核心结论 行情回顾：1）指数层面：11 月 18 日北证 A 股成交金额达 201.0 亿元，较 上一交易日增加 4.2 亿元，北证 50 指数收盘价为 1481.82，下跌 2.92%， PE_TTM 为 72.30 倍。北证专精特新指数收盘价为 2458.17，下跌 2.50%。 2）个股层面：当日北交所 283 家公司中 31 家上涨，4 家平盘，248 家下跌。 其中涨幅前五的个股分别为：北矿检测（295.5%）、美登科技（22.8%）、 芭薇股份（8.0%）、大地电气（6.4%）、立方控股（5.9%）；跌幅前五的 个股分别为：灵鸽科技（-9.8%）、路桥信息（-9.5%）、锦华新材（-9.0%）、 天宏锂电（-8.8%）、安达科技（-7.9%）。 证券研究报告 2025 年 11 月 19 日 北交所市场点评——20251118 行业日报 | 北交所 新闻汇总：1）Arm 与英伟达联手推进 NVLink，剑指 AI 芯片互联行业标准： Arm 与英伟达深化合作，将通过英伟达的 NVLink Fusion 架构推广其计算平 台 Neoverse。2）华为 Mate80 系列发布在即，新款麒麟芯片或将亮 ...

Core Viewpoint - A significant market battle worth billions is unfolding, highlighted by a recent meeting between Nvidia's CEO Jensen Huang and Xiaomi's CEO Lei Jun, marking a notable shift in the tech landscape over the past 12 years [1][4]. Group 1: Nvidia's Strategy in China - Nvidia's frequent visits to China in 2025 indicate a strategic focus on the Chinese market, especially after facing a $13.5 billion revenue loss due to U.S. export restrictions [5][4]. - The approval of H20 chip exports to China is a crucial development for Nvidia, allowing the company to resume sales and mitigate losses [5][4]. - Nvidia's new RTX Pro GPU is designed for AI applications and complies with U.S. export regulations, showcasing the company's adaptability [5][4]. Group 2: Transition from Hardware to AI Infrastructure - Nvidia is evolving from a hardware supplier to a provider of AI infrastructure, as evidenced by the introduction of the NVLink Fusion architecture, which enhances system design flexibility for cloud service providers [7][4]. - Huang's statement that "China has sufficient computing power" reflects Nvidia's shift towards becoming an ecosystem builder rather than a technology monopolist [7][4]. Group 3: AI Factories and Robotics - Nvidia's strategy includes establishing AI factories in China, which are expected to redefine data centers by focusing on AI computation rather than traditional data storage [11][4]. - The Chinese manufacturing sector, which accounts for about 30% of global manufacturing value, presents a significant opportunity for Nvidia's AI factory strategy [12][4]. Group 4: Humanoid Robots as a Future Industry - Huang identifies humanoid robots as a potential trillion-dollar industry, with China playing a critical role in commercialization due to lower manufacturing costs and strong supply chain capabilities [14][4]. - The Chinese government's support for humanoid robots as a disruptive technology further enhances the business environment for Nvidia [16][4]. Group 5: Strategic Partnership Between Nvidia and Xiaomi - The historical relationship between Nvidia and Xiaomi, marked by mutual respect and understanding, lays a foundation for future collaboration, especially in light of current geopolitical challenges [22][4]. - Both companies have transformed from hardware manufacturers to ecosystem builders, creating a complementary relationship that benefits both parties [22][4]. - Nvidia's collaboration with Xiaomi is seen as a pragmatic approach to balance political risks and commercial interests in the evolving tech landscape [22][4].