\u3000\u3000\u8fd1\u671f\uff0c\u8d44\u672c\u5e02\u573a\u53d7\u5168\u7403\u7ecf\u6d4e\u653e\u7f13\u548c\u8d38\u6613\u6469\u64e6\u7684\u5f71\u54cd\u51fa\u73b0\u6ce2\u52a8\uff0c\u8d44\u672c\u5e02\u573a\u6b63\u671f\u5f85\u4e00\u4e2a\u5f3a\u52b2\u589e\u957f\u7684\u963f\u91cc\u5df4\u5df4\u3002\u5728\u5929\u732b618\u524d\u5915\uff0c\u963f\u91cc\u8fd9\u6b21\u8d22\u62a5\u7684\u53d1\u5e03\u5907\u53d7\u5173\u6ce8\uff1a\u636e\u5f6d\u535a\u6700\u65b0\u6d88\u606f\uff0c51\u4f4d\u5206\u6790\u5e08\u96c6\u4f53\u5efa\u8bae\u201c\u4e70\u5165\u201d\u963f\u91cc\uff0c\u5e76\u9884\u6d4b\u5176\u589e\u957f\u5c06\u7ee7\u7eed\u9886\u8dd1\u5168\u7403\u4e92\u8054\u7f51\u516c\u53f8\u3002 <\/p>\n

\u636e\u963f\u91cc\u5df4\u5df4\u6b64\u524d\u6d88\u606f\u79f0\uff0c\u516c\u53f8\u5c06\u4e8e\u4eca\u665a\uff08\u5317\u4eac\u65f6\u95f45\u670815\u65e5\uff0c\u7f8e\u80a1\u76d8\u524d\uff09\u53d1\u5e03\u51762019\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8d22\u62a5\u548c2019\u8d22\u5e74\u5168\u5e74\u8d22\u62a5\u3002\u5728\u4e0a\u4e00\u5b63\u5ea6\u8d22\u62a5\u4e2d\uff0c\u963f\u91cc\u5df4\u5df4\u6210\u4e3a\u9996\u4e2a\u5b9e\u73b0\u5355\u5b63\u8425\u6536\u7834\u5343\u4ebf\u7684\u4e92\u8054\u7f51\u516c\u53f8\u3002 <\/p>\n

\u5f6d\u535a\u6570\u636e\u663e\u793a\uff0c\u9884\u8ba12019\u8d22\u5e74\u963f\u91cc\u5df4\u5df4\u7684\u8425\u6536\u5c06\u540c\u6bd4\u589e\u957f48%\u3002\u6309\u7167\u8fd9\u4e2a\u9884\u6d4b\uff0c\u963f\u91cc\u5c06\u5b9e\u73b02016\u5e74\u4ee5\u6765\u4e09\u5e74\u5185\u4ece\u672a\u4f4e\u4e8e40%\u7684\u589e\u957f\uff0c\u4e14\u8fde\u7eed7\u4e2a\u5b63\u5ea6\u9886\u8dd1\u5168\u7403\u4e92\u8054\u7f51\u516c\u53f8\u7b2c\u4e00\u9635\u8425FAANG\uff08\u5373Facebook\u3001\u4e9a\u9a6c\u900a\u3001\u82f9\u679c\u3001Netflix\u3001Google\u6bcd\u516c\u53f8\uff09\u3002 <\/p>\n

\u636eSmarter Analyst\u62a5\u9053\uff0c\u52a0\u62ff\u5927\u7687\u5bb6\u94f6\u884c\u8d44\u672c\u5e02\u573a\u7684\u9ad8\u7ea7\u5206\u6790\u5e08\u9a6c\u514b\u00b7\u9a6c\u54c8\u5c3c\uff08Mark Mahaney\uff09\u5bf9\u8be5\u516c\u53f8\u7684\u8bc4\u7ea7\u4e3a\u4f18\u4e8e\u5927\u5e02\u3002\u5c3d\u7ba1\u4e2d\u56fd\u548c\u7f8e\u56fd\u4e4b\u95f4\u5b58\u5728\u8d38\u6613\u6469\u64e6\uff0c\u4f46\u9a6c\u54c8\u5c3c\u5c06\u76ee\u6807\u4ef7\u5b9a\u4e3a210\u7f8e\u5143\uff0c\u7ee7\u7eed\u770b\u6da8\u3002\u4ed6\u8fdb\u4e00\u6b65\u89e3\u91ca\u8bf4\uff0c\u7a33\u56fa\u7684\u73b0\u91d1\u6d41\u8ba9\u963f\u91cc\u80a1\u5e02\u8868\u73b0\u7a33\u5065\u3002 <\/p>\n

Zacks\u7684Benjamin Rains\u8ba4\u4e3a\uff0c\u6bd4\u8d77\u4eca\u5e74\u524d\u51e0\u4e2a\u6708\uff0c\u5929\u732b\u3001\u6dd8\u5b9d\u7b49\u4e1a\u52a1\u8ba9\u963f\u91cc\u5b9e\u73b0\u4e86\u521b\u65b0\u589e\u957f\uff0c\u5e76\u8d21\u732e\u4e86\u6536\u5165\u7684\u7edd\u5927\u90e8\u5206\u3002 <\/p>\n

SunTrust Robinson Humphrey\u8ba4\u4e3a\uff0c\u6700\u65b0\u6570\u636e\u663e\u793a\uff0c\u201c\u5b8f\u89c2\u73af\u5883\u4e00\u76f4\u5728\u6539\u5584\uff0c\u5bf9\u4e2d\u56fd\u6d88\u8d39\u6709\u5229\uff0c\u7279\u522b\u662f\u5bf9\u963f\u91cc\u5df4\u5df4\u800c\u8a00\u201d\u3002\u8d38\u6613\u7d27\u5f20\u5c40\u52bf\u5bfc\u81f4\u77ed\u671f\u4e0d\u786e\u5b9a\u6027\uff0c\u4f46\u9274\u4e8e\u4e2d\u56fd\u7ecf\u6d4e\u5e02\u573a\u7684\u201c\u4e3b\u5bfc\u5730\u4f4d\u201d\u4ee5\u53ca\u201c\u5bf9\u4e2d\u56fd\u65e5\u76ca\u58ee\u5927\u7684\u4e2d\u4ea7\u9636\u7ea7\u201d\uff0c\u963f\u91cc\u5df4\u5df4\u5c06\u662f\u4e00\u4e2a\u201c\u957f\u671f\u8d62\u5bb6\u201d\u3002 <\/p>\n

\u53f2\u8482\u6587\u00b7\u897f\u5c14\u65af\uff08Steven M. Sears\uff09\u4e5f\u5728\u300a\u5df4\u4f26\u5468\u520a\u300b\u4e0a\u5199\u9053\uff0c\u5c3d\u7ba1\u4eba\u4eec\u62c5\u5fc3\u672a\u6765\u51e0\u5468\u7f8e\u80a1\u4e0b\u964d\uff0c\u4f46\u963f\u91cc\u80a1\u4ef7\u5f88\u6709\u53ef\u80fd\u53cd\u5f39\u81f3200\u7f8e\u5143\u3002\u8bb8\u591a\u5206\u6790\u5e08\u4ecd\u7136\u5e0c\u671b\u4ece\u963f\u91cc\u5df4\u5df4\u7684\u80a1\u4ef7\u957f\u671f\u8d70\u5f3a\uff0c\u5e76\u5e0c\u671b\u770b\u5230\u5305\u62ec\u4e2d\u56fd\u5728\u5185\u5168\u7403\u8d44\u672c\u5e02\u573a\u6c1b\u56f4\u7684\u6539\u5584\u3002\u4e13\u5bb6\u8868\u793a\uff0c\u8010\u5fc3\u662f\u5fc5\u8981\u7684\uff0c\u963f\u91cc\u5df4\u5df4\u76ee\u524d\u662f\u4e00\u4e2a\u5f88\u597d\u7684\u4e70\u5165\u9009\u62e9\uff0c\u7279\u522b\u662f\u5728\u5982\u4eca\u7684\u60c5\u51b5\u4e0b\u3002 <\/p>\n

\u5728\u8d22\u62a5\u53d1\u5e03\u524d\u5915\uff0c\u5df4\u514b\u83b1\u94f6\u884c\u3001\u6469\u6839\u58eb\u4e39\u5229\u3001\u82b1\u65d7\u94f6\u884c\u7b49\u591a\u5bb6\u6838\u5fc3\u6295\u884c\u5148\u540e\u53d1\u5e03\u7684\u7814\u62a5\u666e\u904d\u8ba4\u4e3a\uff0c\u963f\u91cc\u5df4\u5df4\u5c06\u57282020\u8d22\u5e74\u5b9e\u73b0\u66f4\u5747\u8861\u7684\u6536\u5165\u548cEBITDA\u589e\u957f\u3002\u5df4\u514b\u83b1\u94f6\u884c\u3001JP Morgan\u3001\u6469\u6839\u58eb\u4e39\u5229\u5bf9\u963f\u91cc\u5df4\u5df4\u80a1\u7968\u4e00\u81f4\u7ed9\u51fa\u201c\u589e\u6301\u201d\u5efa\u8bae\u3002UBS\u745e\u94f6\u96c6\u56e2\u4e0e\u6052\u751f\u94f6\u884c\u3001\u82b1\u65d7\u94f6\u884c\u548c\u7f8e\u56fd\u6295\u884cJefferies\u4e00\u5e76\u7ed9\u4e88\u963f\u91cc\u5df4\u5df4\u80a1\u7968\u201c\u4e70\u5165\u201d\u8bc4\u7ea7\u3002 <\/p>\n

\u8fd9\u80cc\u540e\uff0c\u65e2\u6709\u5206\u6790\u5e08\u5bf9\u963f\u91cc\u5df4\u5df4\u6295\u8d44\u672a\u6765\u7684\u521b\u65b0\u529b\u5145\u6ee1\u4fe1\u5fc3\uff0c\u4e5f\u6709\u5206\u6790\u5e08\u770b\u597d\u963f\u91cc\u5df4\u5df4\u5546\u4e1a\u64cd\u4f5c\u7cfb\u7edf\u5bf9\u54c1\u724c\u589e\u957f\u7684\u4fc3\u8fdb\u4f5c\u7528\uff0c\u4ed6\u4eec\u8ba4\u4e3a\u8fd9\u4e9b\u662f\u963f\u91cc\u5df4\u5df4\u4fdd\u6301\u7a33\u5065\u589e\u957f\u7684\u5173\u952e\u3002\u201c\u963f\u91cc\u5df4\u5df4\u589e\u957f\u53d7\u76ca\u4e8e\u6d88\u8d39\u5347\u7ea7\u548c\u96f6\u552e\u4e1a\u6570\u5b57\u5316\u7684\u957f\u671f\u6218\u7565\u201d\uff0c\u745e\u4fe1\u94f6\u884c\u7814\u62a5\u5f3a\u8c03\uff0c\u201c\u5b83\u5728\u6295\u8d44\u672a\u6765\u65b9\u9762\u8868\u73b0\u51fa\u7a33\u5065\u7684\u6267\u884c\u529b\uff0c\u6211\u4eec\u76f8\u4fe1\u963f\u91cc\u5df4\u5df4\u80fd\u591f\u7ee7\u7eed\u6295\u8d44\u548c\u57f9\u80b2\u521b\u65b0\u4e1a\u52a1\u3002\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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