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憨憨的熊猫眼
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憨憨的熊猫眼
04-09
$三倍做多标普生物-Direxion(LABU)$
76买的,一直没有动,亏了一半了
憨憨的熊猫眼
04-04
$三倍做多半导体ETF-Direxion Daily(SOXL)$
以前买美基,只要跌了加仓就涨回来,这次重仓一直暴跌,被特朗普害惨
憨憨的熊猫眼
03-31
$SPDR S&P Biotech ETF(XBI)$
最差板块
憨憨的熊猫眼
03-31
$三倍做多标普生物-Direxion(LABU)$
买几千都亏了一千多了,尼玛想买反指,但是汇款两个星期还没有收到,真尼玛
憨憨的熊猫眼
03-10
$特斯拉(TSLA)$
真尼玛坑人
憨憨的熊猫眼
03-10
$诺和诺德(NVO)$
憨憨的熊猫眼
03-10
$ARK Innovation ETF(ARKK)$
真尼玛能跌,是不是真的要倒闭了
憨憨的熊猫眼
03-10
$英伟达(NVDA)$
可以买了吗
憨憨的熊猫眼
03-10
$特斯拉(TSLA)$
真的是无语
憨憨的熊猫眼
03-08
$Twist Bioscience Corp(TWST)$
憨憨的熊猫眼
03-07
$1.5倍做多恐慌指数短期期货ETF(UVXY)$
憨憨的熊猫眼
03-07
$ARK Innovation ETF(ARKK)$
还割了印度鸡精加仓这个,结果人家印度大涨了,这个又暴跌十多个点
憨憨的熊猫眼
03-07
$ARK Genomic Revolution ETF(ARKG)$
离倒闭不远了
憨憨的熊猫眼
03-07
$SPDR S&P Biotech ETF(XBI)$
印度跌了那么久才跌了十多个点,尼玛这个跌了几天就跌了十个点
憨憨的熊猫眼
03-07
$ARK Genomic Revolution ETF(ARKG)$
还割了印度鸡精换成这个,简直了,给印度提鞋都不够格
憨憨的熊猫眼
03-07
$ARK Innovation ETF(ARKK)$
要倒闭了
憨憨的熊猫眼
03-06
$ARK Genomic Revolution ETF(ARKG)$
真尼玛坑人的垃圾
憨憨的熊猫眼
03-04
$SPDR S&P Biotech ETF(XBI)$
真尼玛坑人
憨憨的熊猫眼
03-04
$ARK Genomic Revolution ETF(ARKG)$
真尼玛坑人,买的美基亏了几万
憨憨的熊猫眼
03-04
$SPDR S&P Biotech ETF(XBI)$
美股越来越差了
去老虎APP查看更多动态
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76买的,一直没有动,亏了一半了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/422387529720184","isVote":1,"tweetType":1,"viewCount":303,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4182553731240202","authorId":"4182553731240202","name":"吾六三八","avatar":"https://static.tigerbbs.com/d9350fa953ce5c4f33c53a8eb691df7e","crmLevel":2,"crmLevelSwitch":0,"idStr":"4182553731240202","authorIdStr":"4182553731240202"},"content":"我75买的,请问这个如果降到几块你会补仓嘛?","text":"我75买的,请问这个如果降到几块你会补仓嘛?","html":"我75买的,请问这个如果降到几块你会补仓嘛?"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":420583329694168,"gmtCreate":1743712601112,"gmtModify":1743716946127,"author":{"id":"3493071870340922","authorId":"3493071870340922","name":"憨憨的熊猫眼","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3493071870340922","authorIdStr":"3493071870340922"},"themes":[],"htmlText":"<a 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真尼玛坑人","text":"$特斯拉(TSLA)$ 真尼玛坑人","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/412051540570520","isVote":1,"tweetType":1,"viewCount":441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":412051438297552,"gmtCreate":1741619138238,"gmtModify":1741619674981,"author":{"id":"3493071870340922","authorId":"3493071870340922","name":"憨憨的熊猫眼","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3493071870340922","authorIdStr":"3493071870340922"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NVO\">$诺和诺德(NVO)$ </a> ","listText":"<a href=\"https://laohu8.com/S/NVO\">$诺和诺德(NVO)$ </a> ","text":"$诺和诺德(NVO)$","images":[{"img":"https://static.tigerbbs.com/df2635ebc35803a8cc7fd0127b528531","width":"870","height":"1772"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/412051438297552","isVote":1,"tweetType":1,"viewCount":320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":412052817027128,"gmtCreate":1741619090551,"gmtModify":1741619673252,"author":{"id":"3493071870340922","authorId":"3493071870340922","name":"憨憨的熊猫眼","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3493071870340922","authorIdStr":"3493071870340922"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$ </a> 真尼玛能跌,是不是真的要倒闭了","listText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$ </a> 真尼玛能跌,是不是真的要倒闭了","text":"$ARK Innovation ETF(ARKK)$ 真尼玛能跌,是不是真的要倒闭了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/412052817027128","isVote":1,"tweetType":1,"viewCount":492,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4136939755042400","authorId":"4136939755042400","name":"不做暴富的梦","avatar":"https://static.tigerbbs.com/f256e67ca26e4adabc28806ea50a095e","crmLevel":1,"crmLevelSwitch":0,"idStr":"4136939755042400","authorIdStr":"4136939755042400"},"content":"他可是买了不少的特斯拉","text":"他可是买了不少的特斯拉","html":"他可是买了不少的特斯拉"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":412051798196648,"gmtCreate":1741619047242,"gmtModify":1741619048620,"author":{"id":"3493071870340922","authorId":"3493071870340922","name":"憨憨的熊猫眼","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3493071870340922","authorIdStr":"3493071870340922"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$ </a> 可以买了吗","listText":"<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$ </a> 可以买了吗","text":"$英伟达(NVDA)$ 可以买了吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/412051798196648","isVote":1,"tweetType":1,"viewCount":930,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3505994139431061","authorId":"3505994139431061","name":"LinYuliang","avatar":"https://static.tigerbbs.com/4eb5f9abc5bd08f8be2e2d5f4d1a7998","crmLevel":7,"crmLevelSwitch":1,"idStr":"3505994139431061","authorIdStr":"3505994139431061"},"content":"如果跌10%补一次。再跌再补。三次完成,绝对亏不了。","text":"如果跌10%补一次。再跌再补。三次完成,绝对亏不了。","html":"如果跌10%补一次。再跌再补。三次完成,绝对亏不了。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":412050670362792,"gmtCreate":1741618415673,"gmtModify":1741618417073,"author":{"id":"3493071870340922","authorId":"3493071870340922","name":"憨憨的熊猫眼","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3493071870340922","authorIdStr":"3493071870340922"},"themes":[],"htmlText":"<a 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style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2024-11-18 23:38</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>11月18日,为贯彻落实财政部、税务总局、住房城乡建设部《关于促进房地产市场平稳健康发展有关税收政策的公告》,更好满足居民刚性和改善性住房需求,经北京市政府同意,市住房城乡建设委、市财政局、北京市税务局等三部门联合印发《关于取消普通住房标准有关事项的通知》。</p><p>《通知》明确,本市取消普通住房和非普通住房标准。取消普通住房和非普通住房标准后,根据《公告》规定,个人将购买2年以上(含2年)的住房对外销售的,免征增值税。个人将购买不足2年的住房对外销售的,按照5%的征收率全额缴纳增值税。北京市适用与全国统一的个人购房契税优惠政策。对个人购买家庭唯一住房(家庭成员范围包括购房人、配偶以及未成年子女,下同),面积为140平方米及以下的,减按1%的税率征收契税;面积为140平方米以上的,减按1.5%的税率征收契税。对个人购买家庭第二套住房,面积为140平方米及以下的,减按1%的税率征收契税;面积为140平方米以上的,减按2%的税率征收契税。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/758fa9cb60d6bebfc76279ef743c0f1a\" tg-width=\"1214\" tg-height=\"856\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7ae0555dd414b3f7de4af00b547725e6","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129159445","content_text":"11月18日,为贯彻落实财政部、税务总局、住房城乡建设部《关于促进房地产市场平稳健康发展有关税收政策的公告》,更好满足居民刚性和改善性住房需求,经北京市政府同意,市住房城乡建设委、市财政局、北京市税务局等三部门联合印发《关于取消普通住房标准有关事项的通知》。《通知》明确,本市取消普通住房和非普通住房标准。取消普通住房和非普通住房标准后,根据《公告》规定,个人将购买2年以上(含2年)的住房对外销售的,免征增值税。个人将购买不足2年的住房对外销售的,按照5%的征收率全额缴纳增值税。北京市适用与全国统一的个人购房契税优惠政策。对个人购买家庭唯一住房(家庭成员范围包括购房人、配偶以及未成年子女,下同),面积为140平方米及以下的,减按1%的税率征收契税;面积为140平方米以上的,减按1.5%的税率征收契税。对个人购买家庭第二套住房,面积为140平方米及以下的,减按1%的税率征收契税;面积为140平方米以上的,减按2%的税率征收契税。","news_type":1},"isVote":1,"tweetType":1,"viewCount":691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":412051798196648,"gmtCreate":1741619047242,"gmtModify":1741619048620,"author":{"id":"3493071870340922","authorId":"3493071870340922","name":"憨憨的熊猫眼","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3493071870340922","authorIdStr":"3493071870340922"},"themes":[],"htmlText":"<a 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10:54","market":"hk","language":"zh","title":"15万亿美元涨势摇摇欲坠! “DeepSeek风暴”席卷全球,美股“四巨头”亟需强劲业绩服众","url":"https://stock-news.laohu8.com/highlight/detail?id=2506316177","media":"智通财经","summary":"自2022年底以来,七大科技巨头们引领的纳斯达克100指数高达15万亿美元的史诗级市值扩张,无疑面临严峻考验。更加值得注意的是,美股“四巨头”本周公布业绩之际,正值DeepSeek引领的“低成本算力风暴”席卷全球,投资者们开始质疑美国科技巨头们对于人工智能堪称“非理性”的狂热AI烧钱计划是否合理。","content":"<html><head></head><body><p>全球投资者正迎来又一个无比关键的美国大型科技公司超级财报周期,这些科技巨头于本周密集披露财报,且股价均处于历史最高位附近,估值也处于历史高位。这次的一个关键区别是:预计所谓的“美股七大科技巨头”的季度利润增幅将创下近两年以来最慢的速度,并且不少华尔街分析师表示,业绩超预期“门槛已经提高”。自2022年底以来,七大科技巨头们引领的纳斯达克100指数高达15万亿美元的史诗级市值扩张,无疑面临严峻考验。</p><p>更加值得注意的是,美股“四巨头”本周公布业绩之际,正值DeepSeek引领的“低成本算力风暴”席卷全球,投资者们开始质疑美国科技巨头们对于人工智能堪称“非理性”的狂热AI烧钱计划是否合理。来自中国DeepSeek的AI工程师团队所开创的DeepSeek R1可谓在上周霸榜美国热搜,并且DeepSeek应用在周一登顶<a href=\"https://laohu8.com/S/AAPL\">苹果</a>中国地区和美国地区应用商店免费APP下载排行榜,在美区下载榜上超越了ChatGPT。DeepSeek R1的问世,宣告AI训练与推理成本大幅缩减,在不到600万美元的极低投入成本和2048块性能远低于H100与Blackwell的H800芯片的条件下,DeepSeek团队打造出堪比OpenAI O1的开源AI大模型。</p><p>DeepSeek本次霸榜美国乃至全球社交媒体热搜,起因在于1月20日其正式发布推理大模型DeepSeek-R1,该大模型经多位科技界大拿在上周证实其在数学、编程和推理等关键领域的表现,能与OpenAI推出的号称“人类史上最强推理模型”的o1“掰手腕”,但其API调用成本却低了90%-95%。</p><p>DeepSeek 的低成本+超高效+不输于o1的大模型综合性能,源于对大模型训练流程的每个环节都施加了“极致工程”与“精细微调”,比如以极致工程为导向的高效训练与数据压缩策略,通过多层注意力(MLA)、FP8 混合精度、DualPipe 并行通信、专家门控(MoE)负载均衡等手段,让 DeepSeek 在训练阶段将硬件资源利用率最大化,减少“不必要的算力浪费”,以及“强化学习+蒸馏+专业数据优化”的创新型AI训练举措。</p><p>简而言之,DeepSeek通过“极致工程化 + 并行优化 + 精筛数据 + 精准后训练”为核心来不断削减通用算力的“无效消耗”,把资源集中到最能提升模型性能的核心模块(注意力头、关键算子、RL/蒸馏微调等),展示了“极致工程化 + 后训练端蒸馏 + 专业数据整合+主攻强化”如何在有限GPU 资源下逼近乃至超越行业主流大模型性能,对传统“巨额烧钱”模式提出了强力挑战。因此DeepSeek将硬件和算法的潜能最大化挖掘——这与过去很长一段时间美国科技大厂们“粗放式烧钱”在某种程度上形成鲜明对比。</p><p>因此,全球投资者们迫切希望美股“四巨头”对于AI方面的巨额投入能够实现积极创收与盈利规模,进而实现整体营收与利润业绩大超预期,否则他们会将这种“非理性”AI支出,同时无法凭借大额投入带来任何可观利润,视为这些科技巨头在AI方面的疯狂支出“完完全全在损害归属于公司普通股的利润”,进而掀起抛售大浪潮。</p><p><strong>四巨头业绩,美股“全村的希望”</strong></p><p>将于本周公布业绩的美股“四巨头”——即苹果(AAPL.US)、<a href=\"https://laohu8.com/S/MSFT\">微软</a>(MSFT.US)、Meta(META.US)以及<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>(TSLA.US),它们实际业绩对于美股乃至全球股市走势而言可谓至关重要,这些科技巨头占<a href=\"https://laohu8.com/S/161125\">标普500</a>指数以及纳斯达克综合指数的权重接近40%,并且它们的业绩攸关全球科技股投资者们对于“人工智能的信仰与积极展望”,若它们业绩普遍不及市场预期,或将令投资者们纷纷质疑与AI相关联的创收与盈利前景,进而引发类似去年夏季的全球科技股暴跌之势。</p><p>“美股七大科技巨头”即所谓的“Magnificent Seven”,它们包括:苹果、微软、<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>、特斯拉、<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>、<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>以及Meta Platforms,它们乃标普500指数屡创新高的核心推动力。放眼整个美股,“七大科技巨头”自2023年以来乃领涨整个美股的最核心力量,它们凭借布局AI带来的强劲营收、坚如磐石的基本面、多年以来持续强劲的自由现金流储备以及不断扩张的股票回购规模,吸引全球范围的资金蜂拥而至。谷歌(GOOGL.US)、英伟达(NVDA.US)以及亚马逊(AMZN.US)将于2月公布财报。</p><p>谷歌、英伟达、Meta和微软等美股大型科技股的股票在年初大幅上涨,尤其是在风险偏好情绪和投资者们对这些公司花费数十亿美元开发人工智能服务带来的高创收与盈利期望下,这些科技巨头的股价表现优于大盘。</p><p>但本周开始的财报季可能会让股市看涨者们清醒过来:尽管所谓的“七巨头”的盈利仍在增长,且远超美股市场其他的细分板块,但华尔街预计其增长速度将较前几个季度明显放缓。归根结底,基数效应以及对于AI持续大额投入但盈利前景仍偏向模糊的压力下,这些科技巨头的业绩增速以及业绩超预期的市场门槛,正面临越来越大的压力。</p><p>自2022年底以来,市场对于科技巨头们无比乐观的AI盈利前景展望,已推动有着“全球科技股风向标”称号的纳斯达克100指数(Nasdaq 100 Index)总市值大幅扩张约15万亿美元。然而,所谓的“七巨头”以及纳斯达克100指数上行势头近期明显放缓,主要因市场担忧AI盈利前景大幅不及预期导致利润扩张规模受阻。</p><p>来自Man Numeric的首席投资官丹•泰勒表示,业绩超预期“门槛已经提高,他表示:“这应该是一个相当不错的财报季,但标杆已经提高,它们可能无法达到市场的高期望。”“这些巨头的业绩可能很难像去年那样拥有卓越表现,尤其是考虑到估值已经大幅上升。”</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/81ed83bc117ef0eb7072ab32e038de21\" tg-width=\"818\" tg-height=\"449\"/></p><p><strong>“美股七大科技巨头”利润增长放缓</strong></p><p>“七巨头”的业绩披露从周三美股盘后开始,届时微软、Meta以及特斯拉将按计划发布业绩报告。苹果公司紧随其后于美东时间周四发布业绩,而亚马逊和谷歌将于下周公布业绩,然后AI芯片霸主英伟达的业绩则将美东时间于2月26日公布。</p><p>在两年多前开启的这一轮美股长期牛市中,英伟达和微软领衔的“七巨头”极其优异的盈利增长数据和围绕人工智能的繁荣景象一直是美国股市牛市行情的关键驱动力。在此期间,标普500指数大约70%的涨幅主要来自大型科技公司,但由于预期利润将下滑,以及人们对所有AI投资何时能够更有意义地获得回报的质疑情绪,涨幅有所放缓,甚至在去年夏季出现短暂暴跌。</p><p><strong>可能是一次步伐较小的跳跃</strong></p><p>Bloomberg Intelligence汇编的统计数据显示,华尔街分析师们预计第四季度美股七大科技巨头的利润将同比增长22%,为2023年第一季度以来的最小增幅。虽然这仍远高于标普500指数成分股整体利润约8%的预期增幅,但远远低于第一季度51%的增幅,且为连续四个季度出现萎缩。</p><p>来自Bloomberg Intelligence的分析师迈克尔•卡斯珀认为,人们有理由担心。鉴于美股科技板块在标普500指数市值中所占的权重比其在该指数整体利润中所占的比重高出约10个百分点,这位股票分析师担心,要么盈利增长必须超预期改善,要么估值需要下降。</p><p>DeepSeek引领的“低成本算力浪潮”已经令投资者们开始怀疑美国AI大厂们支出的合理性,如果这些科技巨头AI巨额投入仍然无法产生令投资者感到满意的创收与盈利,以及超出市场预期的业绩数据,可能迎来比去年夏家规模更大的“科技股抛售浪潮”。卡斯珀对此表示:“我们都非常清楚,如果美国科技巨头的实际业绩未能达到所有人都期望的业绩,它们股价会作何反应。”</p><p>从相对于预期销售额的股票价格走势来看,美国科技巨头们的估值显得更加不稳定。根据Bloomberg Intelligence的统计数据,标普500指数的IT板块的交易价格接近未来12个月预期销售额的足足8倍,接近至少十年来的最高水平。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2f42766b352871623e45d6abf32113f\" tg-width=\"803\" tg-height=\"437\"/></p><p><strong>标普500指数科技板块的估值相对于销售额飙升</strong></p><p>不过,来自瑞银全球财富管理部门美洲区的首席投资官索利塔·马塞利认为,这些估值值得投资者继续买入,因为人工智能投资预计将在未来一年左右产生更大规模的整体营收。“虽然人工智能领域轻松获利的时代可能已经过去,但我们认为在AI强大创收前景支持下,这波科技股涨势远未结束。”她本月在一封致客户的信中写道。</p><p>相比于当前微不足道的AI创收数据,美国科技巨头在AI方面的烧钱规模可谓持续大幅扩张,微软、谷歌、亚马逊和Meta预计在上一个财年总计将超过2000亿美元用于资本支出,且它们均已承诺在本财年继续大幅增加支出。因此,除了与人工智能相关营收的增长外,投资者们还将密切关注支出预期,尤其是DeepSeek R1问世之后,聚焦于美国科技巨头的投资者们愈发质疑庞大AI支出是否合理。</p><p>几乎没有迹象表明投资者们已准备好迎接美国科技巨头们的“巨大失望财报季”。在“美国七大科技巨头”中,资金对于看跌期权(防范下跌风险)的需求与对看涨期权的需求相比,在12月飙升后正在萎缩。</p><p>到目前为止,对于标普500指数以及纳斯达克100指数的看涨者们已经获得了高额回报。流媒体巨头<a href=\"https://laohu8.com/S/NFLX\">奈飞</a>(NFLX.US),作为少数几家已报告业绩的科技公司之一,在订阅用户数量创纪录增长后,上周帮助大幅推高了纳斯达克100指数。</p><p>“估值可能会因市场看涨情绪而继续扩大,但是人们对人工智能的货币化前景有可能会感到失望,进而引发新一轮抛售与清算。”Man Numeric的泰勒表示,但他强调大型科技巨头“仍然是能产生大量现金流的优秀企业”,并且凭借强大现金流与股票回购规模,仍将是恐慌抛售中的“安全避风港”</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>15万亿美元涨势摇摇欲坠! “DeepSeek风暴”席卷全球,美股“四巨头”亟需强劲业绩服众</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n15万亿美元涨势摇摇欲坠! “DeepSeek风暴”席卷全球,美股“四巨头”亟需强劲业绩服众\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-01-27 10:54 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1244368.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>全球投资者正迎来又一个无比关键的美国大型科技公司超级财报周期,这些科技巨头于本周密集披露财报,且股价均处于历史最高位附近,估值也处于历史高位。这次的一个关键区别是:预计所谓的“美股七大科技巨头”的季度利润增幅将创下近两年以来最慢的速度,并且不少华尔街分析师表示,业绩超预期“门槛已经提高”。自2022年底以来,七大科技巨头们引领的纳斯达克100指数高达15万亿美元的史诗级市值扩张,无疑面临严峻考验。...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1244368.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a82005fdd5a20870413111b3adc1a547","relate_stocks":{"LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","MSFT":"微软","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU0894486033.HKD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (HKD) INC MF","LU1670710588.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) ACC"},"source_url":"http://www.zhitongcaijing.com/content/detail/1244368.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2506316177","content_text":"全球投资者正迎来又一个无比关键的美国大型科技公司超级财报周期,这些科技巨头于本周密集披露财报,且股价均处于历史最高位附近,估值也处于历史高位。这次的一个关键区别是:预计所谓的“美股七大科技巨头”的季度利润增幅将创下近两年以来最慢的速度,并且不少华尔街分析师表示,业绩超预期“门槛已经提高”。自2022年底以来,七大科技巨头们引领的纳斯达克100指数高达15万亿美元的史诗级市值扩张,无疑面临严峻考验。更加值得注意的是,美股“四巨头”本周公布业绩之际,正值DeepSeek引领的“低成本算力风暴”席卷全球,投资者们开始质疑美国科技巨头们对于人工智能堪称“非理性”的狂热AI烧钱计划是否合理。来自中国DeepSeek的AI工程师团队所开创的DeepSeek R1可谓在上周霸榜美国热搜,并且DeepSeek应用在周一登顶苹果中国地区和美国地区应用商店免费APP下载排行榜,在美区下载榜上超越了ChatGPT。DeepSeek R1的问世,宣告AI训练与推理成本大幅缩减,在不到600万美元的极低投入成本和2048块性能远低于H100与Blackwell的H800芯片的条件下,DeepSeek团队打造出堪比OpenAI O1的开源AI大模型。DeepSeek本次霸榜美国乃至全球社交媒体热搜,起因在于1月20日其正式发布推理大模型DeepSeek-R1,该大模型经多位科技界大拿在上周证实其在数学、编程和推理等关键领域的表现,能与OpenAI推出的号称“人类史上最强推理模型”的o1“掰手腕”,但其API调用成本却低了90%-95%。DeepSeek 的低成本+超高效+不输于o1的大模型综合性能,源于对大模型训练流程的每个环节都施加了“极致工程”与“精细微调”,比如以极致工程为导向的高效训练与数据压缩策略,通过多层注意力(MLA)、FP8 混合精度、DualPipe 并行通信、专家门控(MoE)负载均衡等手段,让 DeepSeek 在训练阶段将硬件资源利用率最大化,减少“不必要的算力浪费”,以及“强化学习+蒸馏+专业数据优化”的创新型AI训练举措。简而言之,DeepSeek通过“极致工程化 + 并行优化 + 精筛数据 + 精准后训练”为核心来不断削减通用算力的“无效消耗”,把资源集中到最能提升模型性能的核心模块(注意力头、关键算子、RL/蒸馏微调等),展示了“极致工程化 + 后训练端蒸馏 + 专业数据整合+主攻强化”如何在有限GPU 资源下逼近乃至超越行业主流大模型性能,对传统“巨额烧钱”模式提出了强力挑战。因此DeepSeek将硬件和算法的潜能最大化挖掘——这与过去很长一段时间美国科技大厂们“粗放式烧钱”在某种程度上形成鲜明对比。因此,全球投资者们迫切希望美股“四巨头”对于AI方面的巨额投入能够实现积极创收与盈利规模,进而实现整体营收与利润业绩大超预期,否则他们会将这种“非理性”AI支出,同时无法凭借大额投入带来任何可观利润,视为这些科技巨头在AI方面的疯狂支出“完完全全在损害归属于公司普通股的利润”,进而掀起抛售大浪潮。四巨头业绩,美股“全村的希望”将于本周公布业绩的美股“四巨头”——即苹果(AAPL.US)、微软(MSFT.US)、Meta(META.US)以及特斯拉(TSLA.US),它们实际业绩对于美股乃至全球股市走势而言可谓至关重要,这些科技巨头占标普500指数以及纳斯达克综合指数的权重接近40%,并且它们的业绩攸关全球科技股投资者们对于“人工智能的信仰与积极展望”,若它们业绩普遍不及市场预期,或将令投资者们纷纷质疑与AI相关联的创收与盈利前景,进而引发类似去年夏季的全球科技股暴跌之势。“美股七大科技巨头”即所谓的“Magnificent Seven”,它们包括:苹果、微软、谷歌、特斯拉、英伟达、亚马逊以及Meta Platforms,它们乃标普500指数屡创新高的核心推动力。放眼整个美股,“七大科技巨头”自2023年以来乃领涨整个美股的最核心力量,它们凭借布局AI带来的强劲营收、坚如磐石的基本面、多年以来持续强劲的自由现金流储备以及不断扩张的股票回购规模,吸引全球范围的资金蜂拥而至。谷歌(GOOGL.US)、英伟达(NVDA.US)以及亚马逊(AMZN.US)将于2月公布财报。谷歌、英伟达、Meta和微软等美股大型科技股的股票在年初大幅上涨,尤其是在风险偏好情绪和投资者们对这些公司花费数十亿美元开发人工智能服务带来的高创收与盈利期望下,这些科技巨头的股价表现优于大盘。但本周开始的财报季可能会让股市看涨者们清醒过来:尽管所谓的“七巨头”的盈利仍在增长,且远超美股市场其他的细分板块,但华尔街预计其增长速度将较前几个季度明显放缓。归根结底,基数效应以及对于AI持续大额投入但盈利前景仍偏向模糊的压力下,这些科技巨头的业绩增速以及业绩超预期的市场门槛,正面临越来越大的压力。自2022年底以来,市场对于科技巨头们无比乐观的AI盈利前景展望,已推动有着“全球科技股风向标”称号的纳斯达克100指数(Nasdaq 100 Index)总市值大幅扩张约15万亿美元。然而,所谓的“七巨头”以及纳斯达克100指数上行势头近期明显放缓,主要因市场担忧AI盈利前景大幅不及预期导致利润扩张规模受阻。来自Man Numeric的首席投资官丹•泰勒表示,业绩超预期“门槛已经提高,他表示:“这应该是一个相当不错的财报季,但标杆已经提高,它们可能无法达到市场的高期望。”“这些巨头的业绩可能很难像去年那样拥有卓越表现,尤其是考虑到估值已经大幅上升。”“美股七大科技巨头”利润增长放缓“七巨头”的业绩披露从周三美股盘后开始,届时微软、Meta以及特斯拉将按计划发布业绩报告。苹果公司紧随其后于美东时间周四发布业绩,而亚马逊和谷歌将于下周公布业绩,然后AI芯片霸主英伟达的业绩则将美东时间于2月26日公布。在两年多前开启的这一轮美股长期牛市中,英伟达和微软领衔的“七巨头”极其优异的盈利增长数据和围绕人工智能的繁荣景象一直是美国股市牛市行情的关键驱动力。在此期间,标普500指数大约70%的涨幅主要来自大型科技公司,但由于预期利润将下滑,以及人们对所有AI投资何时能够更有意义地获得回报的质疑情绪,涨幅有所放缓,甚至在去年夏季出现短暂暴跌。可能是一次步伐较小的跳跃Bloomberg Intelligence汇编的统计数据显示,华尔街分析师们预计第四季度美股七大科技巨头的利润将同比增长22%,为2023年第一季度以来的最小增幅。虽然这仍远高于标普500指数成分股整体利润约8%的预期增幅,但远远低于第一季度51%的增幅,且为连续四个季度出现萎缩。来自Bloomberg Intelligence的分析师迈克尔•卡斯珀认为,人们有理由担心。鉴于美股科技板块在标普500指数市值中所占的权重比其在该指数整体利润中所占的比重高出约10个百分点,这位股票分析师担心,要么盈利增长必须超预期改善,要么估值需要下降。DeepSeek引领的“低成本算力浪潮”已经令投资者们开始怀疑美国AI大厂们支出的合理性,如果这些科技巨头AI巨额投入仍然无法产生令投资者感到满意的创收与盈利,以及超出市场预期的业绩数据,可能迎来比去年夏家规模更大的“科技股抛售浪潮”。卡斯珀对此表示:“我们都非常清楚,如果美国科技巨头的实际业绩未能达到所有人都期望的业绩,它们股价会作何反应。”从相对于预期销售额的股票价格走势来看,美国科技巨头们的估值显得更加不稳定。根据Bloomberg Intelligence的统计数据,标普500指数的IT板块的交易价格接近未来12个月预期销售额的足足8倍,接近至少十年来的最高水平。标普500指数科技板块的估值相对于销售额飙升不过,来自瑞银全球财富管理部门美洲区的首席投资官索利塔·马塞利认为,这些估值值得投资者继续买入,因为人工智能投资预计将在未来一年左右产生更大规模的整体营收。“虽然人工智能领域轻松获利的时代可能已经过去,但我们认为在AI强大创收前景支持下,这波科技股涨势远未结束。”她本月在一封致客户的信中写道。相比于当前微不足道的AI创收数据,美国科技巨头在AI方面的烧钱规模可谓持续大幅扩张,微软、谷歌、亚马逊和Meta预计在上一个财年总计将超过2000亿美元用于资本支出,且它们均已承诺在本财年继续大幅增加支出。因此,除了与人工智能相关营收的增长外,投资者们还将密切关注支出预期,尤其是DeepSeek R1问世之后,聚焦于美国科技巨头的投资者们愈发质疑庞大AI支出是否合理。几乎没有迹象表明投资者们已准备好迎接美国科技巨头们的“巨大失望财报季”。在“美国七大科技巨头”中,资金对于看跌期权(防范下跌风险)的需求与对看涨期权的需求相比,在12月飙升后正在萎缩。到目前为止,对于标普500指数以及纳斯达克100指数的看涨者们已经获得了高额回报。流媒体巨头奈飞(NFLX.US),作为少数几家已报告业绩的科技公司之一,在订阅用户数量创纪录增长后,上周帮助大幅推高了纳斯达克100指数。“估值可能会因市场看涨情绪而继续扩大,但是人们对人工智能的货币化前景有可能会感到失望,进而引发新一轮抛售与清算。”Man 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