互联网2026年展望:站在新一轮扩张的起点(要点版)

中金公司
Nov 07

再回扩张周期。在宏观经济环境、资本市场估值压缩压力下,互联网板块历经3 年左右“降本增效”的相对收缩阶段,财务状态普遍得以良好调整。然而多数互联网公司并不满足于长期收缩,面对不断涌现的行业机遇,AI、出海及即时零售成为重点投入方向,行业再次回到扩张周期。甄别具体扩张行为。扩张本身是中性词,市场投资的也不是“收缩”或“扩张”的选择,而是不同策略导致后续的业绩与叙事变化。综合而言,(1)我们对围绕国内...

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