Bernstein:英伟达估值较费城半导体指数出现历史性折让

环球市场播报
Dec 19, 2025

  英伟达股价近几个月表现不及大盘,但据Bernstein称,这家处于人工智能交易核心的芯片制造商相对于费城证券交易所半导体指数的折价达到罕见水平。

  该股近期的交易价格约为预期每股收益的25倍,分析师斯Stacy Rasgon在报告中写道,对这家公司而言,25倍的动态市盈率意味着该股的估值处于过去10年估值分布的第11百分位,从绝对值来看相当便宜。

  相对于费城证券交易所半导体指数,英伟达目前的交易价格约折价13%,处于第一百分位”,并且事实上,在过去10年里,英伟达股价相对于指数的估值比当前更便宜的交易日只有13天。

  他补充称,历史经验表明,这种估值水平代表着一个强劲的买入机会,在过去10年中,以低于25倍估值买入英伟达股票的投资者回报丰厚,持有一年的平均回报率超过150%,且在该持有期内从未出现过回撤。

  过去六个月,英伟达累计上涨21%,落后于费城证券交易所半导体指数接近32%的涨幅。

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