中信证券:互联网板块AI叙事强化 垂类赛道呈现结构性机遇

第一财经
Dec 31, 2025

中信证券研报表示,2025年互联网板块在外部扰动反复的环境下走出震荡上行行情,上行动量主要为AI驱动的价值重估及流动性改善。展望2026年,我们认为AI依然是板块估值上行的核心催化,核心关注:1)模型迭代、应用落地以及业绩兑现带来的叙事强化;2)模型公司上市后带来的估值对标,有望进一步驱动互联网公司AI业务价值重估。而对于短期AI相关性较低的公司,业绩能见度和估值性价比将是选股核心要素,建议关注...

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