This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement
and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit
.
MARKETS & FINANCE STOCKS
A Place Where Some AI Stocks Are Still
Cheap: China
⼀个部分⼈⼯智能股票仍被低估的
地⽅：中国
Technology champions offer a way to play the boom—but beware of
geopolitics
科技领军企业为把握这波热潮提供了途径——但需警惕地缘政治因素
By Rory Jones 作者：罗⾥·琼斯
June 14, 2026 11:00 pm ET
Hangzhou-based Alibaba is cheaper than comparable . tech stocks, measured by forward price-
to-earnings ratio. QILAI SHEN/BLOOMBERG NEWS
以杭州为总部的阿⾥巴巴，按前瞻市盈率衡量，其估值低于同类美国科技股。沈
启来/彭博新闻社
若有侵权，请联系删除。公众号：趣享财经
SINGAPORE—The frenzy over artificial intelligence is sending technology-
company valuations through the roof in the . and Asian markets. One
country still offers some relative bargains: China.
新加坡——⼈⼯智能热潮正推动美国和亚洲市场的科技公司估值飙升。但有⼀
个国家仍提供相对低廉的投资机会：中国。
Stock markets feature a parallel universe of Chinese technology
champions: an e-commerce giant that isn’t Amazon, a search-engine and
robotaxi company that isn’t Google and a chip manufacturer with a four-
letter name other than TSMC.
股市中存在着⼀个中国科技巨头的平⾏世界：⼀家并⾮亚马逊的电商巨头，
⼀家既⾮⾕歌的搜索引擎与⾃动驾驶出租车公司，以及⼀家名称由四个字母
组成、却⾮台积电的芯⽚制造商。
While some smaller Chinese tech companies have experienced bubbly
surges this year, shares in larger companies that are investing heavily in AI
often cost less per dollar of revenue or profit than their famous
counterparts abroad.
虽然今年⼀些规模较⼩的中国科技公司股价出现了泡沫式飙升，但那些在⼈
⼯智能领域投⼊巨资的⼤型企业，其每美元营收或利润对应的股价往往低于
国外知名同⾏。
“This is an attractive opportunity,” Eva Lee, head of Greater China equities
at Swiss bank UBS, said in a recent note. Top companies in the AI field are
at “historically low valuations,” she said.
瑞⼠银⾏（UBS）⼤中华区股票主管李伊娃（Eva Lee）在最近的⼀份报告中
表⽰：“这是⼀个极具吸引⼒的投资机会。”她指出，⼈⼯智能领域的顶尖企
业⽬前估值处于“历史低位”。
Beijing is backing the AI industry with favorable policies and financial
incentives, seeking to build a tech ecosystem that is independent of
若有侵权，请联系删除。公众号：趣享财经
Washington.
北京正通过优惠政策和财政激励措施扶持⼈⼯智能产业，⼒求构建⼀个不受
华盛顿制约的科技⽣态系统。
“They’re in a different cycle,” said Alvin So, an equity strategist in Asia for
Goldman Sachs. He observed that while the 2022 introduction of ChatGPT
triggered the . generative-AI boom, China’s market only found its
footing early last year, when DeepSeek released a large language model
proving local firms could compete globally.
“它们所处的周期不同，”⾼盛亚洲股票策略师苏⽂杰表⽰。他指出，虽然
2022 年 ChatGPT 的推出引发了美国⽣成式⼈⼯智能的热潮，但中国市场直
到去年年初才站稳脚跟——当时 DeepSeek 发布了⼀款⼤型语⾔模型，证明了
本⼟企业具备在全球范围内竞争的能⼒。
Alibaba has integrated its Qwen AI model into its e-
commerce platforms and is pouring $50 billion over the next few years into
cloud infrastructure—even designing its own AI chips, much like Amazon
and Google.
Alibaba trades at a forward price-to-earnings ratio of 17, meaning
investors are paying $17 for every dollar of earnings expected in the next
year. The figure for Amazon, which runs a similar collection of businesses,
is a pricier 27. “We view Alibaba as a global AI winner,” Morgan Stanley
wrote in a recent note.
阿⾥巴巴的远期市盈率为 17 倍，这意味着投资者每预期获得 1 美元的明年收
益，就要⽀付 17 美元。业务构成类似的亚马逊，其市盈率则更⾼，达到 27
倍。摩根⼠丹利在最近的⼀份报告中写道：“我们认为阿⾥巴巴是全球⼈⼯智
能领域的赢家。”
The risk is that the Chinese companies remain mostly stuck in their own
market, which is in the economic doldrums. While large, China alone can’t
9988 %
若有侵权，请联系删除。公众号：趣享财经
match the global empire that companies such as Amazon have built.
风险在于，中国企业⼤多仍局限于⾃⾝市场，⽽该市场正处于经济低迷期。
尽管中国市场规模庞⼤，但仅凭中国⼀国，⽆法与亚马逊等公司所建⽴的全
球商业帝国相提并论。
Volatile geopolitics are a challenge. The Pentagon this month updated its
list of Chinese businesses that it says work with Beijing’s military,
designating around two dozen new companies, including Alibaba. That
potentially limits their operations in America. Alibaba and other
companies said they weren’t connected to the Chinese military and didn’t
belong on the list.
动荡的地缘政治局势构成了⼀项挑战。五⾓⼤楼本⽉更新了其所谓与北京军
⽅有合作关系的中国企业名单，新增了约⼆⼗余家企业，其中包括阿⾥巴
巴。此举可能会限制这些企业在美国的运营。阿⾥巴巴及其他相关企业表
⽰，它们与中国军⽅并⽆关联，不应被列⼊该名单。
若有侵权，请联系删除。公众号：趣享财经
Buying Chinese AI stocks isn’t seamless for American investors and
sometimes is impossible. China’s Semiconductor Manufacturing
International, known as SMIC, is on a . blacklist and Americans can’t
buy its shares. Shares in SMIC’s bigger rival, Taiwan Semiconductor
Manufacturing or TSMC, are available through American depository
receipts traded on the New York Stock Exchange.
对于美国投资者⽽⾔，购买中国⼈⼯智能股票并⾮易事，有时甚⾄根本⽆法
实现。中国中芯国际（简称 SMIC）已被列⼊美国⿊名单，美国投资者⽆法购
买其股票。⽽中芯国际的主要竞争对⼿——台积电（TSMC）的股票，则可通
过在纽约证券交易所交易的美国存托凭证（ADR）进⾏买卖。
Some Chinese companies are traded in Hong Kong, whose stock market is
relatively open to global investors, and a few, including Alibaba, trade on
the New York Stock Exchange. Foreign investors can also buy Shanghai-
and Shenzhen-listed shares through a regulated channel involving brokers
in Hong Kong.
⼀些中国公司已在⾹港上市，⾹港股市对全球投资者相对开放；还有少数公
司，包括阿⾥巴巴，在纽约证券交易所上市。外国投资者还可以通过⾹港经
纪商提供的受监管渠道购买在上海和深圳上市的股票。
More Chinese initial public offerings are coming that give investors an
opportunity to get in on the ground floor. Memory-chip maker CXMT won
approval last month to raise some $4 billion in a Shanghai IPO that will
likely value the company in the tens of billions of dollars. It enters a market
dominated by global giants like Samsung, SK Hynix and Micron—
companies that have recently topped $1 trillion in market value thanks to
若有侵权，请联系删除。公众号：趣享财经
the AI chip boom.
更多中国企业的⾸次公开募股（IPO）即将启动，这为投资者提供了在公司发
展初期⼊场的良机。存储芯⽚制造商中芯国际（CXMT）上⽉获批在上海进
⾏ IPO，拟筹集约 40 亿美元，此次上市后该公司估值预计将达数百亿美元。
该公司将进⼊⼀个由三星、SK 海⼒⼠和美光等全球巨头主导的市场——得益
于⼈⼯智能芯⽚热潮，这些公司的市值近期已突破 1 万亿美元⼤关。
Goldman Sachs research shows global investors remain underexposed to
China. While the country accounts for 10% of global AI-related market
capitalization, global mutual-fund managers allocate just % of their
global tech portfolios to Chinese AI equities, according to Goldman.
⾼盛的研究显⽰，全球投资者对中国市场的配置仍显不⾜。据⾼盛称，尽管
中国占全球⼈⼯智能相关市值的 10%，但全球共同基⾦经理在其全球科技投
资组合中，仅将 %的资⾦配置于中国⼈⼯智能股票。
“For investors already heavily exposed to .-centric AI leaders,” Chinese
shares “offer differentiated exposure,” said Goldman’s So.
⾼盛的 So 表⽰：“对于那些已⼤量投资于以美国为中⼼的⼈⼯智能领军企业
的投资者⽽⾔，中国股票提供了差异化的投资机会。”
Some Chinese stocks are already mimicking the . exuberance for AI,
bringing their valuations far beyond bargain territory. Zhipu, which is
developing a large language model to compete with the likes of OpenAI and
Anthropic, listed in Hong Kong in January and its share price is now nine
times the starting level.
⼀些中国股票已经开始效仿美国市场对⼈⼯智能的狂热，导致其估值远超“超
值”区间。智普正在开发⼀款⼤型语⾔模型，以与 OpenAI 和 Anthropic 等公
司竞争，该公司于今年 1 ⽉在⾹港上市，其股价⽬前已达到发⾏价的 9 倍。
Shanghai-listed Cambricon Technologies designs AI chips,
competing with Nvidia. Its shares have tripled over the past year and trade
688256 %
若有侵权，请联系删除。公众号：趣享财经
at a forward price-to-earnings ratio of 128, compared with 23 for Nvidia.
在上海上市的澎湃科技（%）专注于⼈⼯智能芯⽚设计，与英伟达
形成竞争。过去⼀年间，该公司股价已上涨三倍，当前前瞻市盈率为 128
倍，⽽英伟达的这⼀指标仅为 23 倍。
Other companies deep into AI, however, hardly look exuberant. Robotaxi
leader Baidu trades at just 14 times expected earnings.
Tencent, owner of the WeChat app that boasts more than a billion users in
China, is testing an AI agent for the app that could help users more easily
manage payments, food delivery and taxi-hailing. Its shares trade at 13
times forward earnings.
然⽽，其他深耕⼈⼯智能领域的公司却难见蓬勃之势。⽹约车领军企业百度
（%）的市盈率仅为 14 倍。腾讯旗下拥有微信应⽤，该应⽤在中国
拥有超过 10 亿⽤户，⽬前正测试⼀款⼈⼯智能助⼿，旨在帮助⽤户更轻松地
管理⽀付、外卖和叫车服务。其股价的市盈率为 13 倍。
Chinese battery giant CATL, which investment banks say is likely to be a
beneficiary of power needs for AI data centers, is trading at 19 times
BIDU %
若有侵权，请联系删除。公众号：趣享财经
Appeared in the June 15, 2026, print edition as 'Where Some AI Stocks Are Still Inexpensive:
China'.
该⽂于 2026 年 6 ⽉ 15 ⽇刊载于印刷版，标题为《部分⼈⼯智能股票仍具估值优势：中国》。
Rory Jones is a reporter for The Wall Street Journal in Singapore, where he covers how money flows
through Asia, who benefits and why. He likes to write stories with ‘Aha’ ideas, colorful characters and
I-can’t-stop-reading narratives. He was previously based in Dubai and spent more than a decade…
Further Reading
Anti-Nvidia Data-Center Startup Is Valued at $ Billion in New Funding Round
Meta Gets EU Antitrust Order to Open WhatsApp to Rival AI Chatbots
Spain’s AI Business-Software Group Factorial Hits $ Billion Valuation
earnings on the Shenzhen Stock Exchange.
据投⾏分析，中国电池巨头宁德时代（CATL）有望受益于⼈⼯智能数据中⼼
的电⼒需求，⽬前该公司在深圳证券交易所的市盈率为 19 倍。
若有侵权，请联系删除。公众号：趣享财经
mailto:@
Why ‘Nvidia Inside’ Can Work in the PC Market
Nvidia Introduces First PCs Designed for AI Agents
Videos
若有侵权，请联系删除。公众号：趣享财经
插入页面
插入页面
加入页码
插入页面
插入页面
加入页码
