■ 今年以来，弱美元与强美股并存。美股的强劲表现，是宏观周期与产业变革共振的结果。美元的周期性走 弱，为市场营造了友好的估值环境并改善了跨国企业的盈利预期；而人工智能浪潮，则提供了产业支撑与远 景。为了判断这种共振能否持续，我们需要分别拆解这两大驱动力的现状与变局。 ■ 美元贬值对美股的影响主要体现在中期维度，二者呈负相关关系。美股国际营收占比高，美元贬值通过汇兑 收益、价格竞争力提升和非美经济走强三个渠道增厚企业盈利，美元指数下跌10%约带动标普500营收多增2- 3%。此外，美元走弱往往伴随流动性宽松和风险溢价下降，推升股票估值。 ■ 当前美股AI尚未达到泡沫，但隐忧渐显。判断资产价格达到泡沫，需要满足两个条件：价格显著脱离基本 面，以及债务或股权融资持续高速增长。泡沫终于叙事与流动性的瓦解。美股估值偏高但基本面仍强劲， Scaling Law支撑算力需求，短期难以证伪。科技巨头的资本开支正从现金流驱动转向债务驱动，尽管目前债 务规模和持续时间尚在可控范围内，但表外负债和循环交易等问题值得关注，新兴云厂商债务风险较高。AI 投资的持续性、杠杆化程度以及投资回报率等问题值得持续跟踪。 ■ 展望未来，美股将从 ...

Group 1: Ken Griffin's Investment Moves - Ken Griffin sold 1.6 million shares of Amazon and purchased 388,000 shares of Palantir Technologies in the third quarter [2][5] - Citadel Advisors, managed by Griffin, has outperformed the S&P 500 by 8 percentage points over the last three years, making Griffin a notable figure for retail investors [1] Group 2: Amazon's Performance - Amazon's revenue increased by 13% to $180 billion in the third quarter, driven by growth in advertising and cloud computing [4] - Operating income rose by 23% to $21.7 billion, with operating margin expanding by 60 basis points [4] - Wall Street estimates an 18% annual earnings growth for Amazon over the next three years, making its current valuation of 33 times earnings appear reasonable [5] Group 3: Amazon's Business Segments - E-commerce: Amazon is the largest online marketplace in North America and Western Europe, utilizing AI for customer service and operational efficiency [6] - Advertising: Amazon is the third-largest ad tech company, leveraging generative AI tools for brand campaigns [6] - Cloud Computing: Amazon Web Services (AWS) is the largest public cloud provider, introducing new AI services and custom AI chips [6] Group 4: Palantir Technologies Overview - Palantir develops data analytics and AI platforms for various sectors, with a focus on ontology-based software [8] - The company was recognized by Forrester Research as the most capable AI/ML platform, surpassing major competitors [9] Group 5: Palantir's Financial Performance - Palantir's revenue rose by 63% to $1.1 billion in the third quarter, marking the ninth consecutive quarter of revenue acceleration [10] - Non-GAAP earnings more than doubled to $0.21 per diluted share, driven by strong demand for its AI platform [10] Group 6: Valuation Concerns for Palantir - Palantir's shares trade at 119 times sales, making it the most expensive stock in the S&P 500 [11] - The stock price has increased 11 times since January 2024, while revenue has increased less than 2 times, indicating a reliance on higher price-to-sales multiples [12] - Concerns exist that Palantir's valuation cannot continue to expand indefinitely, suggesting potential risks for future price corrections [13]

For Immediate ReleaseChicago, IL – December 26, 2025 – Today, Zacks Equity Research discusses Expedia Group, Inc. (EXPE) and Amazon, Inc. (AMZN) .Industry: e-CommerceLink: https://www.zacks.com/commentary/2808394/weak-macro-cant-stop-e-commerce-stocks-expedia-and-amazonWhile macroeconomic challenges mount, the e-commerce market is growing through innovation, technology and insight, as it continues to take away slices of the total retail pie. Commerce Department numbers are proof of this trend: ecommerce sal ...

今天分享的是：亚马逊全球开店：2025年亚马逊全球线上商采趋势与区域洞察报告 报告共计：61页 《2025年亚马逊全球线上商采趋势与区域洞察报告》聚焦全球B2B线上商采领域，系统呈现亚马逊平台的核心趋势与区域特 色。全球线上商采呈现数字化、高效化、多元化演进特征，企业采购行为加速向线上迁移，便捷性、性价比与供应链稳定性 成为核心决策因素。MRO（ Maintenance, Repair, Operations ）品类需求持续攀升，凭借高频刚需、场景多元的优势成为增长 亮点，工具、防护装备、电子配件等细分产品交易活跃，LEXIVON等相关品牌表现突出。选品策略呈现"精准化+差异化"趋 势，企业愈发注重产品适配性与场景化价值，如防护类、家居实用类、电子配件类产品因贴合多元需求备受青睐。区域市场 展现鲜明特色，不同地区采购偏好与需求重点存在差异，发达市场侧重品质与效率，新兴市场更关注性价比与基础功能满 足。数字化协同成为采购新主流，线上比价、一键下单、物流追踪等功能大幅提升采购效率，亚马逊平台的全链路服务体系 为全球商采提供支撑。消费电子、家居用品、教育相关产品等品类保持稳健增长，其中兼具实用性与创新性的产品更易获 ...

欧洲电商格局多元，由44个国家组成，语言文化分散，为亚马逊等老牌玩家和Temu、TikTok等新兴力量提供舞台。然而，合欧盟《数字服务法》和2026年 取消150欧元以下包裹免税，正重塑游戏规则，迫使卖家寻求高效工具。 易仓ERP作为专业跨境电商ERP，通过 多平台订单管理、多仓库存管理等功能，成 为 亚马逊、Temu、TikTok、SHEIN卖家应对变局的关键。 欧洲电商市场崛起：亚马逊、Temu、TikTok、SHEIN的竞争态势 欧洲电商市场在2025年迎来爆发式增长，动力源于 美国政策挤压和欧洲本地消费力。亚马逊作为国际巨头，通过2026年欧洲站费用调整巩固地位，同时引 导卖家拓展欧洲站点以分散风险。 中国平台攻势迅猛：Temu在欧洲推进"本对本"模式，目标80%订单本地发货；TikTok Shop新开德、法、意站点，月活用户超2亿；SHEIN则在巴黎开设永久 实体店，提升品牌形象。 2025年，欧洲电商市场成为全球跨境卖家的新焦点。在美国关税壁垒下，中国卖家加速转向欧洲。 截至2025年9月，中国对欧盟电商出口额已达205亿美 元，同比增长显著，而对美出口萎缩至131亿美元。这片消费沃土汇聚了 国际 ...

Group 1 - The PCB sector has achieved significant excess returns driven by AI demand and technological upgrades from major companies like Nvidia, Amazon, and Google, with a year-to-date increase of 150%, leading the electronic sub-sector [3][22] - In 2026, AI demand for PCB is expected to continue growing rapidly, with supply tightness persisting, particularly in high-end HDI and multilayer boards, as well as in domestic high-end substrate breakthroughs [3][6] - The overall PCB market is projected to grow from $849 billion in 2025 to between $940 billion and $980 billion in 2026, reflecting a robust growth trajectory [6][12] Group 2 - The PCB industry is currently in an expansion phase, with strong downstream AI computing demand, despite anticipated weakness in mobile and automotive sectors in 2026 [5][12] - Inventory levels in Taiwan and mainland China have shown an upward trend, indicating increased stocking by downstream manufacturers due to strong AI demand [5][6] - The overall capacity utilization rate for PCB manufacturers in the second half of 2025 is between 93% and 97%, with optimistic order visibility extending beyond three months for leading manufacturers [6][12] Group 3 - The demand for high-end HDI and multilayer boards is rapidly increasing, with supply constraints and accelerated capacity expansion expected to benefit manufacturers with advanced technology [7][12] - The AI-driven trend is pushing for upgrades in PCB specifications, particularly in consumer electronics and automotive sectors, with a focus on innovations from companies like Apple and OpenAI [8][12] - The market for high-speed CCL is anticipated to grow significantly, with projections of around $8 billion in 2026 and a CAGR of 40% from 2024 to 2027 [9][12] Group 4 - The upstream materials for CCL, including copper foil, resin, and fiberglass cloth, are experiencing significant upgrades and supply tightness, driven by AI demand [10][12] - The equipment sector is expected to benefit from the expansion of PCB production, with high demand for advanced equipment driving rapid growth for domestic manufacturers [11][12] - The overall investment strategy for 2026 suggests focusing on sectors like computing boards, CCL, upstream materials, and domestic equipment manufacturers, as the AI-driven innovation cycle is expected to last longer and create broader market demand [12][12]

● 本报记者王舒嫄 "10月以来，海外商家对宠物用品的访客规模同比呈现两位数增长。"阿里国际站相关负责人告诉中国证 券报记者，现在宠物经济的边界不断被刷新，已经进入"卷智能、拼健康、爱情绪"时代，一些数据可以 反映出来，例如，10月宠物保健品及补充剂品类订单同比增长超过58%、宠物猫抓板猫爬架品类订单同 比增长超过50%、宠物智能追踪器品类订单同比增长超过35%。 车允文举例道，今年上半年，公司向沃尔玛中间商交付了一整集装箱的圣诞主题宠物窝。这笔订单的客 户正是去年8月通过阿里国际站结识的。"当时客户行程紧张，表示无法来公司考察，我们通过平台了解 到其优质背景后，主动携带样品前往上海拜访，这份诚意最终打动了客户，促成了其工厂考察之 行。"车允文说。 圣诞宠物用品海外热销，是跨境电商助力外贸稳增长的生动写照。专家表示，随着跨境电商基础设施升 级，我国外贸将进一步融入全球产业链供应链核心环节，为高质量发展注入更持久动能。 销售数据亮眼 快速拓展市场 圣诞宠物用品的出海热潮，离不开跨境电商的强力支撑。 对于这一点，阿里国际站商家、无锡双珍针纺织工艺品有限公司外贸总经理车允文感受颇深："公司深 耕宠物窝垫、宠物毯等纺 ...

Group 1: Bitcoin Mining Stocks Performance - Bitcoin mining stocks have shown significant gains this year, with IREN Ltd. leading at +328.41%, followed by Cipher Mining Inc. at +242.89%, Riot Platforms Inc. at +33.89%, and CleanSpark Inc. at +24.97% [1] Group 2: IREN Ltd. - IREN has transitioned from Bitcoin mining to high-performance data centers for AI and GPU cloud services, positively impacting its share price [1] - The company secured a $9.7 billion GPU cloud contract with Microsoft, which includes a 20% prepayment and a commitment to purchase $5.8 billion in NVIDIA GPUs [2] - The consensus price target for IREN is $55.73, with a high estimate of $136 from Cantor Fitzgerald [2] - IREN's Momentum score is 98.39/100, indicating strong performance [3] Group 3: Cipher Mining Inc. - Cipher Mining's stock surged approximately 380% in the last six months due to a shift from Bitcoin mining to AI infrastructure [4] - Key contracts include a 15-year agreement with Amazon Web Services for 300 MW of electricity, valued at around $5.5 billion, and a $3 billion, 10-year colocation deal with Fluidstack [4] - The stock has a consensus "Buy" rating and a price target of $21.61, with a high of $34 from Clear Street [5] - Cipher Mining also has a very high Momentum score [5] Group 4: Riot Platforms Inc. - Riot Platforms recorded healthy gains, supported by Bitcoin's all-time highs and increased mining output [6] - The company plans to repurpose its power infrastructure for data centers and high-performance computing [6] - Riot is the seventh-largest corporate holder of Bitcoin, with a stash valued at $1.72 billion [6] Group 5: CleanSpark Inc. - CleanSpark reported $766 million in fiscal year revenue, more than doubling from the previous year, driven by increased Bitcoin mining and operational hashrate [9] - The company has $43 million in cash and $1.2 billion in Bitcoin as of September 30 [9] - CleanSpark has a consensus "Buy" rating with a price target of $23.69, indicating a potential upside of 108.83% [10] - The company's strongest category in Benzinga's Edge Rankings is Growth, scoring 99.76/100 [10]

U.S. pet spending proved more resilient than many other consumer categories in 2025, even as households faced persistent affordability pressures, reinforcing the sector’s defensive appeal while exposing clear shifts in how and where money is being spent. According to the Bureau of Labor Statistics, pet and pet product inflation eased to 0.3% year over year in November, down from 1% in September, offering modest relief after years of elevated costs. Broader cost-of-living pressures persist, however, with ani ...

Core Insights - Rothschild & Co Wealth Management's LongRun Equity strategy reported a return of +3.9% in Q3 2025, underperforming its benchmark which returned 7.5% [1] - Since inception, the strategy has achieved an annualized return of 10%, compared to 11% for global equities, indicating a relative underperformance [1] - The market has favored riskier, growth-oriented, and often unprofitable companies over the firm's selection of high-quality, profitable companies [1] Company Highlights - Amazon.com, Inc. (NASDAQ:AMZN) was highlighted in the investor letter, with a one-month return of 1.41% and a 52-week gain of 1.45% [2] - As of December 24, 2025, Amazon's stock closed at $232.38 per share, with a market capitalization of $2.484 trillion [2] - Rothschild & Co initiated a new position in Amazon during Q3 2025, funded by reducing cash holdings and selling portions of other investments [3]