在科技巨头讲出新的叙事逻辑下，公募QDII正逐步回补美股仓位。 近期，在英伟达、微软、谷歌、三星在美股密集发布对AI医疗的投资后，包括张坤等明星基金经理所管公募 QDII大举增加美股仓位，也使不少基金在近期港股调整中降低了回撤风险，借助AI医疗新叙事在近期的强 势，不少前期表现落后的QDII基金业绩加速提升。 QDII基金强力回补美股 广发全球精选基金披露的第三季度报告显示，明星基金经理李耀柱在三季度末增持了美股仓位，美股市场的持 仓比例提升至75%，同期，他降低了港股的持仓比例，截至今年9月末，该基金持仓的港股比例仅剩约3.72%。 易方达基金旗下的多位明星基金经理，也在三季度增持美股，包括张坤、郑希等所管的产品。郑希在易方达全 球成长精选基金也同样减持了港股公司，该部分仓位剩下约10%，而美股仓位同期跃升到52%，在该基金的前 五大重仓股的选择上，郑希将前五席位清一色安排为美股科技公司。 传统上偏好白酒股的明星基金经理张坤也开始青睐美股。根据基金第三季度报告，张坤管理的易方达亚洲精选 基金强化了对弹性的需求，他在三季度末大幅度增加美股仓位比例至32%，在美股市场的股票选择上，张坤主 要重仓与人工智能密切相 ...

Core Viewpoint - US technology stocks are often misunderstood by Singapore investors, leading to missed opportunities due to prevalent myths about their risk and performance [1] Group 1: Myths and Truths about US Tech Stocks - Myth 1: US Tech Stocks Are Just "All Growth, No Dividends" Truth: Many tech companies, including Apple and Microsoft, have matured to provide consistent dividends while continuing to grow [2][3] - Myth 2: US Tech Stocks Are Always Overvalued Truth: Valuations can be justified by strong earnings growth, as seen with Apple and Alphabet, which have maintained stable P/E ratios relative to their earnings expansion [6][7][8] - Myth 3: US Tech Stocks Are Too Risky for Long-Term Investors Truth: Major tech companies possess strong balance sheets and cash flows, making them more resilient than many cyclical firms [10][12] Group 2: Investment Implications - US tech stocks offer a blend of growth, stability, and rising income potential, contrasting with traditional blue-chip stocks [5][13] - Diversifying portfolios with US tech stocks alongside local dividend-paying companies can enhance long-term capital appreciation [14]

This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Dive Brief: The combined capital expenditures of Microsoft, Alphabet, Amazon and Meta jumped to $112.5 billion during the last quarter, a year-over-year increase of 77%, according to a CFO Dive analysis of figures reported by the companies. Microsoft led the way with $34.9 billion in capex for its last quarter, followed closely by Amazon at $34.2 billion. Capex levels at ...

来源：市场资讯 （来源：机器之心） 2025 年 10 月，美股经历了一轮典型的震荡行情：月初科技股强势反弹，月中通胀数据扰动市场，10 月 10 日前后纳指单日波动超过 3%。 就在这波谲云诡的市场环境中，港大黄超教授团队的开源 AI-Trader 项目正式启动实盘测试。 该项目上线一周时间在 GitHub 上获得了近 8K 星标，展现了社区对 AI 自主交易技术和金融市场分析的 能力高度关注。 六位大模型 AI 交易员，每人手握 1 万美元启动资金，被独自投入纳斯达克 100 的激烈战场。 规则严苛：不能求助、不能预知、不能重来。 它们只能凭借自己的「智慧」——看新闻、查价格、分析数据、执行交易，在真实的市场风暴中求生 存、求盈利。在 10 月一整月的实盘交易后，它们交出了截然不同的答卷： 开源项目地址： https://github.com/HKUDS/AI-Trader 实时交易监控： https://hkuds.github.io/AI-Trader/ | 模型 | 收益率 | 关键行为特征 | | --- | --- | --- | | DeepSeek-Chat-V3.1 | +13.89% | ...

作者 | 弗雷迪 数据支持 | 勾股大数 据（www.gogudata.com） AI发展的最大瓶颈，竟然不是算力？ 微软掌门人萨提亚·纳德拉在采访中再爆金句：现在最大的问题不是芯片，而是电力。 这句话一发酵，成了近期A股电网设备上涨的驱动力，今天电网设备成分股早盘一度冲高。 板块题材上，福建、电网设备、银行、冰雪产业、影视院线、造纸板块涨幅居前；有色金属、PEEK材料、减肥药、风电设备、机器人、电池 板块跌幅居前。 | SEVE | | | | 77868 | | | 上海道 | | 2017 11:22 | | 1623 H | 国立营 | | 84 23, 201 | | 日本国际口 | | E | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国有大盘银行 II | | | | 冰雪电子 | | | 通信服务 | | | 烤化及健康 | 通信设备 | 光伏设备 | 通用设备 | | 化学制品 | | 电网设备 | ...

Core Viewpoint - The article discusses the performance of six AI trading models during a turbulent market period in October 2025, highlighting their different strategies and outcomes in a real trading environment [2][9]. Group 1: AI Trading Experiment Overview - The AI-Trader project, led by Professor Huang Chao's team at the University of Hong Kong, began real trading tests amidst market volatility [3][4]. - The project received significant attention, garnering nearly 8,000 stars on GitHub within a week, indicating strong community interest in AI-driven trading technologies [4]. - Each of the six AI models started with $10,000 and operated independently in the Nasdaq 100 market, adhering to strict rules without external assistance [5][6]. Group 2: Performance of AI Models - The performance of the AI models varied significantly, with DeepSeek-Chat-V3.1 achieving the highest return of +13.89%, followed by MiniMax-M2 at +10.72% [7]. - In contrast, Gemini-2.5-Flash recorded a loss of -0.54%, illustrating the impact of trading strategies on performance [7]. - The Nasdaq 100 ETF (QQQ) only increased by +2.30% during the same period, highlighting the relative success of the AI models [7]. Group 3: Key Strategies and Insights - DeepSeek-Chat-V3.1 utilized a contrarian strategy, increasing positions in NVDA and MSFT during market panic, which proved effective with a return of +13.89% [14]. - MiniMax-M2 maintained a balanced portfolio with low turnover, resulting in a stable return of +10.72%, demonstrating the importance of consistency in high-volatility environments [15][16]. - Claude-3.7-Sonnet focused on long-term holdings, achieving a return of +7.12%, reflecting a classic value investment approach [17]. Group 4: Behavioral Finance Insights - The experiment served as a behavioral finance study, emphasizing the significance of trading discipline and market patience in achieving successful outcomes [10][11]. - The findings revealed that excessive trading and emotional decision-making can lead to poor performance, as seen with Gemini-2.5-Flash's high trading frequency and negative returns [22][24]. - The results suggest that effective investment decisions stem from managing uncertainty rather than attempting to predict market movements perfectly [31]. Group 5: Implications for AI in Finance - The success of the Chinese-developed models, DeepSeek and MiniMax, indicates a shift in AI capabilities from conversational skills to practical task execution in complex financial scenarios [32]. - The article posits that financial trading provides an ideal environment for validating AI decision-making capabilities, with potential applications extending to supply chain optimization and urban management [33]. - Future developments will require further validation in areas such as regulatory compliance and risk management to ensure stability in real-world applications [34].

证券研究报告·海外公司点评·计算机 微软（MSFT） ◼ 业绩概览：公司 FY26Q1 收入、EPS 好于预期。收入为 777 亿美元， 同比增长 18%（按固定汇率计算同比增长 17%），高于一致预期。经 营利润率 49%，同比提升 2pct。EPS 为 4.13 美元，同比增长 23%（按 固定汇率计算同比增长 21%），超出预期。公司指引 FY26Q2 收入将 达 795-806 亿美元。 ◼ FY2026Q1 公司 PBP、IC 和 MPC 业务均好于预期： 生产力与商业流程（PBP）：收入 330 亿美元，同比增长 17%（按固 定汇率计算同比增长 14%），高于市场预期，主要贡献来自于 Microsoft 365 商用云。 智能云（IC）：收入 309 亿美元，同比增长 28%（按固定汇率计算同 比增长 27%），高于市场预期。其中 Azure 和其他云服务收入同比增 长高达 40%（按固定汇率计算同比增长 39%），增速高于市场预期。 更多个人计算（MPC）：收入 138 亿美元，同比增长 4%，高于市场 预期，主要得益于 Windows OEM（原始设备制造商）业务以及搜索和 新闻广告业务。 ...

Group 1 - The article provides a market analysis focusing on Microsoft Corporation and IREN Ltd, highlighting their performance and investment potential [1] - Microsoft Corporation continues to show strong growth in cloud services, contributing significantly to its overall revenue [1] - IREN Ltd is noted for its strategic initiatives in the energy sector, which may present new investment opportunities [1] Group 2 - The analysis includes financial metrics and projections for both companies, indicating a positive outlook for Microsoft and a cautious optimism for IREN Ltd [1] - Market trends affecting both companies are discussed, including technological advancements and regulatory changes in the energy sector [1] - The article emphasizes the importance of monitoring these companies for potential shifts in market dynamics that could impact investment strategies [1]

Group 1 - The report anticipates that liquidity easing will continue until the first half of 2026, with a shift towards cyclical economic recovery in the second half of the year [2][5][67] - The current technology market is compared to the late 1990s, with a concentration in high-quality large-cap stocks, raising concerns about potential market bubble [4][28][47] - The K-shaped economic recovery is expected to persist in 2026, but the driving factors will be more balanced compared to previous years [5][58][67] Group 2 - The MAG7 companies (Apple, Microsoft, Amazon, Google, Meta, Tesla, Nvidia) represent over 30% of the S&P 500's total market capitalization and contributed nearly 50% of the market expansion since 2023 [3][11][14] - The report suggests focusing on profitable leading companies within the technology sector while gradually increasing exposure to cyclical sectors as the economy recovers [6][68][69] - It is noted that the capital expenditure (CAPEX) of MAG7 is at a historical high, but growth is expected to slow down in 2026 [59][66][67]

The "everything store" might have secured its biggest customer yet.On Monday, Amazon announced that it had signed a $38 billion deal with OpenAI, offering the ChatGPT maker access to Amazon Web Services' infrastructure.On the one hand, the move isn't too surprising — a continuation of OpenAI's spending spree as it looks to secure resources to run its power-hungry artificial intelligence models.On the other, OpenAI's turn to Amazon shows that the firm is diversifying from its reliance on Microsoft, which had ...