---
title: "《大行》瑞银对美图维持正面态度 目标价 14.1 元吁「买入」"
description: "瑞银对美图维持正面态度，目标价 14.1 元，评级为「买入」。报告指出，尽管美图股价因 Google 推出的图像编辑模型「Nano Banana」而下跌，但公司战略已转向专注于垂直模型训练及应用场景开发。瑞银认为，美图的策略将通过产品设计和用户体验的深度理解，将基础模型的快速迭代转化为先进产品功能，预计将扩大图形设计市场规模。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/255536398.md"
published_at: "2025-09-02T02:49:14.000Z"
---

# 《大行》瑞银对美图维持正面态度 目标价 14.1 元吁「买入」

> 瑞银对美图维持正面态度，目标价 14.1 元，评级为「买入」。报告指出，尽管美图股价因 Google 推出的图像编辑模型「Nano Banana」而下跌，但公司战略已转向专注于垂直模型训练及应用场景开发。瑞银认为，美图的策略将通过产品设计和用户体验的深度理解，将基础模型的快速迭代转化为先进产品功能，预计将扩大图形设计市场规模。

瑞银研究报告指，Google 日前推出图像编辑与生成模型「Nano Banana」，而美图公司 (01357.HK) 股价昨日 (9 月 1 日) 下挫，该行认为波动主要反映投资者见到该模型获得市场积极反馈後，对 AI 技术可能带来的行业颠覆产生忧虑。

报告指，美图早前强调其战略已转向专注於垂直模型训练及应用场景开发。该行认为，公司的策略是希望通过发挥其产品设计、用户体验及对垂直领域工作流程的深度理解，将基础模型的快速迭代，直接转化为用户所需的先进产品功能。同时，预计模型能力持续进化将扩大图形设计市场的整体规模。该行对公司维持正面态度，将持续关注其应用程式收入和每月活跃用户，现予目标价 14.1 元，评级「买入」。

### Related Stocks

- [01357.HK - 美图公司](https://longbridge.com/zh-CN/quote/01357.HK.md)

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