自7月底以来，谷歌 （ NAS DAQ： GOOGL ， NASDAQ： GOOG ） 表现平稳。2025 年二季度，公司两大核心业务 —— 谷歌服务（GS）和 谷歌云（GC）的同比增速分别为 12% 和 32%（对比 2024 年二季度数据）。 很多投资者因为谷歌的高额资本支出持谨慎态度 —— 要知道，继 2024 年二季度开启大规模投资后，公司已将 2025 财年的资本支出指引从 750 亿美元上调至 850 亿美元。 但他们到底在担心什么？核心原因是对 AI 技术的悲观预期。具体来说，谷歌和亚马逊、微软、Meta等其他科技巨头，2025 财年预计合计支出 约 3640 亿美元，其中大部分投向 AI 领域。 值得一提的是，谷歌的主要竞争对手 OpenAI，也计划借助谷歌云服务来满足自身日益增长的算力需求；甲骨文和谷歌云则扩大了合作，用户 可通过甲骨文云基础设施（OCI）生成式 AI 服务使用谷歌最先进的 AI 模型；另外，意大利联合信贷银行与谷歌云签署了一份 10 年协议，将利 用其基础设施、AI 和数据分析解决方案加速数字化转型。 悲观的投资者认同 "AI 泡沫论"，认为如此高额的 AI 投资最终可能无 ...

Group 1: Market Overview - The Hong Kong stock market rebounded after a previous adjustment, with the Hang Seng Index opening high and closing at 24,181 points, up 388 points or 1.63% [2] - The Hang Seng Tech Index outperformed the broader market, rising by 2.78% [2] - Trading volume increased, with the main board's turnover reaching HKD 245.8 billion, a 4.3% increase from the previous day [2] - The Northbound trading recorded a net inflow for the ninth consecutive day, totaling HKD 717 million, although this was a significant decrease of 89.4% from the previous day [2] Group 2: Trade Negotiations - The atmosphere of the first day of US-China trade negotiations was reported to be positive, with expectations for favorable outcomes that could boost market sentiment [7] - The US appears to be softening its stance, as high tariffs are becoming increasingly difficult for them to sustain [7] Group 3: Company Analysis - Jinli Permanent Magnet (6680.HK) - Jinli Permanent Magnet is expected to see significant growth in annual performance, with production capacity continuously increasing [9] - The company aims to reach a production capacity of 40,000 tons by 2025 and 60,000 tons by 2027, with a current utilization rate exceeding 90% [9] - In Q1, the company reported a production of 8,770 tons of magnetic raw materials and 6,600 tons of finished products, with sales increasing over 40% year-on-year [9] - The gross margin improved to 15.7% in Q1, up from 10% in the same period last year, indicating a recovery trend [9] - The company is focusing on high-end product optimization, with over 50% of revenue coming from new energy vehicles [10] - Export sales accounted for 17% of total revenue in Q1, with 7% of exports going to the US, and the company is actively applying for export licenses [10] Group 4: Financial Projections - Revenue projections for Jinli Permanent Magnet from 2022 to 2024 are estimated at HKD 71.66 billion, HKD 66.87 billion, and HKD 67.63 billion, respectively, with net profits of HKD 7.02 billion, HKD 5.63 billion, and HKD 2.91 billion [11] - The adjusted net profit estimates for 2025, 2026, and 2027 are HKD 6.66 billion, HKD 8.98 billion, and HKD 11.25 billion, respectively, with corresponding adjusted P/E ratios of 26.51, 19.40, and 15.45 [11]