2025年07月13日 证券研究报告 | 美股市场速览 市场窄幅震荡，多数行业下跌 行业研究·海外市场专题 美股 弱于大市·维持 证券分析师：王学恒 证券分析师：张熙，CFA 010-88005382 0755-81982090 wangxueh@guosen.com.cn zhangxi4@guosen.com.cn S0980514030002 S0980522040001 请务必阅读正文之后的免责声明及其项下所有内容 数据速览 价格走势：市场窄幅震荡，多数行业下跌 本周，美股窄幅震荡。标普500跌0.3%，纳斯达克跌0.1%。 风格：小盘价值（罗素2000价值-0.1%）>大盘成长（罗素1000成长-0.2%）>大盘价值（罗素1000价值-0.6%）>小盘成长（罗素2000成长-1.1%）。 8个行业上涨，16个行业下跌。涨幅居前的行业有：能源（+2.6%）、半导体产品与设备（+2.4%）、运输（+1.2%）、制药生物科技和生命科学（+1.1%）、资本 品（+1.0%）；跌幅居前的行业有：电信业务（-4.8%）、保险（-2.6%）、银行（-2.5%）、食品与主要用品零售（-2.1%）、医疗保健设备与服务 ...

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Core Insights - The technology sector is highly profitable, with many companies generating reliable recurring revenues through subscriptions and strong demand for products [1] Company Summaries Apple - Apple generated $167 billion in sales from its products and $53 billion from subscription services in the first half of the year [3] - The company produced $24 billion in operating cash flow in Q2 and returned $29 billion to shareholders through dividends and share repurchases [4] - Apple has over $132 billion in cash and equivalents, recently increasing its dividend by 4% and launching a $100 billion share repurchase program [4] Alphabet - Alphabet generated over $90 billion in revenue in Q1 from online advertising, subscriptions, and cloud services [5] - The company produced nearly $19 billion in free cash flow in Q1 and $75 billion over the last 12 months, returning $1.2 billion in dividends and repurchasing over $15 billion in stock [6] - Alphabet's cash and equivalents rose to nearly $134 billion, with a recent 5% dividend increase and a $70 billion share repurchase program [6] Microsoft - Microsoft reported over $70 billion in revenue in Q3 of fiscal 2025 from various services including Azure and AI [8] - The company generated nearly $94 billion in net cash from operations in the first nine months of fiscal 2025, returning about $18 billion in dividends and $14 billion in stock repurchases [9] - Microsoft ended the period with almost $80 billion in cash and equivalents, having increased its dividend by 10% and approved a $60 billion share repurchase program [9] Meta Platforms - Meta generated over $41 billion in advertising revenue in Q1, along with additional revenue from its apps and Reality Labs [10] - The company produced more than $10 billion in free cash flow and returned almost $15 billion to shareholders through stock repurchases and dividends [11] - Meta's cash balance stood at $70 billion, indicating strong financial health [11] Nvidia - Nvidia generated $44.1 billion in revenue in Q1, a 69% increase year-over-year, driven by a 73% surge in sales to data center customers [12] - The company produced over $27 billion in cash flow from operations, a 79% increase from the previous year, returning $14.3 billion to shareholders [13] - Nvidia's cash balance increased to $53.7 billion, with a 150% dividend hike last year and a $50 billion increase in its stock repurchase program [13] Industry Overview - Large technology companies are generating substantial recurring revenues from subscriptions and advertising, allowing them to return significant cash to shareholders through growing dividends and share repurchase programs [14]

1. 【谷歌斥资24亿美元购买Windsurf技术授权，并聘请其CEO】据报道，有知情人士透露，谷歌已 同意支付约24亿美元，获得人工智能编码初创公司Windsurf的技术授权，并聘用其首席执行官和部 分员工。知情人士称，在此前OpenAI与Windsurf的谈判陷入僵局之后，双方达成了这笔交易。谷歌 母公司Alphabet正在招聘一小部分Windsurf员工，加入其DeepMind部门，专注于"智能体式编 码"（agentic coding）。此外，这家科技巨头还将获得Windsurf部分技术的非独占许可使用权。 （金融界） 扫码订阅 AIGC 产业日报， 精选行业新闻，帮你省时间！ 此外，如果您还想 查公司、找项目、看行业，深入了解人形机器人、商业航天、AGI等热门赛道 ，欢迎加入睿兽分析会员，解锁相关行业图谱和报告等。 （活动期间加入会员可免费获赠一份 产业日报） 3.【 阿里通义千问推出Qwen Chat桌面端】 7月11日晚间，阿里通义千问宣布Qwen Chat更新，网 页首页可直接开聊，还能支持"深入研究、图像生成、网页开发、深度思考、搜索"等多种功能。此 外，Qwen Chat新增桌面端，支持一 ...

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以下文章来源于蓝点网 ，作者山外的鸭子哥 蓝点网 . 科技资讯、软件工具、技术教程，尽在蓝点网。蓝点网，给你感兴趣的内容 #系统资讯 微软开始打击盗版激活工具？但似乎是修改的授权代码有 BUG 导致激活工具异常。MAS 团队日前发文宣布 TSforge ZeroCID 激活方式暂停，原因是微软上半年修改激活方式时似乎无意中引入了 BUG，这个 BUG 目前已经覆盖 到 Windows 11 所有通道。查看全文：https://ourl.co/109720 知名系统激活工具 MAS 开发团队日前发布博文宣布 TSforge ZeroCID 激活机制暂停使用，原因是目 前该机制无法顺利激活 Windows 10/11，至于问题的发生原因似乎是微软修改代码出现错误。 2025 年 2 月份时 MAS 团队宣布名为 TSforge 的激活方式，这种激活方式可以无损永久激活 Windows 10/11，但可能由于消息流传的比较广因此到 3 月份微软就在 Windows Insider 版中修改 代码封堵了这种激活方式。 当 然 这 对 用 户 激 活 实 际 上 没 有 太 大 的 影 响 ， TSforge 已 经 ...

Core Viewpoint - NextEra Energy is positioned as an attractive investment in the utility sector, combining reliable dividend growth with opportunities in clean energy [1] Group 1: Market Position and Growth - NextEra Energy operates primarily through Florida Power & Light, benefiting from steady growth due to population migration in Florida [2] - The company has established itself as one of the largest providers of solar and wind power, aligning with the global shift towards cleaner energy sources [4] - NextEra has a significant pipeline of projects, with 28 gigawatts currently underway and an additional 300 gigawatts of potential opportunities, indicating long-term growth prospects in clean energy [9] Group 2: Dividend Growth and Financial Health - NextEra Energy has achieved a remarkable 10% annualized dividend growth over the past decade, appealing to dividend growth investors [5] - The company has a 31-year history of increasing dividends, providing a reliable income stream for conservative investors [6] - The current dividend yield stands at 3.2%, above the utility sector average of 2.8%, making it an attractive option for income investors [8] - Management forecasts continued dividend growth of 10% for 2025 and 2026, supported by expected adjusted earnings growth of 6% to 8% [10] - NextEra maintains a solid financial foundation with an investment-grade rated balance sheet and a reasonable dividend payout ratio of 66%, allowing for continued growth and resilience [11][12] Group 3: Demand and Market Trends - Overall energy demand in NextEra's markets is projected to increase by 55% from 2020 to 2040, supporting both clean energy initiatives and regulated operations [13] - The current political climate has created a buying opportunity, as NextEra's share price has been negatively impacted, leading to attractive yield levels [14]

智通财经APP获悉，据知情人士透露，在聚焦于AI编程的初创公司Windsurf与AI独角兽OpenAI的收购协 议意外告吹后，Alphabet旗下的科技巨头谷歌(GOOGL.US)已与Windsurf达成重磅的另类收购协议，以 大约24亿美元的价值获得Windsurf顶尖人才团队以及核心技术许可权。 谷歌周五发表声明称，将聘请Windsurf 首席执行官 Varun Mohan、联合创始人 Douglas Chen 以及少量核 心技术员工，加入谷歌旗下的DeepMind人工智能业务部门。谷歌拒绝就财务条款置评，仅表示此次交 易不包括全资入股AI初创公司Windsurf。 （原标题：AI编程领域大变天! OpenAI出局 谷歌(GOOGL.US)24亿美元"截胡"Windsurf核心资产与人 才） 而OpenAI正在加速其处于全球领军地位的AI大模型以及生成式AI应用软件、AI智能体的更新迭代速 度，不断打造出综合性能位列全球首位的AI大模型与相关AI应用，并且加码布局AI编程这一当前生成 式AI应用软件领域最火爆的细分AI应用赛道。 知情人士表示，Windsurf 先前已同意以大约30亿美元总价值被OpenA ...

Core Insights - Google has agreed to pay approximately $2.4 billion to acquire technology licensing from AI coding startup Windsurf and has hired its CEO along with some employees [1] - The deal follows stalled negotiations between OpenAI and Windsurf, indicating a competitive landscape in AI technology [1] - Alphabet, Google's parent company, is integrating a small number of Windsurf employees into its DeepMind division, focusing on "agentic coding" [1] - Google will also obtain non-exclusive licensing rights to certain technologies from Windsurf [1]

Google on Friday made the latest a splash in the AI talent wars, announcing an agreement to bring in Varun Mohan, co-founder and CEO of artificial intelligence coding startup Windsurf.As part of the deal, Google will also hire other senior Windsurf research and development employees. Google is not investing in Windsurf, but the search giant will take a nonexclusive license to certain Windsurf technology, according to a person familiar with the matter. Windsurf remains free to license its technology to other ...