To The Moon

金吾财讯 | 交银国际研报指，网易 2025年1季度收入同比增7%，符合彭博及VA一致市场预期，其中游戏业务同比增15%，较VA一致预期高5%，部分被增值服务收缩抵消。调整后净利润为112亿元人民币，同比增32%，较彭博及VA一致预期高25%，调整后运营利润同比增34%，较VA一致预期高21%。净利润率提升好于预期，主要反映公司聚焦核心业务及营销开支下降。该行指，1季度游戏好于预期，有效费控带动利润大幅超预期。

The abrupt unwinding of a popular 'Trump trade' in the Treasury market likely fueled April tumult, says Fed's securities-portfolio manager. A massive bond bet backfired in April - and a top Federal Reserve official now says it likely sparked the biggest spike in long-dated Treasury yields since 1987.Roberto Perli, who manages the Fed's roughly $6 trillion securities portfolio, said Friday that the abrupt unwinding of a popular trade known as the swap-spread trade likely exacerbated April's liquidity crunch in Treasurys.The turmoil began after President Donald Trump announced sweeping new tariffs on April 2. At first, investors rushed into U.S. government debt in a "classic flight-to-safety" trade. But just days later, yields on long-dated Treasurys reversed sharply; the 30-year yield BX:TMUBMUSD30Y rose nearly 50 basis points in a week, its biggest such jump since 1987."One factor that appears to have contributed to this unusual pattern is the unwinding of the so-called swap-spread tra

1. Google reported strong Q1 2025 results with 12% YoY revenue growth to $90.2 billion.2. Search and YouTube advertising, subscription platforms, and Google Cloud all saw double-digit growth.3. AI-powered features are driving growth, with AI Overview reaching 1.5 billion monthly uses.4. Google Cloud revenue grew 28% YoY to $12.3 billion, with operating income of $2.2 billion.5. The company announced a 5% increase in quarterly dividend and a new $70 billion share repurchase authorization.6. Googl