本周，数十家跨国公司高管本周集体涌向华盛顿游说国会，试图阻止特朗普预算法案中一项可能重塑国 际资本流动格局的条款，警告这一措施将冲击数百万美国就业岗位。 6月9日，据报道，全球商业联盟主席Jonathan Samford透露，约70家公司的代表将于本周与国会议员 会面，第899条款将成为"核心议题"。 这一税收威胁已令该游说组织近200家在美外资企业感到不安， 其中包括壳牌、丰田、SAP和LVMH等巨头 。 数据显示这一担忧并非空穴来风： 外资银行在美国承销了70%以上的外国公司债务发行，占美元计价 债务发行总额的近三分之一 。 2023年，这些外资银行向美国公司放贷超过1.3万亿美元，其国际融资业务支撑了5.4万亿美元的外国直 接投资，创造了2700亿美元收入。 "希望第899条款不会被实施" 据悉， 这些外资企业在美国提供了840万个就业岗位，而第899条款的实施可能直接威胁到这一庞大的 就业基数 。 这场史无前例的游说攻势直指特朗普"大漂亮"税收法案中的第899条款——一个被外界视为"资本驱逐 令"的条文。该条款一旦获得国会批准，将允许美国对来自"税收政策惩罚性"国家的公司和投资者征收额 外税收。 税收 ...

Group 1 - The 2025 SAP China Summit, themed "AI Reshaping the Future of Business," gathered over a thousand SAP customers, industry experts, and partners to discuss the integration of AI, cloud applications, and operational data to enhance business processes and drive sustainable growth [1] - SAP Greater China President Yuan Xin emphasized the resilience and innovation of Chinese enterprises in the face of global market changes, highlighting the importance of integrating enterprise applications, data, and AI to create a "flywheel effect" for value generation [1] - The summit showcased how SAP's business suite promotes intelligent upgrades through a triad of "applications, data, and AI," with the generative AI assistant Joule embedded across SAP applications, expected to boost productivity by 30% [1] Group 2 - Hai Liang Group and Innovent Biologics shared their experiences in digital transformation through collaboration with SAP, with Hai Liang leveraging SAP's digital foundation for global expansion and Innovent enhancing supply chain resilience and compliance [2] - The summit also marked the establishment of the "Jinghong" platform, initiated by SAP in collaboration with universities and research institutions, aimed at recognizing outstanding enterprises and individuals in digital transformation to promote high-quality development of China's digital economy [2] - SAP is committed to exploring pathways for intelligent growth in the AI era by collaborating with various stakeholders [2]

Core Insights - The 2025 SAP China Summit, themed "AI Reshaping the Future of Business," was held on June 5 in Shanghai, focusing on how Chinese enterprises are embracing transformation amid global uncertainties [1] - SAP aims to integrate AI, cloud applications, and operational data to enhance collaboration and efficiency, thereby simplifying business processes and injecting new momentum for sustainable development [1] Group 1: Company Perspectives - The President of SAP Greater China, Yuan Xin, emphasized the resilience and innovation of Chinese enterprises in adapting to rapid market changes and uncertainties, highlighting SAP's role in integrating enterprise applications, data, and AI to create a "flywheel effect" for value generation [1] - Hailiang Group's rotating president, He Wentian, stated that the company is leveraging digital transformation to manage global diversified operations efficiently, with SAP's digital foundation supporting their growth in innovative materials and talent development [1] - Zeng Huailiang, Vice President of IT at Innovent Biologics, noted the company's transition from a biotech firm to a biopharmaceutical company, with SAP's integrated solutions providing essential support for enhancing lean management, supply chain resilience, and compliance operations [1] Group 2: AI Integration and Customer Impact - SAP has successfully launched over 230 AI use cases across all products, with plans to increase this number to over 400 by the end of the year [1] - Approximately 34,000 global customers are utilizing SAP's innovations to transform their work models and business processes daily [1]

Core Insights - SAP and Alibaba announced a strategic partnership at the SAP Sapphire conference in Madrid, marking a significant step in forming a new "AI + globalization" digital service alliance [1] - The partnership is expected to have a substantial impact on the digital economy ecosystem in the Asia-Pacific region and globally, as it represents a shift towards a "global software + local cloud" collaboration model [1][3] - SAP's revenue in the Asia-Pacific region grew by 18% year-on-year in Q1 2025, indicating that this region is becoming the fastest-growing market for the company [3] Market Potential - The Asia-Pacific market is projected to reach $250 billion by 2025, with a compound annual growth rate (CAGR) of 14.2% through 2028, driven by the adoption of generative AI and modernization of IT infrastructure [3][4] - The region is home to a significant number of digital economy unicorns, particularly in Southeast Asia, which contributes to a vibrant digital business environment [3] AI Adoption - Companies in the Asia-Pacific region, especially in China, are highly receptive to AI, with a notable increase in AI integration across various industries [4][5] - In Japan, the AI market is expected to grow by 31.2% in 2024, reaching 900 billion yen, with projections of 4.1 trillion yen by 2029 [4] Strategic Positioning - SAP's collaboration with Alibaba enhances its market presence in the Asia-Pacific region, leveraging Alibaba Cloud's infrastructure and market leadership [13] - SAP has established a strong localization service capability through its experience with global companies, which positions it well to support businesses in the Asia-Pacific market [11] Competitive Landscape - The Asia-Pacific region is becoming a new battleground for globalization, with a significant influx of cross-border capital investments [9][10] - SAP faces competition from other major players like Salesforce, Oracle, and Microsoft, all of which are enhancing their AI capabilities and market offerings [18] Financial Performance - Following the announcement of the partnership with Alibaba, SAP's stock rose by 0.59%, with a year-to-date increase of 25%, reflecting market confidence in the company's strategic direction [19]

Core Viewpoint - Saputo Inc. demonstrated resilience and growth in fiscal 2025, with strategic initiatives leading to improved cash generation and operational efficiencies despite a challenging environment [2][3]. Financial Highlights - Revenues for Q4 2025 reached $4.753 billion, an increase of $208 million or 4.6% from Q4 2024 [5][30]. - Adjusted EBITDA for Q4 2025 was $376 million, down $3 million or 0.8% from the previous year [6][44]. - Net earnings for Q4 2025 totaled $74 million, a decrease of $18 million or 19.6% compared to Q4 2024 [6][42]. - Adjusted net earnings for Q4 2025 were $128 million, down 17.9% from $156 million in Q4 2024 [6][70]. Sector Performance Canada Sector - Revenues increased to $1.258 billion in Q4 2025, up from $1.192 billion in Q4 2024 [74]. - Adjusted EBITDA rose to $157 million, a 13.8% increase from the previous year [74]. USA Sector - Revenues for Q4 2025 were $2.140 billion, up from $1.928 billion in Q4 2024 [75]. - Adjusted EBITDA increased to $148 million, reflecting a 7.2% growth [75]. International Sector - Revenues decreased to $1.020 billion in Q4 2025 from $1.135 billion in Q4 2024 [80]. - Adjusted EBITDA fell to $47 million, a decline of 46.6% [80]. Europe Sector - Revenues increased to $335 million in Q4 2025, up from $290 million in Q4 2024 [84]. - Adjusted EBITDA improved to $24 million, a significant increase from $15 million in the previous year [84]. Operational Insights - The company incurred restructuring costs of $80 million in Q4 2025, primarily due to a non-cash asset write-down related to the Dairy Division (UK) [7][38]. - The USA Sector faced challenges from unfavorable milk-cheese spreads, impacting adjusted EBITDA by $20 million [46]. - The International Sector's performance was negatively affected by the Argentine peso devaluation and higher production costs [47][54]. Future Outlook - The company anticipates organic sales growth, particularly in the USA Sector, supported by operational efficiencies and capital investments [11]. - Expected capital expenditures for fiscal 2026 are approximately $360 million [11]. - The company plans to continue share repurchases under its NCIB program, reflecting confidence in its financial position [12].

Group 1 - The current operating environment is characterized by uncertainty, prompting companies to reassess their supply chains and decision-making processes [3][4] - Companies are seeking more transparency and data integration to navigate through uncertainty, indicating a demand for solutions that combine financial data with risk management [4]

Core Insights - DXC Technology has relaunched its DXC Fast RISE with SAP service in Mexico, leveraging Microsoft Azure to enhance cloud migration opportunities for local organizations [1][2] - The initiative is particularly beneficial for highly regulated sectors such as banking, insurance, energy, and government, where local data residency is essential [2][4] - The collaboration between DXC and Microsoft aims to provide Mexican businesses with a streamlined path to migrate to SAP S/4HANA Cloud in under 12 months, while also offering ongoing support for system optimization [3][4] Company and Industry Developments - The Central Mexico data center region is the first to offer RISE with SAP on Azure, facilitating local data hosting and promoting agile business operations [5][6] - DXC's global partnership with SAP spans over 1,000 clients across various industries, including financial services, manufacturing, healthcare, utilities, and the public sector [7] - Successful implementations of DXC Fast RISE with SAP in companies like Energy Harbor and Whitehaven Coal demonstrate the service's effectiveness in reducing implementation times and optimizing processes [8]

Core Insights - QKS Group has recognized SAP as a Leader in the 2025 SPARK Matrix for Digital Twin of an Organization Solutions, highlighting its strong market position and capabilities in this domain [1][5]. Company Overview - SAP has established itself as a front-runner in the Digital Twin of an Organization space by integrating business structure, performance insights, and strategic alignment into a single digital model [4]. - The company has been acknowledged for its comprehensive technology that excels in both technology excellence and customer impact, receiving strong ratings in these areas [5]. Technology and Capabilities - SAP's Digital Twin of an Organization offerings allow enterprises to create a dynamic, real-time representation of their operations by integrating various business processes, systems, data, and strategies [3]. - The Business Technology Platform (BTP) enables organizations to simulate, monitor, and optimize business performance through contextual insights and end-to-end visibility, facilitating continuous improvement and informed transformation planning [3][4]. - Key features of SAP's DTO capabilities include automated process discovery, AI-powered insights, scenario modeling, and proactive risk management, which enhance operational clarity and cross-functional alignment [3][4]. Strategic Focus - SAP aims to empower customers to view transformation as an ongoing capability rather than a one-time project, allowing decision-makers to simulate different process scenarios and assess the impact of various technologies before implementation [4]. - The company's cloud-first design ensures adaptability and integration across diverse enterprise landscapes, supporting stakeholders in refining operations and making informed decisions [4]. Recognition and Commitment - Being recognized as a Leader in the SPARK Matrix for five consecutive years reflects SAP's commitment to innovation and customer satisfaction, reinforcing the value of its approach to digital transformation [4].

Core Viewpoint - Cadence Design Systems (CDNS) shares have increased by approximately 6.9% over the past month, outperforming the S&P 500, but there are concerns about whether this positive trend will continue leading up to the next earnings release [1] Estimates Movement - Estimates for Cadence have trended downward over the past month, indicating a negative shift in expectations [2] VGM Scores - Cadence has a strong Growth Score of A but is rated F for Momentum and Value, resulting in an overall VGM Score of D, placing it in the lowest quintile for the value investment strategy [3] Outlook - The downward trend in estimates suggests a Zacks Rank of 3 (Hold) for Cadence, with expectations for an in-line return in the coming months [4] Industry Performance - Cadence is part of the Zacks Computer - Software industry, where SAP has seen a 3.2% increase in shares over the past month. SAP reported revenues of $9.48 billion for the last quarter, reflecting an 8.6% year-over-year increase, with EPS rising from $0.88 to $1.51 [5] SAP Earnings Expectations - SAP is projected to report earnings of $1.62 per share for the current quarter, representing a 37.3% year-over-year increase, with a slight upward revision of 0.5% in the Zacks Consensus Estimate over the last 30 days. SAP also holds a Zacks Rank of 3 (Hold) and has a VGM Score of D [6]

2025年5月27日，一则重磅消息连接了亚洲与欧洲的两位科技巨头，主角一方是中国的阿里巴巴，另一方则是德国的SAP。 SAP这家欧洲软件巨头，在过去一年里因AI业务的强劲增长，市值大幅攀升，成为欧洲市值最高的公司。并以第一大权重股的身份，拉动着德国 DAX指数在自身经济基本面持续趋弱的背景下，不断刷新历史新高。 根据合作协议，SAP将探索接入通义千问大模型，并支持企业在阿里云上部署SAP ERP云及SAP ERP私有云版本。双方将共同扩展企业级市场客 户，初期聚焦于中国市场，并逐步扩展至东南亚、中东和非洲。 SAP股价不断新高，证明AI依然是当下资本市场最为核心的"叙事主题"，牵动着投资者的情绪与资本的流向。 SAP的AI狂飙：引领DAX逆势登顶，德意志经济寒流中的"异数"？ 过去一年，SAP在欧洲资本市场表现抢眼。尽管其AI进展不像阿里年初那样引发市场热议和股价暴涨，但SAP凭借其AI战略，已悄然成为欧洲最 受瞩目的明星股。 截至2025年，其股价年初至今已上涨25%，过去12个月的涨幅更是高达60% ，公司市值超过3000亿欧元，成为欧洲最大市值公司。 然而，这份资本市场的火热与德国整体经济的"温差"形成 ...