AI芯片霸主英伟达，再次用一份炸裂的财报点燃了市场。 | 最高: 184.56 | 今开:181.24 | 成交量: 3.47亿股 | 换手: 1.43% | | --- | --- | --- | --- | | 最低: 172.93 | 昨收:180.64 | 成交额:622.06亿 | 振幅:6.44% | | 52周最高: 212.19 | 量比： 1.48 | 市盈率(TTM): 43.82 | 市净率:36.56 | | 52周最低: 86.61 | 委比:5.88% | 市盈率(静): 59.64 | 市销率:23.23 | | 每股收益:4.08 | 股息(TTM): 0.04 | 每手股数:1 | 总市值:4.35万亿 | | 每股净资产:4.89 | 股息率(TTM): 0.02% | 最小价差: 0.01 | 总股本:243.00亿 | | 机构持股: -- | Beta: -- | 空头回补天数: -- | 货币单位:USD | 2026财年第三季度，其营收冲上570亿美元，同比激增62%；经调整净利润达319亿美元，同比增长65%——两大核心指标均大幅超越华尔街预 期，在"AI泡沫论 ...

摩尔线程主要从事以全功能GPU为核心的GPU芯片及相关产品的研发、设计和销售。目前，公司已推出 四代GPU架构和智能SoC，能够覆盖AI智算、高性能计算、图形渲染等领域丰富完整的计算加速产品矩 阵，产品实现了"云-边-端"全栈AI产品线的布局。 在辅导摩尔线程上市期间，我们见证了摩尔线程的高速发展，深刻感受到公司坚持创新的发展文化，也 对管理团队坚韧不拔的奋斗精神感到由衷的钦佩。我们非常荣幸能将摩尔线程这样一家优秀的企业推荐 给中国资本市场！作为摩尔线程IPO的保荐人和主承销商，我们将持续督促摩尔线程不断加强公司治理 与信息披露，早日实现盈利，以优异的业绩回报广大投资者。 最后，预祝本次网上路演圆满成功！再次感谢各位投资者对摩尔线程的关注。谢谢大家！ 大家好！ 作为本次发行的保荐人和主承销商，我谨代表中信证券股份有限公司，对所有参与摩尔线程智能科技 （北京）股份有限公司首次公开发行股票并在科创板上市网上投资者交流活动的嘉宾和投资者表示热烈 的欢迎和衷心的感谢！ 尊敬的各位嘉宾、各位网友： ...

从今年6月IPO获受理，到如今上市在即，摩尔线程（688795）的IPO速度创下了科创板年内新股第一。根据安排，11月24日，摩尔线程将正式启动申购，这 也意味A股将迎来"国产GPU第一股"。伴随着摩尔线程上市，公司也创下了五项第一，除了上市速度以及"国产GPU第一股"之外，公司还以114.28元/股的发 行价成为年内最贵新股，4.24亿元的发行费用系年内新股第一，约80亿元的募资总额位列科创板新股第一。另外，摩尔线程的鸣锣上市，也让其创始人张建 中及深创投、红杉资本、国盛资本等知名投资机构迎来了一场资本狂欢。 | 发行人基本情况 | | | | | | --- | --- | --- | --- | --- | | 公司全称 | 摩尔线程智能科技(北 | 证券简称 | 摩尔线程 | | | 京） 股份有限公司 | | | | | | 证券代码/网下申购代 | 688795 | 网上申购代码 | 787795 | | | 码 | | | | | | 网下申购简称 | 摩尔线程 | 网上申购简称 | 摩尔申购 | | | 本次发行基本情况 | | | | | | 定价方式 | 网下初步询价确定发 行价格,网下不 ...

全球芯片市场，已行至加速分化的十字路口。 11月9日，英伟达CEO黄仁勋现身台积电参加活动，这已是黄仁勋一年内第四次现身台积电，看似维系供应链的常规动作，却因英伟达近期产能不足的传 闻而变得充满深意。 台积电CEO魏哲家关于黄仁勋是来"讨芯片"的打趣，更透露出芯片霸主英伟达无法掩饰的焦虑与依赖。 ▲ 注：图片源于新浪财经 同一时间段，国产芯片企业呈现出了截然不同的图景。 从11月6日寒武纪股价第三次超过贵州茅台，摩尔线程宣布将于11月19日开启股票初步询价，到11月12日沐曦股份科创板IPO注册获批，再到燧原科技和航 中天启提交上市辅导备案。一系列密集的动作，让国产芯片在资本市场掀起阵阵狂澜。 一个在焦虑中维稳霸权、一个在狂奔中集体发力，当历史的车轮滚滚向前，英伟达被迫在中国市场留出巨大的真空地带时，声势浩大的国产芯片集体突围 战，似乎已全面打响。 内忧外患，英伟达陷双重困局 对于长久以来习惯了高歌猛进的英伟达而言，2025年的日子并不好过。10月29日，这位当之无愧的芯片巨头市值成功冲破五万亿美元、逼近印度股市总 值，但到了11月11日，股价就骤降3％，单日市值蒸发1990亿美元。 根据英伟达2026财年第 ...

Core Viewpoint - The recent earnings report from NVIDIA has temporarily alleviated concerns about a potential AI bubble, showcasing strong financial performance while also revealing some underlying risk signals [1][2]. Financial Performance - For Q3 of FY2026 (ending October 26, 2025), NVIDIA reported a revenue increase of 62.5% year-over-year and a net profit growth of 65%, with data center revenue surpassing $50 billion for the first time [2]. - NVIDIA's guidance for the next quarter anticipates total revenue of $65 billion, exceeding analyst expectations of $61.7 billion, and does not include revenue from data centers in China [3]. Demand and Inventory Concerns - Despite strong earnings, NVIDIA's accounts receivable have been rising, reaching $33.391 billion in Q3, with 65% coming from four major clients [4][5]. - Inventory levels have also increased to $19.784 billion, with days inventory outstanding (DIO) rising to 117.5 days, significantly higher than the average of the past five years [4]. Customer Concentration Risks - NVIDIA's revenue is heavily reliant on a few major clients, with four direct customers contributing 61% of total revenue, up from 56% in the previous quarter [5][6]. - This high customer concentration poses risks to revenue stability if these clients alter their capital expenditure plans [6]. Market Sentiment and Analyst Opinions - Analysts have mixed views, with some maintaining bullish ratings on NVIDIA, citing strong AI demand and growth potential for cloud service providers [7]. - Conversely, notable investors like Peter Thiel and Bridgewater Associates have significantly reduced their holdings in NVIDIA, indicating caution regarding its high valuation and associated risks [8]. Broader AI Market Context - The AI sector is experiencing both excitement and skepticism, with discussions around potential bubbles and the long-term impacts of AI on various industries [8]. - Experts suggest that while there may be short-term speculative bubbles, the transformative potential of AI should not be underestimated [8].

过去几周，AI叙事支撑下的美国科技股因对泡沫的担忧而持续低迷。大家争论的核心是，这轮由AI带 来的估值提升，是否存在泡沫，以及泡沫是否将见顶，也让所有人的目光都集中在"头雁"英伟达身上。 这一次，英伟达以一份"炸裂"的财报震撼华尔街，暂时让全世界投资者松了一口气。然而，在这份光鲜 的成绩单之下，一些潜在的风险信号也开始浮现。 "开香槟时刻" 全球AI浪潮之下，英伟达每个季度的财报都至关重要，这一季度更是被市场紧盯。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。 财报同时透露，Blackwell系列芯片需求旺盛，云端GPU也已售罄，直接回应了市场对于AI需求是否见 顶的担忧。财报发布后，英伟达股价盘后一度大涨超过6%，也带动亚马逊、微软、谷歌母公司 Alphabet、Meta和甲骨文等科技巨头股价同步上涨。 在财报会议上，英伟达CEO黄仁勋还直接驳斥了AI"泡沫论"。他表示最近有很多关于AI泡沫的讨论，而 英伟达看到了一些很不一样的东西。英伟达的产品和其他加速器不同，适合在人工智能的每一阶段包括 预训练、 ...

公司表示，采用12英寸碳化硅作为中介层材料，不仅能够显著提升封装结构的散热效率，还可以在相同封装面积内实现更高的集成密度。在 高算力GPU持续推高功耗和带宽需求的背景下，更高导热性能和更优机械可靠性的中介层材料，有助于改善芯片工作温度和系统稳定性，为 后续算力提升预留空间。 （文/罗叶馨梅）11月20日，有投资者在互动平台向天岳先进提问，关注行业传出"英伟达计划在新一代GPU芯片先进封装环节中采用12英寸碳 化硅衬底，并预计最晚于2027年导入"的市场消息，并希望公司作出评价。天岳先进回应称，公司已关注到相关信息。 业内人士认为，随着AI算力和高性能计算需求持续攀升，从晶圆工艺到封装材料的全链路升级成为驱动碳化硅等第三代半导体放量的重要方 向。天岳先进在12英寸碳化硅衬底上的布局，有望在下一轮先进封装与高端算力平台的产业化进程中受益，后续产品在头部客户体系中的导 入节奏及量产规模，值得市场继续跟踪关注。 （校对/秋贤） 天岳先进指出，借助12英寸碳化硅衬底，在先进封装中可进一步缩小整体封装尺寸，优化布线和堆叠结构设计，从而在保持或提升性能的同 时，有望降低单位算力的封装成本。对于GPU等高端芯片而言，封装环节 ...

Market Overview - The Hang Seng Index opened high but closed slightly up by 0.02%, indicating potential risks in the current market environment [1] - The U.S. Labor Department will not release the October non-farm payroll report due to data collection issues during the government shutdown, but will publish September's data on Thursday [1] - The Federal Reserve's October meeting minutes revealed significant divisions among members regarding interest rate cuts, leading to decreased expectations for rate reductions [1] - The People's Bank of China announced that the 5-year LPR remains at 3.5% and the 1-year LPR at 3%, indicating no signs of easing monetary policy [1] - Japan's stock market is rebounding with expectations of a substantial economic stimulus plan from the government [1] Real Estate Sector - A rumor about measures to stimulate the real estate market led to a surge in stocks like Sunac China, which rose over 6% [2] - Vanke's chairman mentioned efforts to mitigate risks, resulting in a nearly 4% increase in the stock price [2] - Other real estate stocks, including China Overseas Land and Investment, also saw gains of over 2% [2] NVIDIA and Related Stocks - NVIDIA reported record third-quarter revenue of $57 billion, exceeding analyst expectations and showing a year-over-year growth rate of 62% [2] - The company plans to use 12-inch silicon carbide substrates in its next-generation GPU packaging by 2027, benefiting suppliers like Tianyue Advanced [3] - Other NVIDIA-related stocks, such as Hongteng Precision Technology and Huiju Technology, also experienced gains of over 3% [3] Securities Industry - China International Capital Corporation (CICC) is set to merge with Dongxing Securities and Xinda Securities, which will enhance CICC's capital scale and operational capacity [4] - Xinda Securities' parent company, China Xinda, saw its stock rise over 6% following the merger announcement [4] Consumer Sector - Consumer stocks showed mixed performance, with companies like China Duty Free Group and sports brands Li Ning and Anta rising over 3% [5] - CATL's stock fell over 5% due to the unlocking of restricted shares for cornerstone investors [5] PCB Industry - The demand for high-end PCBs is surging due to AI, leading to price increases for key materials like copper-clad laminates [6] - Companies like Kingboard Laminates have raised product prices multiple times this year, driven by cost pressures and demand [6] Pharmaceutical Sector - Hansoh Pharmaceutical announced a global licensing agreement for its ADC drug, HS-20110, with Roche, indicating strong growth in its innovative drug sales [8] - The company's total revenue for the first half of 2025 reached 7.434 billion yuan, a year-on-year increase of 14.3% [8] - The sales of Amatinib, a third-generation EGFR TKI, have grown significantly, with a compound annual growth rate of 214% from 2020 to 2024 [9]

Core Viewpoint - The news highlights that NVIDIA plans to adopt 12-inch silicon carbide substrates in the advanced packaging of its next-generation GPU chips, expected to be implemented by 2027. This development is significant for the industry as it may enhance thermal efficiency, increase integration density, reduce package size, and lower costs [1]. Group 1 - NVIDIA's intention to use 12-inch silicon carbide substrates is a major industry development [1]. - The adoption of these substrates is expected to significantly improve thermal efficiency and integration density [1]. - The company has already launched a full series of 12-inch substrates, including semi-insulating, conductive P-type, and conductive N-type [1].

Core Viewpoint - Tianyue Advanced (02631) saw a significant stock increase, attributed to Nvidia's strong earnings report and the ongoing AI boom, highlighting the demand for advanced silicon carbide substrates in the semiconductor industry [1] Company Summary - Tianyue Advanced's stock rose over 8% during trading, currently up 5.79% at HKD 53, with a trading volume of HKD 151 million [1] - The company has successfully developed a full range of 12-inch silicon carbide substrates, marking a significant advancement in the silicon carbide semiconductor materials industry [1] - Tianyue Advanced has released a complete product matrix for 12-inch silicon carbide substrates, including conductive, semi-insulating, and P-type substrates, and is actively engaging with downstream customers [1] Industry Summary - Nvidia's recent earnings report indicates a robust AI market, with plans to adopt 12-inch silicon carbide substrates in the next generation of GPU chips by 2027 [1] - The transition to silicon carbide substrates is crucial for addressing thermal management issues in AI computing power chips, with projections suggesting a need for over 2.3 million 12-inch SiC substrates by 2030, significantly exceeding current supply capacity [1] - The potential shift from Interposer to SiC in CoWoS packaging could lead to a compound annual growth rate of 35% over the next 28 years, emphasizing the growing importance of silicon carbide in the semiconductor landscape [1]