研报掘金｜招商证券：Meta去年第四季业绩与今年首季指引超预期，指其估值具备吸引力

格隆汇01-30

招商证券发表研报指，Meta AI与用户成长推动2025年第四季业绩与今年第一季指引超预期。该行持续看好Meta，因其在社群媒体和AI领域均处于领先地位，同时估值较其他大型科技公司具有明显折价，具备吸引力。2025年第四季及全年资本开支分别为221亿及722亿美元，连续多季攀升引发2025年下半年AI进展不足的担忧，但Meta股价反弹及强劲业绩反映其社群媒体龙头地位。此外，高DAP结合AI推荐与...

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