微软这次目标价被下调了，但研报反而更“安心”_老虎社区_美港股上老虎 - 老虎社区

1
2
收藏

微软这次目标价被下调了，但研报反而更“安心”

SG Visual Research 图解研报
02-03

这季微软不是靠“惊喜”撑场面。

Azure、Copilot 都在跑，需求不是问题，反而是算力不够用。

目标价被下调，其实就一个原因：

AI capex 花得比想象中多。

但研报的结论很直白——

# 微软领跌“7巨头”！科技股还能买吗？

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

1

举报

评论（2）

推荐
最新

xiasg
·02-03
微软没有这样乐观，openAI这个到底是雷还是实打实的赚钱还真不好说
回复
点赞
举报
BonnieHoyle
·02-03
下调目标价虚惊一场，需求旺得很！
回复
点赞
举报

热议股票

{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":528605865038440,"tweetId":"528605865038440","gmtCreate":1770084647190,"gmtModify":1770084902737,"author":{"id":3558404604264882,"idStr":"3558404604264882","authorId":3558404604264882,"authorIdStr":"3558404604264882","name":"SG Visual Research 图解研报","avatar":"https://static.tigerbbs.com/a6e90d8e86d025ca79fd03dfd73d1fa0","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"currentWearingBadge":{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-4","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"明星虎友","description":"加入老虎社区2000天","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.01.12","individualDisplayEnabled":0},"individualDisplayBadges":[],"fanSize":13,"starInvestorFlag":false},"themes":[{"themeId":"ce9475fb74174670803352ffbd11690a","categoryId":"d316d8bd4a714fab9ea15fd7157c45e7","name":"微软领跌“7巨头”！科技股还能买吗？","type":0,"rnLink":"https://laohu8.com/RN?name=RNTheme&page=/theme/detail&rndata={\"themeId\":ce9475fb74174670803352ffbd11690a}&rnconfig={\"headerBarHidden\": true}","description":"美股“7巨头”今年全部跑输标普500指数，从年内表现来看，微软跌幅最深，YTD已下跌16%，特斯拉、亚马逊、苹果明显承压，仅英伟达、Meta维持小幅正收益。【市场进入观望期，当支出跑在盈利前面，大家觉得AI主线是否已被瓦解？“7巨头”今年你看好哪一家？】","image":"https://static.tigerbbs.com/361eb9e82b38badf55f5eab7ee16736c"}],"images":[{"img":"https://static.tigerbbs.com/660a4375ed0487965418e9e7ac14c7ed","width":"1080","height":"6218"}],"coverImages":[{"img":"https://static.tigerbbs.com/660a4375ed0487965418e9e7ac14c7ed","width":"1080","height":"6218"}],"title":"微软这次目标价被下调了，但研报反而更“安心”","html":"<html><head></head><body><a href=\"https://laohu8.com/S/MSFT\">$微软(MSFT)$&nbsp;</a>&nbsp;\n<p>这季微软不是靠“惊喜”撑场面。</p>\n<p>Azure、Copilot 都在跑，需求不是问题，反而是算力不够用。</p>\n<p>目标价被下调，其实就一个原因：</p>\n<p>AI capex 花得比想象中多。</p>\n<p>但研报的结论很直白——</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/660a4375ed0487965418e9e7ac14c7ed\" tg-width=\"1080\" tg-height=\"6218\"><span></span></p>\n<p></p>\n<p><br></p></body></html>","htmlText":"<html><head></head><body><a href=\"https://laohu8.com/S/MSFT\">$微软(MSFT)$&nbsp;</a>&nbsp;\n<p>这季微软不是靠“惊喜”撑场面。</p>\n<p>Azure、Copilot 都在跑，需求不是问题，反而是算力不够用。</p>\n<p>目标价被下调，其实就一个原因：</p>\n<p>AI capex 花得比想象中多。</p>\n<p>但研报的结论很直白——</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/660a4375ed0487965418e9e7ac14c7ed\" tg-width=\"1080\" tg-height=\"6218\"><span></span></p>\n<p></p>\n<p><br></p></body></html>","text":"$微软(MSFT)$ 这季微软不是靠“惊喜”撑场面。 Azure、Copilot 都在跑，需求不是问题，反而是算力不够用。 目标价被下调，其实就一个原因： AI capex 花得比想象中多。 但研报的结论很直白——","highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/528605865038440","repostId":0,"isVote":1,"tweetType":1,"viewCount":2748,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["MSFT"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":159,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[{"id":528786190795168,"commentId":"528786190795168","gmtCreate":1770129356354,"gmtModify":1770129360295,"authorId":3531381548326552,"author":{"id":3531381548326552,"idStr":"3531381548326552","authorId":3531381548326552,"name":"xiasg","avatar":"https://static.tigerbbs.com/8dbe96ecb771ba248051ce7f5f2ff491","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":528605865038440,"objectIdStr":"528605865038440","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"微软没有这样乐观，openAI这个到底是雷还是实打实的赚钱还真不好说","text":"微软没有这样乐观，openAI这个到底是雷还是实打实的赚钱还真不好说","html":"微软没有这样乐观，openAI这个到底是雷还是实打实的赚钱还真不好说","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0,"disclaimerType":0},{"id":528613678507328,"commentId":"528613678507328","gmtCreate":1770086563893,"gmtModify":1770110144717,"authorId":9000000000000674,"author":{"id":9000000000000674,"idStr":"9000000000000674","authorId":9000000000000674,"name":"BonnieHoyle","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":528605865038440,"objectIdStr":"528605865038440","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"下调目标价虚惊一场，需求旺得很！","text":"下调目标价虚惊一场，需求旺得很！","html":"下调目标价虚惊一场，需求旺得很！","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0,"disclaimerType":0}],"hasMoreComment":true,"orderType":2}