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函盖乾坤截断众流随波逐浪
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函盖乾坤截断众流随波逐浪
10-31
全球化布局提速,腾讯的优势是巨大的
“刷我滴卡”变身“扫它滴码”:微信支付接通泰国国家支付系统PromptPay
函盖乾坤截断众流随波逐浪
10-19
$Farmland Partners Inc(FPI)$
可能大豆影响会滞后一年,今年的租金已经收取,而明年的租金可能会下降
函盖乾坤截断众流随波逐浪
10-11
$阿里巴巴(BABA)$
这分明是冲木头姐来的[笑哭]
函盖乾坤截断众流随波逐浪
10-09
$普拉格能源(PLUG)$
值得信任
函盖乾坤截断众流随波逐浪
10-08
你做高端为何不打高端广告呢?
当扩张神话遇上增长天花板,霸王茶姬“跑不动”了
函盖乾坤截断众流随波逐浪
10-08
你是怎莫买的?不是停牌吗?
@福泰阳光:
$俄罗斯ETF-Market Vectors(RSX)$
哈哈哈
函盖乾坤截断众流随波逐浪
10-05
一个时代的结束,既是巴菲特的时代,也是美国的巅峰时代。
为阿贝尔接班铺路:伯克希尔调整章程,将董事会主席与CEO职务分离
函盖乾坤截断众流随波逐浪
09-26
年轻的朋友们,我们来相会
函盖乾坤截断众流随波逐浪
09-25
这是你应得的
恒生科技逼近“历史最长连涨记录”
函盖乾坤截断众流随波逐浪
09-23
如果早认识你,六月去四川的时候就应该和你见面详谈了
@一路走来cd:
$奇瑞汽车(09973)$
1700多亿的市值,在一个竞争激烈的行业。 你们打,我看看👀
函盖乾坤截断众流随波逐浪
09-22
这是出于政治利益考虑,而不是经济利益考虑
市场消息:伯克希尔哈撒韦已清仓比亚迪股份
函盖乾坤截断众流随波逐浪
09-21
要留意台海,南海方向……
函盖乾坤截断众流随波逐浪
09-19
是的,聪明的投资者即会分析市场也会分析自己,这是一个双向遴选过程。人之所以能够通神是因为人有主观能动性,可是明白这个道理而且付诸时间的并不多
@一路走来cd:根据资金体量做选择。 大小资金的玩法是不一样的。 但是资产配置的方法可以玩,长线➕短线结合
函盖乾坤截断众流随波逐浪
09-19
全是马后炮
高盛上调百度目标价:重估“从芯片到应用”的AI全栈能力,翻倍Robotaxi估值
函盖乾坤截断众流随波逐浪
09-19
这篇文章不错,转发给大家看看
@小虎访谈:【小虎访谈】@函盖乾坤截断众流随波逐浪:恒生科技重仓回报惊人,靠中线与长期期权把“错失收益”变回来
函盖乾坤截断众流随波逐浪
09-19
怎么加你好友?
@一路走来cd:情况不同,选择不同。 小资金,买大盘股,翻不了身 大资金,买小盘股,出不了货 没有唯一的途径
函盖乾坤截断众流随波逐浪
09-19
Replying to
@一路走来cd
:[开心]//
@一路走来cd
:情况不同,选择不同。 小资金,买大盘股,翻不了身 大资金,买小盘股,出不了货 没有唯一的途径
函盖乾坤截断众流随波逐浪
09-19
而在我看来巴菲特更接近普通人,只是更多的人不愿成为普通人罢了。
@人生舵手__小琳:以小搏大[财迷][得意] 我喜欢木头姐 不喜欢巴菲特 巴菲特我觉得普通人不可借鉴
函盖乾坤截断众流随波逐浪
09-19
投资人与市场永远是双向遴选的过程,大部分人习惯于为市场定价,却很少有人能够客观的以市场角度为自己定价。
函盖乾坤截断众流随波逐浪
09-18
5个虎币,能不能大方一点 [白眼]
去老虎APP查看更多动态
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class=\"meta\">\n\n\n2025-10-30 14:21 北京时间 <a href=https://tech.ifeng.com/c/8ns8p4hGt6H><strong>IT之家</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>IT之家 10 月 30 日消息,今天中午,微信官方账号“微信派”发文宣布:微信支付现已正式接通“泰国国家支付系统 PromptPay”。用户在泰国,打开微信支付扫一扫带有“PromptPay”标识的二维码也能完成支付。IT之家从官方介绍获悉,PromptPay 目前已覆盖全泰国餐饮、零售、景点、交通等场景内的数百万商户。就在上个月,微信支付陆续与日本 NTT Docomo 及韩国最大外卖平台“배...</p>\n\n<a href=\"https://tech.ifeng.com/c/8ns8p4hGt6H\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0791590937.USD":"ALLSPRING EMERGING MARKTES EQUITY INCOME \"A\" (USD)","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU1733274390.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) INC","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) 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及韩国最大外卖平台“배달의민족(直译为‘配送的民族’)”达成合作。","news_type":1,"symbols_score_info":{"00700":1.5,"TCHmain":0.6,"HTCD.SI":0.6,"TCEHY":1.5}},"isVote":1,"tweetType":1,"viewCount":98,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":490725602611200,"gmtCreate":1760833586780,"gmtModify":1760833588668,"author":{"id":"3544441872957647","authorId":"3544441872957647","name":"函盖乾坤截断众流随波逐浪","avatar":"https://static.tigerbbs.com/f4602544b3ccc4c41a2be942e28cbf75","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3544441872957647","authorIdStr":"3544441872957647"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/FPI\">$Farmland Partners Inc(FPI)$ </a>可能大豆影响会滞后一年,今年的租金已经收取,而明年的租金可能会下降","listText":"<a href=\"https://laohu8.com/S/FPI\">$Farmland Partners Inc(FPI)$ </a>可能大豆影响会滞后一年,今年的租金已经收取,而明年的租金可能会下降","text":"$Farmland Partners Inc(FPI)$ 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18:25","market":"us","language":"zh","title":"当扩张神话遇上增长天花板,霸王茶姬“跑不动”了","url":"https://stock-news.laohu8.com/highlight/detail?id=2565685535","media":"海量财经官方账号","summary":"但这并未阻止霸王茶姬的门店扩张的脚步,截至6月末全球门店数已达7038家,但规模效应并未如期显现。与同行相比,霸王茶姬的盈利表现差距明显。资本市场用脚投票:股价与业绩的背离财报发布当日,霸王茶姬股价应声暴跌13.16%。在国内市场增速放缓的同时,霸王茶姬将目光投向了海外。与蜜雪冰城5.3万家门店的全球规模相比,霸王茶姬的海外布局仍处于起步阶段。财报数据描绘出的,是一个在转型中寻找方向的霸王茶姬。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20250908191108218v20684rvgrrk405\"/><p>当<a href=\"https://laohu8.com/S/CHA\">霸王茶姬</a>的门店在街头依然保持着国风雅致的装修风格时,其最新财报却透露出增长乏力的信号。2025年第二季度财报显示,这家以“东方新茶饮”为标签的品牌总GMV同比增长15.5%至81.031亿元,净收入增长10.2%达33.319亿元。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250908191115340v206p94t5nk2fqh\"/><p>看似平稳的增长曲线背后,却是<span>净利润</span>同比87.72%的断崖式下跌,以及国内市场单店效益的持续下滑。曾经凭借国潮风快速崛起的霸王茶姬,正站在国内市场见顶与海外扩张加速的十字路口。</p><p><strong>增长神话褪色:从高速扩张到步履放缓</strong></p><p>霸王茶姬在消费者的印象中似乎是最有“骨气”的品牌,不为价格战和行业风向买单。但这也使其付出了沉重的利润代价。从最新的财报来看,其增长引擎证明先减速。财报显示,今年第二季度,其中国门店的月均GMV为40.44万元,同比下跌了24.84%,环比下跌了6.39%。更令人揪心的是活跃会员数,Q2环比骤降14.03%,从4490万人流失至3860万人。</p><p>更值得关注的是盈利能力的恶化,二季度归母净利润仅录得0.66亿元,同比暴跌89.17%;即便拉长至上半年,其归母净利润仍同比下滑38.32%,对资本市场而言,这或许映射出霸王茶姬的当前盈利能力的真实情况。</p><p>但这并未阻止霸王茶姬的门店扩张的脚步,截至6月末全球门店数已达7038家,但规模效应并未如期显现。这种 \"规模不经济\" 的现象折射出国内茶饮市场的残酷现实:在蜜雪冰城等同行业品牌超万家门店的挤压下,霸王茶姬15-20元的中高端定价区间面临着越来越大的竞争压力。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250908191122605v206vo9525df0yq\"/><p>在财务数据端,今年第二季度,其中国门店同店销售额增长率为-23.1%,海外市场为-18.1%,整体为-23.0%。</p><p>与同行相比,霸王茶姬的盈利表现差距明显。同期<a href=\"https://laohu8.com/S/02097\">蜜雪集团</a>实现净利润27.2亿元,同比增长44.1%,营收增速更是达到39.3%。虽然霸王茶姬调整后净利润为6.298亿元,对应的调整后净<span>利率</span>为18.9%仍保持行业较好水平,但净利润的大幅波动让投资者对其盈利能力和盈利稳定性产生质疑。在新茶饮“马太效应”加剧的背景下,头部品牌之间的差距正在加速拉大。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250908191123324v206qzt7kgp06vz\"/><p><strong>资本市场用脚投票:股价与业绩的背离</strong></p><p>财报发布当日,霸王茶姬股价应声暴跌13.16%。截至记者发稿,霸王茶姬股价已持续走低5个交易日,总市值锁定在31.33亿美元(223.40亿人民币)。</p><p>资本市场的敏感反应,揭示了投资者对品牌增长逻辑的担忧。从交易数据看,9月8日<span>换手率</span>高达1.06%,振幅达到6.55%,部分资金选择离场观望,反映出市场对其未来增长前景的谨慎态度。</p><p>股价下跌的背后是国内市场增长动能的减弱,创始人张俊杰在之前的电话会上强调的“全球化布局”战略,从侧面印证了其试图打开国际市场来弥补国内市场遭遇的增长瓶颈。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250908191135450v2062ax5n9g3nf0\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20250908191136030v206oomp63qp559\"/><p>会员体系的扩张未能有效转化为盈利能力。截至二季度末,小程序注册会员数达2.069亿,注册会员数量增长了42.7%,但庞大的用户基数并未阻止利润下滑。分析认为,不参与价格战的策略虽然保护了品牌定位,却导致部分客源分流,而销售和营销费用的过快增长(较2024年同期增长54.6%)进一步侵蚀了利润空间。</p><p><strong>本土市场遇阻:增长瓶颈背后的多重挑战</strong></p><p>国内茶饮市场的环境正在发生深刻变化。霸王茶姬面临的困境并非个例,而是整个行业从增量竞争转向存量博弈的缩影。</p><p>随着蜜雪冰城等品牌通过供应链优势持续压低价格,中高端茶饮品牌的生存空间受到挤压。霸王茶姬选择不卷入短期价格战,这一战略虽然有利于长期品牌建设,但短期内不得不承受客源流失的阵痛。</p><p>市场饱和度的提升使得单店效益下滑成为普遍现象。霸王茶姬主打一二线城市年轻消费者,这类市场的茶饮门店密度已接近饱和。截至上半年,<a href=\"https://laohu8.com/S/02589\">沪上阿姨</a>在三线及以下城市的门店数占比超过51%。<a href=\"https://laohu8.com/S/02555\">茶百道</a>上半年在一线、新一线城市及二线城市的门店数量出现负增长。灼识咨询报告显示,二线及以下城市是新茶饮行业未来五年增速最快的城市线,预计净新增近30万家门店,赢得该市场是全国领先的关键。</p><p>记者发现,霸王茶姬的产品创新的边际效益也在递减。2022年,霸王茶姬还是个拥有49款SKU的“集大成者”,但到了2024年,霸王茶姬全年仅进行了10次上<a href=\"https://laohu8.com/S/5CN.SI\">新和</a>3次产品升级,远低于动辄上新上百款SKU的竞争对手。2024年瑞幸上新119个SKU,2024年前9个月蜜雪冰城推出了105款新品,即使是拥有美式、拿铁、星冰乐等<a href=\"https://laohu8.com/S/603125\">常青</a>款饮品的<a href=\"https://laohu8.com/S/SBUX\">星巴克</a>中国,2024年也上新了27个SKU。</p><p>尽管霸王茶姬持续强化 \"国风文化\" 标签,推出故宫联名等系列产品,但在消费者口味快速变化的市场中,差异化优势越来越难以维持。行业报告指出,新茶饮市场已进入成熟发展阶段,单纯依靠包装和营销的创新很难带来持续增长,数字化运营和精细化管理成为新的竞争焦点。</p><p><strong>出海狂飙:能否成为第二增长曲线?</strong></p><p>在国内市场增速放缓的同时,霸王茶姬将目光投向了海外。二季度海外GMV达2.352亿元,同比激增77.4%,环比增长31.8%,增速远超整体业务水平,成为财报中为数不多的亮点。截至6月末,海外门店已扩展至208家,季度净增39家海外门店,覆盖马来西亚、新加坡、印度尼西亚、泰国和美国等市场,本季度净增 39 家门店的扩张速度远超国内。</p><p>东南亚市场成为海外扩张的主战场。马来西亚已布局178家门店,新加坡16家,新进入的印度尼西亚市场连开8家门店。更具标志性的是北美市场的突破,洛杉矶首店开业首日销售杯数突破5000杯,且第二家门店已进入试营业阶段。从经营数据看,在2025年一季报中,霸王茶姬就曾表示,新加坡足月门店单店GMV达180万元,高于国内平均水平。</p><p>但海外扩张之路并非坦途。《2025 中国茶饮出海全景报告》显示,东南亚现制茶饮市场2023-2028年复合年均增长率(CAGR)为19.8%,但东南亚现制茶饮市场格局高度分散,本土品牌连锁化程度低,中低端竞争激烈。以蜜雪冰城为代表的中国品牌已在印尼等市场快速铺开,但也面临如 Haus 和 Esteh Indonesia 等本地品牌的低价冲击。同时,不同市场的文化差异和政策合规要求也带来挑战,霸王茶姬需要在保持国风定位的同时进行本土化调整,如推出清真认证产品适应东南亚市场需求。</p><p>与蜜雪冰城5.3万家门店的全球规模相比,霸王茶姬的海外布局仍处于起步阶段。但管理层显然将其视为长期战略重点。在新茶饮出海的浪潮中,霸王茶姬选择了与蜜雪冰城不同的路径——前者试图通过文化溢价打开中高端市场,后者则依靠性价比渗透下沉市场。。</p><p>财报数据描绘出的,是一个在转型中寻找方向的霸王茶姬。国内市场的增长瓶颈与海外业务的快速扩张形成鲜明对比,10.2%的净收入增长与87.72%的净利润下滑反映出品牌正经历痛苦的调整期。</p><p>当国潮光环遭遇增长瓶颈,出海能否成为真正的救赎,不仅考验着管理层的战略定力,也将决定这个国风茶饮品牌能否在新茶饮的下半场竞争中继续领跑。</p></article></body></html>","source":"tencent","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\" content=\"telephone=no,email=no,address=no\" />\n<title>当扩张神话遇上增长天花板,霸王茶姬“跑不动”了</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; 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当扩张神话遇上增长天花板,霸王茶姬“跑不动”了\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-08 18:25 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250908191145a4bb2200&s=b><strong>海量财经官方账号</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>当霸王茶姬的门店在街头依然保持着国风雅致的装修风格时,其最新财报却透露出增长乏力的信号。2025年第二季度财报显示,这家以“东方新茶饮”为标签的品牌总GMV同比增长15.5%至81.031亿元,净收入增长10.2%达33.319亿元。看似平稳的增长曲线背后,却是净利润同比87.72%的断崖式下跌,以及国内市场单店效益的持续下滑。曾经凭借国潮风快速崛起的霸王茶姬,正站在国内市场见顶与海外扩张加速的...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250908191145a4bb2200&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4539":"次新股","CHA":"霸王茶姬","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","BK4610":"咖啡茶饮","A":"安捷伦科技","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","BK4526":"热门中概股"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250908191145a4bb2200&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2565685535","content_text":"当霸王茶姬的门店在街头依然保持着国风雅致的装修风格时,其最新财报却透露出增长乏力的信号。2025年第二季度财报显示,这家以“东方新茶饮”为标签的品牌总GMV同比增长15.5%至81.031亿元,净收入增长10.2%达33.319亿元。看似平稳的增长曲线背后,却是净利润同比87.72%的断崖式下跌,以及国内市场单店效益的持续下滑。曾经凭借国潮风快速崛起的霸王茶姬,正站在国内市场见顶与海外扩张加速的十字路口。增长神话褪色:从高速扩张到步履放缓霸王茶姬在消费者的印象中似乎是最有“骨气”的品牌,不为价格战和行业风向买单。但这也使其付出了沉重的利润代价。从最新的财报来看,其增长引擎证明先减速。财报显示,今年第二季度,其中国门店的月均GMV为40.44万元,同比下跌了24.84%,环比下跌了6.39%。更令人揪心的是活跃会员数,Q2环比骤降14.03%,从4490万人流失至3860万人。更值得关注的是盈利能力的恶化,二季度归母净利润仅录得0.66亿元,同比暴跌89.17%;即便拉长至上半年,其归母净利润仍同比下滑38.32%,对资本市场而言,这或许映射出霸王茶姬的当前盈利能力的真实情况。但这并未阻止霸王茶姬的门店扩张的脚步,截至6月末全球门店数已达7038家,但规模效应并未如期显现。这种 \"规模不经济\" 的现象折射出国内茶饮市场的残酷现实:在蜜雪冰城等同行业品牌超万家门店的挤压下,霸王茶姬15-20元的中高端定价区间面临着越来越大的竞争压力。在财务数据端,今年第二季度,其中国门店同店销售额增长率为-23.1%,海外市场为-18.1%,整体为-23.0%。与同行相比,霸王茶姬的盈利表现差距明显。同期蜜雪集团实现净利润27.2亿元,同比增长44.1%,营收增速更是达到39.3%。虽然霸王茶姬调整后净利润为6.298亿元,对应的调整后净利率为18.9%仍保持行业较好水平,但净利润的大幅波动让投资者对其盈利能力和盈利稳定性产生质疑。在新茶饮“马太效应”加剧的背景下,头部品牌之间的差距正在加速拉大。资本市场用脚投票:股价与业绩的背离财报发布当日,霸王茶姬股价应声暴跌13.16%。截至记者发稿,霸王茶姬股价已持续走低5个交易日,总市值锁定在31.33亿美元(223.40亿人民币)。资本市场的敏感反应,揭示了投资者对品牌增长逻辑的担忧。从交易数据看,9月8日换手率高达1.06%,振幅达到6.55%,部分资金选择离场观望,反映出市场对其未来增长前景的谨慎态度。股价下跌的背后是国内市场增长动能的减弱,创始人张俊杰在之前的电话会上强调的“全球化布局”战略,从侧面印证了其试图打开国际市场来弥补国内市场遭遇的增长瓶颈。会员体系的扩张未能有效转化为盈利能力。截至二季度末,小程序注册会员数达2.069亿,注册会员数量增长了42.7%,但庞大的用户基数并未阻止利润下滑。分析认为,不参与价格战的策略虽然保护了品牌定位,却导致部分客源分流,而销售和营销费用的过快增长(较2024年同期增长54.6%)进一步侵蚀了利润空间。本土市场遇阻:增长瓶颈背后的多重挑战国内茶饮市场的环境正在发生深刻变化。霸王茶姬面临的困境并非个例,而是整个行业从增量竞争转向存量博弈的缩影。随着蜜雪冰城等品牌通过供应链优势持续压低价格,中高端茶饮品牌的生存空间受到挤压。霸王茶姬选择不卷入短期价格战,这一战略虽然有利于长期品牌建设,但短期内不得不承受客源流失的阵痛。市场饱和度的提升使得单店效益下滑成为普遍现象。霸王茶姬主打一二线城市年轻消费者,这类市场的茶饮门店密度已接近饱和。截至上半年,沪上阿姨在三线及以下城市的门店数占比超过51%。茶百道上半年在一线、新一线城市及二线城市的门店数量出现负增长。灼识咨询报告显示,二线及以下城市是新茶饮行业未来五年增速最快的城市线,预计净新增近30万家门店,赢得该市场是全国领先的关键。记者发现,霸王茶姬的产品创新的边际效益也在递减。2022年,霸王茶姬还是个拥有49款SKU的“集大成者”,但到了2024年,霸王茶姬全年仅进行了10次上新和3次产品升级,远低于动辄上新上百款SKU的竞争对手。2024年瑞幸上新119个SKU,2024年前9个月蜜雪冰城推出了105款新品,即使是拥有美式、拿铁、星冰乐等常青款饮品的星巴克中国,2024年也上新了27个SKU。尽管霸王茶姬持续强化 \"国风文化\" 标签,推出故宫联名等系列产品,但在消费者口味快速变化的市场中,差异化优势越来越难以维持。行业报告指出,新茶饮市场已进入成熟发展阶段,单纯依靠包装和营销的创新很难带来持续增长,数字化运营和精细化管理成为新的竞争焦点。出海狂飙:能否成为第二增长曲线?在国内市场增速放缓的同时,霸王茶姬将目光投向了海外。二季度海外GMV达2.352亿元,同比激增77.4%,环比增长31.8%,增速远超整体业务水平,成为财报中为数不多的亮点。截至6月末,海外门店已扩展至208家,季度净增39家海外门店,覆盖马来西亚、新加坡、印度尼西亚、泰国和美国等市场,本季度净增 39 家门店的扩张速度远超国内。东南亚市场成为海外扩张的主战场。马来西亚已布局178家门店,新加坡16家,新进入的印度尼西亚市场连开8家门店。更具标志性的是北美市场的突破,洛杉矶首店开业首日销售杯数突破5000杯,且第二家门店已进入试营业阶段。从经营数据看,在2025年一季报中,霸王茶姬就曾表示,新加坡足月门店单店GMV达180万元,高于国内平均水平。但海外扩张之路并非坦途。《2025 中国茶饮出海全景报告》显示,东南亚现制茶饮市场2023-2028年复合年均增长率(CAGR)为19.8%,但东南亚现制茶饮市场格局高度分散,本土品牌连锁化程度低,中低端竞争激烈。以蜜雪冰城为代表的中国品牌已在印尼等市场快速铺开,但也面临如 Haus 和 Esteh Indonesia 等本地品牌的低价冲击。同时,不同市场的文化差异和政策合规要求也带来挑战,霸王茶姬需要在保持国风定位的同时进行本土化调整,如推出清真认证产品适应东南亚市场需求。与蜜雪冰城5.3万家门店的全球规模相比,霸王茶姬的海外布局仍处于起步阶段。但管理层显然将其视为长期战略重点。在新茶饮出海的浪潮中,霸王茶姬选择了与蜜雪冰城不同的路径——前者试图通过文化溢价打开中高端市场,后者则依靠性价比渗透下沉市场。。财报数据描绘出的,是一个在转型中寻找方向的霸王茶姬。国内市场的增长瓶颈与海外业务的快速扩张形成鲜明对比,10.2%的净收入增长与87.72%的净利润下滑反映出品牌正经历痛苦的调整期。当国潮光环遭遇增长瓶颈,出海能否成为真正的救赎,不仅考验着管理层的战略定力,也将决定这个国风茶饮品牌能否在新茶饮的下半场竞争中继续领跑。","news_type":1,"symbols_score_info":{"A":0.9,"CHA":0.9}},"isVote":1,"tweetType":1,"viewCount":344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":486795815243824,"gmtCreate":1759875582431,"gmtModify":1759875584683,"author":{"id":"3544441872957647","authorId":"3544441872957647","name":"函盖乾坤截断众流随波逐浪","avatar":"https://static.tigerbbs.com/f4602544b3ccc4c41a2be942e28cbf75","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3544441872957647","authorIdStr":"3544441872957647"},"themes":[],"htmlText":"你是怎莫买的?不是停牌吗?","listText":"你是怎莫买的?不是停牌吗?","text":"你是怎莫买的?不是停牌吗?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/486795815243824","repostId":"448943124853576","repostType":1,"repost":{"id":448943124853576,"gmtCreate":1750632186103,"gmtModify":1750632188146,"author":{"id":"3555971507886566","authorId":"3555971507886566","name":"福泰阳光","avatar":"https://static.tigerbbs.com/f6c15bb67039a815e9402f32b3c3559f","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3555971507886566","authorIdStr":"3555971507886566"},"themes":[],"htmlText":"<a 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哈哈哈","images":[{"img":"https://static.tigerbbs.com/e23be48e9a3bdfae907e14f319cc7a37","width":"886","height":"1668"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/448943124853576","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":485875644961216,"gmtCreate":1759651078929,"gmtModify":1759651081753,"author":{"id":"3544441872957647","authorId":"3544441872957647","name":"函盖乾坤截断众流随波逐浪","avatar":"https://static.tigerbbs.com/f4602544b3ccc4c41a2be942e28cbf75","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3544441872957647","authorIdStr":"3544441872957647"},"themes":[],"htmlText":"一个时代的结束,既是巴菲特的时代,也是美国的巅峰时代。","listText":"一个时代的结束,既是巴菲特的时代,也是美国的巅峰时代。","text":"一个时代的结束,既是巴菲特的时代,也是美国的巅峰时代。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/485875644961216","repostId":"2573699206","repostType":4,"repost":{"id":"2573699206","kind":"news","pubTimestamp":1759631643,"share":"https://www.laohu8.com/m/news/2573699206?lang=&edition=full","pubTime":"2025-10-05 10:34","market":"us","language":"zh","title":"为阿贝尔接班铺路:伯克希尔调整章程,将董事会主席与CEO职务分离","url":"https://stock-news.laohu8.com/highlight/detail?id=2573699206","media":"中国能源网","summary":"将董事会主席职务与首席执行官职务分离。","content":"<div>\n<p>伯克希尔宣布已将董事会主席与首席执行官(CEO)的职务分离。当地时间10月3日,伯克希尔·哈撒韦在提交给美国证券交易委员会(SEC)的8-K文件中宣布,公司董事会已于9月30日投票通过修订公司章程,该章程立即生效,将董事会主席职务与首席执行官职务进行分离。媒体分析称,这一举措为公司现任副董事长格雷格·阿贝尔(Greg Abel)在2026年初接替95岁的“股神”沃伦·巴菲特担任CEO铺平了道路。...</p>\n\n<a href=\"https://www.163.com/dy/article/KB3NSH6V05567I2C.html\">Web Link</a>\n\n</div>\n","source":"netease_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\" content=\"telephone=no,email=no,address=no\" />\n<title>为阿贝尔接班铺路:伯克希尔调整章程,将董事会主席与CEO职务分离</title>\n<style 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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为阿贝尔接班铺路:伯克希尔调整章程,将董事会主席与CEO职务分离\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-05 10:34 北京时间 <a href=https://www.163.com/dy/article/KB3NSH6V05567I2C.html><strong>中国能源网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>伯克希尔宣布已将董事会主席与首席执行官(CEO)的职务分离。当地时间10月3日,伯克希尔·哈撒韦在提交给美国证券交易委员会(SEC)的8-K文件中宣布,公司董事会已于9月30日投票通过修订公司章程,该章程立即生效,将董事会主席职务与首席执行官职务进行分离。媒体分析称,这一举措为公司现任副董事长格雷格·阿贝尔(Greg Abel)在2026年初接替95岁的“股神”沃伦·巴菲特担任CEO铺平了道路。...</p>\n\n<a href=\"https://www.163.com/dy/article/KB3NSH6V05567I2C.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/455b3ea834d3c924ea36f635ef9a1fcb","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://www.163.com/dy/article/KB3NSH6V05567I2C.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2573699206","content_text":"伯克希尔宣布已将董事会主席与首席执行官(CEO)的职务分离。当地时间10月3日,伯克希尔·哈撒韦在提交给美国证券交易委员会(SEC)的8-K文件中宣布,公司董事会已于9月30日投票通过修订公司章程,该章程立即生效,将董事会主席职务与首席执行官职务进行分离。媒体分析称,这一举措为公司现任副董事长格雷格·阿贝尔(Greg Abel)在2026年初接替95岁的“股神”沃伦·巴菲特担任CEO铺平了道路。当地时间5月5日,伯克希尔发布新闻稿称,董事会于5月4日投票决定,自2026年1月1日起任命阿贝尔为首席执行官,巴菲特将继续担任董事会主席。鉴于即将到来的职务调整,即公司董事会主席与首席执行官将不再由同一人担任,伯克希尔董事会决定于公司章程第三章“董事会”新增第3.5条款,并对第四章“公司高管与代理人”作出相应修订。1965年,巴菲特以每股14美元的均价收购伯克希尔,随后他一直担任董事会主席和首席执行官这两个关键职位。在5月3日举行的伯克希尔2025年年度股东大会接近尾声时,巴菲特令人意外地宣布,将向伯克希尔董事会推荐阿贝尔在年底接任CEO的职位,称他认为阿贝尔担任公司CEO的时机已经成熟。巴菲特表示,卸任后,他仍会留在伯克希尔并提供帮助,但“最终决定权”在阿贝尔手中。“我绝对没有打算出售伯克希尔的任何股份,我会逐步赠予。”巴菲特进一步表示,他无意出售伯克希尔的任何股票,但会逐步把持股捐赠出去,“我想补充一点:保留所有股份的决定是一个很经济的决策,因为我认为,在阿贝尔的管理下,伯克希尔的前景会比我管理时更好。”“也许有一天我们会有机会投入大量资金。到那时,我认为这对董事会来说可能很有帮助——让他们知道我把所有的钱都投入了公司,我认为这很明智,而且我已经看到了阿贝尔的成绩。”巴菲特说。即将接棒的阿贝尔目前为伯克希尔副董事长,负责公司非保险业务。在股东大会上,阿贝尔表示,伯克希尔的价值观以及管理的团队都是由巴菲特进行定义以及领导的,为公司的未来奠定良好的基础,做任何一项资产配置之前都会优先考虑伯克希尔的声誉。阿贝尔还指出,该公司目前大量的现金头寸是他未来可以部署的战略资产,这使伯克希尔可以不依赖任何银行或其他实体来取得成功。阿贝尔进一步称,在投资一家公司之前,需要了解公司的愿景是什么样子,如果没有这样的愿景,就不会进行投资。伯克希尔不仅要完全了解这一家公司的愿景,还要了解事业发展的底线风险在什么地方,这是投资的哲学。过去六十年来,伯克希尔就是用这样的哲学在经营,将来不会改变。阿贝尔出生于1962年,现年63岁,在加拿大埃德蒙顿长大,于1984年以商学士身份从阿尔伯塔大学毕业,曾经在埃德蒙德的普华永道分部工作,后去往旧金山办公室。阿贝尔最主要的成就大多是在公用事业领域取得的。回顾阿贝尔的履历可以看到,他擅长基础设施和能源领域的并购,在领导伯克希尔·哈撒韦能源公司的20年间,将其发展为美国最大的电力生产业主之一,现在则负责伯克希尔非保险业务的日常运营。当地时间10月2日,伯克希尔和西方石油双双在官网宣布,两家公司达成最终协议,伯克希尔将以97亿美元的全现金交易收购西方石油的化工业务OxyChem。西方石油表示,预计将利用交易所得中的65亿美元来减少债务,以实现公司2023年12月收购CrownRock后设定的、将本金债务控制在150亿美元以下的目标。“伯克希尔正在收购一组稳健的运营资产,这些资产由一支出色的团队提供支持。我们期待欢迎OxyChem成为伯克希尔旗下的运营子公司。”阿贝尔表示,“我们赞扬维基及西方石油团队对西方石油长期财务稳定的投入,这一点从他们计划用交易所得款项加强公司资产负债表的举措中便可体现。”","news_type":1,"symbols_score_info":{"BRK.A":1.1,"BRK.B":1.1}},"isVote":1,"tweetType":1,"viewCount":495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":482592673693832,"gmtCreate":1758870699359,"gmtModify":1758870711898,"author":{"id":"3544441872957647","authorId":"3544441872957647","name":"函盖乾坤截断众流随波逐浪","avatar":"https://static.tigerbbs.com/f4602544b3ccc4c41a2be942e28cbf75","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3544441872957647","authorIdStr":"3544441872957647"},"themes":[],"htmlText":"年轻的朋友们,我们来相会","listText":"年轻的朋友们,我们来相会","text":"年轻的朋友们,我们来相会","images":[{"img":"https://static.tigerbbs.com/be3a0e5cfb2e321b9f1ac188e0248bf4","width":"898","height":"1530"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/482592673693832","isVote":1,"tweetType":1,"viewCount":448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":482348035367144,"gmtCreate":1758789944046,"gmtModify":1758789946388,"author":{"id":"3544441872957647","authorId":"3544441872957647","name":"函盖乾坤截断众流随波逐浪","avatar":"https://static.tigerbbs.com/f4602544b3ccc4c41a2be942e28cbf75","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3544441872957647","authorIdStr":"3544441872957647"},"themes":[],"htmlText":"这是你应得的","listText":"这是你应得的","text":"这是你应得的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/482348035367144","repostId":"2570069005","repostType":4,"repost":{"id":"2570069005","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1758786633,"share":"https://www.laohu8.com/m/news/2570069005?lang=&edition=full","pubTime":"2025-09-25 15:50","market":"hk","language":"zh","title":"恒生科技逼近“历史最长连涨记录”","url":"https://stock-news.laohu8.com/highlight/detail?id=2570069005","media":"华尔街见闻","summary":"恒生科技指数有望创下自成立以来最长连涨纪录,投资者对AI领域的持续热情推动科技股周四继续上涨,该指数即将实现连续第八周上涨。政府宣布加大对科技行业支持力度,为市场注入新动力。阿里宣布增加AI投资并与英伟达建立新合作关系,进一步提振了投资者信心。","content":"<html><head></head><body><blockquote><p>恒生科技指数有望创下自成立以来最长连涨纪录,投资者对AI领域的持续热情推动科技股周四继续上涨,该指数即将实现连续第八周上涨。政府宣布加大对科技行业支持力度,为市场注入新动力。阿里宣布增加AI投资并与英伟达建立新合作关系,进一步提振了投资者信心。</p><p style=\"text-align: justify;\">中国科技股延续强劲涨势,恒生科技指数有望创下自成立以来最长连涨纪录,投资者对AI领域的持续热情推动科技股周四继续上涨,该指数即将实现连续第八周上涨。</p></blockquote><p style=\"text-align: justify;\">周四恒生科技指数一度涨近2%,华虹半导体和京东等公司领涨。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0179c4b8bd2cac65cdec2b5c4703ef8a\" tg-width=\"560\" tg-height=\"240\"/></p><p style=\"text-align: justify;\">政府宣布加大对科技行业支持力度,为市场注入新动力。阿里宣布增加AI投资并与英伟达建立新合作关系,进一步提振了投资者信心。受益于这些积极因素,恒生科技指数今年以来累计涨幅已达约44%,显示出中国科技股的强劲复苏势头。</p><h2 id=\"ai\">AI热潮引领科技股反弹</h2><p style=\"text-align: justify;\">中国科技公司近期表现强劲,主要受益于人工智能领域的突破性进展。初创公司DeepSeek的惊人技术突破引发全球关注,带动了对中国AI开发商的投资热情。</p><p style=\"text-align: justify;\">华虹半导体和京东成为周四涨幅领先的个股。京东作为电商巨头,其AI发展计划受到市场广泛关注。芯片制造商华虹半导体则受益于AI产业链的整体利好。</p><p style=\"text-align: justify;\">Union Bancaire Privee董事总经理Vey-Sern Ling表示:</p><blockquote><p style=\"text-align: justify;\">AI乐观情绪无疑是推动因素之一,阿里巴巴昨日宣布提高资本支出的信心在整个科技领域带来了积极情绪。</p></blockquote><h2 id=\"e7352975\">政策与企业双重利好</h2><p style=\"text-align: justify;\">政府对科技行业支持力度的加大为市场提供了重要推动力,官方宣布将增加对该行业的扶持。</p><p style=\"text-align: justify;\">阿里的最新举措成为市场关注焦点,该公司计划大幅增加AI领域投资,并与英伟达建立新的合作伙伴关系,这些举措显示出中国科技巨头对AI前景的坚定信心。</p><p style=\"text-align: justify;\">Ling还指出,由于政府加强监管,外卖和即时商务领域的恶性竞争担忧似乎正在缓解,这也为科技股营造了更为有利的投资环境。</p><h2 id=\"f3b303bb\">创纪录涨势重塑市场格局</h2><p style=\"text-align: justify;\">恒生科技指数即将实现连续第八周上涨,这将创下该指数自成立以来的最长连涨纪录。今年以来44%的累计涨幅显示出中国科技股的强劲复苏动能。</p><p style=\"text-align: justify;\">投资者情绪的显著改善表明,市场对中国科技公司在AI时代的竞争力重新建立了信心。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta 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href=https://wallstreetcn.com/articles/3756253><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>恒生科技指数有望创下自成立以来最长连涨纪录,投资者对AI领域的持续热情推动科技股周四继续上涨,该指数即将实现连续第八周上涨。政府宣布加大对科技行业支持力度,为市场注入新动力。阿里宣布增加AI投资并与英伟达建立新合作关系,进一步提振了投资者信心。中国科技股延续强劲涨势,恒生科技指数有望创下自成立以来最长连涨纪录,投资者对AI领域的持续热情推动科技股周四继续上涨,该指数即将实现连续第八周上涨。周四恒生...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3756253\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"HSTECH":"恒生科技指数","BK1610":"ETF&股票定投概念"},"source_url":"https://wallstreetcn.com/articles/3756253","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2570069005","content_text":"恒生科技指数有望创下自成立以来最长连涨纪录,投资者对AI领域的持续热情推动科技股周四继续上涨,该指数即将实现连续第八周上涨。政府宣布加大对科技行业支持力度,为市场注入新动力。阿里宣布增加AI投资并与英伟达建立新合作关系,进一步提振了投资者信心。中国科技股延续强劲涨势,恒生科技指数有望创下自成立以来最长连涨纪录,投资者对AI领域的持续热情推动科技股周四继续上涨,该指数即将实现连续第八周上涨。周四恒生科技指数一度涨近2%,华虹半导体和京东等公司领涨。政府宣布加大对科技行业支持力度,为市场注入新动力。阿里宣布增加AI投资并与英伟达建立新合作关系,进一步提振了投资者信心。受益于这些积极因素,恒生科技指数今年以来累计涨幅已达约44%,显示出中国科技股的强劲复苏势头。AI热潮引领科技股反弹中国科技公司近期表现强劲,主要受益于人工智能领域的突破性进展。初创公司DeepSeek的惊人技术突破引发全球关注,带动了对中国AI开发商的投资热情。华虹半导体和京东成为周四涨幅领先的个股。京东作为电商巨头,其AI发展计划受到市场广泛关注。芯片制造商华虹半导体则受益于AI产业链的整体利好。Union Bancaire Privee董事总经理Vey-Sern Ling表示:AI乐观情绪无疑是推动因素之一,阿里巴巴昨日宣布提高资本支出的信心在整个科技领域带来了积极情绪。政策与企业双重利好政府对科技行业支持力度的加大为市场提供了重要推动力,官方宣布将增加对该行业的扶持。阿里的最新举措成为市场关注焦点,该公司计划大幅增加AI领域投资,并与英伟达建立新的合作伙伴关系,这些举措显示出中国科技巨头对AI前景的坚定信心。Ling还指出,由于政府加强监管,外卖和即时商务领域的恶性竞争担忧似乎正在缓解,这也为科技股营造了更为有利的投资环境。创纪录涨势重塑市场格局恒生科技指数即将实现连续第八周上涨,这将创下该指数自成立以来的最长连涨纪录。今年以来44%的累计涨幅显示出中国科技股的强劲复苏动能。投资者情绪的显著改善表明,市场对中国科技公司在AI时代的竞争力重新建立了信心。","news_type":1,"symbols_score_info":{"HSTECH":1.5}},"isVote":1,"tweetType":1,"viewCount":276,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":481534994637064,"gmtCreate":1758586117155,"gmtModify":1758586119488,"author":{"id":"3544441872957647","authorId":"3544441872957647","name":"函盖乾坤截断众流随波逐浪","avatar":"https://static.tigerbbs.com/f4602544b3ccc4c41a2be942e28cbf75","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3544441872957647","authorIdStr":"3544441872957647"},"themes":[],"htmlText":"如果早认识你,六月去四川的时候就应该和你见面详谈了","listText":"如果早认识你,六月去四川的时候就应该和你见面详谈了","text":"如果早认识你,六月去四川的时候就应该和你见面详谈了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/481534994637064","repostId":"481260583956696","repostType":1,"repost":{"id":481260583956696,"gmtCreate":1758518943182,"gmtModify":1758518945437,"author":{"id":"3459462368857793","authorId":"3459462368857793","name":"一路走来cd","avatar":"https://static.tigerbbs.com/be085af43e85927a88d1e952e6e9afec","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3459462368857793","authorIdStr":"3459462368857793"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/09973\">$奇瑞汽车(09973)$ </a> 1700多亿的市值,在一个竞争激烈的行业。 你们打,我看看👀","listText":"<a href=\"https://laohu8.com/S/09973\">$奇瑞汽车(09973)$ </a> 1700多亿的市值,在一个竞争激烈的行业。 你们打,我看看👀","text":"$奇瑞汽车(09973)$ 1700多亿的市值,在一个竞争激烈的行业。 你们打,我看看👀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/481260583956696","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":481156513722816,"gmtCreate":1758494113044,"gmtModify":1758505647205,"author":{"id":"3544441872957647","authorId":"3544441872957647","name":"函盖乾坤截断众流随波逐浪","avatar":"https://static.tigerbbs.com/f4602544b3ccc4c41a2be942e28cbf75","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3544441872957647","authorIdStr":"3544441872957647"},"themes":[],"htmlText":"这是出于政治利益考虑,而不是经济利益考虑","listText":"这是出于政治利益考虑,而不是经济利益考虑","text":"这是出于政治利益考虑,而不是经济利益考虑","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/481156513722816","repostId":"1195736040","repostType":4,"repost":{"id":"1195736040","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1758490337,"share":"https://www.laohu8.com/m/news/1195736040?lang=&edition=full","pubTime":"2025-09-22 05:32","market":"hk","language":"zh","title":"市场消息:伯克希尔哈撒韦已清仓比亚迪股份","url":"https://stock-news.laohu8.com/highlight/detail?id=1195736040","media":"老虎资讯综合","summary":"2022年8月,伯克希尔开始减持其于2008年以2.3亿美元购入的2.25亿股比亚迪股份。截至去年6月,伯克希尔已售出近76%的持股,使其持股比例降至比亚迪已发行股份的5%以下。然而一位巴菲特观察者指出,持有这些股份的子公司伯克希尔哈撒韦能源在一季度财报中显示,截至3月31日该项投资价值已归零。伯克希尔的一位发言人证实,其比亚迪的全部持仓确实已被出售。在伯克希尔持股期间,比亚迪股价上涨了大约3890%。","content":"<html><head></head><body><p>9月21日,据CNBC报道,巴菲特旗下伯克希尔哈撒韦(BRK.A.N、BRK.B.N)完全退出其持有的比亚迪股份,这笔投资曾为其带来巨额收益。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2cff9ebba84b1b3ad46884adb5e8e4b1\" title=\"\" tg-width=\"1416\" tg-height=\"456\"/></p><p>2022年8月,伯克希尔开始减持其于2008年以2.3亿美元购入的2.25亿股比亚迪股份。此前在2022年第二季度,该笔持股价值飙升41%至90亿美元。截至去年6月,伯克希尔已售出近76%的持股,使其持股比例降至比亚迪已发行股份的5%以下。根据港交所规则,持股比例低于5%后无需披露后续减持情况。然而一位巴菲特观察者指出,持有这些股份的子公司伯克希尔哈撒韦能源在一季度财报中显示,截至3月31日该项投资价值已归零。伯克希尔的一位发言人证实,其比亚迪的全部持仓确实已被出售。在伯克希尔持股期间,比亚迪股价上涨了大约3890%。</p><p><strong>比亚迪李云飞回应巴菲特清仓:股票投资有买就有卖,感谢巴菲特认可</strong></p><p>9月22日,针对巴菲特旗下伯克希尔哈撒韦已清仓比亚迪股份的报道,比亚迪集团公关处总经理李云飞发文回应称,2022年8月,伯克希尔开始陆续减持其于2008年购买的公司股票,去年6月其持股就已在5%以下了。股票投资,有买就有卖,这是很正常的事情。感谢芒格和巴菲特对比亚迪的认可,也感谢过去17年的投资、帮助和陪伴,为所有的长期主义点赞。</p></body></html>","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\" content=\"telephone=no,email=no,address=no\" />\n<title>市场消息:伯克希尔哈撒韦已清仓比亚迪股份</title>\n<style 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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市场消息:伯克希尔哈撒韦已清仓比亚迪股份\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-09-22 05:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>9月21日,据CNBC报道,巴菲特旗下伯克希尔哈撒韦(BRK.A.N、BRK.B.N)完全退出其持有的比亚迪股份,这笔投资曾为其带来巨额收益。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2cff9ebba84b1b3ad46884adb5e8e4b1\" title=\"\" tg-width=\"1416\" tg-height=\"456\"/></p><p>2022年8月,伯克希尔开始减持其于2008年以2.3亿美元购入的2.25亿股比亚迪股份。此前在2022年第二季度,该笔持股价值飙升41%至90亿美元。截至去年6月,伯克希尔已售出近76%的持股,使其持股比例降至比亚迪已发行股份的5%以下。根据港交所规则,持股比例低于5%后无需披露后续减持情况。然而一位巴菲特观察者指出,持有这些股份的子公司伯克希尔哈撒韦能源在一季度财报中显示,截至3月31日该项投资价值已归零。伯克希尔的一位发言人证实,其比亚迪的全部持仓确实已被出售。在伯克希尔持股期间,比亚迪股价上涨了大约3890%。</p><p><strong>比亚迪李云飞回应巴菲特清仓:股票投资有买就有卖,感谢巴菲特认可</strong></p><p>9月22日,针对巴菲特旗下伯克希尔哈撒韦已清仓比亚迪股份的报道,比亚迪集团公关处总经理李云飞发文回应称,2022年8月,伯克希尔开始陆续减持其于2008年购买的公司股票,去年6月其持股就已在5%以下了。股票投资,有买就有卖,这是很正常的事情。感谢芒格和巴菲特对比亚迪的认可,也感谢过去17年的投资、帮助和陪伴,为所有的长期主义点赞。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/45e5e005a453a59287c71f4cbf428610","relate_stocks":{"01211":"比亚迪股份-一百","002594":"比亚迪"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195736040","content_text":"9月21日,据CNBC报道,巴菲特旗下伯克希尔哈撒韦(BRK.A.N、BRK.B.N)完全退出其持有的比亚迪股份,这笔投资曾为其带来巨额收益。2022年8月,伯克希尔开始减持其于2008年以2.3亿美元购入的2.25亿股比亚迪股份。此前在2022年第二季度,该笔持股价值飙升41%至90亿美元。截至去年6月,伯克希尔已售出近76%的持股,使其持股比例降至比亚迪已发行股份的5%以下。根据港交所规则,持股比例低于5%后无需披露后续减持情况。然而一位巴菲特观察者指出,持有这些股份的子公司伯克希尔哈撒韦能源在一季度财报中显示,截至3月31日该项投资价值已归零。伯克希尔的一位发言人证实,其比亚迪的全部持仓确实已被出售。在伯克希尔持股期间,比亚迪股价上涨了大约3890%。比亚迪李云飞回应巴菲特清仓:股票投资有买就有卖,感谢巴菲特认可9月22日,针对巴菲特旗下伯克希尔哈撒韦已清仓比亚迪股份的报道,比亚迪集团公关处总经理李云飞发文回应称,2022年8月,伯克希尔开始陆续减持其于2008年购买的公司股票,去年6月其持股就已在5%以下了。股票投资,有买就有卖,这是很正常的事情。感谢芒格和巴菲特对比亚迪的认可,也感谢过去17年的投资、帮助和陪伴,为所有的长期主义点赞。","news_type":1,"symbols_score_info":{"002594":1.1,"01211":1.1}},"isVote":1,"tweetType":1,"viewCount":253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":480854854198048,"gmtCreate":1758419891963,"gmtModify":1758425153528,"author":{"id":"3544441872957647","authorId":"3544441872957647","name":"函盖乾坤截断众流随波逐浪","avatar":"https://static.tigerbbs.com/f4602544b3ccc4c41a2be942e28cbf75","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3544441872957647","authorIdStr":"3544441872957647"},"themes":[],"htmlText":"要留意台海,南海方向……","listText":"要留意台海,南海方向……","text":"要留意台海,南海方向……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/480854854198048","isVote":1,"tweetType":1,"viewCount":509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":480277702054704,"gmtCreate":1758279280525,"gmtModify":1758279282899,"author":{"id":"3544441872957647","authorId":"3544441872957647","name":"函盖乾坤截断众流随波逐浪","avatar":"https://static.tigerbbs.com/f4602544b3ccc4c41a2be942e28cbf75","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3544441872957647","authorIdStr":"3544441872957647"},"themes":[],"htmlText":"是的,聪明的投资者即会分析市场也会分析自己,这是一个双向遴选过程。人之所以能够通神是因为人有主观能动性,可是明白这个道理而且付诸时间的并不多","listText":"是的,聪明的投资者即会分析市场也会分析自己,这是一个双向遴选过程。人之所以能够通神是因为人有主观能动性,可是明白这个道理而且付诸时间的并不多","text":"是的,聪明的投资者即会分析市场也会分析自己,这是一个双向遴选过程。人之所以能够通神是因为人有主观能动性,可是明白这个道理而且付诸时间的并不多","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/480277702054704","repostId":"480248323608696","repostType":1,"repost":{"id":480248323608696,"gmtCreate":1758272035451,"gmtModify":1758273616339,"author":{"id":"3459462368857793","authorId":"3459462368857793","name":"一路走来cd","avatar":"https://static.tigerbbs.com/be085af43e85927a88d1e952e6e9afec","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3459462368857793","authorIdStr":"3459462368857793"},"themes":[],"htmlText":"根据资金体量做选择。 大小资金的玩法是不一样的。 但是资产配置的方法可以玩,长线➕短线结合","listText":"根据资金体量做选择。 大小资金的玩法是不一样的。 但是资产配置的方法可以玩,长线➕短线结合","text":"根据资金体量做选择。 大小资金的玩法是不一样的。 但是资产配置的方法可以玩,长线➕短线结合","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/480248323608696","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":480277033214136,"gmtCreate":1758278946044,"gmtModify":1758278948288,"author":{"id":"3544441872957647","authorId":"3544441872957647","name":"函盖乾坤截断众流随波逐浪","avatar":"https://static.tigerbbs.com/f4602544b3ccc4c41a2be942e28cbf75","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3544441872957647","authorIdStr":"3544441872957647"},"themes":[],"htmlText":"全是马后炮","listText":"全是马后炮","text":"全是马后炮","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/480277033214136","repostId":"2568511552","repostType":4,"repost":{"id":"2568511552","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1758276317,"share":"https://www.laohu8.com/m/news/2568511552?lang=&edition=full","pubTime":"2025-09-19 18:05","market":"hk","language":"zh","title":"高盛上调百度目标价:重估“从芯片到应用”的AI全栈能力,翻倍Robotaxi估值","url":"https://stock-news.laohu8.com/highlight/detail?id=2568511552","media":"华尔街见闻","summary":"高盛上调百度目标价至154美元/150港元,重申“买入”,认为AI云凭借自研芯片、平台与应用的整合优势,展现出持续高增长潜力;自动驾驶业务估值从40亿美元翻倍至80亿美元,体现车队扩张与成本优化的突破。百度的增长动力已远超传统搜索业务。","content":"<html><head></head><body><blockquote><p>高盛上调百度目标价至154美元/150港元,重申“买入”,认为AI云凭借自研芯片、平台与应用的整合优势,展现出持续高增长潜力;自动驾驶业务估值从40亿美元翻倍至80亿美元,体现车队扩张与成本优化的突破。百度的增长动力已远超传统搜索业务。</p></blockquote><p style=\"text-align: justify;\">高盛在一份最新报告中大幅上调百度目标价,认为市场正重新审视其传统搜索业务之外的巨大价值,尤其是其“从芯片到应用”的全栈AI能力、加速商业化的自动驾驶业务以及庞大的现金储备。</p><p style=\"text-align: justify;\">据追风交易台消息,高盛分析师Lincoln Kong等人在9月19日发布的报告中,将百度的美股目标价从90美元上调至154美元,港股目标价从88港元上调至150港元,并重申“买入”评级。报告指出,<strong>百度股价自9月初以来上涨超40%,表明市场焦点正转向其非搜索业务的增长潜力</strong>。截至发稿,百度港股至131港元/股,据高盛目标价还有14%的上涨空间。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5aad9674591c0cff87aadc2e64f7b35c\" tg-width=\"560\" tg-height=\"240\"/></p><p style=\"text-align: justify;\">此次估值重估的核心在于,<strong>高盛将百度AI云、Apollo Robotaxi及公司净现金和长期投资三项业务给出了合计近200美元/股的分类加总(SOTP)估值,远超其传统搜索业务约26美元/股的价值。</strong>这一调整反映出,在AI浪潮的推动下,百度的增长引擎正在被重新识别和定价。</p><p style=\"text-align: justify;\">报告认为,即使在近期股价大幅上涨后,百度仍具有良好的风险回报比,<strong>其牛市情景下的潜在上行空间可达60%。</strong>未来的关键催化剂将包括Robotaxi商业化进展、AI业务更详尽的财务披露以及潜在的香港主要上市。</p><h2 id=\"id_4277093434\">AI云业务:全栈能力是核心竞争力</h2><p style=\"text-align: justify;\">高盛认为,<strong>百度AI云的核心竞争力在于其完整的全栈能力——覆盖自研昆仑芯片、深度学习平台、AI模型和软件应用。</strong>该行将百度AI云业务的估值提升至250亿美元(折合每股72美元),并将其估值倍数从之前的3倍市销率(P/S)上调至5倍,与腾讯云持平。</p><p style=\"text-align: justify;\">报告指出,受AI训练和推理需求的推动,百度AI云在2025年上半年实现了32%的同比增长,明显快于此前水平。高盛预计,该业务未来两年将维持20%以上的增长,并保持10%的EBITA(息税摊销前利润)利润率。其中,具备更高利润率和经常性收入的GPU和订阅式云业务,已占企业云收入的50%以上。</p><p style=\"text-align: justify;\"><strong>此外,自研的昆仑芯片被视为其全栈能力的关键一环,</strong>不仅支撑了百度云的算力集群从万卡扩展至三万卡,还开始赢得外部客户。据媒体报道,昆仑芯在8月获得了中国移动数十亿元人民币规模的订单。同时,百度文库、百度网盘等AI应用的商业化进展也显示出被市场低估的潜力。</p><h2 id=\"id_4277138702\">Apollo Robotaxi:估值翻倍,商业化提速</h2><p style=\"text-align: justify;\">在自动驾驶领域,高盛将Apollo Robotaxi业务的估值从40亿美元翻倍至80亿美元(折合每股23美元),<strong>理由是其车队部署速度加快、更低成本的RT6车型提升了盈利能力,以及广阔的国际扩张前景。</strong></p><p style=\"text-align: justify;\">根据报告,Apollo的车队规模在2025年第二季度已超过1000辆,并有望在年底达到2500辆,领先于国内同行。其第六代无人车RT6的制造成本低于3万美元,使得在武汉等车队密度较高的城市,自动驾驶服务的单位经济效益已达到盈亏平衡。</p><p style=\"text-align: justify;\">高盛还调整了对Apollo的估值方法,从市销率转向更能反映长期增长潜力的EV/NOPAT(企业价值/税后净营业利润),并采用了与小马智行(Pony AI)、滴滴自动驾驶业务等同行类似的估值框架。除了自营模式,百度正通过与优步(Uber)、Lyft及国内出行平台的“轻资产”合作模式,加速其在全球市场的扩张。</p><h2 id=\"id_278232097\">释放资产负债表:现金价值获重估</h2><p style=\"text-align: justify;\">高盛指出,百度资产负债表上的巨额现金正获得市场的重新认可。报告将百度持有的220亿美元净现金及60亿美元长期投资的价值(合计折合每股81美元)全额计入分类加总估值中。</p><p style=\"text-align: justify;\">过去,市场往往对这部分现金的价值给予折扣。<strong>但高盛认为,百度在加强股票回购和潜在派息等股东回报方面采取了更积极的姿态,有助于释放其现金价值。</strong>报告称,尽管对AI和芯片的资本支出大幅增加,但百度核心的搜索业务和已实现盈利的云业务仍能产生稳定的现金流,为其新业务投资提供充足支持。</p><p style=\"text-align: justify;\">展望未来,高盛认为百度的价值重估仍有进一步的催化剂。这包括:随着车队和付费订单规模的扩大,Robotaxi业务的价值被进一步挖掘;公司对AI代理/软件、云业务增长等提供更详细的财务披露;有望在2026年实现香港主要上市并被纳入港股通,从而引入增量资金;以及昆仑芯片、小度等子公司通过外部融资或独立上市释放潜在价值。</p></body></html>","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\" content=\"telephone=no,email=no,address=no\" />\n<title>高盛上调百度目标价:重估“从芯片到应用”的AI全栈能力,翻倍Robotaxi估值</title>\n<style 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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高盛上调百度目标价:重估“从芯片到应用”的AI全栈能力,翻倍Robotaxi估值\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-19 18:05 北京时间 <a href=https://wallstreetcn.com/articles/3755913><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>高盛上调百度目标价至154美元/150港元,重申“买入”,认为AI云凭借自研芯片、平台与应用的整合优势,展现出持续高增长潜力;自动驾驶业务估值从40亿美元翻倍至80亿美元,体现车队扩张与成本优化的突破。百度的增长动力已远超传统搜索业务。高盛在一份最新报告中大幅上调百度目标价,认为市场正重新审视其传统搜索业务之外的巨大价值,尤其是其“从芯片到应用”的全栈AI能力、加速商业化的自动驾驶业务以及庞大的...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3755913\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0cb3c6c3c55603d00a14ee3389850b7f","relate_stocks":{"BIDU":"百度","09888":"百度集团-SW"},"source_url":"https://wallstreetcn.com/articles/3755913","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2568511552","content_text":"高盛上调百度目标价至154美元/150港元,重申“买入”,认为AI云凭借自研芯片、平台与应用的整合优势,展现出持续高增长潜力;自动驾驶业务估值从40亿美元翻倍至80亿美元,体现车队扩张与成本优化的突破。百度的增长动力已远超传统搜索业务。高盛在一份最新报告中大幅上调百度目标价,认为市场正重新审视其传统搜索业务之外的巨大价值,尤其是其“从芯片到应用”的全栈AI能力、加速商业化的自动驾驶业务以及庞大的现金储备。据追风交易台消息,高盛分析师Lincoln Kong等人在9月19日发布的报告中,将百度的美股目标价从90美元上调至154美元,港股目标价从88港元上调至150港元,并重申“买入”评级。报告指出,百度股价自9月初以来上涨超40%,表明市场焦点正转向其非搜索业务的增长潜力。截至发稿,百度港股至131港元/股,据高盛目标价还有14%的上涨空间。此次估值重估的核心在于,高盛将百度AI云、Apollo Robotaxi及公司净现金和长期投资三项业务给出了合计近200美元/股的分类加总(SOTP)估值,远超其传统搜索业务约26美元/股的价值。这一调整反映出,在AI浪潮的推动下,百度的增长引擎正在被重新识别和定价。报告认为,即使在近期股价大幅上涨后,百度仍具有良好的风险回报比,其牛市情景下的潜在上行空间可达60%。未来的关键催化剂将包括Robotaxi商业化进展、AI业务更详尽的财务披露以及潜在的香港主要上市。AI云业务:全栈能力是核心竞争力高盛认为,百度AI云的核心竞争力在于其完整的全栈能力——覆盖自研昆仑芯片、深度学习平台、AI模型和软件应用。该行将百度AI云业务的估值提升至250亿美元(折合每股72美元),并将其估值倍数从之前的3倍市销率(P/S)上调至5倍,与腾讯云持平。报告指出,受AI训练和推理需求的推动,百度AI云在2025年上半年实现了32%的同比增长,明显快于此前水平。高盛预计,该业务未来两年将维持20%以上的增长,并保持10%的EBITA(息税摊销前利润)利润率。其中,具备更高利润率和经常性收入的GPU和订阅式云业务,已占企业云收入的50%以上。此外,自研的昆仑芯片被视为其全栈能力的关键一环,不仅支撑了百度云的算力集群从万卡扩展至三万卡,还开始赢得外部客户。据媒体报道,昆仑芯在8月获得了中国移动数十亿元人民币规模的订单。同时,百度文库、百度网盘等AI应用的商业化进展也显示出被市场低估的潜力。Apollo Robotaxi:估值翻倍,商业化提速在自动驾驶领域,高盛将Apollo Robotaxi业务的估值从40亿美元翻倍至80亿美元(折合每股23美元),理由是其车队部署速度加快、更低成本的RT6车型提升了盈利能力,以及广阔的国际扩张前景。根据报告,Apollo的车队规模在2025年第二季度已超过1000辆,并有望在年底达到2500辆,领先于国内同行。其第六代无人车RT6的制造成本低于3万美元,使得在武汉等车队密度较高的城市,自动驾驶服务的单位经济效益已达到盈亏平衡。高盛还调整了对Apollo的估值方法,从市销率转向更能反映长期增长潜力的EV/NOPAT(企业价值/税后净营业利润),并采用了与小马智行(Pony AI)、滴滴自动驾驶业务等同行类似的估值框架。除了自营模式,百度正通过与优步(Uber)、Lyft及国内出行平台的“轻资产”合作模式,加速其在全球市场的扩张。释放资产负债表:现金价值获重估高盛指出,百度资产负债表上的巨额现金正获得市场的重新认可。报告将百度持有的220亿美元净现金及60亿美元长期投资的价值(合计折合每股81美元)全额计入分类加总估值中。过去,市场往往对这部分现金的价值给予折扣。但高盛认为,百度在加强股票回购和潜在派息等股东回报方面采取了更积极的姿态,有助于释放其现金价值。报告称,尽管对AI和芯片的资本支出大幅增加,但百度核心的搜索业务和已实现盈利的云业务仍能产生稳定的现金流,为其新业务投资提供充足支持。展望未来,高盛认为百度的价值重估仍有进一步的催化剂。这包括:随着车队和付费订单规模的扩大,Robotaxi业务的价值被进一步挖掘;公司对AI代理/软件、云业务增长等提供更详细的财务披露;有望在2026年实现香港主要上市并被纳入港股通,从而引入增量资金;以及昆仑芯片、小度等子公司通过外部融资或独立上市释放潜在价值。","news_type":1,"symbols_score_info":{"09888":1.5,"BIDU":1.5}},"isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":480245507256752,"gmtCreate":1758271722408,"gmtModify":1758271724386,"author":{"id":"3544441872957647","authorId":"3544441872957647","name":"函盖乾坤截断众流随波逐浪","avatar":"https://static.tigerbbs.com/f4602544b3ccc4c41a2be942e28cbf75","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3544441872957647","authorIdStr":"3544441872957647"},"themes":[],"htmlText":"这篇文章不错,转发给大家看看","listText":"这篇文章不错,转发给大家看看","text":"这篇文章不错,转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/480245507256752","repostId":"480281318010984","repostType":1,"repost":{"id":480281318010984,"gmtCreate":1758266395769,"gmtModify":1758270504895,"author":{"id":"37002306153600","authorId":"37002306153600","name":"小虎访谈","avatar":"https://static.tigerbbs.com/c0f6fba0673df1de1c5c31bb2b4f6d4e","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"37002306153600","authorIdStr":"37002306153600"},"themes":[],"title":"【小虎访谈】@函盖乾坤截断众流随波逐浪:恒生科技重仓回报惊人,靠中线与长期期权把“错失收益”变回来","htmlText":"各位虎友们好,在本期小虎访谈中,我们邀请到虎友 <a target=\"_blank\" href=\"https://laohu8.com/U/3544441872957647\">@函盖乾坤截断众流随波逐浪</a>。他出身普通,经历过 2015 年杠杆牛熊和爆仓低谷后,经过多年读书、自我反思与实盘检验,重塑了自己的投资方法。近一年他以恒生科技板块为主(如百度、拼多多、腾讯、阿里等)集中布局,中线与长期期权结合的策略取得了显著回报——近一年收益率高达 500%。访谈中他既分享了策略逻辑与周期判断,也坦承了错失英伟达超额回报的教训,并用阿里巴巴看涨期权的中线持有案例说明“时间+耐心”的作用。对于下半年行情,他认为全球证券与商品市场可能延续当前涨势,期间会有小幅波动但大势不变。来吧虎友们,让我们一起来听听他的投资心得大分享吧[你懂的][你懂的]访谈正文(Q&A)Q:能否简单介绍一下您的背景和投资经历?答: 背景谈不上,我家在河北承德农村,学历不高,但比较喜欢读书。上学时期读一些史学类书籍,毕业后转向金融类和时政读物,后来又读哲学与宗教,这三阶段是我个人成长的重要阶段。投资方面最初大约始于 15 年前;2015 年杠杆牛熊转换和爆仓把我的人生和投资推到低谷,那次股灾促使我反省并转变思想。后来在一位导师的引导下,我重新进入市场,用积蓄(约 10 万人民币)进入美股,并在“散户大战华尔街”期间做过诺基亚看涨期权。从那以后,投资进入新的篇章。Q:您是如何制定投资策略的?偏向于长线还是短线呢?答: 我目前主要以中线为主,策略会随资金规模调整。做市场交易时,我认为市场也在对我们定价,这是双向遴选;制定策略需要考虑外部地缘政治、内部政治演变、大周期宏观、短周期微观、以及个人定位、人口、自然环境、群体意识漂移等多因素。尽管表面复杂,本质上寻找事物的究竟本质可以化繁为简。每个人需要在实践中找到","listText":"各位虎友们好,在本期小虎访谈中,我们邀请到虎友 <a target=\"_blank\" href=\"https://laohu8.com/U/3544441872957647\">@函盖乾坤截断众流随波逐浪</a>。他出身普通,经历过 2015 年杠杆牛熊和爆仓低谷后,经过多年读书、自我反思与实盘检验,重塑了自己的投资方法。近一年他以恒生科技板块为主(如百度、拼多多、腾讯、阿里等)集中布局,中线与长期期权结合的策略取得了显著回报——近一年收益率高达 500%。访谈中他既分享了策略逻辑与周期判断,也坦承了错失英伟达超额回报的教训,并用阿里巴巴看涨期权的中线持有案例说明“时间+耐心”的作用。对于下半年行情,他认为全球证券与商品市场可能延续当前涨势,期间会有小幅波动但大势不变。来吧虎友们,让我们一起来听听他的投资心得大分享吧[你懂的][你懂的]访谈正文(Q&A)Q:能否简单介绍一下您的背景和投资经历?答: 背景谈不上,我家在河北承德农村,学历不高,但比较喜欢读书。上学时期读一些史学类书籍,毕业后转向金融类和时政读物,后来又读哲学与宗教,这三阶段是我个人成长的重要阶段。投资方面最初大约始于 15 年前;2015 年杠杆牛熊转换和爆仓把我的人生和投资推到低谷,那次股灾促使我反省并转变思想。后来在一位导师的引导下,我重新进入市场,用积蓄(约 10 万人民币)进入美股,并在“散户大战华尔街”期间做过诺基亚看涨期权。从那以后,投资进入新的篇章。Q:您是如何制定投资策略的?偏向于长线还是短线呢?答: 我目前主要以中线为主,策略会随资金规模调整。做市场交易时,我认为市场也在对我们定价,这是双向遴选;制定策略需要考虑外部地缘政治、内部政治演变、大周期宏观、短周期微观、以及个人定位、人口、自然环境、群体意识漂移等多因素。尽管表面复杂,本质上寻找事物的究竟本质可以化繁为简。每个人需要在实践中找到","text":"各位虎友们好,在本期小虎访谈中,我们邀请到虎友 @函盖乾坤截断众流随波逐浪。他出身普通,经历过 2015 年杠杆牛熊和爆仓低谷后,经过多年读书、自我反思与实盘检验,重塑了自己的投资方法。近一年他以恒生科技板块为主(如百度、拼多多、腾讯、阿里等)集中布局,中线与长期期权结合的策略取得了显著回报——近一年收益率高达 500%。访谈中他既分享了策略逻辑与周期判断,也坦承了错失英伟达超额回报的教训,并用阿里巴巴看涨期权的中线持有案例说明“时间+耐心”的作用。对于下半年行情,他认为全球证券与商品市场可能延续当前涨势,期间会有小幅波动但大势不变。来吧虎友们,让我们一起来听听他的投资心得大分享吧[你懂的][你懂的]访谈正文(Q&A)Q:能否简单介绍一下您的背景和投资经历?答: 背景谈不上,我家在河北承德农村,学历不高,但比较喜欢读书。上学时期读一些史学类书籍,毕业后转向金融类和时政读物,后来又读哲学与宗教,这三阶段是我个人成长的重要阶段。投资方面最初大约始于 15 年前;2015 年杠杆牛熊转换和爆仓把我的人生和投资推到低谷,那次股灾促使我反省并转变思想。后来在一位导师的引导下,我重新进入市场,用积蓄(约 10 万人民币)进入美股,并在“散户大战华尔街”期间做过诺基亚看涨期权。从那以后,投资进入新的篇章。Q:您是如何制定投资策略的?偏向于长线还是短线呢?答: 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[白眼]","listText":"5个虎币,能不能大方一点 [白眼]","text":"5个虎币,能不能大方一点 [白眼]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/479923798098368","isVote":1,"tweetType":1,"viewCount":294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":688419316,"gmtCreate":1657785804637,"gmtModify":1704868281691,"author":{"id":"3544441872957647","authorId":"3544441872957647","name":"函盖乾坤截断众流随波逐浪","avatar":"https://static.tigerbbs.com/f4602544b3ccc4c41a2be942e28cbf75","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3544441872957647","authorIdStr":"3544441872957647"},"themes":[],"htmlText":"加息100bp是大概率事件,如果不加大加息力度怎么能让新兴经济体崩解呢?新兴经济体不崩解怎么能够造成外围动荡呢?外围不动荡美国怎沫浑水摸鱼呢?不能再外围浑水摸鱼怎么能让美国国内精英集团爆赚呢?美国精英集团不爆赚又拿什么养活底层群体呢?底层生存问题不解决有怎么能够解决美国的整体经济危机呢?总归一句话:美国的问题就是全世界的问题,但美国的利益绝不是全世界的利益。","listText":"加息100bp是大概率事件,如果不加大加息力度怎么能让新兴经济体崩解呢?新兴经济体不崩解怎么能够造成外围动荡呢?外围不动荡美国怎沫浑水摸鱼呢?不能再外围浑水摸鱼怎么能让美国国内精英集团爆赚呢?美国精英集团不爆赚又拿什么养活底层群体呢?底层生存问题不解决有怎么能够解决美国的整体经济危机呢?总归一句话:美国的问题就是全世界的问题,但美国的利益绝不是全世界的利益。","text":"加息100bp是大概率事件,如果不加大加息力度怎么能让新兴经济体崩解呢?新兴经济体不崩解怎么能够造成外围动荡呢?外围不动荡美国怎沫浑水摸鱼呢?不能再外围浑水摸鱼怎么能让美国国内精英集团爆赚呢?美国精英集团不爆赚又拿什么养活底层群体呢?底层生存问题不解决有怎么能够解决美国的整体经济危机呢?总归一句话:美国的问题就是全世界的问题,但美国的利益绝不是全世界的利益。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":7,"repostSize":3,"link":"https://laohu8.com/post/688419316","repostId":"688409431","repostType":1,"repost":{"id":688409431,"gmtCreate":1657772226924,"gmtModify":1704868231485,"author":{"id":"3468322318173915","authorId":"3468322318173915","name":"阳光财经","avatar":"https://static.tigerbbs.com/ae4ab676f150a8d357cb5f3e4956d1a0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3468322318173915","authorIdStr":"3468322318173915"},"themes":[],"title":"","htmlText":"\n 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treys,Reddit有superstonk也有amcstock,discord也有几万人的大群,fb的群接连被强行注销的有三四个,至少可以在推特关注一下CEO Adam的号。","text":"去油管看看trades treys,Reddit有superstonk也有amcstock,discord也有几万人的大群,fb的群接连被强行注销的有三四个,至少可以在推特关注一下CEO Adam的号。","html":"去油管看看trades treys,Reddit有superstonk也有amcstock,discord也有几万人的大群,fb的群接连被强行注销的有三四个,至少可以在推特关注一下CEO Adam的号。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":362624807,"gmtCreate":1614633484009,"gmtModify":1703479079940,"author":{"id":"3544441872957647","authorId":"3544441872957647","name":"函盖乾坤截断众流随波逐浪","avatar":"https://static.tigerbbs.com/f4602544b3ccc4c41a2be942e28cbf75","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3544441872957647","authorIdStr":"3544441872957647"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$游戏驿站(GME)$</a>要出公告了,在此之前注定不会太平","listText":"<a 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