金吾财讯 | 招银国际表示，展望2026，该机构目前仍不担心云厂商存在过度投资的风险，认为2026年美股龙头公司盈利增速有望支撑其估值，但同时提示需要更加精选个股、关注投资回报周期。美股软件板块，该机构看到市场重新开始担忧AI大模型厂商会抢占软件厂商份额，部分软件厂商AI应用商业化尽管逐渐开始起量，但仍未能够推动公司收入增长加速，导致自年初以来板块估值承压，后续该机构建议关注软件厂商营收增速拐点，尤其是AI相关变现能够高效拉动营收和盈利加速增长的公司或有望跑赢同业。美国软件板块该机构推荐派拓网络（PANW US），中国软件板块该机构推荐云化领先且中长期有望通过AI获得增量变现的金蝶(00268)。
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