从2025年开始，东京证券交易所推动改革步入第二阶段，将焦点转向成长市场的初创企业及高增长 公司。东京证券交易所还终止了2022年针对不符合上市要求的公司推出的过渡性措施。2026年，东京证 券交易所将采取重组计划的最后一步，对仍未取得充分改善的公司启动退市程序。 为了配合东京证券交易所，日本金融厅于2025年第三次修订日本尽责管理守则，旨在加强参与效果 和问责制。日本金融厅计划于2026年修订企业管治守则，关键议程包括有效的资本配置和更好地利用现 金进行投资。我们预期，企业管治持续取得进展，将推动资本效率及盈利能力改善，从而支撑日本股市 的长远表现。 在我们看来，当前市场已基本消化高市早苗促增长议程，即所谓"早苗经济学 (Sanaenomics)"所缔 造的最佳情境，包括通过宽松的财政和货币政策刺激内需，提升日本产业竞争力。对于投资者而言， 2026年的关键问题在于，这些政策能否在少数党派联合政府的领导下获得有效实施。 宏观经济方面，尽管具有影响力的"春斗"（春季劳资谈判）已连续两年推动名义薪资显著上涨，但 实质工资增长仍低于我们最初的预期。这主要是由通胀压力所致，尤其是大米（日本的必需品）带动的 食品价格 ...

Group 1: Alphabet (GOOGL) Performance Overview - Alphabet's Q2 2025 revenue reached $96.43 billion, a year-over-year increase of 13.8% and a quarter-over-quarter increase of 6.9%[7] - Operating profit grew to $31.27 billion, with an operating margin of 32.4%, exceeding market expectations[7] - Net profit increased by 19.4% to $28.2 billion, with earnings per share (EPS) rising by 22% to $2.31[7] Group 2: Revenue Breakdown - Google Services revenue was $82.54 billion, up 11.7% year-over-year, while Google Cloud revenue surged 31.6% to $13.62 billion[7] - YouTube ad revenue reached $9.8 billion, reflecting a 13.1% increase, driven by direct response advertising[8] - Subscription and platform revenue grew by 20.3% to $11.2 billion, primarily from YouTube subscriptions[8] Group 3: Future Outlook and Investment - Alphabet plans to increase its capital expenditure from $75 billion to $85 billion, focusing on AI and cloud infrastructure[7] - The company maintains a target price of $250, with a buy rating based on strong growth prospects in AI-driven advertising and cloud services[9] - Risks include potential economic slowdown in the U.S. and challenges in AI commercialization and cloud growth[10]