风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 微软第四财季营收764.4亿美元，分析师预期738.9亿美元。 第四财季智能云营收298.8亿美元，预期291 亿美元。 ...

Market Overview - US stock index futures are all up before the market opens, with Dow futures rising by 0.08%, S&P 500 futures up by 0.20%, and Nasdaq futures increasing by 0.28% [1] - European indices show mixed results, with Germany's DAX up by 0.20%, UK's FTSE 100 down by 0.25%, France's CAC40 up by 0.37%, and the Euro Stoxx 50 up by 0.21% [2][3] - WTI crude oil prices increased by 0.10% to $69.28 per barrel, while Brent crude oil rose by 0.07% to $71.73 per barrel [3][4] Economic Data - The ADP employment report for July showed an increase of 104,000 jobs, exceeding market expectations of 75,000, marking the largest increase since March [5] - The Federal Reserve is expected to maintain a hawkish stance during its upcoming meeting, with Jerome Powell's speech being closely monitored for hints of potential rate cuts in September [5] Cryptocurrency Policy - The White House is set to release the first cryptocurrency policy report since the Trump administration, which will outline the government's stance on key issues affecting the digital asset industry [6][7] Company Earnings and Forecasts - Microsoft is expected to report a 13.88% year-over-year revenue increase to $73.71 billion for Q4, driven by strong demand in cloud computing and AI infrastructure [9] - Meta is anticipated to report Q2 revenue of $44.55 billion, a 14% increase year-over-year, but faces scrutiny over maintaining a 40% profit margin amid significant AI investments [10] - United Microelectronics Corporation (UMC) reported Q2 revenue of $2.01 billion, a 14.9% year-over-year increase, but fell short of market expectations [11] - Visa's Q3 revenue reached a record $10.2 billion, a 14% increase year-over-year, with adjusted EPS of $2.98, exceeding analyst expectations [11] - Starbucks reported Q3 revenue of $9.456 billion, a 3.8% year-over-year increase, but same-store sales declined by 2% [12] - UBS reported Q2 net profit of $2.4 billion, surpassing market expectations, with strong inflows in its wealth management division [13] - Rio Tinto's half-year profit fell to $4.81 billion, the lowest in five years, due to declining iron ore prices amid oversupply concerns [14] - GlaxoSmithKline (GSK) reported better-than-expected profits for Q2, driven by strong sales of its shingles vaccine and other key products [15] - Booking Holdings reported Q2 revenue of $6.8 billion, a 16% year-over-year increase, but provided a cautious outlook for Q3 [16] - New Oriental reported a net profit of $372 million for the fiscal year, a 20.1% increase year-over-year [17] Upcoming Economic Events - Key economic data releases include the ADP employment change, Q2 GDP initial estimate, and pending home sales index [18][19][20] - The Federal Reserve's FOMC meeting and interest rate decision are scheduled, along with a press conference by Jerome Powell [22]

2. 截至发稿，德国DAX指数涨0.20%，英国富时100指数跌0.25%，法国CAC40指数涨0.37%，欧洲斯托克50指数涨0.21%。 | I 德國DAX30 | 24,245.95 | 24,282.49 | 24,135.16 | +47.67 | +0.20% | | --- | --- | --- | --- | --- | --- | | 英國富時100 | 9,113.35 | 9,132.60 | 9,090.80 | -22.97 | -0.25% | | 法國CAC40 | 7,886.26 | 7,921.61 | 7,853.54 | +28.90 | +0.37% | | ■ 歐洲斯托克50 | 5,388.95 | 5,399.05 | 5,362.45 | +11.40 | +0.21% | 3. 截至发稿，WTI原油涨0.10%，报69.28美元/桶。布伦特原油涨0.07%，报71.73美元/桶。 | ■ WTI原油 | 2025年9月 | 69.28 | 69.78 | 68.47 | +0.07 | +0.10% | | --- | --- | --- | --- | ...

1. 美国三大股指期货齐涨，纳指期货涨0.15%，标普500指数期货涨0.11%，道指期货涨0.06%。 2. 欧股主要指数涨跌不一，德国DAX指数涨0.19%，英国富时100指数跌0.29%，法国CAC指数涨 0.37%，欧洲斯托克50指数涨0.22%。 3. 美国总统特朗普表示，8月1日就是关税谈判最后期限，绝不延期。 4. "美联储传声筒"：本周可能会有两位理事持反对意见，为30多年来所未见。 20:30 美国第二季度实际GDP年化季率初值/美国第二季度实际个人消费支出季率初值/美国第二季度核 心PCE物价指数年化季率初值 22:00 美国6月成屋签约销售指数月率 (格隆汇) （原标题：美股盘前要点 | 7月"小非农"就业数据超预期！Meta、微软将于盘后放榜） 5. 美国7月ADP就业人数增加10.4万人，增幅为3月以来最大，预估为增加7.5万人，前值为减少3.3万 人。 18. 旅游网站Booking Q2营收同比增长16%至68亿美元，调整后每股盈利55.4美元，均超预期。 美股时段值得关注的事件： 6. 美国共和党2025年预算案为谷歌、苹果、Alphabet、迪士尼和波音等提供税收优惠。 7. ...

IT之家 7 月 30 日消息，《商业内幕》今日披露了一份最后更新日期为今年 5 月的微软薪酬指南，其中 有一项例外条款：在竞争激烈的情况下，招聘人员可以为特别优秀的候选人寻求批准更高的薪酬。 目前大公司正为争夺人工智能人才展开激烈的竞争，一些公司为工程师和研究人员提供了惊人的薪酬待 遇。OpenAI 的首席执行官奥尔特曼透露，Meta 正为工程师提供高达 1 亿美元（IT之家注：现汇率约合 7.18 亿元人民币）的签约奖金。据报道，Meta 还从苹果挖走了一位顶级人工智能工程师，薪酬总额超 过 2 亿美元。 微软设有标志着员工的资历职位级别系统。57 到 59 级通常是入门级工程师，63 级起为高级工程师，65 级为首席工程师。更高级别的职位较为稀缺。合伙人级别从 68 级开始，杰出工程师则为 70 级。 57级 58 级 59 级 60 级 "主要"薪资范围：110200 至 165200 美元 "高"薪资范围：95800 至 124600 美元 "主要"薪资范围：83000 至 108000 美元 入职股票奖励：5000 至 13000 美元 年股票奖励："根据职业阶段" 签约奖金：0 至 9000 美 ...

微软：正与欧盟就该组织的服务连续性进行持续讨论。 ...

Core Viewpoint - The article emphasizes that Microsoft is transforming AI into a new economic infrastructure, positioning itself as a leader in the AI space through its integration of AI across various business segments, yet the market has not fully recognized its valuation potential [1][2]. Group 1: Microsoft's AI Integration - Microsoft is the only tech giant turning AI into an "industrial engine" by focusing on infrastructure (Azure Cloud), software (Copilot), and orchestration tools (Copilot Studio) [1][2]. - AI is deeply embedded in Microsoft's operations, corporate culture, and business pipeline, leading to tangible returns [1][2]. - The market still perceives Microsoft as a traditional tech company, overlooking its role as the "heart" of the new AI infrastructure [2]. Group 2: Financial Performance and Metrics - Microsoft is expected to achieve an operating profit margin of 44.8% by 2026, the highest among its competitors, with a cash conversion cycle of 28 days, the most efficient in 20 years [2][5]. - Azure Cloud revenue grew by 34% year-over-year, with 18 percentage points of that growth directly attributed to AI workloads [2][8]. - The company has consistently exceeded expectations for 11 consecutive quarters, indicating strong financial performance [2][8]. Group 3: Revenue Composition and Business Segments - Microsoft's revenue is composed of three main segments: Intelligent Cloud (approximately 45% of total revenue), Productivity & Business Processes (over 30%), and More Personal Computing (about 25%) [4]. - The Intelligent Cloud segment, particularly Azure, is rapidly becoming a systemic competitor to Amazon AWS due to its integration with OpenAI models [4]. - The Productivity & Business Processes segment is where Copilot is generating significant revenue, with users now paying for AI services rather than just testing them [4][9]. Group 4: Market Perception and Valuation - Despite strong financial metrics, Microsoft's forward P/E ratio is below 30, and its PEG ratio is less than 1.7, suggesting it is undervalued compared to its growth potential [1][2][11]. - Analysts predict a Q4 FY2025 EPS of $2.93, a 8.9% increase year-over-year, with total revenue expected to reach $64.3 billion, a 14.4% increase [8]. - The market has not fully recognized Microsoft's long-term cash flow potential, as much of its capital expenditure has already been allocated, particularly to NVIDIA [6][13]. Group 5: Competitive Advantages - Microsoft has a unique competitive advantage with 75% of its revenue coming from high-margin, recurring service and subscription models [5]. - The company is positioned to scale AI without compressing margins, which could be a significant advantage in the market [9][13]. - Microsoft's deep vertical integration across infrastructure, applications, and operations sets it apart from competitors, making it a leader in AI commercialization [11][13].

Core Viewpoint - Opera has filed a lawsuit against Microsoft with Brazil's antitrust agency CADE, accusing Microsoft of unfair advantages with its Edge browser [1] Group 1: Legal Actions - Opera previously complained to the European Commission in December 2007, alleging that Microsoft bundled Internet Explorer with the Windows operating system, resulting in a fine of €561 million against Microsoft [1] - The latest statement from Opera's General Counsel, Aaron McParlan, indicates that Microsoft is obstructing competition in the browser market on Windows [1] Group 2: Market Competition - Opera claims that Microsoft prevents other browsers from being pre-installed on Windows devices and restricts users' ability to download and use alternative browsers [1]

经过了两年对 Edge 浏览器 AI 功能的小修小补之后，微软在今天为 Edge 浏览器加入 Copilot 模式，正式进军 AI 浏览器市场。 具体来说，Edge 浏览器中的 AI 功能不再像以前一样只是一个聊天侧边栏，新推出的 Copilot 模式可以让 AI 阅读和理解网页内容，比如帮你做一个技术文 档页面的解读或者 Youtube 视频的观看大纲。 它也可以一次性浏览所有你已打开的网页，当你在多个商品或者酒店页面来回切换烦恼时，帮你列一个对比表格来辅助决策。微软还增加了语音功能，你 可以通过语音聊天来理解网页、和 AI 实时对话。 这些功能看上去与市面上已有的 AI 浏览器好像没什么不同，但微软 CEO 萨提亚·纳德拉（Satya Nadella）对此赞不绝口，"这是我们为 AI 时代重新定义浏 览器的第一步。"他说他最喜欢 multi-tab RAG 功能，可以让他更快地分析微软过去一年在 Nature 上发表的论文——介绍新功能的同时顺带炫耀一番。 Copilot 总结 Youtube 视频 目前该功能尚处实验阶段，微软称将会逐渐为 Copilot 模式加入新功能。实验的另一层含义是现在 Copi ...

Core Viewpoint - Microsoft (MSFT.O) is facing a complaint from Brazil's antitrust regulatory agency due to a dispute with competitor browser Opera [1] Group 1 - The complaint indicates potential regulatory scrutiny on Microsoft's competitive practices in the browser market [1] - The situation highlights ongoing tensions between major tech companies and regulatory bodies regarding market competition [1]