[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcioc5650fe8":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},"dcioc5650fe8","Copilot席位有望突破3000万？法巴看多微软(MSFT)Q4：收入与资本支出或迎“双加速”","\u002Fdoc\u002Fdcioc5650fe8","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，法国巴黎银行(BNP Paribas)发布研报称，微软(MSFT)2026财年第四季度财报及展望有望成为股价催化剂——营收增长将加速，但资本支出指引亦可能同步上调。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">法巴分析师斯特凡·斯洛温斯基(Stefan Slowinski)在报告中表示“我们预计第四财季Azure增长率为41%(市场一致预期约40%)，同时Copilot席位数将进一步加速增长。考虑到第四财季通常为季节性预订旺季(预计M365商业云按固定汇率计算同比增长16%)，本季度新增席位有望达到700万至800万个，乐观情形下甚至可能突破3000万大关。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">他进一步指出，“对于2027财年第一季度，我们预计Azure增速指引为40%至41%(市场一致预期40.6%)，M365商业云增速指引为15%至16%(若Copilot席位超过3000万，按固定汇率计算有望达到17%)。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">对于整个2027财年，法巴预计微软营收增长为18%，高于市场一致预期的16.8%，这一差异有望成为股价上行的催化剂。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">此外，法巴将微软2027财年资本支出预测较此前上调15%至2620亿美元，主要因元件持续通胀。该行维持微软“跑赢大盘”评级，但将目标价从555美元小幅下调至549美元。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">微软计划于7月29日盘后发布2026财年第四季度业绩。市场一致预期经调整每股收益为4.24美元，营收876.7亿美元。2025财年同期，微软每股收益为3.65美元，营收764.4亿美元。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">微软此前给出的第四财季Azure按固定汇率增长指引为39%至40%。法巴预计的41%虽仅略高于市场共识的40%，但意义重大——它意味着Azure增速在连续多个季度稳定在40%左右后，仍有望小幅提速。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">多家机构对此持类似乐观预期。高盛报告称，第四季度Azure按固定汇率计算同比增长有望达到40%至41%，下一季度的指引也可能维持在这一区间。汇丰研究预计Azure增幅约为39.6%。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Copilot的商业化进程是本次财报的另一大悬念。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">法巴预计本季度Copilot新增席位可达700万至800万个，乐观情形下甚至可能突破3000万。此前，法巴在5月曾预计Copilot席位在2026财年末可能超过2500万。而据公开数据，微软M365 Copilot付费企业席位在4月已突破2000万，席位数同比增长160%，用户周活跃度已与Outlook持平。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">斯洛温斯基表示，Copilot的用户情绪已显著改善，Excel、PowerPoint和Word的参与度持续上升，微软近期也强调了更强的月度参与度和留存率指标。预览产品如Copilot Cowork获得积极反馈，表明微软正有效应对来自Anthropic等竞争对手的AI压力。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">值得注意的是，微软CFO艾米·胡德(Amy Hood)在第三财季电话会上明确表示，Copilot席位数增长将在第四财季“再次加速”。这意味着管理层对Copilot的商业化前景同样抱有较强信心。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">对于投资者而言，Copilot席位数量是检验企业端AI渗透率的核心指标——若超过3000万，意味着企业AI采用正在加速;若低于2000万，则可能引发对商业化速度的担忧。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">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>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">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>\r\n\u003Cp> \u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FM\u002FMSFT\u002FMSFT.jpg","2026-07-21T15:50:35","2026.07.21","2026\u002F07\u002F21",32122,[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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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\" target=\"_blank\" 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,"edit":87,"editVideo":88,"courseContent":89,"more":90,"buyNow":91,"subscribeNow":92,"encoding":93,"paidContent":94},"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","编辑","编辑视频","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"]