[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio8d869e19":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio8d869e19","摩根士丹利：微软(MSFT)为AI时代重塑业务架构-重申“增持“评级","\u002Fdoc\u002Fdcio8d869e19","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，摩根士丹利发布研报称，微软(MSFT)宣布在FY27生效对外部报告结构进行广泛调整，将生产力与业务流程、智能云、更多个人计算三个历史运营分部合并为\"Agents and Infra\"（智能体和基础设施）与\"Devices and Consumer\"（设备与消费者）两大新分部，旨在与日益整合的云+AI内部管理方式对齐。该行认为，此次调整主要属会计重分类，不改变底层经济学；Azure和Microsoft 365口径变化均属机械性调整，维持1H27 Azure相对2H26加速、FY27 Microsoft 365商业云增长加速的判断不变。大摩重申\"增持\"评级，目标价600美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>业务\"三并二\"聚焦云+AI整合\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>微软历史上生产力与业务流程和智能云之间的区分日益不再代表技术栈，因为基础设施、应用和AI服务日益共同运作。新的\"Agents and Infra\"分部将微软的商业云和软件业务合并为单一报告结构，而\"Devices and Consumer\"则整合公司的消费者导向业务。大摩认为，这一变化在战略上具有重要意义，因为公司报告日益反映其管理商业云和AI业务的整合方式，而非表明底层基本面的变化。这与微软2024年披露调整的逻辑一致，当时公司同样寻求使外部报告与内部运营方式更紧密对齐。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Azure增速机械下调约1个百分点GitHub剥离打造更干净KPI\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>大摩认为，最重要的KPI变化是将GitHub云和其他开发者云服务从Azure中移除，从而创建一个更专注于云和AI消费服务的Azure收入指标。这一变化在机械性上将F4Q26的历史Azure增长率降低了约1个百分点，同时微软更新的F1Q27 Azure展望在新定义下同样适度降低。但该行强调，这些变化是机械性的，而非表明Azure潜在动能的变化，因为微软此前关于1H27相对2H26 Azure增长加速的评论保持不变。微软还将开始提供季度Azure收入美元数，重述显示FY26 Azure收入为1019亿美元，这增加了业务绝对规模和增量收入增长的可见性，尤其便于与竞争对手云业务比较。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>此外，重新分类还提供了GitHub动能的增量解读GitHub的移除在机械性上降低了Azure增长率，而其加入增加了M365商业云增长率，重述暗示GitHub的增长一直快于整体Azure业务。这使得GitHub的增长概况更类似于专注软件开发的JFrog，而非业务组合更多元化的Atlassian。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>M365商业云口径小幅上移FY26收入1003亿美元 增长加速判断不变\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>在新结构下，GitHub云和其他开发者服务归入M365商业云，推动了历史M365商业云增长率的重述上调，而Security Copilot代表相对较小的重新分类部分。微软还将开始提供季度M365云收入美元数，新披露显示该业务在FY26产生了1003亿美元收入。重要的是，微软此前关于M365商业云在FY27增长加速的评论保持不变，增长驱动力包括Copilot、E7及持续向E5迁移。不过，更广泛的M365架构进一步抽象了单个产品（包括Copilot和GitHub）的贡献，这类似于微软2024年披露变化时更广泛的M365商业云KPI增加了报告业务规模，但降低了独立Copilot贡献的可见性。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>代价分部独立毛利率可见度下降\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>大摩指出，新报告结构的主要缺点是降低了对微软各个业务盈利能力的可见性。更宽的分部口径使投资者难以单独观察各业务的毛利率表现，Microsoft Cloud整体毛利率因此成为衡量底层云盈利能力的更重要指标。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 每天处理千万级股票数据：捕捉期权大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准交易信号第一时间发到您手机APP！\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FM\u002FMSFT\u002FMSFT.jpg","2026-09-07T13:05:52","2026.09.07","2026\u002F09\u002F07",42044,[22],"MSFT","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca 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href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]