野村策略师：动能股年底拉回是正常现象，也是健康的调整

格隆汇2025-12-22

12月22日，野村策略师Charlie McElligott 指出，动能股年底拉回是正常现象，也是健康的调整，投资人正在用更严格的标准评估人工智能(AI)投资。AI投资主题正从资本支出(CAPEX)狂热的“童年期”，迈入更为动荡、成熟的“成年期”，市场也转而对该投资题材进行更严格、务实的评估。他表示，投资人开始更仔细检视AI企业的资产负债表、投资报酬潜力、可能面临的毛利压缩，以及能源瓶颈问题，这样...

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