《大行》摩通:中国互联网股经历一轮重新定价 市场对腾讯(00700.HK)估值存在四大误判

阿斯达克财经
Apr 24

摩通发表报告指,自2025年第四季业绩期结束以来的六周内,中国互联网股经历了一轮重新定价,有别于2026年1月期间以AI叙事为主导的涨势。目前盈利修正已成为股价走势的主导因素,AI资本支出受到惩罚而非奖励,而买方机构已普遍采用“真实本益比加上获利下限加上过期催化剂”的框架来决定持仓规模。在此市场环境下,该行更新了行业观点,并将腾讯(00700.HK) 列为首选股。行业首选股亦包括京东-SW(...

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