长飞的新高,给恒生科技的“暴跌时代”上了一课

港股研究社
Mar 02

“当市场为‘未来叙事’买单的意愿下降,现金流与产能位置,正在重新成为估值的锚。”这句话正在成为 2026 年港股市场最残酷的生存法则。过去三年的人工智能浪潮无疑重塑了全球科技产业的格局。然而,当时钟拨向 2026 年,资本市场的叙事逻辑发生了根本性的逆转。曾经被视为“未来唯一确定性”的互联网平台与应用,正面临估值体系的重构;而那些曾经被贴上“传统”、“低增速”标签的基础设施与制造业,却在不确定性中...

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