香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Stream Ideas Group Limited 源 想 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8401） 自願性公告 諒解備忘錄 茲 提 述 源 想 集 團 有 限 公 司（「 本 公 司 」）日 期 為 二 零 二 五 年 七 月 四 日 的 公 告（「 該 公 告」），內容有關（ 其中包括 ）與業務夥伴訂立不具法律約束力的戰略合作協議。除 另有界定外，本公告所用詞彙與該公告所界定者具有相同涵義。 我們欣然宣佈，本公司已於二零二五年八月二十一日與業務夥伴及深圳大白時代 科技有限公司（「新合作夥伴」）訂立諒解備忘錄（「諒解備忘錄」），以擴大我們在中 國及海外開發、生產、銷售及租賃飲水機的戰略合作範圍，重點整合先進的水務 管理解決方案，並增強我們在高流量城區的媒體及廣告能力。諒解備忘錄建立在 二零二五年 ...

Core Viewpoint - The article highlights the divergent strategies of major financial institutions regarding technology stocks amid the AI boom and market volatility, indicating a potential shift in investment themes for the upcoming period [1]. Group 1: UBS - UBS reduced its holdings in major tech stocks, including a 10.86% cut in Apple, 5.16% in Nvidia, and 3.95% in Microsoft, while increasing its position in Nasdaq 100 put options by 84.21% [2]. - The strategy reflects a defensive posture, aiming to hedge against potential declines in tech stocks while maintaining a neutral stance on the broader market [2]. Group 2: Wells Fargo - Wells Fargo showed strong confidence in the overall market, increasing its total holdings by 9.77% to $483 billion, with a 47.29% increase in the S&P 500 ETF [3]. - The bank exhibited a "structural increase" in tech stocks, notably boosting its position in Google by 30.89% and adding Broadcom to its top holdings, indicating a focus on the AI supply chain [3]. - Wells Fargo also adopted a dual strategy of increasing bond ETF holdings for volatility protection while aggressively increasing Nasdaq 100 put options by 92.25% [3]. Group 3: Nomura - Nomura's holdings grew by 13% to $60.5 billion, with a significant focus on AI applications and individual stock volatility [4]. - The firm increased its position in Meta call options by 10.98% and Microsoft call options by 110%, reflecting a strong bet on AI application leaders [4]. - Notably, Nomura employed a unique strategy with Tesla, increasing both put and call options, indicating a bet on volatility amid uncertainties surrounding the company [4]. Group 4: Hedge Fund Strategies - Hedge fund strategies varied significantly, with some, like Ackman, focusing on consumer stocks, while others, like Soros, adopted a defensive approach by increasing put options on the S&P 500 and Russell 2000 [6]. - Michael Burry's shift from shorting tech stocks to buying call options on healthcare and tech companies illustrates a dramatic change in sentiment, aligning with the broader market rebound [6]. Group 5: Market Signals - The analysis of institutional holdings reveals three key market signals: the definitive split in tech stocks, the standardization of hedging tools, and a balance between defensive and offensive strategies [7]. - The divergence in tech stock performance suggests a preference for hard tech and AI applications over consumer electronics, indicating a shift in investor focus [7]. - The use of derivatives for risk management highlights a transition from a bullish market to a more volatile environment, where institutions are seeking structural opportunities [7].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [2]. Core Insights - The overall revenue of the four major overseas technology companies reached $388.1 billion in Q2 2025, with a year-on-year growth rate of 15% [5][11]. - The combined net profit for these companies was $91.9 billion, resulting in an overall net profit margin of approximately 24% [14][16]. - Capital expenditures reached a record high of approximately $95 billion, with a year-on-year increase of 67% [5][6]. - Cloud business revenue accelerated, with a combined revenue of $74.4 billion for the three major cloud providers, reflecting a year-on-year growth of 23% [5][6]. - The digital advertising sector showed strong performance, with total advertising revenue of $137.2 billion, up 15% year-on-year [5][6]. Summary by Sections Performance Overview - In Q2 2025, all four companies exceeded market expectations in total revenue, with Meta showing the highest stock price increase of 11.3% following earnings announcements [5][10][11]. Capital Expenditure - The capital expenditure for Q2 2025 reached approximately $95 billion, marking a 67% increase year-on-year and a 24% increase quarter-on-quarter [5][6]. Operating Expenses - Operating profit margins improved year-on-year, with significant optimization in marketing expense ratios across the companies [5][6]. Cloud Computing - The cloud business revenue growth accelerated, with demand continuing to outstrip supply. The three major cloud providers reported a combined revenue of $74.4 billion, with Amazon leading at $30.9 billion, followed closely by Microsoft at $29.9 billion and Google at $13.6 billion [5][6]. Digital Advertising - The advertising business performed well, with a total revenue of $137.2 billion, reflecting a year-on-year increase of 15%. AI technologies are enhancing advertising experiences across platforms [5][6]. Related Companies - The report highlights Microsoft (MSFT.O), Google (GOOGL.O), Amazon (AMZN.O), and Meta (META.O) as key players in the industry [5][6].

Summary of Key Points from Conference Call Records Industry and Company Overview - The conference call discusses the performance and strategies of major tech companies, particularly focusing on Meta, Amazon, Microsoft, Google, and the overall digital advertising and cloud computing industries [1][3][12]. Core Insights and Arguments - **Meta's Performance**: Meta achieved over 20% growth in advertising revenue due to aggressive capital expenditures and is a leader in generative AI, indicating the importance of strong investment in the early stages of AI development [1][3][30]. - **High Valuations in US Markets**: The US stock market is currently overvalued, making Hong Kong stocks, such as Tencent, more attractive as they enter the commercialization phase of AI capital expenditures [1][5]. - **Cloud Computing Demand**: There is a sustained high demand for cloud computing, but supply-side pressures exist due to long delivery times for Nvidia chips and data center construction delays. Amazon's historical capital expenditures have positioned it well in the cloud market [1][6]. - **Impact of Short Videos and AI**: Short videos and AI technologies are transforming information acquisition methods, with short videos capturing market share in digital advertising. Investment should focus on companies excelling in these areas [1][7]. - **Microsoft's Cloud Growth**: Microsoft's cloud business has shown significant growth due to early and substantial capital investments, with fewer constraints on computing power compared to AWS [1][9]. - **Digital Advertising Market Trends**: The digital advertising market is benefiting from AI-driven demand growth, with companies like Google, Tencent, and Kuaishou expected to gain from this trend despite slight market share losses [1][12]. Additional Important Insights - **AI's Revenue Impact**: AI technology has significantly boosted revenues and profits for many internet companies, with OpenAI's valuation skyrocketing from $30 billion to $500 billion following the launch of GPT [4]. - **Profitability and Capital Expenditures**: Microsoft has maintained a stable operating profit margin despite increased capital expenditures, while Amazon faces pressure on its profit margins due to depreciation and amortization [10][11]. - **Google's Advertising Growth**: Google reported a slight revenue increase driven by retail and financial services, with new features enhancing user engagement and advertising revenue [17]. - **Amazon's Retail and Cloud Performance**: Amazon's retail business is thriving, with strong demand in the US e-commerce market, while its cloud business faces supply constraints [23][24]. - **Meta's AI Investments**: Meta's aggressive investment in AI is expected to yield significant returns, with projected capital expenditures reaching $70 billion in 2025, focusing on advertising recommendations and content experience [30][33]. This summary encapsulates the key points from the conference call records, highlighting the performance and strategic directions of major tech companies and the broader industry trends.

Core Insights - Digital advertising has been a reliable growth engine for the business world over the past two decades, but it is now experiencing a slowdown after 16 years of double-digit growth, with future growth expected to remain in single digits [3][4][26] - The decline in search advertising is a significant factor contributing to this slowdown, as AI is disrupting the traditional search ad model, leading to reduced click-through rates and lower ad revenue for platforms like Google [4][10][27] - Retail media is capturing the traffic that search ads are losing, as e-commerce platforms like Amazon and Walmart optimize the shopping experience by integrating ads directly into their environments [7][19][24] Search Advertising Decline - Search advertising, once a reliable choice for digital marketing, is facing challenges due to AI's impact on user behavior, which reduces the need for clicks and diminishes the value of ad placements [4][8][27] - eMarketer predicts a compound annual growth rate (CAGR) of only 6.8% for search advertising in the coming years, which is lower than the overall digital advertising growth rate [4][19] Retail Media Growth - Retail media is becoming a significant player in the digital advertising landscape, with a projected growth rate of 22.3% in 2023, driven by its proximity to the point of purchase [19][20] - However, growth is expected to slow down to 10.2% by 2029, as inventory saturation and privacy concerns limit the effectiveness of external advertising [20][24] Display Advertising Resurgence - Display advertising is experiencing a revival, with a projected CAGR of 9.8% over the next four years, as its format evolves to include more integrated and engaging ad experiences [11][15] - The integration of AI in creative production is enhancing the effectiveness of display ads, allowing for real-time optimization and better targeting of audiences [15][18] Changing Budget Allocation - Advertisers are now required to be more flexible with their budget allocations, shifting funds to the most effective channels as traditional models become less reliable [26][29] - The competition among platforms is shifting from sheer traffic volume to providing a complete advertising solution that maximizes efficiency and return on investment [29]

Group 1 - Reddit reported a 78% year-over-year revenue increase to $500 million for Q2 2024, exceeding analyst expectations of $425 million, marking the fastest growth in three years [1][3] - Adjusted earnings per share (EPS) reached $0.92, surpassing the expected $0.72, while net profit was $89 million, significantly higher than the average analyst forecast of $36 million [1][3] Group 2 - The company projects Q3 sales to be between $535 million and $545 million, with the midpoint significantly above Wall Street's expectation of $473 million [3] - Since its IPO in March 2024, Reddit has been investing in advertising technology to capture more market share in the digital advertising space dominated by Meta and Alphabet [3] - Analysts note that Reddit has found a way to convert user traffic into revenue, moving beyond merely accumulating users, and the future will depend on whether advertisers view Reddit as a "must-buy platform" rather than an optional choice [3]

Core Viewpoint - Amazon's Q2 earnings report showed strong revenue growth but disappointing guidance for Q3, leading to a decline in stock price as investors question the effectiveness of its significant investments in artificial intelligence [2][11][13]. Revenue and Earnings - Amazon's total revenue for Q2 increased by 13% to $167.7 billion, surpassing market expectations of $162.1 billion. Earnings per share were $1.68, exceeding the anticipated $1.33 [2]. - The revenue from Amazon Web Services (AWS) grew slightly over 17% to $30.9 billion, just above the analyst average expectation of $30.8 billion [3]. - The advertising business generated $15.7 billion in Q2, a 23% year-over-year increase, exceeding market expectations of $14.9 billion [5]. - Online store revenue rose by 11% to $61.5 billion, surpassing the market average expectation of $59 billion. Seller services revenue reached $40.3 billion, also up 11% [7]. Regional Performance - North America revenue grew by 11% to $100.1 billion, while international revenue increased by 16.2% to $36.8 billion [9]. Future Outlook - For Q3, Amazon expects operating profit to be between $15.5 billion and $20.5 billion, with sales projected between $174 billion and $179.5 billion, both above analyst expectations [11]. - CEO Andy Jassy emphasized the need for significant investment in data centers to compete in the AI infrastructure race against Microsoft and Alphabet [11]. Capital Expenditure and Competition - Amazon's capital expenditures reached a record $31.4 billion in Q2, a 90% increase year-over-year, indicating substantial investment plans for the second half of the year [12]. - Analysts expressed disappointment with AWS's growth compared to competitors, with Microsoft Azure and Google Cloud reporting growth rates of 39% and 32%, respectively [12]. - Jassy noted that AWS's growth is still in the early stages and highlighted the importance of security and availability as competitive advantages [12][13]. Stock Market Reaction - Following the earnings report, Amazon's stock price fell significantly, dropping nearly 8% in after-hours trading, reflecting investor concerns about the company's future performance [13].

智通财经APP获悉，亚马逊(AMZN.US)在美东时间周四盘后发布第二季度财报，报告发布后股价应声下 跌。公司公布的三季度运营利润指引低于预期，且云业务增长落后于竞争对手，投资者纷纷探寻该公司 在人工智能领域的巨额投入是否已见成效。 数据显示，二季度亚马逊总营收增长13%至1677亿美元，远超市场平均预期的1621亿美元。每股收益为 1.68 美元，超出市场平均预期的1.33美元。 其中，值得注意的是，亚马逊旗下的全球最大云计算服务提供商亚马逊云科技(AWS)营收增长略超 17%，达309亿美元，仅略高于分析师平均预期的308亿美元。 公司Q2在线商店业务营收同比增长11%至614.85亿美元，超出市场平均预期的590亿美元。卖家服务收 入达到403亿美元，同比增长11%。分析师此前预期为387亿美元。 与此同时，亚马逊Q2广告业务营收达157亿美元，同比增长23%，超出市场预期的149亿美元，成为此 次财报的一项亮点。尽管这家在线零售巨头的线上广告部门在规模上远不及亚马逊的零售和云业务，但 它已成为一个日益重要的利润来源，同时也是全球第三大数字广告平台，仅次于 Meta(META/US)和 Alphabet ...

Group 1 - UBS highlights the upcoming earnings season for small and mid-cap companies focused on AI application software, recommending increased allocation to Applovin (APP.US) and The Trade Desk (TTD.US) as leaders in the "AI + digital advertising" segment [1][2] - The report emphasizes that small-cap stocks are currently more attractive compared to large-cap stocks, with the Russell 2000 index's expected P/E ratio around 15x, below historical averages [2][3] - UBS expects several small-cap AI application software companies to provide positive earnings guidance, with Applovin and The Trade Desk anticipated to exceed market expectations for Q3 [3][4] Group 2 - The integration of AI in digital advertising has accelerated since the rise of ChatGPT, with major players like Google and Meta incorporating generative AI technologies to enhance ad performance [4][5] - UBS notes that the shift in focus from hardware to software in tech investments is benefiting companies like Applovin and The Trade Desk, as demand for AI application software continues to grow [5][6] - UBS maintains an optimistic outlook on Applovin's performance, raising its Q2 2025 revenue forecast to $867 million, reflecting positive trends from App Store advertising policies and strong growth in its self-operated app business [7][8] Group 3 - The Trade Desk is also viewed positively by UBS, with expectations for steady growth in Q2, driven by its "AI + digital advertising" platform and upcoming events that could catalyze further performance [7][8] - Both companies have successfully integrated generative AI and deep learning into their advertising technologies, leading to significant revenue growth and improved operational efficiency [8]

Core Viewpoint - The article discusses a significant corruption case involving a short video platform service provider, highlighting systemic issues within the industry that allow for such misconduct to occur. The case reveals how concentrated power and lack of oversight can lead to corruption, particularly in the context of incentive systems and resource allocation. Group 1: Corruption Case Details - A service provider's leader, Feng, embezzled 140 million yuan in rewards over a year by exploiting loopholes in the incentive system [1][11] - Seven individuals, including Feng, were sentenced to prison terms ranging from three to fourteen and a half years for their roles in the embezzlement [1] - The case exemplifies the risks associated with a lack of regulatory oversight in the short video platform's commercial operations [10] Group 2: Industry Dynamics - The short video industry is characterized by a high-pressure environment where platforms prioritize rapid growth and user acquisition, often at the expense of regulatory frameworks [7][24] - The governance structure within these platforms tends to centralize power among a few operational roles, creating a "black box" of decision-making that lacks transparency [3][5] - The operational managers in these platforms wield significant power, often greater than that of executives in traditional companies, allowing them to control substantial financial resources without rigorous oversight [4][9] Group 3: Incentive Systems and Risks - The incentive systems designed to drive growth can inadvertently create opportunities for corruption, as individuals exploit their knowledge of the rules to siphon off funds [2][12] - The complexity of the rules and the opaque nature of resource allocation contribute to a fertile ground for corrupt practices [20][22] - The article highlights the transition of corruption methods from cash-based to more sophisticated techniques involving cryptocurrencies and digital transactions, complicating detection and enforcement [15][12] Group 4: Channel Management Issues - Channel management within the commercial ecosystem is identified as a high-risk area for corruption, with agents and service providers often benefiting from opaque rebate systems [16][20] - The shift towards self-service advertising systems has reduced the power of traditional channels, increasing pressure on agents and potentially leading to more gray market activities [24] - The rebate system, while providing value in terms of reaching clients, inherently contains risks due to its lack of standardization and transparency [26][21]