长期以来，欧洲是美国数字服务的"大买家"。欧委会数据显示，欧洲是全球最大的服务进口市场，2023 年占全球服务进口的约23.8%。苹果公司财报也显示，欧盟占该公司2024财年净销售额的26%，仅次于 美国。鉴于欧洲的"购买力"，美国科技巨头不得不遵循欧盟严格的科技法规，但仍被多次处以高额罚 款。欧盟2022年通过的《数字市场法案》和《数字服务法案》（DSA）进一步为科技巨头立下"规矩"。 特朗普一直对欧盟的科技法规持批评态度。例如，在今年1月的达沃斯世界经济论坛上，他曾表示欧盟 的科技法规是"一种征税形式"。就任当天，他还发布行政令，指示美国政府调查外国对美国公民或企业 实施"歧视性或域外税收"的情况，直指欧盟的数字服务税。 有分析认为，此次罚款或为科技巨头提供了一个机会，让特朗普政府进一步意识到欧盟的科技竞争规则 已直接影响美国企业，促使其采取更多行动。Meta全球事务负责人卡普兰（Joel Kaplan）在一份声明中 称，来自欧盟2亿欧元罚款及强制调整广告模式"实际上相当于数十亿美元的关税"，迫使Meta提供"次等 服务"。 谷歌母公司Alphabet和马斯克的社交媒体平台X可能成为欧盟监管机构下一个罚款 ...

Group 1: Economic Outlook and AI Investment - The economy faces uncertainty, but investing in top AI companies remains promising due to productivity gains expected over the next decade [1] - Leading companies are likely to continue attracting investment, driving returns for investors [1] Group 2: Amazon's Position and Performance - Amazon's shares have decreased by 31% from recent highs, with potential consumer demand impacts due to tariffs [3] - In the previous year, Amazon's revenue grew by 11% to $638 billion, with net income nearly doubling to $59 billion [4] - AI is enhancing Amazon's operations by optimizing inventory and delivery routes, leading to cost reductions and profit growth [4] - The company is advancing same-day delivery and exploring drone deliveries, which could increase purchase frequency and cash flow [5] - Despite recession fears, Amazon's stock is considered attractively valued, with expected earnings growth of 20% annually [6] Group 3: Meta Platforms' Market Position - Meta Platforms has seen a 15% decline in share price this year, influenced by recession fears affecting advertising companies [7] - The digital advertising market, where Meta operates, is valued at $700 billion, and the company has a significant user base of over 3.3 billion daily users [8] - Meta's revenue and earnings grew by 21% and 60%, respectively, last year, aided by the launch of Meta AI [9] - The company utilizes AI for optimal ad placement, enhancing user engagement and advertiser ROI through its Andromeda machine learning system [10] - With a net income of $62 billion last year, Meta is positioned as a strong long-term investment, with expected earnings growth of 14% annually [11]

Investment Rating - The report does not explicitly provide an investment rating for the "Artificial Intelligence +" industry Core Insights - The global landscape is witnessing a paradigm shift driven by artificial intelligence, which is reshaping technology, economy, and society at an unprecedented pace. AI is characterized as a self-evolving general enabling technology that is breaking through the boundaries of technology, economy, and society, showcasing its potential to reshape human civilization [4][9] - The report aims to analyze the current state and trends of AI development, exploring its applications across various industries and providing insights for government and industry stakeholders on how AI can facilitate the transformation and innovation of traditional industries [4][9] Summary by Sections Introduction - The introduction discusses the global development of AI and its implications for technology, economy, and society, emphasizing the need for international cooperation and governance frameworks [9] Chapter 1: AI Large Models - AI large models are seen as a new route for the evolution of general artificial intelligence technology, significantly impacting human society [20] - OpenAI is highlighted as a leader in the current AI revolution, with its products like ChatGPT demonstrating the early forms of general artificial intelligence [21] Chapter 2: AI Data - AI data is identified as the core engine driving the intelligent era, essential for the development and application of AI technologies [6] Chapter 3: AI Computing Power - AI computing power is described as the foundational support for the evolution of intelligence, crucial for training large models and processing vast amounts of data [6] Chapter 4: AI Empowerment in Various Industries - The report outlines typical application scenarios of AI in various sectors, including manufacturing, information technology, materials, energy, healthcare, space, and financial services, showcasing how AI can enhance productivity and innovation [6] Chapter 5: AI Application Cases - The report provides specific case studies of AI applications across different industries, illustrating successful implementations and outcomes [6] Chapter 6: Domestic and International AI Policies and Trends - An analysis of AI policies and trends both domestically and internationally is presented, highlighting the competitive landscape and the role of government support in fostering AI development [6] Chapter 7: AI Ethics and Governance Framework - The report discusses the ethical considerations and governance frameworks necessary for the responsible development and deployment of AI technologies, addressing issues such as human-machine relationships, data privacy, and intellectual property [6]

见闻财经日历 WSCN Economic Calendar 地区 前值 时间 内容 预期 4月28日 周一 待定 十四届全国人大常委会第十五次会议4月27日至 園内 30日在北京举行 事件 海外 待定 加拿大大选正式投票日 海天味业、昆仑万维、传音控股、药明康德、青岛啤酒 京东方A、上海电气、迈瑞医疗、恒立液压、保利发展 国内 中国石化、张小泉、中国建筑、顺丰控股、宁沪高速 财报 老板电器、百济神州-U、华帝股份 达美乐披萨、恩智浦 海外 4月29日 周二 待定 日本股市因昭和日休市一日 海外 事件 海外 Meta首届开源Al大会 光明乳业、工商银行、海尔智家、贵州茅台 万科A、长江电力、通威股份、伊利股份、金龙鱼 韦尔股份、中国海油、中远海控、招商银行、三一重工 国内 中信证券、中国人保、片仔擴、海螺水泥、隆基绿能 财报 浪潮信息、美的集团、新希望、工业富联 红星美凯龙、复星医药、中国中免 辉瑞制药、希尔顿、可口可乐、霍尼韦尔 海外 联合包裹、通用汽车、星巴克、阿迪达斯 4月30日 周三 v 华尔街见闻 | | 国内 | 09:30 中国4月官方制造业PMI | | 50.5 | | --- | --- | ...

新华财经上海4月27日电（葛佳明） 本周（4月21日-26日），全球市场因美国政策的不确定性而大幅波动，美股反复上演"过山车"行 情，欧洲各国股市多数上涨，美元指数五周以来首度周线收涨，黄金周中刷新历史新高后回落。 美股方面，美股三大股指在重挫后大幅反弹，其中，标普500指数全周累计上涨4.59%，在过去11个交易日中有7天涨跌幅超过1%， 2025年4月料成为2020年以来波动最为剧烈的月份；道琼斯工业指数周累涨2.48%；纳斯达克指数周累涨6.73%。 美股科技股大幅反弹，科技股七巨头（Magnificent 7）指数本周累计上涨8.25%，特斯拉累计上涨18.06%领涨科技股。 欧股方面，欧洲各国股指多数走强，其中欧洲STOXX 600指数本周涨2.77%，德国DAX指数全周累计上涨4.89%，法国CAC 40指数本 周累涨3.44%，英国富时100指数本周累涨1.69%，连续10个交易日上涨，为2019年以来最长连涨天数。 亚太市场方面，日经225指数持续上涨，全周累计上涨2.81%，印度SENSEX30指数全周微涨0.84%，韩国综合指数周涨2.53%。 | | 4月21日-4月26日当周数据汇总 ...

来源：INSIGHT视界 2016 年怀着学术梦来的美国，科技大厂一直不在我的人生叙事中。 直到上周，才第一次去硅谷，从一个旁观者慢慢成为参与者。 好歹也在美国工作了三年，我自然对大厂是有想象的。但，在我的建模里，所谓的"大厂文化"只是更高薪、更卷的另一种公司生活而已。 都是corporate life, 能有什么不同？ 但是，两天在Menlo Park做Orientation，又在第三天去了趟Mountain View。 半周，斯坦福、Meta、Google都逛了一圈后，我不得不重新对自己脑海中的「大厂」建个新模型。 本篇正文写于3月19日，从三番回纽约的飞机上。 《硅谷》这剧，我刷过两遍。 前几集就吸引我 binge watch 的，是它的设定：大厂员工有一天搞出个大事情，技术牛逼就是好啊，能筹钱、创业，看起来马上就能走上人生巅峰。 但后来发现，前三季它一直在上演《破产姐妹》式的剧情。 眼看着要成了，又在某个环节掉链子，推倒重来。「主角团什么时候才能逆袭」的钩子，吸引着我看到了最后。 剧里的湾区文化，看起来像一种调侃： 比如，剧情刚开始，男主去看心理医生。医生给咨询一番后，竟推销起自己的创业计划 男主又跑 ...

Core Viewpoint - The upcoming earnings reports for Microsoft and Meta are anticipated to be closely watched, with both companies facing potential challenges due to new tariff policies impacting their AI infrastructure investments [1][2][4]. Group 1: Company Performance and Market Conditions - As of April 22, 2025, all "Magnificent Seven" stocks, including Microsoft and Meta, have experienced negative price returns, with Microsoft down 13% and Meta down 14.5% [1]. - Microsoft is currently trading at a forward price-to-earnings (P/E) ratio of 28, slightly below its three-year average, indicating a potential buying opportunity [9]. - Meta's stock is trading in line with its three-year average forward P/E, suggesting that investors may not be fully valuing its recent advancements in AI [17]. Group 2: Potential Challenges - Both Microsoft and Meta could face increased costs related to their AI infrastructure due to complex tariff policies, which may lead to a scaling back of spending in critical areas like cloud computing and cybersecurity [4][5][6]. - A slowdown in revenue growth is anticipated for both companies, but it is not expected to be detrimental to their overall business operations [14]. Group 3: Long-term Outlook - Despite short-term challenges, Microsoft is viewed as relatively insulated from economic slowdowns due to its diversified ecosystem, which includes personal computing, social media, and gaming [12]. - Meta's strong position with platforms like Facebook, WhatsApp, and Instagram allows it to continue monetizing its user base, especially as AI opens new consumer market opportunities [15]. - Investors are encouraged to consider long-term potential, as tariff policies may change and economic cycles are not permanent [18][19].

来源：强武堂 对两家美国巨头企业罚款近58亿，欧盟好大的手笔，这对中国来说确实是一个值得学习的好办法。欧盟 此举背后，有着什么样的用意呢？ 近日，欧盟反垄断机构对美国两家巨头企业做出了天价罚款，引发热议。其中，苹果公司被罚款5亿欧 元，Meta公司被罚款2亿欧元，足足7亿欧元，这可不是一笔小数目，约合人民币57.96亿元。如此巨额 的罚款，如何看待呢？ 第一、欧盟的法律依据是《数字市场法案》，并且公布了"苹果"的罪行，程序开发者在"苹果"商店上架 程序时，有义务并且要免费告知消费者，这款程序在其他渠道购买是否有优惠，并且有引导通道让消费 者购买。但是由于苹果公司刻意加以限制，侵犯了法律以及消费者的权益。事情简单来讲，就是你必须 让消费者"货比三家"，看在哪购买最便宜，你不这么做，那就罚款5个亿欧元。如果不整改到位，后面 还会接着罚款，罚到你怕了为止。 再来说说Meta公司，这是脸书的母公司，那么它又犯了什么罪呢？根据欧盟反垄断机构的说法，应用 程序向用户推送个性化广告，需要得到用户的同意，如果用户拒绝，那么企业就必须降低推送广告的个 性化程度。然而，Meta公司违背了这一原则，被罚款2个亿的欧元。 第二、两家 ...

Group 1: TikTok's Market Position - TikTok has over 1.12 billion monthly active users globally and American users spend an average of 108 minutes per day on the app [1][2] - TikTok's algorithmic precision has not been matched by competitors like Meta and Google, which are pivoting their strategies around short-form video [2][4] - TikTok is considered the center of the internet for young people, influencing entertainment, news, trends, and shopping [2] Group 2: Competitors' Response - Competitors such as Meta's Instagram Reels and Google's YouTube Shorts are aggressively expanding with new features and creator tools to compete with TikTok [2][5] - Microsoft-owned LinkedIn is experimenting with TikTok-style feeds, indicating a broader trend among platforms to adopt similar features [2] - If TikTok faces restrictions in the U.S., Meta and YouTube could capture up to 50% of reallocated ad dollars [6] Group 3: Challenges of Short-Form Content - Experts warn about the negative impacts of short-form content consumption, including shrinking attention spans and rising mental health concerns among younger users [3][4] - Monetizing short videos remains challenging due to limited ad space compared to long-form content, with creators earning minimal revenue per views [4][5] - TikTok generated an estimated $23.6 billion in ad revenues last year, but many creators still struggle to monetize their content effectively [5]

Group 1 - Meta is testing a "downvote" button for Facebook comments to reduce spammy content and enhance user experience [1] - The "downvote" feature aims to allow users to anonymously indicate comments they find less useful, marking a shift from the traditional "like" system [1][4] - Previous attempts at introducing a "dislike" button have been considered but not implemented, with the company opting for a broader range of reaction emojis instead [2][3] Group 2 - Instagram is also exploring a similar downvoting feature for comments, with concerns about user understanding and potential misuse of the function [4] - The test for the downvote button will include guidance for users, indicating its purpose is to identify comments that are not useful [4] - The effectiveness of the downvote feature remains uncertain, as it is still in the testing phase and may not be rolled out widely [4]