最近全球企业的财务大佬们都在忙着敲定明年的预算方案，特朗普政府推出的《大而美法案》突然横空出世，成了打乱不少人计划的"变数"。 有人把它当成天降馅饼，忙着提前加码投资；有人却把它当空气，照样按自己的节奏布局。 这法案到底是企业的救命稻草，还是徒有其表的噱头，咱们得掰开了揉碎了说。 这法案的核心玩法其实挺简单，企业买软件、建厂房、添设备这些易损耗的资产，还有搞研发花的钱，报税的时候能全额直接抵扣，不用像以前那样分好几 年慢慢摊。 这对企业来说诱惑力真不小，毕竟投资当年就能少交税，现金流一下就宽松了不少。 美国政府的想法也很直接，就是想靠这招刺激本土企业多投资，把经济拉一把。 但天下没有免费的午餐，这波刺激背后的代价可不小。 国会联合税收委员会算过一笔账，未来10年光是"额外折旧"这一项，国税局就要少收3630亿美元的税，研发支出抵扣还得再少1410亿美元。 如此看来，短期投资是可能被盘活了，但长期的财政赤字压力怕是要直线上升，这波操作的性价比到底高不高，争议一直没停过。 美国本土企业大多对这政策举双手赞成，不少人已经开始调整投资计划了。 电信公司Lumen正往人工智能业务转型，他们的CFO克里斯直言，这政策对投 ...

Core Viewpoint - Nokia's stock surged by 10% to $6.105 following better-than-expected Q3 earnings driven by growth in network infrastructure and optical networks [1] Financial Performance - Nokia's Q3 net sales increased by 12% year-over-year to €4.828 billion, surpassing analyst expectations of €4.64 billion [1] - Adjusted operating profit decreased by 10% year-over-year to €435 million, but exceeded analyst expectations of €324 million [1] - Adjusted earnings per share remained flat at €0.06 compared to the same period last year [1] Business Drivers - The growth in performance was primarily driven by demand from artificial intelligence and cloud services customers [1] - After a period of weak 5G equipment sales, Nokia diversified its business by expanding into new areas such as AI and defense [1] Updated Guidance - The company updated its full-year profit forecast to €1.7-2.2 billion, an upward revision from previous expectations [1]

Core Insights - Nokia's Q3 2025 earnings performance exceeded market expectations, driven by growth in network infrastructure and optical network businesses [1] - The company reported a 12% year-on-year increase in net sales to €4.828 billion, surpassing analyst expectations of €4.64 billion [1][2] - Adjusted operating profit decreased by 10% to €435 million, but was better than the average analyst forecast of €324 million [1][2] Financial Performance - Net sales for Q3 2025 reached €4.828 billion, up from €4.326 billion in Q3 2024, marking a 12% increase [2] - Gross margin decreased to 43.7% from 45.2% year-on-year, reflecting a 150 basis points decline [2] - Operating profit for Q3 2025 was €239 million, down 14% from €278 million in Q3 2024 [2] - Profit for the period fell to €80 million, a 54% decrease from €175 million in the same quarter last year [2] Business Segment Performance - Network infrastructure segment reported net sales of €1.953 billion, a 28% increase year-on-year [2] - Mobile networks segment saw net sales of €1.842 billion, a slight decline of 1% [2] - Cloud and network services segment achieved net sales of €645 million, up 8% year-on-year [2] - Nokia Technologies segment reported net sales of €391 million, a 1% increase [2] Future Outlook - Despite previous adjustments to profit expectations due to tariffs and currency fluctuations, Nokia reaffirmed its full-year operating outlook, now expecting comparable operating profit between €1.7 billion and €2.2 billion [3] - The company is focusing on expanding into sectors like artificial intelligence and defense to diversify its customer base beyond mobile operators [3] - CEO Justin Hotard is set to outline strategic plans on November 19 during the capital markets day [3]