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小肥狼

小肥狼

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11-25

川普给burry关掉电脑，他能在5分钟内重新开机吗[正经]

准时上演！“大空头”大战英伟达，“AI泡沫”论战开启

11-18

你先破

谷歌CEO警告：AI泡沫破裂时，无一家公司能够幸免

11-03

惯**付量[冷漠]

小米汽车10月交付量持续超过40000台

10-30

[得意] 今日大捷

10-27

$小米集团-W(01810)$ 为认知买单[得意]

10-27

？刚烧完就说这话(￣ェ￣;)

电芯倒置技术极端情况下让电池向下排气

10-27

无人在意

小米17系列卖爆后友商将要调整研发周期

10-21

谢谢这个不知名的机构[笑哭] [笑哭] [笑哭]

TD COWEN上调联合健康目标价至335美元

10-21

找权威媒体下场公关了问题解决了吗

央视发声肯定小米等北京车企：为汽车强国建设做出积极贡献

08-25

$拼多多(PDD)$ 坚定长期看好多多，与财报无关，更何况财报也还不错。多多是市场上少有的长期主义的公司，好公司好价格，长期持有

08-22

$小米集团-W(01810)$ 长期看40

08-21

$拼多多(PDD)$ 加油多多

08-19

$英特尔(INTC)$ 财报前买英特尔，本人一点实力都没有，涨起来全凭运气(╯°Д°)╯

08-16

全都是泡沫，只一刹那花火[得意]

全球最强独角兽诞生！传OpenAI员工出售股权，对应估值达5000亿美元

08-15

$联合健康(UNH)$ 一个月！你知道这一个月我怎么过的吗[笑哭] [笑哭] [笑哭]

08-14

黄牛不是客户吗？倒卖国家垄断民生资源比如火车票消费券这些才能叫黄牛，其他的只能算投机商人，小米作为一个商业公司，有什么资格区别对待客户啊？

07-16

Replying to @小雨不说话:来了 [财迷]//@小雨不说话:@小肥狼一块秀一下？

07-16

小赚一点 [开心] [开心] [开心]

07-16

不知道大家有没有发现小米的股价全靠消息拉升

英伟达CEO黄仁勋：我非常希望购买一辆小米汽车

07-07

这是想抄底拼多多吗各大平台卖的都是没有3c的充电宝不止拼多多一家多多利润暴跌是提前把后期投入算在Q1成本里了不做市值管理而已不代表拼多多不是好公司

利润暴跌47%，拼多多慌不慌？

去老虎APP查看更多动态

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justify;\">Burry在这篇文章中，正式向当下的AI热潮宣战，而风暴的中心正是英伟达。<strong>他直指英伟达即是当年的思科。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aeb731a70a83731feaf23965d2746ea7\" tg-width=\"967\" tg-height=\"708\"/></p><h2 id=\"id_2242708730\">核心论战：英伟达就是当年的思科</h2><p style=\"text-align: justify;\">针对近期市场认为“科技巨头盈利能力强，因此不存在泡沫”的主流观点，Burry在文中进行了针锋相对的反驳。他列举了1999年互联网泡沫巅峰时期的数据指出，当年的繁荣同样是由高利润公司推动的，而非仅仅是那些甚至没有收入的小网站。</p><p style=\"text-align: justify;\">他在文中写道：</p><blockquote><p style=\"text-align: justify;\"><strong>“并不像人们以为的那样是由无利可图的网络公司驱动，1999年强劲的纳斯达克指数是由当时高利润的大盘股推动进入新世纪的，其中包括当时的‘四骑士’——微软、英特尔、戴尔和思科……”</strong></p></blockquote><p style=\"text-align: justify;\">Burry认为历史正在押韵。现在的AI繁荣由“五大公开骑士”——微软、谷歌、Meta、亚马逊和甲骨文主导，外加OpenAI等初创公司。这些公司承诺在未来三年内投入近3万亿美元用于AI基础设施建设。</p><p style=\"text-align: justify;\">而在这一切的核心，Burry看到了当年思科（Cisco）的影子——作为当年网络建设的基础设施供应商，思科股价曾在泡沫破裂后暴跌超过75%。他在文中直言：</p><blockquote><p style=\"text-align: justify;\"><strong>“再一次，有一个思科处于这一切的中心，它为所有人提供‘镐和铲子’，并伴随着宏大的愿景。它的名字叫英伟达。”</strong></p></blockquote><h2 id=\"id_3128666313\">泡沫本质：供给侧的“暴食”</h2><p style=\"text-align: justify;\">在此前11月11日的预告中，Burry曾指责科技公司通过延长折旧年限来虚增利润。</p><p style=\"text-align: justify;\">华尔街见闻提及，11月11日，Burry曾在社交媒体上指出AI芯片等设备实际寿命仅2-3年，但部分公司将折旧周期延长至6年。他预计从2026到2028年，大型科技公司将因低估折旧而虚增1760亿美元的利润。他特别指出，到2028年，甲骨文的利润可能被夸大26.9%，而Meta的利润可能被夸大20.8%。同时承诺，将在11月25日披露更多细节。</p><p style=\"text-align: justify;\">在最新发布的文章中，他进一步深化了这一观点，将其定义为“供给侧的暴食”。</p><p style=\"text-align: justify;\">Burry在文中指出，<strong>当前AI热潮的关键问题在于“灾难性的过度供应和远远不足的需求</strong>（catastrophically overbuilt supply and nowhere near enough demand）<strong>”。</strong></p><p style=\"text-align: justify;\">他认为，科技巨头正在进行一场不可持续的资本支出狂欢，为了建设数据中心和购买芯片投入了天文数字的资金，但下游应用端产生的实际收入却远远无法覆盖这些成本。</p><p style=\"text-align: justify;\">Burry警告投资者不要被所谓的“这次不一样”所迷惑，他在文中写道：</p><blockquote><p style=\"text-align: justify;\"><strong>“无论多少人试图证明，这次并没有什么不同。”</strong></p></blockquote><h2 id=\"id_3017930007\">英伟达反击：“系统性欺诈”指控无根据，黄仁勋称未看到“AI泡沫”</h2><p style=\"text-align: justify;\">面对Burry接连不断的质疑，以及市场上关于“AI泡沫”的讨论，处于风暴中心的英伟达并未示弱。</p><p style=\"text-align: justify;\">据彭博、investing等媒体报道，英伟达近期已向华尔街分析师发送备忘录逐条反驳了与Burry观点相关的欺诈指控。备忘录强调，英伟达“不使用特殊目的实体（SPV），也不依赖供应商融资”，以此拒绝市场将其与过去的会计丑闻进行类比。</p><p style=\"text-align: justify;\">针对市场上广泛流传的“6100亿美元循环融资”指控，英伟达在备忘录中澄清，其战略投资在第三季度仅为37亿美元，年初至今约为47亿美元，这仅占其营收的一小部分，所谓巨额循环融资毫无根据。公司还强调，其投资组合公司主要筹集的是第三方资金。</p><p style=\"text-align: justify;\">在财务细节上，英伟达表示付款条款依然严格，销售未达账项天数（DSO）保持在53天，与过去几年一致。对于Burry重点攻击的折旧与利润率问题，备忘录回应称，今年较高的保修成本反映了Blackwell架构的复杂性，且已进行了适当的会计处理。此外，公司明确表示不知道有任何SEC调查，并指出加密货币价格波动与其会计核算无关。</p><p style=\"text-align: justify;\">这一反击得到了部分华尔街分析师的支持。Raymond James分析师Simon Leopold在研报中写道，关于“系统性欺诈”的叙事与英伟达的基本面不符。他认为英伟达在AI相关机会上的投资是适当的。</p><p style=\"text-align: justify;\">除了具体的财务澄清，英伟达CEO黄仁勋在上周财报发布后，也针对宏观层面的“泡沫论”做出了直接回应：</p><blockquote><p style=\"text-align: justify;\"><strong>“关于AI泡沫有很多讨论，”黄仁勋表示，“但从我们的角度来看，我们看到的是截然不同的景象（From our vantage point, we see something very different）。”</strong></p></blockquote><p style=\"text-align: justify;\">同样，Burry也十分坚定看空AI，尽管英伟达反对了他的观点，但他仍要坚持表达。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/739558f5b7f538e207daad422037ad1c\" tg-width=\"602\" tg-height=\"441\"/></p><h2 id=\"id_1161708185\">用看空报告“连载”开启“知识付费”</h2><p style=\"text-align: justify;\">这篇充满火药味的深度分析，发布于Burry新推出的付费专栏“Cassandra Unchained”（被解开枷锁的卡珊德拉），年费高达379美元。而《泡沫的主要迹象：供给侧的暴食》是专栏的首篇文章。</p><p style=\"text-align: justify;\">在经历了此前注销基金的传闻后，Burry在专栏的“关于”页面中解释了他为何放弃基金管理而转型为全职撰稿人。他表示，过去在管理客户资金时：</p><blockquote><p style=\"text-align: justify;\">专业地管理资金伴随着监管和合规限制，这实际上“有效地封住（effectively muzzled）”了我的表达能力。这些限制意味着我只能公开分享晦涩难懂的片段。</p></blockquote><p style=\"text-align: justify;\">他表示，现在“这一切都结束了”<strong>。正如沃伦·巴菲特曾在国会听证会上称他为“卡珊德拉”一样，他现在的状态是</strong>“卡珊德拉被解开了枷锁（Cassandra is unchained）”，暗示他将毫无保留地分享他对市场泡沫的观察。“卡珊德拉”指的是希腊神话中预言准确却不被相信的祭司。</p><p style=\"text-align: justify;\">华尔街见闻写道，今年11月在被媒体曝出“重金押注做空AI龙头”后，Michael Burry亲自辟谣称，媒体报道的“9.12亿美元做空英伟达和Palantir”严重夸大，真实投入仅920万美元——相差一百倍。Burry指出，媒体误将SEC披露的名义敞口当作资金规模。更引人注目的是，他同时悄悄注销旗下基金Scion Asset Management，并预告将在11月25日开启新项目。</p><h2 id=\"id_4064929288\">尾声：不受欢迎的预言家？</h2><p style=\"text-align: justify;\">需要指出的是，尽管Burry此前被媒体误报持有“近10亿美元”的英伟达空单（实际上其名义价值仅为920万美元，且已平仓部分），但这并未改变他看空AI宏观逻辑的决心。</p><p style=\"text-align: justify;\">在首篇文章的末尾，Burry引用了巴菲特老搭档查理·芒格的一句话，似乎在为自己目前扮演的角色做注脚：</p><blockquote><p style=\"text-align: justify;\"><strong>“如果你到处刺破气球，你是不会成为房间里最受欢迎的人的（If you go around popping a lot of balloons, you are not going to be the most popular fellow in the room）。”</strong></p></blockquote></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\" 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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准时上演！“大空头”大战英伟达，“AI泡沫”论战开启\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-25 09:13 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3760049><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“大空头”Michael Burry发布重磅檄文《供给侧的暴食》，正式向AI泡沫宣战。他驳斥“盈利即安全”的论调，直言“英伟达就是当年的思科”，警告市场正面临灾难性的过度供应与折旧陷阱。这位传奇空头认定：无论多少人试图证明这次不一样，1999年的历史正在重演。“这一次没有什么不同，无论多少人试图证明。再一次，有一个思科处于这一切的中心，它为所有人提供‘镐和铲子’，并伴随着宏大的愿景。它的名字叫英...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3760049\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7fb9093a9750adf06e7a7dc5606b94d","relate_stocks":{"BK4503":"景林资产持仓","NVDA":"英伟达"},"source_url":"https://wallstreetcn.com/articles/3760049","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2586414181","content_text":"“大空头”Michael Burry发布重磅檄文《供给侧的暴食》，正式向AI泡沫宣战。他驳斥“盈利即安全”的论调，直言“英伟达就是当年的思科”，警告市场正面临灾难性的过度供应与折旧陷阱。这位传奇空头认定：无论多少人试图证明这次不一样，1999年的历史正在重演。“这一次没有什么不同，无论多少人试图证明。再一次，有一个思科处于这一切的中心，它为所有人提供‘镐和铲子’，并伴随着宏大的愿景。它的名字叫英伟达。”在经历了基金注销传闻与“做空AI金额被媒体夸大百倍”的闹剧后，电影《大空头》原型、知名投资者Michael Burry于当地时间11月24日兑现承诺，准时“回归”。这一次，他并未如传言般通过巨额期权做空市场，而是选择通过首篇专栏文章《泡沫的主要迹象：供给侧的暴食》（The Cardinal Sign of a Bubble: Supply-Side Gluttony）来表达“做空AI”的观点。Burry在这篇文章中，正式向当下的AI热潮宣战，而风暴的中心正是英伟达。他直指英伟达即是当年的思科。核心论战：英伟达就是当年的思科针对近期市场认为“科技巨头盈利能力强，因此不存在泡沫”的主流观点，Burry在文中进行了针锋相对的反驳。他列举了1999年互联网泡沫巅峰时期的数据指出，当年的繁荣同样是由高利润公司推动的，而非仅仅是那些甚至没有收入的小网站。他在文中写道：“并不像人们以为的那样是由无利可图的网络公司驱动，1999年强劲的纳斯达克指数是由当时高利润的大盘股推动进入新世纪的，其中包括当时的‘四骑士’——微软、英特尔、戴尔和思科……”Burry认为历史正在押韵。现在的AI繁荣由“五大公开骑士”——微软、谷歌、Meta、亚马逊和甲骨文主导，外加OpenAI等初创公司。这些公司承诺在未来三年内投入近3万亿美元用于AI基础设施建设。而在这一切的核心，Burry看到了当年思科（Cisco）的影子——作为当年网络建设的基础设施供应商，思科股价曾在泡沫破裂后暴跌超过75%。他在文中直言：“再一次，有一个思科处于这一切的中心，它为所有人提供‘镐和铲子’，并伴随着宏大的愿景。它的名字叫英伟达。”泡沫本质：供给侧的“暴食”在此前11月11日的预告中，Burry曾指责科技公司通过延长折旧年限来虚增利润。华尔街见闻提及，11月11日，Burry曾在社交媒体上指出AI芯片等设备实际寿命仅2-3年，但部分公司将折旧周期延长至6年。他预计从2026到2028年，大型科技公司将因低估折旧而虚增1760亿美元的利润。他特别指出，到2028年，甲骨文的利润可能被夸大26.9%，而Meta的利润可能被夸大20.8%。同时承诺，将在11月25日披露更多细节。在最新发布的文章中，他进一步深化了这一观点，将其定义为“供给侧的暴食”。Burry在文中指出，当前AI热潮的关键问题在于“灾难性的过度供应和远远不足的需求（catastrophically overbuilt supply and nowhere near enough demand）”。他认为，科技巨头正在进行一场不可持续的资本支出狂欢，为了建设数据中心和购买芯片投入了天文数字的资金，但下游应用端产生的实际收入却远远无法覆盖这些成本。Burry警告投资者不要被所谓的“这次不一样”所迷惑，他在文中写道：“无论多少人试图证明，这次并没有什么不同。”英伟达反击：“系统性欺诈”指控无根据，黄仁勋称未看到“AI泡沫”面对Burry接连不断的质疑，以及市场上关于“AI泡沫”的讨论，处于风暴中心的英伟达并未示弱。据彭博、investing等媒体报道，英伟达近期已向华尔街分析师发送备忘录逐条反驳了与Burry观点相关的欺诈指控。备忘录强调，英伟达“不使用特殊目的实体（SPV），也不依赖供应商融资”，以此拒绝市场将其与过去的会计丑闻进行类比。针对市场上广泛流传的“6100亿美元循环融资”指控，英伟达在备忘录中澄清，其战略投资在第三季度仅为37亿美元，年初至今约为47亿美元，这仅占其营收的一小部分，所谓巨额循环融资毫无根据。公司还强调，其投资组合公司主要筹集的是第三方资金。在财务细节上，英伟达表示付款条款依然严格，销售未达账项天数（DSO）保持在53天，与过去几年一致。对于Burry重点攻击的折旧与利润率问题，备忘录回应称，今年较高的保修成本反映了Blackwell架构的复杂性，且已进行了适当的会计处理。此外，公司明确表示不知道有任何SEC调查，并指出加密货币价格波动与其会计核算无关。这一反击得到了部分华尔街分析师的支持。Raymond James分析师Simon Leopold在研报中写道，关于“系统性欺诈”的叙事与英伟达的基本面不符。他认为英伟达在AI相关机会上的投资是适当的。除了具体的财务澄清，英伟达CEO黄仁勋在上周财报发布后，也针对宏观层面的“泡沫论”做出了直接回应：“关于AI泡沫有很多讨论，”黄仁勋表示，“但从我们的角度来看，我们看到的是截然不同的景象（From our vantage point, we see something very different）。”同样，Burry也十分坚定看空AI，尽管英伟达反对了他的观点，但他仍要坚持表达。用看空报告“连载”开启“知识付费”这篇充满火药味的深度分析，发布于Burry新推出的付费专栏“Cassandra Unchained”（被解开枷锁的卡珊德拉），年费高达379美元。而《泡沫的主要迹象：供给侧的暴食》是专栏的首篇文章。在经历了此前注销基金的传闻后，Burry在专栏的“关于”页面中解释了他为何放弃基金管理而转型为全职撰稿人。他表示，过去在管理客户资金时：专业地管理资金伴随着监管和合规限制，这实际上“有效地封住（effectively muzzled）”了我的表达能力。这些限制意味着我只能公开分享晦涩难懂的片段。他表示，现在“这一切都结束了”。正如沃伦·巴菲特曾在国会听证会上称他为“卡珊德拉”一样，他现在的状态是“卡珊德拉被解开了枷锁（Cassandra is unchained）”，暗示他将毫无保留地分享他对市场泡沫的观察。“卡珊德拉”指的是希腊神话中预言准确却不被相信的祭司。华尔街见闻写道，今年11月在被媒体曝出“重金押注做空AI龙头”后，Michael Burry亲自辟谣称，媒体报道的“9.12亿美元做空英伟达和Palantir”严重夸大，真实投入仅920万美元——相差一百倍。Burry指出，媒体误将SEC披露的名义敞口当作资金规模。更引人注目的是，他同时悄悄注销旗下基金Scion Asset Management，并预告将在11月25日开启新项目。尾声：不受欢迎的预言家？需要指出的是，尽管Burry此前被媒体误报持有“近10亿美元”的英伟达空单（实际上其名义价值仅为920万美元，且已平仓部分），但这并未改变他看空AI宏观逻辑的决心。在首篇文章的末尾，Burry引用了巴菲特老搭档查理·芒格的一句话，似乎在为自己目前扮演的角色做注脚：“如果你到处刺破气球，你是不会成为房间里最受欢迎的人的（If you go around popping a lot of balloons, you are not going to be the most popular fellow in the room）。”","news_type":1,"symbols_score_info":{"NVDA":2}},"isVote":1,"tweetType":1,"viewCount":94,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":501627719672560,"gmtCreate":1763475270615,"gmtModify":1763475273005,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"title":"","htmlText":"你先破","listText":"你先破","text":"你先破","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/501627719672560","repostId":"2584934780","repostType":2,"repost":{"id":"2584934780","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":1763470508,"share":"https://www.laohu8.com/m/news/2584934780?lang=&edition=full","pubTime":"2025-11-18 20:55","market":"other","language":"zh","title":"谷歌CEO警告：AI泡沫破裂时，无一家公司能够幸免","url":"https://stock-news.laohu8.com/highlight/detail?id=2584934780","media":"华尔街见闻","summary":"谷歌CEO警告，当下AI热潮含有“非理性”成分，一旦泡沫破裂，没有任何公司能完全幸免。尽管AI被视为最深刻的技术并有望带来长期价值，但当前估值飙升与巨额投入已令人联想到互联网泡沫。谷歌凭借“全栈”技术具备抵御能力，但仍面临能源需求飙升、气候目标推迟及就业冲击等挑战。","content":"<html><head></head><body><blockquote><p>谷歌CEO警告，当下AI热潮含有“非理性”成分，一旦泡沫破裂，没有任何公司能完全幸免。尽管AI被视为最深刻的技术并有望带来长期价值，但当前估值飙升与巨额投入已令人联想到互联网泡沫。谷歌凭借“全栈”技术具备抵御能力，但仍面临能源需求飙升、气候目标推迟及就业冲击等挑战。</p></blockquote><p style=\"text-align: justify;\">谷歌母公司Alphabet的首席执行官Sundar Pichai发出了一个罕见的警告：当前的人工智能热潮中存在“非理性”成分，一旦潜在的泡沫破裂，没有任何公司能够幸免，即便是谷歌也不例外。</p><p style=\"text-align: justify;\">在近日接受媒体的专访时，Pichai承认AI投资的增长是一个“非凡的时刻”，但也直言当前的繁荣中存在“非理性”的因素。这一表态正值硅谷内外对AI泡沫的担忧日益加剧之际。近几个月来，AI科技公司的估值一路飙升，企业在该领域的投入也达到了惊人的规模。</p><p style=\"text-align: justify;\">当被问及如果AI泡沫破裂，谷歌是否能免受冲击时，Pichai表示，这家科技巨头有能力抵御潜在的风暴，但也发出了警告：<strong>“我认为没有公司能够幸免，包括我们。”</strong></p><p style=\"text-align: justify;\">在这次内容广泛的专访中，Pichai还谈及了AI带来的巨大能源需求、公司气候目标的延期，以及这场技术革命对就业的深远影响，勾勒出一幅机遇与严峻挑战并存的复杂图景。</p><h2 id=\"id_230125411\">AI热潮中的“非理性”时刻</h2><p style=\"text-align: justify;\">市场对AI的狂热，已让人联想起上世纪90年代末的互联网泡沫。当时，对新技术的乐观情绪将早期互联网公司的估值推至高点，但泡沫最终在2000年初破裂，导致大量公司倒闭、股价崩盘，并冲击了人们的储蓄和养老基金。分析师们对围绕OpenAI进行的约1.4万亿美元的复杂交易表示怀疑，而该公司今年的预期收入不到计划投资额的千分之一。</p><p style=\"text-align: justify;\">Pichai关于“非理性”的评论，呼应了前美联储主席格林斯潘（Alan Greenspan）在1996年互联网泡沫破裂前提出的“非理性繁荣”的著名警告。Pichai表示，<strong>在这样的投资周期中，行业可能会出现“过度投资”。</strong>但他同时认为，“我们可以回顾一下互联网。当时显然有很多过度投资，但我们没有人会质疑互联网的意义是深远的。我预计AI也会是同样的情况。”</p><p style=\"text-align: justify;\">这位谷歌掌门人的看法也得到了华尔街的呼应。摩根大通首席执行官戴蒙（Jamie Dimon）上月曾表示，对AI的投资终将获得回报，但投入该行业的部分资金“可能会打水漂”。</p><p style=\"text-align: justify;\">尽管Pichai警告“没有公司能够幸免”，但他表示，<strong>谷歌拥有独特的“全栈”技术模式，是其抵御风暴的信心来源。</strong></p><p style=\"text-align: justify;\">这一模式涵盖了从芯片到数据、再到模型和前沿科学的完整技术链条。具体而言，Alphabet正在开发可与英伟达竞争的AI专用超级芯片；同时，其拥有的YouTube等平台提供了海量数据资源。</p><h2 id=\"id_3923484950\">AI是人类迄今“最深刻的技术”</h2><p style=\"text-align: justify;\">Pichai将AI称为人类迄今为止研究的“最深刻的技术”，并预言它将重塑我们所熟知的工作模式。“我们将不得不经历社会的颠覆性变革，”他说，但这也会“创造新的机会”。</p><p style=\"text-align: justify;\">他认为，AI将“演变和转变某些工作岗位，人们需要适应”。<strong>那些学会适应AI的人“会做得更好”。</strong>他强调：</p><p style=\"text-align: justify;\">“无论你想成为老师还是医生，所有这些职业都会继续存在，但在这些职业中表现出色的人，将是那些学会如何使用这些新工具的人。”</p><p style=\"text-align: justify;\">与此同时，Alphabet也在加大对关键市场的战略布局。该公司已承诺在未来两年向英国投资50亿英镑，用于基础设施和研究。Pichai表示，Alphabet将在英国开展“最先进的”研究工作，其关键的AI部门DeepMind总部就设在伦敦。他还首次表示，谷歌将“随着时间的推移”在英国“训练我们的模型”，此举被英国政府视为巩固其作为仅次于美国和中国的全球第三大AI“超级大国”地位的关键一步。</p><p style=\"text-align: justify;\">AI的飞速发展并非没有代价，其巨大的能源需求正成为一个日益严峻的挑战。Pichai警告称，AI的能源需求是“巨大的”，并指出需要采取行动，包括在英国，以开发新的能源并扩大能源基础设施的规模。“你不会希望因为能源问题而限制经济发展，我认为那会带来后果，”他表示。</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 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href=https://wallstreetcn.com/articles/3759643><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>谷歌CEO警告，当下AI热潮含有“非理性”成分，一旦泡沫破裂，没有任何公司能完全幸免。尽管AI被视为最深刻的技术并有望带来长期价值，但当前估值飙升与巨额投入已令人联想到互联网泡沫。谷歌凭借“全栈”技术具备抵御能力，但仍面临能源需求飙升、气候目标推迟及就业冲击等挑战。谷歌母公司Alphabet的首席执行官Sundar Pichai发出了一个罕见的警告：当前的人工智能热潮中存在“非理性”成分，一旦潜在...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3759643\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f348812ea39b45cad3d64af127992eb9","relate_stocks":{"LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU0426417589.USD":"NINETY ONE GSF 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INC"},"source_url":"https://wallstreetcn.com/articles/3759643","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2584934780","content_text":"谷歌CEO警告，当下AI热潮含有“非理性”成分，一旦泡沫破裂，没有任何公司能完全幸免。尽管AI被视为最深刻的技术并有望带来长期价值，但当前估值飙升与巨额投入已令人联想到互联网泡沫。谷歌凭借“全栈”技术具备抵御能力，但仍面临能源需求飙升、气候目标推迟及就业冲击等挑战。谷歌母公司Alphabet的首席执行官Sundar Pichai发出了一个罕见的警告：当前的人工智能热潮中存在“非理性”成分，一旦潜在的泡沫破裂，没有任何公司能够幸免，即便是谷歌也不例外。在近日接受媒体的专访时，Pichai承认AI投资的增长是一个“非凡的时刻”，但也直言当前的繁荣中存在“非理性”的因素。这一表态正值硅谷内外对AI泡沫的担忧日益加剧之际。近几个月来，AI科技公司的估值一路飙升，企业在该领域的投入也达到了惊人的规模。当被问及如果AI泡沫破裂，谷歌是否能免受冲击时，Pichai表示，这家科技巨头有能力抵御潜在的风暴，但也发出了警告：“我认为没有公司能够幸免，包括我们。”在这次内容广泛的专访中，Pichai还谈及了AI带来的巨大能源需求、公司气候目标的延期，以及这场技术革命对就业的深远影响，勾勒出一幅机遇与严峻挑战并存的复杂图景。AI热潮中的“非理性”时刻市场对AI的狂热，已让人联想起上世纪90年代末的互联网泡沫。当时，对新技术的乐观情绪将早期互联网公司的估值推至高点，但泡沫最终在2000年初破裂，导致大量公司倒闭、股价崩盘，并冲击了人们的储蓄和养老基金。分析师们对围绕OpenAI进行的约1.4万亿美元的复杂交易表示怀疑，而该公司今年的预期收入不到计划投资额的千分之一。Pichai关于“非理性”的评论，呼应了前美联储主席格林斯潘（Alan Greenspan）在1996年互联网泡沫破裂前提出的“非理性繁荣”的著名警告。Pichai表示，在这样的投资周期中，行业可能会出现“过度投资”。但他同时认为，“我们可以回顾一下互联网。当时显然有很多过度投资，但我们没有人会质疑互联网的意义是深远的。我预计AI也会是同样的情况。”这位谷歌掌门人的看法也得到了华尔街的呼应。摩根大通首席执行官戴蒙（Jamie Dimon）上月曾表示，对AI的投资终将获得回报，但投入该行业的部分资金“可能会打水漂”。尽管Pichai警告“没有公司能够幸免”，但他表示，谷歌拥有独特的“全栈”技术模式，是其抵御风暴的信心来源。这一模式涵盖了从芯片到数据、再到模型和前沿科学的完整技术链条。具体而言，Alphabet正在开发可与英伟达竞争的AI专用超级芯片；同时，其拥有的YouTube等平台提供了海量数据资源。AI是人类迄今“最深刻的技术”Pichai将AI称为人类迄今为止研究的“最深刻的技术”，并预言它将重塑我们所熟知的工作模式。“我们将不得不经历社会的颠覆性变革，”他说，但这也会“创造新的机会”。他认为，AI将“演变和转变某些工作岗位，人们需要适应”。那些学会适应AI的人“会做得更好”。他强调：“无论你想成为老师还是医生，所有这些职业都会继续存在，但在这些职业中表现出色的人，将是那些学会如何使用这些新工具的人。”与此同时，Alphabet也在加大对关键市场的战略布局。该公司已承诺在未来两年向英国投资50亿英镑，用于基础设施和研究。Pichai表示，Alphabet将在英国开展“最先进的”研究工作，其关键的AI部门DeepMind总部就设在伦敦。他还首次表示，谷歌将“随着时间的推移”在英国“训练我们的模型”，此举被英国政府视为巩固其作为仅次于美国和中国的全球第三大AI“超级大国”地位的关键一步。AI的飞速发展并非没有代价，其巨大的能源需求正成为一个日益严峻的挑战。Pichai警告称，AI的能源需求是“巨大的”，并指出需要采取行动，包括在英国，以开发新的能源并扩大能源基础设施的规模。“你不会希望因为能源问题而限制经济发展，我认为那会带来后果，”他表示。","news_type":1,"symbols_score_info":{"GOOG":1.5,"USJW.SI":0.6,"GOOGL":1.5}},"isVote":1,"tweetType":1,"viewCount":441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":496016462287040,"gmtCreate":1762128979595,"gmtModify":1762128981908,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"title":"","htmlText":"惯**付量[冷漠]&nbsp;&nbsp;","listText":"惯**付量[冷漠]&nbsp;&nbsp;","text":"惯**付量[冷漠]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/496016462287040","repostId":"1109295488","repostType":2,"repost":{"id":"1109295488","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":1761962468,"share":"https://www.laohu8.com/m/news/1109295488?lang=&edition=full","pubTime":"2025-11-01 10:01","market":"hk","language":"zh","title":"小米汽车10月交付量持续超过40000台","url":"https://stock-news.laohu8.com/highlight/detail?id=1109295488","media":"老虎资讯综合","summary":"11月1日，小米汽车：2025年10月，小米汽车交付量持续超过40000台。","content":"<html><head></head><body><p>11月1日，小米汽车：2025年10月，小米汽车交付量持续超过40000台。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4b6d462be865ee605bbf27aa90c49cbb\" tg-width=\"690\" tg-height=\"920\"/></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>小米汽车10月交付量持续超过40000台</title>\n<style 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10:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>11月1日，小米汽车：2025年10月，小米汽车交付量持续超过40000台。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4b6d462be865ee605bbf27aa90c49cbb\" tg-width=\"690\" 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今日大捷","images":[{"img":"https://static.tigerbbs.com/06e7a6b227cc3c1936b3f9045374519b","width":"1046","height":"1808"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/494629478809648","isVote":1,"tweetType":1,"viewCount":460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":493619595932536,"gmtCreate":1761533772497,"gmtModify":1761533775246,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a> 为认知买单[得意]&nbsp;&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a> 为认知买单[得意]&nbsp;&nbsp;","text":"$小米集团-W(01810)$ 为认知买单[得意]","images":[{"img":"https://static.tigerbbs.com/996ac68e2f4bc520f909d5085e9d750b","width":"1046","height":"1808"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":8,"repostSize":1,"link":"https://laohu8.com/post/493619595932536","isVote":1,"tweetType":1,"viewCount":4095,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3483674870443830","authorId":"3483674870443830","name":"晏己","avatar":"https://static.tigerbbs.com/afb8584e86dd59024bc43e6aac5bc5b0","crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3483674870443830","idStr":"3483674870443830"},"content":"小米有高过80吗 [捂脸]","text":"小米有高过80吗 [捂脸]","html":"小米有高过80吗 [捂脸]"},{"author":{"id":"20722186463466","authorId":"20722186463466","name":"爱发红包的虎妞","avatar":"https://static.tigerbbs.com/acf27be178fbc21279d1959ce5bec4e7","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"20722186463466","idStr":"20722186463466"},"content":"老师好呀，十分想邀请老师参与我们一期小虎访谈，一起来聊聊您的投资理念，我们还会有小礼物赠送哦~~请添加虎妞微信：itiger2014","text":"老师好呀，十分想邀请老师参与我们一期小虎访谈，一起来聊聊您的投资理念，我们还会有小礼物赠送哦~~请添加虎妞微信：itiger2014","html":"老师好呀，十分想邀请老师参与我们一期小虎访谈，一起来聊聊您的投资理念，我们还会有小礼物赠送哦~~请添加虎妞微信：itiger2014"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":493606405779520,"gmtCreate":1761530080059,"gmtModify":1761530082310,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"？刚烧完就说这话(￣ェ￣;)","listText":"？刚烧完就说这话(￣ェ￣;)","text":"？刚烧完就说这话(￣ェ￣;)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/493606405779520","repostId":"2578681797","repostType":2,"repost":{"id":"2578681797","kind":"news","pubTimestamp":1761443280,"share":"https://www.laohu8.com/m/news/2578681797?lang=&edition=full","pubTime":"2025-10-26 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Ultra电池包底部使用的防弹涂层被广泛应用于军事装备和航空航天器件，例如装甲车的防雷板、军车铠甲、防弹头盔等，具有抗爆防弹效果。</p><p>在应用这种材料后，小米SU7 Ultra的电池包底部较传统电池包底部防护材料的耐撕裂性能提升10倍、耐穿刺性能提升13倍、耐刮擦性能提升10倍、附着力提升10倍，能够显著提高小米SU7 Ultra电池包的耐刮擦和耐穿刺性能。</p><p>为了直观展示这种材料的效果，雷军还专门发布了一个视频，展示了一个趣味测试：将防弹涂层涂在西瓜上，从6楼高处扔下，西瓜并未摔破。</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>电芯倒置技术 极端情况下让电池向下排气</title>\n<style 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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251026095839a474fd1d&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","HXXD.SI":"Xiaomi HK SDR 2to1","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","BK1618":"Manus概念股","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1720050803.USD":"安联全方位中国股票基金","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) 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SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251026095839a474fd1d&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2578681797","content_text":"日前，在第二十三届中国汽车工程学会上，小米汽车电池系统负责人姚定在谈到CTB电池倒置技术时表示，这种设计可以在极端恶劣情况下让电池向下排气（释放能量），从而最大程度保证乘员舱安全。雷军曾在小米SU7的技术发布会上详细讲解了电芯倒置设计，在碰撞或热失控发生时，火焰或冲击力会向下释放，而非朝向车内乘员，为救援争取时间。为了解决电芯倒置后重力对电解液的影响，小米还与宁德时代专门研发了特殊电解液。小米汽车还强调，小米CTB电池在防护方面拥有行业顶级的17层高压绝缘防护，尤其是电芯两侧铺设165片气凝胶隔热材料，最高可抵抗1000℃高温。此外，还有全方位14层硬核物理防护，包括3层顶部支撑、3层侧碰防护、8层底部防护结构。此外，在之前的小米汽车答网友问中，小米汽车声称小米SU7 Ultra电池包底部使用的防弹涂层被广泛应用于军事装备和航空航天器件，例如装甲车的防雷板、军车铠甲、防弹头盔等，具有抗爆防弹效果。在应用这种材料后，小米SU7 Ultra的电池包底部较传统电池包底部防护材料的耐撕裂性能提升10倍、耐穿刺性能提升13倍、耐刮擦性能提升10倍、附着力提升10倍，能够显著提高小米SU7 Ultra电池包的耐刮擦和耐穿刺性能。为了直观展示这种材料的效果，雷军还专门发布了一个视频，展示了一个趣味测试：将防弹涂层涂在西瓜上，从6楼高处扔下，西瓜并未摔破。","news_type":1,"symbols_score_info":{"81810":0.6,"01810":0.9,"MIUmain":0.6,"HXXD.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":493606424269088,"gmtCreate":1761529975055,"gmtModify":1761529977241,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"无人在意","listText":"无人在意","text":"无人在意","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/493606424269088","repostId":"2578666239","repostType":2,"repost":{"id":"2578666239","kind":"news","pubTimestamp":1761522431,"share":"https://www.laohu8.com/m/news/2578666239?lang=&edition=full","pubTime":"2025-10-27 07:47","market":"hk","language":"zh","title":"小米17系列卖爆后 友商将要调整研发周期","url":"https://stock-news.laohu8.com/highlight/detail?id=2578666239","media":"快科技","summary":"魅族员工布鲁卡表示，小米17系列的先发优势明显，整个国庆档贡献太大了，其它品牌如果想要跟进，就要调整自己的研发周期，同时上游供应链也要同步跟进才行。据悉，小米17系列于9月25日发布，9月27日正式发售。截至10月2日，小米17系列销量突破100万台，破百万的速度比上代旗舰更快。作为年度旗舰，小米17 Pro系列的妙享背屏一经亮相就引发关注，这块屏幕可设置时钟、AI人像、AI萌宠等，还能显示出行、音乐等信息通知。","content":"<html><body><article><p>快科技10月27日消息，博主数码闲聊站称，<a href=\"https://laohu8.com/S/XIACY\">小米</a>17系列实时激活销量向200万发起冲击，除了背屏设计具有竞争力外，档期优势很明显，各大厂商的下一代旗舰都会想办法往前赶。</p><p>魅族员工布鲁卡表示，<a href=\"https://laohu8.com/S/01810\">小米</a>17系列的先发优势明显，整个国庆档贡献太大了，<strong>其它品牌如果想要跟进，就要调整自己的研发周期，同时上游供应链也要同步跟进才行。</strong></p><p>据悉，<a href=\"https://laohu8.com/S/81810\">小米</a>17系列于9月25日发布，9月27日正式发售。截至10月2日，小米17系列销量突破100万台，破百万的速度比上代旗舰更快。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251027075107051d163dzpe1vl2sxw\"/><p>作为年度旗舰，小米17 Pro系列的妙享背屏一经亮相就引发关注，这块屏幕可设置时钟、AI人像、AI萌宠等，还能显示出行、音乐等信息通知。用户还可通过妙享背屏实现后置主摄自拍，全新“便利贴”功能可将重要信息一键贴至背屏。</p><p>小米集团总裁卢伟冰表示，小米17系列的大胆变阵和大胆创新的确存在风险，但我们认为不主动求变的风险更大，实际的用户反馈和购买也奖励了我们的大胆创新，让我们感觉这一切都值得。</p><p>值得注意的是，虽然联发科<a href=\"https://laohu8.com/S/300245\">天玑</a>9500平台比高通第五代骁龙8至尊版更早发布，但是相关终端上市则是在国庆假期后，晚于小米17系列，从博主的爆料来看，<strong>各大厂商的下一代旗舰有望赶在国庆节之前上市。</strong></p><img src=\"https://fid-75186.picgzc.qpic.cn/20251027075108044d163wvlatl36c46\"/></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>小米17系列卖爆后 友商将要调整研发周期</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小米17系列卖爆后 友商将要调整研发周期\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-27 07:47 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025102707511594dec874&s=b><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技10月27日消息，博主数码闲聊站称，小米17系列实时激活销量向200万发起冲击，除了背屏设计具有竞争力外，档期优势很明显，各大厂商的下一代旗舰都会想办法往前赶。魅族员工布鲁卡表示，小米17系列的先发优势明显，整个国庆档贡献太大了，其它品牌如果想要跟进，就要调整自己的研发周期，同时上游供应链也要同步跟进才行。据悉，小米17系列于9月25日发布，9月27日正式发售。截至10月2日，小米17系列...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025102707511594dec874&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","BK1523":"武汉本地概念股","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","BK1521":"挪威政府全球养老基金持仓","LU0823426480.USD":"法巴中国股票经典Dis","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","BK1502":"双十一","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI 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USD"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025102707511594dec874&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2578666239","content_text":"快科技10月27日消息，博主数码闲聊站称，小米17系列实时激活销量向200万发起冲击，除了背屏设计具有竞争力外，档期优势很明显，各大厂商的下一代旗舰都会想办法往前赶。魅族员工布鲁卡表示，小米17系列的先发优势明显，整个国庆档贡献太大了，其它品牌如果想要跟进，就要调整自己的研发周期，同时上游供应链也要同步跟进才行。据悉，小米17系列于9月25日发布，9月27日正式发售。截至10月2日，小米17系列销量突破100万台，破百万的速度比上代旗舰更快。作为年度旗舰，小米17 Pro系列的妙享背屏一经亮相就引发关注，这块屏幕可设置时钟、AI人像、AI萌宠等，还能显示出行、音乐等信息通知。用户还可通过妙享背屏实现后置主摄自拍，全新“便利贴”功能可将重要信息一键贴至背屏。小米集团总裁卢伟冰表示，小米17系列的大胆变阵和大胆创新的确存在风险，但我们认为不主动求变的风险更大，实际的用户反馈和购买也奖励了我们的大胆创新，让我们感觉这一切都值得。值得注意的是，虽然联发科天玑9500平台比高通第五代骁龙8至尊版更早发布，但是相关终端上市则是在国庆假期后，晚于小米17系列，从博主的爆料来看，各大厂商的下一代旗舰有望赶在国庆节之前上市。","news_type":1,"symbols_score_info":{"81810":0.6,"01810":1.5,"HXXD.SI":0.6,"MIUmain":0.6,"XIACY":0.6}},"isVote":1,"tweetType":1,"viewCount":400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":491616027119672,"gmtCreate":1761044629205,"gmtModify":1761044631572,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"谢谢这个不知名的机构[笑哭]&nbsp;&nbsp;[笑哭]&nbsp;&nbsp;[笑哭]&nbsp;&nbsp;","listText":"谢谢这个不知名的机构[笑哭]&nbsp;&nbsp;[笑哭]&nbsp;&nbsp;[笑哭]&nbsp;&nbsp;","text":"谢谢这个不知名的机构[笑哭] [笑哭] [笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/491616027119672","repostId":"2575117647","repostType":2,"repost":{"id":"2575117647","kind":"live","pubTimestamp":1760608181,"share":"https://www.laohu8.com/m/news/2575117647?lang=&edition=full","pubTime":"2025-10-16 17:49","market":"sh","language":"zh","title":"TD COWEN上调联合健康目标价至335美元","url":"https://stock-news.laohu8.com/highlight/detail?id=2575117647","media":"格隆汇","summary":"TD COWEN将联合健康(UNH)目标价从275美元上调至335美元。","content":"<html><body><p>TD COWEN将联合健康(UNH)目标价从275美元上调至335美元。</p></body></html>","source":"live_gelonghui","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>TD COWEN上调联合健康目标价至335美元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\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\">\nTD COWEN上调联合健康目标价至335美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-16 17:49 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.gelonghui.com/rss/live/live.xml><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>TD COWEN将联合健康(UNH)目标价从275美元上调至335美元。</p>\n\n<a href=\"https://www.gelonghui.com/rss/live/live.xml\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1989771016.USD":"东方汇理环球老龄化投资基金 A2 Acc","LU0122379950.USD":"贝莱德世界健康科学A2","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1057294990.SGD":"Blackrock World Healthscience A2 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问题解决了吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/491472549728440","repostId":"2577560818","repostType":2,"repost":{"id":"2577560818","kind":"news","pubTimestamp":1761006891,"share":"https://www.laohu8.com/m/news/2577560818?lang=&edition=full","pubTime":"2025-10-21 08:34","market":"hk","language":"zh","title":"央视发声肯定小米等北京车企：为汽车强国建设做出积极贡献","url":"https://stock-news.laohu8.com/highlight/detail?id=2577560818","media":"快科技","summary":"在近日举行的2025世界智能网联汽车大会上，北京车企集中亮相，展示北京在智能网联汽车领域的新技术、新产品、新模式等。据大会介绍，我国智能网联和新能源汽车产业发展处于全球领先地位，北京也将加速打造智能网联汽车产业发展高地。日前，央视新闻微博发文表示，近两年，小米等北京车企在新能源与智能网联领域“开全国之先河”，为汽车强国建设做出积极贡献。","content":"<html><body><article><p>快科技10月21日消息，北京作为全国首批智能网联汽车“准入与上路通行”和“车路云一体化应用”双试点城市，拥有智能网联汽车创新中心、新能源汽车技术创新中心、动力电池创新中心三大国家级汽车领域创新中心。</p><p>在近日举行的2025世界智能网联汽车大会上，北京车企集中亮相，展示北京在智能网联汽车领域的新技术、新产品、新模式等。</p><p>据大会介绍，我国智能网联和新能源汽车产业发展处于全球领先地位，北京也将加速打造智能网联汽车产业发展高地。</p><p>日前，央视新闻微博发文表示，近两年，<strong><a href=\"https://laohu8.com/S/XIACY\">小米</a>等北京车企在新能源与智能网联领域“开全国之先河”，为汽车强国建设做出积极贡献。</strong></p><img src=\"https://fid-75186.picgzc.qpic.cn/20251021083933482d206l0kvk800guh\"/><p>央视新闻还提到，<strong>“北京车企高标准落实产品质量要求，严格执行安全法规和反内卷政策要求，表现值得肯定。”</strong></p><p>据了解，今年3月，<a href=\"https://laohu8.com/S/01810\">小米</a>CEO雷军接受采访时谈到行业同质化竞争加剧带来的内卷现象。</p><p>雷军呼吁产业发展要强调科技创新、强调个性化和高端化发展，以差异化创新破局内卷。</p><p>同时，<strong>也要反对不公平竞争，诋毁同行等行为，维持良好的市场秩序。</strong></p><img src=\"https://fid-75186.picgzc.qpic.cn/20251021083939833d206pcodacxtjaa\"/></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>央视发声肯定小米等北京车企：为汽车强国建设做出积极贡献</title>\n<style 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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251021083942a6c4a5b8&s=b><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技10月21日消息，北京作为全国首批智能网联汽车“准入与上路通行”和“车路云一体化应用”双试点城市，拥有智能网联汽车创新中心、新能源汽车技术创新中心、动力电池创新中心三大国家级汽车领域创新中心。在近日举行的2025世界智能网联汽车大会上，北京车企集中亮相，展示北京在智能网联汽车领域的新技术、新产品、新模式等。据大会介绍，我国智能网联和新能源汽车产业发展处于全球领先地位，北京也将加速打造智能网联...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251021083942a6c4a5b8&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc 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href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a> 长期看40","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a> 长期看40","text":"$小米集团-W(01810)$ 长期看40","images":[{"img":"https://static.tigerbbs.com/5de96114e26eee89f45e73d1f2056afe","width":"1046","height":"1808"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/470068357251432","isVote":1,"tweetType":1,"viewCount":595,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":469973089161640,"gmtCreate":1755770448391,"gmtModify":1755770451137,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$ </a> 加油多多","listText":"<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$ </a> 加油多多","text":"$拼多多(PDD)$ 加油多多","images":[{"img":"https://static.tigerbbs.com/4ce390c11de611849e2e29f35152d003","width":"1046","height":"1808"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/469973089161640","isVote":1,"tweetType":1,"viewCount":603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":469321518535048,"gmtCreate":1755611292971,"gmtModify":1755611295974,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$ </a> 财报前买英特尔，本人一点实力都没有，涨起来全凭运气(╯°Д°)╯","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$ </a> 财报前买英特尔，本人一点实力都没有，涨起来全凭运气(╯°Д°)╯","text":"$英特尔(INTC)$ 财报前买英特尔，本人一点实力都没有，涨起来全凭运气(╯°Д°)╯","images":[{"img":"https://static.tigerbbs.com/5da11cfd48bb449cdd1fdaf9728280f1","width":"1046","height":"1808"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/469321518535048","isVote":1,"tweetType":1,"viewCount":869,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4193377325563260","authorId":"4193377325563260","name":"人生舵手__小琳","avatar":"https://static.tigerbbs.com/bca18127aea7146dcdf53d2a249fc2f8","crmLevel":7,"crmLevelSwitch":0,"authorIdStr":"4193377325563260","idStr":"4193377325563260"},"content":"运气也是实力的一部分","text":"运气也是实力的一部分","html":"运气也是实力的一部分"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":468206250217816,"gmtCreate":1755325022997,"gmtModify":1755325024804,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"全都是泡沫，只一刹那花火[得意]&nbsp;&nbsp;","listText":"全都是泡沫，只一刹那花火[得意]&nbsp;&nbsp;","text":"全都是泡沫，只一刹那花火[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/468206250217816","repostId":"1126802312","repostType":2,"repost":{"id":"1126802312","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":1755313564,"share":"https://www.laohu8.com/m/news/1126802312?lang=&edition=full","pubTime":"2025-08-16 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的成功寄予厚望。除了这些交易之外，由孙正义领导的这家日本企业集团最近还以 3000 亿美元的估值完成了对 OpenAI 员工股票的 10 亿美元收购，据一位知情人士透露。他们表示，该交易的谈判在围绕 5000 亿美元的二次估值的谈判开始之前就已经展开。</p><p style=\"text-align: justify;\">5000 亿美元的估值将使OpenAI成为全球最具价值的初创企业，超越埃隆·马斯克旗下SpaceX。该公司预计今年的营收将增长两倍，达到 127 亿美元，而 2024 年的营收为 37 亿美元。此次的后续交易谈判是在其备受期待的 GPT-5 模型发布之后进行的。</p><p style=\"text-align: justify;\">本周，OpenAI 首席执行官萨姆·阿尔特曼与一群记者进行了交谈，并阐述了公司的愿景，其中包括该公司计划在未来“相当短的时间内”投入数万亿美元用于建设运行人工智能服务所需的基础设施。</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>全球最强独角兽诞生！传OpenAI员工出售股权，对应估值达5000亿美元</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全球最强独角兽诞生！传OpenAI员工出售股权，对应估值达5000亿美元\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\">2025-08-16 11:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>据知情人士透露，OpenAI 的现任及前任员工计划向一个由 Thrive Capital、软银和Dragoneer 投资集团等组成的投资者团体出售价值约 60 亿美元的股票，此次交易将使这家 ChatGPT 制造商的估值达到 5000 亿美元。</p><p style=\"text-align: justify;\">上述人士表示，此次谈判尚处于初期阶段，股票发售的规模仍有可能发生变化。此外，软银还承诺将牵头 OpenAI 的 400 亿美元融资计划，该计划使 OpenAI 的估值达到 3000 亿美元。据另一位熟悉该交易的人士透露，这一轮融资仍在进行中，OpenAI 最近从一个投资者财团那里获得了 83 亿美元的融资。</p><p style=\"text-align: justify;\">此次的二次股票发售将为 OpenAI 的员工提供获得丰厚收入的机会，因为在人工智能行业激烈的竞争中，他们面临着巨大的薪酬压力。像 Meta 这样的企业正在提供高额薪酬，以从 OpenAI 和其他初创公司抢夺人工智能人才。今年，已有几位 OpenAI 的员工转投 Meta，其中包括 ChatGPT 的联合创始人Shengjia Zhao。</p><p style=\"text-align: justify;\">允许员工出售股份是初创企业留住顶尖人才的重要手段，且无需公司上市或被收购。在某些情况下，早期投资者也会通过此类交易减持其持有的股份，不过据一位知情人士透露，OpenAI 的投资者在本轮交易中没有资格这样做。而那些在该公司工作至少两年的现任和前任员工则可以参与。</p><p style=\"text-align: justify;\">通过参与此次股票发售以及此前的种种承诺，软银公司正对 OpenAI 的成功寄予厚望。除了这些交易之外，由孙正义领导的这家日本企业集团最近还以 3000 亿美元的估值完成了对 OpenAI 员工股票的 10 亿美元收购，据一位知情人士透露。他们表示，该交易的谈判在围绕 5000 亿美元的二次估值的谈判开始之前就已经展开。</p><p style=\"text-align: justify;\">5000 亿美元的估值将使OpenAI成为全球最具价值的初创企业，超越埃隆·马斯克旗下SpaceX。该公司预计今年的营收将增长两倍，达到 127 亿美元，而 2024 年的营收为 37 亿美元。此次的后续交易谈判是在其备受期待的 GPT-5 模型发布之后进行的。</p><p style=\"text-align: justify;\">本周，OpenAI 首席执行官萨姆·阿尔特曼与一群记者进行了交谈，并阐述了公司的愿景，其中包括该公司计划在未来“相当短的时间内”投入数万亿美元用于建设运行人工智能服务所需的基础设施。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/760056d3ed9e8c1a595c0d9f2094cc4d","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126802312","content_text":"据知情人士透露，OpenAI 的现任及前任员工计划向一个由 Thrive Capital、软银和Dragoneer 投资集团等组成的投资者团体出售价值约 60 亿美元的股票，此次交易将使这家 ChatGPT 制造商的估值达到 5000 亿美元。上述人士表示，此次谈判尚处于初期阶段，股票发售的规模仍有可能发生变化。此外，软银还承诺将牵头 OpenAI 的 400 亿美元融资计划，该计划使 OpenAI 的估值达到 3000 亿美元。据另一位熟悉该交易的人士透露，这一轮融资仍在进行中，OpenAI 最近从一个投资者财团那里获得了 83 亿美元的融资。此次的二次股票发售将为 OpenAI 的员工提供获得丰厚收入的机会，因为在人工智能行业激烈的竞争中，他们面临着巨大的薪酬压力。像 Meta 这样的企业正在提供高额薪酬，以从 OpenAI 和其他初创公司抢夺人工智能人才。今年，已有几位 OpenAI 的员工转投 Meta，其中包括 ChatGPT 的联合创始人Shengjia Zhao。允许员工出售股份是初创企业留住顶尖人才的重要手段，且无需公司上市或被收购。在某些情况下，早期投资者也会通过此类交易减持其持有的股份，不过据一位知情人士透露，OpenAI 的投资者在本轮交易中没有资格这样做。而那些在该公司工作至少两年的现任和前任员工则可以参与。通过参与此次股票发售以及此前的种种承诺，软银公司正对 OpenAI 的成功寄予厚望。除了这些交易之外，由孙正义领导的这家日本企业集团最近还以 3000 亿美元的估值完成了对 OpenAI 员工股票的 10 亿美元收购，据一位知情人士透露。他们表示，该交易的谈判在围绕 5000 亿美元的二次估值的谈判开始之前就已经展开。5000 亿美元的估值将使OpenAI成为全球最具价值的初创企业，超越埃隆·马斯克旗下SpaceX。该公司预计今年的营收将增长两倍，达到 127 亿美元，而 2024 年的营收为 37 亿美元。此次的后续交易谈判是在其备受期待的 GPT-5 模型发布之后进行的。本周，OpenAI 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[开心]","images":[{"img":"https://static.tigerbbs.com/7b36c754e170e5fa0662da1953408c7e"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/457240842310056","isVote":1,"tweetType":1,"viewCount":1055,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":457185228480616,"gmtCreate":1752654439591,"gmtModify":1752654440766,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"不知道大家有没有发现&nbsp; 小米的股价全靠消息拉升","listText":"不知道大家有没有发现&nbsp; 小米的股价全靠消息拉升","text":"不知道大家有没有发现 小米的股价全靠消息拉升","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/457185228480616","repostId":"1180055495","repostType":2,"repost":{"id":"1180055495","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":1752651034,"share":"https://www.laohu8.com/m/news/1180055495?lang=&edition=full","pubTime":"2025-07-16 15:30","market":"us","language":"zh","title":"英伟达CEO黄仁勋：我非常希望购买一辆小米汽车","url":"https://stock-news.laohu8.com/highlight/detail?id=1180055495","media":"老虎资讯综合","summary":"与小米在许多方面都密切合作。","content":"<html><head></head><body><p>周三，小米集团股价尾盘直线拉升。<strong>英伟达CEO黄仁勋表示，我非常希望购买一辆小米汽车。中国电动汽车过去五年的发展可能是最让世界惊讶的。我们与小米在许多方面都密切合作。</strong></p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c35d8a57f65b61372df658cf8428684\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></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>英伟达CEO黄仁勋：我非常希望购买一辆小米汽车</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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class=\"title\">\n英伟达CEO黄仁勋：我非常希望购买一辆小米汽车\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\">2025-07-16 15:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>周三，小米集团股价尾盘直线拉升。<strong>英伟达CEO黄仁勋表示，我非常希望购买一辆小米汽车。中国电动汽车过去五年的发展可能是最让世界惊讶的。我们与小米在许多方面都密切合作。</strong></p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c35d8a57f65b61372df658cf8428684\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7c52ba759923af526cbeba91b8305697","relate_stocks":{"01810":"小米集团-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180055495","content_text":"周三，小米集团股价尾盘直线拉升。英伟达CEO黄仁勋表示，我非常希望购买一辆小米汽车。中国电动汽车过去五年的发展可能是最让世界惊讶的。我们与小米在许多方面都密切合作。","news_type":1,"symbols_score_info":{"01810":1.1}},"isVote":1,"tweetType":1,"viewCount":860,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3538458176058351","authorId":"3538458176058351","name":"Ruosong","avatar":"https://static.tigerbbs.com/d815eb794e0dfe4ac8a13f8e0d781888","crmLevel":8,"crmLevelSwitch":1,"authorIdStr":"3538458176058351","idStr":"3538458176058351"},"content":"[笑哭]你说的那个叫特斯拉。小米实打实的销量，利润增长","text":"[笑哭]你说的那个叫特斯拉。小米实打实的销量，利润增长","html":"[笑哭]你说的那个叫特斯拉。小米实打实的销量，利润增长"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":454083576201472,"gmtCreate":1751891047272,"gmtModify":1751891049447,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"这是想抄底拼多多吗 各大平台卖的都是没有3c的充电宝 不止拼多多一家 多多利润暴跌是提前把后期投入算在Q1成本里了 不做市值管理而已 不代表拼多多不是好公司","listText":"这是想抄底拼多多吗 各大平台卖的都是没有3c的充电宝 不止拼多多一家 多多利润暴跌是提前把后期投入算在Q1成本里了 不做市值管理而已 不代表拼多多不是好公司","text":"这是想抄底拼多多吗 各大平台卖的都是没有3c的充电宝 不止拼多多一家 多多利润暴跌是提前把后期投入算在Q1成本里了 不做市值管理而已 不代表拼多多不是好公司","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/454083576201472","repostId":"2549830836","repostType":2,"repost":{"id":"2549830836","kind":"news","pubTimestamp":1751852730,"share":"https://www.laohu8.com/m/news/2549830836?lang=&edition=full","pubTime":"2025-07-07 09:45","market":"us","language":"zh","title":"利润暴跌47%，拼多多慌不慌？","url":"https://stock-news.laohu8.com/highlight/detail?id=2549830836","media":"Ofweek维科网","summary":"尽管随着业务规模扩大与市场竞争愈加激烈，拼多多增速放缓不可避免，但利润暴跌47%而且市值腰斩让人意外，拼多多的增长神话是否已悄然终结？2025年第一季度财报披露，拼多多总运营费用为386.395亿元，同比增长37%。二来，阿里、京东、抖音同步推行低价策略，拼多多的价格优势遭受多方挤压，低价护城河正在被逐步瓦解。","content":"<html><body><article><p>曾经靠“砍一刀”撕裂传统电商格局的<a href=\"https://laohu8.com/S/PDD\">拼多多</a>，如今疲态尽显。</p><p>数据显示，拼多多今年第一季度实现营收957亿元，同比增长10%，市场预估1016亿元，相比预期低了近60亿元；经营利润为161亿元，相比去年同期下降38%；归属于普通股股东的<span>净利润</span>为147亿元，同比下降47%。</p><p>与此同时，拼多多市值也坐上了“过山车”。去年市值一度突破 2180 亿美元，力压国内电商巨头<a href=\"https://laohu8.com/S/BABA\">阿里</a>，今年（7月1日收盘）市值仅余 1497.59 亿美元，已不足<a href=\"https://laohu8.com/S/09988\">阿里</a>（市值2718.63亿美元）一半，往昔<a href=\"https://laohu8.com/S/002296\">辉煌</a>似有渐逝之势。</p><p>尽管随着业务规模扩大与市场竞争愈加激烈，拼多多增速放缓不可避免，但利润暴跌47%而且市值腰斩让人意外，拼多多的增长神话是否已悄然终结？</p><p><strong>营收失速，利润缩水</strong></p><p>众所周知，交易服务收入、在线营销服务收入是拼多多的两大核心营收，当下这两大核心营收增速已从“火箭模式”坠入“爬坡模式”。</p><p>2025年第一季度财报数据显示，在线营销服务及其他服务的营收为487亿元，较2024年同期的425亿元增长15%；交易服务的营收为470亿元，较2024年同期的444亿元增长6%。虽然还在涨，但增速和前几年相比明显变慢。</p><p>与此同时，拼多多推出百亿减免、电商西进，以及新质商家百亿扶持计划，豪掷资金补贴商家与用户，直接推高运营开支与补贴费用。</p><p>2025年第一季度财报披露，拼多多总运营费用为386.395亿元，同比增长37%。其中，销售和营销费用334.027亿元，同比增长43%，主要是促销和广告活动支出增加；一般和管理费用16.589亿元，研发费用35.778亿元。</p><p>不难看出，交易服务收入增速下滑、营销费用大幅攀升导致拼多多净利润腰斩，也反映出拼多多在市场拓展和业务增长方面面临一定挑战。</p><p>一方面，在行业增速见顶、竞争白热化的环境中，拼多多选择牺牲短期收益，加强供给侧投入，试图通过供应链深度重构实现逆周期增长。只要百亿补贴、低价让利等非经营性投入仍处高位，平台的盈利承压状态与运营成本高企的困境，恐难在短期内扭转。</p><p>另一方面，拼多多的“假货标签”影响犹在，负面消息不仅削弱了拼多多在国内外市场的竞争力，还增加了其市场拓展的难度与成本。</p><p>在国内，用户吐槽拼多多出售“无3C标签充电宝”的声音，暴露了低价策略下供应链品控的漏洞；在海外，韩国公正交易委员会对Temu开出的187万元罚单，则撕开了全球化扩张中“欺骗性广告”的合规伤疤。</p><p>增速放缓或许只是表象，利润缩水也只是结果，拼多多真正的风险在于：牺牲短期收益换取长期稳定的做法，是在用当下的现金流为未来的不确定性背书。</p><p><strong>一场又一场电商硬仗</strong></p><p>过去十年，拼多多靠“极致低价+社交裂变”撕开下沉市场缺口，用农村包围城市的路径完成用户积累，最终成功逆袭，稳居电商第二把交椅。但当下的电商江湖已然进入了一个全新的竞争阶段，拼多多还有很多硬仗要打。</p><p>一来，下沉市场趋于饱和与一二线城市的“低价、低质”刻板印象，将拼多多的增长空间死死锁在“低价舒适区”。</p><p>拼多多活跃用户超过9亿，向下渗透的增量红利基本见顶，而一二线城市用户对拼多多“低价、低质”的刻板印象难以扭转，限制了其在中高端消费群体中的渗透。据QuestMobile数据，2025年Q1拼多多用户日均使用时长同比下降12%，而抖音电商用户时长同比增长28%。</p><p>二来，阿里、<a href=\"https://laohu8.com/S/JD\">京东</a>、抖音同步推行低价策略，拼多多的价格优势遭受多方挤压，低价护城河正在被逐步瓦解。</p><p>淘宝推出“五星价格力”体系，通过大数据精准锚定价格优势，直击拼多多的低价核心；京东则重启“京喜”低价专区，依托自身强大的供应链和物流体系，在低价市场上与拼多多展开贴身肉搏；就连抖音电商也凭借强大的流量优势，高举“全网最低价”的大旗，从各个维度对拼多多的市场份额进行疯狂截流。</p><p>此外，近期国家大力推行“以旧换新”补贴政策，覆盖家电、3C等全品类，而拼多多由于运营模式（白牌商品居多）的独特性，在此领域难以发挥优势，进而陷入被动局面。这也是拼多多选择了加大补贴力度，试图通过这种烧钱的方式来维持平台的价格竞争力的原因。</p><p>三来，即时零售市场已然成为衡量电商平台综合实力的关键战场，京东、阿里、抖音不惜投入大量资源，力求在这场即时零售的激烈角逐中抢占先机，拼多多也被卷进这场争斗。</p><p>电商巨头阿里，凭借淘宝与饿了么的协同，携庞大流量与丰富商家资源强势入局；供应链底蕴深厚的京东，依托多年积累的物流优势和品质口碑，全力打造“京东秒送”；内容生态繁荣、流量分发高效的抖音，也凭借独特的内容营销和庞大用户基础，探索即时零售新路径。</p><p>电商行业的竞争瞬息万变，没有永远的王者，也没有一成不变的成功模式，拼多多低价优势的丧失，又入局即时零售赛道的激烈竞争，有挑战也有机遇。</p><p><strong>高速增长迈向高质量增长</strong></p><p>当流量红利渐趋平缓市场竞争愈加激烈，拼多多面临新的成长挑战：能否在持续扩张市场规模的同时，实现经营质量的实质性跃升，从而完成从“高速增长”到“高质量增长”的关键跨越？</p><p>实现规模与质量的平衡，绝非易事，但却是拼多多可持续发展的必由之路，其需要从多个维度进行深刻变革。</p><p>首先，技术驱动效率与体验升级。深化大数据、AI在选品推荐、精准营销、智能客服、供应链优化、假货识别等环节的应用，通过技术驱动，拼多多能够在提升运营效率的同时，显著改善用户体验，为高质量增长奠定坚实基础。</p><p>其次，深化供应链，打造差异化价值。继续深耕<a href=\"https://laohu8.com/S/000061\">农产品</a>、产业带工厂直供等优势领域，通过源头把控、缩短链路，在保证价格竞争力的同时，提升商品品质确定性，形成“优质优价”的核心竞争力。</p><p>再有，精细化运营与用户分层。从粗放式补贴转向更精准的用户运营，识别不同层级用户的差异化需求，提供分层服务与商品供给，逐步引导核心用户的价值认同与消费升级，提升用户的平均消费金额与消费频次，从而实现平台经营质量的提升。</p><p>此外，构建更健康的平台治理规则。优化平台规则，在保护消费者权益与保障商家合理利益之间寻求更公正、透明的平衡点，通过构建良好平台生态环境，吸引更多优质商家入驻，提升平台的长期吸引力与竞争力。</p><p>综上所述，在当前电商行业竞争日益激烈、市场环境不断变化的大背景下，电商平台面临的挑战无疑是巨大的。而能否在“让利用户”与“自我造血”之间找到新的平衡，这不仅是拼多多的生死题，更是整个电商行业从量增到质变的必答题。</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>利润暴跌47%，拼多多慌不慌？</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利润暴跌47%，拼多多慌不慌？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-07 09:45 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202507070945429538f670&s=b><strong>Ofweek维科网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>曾经靠“砍一刀”撕裂传统电商格局的拼多多，如今疲态尽显。数据显示，拼多多今年第一季度实现营收957亿元，同比增长10%，市场预估1016亿元，相比预期低了近60亿元；经营利润为161亿元，相比去年同期下降38%；归属于普通股股东的净利润为147亿元，同比下降47%。与此同时，拼多多市值也坐上了“过山车”。去年市值一度突破 2180 亿美元，力压国内电商巨头阿里，今年（7月1日收盘）市值仅余 ...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202507070945429538f670&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4505":"高瓴资本持仓","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","BK4588":"碎股","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" 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啥都挺好，就是虚高。手机智能家居汽车行业都卷的很，长期看9000亿市值","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/414886604243216","isVote":1,"tweetType":1,"viewCount":4440,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3493291024491772","authorId":"3493291024491772","name":"老大不在家","avatar":"https://static.tigerbbs.com/bf8334597d79297844bc8dafe706ae19","crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3493291024491772","idStr":"3493291024491772"},"content":"都像你这么理性分析，那贵州茅台只能100元。特斯拉只能上50元不得了。都像你这么理性，你错过了几十倍的涨幅。永远发不了财。","text":"都像你这么理性分析，那贵州茅台只能100元。特斯拉只能上50元不得了。都像你这么理性，你错过了几十倍的涨幅。永远发不了财。","html":"都像你这么理性分析，那贵州茅台只能100元。特斯拉只能上50元不得了。都像你这么理性，你错过了几十倍的涨幅。永远发不了财。"},{"author":{"id":"3440125854488097","authorId":"3440125854488097","name":"大熊先走","avatar":"https://static.tigerbbs.com/be32af8d12f83641989ca7c63b8da3a7","crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3440125854488097","idStr":"3440125854488097"},"content":"既然你都认可9000亿的市值，就不应该看空，下跌空间有限，如果股市泡沫起来起码能到2万亿，小米有海外布局的经验，后面还有故事可讲","text":"既然你都认可9000亿的市值，就不应该看空，下跌空间有限，如果股市泡沫起来起码能到2万亿，小米有海外布局的经验，后面还有故事可讲","html":"既然你都认可9000亿的市值，就不应该看空，下跌空间有限，如果股市泡沫起来起码能到2万亿，小米有海外布局的经验，后面还有故事可讲"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":450220828348472,"gmtCreate":1750945609070,"gmtModify":1750945611369,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"“友商经常讲，安全是最大的豪华。但我们却认为，安全是前提，安全是基础，安全是一切。” 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7正式发布，标准版25.35万元，美股ADR一度涨近8%","url":"https://stock-news.laohu8.com/highlight/detail?id=1189971504","media":"老虎资讯综合","summary":"小米正式发布其首款SUV汽车小米YU7，售价25.35万元起。全系超长续航，标准版835km；小米YU7pro版售价27.99万元，YU7 max版售价32.99万元。小米集团董事长雷军表示，小米在辅助驾驶领域坚持长期持续投入，第一期总投资57.9亿元，专属团队规模超1800人，持续投入测试车辆超400台。据雷军透露，小米XLA大模型，预计今年下半年升级。“友商经常讲，安全是最大的豪华。但我们却认为，安全是前提，安全是基础，安全是一切。”雷军强调称。","content":"<html><head></head><body><p>小米正式发布其首款SUV汽车小米YU7，售价25.35万元起。全系超长续航，标准版835km；小米YU7pro版售价27.99万元，YU7 max版售价32.99万元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809fa9d9de8fdf792efd8a4e3ac0fd88\" title=\"\" tg-width=\"1883\" tg-height=\"1088\"/></p><p>小米集团董事长雷军表示，小米在辅助驾驶领域坚持长期持续投入，第一期总投资57.9亿元，专属团队规模超1800人，持续投入测试车辆超400台。</p><p>据雷军透露，小米XLA大模型，预计今年下半年升级。“友商经常讲，安全是最大的豪华。但我们却认为，安全是前提，安全是基础，安全是一切。”雷军强调称。</p><p>随后， <a href=\"https://laohu8.com/S/XIACY\">小米集团ADR</a> 美股盘初涨近8%，截至发稿报38.75美元：</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ba16212ac575528e5e15854112c669f\" tg-width=\"538\" tg-height=\"127\"/></p><p></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>小米YU 7正式发布，标准版25.35万元，美股ADR一度涨近8%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; 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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小米YU 7正式发布，标准版25.35万元，美股ADR一度涨近8%\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\">2025-06-26 22:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>小米正式发布其首款SUV汽车小米YU7，售价25.35万元起。全系超长续航，标准版835km；小米YU7pro版售价27.99万元，YU7 max版售价32.99万元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809fa9d9de8fdf792efd8a4e3ac0fd88\" title=\"\" tg-width=\"1883\" tg-height=\"1088\"/></p><p>小米集团董事长雷军表示，小米在辅助驾驶领域坚持长期持续投入，第一期总投资57.9亿元，专属团队规模超1800人，持续投入测试车辆超400台。</p><p>据雷军透露，小米XLA大模型，预计今年下半年升级。“友商经常讲，安全是最大的豪华。但我们却认为，安全是前提，安全是基础，安全是一切。”雷军强调称。</p><p>随后， <a href=\"https://laohu8.com/S/XIACY\">小米集团ADR</a> 美股盘初涨近8%，截至发稿报38.75美元：</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ba16212ac575528e5e15854112c669f\" tg-width=\"538\" tg-height=\"127\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/529958ccf70e57b3f5b5c4f7405468e4","relate_stocks":{"XIACY":"小米集团ADR","01810":"小米集团-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189971504","content_text":"小米正式发布其首款SUV汽车小米YU7，售价25.35万元起。全系超长续航，标准版835km；小米YU7pro版售价27.99万元，YU7 max版售价32.99万元。小米集团董事长雷军表示，小米在辅助驾驶领域坚持长期持续投入，第一期总投资57.9亿元，专属团队规模超1800人，持续投入测试车辆超400台。据雷军透露，小米XLA大模型，预计今年下半年升级。“友商经常讲，安全是最大的豪华。但我们却认为，安全是前提，安全是基础，安全是一切。”雷军强调称。随后， 小米集团ADR 美股盘初涨近8%，截至发稿报38.75美元：","news_type":1,"symbols_score_info":{"01810":1.1,"XIACY":1.1}},"isVote":1,"tweetType":1,"viewCount":5162,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4197523713667142","authorId":"4197523713667142","name":"山药当归","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"4197523713667142","idStr":"4197523713667142"},"content":"别人原话中间差几句你给截取下来这么拼？","text":"别人原话中间差几句你给截取下来这么拼？","html":"别人原话中间差几句你给截取下来这么拼？"},{"author":{"id":"3537237510707345","authorId":"3537237510707345","name":"薛定猫的谔","avatar":"https://static.tigerbbs.com/3413796caba3213475f2fb3e8c87f443","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3537237510707345","idStr":"3537237510707345"},"content":"你的阅读理解能力太差了，安全不应该作为一个宣传项，就好比没必要宣传我的车有四个轮子。绝大部分豪华车并不安全，尤其是超跑，但不影响它豪华定位。兰博基尼会宣传自己比**安全吗？但会有人质疑兰博基尼比**豪华吗！","text":"你的阅读理解能力太差了，安全不应该作为一个宣传项，就好比没必要宣传我的车有四个轮子。绝大部分豪华车并不安全，尤其是超跑，但不影响它豪华定位。兰博基尼会宣传自己比**安全吗？但会有人质疑兰博基尼比**豪华吗！","html":"你的阅读理解能力太差了，安全不应该作为一个宣传项，就好比没必要宣传我的车有四个轮子。绝大部分豪华车并不安全，尤其是超跑，但不影响它豪华定位。兰博基尼会宣传自己比**安全吗？但会有人质疑兰博基尼比**豪华吗！"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":471608252715216,"gmtCreate":1756133840088,"gmtModify":1756171568545,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"<a 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问题解决了吗","listText":"找权威媒体下场公关了 问题解决了吗","text":"找权威媒体下场公关了 问题解决了吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/491472549728440","repostId":"2577560818","repostType":2,"repost":{"id":"2577560818","kind":"news","pubTimestamp":1761006891,"share":"https://www.laohu8.com/m/news/2577560818?lang=&edition=full","pubTime":"2025-10-21 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href=\"https://laohu8.com/S/01810\">小米</a>CEO雷军接受采访时谈到行业同质化竞争加剧带来的内卷现象。</p><p>雷军呼吁产业发展要强调科技创新、强调个性化和高端化发展，以差异化创新破局内卷。</p><p>同时，<strong>也要反对不公平竞争，诋毁同行等行为，维持良好的市场秩序。</strong></p><img src=\"https://fid-75186.picgzc.qpic.cn/20251021083939833d206pcodacxtjaa\"/></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>央视发声肯定小米等北京车企：为汽车强国建设做出积极贡献</title>\n<style 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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251021083942a6c4a5b8&s=b><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技10月21日消息，北京作为全国首批智能网联汽车“准入与上路通行”和“车路云一体化应用”双试点城市，拥有智能网联汽车创新中心、新能源汽车技术创新中心、动力电池创新中心三大国家级汽车领域创新中心。在近日举行的2025世界智能网联汽车大会上，北京车企集中亮相，展示北京在智能网联汽车领域的新技术、新产品、新模式等。据大会介绍，我国智能网联和新能源汽车产业发展处于全球领先地位，北京也将加速打造智能网联...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251021083942a6c4a5b8&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n英伟达CEO黄仁勋：我非常希望购买一辆小米汽车\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\">2025-07-16 15:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>周三，小米集团股价尾盘直线拉升。<strong>英伟达CEO黄仁勋表示，我非常希望购买一辆小米汽车。中国电动汽车过去五年的发展可能是最让世界惊讶的。我们与小米在许多方面都密切合作。</strong></p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c35d8a57f65b61372df658cf8428684\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7c52ba759923af526cbeba91b8305697","relate_stocks":{"01810":"小米集团-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180055495","content_text":"周三，小米集团股价尾盘直线拉升。英伟达CEO黄仁勋表示，我非常希望购买一辆小米汽车。中国电动汽车过去五年的发展可能是最让世界惊讶的。我们与小米在许多方面都密切合作。","news_type":1,"symbols_score_info":{"01810":1.1}},"isVote":1,"tweetType":1,"viewCount":860,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3538458176058351","authorId":"3538458176058351","name":"Ruosong","avatar":"https://static.tigerbbs.com/d815eb794e0dfe4ac8a13f8e0d781888","crmLevel":8,"crmLevelSwitch":1,"authorIdStr":"3538458176058351","idStr":"3538458176058351"},"content":"[笑哭]你说的那个叫特斯拉。小米实打实的销量，利润增长","text":"[笑哭]你说的那个叫特斯拉。小米实打实的销量，利润增长","html":"[笑哭]你说的那个叫特斯拉。小米实打实的销量，利润增长"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":449108894286168,"gmtCreate":1750672086986,"gmtModify":1750672088608,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"暗盘赶紧卖","listText":"暗盘赶紧卖","text":"暗盘赶紧卖","images":[{"img":"https://static.tigerbbs.com/4bc44cfbfc8107299b6e75c02a1eb6e2","width":"861","height":"1346"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/449108894286168","isVote":1,"tweetType":1,"viewCount":4973,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":467791685738664,"gmtCreate":1755224407455,"gmtModify":1755224410345,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/UNH\">$联合健康(UNH)$ </a> 一个月！你知道这一个月我怎么过的吗[笑哭]&nbsp;&nbsp;[笑哭]&nbsp;&nbsp;[笑哭]&nbsp;&nbsp;","listText":"<a href=\"https://laohu8.com/S/UNH\">$联合健康(UNH)$ </a> 一个月！你知道这一个月我怎么过的吗[笑哭]&nbsp;&nbsp;[笑哭]&nbsp;&nbsp;[笑哭]&nbsp;&nbsp;","text":"$联合健康(UNH)$ 一个月！你知道这一个月我怎么过的吗[笑哭] [笑哭] [笑哭]","images":[{"img":"https://static.tigerbbs.com/78a84e51dba7a8452789c6348cba5acd","width":"1046","height":"1808"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/467791685738664","isVote":1,"tweetType":1,"viewCount":2706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":454083576201472,"gmtCreate":1751891047272,"gmtModify":1751891049447,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"这是想抄底拼多多吗 各大平台卖的都是没有3c的充电宝 不止拼多多一家 多多利润暴跌是提前把后期投入算在Q1成本里了 不做市值管理而已 不代表拼多多不是好公司","listText":"这是想抄底拼多多吗 各大平台卖的都是没有3c的充电宝 不止拼多多一家 多多利润暴跌是提前把后期投入算在Q1成本里了 不做市值管理而已 不代表拼多多不是好公司","text":"这是想抄底拼多多吗 各大平台卖的都是没有3c的充电宝 不止拼多多一家 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亿美元，力压国内电商巨头<a href=\"https://laohu8.com/S/BABA\">阿里</a>，今年（7月1日收盘）市值仅余 1497.59 亿美元，已不足<a href=\"https://laohu8.com/S/09988\">阿里</a>（市值2718.63亿美元）一半，往昔<a href=\"https://laohu8.com/S/002296\">辉煌</a>似有渐逝之势。</p><p>尽管随着业务规模扩大与市场竞争愈加激烈，拼多多增速放缓不可避免，但利润暴跌47%而且市值腰斩让人意外，拼多多的增长神话是否已悄然终结？</p><p><strong>营收失速，利润缩水</strong></p><p>众所周知，交易服务收入、在线营销服务收入是拼多多的两大核心营收，当下这两大核心营收增速已从“火箭模式”坠入“爬坡模式”。</p><p>2025年第一季度财报数据显示，在线营销服务及其他服务的营收为487亿元，较2024年同期的425亿元增长15%；交易服务的营收为470亿元，较2024年同期的444亿元增长6%。虽然还在涨，但增速和前几年相比明显变慢。</p><p>与此同时，拼多多推出百亿减免、电商西进，以及新质商家百亿扶持计划，豪掷资金补贴商家与用户，直接推高运营开支与补贴费用。</p><p>2025年第一季度财报披露，拼多多总运营费用为386.395亿元，同比增长37%。其中，销售和营销费用334.027亿元，同比增长43%，主要是促销和广告活动支出增加；一般和管理费用16.589亿元，研发费用35.778亿元。</p><p>不难看出，交易服务收入增速下滑、营销费用大幅攀升导致拼多多净利润腰斩，也反映出拼多多在市场拓展和业务增长方面面临一定挑战。</p><p>一方面，在行业增速见顶、竞争白热化的环境中，拼多多选择牺牲短期收益，加强供给侧投入，试图通过供应链深度重构实现逆周期增长。只要百亿补贴、低价让利等非经营性投入仍处高位，平台的盈利承压状态与运营成本高企的困境，恐难在短期内扭转。</p><p>另一方面，拼多多的“假货标签”影响犹在，负面消息不仅削弱了拼多多在国内外市场的竞争力，还增加了其市场拓展的难度与成本。</p><p>在国内，用户吐槽拼多多出售“无3C标签充电宝”的声音，暴露了低价策略下供应链品控的漏洞；在海外，韩国公正交易委员会对Temu开出的187万元罚单，则撕开了全球化扩张中“欺骗性广告”的合规伤疤。</p><p>增速放缓或许只是表象，利润缩水也只是结果，拼多多真正的风险在于：牺牲短期收益换取长期稳定的做法，是在用当下的现金流为未来的不确定性背书。</p><p><strong>一场又一场电商硬仗</strong></p><p>过去十年，拼多多靠“极致低价+社交裂变”撕开下沉市场缺口，用农村包围城市的路径完成用户积累，最终成功逆袭，稳居电商第二把交椅。但当下的电商江湖已然进入了一个全新的竞争阶段，拼多多还有很多硬仗要打。</p><p>一来，下沉市场趋于饱和与一二线城市的“低价、低质”刻板印象，将拼多多的增长空间死死锁在“低价舒适区”。</p><p>拼多多活跃用户超过9亿，向下渗透的增量红利基本见顶，而一二线城市用户对拼多多“低价、低质”的刻板印象难以扭转，限制了其在中高端消费群体中的渗透。据QuestMobile数据，2025年Q1拼多多用户日均使用时长同比下降12%，而抖音电商用户时长同比增长28%。</p><p>二来，阿里、<a href=\"https://laohu8.com/S/JD\">京东</a>、抖音同步推行低价策略，拼多多的价格优势遭受多方挤压，低价护城河正在被逐步瓦解。</p><p>淘宝推出“五星价格力”体系，通过大数据精准锚定价格优势，直击拼多多的低价核心；京东则重启“京喜”低价专区，依托自身强大的供应链和物流体系，在低价市场上与拼多多展开贴身肉搏；就连抖音电商也凭借强大的流量优势，高举“全网最低价”的大旗，从各个维度对拼多多的市场份额进行疯狂截流。</p><p>此外，近期国家大力推行“以旧换新”补贴政策，覆盖家电、3C等全品类，而拼多多由于运营模式（白牌商品居多）的独特性，在此领域难以发挥优势，进而陷入被动局面。这也是拼多多选择了加大补贴力度，试图通过这种烧钱的方式来维持平台的价格竞争力的原因。</p><p>三来，即时零售市场已然成为衡量电商平台综合实力的关键战场，京东、阿里、抖音不惜投入大量资源，力求在这场即时零售的激烈角逐中抢占先机，拼多多也被卷进这场争斗。</p><p>电商巨头阿里，凭借淘宝与饿了么的协同，携庞大流量与丰富商家资源强势入局；供应链底蕴深厚的京东，依托多年积累的物流优势和品质口碑，全力打造“京东秒送”；内容生态繁荣、流量分发高效的抖音，也凭借独特的内容营销和庞大用户基础，探索即时零售新路径。</p><p>电商行业的竞争瞬息万变，没有永远的王者，也没有一成不变的成功模式，拼多多低价优势的丧失，又入局即时零售赛道的激烈竞争，有挑战也有机遇。</p><p><strong>高速增长迈向高质量增长</strong></p><p>当流量红利渐趋平缓市场竞争愈加激烈，拼多多面临新的成长挑战：能否在持续扩张市场规模的同时，实现经营质量的实质性跃升，从而完成从“高速增长”到“高质量增长”的关键跨越？</p><p>实现规模与质量的平衡，绝非易事，但却是拼多多可持续发展的必由之路，其需要从多个维度进行深刻变革。</p><p>首先，技术驱动效率与体验升级。深化大数据、AI在选品推荐、精准营销、智能客服、供应链优化、假货识别等环节的应用，通过技术驱动，拼多多能够在提升运营效率的同时，显著改善用户体验，为高质量增长奠定坚实基础。</p><p>其次，深化供应链，打造差异化价值。继续深耕<a href=\"https://laohu8.com/S/000061\">农产品</a>、产业带工厂直供等优势领域，通过源头把控、缩短链路，在保证价格竞争力的同时，提升商品品质确定性，形成“优质优价”的核心竞争力。</p><p>再有，精细化运营与用户分层。从粗放式补贴转向更精准的用户运营，识别不同层级用户的差异化需求，提供分层服务与商品供给，逐步引导核心用户的价值认同与消费升级，提升用户的平均消费金额与消费频次，从而实现平台经营质量的提升。</p><p>此外，构建更健康的平台治理规则。优化平台规则，在保护消费者权益与保障商家合理利益之间寻求更公正、透明的平衡点，通过构建良好平台生态环境，吸引更多优质商家入驻，提升平台的长期吸引力与竞争力。</p><p>综上所述，在当前电商行业竞争日益激烈、市场环境不断变化的大背景下，电商平台面临的挑战无疑是巨大的。而能否在“让利用户”与“自我造血”之间找到新的平衡，这不仅是拼多多的生死题，更是整个电商行业从量增到质变的必答题。</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>利润暴跌47%，拼多多慌不慌？</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利润暴跌47%，拼多多慌不慌？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-07 09:45 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202507070945429538f670&s=b><strong>Ofweek维科网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>曾经靠“砍一刀”撕裂传统电商格局的拼多多，如今疲态尽显。数据显示，拼多多今年第一季度实现营收957亿元，同比增长10%，市场预估1016亿元，相比预期低了近60亿元；经营利润为161亿元，相比去年同期下降38%；归属于普通股股东的净利润为147亿元，同比下降47%。与此同时，拼多多市值也坐上了“过山车”。去年市值一度突破 2180 亿美元，力压国内电商巨头阿里，今年（7月1日收盘）市值仅余 ...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202507070945429538f670&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4505":"高瓴资本持仓","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","BK4588":"碎股","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" 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ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202507070945429538f670&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2549830836","content_text":"曾经靠“砍一刀”撕裂传统电商格局的拼多多，如今疲态尽显。数据显示，拼多多今年第一季度实现营收957亿元，同比增长10%，市场预估1016亿元，相比预期低了近60亿元；经营利润为161亿元，相比去年同期下降38%；归属于普通股股东的净利润为147亿元，同比下降47%。与此同时，拼多多市值也坐上了“过山车”。去年市值一度突破 2180 亿美元，力压国内电商巨头阿里，今年（7月1日收盘）市值仅余 1497.59 亿美元，已不足阿里（市值2718.63亿美元）一半，往昔辉煌似有渐逝之势。尽管随着业务规模扩大与市场竞争愈加激烈，拼多多增速放缓不可避免，但利润暴跌47%而且市值腰斩让人意外，拼多多的增长神话是否已悄然终结？营收失速，利润缩水众所周知，交易服务收入、在线营销服务收入是拼多多的两大核心营收，当下这两大核心营收增速已从“火箭模式”坠入“爬坡模式”。2025年第一季度财报数据显示，在线营销服务及其他服务的营收为487亿元，较2024年同期的425亿元增长15%；交易服务的营收为470亿元，较2024年同期的444亿元增长6%。虽然还在涨，但增速和前几年相比明显变慢。与此同时，拼多多推出百亿减免、电商西进，以及新质商家百亿扶持计划，豪掷资金补贴商家与用户，直接推高运营开支与补贴费用。2025年第一季度财报披露，拼多多总运营费用为386.395亿元，同比增长37%。其中，销售和营销费用334.027亿元，同比增长43%，主要是促销和广告活动支出增加；一般和管理费用16.589亿元，研发费用35.778亿元。不难看出，交易服务收入增速下滑、营销费用大幅攀升导致拼多多净利润腰斩，也反映出拼多多在市场拓展和业务增长方面面临一定挑战。一方面，在行业增速见顶、竞争白热化的环境中，拼多多选择牺牲短期收益，加强供给侧投入，试图通过供应链深度重构实现逆周期增长。只要百亿补贴、低价让利等非经营性投入仍处高位，平台的盈利承压状态与运营成本高企的困境，恐难在短期内扭转。另一方面，拼多多的“假货标签”影响犹在，负面消息不仅削弱了拼多多在国内外市场的竞争力，还增加了其市场拓展的难度与成本。在国内，用户吐槽拼多多出售“无3C标签充电宝”的声音，暴露了低价策略下供应链品控的漏洞；在海外，韩国公正交易委员会对Temu开出的187万元罚单，则撕开了全球化扩张中“欺骗性广告”的合规伤疤。增速放缓或许只是表象，利润缩水也只是结果，拼多多真正的风险在于：牺牲短期收益换取长期稳定的做法，是在用当下的现金流为未来的不确定性背书。一场又一场电商硬仗过去十年，拼多多靠“极致低价+社交裂变”撕开下沉市场缺口，用农村包围城市的路径完成用户积累，最终成功逆袭，稳居电商第二把交椅。但当下的电商江湖已然进入了一个全新的竞争阶段，拼多多还有很多硬仗要打。一来，下沉市场趋于饱和与一二线城市的“低价、低质”刻板印象，将拼多多的增长空间死死锁在“低价舒适区”。拼多多活跃用户超过9亿，向下渗透的增量红利基本见顶，而一二线城市用户对拼多多“低价、低质”的刻板印象难以扭转，限制了其在中高端消费群体中的渗透。据QuestMobile数据，2025年Q1拼多多用户日均使用时长同比下降12%，而抖音电商用户时长同比增长28%。二来，阿里、京东、抖音同步推行低价策略，拼多多的价格优势遭受多方挤压，低价护城河正在被逐步瓦解。淘宝推出“五星价格力”体系，通过大数据精准锚定价格优势，直击拼多多的低价核心；京东则重启“京喜”低价专区，依托自身强大的供应链和物流体系，在低价市场上与拼多多展开贴身肉搏；就连抖音电商也凭借强大的流量优势，高举“全网最低价”的大旗，从各个维度对拼多多的市场份额进行疯狂截流。此外，近期国家大力推行“以旧换新”补贴政策，覆盖家电、3C等全品类，而拼多多由于运营模式（白牌商品居多）的独特性，在此领域难以发挥优势，进而陷入被动局面。这也是拼多多选择了加大补贴力度，试图通过这种烧钱的方式来维持平台的价格竞争力的原因。三来，即时零售市场已然成为衡量电商平台综合实力的关键战场，京东、阿里、抖音不惜投入大量资源，力求在这场即时零售的激烈角逐中抢占先机，拼多多也被卷进这场争斗。电商巨头阿里，凭借淘宝与饿了么的协同，携庞大流量与丰富商家资源强势入局；供应链底蕴深厚的京东，依托多年积累的物流优势和品质口碑，全力打造“京东秒送”；内容生态繁荣、流量分发高效的抖音，也凭借独特的内容营销和庞大用户基础，探索即时零售新路径。电商行业的竞争瞬息万变，没有永远的王者，也没有一成不变的成功模式，拼多多低价优势的丧失，又入局即时零售赛道的激烈竞争，有挑战也有机遇。高速增长迈向高质量增长当流量红利渐趋平缓市场竞争愈加激烈，拼多多面临新的成长挑战：能否在持续扩张市场规模的同时，实现经营质量的实质性跃升，从而完成从“高速增长”到“高质量增长”的关键跨越？实现规模与质量的平衡，绝非易事，但却是拼多多可持续发展的必由之路，其需要从多个维度进行深刻变革。首先，技术驱动效率与体验升级。深化大数据、AI在选品推荐、精准营销、智能客服、供应链优化、假货识别等环节的应用，通过技术驱动，拼多多能够在提升运营效率的同时，显著改善用户体验，为高质量增长奠定坚实基础。其次，深化供应链，打造差异化价值。继续深耕农产品、产业带工厂直供等优势领域，通过源头把控、缩短链路，在保证价格竞争力的同时，提升商品品质确定性，形成“优质优价”的核心竞争力。再有，精细化运营与用户分层。从粗放式补贴转向更精准的用户运营，识别不同层级用户的差异化需求，提供分层服务与商品供给，逐步引导核心用户的价值认同与消费升级，提升用户的平均消费金额与消费频次，从而实现平台经营质量的提升。此外，构建更健康的平台治理规则。优化平台规则，在保护消费者权益与保障商家合理利益之间寻求更公正、透明的平衡点，通过构建良好平台生态环境，吸引更多优质商家入驻，提升平台的长期吸引力与竞争力。综上所述，在当前电商行业竞争日益激烈、市场环境不断变化的大背景下，电商平台面临的挑战无疑是巨大的。而能否在“让利用户”与“自我造血”之间找到新的平衡，这不仅是拼多多的生死题，更是整个电商行业从量增到质变的必答题。","news_type":1,"symbols_score_info":{"PDD":1}},"isVote":1,"tweetType":1,"viewCount":6481,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":445729687872192,"gmtCreate":1749826203077,"gmtModify":1749826204607,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"一定是研发实力强有核心技术和护城河的科技公司，排除AI类这种容易技术爆炸弯道超车的，我推测三个方向：1算力基础 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href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$</a>正处于AI浪潮核心，其GPU芯片在AI训练和推理市场占据主导地位，拥有极强的技术护城河。公司不断拓展至数据中心、自动驾驶、边缘计算等高增长领域，客户粘性极强。此外，AI需求的指数级增长为其未来营收和利润提供了持续爆发力。相比之下，特斯拉受限于制造业天花板，台积电虽稳健但已体量庞大，中国移动增长有限。英伟达具备科技龙头属性和高成长性，是最具成为十倍股潜力的标的。<a href=\"https://laohu8.com/U/3573818931800493\"> @小肥狼 </a>","listText":"英伟达<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$</a>正处于AI浪潮核心，其GPU芯片在AI训练和推理市场占据主导地位，拥有极强的技术护城河。公司不断拓展至数据中心、自动驾驶、边缘计算等高增长领域，客户粘性极强。此外，AI需求的指数级增长为其未来营收和利润提供了持续爆发力。相比之下，特斯拉受限于制造业天花板，台积电虽稳健但已体量庞大，中国移动增长有限。英伟达具备科技龙头属性和高成长性，是最具成为十倍股潜力的标的。<a href=\"https://laohu8.com/U/3573818931800493\"> @小肥狼 </a>","text":"英伟达$英伟达(NVDA)$正处于AI浪潮核心，其GPU芯片在AI训练和推理市场占据主导地位，拥有极强的技术护城河。公司不断拓展至数据中心、自动驾驶、边缘计算等高增长领域，客户粘性极强。此外，AI需求的指数级增长为其未来营收和利润提供了持续爆发力。相比之下，特斯拉受限于制造业天花板，台积电虽稳健但已体量庞大，中国移动增长有限。英伟达具备科技龙头属性和高成长性，是最具成为十倍股潜力的标的。 @小肥狼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/445667323617616","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":415153420009648,"gmtCreate":1742375708440,"gmtModify":1742375711112,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a> 亏惨","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a> 亏惨","text":"$小米集团-W(01810)$ 亏惨","images":[{"img":"https://static.tigerbbs.com/d7b7a7af9159f234b9e99f16d265650b","width":"1046","height":"1808"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/415153420009648","isVote":1,"tweetType":1,"viewCount":1566,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3545692846476387","authorId":"3545692846476387","name":"ruicha007","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"authorIdStr":"3545692846476387","idStr":"3545692846476387"},"content":"从基本面到短期走势都不太支持做空呀，就算做也得快进快出或者干脆买put做日内","text":"从基本面到短期走势都不太支持做空呀，就算做也得快进快出或者干脆买put做日内","html":"从基本面到短期走势都不太支持做空呀，就算做也得快进快出或者干脆买put做日内"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":468206250217816,"gmtCreate":1755325022997,"gmtModify":1755325024804,"author":{"id":"3573818931800493","authorId":"3573818931800493","name":"小肥狼","avatar":"https://static.tigerbbs.com/6e84208dd37da6774cf295955acec8fc","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3573818931800493","idStr":"3573818931800493"},"themes":[],"htmlText":"全都是泡沫，只一刹那花火[得意]&nbsp;&nbsp;","listText":"全都是泡沫，只一刹那花火[得意]&nbsp;&nbsp;","text":"全都是泡沫，只一刹那花火[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/468206250217816","repostId":"1126802312","repostType":2,"repost":{"id":"1126802312","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":1755313564,"share":"https://www.laohu8.com/m/news/1126802312?lang=&edition=full","pubTime":"2025-08-16 11:06","market":"us","language":"zh","title":"全球最强独角兽诞生！传OpenAI员工出售股权，对应估值达5000亿美元","url":"https://stock-news.laohu8.com/highlight/detail?id=1126802312","media":"老虎资讯综合","summary":"该公司预计今年的营收将增长两倍。","content":"<html><head></head><body><p>据知情人士透露，OpenAI 的现任及前任员工计划向一个由 Thrive Capital、软银和Dragoneer 投资集团等组成的投资者团体出售价值约 60 亿美元的股票，此次交易将使这家 ChatGPT 制造商的估值达到 5000 亿美元。</p><p style=\"text-align: justify;\">上述人士表示，此次谈判尚处于初期阶段，股票发售的规模仍有可能发生变化。此外，软银还承诺将牵头 OpenAI 的 400 亿美元融资计划，该计划使 OpenAI 的估值达到 3000 亿美元。据另一位熟悉该交易的人士透露，这一轮融资仍在进行中，OpenAI 最近从一个投资者财团那里获得了 83 亿美元的融资。</p><p style=\"text-align: justify;\">此次的二次股票发售将为 OpenAI 的员工提供获得丰厚收入的机会，因为在人工智能行业激烈的竞争中，他们面临着巨大的薪酬压力。像 Meta 这样的企业正在提供高额薪酬，以从 OpenAI 和其他初创公司抢夺人工智能人才。今年，已有几位 OpenAI 的员工转投 Meta，其中包括 ChatGPT 的联合创始人Shengjia Zhao。</p><p style=\"text-align: justify;\">允许员工出售股份是初创企业留住顶尖人才的重要手段，且无需公司上市或被收购。在某些情况下，早期投资者也会通过此类交易减持其持有的股份，不过据一位知情人士透露，OpenAI 的投资者在本轮交易中没有资格这样做。而那些在该公司工作至少两年的现任和前任员工则可以参与。</p><p style=\"text-align: justify;\">通过参与此次股票发售以及此前的种种承诺，软银公司正对 OpenAI 的成功寄予厚望。除了这些交易之外，由孙正义领导的这家日本企业集团最近还以 3000 亿美元的估值完成了对 OpenAI 员工股票的 10 亿美元收购，据一位知情人士透露。他们表示，该交易的谈判在围绕 5000 亿美元的二次估值的谈判开始之前就已经展开。</p><p style=\"text-align: justify;\">5000 亿美元的估值将使OpenAI成为全球最具价值的初创企业，超越埃隆·马斯克旗下SpaceX。该公司预计今年的营收将增长两倍，达到 127 亿美元，而 2024 年的营收为 37 亿美元。此次的后续交易谈判是在其备受期待的 GPT-5 模型发布之后进行的。</p><p style=\"text-align: justify;\">本周，OpenAI 首席执行官萨姆·阿尔特曼与一群记者进行了交谈，并阐述了公司的愿景，其中包括该公司计划在未来“相当短的时间内”投入数万亿美元用于建设运行人工智能服务所需的基础设施。</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>全球最强独角兽诞生！传OpenAI员工出售股权，对应估值达5000亿美元</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全球最强独角兽诞生！传OpenAI员工出售股权，对应估值达5000亿美元\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\">2025-08-16 11:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>据知情人士透露，OpenAI 的现任及前任员工计划向一个由 Thrive Capital、软银和Dragoneer 投资集团等组成的投资者团体出售价值约 60 亿美元的股票，此次交易将使这家 ChatGPT 制造商的估值达到 5000 亿美元。</p><p style=\"text-align: justify;\">上述人士表示，此次谈判尚处于初期阶段，股票发售的规模仍有可能发生变化。此外，软银还承诺将牵头 OpenAI 的 400 亿美元融资计划，该计划使 OpenAI 的估值达到 3000 亿美元。据另一位熟悉该交易的人士透露，这一轮融资仍在进行中，OpenAI 最近从一个投资者财团那里获得了 83 亿美元的融资。</p><p style=\"text-align: justify;\">此次的二次股票发售将为 OpenAI 的员工提供获得丰厚收入的机会，因为在人工智能行业激烈的竞争中，他们面临着巨大的薪酬压力。像 Meta 这样的企业正在提供高额薪酬，以从 OpenAI 和其他初创公司抢夺人工智能人才。今年，已有几位 OpenAI 的员工转投 Meta，其中包括 ChatGPT 的联合创始人Shengjia Zhao。</p><p style=\"text-align: justify;\">允许员工出售股份是初创企业留住顶尖人才的重要手段，且无需公司上市或被收购。在某些情况下，早期投资者也会通过此类交易减持其持有的股份，不过据一位知情人士透露，OpenAI 的投资者在本轮交易中没有资格这样做。而那些在该公司工作至少两年的现任和前任员工则可以参与。</p><p style=\"text-align: justify;\">通过参与此次股票发售以及此前的种种承诺，软银公司正对 OpenAI 的成功寄予厚望。除了这些交易之外，由孙正义领导的这家日本企业集团最近还以 3000 亿美元的估值完成了对 OpenAI 员工股票的 10 亿美元收购，据一位知情人士透露。他们表示，该交易的谈判在围绕 5000 亿美元的二次估值的谈判开始之前就已经展开。</p><p style=\"text-align: justify;\">5000 亿美元的估值将使OpenAI成为全球最具价值的初创企业，超越埃隆·马斯克旗下SpaceX。该公司预计今年的营收将增长两倍，达到 127 亿美元，而 2024 年的营收为 37 亿美元。此次的后续交易谈判是在其备受期待的 GPT-5 模型发布之后进行的。</p><p style=\"text-align: justify;\">本周，OpenAI 首席执行官萨姆·阿尔特曼与一群记者进行了交谈，并阐述了公司的愿景，其中包括该公司计划在未来“相当短的时间内”投入数万亿美元用于建设运行人工智能服务所需的基础设施。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/760056d3ed9e8c1a595c0d9f2094cc4d","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126802312","content_text":"据知情人士透露，OpenAI 的现任及前任员工计划向一个由 Thrive Capital、软银和Dragoneer 投资集团等组成的投资者团体出售价值约 60 亿美元的股票，此次交易将使这家 ChatGPT 制造商的估值达到 5000 亿美元。上述人士表示，此次谈判尚处于初期阶段，股票发售的规模仍有可能发生变化。此外，软银还承诺将牵头 OpenAI 的 400 亿美元融资计划，该计划使 OpenAI 的估值达到 3000 亿美元。据另一位熟悉该交易的人士透露，这一轮融资仍在进行中，OpenAI 最近从一个投资者财团那里获得了 83 亿美元的融资。此次的二次股票发售将为 OpenAI 的员工提供获得丰厚收入的机会，因为在人工智能行业激烈的竞争中，他们面临着巨大的薪酬压力。像 Meta 这样的企业正在提供高额薪酬，以从 OpenAI 和其他初创公司抢夺人工智能人才。今年，已有几位 OpenAI 的员工转投 Meta，其中包括 ChatGPT 的联合创始人Shengjia Zhao。允许员工出售股份是初创企业留住顶尖人才的重要手段，且无需公司上市或被收购。在某些情况下，早期投资者也会通过此类交易减持其持有的股份，不过据一位知情人士透露，OpenAI 的投资者在本轮交易中没有资格这样做。而那些在该公司工作至少两年的现任和前任员工则可以参与。通过参与此次股票发售以及此前的种种承诺，软银公司正对 OpenAI 的成功寄予厚望。除了这些交易之外，由孙正义领导的这家日本企业集团最近还以 3000 亿美元的估值完成了对 OpenAI 员工股票的 10 亿美元收购，据一位知情人士透露。他们表示，该交易的谈判在围绕 5000 亿美元的二次估值的谈判开始之前就已经展开。5000 亿美元的估值将使OpenAI成为全球最具价值的初创企业，超越埃隆·马斯克旗下SpaceX。该公司预计今年的营收将增长两倍，达到 127 亿美元，而 2024 年的营收为 37 亿美元。此次的后续交易谈判是在其备受期待的 GPT-5 模型发布之后进行的。本周，OpenAI 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