硬件公司长期指引乐观，算力有望迎来加速。英伟达举行GTC大会，对26年出货、 订单指引积极。英伟达Rubin本季度也开始投产。AMD举行投资者日活动，对3~5年的长期增速表述乐 观。AI芯片的高速增长，带动存储数据中心需求提速。建议关注博通12月业绩会，有望上修2026年 ASIC收入，Token数量的爆发式增长，带动了ASIC强劲需求，我们研判谷歌、亚马逊、Meta、Open AI 及微软的ASIC数量，2026-2027年将迎来爆发式增长，继续看好ASIC受益产业链。我们认为，AI需求持 续强劲，英伟达AI服务器四季度出货量提速，ASIC迎来爆发式增长。 通信行业观点：1）海外链看，北美AI数据中心建设仍在加速推进：A）Anthropic宣布将在美国投资500 亿美元建 ...

"When our customer stated they needed eFPGA as a key IP in their ASIC, we decided to partner with QuickLogic because of more than 30 years of FPGA expertise and adoption throughout the aerospace and defense community," said Murilo Pessatti, CEO of Chipus. "They have been instrumental in working with us and our customer to right-size the eFPGA fabric, helping us deliver a competitive, reliable ASIC to market more quickly and with reduced risk." "We are excited to be partnering with Chipus on this ASIC which ...

10 月份财政数据需关注以下三点：其一，一般公共预算支出同比转负，"三保"和 基建投资相关的支出同比增速均较上月回落，需关注 9 月份以来增量财政政策的效 果；其二，政府性基金收支均降速，预计待地方债务结存限额下达并用于补充地方政 府综合财力后，能有所改观；其三，年内政府债供给已至尾声，而 10 月财政存款同 比多增意味着财政资金仍有释放空间，对后续流动性构成利好。风险提示：政策落地 不及预期，重大项目开工不及预期。 行业研究 2025 年 11 月 18 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】财政降速，关注增量政策效能释放——2025 年 10 月财政数据点评 【高端制造】聚变新能发布采购项目超 20 亿元，行业招标提速——可控核聚变行业 系列报告之三(买入) 聚变新能发布招标超 20 亿元，主要涉及电源系统、低温系统、屏蔽包层等环节。"十 五五"规划将核聚变能列为未来产业，可控核聚变产业具备长期增长潜力。建议关注： 1）真空室及内部件：合锻智能、国光电气、安泰科技、应流股份、派克新材、天工 国际（H）；2）磁体系统：联创光电、永鼎股份；3）电源系统：四创电子、王子新 材、旭光电子。4）低温 ...

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is one of the Best Fundamentally Strong Stocks to Buy. On November 10, Bank of America Securities analyst Mike Yang maintained a “Buy” rating on the company’s stock, setting a price objective of $360.00. The analyst’s rating is backed by the company’s strong sales performance in October. Bank of America Securities Maintains Buy Rating on Taiwan Semiconductor Manufacturing (TSM) Stock On the consolidated basis, Taiwan Semiconductor Manufacturin ...

Group 1: Macro Strategy - The current A-share market resembles the early stages of the 2020-2021 bull market, indicating a slow bull phase driven by strategic funds, similar to the role of foreign capital in early 2020 [1][11] - The market is expected to follow a structural "innovation bull" trend in 2026, as new funds and improved performance from domestic institutions emerge [1][11] - The macroeconomic environment in 2025 shows a mild recovery driven by policy support, with significant similarities to the early 2020 recovery phase [1][11] Group 2: Fixed Income Market - The bond market remains in a box range, with the central bank maintaining liquidity through reverse repos and net purchases of government bonds [2][12] - The introduction of new redemption fee regulations is anticipated to cause volatility in the bond market, but a cautious optimism is advised as the impact will be spread over time [2][12] - The 10-year government bond yield is expected to continue a narrow range of fluctuations, with potential entry points if rates rise sharply due to new regulations [2][12] Group 3: Industry Insights - Aojie Technology is a rare domestic wireless communication baseband chip manufacturer, focusing on four main product categories, including baseband chips and ASICs [6][22] - The company is in a technology accumulation phase, with expectations of turning profitable as technology matures and product lines expand [6][22] - The market for cellular IoT is projected to enter a rapid expansion phase over the next six years, driven by advancements in 5G technology [6][22] Group 4: Company Performance - Baiji Shenzhou's core product, Zebutinib, is experiencing significant growth, with revenue projections for 2025-2027 revised upwards, indicating strong profit potential [7][9] - The company is expected to achieve rapid profit release in the coming years due to scale effects and improved cost management [7][9] - Baiji Shenzhou is positioned as a leading domestic innovative drug company, with a strong global commercialization capability [7][9]

Investment Rating - The report highlights a focus on the power equipment industry chain in the context of the rapid growth in electricity demand driven by artificial intelligence technology [1]. Core Insights - The global electricity demand for data centers is projected to reach 945 TWh by 2030, with a current consumption of 415 TWh in 2024, representing 1.5% of global electricity consumption, and growing at an annual rate of 12% [3][9]. - The report identifies 16 companies within the North Exchange's power equipment industry chain, including key players such as Kai Fa Technology, Guangxin Technology, and Can Energy [3][45]. - The median price-to-earnings (P/E) ratio for the electronic equipment industry on the North Exchange has increased from 60.1X to 60.5X, indicating a slight upward trend in valuation [51]. Summary by Sections 1. Current AI Technology Development Driving Electricity Demand Surge - AI operations currently face a lack of sufficient electricity, with projections indicating that global data center electricity demand could reach 945 TWh by 2030 [7][18]. - The rapid increase in electricity demand is pushing the global energy system towards a critical turning point [9]. 2. Total: Median Price Change of North Exchange Technology Growth Stocks at -3.57% - As of November 7, 2025, the median price change for technology growth stocks on the North Exchange was -3.57%, with 27 companies experiencing an increase [47][50]. - Notable gainers included Can Energy (+31.13%) and Hongxi Technology (+19.07%) [49]. 3. Industry: Electronic Equipment Industry P/E Ratio Median Increased by 0.70% to 60.5X - The median P/E ratio for the electronic equipment industry rose to 60.5X, with the total market value decreasing from 1509.9 billion to 1461.4 billion [51][52]. - The report notes a decrease in the number of companies in the >100X P/E ratio category, while those in the 30X-50X and 50X-100X categories increased [51][54]. 4. Announcements - Tianhong Lithium Battery is establishing a joint venture to further develop its energy storage independent power station business [4][38]. - Kai Fa Technology plans to invest in new projects with a total investment of 283.7 million yuan [4][38].

Core Viewpoint - The report from Guojin Securities highlights optimism towards AI-PCB, core computing hardware, the Apple supply chain, and self-controllable beneficiary industries, driven by increased demand for CoWoS and strong orders in the AI-PCB sector [1][3][4] Industry Insights - The demand for ASICs is expected to surge due to a significant increase in downstream inference demand, with NVIDIA's technology upgrades contributing to rising PCB prices and volumes [1][4] - NVIDIA's CEO Jensen Huang indicated strong business momentum, with the production of the next-generation Rubin chips already underway, supported by major memory suppliers expanding their capacities [2][4] - SanDisk reported a revenue of $2.31 billion for FY26Q1, reflecting a quarter-over-quarter increase of 23% and a year-over-year increase of 21%, with guidance for the next quarter set between $2.55 billion and $2.65 billion [2] Market Trends - The NAND flash market is experiencing tight supply conditions, with prices for DDR5 chips rising from approximately $22.0 to $28.0, indicating a nearly 30% increase [2] - The data center market is projected to become the largest market for NAND flash by 2026, with ongoing supply shortages expected to persist until the end of 2026 [2] - The overall sentiment in the semiconductor industry remains positive, with various segments such as consumer electronics, PCB, and semiconductor manufacturing showing stable to upward trends [4]