Core Viewpoint - Epic Games CEO Tim Sweeney firmly opposes Apple's revenue cut from in-app purchases made through external links, despite a recent ruling by the U.S. Court of Appeals affirming Apple's right to charge reasonable fees for such transactions [1][4]. Group 1 - The U.S. Court of Appeals made a significant ruling in the case between Epic and Apple, modifying previous injunctions and allowing Apple to charge fees for external in-app purchases while recognizing its right to collect reasonable fees [4]. - Sweeney acknowledged that Apple incurs operational costs when reviewing external payment links and stated that Epic is willing to accept fixed fees related to this review process, but strongly opposes Apple's percentage-based revenue cuts from income outside the App Store [4]. - Sweeney emphasized that the appellate court's ruling fundamentally rejects Apple's long-standing commission model for the App Store, claiming it ends the unreasonable practice of Apple charging arbitrary fees to any application [4]. Group 2 - The appellate court did not completely prohibit Apple from collecting commissions on in-app purchases but deemed the lower court's permanent ban on all commissions as overly harsh and more punitive than corrective, leading to the modification of the ruling [4]. - Sweeney noted that the U.S. ruling could influence regulatory bodies in other regions, suggesting that it is likely other jurisdictions will not permit Apple to charge what has been deemed unreasonable fees [4].

北京商报讯(记者魏蔚)12月12日，中望软件发布一则涉及仲裁事项的公告。公告称， 本次仲裁事项的被申请人包括中望软件与ZYX Tech，ZYX Tech是一家总部位于韩国的CAD企业；中望 软件为ZYX Tech提供技术开发服务。ITC认为中望软件违反与其之间的合同义务，向ZYX公司授予 IntelliCAD软件相关技术的许可权或软件访问权限，并因此以违反合同义务等理由向波特兰仲裁处提请 仲裁。 中望软件收到了IntelliCADTechnology Consortium(国际CAD软件技术联盟，以下简称"ITC")代理律师送 达的仲裁申请相关材料。ITC方面提出的赔偿金额为241.75万美元及罚息、相关技术服务收入、惩罚性 赔偿金、仲裁费、律师费等费用。该案件已获受理，暂未开始审理。 ITC是一家国际性非营利组织，通过向会员提供IntelliCAD技术授权服务吸纳会员并收取会员年费。中 望软件曾是ITC会员，已于2025年7月9日终止与其的会员关系。 ...

智通财经APP注意到，一些分析师本周指出，在周五进行的年度成份股调整中，比特币囤积巨头Strategy(MSTR.US)可能面临被纳斯达克100指数剔除的风 险，这源于对其商业模式的质疑，该质疑已对其股价造成压力。 Strategy最初是一家软件公司，但在2020年转向比特币投资。今年早些时候，其市值在一轮火热上涨中达到1280亿美元的峰值，并于去年12月被纳入纳斯达 克100指数的科技子类别。这一决定曾受到一些市场观察人士的质疑，他们认为这种催生了数十家模仿者的先驱商业模式，更像一只投资基金。 Strategy报告称，截至9月30日的三个月实现净利润27.8亿美元，而上年同期为亏损3.402亿美元。这主要得益于一项会计变更，使其可以将所持比特币的升值 确认为收益。与此同时，这家公司的传统软件业务收入仅为1.287亿美元。 折线图显示了过去两年中Strategy和比特币的表现 指数成份调整受到密切关注，因为它们决定了哪些公司能受益于数十亿美元的被动投资者资金流。不过，Strategy创始人迈克尔·塞勒总体上淡化了对可能被 指数剔除的担忧，其他一些分析师也表示，他们预计纳斯达克周五不会删除Strategy。 盈 ...

Core Viewpoint - MicroStrategy may face the risk of being removed from the Nasdaq 100 index due to concerns over its business model and declining stock price, which has led to skepticism among analysts [1][4][10]. Company Overview - MicroStrategy initially operated as a software company but transformed into a Bitcoin investment entity in 2020. Its stock price surged earlier this year, reaching a market capitalization of $128 billion, and it was included in the Nasdaq 100 index in December last year [1][4]. - The company's third-quarter net profit reached $2.78 billion as of September 30, compared to a loss of $340.2 million in the same period last year, primarily due to accounting changes that allowed it to recognize gains from Bitcoin holdings. However, its traditional software business generated only $128.7 million in revenue [8][10]. Market Concerns - There is growing concern about the sustainability of the business model for companies holding crypto assets, as their stock prices are highly sensitive to Bitcoin price fluctuations. MicroStrategy's stock has dropped 65% from its 2024 peak and 36% year-to-date, while Bitcoin has only decreased by 3.6% during the same period [4][10]. - As of Thursday, MicroStrategy's market capitalization fell to $52.7 billion, while the value of its Bitcoin holdings exceeded $61 billion [10]. Index Inclusion and Analyst Opinions - Analysts have expressed doubts about MicroStrategy's continued inclusion in the Nasdaq 100 index, suggesting that if it is classified as a holding company or cryptocurrency firm rather than a traditional software company, it could be removed from the index [8][10]. - Some analysts believe that MicroStrategy is currently safe due to its relatively high market capitalization, which is above that of approximately 30 other companies in the Nasdaq 100 index [11]. Potential Impact of Removal - If MicroStrategy is removed from the index, it could face an outflow of approximately $1.6 billion in passive funds [10][11]. - The global index provider MSCI has also raised questions about the inclusion of companies holding crypto assets in its benchmark indices, with a decision expected in January regarding MicroStrategy and similar companies [11]. Other Companies in Focus - Besides MicroStrategy, other companies such as Biogen and CDW are also at risk of being removed from the Nasdaq 100 index, as they are among the lowest market capitalization stocks in the index [11][12].

每经AI快讯，*ST智胜（SZ 002253，收盘价：9.53元）12月12日晚间发布公告称，近日，四川川大智胜 软件股份有限公司（以下简称"公司"）收到四川三盈招标代理有限公司发出的《中标通知书》。公司被 确认为"智慧城市治理（四期）项目"中标单位。公司中标智慧城市治理（四期）项目。中标金额约1.04 亿元。 2025年1至6月份，*ST智胜的营业收入构成为：软件行业占比99.25%，其他占比0.75%。 截至发稿，*ST智胜市值为22亿元。 每经头条（nbdtoutiao）——专访管涛：美国政府经济贸易政策正逐渐动摇美元本位国际货币体系，利 多因素下人民币汇率有可能破7 （记者 曾健辉） ...

Core Insights - The article highlights the significant achievements of Zhuhai during the "14th Five-Year Plan" period, emphasizing its role in the Guangdong-Hong Kong-Macao Greater Bay Area development and the implementation of "new marine infrastructure" to boost high-quality marine economic growth [3][4][6]. Economic Development - Over 30,000 Macao residents and more than 7,600 Australian-funded enterprises have settled in Hengqin, contributing to Zhuhai's economic growth [1]. - Zhuhai's port traffic ranks first in the country, with annual passenger flow at Gongbei Port exceeding 100 million [1][7]. - The total import and export value through the Hong Kong-Zhuhai-Macao Bridge has surpassed 1.2 trillion yuan, with a significant increase in cross-border e-commerce exports [7][8]. Marine Economy - Zhuhai has established itself as a leader in marine economic development, with the marine economy exceeding 100 billion yuan and deep-sea aquaculture water volume increasing to 1.5 million cubic meters, eight times that of the previous five-year plan [4][5]. - The city has launched several innovative marine technologies, including the world's first deep-water pipeline and a high-speed unmanned submarine [4][5]. Industrial Innovation - Zhuhai has seen over 80% growth in R&D investment, with a significant increase in the number of high-tech enterprises and patents per capita [9][10]. - The industrial output value has consistently surpassed 500 billion yuan, with advanced manufacturing accounting for 58.6% of the total industrial output [9][11]. Future Outlook - The city aims to transition from "scale expansion" to "advantage forging," focusing on technological innovation and the development of new industries such as artificial intelligence and robotics [12][13]. - Zhuhai plans to enhance its role as a core city in the Greater Bay Area, contributing to the construction of a modern industrial system [12][13].

Core Insights - Global IT spending is projected to grow by 14% in 2025, marking the fastest growth since 1996, driven by a surge in AI infrastructure investments [1][3] - Total global IT spending is expected to reach $4.25 trillion (approximately 30 trillion RMB) by 2025, and when including telecommunications and business services, total ICT spending will approach $7 trillion (approximately 50 trillion RMB) [1] - The forecast for IT spending in 2025 has been revised upward for seven consecutive months, reflecting stronger-than-expected investments in AI infrastructure by service providers [3] Group 1 - AI is identified as the core theme for the IT market in 2025, with most investments currently focused on infrastructure development by service providers [3] - Enterprise software spending is expected to grow by 14%, driven by ongoing digital transformation and cloud migration efforts [3] - In Q1 2025, global IT spending increased by 16%, the highest quarterly growth in nearly 29 years, partly due to preemptive PC shipments ahead of potential tariffs [3] Group 2 - IT spending by enterprises grew by 11% in Q1 and 10% in Q2 of 2025, indicating strong demand [3] - Spending on data center infrastructure by service providers is expected to surge by 86% in 2025, nearing $0.5 trillion (approximately 3.5 trillion RMB) [3] - Despite discussions about the duration of the current growth cycle, there are no signs of a slowdown, with many companies planning to increase IT budgets in 2026 [7] Group 3 - IDC forecasts a 10% growth in global IT spending for 2026, which, while lower than 2025, will still be one of the strongest years since the 1990s [7] - Challenges for 2026 include potential shortages in memory components, which could raise PC costs [7] - The current technology demand remains resilient despite economic uncertainties, with ongoing AI investments expected to provide support [7]

A 股周四高开低走，航天板块维持 强势；港股下跌，国产半导体表现 不佳；欧洲股市上涨，美联储降息 提振市场情绪；美股在降息推动下 上涨，但甲骨文 (ORCL US) 财报 不及预期拖累科技股表现，纳指下 跌。 外 汇 / 商 品 受美股早盘下跌拖累，周四原油期 货收于 10 月以来的最低水平；投 资者权衡美联储的利率前景，黄金 价格上涨，白银现货和伦敦期铜再 创历史新高。 固 定 收 益 周四美国国债基本持稳，收益率轻 微上涨约 1 个基点，走势延续陡峭 化。30 年期国债标售表现稳健。亚 洲债市表现稳健，利差收窄 1-2 个 基点。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 环球市场动态 中 央 经 济 工 作 会 议 稳 中 求 进 股 票 2025 年 12 月 12 日 ▪ 中央经济工作会议认为国内的矛盾主要是 "供强需弱"，强调要 "推动经济实现质的有效提升和量的合理增长"： 要求继续实施更加积极的财政政策和适度宽松的货币政策，并指出 "发挥存量政策和增量政策集成效应"，我们 认为政策或更注重政策协调与落地效果。总体上，我们预计明 ...

Core Viewpoint - The Hang Seng Index Company announced a rebranding of the Hang Seng Hong Kong Stock Connect Software and Semiconductor Index to the Hang Seng Hong Kong Stock Connect Software Theme Index, with changes in constituent stocks effective December 16, 2025 [1] Group 1 - The number of constituent stocks will be fixed at 40 [1] - Four stocks will be added: Reading Group, Qutoutiao, Meitu, and Huya Technology [1] - Four stocks will be removed: ASMPT, SMIC, Hua Hong Semiconductor, and Innodisk [1]

根据财报，博通第四季度营业收入达到了180.2亿美元，同比增长28%； 12月11日美股盘后，博通发布了截至2025年11月2日的2025财年第四季度业绩报告，交出了一份亮眼的成绩单。 财报显示，博通第四财季营收180.2亿美元，同比增长28%；净利润97.1亿美元，同比增长39%。 其中，AI芯片的收入同比增长了74%，高于前一财季超预期增长的63%。 尽管博通又一次实现了出色的盈利和收入，但电话会中CEO陈福阳表示，公司积压了730亿美元的AI产品订单，这也让投资者感到失望。 受此影响，博通股价在盘后交易中一度上涨5%，随后逆转涨势，跌幅超4%。 营收、利润齐超预期 非GAAP口径下调整后四季度净利润97.1亿美元，同比增长39%； 调整后四季度税息折旧及摊销前利润（EBITDA）122.2亿美元，同比增长34%； 调整后每股收益（EPS）1.95美元，同比增长37%。 | | | | | GAAP | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (Dollars in millions, except per sha ...