<p>财报季可以让投资者一窥当前市场的驱动因素。随着第二季度财报季的主要部分已经过去——截至目前，超过 90% 的 <strong>标准普尔 500 指数</strong>（^GSPC -0.64%）公司已经发布了财报——三个主要主题应该引起每位投资者的关注。让我们逐一来看。</p>
<h2>大型科技公司和人工智能仍在推动市场</h2>
<p>第一个重要的结论是，围绕人工智能（AI）的热潮并没有降温。大型科技公司仍在大力投资这一技术，预计其投资只会增加。</p>
<p><strong>微软</strong> 的季度财报很好地体现了这一主题，该公司在各个业务领域都表现强劲，均受到 AI 的推动。其云计算部门 Azure 表现突出，但其企业软件业务也因 <strong>Microsoft 365 Copilot</strong> 应用的采用加速而实现了强劲增长。<strong>Alphabet</strong> 和 <strong>亚马逊</strong> 的云业务也实现了强劲增长，三家公司均表示需求超过了产能。</p>
<p><strong>Meta Platforms</strong> 能够利用 AI 的力量推动强劲的广告收入增长。谷歌的搜索业务和亚马逊的广告业务同样如此。</p>
<p>大型科技公司继续加大对 AI 基础设施的投资。<strong>Alphabet</strong> 将其年度资本支出（capex）指引上调了 100 亿美元，达到 850 亿美元，而 <strong>微软</strong> 表示将在新财年大力投资服务器和图形处理单元（GPU），以满足日益增长的需求。</p>
<p>这并不令人惊讶，导致半导体领域的强劲增长。<strong>英伟达</strong> 继续表现突出，而 <strong>超威半导体</strong> 在中国以外也实现了强劲增长。<strong>台湾积体电路制造公司</strong> 的收入增长了 44%，仍然是先进芯片制造的市场领导者。</p>
<p>目前，AI 的影响是真实的，最大的受益者是科技领域中最大的公司。</p>
<h2>消费者在快速服务餐饮方面有所收缩</h2>
<p>目前餐饮行业存在有趣的二元对立。在第二季度，美国的快速服务餐饮明显回落，影响了快餐和快休闲连锁店。</p>
<p>快餐领域的表现则较为复杂。<strong>百胜餐饮</strong> 在美国的同店销售（comps）下降了 5%，而其 Taco Bell 部门则增长了 4%。<strong>麦当劳</strong> 在美国的同店销售表现强劲，增长了 2.5%，因为它专注于价值产品。</p>
<p>然而，其他品牌表现较弱，<strong>温迪汉堡</strong> 在美国的同店销售下降了 3.6%，而 <strong>杰克盒子</strong> 则下降了 7.1%。温迪汉堡和麦当劳均指出早餐是弱点。</p>
<p>通常更具韧性的快休闲类别在第二季度也遭遇了困难。<strong>墨西哥卷饼</strong> 的同店销售意外下降了 4.0%，而 <strong>Cava Group</strong> 的业绩远低于预期。<strong>Sweetgreen</strong> 的同店销售暴跌了 7.6%。</p>
<p>令人惊讶的是，休闲餐厅的表现却相当强劲。<strong>Brinker International</strong> 旗下的 Chili's 表现最佳，同店销售增长了 23.7%，得益于强劲的客流、积极的产品组合和价格上涨。<strong>Dine Equity</strong> 的 Applebee's 连锁店报告了 4.9% 的同店销售增长，而 <strong>Darden</strong> 的 Olive Garden 同店销售增长了 6.9%。</p>
<p>目前，经济似乎对低收入消费者造成了压力，他们因此转向价值选项。这是麦当劳通常能够在竞争中脱颖而出的环境。</p>
<p>更有趣的是，快休闲和休闲餐饮之间的转变。由于过去几年快休闲连锁店的价格上涨，休闲餐饮的专家们以 Chili's 为首，能够利用价值促销和病毒式营销吸引年轻顾客。这正在奏效，并从快休闲的老牌企业中夺取市场份额。这是一个值得关注的有趣动态。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA5NDUvZ2V0dHlpbWFnZXMtMjE5NTM0MDkxNy5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA5NDUvZ2V0dHlpbWFnZXMtMjE5NTM0MDkxNy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images</p>
<h2>关税开始对各行业产生影响</h2>
<p>本财报季的最后一个重要主题是关税带来的日益拖累。受影响最严重的行业之一是汽车行业。<strong>通用汽车</strong> 和 <strong>福特汽车公司</strong> 都承受了巨额的关税账单，尽管两者对其减轻影响的策略充满信心。</p>
<p>消费品公司也感受到了影响。例如，<strong>宝洁</strong> 和 <strong>高露洁 - 棕榄</strong> 都将关税和上涨的成本视为压力点。这意味着这些公司需要积极管理价格并削减成本，以保持运营利润率。</p>
<p>零售商也提供了自己的观点。<strong>沃尔玛</strong> 在本季度表现强劲，但管理层讨论了关税的影响将如何开始传递给消费者，因为它开始补充更多库存。</p>
<p>显著的是，影响的范围正在扩大。这不仅仅是汽车制造商或小众行业；几乎所有行业都受到关税的影响。最大的问题是：关税将对消费者造成多大伤害，是否会将经济拖入衰退？</p>

英伟达

谷歌-A

谷歌-C

微软

<p>盈利季揭示了投资者的三个关键主题：1）大型科技公司和人工智能继续推动市场增长，微软和谷歌等公司在人工智能和云服务方面增加投资，惠及像英伟达这样的半导体公司。2）快餐行业正在经历回落，而休闲餐饮则出现增长，表明消费者支出正在向更具性价比的选项转移。3）关税正在影响各个行业，尤其是汽车行业，通用汽车和福特等公司面临显著成本，迫使它们调整定价策略以维持利润率</p>

<p>Earnings season can give investors a glimpse into what's currently driving the market. With the bulk of the second-quarter earnings season in the rearview mirror -- more than 90% of <strong>S&amp;P 500</strong>(^GSPC -0.64%) companies have already reported as of this writing -- three major themes should be on every investor's radar. Let's look at each.</p>
<div class="lb-trans"><p>财报季可以让投资者一窥当前市场的驱动因素。随着第二季度财报季的主要部分已经过去——截至目前，超过 90% 的 <strong>标准普尔 500 指数</strong>（^GSPC -0.64%）公司已经发布了财报——三个主要主题应该引起每位投资者的关注。让我们逐一来看。</p>
</div><h2>Big tech and AI are still driving the market</h2>
<div class="lb-trans"><h2>大型科技公司和人工智能仍在推动市场</h2>
</div><p>The first big takeaway is that the hype around artificial intelligence (AI) is not cooling off. Megacap tech companies are still spending huge on this technology with their investments only expected to rise.</p>
<div class="lb-trans"><p>第一个重要的结论是，围绕人工智能（AI）的热潮并没有降温。大型科技公司仍在大力投资这一技术，预计其投资只会增加。</p>
</div><p><strong>Microsoft</strong>'s quarter was a great example of this theme with the company seeing strength across its businesses, all driven by AI. Its cloud computing unit, Azure, led the way, but its enterprise software business also saw strong growth as adoption of its Microsoft 365 Copilot apps accelerated. <strong>Alphabet</strong> and <strong>Amazon</strong>'s cloud businesses also saw robust growth, and and all three companies said demand outstripped capacity.</p>
<div class="lb-trans"><p><strong>微软</strong> 的季度财报很好地体现了这一主题，该公司在各个业务领域都表现强劲，均受到 AI 的推动。其云计算部门 Azure 表现突出，但其企业软件业务也因 <strong>Microsoft 365 Copilot</strong> 应用的采用加速而实现了强劲增长。<strong>Alphabet</strong> 和 <strong>亚马逊</strong> 的云业务也实现了强劲增长，三家公司均表示需求超过了产能。</p>
</div><p><strong>Meta Platforms</strong> was able to harness the power of AI to help drive strong ad revenue growth. The same was also true for Google's search business and Amazon's ad business.</p>
<div class="lb-trans"><p><strong>Meta Platforms</strong> 能够利用 AI 的力量推动强劲的广告收入增长。谷歌的搜索业务和亚马逊的广告业务同样如此。</p>
</div><p>Big tech companies continue to lean into AI infrastructure spending. Alphabet raised its yearly capital expenditure (capex) guidance by $10 billion to $85 billion, while Microsoft said it would spend heavily on servers and graphics processing units (GPUs) in its new fiscal year to try to meet growing demand.</p>
<div class="lb-trans"><p>大型科技公司继续加大对 AI 基础设施的投资。<strong>Alphabet</strong> 将其年度资本支出（capex）指引上调了 100 亿美元，达到 850 亿美元，而 <strong>微软</strong> 表示将在新财年大力投资服务器和图形处理单元（GPU），以满足日益增长的需求。</p>
</div><p>This, not surprisingly, is leading to robust growth in the semiconductor space. <strong>Nvidia</strong> continues to be a standout, while <strong>Advanced Micro Devices</strong> also saw strong growth outside of China. <strong>Taiwan Semiconductor Manufacturing</strong> saw a 44% increase in revenue as it remains the market leader in manufacturing advanced chips.</p>
<div class="lb-trans"><p>这并不令人惊讶，导致半导体领域的强劲增长。<strong>英伟达</strong> 继续表现突出，而 <strong>超威半导体</strong> 在中国以外也实现了强劲增长。<strong>台湾积体电路制造公司</strong> 的收入增长了 44%，仍然是先进芯片制造的市场领导者。</p>
</div><p>Right now, the impact of AI is real, and the biggest beneficiaries are the biggest companies in the tech space.</p>
<div class="lb-trans"><p>目前，AI 的影响是真实的，最大的受益者是科技领域中最大的公司。</p>
</div><h2>Consumers are pulling back on quick-service dining</h2>
<div class="lb-trans"><h2>消费者在快速服务餐饮方面有所收缩</h2>
</div><p>There is an interesting dichotomy in the restaurant space right now. There was a clear pullback in quick-service dining in the U.S. during the second quarter, and it affected both fast-food and fast-casual chains.</p>
<div class="lb-trans"><p>目前餐饮行业存在有趣的二元对立。在第二季度，美国的快速服务餐饮明显回落，影响了快餐和快休闲连锁店。</p>
</div><p>The fast-food space was more of a mixed bag. <strong>Yum Brands</strong> saw its U.S. same-store sales (comps) sink 5% for the KFC and Pizza Hut brands, while its Taco Bell division saw a 4% increase. <strong>McDonald's</strong> U.S. comps were strong, rising 2.5%, as it leaned into value offerings.</p>
<div class="lb-trans"><p>快餐领域的表现则较为复杂。<strong>百胜餐饮</strong> 在美国的同店销售（comps）下降了 5%，而其 Taco Bell 部门则增长了 4%。<strong>麦当劳</strong> 在美国的同店销售表现强劲，增长了 2.5%，因为它专注于价值产品。</p>
</div><p>However, other brands were weaker with <strong>Wendy's</strong> seeing a 3.6% decline in U.S. comps and a 7.1% decrease for <strong>Jack in the Box</strong>. Both Wendy's and McDonald's called out breakfast as being weak spots.</p>
<div class="lb-trans"><p>然而，其他品牌表现较弱，<strong>温迪汉堡</strong> 在美国的同店销售下降了 3.6%，而 <strong>杰克盒子</strong> 则下降了 7.1%。温迪汉堡和麦当劳均指出早餐是弱点。</p>
</div><p>The usually more resilient fast-casual category struggled in the second quarter too. <strong>Chipotle Mexican Grill</strong> saw a surprising 4.0% decline in comps, while <strong>Cava Group</strong>'s results came up well short of expectations. <strong>Sweetgreen</strong>'s comps plunged 7.6%.</p>
<div class="lb-trans"><p>通常更具韧性的快休闲类别在第二季度也遭遇了困难。<strong>墨西哥卷饼</strong> 的同店销售意外下降了 4.0%，而 <strong>Cava Group</strong> 的业绩远低于预期。<strong>Sweetgreen</strong> 的同店销售暴跌了 7.6%。</p>
</div><p>Surprisingly, though, casual restaurants were seeing robust results. Chili's, owned by <strong>Brinker International</strong>, led the way with comps up 23.7%, driven by strong traffic, positive mix, and price increases. <strong>Dine Equity</strong> reported 4.9% comps growth for its Applebee's chain, while <strong>Darden</strong>'s Olive Garden saw comps increase 6.9%.</p>
<div class="lb-trans"><p>令人惊讶的是，休闲餐厅的表现却相当强劲。<strong>Brinker International</strong> 旗下的 Chili's 表现最佳，同店销售增长了 23.7%，得益于强劲的客流、积极的产品组合和价格上涨。<strong>Dine Equity</strong> 的 Applebee's 连锁店报告了 4.9% 的同店销售增长，而 <strong>Darden</strong> 的 Olive Garden 同店销售增长了 6.9%。</p>
</div><p>Right now, the economy appears to be weighing on lower-income consumers, who are shifting to value options as a result. This is an environment in which McDonald's has typically been able to shine compared to the competition.</p>
<div class="lb-trans"><p>目前，经济似乎对低收入消费者造成了压力，他们因此转向价值选项。这是麦当劳通常能够在竞争中脱颖而出的环境。</p>
</div><p>More interesting, though, is the shift being seen between fast-casual and casual dining. With prices for fast-casual chains up quite a bit over the past few years, specialists in casual dining, led by Chili's, have been able to lean into value promotions and viral marketing to draw in younger customers. It's working and taking market share away from fast-casual stalwarts. This is an interesting dynamic to keep an eye on.</p>
<div class="lb-trans"><p>更有趣的是，快休闲和休闲餐饮之间的转变。由于过去几年快休闲连锁店的价格上涨，休闲餐饮的专家们以 Chili's 为首，能够利用价值促销和病毒式营销吸引年轻顾客。这正在奏效，并从快休闲的老牌企业中夺取市场份额。这是一个值得关注的有趣动态。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA5NDUvZ2V0dHlpbWFnZXMtMjE5NTM0MDkxNy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830945%2Fgettyimages-2195340917.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images</p>
<div class="lb-trans"><p>图片来源：Getty Images</p>
</div><h2>Tariffs are starting to bite across industries</h2>
<div class="lb-trans"><h2>关税开始对各行业产生影响</h2>
</div><p>The last big theme this earnings season is the growing drag from tariffs. One of the hardest-hit sectors was the auto industry. Both <strong>General Motors</strong> and <strong>Ford Motor Company</strong> absorbed huge tariff bills, although both were confident in their strategies to mitigate the impact.</p>
<div class="lb-trans"><p>本财报季的最后一个重要主题是关税带来的日益拖累。受影响最严重的行业之一是汽车行业。<strong>通用汽车</strong> 和 <strong>福特汽车公司</strong> 都承受了巨额的关税账单，尽管两者对其减轻影响的策略充满信心。</p>
</div><p>Consumer staple companies are also feeling the effect. For example, <strong>Procter &amp; Gamble</strong> and <strong>Colgate-Palmolive</strong> both flagged tariffs and rising costs as pressure points. That means these companies need to actively manage prices and cut costs just to keep operating margins in line.</p>
<div class="lb-trans"><p>消费品公司也感受到了影响。例如，<strong>宝洁</strong> 和 <strong>高露洁 - 棕榄</strong> 都将关税和上涨的成本视为压力点。这意味着这些公司需要积极管理价格并削减成本，以保持运营利润率。</p>
</div><p>Retailers added their own perspective. <strong>Walmart</strong> had a strong quarter, but management discussed how the impact of tariffs would start to flow through to consumers as it began replenishing more inventory.</p>
<div class="lb-trans"><p>零售商也提供了自己的观点。<strong>沃尔玛</strong> 在本季度表现强劲，但管理层讨论了关税的影响将如何开始传递给消费者，因为它开始补充更多库存。</p>
</div><p>What stands out is how broad the impact is becoming. It's not just automakers or niche industries; tariffs are affecting nearly all of them. The big question is: How much will tariffs hurt the consumer down the line, and could they drag the economy into a downturn?</p>
<div class="lb-trans"><p>显著的是，影响的范围正在扩大。这不仅仅是汽车制造商或小众行业；几乎所有行业都受到关税的影响。最大的问题是：关税将对消费者造成多大伤害，是否会将经济拖入衰退？</p>
</div>

3 Standout Themes That Emerged From Earnings Season

- 第二季度财报季显示，科技巨头和人工智能仍主导市场。  
- 快餐行业出现消费回落，低收入消费者转向价值选项。  
- 关税影响各行业，汽车和消费品公司面临成本压力。  

财报季中浮现出的三个显著主题