新京报讯据昌平区消息，12月19日，"星辰未来创意蓝海"全国首届大学生AI数字广告创新成果发布会在 昌平区数字广告创新实践基地举办。 基地创新推出"常规社会实践+寒暑假集中实习+适岗就业专项管培"三维培育模式，针对不同学生群体 的差异化需求提供定制服务，首期便开放1000+实践岗位，累计接纳全国500余名大学生开展实习实 践。通过组织20余场前沿理论与实务操作专项培训、5期数字广告创新实践工作坊，吸引4000余名行业 新生代人才参与交流，有效打通了高校人才培育与市场化衔接的"最后一公里"。 目前，已有100余名实习生签订正式工作协议，成功就业。 作为北京市首个数字广告创新实践基地，自2025年7月8日启动以来，昌平基地通过构建"政策引导-企业 参与-高校输送"的政校企协同生态，已与全国20余所高校建立合作，携手中国广告协会及多家头部企业 共同推动行业发展。短短5个月，基地成功孵化具有潜力的广告公司，吸引多家"高新技术""专精特 新"企业落户昌平。基地同步推动广告与商旅文体行业融合发展，助力构建"人才培育-产业升级-区域发 展"的良性循环。 发布会展示了首届大学生AI数字广告创新活动征集到的多部优秀AI广告作品 ...

华尔街最受热议、且对市场影响显著的分析师评级报告现已汇总呈现。以下是由 The Fly 整理的、投资 者今日需重点关注的评级变动信息。 五大评级上调个股 1. 罗库（ROKU）：摩根士丹利将其评级从 "减持" 上调至 "增持"，目标价由 85 美元上调至 135 美 元。该机构指出，得益于数字广告市场的强劲表现，2026 年美国广告支出有望实现 "稳健" 增 长。 2. 奥克塔（OKTA）：杰富瑞在其 2026 年软件行业展望报告中，将奥克塔评级从 "持有" 上调至 "买 入"，目标价由 90 美元上调至 125 美元。该机构在研报中向投资者表示，奥克塔正着力打造完整 的身份认证平台，有望把握智能代理需求增长的机遇，发展潜力巨大。 3. 赛富时旗下 ServiceNow（NOW）：古根海姆将其评级从 "卖出" 上调至 "中性"。该机构表示，此 次评级上调的依据是当前股价已低于此前设定的目标价，估值具备吸引力。 4. 罗克韦尔自动化（ROK）：高盛将其评级从 "卖出" 上调至 "中性"，目标价由 329 美元上调至 448 美元。高盛在研报中称，在新任管理层的带领下，公司正处于结构性提价的初期阶段，此举 有望在 ...

2025 年，亚马逊（Amazon, AMZN）的表现相对疲软，年内涨幅仅为 4%；反观其大型科技 股同行，谷歌（GOOGL）年内涨幅高达 69%，英伟达（NVDA）也录得 34% 的涨幅。在大 型科技股阵营中，每年往往会涌现出一两只领跑个股 —— 比如 2020 年的特斯拉 【如需和我们交流可扫码添加进社群】 数 据 中 心 帝 国 ： 掌 控 A I 实 体 经 济 命 脉 过去两年，市场的目光始终聚焦于英伟达的芯片、微软与谷歌的软件，却严重低估了亚马逊的 潜力 —— 在分析师看来，亚马逊正蓄势主导人工智能实体经济领域。 归根结底，亚马逊的投资价值远不止于电商、数字广告和亚马逊云科技（AWS）这三大业务。 但分析师认为，投资者更应聚焦于亚马逊隐藏的王牌 —— 其庞大的数据中心帝国。 亚马逊云科技常被视为高增长的云计算业务，但许多人忽略了其背后庞大的实体运营规模。目 前，亚马逊的数据中心业务已在全球 50 个国家布局超 900 座设施。更关键的是，其中大量 设施为 主机托管（colocation）数据中心 —— 即亚马逊租用的第三方场地，用以拓展自身业 务覆盖范围。 这一布局带来两大核心优势： 1.构筑深厚 ...

Core Viewpoint - Citi maintains a "Buy" rating for Applovin, focusing on its leadership in the "AI + Digital Advertising" sector, with a 12-month target price of $820, indicating strong growth potential in non-mobile gaming areas like e-commerce and fintech [1][2]. Company Overview - Applovin is recognized as a leader in AI-driven advertising solutions, with its core product, the Axon platform, showing robust growth. As of December 5, the number of e-commerce clients reached 3,545, a 17% increase from November 7, with a stable market share of 68.2% in the U.S. [1][2]. Financial Performance - Expected revenue for Applovin in 2025 is $5.74 billion, with an EBITDA margin of 78.3%. The forecasted free cash flow (FCF) for 2026 is $4.85 billion, supporting its long-term value as a core player in the AI advertising ecosystem [2]. Market Positioning - The target price of $820 corresponds to a 40x multiple of the expected FCF for 2027, significantly higher than the average 25-30x for peers. This premium is justified by Applovin's expected revenue CAGR of 33% from 2023 to 2026, compared to the industry average of 15-20% [2]. Macro Environment - The global digital advertising budget is projected to grow at a CAGR of 8-10% from 2025 to 2027, with AI-driven digital advertising expected to increase its share to 30%. The U.S. revenue share of 68% reduces international regulatory risk exposure [3]. Industry Trends - The integration of AI in digital advertising is becoming a significant trend, with major players like Google and Meta rapidly adopting generative AI technologies to enhance ad performance and user engagement [3][4]. Structural Impact of AI - AI enhances the precision and conversion rates of digital advertising, leading to higher ROI for advertisers. However, AI-generated content may also divert traffic, necessitating a reevaluation of traditional ad inventory value [4]. Company Operations - Applovin, headquartered in Palo Alto, California, specializes in AI-driven advertising solutions for e-commerce and gaming companies, optimizing ad placements through its Axon platform to significantly boost sales and profits for advertisers [4].

本文首发于2025年03月 今天，我们重发一篇过往比较受欢迎的文章《》，希望对你有所启发。 观点 / 刘润 主笔 / 景九 责编 / 黄静 不过，去年第四季度，麦肯锡发布了一份报告: 《The next big arenas of competition》(下一个重大竞争：改变商业格局的行业领域)。 这份报告用200多页的篇幅，详细分析了未来最有可能改变全球商业格局的18个赛道，并预测2040年，这18个赛道将实现29万 —48万亿美元的收入，贡献18-34%的全球GDP增长。 那么，这些风口行业，都是什么？以及，为什么是他们？ 以下是这篇次条重发文章正文。 每年，我都会听到类似的声音。 哪里还有机会？时代变化太快，未来看不清，下一步，我到底该去哪？学些什么知识？ 是啊，回头看看过去20年，有太多的"风口"从我们面前溜走。2003年的软件，2010年的电商，2015年的移动互联网...似乎，每 个风口，都催生出了一批千亿市值的巨头，也带动了无数从业者财富自由。 未来的10年、20年，还会有这样的机会吗？ 坦白说，这个问题不太好回答。毕竟，未来这个东西，谁都不敢说自己能完全看清。 今天，我们一起来看看。 18个 ...

Core Viewpoint - The digital advertising sector is experiencing significant growth driven by artificial intelligence (AI), with specific companies in this niche showing remarkable performance and potential for future expansion [1]. Group 1: AppLovin - AppLovin has seen substantial growth since launching its Axon-2 AI-powered adtech platform in 2023, with revenue increasing by 68% to $1.41 billion and EBITDA soaring by 79% to $1.16 billion in the last quarter [2]. - The company is focused on helping gaming apps attract new customers, projecting a long-term revenue growth of 20% to 30% from the gaming sector, while also expanding into web-based advertising and e-commerce [4][5]. - AppLovin's new self-serve platform aims to attract smaller gaming advertisers, and its expansion outside the U.S. is expected to further enhance growth opportunities [5]. Group 2: Meta Platforms - Meta Platforms is leveraging AI to enhance its recommendation engine, resulting in increased user engagement and improved advertising tools for advertisers, which has led to a 26% revenue increase to $51.2 billion in Q3 [7][8]. - The company is exploring monetization opportunities for its WhatsApp messaging app, which has over 3 billion users, and is gradually introducing ads to its new Threads social media site [9]. - Meta's growth is supported by a 14% increase in ad impressions and a 10% rise in average ad prices, indicating strong demand for its advertising services [8]. Group 3: Pinterest - Pinterest is utilizing AI to enhance its visual search and recommendation engine, as well as introducing features like virtual clothing try-ons and a voice-activated AI assistant [10]. - The company reported a 17% revenue increase and a 24% rise in EBITDA, with international markets showing particularly strong performance, including a 41% revenue jump in Europe and a 66% increase in the rest of the world [12]. - Pinterest's Performance+ AI-powered ad tool is improving campaign effectiveness and assisting with bidding and targeting, contributing to its overall growth [11].

Core Insights - The merger of Omnicom and IPG has created the largest advertising group globally, signaling a shift in the advertising landscape as major players reassess their relationships with demand-side platforms (DSPs) [1] - Omnicom's recent budget reallocation from The Trade Desk (TTD) to Amazon DSP highlights the competitive dynamics between traditional DSPs and integrated platforms like Amazon, which leverage their broader business models to offer lower fees [1][5] - The advertising industry is undergoing a transformation where data ownership and fee transparency are becoming critical factors in determining the success of DSPs [10][11] Group 1: Merger and Market Dynamics - The merger between Omnicom and IPG positions the new entity as a dominant force in the advertising sector, with a revenue level of approximately $25 billion [4] - Omnicom's strategic shift to allocate a significant portion of its programmatic budget to Amazon DSP indicates a growing preference for platforms that can offer lower fees and integrated data solutions [5][15] - The competitive landscape is evolving, with traditional DSPs like TTD facing challenges in maintaining their fee structures against low-cost alternatives like Amazon [7][16] Group 2: Fee Structures and Data Utilization - The Trade Desk operates on a model that charges a technology fee of 12%–20%, while Amazon's fee structure is significantly lower at 1%–2%, creating a stark contrast in profitability for advertisers [2][10] - The transparency of fee structures is increasing, as Amazon's clear pricing model forces other DSPs to disclose their rates, impacting the overall market dynamics [10] - Data integration is becoming a key differentiator, with Amazon leveraging its vast data ecosystem to create a closed-loop advertising solution that is difficult for traditional DSPs to compete against [11][12] Group 3: Future Implications for DSPs - The ongoing competition between DSPs is not just about functionality but also about the underlying data ecosystems they represent, which will shape future advertising strategies [15][17] - The question of whether advertisers are willing to pay a premium for neutrality in DSP services is becoming increasingly relevant, as integrated platforms offer compelling alternatives [16][17] - Omnicom's budget shift serves as a precursor to broader industry trends, prompting all stakeholders to reconsider their strategies in light of evolving market conditions [18]

Core Viewpoint - The article discusses the ongoing antitrust case against Google in the digital advertising market, highlighting the potential for a landmark ruling that could lead to the forced breakup of the tech giant's advertising business [1][2]. Group 1: Antitrust Case Developments - The U.S. Department of Justice (DOJ) and Google recently concluded a three-hour hearing regarding remedies for Google's alleged monopoly in the digital advertising market [1]. - Federal Judge Leonie Brinkema is expected to make a final ruling next year on whether Google should be split up, which could set a precedent for breaking up tech giants in the internet era [1][2]. - The DOJ is advocating for the divestiture of Google's core advertising trading platform and the public disclosure of certain advertising tool source codes [1]. Group 2: Google's Response and Legal Arguments - Google is willing to open more auction data and make some business model adjustments to facilitate competition but firmly opposes asset divestiture, arguing that the government's demands are extreme and lack sufficient legal precedent [1][2]. - Judge Brinkema raised concerns about the potential delays in the divestiture process, noting that Google would likely appeal any breakup decision, which could prolong the timeline and alter the competitive landscape [2]. Group 3: Timeline and Industry Implications - DOJ attorney Matthew Hooper stated that the sale of Google's advertising trading platform could be completed within two years, which he believes would not hinder the restoration of competition [2]. - In contrast, Google's chief litigation attorney, Karen Dunn, argued that the timeline proposed by the DOJ is overly optimistic, citing the complexities of data and technology migration [2]. - The article notes that Google recently avoided divestiture in a separate antitrust case related to online search, where only limited data sharing and business adjustments were mandated [2].

Market Overview - The decline in the stock markets is attributed to multiple negative factors over the weekend, with Hong Kong stocks dropping by 0.71% [1] - The most significant influence on the stock market is the deteriorating Sino-Japanese relations, particularly comments from Japan's Prime Minister suggesting potential military involvement in Taiwan, prompting strong responses from China [1] - The Chinese government has advised citizens to avoid traveling to Japan, indicating potential impacts on Japanese tourism and consumer stocks [1] Economic and Investment Insights - There is considerable uncertainty in the current market, leading to a risk-averse approach from investors; traditionally, gold prices rise during tensions, but they have fallen this time due to expectations of no hot war [2] - The People's Bank of China conducted an 800 billion yuan reverse repurchase operation to inject medium-term liquidity, with market focus shifting to the upcoming LPR announcement on November 20 [3] - Predictions for lithium prices suggest a potential surge due to structural changes in demand, particularly from the energy storage sector, with a forecasted price increase to 150,000 to 200,000 yuan per ton by 2026 [3] Company Developments - CATL's stock fell nearly 3% following news of a major shareholder's plan to reduce holdings by 1%, valued at approximately 18.4 billion yuan [4] - The organic silicon industry is facing significant price declines, with a potential meeting to set production reduction targets that could benefit leading companies like Dongyue Group [4] - Huawei is set to release a breakthrough AI technology on November 21, which could significantly enhance the efficiency of computing resources, benefiting companies collaborating with Huawei [6] Airline Industry Performance - China Eastern Airlines reported a turnaround in Q3, achieving a net profit of 2.103 billion yuan compared to a loss in the previous year, with a 3.73% increase in revenue [7] - The airline has expanded its international routes, including a new long-haul route that will set a record for the longest single journey, enhancing its competitive edge [8] - The overall airline industry is experiencing a recovery, with rising passenger traffic and improved load factors, supported by decreasing oil prices [8]

Investment Rating - The report indicates a positive investment outlook for the technology sector, particularly for major cloud service providers and digital advertising companies [2]. Core Insights - The combined revenue of the four major overseas technology companies reached $411.4 billion in Q3 2025, marking a year-on-year increase of 16%, the highest growth rate since Q1 2022 [4][12]. - Net profit for these companies totaled $86.6 billion, with an overall net profit margin of approximately 21% [15][17]. - Capital expenditure expectations for 2026 have been significantly raised, with projections indicating a potential doubling of capacity over the next two years [4][6]. - Cloud revenue growth has reached historical highs, with a year-on-year increase of 26% in Q3 2025, reflecting strong demand signals [4][7]. - Digital advertising revenue also exceeded market expectations, with a year-on-year growth of 18% [4][7]. Performance Overview - The four major technology companies reported a combined revenue of $411.4 billion in Q3 2025, with a year-on-year growth rate of 16% [12][14]. - Net profit for Q3 2025 was $86.6 billion, with a net profit margin of about 21% [15][17]. - Microsoft, Google, Amazon, and Meta all reported revenues that exceeded market expectations, with specific figures of $77.7 billion, $102.3 billion, $180.2 billion, and $51.2 billion respectively [9][22][27]. Capital Expenditure - Capital expenditure guidance has been revised upwards, with Microsoft indicating a growth rate for FY2026 that will exceed FY2025 [4][6]. - Amazon projected a cash capital expenditure of approximately $125 billion for 2025, with expectations for continued increases in 2026 [4][6]. Cloud Computing - The combined cloud revenue of the three major cloud providers reached $79.1 billion in Q3 2025, with year-on-year growth rates of 28% for Microsoft, 34% for Google, and 20% for Amazon [4][7]. - Backlog orders for cloud services showed strong demand, with year-on-year growth rates of 51% for Microsoft, 82% for Google, and 22% for Amazon [4][7]. Digital Advertising - The total advertising revenue for the four major companies was $145.7 billion in Q3 2025, reflecting a year-on-year increase of 18% [4][7]. - Each company reported growth in advertising revenue, with Microsoft at 15%, Google at 13%, Amazon at 24%, and Meta at 26% [4][7].