苹 果公司(NASDAQ:AAPL)、谷歌、微软和 Meta在过去五年中的表现均显著优于标准普尔 500 指数。过去五年标准普尔 500 指数的总回报率 为 94.60%，而苹果的回报率为 108.60%，微软为 158.90%，Meta 为 185.45%， 谷歌 为 219.93%。这一优异表现凸显了这些公司极具吸引 力的风险回报状况。 本文将关注苹果和谷歌进行分析，以确定这两家公司中哪家目前是风险回报更高的选择。 【如需和我们交流可扫码添加进社群】 虽然苹果拥有更广泛的经济护城河，但谷歌为投资者提供了更大的上行潜力，这是其较低的估值和卓越的增长指标的结果。 谷歌目前的市盈率为 23.65，远低于苹果的 32.47，每股收益稀释后增长率为 22.21%（而苹果为 9.03%），因此 谷歌 目前的下行风险较低， 上行潜力较高，与苹果相比，是风险回报更高的选择。 鉴于苹果和 谷歌 强大的竞争优势、其在行业内的竞争地位以及强劲的财务状况，分析师建议在多元化投资组合中同时增持 谷歌 和苹果。 苹果和 谷歌 都拥有显著的竞争优势，这对于它们能够长期在竞争中脱颖而出，让投资者保住资本至关重要。 苹果的竞争优势包括公司 ...

Core Viewpoint - Morgan Stanley has initiated coverage on MTR Corporation (00066) with a target price of HKD 29 and a "Neutral" rating, highlighting the company's unique business model that combines railway operations with real estate development [1] Summary by Relevant Categories Business Model - MTR Corporation utilizes a distinctive business model that integrates railway operations with real estate development, leveraging its transportation infrastructure to unlock real estate investment opportunities [1] Financial Performance - The risk-reward profile for MTR appears balanced, with local railway operations in Hong Kong showing a rebound post-pandemic [1] - However, the company's upside potential is constrained by several factors, including sluggish growth in leasing business and anticipated slowdown in real estate development profits starting in 2027 [1] Capital Expenditure and Profit Outlook - The development of the Northern Link project in Hong Kong is expected to increase capital expenditure requirements [1] - These factors collectively suggest a potential 16% decline in MTR's earnings compound annual growth rate (CAGR) for the fiscal years 2025-2027, which may limit the possibility of significant revaluation of its stock [1] Dividend Expectations - Despite the challenges, Morgan Stanley anticipates that MTR's dividends will remain stable [1]

Core Viewpoint - Bridgewater Associates has shifted its investment strategy in the Chinese market to a more optimistic stance, increasing its allocation to Chinese equities after achieving a strong return of 14% in the first half of the year [1] Group 1: Investment Strategy - As of June 30, Bridgewater's view on Chinese stocks has changed from strategic adjustment to "moderate overweight," primarily due to policy support and relatively low valuation levels [1] - The Chinese government implemented decisive stimulus measures in April to stabilize the economy and capital markets, which effectively boosted stock and bond performance [1] - Bridgewater believes that the current valuation of the Chinese stock market remains low compared to other markets, presenting "a certain degree of attractiveness" from a risk-return perspective [1] Group 2: Performance Metrics - Bridgewater's All Weather Plus strategy has shown strong performance in China, with its onshore assets growing approximately 40% last year, exceeding 55 billion RMB (7.7 billion USD) [1] - The onshore fund's second-quarter yield was 5.8%, bringing the total return for the first half of the year to 13.6% [2] - In comparison, the average return of local multi-asset hedge funds in the first half was 7.3%, while hedge funds with assets over 10 billion RMB averaged an 11% return [2]

美股投资者在市场的强劲反弹中纷纷入场，但他们即将发现，真正的挑战才刚刚开始。 在贸易谈判取得进展、经济展现出韧性以及市场波动性降低的推动下，风险资产大幅反弹。过去一个月，人们已 经习惯为最坏情况做准备，因此现在这种反弹依旧让人无法安心。尽管中美贸易紧张局势暂停三个月，但潜在的 风险依然存在，即股市涨势过猛，容易受到新的意外因素影响。 自1950年以来，美股从来没有一个月能完全收复10%或以上的跌幅 TS Lombard包括史蒂文・布利茨（Steven Blitz）和达维德・奥内利亚（Davide Oneglia）在内的研究团队指 出："在全球领导人努力在90天的关税暂停期内达成协议之际，市场处于不确定状态。关键在于贸易战炼狱期内 及之后可能造成的永久性损害。" 对于投资者而言，美股自4月的低点强劲反弹几乎是难以预测且难以完全参与的。潜在的突如其来的头条、模糊 的数据以及摇摆不定的市场叙事共同造就了这场史无前例的反弹。美股下跌的速度及其仍在展开的反弹与2020年 新冠疫情期间的市场情况相似。因此，标普500指数的全面复苏可能比其他熊市时期要快得多。 机构汇编的数据显示，自标普500指数2月见顶以来，许多遭受高达 ...