金吾财讯 | 中国银河证券复盘2023年以来的AI行情，市场资金持续聚焦上游算力硬件，其核心逻辑在于AI产业的发展遵循产业基建先行规律。传媒板块作为产业链下游应用端，目前AI对收入端、利润端的贡献尚未充分体现。随着下游应用依托成熟算力底座开启规模化落地与商业化验证，该机构认为，行业投资主线有望沿产业链自上而下传导，应用板块有望迎来系统性价值重估。该机构指，港股互联网底部已现，AI+业绩双驱动。受全球资金分流、亚洲其他高景气赛道影响，恒生互联网指数年初以来整体调整幅度较大，估值与悲观情绪已充分释放。但行业核心基本面并未发生根本性变化，头部互联网平台竞争优势稳固，业绩韧性突出，叠加AI在长期有望为公司开拓第二增长曲线。该机构认为，随着市场风险偏好逐步回归，头部互联网平台估值修复空间充足。该机构认为，硬件侧AI基建的不断发展，最终将传导至产业链下游板块，业绩驱动+AI赋能仍是传媒互联网行业增长的核心驱动力。AI投入不断增加、多重利好长期加持的港股互联网核心资产、AI赋能不断深化的AI应用及产业链、优质内容不断产出、业绩释放确定性较高的内容板块有望长期受益。
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