[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio80b870eb":3},{"user":4,"document":8,"mainDocument":26,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"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":22,"videoId":6,"liveVideoUrl":6,"duration":23,"price":23,"priceText":24,"priceBadgeText":24,"priceBadgeClass":25,"freeForMinGroupLevel":23,"redirectUrl":6,"readyToStream":5},"dcio80b870eb","高盛最新研报：AI对美国科技软件公司“护城河”深度分析！","\u002Fdoc\u002Fdcio80b870eb","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">高盛最新研报\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">对美国科技行业：软件公司“护城河”深度分析！\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>1 \u002F \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">这份报告的核心增量信息是什么？\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">美股市场风向变了。\u003C\u002Fspan>2026\u003Cspan style=\"font-family: DengXian;\">年至今的软件板块回调，不是因为短期需求不行或利率太高，而是市场开始质疑终局价值（\u003C\u002Fspan>Terminal Value\u003Cspan style=\"font-family: DengXian;\">）。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">核心质疑点在于：现有软件巨头的护城河（\u003C\u002Fspan>Moat\u003Cspan style=\"font-family: DengXian;\">）会不会被\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">彻底填平？\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">高盛的态度并没有那么悲观。他们列出了\u003C\u002Fspan> 7 \u003Cspan style=\"font-family: DengXian;\">个主要的\u003C\u002Fspan>“\u003Cspan style=\"font-family: DengXian;\">空头论点\u003C\u002Fspan>”\u003Cspan style=\"font-family: DengXian;\">（\u003C\u002Fspan>Bear Cases\u003Cspan style=\"font-family: DengXian;\">），并按风险等级（\u003C\u002Fspan>1-5\u003Cspan style=\"font-family: DengXian;\">分）排序。结论是：大部分风险被夸大了，但\u003C\u002Fspan>“\u003Cspan style=\"font-family: DengXian;\">不确定性\u003C\u002Fspan>”\u003Cspan style=\"font-family: DengXian;\">（\u003C\u002Fspan>Uncertainty\u003Cspan style=\"font-family: DengXian;\">）本身就是最大的风险。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>2 \u002F \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">最被高估的风险是什么？（得分最低：\u003C\u002Fspan>1\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">分）\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">核心系统被\u003C\u002Fspan>“\u003Cspan style=\"font-family: DengXian;\">连根拔起\u003C\u002Fspan>”\u003Cspan style=\"font-family: DengXian;\">（\u003C\u002Fspan>Rip and Replace\u003Cspan style=\"font-family: DengXian;\">）。市场担心\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">会搞出一套全新的系统，把\u003C\u002Fspan> Salesforce\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>SAP \u003Cspan style=\"font-family: DengXian;\">这种老牌厂商废掉。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">高盛认为这种可能性极低。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">逻辑是：\u003C\u002Fspan>AI \u003Cspan style=\"font-family: DengXian;\">目前是\u003C\u002Fspan>“\u003Cspan style=\"font-family: DengXian;\">分析引擎\u003C\u002Fspan>”\u003Cspan style=\"font-family: DengXian;\">和\u003C\u002Fspan>“\u003Cspan style=\"font-family: DengXian;\">生成引擎\u003C\u002Fspan>”\u003Cspan style=\"font-family: DengXian;\">，不是\u003C\u002Fspan>“\u003Cspan style=\"font-family: DengXian;\">交易引擎\u003C\u002Fspan>”\u003Cspan style=\"font-family: DengXian;\">。企业的核心数据（财务、客户记录）都在老系统里，并经过数十年的合规和校验。\u003C\u002Fspan>AI \u003Cspan style=\"font-family: DengXian;\">需要这些数据才能运行，而不是取代这些数据存储层。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">结论：核心系统（\u003C\u002Fspan>System of Record\u003Cspan style=\"font-family: DengXian;\">）的地位依然稳固。哪怕只是作为一个\u003C\u002Fspan>“\u003Cspan style=\"font-family: DengXian;\">智能数据层\u003C\u002Fspan>”\u003Cspan style=\"font-family: DengXian;\">，它的价值也不是零。美股投资网整理。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>3 \u002F \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">最难预测的风险是什么？（得分最高：\u003C\u002Fspan>5\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">分）\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">技术迭代速度太快（\u003C\u002Fspan>Unknown Unknowns\u003Cspan style=\"font-family: DengXian;\">）。这是高盛唯一给了满分\u003C\u002Fspan> 5 \u003Cspan style=\"font-family: DengXian;\">分的风险。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">为什么？因为缩放定律（\u003C\u002Fspan>Scaling Laws\u003Cspan style=\"font-family: DengXian;\">）依然有效，模型能力还在指数级增长（如\u003C\u002Fspan> Claude Opus 4.6\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>GPT-5.2\u003Cspan style=\"font-family: DengXian;\">）。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">影响在于：你无法预测终局。现在的护城河，可能明天就被新技术\u003C\u002Fspan>“\u003Cspan style=\"font-family: DengXian;\">降维打击\u003C\u002Fspan>”\u003Cspan style=\"font-family: DengXian;\">。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">例如\u003C\u002Fspan> Claude Cowork \u003Cspan style=\"font-family: DengXian;\">和\u003C\u002Fspan> OpenClaw \u003Cspan style=\"font-family: DengXian;\">这种\u003C\u002Fspan> Agent \u003Cspan style=\"font-family: DengXian;\">技术，让非技术人员也能搞开发，甚至能在本地运行智能体，这完全改变了软件开发的门槛和安全逻辑。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">结论：不确定性会压制估值倍数（\u003C\u002Fspan>Multiple\u003Cspan style=\"font-family: DengXian;\">），这是目前最硬的逻辑。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>4 \u002F \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">垂直行业软件（\u003C\u002Fspan>Vertical SaaS\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">）会被通用\u003C\u002Fspan> AI \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">吃掉吗？\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">剩余\u003C\u002Fspan>60%\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">的完整内容，请订阅美股大数据\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">深度报告 \u003C\u002Fspan>\u003Ca href=\"https:\u002F\u002FStockWe.com\u002Fcol\u002Fdepthreport\">https:\u002F\u002FStockWe.com\u002Fcol\u002Fdepthreport\u003C\u002Fa>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FS\u002FSPY\u002FSPY8.jpg","2026-02-17T18:16:31","2026.02.17","2026\u002F02\u002F17",56156,[],"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":27,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":22,"videoId":6,"liveVideoUrl":6,"duration":23,"price":23,"priceText":24,"priceBadgeText":24,"priceBadgeClass":25,"freeForMinGroupLevel":23,"redirectUrl":6,"readyToStream":5},"https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FS\u002FSPY\u002FSPY5.jpg",[],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\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>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":68,"summaryHtml":73,"aboutTitle":74,"aboutHtml":75,"copyrightHtml":76},[44,47,50,53,56,59,62,65],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fplan",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":60,"url":61},"美股课程","\u002Fcol\u002Fvideos",{"label":63,"url":64},"免责声明","\u002Fdisclaimer",{"label":66,"url":67},"联系我们","\u002FContactUs",[69,70,71,72],"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":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"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"]