NEBIUS:从底层重构到生态升维:NEBIUS的全栈式新型云厂商之路

中金公司
Nov 10, 2025

投资亮点首次覆盖NEBIUS(NBIS)给予跑赢行业评级,目标价143.00 美元,基于P/S 估值法,对应2026 年15 倍P/S 估值倍数,我们认为公司作为全栈式布局的新型云厂商有望受益于人工智能所带动的行业浪潮,持续扩大业务基本盘及提升市场份额。理由如下:借助Yandex 技术背景构建全栈“软硬一体”AI 云生态。Nebius 脱胎于“俄罗斯谷歌”Yandex,核心管理层与技术骨干均来自...

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