智通财经APP获悉，唐纳德·特朗普的连任原本被期待会造就一派繁荣的股市;股市确实涨了，只是原因 与预言者们的设想大相径庭。自特朗普在2024年11月5日胜选以来，标普500指数已飙升18%，到10月底 创下历史新高，并录得连续六个月上涨。 行情伊始，市场普遍预期，特朗普大幅减税、放松监管的计划将带来经济繁荣。虽然减税基本兑现，但 真正主导市场叙事的，却是他对美国贸易政策的大刀阔斧式重塑——关税威胁与反复撤回让一项政策不 确定性指标升至1900年以来最高，股市波动也随之间歇性飙升，最显著的一次是4月特朗普推出90年来 最严厉的关税时。 "这是我们真正见过的最剧烈的市场波动爆发之一，"Macro Risk Advisors LLC创始人兼首席执行官迪安· 柯纳特(Dean Curnutt)表示。 若不是新一轮人工智能热潮，股市的涨幅会平淡得多。大型科技公司贡献了指数涨幅的大头，而传统工 业企业和消费品卖家则在关税与经济放缓中举步维艰。剔除市值偏重的等权版本标普500今年仅上涨 5.2%，中位数股票涨幅仅1.2%，七大科技巨头合计贡献了市场涨幅的一半以上。 图1 除了1月因中国DeepSeek应用出现的一次小波动外 ...

上周的美股跟过节似的，英伟达成史上首家市值达5万亿美元的公司，超越印度、德国等GDP，目前已占标普500总市值的10%。苹果也首次突破4万亿美 元。谷歌，亚马逊，微软的业绩都超出了市场预期，股价大涨。只有META因其巨额AI支出计划，当晚股价暴跌11%。市场热情高涨到什么程度？高通宣布 将推出人工智能芯片，（明后年的事）股价就能一天涨11%+。 | | 5万亿美元英伟达成长之路 | | | --- | --- | --- | | 首次突破的重要整 | 日期 | 用时 | | 数关口 | | | | 5000亿美元 | 2021年6月29日 | 22年 | | 1万亿美元 | 2023年5月30日 | 701天 | | 2万亿美元 | 2024年2月23日 | 270天 | | 3万亿美元 | 2024年6月5日 | 104天 | | 4万亿美元 | 2025年7月9日 | 410天 | | 5万亿美元 | 2025年10月29日 | 113天 | | 6万亿美元 | 未知 | 未知 | 上周A股这里，三季报基本披露了，总结两点：含"科"公司业绩领跑；上证如果没有消费，已经5000点了。特别是白酒，雷声滚滚。前 ...

文 | 《BUG》栏目 张俊 不过专家认为，苹果中国区营收下滑源于内外部双重压力。内部看，iPhone主力机型升级幅度有限，难 以激发用户的换机欲望。iPhone Air发售延迟，也直接冲击第四财季销量；从外部看，面临本土品牌强 势崛起与消费偏好变迁，华为的回归直接冲击了苹果在中国高端市场的份额。内外因交织下，苹果在中 国市场的竞争地位面临严峻挑战。 大中华区再成唯一下滑市场 近日，苹果公布了2025财年第四财季财报。报告显示，苹果公司第四财季总净营收为1024.66亿美元， 与上年同期的949.30亿美元相比增长8%；净利润为274.66亿美元，与上年同期的147.36亿美元相比增长 86%；每股摊薄收益为1.85美元，与上年同期的0.97美元相比实现增长。 苹果公司第四财季每股收益和营收均超出华尔街分析师此前预期，从而推动其财报发布当天盘后股价上 涨逾3%，突破52周最高价。 不过，该财季苹果在中国市场的表现并不理想。 第四财季，苹果大中华区营收为144.93亿美元，与上年同期的150.33亿美元相比下降3.6%；对比之下， 美洲、欧洲、日本、亚太其他地区的营收均实现同比增长。 值得注意的是，自2023年 ...

Core Insights - Investing in an S&P 500 ETF provides exposure to the "Magnificent Seven" companies, which include Nvidia, Apple, Microsoft, Amazon, Alphabet, Meta, and Tesla, collectively valued at approximately $21.5 trillion [1][2] Group 1: Magnificent Seven Overview - The "Magnificent Seven" stocks are highly sought after due to their past success and growth potential, with the Vanguard S&P 500 ETF (VOO) being heavily weighted towards these companies [2][3] - The Magnificent Seven account for about 34% of VOO, with eight of the top ten holdings being these companies, indicating a significant concentration that may affect diversification [4] Group 2: Sector Composition - The tech sector dominates VOO, complemented by financials (13.5%), consumer discretionary (10.5%), communication services (10.1%), and healthcare (8.9%) [5] Group 3: Performance Metrics - Over the past decade, VOO has performed well, with Nvidia being the best performer, up over 1,380%, while Apple, despite being the worst performer among the group, is still up around 77% in the last three years [6][9] - VOO has averaged 12.8% annual returns since its inception in September 2010, or 14.8% when including dividends, showcasing strong performance for a diversified ETF [10] Group 4: Investment Growth Potential - Monthly investments of $500 into VOO could potentially grow to over $800,000 over time, depending on annual returns, highlighting the power of compound earnings [12] - An $800,000 portfolio in VOO could yield approximately $8,000 annually at a modest 1% dividend yield, providing a significant income stream [13]

Core Insights - The recent failures of ultra-thin flagship smartphones, specifically the iPhone Air and Samsung S25 Edge, indicate a significant shift in consumer preferences and market dynamics [1][2][4] - Despite initial hype and high expectations, the actual sales performance of these models has been disappointing, leading to production cuts and reconsideration of future releases by other manufacturers [5][8] Group 1: Product Performance - The iPhone Air has been labeled a "failure" with a first-week activation volume of only over 50,000 units, significantly lower than the iPhone 17 series, which collectively exceeded 1 million activations in the same timeframe [2][4] - The S25 Edge has also underperformed, with its price dropping from 7999 yuan to 4999 yuan within five months of launch, indicating poor market reception [13] Group 2: Market Trends - The ultra-thin smartphone segment appears to be struggling, with overall sales estimated to account for less than 1% of the market, raising questions about the demand for such devices [2][4] - Manufacturers like Xiaomi have paused plans for similar models, reflecting a cautious approach in response to the lackluster performance of the iPhone Air [5] Group 3: Consumer Preferences - Consumer feedback suggests that the desire for ultra-thin devices is often outweighed by the need for better battery life and camera performance, which are compromised in thinner models [8][10] - The pricing strategy of the iPhone Air, set at 7999 yuan, has led consumers to compare it unfavorably with the iPhone 17 Pro, which offers superior features for a similar price [10][11] Group 4: Future Outlook - The only remaining major player in the ultra-thin segment appears to be Huawei, which is reportedly moving forward with the Mate 70 Air, although its success remains uncertain [7][8] - The industry may need to rethink the value proposition of ultra-thin smartphones, as relying solely on the "lightweight" feature is insufficient to attract consumers [14]

自2000年以来，无数创新发明涌现，科技成为推动世界前行的磅礴力量，重塑着人类的生活与社会的运转。 《时代》杂志自世纪初便持续发布 "年度最佳发明" 榜单，记录了每一年科技领域的突破性成果。在2025年的"最 佳发明榜单"中，宇树Unitree R1人形机器人、比亚迪海鸥等300项创新成果再次展现了科技的蓬勃活力。 在这份榜单之外，今年他们还首次推出名为" Best Inventions Hall of Fame "的特别榜单，用来回顾自2000年以来 所有上榜发明（数千项）中最具代表性、最具持久影响力的科技发明——它们都曾在特定时代节点掀起浪潮， 更承载了对创新本质的思考。 今天，我们一起来简单回顾下其中部分发明，来看看那些改变了世界的创新。 扫地机器人： 让吸尘不再糟心 图片来源：AI生图 "面对现实吧，吸尘很烦人。"《时代》在2002年如此评价。这个圆盘形机器人凭借传感器实现智能导航，依 靠充电电池提供动力，能够在家庭空间中完全自主穿梭，高效吸除灰尘与散落杂物，更能灵活钻进床底、 沙发下等人类难以触及的清洁死角，以突破性设计重新定义了家庭清洁的模式。 YouTube： 大家的网络 2005年4月，You ...

Market Overview - US stock markets experienced gains, with the Dow Jones up 0.09%, Nasdaq up 0.61%, and S&P 500 up 0.26% [1] - Notable stock movements include Amazon rising by 9.58% and Tesla increasing by 3.74%, while Google A, Nvidia, Apple, Microsoft, and Meta saw declines [1] AI and Technology Developments - Nvidia has reached a significant collaboration agreement with major South Korean companies, including Samsung and SK Group, to deploy 260,000 Blackwell chips for the establishment of Asia's first "Industrial AI Cloud" [2][15] - Tesla is expected to unveil a prototype of a flying car within the year [3] - Neuralink's first trial subject's status has been revealed, with Elon Musk hinting at the implantation of dual brain-machine devices [4] Commodity and Energy Insights - OPEC+ plans to pause oil production increases in the first quarter of next year [5] - Copper prices have surpassed the $11,000 mark, but Goldman Sachs predicts any increase will be temporary, forecasting a reversal in copper prices by early next year [5] Corporate Financials - Berkshire Hathaway's cash reserves have reached a record high of $381.67 billion [6] - Nvidia's CEO Jensen Huang has completed a $1 billion stock sale [7] Market Strategy and Trends - Broker strategies for the upcoming weeks highlight a historical trend where November and year-end market styles shift from "realistic pricing" to "expectation-driven" [9][10] - The focus is expected to shift towards sectors with recovery potential as the market enters a data vacuum period following the third-quarter earnings disclosures [11] Robotics and Innovation - The world's first humanoid robot, "Kua Fu," participated independently in the torch relay for the 15th National Games, showcasing advancements in robotics technology [15][16] - The humanoid robot market is projected to grow significantly, with estimates indicating a market size of approximately 25.62 billion yuan in 2024, expanding to 642.22 billion yuan by 2030, reflecting a compound annual growth rate of 58.90% [16] New Listings and Corporate Announcements - A new stock, Beikang Detection, is available for subscription at a price of 6.7 yuan per share, recognized as a leading inspection and testing service provider in the non-ferrous metals sector [17] - Several companies, including Dongtu Technology and Weigao Blood Purification, are undergoing significant acquisitions and stock resumption activities [18]

Core Insights - The rapid advancement of artificial intelligence (AI) has significantly impacted various industries, particularly in technology and cloud services, with companies like Alphabet and Amazon leading the charge in AI integration and product offerings [1][2]. Alphabet - Alphabet's AI models, including Gemini, are processing 7 billion tokens per minute, with the Gemini App boasting 650 million monthly active users and a 3x increase in queries since Q2 2025 [3][6]. - The company has seen a 20x increase in monthly tokens processed, from 980 trillion in May 2025 to 1.3 quadrillion [3]. - Google Cloud's backlog grew 46% sequentially to $155 billion in Q3 2025, with a 34% year-on-year increase in new customers [6]. - Revenue from products built on Alphabet's generative AI models increased by over 200% year-on-year in Q3 2025 [6]. - AI is driving significant growth in Google Search, with AI Mode achieving 75 million daily active users and doubling queries since its launch [9][10]. - Alphabet's management plans to launch Waymo services in London and Tokyo by 2026, integrating AI to enhance user experience [14][15]. Amazon - AWS experienced a 20.2% year-on-year growth in Q3 2025, with a run rate of $132 billion and a backlog of $200 billion [22][23]. - The AI segment of AWS's growth is driven by both training and inference, with significant contributions from cloud migrations by enterprises [22]. - Amazon's AI shopping assistant, Rufus, has 250 million active customers, with a 140% year-on-year increase in monthly users and is projected to generate $10 billion in incremental annualized sales [35]. - AWS has launched several AI agents, including Strands and AgentCore, to facilitate the creation and deployment of AI solutions for businesses [24][26]. - Project Rainier, an AI compute cluster with 500,000 Trainium 2 chips, is now operational, supporting AI model development for companies like Anthropic [31][32]. Apple - Apple's management emphasizes the importance of its silicon, particularly the A19 Pro and M5 chips, in enhancing AI capabilities across its products [40]. - The company has introduced numerous AI features, including Live Translation and Visual Intelligence, and is working on a more personalized version of Siri [41][42]. - Apple is investing in its Private Cloud Compute (PCC) to support AI functionalities, including Siri's queries [41][42].

Core Viewpoint - The article discusses the concentration of the stock market in the "Magnificent Seven" companies and challenges the narrative that this concentration poses a significant risk to the market's stability, arguing that the focus on this concentration is misguided and not fundamentally driven [1][2]. Group 1: Market Concentration - The "Magnificent Seven" stocks (Alphabet, Apple, Amazon, Meta Platforms, Microsoft, Nvidia, and Tesla) account for 38% of the market, raising concerns about excessive concentration [1]. - Despite ongoing warnings about the risks of concentration, the market has not collapsed, suggesting that the fears may be unfounded [1][2]. - The article posits that the concentration could be alleviated by the growth of other stocks in the market rather than a collapse of the Seven [1]. Group 2: Individual Company Analysis - Alphabet is viewed positively due to its successful transition to AI and strong performance in cloud services, with a price-to-earnings ratio of 27 times next year's earnings [2]. - Microsoft is recognized for its strong Co-Pilot numbers and enterprise software dominance, with no significant negatives impacting its outlook [2]. - Apple is noted for its strong market position and potential revenue from partnerships, with expectations of nearly $50 billion from Alphabet [2]. - Amazon's recent performance in AWS shows a turnaround, with growth accelerating to 20%, countering previous narratives of underperformance [2]. - Meta Platforms is seen as a strong player, with significant spending planned to maintain competitiveness in the AI space [2]. Group 3: Investment Strategy - The article emphasizes the importance of viewing stocks as individual investment opportunities rather than merely components of an index, suggesting that this perspective can lead to better investment decisions [2]. - It is suggested that the S&P 500 may need to rebalance to address concentration issues, but this does not necessarily indicate impending doom for the Seven [2]. - The future performance of the Seven will depend on their internal strengths and weaknesses, with the next quarterly reports being crucial for assessment [2].

Market Overview - The ASX is expected to open lower, with a projected decline of -0.4% due to rising inflation and a likely hold by the RBA on interest rates [3] - Recent inflation data indicates a significant core rise of over +1% through to September, contributing to market uncertainty [2][3] Company News - Westpac (ASX:WBC) reported a slight annual net profit decrease of 1%, totaling $6.92 billion, and is divesting its RAMS mortgage portfolio [4] - Coal magnate Matt Latimore is engaging with BlueScope Steel (ASX:BSL) and other international buyers regarding the acquisition of Whyalla, a major structural steel producer in Australia [5] - Mandrake Resources (ASX:MAN) secured an offtake agreement with Nasdaq-listed Stardust Power for its U.S. lithium refining operations [5] - Retailer Carma Limited is set to list on the stock exchange this Wednesday [5] Commodities and Forex - The Australian dollar is trading at 65.4 U.S. cents [6] - Iron Ore prices remain stable at $106.50 per tonne in Singapore [6] - Brent Crude oil has increased by +0.6% to $64.77 per barrel [6] - Gold prices have remained flat at $4,011 per ounce [6] - U.S. natural gas futures have risen by +4.2% to $4.12 per gigajoule [6]