来源：环球网

【环球网财经综合报道】近日，高盛最新研究显示，苹果公司（AAPL）等“科技七巨头”股票当前集体估值已降至七年来最低水平。

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高盛策略师大卫·科斯汀指出，目前科技七巨头远期市盈率为28倍，较标普493指数20倍的市盈率溢价43%，该溢价幅度处于过去十年间的第30百分位，为七巨头自2018年以来最低的NTM估值倍数。

虽对AI支出、贸易政策不确定性和反垄断诉讼的担忧压低估值，但高盛横截面模型表明，基于盈利增长和资产负债表强度，七巨头正以相对基本面状况的适度折价交易。

科斯汀认为，短期内较轻的仓位配置、更便宜的估值以及一季度财报后重燃的AI热情，或推动七巨头股价回升。不过，风险犹存：欧美对Alphabet、苹果、微软和Meta持续的反垄断调查可能带来负面影响，苹果AI搜索野心致Alphabet股价单日暴跌7%等竞争性新闻，也凸显七巨头内部脆弱性。

尽管面临逆风，七巨头财务健康状况和增长前景仍强劲，分析师对其盈利上调幅度持续超越大盘。投资者关注点将在AI驱动的上行潜力与监管阴云间摇摆，科技重仓组合环境波动剧烈但机遇满满。

分析认为，七巨头处于多年低位的估值重置，或为寻求配置长期增长领军企业的投资者提供买入机会，但仍需警惕监管与竞争风险。（陈十一）

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