Market Overview - US stock index futures are all down, with Dow futures down 0.62%, S&P 500 futures down 0.47%, and Nasdaq futures down 0.46% [1] - European indices also show declines, with Germany's DAX down 1.29%, UK's FTSE 100 down 0.05%, France's CAC40 down 0.74%, and the Euro Stoxx 50 down 0.97% [2][3] - WTI crude oil is down 1.83% at $66.90 per barrel, while Brent crude is down 1.75% at $68.55 per barrel [3][4] Bond Market Insights - Concerns over long-term US Treasury demand are rising, with a key auction of $22 billion in 30-year bonds being closely watched [5] - The "new bond king," Jeffrey Gundlach, warns that the US debt burden may lead to a flight from dollar assets, suggesting that long-term Treasuries are no longer a safe haven [6] Cryptocurrency and Stock Market Analysis - Fundstrat's Tom Lee indicates that while the S&P 500 is close to its historical high, extreme short positions could lead to a potential "waterfall decline" [7] - Bitcoin's recent highs may signal a bullish trend for the S&P 500, with Lee suggesting a focus on oversold stocks, tech giants, and small-cap stocks [7] Oil and Gas Industry Outlook - Fitch Ratings has downgraded the global oil and gas outlook from "neutral" to "negative," citing increased tariffs and supply growth as factors suppressing demand [8] Company-Specific Developments - Oracle (ORCL.US) reports a 11% year-over-year revenue increase, with cloud infrastructure revenue expected to grow over 70% in the next fiscal year [9][10] - Boeing (BA.US) shares drop over 7% following a crash of an Air India Boeing 787, which could be a significant incident for the manufacturer [11] - OpenAI partners with Google (GOOGL.US) for cloud services, indicating a strategic shift in resource acquisition [11] - Bank of America (BAC.US) CEO warns of a potential 25% drop in investment banking revenue due to policy uncertainties [12] - Deutsche Bank (DB.US) CEO indicates weaker-than-expected trading and advisory business performance [12] - Uxin (UXIN.US) reports a 142% increase in retail transaction volume, with revenue up 58% year-over-year [13] - Oklo (OKLO.US) announces a $400 million stock offering after securing a significant contract, but shares drop over 5% [14] - Voyager Technologies (VOYG.US) sees a stock price increase of over 7% following a successful IPO and funding from NASA [14]

禾盛新材（002290.SZ）动态点评 ➢ 投资建议：预计公司 25-27 年分别实现收入 30/33/36 亿元，实现归母利润 2.1/2.8/3.3 亿元，对应 2025 年 06 月 12 日收盘价 P/E 分别为 41/30/26x。考 虑禾盛新材通过多年的精细化运营，同时子公司海曦技术有望受益于国产 AI 大 模型，我们认为公司主业在行业政策支持下有望稳步增长，子公司海曦技术在人 工智能、云计算、5G 等产业趋势下，相关订单有望加速落地。看好公司业务前 景，维持"推荐"评级。 ➢ 熠知电子聚焦高端计算芯片。熠知电子的主营业务是研发、设计和销售应用 于服务器、工作站等计算、存储设备中的高端处理器，同时为客户提供丰富的芯 片产品解决方案。熠知电子专注于高端处理器的研发、设计与技术创新，掌握了 高端处理器设计、高端处理器 SOC 架构设计、处理器安全、处理器验证、高主 频与低功耗处理器实现、先进工艺物理设计、先进封装设计、基础软件等关键技 术。熠知电子建立了完善的高端处理器的研发环境和流程，产品性能逐代提升， 功能不断丰富，目前针对不同的应用场景已经推出了两大系列产品，即包括一代 TF16000 系列融合 ...

芯片股、机器人概念股亦纷纷回落。地平线机器人-W（09660.HK）跌3.9%，华虹半导体（01347.HK） 跌3.24%，中芯国际（00981.HK）跌2.04%，上海复旦（01385.HK）跌2.62%，优必选（09880.HK）跌 1.09%，速腾聚创（02498.HK）跌1.61%。 涨幅榜上，医药股逆市上扬，生物医药股、创新药概念、医药外包概念、医美概念等板块都纷纷飘红。 中国生物制药（01177.HK）涨19.29%，该公司预告，近期将会有一项重磅BD公布，预期会有更多的重 量级交易在今年底或明年初达成；君实生物（01877.HK）涨12.35%，近20个交易日累涨超98%；再鼎 医药（09688.HK）涨8.65%，现7连涨；百济神州（06160.HK）涨6.04%，药明康德（02359.HK）涨 4.67%。 6月12日，港股三大指数集体下滑。 截至收盘，恒生指数跌1.36%，国企指数跌1.53%，恒生科技指数跌2.2%。 分板块看，短视频概念股、云计算、明星科网股悉数下滑。快手-W（01024.HK）跌5.87%，阿里巴巴- W（09988.HK）跌3.21%，哔哩哔哩-W（09626.H ...

Core Viewpoint - Tencent is actively implementing a talent strategy to support high-quality development and stabilize employment in response to external challenges [1][3][6]. Group 1: Employment Initiatives - Tencent launched an employment plan in April 2023, aiming to create 28,000 internship positions over three years, with a target of hiring 10,000 interns in 2025 alone [2][3]. - The company emphasizes the importance of college graduate employment, particularly in the context of new business developments like AI [3][6]. Group 2: Recruitment Focus - The recruitment for 2023 includes over 70 types of positions across five major categories: technology, product, design, marketing, and functions, with a significant focus on technical roles, which account for over 60% of the openings [3][4]. - Tencent's recruitment strategy is heavily centered on campus hiring, positioning it among the top in the internet industry for attracting young talent [3][5]. Group 3: Talent Development Programs - Tencent's "Qingyun Plan," launched in 2023, aims to recruit top talent globally, offering competitive salaries and customized training programs in key technology areas such as AI and big data [4][5]. - The company has established a dual-channel development system for technical talent, allowing for both deep specialization and management opportunities [5]. Group 4: Workforce Composition - As of early March 2023, Tencent's workforce exceeded 55,000 employees, with over 40,000 in technology roles, representing 73% of the total workforce [5].

"我们看了那篇论文，心想：'天啊，怎么我们落后了？我们之前也在做这些事情啊，'结果就是，我们的工程主管决定 说：'取消春节假期，所有人都留在公司，加班睡办公室，我们要加速开发进度。'几周之内，我们就推出了自己的版本， 也就是Qwen系列模型。它非常具有竞争力"。 硬·AI 作者 | 赵雨荷 编辑 | 硬 AI 媒体报道，DeepSeek今年1月推出的低成本、功能强大的人工智能模型震惊了全球科技行业后，阿里巴巴 集团的工程师们取消了假期，在春节假期期间继续工作，奋起直追，连夜加班赶进度。 阿里巴巴董事会主席蔡崇信（Joe Tsai）周三在巴黎举行的VivaTech科技大会上表示，中国充满活力的消 费互联网环境，加上本地工程师之间激烈的竞争文化，正不断推动中国在AI领域的创新。 他透露，阿里巴巴是在DeepSeek发布R1模型之后，才意识到自己在AI领域已经落后了。他举例说明了中 国科技行业竞争的激烈程度： 蔡崇信还说，开源大型语言模型（LLMs）将带动人工智能应用的激增，并推动云计算需求的增长。目 前，阿里巴巴正经历"一个巨大考验的时期"之后，进一步聚焦自身庞大业务帝国的重心。 他说，阿里巴巴选择将Qwen系列 ...

甲骨文周三盘后公布财报显示，该公司第四财季业绩超预期，虽然云基建略微逊于预期，但管理层预计2026财年云基础 设施营收预计将增长超过70%，同时资本支出继上年猛增三倍后，新财年将继续增至250亿美元。甲骨文股价盘后一度跌 约3%，随后一度转涨8%。 硬·AI 作者 | 赵雨荷 编辑 | 硬 AI 甲骨文（Oracle）周三盘后公布财报显示，该公司第四财季业绩超预期，虽然云基建略微逊于预期，但管 理层预计2026财年云基础设施营收预计将增长超过70%，同时资本支出继上年猛增三倍后，新财年将继续 增至250亿美元。甲骨文股价盘后一度跌约3%，随后一度转涨8%。 以下是甲骨文第四财季财报要点： 主要财务数据： 第四财季营收： 甲骨文第四财季营收159.0亿美元，同比增长11%，分析师预期155.9亿美元。 第四财季运营利润： 甲骨文第四财季运营利润70.4亿美元，分析师预期68.5亿美元。 第四财季整体云收入： 甲骨文第四财季整体云收入（IaaS加上SaaS）同比增长27%，达到67亿美 元，占总营收的42% 首席执行官Safra Catz在分析师电话会议上表示，2026财年云基础设施营收预计将增长超过70%，相比 ...

Group 1 - OpenAI plans to utilize Google's cloud services to meet its increasing computing power demands, marking a strategic shift in its resource acquisition approach [1] - The collaboration with Google comes after a long-standing partnership with Microsoft, which was OpenAI's exclusive cloud service provider until January of this year [1] - This partnership is seen as a response to the exponential growth in computing power needs driven by advancements in AI technology, allowing OpenAI to diversify its computing sources [1] Group 2 - Morgan Stanley analyst Brian Nowak highlighted the significance of the partnership, suggesting it could accelerate growth for Google Cloud, which is currently undervalued at approximately 18 times the expected earnings for 2026 [2] - The collaboration signals Google's confidence in its long-term search position, indicating that if Google were genuinely concerned about threats to its search business, it would not provide critical computing resources to a potential competitor [2] - The report emphasizes that Google possesses a strong understanding of its business health, user base, data assets, and innovation pace, reflecting its confidence in the future [2]

Core Viewpoint - The Hong Kong stock technology sector has regained momentum after a significant pullback in April, driven by advancements in AI and cloud computing, policy support for Chinese companies returning to Hong Kong, and expectations of interest rate cuts by the Federal Reserve [1] Group 1: Index Comparison - The Hang Seng Technology Index consists of 30 selected Hong Kong-listed companies highly related to technology, with a weight limit of 8% for non-foreign companies and 4% for foreign companies, adjusted quarterly [2] - The Hang Seng Hong Kong Stock Connect Technology Theme Index reflects the performance of 30 Hong Kong-listed companies related to technology that can be traded through Stock Connect, with a weight limit of 10% per stock and adjusted semi-annually [2] Group 2: Industry Distribution - The Hang Seng Technology Index includes approximately 17% automotive weight and about 10% in tourism, home appliances, and pharmaceutical stocks, while the Hang Seng Hong Kong Stock Connect Technology Theme Index excludes these consumer sectors, focusing more on software services, information technology equipment, and semiconductors [4] Group 3: Concentration of Weighting Stocks - As of June 9, the top ten stocks in the Hang Seng Hong Kong Stock Connect Technology Theme Index accounted for 76% of its total weight, higher than the 71% concentration in the Hang Seng Technology Index, indicating greater potential for returns but also higher volatility risk [6][10] Group 4: QDII Quota Utilization - The Hang Seng Technology Index includes non-Stock Connect stocks, which may face quota restrictions when investing through QDII channels, while all stocks in the Hang Seng Hong Kong Stock Connect Technology Theme Index can be traded through Stock Connect, enhancing convenience [9] Group 5: Historical Performance - Over the past year, the Hang Seng Technology Index experienced a return of 44%, while the Hang Seng Hong Kong Stock Connect Technology Theme Index, due to its higher concentration, achieved a return of 51.4%, with both indices exhibiting high volatility around 40% [10]

点击蓝字，关注我们 以云计算服务和数据库软件闻名全球的科技巨头 甲骨文(ORCL.US) 在周四美股收盘后公布业绩报 告，该公司预计， 本月开启的2026财年，在无比强劲的云端AI算力资源需求以及爆发式增长的实体 AI算力基础设施需求推动下，其云基础设施销售额将一举跃升逾70% ，这一展望大幅推动了投资者们 对于甲骨文备受关注云计算业务的乐观情绪，令投资者们愈发坚信在AI推动之下，甲骨文在云计算领 域的份额终将比肩亚马逊AWS与微软Azure。 最新业绩与展望指引凸显出长期以来以数据库软件闻名的甲骨文正在加速跻身云计算服务超级巨头， 重点吸引专注于对AI算力需求无比庞大的人工智能训练/推理系统的大客户。 今年早些时候，甲骨文 宣布与AI领域领军者OpenAI联合组建名为"Stargate"(即星际之门)的大型数据中心合资企业，为 OpenAI提供海量AI算力资源。 不仅如此，特斯拉CEO埃隆·马斯克所创立的 AI新势力xAI ，以及美国科技巨头——Facebook母公司 Meta Platforms(META.US) 等众多聚焦于AI基础设施建设的科技行业领军者 ，都已成为其云计算客 户。 甲骨文首席执行官萨 ...

华尔街见闻此前提及，有媒体爆料OpenAI已与谷歌在上月敲定合作协议，谷歌云为OpenAI训练和运行 模型提供算力，之前因OpenAI与微软的锁定协议而无法达成合作。而今年1月之前，微软一直是OpenAI 的独家云服务供应商。 虽然这项潜在合作的条款和规模尚未公布，但分析师预计随着生成式AI推理阶段的持续发展，OpenAI 将需要越来越多的容量。作为参考，今年早些时候OpenAI与CoreWeave签署了119亿美元的协议（包括 3.5亿美元的股权投资），最近又将该协议额外延长了40亿美元。 报告指出，对于谷歌而言，这一合作可能谷歌云业务的一个重要转折点。 目前，谷歌云的年化收入已接近500亿美元，过去两年保持了20%至30%的增长率，但相较于亚马逊的 AWS和微软的Azure，其市场份额和增速并未展现出持续的压倒性优势——而OpenAI的加入，若规模 可观，可能成为谷歌云加速增长的催化剂。 报告认为，以谷歌当前股价对应的2026年市盈率约18倍来看，市场尚未充分给予谷歌云应有的估值溢 价。 报告补充称，随着谷歌芯片产能限制在下半年有所缓解，这可能成为推动谷歌云更快、更持久增长的驱 动力。这对投资者而言，是一 ...