软件业务是IBM最大的业务板块，但随着人工智能采用率的上升，IBM软件部门中的云业务增长放缓， 这也是导致股价下跌的主要因素。 软件业务是IBM最大的业务板块，但随着人工智能采用率的上升，IBM软件部门中的云业务增长放缓， 这也是导致股价下跌的主要因素。 数据显示，IBM混合云部门（即红帽）的销售增长从上一季度的16%放缓至14%。 Krishna在财报后电话会议上表示，进入2026年，混合云部门预计将恢复至中位数百分比增长水平。 "红帽收入和软件销售的放缓使一些希望在高利润领域加速增长的人感到失望。"机构Running Point Capital首席投资官迈克尔·阿什利·舒尔曼 (Michael Ashley Schulman) 表示。 今年迄今为止，IBM股价已上涨约30%，该股12个月远期市盈率约为24倍，而竞争对手埃森哲的市盈率 约为18倍。 IBM还上调了本财年的收入预期指引，预计按固定汇率计算收入将增长5%以上，高于之前至少5%的增 长预测。 当地时间10月22日，IBM财报显示，该公司关键的云软件部门增长放缓，导致盘后股价大跌超6%。 最新财报显示，IBM第三季度营收增长9%至163亿美元，净利 ...

图源：Pexels IT之家 10 月 23 日消息，IBM 美国纽约州当地时间 22 日公布了 2025 年第三季度收益结果。该企业当 季度合计营收 163 亿美元（IT之家注：现汇率约合 1156.55 亿元人民币），同比增长 9%、按固定汇率 计算增幅则是 7%。 IBM 董事长、总裁兼首席执行官 Arvind Krishna 表示： 本季度，我们所有业务部门的业绩均实现了加速增长，收入、利润和自由现金流再次超出预 期。 全球客户持续利用我们的技术和领域专长，提升运营效率，并通过人工智能创造真正的商业 价值。 我们的人工智能业务规模目前已超过 95 亿美元。鉴于我们业务的强劲表现，我们上调了全 年收入增长和自由现金流预期。 IBM 预计该企业在 2025 全年按固定汇率计算的收入增长将超过 5%，直接按美元计算的营收同比增长 则大致会在 7.5% 上方。 ...

据报道，阿里巴巴(09988)创办人马云淡出公众视野数年后，如今重返阿里巴巴园区。报道称，马云在 集团的直接参与度达到5年来最强，最明显的表现可能是阿里巴巴转向人工智能(AI)，以及向电商对手 宣战。 报道指，阿里巴巴集团内部留言板贴着"MAGA"(Make Alibaba Great Again，让阿里巴巴再次伟大)的雄 心壮志。报道引述知情人士透露，马云在幕后指挥的迹象变得更加清晰。 自2023年以来，阿里由马云手下最资深的两位大将蔡崇信和吴泳铭执掌。该公司尚未就马云是否已以任 何官方身份回归表态。但报道引述知情人士表示，如今是现年61岁的马云自2019年卸任董事局主席以 来，最"亲力亲为"的时候。除了参与数十亿美元支出决策外，他还要求持续向他汇报阿里全面的人工智 能(AI)业务发展的最新情况马云更曾在一天内给一位高级经理发了3次讯息，询问进展。 ...

公司创始人埃里森的财富大幅增加，而此前他已经被《福布斯》评为全球第二富豪。截至8月底，甲骨 文的预订量(或剩余履行义务总额)从三个月前的1380亿美元增至4550亿美元。该公司首席执行官Safra Catz表示，季度增长令人惊讶。她补充说，甲骨文的财政年度将持续到明年5月，此次季度增长将是"辉 煌的开端"。 格隆汇9月10日｜由于赢得了数千亿美元的人工智能业务合同，甲骨文(ORCL.US)股价飙升。股价在盘 前交易中上涨29%，升至逾312美元。如果这一涨幅持续到常规交易结束，股价将创下收盘新高，也将 是1999年以来的最大单日涨幅。 ...

Group 1 - The company, Chunzhong Technology (603516.SH), has hit the limit down, trading at 101.39 yuan, with a total market capitalization of 20.6 billion yuan [1] - The chairman and several executives plan to reduce their holdings by up to 4.173 million shares, accounting for approximately 2.0530% of the current total share capital, due to funding needs [1] - The company reported a revenue of 129 million yuan for the first half of the year, a year-on-year decrease of 44.85%, and a net loss of 40.0186 million yuan, compared to a net profit of 39.2381 million yuan in the same period last year [1] Group 2 - The traditional audio-visual business did not meet expectations in project implementation, with new orders declining year-on-year [1] - The lack of revenue from overseas major clients in the first half of the year has significantly impacted the revenue from the artificial intelligence business [1]

Core Insights - The company reported a significant decline in revenue and profit for the first half of the year, with total revenue of 129 million yuan, a decrease of 44.85% year-on-year [1] - The net profit attributable to shareholders was -40.02 million yuan, representing a year-on-year decline of 201.99% [1] - The net cash flow from operating activities was -63.64 million yuan, down 39.59% compared to the same period last year [1] Business Performance - The traditional audio-visual business did not meet expectations in project implementation during the first half of the year, leading to a decline in new orders year-on-year [1] - The lack of revenue from overseas major clients in the first half adversely affected the income from the artificial intelligence business [1]

以下文章来源于智通财经APP ，作者智通编选 智通财经APP . 智通财经APP，连线全球资本市场。内容合作/内容举报请联系李先生： Tel: +86-15121009144 Email:zhitongcolumn@163.com 来源 | 智通财经APP 市 场 现 状 ： 科 技 股 主 导 的 结 构 性 行 情 当前标普 500 指数的上涨并非全面普涨，而是由科技板块主导的结构性行情。瑞银 2025 年 8 月 6 日发布的 2Q25 美国股票财报简报显示，截至 8 月 6 日，标普 500 指数中 76.9% 的市值已发布第二季度财报，整体每股收益（EPS）同比增长 10.2%，远超最初 5% 的预期；其中 TECH + 板块表现最为抢眼，EPS 同比增长 24.6%，而能源板块则同比下降 20.4%，形成鲜明对比。 更值得关注的是，六大 TECH + 公司（谷歌、meta、微软、苹果、亚马逊、英伟达）整体 EPS 同比增长 27.5%，远超市场其他部分 5.9% 的增 速。具体来看，meta实际 EPS 增长 38.4%（预期 15.0%），亚马逊实际增长 33.3%（预期 5.3%），这种 "尖 ...

Market Overview - The S&P 500 index is approaching historical highs, primarily driven by the technology sector, with 76.9% of its market capitalization having reported Q2 earnings, showing an overall EPS growth of 10.2%, exceeding the initial expectation of 5% [2][5] - The TECH + sector's EPS growth was particularly strong at 24.6%, while the energy sector saw a decline of 20.4%, highlighting a stark contrast in performance [2][14] Company Performance - The six major TECH + companies (Google, Meta, Microsoft, Apple, Amazon, Nvidia) reported an overall EPS growth of 27.5%, significantly outperforming the broader market's growth of 5.9% [2][5] - Specific company performances include Meta with an actual EPS growth of 38.4% against an expected 15.0%, and Amazon with a growth of 33.3% versus an expected 5.3% [3][5] Valuation Insights - Barclays notes that large-cap tech stocks are currently at the lower end of their historical premium relative to the S&P 500, indicating potential for upward valuation [4] - Despite the S&P 500 index closing the gap with European markets, large-cap U.S. stocks remain at the upper end of their 10-year valuation range, suggesting no severe deviation from historical norms [4] Core Investment Rationale - Corporate earnings resilience is supported by technology and financial sectors, with over 90% of tech stocks exceeding EPS expectations [5][7] - The expected EPS growth rate for the technology sector in 2025 is around 20%, with a rising trend in earnings revisions [5][7] - The improvement in trade uncertainty and the potential for Fed rate cuts in the latter half of 2025 provide additional support for U.S. assets [8][9] Global Capital Trends - There is a noticeable shift in global capital flows towards U.S. assets, with increased exposure expected as U.S. markets stabilize [10] - The attractiveness of U.S. dollar assets is expected to rise, particularly as trade agreements are reached with Japan and the EU [10] Earnings Disparity Concerns - The structural disparity in earnings growth among sectors is a key reason for investor hesitation, with the TECH + sector growing at 24.6% while other sectors lag significantly [11][14] - The impact of tariffs on corporate profits may have a delayed effect, with potential significant impacts expected in Q3 [21] Valuation and Psychological Factors - Concerns regarding valuations as the S&P 500 nears historical highs are prevalent, with non-tech sectors facing higher forward P/E ratios compared to historical averages [23] - The fear of "buying at the peak" is amplified, particularly as tech stocks exhibit high P/E ratios, raising concerns about potential valuation corrections [23] Conclusion on Investment Strategy - The decision to invest in U.S. stocks hinges on individual risk tolerance and strategy, with institutional views leaning towards cautious optimism due to strong tech earnings and improving trade conditions [24] - Investors are advised to focus on selecting outperforming tech stocks and financials while being mindful of potential volatility and sector-specific risks [24]

此次裁员与微软积极推动人工智能发展的举措相吻合。微软上周报告了创纪录的财年收益，这些收益主要得益于云服务和人工智能业务的增长。 在给员工的备忘录中，微软 CEO 萨蒂亚・纳德拉承认裁员与公司成功之间的紧张关系。他提到裁员给他带来了沉重的负担。然而，纳德拉进一步描述科 技行业的势头为"动态、有时不一致且总是充满要求"。 ***************END*************** 半导体公众号推荐 半导体论坛百万微信群 加群步骤： 第一步：扫描下方二维码，关注国芯网微信公众号。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 8月6日消息，据外媒报道，根据最新披露的政府文件，微软在华盛顿州启动新一轮裁员，裁减约 40 个岗位，今年在华盛顿州的裁员总数已升至 3160 人。 微软表示，最新的裁员规模相对较小。公司发言人在发给新闻机构的电子邮件声明中表示，调整组织和员工，是管理公司业务必要和常规部分，公司将继 续优先考虑并投资于未来的战略增长领域，以支持客户和合作伙伴。 第二步：在公众号里面回复"加群"，按照提示操作即可。 爆料｜投稿｜合作｜社群 ...

Core Viewpoint - The company, Baiwang Co., Ltd. (百望股份), anticipates significant revenue growth and improved profitability in the upcoming fiscal period, driven by its AI business and digital tax solutions [1][2] Financial Performance - The expected total revenue for the six months ending June 30, 2025, is projected to be between RMB 330 million and RMB 380 million, compared to RMB 282 million for the same period in 2024 [1] - The anticipated AI business revenue for the six months ending June 30, 2025, is estimated to be between RMB 58 million and RMB 63 million, while there was no revenue from AI business in the same period of 2024 [1] - The gross profit margin for the six months ending June 30, 2025, is expected to be between 45.0% and 50.0%, an increase from 39.2% for the same period in 2024 [1] - The net profit for the six months ending June 30, 2025, is projected to be between RMB 3 million and RMB 5 million, a significant turnaround from a net loss of RMB 446 million in the same period of 2024 [1] Strategic Initiatives - The increase in total revenue is primarily attributed to the growth in AI business and digital tax solutions [1] - The improvement in gross profit margin is due to the strategic reduction of low-margin business marketing efforts and cost management [1] - The increase in net profit is linked to the implementation of data intelligence strategies based on specific scenarios [1][2] Adjusted Profitability - The adjusted net profit for the six months ending June 30, 2025, is expected to be between RMB 4 million and RMB 6 million, compared to an adjusted net loss of RMB 81.2 million for the same period in 2024 [2] - The increase in adjusted net profit is also attributed to the successful implementation of data intelligence strategies and operational efficiencies [2]