人工智能債股重定價四部曲 三：四維定價理論非價格失真 而是市場定價權發生轉移｜陳新燊 引言：當估值公式從「用戶數×單用戶價值」變成「算力×生態×速度」 傳統互聯網企業的估值邏輯很簡潔：用戶數×單用戶價值=企業價值。中國互聯網企業曾因此享有巨大優勢——超過11億網民構成了無與倫比的規模效應。 但人工智能時代的估值邏輯正在發生根本性轉變。新的公式更接近於：算力規模×生態覆蓋範圍×技術疊代速度=企業價值。決定企業價值的不再是「你有多少用戶」，而是「你的基礎設施能夠支撐多大規模的智能經濟」3 8 月, 2026
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