传媒行业深度报告:海外AI年度复盘及财报综述:狂欢将尽还是新周期开启?

东吴证券
Jan 21

(以下内容从东吴证券《传媒行业深度报告:海外AI年度复盘及财报综述:狂欢将尽还是新周期开启?》研报附件原文摘录)投资要点我们复盘了过去一年海外AI产业链的发展,并展望2026年。总体判断是:AI产业正从2024-2025年的狂热扩张期,逐步转向需求兑现与效率竞争并重的新周期。2025Q3以来泡沫论集中发酵,多数AI相关美股财报后股价回调,市场对利好消息反应相对有限、对利空消息更为敏感。但我们认为,...

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