{"id":66630,"date":"2025-05-01T19:46:49","date_gmt":"2025-05-01T11:46:49","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=66630"},"modified":"2025-05-02T16:29:35","modified_gmt":"2025-05-02T08:29:35","slug":"technical-analysis-02-may-2025","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-02-may-2025\/","title":{"rendered":"Technical Analysis &#8211; 02 May 2025"},"content":{"rendered":"\n<p class=\"has-cyan-bluish-gray-background-color has-background wp-block-paragraph\" id=\"top\"><a href=\"#us\">United States<\/a> |<a href=\"#sg\"> Singapore<\/a> |<a href=\"#hk\"> Hong Kong<\/a> |<a href=\"#ea\" title=\"\"> Earnings<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"us\"><a id=\"post-49726-_5ifytjpamge8\"><\/a><img fetchpriority=\"high\" decoding=\"async\" title=\"us\" width=\"637\" height=\"135\" class=\"alignnone wp-image-49827\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/08\/word-image-136.png\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/08\/word-image-136.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/08\/word-image-136-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">GoDaddy, Inc. (GDDY US)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"2376\" height=\"1350\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-2.png\" alt=\"A graph of stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-66771\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-2.png 2376w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-2-300x170.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-2-1024x582.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-2-768x436.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-2-1536x873.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-2-2048x1164.png 2048w\" sizes=\"(max-width: 2376px) 100vw, 2376px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed at a high since February 2025 with constructive volume. 20dEMA is about to cross the 50dEMA.<br>  <\/li>\n\n\n\n<li>MACD is positive, RSI is constructive.<br>  <\/li>\n\n\n\n<li><strong>Long \u2013 Entry 182, Target 202, Stop 172<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-2.png\" alt=\"A line in a white background\n\nDescription automatically generated\" class=\"wp-image-66772\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-2.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-2-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Snowflake, Inc. (SNOW US)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2376\" height=\"1350\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-3.png\" alt=\"A graph of stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-66773\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-3.png 2376w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-3-300x170.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-3-1024x582.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-3-768x436.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-3-1536x873.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-3-2048x1164.png 2048w\" sizes=\"(max-width: 2376px) 100vw, 2376px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed at a high since March 2025. 5dEMA just crossed the 50dEMA and the 20dEMA is about to cross the 200dEMA.<br>  <\/li>\n\n\n\n<li>Both RSI and MACD are constructive.<br>  <\/li>\n\n\n\n<li><strong>Long \u2013 Entry 163, Target 183, Stop 153<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\" title=\"\">^ Back To Top<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-4-1.png\" alt=\"\" class=\"wp-image-66774\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-4-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-4-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"sg\"><a id=\"post-66630-_q3z2pzaup3mw\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-5-1.png\" class=\"wp-image-66775\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-5-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-5-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">Sheng Siong Group Ltd. (SSG SP)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2376\" height=\"1350\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-6-1.png\" alt=\"\" class=\"wp-image-66776\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-6-1.png 2376w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-6-1-300x170.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-6-1-1024x582.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-6-1-768x436.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-6-1-1536x873.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-6-1-2048x1164.png 2048w\" sizes=\"(max-width: 2376px) 100vw, 2376px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed higher above the 5dEMA with more volume. <br>  <\/li>\n\n\n\n<li>MACD is positive, RSI is at an overbought level.<br>  <\/li>\n\n\n\n<li><strong>Buy \u2013 Entry 1.74, Target 1.82, Stop 1.70<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-3.png\" alt=\"A line in a white background\n\nDescription automatically generated\" class=\"wp-image-66777\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-3.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-3-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">China Sunsine Chemical Holdings Ltd. (CSSC SP)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2376\" height=\"1350\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-8-1.png\" alt=\"\" class=\"wp-image-66778\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-8-1.png 2376w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-8-1-300x170.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-8-1-1024x582.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-8-1-768x436.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-8-1-1536x873.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-8-1-2048x1164.png 2048w\" sizes=\"(max-width: 2376px) 100vw, 2376px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed higher above the 5dEMA with a surge in volume. <br>  <\/li>\n\n\n\n<li>Both RSI and MACD are constructive.<br>  <\/li>\n\n\n\n<li><strong>Buy \u2013 Entry 0.540 Target 0.580, Stop 0.520<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\" title=\"\">^ Back To Top<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-9-1.png\" alt=\"\" class=\"wp-image-66779\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-9-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-9-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"hk\"><a id=\"post-66630-_ox2yqx6nkukc\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-10-1.png\" class=\"wp-image-66780\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-10-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-10-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">Kingdee International Software Grp Co Ltd. (268 HK) <\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2376\" height=\"1350\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-11-1.png\" alt=\"\" class=\"wp-image-66781\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-11-1.png 2376w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-11-1-300x170.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-11-1-1024x582.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-11-1-768x436.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-11-1-1536x873.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-11-1-2048x1164.png 2048w\" sizes=\"(max-width: 2376px) 100vw, 2376px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed higher above the 50dEMA with constructive volume. The 5dEMA just crossed the 20dEMA and is about to cross the 50dEMA.<br>  <\/li>\n\n\n\n<li>Both RSI and MACD are constructive. <br>  <\/li>\n\n\n\n<li><strong>Long <\/strong>\u2013 <strong>Entry 13.0, Target 15.0, Stop 12.0<\/strong><br>    <br><br>    <br><br>    <figure><img loading=\"lazy\" decoding=\"async\" width=\"752\" height=\"160\" class=\"wp-image-66782\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-1.jpeg\" alt=\"A line in a white background\n\nDescription automatically generated\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-1.jpeg 752w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-1-300x64.jpeg 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/figure><br>  <\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Kingsoft Cloud Holdings Ltd. (3896 HK)  <figure><img loading=\"lazy\" decoding=\"async\" width=\"2376\" height=\"1350\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-13-1.png\" class=\"wp-image-66783\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-13-1.png 2376w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-13-1-300x170.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-13-1-1024x582.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-13-1-768x436.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-13-1-1536x873.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-13-1-2048x1164.png 2048w\" sizes=\"(max-width: 2376px) 100vw, 2376px\" \/><\/figure><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed higher above the 50dEMA with a surge in volume. 5dEMA is about to cross the 20dEMA.<br>  <\/li>\n\n\n\n<li>RSI is constructive and MACD is positive.<br>  <\/li>\n\n\n\n<li><strong>Long \u2013 Entry 7.10, Target 8.10, Stop 6.60<\/strong><br>    <br><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\" title=\"\">^ Back To Top<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-14-1.png\" alt=\"\" class=\"wp-image-66784\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-14-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-14-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"ea\"><img loading=\"lazy\" decoding=\"async\" width=\"601\" height=\"108\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-15-1.png\" alt=\"\" class=\"wp-image-66785\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-15-1.png 601w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-66630-15-1-300x54.png 300w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>MGM Resorts International. (MGM)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$4.28B, -2.5% YoY, in-line with estimates <br>  <\/li>\n\n\n\n<li><strong>1Q25 Non-GAAP EPS: <\/strong>$0.69, beat estimates by $0.23<br>  <\/li>\n\n\n\n<li><strong>FY25 Guidance:<\/strong> No guidance provided.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> MGM Resorts International reported stronger-than-expected earnings and downplayed the near-term impact of the recent surge in U.S. tariffs on its operations. Management emphasized the continued resilience of Las Vegas as a premier travel destination, even in the face of potential economic headwinds. Airline capacity at Harry Reid Airport remained robust, with domestic flight volumes rising 2% month-over-month from April through June. MGM also achieved a record performance in April across hotel metrics at its Strip properties. Additionally, the Board authorized a new $2 billion share repurchase program. Nonetheless, the company could face pressure from weakening consumer demand as declining tourism and rising tariff-related costs weigh on U.S. discretionary spending. <strong>2Q25<\/strong> <strong>recommended trading range: $27 to $34. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7f8e\u9ad8\u6885\u56fd\u9645\u9152\u5e97\u96c6\u56e2 (MGM)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u5e74\u7b2c\u4e00\u5b63\u8425\u6536\uff1a<\/strong>42.8\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d2.5%\uff0c\u4e0e\u9884\u671f\u4e00\u81f4<br>  <\/li>\n\n\n\n<li><strong>25\u5e74\u7b2c\u4e00\u5b63Non-GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>0.69\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.23\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u672a\u63d0\u4f9b\u6307\u5f15\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u7f8e\u9ad8\u6885\u56fd\u9645\u9152\u5e97\u96c6\u56e2\u516c\u5e03\u4e86\u5f3a\u4e8e\u9884\u671f\u7684\u76c8\u5229\uff0c\u5e76\u6de1\u5316\u4e86\u8fd1\u671f\u7f8e\u56fd\u5173\u7a0e\u5927\u5e45\u4e0a\u6da8\u5bf9\u5176\u8fd0\u8425\u7684\u77ed\u671f\u5f71\u54cd\u3002\u7ba1\u7406\u5c42\u5f3a\u8c03\uff0c\u5373\u4f7f\u9762\u5bf9\u6f5c\u5728\u7684\u7ecf\u6d4e\u9006\u98ce\uff0c\u62c9\u65af\u7ef4\u52a0\u65af\u4f5c\u4e3a\u9996\u8981\u65c5\u6e38\u76ee\u7684\u5730\u7684\u97e7\u6027\u4f9d\u7136\u6301\u7eed\u3002\u54c8\u91cc\u00b7\u91cc\u5fb7\u56fd\u9645\u673a\u573a\u7684\u822a\u7a7a\u8fd0\u529b\u4f9d\u7136\u5f3a\u52b2\uff0c4\u6708\u81f36\u6708\u56fd\u5185\u822a\u73ed\u91cf\u73af\u6bd4\u589e\u957f2%\u3002\u7f8e\u9ad8\u6885\u65d7\u4e0b\u5927\u9053\u9152\u5e97\u7269\u4e1a\u76844\u6708\u4efd\u9152\u5e97\u6307\u6807\u4e5f\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8\u3002\u6b64\u5916\uff0c\u8463\u4e8b\u4f1a\u6279\u51c6\u4e86\u4e00\u9879\u65b0\u768420\u4ebf\u7f8e\u5143\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u7531\u4e8e\u65c5\u6e38\u4e1a\u4e0b\u6ed1\u548c\u5173\u7a0e\u76f8\u5173\u7684\u6210\u672c\u4e0a\u5347\u5bf9\u7f8e\u56fd\u53ef\u81ea\u7531\u652f\u914d\u652f\u51fa\u6784\u6210\u538b\u529b\uff0c\u8be5\u516c\u53f8\u53ef\u80fd\u9762\u4e34\u6d88\u8d39\u8005\u9700\u6c42\u51cf\u5f31\u7684\u538b\u529b\u3002<strong>25\u5e74\u7b2c\u4e8c\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a27\u7f8e\u5143\u81f334\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Caterpillar Inc. (CAT)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$14.2B, -10.1% YoY, miss estimates by $380M<br>  <\/li>\n\n\n\n<li><strong>1Q25 Non-GAAP EPS: <\/strong>$4.25, miss estimates by $0.10<br>  <\/li>\n\n\n\n<li><strong>2Q25 Guidance: <\/strong>Projects increased costs of $250mn to $350mn.<strong> FY25 Guidance:<\/strong> Expect 2025 sales should be slightly lower than 2024.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Caterpillar reported a weak set of results for 2Q25, citing increased costs driven by tariffs. Roughly half of these additional expenses are expected to impact the Construction Industries segment, with about a quarter affecting the Resource Industries unit and the remainder hitting Energy & Transportation. Sales and earnings are also under pressure amid a broader slowdown in construction and mining activity. Management noted that any progress on trade agreements or relief from current tariff measures could significantly mitigate the projected cost burden. Approximately half of the new duties impacting Caterpillar are linked to China, which now faces a 145% import tariff. Tariff-related challenges are expected to persist in the near term. <strong>2Q25<\/strong> <strong>recommended trading range: $290 to $340. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5361\u7279\u5f7c\u52d2\u516c\u53f8 (CAT)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u5e74\u7b2c\u4e00\u5b63\u8425\u6536\uff1a<\/strong>142\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d10.1%\uff0c\u4f4e\u4e8e\u9884\u671f3.8\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u5e74\u7b2c\u4e00\u5b63Non-GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>4.25\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f0.10\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u5e74\u7b2c\u4e8c\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u6210\u672c\u589e\u52a02.5\u4ebf\u7f8e\u5143\u81f33.5\u4ebf\u7f8e\u5143\u300225\u8d22\u5e74\u6307\u5f15\uff1a\u9884\u8ba12025\u5e74\u9500\u552e\u989d\u5c06\u7565\u4f4e\u4e8e2024\u5e74\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u5361\u7279\u5f7c\u52d2\u516c\u5e03\u4e86\u75b2\u8f6f\u768425\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u7406\u7531\u662f\u5173\u7a0e\u5bfc\u81f4\u6210\u672c\u589e\u52a0\u3002\u9884\u8ba1\u8fd9\u4e9b\u989d\u5916\u8d39\u7528\u4e2d\u7ea6\u4e00\u534a\u5c06\u5f71\u54cd\u5de5\u7a0b\u673a\u68b0\u90e8\u95e8\uff0c\u7ea6\u56db\u5206\u4e4b\u4e00\u5f71\u54cd\u8d44\u6e90\u4ea7\u4e1a\u90e8\u95e8\uff0c\u5176\u4f59\u5f71\u54cd\u80fd\u6e90\u548c\u8fd0\u8f93\u90e8\u95e8\u3002\u7531\u4e8e\u5efa\u7b51\u548c\u91c7\u77ff\u4e1a\u666e\u904d\u653e\u7f13\uff0c\u9500\u552e\u989d\u548c\u76c8\u5229\u4e5f\u9762\u4e34\u538b\u529b\u3002\u7ba1\u7406\u5c42\u6307\u51fa\uff0c\u4efb\u4f55\u5728\u8d38\u6613\u534f\u8bae\u65b9\u9762\u7684\u8fdb\u5c55\u6216\u5f53\u524d\u5173\u7a0e\u63aa\u65bd\u7684\u7f13\u89e3\u90fd\u53ef\u80fd\u663e\u8457\u51cf\u8f7b\u9884\u8ba1\u7684\u6210\u672c\u8d1f\u62c5\u3002\u5f71\u54cd\u5361\u7279\u5f7c\u52d2\u7684\u65b0\u5173\u7a0e\u4e2d\u7ea6\u4e00\u534a\u4e0e\u4e2d\u56fd\u6709\u5173\uff0c\u76ee\u524d\u4e2d\u56fd\u9762\u4e34145%\u7684\u8fdb\u53e3\u5173\u7a0e\u3002\u9884\u8ba1\u4e0e\u5173\u7a0e\u76f8\u5173\u7684\u6311\u6218\u5728\u77ed\u671f\u5185\u5c06\u6301\u7eed\u5b58\u5728\u3002<strong>25\u5e74\u7b2c\u4e8c\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a290\u7f8e\u5143\u81f3340\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Western Digital Corp. (WDC)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>3Q25 Revenue: <\/strong>$2.29B, +30.9% YoY, miss estimates by $190M<br>  <\/li>\n\n\n\n<li><strong>3Q25 Non-GAAP EPS: <\/strong>$1.36, beat estimates by $0.25<br>  <\/li>\n\n\n\n<li><strong>3Q25 dividend:<\/strong> Western Digital Corp. declares $0.10\/share quarterly dividend; Payable June 18; for shareholders of record June 4; ex-div June 4.<br>  <\/li>\n\n\n\n<li><strong>4Q25 guidance: <\/strong>Expect fiscal 4Q25 revenue to be in the range of $2.45bn +\/- $150mn vs consensus of $2.35bn; Expect Non-GAAP EPS in the range of $1.45 +\/- $0.20.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Western Digital delivered better-than-expected earnings for 3Q25 and issued an upbeat outlook for 4Q25, underpinned by steady demand for its storage solutions from cloud service providers. The surge in cloud computing\u2014fueled by advancements in AI\u2014continues to drive robust investment in data centers, supporting demand for memory chips from suppliers like Western Digital. Peer Seagate also recently projected results above consensus, reinforcing the resilience of demand for mass-capacity storage used in both cloud infrastructure and personal computing. These trends underscore the ongoing strength of data growth, which remains a key secular driver despite broader macroeconomic uncertainty. <strong>4Q25<\/strong> <strong>recommended trading range: $41 to $50. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u897f\u90e8\u6570\u636e\u516c\u53f8 (WDC)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u5e74\u7b2c\u4e09\u5b63\u8425\u6536\uff1a<\/strong>22.9\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f30.9%\uff0c\u4f4e\u4e8e\u9884\u671f1.9\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u5e74\u7b2c\u4e09\u5b63Non-GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>1.36\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.25\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u5e74\u7b2c\u4e09\u5b63\u80a1\u606f\uff1a<\/strong>\u897f\u90e8\u6570\u636e\u516c\u53f8\u5ba3\u5e03\u6d3e\u53d1\u6bcf\u80a10.10\u7f8e\u5143\u7684\u5b63\u5ea6\u80a1\u606f\uff1b6\u670818\u65e5\u652f\u4ed8\uff1b6\u67084\u65e5\u80a1\u6743\u767b\u8bb0\u65e5\uff1b6\u67084\u65e5\u9664\u606f\u65e5\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u5e74\u7b2c\u56db\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba125\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\u572824.5\u4ebf\u7f8e\u5143\u4e0a\u4e0b\u6d6e\u52a81.5\u4ebf\u7f8e\u5143\uff0c\u5e02\u573a\u9884\u671f\u4e3a23.5\u4ebf\u7f8e\u5143\uff1b\u9884\u8ba1Non-GAAP\u6bcf\u80a1\u6536\u76ca\u57281.45\u7f8e\u5143\u4e0a\u4e0b\u6d6e\u52a80.20\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u897f\u90e8\u6570\u636e\u516c\u5e03\u4e86\u5f3a\u4e8e\u9884\u671f\u768425\u5e74\u7b2c\u4e09\u5b63\u5ea6\u76c8\u5229\uff0c\u5e76\u53d1\u5e03\u4e86\u4e50\u89c2\u768425\u5e74\u7b2c\u56db\u5b63\u5ea6\u5c55\u671b\uff0c\u8fd9\u5f97\u76ca\u4e8e\u4e91\u670d\u52a1\u63d0\u4f9b\u5546\u5bf9\u5176\u5b58\u50a8\u89e3\u51b3\u65b9\u6848\u7684\u7a33\u5b9a\u9700\u6c42\u3002\u4eba\u5de5\u667a\u80fd\u8fdb\u6b65\u63a8\u52a8\u7684\u4e91\u8ba1\u7b97\u6fc0\u589e\uff0c\u7ee7\u7eed\u63a8\u52a8\u6570\u636e\u4e2d\u5fc3\u7684\u5927\u89c4\u6a21\u6295\u8d44\uff0c\u4ece\u800c\u652f\u6491\u4e86\u897f\u90e8\u6570\u636e\u7b49\u4f9b\u5e94\u5546\u7684\u5185\u5b58\u82af\u7247\u9700\u6c42\u3002\u540c\u884c\u5e0c\u6377\u6700\u8fd1\u4e5f\u9884\u8ba1\u4e1a\u7ee9\u5c06\u9ad8\u4e8e\u5e02\u573a\u9884\u671f\uff0c\u8fdb\u4e00\u6b65\u5370\u8bc1\u4e86\u4e91\u57fa\u7840\u8bbe\u65bd\u548c\u4e2a\u4eba\u8ba1\u7b97\u6240\u4f7f\u7528\u7684\u5927\u5bb9\u91cf\u5b58\u50a8\u9700\u6c42\u7684\u97e7\u6027\u3002\u8fd9\u4e9b\u8d8b\u52bf\u7a81\u663e\u4e86\u6570\u636e\u589e\u957f\u7684\u6301\u7eed\u5f3a\u52b2\u52bf\u5934\uff0c\u5c3d\u7ba1\u5b8f\u89c2\u7ecf\u6d4e\u5b58\u5728\u4e0d\u786e\u5b9a\u6027\uff0c\u6570\u636e\u589e\u957f\u4ecd\u7136\u662f\u5173\u952e\u7684\u957f\u671f\u9a71\u52a8\u56e0\u7d20\u3002<strong>25\u5e74\u7b2c\u56db\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a41\u7f8e\u5143\u81f350\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Microsoft Corp. (MSFT)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>3Q25 Revenue: <\/strong>$70.06B, +13.2% YoY, beat estimates by $1.62B<br>  <\/li>\n\n\n\n<li><strong>3Q25 GAAP EPS: <\/strong>$3.46, beat estimates by $0.24<br>  <\/li>\n\n\n\n<li><strong>4Q25 Guidance:<\/strong> Expects revenue to be in the range of $73.15bn to $74.25bn, above consensus of $72.26bn; expects 34% to 35% in Azure growth at constant currency, compared with consensus of 31.5%. <br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Microsoft reported strong quarterly results, fueled by robust performance in its Azure cloud division. Azure revenue grew 33% year-over-year, exceeding expectations, with artificial intelligence contributing 16 percentage points to that growth. The company also issued an upbeat forecast for 4Q25, helping to ease investor concerns around a potential softening in AI demand. Management reiterated plans to increase capital expenditures in the upcoming fiscal year, albeit at a slower pace than in FY2025. Notably, Microsoft expects to invest $80 billion in FY2025 to build out data centers optimized for AI workloads. The company emphasized its continued commitment to expanding AI infrastructure as it competes with other tech giants to meet surging demand\u2014highlighting the sustained strength of AI-driven growth that continues to benefit Microsoft\u2019s outlook. <strong>2Q25<\/strong> <strong>recommended trading range: $405 to $465. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5fae\u8f6f\u516c\u53f8 (MSFT)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u5e74\u7b2c\u4e09\u5b63\u8425\u6536\uff1a<\/strong>700.6\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f13.2%\uff0c\u8d85\u51fa\u9884\u671f16.2\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u5e74\u7b2c\u4e09\u5b63GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>3.46\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.24\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u5e74\u7b2c\u56db\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u8425\u6536\u5728731.5\u4ebf\u7f8e\u5143\u81f3742.5\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u9ad8\u4e8e\u5e02\u573a\u9884\u671f\u7684722.6\u4ebf\u7f8e\u5143\uff1b\u9884\u8ba1Azure\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u7b97\u7684\u589e\u957f\u7387\u4e3a34%\u81f335%\uff0c\u9ad8\u4e8e\u5e02\u573a\u9884\u671f\u768431.5%\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u5fae\u8f6f\u516c\u5e03\u4e86\u5f3a\u52b2\u7684\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u8fd9\u5f97\u76ca\u4e8e\u5176Azure\u4e91\u90e8\u95e8\u7684\u5f3a\u52b2\u8868\u73b0\u3002Azure\u8425\u6536\u540c\u6bd4\u589e\u957f33%\uff0c\u8d85\u51fa\u9884\u671f\uff0c\u5176\u4e2d\u4eba\u5de5\u667a\u80fd\u8d21\u732e\u4e8616\u4e2a\u767e\u5206\u70b9\u3002\u8be5\u516c\u53f8\u8fd8\u53d1\u5e03\u4e86\u4e50\u89c2\u768425\u5e74\u7b2c\u56db\u5b63\u5ea6\u5c55\u671b\uff0c\u6709\u52a9\u4e8e\u7f13\u89e3\u6295\u8d44\u8005\u5bf9\u4eba\u5de5\u667a\u80fd\u9700\u6c42\u53ef\u80fd\u653e\u7f13\u7684\u62c5\u5fe7\u3002\u7ba1\u7406\u5c42\u91cd\u7533\u4e86\u5728\u4e0b\u4e00\u8d22\u5e74\u589e\u52a0\u8d44\u672c\u652f\u51fa\u7684\u8ba1\u5212\uff0c\u5c3d\u7ba1\u589e\u901f\u5c06\u4f4e\u4e8e2025\u8d22\u5e74\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u5fae\u8f6f\u9884\u8ba1\u57282025\u8d22\u5e74\u6295\u8d44800\u4ebf\u7f8e\u5143\uff0c\u4ee5\u5efa\u8bbe\u9488\u5bf9\u4eba\u5de5\u667a\u80fd\u5de5\u4f5c\u8d1f\u8f7d\u4f18\u5316\u7684\u6570\u636e\u4e2d\u5fc3\u3002\u8be5\u516c\u53f8\u5f3a\u8c03\uff0c\u5c06\u7ee7\u7eed\u81f4\u529b\u4e8e\u6269\u5927\u4eba\u5de5\u667a\u80fd\u57fa\u7840\u8bbe\u65bd\uff0c\u4ee5\u5e94\u5bf9\u4e0e\u5176\u5b83\u79d1\u6280\u5de8\u5934\u7ade\u4e89\u4ee5\u6ee1\u8db3\u6fc0\u589e\u7684\u9700\u6c42\u2014\u2014\u8fd9\u7a81\u663e\u4e86\u4eba\u5de5\u667a\u80fd\u9a71\u52a8\u589e\u957f\u7684\u6301\u7eed\u5f3a\u52b2\u52bf\u5934\uff0c\u8be5\u52bf\u5934\u7ee7\u7eed\u5229\u597d\u5fae\u8f6f\u7684\u524d\u666f\u3002<strong>25\u5e74\u7b2c\u56db\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a405\u7f8e\u5143\u81f3465\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Meta Platforms, Inc. (META)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$42.31B, +16.0% YoY, beat estimates by $950M<br>  <\/li>\n\n\n\n<li><strong>1Q25 GAAP EPS: <\/strong>$6.43, beat estimates by $1.21<br>  <\/li>\n\n\n\n<li><strong>2Q25 Guidance:<\/strong> Expects revenue to be between $42.5bn to $45.5bn, midpoint of $44.0bn higher than consensus of $43.81bn. <strong>FY25 guidance:<\/strong> expects 2025 total expenses to be in the range of $113bn to $118bn.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Meta reported strong results, underscoring continued resilience in digital advertising despite growing trade uncertainty from tariffs. While quarterly capital expenditures came in slightly below expectations at $14bn, trailing the previously projected $60bn to $65bn annual pace\u2014the company raised its full-year capex guidance to a range of $64bn to $72bn. The upward revision reflects increased investment in AI-driven data centers and the potential for higher infrastructure hardware costs amid ongoing trade tensions. This elevated spending outlook signals management\u2019s confidence in Meta\u2019s long-term growth prospects and positions the company well to capitalize on accelerating AI adoption. Despite potential volatility in the broader digital ad market, Meta\u2019s performance-driven approach and substantial AI advertising investments are expected to support continued market share gains. <strong>2Q25<\/strong> <strong>recommended trading range: $530 to $650. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Meta Platforms, Inc. (META)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u8425\u6536\uff1a<\/strong>423.1\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f16.0%\uff0c\u8d85\u51fa\u9884\u671f9.5\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>6.43\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f1.21\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u8425\u6536\u5728425\u4ebf\u7f8e\u5143\u81f3455\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u4e2d\u503c\u4e3a440\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5e02\u573a\u666e\u904d\u9884\u671f\u7684438.1\u4ebf\u7f8e\u5143\u300225\u8d22\u5e74\u6307\u5f15\uff1a\u9884\u8ba12025\u5e74\u603b\u652f\u51fa\u57281130\u4ebf\u7f8e\u5143\u81f31180\u4ebf\u7f8e\u5143\u4e4b\u95f4\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a <\/strong>Meta\u516c\u5e03\u4e86\u5f3a\u52b2\u7684\u4e1a\u7ee9\uff0c\u7a81\u663e\u4e86\u5c3d\u7ba1\u5173\u7a0e\u5bfc\u81f4\u8d38\u6613\u4e0d\u786e\u5b9a\u6027\u65e5\u76ca\u52a0\u5267\uff0c\u4f46\u6570\u5b57\u5e7f\u544a\u4e1a\u52a1\u6301\u7eed\u4fdd\u6301\u5f39\u6027\u3002\u867d\u7136\u5b63\u5ea6\u8d44\u672c\u652f\u51fa\u7565\u4f4e\u4e8e\u9884\u671f\uff0c\u4e3a140\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u6b64\u524d\u9884\u8ba1\u7684\u6bcf\u5e74600\u4ebf\u7f8e\u5143\u81f3650\u4ebf\u7f8e\u5143\u7684\u901f\u5ea6\uff0c\u4f46\u8be5\u516c\u53f8\u5c06\u5176\u5168\u5e74\u8d44\u672c\u652f\u51fa\u6307\u5f15\u63d0\u9ad8\u81f3640\u4ebf\u7f8e\u5143\u81f3720\u4ebf\u7f8e\u5143\u3002\u6b64\u6b21\u4e0a\u8c03\u53cd\u6620\u4e86\u5bf9\u4eba\u5de5\u667a\u80fd\u9a71\u52a8\u7684\u6570\u636e\u4e2d\u5fc3\u6295\u8d44\u589e\u52a0\uff0c\u4ee5\u53ca\u5728\u6301\u7eed\u7684\u8d38\u6613\u7d27\u5f20\u5c40\u52bf\u4e0b\uff0c\u57fa\u7840\u8bbe\u65bd\u786c\u4ef6\u6210\u672c\u53ef\u80fd\u4e0a\u6da8\u3002\u8fd9\u79cd\u63d0\u9ad8\u7684\u652f\u51fa\u524d\u666f\u8868\u660e\u7ba1\u7406\u5c42\u5bf9Meta\u7684\u957f\u671f\u589e\u957f\u524d\u666f\u5145\u6ee1\u4fe1\u5fc3\uff0c\u5e76\u4f7f\u8be5\u516c\u53f8\u80fd\u591f\u5f88\u597d\u5730\u5229\u7528\u52a0\u901f\u4eba\u5de5\u667a\u80fd\u7684\u91c7\u7528\u3002\u5c3d\u7ba1\u66f4\u5e7f\u6cdb\u7684\u6570\u5b57\u5e7f\u544a\u5e02\u573a\u53ef\u80fd\u51fa\u73b0\u6ce2\u52a8\uff0c\u4f46Meta\u4ee5\u6548\u679c\u4e3a\u5bfc\u5411\u7684\u65b9\u6cd5\u548c\u5927\u91cf\u7684\u4eba\u5de5\u667a\u80fd\u5e7f\u544a\u6295\u8d44\u9884\u8ba1\u5c06\u652f\u6301\u5176\u7ee7\u7eed\u83b7\u5f97\u5e02\u573a\u4efd\u989d\u3002<strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a530\u7f8e\u5143\u81f3650\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Robinhood Markets, Inc. (HOOD)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$927M, +50.0% YoY, beat estimates by $9.84M<br>  <\/li>\n\n\n\n<li><strong>1Q25 GAAP EPS: <\/strong>$0.37, beat estimates by $0.04<br>  <\/li>\n\n\n\n<li><strong>2Q25 Guidance: <\/strong>No guidance provided.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Robinhood reported strong quarterly results, driven by a surge in trading activity that boosted profitability. Management emphasized robust trading volumes and record net deposits, which reached $18bn for the quarter and remained strong into April. Despite ongoing market volatility, Robinhood continued to attract new customers and capital, with total funded accounts rising 8% yoY to 25.8mn. Gold subscribers\u2014users of its premium service\u2014also hit a record high of 3.2mn. Management noted that customer engagement remains high and expressed confidence in the company\u2019s ability to perform well even amid persistent market volatility and a potential economic slowdown. The platform\u2019s expanded suite of products and services is expected to further support user retention and activity. Additionally, the board authorized a new $500mn share repurchase program, adding to the $1bn buyback announced in May 2024. <strong>2Q25<\/strong> <strong>recommended trading range: $42 to $54. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Robinhood Markets, Inc. (HOOD)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u8425\u6536\uff1a<\/strong>9.27\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f50.0%\uff0c\u8d85\u51fa\u9884\u671f984\u4e07\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>0.37\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.04\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u6307\u5f15\uff1a<\/strong>\u672a\u63d0\u4f9b\u6307\u5f15\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a <\/strong>Robinhood\u516c\u5e03\u4e86\u5f3a\u52b2\u7684\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u8fd9\u5f97\u76ca\u4e8e\u4ea4\u6613\u6d3b\u52a8\u7684\u6fc0\u589e\uff0c\u4ece\u800c\u63d0\u9ad8\u4e86\u76c8\u5229\u80fd\u529b\u3002\u7ba1\u7406\u5c42\u5f3a\u8c03\u4e86\u5f3a\u52b2\u7684\u4ea4\u6613\u91cf\u548c\u521b\u7eaa\u5f55\u7684\u51c0\u5b58\u6b3e\uff0c\u672c\u5b63\u5ea6\u8fbe\u5230180\u4ebf\u7f8e\u5143\uff0c\u5e76\u57284\u6708\u4efd\u4fdd\u6301\u5f3a\u52b2\u3002\u5c3d\u7ba1\u5e02\u573a\u6301\u7eed\u6ce2\u52a8\uff0cRobinhood\u7ee7\u7eed\u5438\u5f15\u65b0\u5ba2\u6237\u548c\u8d44\u91d1\uff0c\u603b\u6ce8\u8d44\u8d26\u6237\u540c\u6bd4\u589e\u957f8%\u81f32580\u4e07\u3002Gold\u8ba2\u9605\u7528\u6237\uff08\u5176\u9ad8\u7ea7\u670d\u52a1\u7684\u7528\u6237\uff09\u4e5f\u521b\u4e0b320\u4e07\u7684\u5386\u53f2\u65b0\u9ad8\u3002\u7ba1\u7406\u5c42\u6307\u51fa\uff0c\u5ba2\u6237\u53c2\u4e0e\u5ea6\u4ecd\u7136\u5f88\u9ad8\uff0c\u5e76\u5bf9\u516c\u53f8\u5373\u4f7f\u5728\u6301\u7eed\u7684\u5e02\u573a\u6ce2\u52a8\u548c\u6f5c\u5728\u7684\u7ecf\u6d4e\u653e\u7f13\u4e2d\u4e5f\u80fd\u8868\u73b0\u826f\u597d\u7684\u80fd\u529b\u8868\u793a\u4fe1\u5fc3\u3002\u8be5\u5e73\u53f0\u6269\u5c55\u7684\u4ea7\u54c1\u548c\u670d\u52a1\u5957\u4ef6\u9884\u8ba1\u5c06\u8fdb\u4e00\u6b65\u652f\u6301\u7528\u6237\u4fdd\u7559\u548c\u6d3b\u52a8\u3002\u6b64\u5916\uff0c\u8463\u4e8b\u4f1a\u6279\u51c6\u4e86\u4e00\u9879\u65b0\u76845\u4ebf\u7f8e\u5143\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\uff0c\u8fd9\u662f\u5bf92024\u5e745\u6708\u5ba3\u5e03\u768410\u4ebf\u7f8e\u5143\u56de\u8d2d\u8ba1\u5212\u7684\u8865\u5145\u3002<strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a42\u7f8e\u5143\u81f354\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>QUALCOMM Inc. (QCOM)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q25 Revenue: <\/strong>$10.98B, +16.9% YoY, beat estimates by $330M<br>  <\/li>\n\n\n\n<li><strong>2Q25 Non-GAAP EPS: <\/strong>$2.85, beat estimates by $0.04<br>  <\/li>\n\n\n\n<li><strong>3Q25 Guidance:<\/strong> Expect Revenue in the range of $9.9bn to $10.7bn vs $10.34bn consensus; expects Non-GAAP EPS to be in the range of $2.60 to $2.80 vs $2.69 consensus.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Qualcomm reported strong quarterly results but issued a 3Q25 revenue forecast that fell short of expectations, citing muted demand for its smartphone chips. The company joins peers like Snap and Samsung in expressing concerns over the broader implications of the U.S. trade war under President Donald Trump. While management noted that Qualcomm has not experienced any significant direct impact from tariffs\u2014its chips remain exempt\u2014they acknowledged minor shifts in demand and potential indirect effects from a slowing global economy. Additionally, Qualcomm faces competitive pressure from Apple, its largest customer, which has begun producing its own modem chips and is expected to reduce reliance on Qualcomm\u2019s components over time. As a result, the company is likely to encounter demand headwinds in the near term. <strong>3Q25<\/strong> <strong>recommended trading range: $120 to $150. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>QUALCOMM Inc. (QCOM)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u8425\u6536\uff1a<\/strong>109.8\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f16.9%\uff0c\u8d85\u51fa\u9884\u671f3.3\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63Non-GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>2.85\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.04\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e09\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u8425\u6536\u572899\u4ebf\u7f8e\u5143\u81f3107\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u800c\u5e02\u573a\u666e\u904d\u9884\u671f\u4e3a103.4\u4ebf\u7f8e\u5143\uff1b\u9884\u8ba1Non-GAAP\u6bcf\u80a1\u6536\u76ca\u57282.60\u7f8e\u5143\u81f32.80\u7f8e\u5143\u4e4b\u95f4\uff0c\u800c\u5e02\u573a\u666e\u904d\u9884\u671f\u4e3a2.69\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a <\/strong>\u9ad8\u901a\u516c\u5e03\u4e86\u5f3a\u52b2\u7684\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u4f46\u53d1\u5e03\u4e86\u4f4e\u4e8e\u9884\u671f\u768425\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\u9884\u6d4b\uff0c\u7406\u7531\u662f\u5176\u667a\u80fd\u624b\u673a\u82af\u7247\u9700\u6c42\u75b2\u8f6f\u3002\u8be5\u516c\u53f8\u4e0eSnap\u548c\u4e09\u661f\u7b49\u540c\u884c\u4e00\u6837\uff0c\u5bf9\u5510\u7eb3\u5fb7\u00b7\u7279\u6717\u666e\u603b\u7edf\u9886\u5bfc\u4e0b\u7684\u7f8e\u56fd\u8d38\u6613\u6218\u7684\u66f4\u5e7f\u6cdb\u5f71\u54cd\u8868\u793a\u62c5\u5fe7\u3002\u867d\u7136\u7ba1\u7406\u5c42\u6307\u51fa\uff0c\u9ad8\u901a\u5c1a\u672a\u53d7\u5230\u5173\u7a0e\u7684\u4efb\u4f55\u91cd\u5927\u76f4\u63a5\u5f71\u54cd\uff08\u5176\u82af\u7247\u4ecd\u7136\u514d\u7a0e\uff09\uff0c\u4f46\u4ed6\u4eec\u627f\u8ba4\u9700\u6c42\u51fa\u73b0\u4e86\u4e00\u4e9b\u5c0f\u5e45\u53d8\u5316\uff0c\u4ee5\u53ca\u5168\u7403\u7ecf\u6d4e\u653e\u7f13\u53ef\u80fd\u5e26\u6765\u7684\u95f4\u63a5\u5f71\u54cd\u3002\u6b64\u5916\uff0c\u9ad8\u901a\u8fd8\u9762\u4e34\u7740\u6765\u81ea\u5176\u6700\u5927\u5ba2\u6237\u82f9\u679c\u516c\u53f8\u7684\u7ade\u4e89\u538b\u529b\uff0c\u82f9\u679c\u516c\u53f8\u5df2\u5f00\u59cb\u751f\u4ea7\u81ea\u5df1\u7684\u8c03\u5236\u89e3\u8c03\u5668\u82af\u7247\uff0c\u9884\u8ba1\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u5c06\u51cf\u5c11\u5bf9\u9ad8\u901a\u7ec4\u4ef6\u7684\u4f9d\u8d56\u3002\u56e0\u6b64\uff0c\u8be5\u516c\u53f8\u53ef\u80fd\u4f1a\u5728\u77ed\u671f\u5185\u9047\u5230\u9700\u6c42\u963b\u529b\u3002<strong>25\u8d22\u5e74\u7b2c\u4e09\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a120\u7f8e\u5143\u81f3150\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Eli Lilly and Co. (LLY)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$12.73B, +45.2% YoY, beat estimates by $60M<br>  <\/li>\n\n\n\n<li><strong>1Q25 Non-GAAP EPS: <\/strong>$3.34, beat estimates by $0.32<br>  <\/li>\n\n\n\n<li><strong>FY25 Guidance:<\/strong> Reaffirmed revenue guidance. Expects revenue to be between $58.0bn to $61.0bn, midpoint of $59.5bn below consensus of $59.57bn; expects adjusted EPS to be between $20.78 to $22.28bn, midpoint of $21.53 below consensus of $22.4.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Eli Lilly & Co. reported better-than-expected earnings, driven by surging demand for its weight-loss drug Zepbound and diabetes treatment Mounjaro, both of which exceeded sales expectations. Demand in the U.S. continues to outpace supply for these injectables, prompting Eli Lilly and rival Novo Nordisk to invest billions in expanding manufacturing capacity\u2014an initiative aligned with the Trump administration\u2019s goals tied to tariff policy. Despite the strong performance, Eli Lilly lowered its full-year profit guidance due to charges related to a recent cancer drug acquisition. The updated forecast reflects current tariffs as of May 1 but does not account for the administration\u2019s proposed levies on pharmaceutical imports. However, President Trump recently hinted at potential tariff relief for pharma companies, suggesting that firms relocating operations to the U.S. could avoid new duties. Such a shift could benefit Eli Lilly over the long term. <strong>2Q25<\/strong> <strong>recommended trading range: $750 to $850. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u793c\u6765\u516c\u53f8 (LLY)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u5e74\u7b2c\u4e00\u5b63\u8425\u6536\uff1a<\/strong>127.3\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f45.2%\uff0c\u8d85\u51fa\u9884\u671f0.6\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u5e74\u7b2c\u4e00\u5b63Non-GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>3.34\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.32\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u91cd\u7533\u8425\u6536\u6307\u5f15\u3002\u9884\u8ba1\u8425\u6536\u5728580\u4ebf\u7f8e\u5143\u81f3610\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u4e2d\u503c\u4e3a595\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u5e02\u573a\u666e\u904d\u9884\u671f\u7684595.7\u4ebf\u7f8e\u5143\uff1b\u9884\u8ba1\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u572820.78\u7f8e\u5143\u81f322.28\u7f8e\u5143\u4e4b\u95f4\uff0c\u4e2d\u503c\u4e3a21.53\u7f8e\u5143\uff0c\u4f4e\u4e8e\u5e02\u573a\u666e\u904d\u9884\u671f\u768422.4\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u793c\u6765\u516c\u53f8\u516c\u5e03\u4e86\u8d85\u51fa\u9884\u671f\u7684\u76c8\u5229\uff0c\u8fd9\u5f97\u76ca\u4e8e\u5176\u51cf\u80a5\u836fZepbound\u548c\u7cd6\u5c3f\u75c5\u6cbb\u7597\u836f\u7269Mounjaro\u7684\u5f3a\u52b2\u9700\u6c42\uff0c\u8fd9\u4e24\u6b3e\u836f\u7269\u7684\u9500\u552e\u989d\u5747\u8d85\u51fa\u9884\u671f\u3002\u7f8e\u56fd\u5e02\u573a\u5bf9\u8fd9\u4e9b\u6ce8\u5c04\u5242\u7684\u9700\u6c42\u6301\u7eed\u8d85\u8fc7\u4f9b\u5e94\uff0c\u4fc3\u4f7f\u793c\u6765\u548c\u7ade\u4e89\u5bf9\u624b\u8bfa\u548c\u8bfa\u5fb7\u6295\u5165\u6570\u5341\u4ebf\u7f8e\u5143\u6269\u5927\u751f\u4ea7\u80fd\u529b\u2014\u2014\u8fd9\u9879\u4e3e\u63aa\u4e0e\u7279\u6717\u666e\u653f\u5e9c\u4e0e\u5173\u7a0e\u653f\u7b56\u76f8\u5173\u7684\u76ee\u6807\u4e00\u81f4\u3002\u5c3d\u7ba1\u4e1a\u7ee9\u5f3a\u52b2\uff0c\u4f46\u7531\u4e8e\u4e0e\u8fd1\u671f\u4e00\u9879\u6297\u764c\u836f\u7269\u6536\u8d2d\u76f8\u5173\u7684\u8d39\u7528\uff0c\u793c\u6765\u4e0b\u8c03\u4e86\u5168\u5e74\u5229\u6da6\u6307\u5f15\u3002\u66f4\u65b0\u540e\u7684\u9884\u6d4b\u53cd\u6620\u4e86\u622a\u81f35\u67081\u65e5\u7684\u73b0\u884c\u5173\u7a0e\uff0c\u4f46\u672a\u8ba1\u5165\u653f\u5e9c\u62df\u8bae\u7684\u5bf9\u836f\u54c1\u8fdb\u53e3\u5f81\u6536\u7684\u5173\u7a0e\u3002\u7136\u800c\uff0c\u7279\u6717\u666e\u603b\u7edf\u6700\u8fd1\u6697\u793a\u53ef\u80fd\u4e3a\u5236\u836f\u516c\u53f8\u63d0\u4f9b\u5173\u7a0e\u51cf\u514d\uff0c\u8868\u660e\u5c06\u4e1a\u52a1\u8fc1\u56de\u7f8e\u56fd\u7684\u516c\u53f8\u53ef\u80fd\u514d\u4e8e\u65b0\u7684\u5173\u7a0e\u3002\u4ece\u957f\u8fdc\u6765\u770b\uff0c\u8fd9\u79cd\u8f6c\u53d8\u53ef\u80fd\u4f7f\u793c\u6765\u53d7\u76ca\u3002<strong>25\u5e74\u7b2c\u4e8c\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a750\u7f8e\u5143\u81f3850\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Roblox Corp. (RBLX)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Bookings: <\/strong>$1.21B, +31.0% YoY, beat estimates by $60M<br>  <\/li>\n\n\n\n<li><strong>1Q25 GAAP EPS: \u2013<\/strong>$0.32, beat estimates by $0.08<br>  <\/li>\n\n\n\n<li><strong>2Q25 Guidance:<\/strong> Expects booking to be between $1.17bn and $1.19bn; expects adjusted EBITDA to be between $25mn to $45mn; expects revenue to be between $1.02bn to $1.05bn, midpoint of $1.035bn above consensus of $1.17bn  <strong>FY25 Guidance:<\/strong> Expects bookings to be between $5.29bn to $5.36bn, compared to $5.20 to $5.30 previously; expects adjusted EBITDA to be between $205mn to $265mn, compared to $190mn to $265mn previously; expects revenue to be between $4.29bn to $4.37bn, compared to $4.25bn to $4.35bn previously. <br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Roblox delivered strong quarterly results, significantly outperforming expectations on user growth. The platform averaged 97.8mn daily active users during the quarter\u2014a 26% YoY increase and well ahead of the 93.1mn consensus estimate. The company\u2019s strategic focus on attracting users aged 13 and older, a demographic with greater spending power, has been instrumental in driving this growth. Roblox also emphasized that continued investments in core performance, virtual economy enhancements, and improvements in search and discovery are contributing to higher platform monetization, bookings, and creator earnings. Notably, the company pointed out that its virtual worlds remain largely insulated from the effects of U.S. tariffs, including those introduced under former President Trump\u2014offering a more resilient investment profile relative to peers more directly exposed to global trade tensions. <strong>2Q25<\/strong> <strong>recommended trading range: $66 to $75. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7f57\u5e03\u4e50\u601d\u516c\u53f8 (RBLX)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u5e74\u7b2c\u4e00\u5b63\u9884\u8ba2\u6536\u5165\uff1a<\/strong>12.1\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f31.0%\uff0c\u8d85\u51fa\u9884\u671f0.6\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u5e74\u7b2c\u4e00\u5b63GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>-0.32\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.08\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u5e74\u7b2c\u4e8c\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u9884\u8ba2\u6536\u5165\u572811.7\u4ebf\u7f8e\u5143\u81f311.9\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff1b\u9884\u8ba1\u8c03\u6574\u540eEBITDA\u57282500\u4e07\u7f8e\u5143\u81f34500\u4e07\u7f8e\u5143\u4e4b\u95f4\uff1b\u9884\u8ba1\u8425\u6536\u572810.2\u4ebf\u7f8e\u5143\u81f310.5\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u4e2d\u503c\u4e3a10.35\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5e02\u573a\u666e\u904d\u9884\u671f\u768411.7\u4ebf\u7f8e\u5143\u3002<strong>25\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u9884\u8ba2\u6536\u5165\u572852.9\u4ebf\u7f8e\u5143\u81f353.6\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u6b64\u524d\u9884\u671f\u4e3a52.0\u4ebf\u7f8e\u5143\u81f353.0\u4ebf\u7f8e\u5143\uff1b\u9884\u8ba1\u8c03\u6574\u540eEBITDA\u57282.05\u4ebf\u7f8e\u5143\u81f32.65\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u6b64\u524d\u9884\u671f\u4e3a1.9\u4ebf\u7f8e\u5143\u81f32.65\u4ebf\u7f8e\u5143\uff1b\u9884\u8ba1\u8425\u6536\u572842.9\u4ebf\u7f8e\u5143\u81f343.7\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u6b64\u524d\u9884\u671f\u4e3a42.5\u4ebf\u7f8e\u5143\u81f343.5\u4ebf\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u7f57\u5e03\u4e50\u601d\u516c\u5e03\u4e86\u5f3a\u52b2\u7684\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u5728\u7528\u6237\u589e\u957f\u65b9\u9762\u663e\u8457\u8d85\u51fa\u9884\u671f\u3002\u8be5\u5e73\u53f0\u672c\u5b63\u5ea6\u5e73\u5747\u6bcf\u65e5\u6d3b\u8dc3\u7528\u6237\u8fbe\u52309780\u4e07\uff0c\u540c\u6bd4\u589e\u957f26%\uff0c\u8fdc\u9ad8\u4e8e\u5e02\u573a\u666e\u904d\u9884\u671f\u76849310\u4e07\u3002\u8be5\u516c\u53f8\u4e13\u6ce8\u4e8e\u5438\u5f1513\u5c81\u53ca\u4ee5\u4e0a\u3001\u6d88\u8d39\u80fd\u529b\u66f4\u5f3a\u7684\u7528\u6237\u7684\u6218\u7565\uff0c\u662f\u63a8\u52a8\u8fd9\u4e00\u589e\u957f\u7684\u5173\u952e\u56e0\u7d20\u3002\u7f57\u5e03\u4e50\u601d\u8fd8\u5f3a\u8c03\uff0c\u6301\u7eed\u6295\u8d44\u4e8e\u6838\u5fc3\u6027\u80fd\u3001\u865a\u62df\u7ecf\u6d4e\u589e\u5f3a\u4ee5\u53ca\u641c\u7d22\u548c\u53d1\u73b0\u529f\u80fd\u7684\u6539\u8fdb\uff0c\u6b63\u5728\u4fc3\u8fdb\u66f4\u9ad8\u7684\u5e73\u53f0\u8d27\u5e01\u5316\u3001\u9884\u8ba2\u6536\u5165\u548c\u521b\u4f5c\u8005\u6536\u5165\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u8be5\u516c\u53f8\u6307\u51fa\uff0c\u5176\u865a\u62df\u4e16\u754c\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u4e0d\u53d7\u7f8e\u56fd\u5173\u7a0e\uff08\u5305\u62ec\u524d\u603b\u7edf\u7279\u6717\u666e\u65f6\u671f\u5b9e\u65bd\u7684\u5173\u7a0e\uff09\u7684\u5f71\u54cd\uff0c\u76f8\u5bf9\u4e8e\u90a3\u4e9b\u66f4\u76f4\u63a5\u66b4\u9732\u4e8e\u5168\u7403\u8d38\u6613\u7d27\u5f20\u5c40\u52bf\u7684\u540c\u884c\u800c\u8a00\uff0c\u63d0\u4f9b\u4e86\u66f4\u5177\u97e7\u6027\u7684\u6295\u8d44\u524d\u666f\u3002<strong>25\u5e74\u7b2c\u4e8c\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a66\u7f8e\u5143\u81f375\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>McDonald\u2019s Corp (MCD)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$5.96B, -3.4% YoY, miss estimates by $170M<br>  <\/li>\n\n\n\n<li><strong>1Q25 GAAP EPS: <\/strong>$2.60, miss estimates by $0.09<br>  <\/li>\n\n\n\n<li><strong>FY25 Guidance:<\/strong> Reaffirmed its full-year 2025 financial targets, projecting a 1% increase in adjusted earnings per share in constant currencies, reaching $2.67, and anticipates a $0.05 per share tailwind from foreign currency translation. Maintains plans to open 2,200 locations, which it said should help boost sales growth by slightly more than 2%.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> McDonald\u2019s reported a surprise 1% decline in global comparable sales in Q1, missing expectations of a small increase. U.S. sales dropped 3.6%, the sharpest decline since 2020, as lower- and middle-income consumers cut back on dining out amid inflation, tariff-driven uncertainty, and recession fears. Its CEO described the environment as the toughest of market conditions. The company is countering weakened demand by expanding its value menu, including a US$5 meal deal that will continue through 2025. Despite global sales pressure, McDonald\u2019s saw 3.5% growth in its locally operated international markets, buoyed by recoveries in Japan and the Middle East. McDonald\u2019s focus on value-driven offerings like its US$5 meal deal and strong performance in resilient international markets position it to weather short-term economic headwinds. While near-term U.S. demand may remain challenged by consumer belt-tightening and tariff-related pressures, the company\u2019s global footprint, menu innovation, and digital engagement strategies, including loyalty programs and delivery partnerships, should help stabilize results and support gradual improvement as macroeconomic conditions normalize in the longer-term. <strong>2Q25<\/strong> <strong>recommended trading range: $310 to $320. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u9ea6\u5f53\u52b3\u516c\u53f8 (MCD)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u8425\u6536\uff1a<\/strong>59.6\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d3.4%\uff0c\u4f4e\u4e8e\u9884\u671f1.7\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>2.60\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f0.09\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u91cd\u7533\u51762025\u5e74\u5168\u5e74\u8d22\u52a1\u76ee\u6807\uff0c\u9884\u8ba1\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u7b97\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u589e\u957f1%\uff0c\u8fbe\u52302.67\u7f8e\u5143\uff0c\u5e76\u9884\u8ba1\u5916\u5e01\u6362\u7b97\u5c06\u5e26\u6765\u6bcf\u80a10.05\u7f8e\u5143\u7684\u987a\u98ce\u3002\u7ef4\u6301\u5f00\u8bbe2,200\u5bb6\u95e8\u5e97\u7684\u8ba1\u5212\uff0c\u8be5\u516c\u53f8\u8868\u793a\uff0c\u8fd9\u5c06\u6709\u52a9\u4e8e\u5c06\u9500\u552e\u989d\u589e\u957f\u7565\u9ad8\u4e8e2%\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a <\/strong>\u9ea6\u5f53\u52b3\u516c\u5e03\u7b2c\u4e00\u5b63\u5ea6\u5168\u7403\u53ef\u6bd4\u9500\u552e\u989d\u610f\u5916\u4e0b\u964d1%\uff0c\u4f4e\u4e8e\u5c0f\u5e45\u589e\u957f\u7684\u9884\u671f\u3002\u7531\u4e8e\u901a\u8d27\u81a8\u80c0\u3001\u5173\u7a0e\u9a71\u52a8\u7684\u4e0d\u786e\u5b9a\u6027\u548c\u5bf9\u7ecf\u6d4e\u8870\u9000\u7684\u62c5\u5fe7\uff0c\u4e2d\u4f4e\u6536\u5165\u6d88\u8d39\u8005\u51cf\u5c11\u4e86\u5916\u51fa\u5c31\u9910\uff0c\u7f8e\u56fd\u9500\u552e\u989d\u4e0b\u964d3.6%\uff0c\u4e3a2020\u5e74\u4ee5\u6765\u6700\u5927\u964d\u5e45\u3002\u5176\u9996\u5e2d\u6267\u884c\u5b98\u5c06\u5f53\u524d\u73af\u5883\u63cf\u8ff0\u4e3a\u5e02\u573a\u72b6\u51b5\u6700\u4e3a\u4e25\u5cfb\u7684\u65f6\u671f\u3002\u8be5\u516c\u53f8\u6b63\u5728\u901a\u8fc7\u6269\u5927\u5176\u4ef7\u503c\u83dc\u5355\u6765\u5e94\u5bf9\u9700\u6c42\u51cf\u5f31\uff0c\u5176\u4e2d\u5305\u62ec\u4e00\u9879\u5c06\u6301\u7eed\u52302025\u5e74\u76845\u7f8e\u5143\u5957\u9910\u3002\u5c3d\u7ba1\u5168\u7403\u9500\u552e\u989d\u9762\u4e34\u538b\u529b\uff0c\u4f46\u5728\u65e5\u672c\u548c\u4e2d\u4e1c\u5730\u533a\u590d\u82cf\u7684\u63d0\u632f\u4e0b\uff0c\u9ea6\u5f53\u52b3\u5728\u5f53\u5730\u8fd0\u8425\u7684\u56fd\u9645\u5e02\u573a\u5b9e\u73b0\u4e863.5%\u7684\u589e\u957f\u3002\u9ea6\u5f53\u52b3\u4e13\u6ce8\u4e8e\u4ee5\u4ef7\u503c\u9a71\u52a8\u7684\u4ea7\u54c1\uff08\u5982\u51765\u7f8e\u5143\u5957\u9910\uff09\u4ee5\u53ca\u5728\u5177\u6709\u5f39\u6027\u7684\u56fd\u9645\u5e02\u573a\u7684\u5f3a\u52b2\u8868\u73b0\uff0c\u4f7f\u5176\u80fd\u591f\u7ecf\u53d7\u4f4f\u77ed\u671f\u7ecf\u6d4e\u9006\u98ce\u3002\u867d\u7136\u8fd1\u671f\u7f8e\u56fd\u9700\u6c42\u53ef\u80fd\u4ecd\u53d7\u5230\u6d88\u8d39\u8005\u6536\u7d27\u5f00\u652f\u548c\u4e0e\u5173\u7a0e\u76f8\u5173\u7684\u538b\u529b\u7684\u6311\u6218\uff0c\u4f46\u8be5\u516c\u53f8\u7684\u5168\u7403\u8db3\u8ff9\u3001\u83dc\u5355\u521b\u65b0\u548c\u6570\u5b57\u5316\u53c2\u4e0e\u6218\u7565\uff08\u5305\u62ec\u5fe0\u8bda\u5ea6\u8ba1\u5212\u548c\u4ea4\u4ed8\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\uff09\u5e94\u6709\u52a9\u4e8e\u7a33\u5b9a\u4e1a\u7ee9\uff0c\u5e76\u5728\u957f\u671f\u5185\u968f\u7740\u5b8f\u89c2\u7ecf\u6d4e\u72b6\u51b5\u7684\u6b63\u5e38\u5316\u800c\u652f\u6301\u9010\u6b65\u6539\u5584\u3002<strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a310\u7f8e\u5143\u81f3320\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Mastercard Inc (MA)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$7.25B, +14.2% YoY, beat estimates by $130M<br>  <\/li>\n\n\n\n<li><strong>1Q25 Non-GAAP EPS: <\/strong>$3.73, beat estimates by $0.17<br>  <\/li>\n\n\n\n<li><strong>2Q25 Guidance:<\/strong> Expect YoY net revenue growth to be at the low teens range on a currency-neutral basis, excluding acquisitions. Acquisitions are forecasted to have a 1 to 1.5 ppt impact to this growth rate and expect minimal impact from foreign exchange for the quarter. Operating expense growth to be at the low end of a low double digits range versus a year ago, again, on a currency neutral basis, excluding acquisitions and special items. Expect other income and expenses of approximately $135M. Non-GAAP tax rate to be at the 20% to 20.5%.<br>  <\/li>\n\n\n\n<li><strong>FY25 Guidance:<\/strong> Expect net revenue to grow at the high end of a low double digits to low teens range on a currency-neutral basis, excluding acquisitions. Acquisitions are expected to add 1 to 1.5 ppt to this growth rate for the year. Operating expense to grow at the low end of a low double-digits range versus a year ago on a current neutral basis, excluding acquisitions and special items. Non-GAAP tax rate to be at the 20% to 20.5%.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Mastercard delivered strong Q1 results, with adjusted earnings of US$3.73 per share, beating estimates of US$3.57 and a 17% rise in revenue to US$7.25bn. Consumer and business spending remained resilient despite tariff-driven uncertainty and geopolitical tensions, particularly in the U.S., though Europe showed mild softness. Cross-border volumes grew 15%, though Mastercard noted some moderation in the Middle East and Africa after prior surges. The company continues to benefit from a diversified model, with value-added services, like fraud prevention and threat intelligence, growing 18% and now comprising over a third of total revenue. Its management emphasized the stability of everyday card spending and its ability to navigate varying economic environments, contributing to Mastercard\u2019s defensive appeal in uncertain markets. The company now expects net revenue growth in Q2 to be at the low teens range and full year to grow at the high end of a low double digits to low teens. Mastercard\u2019s strong core business, growing cross-border activity, and expanding suite of value-added services position it well to sustain growth even amid global economic uncertainty. Continued investments in areas like cybersecurity, AI-driven fraud prevention, and emerging payment technologies, including crypto-linked products, will deepen revenue diversification. Despite near-term geopolitical and tariff-related pressures, Mastercard\u2019s broad geographic reach and everyday spending exposure provide resilience. The company is poised to capitalize on long-term trends in digital payments and cross-border commerce, supporting steady growth in both transaction volumes and high-margin services. <strong>2Q25<\/strong> <strong>recommended trading range: $542 to $560. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u4e07\u4e8b\u8fbe\u5361\u516c\u53f8 (MA)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u8425\u6536\uff1a<\/strong>72.5\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f14.2%\uff0c\u8d85\u51fa\u9884\u671f1.3\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63Non-GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>3.73\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.17\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u5728\u4e0d\u8003\u8651\u6536\u8d2d\u7684\u60c5\u51b5\u4e0b\uff0c\u6309\u8d27\u5e01\u4e2d\u6027\u8ba1\u7b97\uff0c\u51c0\u8425\u6536\u540c\u6bd4\u589e\u957f\u7387\u5c06\u8fbe\u5230\u5341\u51e0\u5c81\u7684\u4f4e\u4f4d\u3002\u9884\u8ba1\u6536\u8d2d\u5c06\u5bf9\u8be5\u589e\u957f\u7387\u4ea7\u751f1\u52301.5\u4e2a\u767e\u5206\u70b9\u7684\u5f71\u54cd\uff0c\u5e76\u9884\u8ba1\u672c\u5b63\u5ea6\u5916\u6c47\u5f71\u54cd\u6700\u5c0f\u3002\u5728\u4e0d\u8003\u8651\u6536\u8d2d\u548c\u7279\u6b8a\u9879\u76ee\u7684\u60c5\u51b5\u4e0b\uff0c\u6309\u8d27\u5e01\u4e2d\u6027\u8ba1\u7b97\uff0c\u8fd0\u8425\u652f\u51fa\u589e\u957f\u7387\u5c06\u8fbe\u5230\u4e24\u4f4d\u6570\u4f4e\u4f4d\u7684\u4f4e\u7aef\u3002\u9884\u8ba1\u5176\u4ed6\u6536\u5165\u548c\u652f\u51fa\u7ea6\u4e3a1.35\u4ebf\u7f8e\u5143\u3002Non-GAAP\u7a0e\u7387\u9884\u8ba1\u4e3a20%\u81f320.5%\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u5728\u4e0d\u8003\u8651\u6536\u8d2d\u7684\u60c5\u51b5\u4e0b\uff0c\u6309\u8d27\u5e01\u4e2d\u6027\u8ba1\u7b97\uff0c\u51c0\u8425\u6536\u589e\u957f\u7387\u5c06\u8fbe\u5230\u5341\u51e0\u5c81\u4f4e\u4f4d\u81f3\u5341\u51e0\u5c81\u9ad8\u4f4d\u7684\u4e0a\u9650\u3002\u9884\u8ba1\u6536\u8d2d\u5c06\u4e3a\u4eca\u5e74\u7684\u8be5\u589e\u957f\u7387\u589e\u52a01\u52301.5\u4e2a\u767e\u5206\u70b9\u3002\u5728\u4e0d\u8003\u8651\u6536\u8d2d\u548c\u7279\u6b8a\u9879\u76ee\u7684\u60c5\u51b5\u4e0b\uff0c\u6309\u8d27\u5e01\u4e2d\u6027\u8ba1\u7b97\uff0c\u8fd0\u8425\u652f\u51fa\u589e\u957f\u7387\u5c06\u8fbe\u5230\u4e24\u4f4d\u6570\u4f4e\u4f4d\u7684\u4f4e\u7aef\u3002Non-GAAP\u7a0e\u7387\u9884\u8ba1\u4e3a20%\u81f320.5%\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a <\/strong>\u4e07\u4e8b\u8fbe\u5361\u516c\u5e03\u4e86\u5f3a\u52b2\u7684\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a3.73\u7f8e\u5143\uff0c\u8d85\u8fc7\u4e86\u5206\u6790\u5e08\u9884\u671f\u76843.57\u7f8e\u5143\uff0c\u8425\u6536\u589e\u957f17%\u81f372.5\u4ebf\u7f8e\u5143\u3002\u5c3d\u7ba1\u53d7\u5173\u7a0e\u9a71\u52a8\u7684\u4e0d\u786e\u5b9a\u6027\u548c\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u7684\u5f71\u54cd\uff0c\u6d88\u8d39\u8005\u548c\u4f01\u4e1a\u652f\u51fa\u4ecd\u7136\u4fdd\u6301\u5f39\u6027\uff0c\u5c24\u5176\u662f\u5728\u7f8e\u56fd\uff0c\u5c3d\u7ba1\u6b27\u6d32\u8868\u73b0\u51fa\u8f7b\u5fae\u7684\u75b2\u8f6f\u3002\u8de8\u5883\u4ea4\u6613\u91cf\u589e\u957f\u4e8615%\uff0c\u4f46\u4e07\u4e8b\u8fbe\u5361\u6307\u51fa\uff0c\u5728\u4e2d\u4e1c\u548c\u975e\u6d32\u5730\u533a\u6b64\u524d\u6fc0\u589e\u540e\uff0c\u51fa\u73b0\u4e86\u4e00\u4e9b\u653e\u7f13\u3002\u8be5\u516c\u53f8\u7ee7\u7eed\u53d7\u76ca\u4e8e\u591a\u5143\u5316\u7684\u6a21\u5f0f\uff0c\u589e\u503c\u670d\u52a1\uff08\u5982\u6b3a\u8bc8\u9884\u9632\u548c\u5a01\u80c1\u60c5\u62a5\uff09\u589e\u957f\u4e8618%\uff0c\u76ee\u524d\u5360\u603b\u6536\u5165\u7684\u4e09\u5206\u4e4b\u4e00\u4ee5\u4e0a\u3002\u5176\u7ba1\u7406\u5c42\u5f3a\u8c03\u4e86\u65e5\u5e38\u4fe1\u7528\u5361\u652f\u51fa\u7684\u7a33\u5b9a\u6027\u4ee5\u53ca\u5176\u5e94\u5bf9\u5404\u79cd\u7ecf\u6d4e\u73af\u5883\u7684\u80fd\u529b\uff0c\u8fd9\u6709\u52a9\u4e8e\u4e07\u4e8b\u8fbe\u5361\u5728\u4e0d\u786e\u5b9a\u5e02\u573a\u4e2d\u7684\u9632\u5fa1\u5438\u5f15\u529b\u3002\u8be5\u516c\u53f8\u73b0\u5728\u9884\u8ba1\u7b2c\u4e8c\u5b63\u5ea6\u51c0\u8425\u6536\u589e\u957f\u7387\u5c06\u8fbe\u5230\u5341\u51e0\u5c81\u4f4e\u4f4d\uff0c\u5168\u5e74\u589e\u957f\u7387\u5c06\u8fbe\u5230\u5341\u51e0\u5c81\u4f4e\u4f4d\u81f3\u5341\u51e0\u5c81\u9ad8\u4f4d\u7684\u4e0a\u9650\u3002\u4e07\u4e8b\u8fbe\u5361\u5f3a\u5927\u7684\u6838\u5fc3\u4e1a\u52a1\u3001\u4e0d\u65ad\u589e\u957f\u7684\u8de8\u5883\u6d3b\u52a8\u4ee5\u53ca\u4e0d\u65ad\u6269\u5c55\u7684\u589e\u503c\u670d\u52a1\u4f7f\u5176\u5373\u4f7f\u5728\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u7684\u60c5\u51b5\u4e0b\u4e5f\u80fd\u4fdd\u6301\u589e\u957f\u3002\u5bf9\u7f51\u7edc\u5b89\u5168\u3001\u4eba\u5de5\u667a\u80fd\u9a71\u52a8\u7684\u6b3a\u8bc8\u9884\u9632\u548c\u65b0\u5174\u652f\u4ed8\u6280\u672f\uff08\u5305\u62ec\u52a0\u5bc6\u8d27\u5e01\u76f8\u5173\u4ea7\u54c1\uff09\u7b49\u9886\u57df\u7684\u6301\u7eed\u6295\u8d44\u5c06\u52a0\u6df1\u6536\u5165\u591a\u5143\u5316\u3002\u5c3d\u7ba1\u8fd1\u671f\u5b58\u5728\u5730\u7f18\u653f\u6cbb\u548c\u4e0e\u5173\u7a0e\u76f8\u5173\u7684\u538b\u529b\uff0c\u4f46\u4e07\u4e8b\u8fbe\u5361\u5e7f\u6cdb\u7684\u5730\u57df\u8986\u76d6\u8303\u56f4\u548c\u65e5\u5e38\u652f\u51fa\u655e\u53e3\u63d0\u4f9b\u4e86\u5f39\u6027\u3002\u8be5\u516c\u53f8\u5df2\u505a\u597d\u5145\u5206\u51c6\u5907\uff0c\u53ef\u4ee5\u5229\u7528\u6570\u5b57\u652f\u4ed8\u548c\u8de8\u5883\u8d38\u6613\u7684\u957f\u671f\u8d8b\u52bf\uff0c\u4ece\u800c\u652f\u6301\u4ea4\u6613\u91cf\u548c\u9ad8\u5229\u6da6\u670d\u52a1\u7684\u7a33\u5b9a\u589e\u957f\u3002<strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a542\u7f8e\u5143\u81f3560\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Amazon.com Inc (AMZN)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$155.7B, +8.7% YoY, beat estimates by $580M<br>  <\/li>\n\n\n\n<li><strong>1Q25 GAAP EPS: <\/strong>$1.59, beat estimates by $0.23<br>  <\/li>\n\n\n\n<li><strong>2Q25 Guidance:<\/strong> Expects net sales between $159B and $164B for the second quarter, compared with analysts\u2019 average estimate of $160.91B and operating profit of $13B to $17.5B, compared with an average estimate of $17.8B.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Amazon reported a solid Q1 with sales rising 8.7% to US$155.7bn and operating income of US$18.4bn, both exceeding expectations. However, the company issued a cautious Q2 outlook, projecting operating profit of US$13bn-US$17.5bn, below the US$17.8bn consensus and sales of US$159bn-US$164bn, slightly above consensus. Its CEO flagged uncertainties tied to tariffs, trade policies, currency fluctuations, and recession fears, which could dampen consumer spending. While demand has not softened yet, with some categories seeing pre-tariff stockpiling, signs of a slowdown are emerging revenue from third-party seller services rose just 6%, and advertising up 18%, faces risks if small sellers cut spending. Amazon\u2019s heavy reliance on Chinese-sourced goods adds exposure to tariff volatility. While Amazon faces short-term headwinds from potential tariff-induced cost pressures and a softening third-party marketplace, its broad supplier network, pricing power, and diversified revenue streams offer resilience. Strategic shifts like expanding US-based and India-sourced inventory, coupled with continued investment in advertising and cloud services, should mitigate risk and position Amazon for stable long-term growth. In the near-term, the company will need to navigate tariff impacts and stabilize AWS cloud performance to counterbalance retail uncertainties. <strong>2Q25<\/strong> <strong>recommended trading range: $180 to $200. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u4e9a\u9a6c\u900a\u516c\u53f8 (AMZN)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u8425\u6536\uff1a<\/strong>1557\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f8.7%\uff0c\u8d85\u51fa\u9884\u671f5.8\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>1.59\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.23\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u7b2c\u4e8c\u5b63\u5ea6\u51c0\u9500\u552e\u989d\u57281590\u4ebf\u7f8e\u5143\u81f31640\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u800c\u5206\u6790\u5e08\u7684\u5e73\u5747\u9884\u671f\u4e3a1609.1\u4ebf\u7f8e\u5143\uff0c\u8425\u4e1a\u5229\u6da6\u4e3a130\u4ebf\u7f8e\u5143\u81f3175\u4ebf\u7f8e\u5143\uff0c\u800c\u5e73\u5747\u9884\u671f\u4e3a178\u4ebf\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a <\/strong>\u4e9a\u9a6c\u900a\u516c\u5e03\u4e86\u7a33\u5065\u7684\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u9500\u552e\u989d\u589e\u957f8.7%\u81f31557\u4ebf\u7f8e\u5143\uff0c\u8425\u4e1a\u6536\u5165\u4e3a184\u4ebf\u7f8e\u5143\uff0c\u5747\u8d85\u51fa\u9884\u671f\u3002\u7136\u800c\uff0c\u8be5\u516c\u53f8\u53d1\u5e03\u4e86\u8c28\u614e\u7684\u7b2c\u4e8c\u5b63\u5ea6\u5c55\u671b\uff0c\u9884\u8ba1\u8425\u4e1a\u5229\u6da6\u4e3a130\u4ebf\u7f8e\u5143\u81f3175\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e178\u4ebf\u7f8e\u5143\u7684\u666e\u904d\u9884\u671f\uff0c\u9500\u552e\u989d\u4e3a1590\u4ebf\u7f8e\u5143\u81f31640\u4ebf\u7f8e\u5143\uff0c\u7565\u9ad8\u4e8e\u666e\u904d\u9884\u671f\u3002\u5176\u9996\u5e2d\u6267\u884c\u5b98\u8868\u793a\uff0c\u4e0e\u5173\u7a0e\u3001\u8d38\u6613\u653f\u7b56\u3001\u8d27\u5e01\u6ce2\u52a8\u548c\u5bf9\u7ecf\u6d4e\u8870\u9000\u7684\u62c5\u5fe7\u76f8\u5173\u7684\u4e0d\u786e\u5b9a\u6027\u53ef\u80fd\u4f1a\u6291\u5236\u6d88\u8d39\u8005\u652f\u51fa\u3002\u867d\u7136\u9700\u6c42\u5c1a\u672a\u51cf\u5f31\uff0c\u4f46\u4e00\u4e9b\u7c7b\u522b\u51fa\u73b0\u4e86\u5173\u7a0e\u524d\u56e4\u79ef\u7684\u73b0\u8c61\uff0c\u4f46\u653e\u7f13\u7684\u8ff9\u8c61\u6b63\u5728\u663e\u73b0\uff1a\u7b2c\u4e09\u65b9\u5356\u5bb6\u670d\u52a1\u7684\u6536\u5165\u4ec5\u589e\u957f\u4e866%\uff0c\u5e7f\u544a\u6536\u5165\u589e\u957f\u4e8618%\uff0c\u5982\u679c\u5c0f\u578b\u5356\u5bb6\u524a\u51cf\u652f\u51fa\uff0c\u5c06\u9762\u4e34\u98ce\u9669\u3002\u4e9a\u9a6c\u900a\u5bf9\u4e2d\u56fd\u91c7\u8d2d\u5546\u54c1\u7684\u4e25\u91cd\u4f9d\u8d56\u589e\u52a0\u4e86\u5173\u7a0e\u6ce2\u52a8\u98ce\u9669\u3002\u867d\u7136\u4e9a\u9a6c\u900a\u9762\u4e34\u6f5c\u5728\u7684\u5173\u7a0e\u5f15\u53d1\u7684\u6210\u672c\u538b\u529b\u548c\u7b2c\u4e09\u65b9\u5e02\u573a\u75b2\u8f6f\u5e26\u6765\u7684\u77ed\u671f\u4e0d\u5229\u56e0\u7d20\uff0c\u4f46\u5176\u5e7f\u6cdb\u7684\u4f9b\u5e94\u5546\u7f51\u7edc\u3001\u5b9a\u4ef7\u80fd\u529b\u548c\u591a\u5143\u5316\u7684\u6536\u5165\u6765\u6e90\u63d0\u4f9b\u4e86\u5f39\u6027\u3002\u6269\u5927\u7f8e\u56fd\u548c\u5370\u5ea6\u91c7\u8d2d\u5e93\u5b58\u7b49\u6218\u7565\u8f6c\u53d8\uff0c\u52a0\u4e0a\u5bf9\u5e7f\u544a\u548c\u4e91\u670d\u52a1\u7684\u6301\u7eed\u6295\u8d44\uff0c\u5e94\u80fd\u51cf\u8f7b\u98ce\u9669\uff0c\u5e76\u4e3a\u4e9a\u9a6c\u900a\u5b9e\u73b0\u7a33\u5b9a\u7684\u957f\u671f\u589e\u957f\u5960\u5b9a\u57fa\u7840\u3002\u5728\u77ed\u671f\u5185\uff0c\u8be5\u516c\u53f8\u9700\u8981\u5e94\u5bf9\u5173\u7a0e\u5f71\u54cd\u5e76\u7a33\u5b9aAWS\u4e91\u6027\u80fd\uff0c\u4ee5\u62b5\u6d88\u96f6\u552e\u4e1a\u7684\u4e0d\u786e\u5b9a\u6027\u3002<strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a180\u7f8e\u5143\u81f3200\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Apple Inc (AAPL)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q25 Revenue: <\/strong>$95.4B, +6.0% YoY, beat estimates by $840M<br>  <\/li>\n\n\n\n<li><strong>2Q25 GAAP EPS: <\/strong>$1.65, beat estimates by $0.03<br>  <\/li>\n\n\n\n<li><strong>3Q25 Guidance:<\/strong> Expect revenue to increase by a percentage in the low- to mid-single digits, compared with a 5 per cent average analyst estimate and $900M in higher costs from tariffs <br>  <\/li>\n\n\n\n<li><strong>Dividend distribution:<\/strong> Declared $0.26\/share quarterly dividend, 4% increase from prior dividend of $0.25\/share<br>  <\/li>\n\n\n\n<li><strong>Share buyback:<\/strong> Announced plans to increase its share buyback programme by $100B<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Apple reported second quarter revenue of US$95.4bn, up 5% YoY, ahead of expectations by US$840mn, with EPS of US$1.65 beating consensus. iPhone sales reached US$46.8bn, slightly surpassing estimates, though growth remained muted at under 2%. However, weak China performance, where sales fell 2.3% to US$16bn, weighed on investor sentiment, reflecting competitive pressure from local brands and government restrictions on foreign tech. Tariffs are a growing headwind, with US$900 million in additional costs expected this quarter, and no clear guidance beyond that. Apple is diversifying its supply chain, now sourcing half of U.S. iPhone demand from India and shifting production of other devices to Vietnam. On AI, the company is playing catch-up, its Apple Intelligence platform is delayed in China and Siri improvements are still in development. To bolster investor confidence, Apple announced a US$100bn share buyback and a 4% dividend hike. Apple is proactively repositioning its supply chain to mitigate tariff risks, with increased production in India and Vietnam poised to safeguard U.S. sales from escalating trade tensions. Near-term challenges persist from softening China demand, delayed AI rollouts, and muted iPhone upgrade cycles, all of which could limit revenue momentum in 2025. However, the pending launch of AI services in China, via Alibaba and Baidu partnerships, the eventual rollout of enhanced Siri capabilities, and a foldable iPhone expected in 2026 offer potential catalysts. Coupled with aggressive shareholder returns and a resilient ecosystem, Apple retains long-term strength, but execution on supply chain shifts and AI innovation will be critical to reigniting growth. <strong>3Q25<\/strong> <strong>recommended trading range: $200 to $215. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u82f9\u679c\u516c\u53f8 (AAPL)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u8425\u6536\uff1a<\/strong>954\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f6.0%\uff0c\u8d85\u51fa\u9884\u671f8.4\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>1.65\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.03\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e09\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u8425\u6536\u5c06\u589e\u957f\u4e2a\u4f4d\u6570\u4f4e\u5230\u4e2d\u4f4d\uff0c\u800c\u5206\u6790\u5e08\u5e73\u5747\u9884\u671f\u4e3a\u589e\u957f5%\uff0c\u4e14\u5173\u7a0e\u5bfc\u81f4\u6210\u672c\u589e\u52a09\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>\u80a1\u606f\u5206\u914d\uff1a<\/strong>\u5ba3\u5e03\u6d3e\u53d1\u6bcf\u80a10.26\u7f8e\u5143\u7684\u5b63\u5ea6\u80a1\u606f\uff0c\u8f83\u4e4b\u524d\u7684\u6bcf\u80a10.25\u7f8e\u5143\u7684\u80a1\u606f\u589e\u52a04%<br>  <\/li>\n\n\n\n<li><strong>\u80a1\u7968\u56de\u8d2d\uff1a<\/strong>\u5ba3\u5e03\u8ba1\u5212\u5c06\u5176\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\u589e\u52a01000\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a <\/strong>\u82f9\u679c\u516c\u53f8\u516c\u5e03\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\u4e3a954\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f5%\uff0c\u8d85\u51fa\u9884\u671f8.4\u4ebf\u7f8e\u5143\uff0c\u6bcf\u80a1\u6536\u76ca\u4e3a1.65\u7f8e\u5143\uff0c\u8d85\u8fc7\u666e\u904d\u9884\u671f\u3002iPhone\u9500\u552e\u989d\u8fbe\u5230468\u4ebf\u7f8e\u5143\uff0c\u7565\u9ad8\u4e8e\u9884\u671f\uff0c\u4f46\u589e\u957f\u4ecd\u7136\u4f4e\u8ff7\uff0c\u4f4e\u4e8e2%\u3002\u7136\u800c\uff0c\u4e2d\u56fd\u5e02\u573a\u8868\u73b0\u75b2\u8f6f\uff0c\u9500\u552e\u989d\u4e0b\u964d2.3%\u81f3160\u4ebf\u7f8e\u5143\uff0c\u8fd9\u7ed9\u6295\u8d44\u8005\u60c5\u7eea\u5e26\u6765\u4e86\u538b\u529b\uff0c\u53cd\u6620\u51fa\u5f53\u5730\u54c1\u724c\u7684\u7ade\u4e89\u538b\u529b\u4ee5\u53ca\u653f\u5e9c\u5bf9\u5916\u56fd\u6280\u672f\u7684\u9650\u5236\u3002\u5173\u7a0e\u662f\u4e00\u4e2a\u65e5\u76ca\u589e\u957f\u7684\u4e0d\u5229\u56e0\u7d20\uff0c\u9884\u8ba1\u672c\u5b63\u5ea6\u5c06\u589e\u52a09\u4ebf\u7f8e\u5143\u7684\u989d\u5916\u6210\u672c\uff0c\u5e76\u4e14\u9664\u6b64\u4e4b\u5916\u6ca1\u6709\u660e\u786e\u7684\u6307\u5bfc\u3002\u82f9\u679c\u516c\u53f8\u6b63\u5728\u4f7f\u5176\u4f9b\u5e94\u94fe\u591a\u5143\u5316\uff0c\u76ee\u524d\u7f8e\u56fdiPhone\u9700\u6c42\u7684\u4e00\u534a\u6765\u81ea\u5370\u5ea6\uff0c\u5e76\u5c06\u5176\u4ed6\u8bbe\u5907\u7684\u751f\u4ea7\u8f6c\u79fb\u5230\u8d8a\u5357\u3002\u5728\u4eba\u5de5\u667a\u80fd\u65b9\u9762\uff0c\u8be5\u516c\u53f8\u6b63\u5728\u8ffd\u8d76\uff0c\u5176Apple Intelligence\u5e73\u53f0\u5728\u4e2d\u56fd\u88ab\u63a8\u8fdf\uff0cSiri\u7684\u6539\u8fdb\u4ecd\u5728\u5f00\u53d1\u4e2d\u3002\u4e3a\u4e86\u63d0\u632f\u6295\u8d44\u8005\u4fe1\u5fc3\uff0c\u82f9\u679c\u516c\u53f8\u5ba3\u5e03\u4e86\u4e00\u98791000\u4ebf\u7f8e\u5143\u7684\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\u548c4%\u7684\u80a1\u606f\u589e\u957f\u3002\u82f9\u679c\u516c\u53f8\u6b63\u5728\u79ef\u6781\u5730\u91cd\u65b0\u5b9a\u4f4d\u5176\u4f9b\u5e94\u94fe\uff0c\u4ee5\u51cf\u8f7b\u5173\u7a0e\u98ce\u9669\uff0c\u589e\u52a0\u5728\u5370\u5ea6\u548c\u8d8a\u5357\u7684\u751f\u4ea7\uff0c\u6709\u671b\u4fdd\u62a4\u7f8e\u56fd\u9500\u552e\u514d\u53d7\u4e0d\u65ad\u5347\u7ea7\u7684\u8d38\u6613\u7d27\u5f20\u5c40\u52bf\u7684\u5f71\u54cd\u3002\u77ed\u671f\u6311\u6218\u4ecd\u7136\u5b58\u5728\uff0c\u5305\u62ec\u4e2d\u56fd\u9700\u6c42\u653e\u7f13\u3001\u4eba\u5de5\u667a\u80fd\u63a8\u51fa\u5ef6\u8fdf\u4ee5\u53caiPhone\u5347\u7ea7\u5468\u671f\u4e0d\u6e29\u4e0d\u706b\uff0c\u6240\u6709\u8fd9\u4e9b\u90fd\u53ef\u80fd\u9650\u52362025\u5e74\u7684\u6536\u5165\u589e\u957f\u52bf\u5934\u3002\u7136\u800c\uff0c\u901a\u8fc7\u963f\u91cc\u5df4\u5df4\u548c\u767e\u5ea6\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u5728\u4e2d\u56fd\u63a8\u51fa\u4eba\u5de5\u667a\u80fd\u670d\u52a1\uff0c\u6700\u7ec8\u63a8\u51fa\u589e\u5f3a\u7684Siri\u529f\u80fd\uff0c\u4ee5\u53ca\u9884\u8ba1\u57282026\u5e74\u63a8\u51fa\u53ef\u6298\u53e0iPhone\uff0c\u8fd9\u4e9b\u90fd\u63d0\u4f9b\u4e86\u6f5c\u5728\u7684\u50ac\u5316\u5242\u3002\u52a0\u4e0a\u79ef\u6781\u7684\u80a1\u4e1c\u56de\u62a5\u548c\u4e00\u4e2a\u5177\u6709\u5f39\u6027\u7684\u751f\u6001\u7cfb\u7edf\uff0c\u82f9\u679c\u516c\u53f8\u4fdd\u6301\u4e86\u957f\u671f\u5b9e\u529b\uff0c\u4f46\u4f9b\u5e94\u94fe\u8f6c\u79fb\u548c\u4eba\u5de5\u667a\u80fd\u521b\u65b0\u65b9\u9762\u7684\u6267\u884c\u5bf9\u4e8e\u91cd\u65b0\u70b9\u71c3\u589e\u957f\u81f3\u5173\u91cd\u8981\u3002<strong>25\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a200\u7f8e\u5143\u81f3215\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Reddit Inc (RDDT)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$392.4M, +61.5% YoY, beat estimates by $22.72M<br>  <\/li>\n\n\n\n<li><strong>1Q25 GAAP EPS: <\/strong>$0.13, beat estimates by $0.12<br>  <\/li>\n\n\n\n<li><strong>2Q25 Guidance:<\/strong> Expects revenue of $410M to $430M, above analysts\u2019 average estimate of $395.5M and adjusted earnings before interest, taxes, depreciation, and amortization of $110M to $130M, ahead of estimates of $105.3M.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Reddit reported strong Q1 results with revenue growing 61% YoY to US$392.4mn, beating expectations. Profit per share came in at US$0.13, also above estimates. Daily active unique visitors rose 31% to 108.1 million. The number of active advertisers grew over 50% YoY, driven by demand for Reddit\u2019s conversation placement ads within subreddits. Despite recent volatility in Google search traffic, due to algorithm changes and AI-generated summaries, Reddit\u2019s ad tech investments are delivering results. For Q2, the company forecast revenue of US$410mn-US$430mn and adjusted EBITDA of US$110-US$130mn, both above consensus estimates. Reddit remains well-positioned for continued revenue growth as its advertiser base expands and its niche, community-driven ad formats gain traction. Although short-term disruptions from changes in Google search traffic could impact user activity, digital ad budgets gradually recovering and Reddit differentiating itself among platforms, we anticipate continued user and revenue growth this year. <strong>2Q25<\/strong> <strong>recommended trading range: $120 to $140. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Reddit Inc (RDDT)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u8425\u6536\uff1a<\/strong>3.924\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f61.5%\uff0c\u8d85\u51fa\u9884\u671f2272\u4e07\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>0.13\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.12\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u8425\u6536\u4e3a4.1\u4ebf\u7f8e\u5143\u81f34.3\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5206\u6790\u5e08\u5e73\u5747\u9884\u671f\u76843.955\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u7684\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\u4e3a1.1\u4ebf\u7f8e\u5143\u81f31.3\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e\u9884\u671f\u76841.053\u4ebf\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a <\/strong>Reddit\u516c\u5e03\u4e86\u5f3a\u52b2\u7684\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f61%\u81f33.924\u4ebf\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f\u3002\u6bcf\u80a1\u5229\u6da6\u4e3a0.13\u7f8e\u5143\uff0c\u4e5f\u9ad8\u4e8e\u9884\u671f\u3002\u6bcf\u65e5\u6d3b\u8dc3\u72ec\u7acb\u8bbf\u5ba2\u589e\u957f31%\u81f31.081\u4ebf\u3002\u6d3b\u8dc3\u5e7f\u544a\u5546\u6570\u91cf\u540c\u6bd4\u589e\u957f\u8d85\u8fc750%\uff0c\u8fd9\u5f97\u76ca\u4e8e\u5bf9Reddit\u5728subreddit\u4e2d\u7684\u5bf9\u8bdd\u5c55\u793a\u5e7f\u544a\u7684\u9700\u6c42\u3002\u5c3d\u7ba1\u7531\u4e8e\u7b97\u6cd5\u53d8\u66f4\u548c\u4eba\u5de5\u667a\u80fd\u751f\u6210\u7684\u6458\u8981\uff0c\u8c37\u6b4c\u641c\u7d22\u6d41\u91cf\u6700\u8fd1\u51fa\u73b0\u6ce2\u52a8\uff0c\u4f46Reddit\u7684\u5e7f\u544a\u6280\u672f\u6295\u8d44\u6b63\u5728\u53d6\u5f97\u6210\u679c\u3002\u5bf9\u4e8e\u7b2c\u4e8c\u5b63\u5ea6\uff0c\u8be5\u516c\u53f8\u9884\u6d4b\u8425\u6536\u4e3a4.1\u4ebf\u7f8e\u5143\u81f34.3\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u7684EBITDA\u4e3a1.1\u4ebf\u7f8e\u5143\u81f31.3\u4ebf\u7f8e\u5143\uff0c\u5747\u9ad8\u4e8e\u666e\u904d\u9884\u671f\u3002\u968f\u7740\u5e7f\u544a\u5546\u57fa\u7840\u7684\u6269\u5927\u4ee5\u53ca\u5176\u5229\u57fa\u7684\u3001\u793e\u533a\u9a71\u52a8\u7684\u5e7f\u544a\u5f62\u5f0f\u83b7\u5f97\u5438\u5f15\u529b\uff0cReddit\u4ecd\u7136\u4e3a\u6301\u7eed\u7684\u6536\u5165\u589e\u957f\u505a\u597d\u4e86\u5145\u5206\u51c6\u5907\u3002\u867d\u7136\u8c37\u6b4c\u641c\u7d22\u6d41\u91cf\u53d8\u5316\u5e26\u6765\u7684\u77ed\u671f\u4e2d\u65ad\u53ef\u80fd\u4f1a\u5f71\u54cd\u7528\u6237\u6d3b\u52a8\uff0c\u4f46\u6570\u5b57\u5e7f\u544a\u9884\u7b97\u9010\u6e10\u6062\u590d\uff0cReddit\u5728\u5e73\u53f0\u4e2d\u8131\u9896\u800c\u51fa\uff0c\u6211\u4eec\u9884\u8ba1\u4eca\u5e74\u7528\u6237\u548c\u6536\u5165\u5c06\u7ee7\u7eed\u589e\u957f\u3002<strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a120\u7f8e\u5143\u81f3140\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Airbnb Inc (ABNB)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$2.27B, +6.1% YoY, beat estimates by $10M<br>  <\/li>\n\n\n\n<li><strong>1Q25 GAAP EPS: <\/strong>$0.24, in-line with estimates<br>  <\/li>\n\n\n\n<li><strong>2Q25 Guidance:<\/strong> Expect revenue between $2.99B and $3.05B, the midpoint of which is below analysts\u2019 estimates of $3.04B <br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Airbnb reported Q1 revenue of US$2.27bn, up 6% YoY, narrowly beating expectations. However, net income dropped 42% to US$154mn, weighed down by higher headcount costs, investment write-downs, and lower interest income. Nights and experiences booked rose 8% globally, 11% ex-North America, but the U.S. market showed signs of softening. Guests are booking closer to their travel dates, signalling growing consumer caution. For Q2, Airbnb guided revenue of US$2.99bn-US$3.05bn, with the midpoint slightly below consensus. The company expects flat average daily rates, a slight decline in core profit margin, and a moderation in booking growth compared to Q1. Airbnb faces near-term headwinds as U.S. travel demand softens amid economic uncertainty and shifting trade policies. Shorter booking windows and cautious consumer behaviour may weigh on growth through mid-2025. However, international markets, especially outside North America, continue to show robust momentum. While the company expects flattish rates and subdued booking growth in Q2, its global footprint and continued travel demand recovery in other regions offer longer-term upside potential. Investors should expect a cautious near-term trajectory with gradual stabilization as macroeconomic conditions evolve. <strong>2Q25<\/strong> <strong>recommended trading range: $115 to $120. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Airbnb Inc (ABNB)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u8425\u6536\uff1a<\/strong>22.7\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f6.1%\uff0c\u8d85\u51fa\u9884\u671f1000\u4e07\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>0.24\u7f8e\u5143\uff0c\u7b26\u5408\u9884\u671f<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u8425\u6536\u572829.9\u4ebf\u7f8e\u5143\u81f330.5\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u5176\u4e2d\u70b9\u4f4e\u4e8e\u5206\u6790\u5e08\u9884\u671f\u768430.4\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a <\/strong>Airbnb\u516c\u5e03\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\u4e3a22.7\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f6%\uff0c\u7565\u9ad8\u4e8e\u9884\u671f\u3002\u7136\u800c\uff0c\u51c0\u5229\u6da6\u4e0b\u964d42%\u81f31.54\u4ebf\u7f8e\u5143\uff0c\u53d7\u5230\u4eba\u5458\u6210\u672c\u589e\u52a0\u3001\u6295\u8d44\u51cf\u8bb0\u548c\u5229\u606f\u6536\u5165\u51cf\u5c11\u7684\u5f71\u54cd\u3002\u5168\u7403\u9884\u8ba2\u7684\u591c\u6570\u548c\u4f53\u9a8c\u589e\u957f\u4e868%\uff0c\u4e0d\u5305\u62ec\u5317\u7f8e\u7684\u5730\u533a\u589e\u957f\u4e8611%\uff0c\u4f46\u7f8e\u56fd\u5e02\u573a\u663e\u793a\u51fa\u653e\u7f13\u7684\u8ff9\u8c61\u3002\u5ba2\u4eba\u9884\u8ba2\u7684\u65e5\u671f\u66f4\u63a5\u8fd1\u4ed6\u4eec\u7684\u65c5\u884c\u65e5\u671f\uff0c\u8fd9\u8868\u660e\u6d88\u8d39\u8005\u8d8a\u6765\u8d8a\u8c28\u614e\u3002\u5bf9\u4e8e\u7b2c\u4e8c\u5b63\u5ea6\uff0cAirbnb\u6307\u5bfc\u8425\u6536\u4e3a29.9\u4ebf\u7f8e\u5143\u81f330.5\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u70b9\u7565\u4f4e\u4e8e\u666e\u904d\u9884\u671f\u3002\u8be5\u516c\u53f8\u9884\u8ba1\u5e73\u5747\u6bcf\u65e5\u623f\u4ef7\u6301\u5e73\uff0c\u6838\u5fc3\u5229\u6da6\u7387\u7565\u6709\u4e0b\u964d\uff0c\u5e76\u4e14\u4e0e\u7b2c\u4e00\u5b63\u5ea6\u76f8\u6bd4\uff0c\u9884\u8ba2\u589e\u957f\u653e\u7f13\u3002\u7531\u4e8e\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u548c\u8d38\u6613\u653f\u7b56\u7684\u53d8\u5316\uff0c\u7f8e\u56fd\u65c5\u6e38\u9700\u6c42\u653e\u7f13\uff0cAirbnb\u9762\u4e34\u77ed\u671f\u4e0d\u5229\u56e0\u7d20\u3002\u8f83\u77ed\u7684\u9884\u8ba2\u7a97\u53e3\u548c\u8c28\u614e\u7684\u6d88\u8d39\u8005\u884c\u4e3a\u53ef\u80fd\u4f1a\u57282025\u5e74\u5e74\u4e2d\u4e4b\u524d\u5bf9\u589e\u957f\u6784\u6210\u538b\u529b\u3002\u7136\u800c\uff0c\u56fd\u9645\u5e02\u573a\uff0c\u5c24\u5176\u662f\u5317\u7f8e\u4ee5\u5916\u7684\u5e02\u573a\uff0c\u7ee7\u7eed\u663e\u793a\u51fa\u5f3a\u52b2\u7684\u52bf\u5934\u3002\u867d\u7136\u8be5\u516c\u53f8\u9884\u8ba1\u7b2c\u4e8c\u5b63\u5ea6\u623f\u4ef7\u6301\u5e73\u548c\u9884\u8ba2\u589e\u957f\u653e\u7f13\uff0c\u4f46\u5176\u5168\u7403\u8db3\u8ff9\u4ee5\u53ca\u5176\u4ed6\u5730\u533a\u6301\u7eed\u7684\u65c5\u6e38\u9700\u6c42\u590d\u82cf\u63d0\u4f9b\u4e86\u66f4\u957f\u671f\u7684\u4e0a\u6da8\u6f5c\u529b\u3002\u6295\u8d44\u8005\u5e94\u9884\u671f\u8c28\u614e\u7684\u77ed\u671f\u8f68\u8ff9\uff0c\u5e76\u968f\u7740\u5b8f\u89c2\u7ecf\u6d4e\u72b6\u51b5\u7684\u53d1\u5c55\u800c\u9010\u6b65\u7a33\u5b9a\u3002<strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a115\u7f8e\u5143\u81f3120\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Twilio Inc (TWLO)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$1.17B, +11.4% YoY, beat estimates by $30M<br>  <\/li>\n\n\n\n<li><strong>1Q25 Non-GAAP EPS: <\/strong>$1.14, beat estimates by $0.18<br>  <\/li>\n\n\n\n<li><strong>2Q25 Guidance:<\/strong> Expect revenue to be between $1.18B and $1.19B, representing a 9-10% YoY growth<br>  <\/li>\n\n\n\n<li><strong>FY25 Guidance:<\/strong> Expect revenue growth of 7.5-8.5% and non-GAAP income from operations between $850M and $875M <br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Twilio delivered strong first-quarter results, reporting revenue of US$1.17bn, up 12% YoY, an acceleration from 4% growth in 1Q24. Non-GAAP operating income rose to US$213mn and the company achieved GAAP profitability with US$23mn in operating income. Its active customer accounts surpassed 335,000 and the dollar-based net expansion rate improved to 107%. The Communications segment grew 13% to US$1.1bn and remains the primary driver, while the Segment business posted minimal growth of 1% and a small operating loss. Twilio raised its full-year guidance on organic revenue growth, operating income, and free cash flow, citing strong customer wins and operational efficiencies. Twilio expects to sustain momentum in 2Q25 with projected revenue of US$1.18bn \u2013 US$1.19bn, 9%-10% YoY growth and non-GAAP income from operations of US$195mn-US$205mn. For the full year, Twilio raised its outlook, now targeting 7.5%-8.5% organic revenue growth and up to US$875mn in non-GAAP operating income and free cash flow. Continued strength in the Communications segment, improving profitability in the Segment business, and strategic customer wins position Twilio to deliver steady growth and margin expansion throughout 2025. The company remains focused on balancing growth with operational efficiency, despite macroeconomic uncertainties. <strong>2Q25<\/strong> <strong>recommended trading range: $98 to $114. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Twilio Inc (TWLO)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u8425\u6536\uff1a<\/strong>11.7\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f11.4%\uff0c\u8d85\u51fa\u9884\u671f3000\u4e07\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63Non-GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>1.14\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.18\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u8425\u6536\u572811.8\u4ebf\u7f8e\u5143\u81f311.9\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u540c\u6bd4\u589e\u957f9-10%<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u8425\u6536\u589e\u957f7.5-8.5%\uff0cNon-GAAP\u8fd0\u8425\u6536\u5165\u57288.5\u4ebf\u7f8e\u5143\u81f38.75\u4ebf\u7f8e\u5143\u4e4b\u95f4<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a <\/strong>Twilio\u516c\u5e03\u4e86\u5f3a\u52b2\u7684\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u8425\u6536\u4e3a11.7\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f12%\uff0c\u8f8324\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u76844%\u589e\u957f\u6709\u6240\u52a0\u901f\u3002Non-GAAP\u8fd0\u8425\u6536\u5165\u589e\u81f32.13\u4ebf\u7f8e\u5143\uff0c\u8be5\u516c\u53f8\u5b9e\u73b0\u4e86GAAP\u76c8\u5229\uff0c\u8fd0\u8425\u6536\u5165\u4e3a2300\u4e07\u7f8e\u5143\u3002\u5176\u6d3b\u8dc3\u5ba2\u6237\u8d26\u6237\u8d85\u8fc733.5\u4e07\uff0c\u57fa\u4e8e\u7f8e\u5143\u7684\u51c0\u6269\u5f20\u7387\u63d0\u9ad8\u81f3107%\u3002\u901a\u4fe1\u90e8\u95e8\u589e\u957f13%\u81f311\u4ebf\u7f8e\u5143\uff0c\u4ecd\u7136\u662f\u4e3b\u8981\u9a71\u52a8\u529b\uff0c\u800cSegment\u4e1a\u52a1\u7684\u589e\u957f\u5e45\u5ea6\u6700\u5c0f\uff0c\u4e3a1%\uff0c\u5e76\u4e14\u51fa\u73b0\u4e86\u5c0f\u5e45\u8fd0\u8425\u4e8f\u635f\u3002Twilio\u63d0\u9ad8\u4e86\u5176\u5168\u5e74\u6709\u673a\u8425\u6536\u589e\u957f\u3001\u8fd0\u8425\u6536\u5165\u548c\u81ea\u7531\u73b0\u91d1\u6d41\u7684\u6307\u5f15\uff0c\u7406\u7531\u662f\u8d62\u5f97\u4e86\u5f3a\u5927\u7684\u5ba2\u6237\u548c\u63d0\u9ad8\u4e86\u8fd0\u8425\u6548\u7387\u3002Twilio\u9884\u8ba125\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5c06\u4fdd\u6301\u589e\u957f\u52bf\u5934\uff0c\u9884\u8ba1\u8425\u6536\u4e3a11.8\u4ebf\u7f8e\u5143\u81f311.9\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f9%-10%\uff0cNon-GAAP\u8fd0\u8425\u6536\u5165\u4e3a1.95\u4ebf\u7f8e\u5143\u81f32.05\u4ebf\u7f8e\u5143\u3002\u5bf9\u4e8e\u5168\u5e74\uff0cTwilio\u63d0\u9ad8\u4e86\u5176\u5c55\u671b\uff0c\u73b0\u5728\u76ee\u6807\u662f\u6709\u673a\u8425\u6536\u589e\u957f7.5%-8.5%\uff0cNon-GAAP\u8fd0\u8425\u6536\u5165\u548c\u81ea\u7531\u73b0\u91d1\u6d41\u9ad8\u8fbe8.75\u4ebf\u7f8e\u5143\u3002\u901a\u4fe1\u90e8\u95e8\u7684\u6301\u7eed\u5f3a\u52b2\u3001Segment\u4e1a\u52a1\u76c8\u5229\u80fd\u529b\u7684\u63d0\u9ad8\u4ee5\u53ca\u6218\u7565\u6027\u5ba2\u6237\u7684\u8d62\u5f97\u4f7fTwilio\u80fd\u591f\u5728\u6574\u4e2a2025\u5e74\u5b9e\u73b0\u7a33\u5b9a\u7684\u589e\u957f\u548c\u5229\u6da6\u7387\u6269\u5f20\u3002\u5c3d\u7ba1\u5b8f\u89c2\u7ecf\u6d4e\u5b58\u5728\u4e0d\u786e\u5b9a\u6027\uff0c\u8be5\u516c\u53f8\u4ecd\u7136\u4e13\u6ce8\u4e8e\u5e73\u8861\u589e\u957f\u4e0e\u8fd0\u8425\u6548\u7387\u3002<strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a98\u7f8e\u5143\u81f3114\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div class=\"wp-block-uagb-image alignleft uagb-block-971ecb1b wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-left\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/www.kgieworld.sg\/research\/KGISGWA\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/Get-more-from-KGI-on-WhatsApp.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/Get-more-from-KGI-on-WhatsApp.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/Get-more-from-KGI-on-WhatsApp.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/Get-more-from-KGI-on-WhatsApp.png\" alt=\"\" class=\"uag-image-59753\" width=\"637\" height=\"174\" title=\"Get more from KGI on WhatsApp.\" loading=\"lazy\" role=\"img\"\/><\/a><\/figure><\/div>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/t.me\/kgisg\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-69.png\" alt=\"\" class=\"wp-image-15031\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-69.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-69-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>United States | Singapore | Hong Kong | Earnings GoDaddy, Inc. (GDDY US) Snowflake, Inc. (SNOW US) ^ Back To Top Sheng Siong Group Ltd. (SSG SP) China Sunsine Chemical Holdings Ltd. (CSSC SP) ^ Back To Top Kingdee International Software Grp Co Ltd. (268 HK) Kingsoft Cloud Holdings Ltd. (3896 HK) ^ Back To [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[30],"tags":[],"class_list":["post-66630","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"description\" content=\"United States | Singapore | Hong Kong | Earnings Shares closed at a high since February 2025 with constructive volume. 20dEMA is about to cross the 50dEMA. MACD is positive, RSI is constructive. 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(SNOW US) Shares closed at a high since March 2025. 5dEMA just\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Jiong Han Lee\"\/>\n\t<meta name=\"keywords\" content=\"technical analysis\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.kgieworld.sg\/research\/technical-analysis-02-may-2025\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.8\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"KGI Singapore Research \u2022 Singapore&#039;s leading broker offering Futures, FX, Equities and Wealth Management.\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Technical Analysis \u2013 02 May 2025 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"United States | Singapore | Hong Kong | Earnings Shares closed at a high since February 2025 with constructive volume. 20dEMA is about to cross the 50dEMA. 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