软件业终局之战:高盛绘制7张“死亡地图”,最危险的风险评分达5

老李说研报
Feb 23

相较于此前软件板块的回调,2026年年初至今(YTD)的这次回调明确聚焦于终值(terminal value)之争:市场不再主要分析短期需求趋势线的变化,或更高利率带来的数学层面影响,而是在质疑软件护城河和商业模式。尽管这场讨论主要集中在应用软件公司;在较小程度上,投资者也在质疑基础设施/安全技术栈是否会受到影响,以及与超大规模云厂商(hyperscaler)资本开支(capex)相关的投资回报率...

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