微软:云继续加速增长 M365增速轻微压制预期

中信建投证券
Nov 10

核心观点微软的供给瓶颈延续,其增长的确定性极高,体现在 RPO 加速增长 51% 至 3920 亿美元——且这不包括OpenAI 新增的2500亿美元订单。管理层继续大幅上调CapEx 预期。同时微软经营效率持续提升,营业利润率扩张至 49%,证明了其“AI 工厂”的规模效应和盈利能力,微软内部产品的高利润率+扩大外部租赁是非常理智的AI 投资策略,因此继续看好微软的投资价值。事件FY26Q1 ...

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