广发海外电子通信： 来源：市场资讯 （来源：君实财经） 英伟达业绩前瞻 预计1月季度营收645亿美元，或指引625亿美元：对于10月季度，我们现估计559亿美元，对比共识的 550亿美元，基于Blackwell140万部及少量Hopper。对于1月季度，我们预计将增至645亿美元（暗示指 引625亿美元），对比共识的617亿美元，因Blackwell持续上量，与我们先前对出货受限的观点不同。 我们还认为RTXPro及Hopper的轻微贡献将增添额外动能。 Rubin及VR200NVL144进展顺利：我们仍预计2025/2026年CoWoS产能分别为37.7万/63万片，包括 VeraCPU的5万，得益于Rubin按计划于2026年中封装出货，随后为ODM的VR200NVL144于7月开始组装 量产。客户角度来看，我们预计英伟达的强势主要由P、Neocloud及初创企业驱动，尽管其谷歌/AWS的 ASIC有上行潜力，但我们观察到ODM的VR200订单增加。 Networking上行潜力：根据财第二财季业绩会，其暗示Spectrum-XARR已达100亿美元。得益于英伟达 推出Spectrum-X及系统级集成，我 ...

根据劳工部最新发布的物价数据，美国通胀有重新抬头的迹象，投资者仍然在评估美联储降息的可能性。收获众多利好的英伟达，则带领美股继续上涨。 数据公布后，股票市场表现平稳。周二股市开盘后，三大股票指数表现涨跌不一，道琼斯指数下跌0.1%，标普500指数上涨0.36%，纳斯达克指数上涨 0.73%。最新数据显示，美联储将在7月底开会时按兵不动，然后在9月降息25个百分点。 此前通胀指标连续下降，美国总统特朗普持续敦促美联储降息，并表示关税不会加剧通胀。但美联储拒绝让步。货币政策委员会的多位官员坚持认为，美 国经济现在处于足够强大的位置。而特朗普则持续施压鲍威尔辞职，并表示肯定会在2026年5月主席任期届满前就任命其他人担任该职位。 美联储主席换人？ 特朗普对美联储主席鲍威尔的施压不仅仅在社交媒体上，白宫的多位官员在公开场合均在配合特朗普的"演出"。美国财政部长斯科特·贝森特周二透露， 遴选美联储主席杰罗姆·鲍威尔潜在继任者的"正式程序"已经启动。 通胀抬头 美国劳工统计局周二公布的数据显示，作为衡量商品和服务成本的广泛指标，消费者价格指数（CPI）环比上涨0.3%，同比上涨2.7%，为2月以来的新 高。剔除波动性较大 ...

Group 1 - The core driver of the Hong Kong stock market's strong performance today is the continuous explosion in AI computing power demand, with the Hang Seng Index closing up 1.60% and the Hang Seng Tech Index up 2.80% [2] - The trading volume of the Hang Seng Index exceeded HKD 288 billion, indicating a significant recovery in market sentiment [2] - In the US market, Chinese concept stocks saw a collective rise, with Kingsoft Cloud up over 15%, GDS Holdings up over 12%, and Alibaba up over 6% [2] Group 2 - The computing power sector experienced a surge, with multiple related themes in both Hong Kong and A-shares markets, including CPO concepts and optical communication [3] - Notable stocks in the computing power sector included Kingsoft Cloud, GDS Holdings, and others, all rising over 10%, with Alibaba increasing nearly 7% [3][4] Group 3 - NVIDIA has received US approval to resume sales of its H20 chip in China, which is designed to comply with US export restrictions and is tailored for the Chinese market [5][6] - The H20 chip is based on NVIDIA's Hopper architecture and is expected to alleviate the domestic computing power "chip shortage" [6] - NVIDIA's stock surged over 5% in pre-market trading following this news, reaching a historical high [6] Group 4 - The AI narrative is expected to reignite as NVIDIA's market capitalization surpasses USD 4 trillion, leading to renewed interest in AI computing power sectors [8] - Alibaba plans to invest CNY 380 billion in AI and cloud infrastructure over the next three years, marking the largest investment by a private Chinese company in this field [8] - The global AI industry is experiencing rapid growth, with increasing demands for data center computing resources and storage capabilities [9]