因云业务加速增长，摩根士丹利上调亚马逊目标价。 ...

Group 1: Market Overview - The US stock market exhibited a mixed performance, with the Dow Jones Industrial Average down 0.25%, the Nasdaq Composite up 0.31%, and the S&P 500 closing flat [1] - Nvidia's stock surged over 4%, leading to a market capitalization increase of $156 billion (approximately 1.12 trillion RMB), reclaiming its position as the world's most valuable company at $3.77 trillion [1][2] - Chinese concept stocks showed significant divergence, with the Nasdaq Golden Dragon China Index down 0.6%, while stocks like Futu Holdings and ZTO Express saw gains [1][3] Group 2: Nvidia's Performance - Nvidia's stock rose 4.35%, reaching a historical high, driven by strong earnings and CEO Jensen Huang's strategic outlook [2] - Huang highlighted robotics as the next trillion-dollar market for Nvidia, with autonomous vehicles being the first commercial application [2][5] - Nvidia's data center revenue surged 427% year-over-year, indicating robust demand for AI chips [2] Group 3: Chinese Concept Stocks - Chinese tech stocks faced collective declines, with major players like Alibaba and BYD dropping over 2% [3] - Despite the downturn, some Chinese stocks like Futu Holdings and JD.com showed resilience, with Futu's growth attributed to its cross-border financial services [3] - The divergence in Chinese stocks reflects complex investor expectations regarding the US-China tech competition [3] Group 4: Other Tech Stocks - Tesla's stock fell 3.1%, marking its largest single-day drop in nearly a month, influenced by slowing delivery growth and regulatory challenges in autonomous driving [4] - In contrast, Google and Microsoft saw slight increases, with Google reaching a historical high due to the successful commercialization of its AI model Gemini [4] Group 5: Future Outlook - The ongoing divergence in tech stocks is expected to continue, with AI leaders like Nvidia and Google likely to benefit from technological advancements [8] - The robotics sector may become a new focal point in the market, especially following Huang's "robot blueprint" announcement [8] - Investors should remain cautious of geopolitical risks and regulatory changes affecting Chinese tech stocks, while long-term innovation and market demand will support their valuations [8]

Core Insights - The rapid development of artificial intelligence has made "computing power" and "data" essential infrastructure for industry growth [1][6] - The Guangdong-Hong Kong-Macao Greater Bay Area is positioning itself as a new hub for data industry development, with Shaoguan as a key player [1][2] Group 1: Infrastructure Development - Shaoguan has established 13 400G optical networks connecting to the Greater Bay Area, significantly enhancing its capacity to support the digital economy [1] - The city has built a high-speed computing power latency circle, with latency times of 1ms for city connections, 3ms for the Greater Bay Area, and 5ms within the province [1] - Major telecom operators have begun launching data centers in Shaoguan, indicating a competitive landscape for computing power investment [2][4] Group 2: Investment and Capacity - The total investment in Shaoguan's computing power cluster by major operators and tech companies has reached 621 billion yuan [2] - China Unicom's data center in Shaoguan has a planned capacity of 48,000 standard cabinets and a total energy consumption of 120MW, with capabilities for large-scale AI model training [2][5] - China Mobile's data center in Shaoguan has a total investment of 56 billion yuan and is expected to support over 1 million P of computing power upon full operation [5][6] Group 3: Strategic Focus and Future Growth - The three major telecom operators have indicated that their investments in computing power will have no upper limit, reflecting a strong commitment to expanding their capabilities [6][9] - China Unicom anticipates a 28% year-on-year increase in computing power investment by 2025, with special budget arrangements for AI infrastructure [10] - The market for computing power leasing in China is projected to reach 260 billion yuan by 2026, growing at over 20% annually [10]

大家好，今晚继续关注海外市场的表现。 美股震荡 6月12日晚间，美股低开高走，随后走势震荡，三大指数涨跌不一。 由于地缘政治风险升温引发担忧，美股涨幅收窄，油价反弹。在ABC新闻报道称以色列考虑未来几天对伊朗采取军事行动后，标普500指 数从盘中高点回落。 美元指数跌至三年来低点，显示交易员确信——如果经济增长乏力，美联储有降息空间。 5月美国通胀依然温和，再次表明关税尚未推高消费者和企业的价格。生产者价格指数（PPI）环比上涨0.1%，低于经济学家预测中值 0.2%。 随后，特朗普再次抱怨美联储在降息问题上行动太慢，尽管越来越多的证据显示通胀正在降温。鲍威尔的主席任期将于2026年5月到期。 扎卡雷利补充，由于就业市场依旧强劲，美联储也无需急于通过降息来履行其"双重使命"中的"充分就业"目标。另有一项数据显示，美国 持续申请失业救济人数达到自2021年以来的最高水平。但这一数据覆盖了包括阵亡将士纪念日及部分州暑假开始的时间段，通常会导致波 动性上升。 RGA Investments的里克·加德纳表示："虽然美股已反弹并接近2月的历史高点，但投资者很快可能会思考，究竟还有什么能推动股市突破 这一水平。市场的下 ...

港股互联网：核心标的 25Q1 业绩后基本面展望及投资逻 辑梳理 20250531 摘要 港股市场在消化利好后，受未来不确定性影响波动加剧；南下资金虽持 续流入，但高股息产品和美国国债对权益资产产生虹吸效应，压制港股 表现；美国法院对特朗普关税政策的扰动及降息预期推迟也影响市场。 腾讯 2025 年一季度业绩亮眼，收入增速预计约 10%，利润增速达 14%~15%，主要受益于游戏（如《王者荣耀》、《和平精英》）和广 告（视频号广告加载提升）板块的超预期增长，以及 AI 带来的降本增效。 阿里巴巴 2025 年一季度业绩基本符合预期，淘天集团客户管理收入增 速达 11.8%，云业务收入增速符合市场预期，但利润端表现较弱引发市 场担忧；全年展望乐观，预计淘宝天猫收入增速可达 7%-8%。 美团 2025 年一季度业绩超预期，但面临京东和阿里的竞争压力，预计 二季度外卖经营利润同比下滑 30%左右；外卖行业补贴预计将逐步收窄， 美团市场地位依然稳固，中长期仍具潜力。 网易一季度手游和端游收入超预期，通过降本增效，营销费用大幅减少， 上调全年收入和净利润预测，净利润增速预计为 18%左右；新 IP 游戏 上线有望推动 ...

微软的云业务实现增长 全球企业净利润1~3月达到约1.19万亿美元，同比增长5%。借助旺盛的AI投资，美国科技企业表 现强劲。美欧降息也起到了支撑经济的效果。4月以后受美国关税影响的程度将成为焦点…… 全球企业的净利润在2025年1~3月达到约1.19万亿美元，比上年同期增长5%，连续4个季度实现 增长。借助旺盛的人工智能（AI）投资，美国科技企业表现强劲。美欧降息也起到了支撑经济的 效果。4月以后受美国关税影响的程度将成为焦点。 日本经济新闻（中文版：日经中文网）使用截至5月22日的QUICK FactSet的数据，对日美欧等 约2万5000家上市企业（部分为市场预测）的1～3月财报进行了统计。按总市值计算占到全球整 体的9成以上。连续4个季度实现利润增长，创出自经济从新冠疫情中重启成为东风、连续6个季 度实现利润增长的2022年1～3月以来的最长纪录。 从AI投资中受益的是包括半导体在内的电子和信息通信。电子产品的利润增长38%。台积电 （TSMC）的利润按当地货币计算增长60%，创出1~3月数据的历史新高。面向美国半导体巨头 英伟达等供应的AI半导体增长。台积电董事长兼首席执行官（CEO）魏哲家表示，我 ...

Core Viewpoint - Bank of America has lowered its target price for Baidu to HKD 98 due to downward pressure on advertising from accelerated AI search [1] Financial Performance - Baidu's core business revenue for Q1 2025 is projected to be RMB 25.5 billion, representing a 7% year-on-year growth, exceeding market expectations [1] - The strong growth in cloud business, which accelerated from 26% in Q4 to 42% year-on-year, is a key driver of this performance [1] Business Segments - The growth in cloud business is fueled by surging demand for artificial intelligence and Baidu's competitive pricing for industry-leading models and AI solutions [1] - Baidu's Robotaxi business has achieved 100% fully autonomous driving in mainland China and is expanding into multiple overseas markets with a light-asset cooperation model [1] Profit Forecasts - The company has adjusted its net profit forecasts for 2025 and 2026 down by 6% and 4% respectively [1] - The target price based on discounted cash flow has been revised from HKD 101 to HKD 98, and from USD 104 to USD 100 for Baidu [1] Investment Rating - Despite the anticipated larger decline in advertising revenue, the faster growth in cloud business partially offsets this impact [1] - The company maintains a "Buy" rating based on its leadership in artificial intelligence technology and relatively low valuation [1]

2025 年 5 月 22 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 公司点评 全球市场观察 公司点评 港股分类指数上日表现 | | 收市价 | | 升/跌（%） | | --- | --- | --- | --- | | | | 单日 | 年内 | | 恒生金融 | 40,872 | 0.24 | 37.05 | | 恒生工商业 | 13,639 | 0.85 | 47.71 | | 恒生地产 | 16,558 | 0.53 | -9.65 | | 恒生公用事业 | 37,033 | 0.11 | 12.65 | | 资料来源：彭博 | | | | 北方华创（002371 CH，买入，目标价：512 元人民币）- 扩展产品组合，巩 固国产半导体设备龙头地位 公司2024年新增订单同比增长约25%，主要受集成电路设备订单强劲拉动， 且这一势头在 1Q25 持续。公司预计地缘政治局势不会给公司带来实质性影 响，全年新增订单有望延续此前增长态势。公司正通过内部研发及外部并购， 积极拓展产品覆盖面。其主要集成电路设备产品包括刻蚀、沉积、热处理、 清洗设备，并于 2025 年 3 月起新增离子注 ...

摩根士丹利称，此前该行预期的 百度核心广告业务将在今年实现反弹的观点或被推迟，因第二季度核 心广告增速可能进一步放缓。将百度的美国存托凭证目标价从100美元下调至95美元。分析师Gary Yu等 人在报告中表示，预计百度第二季度广告业务进一步放缓，同比下降10%，主要由于持续进行的AI广告 转型，并预计这种影响将延续到第三季度；二季度云业务20%-30%的增速可能持续，但与同行相比，其 规模仍有限。对广告业务复苏路径的信心继续减弱，且在营收疲软及AI与自动驾驶出租车投资增加的 背景下，利润率可能承压。 ...

纽约联储行长威廉姆斯那番"六七月绝不降息"的狠话，活脱脱是央妈经典套路：嘴上强硬手头软。就像2015年耶伦加息前夜的烟雾弹，市场早练就了"听 其言观其行"的本事。白宫突然放风的贸易协议，才是藏在鹰羽下的胡萝卜——当年特朗普关税大棒与美股齐飞的戏码，如今正在重演。 二、板块轮动里的生存智慧 各位老铁，这里是帮主郑重的隔夜市场解读时间。今天是5月20日，星期二。今儿这美股行情，可比好莱坞反转剧还魔幻——美联储官员轮番给降息泼冷 水，道指却硬气连涨六天。这场景让我想起二十年前格林斯潘玩"模糊预期"的把戏，资本市场的逆骨从来都是这么倔。 一、鹰派双簧暗藏玄机 - 太阳能板块的塌方，像极了2012年光伏泡沫破裂的前奏 - 墨菲石油2%的跌幅，暗示传统能源的黄昏将至 - 黄金冲破3230美元，恰是乱世将至的烽火信号 三、科技七巨头的冰火两重天 微软稳涨1%的底气，源自Azure云业务40%的增速，这让我想起2010年Windows7横扫全球的盛况。反观特斯拉的滑铁卢，马斯克的机器人饼画得再圆，也 抵不过比亚迪的销量追杀。最绝的是散户军团——单日抄底力度破纪录，这阵仗比GameStop大战还凶，但别忘了2021年AMC院线 ...