<p>作者：Christine Ji</p>
<p>FactSet 和 Gartner 是今年标准普尔 500 指数表现最差的公司之一，但华尔街的一些人认为它们是能够适应人工智能的韧性和粘性业务。</p>
<p>FactSet 和 Gartner 的股票历史上表现优于标准普尔 500 指数，但对人工智能的担忧让投资者感到不安。</p>
<p>信息服务公司 FactSet Research Systems 和 Gartner 今年面临艰难局面。</p>
<p>销售信息技术研究的 Gartner (IT) 股票自年初以来下跌了 52%，成为标准普尔 500 指数中表现第四差的股票。FactSet 的股票 (FDS) 也没有好到哪里去，今年下跌了 39%，在该指数中排名第 12。</p>
<p>人工智能是股价大幅下跌的主要原因，投资者担心大型语言模型将带来深度研究能力，从而削弱对 FactSet 和 Gartner 订阅服务的需求。这与今年困扰 Salesforce (CRM) 和 Adobe (ADBE) 等大型软件公司的情形类似。</p>
<p>不要错过：对标准普尔 500 指数表现最差股票的乐观理由</p>
<p>但在一些分析师看来，这一抛售是没有理由的。</p>
<p>值得注意的是，这些股票并不总是表现不佳。在截至 2024 年 12 月 31 日的 10 年期间，FactSet 的股票回报率超过了标准普尔 500 指数，年化回报率为 13%，而该指数为 11%。根据 FactSet 数据，Gartner 的股票在同一时期的年回报率接近 20%。</p>
<p>&#34;一些投资者可能认为，由于未来人工智能工具和功能的出现，金融服务公司雇佣的人数将显著减少，&#34; Autonomous Research 的分析师 Kelsey Zhu 在接受 MarketWatch 采访时表示。虽然 FactSet 由于转向更企业化的销售模式，现在每个工作站的销售量不再那么多，但 Zhu 指出，如果整个金融服务行业的员工人数减少，这可能会对 FactSet 的平均销售额造成压力。</p>
<p>FactSet 和 Gartner 今年面临艰难的销售环境，交易关闭的时间变长，客户削减预算，William Blair 的 Andrew Nicholas 在 10 月的报告中写道。尽管 Gartner 在 11 月超出了第三季度的收入和盈利预期，但公司的合同价值，即其订阅合同的年化价值，低于预期。</p>
<p>但看涨者表示，投资者忽视了这些公司拥有竞争壁垒，以及它们自己的人工智能计划可能会带来回报。</p>
<p>Zhu 认为，围绕 FactSet 的负面情绪源于对公司复杂数据库的误解，她认为这对于人工智能初创公司来说是难以复制的。FactSet 从官方文件、新闻、卖方研究和固定收益定价中收集和精炼数据，为新进入的人工智能公司设立了高门槛。事实上，Zhu 表示，FactSet 通过向人工智能公司出售数据，实际上可能会在短期内推动其业务增长。她将该股票评级为买入，目标价为 436 美元。</p>
<p>FactSet 已经在其业务中利用人工智能。在 9 月的财报电话会议上，该公司表示，其人工智能工具在 35% 的续约中发挥了&#34;关键&#34;作用。</p>
<p>虽然 Nicholas 仅将 FactSet 的股票评级为市场表现，但他对 Gartner 的股票持乐观态度，在 11 月的报告中写道，其洞察和咨询业务的&#34;改善前景&#34;将导致收入增长加速。</p>
<p>Gartner 管理层在 11 月的财报电话会议上表示，人工智能的干扰&#34;极其小&#34;，客户实际上利用该公司来协助他们自己的人工智能战略。Gartner 还在内部部署了人工智能工具，以提高分析师的生产力并加快出版时间。</p>
<p>Nicholas 称赞该公司的成本控制，使得 Gartner 能够在销售疲软的情况下保护利润率。</p>
<p>然而，为了摆脱近期的股价下跌，Gartner 需要在未来展示合同价值的增长，Nicholas 写道。他的看涨案例依赖于公司在未来 24 个月内实现两位数的合同价值增长，而上个季度为 3%。</p>
<p>对于 FactSet，投资者希望在 12 月 18 日报告 2026 财年第一季度财报时获得更多关于公司利润率指引的细节。熊市人士担心，随着 FactSet 在人工智能方面进行重大基础设施和产品投资，利润率将会收缩，Zhu 表示。</p>
<p>因此，Zhu 说，FactSet&#34;需要明确他们在人工智能投资方面到底在做什么&#34;。关于公司人工智能战略的进一步细节，以及人工智能的发展将如何使公司在未来保持竞争力，可能对投资者有所帮助，她补充道。</p>
<p>另请阅读：这些人工智能&#34;失败者&#34;股票曾被认为毫无希望，现在可能是它们反弹的时机。</p>
<p>-Christine Ji</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻通讯和《华尔街日报》发布。</p>
<p>（完）道琼斯新闻通讯</p>
<p>2025 年 12 月 15 日 08:20 ET</p>

加特纳

<p>由于对人工智能的担忧，FactSet 和加特纳的股票大幅下跌，但分析师认为这些公司拥有强大的竞争壁垒和可能使其受益的人工智能举措。FactSet 复杂的数据库和加特纳的咨询服务是其优势。分析师指出，这一抛售可能是不必要的，并强调这些公司需要明确其人工智能战略，以安抚投资者</p>

<p>By Christine Ji</p>
<div class="lb-trans"><p>作者：Christine Ji</p>
</div><p>FactSet and Gartner are among the S&amp;P 500's worst performers this year - but some on Wall Street see resilient and sticky businesses that can adapt to AI</p>
<div class="lb-trans"><p>FactSet 和 Gartner 是今年标准普尔 500 指数表现最差的公司之一，但华尔街的一些人认为它们是能够适应人工智能的韧性和粘性业务。</p>
</div><p>Both FactSet and Gartner shares have historically outperformed the S&amp;P 500, but concerns over artificial intelligence have rattled investors.</p>
<div class="lb-trans"><p>FactSet 和 Gartner 的股票历史上表现优于标准普尔 500 指数，但对人工智能的担忧让投资者感到不安。</p>
</div><p>It's been a tough year for information-services companies FactSet Research Systems and Gartner.</p>
<div class="lb-trans"><p>信息服务公司 FactSet Research Systems 和 Gartner 今年面临艰难局面。</p>
</div><p>Shares of Gartner (IT), which sells information-technology research, are down 52% since the beginning of the year, making them the fourth-worst performer in the S&amp;P 500 index SPX over that time. FactSet's stock (FDS) hasn't fared much better, falling 39% on the year to rank as the 12th-worst performer in the index.</p>
<div class="lb-trans"><p>销售信息技术研究的 Gartner (IT) 股票自年初以来下跌了 52%，成为标准普尔 500 指数中表现第四差的股票。FactSet 的股票 (FDS) 也没有好到哪里去，今年下跌了 39%，在该指数中排名第 12。</p>
</div><p>Artificial intelligence is the main reason for the sharp declines, as investors fear that large language models will bring deep research capabilities that would hurt demand for FactSet's and Gartner's subscription offerings. It's a similar narrative to the one that has plagued big software names such as Salesforce (CRM) and Adobe (ADBE) this year.</p>
<div class="lb-trans"><p>人工智能是股价大幅下跌的主要原因，投资者担心大型语言模型将带来深度研究能力，从而削弱对 FactSet 和 Gartner 订阅服务的需求。这与今年困扰 Salesforce (CRM) 和 Adobe (ADBE) 等大型软件公司的情形类似。</p>
</div><p>Don't miss: Reasons to be optimistic about the S&amp;P 500's worst-performing stocks</p>
<div class="lb-trans"><p>不要错过：对标准普尔 500 指数表现最差股票的乐观理由</p>
</div><p>But the selloff has been unwarranted, in the eyes of some analysts.</p>
<div class="lb-trans"><p>但在一些分析师看来，这一抛售是没有理由的。</p>
</div><p>It's worth noting that the stocks weren't always laggards. In the 10-year period ending Dec. 31, 2024, FactSet's stock beat the S&amp;P 500 - returning an annualized 13%, compared to the index's 11%. Gartner's stock returned almost 20% annually over the same period, according to FactSet data.</p>
<div class="lb-trans"><p>值得注意的是，这些股票并不总是表现不佳。在截至 2024 年 12 月 31 日的 10 年期间，FactSet 的股票回报率超过了标准普尔 500 指数，年化回报率为 13%，而该指数为 11%。根据 FactSet 数据，Gartner 的股票在同一时期的年回报率接近 20%。</p>
</div><p>&#34;Some investors may have the view that because of AI tools and features in the future, the number of people being employed at financial-services firms is going to decline significantly,&#34; Kelsey Zhu, analyst at Autonomous Research, told MarketWatch. While FactSet doesn't sell that many of its workstations on a per-seat basis anymore thanks to its shift toward a more enterprise-based sales model, Zhu noted that if headcount within the broader financial-services industry were to contract, that could pressure FactSet's average sales value.</p>
<div class="lb-trans"><p>&#34;一些投资者可能认为，由于未来人工智能工具和功能的出现，金融服务公司雇佣的人数将显著减少，&#34; Autonomous Research 的分析师 Kelsey Zhu 在接受 MarketWatch 采访时表示。虽然 FactSet 由于转向更企业化的销售模式，现在每个工作站的销售量不再那么多，但 Zhu 指出，如果整个金融服务行业的员工人数减少，这可能会对 FactSet 的平均销售额造成压力。</p>
</div><p>Both FactSet and Gartner have faced a difficult selling environment this year, as deals have taken longer to close and clients have cut back their budgets, William Blair's Andrew Nicholas wrote in an October note. And although Gartner beat third-quarter revenue and earnings expectations in November, the company's contract value, or the annualized value of its subscription contracts, came in lower than expected.</p>
<div class="lb-trans"><p>FactSet 和 Gartner 今年面临艰难的销售环境，交易关闭的时间变长，客户削减预算，William Blair 的 Andrew Nicholas 在 10 月的报告中写道。尽管 Gartner 在 11 月超出了第三季度的收入和盈利预期，但公司的合同价值，即其订阅合同的年化价值，低于预期。</p>
</div><p>But bulls say investors are overlooking how these companies have competitive moats, as well as their own AI initiatives that could pay off.</p>
<div class="lb-trans"><p>但看涨者表示，投资者忽视了这些公司拥有竞争壁垒，以及它们自己的人工智能计划可能会带来回报。</p>
</div><p>Zhu believes the negative sentiment around FactSet comes from a misunderstanding of the company's complex database, which she thinks is difficult for an AI startup to replicate. FactSet collects and refines data from official filings, news, sell-side research and fixed-income pricing, creating a high barrier for entry for new AI entrants. In fact, FactSet could actually see a near-term boost to its business by selling its data to AI companies, Zhu said. She rates the stock a buy with a $436 target price.</p>
<div class="lb-trans"><p>Zhu 认为，围绕 FactSet 的负面情绪源于对公司复杂数据库的误解，她认为这对于人工智能初创公司来说是难以复制的。FactSet 从官方文件、新闻、卖方研究和固定收益定价中收集和精炼数据，为新进入的人工智能公司设立了高门槛。事实上，Zhu 表示，FactSet 通过向人工智能公司出售数据，实际上可能会在短期内推动其业务增长。她将该股票评级为买入，目标价为 436 美元。</p>
</div><p>FactSet has already been utilizing AI in its business. On its September earnings call, the company shared that its AI tools were a &#34;pivotal&#34; factor in 35% of its renewals.</p>
<div class="lb-trans"><p>FactSet 已经在其业务中利用人工智能。在 9 月的财报电话会议上，该公司表示，其人工智能工具在 35% 的续约中发挥了&#34;关键&#34;作用。</p>
</div><p>While Nicholas only rates FactSet's stock at market perform, he's bullish on Gartner shares, writing in a November note that an &#34;improved outlook&#34; for its insights and consulting business will lead to increasing revenue growth.</p>
<div class="lb-trans"><p>虽然 Nicholas 仅将 FactSet 的股票评级为市场表现，但他对 Gartner 的股票持乐观态度，在 11 月的报告中写道，其洞察和咨询业务的&#34;改善前景&#34;将导致收入增长加速。</p>
</div><p>Gartner management conveyed on their November earnings call that AI disruption is &#34;extremely small,&#34; and that clients have actually utilized the company to assist with their own AI strategies. Gartner has also deployed AI tools internally to increase the productivity of its analysts and speed up publishing time.</p>
<div class="lb-trans"><p>Gartner 管理层在 11 月的财报电话会议上表示，人工智能的干扰&#34;极其小&#34;，客户实际上利用该公司来协助他们自己的人工智能战略。Gartner 还在内部部署了人工智能工具，以提高分析师的生产力并加快出版时间。</p>
</div><p>Nicholas praised the company's cost discipline, which has allowed Gartner to protect margins despite weaker sales.</p>
<div class="lb-trans"><p>Nicholas 称赞该公司的成本控制，使得 Gartner 能够在销售疲软的情况下保护利润率。</p>
</div><p>However, in order to shake off its recent stock decline, Gartner will need to show increasing contract-value growth going forward, Nicholas wrote. His bull case depends on the company reaching double-digit contract-value growth over the next 24 months, up from 3% last quarter.</p>
<div class="lb-trans"><p>然而，为了摆脱近期的股价下跌，Gartner 需要在未来展示合同价值的增长，Nicholas 写道。他的看涨案例依赖于公司在未来 24 个月内实现两位数的合同价值增长，而上个季度为 3%。</p>
</div><p>For FactSet, investors will want more details about the company's margin guidance when it reports fiscal 2026 first-quarter earnings on Dec. 18. Bears worry that as FactSet makes significant infrastructure and product investments to integrate AI, margins will contract, according to Zhu.</p>
<div class="lb-trans"><p>对于 FactSet，投资者希望在 12 月 18 日报告 2026 财年第一季度财报时获得更多关于公司利润率指引的细节。熊市人士担心，随着 FactSet 在人工智能方面进行重大基础设施和产品投资，利润率将会收缩，Zhu 表示。</p>
</div><p>As such, FactSet &#34;will need to clarify exactly what they're doing with their AI investments,&#34; Zhu said. Further detail around the company's AI strategy, and how AI developments will keep the company competitive in the future, could be helpful for investors, she added.</p>
<div class="lb-trans"><p>因此，Zhu 说，FactSet&#34;需要明确他们在人工智能投资方面到底在做什么&#34;。关于公司人工智能战略的进一步细节，以及人工智能的发展将如何使公司在未来保持竞争力，可能对投资者有所帮助，她补充道。</p>
</div><p>Also read: These AI 'loser' stocks were left for dead. Now it might be their turn to rally.</p>
<div class="lb-trans"><p>另请阅读：这些人工智能&#34;失败者&#34;股票曾被认为毫无希望，现在可能是它们反弹的时机。</p>
</div><p>-Christine Ji</p>
<div class="lb-trans"><p>-Christine Ji</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻通讯和《华尔街日报》发布。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>12-15-25 0820ET</p>
<div class="lb-trans"><p>2025 年 12 月 15 日 08:20 ET</p>
</div>

人工智能正在重创这些曾经被认为可靠的科技股。投资者是否忽略了关键问题？