正直的人的个人主页 - 老虎社区

正直的人

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0勋章

12-02

我不知道他怎么懵对了英伟达…我感觉再用 2 年，他会把过去赚的钱都赔了。预测看看，哈哈

私募大佬但斌：如果AI Agent成真了，腾讯有可能被颠覆

11-14

所以继续大跌，投入不停，市场又担心打不赢，大概率也不可能扭亏为盈，最后还得关

京东对外卖业务的表述要点（业绩会&callback）

07-17

建议多去做一些调研，哈，风已经过了，而且会很快

05-15

今年上 700，创历史新高，立贴为证

03-05

今年还会有 1000 亿回购吗？

02-04

那你另外90%的仓位在哪里？？

02-04

$特斯拉(TSLA)$ 股价腰斩是必然的，就在今年。长期看机器人无法成功，fsd也没法大规模货币化

2021-07-09

$好未来(TAL)$被reddit盯上了？

2020-09-02

$跟谁学(GSX)$运营开始亏损了，没有红利了

2020-04-02

$跟谁学(GSX)$会不会是下一个瑞幸呢？市场调研都找不到用户的公司

2019-12-17

$锦欣生殖(01951)$什么时候出财报？

去老虎APP查看更多动态

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href=\"https://laohu8.com/S/00700\">腾讯</a>有可能被颠覆。</p><p>面对2022年开启的AI时代，但斌只做简单的战略性抉择，集中投资于以<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>为代表的公司。今年，东方港湾做出方向调整。“过去两年英伟达是第一大重仓，但今年初研究团队发现，AI对<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>有推动作用，并非负面影响，于是将<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>加仓至第二大重仓。”</p><p>但斌表示，AI行业竞争非常激烈。<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>今年研发投入1250亿美金，谷歌900亿，<a href=\"https://laohu8.com/S/MSFT\">微软</a>连同Open AI要投1000亿。一旦AI Agent实现，将来订飞机票可能只需要对着眼镜讲句话就搞定，连手机形态都可能消失。到时候，连腾讯微信的商业模式都有机会发生大变化。</p>\n<div>\n<p>港股频道更多独家策划、专家专栏，免费查阅&gt;&gt;</p>\n<div>\r\n            责任编辑：栎树\r\n          </div>\n</div>\n</div></body></html>","source":"jinrongjie_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" 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Agent成真了，微信模式都要改写，即腾讯有可能被颠覆。面对2022年开启的AI时代，但斌只做简单的战略性抉择，集中投资于以英伟达为代表的公司。今年，东方港湾做出方向调整。“过去两年英伟达是第一大重仓，但今年初研究团队发现，AI对谷歌有推动作用，并非负面影响，于是将谷歌加仓至第二大重仓。”但斌...</p>\n\n<a href=\"https://hk.jrj.com.cn/2025/12/02113854519616.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0192582467.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" (USD) INC MF","00700":"腾讯控股","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU0588545490.SGD":"Eastspring Investments - Asian 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MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0738912210.USD":"Blackrock Asia Pacific Equity Income A6 USD","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU0051755006.USD":"摩根大通中国A (dist)"},"source_url":"https://hk.jrj.com.cn/2025/12/02113854519616.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2588085407","content_text":"私募大佬、东方港湾董事长但斌近日在新浪财经“金麒麟”最佳分析师颁奖盛典上分享他的投资感悟时表示，如果AI Agent成真了，微信模式都要改写，即腾讯有可能被颠覆。面对2022年开启的AI时代，但斌只做简单的战略性抉择，集中投资于以英伟达为代表的公司。今年，东方港湾做出方向调整。“过去两年英伟达是第一大重仓，但今年初研究团队发现，AI对谷歌有推动作用，并非负面影响，于是将谷歌加仓至第二大重仓。”但斌表示，AI行业竞争非常激烈。亚马逊今年研发投入1250亿美金，谷歌900亿，微软连同Open AI要投1000亿。一旦AI Agent实现，将来订飞机票可能只需要对着眼镜讲句话就搞定，连手机形态都可能消失。到时候，连腾讯微信的商业模式都有机会发生大变化。\n\n港股频道更多独家策划、专家专栏，免费查阅>>\n\r\n            责任编辑：栎树","news_type":1,"symbols_score_info":{"TCEHY":1.5,"HTCD.SI":0.6,"TCHmain":1.5,"00700":1.5}},"isVote":1,"tweetType":1,"viewCount":130,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":499982601835328,"gmtCreate":1763091743131,"gmtModify":1763091745499,"author":{"id":"3484476934259199","authorId":"3484476934259199","name":"正直的人","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3484476934259199","authorIdStr":"3484476934259199"},"themes":[],"title":"","htmlText":"所以继续大跌，投入不停，市场又担心打不赢，大概率也不可能扭亏为盈，最后还得关","listText":"所以继续大跌，投入不停，市场又担心打不赢，大概率也不可能扭亏为盈，最后还得关","text":"所以继续大跌，投入不停，市场又担心打不赢，大概率也不可能扭亏为盈，最后还得关","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/499982601835328","repostId":"2583136885","repostType":2,"repost":{"id":"2583136885","kind":"news","pubTimestamp":1763055701,"share":"https://www.laohu8.com/m/news/2583136885?lang=zh_CN&edition=full","pubTime":"2025-11-14 01:41","market":"hk","language":"zh","title":"京东对外卖业务的表述要点（业绩会&callback）","url":"https://stock-news.laohu8.com/highlight/detail?id=2583136885","media":"卓哥投研笔记","summary":"否了之后，京东又接着投诉，目前投诉结果未知。所以这一篇文章我将站在京东立场，为京东站台。以下为京东业绩会和callback中对外卖的表述要点：1.外卖Q3亏损相对于Q2是收窄的，新业务Q3亏损金额环比扩大主要因为京喜和国际业务，而非外卖。）7.继续追求单量增长，释放外卖业务规模效应，提升UE，最终使外卖成为一个可以独立生存的业务。这篇应该不会被删，要删也是蓝猫或者袋鼠要我删。","content":"<html><body><article><p>我之前一篇文章大摩：<a href=\"https://laohu8.com/S/JD\">京东</a>，凛冬将至为什么还没有被删？不是京东没有投诉我，京东已经投诉我两次了哈，第一次投诉是当天晚上8点半，但投诉第二天早上10点就被微信团队否了。否了之后，京东又接着投诉，目前投诉结果未知。</p><p>所以这一篇文章我将站在京东立场，为京东站台。以下为京东业绩会和callback中对外卖的表述要点：</p><p>1.外卖Q3亏损相对于Q2是收窄的，新业务Q3亏损金额环比扩大主要因为京喜和国际业务，而非外卖。</p><p>2.补贴相对理性，业绩会上管理层表述原文是“尽管面临行业内的激烈竞争，公司在刚刚过去的第三季度仍然保持着相对理性的态度。”这句话三个重点词，“仍然”、“相对”、“理性”。（卓哥呼吁：麻烦袋鼠和蓝猫也保持理性。）</p><p>3.UE亏损（单均亏损）也在收窄，但GMV实现了双位数增长，说的是环比。卓哥：管理层没有谈市占率，也没有必要谈市占率，咱自己跟自己比每个季度有进步就行。</p><p>4.外卖和闪购是一盘棋，目前重心在外卖。</p><p>5.Q4继续追求单量增长（继续？）、UE改善，Q4整体投入预计环比Q3减少，但也要看竞争强弱。卓哥理解：不好战，也不怕战。</p><p>6.外卖与主站电商的协同效应？上个季度的交叉销售是40%（外卖用户在电商有下过单），这个季度是50%。（卓哥理解：相比之下，蓝猫双十一的1亿单交叉销售就有些平淡了，日均交叉销售也就400多万单，相比日均2-3亿的电商总订单，也就2%的提升。）</p><p>7.继续追求单量增长，释放外卖业务规模效应，提升UE，最终使外卖成为一个可以独立生存的业务。（卓哥理解：外卖未来要实现盈亏平衡才行）</p><p>这篇应该不会被删，要删也是蓝猫或者袋鼠要我删。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251114020126674v152c3u7y6abqzs\"/></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n京东对外卖业务的表述要点（业绩会&callback）\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-14 01:41 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251114020127a6f793ec&s=b><strong>卓哥投研笔记</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>我之前一篇文章大摩：京东，凛冬将至为什么还没有被删？不是京东没有投诉我，京东已经投诉我两次了哈，第一次投诉是当天晚上8点半，但投诉第二天早上10点就被微信团队否了。否了之后，京东又接着投诉，目前投诉结果未知。所以这一篇文章我将站在京东立场，为京东站台。以下为京东业绩会和callback中对外卖的表述要点：1.外卖Q3亏损相对于Q2是收窄的，新业务Q3亏损金额环比扩大主要因为京喜和国际业务，而非外卖...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251114020127a6f793ec&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89618":"京东集团-SWR","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","BK1142":"互联网与直销零售","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0370786039.SGD":"Fidelity Greater China 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251114020127a6f793ec&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2583136885","content_text":"我之前一篇文章大摩：京东，凛冬将至为什么还没有被删？不是京东没有投诉我，京东已经投诉我两次了哈，第一次投诉是当天晚上8点半，但投诉第二天早上10点就被微信团队否了。否了之后，京东又接着投诉，目前投诉结果未知。所以这一篇文章我将站在京东立场，为京东站台。以下为京东业绩会和callback中对外卖的表述要点：1.外卖Q3亏损相对于Q2是收窄的，新业务Q3亏损金额环比扩大主要因为京喜和国际业务，而非外卖。2.补贴相对理性，业绩会上管理层表述原文是“尽管面临行业内的激烈竞争，公司在刚刚过去的第三季度仍然保持着相对理性的态度。”这句话三个重点词，“仍然”、“相对”、“理性”。（卓哥呼吁：麻烦袋鼠和蓝猫也保持理性。）3.UE亏损（单均亏损）也在收窄，但GMV实现了双位数增长，说的是环比。卓哥：管理层没有谈市占率，也没有必要谈市占率，咱自己跟自己比每个季度有进步就行。4.外卖和闪购是一盘棋，目前重心在外卖。5.Q4继续追求单量增长（继续？）、UE改善，Q4整体投入预计环比Q3减少，但也要看竞争强弱。卓哥理解：不好战，也不怕战。6.外卖与主站电商的协同效应？上个季度的交叉销售是40%（外卖用户在电商有下过单），这个季度是50%。（卓哥理解：相比之下，蓝猫双十一的1亿单交叉销售就有些平淡了，日均交叉销售也就400多万单，相比日均2-3亿的电商总订单，也就2%的提升。）7.继续追求单量增长，释放外卖业务规模效应，提升UE，最终使外卖成为一个可以独立生存的业务。（卓哥理解：外卖未来要实现盈亏平衡才行）这篇应该不会被删，要删也是蓝猫或者袋鼠要我删。","news_type":1,"symbols_score_info":{"89618":0.6,"09618":1.5,"JD":0.6}},"isVote":1,"tweetType":1,"viewCount":320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":457618127675480,"gmtCreate":1752760464703,"gmtModify":1752760465880,"author":{"id":"3484476934259199","authorId":"3484476934259199","name":"正直的人","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3484476934259199","authorIdStr":"3484476934259199"},"themes":[],"htmlText":"建议多去做一些调研，哈，风已经过了，而且会很快","listText":"建议多去做一些调研，哈，风已经过了，而且会很快","text":"建议多去做一些调研，哈，风已经过了，而且会很快","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/457618127675480","isVote":1,"tweetType":1,"viewCount":729,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":435211304637008,"gmtCreate":1747272400004,"gmtModify":1747272401997,"author":{"id":"3484476934259199","authorId":"3484476934259199","name":"正直的人","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3484476934259199","authorIdStr":"3484476934259199"},"themes":[],"htmlText":"今年上 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11:38","market":"sh","language":"zh","title":"私募大佬但斌：如果AI Agent成真了，腾讯有可能被颠覆","url":"https://stock-news.laohu8.com/highlight/detail?id=2588085407","media":"金融界","summary":"私募大佬、东方港湾董事长但斌近日在新浪财经“金麒麟”最佳分析师颁奖盛典上分享他的投资感悟时表示，如果AI Agent成真了，微信模式都要改写，即腾讯有可能被颠覆。今年，东方港湾做出方向调整。但斌表示，AI行业竞争非常激烈。一旦AI Agent实现，将来订飞机票可能只需要对着眼镜讲句话就搞定，连手机形态都可能消失。","content":"<html><body><div>\n<p>私募大佬、东方港湾董事长但斌近日在新浪财经“<span><a href=\"https://laohu8.com/S/603586\">金麒麟</a></span>”最佳分析师颁奖盛典上分享他的投资感悟时表示，如果AI Agent成真了，微信模式都要改写，即<a href=\"https://laohu8.com/S/00700\">腾讯</a>有可能被颠覆。</p><p>面对2022年开启的AI时代，但斌只做简单的战略性抉择，集中投资于以<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>为代表的公司。今年，东方港湾做出方向调整。“过去两年英伟达是第一大重仓，但今年初研究团队发现，AI对<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>有推动作用，并非负面影响，于是将<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>加仓至第二大重仓。”</p><p>但斌表示，AI行业竞争非常激烈。<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>今年研发投入1250亿美金，谷歌900亿，<a href=\"https://laohu8.com/S/MSFT\">微软</a>连同Open AI要投1000亿。一旦AI 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href=\"https://hk.jrj.com.cn/2025/12/02113854519616.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0192582467.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" (USD) INC MF","00700":"腾讯控股","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","SG9999013353.USD":"SCHRODER ASIAN INCOME FUND\"A\" (USDHDG) 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\"I\" (USD) ACC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU0051755006.USD":"摩根大通中国A (dist)"},"source_url":"https://hk.jrj.com.cn/2025/12/02113854519616.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2588085407","content_text":"私募大佬、东方港湾董事长但斌近日在新浪财经“金麒麟”最佳分析师颁奖盛典上分享他的投资感悟时表示，如果AI Agent成真了，微信模式都要改写，即腾讯有可能被颠覆。面对2022年开启的AI时代，但斌只做简单的战略性抉择，集中投资于以英伟达为代表的公司。今年，东方港湾做出方向调整。“过去两年英伟达是第一大重仓，但今年初研究团队发现，AI对谷歌有推动作用，并非负面影响，于是将谷歌加仓至第二大重仓。”但斌表示，AI行业竞争非常激烈。亚马逊今年研发投入1250亿美金，谷歌900亿，微软连同Open AI要投1000亿。一旦AI Agent实现，将来订飞机票可能只需要对着眼镜讲句话就搞定，连手机形态都可能消失。到时候，连腾讯微信的商业模式都有机会发生大变化。\n\n港股频道更多独家策划、专家专栏，免费查阅>>\n\r\n            责任编辑：栎树","news_type":1,"symbols_score_info":{"TCEHY":1.5,"HTCD.SI":0.6,"TCHmain":1.5,"00700":1.5}},"isVote":1,"tweetType":1,"viewCount":130,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":499982601835328,"gmtCreate":1763091743131,"gmtModify":1763091745499,"author":{"id":"3484476934259199","authorId":"3484476934259199","name":"正直的人","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3484476934259199","idStr":"3484476934259199"},"themes":[],"title":"","htmlText":"所以继续大跌，投入不停，市场又担心打不赢，大概率也不可能扭亏为盈，最后还得关","listText":"所以继续大跌，投入不停，市场又担心打不赢，大概率也不可能扭亏为盈，最后还得关","text":"所以继续大跌，投入不停，市场又担心打不赢，大概率也不可能扭亏为盈，最后还得关","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/499982601835328","repostId":"2583136885","repostType":2,"repost":{"id":"2583136885","kind":"news","pubTimestamp":1763055701,"share":"https://www.laohu8.com/m/news/2583136885?lang=zh_CN&edition=full","pubTime":"2025-11-14 01:41","market":"hk","language":"zh","title":"京东对外卖业务的表述要点（业绩会&callback）","url":"https://stock-news.laohu8.com/highlight/detail?id=2583136885","media":"卓哥投研笔记","summary":"否了之后，京东又接着投诉，目前投诉结果未知。所以这一篇文章我将站在京东立场，为京东站台。以下为京东业绩会和callback中对外卖的表述要点：1.外卖Q3亏损相对于Q2是收窄的，新业务Q3亏损金额环比扩大主要因为京喜和国际业务，而非外卖。）7.继续追求单量增长，释放外卖业务规模效应，提升UE，最终使外卖成为一个可以独立生存的业务。这篇应该不会被删，要删也是蓝猫或者袋鼠要我删。","content":"<html><body><article><p>我之前一篇文章大摩：<a href=\"https://laohu8.com/S/JD\">京东</a>，凛冬将至为什么还没有被删？不是京东没有投诉我，京东已经投诉我两次了哈，第一次投诉是当天晚上8点半，但投诉第二天早上10点就被微信团队否了。否了之后，京东又接着投诉，目前投诉结果未知。</p><p>所以这一篇文章我将站在京东立场，为京东站台。以下为京东业绩会和callback中对外卖的表述要点：</p><p>1.外卖Q3亏损相对于Q2是收窄的，新业务Q3亏损金额环比扩大主要因为京喜和国际业务，而非外卖。</p><p>2.补贴相对理性，业绩会上管理层表述原文是“尽管面临行业内的激烈竞争，公司在刚刚过去的第三季度仍然保持着相对理性的态度。”这句话三个重点词，“仍然”、“相对”、“理性”。（卓哥呼吁：麻烦袋鼠和蓝猫也保持理性。）</p><p>3.UE亏损（单均亏损）也在收窄，但GMV实现了双位数增长，说的是环比。卓哥：管理层没有谈市占率，也没有必要谈市占率，咱自己跟自己比每个季度有进步就行。</p><p>4.外卖和闪购是一盘棋，目前重心在外卖。</p><p>5.Q4继续追求单量增长（继续？）、UE改善，Q4整体投入预计环比Q3减少，但也要看竞争强弱。卓哥理解：不好战，也不怕战。</p><p>6.外卖与主站电商的协同效应？上个季度的交叉销售是40%（外卖用户在电商有下过单），这个季度是50%。（卓哥理解：相比之下，蓝猫双十一的1亿单交叉销售就有些平淡了，日均交叉销售也就400多万单，相比日均2-3亿的电商总订单，也就2%的提升。）</p><p>7.继续追求单量增长，释放外卖业务规模效应，提升UE，最终使外卖成为一个可以独立生存的业务。（卓哥理解：外卖未来要实现盈亏平衡才行）</p><p>这篇应该不会被删，要删也是蓝猫或者袋鼠要我删。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251114020126674v152c3u7y6abqzs\"/></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n京东对外卖业务的表述要点（业绩会&callback）\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-14 01:41 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251114020127a6f793ec&s=b><strong>卓哥投研笔记</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>我之前一篇文章大摩：京东，凛冬将至为什么还没有被删？不是京东没有投诉我，京东已经投诉我两次了哈，第一次投诉是当天晚上8点半，但投诉第二天早上10点就被微信团队否了。否了之后，京东又接着投诉，目前投诉结果未知。所以这一篇文章我将站在京东立场，为京东站台。以下为京东业绩会和callback中对外卖的表述要点：1.外卖Q3亏损相对于Q2是收窄的，新业务Q3亏损金额环比扩大主要因为京喜和国际业务，而非外卖...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251114020127a6f793ec&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89618":"京东集团-SWR","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","BK1142":"互联网与直销零售","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0370786039.SGD":"Fidelity Greater China 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股价腰斩是必然的，就在今年。长期看机器人无法成功，fsd也没法大规模货币化","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/399673176596928","isVote":1,"tweetType":1,"viewCount":1507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":410234439582352,"gmtCreate":1741164918331,"gmtModify":1741164920238,"author":{"id":"3484476934259199","authorId":"3484476934259199","name":"正直的人","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3484476934259199","idStr":"3484476934259199"},"themes":[],"htmlText":"今年还会有 1000 亿回购吗？","listText":"今年还会有 1000 亿回购吗？","text":"今年还会有 1000 亿回购吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/410234439582352","isVote":1,"tweetType":1,"viewCount":1100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":399826232988160,"gmtCreate":1738635992146,"gmtModify":1738635994111,"author":{"id":"3484476934259199","authorId":"3484476934259199","name":"正直的人","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3484476934259199","idStr":"3484476934259199"},"themes":[],"htmlText":"那你另外90%的仓位在哪里？？","listText":"那你另外90%的仓位在哪里？？","text":"那你另外90%的仓位在哪里？？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/399826232988160","isVote":1,"tweetType":1,"viewCount":1793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}