中信证券：中国AI资产有望迎来重估看好港股互联网板块收敛修复行情

智通财经07-19

智通财经APP获悉，中信证券发布研报称，资金与流向的再平衡驱动行情由分化走向收敛，业绩触底与AI叙事共振下，看多港股互联网行业。回顾全球科技行情，过去一年的定价重心集中于AI基础设施的"投入侧"，伴随模型能力的持续跃升与商业化路径的逐步清晰，定价重心正由"投入侧"向"产出侧"迁移，中国AI资产的重估窗口正在打开。在这一重估进程中，云、模型、应用三个环节均具备机遇：云是AI需求落地的第一站，算力高...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohunote.com/m/news/2652251614?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-07-19 19:01","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2652251614","market":"sh","top_or_hot":-1,"title":"中信证券：中国AI资产有望迎来重估 看好港股互联网板块收敛修复行情","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，中信证券发布研报称，资金与流向的再平衡驱动行情由分化走向收敛，业绩触底与AI叙事共振下，看多港股互联网行业。回顾全球科技行情，过去一年的定价重心集中于AI基础设施的\"投入侧\"，伴随模型能力的持续跃升与商业化路径的逐步清晰，定价重心正由\"投入侧\"向\"产出侧\"迁移，中国AI资产的重估窗口正在打开。在这一重估进程中，云、模型、应用三个环节均具备机遇：云是AI需求落地的第一站，算力高...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1469437.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中信证券：中国AI资产有望迎来重估 看好港股互联网板块收敛修复行情</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中信证券：中国AI资产有望迎来重估 看好港股互联网板块收敛修复行情\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-19 19:01 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1469437.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中信证券发布研报称，资金与流向的再平衡驱动行情由分化走向收敛，业绩触底与AI叙事共振下，看多港股互联网行业。回顾全球科技行情，过去一年的定价重心集中于AI基础设施的\"投入侧\"，伴随模型能力的持续跃升与商业化路径的逐步清晰，定价重心正由\"投入侧\"向\"产出侧\"迁移，中国AI资产的重估窗口正在打开。在这一重估进程中，云、模型、应用三个环节均具备机遇：云是AI需求落地的第一站，算力高...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1469437.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1655091616.SGD","symbol_name":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1469437.html","article_id":"2652251614","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2652251614","pubTimestamp":1784458862,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，中信证券发布研报称，资金与流向的再平衡驱动行情由分化走向收敛，业绩触底与AI叙事共振下，看多港股互联网行业。近期该行向海外投资者路演时与其交流的反馈显示，当前主流仓位为低配中国、且在中国资产内部低配互联网。2025年以来，港股互联网板块所经历的调整主要原因来自EPS的下修，核心是宏观压力下的营收承压，以及AI与新业务投入带来的利润压力以及不确定性。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"82822":"南方A50—R","82823":"安硕A50—R","82843":"东汇A50—R","600030":"中信证券","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","LU2289578879.USD":"ALLIANZ CHINA A OPPORTUNITIES \"AT\" (USD) ACC","LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","02822":"南方A50","XPP":"二倍做多富时中国50ETF(ProShares)","AGIX":"通用人工智能 ETF-AGIX","NBCE":"Neuberger Berman China Equity ETF","LU1997245177.USD":"安联神洲A股基金","BK1521":"挪威政府全球养老基金持仓","02823":"安硕A50","06030":"中信证券","ASHR":"德银沪深300指数ETF","BK0188":"融资融券","FLCH":"Franklin FTSE China ETF","LU1720050803.USD":"安联全方位中国股票基金","ARTY":"ISHARES FUTURE AI & TECH ETF","KWEB":"中国海外互联网ETF-KraneShares","CHAU":"2倍做多沪深300ETF-Direxion","LU2580892789.USD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (USD) ACC","ASHS":"德银沪深中证500指数ETF","BK0012":"证金概念","VTHR":"Vanguard Russell 3000 ETF","LU1255011170.USD":"JPM CHINA A-SHARE OPPORTUNITIES \"A\" (USD) ACC","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","BK0028":"国家队","FXP":"二倍做空富时中国50ETF-ProShares","YANG":"三倍做空富时中国ETF-Direxion","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1997245094.SGD":"安联神州A股基金AT Acc SGD","CWEB":"两倍做多沪深中国互联网股票ETF-Direxion","LU2580892862.HKD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (HKD) ACC","BK1516":"腾讯概念","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU2495084118.USD":"ALLIANZ CHINA A-SHARES \"ATH\" (USDHDG) ACC","BK1147":"投资银行业与经纪业","BK0196":"行业龙头","02843":"东汇A50","LU0405327494.USD":"ALLSPRING CHINA A FOCUS \"I\" (USD) ACC","YINN":"三倍做多富时中国ETF-Direxion","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","MCH":"MATTHEWS CHINA ACTIVE ETF","YXI":"ProShares做空FTSE中国50ETF","JCHI":"JPMORGAN ACTIVE CHINA ETF","QTOC":"Innovator Growth Accelerated Plus ETF - October","AIPO":"Defiance AI and Power Infrastructure ETF"},"translate_title":"CITIC Securities: China's AI assets are expected to usher in revaluation, optimistic about the convergence and repair of the Internet sector of Hong Kong stocks","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82822":0.6,"82823":0.6,"82843":0.6,"600030":1.5,"02823":0.6,"AGIX":1.5,"CWEB":0.6,"QTOC":1.5,"ARTY":1.5,"NBCE":1.5,"YINN":0.6,"KWEB":0.6,"FLCH":1.5,"AIPO":1.5,"MCH":1.5,"06030":1.5,"02843":0.6,"YXI":0.6,"CHAU":0.6,"ASHS":0.6,"JCHI":1.5,"FXP":0.6,"CHAT":1.5,"02822":0.6,"YANG":0.6,"ASHR":0.6,"XPP":0.6,"VTHR":1.5},"content_text":"智通财经APP获悉，中信证券发布研报称，资金与流向的再平衡驱动行情由分化走向收敛，业绩触底与AI叙事共振下，看多港股互联网行业。回顾全球科技行情，过去一年的定价重心集中于AI基础设施的\"投入侧\"，伴随模型能力的持续跃升与商业化路径的逐步清晰，定价重心正由\"投入侧\"向\"产出侧\"迁移，中国AI资产的重估窗口正在打开。在这一重估进程中，云、模型、应用三个环节均具备机遇：云是AI需求落地的第一站，算力高景气驱动收入加速，资本开支向收入转化的路径逐步清晰；模型是智能供给的核心，国产模型智能上限持续提升、与全球旗舰模型的差距不断收窄，正成为重估的信心之锚；应用是商业化兑现的载体，场景、模态与端侧全面拓宽，AI渗透的广度与深度持续超预期。在此基础上，港股互联网头部公司是承接本轮重估的核心资产。中信证券主要观点如下：结构再平衡：K型分化的收敛与修复正在开启。2026年初至今(截至7月17日，下同)，国内市场K型分化显著：硬件端中信电子/通信指数分别+35%/+32%，而恒生科技/中概互联网指数-16%/-29%，互联网板块显著落后。全球范围看，分化同样极致，SOX/KOSPI/日经225年初至今分别+65%/+53%/+24%，硬件超额收益显著。7月以来，分化出现松动：SOX累计下跌-18%，同期微软/亚马逊/谷歌/META分别+2.5%/+2.3%/-4%/+5.4%，恒生科技/中概互联网指数+3.4%/+12%。该行认为，K型分化正逐步走向收敛与修复，过分拥挤的硬件头寸，伴随Hyperscaler在模型商业化的预期修复中的演绎，正带领全球资金结构自硬件逐步向云与应用切换；低仓位、低估值的港股互联网有望成为资金切换的重要流向，该行看好板块的收敛修复行情。流向再平衡：资金处于低位，回流动能正在积聚。近期该行向海外投资者路演时与其交流的反馈显示，当前主流仓位为低配中国、且在中国资产内部低配互联网。7月以来，以存储为代表的亚太硬件板块波动显著放大，KOSPI/日经225 7月以来累计-18%/-9%，三星电子/SK海力士/铠侠分别-19%/-28%/-41%，日韩市场的高波动或推动区域资金再配置，利好低仓位、低估值的港股互联网；叠加中国AI叙事进一步崛起，前期\"long tech short internet\"的对冲基金、低配中国与互联网的长线外资，或均有动力考虑持仓结构的再平衡，外资回流动能正在积聚。内资方面，根据Wind，港股ETF 7月至今/年初至今亦持续净流出54/431亿元，内资对互联网板块的整体配置仍处低位。当前板块资金面处于双低状态，两类资金均具备加仓动力，后续伴随再平衡推进与AI催化落地，资金面具备明确的向上空间。业绩维度：悲观预期已price in，料26H2迎利润拐点。2025年以来，港股互联网板块所经历的调整主要原因来自EPS的下修，核心是宏观压力下的营收承压，以及AI与新业务投入带来的利润压力以及不确定性。截至7月17日，恒生科技2026/27年盈利增速一致预期为11%/22%。当前该行认为悲观预期已price in相对充分，以即时零售为代表的传统业务亏损正在明确快速收缩。根据Visible Alpha一致预期，26Q2国内主要互联网公司收入合计同比+5%、延续稳健增长，Non-GAAP净利润合计同比-8%，降幅较26Q1(-32%)大幅收窄、盈利环比会显著改善；26Q3/4 Non-GAAP净利润增速将进一步回升至+12%/+46%，26全年收入合计同比+8%。板块业绩增速已经触底，料主业盈利的改善亦将进一步支撑AI业务的持续投入，在AI商业模式逐步清晰下，形成\"主业造血—AI投入—增长兑现\"的正向循环；EPS预期的逐季修复既构成当前位置的安全边际，预计亦将成为板块行情的向上催化，建议关注互联网公司业绩释放的节奏。估值维度：国产AI叙事重启，海外资金重估中国AI资产。近期Kimi K3发布后在海外引发显著反响，高ROI下，中国厂商与海外旗舰模型的追赶时差已缩短至约3个月，市场热议是否迎来\"第二个DeepSeek时刻\"。该行认为，K3的表现是国产AI加速追赶的近期第一个切面，下半年中国模型厂商将进入新一轮密集迭代周期，将在智能上限和性价比维度持续挑战全球旗舰，助力从\"跟跑\"到\"并跑\"。其二，伴随近期WAIC大会，上游算力在超节点、互联以及对国产模型的适配上加速迭代；下游应用百花齐放，覆盖场景更多元(办公、编程、具身、消费娱乐等)、模态更丰富(文本、图像、视频、语音全面开花)、载体加速向端侧延伸(AI手机、眼镜、机器人等)，AI渗透的广度与深度持续超预期。而中国模型智能上限的提升与下游商业化的高确定性，将推动海外投资人重新审视中国模型公司的竞争优势与估值潜力，重估有望由一级市场向二级市场的云与模型相关资产传导。当前恒生科技NTM PE为18.9x(Wind一致预期)，处于近5年27.5%分位，业绩触底与AI叙事共振下，板块具备估值与盈利双重修复的空间。风险因素：流动性宽松不及预期导致市场估值中枢下移；互联网公司降本增效不及预期导致业绩回暖不及预期；新业务及新市场拓展不及预期，或投资亏损超预期；核心股东减持风险等投资策略；政策落地进度不及预期；国产大模型追赶国外同行速度不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"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":"CCBot/2.0 (https://commoncrawl.org/faq/)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2652251614","isCrawlerRequest":true}

中信证券：中国AI资产有望迎来重估 看好港股互联网板块收敛修复行情

精彩评论

中信证券：中国AI资产有望迎来重估看好港股互联网板块收敛修复行情