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11-30

华尔街自己的游戏而已，毋庸置疑英伟达是全球最好的公司，最值得投资的公司，现在只是人工智能的开始，仅仅是刚刚开始...就有人喊泡沫了，他们仅是为了自己的钱袋子而思维的，其实质是违背发展规律的，英伟达真正辉煌的时刻还未到来，还在后面！$英伟达(NVDA)$

$英伟达(NVDA)$

11-25

有道理

知名分析师郭明錤驳斥英伟达做空论：DSO与库存上升属业务正常扩张

11-05

$小鹏汽车(XPEV)$ 小鹏今晚为什么大跌，这么奇怪😳，求大神指点... 什么原因啊...

2023-07-21

这篇文章不错，转发给大家看看

@阳光财经: 特斯拉财报怎么说？盘后跳水原因找到。【2023-7-19】

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00:49","market":"us","language":"zh","title":"知名分析师郭明錤驳斥英伟达做空论：DSO与库存上升属业务正常扩张","url":"https://stock-news.laohu8.com/highlight/detail?id=1137565525","media":"智通财经","summary":"并非财务异常。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/NVDA\">英伟达</a> 近期公布亮眼季度业绩与前瞻后股价反而下跌，使得市场看空声音有所升温。部分做空者将焦点放在应收账款天数(DSO)上升与库存增加这两项指标，引发对公司财务质量的担忧。然而，天风国际分析师郭明錤表示，这些质疑并无充分依据，也未正确理解英伟达当前的业务结构变化。</p><p style=\"text-align: justify;\">智通财经APP获悉，郭明錤指出，英伟达本财年第三季度的应收账款天数从过去数年的平均46天上升至53天，被部分批评者视为“财务恶化甚至造假”的迹象，但这种看法忽略了应收账款集中度大幅提升这一关键因素。过去财年英伟达来自大客户的应收账款占比平均仅23.8%，在本季度则攀升至65%。随着账款更集中于少数大型客户，付款周期拉长是合理现象，尤其云端服务提供商(CSPs)一直以来都有较长账期，这是行业惯例，反映的是大客户更强的议价能力，而非财务异常。</p><p style=\"text-align: justify;\">此外，他批评做空者选择了错误的对标公司。多空双方对比的是并非主要服务云端客户的企业，因此得出的结论失真。若将英伟达与同样以CSPs为主要客户的厂商比较，例如Arista、Celestica 和Vertiv，这些公司的应收账款天数通常都超过60至70天。相较之下，英伟达目前53天的DSO不但不异常，反而位于合理区间。</p><p style=\"text-align: justify;\">关于库存，市场也出现“需求不振”或“数据造假”的揣测，因为英伟达库存环比增长32%，似乎与黄仁勋口中的云端GPU“全部售罄”不符。郭明錤对此回应指出，做空者的比较基准同样存在事实错误。首先，FY23第二季度库存并未下降，而是环比增长约23%至38.89亿美元。其次，本季度库存的32%环比增长，与上游产能扩张趋势高度一致。台积电CoWoS(晶圆上芯片封装)月产能估计在今年第三季度环比增加25至30%，提升至每月约6万片。</p><p style=\"text-align: justify;\">更重要的是，本季度英伟达库存中“在制品”(Work-in-Process)占比最高，达到总库存的44.2%，金额环比大增98%至87.35亿美元。这主要反映今年第三季度开始大量量产全新Blackwell架构的B300 GPU，而非库存积压。郭明錤强调，这不仅不是财务异常，而是显示英伟达已提前为B300的强劲需求做准备。</p><p style=\"text-align: justify;\">郭明錤认为，市场对英伟达的财务指标出现误读，相关批评忽视了客户结构变化、行业账期特性与产能周期的影响。库存与应收账款天数的变化均可由业务扩张与新品量产解释，与所谓的“财务造假”毫无关联。</p></body></html>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>知名分析师郭明錤驳斥英伟达做空论：DSO与库存上升属业务正常扩张</title>\n<style 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href=\"https://www.zhitongcaijing.com/content/detail/1373004.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/6c9663e6a82dc37414aadf986627f512","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://www.zhitongcaijing.com/content/detail/1373004.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"1137565525","content_text":"英伟达 近期公布亮眼季度业绩与前瞻后股价反而下跌，使得市场看空声音有所升温。部分做空者将焦点放在应收账款天数(DSO)上升与库存增加这两项指标，引发对公司财务质量的担忧。然而，天风国际分析师郭明錤表示，这些质疑并无充分依据，也未正确理解英伟达当前的业务结构变化。智通财经APP获悉，郭明錤指出，英伟达本财年第三季度的应收账款天数从过去数年的平均46天上升至53天，被部分批评者视为“财务恶化甚至造假”的迹象，但这种看法忽略了应收账款集中度大幅提升这一关键因素。过去财年英伟达来自大客户的应收账款占比平均仅23.8%，在本季度则攀升至65%。随着账款更集中于少数大型客户，付款周期拉长是合理现象，尤其云端服务提供商(CSPs)一直以来都有较长账期，这是行业惯例，反映的是大客户更强的议价能力，而非财务异常。此外，他批评做空者选择了错误的对标公司。多空双方对比的是并非主要服务云端客户的企业，因此得出的结论失真。若将英伟达与同样以CSPs为主要客户的厂商比较，例如Arista、Celestica 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00:49","market":"us","language":"zh","title":"知名分析师郭明錤驳斥英伟达做空论：DSO与库存上升属业务正常扩张","url":"https://stock-news.laohu8.com/highlight/detail?id=1137565525","media":"智通财经","summary":"并非财务异常。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/NVDA\">英伟达</a> 近期公布亮眼季度业绩与前瞻后股价反而下跌，使得市场看空声音有所升温。部分做空者将焦点放在应收账款天数(DSO)上升与库存增加这两项指标，引发对公司财务质量的担忧。然而，天风国际分析师郭明錤表示，这些质疑并无充分依据，也未正确理解英伟达当前的业务结构变化。</p><p style=\"text-align: justify;\">智通财经APP获悉，郭明錤指出，英伟达本财年第三季度的应收账款天数从过去数年的平均46天上升至53天，被部分批评者视为“财务恶化甚至造假”的迹象，但这种看法忽略了应收账款集中度大幅提升这一关键因素。过去财年英伟达来自大客户的应收账款占比平均仅23.8%，在本季度则攀升至65%。随着账款更集中于少数大型客户，付款周期拉长是合理现象，尤其云端服务提供商(CSPs)一直以来都有较长账期，这是行业惯例，反映的是大客户更强的议价能力，而非财务异常。</p><p style=\"text-align: justify;\">此外，他批评做空者选择了错误的对标公司。多空双方对比的是并非主要服务云端客户的企业，因此得出的结论失真。若将英伟达与同样以CSPs为主要客户的厂商比较，例如Arista、Celestica 和Vertiv，这些公司的应收账款天数通常都超过60至70天。相较之下，英伟达目前53天的DSO不但不异常，反而位于合理区间。</p><p style=\"text-align: justify;\">关于库存，市场也出现“需求不振”或“数据造假”的揣测，因为英伟达库存环比增长32%，似乎与黄仁勋口中的云端GPU“全部售罄”不符。郭明錤对此回应指出，做空者的比较基准同样存在事实错误。首先，FY23第二季度库存并未下降，而是环比增长约23%至38.89亿美元。其次，本季度库存的32%环比增长，与上游产能扩张趋势高度一致。台积电CoWoS(晶圆上芯片封装)月产能估计在今年第三季度环比增加25至30%，提升至每月约6万片。</p><p style=\"text-align: justify;\">更重要的是，本季度英伟达库存中“在制品”(Work-in-Process)占比最高，达到总库存的44.2%，金额环比大增98%至87.35亿美元。这主要反映今年第三季度开始大量量产全新Blackwell架构的B300 GPU，而非库存积压。郭明錤强调，这不仅不是财务异常，而是显示英伟达已提前为B300的强劲需求做准备。</p><p style=\"text-align: justify;\">郭明錤认为，市场对英伟达的财务指标出现误读，相关批评忽视了客户结构变化、行业账期特性与产能周期的影响。库存与应收账款天数的变化均可由业务扩张与新品量产解释，与所谓的“财务造假”毫无关联。</p></body></html>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>知名分析师郭明錤驳斥英伟达做空论：DSO与库存上升属业务正常扩张</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n知名分析师郭明錤驳斥英伟达做空论：DSO与库存上升属业务正常扩张\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-25 00:49 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.zhitongcaijing.com/content/detail/1373004.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>英伟达 近期公布亮眼季度业绩与前瞻后股价反而下跌，使得市场看空声音有所升温。部分做空者将焦点放在应收账款天数(DSO)上升与库存增加这两项指标，引发对公司财务质量的担忧。然而，天风国际分析师郭明錤表示，这些质疑并无充分依据，也未正确理解英伟达当前的业务结构变化。智通财经APP获悉，郭明錤指出，英伟达本财年第三季度的应收账款天数从过去数年的平均46天上升至53天，被部分批评者视为“财务恶化甚至造假”...</p>\n\n<a href=\"https://www.zhitongcaijing.com/content/detail/1373004.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/6c9663e6a82dc37414aadf986627f512","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://www.zhitongcaijing.com/content/detail/1373004.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"1137565525","content_text":"英伟达 近期公布亮眼季度业绩与前瞻后股价反而下跌，使得市场看空声音有所升温。部分做空者将焦点放在应收账款天数(DSO)上升与库存增加这两项指标，引发对公司财务质量的担忧。然而，天风国际分析师郭明錤表示，这些质疑并无充分依据，也未正确理解英伟达当前的业务结构变化。智通财经APP获悉，郭明錤指出，英伟达本财年第三季度的应收账款天数从过去数年的平均46天上升至53天，被部分批评者视为“财务恶化甚至造假”的迹象，但这种看法忽略了应收账款集中度大幅提升这一关键因素。过去财年英伟达来自大客户的应收账款占比平均仅23.8%，在本季度则攀升至65%。随着账款更集中于少数大型客户，付款周期拉长是合理现象，尤其云端服务提供商(CSPs)一直以来都有较长账期，这是行业惯例，反映的是大客户更强的议价能力，而非财务异常。此外，他批评做空者选择了错误的对标公司。多空双方对比的是并非主要服务云端客户的企业，因此得出的结论失真。若将英伟达与同样以CSPs为主要客户的厂商比较，例如Arista、Celestica 和Vertiv，这些公司的应收账款天数通常都超过60至70天。相较之下，英伟达目前53天的DSO不但不异常，反而位于合理区间。关于库存，市场也出现“需求不振”或“数据造假”的揣测，因为英伟达库存环比增长32%，似乎与黄仁勋口中的云端GPU“全部售罄”不符。郭明錤对此回应指出，做空者的比较基准同样存在事实错误。首先，FY23第二季度库存并未下降，而是环比增长约23%至38.89亿美元。其次，本季度库存的32%环比增长，与上游产能扩张趋势高度一致。台积电CoWoS(晶圆上芯片封装)月产能估计在今年第三季度环比增加25至30%，提升至每月约6万片。更重要的是，本季度英伟达库存中“在制品”(Work-in-Process)占比最高，达到总库存的44.2%，金额环比大增98%至87.35亿美元。这主要反映今年第三季度开始大量量产全新Blackwell架构的B300 GPU，而非库存积压。郭明錤强调，这不仅不是财务异常，而是显示英伟达已提前为B300的强劲需求做准备。郭明錤认为，市场对英伟达的财务指标出现误读，相关批评忽视了客户结构变化、行业账期特性与产能周期的影响。库存与应收账款天数的变化均可由业务扩张与新品量产解释，与所谓的“财务造假”毫无关联。","news_type":1,"symbols_score_info":{"NVDA":2}},"isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":200325229060240,"gmtCreate":1689932347731,"gmtModify":1689932348961,"author":{"id":"3558344574859248","authorId":"3558344574859248","name":"Peiyu云端","avatar":"https://static.tigerbbs.com/06976fcb4eb499c928c426929593db96","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3558344574859248","idStr":"3558344574859248"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/200325229060240","repostId":"199980864139488","repostType":1,"repost":{"id":199980864139488,"gmtCreate":1689845345829,"gmtModify":1689846020254,"author":{"id":"3468322318173915","authorId":"3468322318173915","name":"阳光财经","avatar":"https://static.tigerbbs.com/ae4ab676f150a8d357cb5f3e4956d1a0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3468322318173915","idStr":"3468322318173915"},"themes":[],"htmlText":"\n \n \n  特斯拉财报怎么说？盘后跳水原因找到。【2023-7-19】\n \n","listText":"特斯拉财报怎么说？盘后跳水原因找到。【2023-7-19】","text":"特斯拉财报怎么说？盘后跳水原因找到。【2023-7-19】","images":[],"top":1,"highlighted":1,"essential":2,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/199980864139488","isVote":1,"tweetType":2,"object":{"id":"1971ffcc2a254beea57fa586830760a2","tweetId":"199980864139488","title":"特斯拉财报怎么说？盘后跳水原因找到。【2023-7-19】","videoUrl":"http://v.tigerbbs.com/16898453410095203bca65fbb12f3db00290cf603b48e.mp4","poster":"https://static.tigerbbs.com/59c03ee46ad9cc567b8fed8084e6cd2f","shareLink":"http://v.tigerbbs.com/16898453410095203bca65fbb12f3db00290cf603b48e.mp4"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3857,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}