Group 1 - Amazon is recognized as part of the "Magnificent Seven," indicating its significant position in the market [1] - The perception that large, established companies have limited growth potential is challenged by the ongoing performance and strategies of such companies [1] - The focus is on companies with strong fundamentals, stable growth, and competitive advantages, which are essential for building a profitable long-term portfolio [1] Group 2 - The investment strategy emphasizes diversification, risk management, and leveraging compound interest to maximize returns [1] - Continuous learning and exploration of strategies and tools are highlighted as crucial for improving investment performance [1]

证 券 研 究 报 告 AI加速兑现，Capex指引再上调 ——美股云计算和互联网巨头25Q2总结 证券分析师： 林起贤 A0230519060002 黄俊儒 A0230525070008 联系人：黄俊儒 2025.08.11 1 核心观点： www.swsresearch.com 证券研究报告 2 ◼ 云厂业绩：谷歌、微软超预期，亚马逊AWS表现平平。微软Azure：FY25Q4营收增速环比提升4pct至39%，FY25年收入达750 亿美元，同时FY26Q1指引为+37%，主要体现算力产能释放、在AI云领域的竞争优势。谷歌云：增长重新加速，营收136亿美元， 营收增速环比25Q1提升3.6pct至31.7%，后续重点关注与OpenAI等重要合作、芯片产能爬坡对增速的拉动。亚马逊AWS：本季 度营收309亿，YoY+17.5%，增长并未加速，产能受限、模型竞争等或为影响因素。 ◼ Capex指引上调、全年投入乐观。本季度行业合计Capex为958亿，同比+64%，体现AI云订单需求旺盛。指引方面，谷歌：全 年Capex指引上调100亿至850亿美元。META：中值上修10亿至690亿美元，且26年增幅将与2 ...

Core Insights - Walmart and Amazon are leveraging AI to reshape user experience and internal operations, creating a foundational AI-based operating system for commerce [1][12] - The competition between Walmart and Amazon is twofold: developing advanced AI agents for shopping behaviors and optimizing logistics for faster delivery [2][9] - The retail landscape is shifting towards intelligent, adaptive commerce ecosystems where AI-driven decision-making is becoming central [3][4] AI Integration and Retail Strategy - Amazon anticipates that agentic AI, which acts on behalf of users, will be a significant growth driver, utilizing AWS tools for automating retail transactions [3][7] - Walmart is deploying its own AI "super agents" to enhance customer service and aims for eCommerce to constitute half of its sales within five years [7][12] - The convergence of AI and logistics is expected to redefine competitive advantages in retail, moving away from traditional metrics like scale and supplier relationships [8][12] Delivery and Fulfillment Performance - During a recent retail competition, Walmart outperformed Amazon in same-day delivery, with 48% of grocery-only customers using Walmart's service compared to 36% for Amazon [9][10] - Walmart's hybrid fulfillment model, which includes store fulfillment and curbside pickup, provides a competitive edge in convenience over Amazon's centralized delivery approach [10][12] - Amazon is exploring drone delivery innovations, with regulatory changes potentially facilitating broader deployment and enhancing its delivery capabilities [11][12]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index up 0.16% to 3,639 points, reaching a new high for the year[16] - Hong Kong stocks collectively rose, with the Hang Seng Index increasing by 0.69% to return to 25,000 points[11] - European markets displayed mixed results, with the UK experiencing a decline due to the Bank of England's fifth rate cut within a year[9] Economic Indicators - China's July exports increased by 7.2% year-on-year, surpassing the market expectation of 5.8%[6] - July imports grew by 4.1%, significantly above the expected 0.3%[6] - The trade surplus for July was $98.24 billion, reflecting a year-on-year growth of 14.9%[6] Sector Performance - In the US, technology stocks continued to rise despite poor employment data, while healthcare stocks faced declines due to concerns over drug tariffs[9] - In Hong Kong, gaming stocks surged following strong July revenue from Macau, while pharmaceutical stocks fell due to tariff worries[11] - The UK stock market faced pressure from the Bank of England's rate cut, with the FTSE 100 down 0.7%[9] Commodity and Currency Movements - International gold prices rose following the nomination of Stephen Miran to the Federal Reserve Board[4] - Oil prices continued to decline amid geopolitical developments, with traders moving towards Eastern European currencies[4] - The British pound led G-10 currencies after the Bank of England's hawkish rate cut[4] Fixed Income Market - US Treasury yields rose due to weak demand for the 30-year bond auction, with the yield at 4.813%[31] - The market is focused on changes in the Federal Reserve's leadership, with potential implications for interest rates[31] - Asian bond markets showed limited direction, with spreads fluctuating within 2 basis points[5]

证券研究报告 | 行业专题 | 传媒 传媒 报告日期：2025 年 08 月 07 日 北美云厂商资本开支高位运行，AI 驱动云业务分化与场景变革 ——北美云厂商云与 AI 专题报告 投资要点 2025H1，四大云厂资本开支总额达到 1593.84 亿美元（不含融资租赁），同比增 长 24.4%，尽管增速较 2024H2 有所回落，但整体仍维持高位，各大云厂商对 2025 年全年资本支出指引激进，反映其 AI 基础设施建设的持续推进。 ❑ AI 产业持续提振云业务景气度，25H1 云业务收入稳中有进。 25H1 北美三大云厂商（微软、谷歌、亚马逊）合计云业务营收同比增长 10.43%，较 2024H2 提升 0.17pct。25Q1 三家云厂营收合计 682.78 亿美元，同比 增长 20.3%；25Q2 增至 743.75 亿美元，同比增长 23.1%，增速高于彭博一致预 期 1.9pct。 ❑ 微软领跑云业务增长，亚马逊阶段性承压，股价表现分化。 微软云业务表现最为亮眼，25Q2 智能云营收同比增长 25.6%，其中 Azure 增速 高达 39%；谷歌云增速亦达 31.7%，保持较高增长；相较之下，亚马 ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

#AI伙伴开了个 AWS，初次使用 ClaudeCode 把 URL 发我登录一下就解锁了。理论上所有 ClaudeCode 关联请求都从 AWS 发起，和他本地（国内）没有任何联系。IP 问题解决了。随便搞张 US BIN 的卡去支付不就完了。没太理解用各种高价、不稳定、泄露隐私的中转服务，到底在折腾啥🤔 ...

2025年08月06日 证券研究报告 | 美股科技互联网25Q2财报总结： AI显著拉动云和广告需求，Capex投入商业化闭环 行业研究 · 海外市场专题 互联网 · 互联网Ⅱ 投资评级：优于大市（维持） | 证券分析师：张伦可 | 证券分析师：张昊晨 | 证券分析师：刘子谭 | | --- | --- | --- | | 0755-81982651 | zhanghaochen1@guosen.com.cn | liuzitan@guosen.com.cn | | zhanglunke@guosen.com.cn | S0980525010001 | S0980525060001 | | S0980521120004 | | | 请务必阅读正文之后的免责声明及其项下所有内容 目录 01 行业情况总结 02 微软财报 03 META财报 04 谷歌财报 05 亚马逊财报 请务必阅读正文之后的免责声明及其项下所有内容 25Q2科技巨头财报总结 云业务： B端企业应用： • 微软持续扩大B端企业应用的各类型产品份额，本季度同比+16%，E5和M365 Copilot 推动ARPU持续增长，M365消费者产品受1月 ...

2025 年 8 月 6 日 招银国际环球市场 | 睿智投资 | 行业研究 软件 & IT 服务 软件 & IT服务 - 海外云厂商：营收增速环比加快，利润率表现分化 对于美国龙头云厂商，云业务的增长情况已经逐步成为助推公司股价增长的 重要推动力。在 2Q25 业绩中，我们观察到如下趋势：1）因需求端持续强 劲，整体龙头厂商云业务营收同比增速环比加快，且趋势有望持续。2Q25 亚马逊 AWS、谷歌云、微软智能云板块营收合计同比增长 23%（1Q25： 20%；2Q24：21%），而谷歌云和微软 Azure 云展现出的加速趋势更为明 显。2）因观察到需求端持续强劲，龙头云厂商资本开支水平进一步上调， 并指出供给端受限部分影响到合同履约，且目前能见度下认为供给受限的情 况将在未来的 6 个月延续。3）AI 相关资本开支的投资对利润率端带来的影 响，对于此前云业务已经较具规模的龙头公司而言逐步显现，但其他核心业 务的运营效率进一步提升或有望缓和集团层面的利润率影响，如尽管微软智 能云/亚马逊 AWS 的 2Q25 业务分部利润率同比下滑 0.7ppts/2.6ppts，但公 司整体的经营利润率分别同比提升 1.8p ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - In Q2 2025, the company reported revenues of $167.7 billion, a year-on-year increase of 13.3%, exceeding Bloomberg consensus expectations by 3.43% [6] - Operating income reached $19.2 billion, up 30.7% year-on-year, also surpassing Bloomberg consensus by 12.74% [6] - GAAP net income was $18.2 billion, reflecting a 34.7% year-on-year increase, exceeding Bloomberg expectations by 27.28% [6] Business Performance Summary 1) Overall Performance: - For Q2 2025, the company achieved revenues of $167.7 billion, a 13.3% increase year-on-year, and operating income of $19.2 billion, a 30.7% increase year-on-year [6] - GAAP net income was $18.2 billion, a 34.7% increase year-on-year [6] 2) Segment Performance: - Online store revenues were $61.5 billion, up 11.0% year-on-year [7] - Physical store revenues reached $5.6 billion, a 7.5% increase year-on-year [7] - Third-party retail revenues were $40.3 billion, up 11.5% year-on-year [7] - Subscription revenues were $12.2 billion, a 12.4% increase year-on-year [7] - Advertising revenues were $15.7 billion, reflecting a 22.9% year-on-year increase [7] - AWS revenues were $30.9 billion, a 17.5% increase year-on-year [7] 3) AWS Performance: - AWS revenue growth of 17.5% was in line with expectations, but operating profit margin (OPM) declined to 32.9%, down 6.6 percentage points from the previous quarter [8] - Capital expenditures (CapEx) reached a record $31.4 billion, with full-year CapEx expected to be around $110-120 billion [8] 4) Retail Business Improvement: - Retail OPM improved, with North America up 1.2 percentage points to 7.5% and international up 1.1 percentage points to 4.1% [8] - The advertising business is accelerating growth, further optimizing retail profit margins [8] 5) Profit Guidance: - The company expects Q3 2025 revenues of $174-179.5 billion, a year-on-year increase of 10% to 13% [8] - Operating income guidance for Q3 2025 is $15.5-20.5 billion, with the midpoint below previous expectations [8] Financial Projections - Revenue projections for 2025-2027 are $708.7 billion, $788.3 billion, and $875.5 billion, respectively, with year-on-year growth rates of 11.1% [9] - Net profit projections for the same period are $76.8 billion, $85.1 billion, and $97.4 billion, with year-on-year growth rates of 29.6%, 10.8%, and 14.5% respectively [9]