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 ...

本周 推荐阅读 托德 ·库姆斯（Todd Combs），GEICO的现任首席执行官， 摩根大通董事， 巴菲特亲手挑选的唯二的 投资副手之一 ，在最新版《证券分析》中撰写的导读非常值得一看。 点击阅读： "巴菲特投资接班人"托德·库姆斯经验之谈：投资中的三个简化原则 关于库姆斯，我们还有一篇很经典的付费文章： 2.5万字｜巴菲特投资接班人托德·库姆斯首度揭秘，如何获得 这份梦想工作：有四个获取人生长期复利的要素，好奇心和毅力永远不嫌多 其他值得看 喜欢就点击 在 看 ，让微信记住你的 兴趣 2、 李迅雷最新分享：讲透大国债务的本质，也讲清资产配置的方向…… 3、 创新药的"DeepSeek"时刻来临！富国基金王超：好的数据、好的进度，一定能转化成生产力或价 值 4、 智能眼镜将是下一个iphone！凯文·凯利最新对话：如果让我下注，我可能会押中国公司胜出，而 不是苹果…… 看完记得 点击视频右下角头像 ， 关注【聪明投资者视频号】 ，带你看投资智慧的浓缩精华。 转载开白， 请联系小编微信【fanxiaocom】，添加备注 "转载+新媒体名+姓名" ，按顺序邀请加入媒体转载群 商务合作， 请添加聪明牛牛【微信co ...

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]

Group 1 - The article discusses a legal dispute involving Kelly Zong, the heir and chairman of Wahaha, who is being sued by three alleged half-siblings for control over a bank account containing assets related to a 15 billion RMB inheritance [1] - The plaintiffs claim to be the half-siblings of Kelly Zong, challenging the previous assumption that she was the only child of Zong Qinghou [1] - The lawsuit has brought to light family dynamics and potential implications for the management of Wahaha's assets [1] Group 2 - A report indicates that five core executives of Roma Technology have gone missing, allegedly fleeing to Malaysia amid product issues [3] - The company has faced significant consumer backlash, with 180,000 refund requests pending due to product problems [3] - Concerns have been raised about the quality of components sourced from suppliers, particularly regarding battery cells [3] Group 3 - Tesla's legal battle continues as a female car owner responds to a court ruling requiring her to apologize and pay damages, asserting that the case is not solely about product quality [3] - The ongoing legal disputes highlight the challenges faced by automotive companies in managing consumer perceptions and legal liabilities [3] Group 4 - Nvidia's CEO Jensen Huang has recently sold 225,000 shares of the company, valued at approximately $36.4 million, as part of a pre-established stock sale plan [12] - This sale comes amid heightened investor interest in Nvidia's leadership in the AI sector, which has significantly boosted its stock price [12] Group 5 - Volvo's CEO emphasizes the importance of adapting to the Chinese market to maintain competitiveness against new entrants in the electric vehicle sector [25] - The company aims to focus on local consumer preferences and collaborate with Chinese partners to enhance product offerings [25] Group 6 - Kraft Heinz is reportedly planning to split its operations after a decade of consolidation following its merger in 2015 [25] - The company is exploring various options for the split, although final decisions have yet to be made [25] Group 7 - The Chinese mobile operator China Mobile has awarded a contract worth 120 million RMB for humanoid robot manufacturing to two companies [20] - This procurement reflects the growing interest and investment in robotics within the telecommunications sector [20] Group 8 - Xiaomi is set to open a flagship store in Shenzhen, showcasing its commitment to expanding its retail presence [15] - The new store will feature advanced architectural design and is part of Xiaomi's broader strategy to enhance customer engagement [15]

Core Viewpoint - A class action lawsuit has been filed against Apple Inc. and certain officers for alleged violations of federal securities laws during the Class Period from June 10, 2024, to June 9, 2025, related to misleading statements about the integration of advanced AI-based Siri features into its products [1][7]. Company Overview - Apple Inc. is a multinational technology company primarily engaged in the design and manufacturing of smart devices and computers, as well as entertainment and artificial intelligence [3]. - The iPhone is Apple's highest revenue product, with the latest model, iPhone 16, introduced in October 2024 [4]. AI Development and Competition - Apple has faced pressure from competitors like Google, Microsoft, and Amazon, who have launched advanced AI capabilities, prompting Apple to enhance its Siri features [5]. - At the 2024 Worldwide Developer Conference (WWDC), Apple announced advanced AI-based Siri features as a key selling point for the iPhone 16, but lacked a functional prototype at that time [6][15]. Allegations and Misleading Statements - The lawsuit alleges that Apple made materially false and misleading statements regarding the integration timeline of advanced AI-based Siri features, which were unlikely to be available for the iPhone 16, potentially harming sales and overstating the company's financial prospects [7][8]. - Following the announcement of delays in Siri updates on March 7, 2025, Apple's stock price fell significantly, reflecting investor concerns over the company's ability to deliver promised features [9][10]. Market Reaction and Analyst Reports - After the announcement of delays, Morgan Stanley lowered its price target for Apple, indicating that the delay would impact iPhone upgrade cycles [10]. - Subsequent stock price declines were noted after critical media coverage and lack of updates at the 2025 WWDC, which was described as underwhelming [12][14]. Internal Concerns and Future Outlook - Internal communications revealed that Apple executives expressed doubts about the functionality of the promised AI features, with some suggesting that development might need to start from scratch [16].

What happenedSignal Advisors Wealth, LLC reported to the Securities and Exchange Commission that its position in Apple(AAPL -0.59%) increased by 29,843 shares, according to its July 9, 2025, SEC filing. The transaction was valued at $6.04 million, bringing the firm’s total Apple stake to 68,821 shares, worth $14.12 million as of July 10, 2025.What else to knowThe fund increased its Apple position, which now comprises 1.1% of its $1.28 billion in reportable U.S. equity assets as of Q2 2025. The top five hold ...

Core Viewpoint - A lawsuit has been filed against Apple Inc. and certain senior executives for potential violations of federal securities laws, specifically related to misrepresentations about the AI capabilities of Siri and the iPhone 16 product cycle [1][2][3]. Group 1: Lawsuit Details - Investors have until August 19, 2025, to request to lead the case, which is pending in the U.S. District Court for the Northern District of California under the title Tucker v. Apple Inc., et al. [2] - The complaint alleges violations under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased Apple securities [2]. Group 2: Allegations Against Apple - The lawsuit claims that Apple misrepresented the advanced AI features of Siri and the timeline for their integration into devices, asserting that Apple did not have a functional prototype of these features [3][4]. - The complaint highlights that Apple announced an indefinite delay for several AI-based Siri features on March 7, 2025, leading to a significant stock price decline of $11.59 per share, or nearly 5%, from $239.07 to $227.48 [5]. Group 3: Market Reaction - Following the announcement of the delay, Apple's stock continued to decline after the Worldwide Developer Conference on June 9, 2025, where no new updates on Siri features were provided, resulting in a drop of $2.47 per share, or over 1%, from $203.92 to $201.45 [6].

对每一位创业者来说，这些绝非遥远的新闻，在AI超级周期的洪流中，无论是巨头还是初创公司，都卷入了一场全新的淘汰赛。资本疯狂下注，技术日新月异，团 队身价暴涨……这一切都预示着，未来几年，谁能活下来、活得更好，将取决于你能否踩中产业变革的主线。 本周末，科技圈被两则重磅新闻刷屏：一则是Google以24亿美元收购AI初创公司Windsurf的核心团队及技术资产，进一步加码顶尖人才和前沿算法的"军备竞赛"； 另一则是马斯克旗下xAI新一轮融资后估值跃升至2000亿美元…… 这不只是科技巨头又一次"买买买"。新闻背后，是AI产业格局的巨变——资本与技术成为新的武器，巨头加速跑马圈地，新王者不断涌现，旧格局土崩瓦解，整个 行业似乎正在迎来洗牌。 不久前，2025年Coatue EMW（East Meets West）年会，Coatue 发布了2025年的主旨报告，结合最新行业动态，系统梳理了AI革命的关键趋势、产业链重构逻辑，以 及创业者如何在这场技术红利与竞争浪潮中找到自己的"生存之道"。 锦秋基金（公众号：锦秋集；ID：jqcapital）认为，这份报告也在一定程度上解释了诸如Google 收编Windsurf， ...

从特朗普上一次当总统时，就提出了重振美国制造业的计划，当时他找上郭台铭，要郭台铭到美国建 厂，美国给予补贴，希望借此推动苹果回美国制造。 后来郭台铭表示愿意投资100亿美元到威斯康辛州建厂，而特朗普表示会提供合计30亿美元的税收优 惠。 同时特朗普还称富士康在美国的工厂，会是世界第8大奇迹。 后来的结果，大家都知道的，这个项目烂尾了，所谓的世界第八大奇迹，彻底成为笑话。 但特朗普重振美国制造的计划可没变，于是在他第二任上台后，就搞出了各种措施，其实就是想推动美 国制造的的发展，让美国企业的制造回流。 当然，他同样还是盯上了苹果，不断的、多次公开喊话苹果，希望苹果回美国制造。 并且不仅仅是施压的问题，特朗普更是直接威胁称，如果苹果不在美国制造，要对苹果加25%的关税， 希望以此来逼苹果在美国制造。 但是对于这个施压，库克一直想办法拖延，宁愿将苹果放到印度、越南等地制造，也不愿意回迁美国。 库克一再表示称，苹果之所以在中国制造，是经过深思熟虑的，因为中国有着最完善的电子制造产业 链，积累了深厚的工艺技术底蕴，有着技术精湛的、足够的产业工人。 而在一些供应链专家看来，库克很明显是不愿意在美国制造iPhone的。 目 ...

记者丨 张赛男 实习生林超婧 编辑丨张伟贤 她说，到港上市是蓝思"全球化战略"的重要里程碑，公司将以香港为支点，让国际资本与蓝思 的智造优势、中国市场深度融合，共享"中国智造"的增长红利。 关于周群飞的创业故事有很多，离不开的一条主线是她从"打工妹"到"中国女首富"的逆袭人 生，恰是人们当下最爱看的真实"爽剧"。但站在港股上市的新起点，她显然要开启新的剧本， 全球化和多元化将是未来的关键词。 背靠苹果的喜忧 在周群飞的发家史中，苹果公司是一个避不开的关键角色。 2007年，苹果初代iPhone横空出世，并开始采用玻璃屏幕。这让当时已经在做手机玻璃的周群 飞看到了机会。 蓝思具体是何时点正式进入苹果供应链并无官方消息印证，但大致在这一年，周群飞带领团队 搞研发，成为苹果首批核心屏幕供应商之一。 此后，周群飞和蓝思科技正式踏上飞速发展的快车道——借着iPhone全球热销的东风，蓝思科 技的业绩出现爆发式增长。 7月9日，香港联交所交易大厅内，蓝思科技创始人及董事长周群飞手持木槌敲响上市铜锣，宣 告公司正式登陆港交所主板。 周群飞一头利落的齐肩发搭配无框眼镜，显得神采奕奕。从递表到挂牌仅用时100天，蓝思科 技高效 ...