当地时间周三盘后，英伟达发布截至2026年1月25日的第四季度财报。 当季度营收创下纪录，达681亿美元，环比增长20%，同比增长73%。净利润429.6亿美元，同比增长超90%，摊薄后每股 收益1.76美元。2026财年全年营收为2159亿美元，同比增长65%。毛利率71.1%，净利润1200.67亿美元，摊薄后每股收益 4.90 美元。 | | GAAP | | | | | | --- | --- | --- | --- | --- | --- | | ($ in millions, except earnings per share) | Q4 FY26 | Q3 FY26 | Q4 FY25 | Q/Q | Y/Y | | Revenue | $68,127 | $57,006 | $39,331 | 20 % | 73 % | | Gross margin | 75.0 % | 73.4% | 73.0 % | 1.6 pts | 2.0 pts | | Operating expenses | $6,794 | $5,839 | $4.689 | 16 % | 45 % | | Operating ...

预计新财季营收780亿美元（±2%），好于市场预期。 当地时间周三盘后，英伟达发布截至2026年1月25日的第四季度财报。 当季度营收创下纪录，达681亿美元，环比增长20%，同比增长73%。净利润429.6亿美元，同比增长超90%，摊薄后每股 收益1.76美元。2026财年全年营收为2159亿美元，同比增长65%。毛利率71.1%，净利润1200.67亿美元，摊薄后每股收益 4.90 美元。 | GAAP | | | | | | | --- | --- | --- | --- | --- | --- | | ($ in millions, except earnings per share) | Q4 FY26 | Q3 FY26 | Q4 FY25 | Q/Q | Y/Y | | Revenue | $68,127 | $57,006 | $39,331 | 20 % | 73% | | Gross margin | 75.0 % | 73.4% | 73.0 % | 1.6 pts | 2.0 pts | | Operating expenses | $6,794 | $5,839 | $4.689 | ...

Investment Rating - The industry investment rating is "Outperform the Market" which indicates an expected performance that exceeds the market by more than 5% over the next six months [23] Core Insights - The CES 2026 event highlighted the continuous enhancement of global AI computing power platforms, with significant advancements from major chip manufacturers like NVIDIA and AMD [3][5] - NVIDIA's Rubin platform has achieved full-scale production, while AMD introduced its Helios platform, showcasing the ongoing improvements in AI computing infrastructure that are expected to drive the global AI industry forward [6][19] - The report emphasizes the synergy between the enhancement of AI computing infrastructure and the iterative upgrades of global large models, which will foster sustained growth in the AI sector [3][19] Summary by Sections Industry News and Commentary - CES 2026 concluded on January 9, 2026, showcasing advancements in AI computing chips from companies like NVIDIA and AMD [3][6] - NVIDIA's Rubin platform is designed for building advanced AI supercomputers and is now in full production, with products expected to be available in the second half of 2026 [7] - AMD's Helios platform aims to provide significant computational power for large parameter model training, enhancing bandwidth and energy efficiency [8] Weekly Market Review - The computer industry index rose by 8.49% this week, outperforming the CSI 300 index by 5.70 percentage points [12] - As of the last trading day, the overall P/E ratio for the computer industry was 58.8 times, with 325 out of 359 A-share component stocks experiencing price increases [16] Investment Recommendations - The report suggests a strong focus on AI-related investment opportunities, particularly in AI computing and algorithms [19] - Recommended stocks in AI computing include Haiguang Information, Longxin Zhongke, and Inspur Information, while strong recommendations in AI algorithms include Hengsheng Electronics and Zhongke Chuangda [19]