Core Viewpoint - Wells Fargo raised Nvidia's target price from $185 to $220, maintaining an "overweight" rating due to strong demand data and positive reports regarding the restoration of H20 chip sales licenses to China [1] Group 1: Earnings Expectations - Wells Fargo increased its Q2 earnings forecast for Nvidia to $48.2 billion (EPS of $1.06), surpassing Nvidia's previous guidance of $45 billion (±2%) and the bank's earlier estimate of $45.8 billion (EPS of $1.00) [1] - The revision reflects a significant increase in data center revenue expectations, raised from $40.7 billion to $43.1 billion, exceeding both Wells Fargo's prior forecast and Wall Street's consensus of $41.1 billion [1] Group 2: Market Insights - The potential breakthrough in the Chinese market is seen as an additional support for Nvidia's growth amid the expanding demand for AI computing power [1] - Goldman Sachs analyst James Schneider believes Nvidia is likely to deliver "better-than-expected results and raise guidance," raising the target price from $185 to $200 while maintaining a "buy" rating [1] Group 3: Key Focus Areas - Investors should focus on performance guidance, particularly the progress of the Blackwell chip production in the second half of the year and the development of the next-generation Rubin chip architecture planned for 2026 [2] - The timeline for the H20 chip, which complies with U.S. export control requirements, is crucial for assessing Nvidia's resilience in the Chinese market [2] - The trend in gross margins is another key area of interest, especially regarding the company's ability to release profit margins by managing H20 chip inventory [2]

Core Viewpoint - Goldman Sachs raised Nvidia's target price from $185 to $200 while maintaining a "buy" rating, indicating expectations for the company to deliver "better-than-expected results and guidance" despite high market expectations [1] Group 1: Key Focus Areas for Earnings Call - The first focus is on the production progress of the Blackwell chip in the second half of the year and the development of the next-generation Rubin chip architecture planned for 2026 [2] - The second focus is on the timeline for the H20 chip aimed at the Chinese market, which complies with U.S. export control requirements, as its launch progress and expected revenue contribution will be crucial indicators of Nvidia's resilience in China [2] - The third focus is on gross margin trends, particularly whether the company can release profit space by digesting H20 chip inventory [2] Group 2: Market Expectations - Analysts expect Nvidia to achieve $45.7 billion in revenue and earnings per share of $1, reflecting high market anticipation for the upcoming earnings report [2]

Group 1 - The article emphasizes the upcoming earnings report season and suggests focusing on leading companies with strong earnings performance [2][4] - It highlights the importance of Q1 earnings expectations as a significant factor influencing stock prices, recommending the identification of core sectors and leading companies with potential earnings surprises [2][3] - The article notes a potential decline in market risk appetite due to earnings disclosures, suggesting that investors may consider increasing positions in high-quality leading stocks during market dips [2][3] Group 2 - Major companies are significantly increasing their capital expenditures, with Tencent planning a capital expenditure of 36.578 billion yuan for Q4 2024, a 386% year-on-year increase, and China Mobile announcing a 37.3 billion yuan investment in computing power for 2025 [2][3] - The article discusses the high growth prospects of the computing power industry, particularly following Nvidia's announcement of a new chip architecture at the GTC conference, which is expected to drive demand for AI model inference [2][3] - It recommends continuous monitoring of developments in the computing power industry and suggests positioning in core leading companies within this sector [2][3]

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/陈鑫/杨本鸿/张旭光/杨海盟/桂杨 本周观点聚焦 1、本周 观 点： 财报密集披露期临近，优选业绩强兑现龙头 2、深度跟 踪 ： 从英伟达GTC及大厂开支看算力产业机会 周观点 财报密集披露期临近，优选业绩强兑现龙头 财报密集披露期临近，优选业绩强兑现龙头。 目前已进入 3 月下旬，财报密集披露期临近。当前，市场对 Q1 基本面预期正逐渐成为股价的重要影响因素。建议积极挖 掘 Q1 业绩存在超预期可能的核心赛道及龙头公司，同时观察控费带来的利润端变化，有望成为近期的重要阿尔法来源。此外，在财报披露的影响下，市场风险偏好存 在下降的可能性，可逢低加仓核心的质优龙头。 大厂资本开支高增， AI 算力产业保持高景气。 腾讯最新财报显示，公司 2024Q4 资本开支 365.78 亿元，同比增长 386% ， 2025 年计划进一步增加资本开支；中国 移动宣布 2025 年在算力领域投入 373 亿元。本周英伟达在 GTC 大会发布新一代芯片架构 Rubin ，并表示未来 AI 模型推理需求会推动算力保持高增长。算力产业作 为财报端具有强兑现潜力的赛道， ...