23 August 2025 | 3:46AM HKT Stock Implications: We estimate the top six stocks in the Hang Seng Family of Indexes seeing the largest passive net buying flows are: Horizon Robotics (higher FAF), Pop Mart (added to HSI and HSCEI), BYD, Meituan, Xiaomi, and Alibaba (all re-capping higher), with potential inflows ranging from US$185mn to US$610mn. Meanwhile, stocks expected to see the largest index outflows are: Tencent Asia Index Strategy Hang Seng Indexes Rebalancing Review and Flow Implications (Sep 2025) Wh ...

22 August 2025 | 1:40PM EDT US Weekly Kickstart Hedge funds and mutual funds both navigating beta and alpha headwinds David J. Kostin +1(212)902-6781 | david.kostin@gs.com Goldman Sachs & Co. LLC Ben Snider +1(212)357-1744 | ben.snider@gs.com Goldman Sachs & Co. LLC Ryan Hammond +1(212)902-5625 | ryan.hammond@gs.com Goldman Sachs & Co. LLC Jenny Ma +1(212)357-5775 | jenny.ma@gs.com Goldman Sachs & Co. LLC Daniel Chavez +1(212)357-7657 | daniel.chavez@gs.com Goldman Sachs & Co. LLC Kartik Jayachandran +1(212 ...

Group 1: Company Overview - Apple and Microsoft, founded in 1976 and 1975 respectively, have remained relevant and profitable in a competitive environment, with share price appreciation of 688.4% and 992.5% over the last 10 years through August 15, compared to the S&P 500's 206.5% [1] - Apple's iPhone generated $44.6 billion in sales during the fiscal third quarter, accounting for over 47% of the company's total revenue, with a year-over-year increase of 13.5% [4] - Microsoft's fiscal fourth-quarter revenue grew 17% year-over-year, with adjusted operating income increasing by 22%, indicating strong performance across all business segments [10] Group 2: Product Performance - Apple's services business, which includes advertising, product support, the App Store, and payment services, generated $27.4 billion in sales, up 13% year-over-year, with a gross margin of 75.6% [6] - Microsoft’s Azure cloud services saw a 39% increase in sales during the fourth quarter, contributing to over $75 billion in annual revenue, with a market share of 20% [12] Group 3: Market Position and Valuation - Apple's iPhone global market share was 19% in the first calendar quarter, slightly behind Samsung's 20%, indicating competitive pressure [5] - Microsoft's stock gained 19.7% year-to-date through August 20, while Apple's shares declined by 10.3%, with Microsoft's P/E ratio at 37 and Apple's at 34, both higher than the S&P 500's P/E ratio of 30 [13]

计算机周报 20250824 国产 AI 算力与信创有望共迎拐点 2025 年 08 月 24 日 ⚫ 市场回顾 ⚫ 公司动态 ➢ 国源科技：8 月 22 日消息，公司披露股东减持结果，孙瑞泽（控股股东一 致行动人）、程立君（高管）、代庆（高管）、张正河（独董）减持计划均完毕， 8 月 21 日以集中竞价减持：孙瑞泽减 10 万股（0.0754%）、金额 290.86 万 元，程立君减 10 万股（0.0754%）、金额 295.17 万元，张正河减 500 股 （0.0004%）、金额 1.46 万元（现持股 0），代庆减 0.75 万股（0.0057%）、 金额 22.38 万元。本次减持与此前计划一致，未提前终止。 ➢ 海量数据：8 月 22 日消息，公司完成工商变更登记并取得换发的《营业执 照》。此前公司分别于 2024 年 10 月、2025 年 4 月审议通过相关变更议案， 2025 年 5 月年度股东大会审议通过后，管理层办理了手续，变更后注册资本为 29,387.271 万元，统一社会信用代码等其他登记信息亦明确。 ⚫ 本周观点 本周（8.18-8.22）沪深 300 指数上涨 4.18%，中 ...

1.【苹果据悉探索利用谷歌Gemini为新版Siri赋能】8月23日消息，苹果正就使用谷歌Gemini来支持 其新版Siri语音助手进行初步讨论，这标志着苹果向外包更多人工智能技术迈出潜在关键一步。知情 人士称，这家iPhone制造商最近与Alphabet Inc.旗下谷歌展开接触，探讨构建一款定制化AI模型， 作为明年新版Siri的基础。知情人士表示，谷歌已开始训练一款可在苹果服务器上运行的模型。苹果 希望在生成式人工智能领域追赶对手，这家科技巨头在该领域起步较晚且难以取得突破。苹果今年早 些时候还曾与Anthropic PBC和OpenAI探讨合作，评估Claude或ChatGPT能否为新版Siri提供支 持。苹果距离做出最终决定还有数周时间，目前仍在权衡是继续使用内部模型，还是转向外部合作伙 伴。潜在合作对象也尚未确定。苹果和谷歌的发言人均拒绝置评。（财联社） 2. 【Coinbase CEO：开除了一些不按要求使用AI的员工】Coinbase公司首席执行官表示，他"擅自 行动"，解雇了一些未采用人工智能技术的员工，此前他已告知这些员工必须采用该技术。 阿姆斯特 朗强调了人工智能在工作中的重要性，他计划 ...

Core Insights - Applovin Corp. (APP) experienced a significant Power Inflow, indicating strong institutional buying activity, which is interpreted as a bullish signal for traders [3][4][6] Trading Signals - The Power Inflow occurred at a price of $433.53, suggesting a potential uptrend and an entry point for traders [4][9] - Following the Power Inflow, the stock reached a high price of $446.92, reflecting a return of 3.1%, and a closing price of $441.68, with a return of 1.9% [9] Order Flow Analytics - Order flow analytics involves analyzing the volume of buy and sell orders to gain insights into market conditions and trading opportunities [6][8] - This analysis helps traders interpret market trends and improve trading performance by understanding institutional activity [7][8]

与此同时，值得注意的是，苹果与谷歌已有的搜索合作协议面临挑战。美国司法部对谷歌与其他公司签 订的排他性协议提出异议，可能对谷歌在苹果设备上的搜索地位产生影响。这一潜在风险使得谷歌在 AI领域的技术合作显得尤为重要，以便在多变的市场环境中保持竞争优势。 来源：市场资讯 （来源：美股情报站） 8月22日，谷歌C（GOOG）的股价表现异常亮眼，再度上涨3.04%，实现两连涨，并创下自2022年7月 以来的最高盘中价格，这无疑让投资者倍感振奋。然而，全球经济波动、市场竞争和技术创新层出不 穷，如何看待这些因素的影响，成为投资者评估谷歌未来走势的关键。 近期，有媒体报道指出，苹果与谷歌正展开初步磋商，探讨将谷歌的Gemini AI技术应用于新版Siri语音 助手，这一消息无疑引发了市场的高度关注。苹果公司在生成式人工智能领域的发力，意在借助谷歌先 进的技术优势，提升Siri的智能化水平。这一合作动向无疑为谷歌的股价注入了上行动力，同时也显示 出科技巨头们在人工智能领域竞争与合作的微妙关系。 苹果在人工智能领域起步稍显迟缓，此次与谷歌的合作尝试则彰显出其加速追赶的决心。在这一过程 中，苹果还曾与其他公司如Anthropi ...

Core Insights - IBM is focusing on smaller, domain-specific AI models that prioritize reliability, cost-efficiency, and practical enterprise utility [1][7] - The watsonx platform serves as the core technology for IBM's AI capabilities, offering tools for AI development, data storage, and governance [1][7] - IBM's AI collaborations with SAP and Salesforce aim to enhance productivity and facilitate business transformation [3][7] AI Solutions - IBM Concert is an AI-powered automation solution designed for complex IT operations, improving efficiency in patch management and security orchestration [2] - The solution reduces operational costs and optimizes patching plans through AI-driven recommendations based on system topology and business needs [2] Competitive Landscape - Other tech firms like Amazon and Microsoft are also advancing in the AI space, with Amazon's Bedrock platform and Microsoft's Agent Store enhancing their competitive positions [4][5] Financial Performance - IBM's stock has increased by 22.1% over the past year, outperforming the industry growth of 14.7% [6] - The company trades at a forward price-to-sales ratio of 3.24, which is below the industry average [8] Earnings Estimates - The Zacks Consensus Estimate for IBM's earnings for 2025 has been rising over the past 30 days, indicating positive sentiment [9]

Core Insights - The SPDR S&P Software & Services ETF (XSW) is designed to provide broad exposure to the Technology ETFs category, launched on September 28, 2011 [1] - XSW is managed by State Street Investment Management and has accumulated over $470.81 million in assets, positioning it as an average-sized ETF in the Technology sector [5] - The ETF seeks to match the performance of the S&P Software & Services Select Industry Index, which represents the software sub-industry of the S&P Total Stock Market Index [6] Fund Characteristics - XSW has an annual operating expense ratio of 0.35%, making it one of the least expensive options in its category [7] - The ETF has a 12-month trailing dividend yield of 0.06% [7] - The portfolio is heavily weighted in the Information Technology sector, comprising approximately 96.7% of total assets [8] Holdings and Performance - Bigbear.ai Holdings Inc (BBAI) constitutes about 1.34% of total assets, with the top 10 holdings accounting for approximately 9.46% of total assets under management [9] - As of August 22, 2025, XSW has experienced a year-to-date loss of about -3.57% but is up approximately 17.09% over the past year [10] - The ETF has a beta of 1.18 and a standard deviation of 26.49% over the trailing three-year period, indicating a higher risk profile [10] Alternatives and Market Position - XSW is positioned as a strong option for investors looking to outperform the Technology ETFs segment [11] - Other ETFs in the space include Invesco AI and Next Gen Software ETF (IGPT) with $505.21 million in assets and iShares Expanded Tech-Software Sector ETF (IGV) with $9.5 billion in assets [12] - IGPT has an expense ratio of 0.58%, while IGV charges 0.41% [12]

August 18, 2025 04:01 AM GMT US Equity Strategy | North America US Equity Strategy: Institutional 13F Positioning - 2Q25 M Investors added to Tech, Industrials, and Comm. Services in Q2, while trimming Healthcare, Financials, and Staples. Hedge funds remain underweight Tech, overweight small-cap Healthcare, and U.S. funds make up 81% of S&P 500 ownership. • Sector Shifts: Investors increased exposure to Technology (+1.9%), Industrials (+0.6%), and Communication Services (+0.6%), while reducing positions in ...