大家更担心土壤问题_老虎社区_美港股上老虎

星宿小小仙
02-19

大家更担心土壤问题

国海证券：港股互联网龙头普遍具备性价比关注腾讯控股、阿里巴巴等

互联网龙头公司全面布局B端/C端AI应用，AI云收入占比均在快速提升，且积极布局C端助手，抢占流量入口，包括字节系豆包、阿里系千问APP&夸克&蚂蚁阿福&蚂蚁灵光、腾讯系元宝&IMA等。

国海证券：港股互联网龙头普遍具备性价比关注腾讯控股、阿里巴巴等

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23:23","market":"hk","language":"zh","title":"国海证券：港股互联网龙头普遍具备性价比 关注腾讯控股、阿里巴巴等","url":"https://stock-news.laohu8.com/highlight/detail?id=2612442868","media":"陈梦竹海外研究...","summary":"互联网龙头公司全面布局B端/C端AI应用，AI云收入占比均在快速提升，且积极布局C端助手，抢占流量入口，包括字节系豆包、阿里系千问APP&夸克&蚂蚁阿福&蚂蚁灵光、腾讯系元宝&IMA等。","content":"<html><body><article><p>一、2025年初以来恒生科技板块估值持续回升，10月以来有所震荡，互联<a href=\"https://laohu8.com/S/00777\">网龙</a>头公司估值普遍具备性价比</p><p>以AI大模型为核心的新一轮竞争，受到Deepseek开源及模型普惠化带来商业化ROI改善，国产AI迎来估值重塑，龙头互联网平台是本轮的中坚力量，兼具AI大模型能力+capex投入（包括支持国产算力）、人才投入能力+应用能力等，带来年初以来恒生科技板块估值的持续回升，但由于海外流动性、宏观环境、公司阶段性基本面等因素，恒生科技估值也有所波动。截至2025年12月31日，恒生科技PE-TTM为20.05倍，处于历史均值以下0.77倍标准差（2022年以来）； PS-TTM为1.99倍，处于历史均值以上0.2倍标准差。</p><p>二、资金角度：南向资金持续加速流入，美国降息对港股流动性有下限支撑，但市场表现可能呈现指数强、结构分化、龙头集中度提升的特征，资金或更关注盈利或科技业务兑现</p><p>2025年以来南向资金持续加速流入，消费、科技、医药配置占比同比明显提升。互联网公司港股通持股占比均有不同程度的提升，截至2025年12月31日，腾讯从2025年初的10.1%提升至11%；快手从11.61%提升至16.64%；<a href=\"https://laohu8.com/S/MPNGY\">美团</a>从10.4%上升至20.76%；<a href=\"https://laohu8.com/S/00268\">金蝶</a>从24.22%上升至28.22%。2026年海外流动性可能呈现“上半年更宽松、下半年不确定性上升”的节奏：联储保险式降息主要集中在上半年，随后大概率转入观望；在<span>美联储</span>降息预期逐步兑现、但<span>资产负债表</span>扩张受限、各国<span>利率</span>政策走向分化的背景下，流动性更可能支撑核心<span>资产</span>估值下限，市场表现将进一步呈现指数强、结构分化、龙头集中度提升的特征，投资回报更多来自盈利兑现而非流动性溢价。</p><p>三、互联网行业用户流量趋于稳定，龙头公司战略重点转向高质量增长，生成式AI正在成为新的驱动力，持续看好AI等科技业务兑现带来的估值重塑</p><p>从互联网行业来看，整体流量已经趋于稳定，但AI APP及PC、网站端用户体量正在形成规模，流量增长强劲，具备新红利。从互联网公司来看，AI已经成为战略性方向，大厂AI从模型、芯片、推荐算法到落地能力全面布局，龙头大厂全面加码资本开支，预计年<a href=\"https://laohu8.com/S/09988\">阿里</a>（FY2026）、字节（CY2025）、腾讯（CY2025）Capex投入分别为1252、1600、863亿元。模型上，阿里提出文本基座模型Qwen3 max（国内榜单第一）、多模态模型通义万相2.5（国内榜单第三）等。腾讯推出文本基座模型混元T1（国内榜单第四）、多模态模型混元Vedio（国内榜单第四）、混元3D（全球第一梯队）等。互联网龙头公司全面布局B端/C端AI应用，AI云收入占比均在快速提升，且积极布局C端助手，抢占流量入口，包括字节系豆包、阿里系千问APP&amp;夸克&amp;蚂蚁阿福&amp;蚂蚁灵光、腾讯系元宝&amp;IMA等。海外Google等龙头厂商已经验证了Capex投入-AI产出的正向循环，Google2025年Capex投入预计在910~930亿美元，投入规模位居前列；模型同时全球领先，Gemini/Nano Banana/Veo模型登顶文字/图片/视频模型排行榜全球第一；B端云业务增速强劲，且TPU外供潜力较大，与Anthropic达成百万片TPU订单，AI云占比持续提升；广告主业赋能显著，2026Q3 AI Overviews用户众多，预计即将推出的AI Mode变现能力超AI Overviews，Performance-MAX AI广告系统显著提供高效广告创作投放能力。我们预计在AI+广告、AI Agent、多模态、具身智能将是2026年AI应用的核心方向，有望形成AI投入与产出的正向循环，龙头公司布局深入，具备潜力。腾讯：AI持续赋能广告算法，带来投放效率及eCPM价格提升，预计将推出 \"微信原生 Agent\"，将小程序作为Agent能力的核心执行载体，构建API平台，通过 “输入→小程序→服务→支付”闭环，实现 “社交 + 服务” 一体化体验。阿里：AI全面赋能淘天广告算+电商工具，后续预计将以千问为智能中枢，整合淘宝、淘宝闪购、高德地图、飞猪等全链路服务，打造“一站式生活服务 Agent”。<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>：2026Q1正式发布VLA2.0，Ultra车型上将全量推送VLA2.0系统，可以直接实现从视觉到动作的输出，智驾能力有望实现较大提升。</p><p>四、行业推荐理由及评级</p><p>我们认为在南下资金持续流入、海外流动性支撑核心资产估值下限的情况下，市场表现将进一步呈现指数强、结构分化、龙头集中度提升的特征，重点关注科技业务及盈利兑现度情况，维持行业“推荐”评级，重点推荐标的：<a href=\"https://laohu8.com/S/00700\">腾讯控股</a>、<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>、<a href=\"https://laohu8.com/S/BILI\">哔哩哔哩</a>、<a href=\"https://laohu8.com/S/NTES\">网易</a>、<a href=\"https://laohu8.com/S/01024\">快手-W</a>、<a href=\"https://laohu8.com/S/06618\">京东健康</a>、<a href=\"https://laohu8.com/S/09868\">小鹏汽车</a>等。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>国海证券：港股互联网龙头普遍具备性价比 关注腾讯控股、阿里巴巴等</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ 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class=\"title\">\n国海证券：港股互联网龙头普遍具备性价比 关注腾讯控股、阿里巴巴等\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-18 23:23 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026021522071795413a4b&s=b><strong>陈梦竹海外研究...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>一、2025年初以来恒生科技板块估值持续回升，10月以来有所震荡，互联网龙头公司估值普遍具备性价比以AI大模型为核心的新一轮竞争，受到Deepseek开源及模型普惠化带来商业化ROI改善，国产AI迎来估值重塑，龙头互联网平台是本轮的中坚力量，兼具AI大模型能力+capex投入（包括支持国产算力）、人才投入能力+应用能力等，带来年初以来恒生科技板块估值的持续回升，但由于海外流动性、宏观环境、公司...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026021522071795413a4b&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SG9999014906.USD":"大华全球优质成长基金Acc USD","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","BK1521":"挪威政府全球养老基金持仓","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU0287142896.SGD":"Fidelity China Focus A-SGD","IE0031814852.USD":"FSSA GREATER CHINA GROWTH 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国海证券：港股互联网龙头普遍具备性价比 关注腾讯控股、阿里巴巴等

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国海证券：港股互联网龙头普遍具备性价比关注腾讯控股、阿里巴巴等