7月31日，纳指收跌0.03%，报21122.45点，7月份累涨3.7%，为连续第四个月录得上涨。标普500指数收跌0.37%，报6339.39点，7月份累涨2.17%。道琼斯工 业平均指数收跌0.74%，报44130.98点，7月份累涨0.08%。中概指数收涨0.66%，报7462.36点，7月份累涨1.67%。 热门科技股中，7月份，甲骨文累涨16.32%，英伟达累涨12.58%，谷歌A累涨8.89%，微软累涨7.26%，博通累涨6.55%，均为连续第4个月录得上涨；AMD累 | 序号 | 代码 | 名称 | 总市值V | | --- | --- | --- | --- | | 1 | NVDA | 英伟达 | 4.34万亿 | | 2 | MSFT | 微软 | 3.97万亿 | | 3 | AAPL | 车道 | 3.1万亿 | | 4 | AMZN | 亚马逊 | 2.49万亿 | | 5 | GOOG | 谷歌-C | 2.33万亿 | | 6 | GOOGL | 谷歌-A | 2.32万亿 | | 7 | META | Meta Platforms | 1.94万亿 | | 8 | AVGO | ...

Group 1 - Tianlian Robot Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, with a counseling report indicating no controlling shareholder and a 48.53% shareholding by the actual controller and associated parties [1] - Yunhan Chip City has received approval from the CSRC for its IPO on the Growth Enterprise Market [2] - Nvidia faced a security issue with its computing chips, leading to a meeting with China's internet regulator to address concerns about potential backdoor vulnerabilities [3][4] Group 2 - Microsoft became the second company in history to surpass a market capitalization of $4 trillion, although it closed below that mark on the same day [4] - The Chinese government has implemented new regulations requiring reporting of cash transactions over 100,000 yuan to combat money laundering [4] - The National Medical Insurance Administration has included assisted reproductive technology in reimbursement policies, benefiting over 1 million people in 2024 [6] Group 3 - The marriage registration rate in China increased in the first half of 2025, with 353.9 million couples registered, up by 10.9 million from the previous year [7] - Li Ka-shing's company is marketing 400 properties in the Greater Bay Area, with prices starting at 400,000 yuan [8] - Ceconomy anticipates that the EU will review JD.com's acquisition plans, indicating the transaction's significance [9] Group 4 - OpenAI's annual revenue reached $12 billion, with an increased cash burn forecast for 2025 [10] - Kering Group reported a 15% revenue decline in Q2 2025, with Gucci's sales down 27% for the sixth consecutive quarter [11] - Amazon's Q2 revenue was $167.7 billion, with a 35% increase in net profit, although it fell short of revenue expectations [12] Group 5 - China Petroleum & Chemical Corporation (Sinopec) expects a 39.5% to 43.7% decline in net profit for the first half of 2025 [13] - BMW Group reported an 8% decrease in revenue and a 29% drop in net profit for the first half of 2025 [14] - WeRide's Q2 revenue grew by 60.8%, with its Robotaxi business achieving a record revenue increase [15]

Core Viewpoint - Amazon reported better-than-expected Q2 revenue and profit data, but the Q3 operating profit guidance fell short of market expectations, raising investor concerns about the effectiveness of the company's significant investments in artificial intelligence [2][10]. Financial Performance - **Net Sales**: Q2 net sales increased by 13% to $167.7 billion, exceeding analyst expectations of $162.15 billion. Excluding favorable currency impacts of $1.5 billion, net sales grew by 12% year-over-year [2]. - **Operating Profit**: The operating profit for Q2 was $19.2 billion, surpassing analyst expectations of $17 billion [4]. - **Net Profit**: Q2 net profit rose to $18.2 billion, up from $13.5 billion in the same period last year [6]. - **Earnings Per Share**: Q2 diluted earnings per share were $1.68, exceeding analyst expectations of $1.33 and up from $1.26 year-over-year [6]. - **Operating Cash Flow**: Over the past 12 months, operating cash flow grew by 12% to $121.1 billion [6]. - **Free Cash Flow**: Free cash flow for the past 12 months decreased to $18.18 billion, down from $25.93 billion in the previous quarter and significantly lower than $52.97 billion year-over-year, marking a two-year low [6]. AWS Performance - **Sales**: AWS sales for Q2 grew by 17.5% year-over-year to $30.9 billion, slightly above market expectations of $30.77 billion [6]. - **Operating Profit**: AWS operating profit for Q2 was $10.2 billion, below analyst expectations of $10.9 billion, and up from $9.3 billion year-over-year [6]. - **Profit Margin**: AWS profit margin for Q2 was 32.9%, down from 39.5% in Q1 and 35.5% year-over-year, marking the lowest level since Q4 2023 [7][12]. Regional Performance - **North America**: Q2 North America sales grew by 11% to $100.1 billion, exceeding analyst expectations of $97.36 billion, with operating profit of $7.5 billion, up from $5.1 billion year-over-year [8]. - **International**: Q2 international sales increased by 16% to $36.8 billion, with an operating profit of $7.5 billion, up from $5.1 billion year-over-year [8]. Guidance and Future Outlook - **Q3 Net Sales Guidance**: Amazon expects Q3 net sales to be between $174 billion and $179.5 billion, representing a year-over-year growth of approximately 10% to 13%, above analyst expectations of $173.24 billion [8]. - **Q3 Operating Profit Guidance**: The company anticipates Q3 operating profit to be between $15.5 billion and $20.5 billion, with a midpoint below analyst expectations of $19.42 billion [8]. - **Capital Expenditure**: Capital expenditures reached a record $31.4 billion, up approximately 90% year-over-year, indicating significant investment plans for the second half of the year [8]. Competitive Landscape - **AI Investments**: CEO Andy Jassy emphasized ongoing advancements in AI, which are expected to enhance customer experience and operational efficiency, although concerns remain about AWS's competitive position against Microsoft Azure and Google Cloud [10][14]. - **Market Position**: Analysts express concerns that AWS may lose its leading position in the cloud services market, with Microsoft Azure and Google Cloud reporting higher growth rates [10][12].

Market Overview - On July 31, U.S. stock markets opened high but closed lower, with all three major indices declining despite strong earnings from Microsoft and Meta [2] - The Dow Jones Industrial Average fell by 330.30 points, a decrease of 0.74%, closing at 44,130.98 points; the S&P 500 dropped by 23.51 points, down 0.37%, at 6,339.39 points; and the Nasdaq Composite decreased by 7.23 points, down 0.03%, closing at 21,122.45 points [2] - In July, the S&P 500 rose by 2.17%, the Nasdaq increased by 3.70%, and the Dow saw a slight increase of 0.08% [2] Sector Performance - Most sectors in the S&P 500 closed lower, with the healthcare sector leading the decline at 2.9%; the real estate sector fell by 1.7%, and materials, financials, energy, consumer discretionary, and technology sectors all dropped over 1% [2] Company Earnings - Microsoft shares rose by 3.9%, with Q4 revenue reported at $76.44 billion, exceeding market expectations of $73.89 billion; Azure business revenue grew by 39%, and the company entered the "four trillion dollar club" [3] - Meta's stock surged by 11.2%, with Q3 revenue expected between $47.5 billion and $50.5 billion, significantly above analyst estimates of $46.2 billion, indicating a recovery in generative AI advertising [4] - Apple reported Q3 revenue of $94.04 billion, a 10% year-over-year increase, surpassing expectations of $89.53 billion; iPhone revenue was $44.58 billion, and Mac revenue was $8.05 billion, both exceeding forecasts [4] - Amazon's Q2 revenue reached $167.7 billion, a 13% year-over-year increase, significantly above the expected $162.09 billion; however, its stock fell approximately 6.8% in after-hours trading [4] Economic Indicators - The U.S. June core Personal Consumption Expenditures (PCE) price index rose by 2.8%, above the expected 2.7%; overall PCE increased to 2.6%, marking the second consecutive month of growth [5] - Labor cost index rose by 0.9%, and initial jobless claims were at 218,000, slightly below expectations [5] - Market attention is focused on the upcoming July non-farm payroll report and the deadline for tariff negotiations [5] Commodity Market - WTI September crude oil futures fell by $0.74, a decrease of approximately 1.06%, closing at $69.26 per barrel, ending a streak of increases [5] - Despite the drop, WTI saw a cumulative increase of over 8.47% in July, marking one of the strongest months of the year [5]

导读：2025年第二季度，Meta与微软双双实现了超出市场预期的财务表现，虽然业务路径有所差别， Meta以社交媒体广告为主导，微软则以企业级云服务见长，但两家公司都证明了一个共同点：AI技术 已是实实在... 科技巨头Meta与微软再次成为全球资本市场的焦点。当地时间7月30日，微软公布2025财年第四财季 （2025年4月1日至2025年6月30日，下称"二季度"）财务报告。同日，Meta也公布2025年第二季度财 报。 微软财报显示，二季度营收达764.4亿美元，同比增长18%，创近三年最快增速；净利润为272.3亿美 元，较上年同期的220.4亿美元增长24%。 Meta营收达到475.2亿美元，同比增长22%，远超分析师此前预测的447.1亿美元；净利润同比增长36% 至183.4亿美元；营业利润率高达43%，盈利能力强劲。 背后共同的核心驱动力正是人工智能（AI）技术的深度应用与商业化落地。微软强调，AI技术推动微 软多个业务领域实现突破性增长，Meta也表示，AI对其核心的广告业务的提升效果尤为显著。 而在AI技术竞逐的背景下，两家公司均在加大投入。Meta预计2025年资本支出将达660亿美元 ...

1 中国7月财新制造业PMI公布 2国家发改委定于8月1日召开新闻发布会,解读 当前经济形势和经济工作 2025年8月1日 星期五 3 美国7月失业率公布 4 特朗普宣布8月1日起对进口半成品铜等产品征 收50%关税 5 香港《稳定币条例》 将于8月1日生效 1 李强主持召开国务院常务会议 国务院总理李强7月31日主持召开国务院常务会议，审议通过《关于深入实施"人工智能+"行动的意见》，部署实施个人消费贷款贴息政策与服务业经营主 体贷款贴息政策，讨论并原则通过《中华人民共和国耕地保护和质量提升法（草案）》。（央视新闻） 2 隔夜市场 美股三大指数集体收跌，道指跌0.74%，纳指跌0.03%，标普500指数跌0.37%，热门科技股涨跌不一，Meta涨超11%，微软涨近4%，盘中一度突破4万亿美 元大关，最终收盘市值3.97万亿美元；Arm跌超13%，特斯拉跌超3%，谷歌、博通跌超2%；半导体设备与材料、减肥药概念股跌幅居前，诺和诺德跌近 6%，科磊跌近5%，阿斯麦跌超3%，礼来、辉瑞跌超2%；设计软件巨头Figma上市首日上涨256%。纳斯达克中国金龙指数涨0.66%，中概股多数上涨，蔚来 涨近8%，金山云涨超 ...

纳指期货跌0.34%，标普股指期货跌0.26%，道指期货跌0.14%，罗素2000股指期货跌0.2%。 亚马逊美股盘后暂时跌6.78%，AMD、英伟达跌超1%，微软涨0.75%，苹果涨2.11%。 ...

Core Insights - Amazon's cloud business revenue grew by 18% to $30.9 billion in Q2, exceeding market expectations of $30.8 billion, and now accounts for 18% of Amazon's total revenue [1] - Amazon Web Services (AWS) operating income was $10.2 billion, below the expected $10.9 billion, but remains the largest profit center for Amazon, which reported total operating income of $19.2 billion [1] - Alphabet reported its cloud computing revenue at $13.62 billion, reflecting a year-over-year increase of 32% [1] - Microsoft disclosed its Azure and other cloud services revenue exceeded $75 billion, with a quarterly growth of 39% [1]

微软则涨1.2%，苹果涨2.5%。 周五亚太盘初，纳指期货跌约0.2%。 科技股中，亚马逊目前（美股盘后）跌6.98%，AMD、英伟达、谷歌A、台积电ADR、特斯拉等至多跌 超0.8%。 ...

Group 1 - Meta and Microsoft saw significant stock price increases, with a combined market value surge of $400 billion in one day, equivalent to over seven times the market value of JPMorgan Chase or Walmart [1] - Microsoft's stock rose nearly 5%, pushing its market value to approximately $4 trillion, making it the second company to reach this milestone after Nvidia [1] - Meta's stock increased by 11.25%, nearing a $2 trillion market value, driven by strong performance attributed to AI-related growth [1] Group 2 - Microsoft reported an 18% year-over-year revenue growth, reaching $76 billion, and plans to invest over $30 billion in the next three months to expand its cloud service infrastructure to meet AI demand [1][2] - Meta's quarterly revenue surged by 22% to nearly $50 billion, with daily active users approaching 3.5 billion [2] - Year-to-date stock performance shows Nvidia up 30%, Microsoft up 27%, and Meta up 32%, contrasting with Apple's 18% decline [2] Group 3 - The combined market value of Apple, Alphabet, Meta, and Microsoft reached $11.4 trillion, nearly matching the total market capitalization of all listed companies in the EU, which is approximately $12.5 trillion [3]