高盛：HALO效应股票获追捧 美五大科技巨头2023至2026年资本支出将达1.5万亿 重资产组合自2025年以来跑赢轻资产35%

Group 1 - The core viewpoint of the report is that the current stock market pricing logic is shifting from a "scalable light asset narrative" to "buildable, irreplaceable physical capacity and networks," summarized as "scarcity repricing" [1] - Goldman Sachs defines HALO as a combination of "heavy assets" and "low obsolescence," where heavy assets are based on substantial physical capital with multi-dimensional replication barriers, and low obsolescence refers to assets that maintain economic value across technological cycles [1] - The report highlights that the past decade of zero interest rates and abundant liquidity has led to high valuations for light asset business models, but this balance is now disrupted by the rise of AI, which increases uncertainty in profitability and terminal value for light asset industries [1] Group 2 - Since 2025, Goldman Sachs' heavy asset portfolio has outperformed the light asset portfolio by 35%, indicating that asset intensity has become a core driver of valuation and returns [2] - The valuation gap between heavy and light assets has significantly narrowed, primarily driven by the revaluation of heavy asset companies, reflecting that market funds are willing to pay a premium for the strategic value of physical assets [2]