● 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]

Group 1 - The article discusses the expertise of Fred Piard, a quantitative analyst with over 30 years in technology, focusing on data-driven systematic investment strategies since 2010 [1] - Fred Piard manages an investing group called Quantitative Risk & Value, which emphasizes quality dividend stocks and innovative tech companies [1] - The article highlights that Fred provides various market risk indicators and investment strategies, including real estate, bonds, and income strategies in closed-end funds [1]

值得注意的是，英伟达的股价预计将上涨约40%，而亚马逊和微软的上涨空间也在30%左右，这些数据 远高于整体市场的平均水平。 当然，投资者在选择股票时需谨慎，深入了解企业和行业趋势至关重要。你是否准备好迎接新一年的投 资机会？ 订阅巴伦创始菁英会员，阅读全文。 正值假日季节，对于投资者来说，比圣诞节早晨来一杯加料蛋奶酒更让人期待的，或许是在新的一年能 有大幅上涨的股票。 Barron's梳理了罗素1000指数中的股票，并结合华尔街对各板块的评级和目标价，为不同类型的投资者 精选出一份"礼物清单"。其中，英伟达、亚马逊和微软等七巨头的股票广受青睐，分析师给予的买入评 级超过90%。 Barron's祝大家节日快乐，新年幸福。（插图：Barron's；Dreamstime） ...

Core Viewpoint - The article emphasizes the importance of having a competitive moat in business, arguing that industries with low barriers to entry and high competition are difficult to succeed in, as profits can be easily eroded by new entrants [6][12]. Group 1: Industry Analysis - The distinction between software companies and internet companies is highlighted, with software companies typically providing B2B services (SaaS) and internet companies focusing on B2C services [7]. - The profitability of China's SaaS industry is discussed, noting that while gross margins are around 55%-60%, net profit margins have been nearly negative over the past three years [11]. - The article points out that the software industry has high fixed costs and low marginal costs, leading to initial losses, while internet companies can achieve higher net profit margins due to customer retention [11][12]. Group 2: Competitive Landscape - The article mentions that industries like retail and soft drinks can produce billionaires due to their ability to monopolize the market, while sectors like restaurants and fashion struggle to generate significant wealth [8][9]. - It is noted that the Chinese SaaS market is characterized by intense competition, which drives down profits, making it difficult for companies to maintain high net profit margins [17]. - The article argues that the entry barriers in the software industry are relatively low, leading to a flood of competitors that can erode profits [12][13]. Group 3: Market Dynamics - The article discusses the difference in demand between B2C and B2B products, stating that B2C internet products thrive on fulfilling enjoyment needs, while B2B software products must demonstrate significant efficiency improvements to be adopted by businesses [16]. - It is highlighted that the Chinese SaaS market is only 1%-5% of the global market, indicating limited growth potential compared to more mature markets [15]. - The article concludes that the essence of successful business models lies in having a strong competitive moat, rather than merely being labeled as high-tech [19].

Core Viewpoint - The company maintains a Strong Buy rating for Amazon (AMZN) despite only a subtle increase in share price, highlighting its leadership in e-commerce and cloud services [1] Group 1: Company Performance - Amazon continues to demonstrate strong performance in its core sectors, e-commerce and cloud computing, which are critical to its market leadership [1] Group 2: Analyst Background - The analyst has a decade of experience at a Big 4 audit firm, specializing in banking, mining, and energy sectors, providing a strong foundation in finance and strategy [1] - Currently, the analyst serves as the Head of Finance for a leading retail real estate operator, overseeing complex financial operations and strategy [1] - The analyst has been an active investor in the U.S. stock market for 13 years, focusing on a balanced investment approach that includes value stocks and growth opportunities [1]

2025年，欧洲市场前所未有的汇集了跨境卖家更多的目光。 在美国市场筑起高关税壁垒以及取消小额进口包裹免税政策的影响下，欧洲作为消费力与之相当的市场，获得了 跨境卖家的一致青睐。从海关统计数据可以看到：2024年，中国对欧盟低价电商出口额为191亿美元，对美国出口 额为231亿美元，但今年截止到9月，流向欧盟的出口额已经达到205亿美元，超过去年全年，而对美国降为131亿 美元。 此前较为依赖小包直邮模式的Temu和SHEIN今年在美国市场受到的打击更加明显：Temu全托管模式曾被迫暂停， 半托管商品大规模提价，用户访问量也出现短期内的大幅下滑；SHEIN也遭遇了美国市场销售额的首次同比下滑 ——据彭博社报道，今年9月SHEIN在美国的销售额同比下滑8%，是三年来第二差的业绩表现。相应地，美国市 场在SHEIN和Temu全球业务当中的占比也有所减少。 广告费用投入的转向犹如一个风向标，昭示着平台战略重心的变化。Sensor Tower数据显示，今年4月份，Temu在 法国和英国的广告支出分别同比增长了115%与20%；SHEIN在法国和英国的广告支出则分别同比增长45%和 100%，而在美国市场则减少了约19 ...

Group 1: Nvidia (NVDA) - Nvidia has consistently exceeded expectations in 2025, solidifying its leadership in artificial intelligence and data center infrastructure [2][3] - The stock has a strong 'Buy' consensus, with 39 out of 41 ratings being 'Buys', and an average price target of $263.58, indicating a potential upside of 40% [3] Group 2: Amazon (AMZN) - Amazon dominates the e-commerce and cloud markets, with a strong growth outlook, particularly in cloud computing, projected to reach $3.3 trillion by 2033, growing at a CAGR of 16% [5][6] - The company enjoys a 'Strong Buy' consensus with 45 'Buy' ratings and an average price target of $296.12, suggesting a potential upside of 27.42% [6] Group 3: Broadcom (AVGO) - Broadcom has reported nearly 25% revenue growth in fiscal 2025 and is expected to benefit significantly from AI infrastructure spending, with predictions of its AI business revenue doubling in 2026 [8] - The stock has 27 'Buy' ratings and 2 'Holds', with an average price target of $455.63, indicating a potential increase of 30% [9][10] Group 4: Overall Market Sentiment - The strong 'Buy' consensus on Nvidia, Amazon, and Broadcom reflects Wall Street's optimism towards large-cap technology stocks as 2026 approaches, with analysts expecting these companies to lead major structural themes [11]