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瑞銀：AI模型廠商估值看重年度經常性收入 企業客戶現關注投資回報率

Future Wealths
Future Wealths
1 9 月, 2026
One Min Read
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內地科網巨擘持續研發自身人工智能（AI）模型，惟目前估值與模型廠商差異。瑞銀證券中國互聯網行業分析師熊瑋在媒體分享會表示，目前模型廠商的市場估值主要參考年度經常性收入（ARR）的指標，並重視其研發能力與模型版本更新的速度，這與互聯網及軟件公司看重市盈率及市銷率的邏輯截然不同。

原文: https://finance.mingpao.com/fin/instantf/20260901/1788246409243/%E7%91%9E%E9%8A%80-ai%E6%A8%A1%E5%9E%8B%E5%BB%A0%E5%95%86%E4%BC%B0%E5%80%BC%E7%9C%8B%E9%87%8D%E5%B9%B4%E5%BA%A6%E7%B6%93%E5%B8%B8%E6%80%A7%E6%94%B6%E5%85%A5-%E4%BC%81%E6%A5%AD%E5%AE%A2%E6%88%B6%E7%8F%BE%E9%97%9C%E6%B3%A8%E6%8A%95%E8%B3%87%E5%9B%9E%E5%A0%B1%E7%8E%87%22%20target=%22blank

Last Update: 1 9 月, 2026

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