【资讯导读】 ·美国10月JOLTS职位空缺767万人远超预期 ·2025年德国企业破产数量升至十多年来新高 ·欧盟气候监测机构：基本确定2025年为有记录以来第二热年 ·澳洲联储维持基准利率在3.60%不变 ·贸发会议报告：2025年全球贸易有望首次突破35万亿美元 【市场资讯】 ·美国总统特朗普表示，他将把支持立即大幅降息作为选择新任美联储主席的"试金石"。 ·ADP最新数据显示，截至11月22日的四周内，美国私营雇主平均每周新增4750个就业岗位，结束了此 前连续四周的就业流失。另外，美国10月JOLTS职位空缺767万人，远超预期，升至五个月来最高水 平，招聘持续低迷。 ·欧盟委员会9日宣布，对美国谷歌公司利用网络内容为其人工智能（AI）服务提供支持的做法启动调 查，评估其行为是否违反欧盟竞争规则。 ·德国总理默茨9日表示，近期发布的美国国家安全战略报告中的部分内容对欧洲而言"不可接受"，德国 及欧洲在安全政策方面必须高度独立于美国。 ·德国信用报告机构"信贷改革"公司8日发布报告说，受国内经济持续疲软和经济政策不稳定影响，2025 年德国企业破产数量比前一年增加8.3%至2.39万家，是自2014年 ...

欧盟本月5日宣布，因在透明度方面违法等原因对美国社交媒体平台X罚款1.2亿欧元，引发美方强烈反 应。美总统特朗普称，如果欧盟继续惩罚美国科技企业，美国将对欧加征关税。 （文章来源：新华社） 欧盟委员会将重点审查谷歌将网络出版者的内容用于其生成式人工智能服务前，是否给予网络出版者拒 绝选项或合理补偿。 今年9月，欧盟以谷歌公司在广告相关领域的行为违规为由，对其处以29.5亿欧元的反垄断罚款；今年 11月，欧盟委员会又宣布对谷歌启动新一轮调查，审查其搜索结果是否对媒体行业公平等。 新华财经布鲁塞尔12月9日电（记者丁英华张兆卿）欧盟委员会9日宣布，对美国谷歌公司利用网络内容 为其人工智能（AI）服务提供支持的做法启动调查，评估其行为是否违反欧盟竞争规则。 欧盟委员会在新闻公报中说，此次调查重点是谷歌是否在不公平条款下使用网络出版者的内容以及其旗 下视频平台优兔上的内容，用于人工智能相关用途。 ...

Core Insights - The explosive growth in demand for AI services and data centers has led to a tripling of the interest-bearing debt of approximately 1,300 major tech companies to around $1.35 trillion over the past decade [1] - The shift in business models from low-capital software operations to AI-driven businesses requiring large-scale data centers is a key factor behind this debt increase [1] - The total interest-bearing debt of the five major U.S. tech giants—Amazon, Microsoft, Apple, Meta, and Alphabet—has reached $457 billion, 2.8 times higher than a decade ago [1] Group 1 - The increase in debt reflects intense competition among global tech companies in the AI sector [2] - Meta's CEO Mark Zuckerberg highlighted the high stakes of investing in AI, suggesting that the risk of not investing is greater than the risk of misallocating funds [2] - Strong investor demand is supporting corporate debt financing, with Oracle's recent bond issuance receiving orders approximately five times the issuance size [2] Group 2 - Concerns have arisen among some investors regarding the profitability of AI-related businesses supported by tech companies [3] - The proportion of companies with a debt-to-equity ratio exceeding 1 has risen to 13.8%, an increase of 4.9 percentage points over the past decade [3] - While nearly 90% of companies currently have the financial strength to manage debt repayments, the number of companies with excessively high debt-to-equity ratios, such as Oracle at 4.6, is increasing [3]

Core Viewpoint - SAP's third-quarter financial results showed overall stability, but cloud business revenue fell short of market expectations, leading to a post-market stock drop of approximately 4% [1][3]. Financial Performance - Operating profit increased by 12% to €2.49 billion, with an operating margin rising by 1.3 percentage points to 27.4%. Non-IFRS operating profit grew by 14% to €2.57 billion, with a constant currency growth of 19% [4]. - Basic earnings per share (EPS) rose by 37% to €1.72 under IFRS, and by 29% to €1.59 under non-IFRS, exceeding analyst expectations of €1.49 [5]. - Operating cash flow grew by 7% to €1.5 billion, while free cash flow increased by 5% to €1.27 billion [5]. Cloud Business Insights - Cloud business backlog orders grew by 23% to €18.84 billion, with a constant currency growth of 27% [5]. - Cloud revenue increased by 22% to €5.29 billion, but fell short of analyst expectations of €5.33 billion; cloud ERP suite revenue grew by 26% to €4.59 billion, with a constant currency growth of 31% [5]. - Cloud business gross profit rose by 24% to €3.95 billion under IFRS, and by 24% to €3.97 billion under non-IFRS, with a constant currency growth of 28% [9]. Revenue Breakdown - Total revenue from cloud and software grew by 8% to €8.02 billion, with a constant currency growth of 12% [7]. - Service revenue increased by 2% to €1.06 billion, with a constant currency growth of 6%. Overall revenue grew by 7% to €9.08 billion, with a constant currency growth of 11% [8]. - Software licensing revenue declined by 43% to €160 million, with a constant currency decline of 42% [6]. Future Outlook - For 2025, SAP expects cloud revenue to be at the lower end of the guidance range, between €21.6 billion and €21.9 billion, with a year-on-year growth of 26% to 28% [11]. - Non-IFRS operating profit is projected to be at the upper end of the guidance range, between €10.3 billion and €10.6 billion, with a year-on-year growth of 26% to 30% [12]. - Free cash flow is anticipated to be between €8 billion and €8.2 billion [13]. Market Context - SAP's stock has declined approximately 9% over the past three months, and the company was previously seen as a potential challenger to the U.S. tech giants [14][16]. - The CEO highlighted strong cloud revenue growth of 27% and expressed confidence in achieving faster overall revenue growth by 2026 [17]. - Analysts noted that trade disputes and economic weakness have impacted sales, particularly from manufacturing clients [18][19].