本周观点 资产交易平台依然是确定的方向： 投资逻辑 资产交易平台依然是确定的方向。1）我们对港股维持乐观预期，新股 IPO（包括 A+H、中概回港）优化港股资产， IPO 打新、新消费、创新药等板块带来"赚钱效应"。恒科由于成分原因可能短期表现平淡，风险偏好向新概念、 中小盘蔓延趋势明显。2）我们持续看多虚拟资产（含稳定币）的发展，近期包括蚂蚁、META、贝莱德在内的传 统互联网、金融机构向虚拟资产和稳定币延申的趋势明显。美国、中国香港的虚拟资产相关法律框架逐步完善， 虚拟资产趋势向上。其中，我们尤为看多资产交易平台，本质上是我们看多各类资产的交易膨胀和流动性扩散。 3）近期电商、外卖等平台补贴升级，利好咖啡茶饮及分众等广告渠道。4）海外中国资产的潜在风险依旧是中美 关税问题，保持对美国与全球关税谈判的进度跟踪，预防突发事件风险。 | 二、行业情况跟踪 | 4 | | --- | --- | | 2.1、消费&互联网 | 4 | | 2.1.1、教育 | 4 | | 2.1.2、奢侈品 | 5 | | 2.1.3、消费&连锁咖啡茶饮 | 5 | | 2.1.4、电商&互联网 | 6 | | 2.2、平台&科技 ...

特朗普总统的强硬贸易政策正在重塑全球经济版图，令投资者处境更加复杂。他对主要贸易伙伴 的进口货品大规模征收关税，令市场担忧物价上涨、供应链受阻及经济增长放缓。 以下文章来源于英为财情Investing ，作者Jesse Cohen 英为财情Investing . 全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包 括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。 来源 | 英为财情Investing 在这种挑战环境下，有些公司因为其业务模式独特，较少受到关税成本的冲击，从而能在市场波 动中获得优势。Netflix（NASDAQ:NFLX）和Uber（NYSE:UBER）就是当中的佼佼者。 下面将分析这些公司的特点，以及它们在当前市况下有什么优势。 N e t f l i x （ 网 飞 ） 在特朗普加强贸易关税之际，Netflix凭借其数码优先的业务模式及持续增长的全球订户群，有望 在当前环境中茁壮成长。 与依赖硬件或制造业的同业不同，Netflix的成本主要来自内容制作和版权授权，而非跨境商品贸 易，因此较少受到 ...

Group 1 - The company expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -260 million yuan and -370 million yuan, indicating a loss [1][2] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -280 million yuan and -390 million yuan [1][2] - The previous year's corresponding net profit attributable to shareholders was -70.37 million yuan, with a total profit of -46.42 million yuan [1][2] Group 2 - The main reasons for the anticipated loss include ongoing impacts from industry adjustments and intensified market competition in digital financial services, smart industries, and internet security sectors [2] - The company is focusing on its core information technology business and is investing in innovations such as financial SaaS subscription services, financial big models, electronic vouchers, smart ports, and government data services [2] - The financial data provided in the performance forecast is preliminary and has not been audited by registered accountants, with final figures to be disclosed in the company's 2025 semi-annual report [2]

Core Insights - xAI has launched its latest large language model, Grok 4, which shows significant performance improvements over its predecessor, Grok 3, with a 100-fold increase in training computational power [1] - Grok 4 achieved a 25% problem-solving rate in the "Humanities Last Exam" benchmark, while the multi-agent version, Grok 4 Heavy, exceeded 50% [1] - The company is focusing on enhancing multi-modal understanding capabilities and has released an API for Grok 4, supporting a context length of 256K [2] Model Performance - Grok 4 demonstrates superior reasoning capabilities in standardized tests, including GPQA and AIME, and achieved a perfect score in the Live Coding Bench test [2] - The model integrates tool usage directly into its training process, improving reliability in complex task handling [2] Commercialization Efforts - xAI has introduced a subscription service, Super Grok Heavy, allowing users to access both Grok 4 and Grok 4 Heavy [3] - The company plans to develop a dedicated programming model and initiate video generation model training using over 100,000 H200 GPUs in the coming weeks [3] - The release of Grok 4 marks a significant breakthrough in the competitive landscape of large language models, particularly in reasoning and multi-agent collaboration [3]

Group 1 - Google plans to introduce the Gemini AI assistant on smartwatches running Wear OS 4 and later, including brands like Pixel, Samsung, OPPO, OnePlus, and Xiaomi [1] - Users can activate Gemini through various methods such as voice command "Hey Google", long-pressing the side button, or tapping the Gemini app icon [1] - Gemini can assist in practical scenarios, such as cooking inquiries and weather-related questions [1] Group 2 - The assistant has cross-application task execution capabilities, allowing users to summarize emails or add events to their calendar [3] - Users can record important information and set reminders through Gemini [3] - Google has upgraded the Circle to Search feature, enabling users to search using AI Mode's deep reasoning capabilities [3] Group 3 - The AI overview presentation has been optimized for better visibility and richer visual elements [3] - Pixel 9 Pro users will receive a one-year free subscription to Google AI Pro, which includes the Veo 3 feature for generating short videos with natural audio from text descriptions [3]

Core Insights - NIO's stock opened at $3.571 per share, reflecting a 2.03% increase, with a total market capitalization of $8.087 billion as of July 9 [1] - For the fiscal year ending March 31, 2025, NIO reported total revenue of 12.035 billion RMB, representing a year-over-year growth of 21.46%, while the net profit attributable to shareholders was -6.891 billion RMB, a decrease of 31.06% compared to the previous year [1] Company Overview - NIO is a pioneer and leader in the high-end smart electric vehicle market, established in November 2014, with a mission to create a pleasant lifestyle for users [2] - The company aims to build a community centered around smart electric vehicles, sharing joy and growing together with users [2] - NIO designs, develops, co-manufactures, and sells high-end smart electric vehicles, driving innovation in autonomous driving, digital technology, electric powertrains, and battery technology [2] - The company has distinguished itself through continuous technological breakthroughs, such as its industry-leading battery swapping technology, Battery as a Service (BaaS), and unique autonomous driving technology and subscription services (ADaaS) [2] Product Launch Timeline - NIO launched its flagship seven-seat smart electric SUV, ES8, in December 2017, with deliveries starting in June 2018 [2] - The six-seat version of ES8 began deliveries in March 2019 [2] - In December 2018, NIO introduced the high-performance smart electric SUV, ES6, with deliveries commencing in June 2019 [2] - The high-end smart electric coupe SUV, EC6, was launched in December 2019, with deliveries starting in September 2020 [2] - NIO's flagship smart electric sedan, ET7, was launched in January 2021, followed by the mid-size smart electric coupe ET5 in December 2021 [2]

100亿美元融资过程波折不断 马斯克的xAI，又可以继续在AI牌桌上"烧钱"了。 据摩根士丹利日前在社交媒体平台X上的最新声明，马斯克旗下的人工智能创业公司xAI已完成总计100 亿美元的新一轮融资，其中包括50亿美元债务融资和50亿美元股权融资。这是xAI继去年12月60亿美元 融资后的又一轮大额融资，目前xAI总融资额已超200亿美元。 在本轮融资中，摩根士丹利担任了50亿美元债务融资的顾问，并表示其债务融资获得超额认购，吸引了 全球债务投资者参与。摩根士丹利在推文中强调，xAI还另外获得了50亿美元战略股权融资，"债务与股 权组合有效降低综合资本成本，大幅拓展xAI的可融资渠道"。 "股+债"组合拳的设计，一方面降低了整体资金成本，另一方面又避免了股权过度稀释。其债务融资获 超额认购，表明即使在马斯克与美国总统特朗普关系破裂后，投资者依然向马斯克投了"信任票"。 业内人士分析称，这种组合的核心是平衡短期现金流与长期股权价值：债权端扛住"烧钱压力"，股权端 则绑定顶级资源，为长期投入注入"稳定弹药"，支撑xAI的"算力军备赛"。 不过，虽然融资最终顺利完成，但过程却波折不断。 xAI此次急切融资，背后是" ...

Group 1 - NIO's stock price increased by 2.05% to $3.49 per share, with a total market capitalization of $7.904 billion as of June 28 [1] - For the fiscal year ending March 31, 2025, NIO reported total revenue of 12.035 billion RMB, representing a year-on-year growth of 21.46%, while the net profit attributable to shareholders was -6.891 billion RMB, a decrease of 31.06% year-on-year [1] Group 2 - NIO is a pioneer and leader in the high-end smart electric vehicle market, established in November 2014, with a mission to create enjoyable lifestyles for users [2] - The company aims to build a community centered around smart electric vehicles, sharing joy and growing together with users [2] - NIO designs, develops, co-manufactures, and sells high-end smart electric vehicles, driving innovation in autonomous driving, digital technology, electric powertrains, and battery technology [2] - NIO has introduced several models, including the ES8, ES6, EC6, ET7, and ET5, with deliveries starting from 2018 to 2021 [2] - The company stands out through continuous technological breakthroughs, such as its industry-leading battery swap technology, Battery as a Service (BaaS), and unique autonomous driving technology and subscription service (ADaaS) [2]

Core Insights - CrowdStrike is a leading cybersecurity company with a stock increase of 40% year-to-date, but its high valuation may limit further growth in the short term [1][12][14] - Long-term investors may benefit from CrowdStrike's comprehensive platform and projected growth in annual recurring revenue (ARR), which could more than double in the next six years [2][15] Company Overview - CrowdStrike's Falcon platform is a unique all-in-one cybersecurity solution, allowing businesses to consolidate their security needs with a single vendor, unlike many competitors that offer specialized products [4] - The platform utilizes cloud-based architecture and artificial intelligence (AI) for automated threat detection and incident response, minimizing the need for employee intervention [5] Product Features - In 2023, CrowdStrike introduced Charlotte AI, a virtual assistant that autonomously filters threats, significantly reducing alert fatigue for cybersecurity managers and saving them over 40 hours per week [6] - The Falcon platform consists of 30 different modules, enabling businesses to customize their cybersecurity solutions [7] Customer Engagement - A record 48% of Falcon customers were using six or more modules by the end of the fiscal 2026 first quarter, indicating increased spending on cybersecurity [7] - The introduction of a new subscription option called Flex allows customers to adjust their spending among different modules, potentially leading to increased long-term expenditure [8] Financial Performance - CrowdStrike ended the fiscal 2026 first quarter with a record $4.4 billion in ARR, reflecting a 22% year-over-year growth, although growth has slowed due to a significant outage in July 2022 [10][11] - Management does not expect long-term impacts from the outage and continues to target $10 billion in ARR by fiscal 2031, representing a potential growth of 127% from the current ARR [15] Market Potential - CrowdStrike's estimated addressable market is currently $116 billion, with expectations to more than double to $250 billion in the coming years [16] - Despite a premium valuation with a price-to-sales ratio of 29.1, long-term investors may find solid opportunities as the company aims for substantial growth [12][15]

证券研究报告 海外2025年中期策略：稳定币跑步入场， 虚拟资产趋势已成 C | 国金证券 NOLINK SEURITIES 易永坚 (执业S1130525020001) 徐熠雯 (执业S1130525030005) 作熠 (执业S1130525030003) 柴梦婷 (执业S1130525030013) 洁 (执业S1130525030015) 2025/6/77 2 虚拟资产&资产交易平台：随着各国对虚拟资产领域监管框架不断完善，机构入局增加，叠加流动性宽松预期， 虚拟资产趋势持续向好。稳定币有望加速w eb3.0扩圈，且稳定币相关政策只是大趋势下的一环，未来可以期待更 多各地政策出台，建议积极关注。 流媒体平台：音乐流媒体平台为内需驱动的优质互联网资产，高性价比悦己消费，规模效应持续驱动盈利杠杆 释放，建议持续关注音乐订阅平台。 O2O服务平台强者恒强的趋势加强：5月部分核心城市二手房交易量出现环比负增长；1-5月车后市场进店台次和产 值同环比均持续下滑，地产和汽车后市场需求持续收缩下，贝壳和途虎有望在长尾出清的进程中提高市占率。 网约车行业均面临供给过剩问题，建议关注掌握流量权的派单平台。 咖啡茶饮和 ...