Group 1: New Oriental (EDU) - New Oriental's FY25Q4 net revenue increased by 9.4% year-on-year to $1.24 billion, exceeding previous guidance of $1.009 to $1.037 billion[5] - The company expects FY26Q1 net revenue to be between $1.46 billion and $1.51 billion, representing a year-on-year growth of 2% to 5%[6] - Non-GAAP net profit for FY25Q4 was $98.08 million, a 59.4% increase year-on-year[5] Group 2: Apple Inc. (AAPL) - Apple's total revenue for the quarter was $94.04 billion, a 9.6% year-on-year increase, surpassing Bloomberg's consensus estimate of $89.3 billion[16] - iPhone revenue grew by 8.2% year-on-year, while services revenue increased by 13.3%[16] - The company expects overall revenue growth for FY25Q4 to be in the mid to high single digits[16] Group 3: Hong Kong Stock Exchange (388) - The average daily trading volume for the Hong Kong Stock Exchange reached HKD 2.402 trillion in H1 2025, a 118% year-on-year increase[22] - The total market capitalization of the Hong Kong market grew to HKD 42.7 trillion, a 33% increase year-on-year[25] - The target price for Hong Kong Stock Exchange is set at HKD 500, representing a potential upside of 15.8% from the previous closing price[26] Group 4: HIMS & HERS HEALTH (HIMS) - HIMS reported Q2 revenue of $545 million, a 73% year-on-year increase, but a 7% decrease quarter-on-quarter[32] - The company expects Q3 revenue to be between $570 million and $590 million, with adjusted EBITDA projected at $60 million to $70 million[32] - The target price for HIMS is set at $62.1, indicating a 22% upside potential from the current price[34]

Core Insights - iPhone's global sales in April-May 2025 increased by 15% year-on-year, achieving the highest market share since the pandemic [1] - The U.S. and China are the primary growth drivers for Apple, marking the end of a three-year decline during this sales season [1] - China saw a significant recovery, with Apple regaining the top market share in May after facing intense competition [1] Group 1: Market Performance - The strong performance in the U.S. and China is supported by double-digit growth in high-end markets like Japan, India, and the Middle East [6] - The demand for iPhones in China indicates that factors like Agentic AI are not yet critical in influencing consumer purchases [10] - Japan is experiencing a surge in iPhone demand, particularly for the new iPhone 16e, which appeals to local consumer preferences [11] Group 2: Future Outlook - The upcoming trends in June will be crucial, particularly regarding U.S. consumer behavior related to tariff concerns and China's government subsidy policies [10] - India is positioned as a significant growth market for Apple, with increasing demand for high-end smartphones and a focus on the iOS ecosystem [12] - Apple's accessories and services are expected to be key drivers for long-term sales growth in India [12]

Core Insights - Apple is focusing on enhancing Siri's personalization features, which requires more time to meet their standards [5] - The WWDC 25 event highlighted design updates and AI functionalities, with a new operating system design language called Liquid Glass [1] - Apple introduced practical AI features in iOS 26, including real-time translation and visual intelligence capabilities [1][3] AI Developments - iOS 26 will feature real-time translation integrated into messaging, calls, and FaceTime, along with visual intelligence for content recognition across apps [1][3] - watchOS 26 will also support real-time translation, while macOS will see upgrades in Shortcuts and Spotlight for automation and natural language searches [3] - Apple has deepened its collaboration with OpenAI, integrating ChatGPT's image generation into the Image Playground app and providing third-party developers access to Apple Intelligence's core language model [3] Market Position and Challenges - Despite expectations, no significant upgrades for Siri were announced at WWDC, and some AI features are delayed until 2026 [5] - Apple's stock price fell by 1.21% following the WWDC event, with a market capitalization of $3.01 trillion [5] - Analysts have criticized Apple's slow AI transformation, noting that while Apple Intelligence has been rolled out in several markets, it has not yet launched in China, where Apple holds a 40% share of the AI-capable smartphone market [6] Competitive Landscape - In the high-end smartphone market, Apple holds a 59% share, with a 10% year-over-year increase in shipments, but faces competition from Huawei, Google, and Xiaomi, which saw significant growth [7] - Apple's share in the global AI smartphone market is 58%, but only 40% in the domestic market, indicating a missed opportunity to engage more deeply with local users [7]

Overall Performance - Qualcomm reported revenue of $10.98 billion for Q2 FY2025, a year-over-year increase of 16.9%, exceeding market expectations of $10.63 billion [1][11] - The net profit for the quarter was $2.81 billion, up 20.9% year-over-year, also better than the market forecast of $2.72 billion [1][22] - Gross margin for the quarter was 55%, down 1.3 percentage points from the previous year, which was below market expectations of 55.5% [1][14] Business Segments - The QCT (Qualcomm CDMA Technologies) segment remains the largest revenue source, accounting for 86.2% of total revenue, with significant contributions from mobile, automotive, and IoT businesses [1][25] - Mobile business revenue reached $6.93 billion, a 12.1% increase year-over-year, primarily driven by increased market share in high-end Android devices, particularly the Samsung S25 series [1][28] - Automotive business revenue grew by 59% year-over-year to $960 million, marking the fastest growth among all segments, supported by demand for digital cockpit solutions [1][32] - IoT business revenue was $1.58 billion, up 27.2% year-over-year, indicating a recovery with growth across consumer electronics and industrial applications [1][35] Guidance and Market Outlook - For Q3 FY2025, Qualcomm expects revenue between $9.9 billion and $10.7 billion, which reflects a potential decline from the previous quarter [2][4] - The overall smartphone market remains weak, with global shipments showing only a 1.5% increase, indicating continued challenges for Qualcomm's mobile segment [1][30] - Concerns exist regarding potential revenue impacts from Apple's self-developed 5G modem chips and ongoing negotiations with Chinese clients for licensing agreements [5][6]

大家好，我是海豚君！ 舞完了大棒的特朗普，先是来一个90天的休止符，接着这两天突然跟"换魂"了一样，开始对包括中国在内的国家频频示好，市场原本预期平均税率都要到20%上 下，现在似乎川普温和之后，觉得最终关税税率可能也就是5-10%之间。 这种情况下，市场从Risk-off模式又重新进入了Risk-on模式，但这一波特朗普政府的神操作之后，美股市场会一笑泯恩仇，接着4月2日解放日之前的节奏继续"蹦 迪"吗？ 一、4月2日之前 vs之后，到底什么变了？ 但这次特朗普的极限操作，让市场意识到了，疫情以来美国的繁荣主要是联邦政府的加杠杆，现在这个杠杆在美国国债收益率高企的情况下，继续加杠杆已经很 困难了。 在特朗普这波难得一见的"抽象"操作中，从叙事角度，最大的变化恐怕就是"美国例外论"信仰了。在全球资金超配美国资产的过程中，除了美国作为成熟市场，稳 定的股东回报和理性的资本配置之外，一个很大的原因，相信美元资产持续向上。 从美国的宏观杠杆率变化可以看出： a. 美国经济总体的杠杆率目前仍然有258%，比疫情前的251%（2019年四季度）还高出7个百分点； b. 但分部门来看，杠杆是集中给到了联邦政府，企业和居民 ...