摩根士丹利：云服务器的信心，甲骨文给出乐观展望

Investment Rating - The overall industry investment rating is "Overweight" for several companies including Oracle, Dassault Systemes, and HBX Group International [12]. Core Insights - Oracle has provided a bullish outlook for FY26, projecting RPO growth of over 100%, Cloud growth exceeding 40%, and OCI growth above 70% [4]. - HBX Group's CEO highlighted opportunities in the Experiences market and growth regions like China and Latin America, enabling HBX to grow at twice the market rate [2]. - Dassault Systemes presented a strong product vision but faced scrutiny over financial targets, with a reduction in outlook that may not fully satisfy investors [3]. Company-Specific Summaries Oracle - Oracle's 4Q25 results showed a lackluster bookings quarter, but management's FY26 outlook remains optimistic, suggesting shares may be undervalued if forecasts are met [4]. HBX Group - The company is expected to achieve revenue growth of €740-€790 million and adjusted EBITDA of €430-€450 million, with a high-single digit revenue growth forecast [15]. Dassault Systemes - The company anticipates total revenue growth between 6% to 8% and aims for an adjusted EBIT margin guidance of 32.6% to 32.9% [15]. Adobe - Adobe's Q2 results were in line with expectations, but the key investor question revolves around when AI innovations will significantly impact performance [4]. Accenture - Accenture's management raised the lower end of FY25 growth guidance by 100 basis points to 6-7% year-over-year, supported by large deal conversions [5]. Wix.com - Wix.com experienced a reduction in constant currency FY25 guidance, raising concerns despite solid Q1 results [6]. Other Companies - Companies like Amadeus, SAP, and Sage Group also received "Overweight" ratings, with specific revenue growth targets outlined for FY25 and beyond [12].