行业分析师指出，微软此举是"回归核心竞争力的必然选择"。近年来，该公司通过1900人大规模裁员、关闭The Initiative工作室、砍掉《完美黑暗》等项目，集中资源开发《毁灭战士：黑暗纪元》等3A大作，并为即将上市的 ROG Xbox Ally掌机铺路。数据显示，微软游戏业务收入已连续四个季度保持两位数增长，而影视内容销售占比 不足1%，剥离非核心业务有助于提升资本效率。 微软的退出被视为流媒体市场竞争白热化的缩影。近年来，苹果、亚马逊等科技巨头持续加码原创内容投入，而 传统媒体公司如华纳兄弟探索、派拉蒙全球则通过合并重组应对挑战。在此背景下，微软选择"退一步海阔天 空"，将资源倾斜至游戏订阅服务Xbox Game Pass（XGP）。截至2025年第二季度，XGP订阅用户已突破5000万， 成为微软娱乐生态的支柱。 微软的战略调整与其整体业务布局密切相关。2024年，微软以687亿美元收购动视暴雪后，游戏业务收入占比已超 过30%，成为仅次于云计算的第二大利润源。与此同时，Azure云服务通过为Netflix、索尼PS Now提供底层技术支 持，间接渗透流媒体市场。这种"退居幕后"的模式，或成为微软在娱 ...

【文/观察者网 阮佳琪】 特朗普政府对中方技术人员的"围剿"还在继续。据英媒路透社、美媒CNBC等18日报道，当地时间周 五，美国政府的主要承包商微软宣布，停止任用中国工程师向美国军方提供技术支持。 当天，微软发言人弗兰克·肖（Frank Shaw）在社交平台X上发文称，公司已调整对美国政府客户的服务 方式，"以回应本周早些时候出现的担忧……确保没有中国本土的工程团队为五角大楼使用的服务提供 技术支持"。 报道指出，这项决定源于美国调查新闻组织"ProPublica"近日发布的一篇文章。其中透露，在美国"数字 护卫"的监督下，微软曾安排中国工程师参与美军云计算系统的相关工作。 文章声称，这些"数字护卫"是通过分包商雇佣的，持有安全许可，但普遍缺乏技术能力，难以评估中国 工程师的工作是否存在网络安全隐患。 根据文中介绍，所谓"数字护卫"是指，由于美国国防部要求处理敏感数据的人员必须是美国公民或永久 居民，微软的外籍员工不得直接访问敏感的云系统，因此依赖于全球劳动力的微软建立了"数字护卫"计 划，雇佣在美国拥有安全许可的员工，负责听取执行海外工程师的指令，并将工程师的命令复制粘贴至 系统中。 福克斯新闻援引消息人 ...

Core Viewpoint - Microsoft has revised its practices to prevent engineers in China from providing technical support to U.S. defense clients, aiming to mitigate national security and cybersecurity risks associated with its cloud services [1][2][3]. Group 1: Changes in Practices - The changes were implemented following concerns about U.S.-supervised foreign engineers and their potential impact on national security [2][3]. - Microsoft’s chief communications officer stated that no China-based engineering teams will assist U.S. Government customers for Department of Defense (DoD) cloud services [3]. Group 2: Impact on Azure Division - The change affects Microsoft's Azure cloud services division, which is estimated to generate over 25% of the company's revenue, making it larger than Google Cloud but smaller than Amazon Web Services [4]. - More than half of Microsoft's $70 billion in first-quarter revenue came from U.S.-based customers, indicating substantial reliance on government contracts [4]. Group 3: Historical Context - In 2019, Microsoft secured a $10 billion cloud-related defense contract, which was later canceled by the Pentagon in 2021 after legal disputes [5]. - In 2022, the Pentagon awarded cloud contracts totaling up to $9 billion to Microsoft and other major tech companies [5]. Group 4: Cybersecurity Concerns - A report indicated that Microsoft's Chinese Azure engineers were overseen by "digital escorts" in the U.S., raising concerns about potential vulnerabilities to cyberattacks from China [6]. - Microsoft initially claimed that its operations adhered to U.S. government regulations, despite the reported oversight issues [6]. Group 5: Commitment to Security - Microsoft remains committed to providing secure services to the U.S. government and is working with national security partners to evaluate and adjust security protocols as necessary [7].

Core Insights - Microsoft continues to lead the desktop operating system market with Windows, driven by the transition to Windows 11 and increased enterprise adoption, resulting in a 6.5% year-over-year increase in global PC shipments to 68.4 million in Q2 2025 [1][10] Group 1: Market Dynamics - PC vendors increased shipments to the U.S. in anticipation of higher tariffs, with Lenovo holding a 24.8% market share, followed by HP at 20.7% and Dell at 14.3%, all offering Windows-powered devices [2] - Windows 11 commercial deployments surged by 75% year-over-year in Q3 2025 as enterprises prepare for the end-of-support for Windows 10 in 2025, indicating strong enterprise-led upgrades [2][10] Group 2: Product Innovations - Microsoft launched Copilot+ PCs, featuring AI-optimized capabilities and exclusive features like Recall and Click to Do, enhancing user experience through collaborations with Adobe, Canva, and Zoom [3][10] Group 3: Financial Performance - For Q4 2025, Microsoft expects revenues from its More Personal Computing segment to be between $12.35 billion and $12.85 billion, with an estimated $12 billion indicating a 1% year-over-year growth [3][4] - The Zacks Consensus Estimate for Microsoft's fiscal 2025 earnings is $13.34 per share, reflecting a 13.05% year-over-year growth [14] Group 4: Competitive Landscape - Microsoft faces competition from Alphabet's ChromeOS, which has evolved into a secure, AI-focused operating system, and Apple's growing market share due to strong demand for its latest Mac devices powered by the M4 family of chips [5][6][7] Group 5: Stock Performance - Microsoft shares have appreciated by 21.3% year-to-date, outperforming the Zacks Computer – Software industry growth of 19.6% and the Zacks Computer and Technology sector's growth of 9.6% [8] - The stock is currently trading at a forward 12-month Price/Sales ratio of 12.04X, compared to the industry's 8.97X, indicating a Value Score of D [12]

Core Insights - The rapid development of artificial intelligence (AI) technology is creating extensive opportunities in various sectors [1] - OpenAI has launched ChatGPT Agent, which possesses autonomous thinking and action capabilities, marking a significant shift in the intelligent agent landscape [3] - Perplexity, an AI search engine startup, has reportedly surpassed a valuation of $18 billion [4] - Synopsys, the largest EDA company globally, has completed a $35 billion acquisition of Ansys, aiming to integrate chip design and simulation solutions [5] - HSBC has downgraded CoreWeave, an AI cloud service provider, citing low returns and high dependency on Nvidia and Microsoft [5][6] - Analysts express concerns over CoreWeave's bargaining power due to its reliance on Nvidia for GPU supply and Microsoft's contribution to over 70% of its revenue [6] - CICC is optimistic about the ongoing AI Agent industry wave, predicting its large-scale implementation across various sectors by 2025 [8] Company Developments - Amazon is laying off positions in its cloud computing division, AWS, as part of a strategic review of its organization and priorities [10][11] - The company emphasizes that the layoffs are not primarily due to AI but are a result of a review indicating areas for streamlining [15] - Amazon continues to recruit talent in core business areas while seeking internal opportunities for affected employees [13][14] - Employees in the U.S. will receive at least 60 days of pay and benefits, along with transition support [16]

Investment Rating - The report maintains an "Outperform" rating for the computer industry [1][4]. Core Insights - The report highlights significant advancements in AI, particularly with the release of xAI's Grok 4, which claims to be the world's strongest AI model, achieving a training volume 100 times greater than its predecessor Grok 2 [3][60]. - Domestic AI chip companies are entering a concentrated IPO phase, with notable advancements in the domestic AI ecosystem, including the launch of Huawei's Ascend AI Cloud based on CloudMatrix 384 [3][4]. - The easing of EDA and H20 bans by the US is expected to accelerate the differentiation within the server industry, while the domestic market continues to push for localization and replacement of foreign systems [3][4]. Summary by Sections Industry Data - From January to May 2025, the software industry revenue reached 5.58 trillion yuan, growing by 11.2% year-on-year, with profit totaling 672.1 billion yuan, a 12.8% increase [13][14]. - The IC design sector showed the highest growth at 15.2%, while cloud and big data services also experienced significant growth [19][20]. AI Developments - The AI sector is witnessing rapid advancements, with Grok 4 outperforming other leading models in various assessments [60][65]. - Meta has initiated a talent acquisition strategy to bolster its AI capabilities, following setbacks with its Llama 4 model [74]. Localization Trends - The report notes that the domestic AI chip industry is moving towards a concentrated IPO phase, with significant developments in the domestic software ecosystem, including the number of applications for Huawei's Harmony OS surpassing 2,500 [3][4][19]. - The easing of US technology bans is seen as a catalyst for further domestic advancements and localization efforts [3][4]. Computing Power - The upcoming release of NVIDIA's next-generation AI server chip, GB300, is anticipated to enhance capital expenditures and chip procurement among major tech firms [4]. - The Ministry of Industry and Information Technology has launched initiatives to promote the construction of a unified national computing power service market [4].

2025年7月，北京卓特视觉科技有限公司(卓特视觉)与微软OfficePLUS 达成深度合作，总计60,000个精 心设计的正版视觉素材——包括50,000个常用图标与10,000张精美插画——已全面上线微软OfficePLUS 素材库!在OfficePLUS插件顶部导航区中，清晰可见"图标"与"插画"两个独立入口，用户可便捷获取所 需资源。 作为Adobe Stock中国区官方合作伙伴，卓特视觉此前已凭借近8亿张高清图片、超4,700万条视频的版权 内容矩阵构建起行业领先的内容生态。此次与微软旗下一站式文档创意平台OfficePLUS达成深度联动， 卓特视觉以5万正版图标 + 1万精美插画资源为核心支点，通过与微软OfficePLUS的平台整合，实现了 素材从"资源堆砌"到"智能适配"的进阶------不仅为用户提供覆盖全场景的专业视觉资源，更通过精细化 分类体系让素材与文档场景精准匹配，为用户在PPT、Word等文档创作中带来更高效率和更佳视觉呈 现。 6万+视觉矩阵：图标+插画双资源组合，覆盖多种文档场景 为满足不同用户的创作需求，卓特视觉为微软OfficePLUS平台提供了结构清晰、应用灵活的两大资源 ...

Group 1 - The Trump administration is expected to announce an AI Action Plan that calls for regulatory relief and expansion of energy sources for data centers, while urging Congress to consider federal legislation to preempt state regulations on AI [1][2] - The plan is anticipated to focus on information dissemination and will primarily involve actions from the executive branch rather than a comprehensive outlook on the long-term impacts of AI [1] - This announcement is seen as the most significant policy statement from the current administration regarding AI, reflecting efforts to promote the adoption of U.S. AI technology globally [1] Group 2 - The AI sector in the U.S. is currently led by companies such as OpenAI, Microsoft, Meta Platforms, and Alphabet, with many in the tech industry advocating for less regulatory focus compared to the Biden administration [2] - The Senate recently voted 99 to 1 to remove AI-related provisions from Trump's tax reform bill, which would have limited state regulations on AI, indicating ongoing industry support to curb such laws across the U.S. [2] - The plan is expected to be launched during a national outreach campaign led by the White House Office of Science and Technology Policy, with Trump scheduled to speak on AI policy at an event on July 23 [2] Group 3 - The plan will emphasize government priorities such as supporting infrastructure through licensing reform and simplifying environmental standards, although guidance on strengthening the power grid is not expected to be included [3] - It aims to promote global AI cooperation, lead the establishment of international standards, and implement security measures to prevent foreign adversaries from accessing U.S. hardware and software [3] - An executive order to promote exports is intended to leverage the powers of the U.S. International Development Finance Corporation and the Export-Import Bank to support the global dissemination of U.S. AI technology [3]

大家早上壕！ 先看海外要闻： 美国零售销售数据强劲、上周首申失业金人数下降，美元和美股齐涨，标普和纳指收盘创下新高。 美股收盘标普500指数收涨0.54%，道指涨幅0.52%，纳指涨幅0.74%。 奈飞财报后一度跌2%。百事可乐收涨7.4%。微软、英伟达涨约1%。 纳斯达克金龙中国指数收涨1.23%，中概股比特起源涨超90%，水滴和新蛋涨超17%，蔚小理至多涨7%。台积电公布超预期绩报，ADR再涨 3.38%，连续三日收于历史新高。 对利率敏感的2年期美债收益率一度涨超3基点。美元收涨0.33%，收复前一日主要跌幅。 黄金盘中跌超1.1%后反弹，但仍收跌0.28%。原油先跌后涨，美油较日低涨近2%。美国国会通过稳定币法案后，加密货币短线走高。 英国《自然》评价Kimi K2发布：中国AI模型"又一个DeepSeek时刻"。 美国众议院压倒性优势投票通过三大加密货币法案。 OpenAI发布ChatGPT Agent。 国内重大事件汇总： 3、重庆印发《重庆市培育新能源汽车动力电池回收利用产业工作方案（2025—2027年）》：到2027年新能源汽车动力电池回收网络区县覆盖率 达90%。 4、上海市七部门印发《上 ...

早 报 精 选 1、 外交部回应特朗普涉芬太尼言论。 2、两部门：超豪华小汽车消费税起征价格调至90万元。 3、历史第二高产年，今年全国夏粮产量2994.8亿斤。 4、中国科研团队发现新稀土矿物"钕黄河矿"。 5、金通灵收检察机关起诉书：公司及责任人因欺诈发行股票罪及违规披露重要信息罪 均被追究刑事责任。 宏 观 新 闻 1、 财政部、国家税务总局公告，调整超豪华小汽车消费税政策。其中提到，超豪华 小汽车征收范围调整为"每辆零售价格90万元（不含增值税）及以上的各种动力类型 （含纯电动、燃料电池等动力类型）的乘用车和中轻型商用客车"。 3、据报道，美国总统特朗普16日表示，美国可能会按照此前致信内容来执行对日本 的关税税率，并可能很快与印度达成贸易协定。特朗普日前致信日本领导人，称将从8 月1日起对从日本进口商品征收25%的关税。特朗普还表示，他有意对超过150个美 国次要贸易伙伴统一加征关税。 4、根据党中央关于巡视工作的统一部署，二十届中央第六轮巡视的16个巡视组陆续 开始进驻。目前，中央第九巡视组已进驻山东省。 5、7月16日至17日，国务院国资委举办中央企业负责人研讨班。会议要求，国资央 企必须加快培 ...