恒生互联网ETF（513330）涨跌幅基本一致。 最终截至 4 月末，恒生综指/恒生指数/恒生科 技指数月度涨跌幅分别为-3.70%/-4.33%/-5.70%. 从板块看，公用事业为正收益，科技板块跌幅居中（主要是腾讯，阿里等权重股表现，非必须消费由于前期涨幅大，跌的较多。 基本面看，近一次财报还不错。最难一次财报恒生科技盈利保持高增。恒生指数、恒生科技2024H2 净利润同比增速分别为 12.6%、57.2%，分别较 2024H1 变化+4.4pct、-2.8pct。 全年来看，恒生综指、恒生综指非金融、恒生指数、恒生科技 2024 年净利润同 比增速分别为 6.5%、3.9%、10.3%、 58.5%。半导体营收同比增强明显。 数据来源：光大证券 主要公司的财报都不错：阿里巴巴-W的电商业务有望边际改善，淘天take rate有望呈止跌回升趋势，AI 结合电商有助于改造电商消费入口，重点战略偏向 提升变现效率和ROI；阿里云增长了13%，利润率达到10%。AI需求持续增长。腾讯控股游戏春节表现理想。 恒生科技在4月都迎来了下滑。准确说，由于中美贸易摩擦升温，中美双方互加报复性关税形成对 峙僵局，7 日恒 ...

美国多家权威媒体 报道 中美和谈本周即将开始。 美股相关进出口链公司盘后上涨。 纳指盘后拉涨。黄金跌。 ...

Core Viewpoint - OpenAI is transitioning its for-profit entity into a public benefit corporation (PBC) while maintaining its non-profit status, with the non-profit organization controlling the PBC. This shift emphasizes OpenAI's commitment to non-profit principles amidst increasing competition in the AI sector [1]. Group 1 - OpenAI's valuation is currently at $300 billion, while a new project by former employee Ilya, SSI, is valued at $20 billion, indicating a competitive landscape for AI investments [1]. - The industry is witnessing a significant shift towards open-source models, with successful examples like Llama4 and Deepseek R1, which are rapidly catching up to OpenAI's earlier models [1][2]. - The estimated gap between AI model generations is currently within 14 months, suggesting a fast-paced evolution in the AI field [2]. Group 2 - OpenAI's pricing for its models, such as O1 and O3, is more than double that of competitors like R1, which may impact its market position as application usage surges [3]. - The latest quarter saw a 4-5 times increase in API call volume for AI models, indicating a growing demand for AI applications [3]. - OpenAI is expected to face unprecedented challenges due to the rise of competitive models and changing market dynamics [4].

Core Viewpoint - The company reported a revenue of $155.7 billion, a 10% year-over-year increase, and an operating profit of $18.4 billion, reflecting a 20% growth, indicating strong business performance and customer engagement [1][14]. Group 1: Retail Business Performance - The retail business has seen strong consumer resonance due to ongoing efforts in product selection, value, and delivery speed, with new brand partnerships enhancing the shopping experience [1][2]. - The company hosted promotional events globally, saving customers over $500 million during various seasonal sales, indicating a focus on customer value [2]. - The company achieved record delivery speeds for Prime members, with the highest number of same-day or next-day deliveries ever recorded [3]. Group 2: Supply Chain and Fulfillment - The company has made significant progress in enhancing the efficiency and cost-effectiveness of its fulfillment network by regionalizing fulfillment centers, allowing for faster delivery and reduced costs [2][3]. - A new inbound architecture has been launched to increase the share of products allocated to fulfillment centers, improving delivery speed and lowering service costs [2]. Group 3: Advertising and AWS Growth - Advertising revenue reached $13.9 billion, a 19% year-over-year increase, showcasing strong growth across the advertising product portfolio [6][17]. - AWS achieved a 17% year-over-year growth, with an annualized revenue run rate exceeding $117 billion, indicating robust demand for cloud services [7][17]. Group 4: AI and Technological Advancements - The company is heavily investing in AI, with numerous applications being developed internally and a focus on providing cost-effective AI capabilities for businesses [8][9]. - New AI models and services, such as Amazon Bedrock and Trainium 2, are being deployed to enhance AI capabilities and reduce costs for customers [10][11]. Group 5: Financial Overview and Future Guidance - The company expects second-quarter net sales to range between $159 billion and $164 billion, with operating profit projected between $13 billion and $17.5 billion, reflecting cautious optimism amid macroeconomic uncertainties [19][20]. - The first quarter's net profit was $17.1 billion, including a $3.3 billion pre-tax gain related to an investment, indicating strong financial health [18].

Core Viewpoint - Amazon's quarterly revenue and profit met expectations, but the guidance for the second quarter is less optimistic, marking the first major company to highlight tariff impacts on performance [1][8]. Financial Performance - Net sales reached $155.67 billion, a 9% increase from $143.31 billion year-over-year, with a 10% increase excluding currency fluctuations [1]. - Net profit was $17.13 billion, up 64% from $10.43 billion year-over-year, with diluted earnings per share at $1.59, compared to $0.98 a year ago, although below the consensus expectation of $18.88 billion [1]. - Total operating expenses rose to $137.26 billion from $128.01 billion year-over-year [2]. Business Segmentation - Product net sales were $63.97 billion, an increase from $60.91 billion year-over-year [3]. - Service net sales reached $91.70 billion, up from $82.40 billion year-over-year [4]. Regional Performance - North America segment net sales were $92.89 billion, an 8% increase year-over-year, with operating profit of $5.84 billion, up 17%, and an operating margin of 6.3%, compared to 5.8% a year ago [5]. - International segment net sales were $33.51 billion, a 5% increase year-over-year, with operating profit of $1.02 billion, up 13%, and an operating margin of 3.0%, compared to 2.8% a year ago [5]. - AWS cloud services net sales were $29.27 billion, a 17% increase year-over-year, with operating profit of $11.55 billion, up 23%, and an operating margin of 39.5%, compared to 37.6% a year ago [5]. Cash Flow - Operating cash flow for the 12 months ending March 31, 2025, was $113.9 billion, a 15% increase year-over-year, while free cash flow decreased by 48% to $25.9 billion [5]. Strategic Developments - The ASiC chip Trainium 2 is being launched, offering 30%-40% better cost-performance compared to GPU-based instances [6]. - The Agent Amazon Nova Act aims to improve the accuracy of multi-step action-oriented agents from 30%-60% to over 90% [6]. - Concerns regarding tariffs and trade policies, as well as fears of economic recession, may lead to adjustments in performance guidance, which was not mentioned in the previous quarter's guidance [6]. Future Guidance - For Q2 2025, Amazon expects net sales between $159 billion and $164 billion, with operating profit projected between $13 billion and $17.5 billion, indicating a year-over-year revenue growth of 7% to 11% [8]. - The CEO emphasized a continued focus on expanding AI capabilities and preparing for potential tariff scenarios, marking the company as the first major entity to signal tariff impacts [8].

4月 29日，阿里最新模型Qwen3正式发布，模型采用开源方式，全球开发者、研究机构和企业均可免费在Hugging Face、魔搭社区等平台下载模型并商 用，也可以通过阿里云百炼调用Qwen3的API服务。 大模型本质： Qwen3采用混合专家（MoE）架构，总参数量235B，专家模型数量128个，活跃参数量22B，活跃专家模型8个（ 和Llama4 架构类似，降低推理环节成 本）。 Qwen3总参数仅为DeepSeek-R1的1/3，性能测评全面超越R1、OpenAI-o1等全球顶尖模型。在代码能力测试LiveCodeBench和Codeforces两个榜单中， Qwen3高于所有其它模型，包括当前最强的Gemini2.5-Pro。 此外，Qwen3的30B参数MoE模型实现了10倍以上的模型性能杠杆提升，仅激活3B性能超过了上代Qwen2.5-32B模型性能，Qwen3-4B也能达到与Qwen2.5- 72B-Instruct相当的表现。 预训练 Qwen3预训练数据集规模几乎是上一代两倍，从18万亿个token扩展到了36万亿个token。为了确保数据质量，团队利用Qwen2.5-VL提取文档文本，并通 ...

事实证明，机构股还是机构股。它走不出tesla这种游资网红股的气势，能做到丧事喜办。稀烂的业绩，鬼头鬼脑的电话会议问答，还能做到气势如虹的暴 涨（类似的还有hood 等），都是网红待遇，A股的投资者最熟悉此类操作了。 不过从tesla pltr这些散户网红股看。纳指有点交易强的意思哦。就是纯博弈交易，业绩已经不重要了。昨天交流过的外资也是这个说法，都在博弈仓位， 博弈套利。所以纯博弈股是很强的。至少市场的风偏在变好。当然机构股还是机构股，全球数万亿美金各种资金博弈出来的结果，还是理性观望的。我记 得上一轮 调整2022年 6月巴菲特进场后，10月纳指才真正见底。但是2022.3-2022.6月中间可以博弈4轮涨跌，6-11月还能博弈4轮涨跌。 昨天白天我又仔细研读了google 财报和会议两遍：确定除非瞎了，它确实不应该涨。不是一份舒服的答卷，细节看昨天那篇。昨天盘前+6%。我都一度都 在思考，美股也要丧事喜办了？股股都是tesla？ 谷歌(ALPHABET)-A < w GOOGL.O 161.960 量 5602.2万 股本 121.90亿 市盈 17.8 万得 盘口 2.680 1.68% 换 0.45 ...

总结分析：1）裁员带来营业利润率显著提升。上个季度32%，这个季度33%。 营业利润率得益 于健康的收入增长，薪酬增长速度放缓。 2） 拒绝谈关税的影响。CEO Sundar Pichai 拒绝 "推测关税的潜在影响"，" 取消 最低关税豁免将"显然 对我们在 2025 年的广告业务造成轻微阻力，主要来自"亚洲零售商。 3）资本开支继续保持750亿全年不变。直言折旧来临，压力增大。 数据： 谷歌25Q1谷歌实现收入902.3亿美金，同比+12%、环比-6.5%，超市场预期（892亿美金）； 25Q1实现净利润345.40亿元，同比+46.0%、环比+30.2%，超市场预期（248.5亿美元）。 主要还是利润率提升。 1）谷歌广告业务25Q1实现收入668亿美元，略超市场预期（664亿美元），其中，谷歌搜索、Youtube 广告、谷歌Network实现收入507.0、89.3、72.6亿美元，分别同比+9.9%、+10.4%、-2.1%，由于季节效 应影响（电商零售），环比均下滑。AI摘要（Overview）拉动搜索业务增长，目前月活用户为15亿。 2）谷歌subscriptions, platforms, a ...

百度上线"心响"App 号称复杂任务全托管超级AI智能体 心响App整合了地图类MCP功能，提供行程自动标注和出行打车推荐服务； 在健康领域，系统通过调度多位"医生AI分身"进行联合会诊，提供全面的健康建议； 法律服务方面，多个律师AI分身组成的"律师智囊团"协同为用户提供高质量的法律咨询。 还是那句话 mcp协议统一之后 应用的边界打开了 mcp功能嵌入已经是大势所趋，就是后端如何分成的事儿了。 医疗 法律 吃喝玩乐 是目前各家首先能想到的agent落地场景。 点评： 百度还是想做通用的agent。 ...

上周一天40个起。 如题！ 今天算少的 ...