对于标准化建设的价值，中商产业研究院分析师认为，这将为云计算行业带来多重利好。一方面，统一 的技术标准和服务规范能够大幅提升云服务的互操作性与兼容性，企业在不同云服务商之间进行迁移 时，成本会显著降低，相关风险也能得到有效控制；另一方面，标准化建设能够推动云计算行业从"快 速扩张"向"规范发展"转型，提升行业的整体形象和信誉度，进而为云计算技术在更多领域的广泛应 用、更深层次的发展创造有利条件，比如在传统制造业的数字化改造、政务服务的智能化升级等场景 中，标准化的云服务将更易被接受和应用。 10月9日，工业和信息化部与国家标准化管理委员会联合发布《云计算综合标准化体系建设指南（2025 版）》（简称《指南》），从目标、框架、落地价值等多维度给云计算综合标准化体系建设提供系统性 指引。 《指南》明确提出三大核心目标：到2027年，新制定云计算国家标准和行业标准30项以上，不断健全云 计算产业标准体系；开展标准宣贯和实施推广的企业超过1000家，以标准赋能企业数字化转型升级的成 效更加凸显；加快云计算领域国际标准供给，促进产业全球化发展。 《指南》提出对云计算综合标准化体系结构、云计算综合标准化体系框架的建设思路 ...

Financial Data and Key Metrics Changes - In Q1 2025, net revenue was $2.1 billion, a decrease of 12% driven by a 13% decline in product revenue, primarily due to on-prem software related to a large deal in Q1 2024 [21] - Gross profit decreased by 8% due to partner program changes and a decline in on-prem software and agent services [22] - Adjusted diluted earnings per share were $2.6, down 13%, primarily due to lower gross profit [25] - Adjusted EBITDA was $111 million, a decrease of 16%, with a margin contraction of 30 basis points to 5.3% [25] - The adjusted return on invested capital for the trailing twelve months was 14.9%, down from 18% a year ago [26] Business Line Data and Key Metrics Changes - Hardware revenue increased by 1%, marking the first increase in ten quarters, with good performance in servers and storage [21][22] - Cloud gross profit was $103 million, a decrease of 3%, attributed to declines in legacy Microsoft enterprise agreements and a pivot to the mid-market [23] - Insight Core Services revenue decreased by 2%, with gross profit down 4% due to delays in services projects from large enterprise clients [22][24] Market Data and Key Metrics Changes - The macro environment outlook has deteriorated, leading to increased volatility and uncertainty, impacting large enterprise clients' spending [7][18] - AI spending remains a priority for firms, with budget reallocations from other segments to invest in AI [19] Company Strategy and Development Direction - The company aims to accelerate profitable growth by enhancing consulting business engagement models and leveraging GenAI technologies [9][10] - Focus on driving attached services to hardware sales and expanding programs with distribution partners to improve supply availability [9] - The strategy is to become a leading solutions integrator, investing in areas like cloud, data, AI, edge, and cyber [31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about hardware spending and AI interest, despite the uncertain macro environment [36][38] - The company anticipates that the second half of the year will be stronger than the first, with expectations for improved services spending aligned with hardware sales [18][19] - Management is prepared for potential downturns with plans for cost management and operational efficiency improvements [72] Other Important Information - The company has been recognized for its diversity and workplace environment, receiving accolades such as America's Greatest Workplaces for Diversity for 2025 [17] - The company continues to focus on corporate citizenship and sustainability, as highlighted in its annual corporate citizenship report [18] Q&A Session Summary Question: What is driving the confidence in the guidance despite a tougher macro backdrop? - Management noted good momentum in hardware spend and AI interest, along with effective navigation of partner program changes [36][38] Question: Are there any demand pull-ins from customers in hardware? - Minimal pull-ins were observed in response to tariff threats, primarily related to devices, with a general movement towards leveraging AI technologies [44] Question: What are the expectations regarding vendor OEM pricing in light of tariffs? - Pricing responses vary by OEM, with some increasing prices, but generally, the pricing motion has been subdued [52][54] Question: What is the outlook for services spending through the year? - Services spending is expected to improve in the back half of the year, aligning with improved product sales [73]