当地时间周四，欧盟监管机构开始对微软将视频和聊天应用 Teams 与其他 Office 应用捆绑的行为展开反垄断调查，这也是 10 多年来欧盟首次对微软展开反垄断调查。欧盟监管机构表示：欧盟委员会担心微软可能会给 Teams 提供渠道分发优势。例如，微软没有让用户在购买办公套件时选择是否包含这款产品，并可能限制了微软办公套件与竞品之间的互操作性。“换句话说，欧盟担心当用户订购微软 365 产品时，微软没有给用户提供不包括 Teams 在内的选择。微软可能会以此阻止其他公司在办公通讯和视频应用领域展开竞争。

欧盟对微软 Office 应用捆绑 Teams 行为展开反垄断调查

根据 DigiTimes 近日发布的付费报道，苹果供应链目前正在为今年晚些时候推出的新款 iPhone 和 Mac 设备做准备。

苹果供应链渠道消息称苹果或今秋推出搭载 M3 芯片 Mac 设备

英国《金融时报》当地时间 26 日报道称，随着公众对人工智能技术的担忧日益加剧，谷歌、微软、Anthropic 和 OpenAI 这 4 家人工智能领域最具影响力的公司一起成立了一个新组织 “前沿模型论坛”。该论坛将 “前沿模型” 定义为能力超过现有最先进模型、能执行各种任务的大规模机器学习模型。

英媒：谷歌微软等 AI 四巨头成立 “前沿模型论坛”，倡议自我监管

杰富瑞有限责任公司：将小鹏汽车 H 股评级上调至买进；目标价 99.10 港元。将小鹏汽车 ADR 评级上调至买进；目标价 25.30 美元。

GDP 等美国经济数据增强市场对软着陆的信心，但美股高开后盘中转跌。纳指标普两连跌，芯片股逆市反弹。公布财报后 Meta 收涨超 4%，创三个月最大涨幅，英特尔盘后曾涨超 7%。小鹏汽车收涨近 4%。欧央行利率指引鸽派调整，加息近尾声的预期升温，欧债收益率回落，欧洲蓝筹股指涨超 2%，创逾十五年新高，科技板块涨超 4%，德股历史新高。日媒称日央行考虑上调日债收益率上限，日元一度拉升逾 1%。十年期美债收益率升超 10 个基点，两周多来首次盘中升破 4.0%。美元指数盘中跳涨，创两周新高；离岸人民币一个月来首次盘中收复 7.12，后曾回落超 600 点。美油三个月来首次涨破 80 美元。黄金回落到两周低位。

数据利好不敌日央行 “转向” 恐慌，道指终结 1987 年来最长连涨，欧股欢庆欧央行放鸽

Intel's second-quarter revenue fell 15% YoY to $12.9 billion, higher than the market's expected $12.02 billion. The company expects adjusted revenue for the third quarter to be between $12.9 billion and $13.9 billion, with the midpoint surpassing analysts' expectations of $13.28 billion. The projected gross margin for the third quarter is 43%, higher than the market's expected 41%. Market analysts believe that Intel's performance guidance for the third quarter exceeds expectations, indicating an improvement in demand for computer components and the long-awaited recovery in the industry may have begun.

Computer industry recovery may have begun! Intel's second-quarter performance and third-quarter guidance exceeded expectations, with the stock price rising more than 7% after hours | Earnings Report Insights

福特汽车 CFO：新能源汽车价格的下跌速度与幅度都超出了公司之前的预期。

金十数据 7 月 28 日讯，福特汽车首席执行官表示，电动汽车的定价压力在过去 60 天里急剧增加。第二季度，电动汽车相对于燃油汽车的溢价下降了 3000 多美元。从明年 1 月 1 日起，公司的电动汽车业务将转向新的零售模式，其中包括不可协商的定价。燃油汽车和混合动力汽车的需求将 “持久”，预计在未来五年内混合动力汽车销量将增长三倍。

福特：电车相对油车的溢价在 Q2 下降超 3000 美元

Media reports cite multiple anonymous sources as saying that Microsoft's corporate venture capital fund, M12, is selling a significant portion of its holdings on the secondary market at a discount of up to 30%-70%. However, this does not necessarily mean that Microsoft has incurred losses.

Microsoft's venture capital division continues to sell its holdings, with a large scale and high discounts.

拟议新规将使资产值超过 1000 亿美元的银行必须持有的资本金增加约 16%，大型银行以及摩根士丹利、美国运通等依赖财富管理费用收入的机构受打击最大，更多地区银行被纳入更严监管之中。有批评人士警告称，“这是在错误的时间阻碍经济发展。”

从严新规来了！美国八家最大银行的资本金要求或提升 19%，地区银行也不例外

The performance of Kaiyun Group in the first half of the year basically met expectations, with operating profit declining by 3%. The operating profit margin and net profit decreased compared to the same period last year, and direct retail revenue declined in North America. The main brand, Gucci, performed particularly poorly in the second quarter, causing the group's US stocks to quickly turn downward. Kaiyun Group does not rule out the possibility of fully acquiring Valentino before 2028.

Gucci's parent company, Kering Group, released its Q2 earnings report, which showed a decline in performance. The company acquired a 30% stake in Valentino. | Financial Report Insights

Due to the emergence of a large number of new contracts for Boeing aircraft, durable goods orders in the United States exceeded expectations in June.

US durable goods orders in June increased by 4.7% MoM, exceeding expectations, marking the fourth consecutive month of growth.

The condition of the US economy is better than what economists had expected a few months ago, which once again indicates that the US economy is essentially unrelated to recession.

GDP and durable goods data are great! The US economy is stronger than expected, and US stocks are steadily rising.

With the slow increase in attractiveness of the new advertising layer, Netflix plans to attract new advertisers.

Netflix further bets on the advertising business and seeks to adjust its partnership with Microsoft.

Oil prices and natural gas prices have plummeted this year, dragging down the profits of energy giants. Shell's net profit in the second quarter of this year decreased by 58% compared to the same period last year, while Total's profit decreased by 49% year-on-year.

"Energy Super Giants" Encounter Performance Setback! Shell and Total's Net Profits Halved in the Second Quarter

Since the low point on May 31st, the Hang Seng TECH Index has rebounded by more than 20% and entered a technical bull market. The high probability of a significant rebound after the market bottom is expected to occur within the year.

Technical bull market reappears! Is the real big rebound of Hong Kong stocks still ahead?

美联储加息关键看就业恶化节奏

就业数据决定美联储政策，谷歌广告业务超预期复苏，城中村改造力度较温和——宏观脱水 0727

Only in terms of quantifiable Office/Azure, AI is expected to bring an annual revenue increment of 40 billion/10 billion US dollars, accounting for 20%/5% of Microsoft's current revenue of approximately 200 billion.

Microsoft's AI commercialization can increase revenue by how much? $50 billion!

The company stated that overall memory chip inventory seems to have peaked in May, and it is expected that smartphone shipments will increase this quarter, with prices also rising.

Turning point? Samsung Electronics expects consumer electronics demand to rebound in the second half of the year.

Technology giants lead the way, with Tesla up 1.7%, Amazon up 1.4%, Google, Apple, Microsoft, and Netflix up about 1%. Xiaopeng Motors surged over 6%, NIO up 3.6%, New Oriental up 2%, Bilibili down 2%, and iQiyi up nearly 3%.

Pre-market trading in US stocks | Meta Platforms surges over 8%, poised to reach a year and a half high! Apple to raise starting price of iPhone 15 Pro by $200?

CICC International stated that XPENG-W's sales growth still faces fierce competition and pressure from peers, posing challenges for improving profit margins in the coming quarters. At the same time, cooperation with Volkswagen may not translate into immediate profits. The skyrocketing stock price may be an overreaction.

Analysis Report | Is the market overreacting to XPENG-W? Institutions maintain "sell"! B station rating and target price slashed



马斯克表示，X 平台很快将只有 “深色模式”。

Hao also expressed optimism about the medium to long-term opportunities in high technology, biomedicine, and high-end consumption.

Hong Hao: US stocks hit new highs before falling

与大众联合研发，将会给小鹏带来更深入的造车能力，比如底盘调校、售后、供应链管理、销售渠道管理等。更重要的是，7 亿美元的投资收入还可以改善目前小鹏的资金状况，尤其是扭转小鹏因 G9 业绩不佳造成的供应链弱势。

Volkswagen invests in XPENG-W: one seeks technology, the other seeks funding

Meta Platforms 美股盘前涨超 7%，公司二季度营收达到 320 亿美元，盈利超出预期。

小鹏汽车延续昨日涨幅，美股盘前涨超 6%。

According to FactSet data, analysts generally believe that Intel's second-quarter revenue will reach $12.1 billion, with an adjusted loss of 4 cents per share. Analysts estimate revenue for the third quarter to be $13.2 billion, with earnings per share of $0.16.

Intel Earnings Report Day: Is Artificial Intelligence a Negative for It?

曾有人坦言，英伟达与其他芯片厂商的差距，是院士与高中生的差别。就如同黄仁勋所言，英伟达 “一直在奔跑”，想要超越巨人的其它芯片厂商只能奋力狂奔。

一块炒到 50 万元，大厂疯狂囤芯，批量买要走后门，中国版英伟达在哪？

At the valuation level, the US stock market has already fully reflected the logic of "forward pricing"! Once the Federal Reserve officially ends the rate hikes and shifts to rate cuts, it will be a confirmation of the weakening of the US economy, and at that time, there will be pressure for adjustment in the US stock market.

Be cautious! The pricing logic of US stocks has started to change!

Suggested overweighting TMT and ChiNext sectors; there are trading opportunities in new energy vehicles and Chinese insurance, as well as in domestic demand and real estate stocks.

Hong Kong stocks welcome an important rebound window, with the Hang Seng Index expected to reach 21500-22000 points.

Before the next policy meeting, the Federal Reserve will see a series of economic data, including two non-farm employment reports, two inflation reports, and a new economic growth data.

Has the Fed's interest rate hike cycle ended? Don't underestimate Powell!

China's video game player population rises to a record at end-June

日前，淘宝直播与王者荣耀达成重要合作，将把电竞直播搬上淘宝。据悉，双方将联合发起 “王者荣耀明星邀请赛”，面向天下广发英雄帖，号召各路游戏玩家入淘开播，决赛之夜也将于 8 月 5 日在淘宝直播竞逐冠军。

淘宝直播与王者荣耀达成合作

On Wednesday, the trading volume of bullish options on Tesla, with a strike price of $400 and an expiration of 50 days, surged. The most active were the calls on Microsoft with a strike price of $350. The proportion of trading volume for bullish options on NIO-SW and Xiaopeng Motors both exceeded 70%.

U.S. stock options, Xiaopeng options trading surged four times, Microsoft, Google, Celeste options trading more than doubled.

Porsche's Chief Financial Officer, Lutz Meschke, stated that there are "significant challenges" in ensuring the components for the Taycan electric vehicle, making it difficult to achieve the goal of electric vehicle sales accounting for over 12% of shipments this year.

Can't handle the supply chain! Porsche's only mass-produced electric car can't keep up with production capacity.

高盛集团周三在报告中表示，其对冲基金客户周二净买入中国股票，创出 9 个月来最快速度。7 月 25 日，对冲基金做多买入中资股票，相对于空头回补之比达到了 3.5:1。主要是买入内地挂牌的 A 股股份，其次是在香港上市的中资公司股份。

高盛称对冲基金客户周二大举买入中资股份

大众汽车二季度营收 800.6 亿欧元，市场预估 786.1 亿欧元。

Thanks to Microsoft and Alphabet-C! As the giants continue to increase their investment in AI and capital expenditure, JFR stated that although the revenue growth forecast provided by the bank has exceeded Wall Street's consensus, it is still conservative!

AI chip absolute leader NVIDIA, why can it continue to exceed expectations?

需求爆炸式增长，三大存储巨头纷纷加码，美光公布最新 HBM3 Gen 2 产品，三星早在去年就实现了 HBM3 的量产，海力士则带来了第五代 HBM 3e 产品。

HBM，大战打响！

Is franchising the end of opening a store?

HELENS's Road to Recovery: Relying on Store Closures and Franchising

It will be too late if we don't IPO soon.

Seeking Rui HKEX IPO: Is the business of "1 milliliter blood test for cancer" feasible?

NASDAQ Golden Dragon Index rose for three consecutive days, the renminbi regained the 7.12 level during the intraday session, and the Hang Seng TECH Index rose more than 3%.

Chinese assets collectively surged again: the renminbi rose by 350 points, Hong Kong A shares soared, and XPENG-W skyrocketed by 30%.

Never forget, there will always be echoes.

Overseas Listing Filing System's First Project for US Listing Revealed: Xin Jun Cashmere's Nasdaq IPO Marks a New Era for Chinese Concept Stocks

XPENG-W's milestone moment in the history of Chinese electric vehicles has arrived with the introduction of its output technology and Volkswagen's investment. According to Citigroup, the combination of "small + big" is highly beneficial for XPENG-W. This is mainly due to the potential for higher gross margins resulting from Volkswagen's involvement in advanced driver assistance system software-related revenue.

Surging 33%! Why is "XPENG-W + Volkswagen" worth such an increase?

香港恒生科技指数自五月低点上涨 20%，势将步入技术性牛市。

According to Eurekahedge data, the average growth of Asian hedge funds in the first half of this year was only 1.4%, lagging behind the 4.8% growth of the Morgan Stanley Capital International Asia Pacific Index.

How do Asian hedge funds outperform the market? Just bet on AI, Japanese and US stock markets.

恒生科技指数涨 3%，造车新势力持续拉升，小鹏汽车大涨近 32%，蔚来汽车涨超 12%，理想汽车涨 4.5%。

贝壳港股涨幅一度扩大至约 8%，最高触及 46.05 港元，创近三个月以来新高。

长租公寓运营商自如最快将于第三季度正式向港交所递交招股说明书。这意味着，自如或将成为港股长租公寓第一股。