个人中心 - 老虎社区

evanescence

IP属地：中国香港

帖子 · 1帖子 · 1
关注 · 0关注 · 0
粉丝 · 0粉丝 · 0

- evanescenceevanescence
  ·10-10
  高增长期间，回不回购无所谓
  英伟达悄然重新定义自由现金流，千亿回购计划暗藏水分？
  英伟达将对OpenAI、Anthropic等242家企业的股权投资列为"战略用途"，从自由现金流中扣除。经此调整，上半财年自由现金流从官方口径699亿美元骤降至217亿美元，缩水近七成。与此同时，公司新增249亿美元长期债务以支撑回购，2350亿美元回购计划的可持续性存疑。
  英伟达悄然重新定义自由现金流，千亿回购计划暗藏水分？
  331 评论
  1
  分享
  举报

热议股票

{"i18n":{"language":"zh_CN"},"isCurrentUser":false,"userPageInfo":{"id":"4218593342258930","uuid":"4218593342258930","gmtCreate":1755490153722,"gmtModify":1777996904069,"name":"evanescence","pinyin":"evanescence","introduction":"","introductionEn":null,"signature":"","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":0,"tweetSize":1,"questionSize":0,"limitLevel":999,"accountStatus":1,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[],"userBadgeCount":0,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":1,"crmLevelSwitch":0,"location":"中国香港","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":616785446630448,"gmtCreate":1791601610231,"gmtModify":1791601856551,"author":{"id":"4218593342258930","authorId":"4218593342258930","name":"evanescence","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4218593342258930","authorIdStr":"4218593342258930"},"themes":[],"title":"","htmlText":"高增长期间，回不回购无所谓","listText":"高增长期间，回不回购无所谓","text":"高增长期间，回不回购无所谓","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/616785446630448","repostId":"2674002860","repostType":2,"repost":{"id":"2674002860","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1791594609,"share":"https://www.laohunote.com/m/news/2674002860?lang=zh_CN&edition=full","pubTime":"2026-10-10 09:10","market":"sh","language":"zh","title":"英伟达悄然重新定义自由现金流，千亿回购计划暗藏水分？","url":"https://stock-news.laohu8.com/highlight/detail?id=2674002860","media":"华尔街见闻","summary":"英伟达将对OpenAI、Anthropic等242家企业的股权投资列为\"战略用途\"，从自由现金流中扣除。经此调整，上半财年自由现金流从官方口径699亿美元骤降至217亿美元，缩水近七成。与此同时，公司新增249亿美元长期债务以支撑回购，2350亿美元回购计划的可持续性存疑。","content":"<html><head></head><body><p>英伟达一个措辞上的细微变化，正在重塑投资者对这家芯片巨头财务健康状况的理解。</p>\n<p>今年9月28日，英伟达宣布将股票回购授权规模扩大1500亿美元至2350亿美元，并在公告中悄然嵌入一句关键表述——<strong>&#34;我们将以净超出战略用途的自由现金流（excess free cash flow net of strategic uses）形式回馈股东&#34;</strong>。据《华尔街日报》报道，这句话实质上是在向投资者发出信号：<strong>英伟达对外的股权投资，同样会压缩可用于回购和分红的现金。</strong>这一表述几乎未引发市场关注，但其背后的财务逻辑影响深远。</p>\n<p><strong>若将英伟达的战略股权投资及股权激励相关现金支出纳入计算，其今年上半财年的实际自由现金流将从官方口径的699亿美元骤降至约217亿美元——缩水近七成。</strong>与此同时，英伟达在同期斥资约310亿美元用于超出维持股本不变所需的额外回购，并新增长期债务249亿美元至324亿美元，部分依赖举债来支撑回购力度。这一组合引发外界对其回购可持续性的质疑。</p>\n<h2>“净战略用途”：一句话改变回购逻辑</h2>\n<p>英伟达此次措辞调整的核心，在于将战略股权投资纳入自由现金流的扣减范畴。</p>\n<p>传统意义上，自由现金流通常以经营活动现金流减去资本支出（capex）计算，被视为企业在维持运营后可自由支配的现金代理指标。然而，英伟达的资本支出形态已不局限于厂房设备，还延伸至对AI生态系统内企业的股权投资。</p>\n<p>英伟达披露，截至目前，公司持有13家上市公司及229家私营公司的股权，涵盖数据中心建设、AI模型开发、能源供应及硬件制造等领域，其中包括OpenAI和Anthropic等知名AI企业。<strong>英伟达将上述投资定性为“战略性”而非“可选择性”，认为这些投资有助于加速其计算平台及整体AI市场的发展。</strong></p>\n<p>值得注意的是，这些被投企业同时也是英伟达芯片的买家，形成一种循环动态——英伟达向其注资，被投企业再用这些资金购买英伟达产品。这一循环结构已引发市场对AI繁荣可持续性的担忧。</p>\n<h2>数字背后：自由现金流被高估多少？</h2>\n<p><strong>英伟达并未正式修改自由现金流的定义，官方仍沿用传统公式。但实际数字的差距触目惊心。</strong></p>\n<p>据《华尔街日报》分析，在截至今年7月26日的上半财年内：</p>\n<ul>\n<li>\n<p>英伟达用于购买股权投资的现金流出为<strong>424亿美元</strong>，出售所得为72亿美元，<strong>净流出达352亿美元</strong>；</p>\n</li>\n<li>\n<p>若将上述净流出视同资本支出处理，英伟达自由现金流将从<strong>699亿美元减半至347亿美元</strong>；</p>\n</li>\n<li>\n<p>此外，员工股权激励相关的现金支出同样未被纳入传统自由现金流计算。同期，英伟达为员工股票归属支付的现金预扣税款达<strong>45亿美元</strong>，另有约<strong>90亿美元</strong>的回购用于对冲股权激励带来的股本稀释；</p>\n</li>\n<li>\n<p>扣除员工股权激励相关现金支出后，再叠加股权投资净流出，<strong>英伟达上半财年的调整后自由现金流约为217亿美元</strong>，较官方口径缩水约69%。</p>\n</li>\n</ul>\n<p>与此同时，英伟达在同期新增长期债务249亿美元，这在一定程度上解释了公司如何在战略投资和股权激励吸收大量现金的情况下，仍维持了可观的额外回购规模。</p>\n<h2>2350亿回购授权：华尔街预期能否兑现？</h2>\n<p>英伟达2350亿美元的回购授权规模庞大，兑现需要持续强劲的现金流支撑。</p>\n<p>据Visible Alpha汇编的华尔街分析师预测数据，英伟达在2028财年（截至2028年1月）的自由现金流均值预期超过<strong>3300亿美元</strong>，理论上足以覆盖全部回购授权及分红支出。</p>\n<p>然而，英伟达自身已通过措辞调整暗示，<strong>未来仍需持续向被投企业注入大量资金。</strong>若战略股权投资规模维持高位，调整后的实际可分配现金流将远低于传统口径下的预测数字，回购计划的实际执行空间也将相应收窄。</p>\n<h2>信息披露：英伟达领先同行，但仍不够</h2>\n<p>在信息透明度方面，英伟达已率先做出改进。</p>\n<p>英伟达上季度调整了现金流量表的列报方式，<strong>将债务类证券与股权类证券在投资活动项下完全分开披露</strong>（其持有的债务证券均为美国国债或机构债券），使投资者得以自行进行上述调整。</p>\n<p>相比之下，微软、亚马逊及谷歌母公司Alphabet均将债务投资与股权投资合并列报，令投资者难以进行同类拆分。《华尔街日报》认为，其他公司应效仿英伟达的做法。</p>\n<p>但即便如此，英伟达的披露改进仍只是起点。<strong>自由现金流的真实面貌远比表面复杂，投资者需要现金流量表提供更高程度的透明度，才能准确评估这家AI时代最重要芯片公司的真实财务状况与回购能力。</strong></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>英伟达悄然重新定义自由现金流，千亿回购计划暗藏水分？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n英伟达悄然重新定义自由现金流，千亿回购计划暗藏水分？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-10-10 09:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>英伟达一个措辞上的细微变化，正在重塑投资者对这家芯片巨头财务健康状况的理解。</p>\n<p>今年9月28日，英伟达宣布将股票回购授权规模扩大1500亿美元至2350亿美元，并在公告中悄然嵌入一句关键表述——<strong>&#34;我们将以净超出战略用途的自由现金流（excess free cash flow net of strategic uses）形式回馈股东&#34;</strong>。据《华尔街日报》报道，这句话实质上是在向投资者发出信号：<strong>英伟达对外的股权投资，同样会压缩可用于回购和分红的现金。</strong>这一表述几乎未引发市场关注，但其背后的财务逻辑影响深远。</p>\n<p><strong>若将英伟达的战略股权投资及股权激励相关现金支出纳入计算，其今年上半财年的实际自由现金流将从官方口径的699亿美元骤降至约217亿美元——缩水近七成。</strong>与此同时，英伟达在同期斥资约310亿美元用于超出维持股本不变所需的额外回购，并新增长期债务249亿美元至324亿美元，部分依赖举债来支撑回购力度。这一组合引发外界对其回购可持续性的质疑。</p>\n<h2>“净战略用途”：一句话改变回购逻辑</h2>\n<p>英伟达此次措辞调整的核心，在于将战略股权投资纳入自由现金流的扣减范畴。</p>\n<p>传统意义上，自由现金流通常以经营活动现金流减去资本支出（capex）计算，被视为企业在维持运营后可自由支配的现金代理指标。然而，英伟达的资本支出形态已不局限于厂房设备，还延伸至对AI生态系统内企业的股权投资。</p>\n<p>英伟达披露，截至目前，公司持有13家上市公司及229家私营公司的股权，涵盖数据中心建设、AI模型开发、能源供应及硬件制造等领域，其中包括OpenAI和Anthropic等知名AI企业。<strong>英伟达将上述投资定性为“战略性”而非“可选择性”，认为这些投资有助于加速其计算平台及整体AI市场的发展。</strong></p>\n<p>值得注意的是，这些被投企业同时也是英伟达芯片的买家，形成一种循环动态——英伟达向其注资，被投企业再用这些资金购买英伟达产品。这一循环结构已引发市场对AI繁荣可持续性的担忧。</p>\n<h2>数字背后：自由现金流被高估多少？</h2>\n<p><strong>英伟达并未正式修改自由现金流的定义，官方仍沿用传统公式。但实际数字的差距触目惊心。</strong></p>\n<p>据《华尔街日报》分析，在截至今年7月26日的上半财年内：</p>\n<ul>\n<li>\n<p>英伟达用于购买股权投资的现金流出为<strong>424亿美元</strong>，出售所得为72亿美元，<strong>净流出达352亿美元</strong>；</p>\n</li>\n<li>\n<p>若将上述净流出视同资本支出处理，英伟达自由现金流将从<strong>699亿美元减半至347亿美元</strong>；</p>\n</li>\n<li>\n<p>此外，员工股权激励相关的现金支出同样未被纳入传统自由现金流计算。同期，英伟达为员工股票归属支付的现金预扣税款达<strong>45亿美元</strong>，另有约<strong>90亿美元</strong>的回购用于对冲股权激励带来的股本稀释；</p>\n</li>\n<li>\n<p>扣除员工股权激励相关现金支出后，再叠加股权投资净流出，<strong>英伟达上半财年的调整后自由现金流约为217亿美元</strong>，较官方口径缩水约69%。</p>\n</li>\n</ul>\n<p>与此同时，英伟达在同期新增长期债务249亿美元，这在一定程度上解释了公司如何在战略投资和股权激励吸收大量现金的情况下，仍维持了可观的额外回购规模。</p>\n<h2>2350亿回购授权：华尔街预期能否兑现？</h2>\n<p>英伟达2350亿美元的回购授权规模庞大，兑现需要持续强劲的现金流支撑。</p>\n<p>据Visible Alpha汇编的华尔街分析师预测数据，英伟达在2028财年（截至2028年1月）的自由现金流均值预期超过<strong>3300亿美元</strong>，理论上足以覆盖全部回购授权及分红支出。</p>\n<p>然而，英伟达自身已通过措辞调整暗示，<strong>未来仍需持续向被投企业注入大量资金。</strong>若战略股权投资规模维持高位，调整后的实际可分配现金流将远低于传统口径下的预测数字，回购计划的实际执行空间也将相应收窄。</p>\n<h2>信息披露：英伟达领先同行，但仍不够</h2>\n<p>在信息透明度方面，英伟达已率先做出改进。</p>\n<p>英伟达上季度调整了现金流量表的列报方式，<strong>将债务类证券与股权类证券在投资活动项下完全分开披露</strong>（其持有的债务证券均为美国国债或机构债券），使投资者得以自行进行上述调整。</p>\n<p>相比之下，微软、亚马逊及谷歌母公司Alphabet均将债务投资与股权投资合并列报，令投资者难以进行同类拆分。《华尔街日报》认为，其他公司应效仿英伟达的做法。</p>\n<p>但即便如此，英伟达的披露改进仍只是起点。<strong>自由现金流的真实面貌远比表面复杂，投资者需要现金流量表提供更高程度的透明度，才能准确评估这家AI时代最重要芯片公司的真实财务状况与回购能力。</strong></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3f1c866c487eb9e101f73a62d4495ce9","relate_stocks":{"LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU2413666426.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (HKD) ACC","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","LU0882574139.USD":"富达环球消费行业基金A ACC","SG9999014542.SGD":"United Income Focus Trust Acc SGD","NVIW.SI":"NVDA 3xLongSG261006","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","CMAG":"Corgi Mag 7 ETF","SPTE":"SP FUNDS S&P GLOBAL TECHNOLOGY ETF","JGRO":"Jpmorgan Active Growth ETF","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU1923622291.USD":"Natixis Thematics Safety R/A USD","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU1861127337.USD":"ALLIANZ GLOBAL MULTI ASSET SUSTAINABILITY BALANCED \"AMG\" (USD) INC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU1400636574.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AMG\" (HKDHDG) INC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU0557290698.USD":"施罗德环球可持续增长基金","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","GAMR":"Amplify Video Game Leaders ETF","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","EFIV":"SPDR S&P 500 ESG ETF","LU0056508442.USD":"贝莱德世界科技基金A2","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU0823414478.USD":"法巴经典能源转换基金","FAI":"First Trust Bloomberg Artificial Intelligence ETF","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","SG9999001424.SGD":"United E-Commerce Fund SGD","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","CNEQ":"Alger Concentrated Equity ETF","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","3NVD.UK":"LS 3X NVIDIA","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU0080751232.USD":"富达环球多元动力基金A","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AT\" (USDHDG) ACC","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","BK4585":"ETF&股票定投概念","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1821325948.USD":"NINETY ONE GSF GLOBAL MACRO ALLOCATION \"A\" (USD) ACC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU1803068623.USD":"TEMPLETON GLOBAL CLIMATE CHANGE \"AH1\" (USDHDG) ACC","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU2279689827.SGD":"JPMorgan Investment Funds - Global Income Sustainable A (mth) SGD-H","BK4587":"ChatGPT概念","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","LU0347712357.USD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (USD) ACC","XLK":"高科技指数ETF-SPDR","SHOC":"Strive U.S. Semiconductor ETF","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","SNVD.UK":"LS -1X NVIDIA","BK4588":"碎股","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","DIPS":"做空NVDA期权收益策略ETF-YieldMax","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","ILDR":"First Trust Innovation Leaders ETF","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","SMH":"半导体指数ETF-HOLDRs","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","07388":"南方两倍做空英伟达","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","SMHX":"VanEck Fabless Semiconductor ETF","VT":"世界全股市ETF-Vanguard","NVDO":"2倍上限加速NVDA ETF-Leverage Shares","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","THMR":"THOR AdaptiveRisk Dynamic ETF","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","METV":"Roundhill Ball Metaverse ETF","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","TRFK":"PACER DATA AND DIGITAL REVOLUTION ETF","BK4579":"人工智能","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","TEK":"iShares Technology Opportunities Active ETF","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","07788":"南方两倍做多英伟达","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","ANV":"GraniteShares Autocallable NVDA ETF","BK4581":"高盛持仓","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","2NVD.UK":"2X NVIDIA ETP","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","ESLG":"Eventide Large Cap Growth ETF","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU2394011477.USD":"JPMORGAN CLIMATE CHANGE SOLUTIONS \"A\" (USD) ACC","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","ESUM":"EVENTIDE US MARKET ETF","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","FDTX":"Fidelity Disruptive Technology ETF","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4567":"ESG概念","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","BK4503":"景林资产持仓","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","NVD2.UK":"2X NVIDIA ETP","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","NVD3.UK":"LS 3X NVIDIA","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","TYLG":"GLOBAL X INFORMATION TECHNOLOGY COVERED CALL & GROWTH ETF","SG9999015978.USD":"利安颠覆性创新基金A","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","NVDS.UK":"LS -1X NVIDIA","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU0323239441.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AC\" ACC","USXF":"iShares ESG Advanced MSCI USA ETF","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","LU0133085943.USD":"T ROWE PRICE US BLUE CHIP EQUITY \"A\" ACC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","SOXY":"YieldMax Target 12 Semiconductor Option Income ETF","LU2063271972.USD":"富兰克林创新领域基金","LU0174119429.USD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"A\" ACC","SOXX":"iShares费城交易所半导体ETF","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU2462591350.SGD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","SOXQ":"Invesco PHLX Semiconductor ETF","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","FTEC":"Fidelity MSCI Information Techno","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU2637965513.SGD":"BGF GLOBAL ALLOCATION \"A10\" (SGDHDG) INC","IXN":"iShares Trust S&P Global Informa","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU0323240290.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AD\" INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","SG9999014559.SGD":"United Income Focus Trust Dis SGD","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","NULC":"Nuveen ESG Large-Cap ETF","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","BK4543":"AI","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","BK4592":"伊斯兰概念","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","BK4549":"软银资本持仓","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","IE000Q6AESB8.SGD":"PIMCO BALANCED INCOME AND GROWTH \"A\" (SGDHDG) INC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","BK4548":"巴美列捷福持仓","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU1861558580.USD":"日兴方舟颠覆性创新基金B","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4554":"元宇宙及AR概念","LU0061474960.USD":"天利环球焦点基金AU Acc","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","NVC":"Corgi NVDA 2x Daily ETF","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","NVD":"2倍做空NVDA ETF-GraniteShares","LU1548497426.USD":"安联环球人工智能AT Acc","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","NVDB":"ProShares Ultra NVDA ETF","NVDA":"英伟达","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","NVDD":"1倍做空NVDA ETF-Direxion","SNPE":"Xtrackers S&P 500 Scored & Screened ETF","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","AGOX":"Adaptive Alpha Opportunities ETF","NVDG":"2倍做多NVDA ETF- Leverage Shares","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0395794307.EUR":"JPM GLOBAL INCOME (DIV) \"A\" (EUR) INC","VGT":"信息技术ETF-Vanguard","NVDL":"2倍做多NVDA ETF-GraniteShares","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","NVDQ":"2倍做空NVDA ETF-T-Rex","BK4550":"红杉资本持仓","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","09388":"南方两倍做空英伟达-U","NVDS":"1.5倍做空NVDA ETF-Tradr","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","NVDU":"2倍做多NVDA ETF-Direxion","BK4598":"佩洛西持仓","BK4551":"寇图资本持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","NVDW":"NVDA周配息ETF-Roundhill","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","NVDX":"2倍做多NVDA ETF-T-Rex","NVDY":"NVDA期权收益策略ETF-YieldMax","ARTY":"ISHARES FUTURE AI & TECH ETF","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","SG9999002232.USD":"Allianz Global High Payout USD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","SG9999002224.SGD":"Allianz Global High Payout SGD","NVII":"Rex NVDA Growth & Income ETF","IETC":"iShares U.S. Tech Independence Focused ETF","LU1645745479.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (HKDHDG) INC","09788":"南方两倍做多英伟达-U","BK4529":"IDC概念","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU0079474960.USD":"联博美国增长基金A","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","TTEQ":"T. Rowe Price Technology ETF","USD":"ProShares Ultra Semiconductors","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","HK0000304805.HKD":"PICTET 战略收益基金 P类港元","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","CHPX":"Global X AI Semiconductor & Quantum ETF","BK4605":"半导体精选","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","HK0000304797.USD":"PICTET 战略收益基金 P类 美元","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","BK4608":"AI应用概念股","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","SGXZ80539844.SGD":"ALLIANZ GLOBAL HIGH PAYOUT \"AMI\" (H2-SGD) INC","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","BK4527":"明星科技股","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","TTXU":"Direxion Daily Technology Top 5 Bull 2X ETF","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU0238689110.USD":"贝莱德环球动力股票基金","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","NVYY":"GraniteShares YieldBOOST NVDA ETF","LU1979441026.SGD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"A\" (SGDHDG) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0072462426.USD":"贝莱德全球配置 A2","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","AIFD":"TCW Artificial Intelligence ETF","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","WISE":"THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF","ROM":"ProShares Ultra Technology","BK4612":"AI芯片","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU0138981039.USD":"FIDELITY FUNDS SUSTAINABLE MULTI ASSET INCOME \"A\" INC","HK0000819398.USD":"BLACKROCK PREMIER SYSTEMATIC GLOBAL EQUITY HIGH INCOME FUND A10 (USD)INC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","BK4614":"Manus概念股","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU1144417596.USD":"UBS (LUX) GLOBAL QUALITY DIVIDEND EQUITY \"Q\" (USD) INC","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","BK4532":"文艺复兴科技持仓","SGXZ81514606.USD":"大华环球创新基金A Acc USD","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","BK4141":"半导体产品","BK4534":"瑞士信贷持仓","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU1935043452.HKD":"宏利环球多元资产收益 \"AA\" 基金（港元）派息","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","HK0000532082.HKD":"ALLIANZ SELECTION INCOME AND GROWTH \"AM\" (HKD) INC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","AIPI":"REX AI EQUITY PREMIUM INCOME ETF","LU0861579265.USD":"联博低波幅策略股票基金A","LU2413666699.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"CRH\" (HKDHDG) INC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0109392836.USD":"富兰克林科技股A","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","LU0898699433.AUD":"JPM GLOBAL INCOME \"A\" (AUDHDG) INC (M)","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU0143551892.USD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A\" (USD) ACC","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","LU2462591277.SGD":"TRP GLOBAL FOCUSED GROWTH EQUITY \"AN\" (SGDHDG) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU2954938101.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A8P\" (SGD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU2999663052.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A4P\" (SGD) INC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0444971666.USD":"天利全球科技基金","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU2047632596.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A\" (USD) ACC","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU2100268510.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"AX\" (USD) INC","LU3102509885.SGD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A8P\" (SGDHDG) INC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","CLSE":"Convergence Long/Short Equity ETF"},"source_url":"https://wallstreetcn.com/articles/3783308","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2674002860","content_text":"英伟达一个措辞上的细微变化，正在重塑投资者对这家芯片巨头财务健康状况的理解。\n今年9月28日，英伟达宣布将股票回购授权规模扩大1500亿美元至2350亿美元，并在公告中悄然嵌入一句关键表述——\"我们将以净超出战略用途的自由现金流（excess free cash flow net of strategic uses）形式回馈股东\"。据《华尔街日报》报道，这句话实质上是在向投资者发出信号：英伟达对外的股权投资，同样会压缩可用于回购和分红的现金。这一表述几乎未引发市场关注，但其背后的财务逻辑影响深远。\n若将英伟达的战略股权投资及股权激励相关现金支出纳入计算，其今年上半财年的实际自由现金流将从官方口径的699亿美元骤降至约217亿美元——缩水近七成。与此同时，英伟达在同期斥资约310亿美元用于超出维持股本不变所需的额外回购，并新增长期债务249亿美元至324亿美元，部分依赖举债来支撑回购力度。这一组合引发外界对其回购可持续性的质疑。\n“净战略用途”：一句话改变回购逻辑\n英伟达此次措辞调整的核心，在于将战略股权投资纳入自由现金流的扣减范畴。\n传统意义上，自由现金流通常以经营活动现金流减去资本支出（capex）计算，被视为企业在维持运营后可自由支配的现金代理指标。然而，英伟达的资本支出形态已不局限于厂房设备，还延伸至对AI生态系统内企业的股权投资。\n英伟达披露，截至目前，公司持有13家上市公司及229家私营公司的股权，涵盖数据中心建设、AI模型开发、能源供应及硬件制造等领域，其中包括OpenAI和Anthropic等知名AI企业。英伟达将上述投资定性为“战略性”而非“可选择性”，认为这些投资有助于加速其计算平台及整体AI市场的发展。\n值得注意的是，这些被投企业同时也是英伟达芯片的买家，形成一种循环动态——英伟达向其注资，被投企业再用这些资金购买英伟达产品。这一循环结构已引发市场对AI繁荣可持续性的担忧。\n数字背后：自由现金流被高估多少？\n英伟达并未正式修改自由现金流的定义，官方仍沿用传统公式。但实际数字的差距触目惊心。\n据《华尔街日报》分析，在截至今年7月26日的上半财年内：\n\n\n英伟达用于购买股权投资的现金流出为424亿美元，出售所得为72亿美元，净流出达352亿美元；\n\n\n若将上述净流出视同资本支出处理，英伟达自由现金流将从699亿美元减半至347亿美元；\n\n\n此外，员工股权激励相关的现金支出同样未被纳入传统自由现金流计算。同期，英伟达为员工股票归属支付的现金预扣税款达45亿美元，另有约90亿美元的回购用于对冲股权激励带来的股本稀释；\n\n\n扣除员工股权激励相关现金支出后，再叠加股权投资净流出，英伟达上半财年的调整后自由现金流约为217亿美元，较官方口径缩水约69%。\n\n\n与此同时，英伟达在同期新增长期债务249亿美元，这在一定程度上解释了公司如何在战略投资和股权激励吸收大量现金的情况下，仍维持了可观的额外回购规模。\n2350亿回购授权：华尔街预期能否兑现？\n英伟达2350亿美元的回购授权规模庞大，兑现需要持续强劲的现金流支撑。\n据Visible Alpha汇编的华尔街分析师预测数据，英伟达在2028财年（截至2028年1月）的自由现金流均值预期超过3300亿美元，理论上足以覆盖全部回购授权及分红支出。\n然而，英伟达自身已通过措辞调整暗示，未来仍需持续向被投企业注入大量资金。若战略股权投资规模维持高位，调整后的实际可分配现金流将远低于传统口径下的预测数字，回购计划的实际执行空间也将相应收窄。\n信息披露：英伟达领先同行，但仍不够\n在信息透明度方面，英伟达已率先做出改进。\n英伟达上季度调整了现金流量表的列报方式，将债务类证券与股权类证券在投资活动项下完全分开披露（其持有的债务证券均为美国国债或机构债券），使投资者得以自行进行上述调整。\n相比之下，微软、亚马逊及谷歌母公司Alphabet均将债务投资与股权投资合并列报，令投资者难以进行同类拆分。《华尔街日报》认为，其他公司应效仿英伟达的做法。\n但即便如此，英伟达的披露改进仍只是起点。自由现金流的真实面貌远比表面复杂，投资者需要现金流量表提供更高程度的透明度，才能准确评估这家AI时代最重要芯片公司的真实财务状况与回购能力。","news_type":1,"symbols_score_info":{"GAMR":0.6,"SMH":0.6,"CMAG":0.6,"USD":0.6,"METV":0.6,"NVII":0.6,"XLK":0.6,"WISE":0.6,"TTEQ":0.6,"SHOC":0.6,"LFGY":0.6,"CHPX":0.6,"IETC":0.6,"NVDY":0.6,"TYLG":0.6,"ESLG":0.6,"SOXY":0.6,"AGOX":0.6,"TRFK":0.6,"DIPS":0.6,"TEK":0.6,"NVDX":0.6,"NVIW.SI":0.6,"ROM":0.6,"TTXU":0.6,"2NVD.UK":0.6,"SOXX":0.6,"SOXQ":0.6,"ESUM":0.6,"AIFD":0.6,"NVYY":0.6,"CNEQ":0.6,"CLSE":0.6,"THMR":0.6,"SMHX":0.6,"07788":0.6,"SPTE":0.6,"SNPE":0.6,"NVD2.UK":0.6,"AIPI":0.6,"NVDS.UK":0.6,"ARTY":0.6,"ANV":0.6,"SNVDAmain":0.6,"NVDU":0.6,"CHAT":0.6,"FAI":0.6,"3NVD.UK":0.6,"VT":0.6,"NVDB":0.6,"09388":0.6,"09788":0.6,"VGT":0.6,"NVDO":0.6,"NVDG":0.6,"NVDS":0.6,"NVD3.UK":0.6,"NVDW":0.6,"NVDD":0.6,"JGRO":0.6,"IXN":0.6,"NVDL":0.6,"EFIV":0.6,"NVD":0.6,"SNVD.UK":0.6,"ILDR":0.6,"NVDQ":0.6,"NVDA":1.97,"FTEC":0.6,"NVC":0.6,"FDTX":0.6,"USXF":0.6,"07388":0.6,"NULC":0.6}},"isVote":1,"tweetType":1,"viewCount":331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}