大摩闭门会-我们的 10 大全球主题预测，人工智能应用落 地与工作的未来，格陵兰相关关税敞口及影响，中日贸易 紧张局势评估，2026 年日本临时大选 摘要 数据中心电力需求激增，政策变化迅速，部分项目受阻，利好离网发电 解决方案企业，如燃料电池公司 Bloom。 人工智能冲击劳动力市场，技能重塑需求涌现，为提供相关教育培训的 公司带来投资机会。 未来能源及国防类股估值虽高，但主题逻辑稳固，尤其离网发电解决方 案因政治不确定性更具吸引力。 摩根士丹利调查显示，美国通过人工智能实现就业增长，与其他国家岗 位流失形成对比，各国就业影响将在 2026 年逐渐显现。 日本临时选举后，科技和国防股持续跑赢大盘，执政党联盟获胜预期是 主要因素，但需关注财务省干预汇市及改革联盟的影响。 日本财政赤字相对较低，公共债务占 GDP 比重可控，通胀温和，债券市 场基本面优于美国，市场担忧或过度。 中国人民银行中期管理人民币汇率，人民币升值或因美元走弱，通缩压 力下，不会优先选择人民币升值。 Q&A 《2026 年十大宏观预测》和《未来工作方式调查结果》报告的核心要点是什 么？ 《2026 年十大宏观预测》报告中，摩根士丹利研究团队 ...

Core Insights - Accenture has laid off over 11,000 employees in the past three months, warning that further layoffs may occur if employees do not adapt their skills for the AI era [1][5] - The company announced a restructuring plan worth $865 million, emphasizing its commitment to transforming for the AI age [1][5] Employee Changes - As of the end of August, Accenture's total employee count was 779,000, down from 791,000 three months prior [1] - The layoffs are part of a strategy to maintain historical profit growth, with the company paying $615 million in severance and related costs in the last quarter and expecting to pay an additional $250 million in the current quarter [1][6] Financial Performance - Accenture's revenue grew by 7% to $69.7 billion, and net income increased by 6% to $7.83 billion for the fiscal year ending in August [6] - The company anticipates revenue growth to slow to between 2% and 5% in the current fiscal year, impacted by reduced federal government spending, which historically accounts for about 8% of its revenue [6] AI Transformation - The company currently employs 77,000 AI or data professionals, a significant increase from 40,000 two years ago [5] - Generative AI projects generated $5.1 billion in new orders in the last fiscal year, up from $3 billion the previous year [5] Strategic Focus - Accenture's CEO stated that the company is investing in enhancing the skills of its workforce, positioning this as a primary strategic direction [6] - The company aims to maintain a historical profit growth target, with plans to expand operating margin by at least 10 basis points in the next fiscal year [6]