以下文章来源于capitalwatch ，作者宏观分析师 capitalwatch . 我们是一个聚焦全球资本市场的高影响力财经账号。 内容由华尔街交易员与研究员共同撰写，提供市场深度解读、机构级逻辑与实时判断。 这里没有喊 单，没有套路，只有用数据和常识说话的分析。 我们希望把复杂的金融世界，讲给真正关心自己资产的人听。 今天发生了什么？ 来源 | capitalwatch 美国核心 CPI 通胀率意外降至 2.6%，创 2021 年 3 月以来最低水平。 三个月前，通胀率升至六个月高点，而上个月，10 月份的 CPI 通胀报告被"取消"。 发生了什么变化？让我们来解释一下。 而此时，核心通胀率原本预计将上升。 这也发生在一个有趣的时刻。 | USD | ★★☆ | Continuing Jobless Claims | 1,897K | 1.930K | 1.830K | | --- | --- | --- | --- | --- | --- | | USD | 青青 文 | Core CPI (YoY) (Nov) | 2.6% | 3.0% | 3.0% | | E USD | ★ ☆ ☆ | Cor ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **Unity Technologies (U)** [2][3] - **Marvell Technology (MRVL)** [4][5] - **ASML** [7][8][10] - **Amazon (AMZN)** [12] - **Palantir Technologies (PLTR)** [13][14] - **Roblox (RBLX)** [15][16] - **Alphabet (GOOGL)** [17][18][19] - **Twilio (TWLO)** [21][22] - **Nvidia (NVDA)** [24][25] - **Advanced Micro Devices (AMD)** [26] - **Meta Platforms (META)** [27][28][29] - **Uber (UBER)** [30][31] - **Booking Holdings (BKNG) and Expedia (EXPE)** [32] - **IBM** [32] Core Points and Arguments Unity Technologies - Jefferies raised Unity's price target to $35 due to positive feedback on its Vector ad product, with ROAS gains now in the 10-20% range, up from 5-7% last quarter [2][3] - Unity's 2025 ad share intent increased by 119 basis points year-over-year [2] Marvell Technology - Fubon Jefferies stated that Alchip is extending its lead over Marvell, with expectations for Alchip to ramp production to 2 million units compared to Marvell's 300,000 [4][5] ASML - ASML's Q2 revenue was €7.69 billion, up 23% year-over-year, with a gross margin of 53.7% [8] - The company provided a Q3 revenue guidance of €7.4-7.9 billion, which was below market expectations [8][10] - Management expressed uncertainty about 2026 growth due to macroeconomic factors [9] Amazon - Bank of America removed Amazon from its US 1 list, citing weaker-than-expected performance during Prime Day [12] Palantir Technologies - Mizuho upgraded Palantir to Neutral, raising the price target to $135, citing strong momentum in AI-driven segments [13][14] Roblox - JPMorgan raised Roblox's price target to $125, highlighting record engagement and bookings growth [15][16] Alphabet - Needham raised Alphabet's price target to $210, citing strength in digital ads and YouTube [17][18] - Cantor Fitzgerald also raised its price target to $196, anticipating strong Q2 results driven by Search and YouTube [19] Twilio - Mizuho noted Twilio's upcoming price hikes in voice and email services, which could add 1-2 percentage points to growth in 2025/2026 [21][22] Nvidia - Goldman Sachs reiterated a Buy rating on Nvidia, projecting potential EPS upside from the resumption of H20 GPU shipments to China [24][25] Advanced Micro Devices - Wells Fargo raised AMD's price target to $185, citing strong data center performance and inventory signals [26] Meta Platforms - Canaccord raised Meta's price target to $850, highlighting strong performance across ad products and AI tools [27][28] - Cantor Fitzgerald also raised its price target to $828 based on solid Q2 ad trends [29] Uber - TD Cowen expects Uber to report Q2 gross bookings of $46 billion, driven by strong performance in Mobility and Delivery [30][31] Booking Holdings and Expedia - Barclays warned of soft U.S. travel trends, expressing caution about rebound expectations for travel stocks [32] IBM - Stifel raised IBM's price target to $310, citing a strong setup for Q2 and a stable defensive profile [32] Other Important but Possibly Overlooked Content - The overall sentiment in the tech sector appears mixed, with some companies experiencing strong growth while others face challenges due to macroeconomic uncertainties [9][12][32] - The focus on AI and digital transformation continues to drive investment and growth expectations across multiple sectors, particularly for companies like Palantir and Nvidia [13][24] - The competitive landscape in the semiconductor industry is intensifying, with companies like Alchip gaining significant advantages over established players like Marvell [4][5]

Group 1 - The article emphasizes the importance of investing in financially healthy companies with strong balance sheets during times of increased market volatility, as evidenced by the S&P 500 showing a Total Return of -5.75% in the past 30 days [1] - The focus is on constructing investment portfolios that generate additional income through dividends, highlighting the significance of companies with competitive advantages and strong financials that provide attractive Dividend Yield and Dividend Growth [1] - A well-diversified portfolio across various sectors and industries is recommended to minimize volatility and mitigate risk, with an emphasis on incorporating companies with a low Beta Factor to further reduce overall risk [1] Group 2 - The selection process for high dividend yield and dividend growth companies is meticulously curated, prioritizing total return that includes both capital gains and dividends rather than focusing solely on dividends [1] - The investment strategy aims to maximize returns while considering the full spectrum of potential income sources, thereby benefiting from a well-crafted investment portfolio designed to generate extra income through dividends [1]

Group 1 - The company aims to invest in firms with strong qualitative attributes, purchasing them at attractive prices based on fundamentals, and holding them indefinitely [1] - The investment strategy involves managing a concentrated portfolio to avoid underperformers while maximizing exposure to high-potential winners [1] - The company plans to publish articles on selected companies approximately three times a week, including extensive quarterly follow-ups and constant updates [1] Group 2 - The analyst has a beneficial long position in AMZN shares, indicating a positive outlook on the company's stock [2] - The article reflects the analyst's personal opinions and is not influenced by compensation from any company mentioned [2] - There is no business relationship between the analyst and any company whose stock is discussed in the article [2]

Summary of Key Points from Conference Call Industry Overview - **US GDP Growth Forecast**: The 2025 US GDP growth forecast has been downgraded from 2.4% to 1.7% on a Q4/Q4 basis, marking the first below-consensus forecast in 2.5 years. This downgrade is attributed to more adverse trade policy assumptions rather than recent economic data, which remains relatively strong [1][1][1]. Company-Specific Insights MediaTek - **Automotive Sector Growth**: MediaTek's earnings estimates have been raised due to expected growth in the automotive Total Addressable Market (TAM). By 2026E/2027E, the automotive business is projected to contribute 3.6%/6.8% to total revenue, up from 1.8% in 2025E. This growth is driven by market share gains in automotive cockpit SoC solutions and upgrades to mid to high-end segments with higher Average Selling Prices (ASPs) [2][4][4]. BEKE (KE Holdings) - **Southbound Connect Inclusion**: KE Holdings' H-shares have been included in the Southbound Connect, which is expected to support share price growth. Southbound turnover share in the Hong Kong exchange has increased to over 20% year-to-date, with southbound holdings averaging 8% of total share count. The company is also seeing strong secondary home transaction momentum post-Chinese New Year [4][4][4]. Coupang - **Earnings Growth and Operating Leverage**: Coupang is expected to achieve over 20% top-line growth in 2025E, driven by Product Commerce and Developing Offerings. The company anticipates significant operating leverage from 2027, with a potential to reach over 10% adjusted EBITDA margin by that year [4][4][4]. GDS - **P-REIT Issuance**: GDS announced its first monetization of data center assets in China through a sale to a private REIT, receiving Rmb1.2 billion in net cash proceeds. This transaction is seen as a step towards recycling capital for further investments in AI infrastructure [5][5][5]. China Spirits - **Sales Management Measures**: Leading spirits companies, including Wuliangye, are implementing sales management measures that are expected to lead to positive sales growth in 2025. Channel inventory has decreased significantly, and wholesale prices have increased during the Lunar New Year [8][8][8]. Macro Insights - **High-tech Manufacturing in China**: High-tech manufacturing has been a significant growth driver in China, contributing an average of 1.1 percentage points to annual real GDP growth over the last decade. The sector is expected to continue outperforming the broader manufacturing sector, contributing an average of 1.0 percentage point to GDP growth from 2025 to 2029 [9][9][9]. Additional Notes - **US Internet Sector**: The Q4'24 earnings review highlights key themes such as investment in AI and consumer health, with several large-cap stocks rated as Buys [10][10][10]. - **Germany's Fiscal Shift**: Political changes in Germany are expected to unlock significant public spending, potentially benefiting various sectors beyond defense [12][12][12]. This summary encapsulates the critical insights from the conference call, focusing on industry trends, company-specific developments, and macroeconomic factors that could influence investment decisions.

Adobe Inc. (NASDAQ: ADBE ) has a large opportunity for growth in the coming quarters as the firm rolls out its GenAI video and image development tools, allowing marketing departments to streamline workflows and do more with less. Despite beingMichael Del Monte is a buy-side equity analyst with over 5 years of industry experience. Prior to working in the investment management industry, Michael spent over a decade in professional services working in industries that range from O&G, OFS, Midstream, Industrials, ...

Core Insights - Recent market volatility has been significant, with the NASDAQ experiencing an 11% decline over the past month, marking one of the largest drops in recent times [1]. Group 1: Company Overview - MMMT Wealth was established in 2023 by Oliver, a CPA with experience in financial services, particularly in private equity, hedge funds, and asset management [1]. - The primary focus of MMMT Wealth is to analyze investment strategies and stocks, gathering insights from various sources such as investor calls, presentations, and financial news [1]. Group 2: Investment Philosophy - The investment approach emphasizes a long-term perspective, typically looking at a 3-5 year horizon for stock evaluations [1]. - Oliver's dedication to researching top businesses stems from a belief that even a few successful investments can significantly impact one's financial situation [1].

Group 1 - The uncertainty surrounding Trump's tariff announcements is causing unease among investors, with frequent changes in policy direction leading to confusion rather than the anticipated relief [1] Group 2 - The focus is on building a market-beating portfolio that emphasizes strong capital appreciation and aggressive dividend growth, targeting blue-chip companies with competitive advantages and attractive valuations in the US and European markets [2] - Dividend investing is primarily driven by free cash flow rather than just yield chasing, indicating a strategic approach to investment [2]

Group 1 - The article discusses five stocks with potential based on fundamental analysis [1] - MMMT Wealth, founded by Oliver, focuses on investment strategies and stock analysis [1] - Oliver has five years of investing experience and four years as a CPA, emphasizing the importance of thorough research [1] Group 2 - The analysis aims to provide insights from investor calls, presentations, and financials with a 3-5 year investment horizon [1] - The article highlights the transformative potential of even a few successful investments [1]

Group 1 - The focus is on growth and dividend income as a strategy for retirement planning [1] - The portfolio is structured to generate monthly dividend income that grows through reinvestment and annual increases [1] Group 2 - The article expresses personal opinions and is not intended as investment advice [2] - It emphasizes the importance of conducting individual research before making investment decisions [2]