[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio1613829a":3},{"user":4,"document":8,"mainDocument":28,"columnUrl":30,"subscription":31,"footer":43,"text":78},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":24,"videoId":6,"liveVideoUrl":6,"duration":25,"price":25,"priceText":26,"priceBadgeText":26,"priceBadgeClass":27,"freeForMinGroupLevel":25,"redirectUrl":6,"readyToStream":5},"dcio1613829a","高盛最新研报：对冲软件股投资策略","\u002Fdoc\u002Fdcio1613829a","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">高盛在最新发布的报告中，给出新型软件股对冲策略\u003C\u002Fspan>\u003C\u002Fspan>(GSPUSFTX)\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">的运作机制，其组成如下：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">做多以下企业篮子\u003C\u002Fspan>\u003C\u002Fspan>(\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">代码\u003C\u002Fspan>\u003C\u002Fspan>GSTMTSOL)\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003Cp> \u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">因需实体执行、监管壁垒、集成复杂性或人为责任而难以被\u003C\u002Fspan>\u003C\u002Fspan>AI\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">替代的软件企业；\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003Cp> \u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">直接受益于\u003C\u002Fspan>\u003C\u002Fspan>AI\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">普及的企业（算力、数据基础设施、可观测性、安全、超大规模云、\u003C\u002Fspan>\u003C\u002Fspan>AI\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">开发平台）\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003Cp> \u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">做空以下企业篮子\u003C\u002Fspan>\u003C\u002Fspan>(\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">代码\u003C\u002Fspan>\u003C\u002Fspan>GSTMTSOS)\u003C\u002Fp>\u003Cp> \u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">那些以软件驱动工作流为主的公司，因为人工智能日益能够将其自动化或在企业内部重新构建，从而可能削减对外包的需求。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003Cp> \u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">高盛预计，\u003C\u002Fspan>\u003C\u002Fspan>GSTMTSOL\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">将会从近期的软件股抛售中恢复，而\u003C\u002Fspan>\u003C\u002Fspan>GSTMTSOS\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">则会继续表现落后。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003Cp> \u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">以下是该对冲策略——\u003C\u002Fspan>\u003C\u002Fspan>GSTMTSOL\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">与\u003C\u002Fspan>\u003C\u002Fspan>GSTMTSOS\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">间的比值近来的表现。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003Cp> \u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">在业绩方面，高盛指出，\u003C\u002Fspan>\u003C\u002Fspan>GSTMTSOL\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">的销售额预估正实现翻倍增长，而\u003C\u002Fspan>\u003C\u002Fspan>GSTMTSOS\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">自\u003C\u002Fspan>\u003C\u002Fspan>2023\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">年以来一直停滞不前：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003Cp> \u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">从市盈率角度观察，两者的分化趋势也已显现：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003Cp> \u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">那么，在高盛代表软件赢家\u003C\u002Fspan>\u003C\u002Fspan>(GSTMTSOL)\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">和软件输家\u003C\u002Fspan>\u003C\u002Fspan>(GSTMTSOS)\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">的篮子里，究竟包含了哪些个股呢？以下是两张具体清单：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003Cp> \u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">软件输家\u003C\u002Fspan>\u003C\u002Fspan>(GSTMTSOS)\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">输家名单中的知名个股包括了：埃森哲、高知特、多邻国、高德纳、\u003C\u002Fspan>\u003C\u002Fspan>SAP\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">、\u003C\u002Fspan>\u003C\u002Fspan>Unity\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">等。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003Cfigure class=\"image\">\u003Cimg style=\"aspect-ratio:500\u002F934;\" src=\"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202602-stk\u002F1451929753bad-Saas-stockW.jpg\" width=\"500\" height=\"934\">\u003C\u002Ffigure>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">软件赢家\u003C\u002Fspan>\u003C\u002Fspan>(GSTMTSOL)\u003C\u002Fp>\u003Cp> \u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">赢家名单中的知名个股则包括了：微软、谷歌、甲骨文、\u003C\u002Fspan>\u003C\u002Fspan>CrowdStrike\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">、\u003C\u002Fspan>\u003C\u002Fspan>Palantir\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">、新思科技、\u003C\u002Fspan>\u003C\u002Fspan>Zoom\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">等。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003Cfigure class=\"image\">\u003Cimg style=\"aspect-ratio:500\u002F580;\" src=\"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202602-stk\u002F1806966991good-Saas-StockW.jpg\" width=\"500\" height=\"580\">\u003C\u002Ffigure>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">除此之外，就软件股目前的整体形势而言，高盛指出，若以市盈率而非企业价值\u003C\u002Fspan>\u003C\u002Fspan>\u002F\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">息税折旧摊销前利润（\u003C\u002Fspan>\u003C\u002Fspan>EV\u002FEBITDA\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">）评估软件行业，可以说该行业估值已基本重归与大盘相近的合理水平。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003Cp> \u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">在一年前，软件行业市盈率高达\u003C\u002Fspan>\u003C\u002Fspan>51\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">倍，成为美股中当仁不让最昂贵的板块。但如今软件股市盈率已回落至\u003C\u002Fspan>\u003C\u002Fspan>27\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">倍，不再是估值最高的行业。媒体、汽车、半导体和资本货物板块的市盈率均高于软件行业。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003Cp> \u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">根据美股投资网，从盈利增长角度观察，\u003C\u002Fspan>\u003C\u002Fspan>2026\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">年与\u003C\u002Fspan>\u003C\u002Fspan>2025\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">年、\u003C\u002Fspan>\u003C\u002Fspan>2027\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">年与\u003C\u002Fspan>\u003C\u002Fspan>2026\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">年的预期增长率并无差异。软件板块这两年的盈利增速均预计达到约\u003C\u002Fspan>\u003C\u002Fspan>16%\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">。这可能表明股票投资者对软件行业的估值标准正在转变，无法再为其不合理地高于其他行业的市盈率提供依据。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-family:DengXian;\">\u003Cspan lang=\"ZH-CN\">此外，从销售增长角度看，软件行业相较于其他股票市场仍具有显著优势。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202602-stk\u002FUploaderxqjszxfasa1_2026_02_15_12_27_33.jpg","2026-02-15T20:26:45.3","2026.02.15","2026\u002F02\u002F15",32242,[22,23],"高盛","SAAS","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":29,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":24,"videoId":6,"liveVideoUrl":6,"duration":25,"price":25,"priceText":26,"priceBadgeText":26,"priceBadgeClass":27,"freeForMinGroupLevel":25,"redirectUrl":6,"readyToStream":5},[22,23],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":32,"services":33,"recentDocuments":42},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" rel=\"noopener noreferrer\">\u003Cimg style=\"display:block;margin-left:auto;margin-right:auto;\" src=\"https:\u002F\u002Fstockwewebfiles.blob.core.windows.net\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[34,38],{"productId":35,"serviceName":36,"priceText":37},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":39,"serviceName":40,"priceText":41},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":44,"images":69,"summaryHtml":74,"aboutTitle":75,"aboutHtml":76,"copyrightHtml":77},[45,48,51,54,57,60,63,66],{"label":46,"url":47},"深度报告","\u002Fcol\u002FdepthReport",{"label":49,"url":50},"VIP会员","\u002Fplan",{"label":52,"url":53},"期权推荐","\u002FOption",{"label":55,"url":56},"低价暴涨股","\u002FPenny",{"label":58,"url":59},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":61,"url":62},"美股课程","\u002Fcol\u002Fvideos",{"label":64,"url":65},"免责声明","\u002Fdisclaimer",{"label":67,"url":68},"联系我们","\u002FContactUs",[70,71,72,73],"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 StockWe.com 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理千万级股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":79,"search":80,"searchPlaceholder":80,"hotContent":81,"draft":82,"noData":83,"searchNoData":84,"edit":85,"editVideo":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]