金吾财讯 | 交银国际表示，H20恢复出口，重新打开中国市场：考虑到英伟达销售受产能影响，该机构认为比短期财务变化更重要的是投资者重新将中国市场作为英伟达的目标市场之一，有助提高公司的估值水平。国产算力芯片替代趋势或不会改变：该机构认为新产品的网络通信能力或是其打开市场的关键。该机构同时认为，H20出口恢复对国产算力芯片冲击有限，中国内地CSP或继续寻求本土算力芯片产品。该机构调整英伟达(NVDA)的盈利预测及估值。该机构认为之前市场对于英伟达的部分担忧或已经解决。上调目标价，看好公司长期在全球GPU领域的领先地位。短期利好落地，看好公司长期发展：该机构继续看好公司在全球GPU领域的领先地位，基于35倍2025/26年平均市盈率，上调目标价至195美元，维持买入评级。
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