高盛：投资者终于开始重视传统“资本密集型”企业

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投资者对"旧世界"资本密集型资产的重新定价，正从数据中心蔓延至更广泛的实体经济供应链。华尔街见闻提及，2月24日，高盛研报提出AI时代资金正在涌向“重资产、低淘汰”（HALO）实体资产，比如电网、管道、公用事业、交通基建及关键工业产能。这些资产难以复制、物理壁垒高且不易过时。（2月下旬以来HALO一篮子股票持续上涨）与此同时，美国关税政策的变动也为实体资产交易提供了额外支撑。高盛初步预测，最高法院...

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'businesses","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HALO":1,"GSX":0.6,"VGT":0.75},"content_text":"投资者对\"旧世界\"资本密集型资产的重新定价，正从数据中心蔓延至更广泛的实体经济供应链。华尔街见闻提及，2月24日，高盛研报提出AI时代资金正在涌向“重资产、低淘汰”（HALO）实体资产，比如电网、管道、公用事业、交通基建及关键工业产能。这些资产难以复制、物理壁垒高且不易过时。（2月下旬以来HALO一篮子股票持续上涨）与此同时，美国关税政策的变动也为实体资产交易提供了额外支撑。高盛初步预测，最高法院裁决触发的关税政策调整，将使美国实际关税税率下降约100个基点。尽管关税政策走向仍存在不确定性，但对依赖实物进口的基础设施及工业企业而言，成本的缓释将进一步强化市场向实体资产倾斜的短期逻辑。高盛策略师Chris Hussey强调，投资者正在给予传统资本密集型企业更高的估值，且向供应链上下游及更广泛的经济领域延伸。高盛的Oppenheimer阐述称，这是互联网商业化约四分之一世纪以来，技术增长前景首次对数据中心、能源供应等实体资产形成高度依赖。实体资产重估，从数据中心到整条基础设施链这一轮资本密集型企业的重估，高盛认为背后逻辑是：淘金热中，最稳定的获益者往往是铲子的制造商。高盛Oppenheimer指出，人工智能时代的技术增长越来越依赖于可见、可触摸的物理资产，而非过去二十五年主导市场的纯软件和平台模式。这一判断使得\"硬资产\"的战略价值得到重新定价。高盛将具备以下两项特质的企业定义为最优质的\"HALO\"标的。一是资产重建成本高、监管壁垒深、建设周期长，难以被轻易颠覆或替代；二是具备长期经济价值。具体聚焦的领域包括：电网；管道；公用事业；交通基础设施；关键机械设备；长周期工业产能。软资产承压，AI颠覆担忧引发估值重构实体资产受追捧的另一面，是软资产的持续承压。软件、媒体、咨询及部分金融细分板块正面临市场重新审视。今年2月，软件与IT服务股再度大幅下挫，INTU、WDAY、IBM及ACN等个股单月跌幅均超过20%。市场担忧人工智能将对这些企业形成\"去中介化\"冲击，或为低成本竞争者打开入口，从而从根本上损害其商业模式。不过高盛分析师Gabriela Borges强调并非所有软件公司的商业模式都相同。她指出，智能体（Agentic）技术生态正在快速演进，这使得评估最终价值和设定估值底线变得极具挑战性，因此并不意味着所有软件标的都应被抛售。高盛认为，投资者仍然可以关注那些能够证明其历史经验可以带来更高质量的AI成果，并在即将到来的AI时代通过盈利保持稳定或改善基本面的公司。本文来源于华尔街见闻，作者鲍奕龙；智通财经编辑：文文。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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