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AnthrosiChina
软银将于11月10日公布2027财年第二财季业绩。市场焦点不在营收，而在646亿美元押注OpenAI后的资产负债表：截至6月底净计息债务升至10.8万亿日元，9月又以最高9.75%票息发债111亿美元，五年期CDS一度冲至466个基点，创四年新高。
乐观情形是OpenAI估值上调带来账面浮盈，复制去年同期的亮眼净利；但OpenAI上市推迟至2027年、新融资遇冷，叠加美国中期选举后数据中心监管趋严，纸面收益难掩现金流压力。上一财季愿景基金利润同比骤降99%，已示警其对估值重估的依赖。
成绩能否亮眼，取决于公允价值重估幅度与融资计划的表态。若杠杆续升、抵押受限，利润再好看也难改股价承压。#软银重金押注OpenAI，Q2财报能否交出亮眼成绩？
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