随着VIX指数徘徊在16附近，市场屏息以待科技巨头的财报季。本轮财报的交易逻辑极其清晰：与其关注过去三个月的每股收益（EPS），不如盯着资本支出（Capex）的指引和增长故事的兑现率。对于投资者而言，最直接的风险在于叙事与现金流的错配：Meta面临着严重的资本开支失控风险，一旦指引超出预期，估值将面临重压；微软则处于“算力军备竞赛”的甜蜜点，高盛预计Azure增速将重回40%以上，回调即是买点。...
Source Link随着VIX指数徘徊在16附近，市场屏息以待科技巨头的财报季。本轮财报的交易逻辑极其清晰：与其关注过去三个月的每股收益（EPS），不如盯着资本支出（Capex）的指引和增长故事的兑现率。对于投资者而言，最直接的风险在于叙事与现金流的错配：Meta面临着严重的资本开支失控风险，一旦指引超出预期，估值将面临重压；微软则处于“算力军备竞赛”的甜蜜点，高盛预计Azure增速将重回40%以上，回调即是买点。...
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