$PANW · Ale's World of Stocks · 2026-11-08
Palo Alto 增长强劲（销售额 +34%、ARR +63%、订单储备 212 亿美元），但即便在一个月内下跌约 30% 之后，它在各项指标上仍比行业高出数百个百分点；正是这一估值让他没有买入，将其排在第三，并更看好另外四家，认为它们在回调时是更安全的买入标的。
逐段跳播
Palo Alto Networks，代码（PANW），占其投资组合略低于5%，约合1450万美元。机构资金为何可能更青睐这样的公司，这并不神秘。事实上，考虑到如今网络安全日益重要。
Palo Alto Networks, code (PANW), which represents slightly less than 5% of its portfolio, equivalent to about $14.5 million. It's no secret why institutional money might prefer a company like this.
In fact, given the increasing importance of cybersecurity these days.
Palo Alto 不再只是一家传统的防火墙供应商，而是在大力推进其整体平台战略，企业客户正放弃数十种零散的解决方案，把所有东西统一到一个集成生态系统中。
Well, Palo Alto is no longer just a traditional firewall provider, but is aggressively implementing its overall platform strategy, with enterprise customers abandoning dozens of fragmented solutions to unify everything into one integrated ecosystem.
这包括网络安全、云防御、得益于近期收购 CyberArk 的身份保护，甚至还有借助 Chronosphere 实现的实时监控。
This includes network security , cloud defense, identity protection thanks to their recent acquisition of CyberArk, and even real-time surveillance with Chronosphere .
随着人工智能技术的爆发，网络安全已成为这些公司不可或缺的开支，尤其是当独立的 AI 智能体以极快的速度运行像 Anthropic 的“Mythos”这样复杂的模型时，这些模型不断发现新的软件漏洞。
With the explosion of artificial intelligence technologies, cybersecurity has become an indispensable expense for these companies, especially as independent AI agents work at breakneck speed with sophisticated models like Anthropic's "Mythos ," which constantly uncovers new software vulnerabilities all the time.
作为应对，Palo Alto 收购了 Console，以实现代理威胁警报的自动化。与此同时，AI 安全平台 PrismaAir 的年度经常性收入已超过1亿美元。
In response, Palo Alto acquired Console to automate proxy threat alerts. Meanwhile, PrismaAir, an AI security platform, has surpassed $100 million in annual recurring revenue.
这一势头在他们最新的财报中显而易见，总销售额同比增长34%。下一代安全的年度经常性收入也增长了63%，背后有212亿美元的巨大积压订单支撑。
This momentum was evident in their latest earnings report, where total sales jumped 34% year-on-year. Annual recurring revenue for next-generation security also rose by 63%, supported by a massive backlog of $21.2 billion.
然而，仅在过去一个月里，这只股票就下跌了约30%。部分下跌发生在中期选举之后，因为投资者担心新监管导致 AI 支出放缓，会对网络安全公司造成负面影响。
However, the stock has fallen by about 30% in the last month alone. Part of this decline occurred after the midterm elections, as investors feared that any slowdown in AI spending due to new regulations would negatively impact cybersecurity firms.
但就我个人而言，我并不太担心这一点。无论选举发生什么，人工智能和技术都会继续进步，数字威胁也不会因为政治而停止。因此，我觉得在现阶段，安全预算因其极端重要性已成为一项必不可少、不容讨价还价的支出。
But, personally, I'm not too worried about that. Artificial intelligence and technology will continue to advance regardless of what happens in the election, and digital threats will not stop because of politics .
Therefore, I feel that security budgets have become an essential and non-negotiable item at this stage due to their utmost importance.
或者更确切地说，我认为最大的问题仅仅是 Palo Alto 的股价在选举前涨得太多了，需要一点方向上的修正。因为即使经历了这轮下跌，无论用哪种指标衡量，它的估值仍比行业高出数百个百分点。
Or rather, I think the biggest problem was simply that Palo Alto's stock had risen so much before the election that it needed a bit of a course correction. Because even after this decline, it still trades at levels hundreds of percentage points higher than the sector by any measure you look at.
这是我自己没有买入这只股票的最大原因之一。不过，我必须承认他们业务的强劲以及目前的高增长。
This is one of the biggest reasons why I didn't buy the stock myself. However, I must acknowledge the strength of their business and their high growth at the moment as well.
因此，我暂时把对他们的评级保持在中间位置，排在第三，直到我们看到这份名单上的其他股票。
Therefore, I will keep my rating of them in the middle for now at number three until we see the other stocks on this list.
事实上，我唯一不太看好的大概就是 Palo Alto，因为我认为另外四只在任何时候都是稳健得多的买入标的，尤其是在任何回调时。它们就是更安全、更多元化的投资，我更偏爱一些。
In fact, the only one I'm not a big fan of is probably Palo Alto, because I think the other four are much more solid buys at any time, especially on any dip. They are simply safer and more diversified investments that I like a little more .