在特朗普贸易政策变幻莫测的背景下，尽管许多标普500指数行业的盈利预期在本财报季有所下降，美 国科技巨头们的财报季表现出乎意料地强劲。 根据彭博的数据，Mag7的盈利预计在2025年将增长21.6%，而收入预计将增长9.7%。这两项估计在过 去一周都有所上升。 其中电子设备、云计算服务、软件和数字广告等业务需求大体保持强劲，缓解了投资者对特朗普贸易政 策可能导致的最坏情况的担忧。 尽管苹果公司的表现令人失望，但整体而言，这些财报为股市反弹提供了有力支持。 "许多投资者原本准备听到非常悲观的消息，"Janney Montgomery Scott的首席投资策略师Mark Luschini 表示： "即使是稍微疲软的数据也远远好于最坏情况的预期。这让市场能够持半杯满的态度，尽管 形势仍然不明朗，任何新出现的经济放缓迹象都可能危及反弹势头。" 本财报季还缓解了人们对人工智能计算设备资本支出的担忧，这些支出一直是英伟达和博通等公司营收 增长的引擎。Meta提高了今年的资本支出预测，微软表示此类支出的增长明年将放缓，但仍会上升。 abelli Funds的投资组合经理Hanna Howard表示。这些评论推动了芯片制造商 ...

Core Viewpoint - The article discusses the collaborative efforts of the Putuo District and seven cities in Jiangsu to develop the "Yangtze River Delta Industrial Innovation Belt," emphasizing the importance of innovation and industrial cooperation in driving regional economic growth [1][2]. Group 1: Regional Collaboration - In February, the Putuo District officially partnered with Nanjing, Wuxi, Changzhou, Suzhou, Nantong, Zhenjiang, and Taizhou to enhance the development of the Yangtze River Delta Industrial Innovation Belt [1][2]. - The Putuo District government has been actively visiting these cities to sign cooperation memorandums focused on collaborative innovation [2][3]. Group 2: Industrial Development Strategy - The Putuo District aims to establish a "thousand-hundred-ten" new industrial development system, focusing on cultivating trillion-level industrial clusters in intelligent software and digital health, as well as hundred-billion-level sectors in cybersecurity and digital advertising [4]. - The district is also prioritizing the development of emerging industries such as energy storage and special robots, while fostering collaboration with cities along the Yangtze River Delta [4]. Group 3: Innovation Ecosystem - The Putuo District is initiating "chain alliances" for industrial innovation, which will tailor resources and partnerships for member companies, promoting significant technological innovations and their commercialization [4]. - The district plans to enhance its artificial intelligence industry by leveraging its spatial layout and fostering an ecosystem for AI enterprise incubation [5].

该行的预期调整在一定程度上参考了2020年第二季度因疫情封锁导致的经济放缓，但此次下调幅度相对 较小，特别是考虑到关税政策的反复变化。该行认为The Trade Desk受关税影响最为直接，而Criteo基于 效果的广告支出则具有一定的防御性。 该行认为，The Trade Desk因品牌广告和部分垂直领域受影响，2025财年营收预期将从28.79亿美元降至 27.55亿美元，目标价从70美元降至63美元;Criteo虽有业绩广告优势，但受零售媒体和旅游等垂直领域 影响，2025财年营收预期从11.68亿美元降至11.47亿美元，目标价从60美元降至47美元。 花旗近日发布北美互联网行业股票Q1前瞻报告，绩前调整了该行业覆盖范围内大多数公司的盈利预期 和目标价，以反映对关税影响以及由此导致的宏观环境走软的预期。 虽然该行覆盖的所有公司都在一定程度上受到影响，但总体而言，该行认为数字广告和电子商务行业受 影响最大，而网站建设商、针对中小企业的工具提供商以及在线约会领域受影响较小。 花旗预计第一季度财报或不会受到投资者太多关注，而第二季度和2025年全年展望及预期基本上将主要 由关税和宏观因素驱动，该行也会关注覆 ...

然而，这些风险可以从战略角度看待；并非将其视为阻碍因素，而是在它们成为现实时将其视为切入点。谷歌在企业人工智能、数字广告和在线 云生态系统中的地位实属罕见。分析师预计到2026年美国经济将出现顺风，而非衰退。现在是获取谷歌高增长的难得时机，同时获得约5%的可 观避险股东收益率。 谷歌2025年第一季度的业绩在动荡的市场中展现出非凡的韧性。 该公司严谨的利润率管理和强劲的股东收益率凸显了其防御优势。然而，人工智能竞争的风险、Waymo的 盈利路径以及宏观经济的脆弱性构成 了真正的下行风险。 谷歌第一季度业绩强劲 。值得关注的亮点包括净利润同比增长46%。鉴于公司营收同比增长仅12%，这体现了其强大的运营杠杆和成本控制能 力。管理层还宣布，基于这些业绩，股东回报有所提升。董事会批准了一项700亿美元的新股票回购计划。此外，公司还将季度现金股息提高 5%，至每股0.21美元。综合来看，股东收益率为规避风险的回报奠定了基础，以支持整体业务的高增长特性以及其他投资板块的超高增长潜 力。 目前，OpenAI 在人工智能领域占据着领导地位，这一点毋庸置疑。该公司近期 估值达 3000 亿美元 ，正朝着成为引领全球自动化领域 ...

智通财经APP获悉，欧盟正在制定一项提案，拟对部分输美商品实施出口限制，以此作为对美国总统特朗普上月发起的全面贸易战的潜在报复手段。 知情人士透露，欧盟将把此类限制措施作为威慑工具，仅在与美国的谈判未能取得满意结果时才会启用。此前，美国已对价值约3800亿欧元的欧盟商品加征 新关税。 若欧盟实施报复，可能引发华盛顿的强力回应，意味着不断升级的贸易争端将进一步激化。上个月，在加拿大安大略省宣布计划对输美电力加征附加费后， 特朗普威胁要对加拿大金属征收50%关税。 知情人士表示，出口限制是欧盟正在考虑的若干选项之一，其他可能措施包括制定更多关税清单以及限制美国企业的公共采购准入。 特朗普宣称其全球关税攻势旨在促使制造业岗位回流美国，并通过增加财政收入为减税政策延期提供资金。欧盟贸易主管马洛斯·塞夫科维奇本周一在华盛 顿会晤美国商务部长霍华德·卢特尼克和贸易代表贾米森·格里尔。 据媒体早前报道，塞夫科维奇在会后仍难窥美方立场全貌，对美方谈判目标亦感困惑。 欧盟已着手制定预案，若90天谈判期结束仍无法达成协议，将采取更多反制措施。欧盟委员会主席乌尔苏拉·冯德莱恩暗示，另一选项是瞄准美国科技公司 的数字广告收入。 有知 ...

Core Viewpoint - Amazon's stock price has declined significantly due to increased trade uncertainties and new tariff threats, entering a bear market, but long-term business fundamentals, especially in AWS and digital advertising, remain strong [1][2][14]. Financial Performance - In Q4 2024, Amazon's total operating profit reached $21.2 billion, with AWS contributing 50% despite only accounting for 15% of net sales [6]. - Amazon's total operating profit for 2024 is projected to soar by 86% year-over-year, reaching a record $68.6 billion [7]. - AWS's operating profit margin is over three times that of Amazon's overall profit margin (37% vs. 11%) [6]. Growth Potential - Amazon is on a clear path to becoming a $200 billion annual revenue giant in retail and AWS, which is expected to attract new investors [2]. - If AWS maintains a growth rate of 20% annually, Amazon's total operating profit could exceed $200 billion by 2030, tripling its 2024 operating profit [9]. - The digital advertising business is rapidly growing, with a 18% increase in Q4 sales, and is expected to significantly contribute to Amazon's net sales and operating profit growth in the coming years [10][12]. Market Position - Amazon's stock is currently undervalued at a price-to-earnings ratio of 26.5, especially compared to Shopify's 65.9, indicating potential for significant price appreciation [14]. - The company is expected to achieve a profit growth rate of 20% per share next year, despite short-term market fluctuations [14][15]. Competitive Landscape - Amazon faces competition in the cloud computing market from companies like Microsoft and Google, which could impact future growth rates in AWS and digital advertising [17]. - The vast digital data repository Amazon has accumulated from millions of customers positions it well to enhance its advertising services and drive future growth [17].