CrowdStrike盤後大跌11%、Palo Alto持續回落至271美元附近，標誌本輪AI驅動的網安SaaS估值泡沫正式破裂，現階段應當減持離場，規避後續持續估值消化風險。兩家企業財報營收、盈利明明全線優於市場預期，CRWD營收同比增26%、EPS超預期，PANW上調全年業績指引，卻遭遇資金集中兌現，核心在於前期股價透支全部AI溢價，CRWD短期區間漲幅近70%，估值早已脫離業績基本面。此前市場炒作AI原生SOC、全平臺化邏輯，推動板塊PE大幅擡升，但AI Agent逐步衝擊傳統SaaS席位訂閱模式，企業IT預算收緊，安全產品新增簽約增速放緩，CRWD本季賬單增速僅18%，低於營收增速，預示遠期訂單動能下滑。疊加Zscaler等同業財報落地後暴跌超30%，全板塊估值體系重構，機構陸續下調網安板塊目標價。PANW硬件成本擡升、產品漲價傳導不及預期，長期盈利能力承壓。短期反彈僅是技術性修復，建議趁小幅反彈分批賣出CRWD與PANW，規避SaaS板塊整體性估值下行。
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