[Table_Page] 深度分析|传媒 证券研究报告 [Table_Title] 传媒行业·程序化广告专题 从头部平台发展路径理解程序化广告，关注数据与 AI 算法的飞轮 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-13 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]旷实 SAC 执证号：S0260517030002 SFC CE No. BNV294 010-59136610 kuangshi@gf.com.cn 分析师： 廖志国 SAC 执证号：S0260525060001 021-38003665 liaozhiguo@gf.com.cn 分析师： 罗悦纯 -10% 5% 20% 34% 49% 64% 01/25 04/25 06/25 08/25 11/25 01/26 传媒 沪深300 SAC 执证号：S0260524120001 021-38003562 luoyuechun@gf.com.cn 请注意，廖 ...

智通财经APP获悉，中信证券发布研报称，近期美股互联网公司业绩逐步发布，虽然整体业绩普遍超出 市场一致预期或公司指引，但在流动性、AI叙事等压制下，部分公司股价明显承压，与业绩趋势显著 背离。中信证券认为，当前市场对互联网公司的悲观预期被过度放大。企业的基本面依旧较为稳健，同 时AI对互联网的冲击，如电商Agent、游戏引擎等仍停留在早期阶段，且上述领域中，互联网公司本身 依靠自身的网络效应、AI流量的引入以及代码成本等的优化，大概率能够从AI中受益。 因此，中信证券认为，在当前密集的抛售之后，市场在回归相对理性的基本面定价逻辑后，互联网公司 的估值性价比正持续凸显，建议后续关注主要互联网公司的业绩趋势以及"叙事反转"之后的投资机会。 中信证券主要观点如下： 市场回顾：AI叙事、流动性等大幅冲击互联网公司。 美股主要互联网公司的四季度业绩基本披露完成，与此前基本面驱动的定价逻辑不同，AI叙事、流动 性等因素使得互联网公司的业绩与股价走势出现了明显背离。在我们覆盖的美股互联网公司中，超预期 的业绩与股价走势形成显著背离。当然部分公司的股价走弱与业绩当中的部分指标不及预期有一定关 联，但不可否认，在AI颠覆以及脆 ...

每经AI快讯，2月12日，美股AI应用软件股涨跌不一，Fastly大涨超60%，HubSpot涨超10%，多邻国涨 超3%，ServiceNow涨超2%；Applovin跌超14%，Unity跌近6%，Spotify跌超4%。 ...

每经AI快讯，2月12日，美股AI应用软件股盘前涨跌不一，Fastly涨超35%，Shopify涨超1%；Applovin 跌近6%，Unity续跌近2%。 ...

PayPal - PayPal shares fell nearly 20% following the announcement of CEO Alex Chris's departure, which was unexpected by investors [1][2] - The board's dissatisfaction with Chris's performance, particularly regarding the Brandi Checkout initiative, contributed to the leadership change [1][2] - Under Chris, PayPal's stock had declined approximately 27% since he took over, and nearly 43% from its peak a year ago [1] - The new CEO, Enrique Lores, has not demonstrated significant success at HP, raising concerns about his ability to lead PayPal effectively [1][2] - PayPal's shares are now trading at a price-to-earnings ratio of around 8.5, significantly lower than the market average, indicating potential value [2][3] Gaming Industry - Google's Project Genie, an AI game design tool, has negatively impacted the stock prices of major gaming companies like Roblox, Nintendo, and Unity [6][7] - Project Genie can create games from prompts using AI models, leading to concerns that easier game creation will devalue existing gaming platforms [6][7] - The gaming industry is massive, with global revenues surpassing those of film, music, and professional sports, but growth is slow, comparable to global GDP growth [6][7] - The introduction of AI in game development may lead to both winners and losers, with established platforms likely to leverage AI for efficiency [6][7] - Roblox's new ad format aims to enhance engagement by integrating ads into the gaming experience, which could benefit from increased game content due to AI advancements [11][12]

Group 1 - AI application software stocks in the US showed mixed performance, with Cloudflare surging over 10% after earnings report [1] - Spotify experienced an increase of over 4% [1] - Unity's stock plummeted by 27% following its earnings report [1] Group 2 - Figma's stock declined by nearly 5% [1] - Palantir and Applovin both fell by over 2% [1] - Shopify initially opened up by over 8% but later turned to a decline of over 2% [1]

Group 1 - The core viewpoint of the article highlights the continued upward trend of certain AI application software stocks in the pre-market trading session on February 11, with notable gains observed [1] Group 2 - Cloudflare experienced a significant increase, rising over 15% [1] - Unity saw a rise of more than 2% [1] - Shopify recorded a gain of 1.5% [1]

| 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 50188.14 | 23102.47 | 6941.81 | | +52.27 +0.10% -136.20 -0.59% -23.01 -0.33% | | | | 中国金龙 | 纳指100期货 | 标普500期货 | | 7885.55 | 25233.25 | 6965.00 | | +67.91 +0.87% -120.75 -0.48% -18.25 -0.26% | | | 美国零售数据公布，10年期国债收益率大幅下挫6个基点，跌至近一个月来的最低水平。美元指数则在涨跌之间摇摆，最终变化不大。 大盘的支撑主要来自软件板块上涨：Datadog和ServiceNow分别反弹约14%和4%，Unity股价也上涨5%。 消息面上，据中国基金报消息，Datadog业绩超预期，2025财年收入为34.3亿美元，同比增长28%；运营现金流达10.5亿美元，自由现金流达9.15亿美元。 高盛集团CEO大卫.所罗门认为，上周因担心人工智能竞争而导致的软件股大跌，可能被市场反应过度。 美国大型科技股多 ...

记者丨张嘉钰 编辑丨刘雪莹 当地时间2月10日，美国三大股指 美股冲高回落，截至 收盘涨跌不一，道指涨0.1%，续创收盘 新高，标普500指数跌0.33%，纳指跌0.59%。 道指盘中一度录得连续第三个历史新高，此前已在上周五首次突破5万点大关。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 50188.14 | 23102.47 | 6941.81 | | +52.27 +0.10% -136.20 -0.59% -23.01 -0.33% | | | | 中国金龙 | 纳指100期货 | 标普500期货 | | 7885.55 | 25233.25 | 6965.00 | | +67.91 +0.87% -120.75 -0.48% -18.25 -0.26% | | | 美国零售数据公布， 10年期国债收益率大幅下挫6个基点，跌至近一个月来的最低水平。 美元 指数则在涨跌之间摇摆，最终变化不大。 大盘的支撑主要来自软件板块上涨：Datadog和ServiceNow分别反弹约14%和4%，Unity股价 也上涨5%。 消息面上，据中国基 ...

业绩利好，多只软件股大涨。 当地时间2月10日（周二），美股三大股指集体高开，随后走势分化，纳指一度转跌，短暂探底后又再度拉升。截至发稿，道指涨0.67%，标普500指数涨 0.19%，纳指涨0.05%；纳斯达克中国金龙指数涨0.56%。 | 0 03 | হ 田 | 价格 = | 涨跌幅 = | | --- | --- | --- | --- | | 道琼斯指数 | | 50471.62 | +0.67% | | .DJI | | | | | 标普500指数 | | 6978.32 | +0.19% | | .SPX | | | | | 纳斯达克综合指数 | | 23250.93 | +0.05% | | .IXIC | | | | | 纳斯达克中国金龙指数 | | 7861.48 | +0.56% | | .HXC | | | | 大型科技股多数上涨，微软涨近2%，特斯拉涨超1%，苹果、亚马逊、博通小幅上涨；谷歌A跌超2%，英伟达、 Meta小幅下跌。 美股AI应用软件股盘初强势拉升，截至发稿，Spotify、Datadog双双大涨约16%，Shopify涨超6%，Unity涨近5%。 | 今开 | 46 ...