金吾财讯 | 中信证券表示，Alphabet (GOOGL)业绩超预期，资本开支指引上调。2025年二季度公司业绩超预期，广告业务在搜索与Youtube带动下维持稳健增长，云业务同比增速及利润率显著提升。全年CapEx上调至850亿美元，反映公司在AI基础设施、模型与终端产品上的旺盛需求与投入信心。该机构认为短期关税政策、宏观波动、科技巨头反垄断等外部不确定性料将持续扰动，但是公司仍保持增长动力和创新能力，AI基础设施、大模型、应用、生态布局完善，估值仍处于行业及历史偏低水平，仍建议关注。该行对其目标价200美元。
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