公司研究 亚马逊（AMZN.O）：核心云业务重新加速 亚马逊（AMZN.O）：核心云业务重 公司对第四季度业绩展望乐观，预计净销售额将在 2060 亿至 2130 亿美 元之间，同比增长10%至 13%，区间中值略高于市场预期；营业利润预 计为 210 亿至 260 亿美元，同比变动区间为持平至增长 23%，区间中值 与市场预期基本相符。 亚马逊云服务（AWS）重新加速 本季度 AWS 营收达 330 亿美元，同比增长 20%，创下自 2022 年底以来 的最高增速，超出市场预期的18%。云服务营业利润同比增长9%至114 亿美元，同样超预期，并贡献了公司总营业利润的三分之二。 尽管 AWS 本季 20%的增速仍低于谷歌云的 34%和微软 Azure 的 39%， 但其增速重新加速的趋势已成为关键信号。今年以来，亚马逊股价表现 落后于谷歌和微软，市场曾担忧其在 AI 产品商业化方面进展滞后。此 次 AWS 增速回升有望缓解这一忧虑。 新加速 事件：亚马逊第三季度业绩超出市场预期，云服务（AWS）增速创 下三年来新高，有效缓解了此前市场关于其增速见顶的忧虑，并带 动盘后股价飙升逾 13%。虽然 AWS 在本季度 ...

资讯日报：苹果对 12 月季度提供乐观业绩指引 股票市场概览 港股市场表现 美股市场表现 2025 年 10 月 31 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日常味 | 周涨跌 | 年初至今 消费 | | --- | --- | --- | --- | --- | | | | (%) | (%) | | | | | | | (%) | | 恒生指数 | 26,283 | (0.24) | 0.47 | 31.02 | | 恒生科技 | 6.052 | (0.68) | (0.13) | 35.44 | | 恒生国企 | 9.347 | (0.31) | (0.18) | 28.22 | | 上证指数 | 3.987 | (0.73) | 0.93 | 18.95 | | 目经225 | 51,326 | 0.04 | 4.11 | 28.65 | | 新加坡海峡 | 4.437 | (0.06) | 0.34 | 0.00 | | 标普500 | 6.822 | (0.99) | 0.45 | 15.99 | | 纳斯达克 | 23,581 | (1.57 | 1.62 | 22. ...

Market Overview - The Hang Seng Index closed at 26,434, up 1.05% for the day and 31.77% year-to-date[3] - The Hang Seng Tech Index rose 1.83% to 6,171, with a year-to-date increase of 38.11%[3] - The Shanghai Composite Index increased by 1.18% to 3,997, with a year-to-date gain of 19.25%[3] Sector Performance - Semiconductor stocks showed strong performance, with notable gains: Brainhole Technology and InnoCare both surged over 13%[9] - WuXi AppTec's Q3 revenue reached 12.057 billion yuan, a 15.26% year-on-year increase, with net profit rising 53.27% to 3.515 billion yuan[9] - Copper stocks led the market, with China Daye Non-Ferrous Metals up over 11%[9] Economic Indicators - The CBOE Volatility Index (VIX) fell below 16, indicating reduced market risk aversion[9] - China's industrial enterprises reported a total profit of 53.732 billion yuan from January to September, a 3.2% year-on-year increase[14] Global Market Sentiment - U.S. major indices collectively rose, driven by easing U.S.-China trade tensions and expectations of a Federal Reserve rate cut[9] - The Nikkei 225 index surged 2.46%, breaking the 50,000-point mark for the first time, supported by strong U.S. tech stocks and improved market sentiment[12]

Group 1: Macro Economic Overview - US CPI data shows inflation easing, with September CPI rising 3.0% year-on-year and core CPI at 3.0%, both below market expectations[14] - Market anticipates a high probability of a 25 basis point rate cut by the Federal Reserve in the upcoming meeting, with expectations of two more cuts in 2025 and three in 2026[14] - China's GDP grew by 5.2% year-on-year in the first three quarters, indicating economic resilience amid the resumption of US-China trade talks[11] Group 2: Market Performance - US stock indices saw overall gains, with technology stocks leading, while Netflix shares dropped over 10% due to tax issues in Brazil[14] - A-shares in China showed strong performance, particularly in the technology sector, driven by policy expectations from the "15th Five-Year Plan"[11] - European markets faced volatility, with the PMI improving to 52.2, but concerns over internal weaknesses in France and geopolitical tensions led to market pullbacks[16] Group 3: Investment Strategy - Multi-asset FOF portfolio suggests a composition of 60% equities, 30% fixed income, and 10% commodities, with an annualized return of 37%[35] - Investors are advised to focus on equity funds due to rising market risk appetite and potential opportunities from the "15th Five-Year Plan"[40] - Recommendations include maintaining a portion of gold in portfolios due to expected support from multiple factors including Fed rate cuts and a weaker dollar[40]

Market Overview - Hong Kong stocks turned from decline to rise in the afternoon, with the Hang Seng Index closing up 0.72%[9] - The net inflow of southbound funds into Hong Kong stocks was HKD 5.345 billion[9] - Major technology stocks saw gains, with Meituan rising over 7% and Alibaba up 1.67%[9] Sector Performance - Large financial stocks contributed to the market's rise, with Agricultural Bank of China increasing approximately 2% for an 11-day consecutive rise[9] - Various sectors including gambling, sports goods, oil, mobile games, gas, and coal stocks showed active performance[9] - Biopharmaceutical, semiconductor, heavy machinery, building materials, steel, and lithium battery stocks performed poorly[9] U.S. Market Performance - Major U.S. indices closed higher, with the Nasdaq up 0.89% and the S&P 500 up 0.58%[9] - Intel's Q3 revenue was USD 13.65 billion, a year-on-year increase of 2.8%[9] - Quantum computing stocks saw significant gains, with IONQ up 7% and DWAVE up 14%[9] Japanese Market Performance - The Nikkei 225 index fell by 1.35%, with SoftBank Group leading in trading volume, down nearly 5%[12] - The Bank of Japan warned of early signs of overheating in the stock market[12] - Japan's largest labor union plans to seek a minimum 5% wage increase in the upcoming annual negotiations[12]

国信证券(香港)·资讯日报 资讯日报：港股市场情绪回暖延续前日反弹 股票市场概览 港股市场表现 美股市场表现 2025 年 10 月 22 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 单日 涨跌（%） | 周涨跌 （%） | 年初至今 涨跌（%） | | --- | --- | --- | --- | --- | | 上证指数 | 3916.33 | 1.36 | 1.99 | 14.94 | | 恒生科技 | 6007.94 | 1.26 | 4.30 | 33.49 | | 富时新加坡海峡指数 | 4381.05 | 1.20 | 1.20 | 15.42 | | 恒生指数 26027.55 | | 0.65 | 3.09 | 29.87 | | 道琼斯工业平均 46924.74 | | 0.47 | 1.59 | 10.22 | | 德国DAX 24330.03 | | 0.29 | 2.09 | 22.21 | | 日经225 49316.06 | | 0.27 | 3.64 | 23.62 | | 标普500 | 6735.35 | 0.00 | 1.07 | 14.02 | ...

Market Overview - The Hong Kong stock market indices opened higher, showing a rebound with the Hang Seng Index at 25,858.83, up 2.42% year-to-date[3] - The net outflow of southbound funds from Hong Kong stocks was HKD 2.67 billion on October 20[9] Stock Performance - Major tech stocks in Hong Kong saw significant gains: NetEase up over 5%, Alibaba up 4.86%, and Tencent up 3.2%[9] - The aviation sector led the gains, with China Eastern Airlines rising nearly 10%, marking a four-day increase of over 25%[9] U.S. Market Highlights - U.S. markets closed with all three major indices up over 1%, with the Nasdaq gaining 1.37% and the S&P 500 up 1.07%[3] - Apple reached a market cap of USD 3.89 trillion, with its stock rising approximately 4%[9] Semiconductor Sector - Semiconductor stocks were active, with Micron Technology rising over 2% and TSMC up more than 2.5%[9] - Nvidia's CEO celebrated the production of the first Blackwell chip in the U.S., indicating strong growth in the semiconductor industry[9] Gold and Commodities - Gold stocks experienced a collective pullback, with Zhenfeng Gold down 10% and Chifeng Jilong Gold down over 6%[9] - Concerns were raised about gold demand potentially weakening if retail participation remains low[9] Economic Indicators - China's Q3 GDP was reported at CNY 3.545 trillion, growing 4.8% year-on-year, slightly above the expected 4.7%[13] - Japan's Nikkei 225 index closed up 3.4%, reaching a historical high, driven by political stability and economic recovery signals[13]

Group 1: US Market Overview - The US market is experiencing a "data vacuum" period with policy expectations trading, as Powell hinted at a potential halt in balance sheet reduction in the coming months[5] - The VIX index surged significantly, indicating heightened market volatility, while the financial sector was the worst performer due to regional bank failures[11] - Gold prices reached historic highs, breaking the $4200 per ounce mark, driven by multiple factors including interest rate cuts and geopolitical tensions[12] Group 2: Global Economic Trends - China's government is enhancing counter-cyclical adjustments and expanding domestic demand to navigate complex external environments, leading to a structural market characterized by risk aversion[5] - Japan's political instability has suppressed interest rate hike expectations, causing significant fluctuations in stock, bond, and currency markets[13] - In Europe, political uncertainties are dampening growth expectations, with the ECB emphasizing its readiness to address potential market turmoil[15] Group 3: Investment Strategies - A multi-asset FOF portfolio is recommended, with allocations of 60% in equities, 30% in fixed income, and 10% in commodities, achieving an annualized return of 28%[37] - Investors are advised to maintain a balanced approach, focusing on US Treasuries for medium to long-term opportunities and allocating a portion to gold due to expected price support from various factors[44] - For stable returns in a volatile market, mixed equity and bond funds are suggested to balance capital appreciation potential[44]

Market Overview - The Nikkei 225 index closed at 48,580.44, up 1.77% for the day and 21.77% year-to-date[3] - The Shanghai Composite Index closed at 3,933.97, up 1.32% for the day and 15.46% year-to-date[3] - The Hang Seng Index closed at 26,752.59, down 0.29% for the day but up 33.49% year-to-date[3] Stock Performance - Major tech stocks in Hong Kong showed mixed results, with Kuaishou up 3.56% and Alibaba down 2.4%[9] - Semiconductor stocks in Hong Kong faced declines, with SMIC down nearly 7% due to high static P/E ratios[9] - In the U.S., the Dow Jones fell 0.52%, while the Nasdaq dropped 0.08%[9] Sector Highlights - Copper prices surged due to supply shortages and advancements in computing power, leading to significant gains in copper mining stocks, with China Molybdenum up over 21%[9] - New consumption stocks performed well, with Mixue Group rising nearly 7%[9] - Airline stocks rebounded, with China Eastern Airlines up nearly 8%[9] Regulatory News - On October 9, the Chinese Ministry of Commerce announced export controls on rare earths, lithium batteries, and superhard materials[14]

Market Overview - Spot gold has reached a new high, surpassing $4040 per ounce, with silver also rising over 2% to nearly $49 per ounce[9] - The Hang Seng Index closed at 26829.46, down 0.48% for the day, while the Hang Seng Tech Index fell 0.55%[3] - The Nasdaq Composite Index rose 1.12%, marking a new closing high, while the S&P 500 increased by 0.58%[9] Stock Performance - In the U.S. market, AMD surged over 11%, with a three-day cumulative increase of 43%[9] - Major tech stocks like NVIDIA and Amazon saw gains of over 2% and 1% respectively[9] - Chinese concept stocks showed mixed results, with NIO up 4.67% and Alibaba down 0.1%[14] Economic Indicators - The U.S. budget surplus for September was reported at $164 billion, with projected deficits of $1.809 trillion for FY 2025[12] - Japan's foreign investment in the stock market saw a net outflow of 3.7 trillion yen in September, the largest in six months[12] - The Japanese nominal wage growth rate for August was 1.5%, the lowest in three months, while real wages fell by 1.4%[12]