理华尔街作甚？_老虎社区_美港股上老虎 - 老虎社区

2
评论
收藏

理华尔街作甚？

英伟达业绩创下最佳的一次“超预期”，为何华尔街还嫌不“完美”？

英伟达盘后下跌，当"超预期"成为常态，市场要的不再是另一张漂亮成绩单，而是能重新抬高长期增长曲线的新故事。

英伟达业绩创下最佳的一次“超预期”，为何华尔街还嫌不“完美”？

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

2

举报

评论

推荐
最新

empty

暂无评论

热议股票

{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":566523486848104,"tweetId":"566523486848104","gmtCreate":1779345724539,"gmtModify":1779345726894,"author":{"id":3514005164997802,"idStr":"3514005164997802","authorId":3514005164997802,"authorIdStr":"3514005164997802","name":"momogogo","avatar":"https://static.tigerbbs.com/51bd9eceb7443a57b30ccfc4f705b931","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"currentWearingBadge":{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-2","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"资深虎友","description":"加入老虎社区1000天","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.17","individualDisplayEnabled":0},"individualDisplayBadges":[],"wearingBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-2","name":"资深虎友","description":"加入老虎社区1000天","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","isScarce":0,"effectEnabled":0,"redirectLinkEnabled":0,"redirectLinkValidityFrom":0,"redirectLinkValidityTo":9223372036854776000}],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>理华尔街作甚？</p></body></html>","htmlText":"<html><head></head><body><p>理华尔街作甚？</p></body></html>","text":"理华尔街作甚？","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/566523486848104","repostId":2637047068,"repostType":2,"repost":{"id":"2637047068","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":1779344091,"share":"https://www.laohu8.com/m/news/2637047068?lang=zh_CN&edition=full","pubTime":"2026-05-21 14:14","market":"us","language":"zh","title":"英伟达业绩创下最佳的一次“超预期”，为何华尔街还嫌不“完美”？","url":"https://stock-news.laohu8.com/highlight/detail?id=2637047068","media":"华尔街见闻","summary":"英伟达盘后下跌，当\"超预期\"成为常态，市场要的不再是另一张漂亮成绩单，而是能重新抬高长期增长曲线的新故事。","content":"<html><head></head><body><blockquote><p>英伟达盘后下跌，当&#34;超预期&#34;成为常态，市场要的不再是另一张漂亮成绩单，而是能重新抬高长期增长曲线的新故事。</p></blockquote><p style=\"text-align: left;\">英伟达又一次交出“超预期业绩加上调指引”的成绩单，但市场反应显示，对全球AI龙头而言，强劲增长已不再自动等于股价上涨。</p><p style=\"text-align: left;\">英伟达财年第一季度营收为816亿美元，高于市场预期的790亿美元，同比增长85%；调整后每股收益为1.87美元，高于预期的1.75美元。公司预计7月季度营收为910亿美元，也高于FactSet共识预期的873亿美元。</p><p style=\"text-align: left;\">即便如此，英伟达股价周三盘后最终下跌约1%。公司给出的调整后毛利率目标为75%，与最近一个季度持平，没有出现市场担忧的利润率收缩，但仍未能推动股价走高。</p><p style=\"text-align: left;\">Direxion产品与策略高级副总裁Ryan Lee写道，“市场要求世界最大公司做到完美。”Direxion资本市场负责人Jake Behan补充称，<strong>当预期已经如此之高时，即使一份强劲财报，如果没有实质性抬高长期前景，也可能压制股价。</strong></p><h2 id=\"id_1105007441\" style=\"text-align: left;\">业绩全面高于预期，但“惊喜”不再稀缺</h2><p style=\"text-align: left;\">英伟达本季度核心指标几乎全面超过华尔街预期。营收同比增速从上一季度的73.2%加快至85%，也高于去年11月季度62%的同比增速。调整后每股收益同样高于市场预期。</p><p style=\"text-align: left;\">数据中心仍是最大支柱。财年第一季度数据中心收入为752亿美元，同比增长92%，环比增长21%，高于FactSet预期的731亿美元。公司称增长来自Blackwell架构的持续强劲需求。</p><p style=\"text-align: left;\">Investing.com分析师Thomas Monteiro认为，<strong>这是英伟达最近几个季度中“最干净的一次超预期”，因为业绩不仅跨过了很高的门槛，也回应了市场围绕AI交易的一些更大疑问。</strong>他认为，目前没有看到需求放缓的明显迹象。</p><p style=\"text-align: left;\">但投资者的反应更谨慎。Jefferies交易台分析师Jeffrey Favuzza将盘后走势称为一场<strong>“knife fight”</strong>。他认为，这<strong>份财报之后，买方对2027年和2028年的盈利预期未必会明显上调。</strong></p><h2 id=\"id_1051977213\" style=\"text-align: left;\">数据中心仍在加速，网络业务成为关键支撑</h2><p style=\"text-align: left;\">英伟达增长的质量，更多体现在数据中心内部结构上。除GPU需求外，网络业务正在成为更重要的收入来源。</p><p style=\"text-align: left;\">公司本季度数据中心网络收入达到148亿美元，创下纪录，同比增长199%，环比增长35%，高于分析师预期的140亿美元。更广义的计算与网络业务收入为756亿美元，同比增长88%，环比增长21%。</p><p style=\"text-align: left;\">CFO Colette Kress在电话会上表示，<strong>Blackwell架构已经“无处不在”，并被主要超大规模云厂商，云服务商和主要模型开发商采用和部署。她还提到，OpenAI的新GPT-5.5模型依赖Blackwell。</strong></p><p style=\"text-align: left;\">这对市场很重要。AI基础设施支出不再只是购买单一芯片，而是转向系统，网络和集群能力。Monteiro称，英伟达正在捕捉AI建设中更大份额的支出，客户不仅购买芯片，也购买连接和扩展这些芯片的系统。</p><h2 id=\"id_3870000170\" style=\"text-align: left;\">华尔街寻找新叙事：CPU，推理和智能体AI</h2><p style=\"text-align: left;\">英伟达最熟悉的投资叙事是GPU，但华尔街正在要求更多。HSBC的Frank Lee此前写道，GPU动能已经成为“相对不那么有意义”的投资叙事，因为云公司AI资本开支正流向更多领域，包括内存，网络和服务器CPU。</p><p style=\"text-align: left;\">英伟达试图给出新的增长路径。随着AI从训练转向推理，并进一步进入智能体AI阶段，CPU的重要性上升。Jensen Huang在电话会上表示，未来可能会出现数十亿个AI智能体，推理硬件需求将随之增加。他称，“思考”发生在GPU上，而编排基本运行在CPU上。</p><p style=\"text-align: left;\"><strong>Colette Kress表示，Vera CPU为英伟达打开了一个全新的2000亿美元可服务市场。</strong>她还称，公司今年对CPU收入已有接近200亿美元的可见度，这将为英伟达成为全球领先CPU供应商奠定基础。</p><p style=\"text-align: left;\">英伟达的Vera CPU将与下一代Rubin GPU协同工作。Jensen Huang表示，公司预计销售“数百万个Rubin”，并且每两个Rubin将连接一个Vera。这意味着CPU并非简单替代GPU，而是嵌入英伟达的系统级销售模式。</p><h2 id=\"id_1963357280\" style=\"text-align: left;\">股东回报大幅提高，但仍有人嫌不够</h2><p style=\"text-align: left;\">英伟达同时试图通过资本回报扩大投资者基础。公司宣布将股票回购计划增加800亿美元，加上此前授权中剩余的385亿美元，回购空间进一步扩大。</p><p style=\"text-align: left;\">财年第一季度，英伟达回购金额为193.1亿美元，是上一季度38.2亿美元的四倍多，也较上年同期增长37%。公司还将季度股息从每股0.01美元提高至0.25美元，隐含股息率从0.02%升至0.45%。</p><p style=\"text-align: left;\">这回应了部分投资者诉求。BofA的Vivek Arya此前写道，英伟达股票已被约78%的主动型基金经理持有，较大的既有持仓可能使未来股价上涨面临挑战；其他大型科技公司曾通过提高现金回报吸引股息和收入型投资者。</p><p style=\"text-align: left;\">但回报力度仍未完全满足市场。Jeffrey Favuzza称，<strong>对部分投资者而言，800亿美元回购“略低于预期”。</strong>据Birinyi Associates截至4月中旬的数据，只有苹果曾宣布过规模更大的回购授权。</p><h2 id=\"id_1474008724\" style=\"text-align: left;\">更大的考验在长期预期</h2><p style=\"text-align: left;\">这份财报没有显示AI需求放缓，也没有显示毛利率承压，但它没有完全解除华尔街的长期疑虑。</p><p style=\"text-align: left;\">Gabelli Funds投资组合经理John Belton此前表示，英伟达是AI资本开支的主要受益者，但未来几年关键问题是这些资本开支是否能产生回报。他称，最新一轮财报后，超大规模云厂商今年AI支出趋势指向约7000亿美元。</p><p style=\"text-align: left;\"><strong>客户集中度也是风险点。</strong>Belton表示，英伟达约一半收入来自少数超大规模客户，而这些客户正在显著消耗自由现金流。投资者将关注英伟达是否能扩大客户基础。</p><p style=\"text-align: left;\">英伟达也在调整披露框架。公司将报告结构改为“数据中心”和“边缘计算”两大类，数据中心再细分为超大规模云厂商以及ACIE，即AI云，工业和企业。Founder ETFs投资组合经理Michael Monaghan称，这一变化显示出Jensen Huang眼中的增长方向，主权AI，企业和物理AI已经大到值得单独披露。</p><p style=\"text-align: left;\">因此，英伟达的问题不是业绩不强，而是强劲已被充分预期。对华尔街而言，下一步需要看到的不是又一次超预期，而是足以重新抬高长期增长曲线的新证据。</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>英伟达业绩创下最佳的一次“超预期”，为何华尔街还嫌不“完美”？</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英伟达业绩创下最佳的一次“超预期”，为何华尔街还嫌不“完美”？\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\">2026-05-21 14:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>英伟达盘后下跌，当&#34;超预期&#34;成为常态，市场要的不再是另一张漂亮成绩单，而是能重新抬高长期增长曲线的新故事。</p></blockquote><p style=\"text-align: left;\">英伟达又一次交出“超预期业绩加上调指引”的成绩单，但市场反应显示，对全球AI龙头而言，强劲增长已不再自动等于股价上涨。</p><p style=\"text-align: left;\">英伟达财年第一季度营收为816亿美元，高于市场预期的790亿美元，同比增长85%；调整后每股收益为1.87美元，高于预期的1.75美元。公司预计7月季度营收为910亿美元，也高于FactSet共识预期的873亿美元。</p><p style=\"text-align: left;\">即便如此，英伟达股价周三盘后最终下跌约1%。公司给出的调整后毛利率目标为75%，与最近一个季度持平，没有出现市场担忧的利润率收缩，但仍未能推动股价走高。</p><p style=\"text-align: left;\">Direxion产品与策略高级副总裁Ryan Lee写道，“市场要求世界最大公司做到完美。”Direxion资本市场负责人Jake Behan补充称，<strong>当预期已经如此之高时，即使一份强劲财报，如果没有实质性抬高长期前景，也可能压制股价。</strong></p><h2 id=\"id_1105007441\" style=\"text-align: left;\">业绩全面高于预期，但“惊喜”不再稀缺</h2><p style=\"text-align: left;\">英伟达本季度核心指标几乎全面超过华尔街预期。营收同比增速从上一季度的73.2%加快至85%，也高于去年11月季度62%的同比增速。调整后每股收益同样高于市场预期。</p><p style=\"text-align: left;\">数据中心仍是最大支柱。财年第一季度数据中心收入为752亿美元，同比增长92%，环比增长21%，高于FactSet预期的731亿美元。公司称增长来自Blackwell架构的持续强劲需求。</p><p style=\"text-align: left;\">Investing.com分析师Thomas Monteiro认为，<strong>这是英伟达最近几个季度中“最干净的一次超预期”，因为业绩不仅跨过了很高的门槛，也回应了市场围绕AI交易的一些更大疑问。</strong>他认为，目前没有看到需求放缓的明显迹象。</p><p style=\"text-align: left;\">但投资者的反应更谨慎。Jefferies交易台分析师Jeffrey Favuzza将盘后走势称为一场<strong>“knife fight”</strong>。他认为，这<strong>份财报之后，买方对2027年和2028年的盈利预期未必会明显上调。</strong></p><h2 id=\"id_1051977213\" style=\"text-align: left;\">数据中心仍在加速，网络业务成为关键支撑</h2><p style=\"text-align: left;\">英伟达增长的质量，更多体现在数据中心内部结构上。除GPU需求外，网络业务正在成为更重要的收入来源。</p><p style=\"text-align: left;\">公司本季度数据中心网络收入达到148亿美元，创下纪录，同比增长199%，环比增长35%，高于分析师预期的140亿美元。更广义的计算与网络业务收入为756亿美元，同比增长88%，环比增长21%。</p><p style=\"text-align: left;\">CFO Colette Kress在电话会上表示，<strong>Blackwell架构已经“无处不在”，并被主要超大规模云厂商，云服务商和主要模型开发商采用和部署。她还提到，OpenAI的新GPT-5.5模型依赖Blackwell。</strong></p><p style=\"text-align: left;\">这对市场很重要。AI基础设施支出不再只是购买单一芯片，而是转向系统，网络和集群能力。Monteiro称，英伟达正在捕捉AI建设中更大份额的支出，客户不仅购买芯片，也购买连接和扩展这些芯片的系统。</p><h2 id=\"id_3870000170\" style=\"text-align: left;\">华尔街寻找新叙事：CPU，推理和智能体AI</h2><p style=\"text-align: left;\">英伟达最熟悉的投资叙事是GPU，但华尔街正在要求更多。HSBC的Frank Lee此前写道，GPU动能已经成为“相对不那么有意义”的投资叙事，因为云公司AI资本开支正流向更多领域，包括内存，网络和服务器CPU。</p><p style=\"text-align: left;\">英伟达试图给出新的增长路径。随着AI从训练转向推理，并进一步进入智能体AI阶段，CPU的重要性上升。Jensen Huang在电话会上表示，未来可能会出现数十亿个AI智能体，推理硬件需求将随之增加。他称，“思考”发生在GPU上，而编排基本运行在CPU上。</p><p style=\"text-align: left;\"><strong>Colette Kress表示，Vera CPU为英伟达打开了一个全新的2000亿美元可服务市场。</strong>她还称，公司今年对CPU收入已有接近200亿美元的可见度，这将为英伟达成为全球领先CPU供应商奠定基础。</p><p style=\"text-align: left;\">英伟达的Vera CPU将与下一代Rubin GPU协同工作。Jensen Huang表示，公司预计销售“数百万个Rubin”，并且每两个Rubin将连接一个Vera。这意味着CPU并非简单替代GPU，而是嵌入英伟达的系统级销售模式。</p><h2 id=\"id_1963357280\" style=\"text-align: left;\">股东回报大幅提高，但仍有人嫌不够</h2><p style=\"text-align: left;\">英伟达同时试图通过资本回报扩大投资者基础。公司宣布将股票回购计划增加800亿美元，加上此前授权中剩余的385亿美元，回购空间进一步扩大。</p><p style=\"text-align: left;\">财年第一季度，英伟达回购金额为193.1亿美元，是上一季度38.2亿美元的四倍多，也较上年同期增长37%。公司还将季度股息从每股0.01美元提高至0.25美元，隐含股息率从0.02%升至0.45%。</p><p style=\"text-align: left;\">这回应了部分投资者诉求。BofA的Vivek Arya此前写道，英伟达股票已被约78%的主动型基金经理持有，较大的既有持仓可能使未来股价上涨面临挑战；其他大型科技公司曾通过提高现金回报吸引股息和收入型投资者。</p><p style=\"text-align: left;\">但回报力度仍未完全满足市场。Jeffrey Favuzza称，<strong>对部分投资者而言，800亿美元回购“略低于预期”。</strong>据Birinyi Associates截至4月中旬的数据，只有苹果曾宣布过规模更大的回购授权。</p><h2 id=\"id_1474008724\" style=\"text-align: left;\">更大的考验在长期预期</h2><p style=\"text-align: left;\">这份财报没有显示AI需求放缓，也没有显示毛利率承压，但它没有完全解除华尔街的长期疑虑。</p><p style=\"text-align: left;\">Gabelli Funds投资组合经理John Belton此前表示，英伟达是AI资本开支的主要受益者，但未来几年关键问题是这些资本开支是否能产生回报。他称，最新一轮财报后，超大规模云厂商今年AI支出趋势指向约7000亿美元。</p><p style=\"text-align: left;\"><strong>客户集中度也是风险点。</strong>Belton表示，英伟达约一半收入来自少数超大规模客户，而这些客户正在显著消耗自由现金流。投资者将关注英伟达是否能扩大客户基础。</p><p style=\"text-align: left;\">英伟达也在调整披露框架。公司将报告结构改为“数据中心”和“边缘计算”两大类，数据中心再细分为超大规模云厂商以及ACIE，即AI云，工业和企业。Founder ETFs投资组合经理Michael Monaghan称，这一变化显示出Jensen Huang眼中的增长方向，主权AI，企业和物理AI已经大到值得单独披露。</p><p style=\"text-align: left;\">因此，英伟达的问题不是业绩不强，而是强劲已被充分预期。对华尔街而言，下一步需要看到的不是又一次超预期，而是足以重新抬高长期增长曲线的新证据。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/94518631ea8630131b1a8562c1b55bdd","relate_stocks":{"LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","BK4612":"AI芯片","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","BK4614":"Manus概念股","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","BK4579":"人工智能","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","07388":"XI二南英伟","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","BK4581":"高盛持仓","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU2413666426.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (HKD) ACC","DIPS":"做空NVDA期权收益策略ETF-YieldMax","ANV":"GraniteShares Autocallable NVDA ETF","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","SG9999015978.USD":"利安颠覆性创新基金A","LU1923622291.USD":"Natixis Thematics Safety R/A USD","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","LU2063271972.USD":"富兰克林创新领域基金","LU1861127337.USD":"ALLIANZ GLOBAL MULTI ASSET SUSTAINABILITY BALANCED \"AMG\" (USD) INC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU0557290698.USD":"施罗德环球可持续增长基金","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","07788":"南方两倍做多英伟达","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","SG9999014559.SGD":"United Income Focus Trust Dis SGD","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","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","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (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","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AT\" (USDHDG) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","SG9999002232.USD":"Allianz Global High Payout USD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","LU0347712357.USD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (USD) ACC","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","SG9999002224.SGD":"Allianz Global High Payout SGD","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","BK4592":"伊斯兰概念","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","HK0000304805.HKD":"PICTET 战略收益基金 P类港元","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","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","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0238689110.USD":"贝莱德环球动力股票基金","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU0072462426.USD":"贝莱德全球配置 A2","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","NVDA":"英伟达","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","HK0000819398.USD":"BLACKROCK PREMIER SYSTEMATIC GLOBAL EQUITY HIGH INCOME FUND A10 (USD)INC","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","BK4598":"佩洛西持仓","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","HK0000532082.HKD":"ALLIANZ SELECTION INCOME AND GROWTH \"AM\" (HKD) INC","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","BK4605":"半导体精选","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","BK4608":"AI应用概念股","LU0109392836.USD":"富兰克林科技股A","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU0143551892.USD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A\" (USD) ACC","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU2462591277.SGD":"TRP GLOBAL FOCUSED GROWTH EQUITY \"AN\" (SGDHDG) ACC","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","LU2394011477.USD":"JPMORGAN CLIMATE CHANGE SOLUTIONS \"A\" (USD) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU2954938101.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A8P\" (SGD) INC","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU0444971666.USD":"天利全球科技基金","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","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","LU2047632596.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A\" (USD) ACC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU2100268510.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"AX\" (USD) INC","LU3102509885.SGD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A8P\" (SGDHDG) INC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","BK4532":"文艺复兴科技持仓","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","BK4141":"半导体产品","BK4534":"瑞士信贷持仓","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","NVD":"2倍做空NVDA ETF-GraniteShares","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","LU0882574139.USD":"富达环球消费行业基金A ACC","NVDB":"ProShares Ultra NVDA ETF","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","NVDD":"1倍做空NVDA ETF-Direxion","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","NVDG":"2倍做多NVDA ETF- Leverage Shares","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","NVDL":"2倍做多NVDA ETF-GraniteShares","LU0133085943.USD":"T ROWE PRICE US BLUE CHIP EQUITY \"A\" ACC","NVDO":"2倍上限加速NVDA ETF-Leverage Shares","LU0174119429.USD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"A\" ACC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU2462591350.SGD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"AN\" (SGDHDG) ACC","NVDQ":"2倍做空NVDA ETF-T-Rex","LU1400636574.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AMG\" (HKDHDG) INC","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","NVDS":"1.5倍做空NVDA ETF-Tradr","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","NVDU":"2倍做多NVDA ETF-Direxion","NVDW":"NVDA周配息ETF-Roundhill","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","NVDX":"2倍做多NVDA ETF-T-Rex","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","NVDY":"NVDA期权收益策略ETF-YieldMax","LU2637965513.SGD":"BGF GLOBAL ALLOCATION \"A10\" (SGDHDG) INC","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU0823414478.USD":"法巴经典能源转换基金","NVII":"Rex NVDA Growth & Income ETF","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","SG9999001424.SGD":"United E-Commerce Fund SGD","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","BK4567":"ESG概念","NVYY":"GraniteShares YieldBOOST NVDA ETF","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","BK4503":"景林资产持仓","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU0080751232.USD":"富达环球多元动力基金A","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU0061474960.USD":"天利环球焦点基金AU Acc","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU1548497426.USD":"安联环球人工智能AT Acc","LU1821325948.USD":"NINETY ONE GSF GLOBAL MACRO ALLOCATION \"A\" (USD) ACC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0082616367.USD":"摩根大通美国科技A（dist）","BK4543":"AI","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU1645745479.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (HKDHDG) INC","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU0079474960.USD":"联博美国增长基金A","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","BK4549":"软银资本持仓","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","BK4548":"巴美列捷福持仓","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","BK4554":"元宇宙及AR概念","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","BK4585":"ETF&股票定投概念","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","BK4587":"ChatGPT概念","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","BK4588":"碎股","BK4550":"红杉资本持仓","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","BK4551":"寇图资本持仓","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","BK4529":"IDC概念","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU2413666699.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"CRH\" (HKDHDG) INC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0861579265.USD":"联博低波幅策略股票基金A","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","BK4527":"明星科技股","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC"},"source_url":"https://wallstreetcn.com/articles/3772797","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2637047068","content_text":"英伟达盘后下跌，当\"超预期\"成为常态，市场要的不再是另一张漂亮成绩单，而是能重新抬高长期增长曲线的新故事。英伟达又一次交出“超预期业绩加上调指引”的成绩单，但市场反应显示，对全球AI龙头而言，强劲增长已不再自动等于股价上涨。英伟达财年第一季度营收为816亿美元，高于市场预期的790亿美元，同比增长85%；调整后每股收益为1.87美元，高于预期的1.75美元。公司预计7月季度营收为910亿美元，也高于FactSet共识预期的873亿美元。即便如此，英伟达股价周三盘后最终下跌约1%。公司给出的调整后毛利率目标为75%，与最近一个季度持平，没有出现市场担忧的利润率收缩，但仍未能推动股价走高。Direxion产品与策略高级副总裁Ryan Lee写道，“市场要求世界最大公司做到完美。”Direxion资本市场负责人Jake Behan补充称，当预期已经如此之高时，即使一份强劲财报，如果没有实质性抬高长期前景，也可能压制股价。业绩全面高于预期，但“惊喜”不再稀缺英伟达本季度核心指标几乎全面超过华尔街预期。营收同比增速从上一季度的73.2%加快至85%，也高于去年11月季度62%的同比增速。调整后每股收益同样高于市场预期。数据中心仍是最大支柱。财年第一季度数据中心收入为752亿美元，同比增长92%，环比增长21%，高于FactSet预期的731亿美元。公司称增长来自Blackwell架构的持续强劲需求。Investing.com分析师Thomas Monteiro认为，这是英伟达最近几个季度中“最干净的一次超预期”，因为业绩不仅跨过了很高的门槛，也回应了市场围绕AI交易的一些更大疑问。他认为，目前没有看到需求放缓的明显迹象。但投资者的反应更谨慎。Jefferies交易台分析师Jeffrey Favuzza将盘后走势称为一场“knife fight”。他认为，这份财报之后，买方对2027年和2028年的盈利预期未必会明显上调。数据中心仍在加速，网络业务成为关键支撑英伟达增长的质量，更多体现在数据中心内部结构上。除GPU需求外，网络业务正在成为更重要的收入来源。公司本季度数据中心网络收入达到148亿美元，创下纪录，同比增长199%，环比增长35%，高于分析师预期的140亿美元。更广义的计算与网络业务收入为756亿美元，同比增长88%，环比增长21%。CFO Colette Kress在电话会上表示，Blackwell架构已经“无处不在”，并被主要超大规模云厂商，云服务商和主要模型开发商采用和部署。她还提到，OpenAI的新GPT-5.5模型依赖Blackwell。这对市场很重要。AI基础设施支出不再只是购买单一芯片，而是转向系统，网络和集群能力。Monteiro称，英伟达正在捕捉AI建设中更大份额的支出，客户不仅购买芯片，也购买连接和扩展这些芯片的系统。华尔街寻找新叙事：CPU，推理和智能体AI英伟达最熟悉的投资叙事是GPU，但华尔街正在要求更多。HSBC的Frank Lee此前写道，GPU动能已经成为“相对不那么有意义”的投资叙事，因为云公司AI资本开支正流向更多领域，包括内存，网络和服务器CPU。英伟达试图给出新的增长路径。随着AI从训练转向推理，并进一步进入智能体AI阶段，CPU的重要性上升。Jensen Huang在电话会上表示，未来可能会出现数十亿个AI智能体，推理硬件需求将随之增加。他称，“思考”发生在GPU上，而编排基本运行在CPU上。Colette Kress表示，Vera CPU为英伟达打开了一个全新的2000亿美元可服务市场。她还称，公司今年对CPU收入已有接近200亿美元的可见度，这将为英伟达成为全球领先CPU供应商奠定基础。英伟达的Vera CPU将与下一代Rubin GPU协同工作。Jensen Huang表示，公司预计销售“数百万个Rubin”，并且每两个Rubin将连接一个Vera。这意味着CPU并非简单替代GPU，而是嵌入英伟达的系统级销售模式。股东回报大幅提高，但仍有人嫌不够英伟达同时试图通过资本回报扩大投资者基础。公司宣布将股票回购计划增加800亿美元，加上此前授权中剩余的385亿美元，回购空间进一步扩大。财年第一季度，英伟达回购金额为193.1亿美元，是上一季度38.2亿美元的四倍多，也较上年同期增长37%。公司还将季度股息从每股0.01美元提高至0.25美元，隐含股息率从0.02%升至0.45%。这回应了部分投资者诉求。BofA的Vivek Arya此前写道，英伟达股票已被约78%的主动型基金经理持有，较大的既有持仓可能使未来股价上涨面临挑战；其他大型科技公司曾通过提高现金回报吸引股息和收入型投资者。但回报力度仍未完全满足市场。Jeffrey Favuzza称，对部分投资者而言，800亿美元回购“略低于预期”。据Birinyi Associates截至4月中旬的数据，只有苹果曾宣布过规模更大的回购授权。更大的考验在长期预期这份财报没有显示AI需求放缓，也没有显示毛利率承压，但它没有完全解除华尔街的长期疑虑。Gabelli Funds投资组合经理John Belton此前表示，英伟达是AI资本开支的主要受益者，但未来几年关键问题是这些资本开支是否能产生回报。他称，最新一轮财报后，超大规模云厂商今年AI支出趋势指向约7000亿美元。客户集中度也是风险点。Belton表示，英伟达约一半收入来自少数超大规模客户，而这些客户正在显著消耗自由现金流。投资者将关注英伟达是否能扩大客户基础。英伟达也在调整披露框架。公司将报告结构改为“数据中心”和“边缘计算”两大类，数据中心再细分为超大规模云厂商以及ACIE，即AI云，工业和企业。Founder ETFs投资组合经理Michael Monaghan称，这一变化显示出Jensen Huang眼中的增长方向，主权AI，企业和物理AI已经大到值得单独披露。因此，英伟达的问题不是业绩不强，而是强劲已被充分预期。对华尔街而言，下一步需要看到的不是又一次超预期，而是足以重新抬高长期增长曲线的新证据。","news_type":1,"symbols_score_info":{"NVD":0.6,"DIPS":0.6,"NVDQ":0.6,"NVDO":0.6,"NVDB":0.6,"NVDL":0.6,"NVDS":0.6,"NVDW":0.6,"NVII":0.6,"NVDX":0.6,"NVDY":0.6,"07388":0.6,"NVDA":2,"NVYY":0.6,"07788":0.6,"NVDD":0.6,"NVDU":0.6,"ANV":0.6,"NVDG":0.6}},"isVote":1,"tweetType":1,"viewCount":131,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":13,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}