[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio723c3322":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},"dcio723c3322","美银指出，AI正在重塑搜索行业格局，Alphabet（GOOGL）正迈入多元化变现的新阶段","\u002Fdoc\u002Fdcio723c3322","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>美股投资网获悉，美银近日发布研报，称Alphabet(GOOGL)凭借其在人工智能技术与多元业务布局的深度融合，展现出独特的长期投资吸引力，成为市场关注焦点。在分别论述积极因素和风险因素后，该行重申对Alphabet的“买入”评级，目标价为200美元。\u003C\u002Fp>\n\u003Cp>人工智能正在改变谷歌搜索的货币化格局\u003C\u002Fp>\n\u003Cp>人工智能能力正在改变搜索交互方式，提升实用性和功能性。鉴于新能力的出现，包含订阅服务的多层级产品货币化结构正在形成。在本报告中，该行探讨搜索业务的驱动因素，包括\u003C\u002Fp>\n\u003Cp>1)随着搜索实用性的跨越式提升，收入规模不断扩大;2)从传统广告支持的搜索向付费层级转变;3)从按点击付费(CPC)向按行动付费(CPA)交易的风险降低;4)OpenAI的流量增长和竞争催化剂。\u003C\u002Fp>\n\u003Cp>是否需要新指标来评估搜索货币化?\u003C\u002Fp>\n\u003Cp>谷歌AI概览(AI Overviews)和AI模式(AI Mode)的日益普及可能导致点击量减少，但将使谷歌能够通过定向广告更好地解读查询意图。此外，谷歌更新的智能竞价(SmartBidding)框架应会扩大各类查询的广告适用性，进一步支持AI货币化。\u003C\u002Fp>\n\u003Cp>随着谷歌货币化的演进，搜索指标(如付费点击量)可能变得不再那么重要，而货币化关键绩效指标(如每用户平均收入ARPU)可能更能反映搜索表现。\u003C\u002Fp>\n\u003Cp>多方观点具备庞大产品覆盖的优势定位\u003C\u002Fp>\n\u003Cp>该行注意到谷歌管理层越来越关注产品覆盖范围的披露(15款产品拥有5亿用户)。凭借技术人才、构建AI模型的海量数据以及推动AI使用和货币化的多产品分发能力，谷歌正处于有利地位。\u003C\u002Fp>\n\u003Cp>除搜索外，谷歌还将通过GoogleOne订阅、Workspace涨价以及Android和ChromeOS系统级集成来获取增长。该行预计到2027年，由Gemini驱动的订阅收入可能增长至120亿美元，而Workspace今年的涨价将带来10亿美元的年度收益。\u003C\u002Fp>\n\u003Cp>空方观点互联网分发的新格局\u003C\u002Fp>\n\u003Cp>获取信息和进行交易的起点将从基于浏览器转向基于移动操作系统和应用程序，至少有五家科技巨头(亚马逊、苹果、谷歌、Meta、OpenAI)瞄准这一机遇。这种转变将削弱谷歌长期以来的竞争优势，并降低其使用份额。\u003C\u002Fp>\n\u003Cp>近期，OpenAI资金充足且规模快速扩大，可能推出广告，而Meta可能向其10亿助手用户推出代理AI功能，亚马逊则已构建了一个可以在其他网站购物的代理。\u003C\u002Fp>\n\u003Cp>投资观点\u003C\u002Fp>\n\u003Cp>美银认为Alphabet在AI领域仍有优势，重申买入评级，目标股价200美元(当前166美元)。该行称，从长期来看，Alphabet凭借领先的人工智能技术，在应用于搜索、YouTube及云业务方面处于有利地位。Alphabet还应受益于移动应用使用量、视频使用量、Google Play活动、以及联网汽车活动(包括自动驾驶汽车)的不断增长。鉴于其技术领先地位、高利润率以及用于股票回购的强劲现金流创造能力，该行认为Alphabet的估值应高于媒体同行集团。\u003C\u002Fp>\n\u003Cp>不过，该行也提到要小心两点一是AI研发成本高(2025年投入752亿美元)，二是反垄断诉讼可能限制谷歌的搜索默认设置。长期来看，若AI订阅服务和新广告模式能成功，谷歌仍有增长空间，否则可能被竞争对手分流。\u003C\u002Fp>\n\u003Cp>资讯来源：美股投资网 TradesMax.com 美股大数据 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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"]