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投资者严阵以待！英伟达Q2财报本周来袭 美股AI交易再迎大考_我的网站

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    A foreign guest tries to use the "Meet China" Inbound Tourism Digital Consumption Screen in Yuyuan Garden, Shanghai, east China, Sept. 27, 2025. (Xinhua/Chen Haoming)Heatwaves sweeping across Europe this summer have made air conditioners a hot commodity. For many European consumers, however, the challenge was not only purchasing a cooling device, but also having it delivered and installed quickly.
Joybuy, the European online retail business of Chinese e-commerce giant JD.com, has addressed this demand by taking its integrated delivery-and-installation service to overseas markets.
Through its European logistics network, the company enables consumers in over 30 cities, including Paris and London, to receive same-day delivery and installation of air conditioners when orders are placed in the morning.
"Highly efficient" and "beyond expectations" are phrases frequently used by European consumers to describe the service.
By 2025, JD.com had established nearly 200 bonded warehouses, direct-mail warehouses and overseas warehouses across 25 countries and regions worldwide, according to Feng Lei, vice president of JD.com. In Europe alone, the company had built over 60 warehousing and delivery sites, supporting high-quality delivery services for overseas consumers.
Chinese services are increasingly gaining recognition worldwide. For many overseas visitors, China has become a destination not only for shopping, but also for experiencing innovative and personalized services, including autonomous driving, integrated bath and spa services, customized healthcare, intelligent robots and traditional Chinese medicine (TCM) therapies.  
    Foreign trainees learn Baduanjin, a traditional breathing and stretching exercise, in Sanya, south China's Hainan Province, Aug. 7, 2025. (Xinhua/Guo Cheng)
According to the National Immigration Administration, China received 22.91 million inbound foreign visitors in the first half of 2026, up 20.4 percent year on year. Visa-free entries accounted for 77.7 percent of this total.
Da Ren Tang, a century-old TCM brand in north China's Tianjin Municipality, has launched a TCM-themed tourism program that offers overseas tourists various products, health consultations and wellness experiences.
The program features seasonal tea tasting, meridian massage sessions and herbal pill-making activities, helping visitors explore the connection between traditional culture and modern life.
To better serve international travelers, Umetrip, a Chinese aviation travel service platform, has launched HiChina, a one-stop travel service tool designed to help international visitors plan their trips in China.
The platform offers multilingual flight searches, online check-in, electronic boarding passes and real-time alerts. It also integrates practical functions including electronic arrival card application, English map navigation, NFC-enabled public transport payments, real-time translation and tax refund location searches.
By covering the entire travel process from arrival to departure, the platform aims to make traveling in China more convenient for international visitors.
"We use digital services to enhance the reputation of 'Chinese services,' helping unlock the potential of inbound consumption and increase the global influence of 'China Travel,'" said Liu Feng, vice president of Umetrip.
In March, China introduced a package of measures to boost travel service exports and expand inbound consumption. These initiatives include optimizing tax refund services for departing visitors, launching multilingual versions of lifestyle service applications, and further streamlining visa procedures to enhance foreign tourists' consumption experience in China.   
Foreign residents in China have also witnessed firsthand the rapid upgrading of the country's service consumption.
Ivan Monich, a Russian teacher at Tianjin Foreign Studies University who has lived in China for many years, described the convenience brought by digital services as part of "the comfort of life in China."
In his view, mobile applications that combine navigation, real-time traffic information and ride-hailing services have made travel much easier. "Everything I need is right there in one app," Monich said.
Wang Yiming, former vice president of the Development Research Center of the State Council, said that China's 15th five-year plan (2026-2030) for expanding consumption emphasizes "orderly relaxing control over market access in the service sector and optimizing the market access environment for new business forms and new sectors," creating favorable conditions for the development of China's service consumption.
Liu Xiaolong, global partner of U.S.-based management consulting firm Kearney Management Consultants, said that as China's service consumption continues to move toward higher quality and more experience-oriented offerings, the country will become an important market for global service enterprises.
China is also expected to provide new ideas and opportunities for the global service consumption sector through innovations in cultural intellectual property, consumption models and other areas, Liu said. 
。    本周三（8月26日）美股盘后，“AI芯片霸主”英伟达将公布2027财年第二季度财报。作为AI交易的风向标，英伟达财报已成为投资者每个季度都翘首以盼的重头戏，其业绩表现不仅关乎自身股价，更将牵动整个AI芯片乃至美股科技板块的走向。     根据媒体汇总的分析师的一致预期，英伟达第二季度营收将达920亿美元，调整后每股收益（EPS）为2.09美元。这将意味着公司整体营收将实现96%的同比增长，并且环比增速进一步加快。    摩根士丹利上周预计，英伟达第二季度营收为911亿美元，第三季度营收为1023亿美元；对应每股收益分别为2.07美元和2.34美元，与市场预期基本持平。     英伟达在上一次财报中更改了报告披露框架，将业务划分为“数据中心”和“边缘计算”两大平台。其中，数据中心业务进一步细分为“超大规模云厂商（Hyperscale）”和“ACIE（AI云、工业和企业）”两大板块。    而个人电脑（PC）、游戏主机、工作站、机器人以及汽车相关收入，则统一归入“边缘计算”板块。    英伟达第二季度数据中心业务营收预计将突破854亿美元，同比增长107%。其中，超大规模云服务商板块的收入预计达435亿美元，ACIE板块的收入预计将达417亿美元。    英伟达绝大部分营收依旧来自亚马逊、谷歌、微软等超大规模云服务商。但这些公司要么在自研芯片降低对英伟达的依赖，要么在向第三方客户销售自研芯片，这或将成为英伟达未来增长的不利因素。    据相关统计，如果英伟达第二季度业绩符合华尔街预期，该公司将成为该季度标普500指数盈利增长的第四大贡献者，排在亚马逊、Alphabet和美光（在AI热潮的推动下，这三家公司的业绩近几个季度实现了爆发式增长）之后，是过去11个季度中排名最低的一次。    但若排除Alphabet和亚马逊的一次性投资收益，美光将位居第一，英伟达排在第二。随着AI存储芯片需求激增，美光利润大幅飙升。    AI交易迎“大考”     在这份财报发布之际，美股芯片股整体承压。

二 | 由于市场担忧企业巨额AI投资能否产生相应的回报，7月份芯片股遭遇大幅回调。过去几周，芯片股虽明显反弹但行情仍然脆弱。

三 |     相比于英伟达财报的姗姗来迟，美国多家主要科技巨头早在近一个月前就已经交出了“成绩单”。微软、亚马逊和谷歌凭借各自云业务的强劲增长，在一定程度上缓解了市场担忧。

四 | 不过，谷歌和Meta公布的资本支出加码计划，还是让投资者捏了一把汗。    与此同时，英伟达持续同AI生态圈的各方企业达成合作。

五 | 这持续加剧投资者对AI行业“循环融资”的担忧。

六 |     本月早些时候，这家AI领军企业宣布，正与贝莱德、黑石、KKR、阿波罗、Brookfield以及高盛联手，筹建一个规模达5000亿美元的资金池，推动将英伟达GPU 资产证券化。    此外，英伟达还同意为OpenAI在美国俄亥俄州租赁一座大型数据中心提供最高1050亿美元的担保。

七 | 该数据中心由软银旗下SB Energy负责开发，这也是英伟达迄今规模最大的基础设施融资承诺之一。

八 |     Seaport Research首席股票策略师Jonathan Golub表示，英伟达的业绩不仅仅是对推动行业超大规模数据中心建设的云巨头们的一次检验，同时也关乎所有支撑这项技术的企业。    “这其中包括为数据中心提供电力的公司、负责数据中心建设的公司、为数据中心项目提供贷款的银行，以及参与相关企业IPO的资本市场机构。所以，与AI主题相关联的企业群体非常广泛。”他表示。    市场研究公司eMarketer的科技分析师Jacob Bourne在接受媒体采访时表示，英伟达的季度业绩之所以对整个市场意义重大，是因为这家公司正处于AI交易的核心位置，而AI交易本身又是推动市场上涨的主要动力。    该分析师同时指出，电力供给正成为英伟达业绩的一大制约因素。

九 | 他表示，在美国部分地区，数据中心建设极具政治争议。即便市场对英伟达产品的需求持续旺盛，其转化为实际收入的速度，仍取决于数据中心建设的推进节奏。    此外，Bourne也承认，市场对英伟达财报的预期已经发生了变化——投资者越来越将“业绩超预期”视作理所当然，该公司满足投资者期望的门槛相当高。

十 | 在他看来，英伟达需要向投资者证明其增长势头能够持续，而在这一点上，英伟达能做的其实有限。    摩根士丹利也预计，英伟达大概率再次交出“超预期+上调指引”的成绩单，但单纯的业绩超预期可能已经不足以推动该公司股价上涨。    该行认为，市场份额、毛利率、循环融资模式以及Rubin放量等中长期变量，才是决定英伟达估值能否进一步扩张的关键，而单份财报可能无法彻底回答这些问题。    

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