摩根士丹利：IT 硬件-2025 年第二季度CIO调查要点：硬件支出持平

July 10, 2025 01:42 AM GMT IT Hardware | North America 2Q25 CIO Survey Takeaways: Hardware Spend Running In Place Hardware budget growth in our 2Q CIO Survey was unchanged from 1Q25 (+1.5%), though an improvement from late Feb/ March. SMB spending uptick is encouraging, but policy uncertainty means macro still an outsized headwind. With HW trading at 19x P/E, we lean incrementally more cautious on the group. Key Takeaways Our 2Q25 CIO Survey points to largely unchanged 2025 Hardware spending plans vs. 1Q25, ...