Core Insights - Global equity markets experienced a rally in Q3 2025, driven by enthusiasm for generative AI and strong capital flows into semiconductors, with the MSCI All Country World Index reaching record highs and returning 7.7% [7][8] - The U.S. equities outperformed due to robust economic growth and earnings, while emerging markets, particularly China, saw significant gains fueled by AI optimism and supportive government policies [8][9] - The investment strategy focused on quality growth faced challenges as the market favored high-beta growth stocks, leading to underperformance relative to broader indexes [8][16] Market Performance - The Polen Global Growth Composite Portfolio returned 3.0% gross of fees and 2.7% net of fees in Q3 2025, underperforming the MSCI All Country World Index [17] - Top contributors to the portfolio's performance included Oracle, Shopify, and Alphabet, while the largest detractors were Paycom, SAP, and Adyen [17][18] Investment Activity - New positions were established in NVIDIA, Broadcom, TSMC, Boston Scientific, and Uber, while positions in ADP, Airbnb, Accenture, and Thermo Fisher Scientific were eliminated to optimize portfolio positioning [22][23] - The decision to invest in semiconductor companies was influenced by the increasing demand for AI-related hardware, with NVIDIA expected to generate earnings growth of approximately 20% per year [25][26] Economic Context - The U.S. economy grew at a revised annual rate of 3.8% in Q2 2025, driven by technology capital expenditures and AI-related spending, despite concerns over a softening labor market [10][13] - The Federal Reserve lowered interest rates by 25 basis points for the first time in 2025, indicating a shift in focus towards employment [13] Sector Analysis - Defensive sectors like healthcare and consumer staples lagged as the market bifurcated into 'AI winners or losers,' with high-beta growth companies dominating returns [15][16] - The hyperscaler management teams indicated significant increases in future capital expenditures, particularly for AI-related projects, reflecting strong demand in the sector [14] Company-Specific Highlights - Oracle reported a 359% increase in remaining performance obligations, highlighting the demand for cloud computing and AI infrastructure [11][12] - Boston Scientific is expected to grow earnings in the mid-teens over the next 3-5 years, driven by its innovative medical products [29] - Uber anticipates nearly $200 billion in booking transactions for 2025, with a projected earnings growth of around 20% per annum over the next five years [30]

Core Viewpoint - Amazon plans to cut up to 30,000 corporate jobs to reduce bureaucracy and managerial positions, following previous layoffs totaling about 27,000 since late 2022 [1][3]. Group 1: Job Cuts - The upcoming job cuts will primarily affect the human resources, operations, devices and services, and Amazon Web Services divisions [2]. - The new layoffs represent nearly 10% of Amazon's corporate workforce, which consists of approximately 350,000 employees, while the total workforce is about 1.55 million [3]. Group 2: Management Strategy - CEO Andy Jassy emphasized the need to reduce the number of managers and operate with a startup mentality to enhance decision-making and customer service [4]. - The goal of these changes is to empower employees, reduce bureaucracy, and improve customer experiences [4]. Group 3: Previous Layoffs and Future Investments - The current layoffs follow a series of job reductions that began in November 2022, as the company reassessed its workforce levels after rapid hiring in previous years [5]. - In addition to the layoffs, Amazon announced plans to invest over €1.4 billion in the Netherlands over the next three years to bolster its AWS and retail operations [5][6].

Core Insights - The optimistic sentiment surrounding artificial intelligence (AI) continues to drive up valuations for major tech companies like Nvidia and Microsoft, contributing to record highs in major stock indices such as the S&P 500, Nasdaq, and Dow Jones [1] - The upcoming earnings reports from the "Tech Seven" companies, including Microsoft, Apple, Google, Amazon, and Meta, will serve as a critical test for the sustainability of the stock market rally driven by AI [1] Earnings Season Overview - The third quarter earnings season is entering its busiest phase, with 175 S&P 500 companies set to report their results [2] - So far, 87% of the reported earnings per share have exceeded expectations, and 83% of revenues have surpassed forecasts [2] - Analysts expect the technology sector to lead with over 23% earnings growth, highlighting the significance of AI-related companies [2] Market Sentiment and Investment Trends - A recent global fund manager survey indicated that market sentiment has reached its highest level since February, with 39% of managers favoring long positions in the "Tech Seven" [2] - Wells Fargo emphasizes that upcoming earnings reports from large tech and industrial companies, particularly those related to AI, will be crucial for market performance [2] - Morgan Stanley forecasts a 24% increase in total capital expenditures for large tech companies next year, reaching nearly $550 billion [3] Valuation and Risk Factors - The "Tech Seven" currently holds a 34% weight in the S&P 500, with a projected price-to-earnings ratio of 30 times, a 34% premium over the overall index [5] - Concerns about high valuations and potential market corrections are prevalent, with analysts noting that any earnings shortfall could lead to significant market reactions [4] - Despite concerns about valuation bubbles, Goldman Sachs remains optimistic about AI's growth potential, suggesting that the current market rally is driven more by fundamental growth than irrational speculation [5]

Group 1 - Wang Yi, the Foreign Minister, communicated with U.S. Secretary of State Rubio, expressing hope for mutual efforts to prepare for high-level interactions and create conditions for the development of China-U.S. relations [2] - The People's Bank of China will maintain a supportive monetary policy stance, resume open market operations for government bonds, and explore measures to support personal credit repair [2][3] - The National Bureau of Statistics reported that profits of industrial enterprises above designated size increased by 21.6% year-on-year in September, with high-tech manufacturing and equipment manufacturing showing rapid growth [3] Group 2 - The State Administration of Foreign Exchange will introduce nine new policy measures focusing on trade facilitation, including expanding cross-border trade pilot programs and optimizing foreign exchange fund settlement for new trade entities [3] - The Ministry of Finance reported that in September, central government revenue was 691.3 billion yuan, while expenditure was 1.5844 trillion yuan [4] - The 138th Canton Fair saw participation from nearly 240,000 overseas buyers from 223 countries and regions, marking a 6.8% increase compared to the previous session [4] Group 3 - The China Securities Regulatory Commission (CSRC) released a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, enhancing its attractiveness to long-term foreign capital [5] - The CSRC also issued opinions on strengthening the protection of small and medium investors in the capital market, proposing 23 specific measures across various aspects [5] - A-share market saw significant gains, with the Shanghai Composite Index approaching the 4000-point mark, driven by strong performance in technology stocks [5][6] Group 4 - The Hong Kong Hang Seng Index closed up 1.05%, with notable gains in pharmaceutical and materials sectors, while Southbound funds recorded a net purchase of 2.873 billion HKD [6] - The Shanghai Stock Exchange announced the third advisory committee member list, including founders from various tech companies [6] - New listings on the STAR Market include He Yuan Bio, Xi'an Yicai, and Bibet, with a total of 758,000 investor accounts opening trading permissions for the STAR Growth Layer [6] Group 5 - QFII holdings in A-shares reached 1.018 billion shares, valued at approximately 21.283 billion yuan, with a focus on cyclical sectors like non-ferrous metals and electricity [7] - Five listed securities firms have disclosed their Q3 reports, showing growth in both revenue and net profit, indicating a recovery in brokerage and asset management businesses [7] Group 6 - The central bank's market operations led to a significant drop in bond yields, with the 30-year special government bond yield falling by 5.75 basis points [18] - The trading association emphasized the need for stricter supervision of funds raised through debt financing tools [18] - Hebei Province disclosed special bond issuance information, with 4.738 billion yuan allocated for land storage, marking a pilot area for non-self-examination [18] Group 7 - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.71% and the Nasdaq up 1.86%, driven by easing international trade tensions [16] - European stock indices also experienced slight increases, reflecting improved market sentiment following U.S.-China trade discussions [16] - The Nikkei 225 index in Japan closed above 50,000 points for the first time, indicating strong market performance [16] Group 8 - The international gold futures market saw a decline, with COMEX gold futures dropping by 3.40% [20] - Brent crude oil futures experienced a slight decrease, while U.S. oil futures rose marginally [20] - The OPEC+ group is expected to discuss a slight increase in oil production at their upcoming meeting [21]

扬子晚报网10月28日讯(记者范晓林)今天是周二，昨天沪指差0.93点就冲上4000点，盈新发展（000620）6连板，世龙实业（002748）5连板，时空科技 （605178）4连板，农心科技（001231）、达华智能（002512）3连板，平潭发展（000592）7天5板。市场震荡上涨，沪指再创十年新高，盘中逼近4000 点。沪深两市成交额2.34万亿，较上一个交易日放量3659亿。板块方面，存储芯片、CPO、可控核聚变等板块涨幅居前。中国外交部发言人10月25日向世 界分享中国"人造太阳"：预计2027年竣工，有望成为人类历史上首个实现聚变发电的装置。可控核聚变概念再度大放异彩，东方钽业（000962）、安泰科 技（000969）、纽威股份（603699）均实现反包涨停，多项利好举措下，国内可控核聚变技术有望加速追赶实现弯道超车。 A.利好精选 北方稀土：前三季度净利润同比增长280%稀土产品销量增加 北方稀土（600111）(600111.SH)发布2025年三季报，第三季度营收为114.25亿元，同比增长33.32%；净利润6.1亿元，同比增长69.48%。前三季度营收为 302.92亿元，同比增长 ...

在过去两年里，亚马逊已在多个部门裁减了少量岗位，涉及设备、通信、播客等领域。而本周开始的新 一轮裁员可能会影响亚马逊内部的多个部门，包括被称为 "人员体验与技术部"（People Experience and Technology）的人力资源部门、设备与服务部门以及运营部门等。知情人士称，随着亚马逊财务优先事 项的调整，裁员人数未来可能会发生变化。 据报道，亚马逊首席执行官贾西（Andy Jassy）正推进一项举措，简化亚马逊的公司架构，通过减少管 理人员数量来 "减少层级、扁平化组织"，减少公司内部 "过度官僚主义" 问题。公司已设立一条匿名投 诉热线，用于发现效率低下的问题，目前该热线已收到约1500条反馈，并推动了超过450项流程改革。 据多家媒体援引知情人士的话称，亚马逊计划从周二开始裁减多达3万个企业岗位。目前该公司正致力 于削减开支，以弥补疫情期间需求高峰时过度招聘带来的影响。 从人数来看，此次裁员规模仅占亚马逊约154万全球员工总数的一小部分，但却占其约35万企业岗位员 工数的10%。这将成为亚马逊自2022年底开始裁员约2.7万人以来，规模最大的一次裁员。 追踪科技行业裁员情况的网站 Layo ...

来源：环球时报 美国《纽约时报》10月25日文章，原题：大型科技公司的掠夺性模式未必会成为我们的未来 21世纪 初，不少人认为互联网会让每个人都变得富有。乐观主义者相信，互联网能够让个人卖家与小型商户以 较低成本接触全球客户市场，同时，互联网也让人们更容易找到工作、理财投资和学习新技能。 然而，事实证明，这个预测是错误的。诚然，如亚马逊、谷歌这类大型科技公司创造了难以估量的巨额 财富，甚至改变了社会架构。但其产出的金钱和权力并未得到广泛分配。相反，这些大公司攫取了其中 绝大部分，导致社会财富高度集中，这不由得令人想起"镀金时代"（1865年—1900年，美国南北战争结 束后至20世纪初的工业化快速发展时期，特点是经济繁荣与贫富分化加剧）。世界上的普通人劳碌终 生，让一批又一批的富人更加富有。 重新挖掘互联网经济的潜力 不过我们仍然可以重拾互联网时代早期的乐观主义精神和对机遇的无限憧憬。虽然时光无法倒流，但我 们可以通过颁布适当的法律和政策，重新挖掘互联网经济的潜力，将其发展重心转向鼓励多数人的创新 创业。这也是打造更公平、更有活力的经济社会的"良方"。 建设多权力中心的经济社会 这类法律会抑制经济增长或损害互 ...

Market Overview - Equities reached new all-time highs driven by optimism from ongoing US-China trade negotiations [1] - The S&P 500 closed above 6,800 for the first time, rising 1.2% [1] Sector Performance - The Dow increased by 0.7%, Nasdaq rose by 1.8%, and Russell 2000 was up by 0.3% [2] - Nine out of eleven S&P 500 sectors finished in positive territory, with communications and technology sectors leading the gains, both climbing over 2% [2] Company-Specific Developments - Domestic rare earth mining companies faced declines due to potential delays in China's export controls on minerals [3] - Shares of MP Materials, Trilogy Metals, and USA Rare Earth were notably affected [4] - Qualcomm's shares surged to their highest level since July 2022 following the launch of its next-generation AI accelerator chips [4] - Qualcomm's AI 200 chip is set for shipment next year, with the AI250 version expected in 2027, and shares have increased over 22% in 2025 [5] - AMD reached a new all-time high as it was selected by the Department of Energy for new supercomputer projects [6][7] - Amazon is reportedly planning to cut approximately 30,000 jobs, which is about 10% of its corporate workforce, ahead of its earnings report [7] Upcoming Earnings Reports - Key companies reporting earnings include SoFi, PayPal, UPS, United Health, Wayfair, Visa, Seagate, and Nphase Energy [8] - The October FOMC meeting is also set to begin, with a special coverage for the rate cut decision scheduled [8]

Amazon is leaning deeper into artificial intelligence and robotics to reshape its operations and retail strategy, and analysts are raising their targets and outlook ahead of the company’s Q3 earnings on Oct. 30. The strategy helped improve the company's stock,  up 4.8% this week, bringing its year-over-year gain to 20.8%. New AI technologies and investments Last week, the e-commerce giant unveiled two new technologies: Blue Jay, a robotic coordination system, and Project Eluna, an agentic AI model desig ...

Core Insights - The upcoming earnings reports from major tech companies, including Amazon, Alphabet, Apple, Microsoft, and Meta, are crucial for market performance in the next few months, as they collectively represent nearly 35% of the S&P 500 [1] Group 1: Company Earnings Expectations - Alphabet's advertising business, particularly YouTube and search, is a key focus, with significant attention on its cloud business, which has shown strong growth [3] - Meta is expected to provide metrics on daily users and average revenue per user, with emphasis on its competitive advantage in AI and updates on artificial intelligence glasses [4] - Microsoft is viewed as being in a challenging position, with a focus on growth in its Azure business and the need for positive commentary from its CFO [5] Group 2: Amazon and Apple Insights - Amazon's earnings report will be closely watched for updates on its web services division, particularly its collaboration with Nvidia to develop new chips for AWS [6] - Apple's performance will hinge on the reception of the new iPhone 17, with potential stock boosts if sales increase in China and the U.S., and interest in partnerships for AI systems similar to its deal with Alphabet [7]