打开手机支付记录，不少人会发现一笔"隐形开销"，淘宝88VIP、京东Plus、视频平台年卡，林林总总 加起来，一年会员费少则两百，多则近千。 我们办这些会员时，总想着"能省运费、能享折扣"，可最后往往发现：为了"回本"多买了一堆非必需的 东西，那些看似丰富的权益，大半时间都躺在账户里闲置。 这种"想省钱却多花、想占便宜却被绑定"的矛盾，早已成了国内会员用户的普遍困惑。 而这一切的起点，要回到2005年亚马逊推出的Prime会员那个曾被骂"商业自杀"，如今却成了所有电商 巨头模仿模板的"祖师爷"。 Prime的"反常识"起点 2005年的美国电商市场，早已是一片"血拼"的红海，当时的平台们信奉"低价为王"，你包邮我就打七 折，你送赠品我就满减翻倍，把"价格战"打得如火如荼。 可用户根本不吃"忠诚度"这一套，哪家便宜就去哪家，今天在A平台买衬衫，明天就能转到B平台买鞋 子，平台与用户的关系，脆弱得像一层薄纸。 就在所有人都盯着"单笔订单赚多少钱"时，亚马逊突然抛出了一个"离谱"的方案：推出Prime会员，用 户每年交79美元，就能享受"无限次2日达免费配送"。 在贝索斯看来，物流是用户最头疼的"痛点"，也是最能" ...

Market Overview - Major US indices experienced declines, with the Dow Jones down 173.96 points (-0.38%) at 45947.32, Nasdaq down 113.16 points (-0.50%) at 22384.7, and S&P 500 down 33.25 points (-0.50%) at 6604.72 [2] Economic Developments - The US GDP for Q2 was revised to an annualized growth rate of 3.8%, exceeding expectations of 3.3%, driven by an increase in consumer spending from 1.6% to 2.5% [5] - The core PCE price index was revised to 2.6%, which is 0.1 percentage points higher than expected, indicating rising inflationary pressures [5] Corporate Actions - President Trump signed an executive order approving TikTok's continued operation in the US, with a valuation of $14 billion, involving a sale of its US operations to a new joint venture [8] - Oracle and Silver Lake Capital will be major investors in the new company, controlling approximately 45% of the shares, while ByteDance retains less than 20% [8] Legal and Regulatory Issues - Amazon reached a $2.5 billion settlement with the Federal Trade Commission over misleading Prime membership fees, which includes a $1 billion civil penalty and $1.5 billion in refunds to affected users [8] - SAP is under investigation by the European Commission for potential anti-competitive practices in the software support services market, which could lead to significant fines [9] - xAI, founded by Elon Musk, has filed a lawsuit against OpenAI for allegedly poaching employees and stealing trade secrets [8] Strategic Partnerships - Intel is in discussions with TSMC and Apple regarding investment and manufacturing collaborations, which have accelerated since the US government acquired a 10% stake in Intel [11]

来源：环球市场播报 全球财经媒体昨夜今晨共同关注的头条新闻主要有： 特朗普敦促土耳其停止采购俄油 暗示会考虑该国F-35战机要求 美国总统特朗普在白宫与土耳其总统埃尔多安会晤时敦促其停止购买俄罗斯石油，此外，他对安卡拉重 新获得F-35战机持开放态度。 特朗普周四在椭圆形办公室表示，"俄乌冲突仍在继续，我希望他停止从俄罗斯购买任何石油。"当时埃 尔多安也在特朗普身边。 1、特朗普敦促土耳其停止采购俄油 暗示会考虑该国F-35战机要求 2、达拉斯联储行长称美国央行应放弃用联邦基金利率做基准 3 、谷歌可能将面临欧盟第二笔反垄断罚款 4 、亚马逊将支付25亿美元和解"Prime会员欺诈"指控 5、美国两党借政府关门搏政治筹码 联邦雇员失业恐加重经济阴霾 6、美联储鲍曼：就业市场"脆弱"证明有必要进一步降息 "联邦公开市场委员会是时候准备设定不同的短期利率了，" Logan周四在里士满联储银行主办的一个活 动上发表事先准备好的讲话时说。联邦公开市场委员会是美联储的决策机构。 她认为，联邦基金利率目标已经过时，而且人迹罕至的银行间市场与隔夜货币市场之间联系脆弱并存在 突然中断的可能。Logan表示，更新美联储实施货币 ...

周二，亚马逊(AMZN.US)股价走低，截至发稿，该股跌超2%，报222.61美元。消息面上，该公司及三 名高管(高级副总裁Neil Lindsay、Russell Grandinetti及副总裁Jamil Ghani)正面临美国联邦贸易委员会 (FTC)在西雅图法院提起的民事诉讼，指控其诱导用户订阅Prime会员，并故意设置复杂流程使取消困 难。此案周一进入陪审团审理阶段，预计持续四周。若被判违法，亚马逊或面临数十亿美元罚款与退 款。 ...

智通财经APP获悉，周二，亚马逊(AMZN.US)股价走低，截至发稿，该股跌超2%，报222.61美元。消 息面上，该公司及三名高管(高级副总裁Neil Lindsay、Russell Grandinetti及副总裁Jamil Ghani)正面临美 国联邦贸易委员会(FTC)在西雅图法院提起的民事诉讼，指控其诱导用户订阅Prime会员，并故意设置复 杂流程使取消困难。此案周一进入陪审团审理阶段，预计持续四周。若被判违法，亚马逊或面临数十亿 美元罚款与退款。 ...

Group 1: Market Overview - US stock index futures are all down, with Nasdaq futures down 0.43%, S&P 500 futures down 0.41%, and Dow futures down 0.48% [1] - Major European indices are collectively down, with Germany's DAX down 0.35%, UK's FTSE 100 down 0.24%, France's CAC down 0.67%, and the Euro Stoxx 50 down 0.52% [2] Group 2: Corporate Developments - Amazon launches a Prime membership targeted at young people aged 18 to 24, with a monthly fee of $7.49 [6] - Meta is building the next generation of AI-optimized data centers, expected to be operational by 2026 [7] - Tesla's long-wheelbase Model Y is launched in China, with Musk indicating it may not be released in the US [8] - Palantir experiences a pullback of over 17% after reaching a new high last week, with short sellers profiting over $1.6 billion [9] - Sony raises the price of the PlayStation 5 console in the US, with an average increase of about $50 [10] - Pepsi will increase the price of carbonated soft drink concentrate by 10% starting September 7 [11] - Lockheed Martin's Sikorsky unit receives a $43 million contract from the US Army to upgrade Black Hawk helicopters [12] - Masimo escalates its dispute with Apple, suing US Customs and seeking a ban on the sale of watches with blood oxygen monitoring features [13] - Estée Lauder's brands Clinique and MAC are rare price reductions in some markets to maintain global competitiveness [14] - Anterix receives approval to build three natural gas power plants to supply power to Meta's largest data center [15] - Hesai Technology plans to go public in Hong Kong, aiming to raise approximately $300 million [16] - WeRide releases an end-to-end assisted driving solution, set to be mass-produced by 2025 [17] Group 3: Financial Performance - Walmart reports Q2 revenue growth of 4.8% to $177.4 billion, with adjusted earnings per share of $0.68, exceeding expectations [18] - Bilibili's Q2 revenue increases by 20% to 7.34 billion yuan, with adjusted earnings per share of 1.29 yuan, turning profitable year-on-year [19] - Miniso's Q2 revenue grows by 23.1% to 4.966 billion yuan, with adjusted net profit increasing by 10.6% to 692 million yuan [20]

Core Viewpoint - Amazon's Q2 results exceeded market expectations in both revenue and adjusted EPS, indicating strong operational performance and growth potential despite some concerns regarding operating income guidance for Q3 [3][4][5]. Financial Performance - Q2 revenue reached $167.7 billion, surpassing the expected $162.1 billion by 3% [3][4]. - Adjusted EPS was $1.68, exceeding the forecast of $1.33 by over 20% [3][4]. - Q3 revenue guidance midpoint is projected at $176.75 billion, which is $3.5 billion higher than market expectations [4]. - AWS segment sales grew 17.5% year-over-year to $30.9 billion, while North America segment sales increased 11% year-over-year to $100.1 billion [4][5]. Operating Income Insights - Q2 operating income was $19.2 billion, a year-over-year increase of over 30% [4][5]. - Q3 operating income guidance ranges from $15.5 billion to $20.5 billion, with the midpoint falling short of market expectations [4][5]. - North America operating margin reached 7.5%, indicating a shift towards more profitable revenue streams [5][6]. Segment Performance - North America segment net sales were $100.1 billion, with a year-over-year growth of 11% [6]. - International segment net sales were $36.8 billion, also showing a year-over-year growth of 11% [6]. - AWS segment net sales were $30.9 billion, maintaining a strong growth trajectory [6]. Innovation and Future Prospects - Amazon is focusing on enhancing operational efficiency through innovations like the Vulcan robot, which has tactile capabilities [7][10]. - The company is expanding its Prime membership offerings and enhancing its logistics capabilities [8][10]. - The introduction of generative AI tools and partnerships indicates a commitment to leveraging technology for future growth [8][10]. Valuation Metrics - Amazon's current valuation metrics, including P/E ratios and EV/EBITDA, are significantly below historical averages, suggesting potential for future price appreciation [11][12]. - The expected P/E ratio is projected to be around 35, which is considered reasonable given the anticipated growth in net profits [12][13]. Market Position and Challenges - Despite strong fundamentals, Amazon faces competitive pressures in e-commerce and cloud computing from companies like MercadoLibre and Microsoft [10][13]. - Regulatory concerns may arise due to Amazon's size and market influence, which could impact future operations [10][13].

亚马逊(AMZN.O)首席执行官：第二季度Prime会员的配送速度达到创纪录水平。 ...

大摩与内部会计团队测算，特朗普法案或使亚马逊在2025-2027年间每年额外获得约148亿至149亿美元 自由现金流，2028年仍可达113亿美元。计入这一增量后，亚马逊2025年自由现金流将由原预测的302亿 美元跃升至451亿美元，增幅49%;2026年进一步升至627亿美元，2027年761亿美元，2028年951亿美 元。 智通财经APP获悉，摩根士丹利最新发布的研报指出，特朗普的"大而美"法案的潜在政策红利有望为亚 马逊(AMZN.US)带来每年约150亿美元的自由现金流(FCF)增益，这笔资金将成为其加速仓储自动化、 进一步压缩履约成本的关键催化剂。 以2025年7月24日收盘价232.23美元计，大摩重申"增持"评级，目标价300美元，对应2026年每股盈利35 倍市盈率，较当前股价仍有约29%上行空间。 特朗普法案：150亿美元年现金流的前置效应 结论：特朗普法案红利+机器人杠杆，亚马逊盈利与效率双击在即 大摩认为，该政策旨在激励美国科技巨头更激进地投资生成式AI，以巩固其在全球AI竞赛中的领先地 位。谷歌(GOOGL.US)上周宣布追加2025财年资本支出100亿美元，已验证这一趋势。 机器 ...

Core Insights - Amazon has evolved from a struggling online bookstore to a dominant player in e-commerce and various sectors including cloud computing, AI, advertising, and healthcare, showcasing the benefits of long-term thinking over short-term gains [1][10] - Despite its strong market position, Amazon faces increasing competition from Walmart, Target, and emerging platforms like Shein and Temu, which challenge its pricing strategy [2][10] - AWS remains a critical growth engine for Amazon, with Q1 2025 revenue reaching $29.3 billion, a 17% increase, although it faces pressure from faster-growing competitors like Microsoft Azure [2][5] Financial Performance - In Q1 2025, Amazon reported a revenue increase of 9% year-over-year to $155.7 billion, with net profit rising 64% to $17.1 billion, driven by growth across all segments [5] - Free cash flow for Q1 2025 was $25.9 billion, down from previous quarters due to increased capital expenditures, particularly in AI infrastructure [6] - The company anticipates revenue growth of 5% to 8% for Q2 2025, with operating profit expected between $13 billion and $17.5 billion, influenced by one-time costs [7] Strategic Initiatives - Amazon's AI strategy is broad, involving the development of proprietary models and infrastructure, positioning it uniquely compared to competitors focused on specific AI aspects [3] - The advertising segment grew by 19% in Q1 2025, reaching $13.9 billion, with expectations that it will surpass YouTube's ad revenue in the coming years [3] - Amazon is diversifying its growth avenues, including the launch of Project Kuiper for satellite internet and expansion in healthcare through One Medical, which enhances its market presence beyond retail [3][10] Valuation and Market Position - Amazon's current valuation appears attractive with a forward P/E ratio of 34, despite concerns over slowing AWS growth and significant investment needs [9] - The company's enterprise value to EBITDA ratio of 18 is below its five-year average of 26, indicating potential undervaluation compared to peers like Walmart [9] - Analysts suggest that while Amazon's long-term outlook is positive, substantial investments in infrastructure and AI may delay recovery in free cash flow until 2026 [9]