Group 1 - China's July Caixin Manufacturing PMI was released, indicating the current economic situation and work [2] - The State Council, led by Premier Li Qiang, approved the "Artificial Intelligence+" action plan and discussed policies to support personal consumption loans and service industry loans [4] - The Ministry of Commerce expressed expectations for continued dialogue with the U.S. to achieve more win-win results in trade relations [8] Group 2 - The National Development and Reform Commission emphasized the need to stabilize investment and promote consumption, focusing on the "Artificial Intelligence+" initiative and the development of the low-altitude economy [9] - The National Medical Insurance Administration supports the entry of new technologies like brain-computer interfaces into clinical use and pricing mechanisms for new medical technologies [10] - The Ministry of Foreign Affairs urged Japan to take effective measures to ensure the safety of Chinese citizens following an incident in Tokyo [5] Group 3 - The International gold futures fell by 0.31%, closing at $3342.30 per ounce, while silver futures dropped by 2.51% to $36.79 per ounce [5] - International oil prices declined, with WTI crude oil down by 0.91% to $69.36 per barrel, and Brent crude oil down by 0.86% to $71.85 per barrel [6] - Major European stock indices closed lower, with Germany's DAX down by 0.81%, France's CAC40 down by 1.14%, and the UK's FTSE 100 down by 0.05% [7] Group 4 - Amazon reported a second-quarter net profit of $18.16 billion, a year-on-year increase of 34.7%, with revenues of $167.7 billion, up 13% [25] - Apple announced a third-quarter net profit of $23.43 billion, a 9% year-on-year increase, with revenues of $94.04 billion, up 9.6% [26] - BMW's net profit for the first half of the year decreased by 29% to €4 billion, with sales revenue down by 8% to €67.7 billion [27] Group 5 - WeRide reported a second-quarter revenue of 127 million yuan, a year-on-year increase of 60.8%, with its Robotaxi business revenue reaching 45.9 million yuan, up 836.7% [28] - BYD's Yangwang brand announced the pre-sale of the Yangwang U8L at a starting price of 1.3 million yuan [21] - NIO launched the L90 model with a starting price of 179,800 yuan, utilizing a battery-as-a-service (BaaS) model [23]

美东时间周四，尽管微软和Meta两大科技巨头大幅上涨，但关税阴云令股市承压，三大指数集体收跌。 特朗普周四宣布，美国与墨西哥的关税协议将延长90天。 "七巨头"中的微软和Meta分别上涨约4%和11%，此前两家公司公布的季度财报均超出预期。 微软表示，其云计算服务Azure的年度营收已超过750亿美元；Meta则发布了乐观的第三季度营收指引，同样高于华尔街预期。 得益于强劲的业绩，微软市值一度升至4万亿美元，成为继英伟达之后，第二家实现这一里程碑的公司。 截至收盘，道琼斯指数跌0.74%，报44,130.98点；标普500指数跌0.37%，报6,339.39点；纳斯达克指数跌0.03%，报21,122.45点。 标普500指数和纳指盘中均创下历史新高，但随后回落。 本周美联储政策会议后，投资者重新评估货币政策路径，加剧了市场不安，许多人开始质疑9月是否还会降息。此外，白宫定于周五对包括印度和巴西在内 的主要贸易伙伴加征更高关税，也打压了市场情绪。 苹果第三财季营收940.4亿美元，同比增长9.6%，市场预期893亿美元，其中iPhone收入445.8亿美元，同比增长13%，预估400.6亿美元，第三财季净利润 ...

Group 1 - The three major US stock indices collectively declined, with the Dow Jones falling by 0.74%, the Nasdaq decreasing by 0.03%, and the S&P 500 dropping by 0.37% [1] - Meta experienced a significant increase, rising over 11%, while Microsoft saw an increase of nearly 4% [1]

Core Insights - Microsoft achieved a market capitalization of over $4 trillion, becoming the second publicly traded company to reach this milestone after Nvidia, driven by strong quarterly earnings that exceeded expectations [1] Financial Performance - For the fourth quarter of fiscal year 2025, Microsoft reported revenue of $76.44 billion, an 18% year-over-year increase, surpassing market expectations of $73.89 billion [1] - Net profit for the quarter was $27.2 billion, a 24% increase compared to the same period last year, with earnings per share rising to $3.65 from $2.95 [1] Cloud Business Growth - The Intelligent Cloud segment generated revenue of $29.88 billion in the fourth quarter, a 26% year-over-year increase, exceeding market expectations of $29.1 billion [2] - Azure cloud services revenue grew by 39% year-over-year, accelerating from 33% in the previous quarter, marking the highest quarterly growth rate in two and a half years [2] - Annual revenue for Azure surpassed $75 billion, reflecting a 34% year-over-year increase, while total cloud revenue exceeded $168 billion, up 23% [2] Capital Expenditure and Future Outlook - Total capital expenditures for the fourth quarter reached $24.2 billion, a 27% year-over-year increase, setting a record for the highest quarterly spending [3] - Cash expenditures related to property and equipment were $17.1 billion, a 23% increase year-over-year, with a quarter-over-quarter increase of $2.8 billion [3] - Microsoft is accelerating data center construction to meet the rising demand for AI training and tools, having added over 2 gigawatts of data center capacity in the past 12 months [3] - The company has $368 billion in signed but undelivered orders, indicating strong future demand across its cloud business [3]

Group 1: Market Overview - The global capital markets are experiencing a historic moment, with major US stock indices opening high and the Nasdaq rising by 1.55%, reaching a new all-time high [1] - The enthusiasm in the US stock market is driven by impressive earnings reports from technology giants [1] Group 2: Company Performance - Meta's Q2 revenue reached $47.52 billion, a 22% year-over-year increase, significantly exceeding market expectations of $44.8 billion [3] - Meta's net profit was $18.34 billion, a substantial 36% year-over-year growth, marking the tenth consecutive quarter of exceeding expectations [3] - Microsoft's Q4 FY2025 revenue was $76.44 billion, an 18% year-over-year increase, representing the fastest growth in nearly three years [3] - Microsoft's net profit was $27.23 billion, a 24% year-over-year increase, surpassing the expected $25.2 billion [3] - Roblox's stock surged over 20%, reaching a new all-time high, with the company raising its full-year revenue guidance to between $4.39 billion and $4.49 billion [3] - Oracle's stock also rose over 3%, achieving a new all-time high with a market capitalization of $720 billion [3] Group 3: Capital Expenditure and AI Investment - Both Meta and Microsoft have significantly raised their capital expenditure plans, with Meta increasing its annual capital expenditure forecast to between $66 billion and $72 billion [4] - Meta plans to invest hundreds of billions in building large-scale data centers to support its "personal superintelligence" vision, with capital expenditures expected to exceed $100 billion in 2026, a 46% year-over-year increase [4] - Microsoft announced plans to invest $80 billion in AI computing centers by 2025, with Q2 capital expenditures rising 27% to $24.2 billion [4] - Microsoft expects capital expenditures and finance lease assets to exceed $30 billion in the current fiscal quarter, significantly above analyst expectations of $24.23 billion [4] Group 4: Industry Trends - The combined capital expenditure of the four major cloud service providers—Meta, Microsoft, Amazon, and Alphabet—is projected to exceed $320 billion by 2025, a year-over-year increase of over 35% [5] - The infrastructure investment driven by AI is experiencing rapid growth, creating a positive cycle of "technology investment - business growth - profit feedback" that is expected to dominate the technology industry landscape for the next 5-10 years [5]

Group 1 - Microsoft and Meta reported strong earnings, leading to significant pre-market gains of 9% and 11.13% respectively, with a combined market value increase of $537.6 billion [1][3] - The Nasdaq 100 futures rose by 1.40%, S&P 500 futures by 0.96%, and Dow futures by 0.26%, indicating a return of volatility in the market [1] - The upcoming earnings reports from Apple and Amazon are anticipated, with their combined market capitalization reaching $5.5 trillion [3] Group 2 - The U.S. June PCE price index rose by 2.6% year-on-year, with the core PCE index increasing by 2.8%, both exceeding expectations [3] - The implementation of "Trump tariffs" is set to increase U.S. inflation pressure, with Canada and Mexico facing potential tariffs of 35% and 30% respectively [4] - The U.S. Federal Circuit Court is set to hear oral arguments regarding the Trump tariffs, which may escalate to the Supreme Court [4] Group 3 - Figma is set to debut on the NYSE with an IPO price of $33, reflecting strong market demand [6][7] - Ford warned of a $3 billion impact on its annual performance due to tariffs, with an $800 million hit in Q2 [7] - Moderna announced a 10% workforce reduction in response to declining vaccine sales [7] Group 4 - Eli Lilly's Mounjaro showed an 8% reduction in cardiovascular risks compared to Trulicity, but market reaction was lukewarm, with shares initially dropping over 5% [8] - Anheuser-Busch InBev's stock fell over 10% pre-market due to a larger-than-expected decline in Q2 sales [9] - Qualcomm's shares dropped 4.5% as the company warned of losing a major client, Apple, due to its shift to in-house modem production [9]

Group 1: Meta's Performance and Ambitions - Meta reported a strong performance with total revenue increasing by 22% year-on-year, reaching $183 billion in net profit, a 36% increase, marking the tenth consecutive quarter of exceeding expectations [2] - The growth in advertising revenue is significantly driven by the rapid implementation of AI technology in its advertising system, with over 4 million advertisers using the AI tool Advantage+, resulting in a 22% increase in advertising returns [2] - Meta's ambitions extend beyond advertising, with CEO Mark Zuckerberg outlining a vision for "Personal Superintelligence," which may manifest as AI assistants in wearable forms, and the company is investing heavily in AI, including a $14.3 billion acquisition of a 49% stake in Scale AI and the establishment of a superintelligence lab [3] Group 2: Microsoft's Financial Results and AI Strategy - Microsoft reported total revenue of $76.4 billion, an 18% year-on-year increase, with net profit reaching $27.2 billion, a 24% increase; Azure's revenue surpassed $75 billion for the first time, growing by 34% [4] - The company's cloud revenue for the quarter was $46.7 billion, reflecting a 27% year-on-year growth, and following the earnings report, Microsoft's stock surged, pushing its market capitalization above $4 trillion [4] - Microsoft plans to invest over $80 billion in capital expenditures for the fiscal year 2025, focusing on building AI data centers and supporting the expansion of AI services, despite recent layoffs of approximately 15,000 employees, which management described as a "transformational adjustment" to enhance AI capabilities [4]

第四财季，微软的更多个人计算业务营收为134.51亿美元，同比增长9%。据披露，Xbox内容和服务营 收同比增长13%。 此外，微软高管披露，"我们以强劲的季度结束了本财年，微软云收入达到467亿美元，同比增长 27%。" 按具体业务部门划分，微软生产力和业务流程部门的营收为331.12亿美元，同比增长16%。其中，微软 365商用产品和云服务营收同比增长16%，不计入汇率变动的影响为同比增长15%，主要由于受到微软 365商业云服务营收同比增长18%的推动；微软365个人产品和云服务营收同比增长21%，主要由于受到 微软365个人云服务营收同比增长20%的推动；LinkedIn营收同比增长9%，不计入汇率变动的影响为同 比增长8%；Dynamics产品和云服务营收同比增长18%，不计入汇率变动的影响为同比增长17%，主要 由于受到Dynamics 365营收同比增长23%的推动。 该季度微软智能云部门的收入为298.78亿美元，增长26%。其中，服务器产品和云服务营收同比增长 27%，主要由于受到Azure和其他云服务营收同比增长39%的推动。 整个2025财年，微软的营收为2817.24亿美元，同比增长1 ...

Meta预计，2025年，其资本支出将在660亿至720亿美元之间，其中大部分将用于基础设施，如数据中 心的建设和不断增长的技术人员。 如果说Meta在描绘未来，那微软则是AI变现路径清晰的"稳健派"之一。 我们先看Meta——一边赚钱，一边烧钱。 广告业务增长强劲，带动总营收同比大增22%，净利润高达183亿美元，同比增长36%，连续10个季度 超预期。 这些亮眼数据背后，是AI技术在广告系统中的快速落地。 Meta表示，旗下超过 400万个广告主已采用AI投放工具Advantage+，投放回报提高22%，也就是说，他 们的AI能让广告"花得更值"。 但Meta的野心远不止于广告。 在当地时间7月30日发布在Meta网站上的一份备忘录中，Meta首席执行官马克·扎克伯格概述了他 对"Personal Superintelligence（个人超级智能）"的大胆设想。虽然没有提供太多细节阐述什么是"个人 超级智能"与标准人工智能的区别，但根据他的表述，未来的AI助手可能通过眼镜形态存在，"因为它们 可以看到我们所看到的，听到我们所听到的"，成为能够全天候互动的"私人AI助理"。 围绕这个构想，Meta正从多个维 ...

美东时间周三，微软发布了2025财年第四财季及全年财报：当季在AI云增长爆发的带动下，微软第四财季营收764.4亿美元，同比增长18%，预估738.9亿美 元，其中智能云业务（含Azure）营收298.8亿美元，同比增长26%，预估291亿美元。第四财季净利润达272亿美元，同比增长24%，每股收益3.65美元，上 年同期2.95美元。摩根士丹利将微软目标价从530美元上调至582美元。摩根大通将微软目标价从475美元上调至565美元。 北京时间7月31日晚，美股三大指数集体高开，截至发稿前，道指涨0.30%，纳指涨1.26%，标普500指数涨0.82%。 大型科技股多数上涨。 微软股价开盘上涨8%，市值突破4万亿美元，成为全球第二家市值突破4万亿美元的公司，达到4.1万亿美元。截至发稿前，微软涨幅收窄至5.08%。 热门中概股涨跌不一。阿里巴巴、哔哩哔哩涨超2%，小鹏汽车、理想汽车、蔚来、爱奇艺微涨，京东、微博、唯品会下跌。 | 15.020 -0.40% -0.06 唯品会 | | | | | --- | --- | --- | --- | | us VIPS 15.100 盘前 | | 0.13% | ...