[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciob67f5c83":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciob67f5c83","法巴接力美银唱空Adobe(ADBE)：云巨头正用AI原生工具“肢解”其全流程护城河","\u002Fdoc\u002Fdciob67f5c83","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，继美银证券之后，法国巴黎银行近日也对Adobe(ADBE)敲响警钟，成为最新一家质疑其AI时代增长前景的华尔街大行。法巴分析师在参加完Adobe伦敦峰会后发布报告，直指来自超大规模云厂商与AI新贵的竞争正在从流程的每一个环节侵蚀Adobe的护城河。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">竞争白热化从“工具”到“流程”的全面侵蚀\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">法国巴黎银行分析师Stefan Slowinski在最新投资者报告中表示，该行团队上周参加了Adobe在伦敦举办的Summit大会，期间从合作伙伴处得到的反馈并不乐观。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">该行观察到，相比市场此前关注的Canva、Figma(FIG)等中小型创企的夹击，拥有算力、数据和平台优势的超级大厂，正用AI原生工具直接切入Adobe的核心创作与营销流程，从底层削弱其专业软件的价值。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">“尽管Adobe正试图利用其在现有企业工作流中的影响力进行防守，但我们注意到，一些合作伙伴表示看到越来越多的客户转向超大规模云服务商的工具，尤其是谷歌(GOOGL)的产品，用以完成从内容创建(如使用Nano Banana和Veo)、营销素材准备、权限审核到营销活动上线的所有工作，”Slowinski写道。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">报告明确指出，虽然Adobe在某些“端到端”使用其产品的企业客户中仍根深蒂固，但“在业务流程的每个层面都出现了更多竞争，这无疑加大了客户流失或被替代的风险”。法巴特别提及的竞争对手，包括Bloomreach旗下的AI产品Loomi AI。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">此外，报告还触及一个更深层的风险——AI主权。Slowinski指出，这一点在欧洲尤其明显。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">该分析师表示，这不仅仅意味着企业希望限制对大型AI实验室的依赖，更意味着“企业正在寻求通过使用开放解决方案构建工具和工作流，来‘去中介化’美国应用公司，从而减少对后者的依赖”。他举例称，英伟达(NVDA)的NemoClaw(为OpenClaw封装企业级护栏的解决方案)便为这种自主可控提供了可能。一旦企业大量采用此类开放工具，Adobe作为第三方应用提供商的地位将受到根本性冲击。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">法巴此次发布的谨慎论调，恰逢美银证券刚刚高调翻空。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">就在不久前，美银证券恢复覆盖Adobe，直接给予“跑输大盘”评级，并设定仅190美元的目标价。该行分析师指出，随着生成式AI降低内容创作门槛，低成本与原生AI替代方案正使Adobe的增长前景面临越来越大风险。Adobe自身AI战略的防御性远大于进攻性，AI虽然能提升用户参与度，但纯AI业务贡献的年度经常性收入占比仍不足2%，短期内看不到增长加速的迹象。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美银预计，Adobe短期内增长加速的可能性不大，低端和业余用户群体正被“足够好”的AI输出替代，而转向免费增值及按消费计费的模式将带来盈利风险，预计2027财年增速将从10.5%降至8.8%。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">公司仍在赚钱，但估值定价的是未来\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">不可否认，Adobe的财务引擎仍在运转。数据显示，该公司上一财年年度经常性收入增长11%至260亿美元，自由现金流高达近98亿美元，剩余的履约义务(即合约约定的未来收入)为220亿美元，利润率仍保持在41%的水平。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">不过正如美银在报告中所指，Adobe“估值颇具吸引力，但目前看不到催化剂”，目前，该股市盈率仅为12.5倍。这似乎表明，市场正用极度悲观的定价，押注这家创意软件巨头在AI时代面临的结构性增长放缓与变现不确定性。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 每天处理千万级股票数据：捕捉期权大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准交易信号第一时间发到您手机APP！\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FA\u002FADBE\u002FADBE.jpg","2026-07-15T15:01:00","2026.07.15","2026\u002F07\u002F15",54017,[22],"ADBE","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" 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href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" target=\"_blank\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"edit":87,"editVideo":88,"courseContent":89,"more":90,"buyNow":91,"subscribeNow":92,"encoding":93,"paidContent":94},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]