“短期内没人会说估值过高！”，投资者热议“阿里FOMO”_老虎社区_美港股上老虎

“短期内没人会说估值过高！”，投资者热议“阿里FOMO”

华尔街见闻2025-10-03

在人工智能热潮的推动下，阿里巴巴今年上演了市值激增2500亿美元的反弹，这正引发投资界日益强烈的“错失恐惧症”（FOMO）情绪，但基金经理们认为该股仍有进一步上涨空间。阿里港股上周五逆市上涨1.7%，创下自2021年8月以来的新高。尽管股价大幅上涨，阿里巴巴仍较历史高点低65%以上，而美国主要科技巨头股价已接近峰值。投资者普遍认为，相对吸引人的估值水平和全球基金的低配置为股价持续上涨留下空间。...

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href=https://wallstreetcn.com/articles/3756641><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在人工智能热潮的推动下，阿里巴巴今年上演了市值激增2500亿美元的反弹，这正引发投资界日益强烈的“错失恐惧症”（FOMO）情绪，但基金经理们认为该股仍有进一步上涨空间。\n阿里港股上周五逆市上涨1.7%，创下自2021年8月以来的新高。尽管股价大幅上涨，阿里巴巴仍较历史高点低65%以上，而美国主要科技巨头股价已接近峰值。\n投资者普遍认为，相对吸引人的估值水平和全球基金的低配置为股价持续上涨留下空间。...</p>\n\n<a 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Cortesi表示，她预计全球基金的低配状况将会改变：\n\n“而股价的强劲反弹也可能加剧这种（追涨）情绪”。\n\nAI支出推动云计算业务高速增长\n阿里巴巴CEO吴泳铭上周表示，公司计划扩大此前制定的未来三年530亿美元AI投资预算，尽管未提供具体数字。相比之下，美国四大云服务商预计仅今年就将投入超过3440亿美元，主要用于AI数据中心建设。\n这一AI转型策略已初见成效。阿里云在最新季度实现26%的收入增长，成为集团增长最快的业务单元。Aberdeen Investments投资经理Bush Chu表示：\n\n“如果中国公司能继续展现强大的AI能力和持续的盈利增长，全球投资者会注意到。”\n\nEdmond de Rothschild Asset Management基金经理Xiadong Bao认为，与美国目标丰富的环境不同，阿里巴巴是中国少数几家同时拥有世界领先大语言模型、AI芯片获取能力、云基础设施经验和数据丰富核心业务的公司之一。\n阿里巴巴已成为中国AI投资的代表。香港交易所数据显示，截至9月30日，境内投资者持有阿里巴巴股份的比例从一个月前的8.6%上升至11%。\n估值水平仍具吸引力\n对于投资者而言，一个核心问题是阿里巴巴当前应享有多高的估值。目前，其在香港市场的预期市盈率约为22倍，虽然已是其三年平均水平的两倍，但与恒生科技指数基本持平，并且远低于其自身接近29倍的历史峰值。\n更重要的是，与全球大型科技股相比，阿里巴巴的估值显得更为温和。其当前的市盈率水平远低于亚马逊和微软。Janus Henderson旗下管理着60亿美元全球科技领袖基金的Richard Clode直言：\n\n“我认为短期内不会有人说阿里巴巴的估值过高。这或许是许多全球投资者觉得在这个位置入场更为舒适的原因。”\n\n摩根士丹利数据显示，截至8月底，国际基金对阿里巴巴的配置仍较MSCI中国指数权重低配1.3%。Cathie 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