MSFT · 盈利之中 · 后市策略 · Earnings In Progress · Forward Strategy
团队在二月份的时候在平台发布了「交易机会」报告。当时市场对软件股过度抛售，建议分段建仓，之后成功买入，最后一个建仓价钱亦在这段震荡阶段的最底部成功完成全部仓位。之后直到今日，市场价最高升至约$430左右，录得十分可观的升幅。再一次恭喜根据「交易机会」报告执行的会员们。所有操作记录均已公开于会员平台，供会员随时核对对照。
In February, the team published a "Trading Ideas" report on the platform. At the time, the market was excessively selling off software stocks, and the team recommended building positions in stages. Purchases were successfully executed, with the final accumulation completed at the very bottom of the consolidation range. The stock has since risen to a high of approximately $430, delivering a very substantial gain. Congratulations once again to all members who acted on the "Trading Ideas" report. All trade records are documented on the member platform and available for members to verify at any time.
AI驱动的云巨头，短期波动不改长期复合增长引擎
AI-Driven Cloud Giant — Short-Term Volatility Does Not Alter the Long-Term Compounding Engine
微软于2026年4月29日盘后公布2026财年第三季度（截至2026年3月31日）业绩：收入82.89亿美元（同比增长18%），超出市场预期（共识约81.4至81.5亿美元）；调整后EPS 4.27美元，同样超预期。Intelligent Cloud板块收入347亿美元（+30%），其中Azure及其他云服务收入增长40%（恒定汇率39%），AI相关业务年化收入运行率已达370亿美元（同比增长123%）。Microsoft Cloud整体收入545亿美元（+29%）。
Microsoft reported its Q3 FY2026 results (for the quarter ended March 31, 2026) after market close on April 29, 2026. Revenue came in at $82.89 billion, up 18% year-over-year, beating consensus expectations of approximately $81.4 to $81.5 billion. Adjusted EPS of $4.27 also exceeded estimates. The Intelligent Cloud segment posted revenue of $34.7 billion (+30%), with Azure and other cloud services growing 40% (39% in constant currency). AI-related business annualized revenue run rate reached $37 billion, up 123% year-over-year. Microsoft Cloud overall revenue was $54.5 billion (+29%).
尽管2026年初股价因AI资本开支担忧与宏观波动下跌约12至15%，但AI与云业务的强劲势头持续验证微软在企业AI时代的领先地位。公司同时推出美国员工自愿买断计划，聚焦效率优化。
Although the stock declined approximately 12 to 15% in early 2026 amid concerns over AI capital expenditure and broader market volatility, the strong momentum in AI and cloud businesses continues to validate Microsoft's leadership position in the enterprise AI era. The company also launched a voluntary buyout programme for US employees, focusing on efficiency optimisation.
初步观点：微软护城河极深（云+生产力+AI协同），AI已成为新增长曲线。尽管资本开支高企与短期增长略有收窄，目前估值已消化部分担忧，适合采用纪律性分阶段加仓的长期投资者。
Initial assessment: Microsoft's competitive moat is exceptionally deep — spanning cloud, productivity, and AI synergies — and AI has become a new growth curve. Despite elevated capital expenditure and some near-term growth moderation, the current valuation has already absorbed a portion of these concerns, making it suitable for disciplined, long-term investors who adopt a staged accumulation approach.
团队已就MSFT最新市况完成综合评估，分享后市操作策略。
The team has completed a comprehensive assessment of MSFT's latest market developments and is sharing its forward strategy below.
