其中一位知情人士称，双方的谈判已经持续了6~8周的时间。除了上述三家移动运营商，AT&T也参与 了谈判。亚马逊的这项计划可能还需要几个月的时间才能启动，当然也可能会被取消。 研究公司Consumer Intelligence Research Partners数据显示，截至今年3月底，约有1.67亿亚马逊购物者拥 有Prime会员资格，与一年前持平。 对此，亚马逊发言人玛吉·西冯（Maggie Sivon）在一份声明中称："我们一直在探索为Prime会员增加更 多福利，但目前还没有增加移动通信服务的计划。"而Verizon和Dish拒绝发表评论。 相比之下，亚马逊的竞争对手沃尔玛，正以每年98美元的费用向用户提供"沃尔玛+"会员资格，并提供 许多与Prime相同的福利。此外，沃尔玛的免费配送门槛是购物金额最低35美元，而亚马逊则于今年2月 将最低门槛从35美元提高到了150美元。 据报道，知情人士今日称，亚马逊正与移动运营商谈判，希望向其美国的Prime用户提供低价或免费的 移动电话服务。 亚马逊美国Prime用户的年费为139美元，可享受多项特权，包括购物包邮、视频流媒体和1亿首歌曲的 访问权等。 消息一出 ...

Core Insights - The article highlights the investment philosophy and core strategies of Baillie Gifford, emphasizing its long-term growth focus and successful investments in major companies like Amazon, Tesla, and Nvidia [1][18]. Group 1: Investment Philosophy - Baillie Gifford's investment philosophy is rooted in long-termism, focusing on growth and understanding changes in the market rather than short-term fluctuations [8][11]. - The firm believes that a company's competitive advantages take at least five years to manifest, and thus, long-term investment maximizes returns through compounding effects [11][12]. - Baillie Gifford operates without external shareholder pressure, allowing it to maintain a consistent long-term investment approach [11][12]. Group 2: Investment Strategy - The firm categorizes growth companies into three types: transformative growth companies, vibrant growth companies, and sustainable growth companies, each with distinct characteristics and investment potential [13][14]. - Baillie Gifford emphasizes qualitative assessments over quantitative evaluations, focusing on the pathways to increased value rather than precise calculations of intrinsic value [15]. - The firm has a global investment perspective, leveraging opportunities across various regions, including emerging markets like China and Southeast Asia [16][18]. Group 3: Historical Context and Achievements - Founded in 1908, Baillie Gifford has navigated significant historical events and has established itself as a leading investment firm in the new economy era [1]. - The firm's long-term global growth strategy has outperformed notable competitors, including Berkshire Hathaway, over the past two decades [18].

Core Viewpoint - Baillie Gifford, established in 1908, has successfully navigated various economic cycles and has become a prominent investment giant by accurately betting on high-growth companies in the 21st century, such as Amazon, Tesla, and Nvidia [2][5]. Investment Philosophy - Baillie Gifford's investment philosophy emphasizes long-term growth potential, focusing on a framework called "10 Questions for Due Diligence" that assesses companies based on their competitive advantages, corporate culture, social contributions, growth potential, and capital allocation [7][16]. Due Diligence Framework - The "10 Questions" framework includes inquiries about revenue growth, future changes, competitive advantages, cultural uniqueness, user satisfaction, profitability, capital distribution, market valuation, and the reasons for potential undervaluation [10][16]. - This approach prioritizes long-term factors over short-term metrics, allowing for a deeper understanding of a company's future potential rather than relying solely on historical data [16][17]. Case Study: ASML - ASML, a leading photolithography equipment manufacturer, has a dominant market share of 70%-80% and is crucial for advancing semiconductor technology, particularly through its extreme ultraviolet (EUV) lithography machines [18][19]. - Baillie Gifford's investment in ASML began in 1996, and the company is viewed as essential for maintaining the momentum of Moore's Law, which predicts the doubling of transistors on a chip approximately every two years [29][30]. - ASML's corporate culture is characterized by a competitive spirit, aiming for leadership in the industry, and the company is expected to achieve significant revenue growth in the coming years [30][31]. Recent Developments - Despite ASML's strong historical performance, recent market conditions have led to a reduction in Baillie Gifford's holdings in the company, reflecting concerns over future growth amid changing industry dynamics and leadership transitions [31].

【新华社微特稿】美国联邦贸易委员会25日宣布，电商巨头亚马逊公司同意以25亿美元达成和解。该委 员会认定亚马逊诱导顾客非自愿地注册成为其Prime会员，且难以退出。 亚马逊于2005年推出Prime会员服务，当时的年费为79美元，现已涨至139美元。据路透社报道，亚马逊 现有Prime会员大约3500万人。这一业务已经成为亚马逊重要收入来源，帮助公司在2025年上半年实现 会员注册相关收入239亿美元。 和解协议要求亚马逊整改，包括以明确方式提示消费者，让他们能主动选择是否注册成为Prime会员。 联邦贸易委员会说，25亿美元中，10亿美元为罚款，15亿美元将退还给无意中注册为Prime会员的顾客 或退出受阻的顾客。 联邦贸易委员会主席安德鲁·弗格森说，该和解协议"对成百上千万厌倦了欺骗性会员注册的美国人来说 是一场破纪录的重大胜利"。 联邦贸易委员会指认亚马逊以福利为幌子吸引顾客点击按钮，没有告知顾客点击后会注册成为Prime会 员，从而需要缴纳会员费。而且，退出会员程序复杂。 亚马逊在和解协议中并未承认自己有不当行为，称同意和解是为"向前走，聚焦服务于顾客的创新"，且 联邦贸易委员会提出的整改要求亚马逊先 ...

智通财经APP获悉，周四，亚马逊(AMZN.US)宣布与美国联邦贸易委员会(FTC)达成和解协议，就一项 指控其通过"欺骗性"界面设计诱导消费者订阅Prime会员的诉讼画上句号。根据法院文件，亚马逊将支 付25亿美元以了结该案。消息公布后，亚马逊股价当日下跌0.94%，收于218.15美元。 根据和解条款，除了支付25亿美元外，亚马逊还需遵守多项整改要求。该公司不得再对Prime会员条款 进行误导或虚假陈述；必须清晰、透明地披露Prime会员的所有费用与规则；必须为用户提供简单便捷 的Prime取消渠道，杜绝"退订难"问题。 Capital Alpha Partners分析师Robert Kaminski指出："和解往往是双方的战略性选择。这次和解很可能反 映了FTC认为其获得的结果超出法院裁决，或者亚马逊认为其付出的代价小于法官可能判决的结果。我 们更倾向于前者。" 值得注意的是，这并非亚马逊与FTC之间唯一的法律纠纷。FTC在2023年9月还对亚马逊提起另一宗反 垄断诉讼，指控其滥用市场支配地位，阻止竞争对手和第三方卖家降低价格、削弱用户体验、抑制创新 并阻碍公平竞争。该案预计将于2027年2月开庭审理， ...

【 导读 】英伟达入股，英特尔股价暴涨！美股三大指数创历史新高 白宫经济顾问哈塞特表示，美联储的利率决定是良好的第一步；美联储降息在利率大幅下降的正确方向；经济增长将在无通胀情况下实现 。 中国基金报记者 赵刚 据CME"美联储观察"显示，美联储10月维持利率不变的概率为8.1%，降息25个基点的概率为91.9%。美联储12月维持利率不变概率为 0.7%，累计降息25个基点的概率为15.4%，累计降息50个基点的概率为83.9%。 美东时间9月18日（周四），美国三大股指及罗素2000小型股指数均创盘中和收盘历史新高。英伟达宣布50亿美元入股英特尔！英特尔股 价收涨22.77%，英伟达也涨超3%。 多个指数创历史新高 "美联储在股市处于纪录高位且经济仍在增长之际降息，"Blanke Schein Wealth Management的Robert Schein表示，"这种动态对股市 有利。" 经济数据面，美国首次申请失业救济人数录得近四年来最大减量，美国上周初请失业金人数为23.1万人，预期24万人，前值从26.3万人修 正为26.4万人。 截至收盘，道指涨124.10点，涨幅为0.27%，报46142.42点 ...

智通财经APP获悉，一名美国地方法院法官裁定，亚马逊(AMZN.US)在披露Prime会员服务条款之前就 收集订阅用户的账单信息，此举违反了消费者保护法。这一裁决为美国联邦贸易委员会(FTC)打击该公 司欺骗性行为的行动带来了胜利。 FTC消费者保护局负责人在声明中表示："今天的裁决确认了亚马逊欺骗了美国消费者，因为其在收取 消费者支付信息之前未能披露Prime的所有条款。" 该机构还指控亚马逊隐瞒与案件相关的文件，包括指示员工错误标注与Prime会员相关文件的电子邮 件，并称强制性Prime注册的现象如此普遍，以至于公司不得不为那些有可能重复错误注册的客户创建 一个"更清晰的网络"。 法官还裁定，若FTC在庭审中证明亚马逊存在违法行为，两名亚马逊高管需对此承担相应责任。同时， 禁止亚马逊以《恢复网络消费者信心法案》不适用于Prime会员注册为由进行抗辩。 据悉，FTC正试图证明，亚马逊在未经客户同意的情况下，让数千万消费者注册了Prime会员，并通 过"复杂"的取消方法"破坏"他们取消订阅的努力。该案目前计划于下周(9月22日)开庭审理。而美国地方 法院法官对此作出的上述裁定，使亚马逊在即将到来的庭审中处于 ...

Core Insights - Amazon has scheduled "Prime Big Deal Days" for October 7-8, marking the start of the holiday shopping season [1] - Prime members will have access to a wider range of exclusive discounts across various categories [1] - The October event, initiated in 2022, has become an annual fixture aimed at boosting sales before Black Friday [1] Company Summary - Amazon's October promotional event is designed to provide significant discounts on popular categories such as technology, home goods, clothing, and toys for Prime members [1] - The event is expected to generate substantial sales growth for Amazon and its partners ahead of the traditional holiday shopping period [1] Industry Impact - The shopping event has triggered a wave of similar promotional activities across the retail sector, leading to an earlier start for holiday shopping compared to the usual Black Friday to Cyber Monday timeframe [1]

目前，亚马逊正引导用户转向"亚马逊家庭"(Amazon Family，前身为Amazon Household)计划。该计划允 许两名居住在同一地址的成年人及最多4名儿童共享Prime会员权益。与此前的受邀用户计划不同，"亚 马逊家庭"要求共享支付方式，但用户在结账时仍可自主选择其他支付方式。 来自伯克希尔地区的33岁的美国工程师杰克·阿米克(Jack Amick)就是其中一员，他10多年来一直依靠父 母的邀请订购生活必需品。如今，亚马逊向阿米克这类受邀用户推出了大幅折扣的一年期Prime会员方 案：首年费用仅需14.99美元，后续则按每月14.99美元的常规价格计费。但据报道，阿米克表示自己很 可能会拒绝这一方案——他居住在农村地区，快递需寄往邮政信箱，因此认为Prime会员的全套权益对 自己价值不大，且更倾向于减少各类订阅服务的支出。 市场研究机构估计，可能有数千万人在未付费的情况下使用Prime免运费服务，不过亚马逊尚未披露官 方数据。《华尔街日报》提到，消费者情报研究伙伴公司(Consumer Intelligence Research Partners，简称 CIRP)的数据显示，美国地区使用Prim ...

Core Viewpoint - Amazon is significantly expanding its same-day delivery service for groceries in the U.S., aiming to enhance its competitive position against Walmart in the e-commerce market [1][4]. Group 1: Expansion Plans - Amazon's same-day delivery service for groceries will increase its coverage from over 1,000 cities to more than 2,300 cities by the end of the year [1]. - The expansion is part of a broader logistics investment, with Amazon planning to invest $4 billion to double its rural delivery network by 2026, adding over 200 delivery stations [3]. Group 2: Market Potential - The grocery retail market in the U.S. represents a significant opportunity, accounting for approximately 43% of adjusted retail sales, yet online penetration is only around 15% [2]. - Amazon's grocery business is projected to exceed $100 billion in revenue in 2024, representing over 20% of its total U.S. gross merchandise volume (GMV) [3]. Group 3: Competitive Landscape - Amazon's move is seen as a direct response to Walmart, which has gained 80 basis points in e-commerce market share, compared to Amazon's 65 basis points [4]. - Amazon's pricing strategy and extensive product selection are expected to help regain market share, with projections indicating a 140 basis point increase in its e-commerce market share to about 47% by year-end [4]. Group 4: Impact on Competitors - The announcement has negatively impacted other grocery delivery platforms like Instacart, which saw a stock price drop of over 10% [5]. - Despite the pressure, Instacart maintains a competitive edge with over 1,800 retail brands on its platform and a significant market share in high-value orders [5]. Group 5: Industry Implications - Amazon's increased involvement in grocery delivery may catalyze overall industry growth, potentially benefiting large retailers like Kroger and Costco that partner with Instacart [6].