在AI泡沫论甚嚣尘上的背景下，甲骨文隔夜发布最新财报，并交出一份营收同比增长13%、云基础设施（OCI）狂飙66%的亮眼成绩单。 然而，市场焦点完全被公司激进的资本支出计划所占据。甲骨文虽然手握5233亿美元的惊人合同订单积压（RPO），但公司宣布必须为此额外投 入150亿美元的资本开支，这一"烧钱"速度直接吓坏了投资者，导致股价盘后重挫逾10%。 面对市场关于"债务黑洞"的质疑，公司管理层在电话会上展开了一场激烈的防御战，试图证明这并非盲目扩张，而是被巨头客户们"逼"出来的真 实需求。 电话会中，包括联合创始人拉里·埃里森（Larry Ellison）在内的高管团队，花费了大量篇幅解释为何这一投入是安全的，以及甲骨文如何利用"金 融工程"避免陷入债务危机。 值得注意的是，甲骨文管理层还抛出了一套在云行业"前所未有"的防御话术：不再由云厂商全资买断硬件，而是让客户（如OpenAI）自己带芯片 进场。这不仅是为了拯救现金流，更揭示了一个行业内幕——单纯依靠出租英伟达昂贵的GPU，即便是甲骨文也难以赚取丰厚的利润。 电话会要点提炼： "不仅要建数据中心，还要让客户自带芯片"：回击千亿债务传闻 甲骨文公布财报后，市 ...

Group 1 - A new company, Anhui Dongsheng Intelligent Manufacturing Co., Ltd., has been established with a registered capital of 5 million RMB [1] - The legal representative of the company is Wang Dongwu [1] - The company's business scope includes manufacturing electronic vacuum devices, electronic components, intelligent drones, and various intelligent equipment [1] Group 2 - The company is involved in software development, including artificial intelligence applications and digital cultural creative software [1] - It offers a wide range of technology services, including technical consulting, technology transfer, and information technology consulting [1] - The company also focuses on blockchain technology-related software and services, as well as cloud computing equipment sales [1]

Core Viewpoint - Oracle Corporation reported a significant increase in spending on AI data centers and other equipment, but the conversion of these investments into cloud business revenue did not meet investor expectations, leading to a stock price drop of over 10% in after-hours trading [1] Financial Performance - For the second fiscal quarter ending November 30, total revenue grew by 14% to $16.1 billion, aligning closely with market expectations [1] - The adjusted earnings per share were $2.26, exceeding market average expectations [1] - Cloud software application revenue increased by 11% to $3.9 billion, marking the first time cloud infrastructure revenue surpassed application revenue [1] - Cloud computing sales rose by 34% to $7.98 billion, with infrastructure revenue growing by 68% to $4.08 billion, both slightly below analyst expectations [1] Capital Expenditure and Future Projections - The company reported capital expenditures of approximately $12 billion for the quarter, up from $8.5 billion in the previous quarter, exceeding analyst expectations of $8.25 billion [2] - Oracle expects capital expenditures to reach about $50 billion for the fiscal year ending November 2026, an increase of $15 billion from previous forecasts [3] - The company confirmed its annual revenue guidance of $67 billion, with total revenue expected to grow by 19% to 22% in the current fiscal quarter [3] Market Position and Strategic Moves - Oracle is making significant progress in the competitive cloud computing market, with major clients including TikTok and Meta Platforms [2] - The company’s "remaining performance obligations" metric surged to $523 billion, more than five times the previous figure, surpassing analyst estimates of $519 billion [2] - Concerns remain regarding the costs and timelines associated with Oracle's large-scale AI infrastructure investments, as the company has taken on substantial debt [2][3] Investor Sentiment and Market Challenges - Investor sentiment has been negatively impacted by doubts about the future of OpenAI's business and competition from companies like Google [4] - Analysts are looking for management to clarify how spending plans will adjust if demand for OpenAI changes [4]

甲骨文周三盘后公布2026财年第二财季业绩，营收与云业务收入均低于分析师预期，季度自由现金流为-100亿美元。公司同时上调全年资本开支指引， 预计将比此前预期多支出约150亿美元。受此影响，甲骨文股价盘后大跌超过11%。 甲骨文周三盘后公布第二财季业绩显示，该公司营收、云业务均不及分析师预期，季度自由现金流（FCF）为-100亿美元，预计年度资本开支将比原来 预料的多出大约150亿美元。该公司股价盘后大跌超过10%。 每股收益： 甲骨文第二财季GAAP每股收益为2.10美元，以美元计同比增长91%，以固定汇率计同比增长86%。非GAAP每股收益为2.26美元，以美元计同比增长 54%，以固定汇率计同比增长51%。 自由现金流： 甲骨文第二财季自由现金流（FCF）为-100亿美元。 云业务数据： 云业务： 甲骨文第二财季云业务营收（IaaS加SaaS）为80亿美元，以美元计同比增长34%，以固定汇率计同比增长33%，不及分析师预期80.4亿美元。 云基础设施： 第二财季云基础设施（IaaS）营收为41亿美元，以美元计同比增长68%，以固定汇率计同比增长66%，不及分析师预期。 以下是甲骨文第二财季财报要点： 主 ...

甲骨文周三盘后公布第二财季业绩显示，该公司营收、云业务均不及分析师预期，季度自由现金流 （FCF）为-100亿美元，预计年度资本开支将比原来预料的多出大约150亿美元。该公司股价盘后大跌 超过10%。 以下是甲骨文第二财季财报要点： 主要财务数据： 剩余履约义务：甲骨文第二财季剩余履约义务同比增长438%，达到5230亿美元，超出分析 师平均预期的5190亿美元。 营收：甲骨文第二财季总营收以美元计同比增长14%，以固定汇率计同比增长13%，达到 161亿美元，不及分析师预期的162.1亿美元。 营业利润：甲骨文第二财季GAAP营业利润为47亿美元，非GAAP营业利润为67亿美元，以 美元计同比增长10%，以固定汇率计同比增长8%。 净利润：甲骨文第二财季GAAP净利润为61亿美元。非GAAP净利润为66亿美元，以美元计 同比增长57%，以固定汇率计同比增长54%。 每股收益：甲骨文第二财季GAAP每股收益为2.10美元，以美元计同比增长91%，以固定汇 率计同比增长86%。非GAAP每股收益为2.26美元，以美元计同比增长54%，以固定汇率计 同比增长51%。 自由现金流：甲骨文第二财季自由现金流（FCF） ...

Key Points - SpaceX plans to go public in mid-2026 with a target valuation of $1.5 trillion, aiming to raise over $30 billion, which would be the largest IPO in history. The funds will be used for developing space data centers and purchasing necessary chips, driven by the growth of Starlink satellite internet services and advancements in Starship rocket development [2] - Oracle's Q2 adjusted revenue was $16.06 billion, slightly below analyst expectations of $16.21 billion, with cloud revenue at $8 billion, also missing the forecast of $8.04 billion [2] - Amazon intends to invest over $35 billion in India by 2030 for business expansion, AI-driven digitalization, export growth, and job creation, aiming for a cumulative e-commerce export of $80 billion from India [2] - Meta is shifting focus to closed-source models, with a new model named Avocado expected to launch in spring 2026, as Zuckerberg becomes more involved in daily R&D to drive the company's strategy towards directly monetizable AI models [2] - CATL plans to issue bonds not exceeding 10 billion RMB, with proceeds aimed at supplementing working capital, repaying debts, and supporting capacity expansion and technology R&D to meet the growing demand in the new energy battery market [2] Greater China Company News - Lens Technology intends to acquire 100% of Peimei Gao International to enhance its core competitiveness in AI computing hardware solutions, expanding its business in smart terminals and new energy [4] - Wuliangye will implement a 10 billion RMB interim dividend next week, reflecting the strong profitability and return capabilities of leading companies in the liquor industry [4] - Century Huatong announced that its subsidiary holds a 7.3121% stake in Guosheng Capital, which owns 19.58869 million shares of Moer Thread, potentially impacting the company's net profit by 640 million RMB in Q4 2025 [4] - JD Industrial's Hong Kong public offering was oversubscribed by 60.5 times, with a final issue price set at HKD 14.10 per share, raising approximately HKD 2.827 billion [4] Americas Company News - Microsoft announced a $17.5 billion investment in India over the next four years for AI and cloud infrastructure, and established an AI safety foundation with partners like Anthropic and OpenAI [7] - NVIDIA received U.S. government approval to sell H200 AI chips to China, subject to security reviews and a 25% sales share [7] - Amazon reached an agreement with Italian tax authorities to pay €723 million in taxes, criticizing the unpredictable regulatory environment in Italy [7] - Brookfield and a Qatari AI company formed a $20 billion AI joint venture to develop AI infrastructure in Qatar and selected international markets [8] Asia-Pacific Company News - Samsung SDI signed a $1.36 billion order for energy storage systems, planning to manufacture lithium iron phosphate batteries in the U.S. to expand its North American market [10] - SK Hynix plans to list on the U.S. stock market to narrow the gap with Micron and enhance its valuation, driven by surging demand for AI storage chips [10] Europe and Oceania Company News - BMW Group's supervisory board appointed Milan Nedeljkovic as the new chairman, effective May 2026, to lead the production of new generation models [13] - Stellantis Group partnered with Bolt to accelerate the deployment of autonomous driving services in Europe, with plans to start testing vehicles in 2026 [13] - Lingbao Gold intends to acquire a 50%+1 share stake in an Australian gold mining company for AUD 370 million, focusing on gold mining and exploration [13]

01 甲骨文[ORCL.N]2026财年第二季度业绩交流会 06:00-07:00 嘉宾： 甲骨文核心管理层 扫码预约 02 奥多比[ADBE.O]2025财年第四季度业绩交流会 06:00-07:00 核心看点： 聚焦生成式AI产品的商业化进程，探究其如何驱动核心业务增长。同时，管理层对新近完成的战略收购 将如何整合，以巩固其在营销科技领域的领导地位，亦是市场关注的焦点。在充满机遇与挑战的新周期 中，公司如何设定未来航向，指引至为关键。更多细节将于业绩发布会揭晓。 嘉宾： 奥多比核心管理层 核心看点： 聚焦甲骨文云基础设施业务（OCI）的增长曲线能否再掀市场热潮？核心看点在于海量订单储备的 高效转化节奏，以及前瞻性产能布局如何为长期增长筑牢根基。在全球云计算赛道的激烈角逐中， 甲骨文的战略落子，正牵动着市场的目光。更多细节将于业绩发布会揭晓。 扫码预约 03 正信期货2026年度策略会（上） 10:30-17:00 核心看点： 正信期货2026年度策略会将于12月11-12日举办，聚焦"探破局之源，寻重构之路"，解析海外政策摇摆 与资产波动，及国内复苏中铜锂钢矿等大宗商品的结构性机会，助投资者前瞻布局。 嘉 ...

天眼查App显示，近日，无锡钻芯科技有限公司成立，法定代表人为纪荣，注册资本300万人民币，经 营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；半导体照明器 件销售；半导体分立器件销售；半导体器件专用设备销售；电子真空器件销售；电子元器件零售；电子 产品销售；光电子器件销售；电子专用设备销售；集成电路芯片及产品销售；智能机器人销售；信息系 统集成服务；信息技术咨询服务；智能控制系统集成；人工智能通用应用系统；计算机系统服务；人工 智能行业应用系统集成服务；网络与信息安全软件开发；电池零配件销售；云计算设备销售；软件开 发；人工智能应用软件开发；数字技术服务；数据处理和存储支持服务；科技推广和应用服务；信息系 统运行维护服务；电池销售；智能无人飞行器销售；电力电子元器件销售；照明器具销售；电子专用材 料销售（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - Yiyang Hongyuan Digital Technology Co., Ltd. has been established with a registered capital of 10 million RMB, fully owned by Yiyang Industrial Investment and Development Co., Ltd. [1] Company Information - The legal representative of Yiyang Hongyuan Digital Technology Co., Ltd. is Ye Boquan [1] - The company is registered with a capital of 10 million RMB [1] - The business scope includes services related to artificial intelligence, information technology consulting, internet data services, big data services, and various technology services [1] Shareholding Structure - Yiyang Industrial Investment and Development Co., Ltd. holds 100% of the shares in Yiyang Hongyuan Digital Technology Co., Ltd. [1] Industry Classification - The company operates within the information transmission, software, and information technology services industry, specifically in internet and related services [1] Location and Registration - The company is located in the High-tech Industrial Park of Yiyang County, Shangrao City, Jiangxi Province [1] - The business registration is valid until December 10, 2025, with no fixed term thereafter [1]

甲骨文(ORCL.US)的常态化超预期增长业绩，已经不足以缓解与公司债务堆积以及AI泡沫即将破裂相关的市场浓 厚担忧情绪，一份堪比英伟达2023-2024年的那种动辄100%+的"炸裂式跃升业绩"，以及在业绩展望中公布更多除 OpenAI外的新云计算订单，才有可能全面缓和市场对于该公司基本面以及全球与AI算力基础设施密切相关联的科 技股的"AI泡沫负面情绪"。 即将于美东时间周三收盘后公布业绩的甲骨文，可谓是近期这一轮AI泡沫论调席卷全球股市导致股票市场陷入调 整的罪魁祸首。现在，甲骨文公司的业绩前景与未来展望，已经深度"捆绑"于ChatGPT开发者OpenAI长期、高额 且远远未兑现的大型AI数据中心云计算基础设施订单以及"星际之门"AI基建项目相关的云计算IaaS投资回报。 为了满足这些遥远的未来式的承诺，毛利率已然陷入困境的甲骨文正通过大规模举债与强劲资本支出(capex)助力 OpenAI扩建或新建大型AI数据中心;然而其自由现金流正转为负数，信用违约掉期 (CDS) 价格飙至多年高点，甲骨 文这种深度绑定OpenAI的无比强劲云计算基础设施订单背后的愈发高企债务负担与偿债风险不容忽视。 估值高达50 ...