Market Performance - The S&P 500 index increased by 2.3% in October, defying historical trends associated with the month [1] - The Nasdaq Composite outperformed the S&P 500, climbing 4.7%, driven by the technology sector [1] Company Highlights - Amazon's shares surged by 9.6% due to strong growth in its cloud-computing unit and high demand in AI and core infrastructure, positively impacting related stocks like Palantir and Oracle [2] - Nvidia reached a valuation of $5 trillion, with its CEO highlighting a "virtuous cycle" in AI that promotes continuous growth and investment [3] Industry Trends - Big Tech companies reported significant increases in capital expenditure, primarily directed towards AI infrastructure, indicating sustained enthusiasm for AI rather than a temporary spike [4]

【环球网科技综合报道】若你对亚马逊能否成功将人工智能转化为商业收益仍存疑虑，这家电商公司用一项数据给出了回应：据估计，其AI购物助手Rufus 每年有望为公司带来100亿美元的增量销售额。 在近日举行的第三季度财报电话会议上，亚马逊首席执行官安迪·杰西公布了这一预测，并分享了反映该工具对消费者行为影响持续增强的最新数据。杰西 透露，今年已有2.5亿消费者使用过Rufus，其月活跃用户数同比增长140%，用户互动量同比上升210%。 根据财报，亚马逊第三季度营收同比增长13%，达到1802亿美元，超出分析师预期的1778亿美元。其云计算业务亚马逊网络服务营收增长20%，达330亿美 元，创下自2022年以来的最快增速。 Rufus于2024年2月以测试版形式推出，是一款直接集成在亚马逊移动应用和网站中的购物助手。该助手基于亚马逊完整产品目录、客户评论、社区问答及全 网信息进行了全面训练。消费者可通过它进行广泛的产品比较——例如对比越野跑鞋与公路跑鞋的差异，也可针对具体商品提问，如某款外套是否适合冬季 穿着。 《财富》报道认为，Rufus体现了亚马逊的一项关键战略：将用户留在自有生态系统中，避免其流向谷歌等搜索引 ...

瑞银发表报告指，长期将亚马逊比喻为"上紧的弹簧"，因投资者持续等待其巨额投资带来更明确的营收 增长证据。该行认为，AWS第三季营收按年增长加速至20%，正是目前为止最明确的讯号。该行重申对 亚马逊"买入"评级，目标价由279美元上调至310美元。 ...

Market Overview - Global markets showed mixed performance, with the Hang Seng Index down 1.43% and the Shanghai Composite Index down 0.81%, while the US markets saw slight gains, particularly the Nasdaq which rose by 0.61% [1][3] - Southbound capital saw a net inflow of HKD 8.719 billion, with Xiaomi, Meituan, and 3SBio leading in net purchases, while Tencent and SMIC experienced significant net sales [3] Economic Insights - China's manufacturing PMI fell to its lowest level since 2008, indicating a further slowdown in economic activity for Q4, with expectations of policy easing from the central bank [4] - The real estate sector continues to face challenges, with a 16.3% year-on-year decline in sales for the top 100 property companies from January to October, and a further drop in second-hand housing prices [4] Industry Analysis - The CIS market is expected to grow by 6.4% in 2024, reaching USD 23 billion, driven by the adoption of automotive ADAS and emerging applications like smart glasses [4][5] - The competitive landscape in the CIS industry is becoming more concentrated, with leaders like Sony pushing technological boundaries while competitors like Samsung focus on high-resolution solutions [5] Company Performance - Amazon reported Q3 2025 revenue of USD 180.2 billion, a 13.4% year-on-year increase, with AWS revenue exceeding expectations [6] - Coinbase's Q3 2025 revenue grew by 59% year-on-year to USD 1.79 billion, driven by strong trading performance [6] - Zhongji Xuchuang achieved record quarterly revenue of RMB 10.2 billion, a 57% year-on-year increase, supported by strong demand for 800G optical modules [7]

据巴克莱研究，美国正在规划或建设的数据中心项目总容量超过45吉瓦，预计总投资额将超过2.5万亿美 元，OpenAI、亚马逊、Meta、微软、xAI等超大规模云厂商是主要参与者。巨额投资背后是复杂的融资 结构，除了科技巨头自身的资本支出，私募股权公司和专业基础设施基金扮演了关键角色。 一场由人工智能驱动的基建竞赛正在美国全面展开。 巴克莱10月31日的研报显示，美国目前已规划的大型数据中心项目总容量超过45吉瓦（GW），这股建 设热潮预计将吸引超过2.5万亿美元的投资。 报告明确指出，这轮扩张的主要推手是OpenAI的Stargate项目、亚马逊、Meta、微软等超大规模厂商以 及埃隆·马斯克的xAI。这些公司为训练和运行日益复杂的AI模型，正以前所未有的速度规划和建设算力 集群。 这不仅是科技巨头间的算力军备竞赛，更对美国的电力基础设施构成了前所未有的挑战。激增的电力需 求正撞上美国现有电网的"电力墙"。电网容量不足、审批延迟和供应限制，正迫使这些科技巨头采取"自 备电力"（Bring-Your-Own-Power）策略。 巨头领衔：Stargate、超大规模厂商与xAI主导建设 根据巴克莱的追踪，少数几家科 ...

Group 1: Hong Kong Stocks - Anhui Wantuo Expressway (00995) saw a rise of over 4%, reporting a revenue of 5.3855 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2.07%, while net profit increased by 5.43% to 1.477 billion yuan [1] - Conant Optical (02276) increased by over 5%, with a cumulative rise of over 22% in the last six trading days, as it is the exclusive lens supplier for Alibaba's Quark AI glasses [1] - China Construction Bank (00939) rose over 3%, reporting a revenue of 174.376 billion yuan for Q3 2025, a year-on-year decrease of 1.77%, while net profit increased by 4.19% to 95.284 billion yuan [1] - Xiaomi Group-W (01810) increased by over 3%, with over 40,000 cars delivered in October 2025, and a total of over 290,000 cars delivered in the first ten months of the year, more than double last year's total [1] Group 2: Other Notable Stocks - Modern Dairy (01117) rose nearly 5% after announcing a 37.52 million HKD acquisition of approximately 1.28% of China Shengmu's shares, increasing its stake to over 30% [2] - China Coal Energy (01898) increased nearly 4%, reporting a 23.78% year-on-year decline in Q3 revenue, but a 28.26% quarter-on-quarter profit increase, with a 21.24% revenue decline for the first three quarters [2] - Wan Zhou International (00288) rose over 3%, reporting a revenue of 20.477 billion USD for the first nine months of 2025, an increase of 8.54%, and a profit of 1.168 billion USD, up 8.05% [2] Group 3: Biotech and Medical Stocks - Kangfang Biologics (09926) rose over 5% after its dual-specific antibody drug was included in the breakthrough therapy designation list, accelerating its clinical development for triple-negative breast cancer [3] - Chunli Medical (01858) increased over 9%, with a revenue of 756 million yuan for the first three quarters, a year-on-year increase of 48.75%, and a net profit of 192 million yuan, up 213.21% [4] Group 4: US Stocks - Tesla (TSLA.US) rose nearly 4% as it prepares to showcase its Cybercab autonomous taxi at the China International Import Expo [5] - Roku (ROKU.US) increased over 6%, reporting a revenue of 1.21 billion USD for Q3, a year-on-year increase of 14% [5] - First Solar (FSLR.US) rose over 14%, reporting Q3 sales of 1.59 billion USD, an 80% year-on-year increase [5] - Amazon (AMZN.US) increased over 9%, with Q3 net sales growing 13% to 180.2 billion USD, exceeding analyst expectations [6]

该行又认为亚马逊已预备好在未来跑赢，基于电商盈利持续受惠更高效物流网络下的更高销量，以及单 位服务成本下降；广告业务高盈利规模下持续扩张；AWS受惠企业客户需求结构性转变，生成式AI工 作负载加速上线带来长期成长推动力。公司能否建立更稳定及定期的资本反馈机制，成为中长期变量。 格隆汇11月3日｜高盛重申对亚马逊"买入"评级，目标价由275美元上调至290美元。该行预期市场焦点 将可能从亚马逊云服务(AWS)在AI领域的定位，转向未来数季更严格检视消费者环境。该行长期看好亚 马逊，对其长期表现保持建设性观点，认为亚马逊能在多年间实现营收复合增长与营业利润率扩张，同 时持续投资长期增长计划。 ...

Market Overview - U.S. stocks experienced gains on Friday, with the Nasdaq Composite increasing by over 100 points, driven by strong earnings from major companies [1] - The S&P 500 rose by 2.3% and the Dow increased by 2.5% in October, while the Nasdaq saw a significant jump of 4.7% during the same period [1] Company Performance - Amazon.com Inc. reported a remarkable 10% surge in its stock price after announcing impressive earnings, with AWS revenue increasing by 20% year over year to $33 billion [2] - Apple Inc. shares declined slightly as enthusiasm over iPhone 17 sales was dampened by weaker demand in China [2] Sector Performance - Most sectors within the S&P 500 closed negatively, with consumer staples, materials, and utilities experiencing the largest losses [3] - Conversely, consumer discretionary and energy sectors performed well, closing higher despite the overall market trend [3] Economic Indicators - Baker Hughes reported a decrease in oil rigs, falling by six to a total of 414 this week [2] Upcoming Earnings - Investors are anticipating earnings results from Williams Companies Inc., Goodyear Tire & Rubber Co., and ON Semiconductor Corp. [4] Fear & Greed Index - The CNN Business Fear & Greed Index recorded a reading of 35.4, remaining in the "Fear" zone, slightly down from a previous reading of 35.7 [5]

Market Overview - U.S. stocks experienced gains on Friday, with the Nasdaq Composite increasing by over 100 points, driven by strong earnings from major companies [1] - The S&P 500 rose by 2.3% and the Dow increased by 2.5% in October, while the Nasdaq saw a significant jump of 4.7% [1] Company Performance - Amazon.com Inc. reported a remarkable 10% surge in its stock price after announcing AWS revenue growth of 20% year over year, reaching $33 billion [2] - Apple Inc. shares declined slightly due to tempered optimism regarding iPhone 17 sales amid weaker demand in China [2] Sector Performance - Most sectors within the S&P 500 closed negatively, with consumer staples, materials, and utilities experiencing the largest losses [3] - Conversely, consumer discretionary and energy sectors performed well, closing higher despite the overall market trend [3] Economic Indicators - Baker Hughes reported a decrease in oil rigs, falling by six to a total of 414 this week [2] Upcoming Earnings - Investors are anticipating earnings results from Williams Companies Inc., Goodyear Tire & Rubber Co., and ON Semiconductor Corp. [4] Market Sentiment - The CNN Money Fear and Greed Index recorded a reading of 35.4, indicating a continued presence in the "Fear" zone, slightly down from 35.7 [5]

[Table_ReportDate] 2025 年 11 月 3 日 [Table_Author] 分析师：李时樟 执业证书：S1030522060001 电话：18065826333 邮箱：lisz@csco.com.cn 分析师：罗晴 执业证书：S1030524110001 电话：13603091122 邮箱：luoqing@csco.com.cn 公司具备证券投资咨询业务资格 [Table_ReportType] [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业上周（10.27-10.31）涨 跌幅为：计算机（1.82%）、传媒（-0.06%）、电子（-1.65%）、 通信（-3.59%）。板块内涨幅靠前的三级子行业分别为横向通 用软件（10.05%）、营销代理（5.74%）、门户网站（3.68%）， 跌幅靠前的三级子行业分别为通信网络设备及器件（- 6.40%）、数字芯片设计（-4.80%）、游戏Ⅲ（-4.01%）。 2) 海外云厂三季度资本开支继续上行。本周海外主要云厂商公 布三季度业绩，资本开支延续上行趋势，且 2026 年指引积极。 谷歌方面，2025Q3 资本开支 ...