Platinum Asset Management, an investment management company, released its Q3 2025 investor letter for “Platinum International Technology Fund”. A copy of the letter can be downloaded here. The fund was up 6% in the third quarter, driven by strong performance from AI-oriented holdings. The portfolio holds around 30% of its stake in AI infrastructure stocks and is positioned to benefit from significant investment in the AI build-out. In addition, you can check the fund’s top 5 holdings to find out its best pi ...

宏观经济与政策转向 - 中国政治局于2025年12月宣布重大政策转变，自2010年以来首次转向适度宽松的货币政策，打破了长达14年的审慎政策[3] - 中央经济工作会议随后制定了具体计划，包括设定4%的预算赤字目标，并将扩大内需作为2026年的首要任务[3] - 主要金融机构反应积极，高盛将2026年GDP增长预测上调至4.8%，国际货币基金组织预计明年增长4.5%[4] - 近期数据显示经济前景向好，2025年11月制造业活动达到五个月高位，消费者物价指数同比上涨0.7%，为21个月来最高[8] 行业增长动力 - 中国人工智能市场正在快速扩张，阿里巴巴和京东等电商巨头利用AI通过个性化推荐和虚拟助手改善客户购物体验[5] - 中国电子商务市场在2025年价值约为2.42万亿美元，预计在2026年至2035年间将以8.9%的复合年增长率增长，到2035年达到约5.68万亿美元[5] - 制造业在半导体和电动汽车领域取得重大进展，中国制造商正在推进碳化硅生产[6] - 电动汽车行业在2025年11月创下182万辆的销售记录，占据国内市场份额的53%[6] - 北京正大力投资绿色能源和先进制造技术，仅阿里巴巴就承诺投入超过500亿美元用于云和AI开发[7] 重点公司分析：腾讯控股 - 公司凭借其主导的社交媒体和游戏平台，有望从消费者支出增加中受益[9] - 尽管行业放缓，但2025年12月宣布的国际游戏销售额达到100亿美元，创下纪录[11] - 2025年第三季度营收增长15%，其中国际游戏业务激增43%[11] - 拥有14亿微信用户，AI整合增强了广告和游戏业务[11] - 管理层信心通过32%的股息增长和持续的回购计划显现[11] - 过去三个月股价下跌9.3%，近期下跌为投资者提供了有吸引力的切入点[10] - 过去60天内，市场对TCEHY 2026年每股收益的共识预期上调了13.6%，至4.5美元[12] 重点公司分析：哔哩哔哩 - 作为受中国年轻消费者欢迎的领先视频分享平台，可能受益于政府提振国内消费的举措[9] - 2025年第三季度实现净利润4.69亿元人民币，而去年同期为亏损，调整后净利润同比增长233%[13] - 连续13个季度毛利率扩张至36.7%，广告收入增长23%[13] - 拥有1.17亿日活跃用户，日均使用时长达到创纪录的112分钟，月付费用户达到3500万[14] - 管理层中期毛利率目标为40-45%[14] - 过去三个月股价下跌12.5%[10] - 过去60天内，市场对BILI 2026年每股收益的共识预期上调了6.8%，至1.1美元[14] 重点公司分析：百度 - 公司的人工智能能力使其在中国不断扩张的人工智能领域处于有利地位[9] - 2025年12月宣布分拆昆仑芯，释放30亿美元的半导体价值，同时保持战略芯片控制权[15] - ERNIE 5.0增强了基础模型能力，AI驱动业务同比增长超过50%，达到100亿元人民币[15] - 与阿布扎比在自动驾驶领域合作，计划在2026年将车队规模扩展至数百辆[16] - 摩根大通将其目标价上调至188美元[16] - 过去三个月股价下跌13.5%[10] - 过去60天内，市场对BIDU 2026年每股收益的共识预期上调了1.1%，至8.36美元[16]

Shares of Nextdoor are experiencing some action after a hedge fund manager called it a hidden artificial intelligence (AI) opportunity.When it comes to notable investors, names like Warren Buffett, Bill Ackman, and Stanley Druckenmiller often surface first. And when it comes to artificial intelligence (AI) stocks, companies such as Alphabet, Amazon, or Meta Platforms are usually top-of-mind for investors. Perhaps unsurprisingly, Buffett, Ackman, and Druckenmiller all hold positions of some combination in th ...

12月10日，澳大利亚正值初夏，一盆冷水浇在了孩子们头上。 Facebook、Instagram等数十个社交媒体平台，都不允许他们再用了。澳大利亚政府当天实施的《网络安 全/社交媒体最低年龄修正案》要求，这些平台必须想尽办法将16岁以下的未成年人挡在外面，否则将 面临最高4950万澳元（约合人民币2.3亿元）的罚款。 澳大利亚就此成为世界上第一个严格立法禁止未成年人使用社交媒体的国家。一些年幼的孩子在脸上画 胡子，或者求助他们的哥哥姐姐、偷用父母的照片，以图躲过平台的年龄验证。有两名青少年把总理告 上了最高法院，要求推翻禁令。一位母亲则说："老天，今天对于澳大利亚人来说真是个好日子。" 为规避禁令，一个拥有数百万粉丝的网红家庭离开了祖先探索的这块新大陆，举家迁往英国。而英国的 政府官员彼得·凯尔此前已经告诉新闻媒体，他与澳大利亚的立法者一直保持着联系，对他们的做法及 原因"非常感兴趣"，并考虑在未来推行这项法律。 不只英国，法国、丹麦、挪威的领导人都表示支持这项禁令。印尼、新西兰等国正在研究年龄验证技 术。马来西亚准备在2026年成为全球第二个颁布此项禁令的国家。 "国际社会关注着澳大利亚。"在庆祝禁令生效的 ...

Nvidia and Meta Platforms are still safe buys in this frothy market.Over the past seven years, the market capitalizations of several top tech companies soared past the $1 trillion mark. Those gains were largely driven by the secular expansion of the cloud, artificial intelligence (AI), digital advertising, and chipmaking markets.Two of those high-flying trillion-dollar stocks were Nvidia (NVDA +0.99%) and Meta Platforms (META +1.49%). Investors might be reluctant to invest in these two stocks after their ga ...

Key Takeaways Reddit is seeing rapid ad growth driven by rising users, higher ARPU, and expanded advertiser tools. RDDT ad revenue surged 74% year over year to $549M in third-quarter 2025. META's ad revenue rose 25.6% to $50.08B as AI boosted engagement across Facebook and Threads.Reddit (RDDT) and Meta Platforms (META) are leading social media platforms that monetize user engagement through digital advertising. While RDDT is an emerging social media platform, gaining traction with community-driven advertis ...

Key Takeaways Pinterest posts record 600M global MAUs in Q3, driven by strong engagement across multiple regions.AI-driven personalization and richer content boost sessions, impressions and saves on the platform.International expansion accelerates, with 500M users outside US and Canada showing rising global awareness.Pinterest, Inc. (PINS) is benefiting from solid user engagement in its platform. In the third quarter, the company reported 17% year-over-year growth in global monthly active users (MAUs) to 60 ...

We are getting a news alert on Instagram. For that, we'll turn to Julia Borston. Hey, Julia. >> Hey, Carl.Well, Meta is making its first move onto the TV. And Instagram is launching its first Instagram for TV app, taking on YouTube. Instagram for TV will autoplay reels customized based on users likes. Users can also explore reels and channels based on categories.Now, while Meta says the app will launch without ads, it will eventually add them. >> Right. short form content is doing well on TV.People are enjo ...

Instagram has installed a new privacy setting which will default all new and existing underage accounts to an automatic private mode.Instagram users will now be able to watch Reels short-form videos on bigger screens. Meta said Tuesday that the company will begin testing its Instagram for TV app in the U.S. via Amazon Fire TV streaming devices, underscoring the photo-sharing app's effort to become a major video platform beyond smartphones, taking on TikTok and YouTube. The Instagram for TV app features the ...

If you miss the days of gathering around the TV surfing channels, you're in luck. Instagram launched Instagram for TV on Tuesday, bringing its popular Reels content to the big screen via Amazon Fire TV devices.The app, which is first being rolled out in the US, groups Reels into channels, including trending comedy, sports, or hidden travel gems. Users can choose a channel and start watching, with the Reels playing automatically. Instagram for TV is part of the platform's ongoing effort to adapt to the way ...