<p>財報季可以讓投資者一窺當前市場的驅動因素。隨着第二季度財報季的主要部分已經過去——截至目前，超過 90% 的 <strong>標準普爾 500 指數</strong>（^GSPC -0.64%）公司已經發布了財報——三個主要主題應該引起每位投資者的關注。讓我們逐一來看。</p>
<h2>大型科技公司和人工智能仍在推動市場</h2>
<p>第一個重要的結論是，圍繞人工智能（AI）的熱潮並沒有降温。大型科技公司仍在大力投資這一技術，預計其投資只會增加。</p>
<p><strong>微軟</strong> 的季度財報很好地體現了這一主題，該公司在各個業務領域都表現強勁，均受到 AI 的推動。其雲計算部門 Azure 表現突出，但其企業軟件業務也因 <strong>Microsoft 365 Copilot</strong> 應用的採用加速而實現了強勁增長。<strong>Alphabet</strong> 和 <strong>亞馬遜</strong> 的雲業務也實現了強勁增長，三家公司均表示需求超過了產能。</p>
<p><strong>Meta Platforms</strong> 能夠利用 AI 的力量推動強勁的廣告收入增長。谷歌的搜索業務和亞馬遜的廣告業務同樣如此。</p>
<p>大型科技公司繼續加大對 AI 基礎設施的投資。<strong>Alphabet</strong> 將其年度資本支出（capex）指引上調了 100 億美元，達到 850 億美元，而 <strong>微軟</strong> 表示將在新財年大力投資服務器和圖形處理單元（GPU），以滿足日益增長的需求。</p>
<p>這並不令人驚訝，導致半導體領域的強勁增長。<strong>英偉達</strong> 繼續表現突出，而 <strong>超威半導體</strong> 在中國以外也實現了強勁增長。<strong>台灣積體電路製造公司</strong> 的收入增長了 44%，仍然是先進芯片製造的市場領導者。</p>
<p>目前，AI 的影響是真實的，最大的受益者是科技領域中最大的公司。</p>
<h2>消費者在快速服務餐飲方面有所收縮</h2>
<p>目前餐飲行業存在有趣的二元對立。在第二季度，美國的快速服務餐飲明顯回落，影響了快餐和快休閒連鎖店。</p>
<p>快餐領域的表現則較為複雜。<strong>百勝餐飲</strong> 在美國的同店銷售（comps）下降了 5%，而其 Taco Bell 部門則增長了 4%。<strong>麥當勞</strong> 在美國的同店銷售表現強勁，增長了 2.5%，因為它專注於價值產品。</p>
<p>然而，其他品牌表現較弱，<strong>温迪漢堡</strong> 在美國的同店銷售下降了 3.6%，而 <strong>傑克盒子</strong> 則下降了 7.1%。温迪漢堡和麥當勞均指出早餐是弱點。</p>
<p>通常更具韌性的快休閒類別在第二季度也遭遇了困難。<strong>墨西哥捲餅</strong> 的同店銷售意外下降了 4.0%，而 <strong>Cava Group</strong> 的業績遠低於預期。<strong>Sweetgreen</strong> 的同店銷售暴跌了 7.6%。</p>
<p>令人驚訝的是，休閒餐廳的表現卻相當強勁。<strong>Brinker International</strong> 旗下的 Chili's 表現最佳，同店銷售增長了 23.7%，得益於強勁的客流、積極的產品組合和價格上漲。<strong>Dine Equity</strong> 的 Applebee's 連鎖店報告了 4.9% 的同店銷售增長，而 <strong>Darden</strong> 的 Olive Garden 同店銷售增長了 6.9%。</p>
<p>目前，經濟似乎對低收入消費者造成了壓力，他們因此轉向價值選項。這是麥當勞通常能夠在競爭中脱穎而出的環境。</p>
<p>更有趣的是，快休閒和休閒餐飲之間的轉變。由於過去幾年快休閒連鎖店的價格上漲，休閒餐飲的專家們以 Chili's 為首，能夠利用價值促銷和病毒式營銷吸引年輕顧客。這正在奏效，並從快休閒的老牌企業中奪取市場份額。這是一個值得關注的有趣動態。</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>圖片來源：Getty Images</p>
<h2>關税開始對各行業產生影響</h2>
<p>本財報季的最後一個重要主題是關税帶來的日益拖累。受影響最嚴重的行業之一是汽車行業。<strong>通用汽車</strong> 和 <strong>福特汽車公司</strong> 都承受了鉅額的關税賬單，儘管兩者對其減輕影響的策略充滿信心。</p>
<p>消費品公司也感受到了影響。例如，<strong>寶潔</strong> 和 <strong>高露潔 - 棕欖</strong> 都將關税和上漲的成本視為壓力點。這意味着這些公司需要積極管理價格並削減成本，以保持運營利潤率。</p>
<p>零售商也提供了自己的觀點。<strong>沃爾瑪</strong> 在本季度表現強勁，但管理層討論了關税的影響將如何開始傳遞給消費者，因為它開始補充更多庫存。</p>
<p>顯著的是，影響的範圍正在擴大。這不僅僅是汽車製造商或小眾行業；幾乎所有行業都受到關税的影響。最大的問題是：關税將對消費者造成多大傷害，是否會將經濟拖入衰退？</p>

英偉達

谷歌-A

谷歌-C

微軟

<p>盈利季揭示了投資者的三個關鍵主題：1）大型科技公司和人工智能繼續推動市場增長，微軟和谷歌等公司在人工智能和雲服務方面增加投資，惠及像英偉達這樣的半導體公司。2）快餐行業正在經歷回落，而休閒餐飲則出現增長，表明消費者支出正在向更具性價比的選項轉移。3）關税正在影響各個行業，尤其是汽車行業，通用汽車和福特等公司面臨顯著成本，迫使它們調整定價策略以維持利潤率</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>財報季可以讓投資者一窺當前市場的驅動因素。隨着第二季度財報季的主要部分已經過去——截至目前，超過 90% 的 <strong>標準普爾 500 指數</strong>（^GSPC -0.64%）公司已經發布了財報——三個主要主題應該引起每位投資者的關注。讓我們逐一來看。</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動市場</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>第一個重要的結論是，圍繞人工智能（AI）的熱潮並沒有降温。大型科技公司仍在大力投資這一技術，預計其投資只會增加。</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>微軟</strong> 的季度財報很好地體現了這一主題，該公司在各個業務領域都表現強勁，均受到 AI 的推動。其雲計算部門 Azure 表現突出，但其企業軟件業務也因 <strong>Microsoft 365 Copilot</strong> 應用的採用加速而實現了強勁增長。<strong>Alphabet</strong> 和 <strong>亞馬遜</strong> 的雲業務也實現了強勁增長，三家公司均表示需求超過了產能。</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> 能夠利用 AI 的力量推動強勁的廣告收入增長。谷歌的搜索業務和亞馬遜的廣告業務同樣如此。</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>大型科技公司繼續加大對 AI 基礎設施的投資。<strong>Alphabet</strong> 將其年度資本支出（capex）指引上調了 100 億美元，達到 850 億美元，而 <strong>微軟</strong> 表示將在新財年大力投資服務器和圖形處理單元（GPU），以滿足日益增長的需求。</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>這並不令人驚訝，導致半導體領域的強勁增長。<strong>英偉達</strong> 繼續表現突出，而 <strong>超威半導體</strong> 在中國以外也實現了強勁增長。<strong>台灣積體電路製造公司</strong> 的收入增長了 44%，仍然是先進芯片製造的市場領導者。</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 的影響是真實的，最大的受益者是科技領域中最大的公司。</p>
</div><h2>Consumers are pulling back on quick-service dining</h2>
<div class="lb-trans"><h2>消費者在快速服務餐飲方面有所收縮</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>目前餐飲行業存在有趣的二元對立。在第二季度，美國的快速服務餐飲明顯回落，影響了快餐和快休閒連鎖店。</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>快餐領域的表現則較為複雜。<strong>百勝餐飲</strong> 在美國的同店銷售（comps）下降了 5%，而其 Taco Bell 部門則增長了 4%。<strong>麥當勞</strong> 在美國的同店銷售表現強勁，增長了 2.5%，因為它專注於價值產品。</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，其他品牌表現較弱，<strong>温迪漢堡</strong> 在美國的同店銷售下降了 3.6%，而 <strong>傑克盒子</strong> 則下降了 7.1%。温迪漢堡和麥當勞均指出早餐是弱點。</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>通常更具韌性的快休閒類別在第二季度也遭遇了困難。<strong>墨西哥捲餅</strong> 的同店銷售意外下降了 4.0%，而 <strong>Cava Group</strong> 的業績遠低於預期。<strong>Sweetgreen</strong> 的同店銷售暴跌了 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>令人驚訝的是，休閒餐廳的表現卻相當強勁。<strong>Brinker International</strong> 旗下的 Chili's 表現最佳，同店銷售增長了 23.7%，得益於強勁的客流、積極的產品組合和價格上漲。<strong>Dine Equity</strong> 的 Applebee's 連鎖店報告了 4.9% 的同店銷售增長，而 <strong>Darden</strong> 的 Olive Garden 同店銷售增長了 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，經濟似乎對低收入消費者造成了壓力，他們因此轉向價值選項。這是麥當勞通常能夠在競爭中脱穎而出的環境。</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，快休閒和休閒餐飲之間的轉變。由於過去幾年快休閒連鎖店的價格上漲，休閒餐飲的專家們以 Chili's 為首，能夠利用價值促銷和病毒式營銷吸引年輕顧客。這正在奏效，並從快休閒的老牌企業中奪取市場份額。這是一個值得關注的有趣動態。</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>圖片來源：Getty Images</p>
</div><h2>Tariffs are starting to bite across industries</h2>
<div class="lb-trans"><h2>關税開始對各行業產生影響</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>本財報季的最後一個重要主題是關税帶來的日益拖累。受影響最嚴重的行業之一是汽車行業。<strong>通用汽車</strong> 和 <strong>福特汽車公司</strong> 都承受了鉅額的關税賬單，儘管兩者對其減輕影響的策略充滿信心。</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>消費品公司也感受到了影響。例如，<strong>寶潔</strong> 和 <strong>高露潔 - 棕欖</strong> 都將關税和上漲的成本視為壓力點。這意味着這些公司需要積極管理價格並削減成本，以保持運營利潤率。</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觀點。<strong>沃爾瑪</strong> 在本季度表現強勁，但管理層討論了關税的影響將如何開始傳遞給消費者，因為它開始補充更多庫存。</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>顯著的是，影響的範圍正在擴大。這不僅僅是汽車製造商或小眾行業；幾乎所有行業都受到關税的影響。最大的問題是：關税將對消費者造成多大傷害，是否會將經濟拖入衰退？</p>
</div>

3 Standout Themes That Emerged From Earnings Season

- 第二季度財報季顯示，科技巨頭和人工智能仍主導市場。  
- 快餐行業出現消費回落，低收入消費者轉向價值選項。  
- 關税影響各行業，汽車和消費品公司面臨成本壓力。  

財報季中浮現出的三個顯著主題