中信证券：AI科技巨头的股东回报能力面临持续下降风险

2025-09-03T00:50:11.000000ZAI动态

9月3日讯，中信证券研报称，当前AI产业投入&产出仍处于脆弱平衡之中，难言理想，伴随AI CAPEX增加，科技巨头的股东回报能力亦面临持续下降风险，在收入增长、效率提升、成本投入的三要素体系中，短期AI产业平衡的关键在于软件SaaS商业化的突破。我们毫不怀疑全球AI产业的长期发展前景，但短期脆弱的ROI、庞大的CAPEX投入、应用落地的缓慢等，料使得美股AI算力投资持续保持高波动性，逆向思维为短期最优策略。

发布于 2025-09-03

技术前沿

人民币汇率走势

CNY

亚马逊热销榜

共 0 SKU 上次更新 NaN:NaN:NaN

类目： Amazon Devices & Accessories切换分类

Amazon Echo Show 5 (newest model), Smart display with 2x the bass and clearer sound, Charcoal

$ 64.99

Blink Mini 2 (newest model) — Home Security & Pet Camera with HD video, color night view, motion detection, two-way audio, and built-in spotlight — 1 camera (White)

$ 39.99

Blink Mini - Compact indoor plug-in smart security camera, 1080p HD video, night vision, motion detection, two-way audio, easy set up, Works with Alexa – 1 camera (White)

$ 29.99

Blink Mini - Compact indoor plug-in smart security camera, 1080p HD video, night vision, motion detection, two-way audio, easy set up, Works with Alexa – 1 camera (Black)

$ 29.99