科技|流动性扰动带来科技股冲击,OpenClaw强化Agent应用趋势

中信证券研究
Feb 12

文|许英博 连一席 杨皓天2026年初,美国科技股显著波动,市场对于科技股的行情持续性存在疑虑。我们认为,市场主要受三方面影响,2026年初受美债长端利率上行预期影响,全球长久期资产普跌,美股科技板块内部分化显著,软件股受“模型吞噬应用”拖累跌幅居前,云及硬件股也受“模型 ROI 模糊”影响下挫,同时,AI 领域超大规模的资本开支计划与市场投资逻辑转向形成矛盾,投资者关注资本效率,对 AI ...

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