点击蓝字，关注我们 就在该声明发布前一天，《连线》杂志报道称， FDA正与微软(MSFT.US)投资的AI初创公 司OpenAI展开磋商 ，这或为FDA利用AI加速药物审批的更大规模举措的一部分。 涉及的主要制药公司包括： 辉瑞(PFE.US)、默沙东(MRK.US)、百时美施贵宝(BMY.US)、礼来 (LLY.US)、阿斯利康(AZN.US)、葛兰素史克(GSK.US)、赛诺菲(SNY.US)、诺和诺德(NVO.US)、雅培 (ABT.US) 、 艾 伯 维 (ABBV.US) 、 吉 利 德 (GILD.US) 、 强 生 (JNJ.US) 、 百 健 (BIIB.US) 、 安 进 (AMGN.US)以及莫德纳(MRNA.US) 。 美国食品药品监督管理局（FDA）周四宣布一项加速计划，将于6月30日前在所有下属机构全 面推行人工智能（AI）应用，旨在大幅加快新药审批流程。 智通财经APP获悉，美国食品药品监督管理局(FDA)周四宣布一项加速计划， 将于6月30日 前在所有下属机构全面推行人工智能(AI)应用，旨在大幅加快新药审批流程 。FDA表示， 此次决策源于此前一项AI辅助科学评审试点项目的圆满 ...

Core Viewpoint - AMD reported strong Q1 2025 earnings with a revenue of $7.44 billion, exceeding analyst expectations, but the stock has seen a decline of 17% year-to-date [1][2] Financial Performance - Q1 revenue reached $7.44 billion, a 36% year-over-year increase, surpassing the expected $7.12 billion; gross profit was $3.74 billion, up 46% year-over-year, with a gross margin of 50% [2] - Operating profit margin stood at 11%, with a profit of $710 million and an adjusted EPS of $0.96, better than the anticipated $0.94 [2] Business Segment Analysis - **Data Center Segment**: Revenue of $3.7 billion, a 57% year-over-year increase, driven by sales of EPYC CPUs and Instinct GPUs, outperforming the expected $3.66 billion [5] - **Client and Gaming Segment**: Revenue of $2.9 billion, a 28% year-over-year increase; client revenue was $2.3 billion, up 68% due to strong demand for Zen 5 architecture Ryzen processors, while gaming revenue fell 30% to $647 million due to a decline in semi-custom business [5] - **Embedded Segment**: Revenue of $823 million, a 3% year-over-year decrease, reflecting mixed demand in end markets [6] Guidance Under Tariffs - AMD anticipates a $700 million reduction in sales for its MI308 product due to new licensing requirements, impacting Q2 revenue; the annual revenue impact is projected at $1.5 billion [7] - Q2 revenue is expected to be around $7.4 billion, slightly above analyst expectations, with a non-GAAP gross margin forecasted at approximately 43% [7] - CEO Lisa Su expressed confidence in the company's performance despite tariff impacts, citing four consecutive quarters of accelerated year-over-year growth [7] Market Share Insights - AMD's CPU market share increased from 38.7% to 40.1%, with significant gains across all segments [8] - Desktop market share surpassed Intel at 50.3%, while laptop share rose to 28.2% [10] - Server market share reached a historic high of 31.6%, up from 16.2% in the previous quarter [10] GPU Market Dynamics - Despite a 62% year-over-year increase in capital expenditures among North America's top four cloud providers, AMD has not gained significant market share in the cloud business, remaining behind NVIDIA [11][12] - New product developments include the MI325X and MI350, with the latter expected to significantly enhance performance [12] Price Target Adjustments - HSBC raised its price target for AMD from $70 to $75, while Mizuho and Jefferies lowered their targets from $120 to $117 and from $120 to $100, respectively [13]

点击蓝字，关注我们 Applovin(APP.US)公布第一季度业绩。 截至发稿， AppLovin盘后涨12.91% 。 AppLovin首席执行官Adam Foroughi在2月份告诉投资者， 该公司"从来都不是一家游戏开发商" ，并 透露公司正在就将移动游戏部门出售给一家私人公司进行独家谈判。 Tripledot Studios成立于2017年，开发了包括Woodoku和Solitaire在内的热门移动游戏。据报道， 该公 司在2022年融资1.16亿美元，估值达14亿美元。 数据显示， AppLovin一季度广告营收为11.6亿美元，同比增长71%，超出市场预期。 AppLovin还公布了强劲的第二季度广告营收指引， 预计Q2广告营收为11.95亿至12.15亿美元;广告调 整后的EBITDA预计为9.7亿美元至9.9亿美元 。 智通财经APP获悉，周三美股盘后， Applovin(APP.US)公布第一季度业绩 。数据显示，该公司Q1营 收为14.8亿美元，同比增长40%，超出市场预期;调整后的每股收益为1.67美元，也超出市场预期。 AppLovin同意将其移动游戏部门出售给伦敦的Tripledo ...

点击蓝字，关注我们 美联储主席鲍威尔明确表示，在贸易政策的方向更加确定之前，他不会急于降低借贷成本，而 贸易政策的方向必须由白宫来确定。 智通财经APP获悉， 美联储主席鲍威尔明确表示，在贸易政策的方向更加确定之前，他不 会急于降低借贷成本，而贸易政策的方向必须由白宫来确定 。鲍威尔和他的同事们周三维 持利率不变，并在美国总统特朗普上月宣布全面征收关税以来的首次会议上表示，通胀和失 业率上升的风险已经增加。 期货市场显示， 投资者仍预计今年将有三次左右的降息，最早在7月份降息的几率约为85% 。 多数 经济学家和投资者预计美联储不会在6月的下次会议上降息 。 特朗普在4月2日宣布了一系列超出预期的对等关税，但随后将其中一些关税暂停了90天。关税的时断 时续，再加上贸易政策最终将在何处落定缺乏明确性，在整个经济中引发了一波不确定性。虽然关税 仍在谈判中，但经济学家普遍预计， 大规模的关税将提振通胀，拖累经济增长 。 鲍威尔一直受到特朗普的严厉批评，因为没有推进降息。在与记者的反复交谈中，这位美联储主席强 调， 白宫在解决不断增加的风险和不确定性方面处于更有利的地位 ，而且似乎确实在朝着这个方向 前进。 美国和中 ...

Financial Analysis - The main revenue source for the company comes from L2 level and below intelligent driving solutions, with revenues of 333 million, 328 million, 908 million, and 312 million RMB for the years 2021 to the first half of 2024, showing significant growth rates of -1.61%, 176.95%, and 33.68% respectively [2] - The company has been experiencing continuous net losses, with net profits of -296 million, -855 million, -738 million, and -278 million RMB from 2021 to the first half of 2024, accumulating losses of 2.87 billion RMB by June 2024 [3] - The gross margin has been declining and is lower than industry peers, with gross margins of 11.2%, 6.2%, 7.3%, and 6% for the years 2021 to the first half of 2024 [4] Industry Outlook - China is the largest automotive market globally, with 30.5 million vehicles sold in 2023, accounting for 32.9% of global sales. It has also become the largest market for intelligent driving solutions [8] - The market size for mass-produced L0 to L2+/L2++ intelligent driving solutions in China has grown from 17.5 billion RMB in 2019 to 71.5 billion RMB in 2023, with a compound annual growth rate (CAGR) of 42.2%, expected to reach 210.3 billion RMB by 2028 [8] Shareholding Structure - The company has four shareholders holding more than 5% of shares, including Ningbo Junma (12.31%), Hangzhou Langma (7.31%), Jiaxing Xichuang (7.84%), and China Internet Investment (6.75%). The company has undergone nine rounds of financing, raising a total of 1.6 billion RMB, with the last round post-investment valuation reaching 6.06 billion RMB [10] Competitive Advantages - The company has developed a self-researched integrated intelligent driving platform, ODIN, which is modular and scalable. It aims to promote the technology to mid-range vehicles and is advancing towards L3 level solutions [12] - The company ranks second in market share for L2 level solutions and third for L2+/L2++ level solutions in China, with a market share of 16.2% for L2 level solutions [12][13] Customer Base and Global Expansion - The number of customers has increased from 20 in 2021 to 46 in 2024, with over 200 mass production projects, including major clients like Geely, SAIC, and GAC. The company plans to follow Chinese automakers abroad for overseas development [16]

点击蓝字，关注我们 周一，散户投资者向伯克希尔哈撒韦公司B类股票投入了2400多万美元。 周一，散户投资者向伯克希尔哈撒韦公司B类股票(BRK.B.US)投入了2400多万美元，证明投资者不 仅仅是对沃伦•巴菲特(Warren Buffett)的单纯狂热，也为即将上任的首席执行官格雷格•阿贝尔(Greg Abel)投下了信任票。Vanda Research的数据显示，交易日期间，日交易员总计向伯克希尔B类股注入 了约2440万美元，这是该股自2016年以来的最高净流入金额。而周一，该公司股价下跌超过5%，创 下5年来第三大单日跌幅。 上周六，巴菲特宣布他打算在年底卸任首席执行官一职，由阿贝尔接任，这一消息震惊了投资界。 周二，该公司股价略微上涨。尽管周一出现了下跌，但该股在2025年仍上涨了13%以上，而标普500 指数下跌4%。 巴菲特最初宣布这一消息时，正值数万名股东涌向奥马哈参加一年一度的股东大会，这已经成为巴 菲特执掌这家庞大企业集团60年来的传统。股东们崇拜这位"奥马哈先知"，与会者穿着印有他肖像 的运动服。 巴菲特在周六与股东的问答活动即将结束时表示："我认为格雷格应该在年底成为公司首席执行官的 ...

Core Viewpoint - The article discusses the increasing pressure on Chinese companies listed in the U.S. due to regulatory changes and geopolitical tensions, leading to a potential shift of these companies towards Hong Kong for listing opportunities [2][3][12]. Group 1: U.S. Regulatory Environment - The Foreign Companies Accountability Act, signed by Trump, requires foreign companies listed in the U.S. to meet PCAOB auditing standards, prompting many Chinese companies to consider voluntary delisting [2][3]. - A letter signed by bipartisan lawmakers indicates a growing consensus in Washington for a tougher stance on China, which could lead to broader delisting actions [1][2]. - Approximately 199 Chinese benchmark stocks, valued at around $100 billion, may be removed from sensitive industry indices if they violate Executive Order 14105 [17]. Group 2: Market Dynamics and Investor Behavior - Long-term asset allocators are shifting from U.S. ADRs to Hong Kong stocks due to concerns over potential delistings, while short-term traders may continue to engage in U.S. markets as long as trading remains viable [3][12]. - The contribution of Hong Kong's intraday volatility to overall market fluctuations is increasing, indicating a shift in price discovery from U.S. markets to Hong Kong [6][12]. - Approximately 33% of the MSCI China Index holdings are owned by U.S. investors, with a market value exceeding $1.5 trillion, highlighting the significant U.S. investment in Chinese equities [22]. Group 3: Hong Kong Market Adaptations - The Hong Kong Stock Exchange has implemented reforms to attract Chinese companies, including a "孵化机制" for companies with WVR or VIE structures, allowing them to maintain non-traditional governance while applying for dual primary listings [23][24]. - The revised listing rules effective from January 1, 2022, provide a flexible "insurance policy" for overseas issuers, allowing them to convert or apply for dual primary listing status in Hong Kong [23][24]. - The trend of Chinese companies returning to Hong Kong is evident, with several firms having already made the transition from U.S. exchanges to Hong Kong [24].

高盛分析师表示，上月底一些涉及人工智能(AI)领域的大型科技公司发布的业绩报告好于预 期，表明在近期回调之后投资者有机会重新布局这一板块。 点击蓝字，关注我们 Louis Miller表示："目前所有AI主题的估值都低于年初以及去年的水平。 从长期盈利的角 度来看，各类AI股票的估值相比此前的AI热潮时更便宜 ，接近ChatGPT问世前的水平(除了 软件类，软件通常对利率更敏感)。""结合我们'广义AI股票篮子'的业绩表现和盈利情况， 这一类股票目前依然便宜，而盈利则保持稳健 。" 据悉，高盛的美国TMT AI篮子包括那些致力于开发人工智能或推动新技术落地的公司。去 年夏季， 这一篮子的股票曾因市场担忧投资回报而跑输大盘19%，随后在1月反弹至高位 。2025年以来， 这一篮子的股票在DeepSeek和特朗普贸易战的影响下已下跌逾20%，但在 过去两周部分收复了失地 。 此外，高盛的报告指出，市场整体情绪也在改善，" 关税风险因素正在逐步消化 "。分析师 预计， 接下来的一个月经济数据不会显示出关税产生重大影响 ，并预期美国消费者将继续 支出，除非价格大幅上涨或失业率上升，而这些短期内都不会出现。 内容来源于 ...

Core Viewpoint - The article discusses the transition of leadership at Berkshire Hathaway, focusing on Greg Abel as the successor to Warren Buffett, highlighting his management style, investment philosophy, and the challenges he may face in maintaining the company's legacy [2][5][39]. Group 1: Leadership Transition - The 2024 Berkshire Hathaway annual meeting will be the first without Charlie Munger, with Greg Abel sitting next to Warren Buffett as his successor [1]. - Buffett has praised Abel's investment approach, noting his patience and decisiveness, similar to Munger's style [2]. - Abel's appointment as CEO is seen as crucial for understanding Berkshire's future trajectory [2][5]. Group 2: Abel's Management Style - Abel is characterized as detail-oriented and focused on execution, contrasting with Buffett's more hands-off approach [3][37]. - He has built a reputation for establishing trust, identifying opportunities, and managing risks effectively [4][8]. - Abel's management style includes direct communication with underperforming subsidiaries, emphasizing accountability [37][38]. Group 3: Business Performance and Challenges - Berkshire's overall performance has declined compared to its historical averages, with a ten-year annual return of 11.6%, below the S&P 500's 13.2% [9]. - Some subsidiaries, like GEICO and BNSF, are facing significant challenges, necessitating a reevaluation of their strategies [38][39]. - Abel's strategies may include setting profit targets for CEOs, establishing an operational management team, and integrating procurement resources to enhance efficiency [40][41][42]. Group 4: Future Outlook - Despite the challenges, Buffett believes Berkshire can still outperform the S&P 500 by 1-2 percentage points under Abel's leadership [43]. - Abel's understanding of Berkshire's intrinsic value is expected to guide the company through its next phase [43].

彭博经济评论称： 我们预计鲍威尔将反击市场定价，并暗示将重新重视价格稳定。 里士满联储主席 托马斯·巴金和美联储理事阿德里安娜·库格勒等官员已表达了对通胀预期可能正在下降的担忧。再加 上4月份就业数据稳健， 短期内降息的压力不大。 点击蓝字，关注我们 宏观及政策层面 1.周一，将公布美国4月ISM非制造业PMI ，本次数据将提供有关特朗普宣布关税后企业行为的更多 见解。市场预计将进一步下滑至50.1，反映出在贸易政策不确定性的情况下，企业越来越谨慎。 2.周一，港、A股休市，日股休市。 3.周二，加拿大总理卡尼将赴美与特朗普首次会晤。 这将是卡尼出任加总理之后首次与特朗普会面。加总理办公室的消息称，双方将在会见时重点讨论当 前的贸易压力以及加美之间未来更广泛的经济和安全关系。 4.周二，日股休市。 5.周四，美联储利率决议，预计继续按兵不动。 但最近的一系列数据释放美国经济衰退的信号，且特 朗普一直喊话鲍威尔降低利率。上周五的4月非农就业人数超预期的增加了17.7万人，这是一个好消 息。只要就业市场表现良好，美联储就有底气维持利率不变。 市场聚焦鲍威尔在利率决议公布后的讲话。 根据美联储上次会议更新的点阵图， ...