200刀的小目标的个人主页 - 老虎社区

200刀的小目标

200刀的小目标

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200刀的小目标

2025-08-29

2026第一财季的都出来了？

阿里巴巴第一财季营收2476.52亿元，经调整净利润335.10亿元

200刀的小目标

03-01 21:45

新的一年最想做的事情：把期权学透多实践赚的积分还能把商城里想要的东西都换了，同时还能多赚现金流提高资金的使用效率

200刀的小目标

02-06

先冲再说亏了的话责任全在美方[呆住]

200刀的小目标

01-30

[财迷]

200刀的小目标

01-29

Meta起飞

200刀的小目标

01-29

Meta爆发啦

200刀的小目标

2025-12-29

英矽智能截个图的功夫从+120%开始狂跌最后卖出时点少赚5000块钱[流泪] 下次吸取教训不得瑟了开盘就卖比的就是手速！

200刀的小目标

2025-11-14

$TSM 20251114 280.0 PUT$ 最后一天亏166美元。不平仓恐怕睡不着了应该比买入280*100 TSM好吧

200刀的小目标

2025-11-13

$TNA 20251114 41.5 PUT$

200刀的小目标

2025-11-12

$TNA 20251114 42.0 PUT$

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Ltd.(TOELY)$","images":[{"img":"https://static.tigerbbs.com/b6da130ae9abacc309fb8d5ace956bef","width":"1092","height":"1717"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/493796257379184","isVote":1,"tweetType":1,"viewCount":1351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":477448368975952,"gmtCreate":1757574664767,"gmtModify":1757574667164,"author":{"id":"3575546664361828","authorId":"3575546664361828","name":"200刀的小目标","avatar":"https://static.tigerbbs.com/0dc554866e7a0ad928e2ac5001581dab","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575546664361828","idStr":"3575546664361828"},"themes":[],"htmlText":"本来还打算等英伟达和tjd回调一下的 这样看应该是逐步计价50 bp了吧？[得意]","listText":"本来还打算等英伟达和tjd回调一下的 这样看应该是逐步计价50 bp了吧？[得意]","text":"本来还打算等英伟达和tjd回调一下的 这样看应该是逐步计价50 bp了吧？[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/477448368975952","isVote":1,"tweetType":1,"viewCount":1920,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":472853138763784,"gmtCreate":1756474687639,"gmtModify":1756474689501,"author":{"id":"3575546664361828","authorId":"3575546664361828","name":"200刀的小目标","avatar":"https://static.tigerbbs.com/0dc554866e7a0ad928e2ac5001581dab","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575546664361828","idStr":"3575546664361828"},"themes":[],"htmlText":"2026第一财季的都出来了？","listText":"2026第一财季的都出来了？","text":"2026第一财季的都出来了？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/472853138763784","repostId":"1136971492","repostType":2,"repost":{"id":"1136971492","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":1756460157,"share":"https://www.laohu8.com/m/news/1136971492?lang=zh_CN&edition=full","pubTime":"2025-08-29 17:35","market":"us","language":"zh","title":"阿里巴巴第一财季营收2476.52亿元，经调整净利润335.10亿元","url":"https://stock-news.laohu8.com/highlight/detail?id=1136971492","media":"老虎资讯综合","summary":"上年同期2432.36亿元。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a> 2026财年第一财季营收2476.52亿元人民币，同比增长2%，上年同期2432.36亿元，预估2531.7亿元。剔除高鑫零售与银泰已处置业务影响，同口径收入同比增长10%。</p><p>第一财季净利润为人民币423.82亿元，同比增长76%；归属于普通股股东的净利润为人民币431.16亿元。非GAAP（Non-GAAP）净利润为人民币335.10亿元，同比下降18%。</p><p>第一财季经调整EBITA为人民币388.44亿元，同比下降14%；经营利润为人民币349.88亿元，同比下降3%。 -</p><p>第一财季非GAAP（Non-GAAP）摊薄每ADS收益为人民币14.75元，同比下降10%；非GAAP（Non-GAAP）摊薄每股收益为人民币1.84元，同比下降10%。</p><p>第一财季经营活动现金流净额为人民币206.72亿元，同比下降39%；自由现金流为净流出人民币188.15亿元，主要反映云基础设施支出增加及对“淘宝闪购”的投入。期末现金及其他流动投资为人民币5,856.63亿元。</p><p>回购方面，季度内以8.15亿美元回购5,600万股普通股（约合700万股ADS）；截至期末，授权回购额度尚余193亿美元，效期至2027年3月。</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/ef710ee11eb60aa473757734f52b36a8\" title=\"\" tg-width=\"956\" tg-height=\"680\"/></p><h3 id=\"id_2992431632\">业务分项</h3><p>阿里巴巴中国电商集团：客户管理收入为人民币892.52亿元，同比增长10%，受基础软件服务费和“全站推广”渗透率提升带动。4月底上线的“淘宝闪购”强化即时零售能力，并在8月前三周带动淘宝App月度活跃消费者同比增长25%。</p><p>截至2025年6月30日止三个月，<strong>即时零售业务收入为人民币147.84亿元，相较2024年同期的131.96亿元增长12%，主要是得益于2025年4 月底推出的“淘宝闪购”所带来的订单量增长。</strong></p><p>阿里国际数字商业集团（AIDC）：收入为人民币347.41亿元，同比增长19%；持续聚焦重点地区和效率提升，亏损同比和环比大幅收窄，接近盈亏平衡。速卖通Choice单位经济效益显著改善，Trendyol国际业务单位经济效益环比改善。</p><p>云智能集团：收入为人民币333.98亿元，同比增长26%；剔除并表内部收入影响后亦同比增长26%。AI相关产品收入连续第八个季度实现三位数同比增长，公共云中计算、存储及其他服务需求同步走强。第三方报告亦强调其全栈生成式AI解决方案与开发者平台优势。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c194eabcc4fe693df4eda108e13381f7\" title=\"\" tg-width=\"1080\" tg-height=\"1080\"/></p><h3 id=\"id_2816010293\">下季度展望</h3><p>公司将持续围绕“大消费”与“AI+云”两大战略重心加大投入，推进即时零售供给扩张与用户体验优化，强化与生态内业务的供应链与会员协同。</p><p>云智能将延续在AI产品与服务的投入，以提升AI工作负载的云采用与商业化占比，同时保持在公共云核心能力上的领先位置。</p><p>AIDC将继续聚焦重点区域与精细化运营，巩固单位经济效益改善与亏损收窄趋势。</p><h3 id=\"id_1062923018\">高管解读</h3><p>首席执行官吴泳铭表示，公司本季度聚焦消费与“AI+云”战略，通过加大即时零售投入与消费平台整合，带动淘宝App月活与日订单创新高；在强劲AI需求拉动下，云智能收入加速增长，AI收入在外部商业化中的占比提升。该表态显示公司正以即时零售强化用户心智，同时依托AI驱动云业务的结构性增长。</p><p>首席财务官徐宏指出，核心业务保持强劲增长，客户管理收入同比增10%，云智能收入同比增26%，AI相关产品连续八个季度实现三位数增速；AIDC亏损同比和环比大幅收窄、接近盈亏平衡，并为即时零售与AI的持续投入提供资源支持。这反映公司在扩张新动能的同时，注重运营效率与资源配置优化。</p><p>阿里巴巴盘前股价快速拉升，截至发稿涨幅超3%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e1e8f244f46697accde9495f854335b\" title=\"\" tg-width=\"1291\" tg-height=\"383\"/></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>阿里巴巴第一财季营收2476.52亿元，经调整净利润335.10亿元</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\">\n阿里巴巴第一财季营收2476.52亿元，经调整净利润335.10亿元\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\">2025-08-29 17:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a> 2026财年第一财季营收2476.52亿元人民币，同比增长2%，上年同期2432.36亿元，预估2531.7亿元。剔除高鑫零售与银泰已处置业务影响，同口径收入同比增长10%。</p><p>第一财季净利润为人民币423.82亿元，同比增长76%；归属于普通股股东的净利润为人民币431.16亿元。非GAAP（Non-GAAP）净利润为人民币335.10亿元，同比下降18%。</p><p>第一财季经调整EBITA为人民币388.44亿元，同比下降14%；经营利润为人民币349.88亿元，同比下降3%。 -</p><p>第一财季非GAAP（Non-GAAP）摊薄每ADS收益为人民币14.75元，同比下降10%；非GAAP（Non-GAAP）摊薄每股收益为人民币1.84元，同比下降10%。</p><p>第一财季经营活动现金流净额为人民币206.72亿元，同比下降39%；自由现金流为净流出人民币188.15亿元，主要反映云基础设施支出增加及对“淘宝闪购”的投入。期末现金及其他流动投资为人民币5,856.63亿元。</p><p>回购方面，季度内以8.15亿美元回购5,600万股普通股（约合700万股ADS）；截至期末，授权回购额度尚余193亿美元，效期至2027年3月。</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/ef710ee11eb60aa473757734f52b36a8\" title=\"\" tg-width=\"956\" tg-height=\"680\"/></p><h3 id=\"id_2992431632\">业务分项</h3><p>阿里巴巴中国电商集团：客户管理收入为人民币892.52亿元，同比增长10%，受基础软件服务费和“全站推广”渗透率提升带动。4月底上线的“淘宝闪购”强化即时零售能力，并在8月前三周带动淘宝App月度活跃消费者同比增长25%。</p><p>截至2025年6月30日止三个月，<strong>即时零售业务收入为人民币147.84亿元，相较2024年同期的131.96亿元增长12%，主要是得益于2025年4 月底推出的“淘宝闪购”所带来的订单量增长。</strong></p><p>阿里国际数字商业集团（AIDC）：收入为人民币347.41亿元，同比增长19%；持续聚焦重点地区和效率提升，亏损同比和环比大幅收窄，接近盈亏平衡。速卖通Choice单位经济效益显著改善，Trendyol国际业务单位经济效益环比改善。</p><p>云智能集团：收入为人民币333.98亿元，同比增长26%；剔除并表内部收入影响后亦同比增长26%。AI相关产品收入连续第八个季度实现三位数同比增长，公共云中计算、存储及其他服务需求同步走强。第三方报告亦强调其全栈生成式AI解决方案与开发者平台优势。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c194eabcc4fe693df4eda108e13381f7\" title=\"\" tg-width=\"1080\" tg-height=\"1080\"/></p><h3 id=\"id_2816010293\">下季度展望</h3><p>公司将持续围绕“大消费”与“AI+云”两大战略重心加大投入，推进即时零售供给扩张与用户体验优化，强化与生态内业务的供应链与会员协同。</p><p>云智能将延续在AI产品与服务的投入，以提升AI工作负载的云采用与商业化占比，同时保持在公共云核心能力上的领先位置。</p><p>AIDC将继续聚焦重点区域与精细化运营，巩固单位经济效益改善与亏损收窄趋势。</p><h3 id=\"id_1062923018\">高管解读</h3><p>首席执行官吴泳铭表示，公司本季度聚焦消费与“AI+云”战略，通过加大即时零售投入与消费平台整合，带动淘宝App月活与日订单创新高；在强劲AI需求拉动下，云智能收入加速增长，AI收入在外部商业化中的占比提升。该表态显示公司正以即时零售强化用户心智，同时依托AI驱动云业务的结构性增长。</p><p>首席财务官徐宏指出，核心业务保持强劲增长，客户管理收入同比增10%，云智能收入同比增26%，AI相关产品连续八个季度实现三位数增速；AIDC亏损同比和环比大幅收窄、接近盈亏平衡，并为即时零售与AI的持续投入提供资源支持。这反映公司在扩张新动能的同时，注重运营效率与资源配置优化。</p><p>阿里巴巴盘前股价快速拉升，截至发稿涨幅超3%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e1e8f244f46697accde9495f854335b\" title=\"\" tg-width=\"1291\" tg-height=\"383\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d752152b73947ff2f4b1c08ab9eecc39","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136971492","content_text":"阿里巴巴 2026财年第一财季营收2476.52亿元人民币，同比增长2%，上年同期2432.36亿元，预估2531.7亿元。剔除高鑫零售与银泰已处置业务影响，同口径收入同比增长10%。第一财季净利润为人民币423.82亿元，同比增长76%；归属于普通股股东的净利润为人民币431.16亿元。非GAAP（Non-GAAP）净利润为人民币335.10亿元，同比下降18%。第一财季经调整EBITA为人民币388.44亿元，同比下降14%；经营利润为人民币349.88亿元，同比下降3%。 -第一财季非GAAP（Non-GAAP）摊薄每ADS收益为人民币14.75元，同比下降10%；非GAAP（Non-GAAP）摊薄每股收益为人民币1.84元，同比下降10%。第一财季经营活动现金流净额为人民币206.72亿元，同比下降39%；自由现金流为净流出人民币188.15亿元，主要反映云基础设施支出增加及对“淘宝闪购”的投入。期末现金及其他流动投资为人民币5,856.63亿元。回购方面，季度内以8.15亿美元回购5,600万股普通股（约合700万股ADS）；截至期末，授权回购额度尚余193亿美元，效期至2027年3月。业务分项阿里巴巴中国电商集团：客户管理收入为人民币892.52亿元，同比增长10%，受基础软件服务费和“全站推广”渗透率提升带动。4月底上线的“淘宝闪购”强化即时零售能力，并在8月前三周带动淘宝App月度活跃消费者同比增长25%。截至2025年6月30日止三个月，即时零售业务收入为人民币147.84亿元，相较2024年同期的131.96亿元增长12%，主要是得益于2025年4 月底推出的“淘宝闪购”所带来的订单量增长。阿里国际数字商业集团（AIDC）：收入为人民币347.41亿元，同比增长19%；持续聚焦重点地区和效率提升，亏损同比和环比大幅收窄，接近盈亏平衡。速卖通Choice单位经济效益显著改善，Trendyol国际业务单位经济效益环比改善。云智能集团：收入为人民币333.98亿元，同比增长26%；剔除并表内部收入影响后亦同比增长26%。AI相关产品收入连续第八个季度实现三位数同比增长，公共云中计算、存储及其他服务需求同步走强。第三方报告亦强调其全栈生成式AI解决方案与开发者平台优势。下季度展望公司将持续围绕“大消费”与“AI+云”两大战略重心加大投入，推进即时零售供给扩张与用户体验优化，强化与生态内业务的供应链与会员协同。云智能将延续在AI产品与服务的投入，以提升AI工作负载的云采用与商业化占比，同时保持在公共云核心能力上的领先位置。AIDC将继续聚焦重点区域与精细化运营，巩固单位经济效益改善与亏损收窄趋势。高管解读首席执行官吴泳铭表示，公司本季度聚焦消费与“AI+云”战略，通过加大即时零售投入与消费平台整合，带动淘宝App月活与日订单创新高；在强劲AI需求拉动下，云智能收入加速增长，AI收入在外部商业化中的占比提升。该表态显示公司正以即时零售强化用户心智，同时依托AI驱动云业务的结构性增长。首席财务官徐宏指出，核心业务保持强劲增长，客户管理收入同比增10%，云智能收入同比增26%，AI相关产品连续八个季度实现三位数增速；AIDC亏损同比和环比大幅收窄、接近盈亏平衡，并为即时零售与AI的持续投入提供资源支持。这反映公司在扩张新动能的同时，注重运营效率与资源配置优化。阿里巴巴盘前股价快速拉升，截至发稿涨幅超3%。","news_type":1,"symbols_score_info":{"BABA":1.1,"09988":1.1}},"isVote":1,"tweetType":1,"viewCount":2098,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3572923745096038","authorId":"3572923745096038","name":"艾利克","avatar":"https://static.tigerbbs.com/38c157f119503362ec91004ee318384c","crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3572923745096038","idStr":"3572923745096038"},"content":"阿里的财年是从4月到次年3月，所以25年的4-6月就是26年的第一季度","text":"阿里的财年是从4月到次年3月，所以25年的4-6月就是26年的第一季度","html":"阿里的财年是从4月到次年3月，所以25年的4-6月就是26年的第一季度"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":427122622181576,"gmtCreate":1745301661954,"gmtModify":1745301662957,"author":{"id":"3575546664361828","authorId":"3575546664361828","name":"200刀的小目标","avatar":"https://static.tigerbbs.com/0dc554866e7a0ad928e2ac5001581dab","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575546664361828","idStr":"3575546664361828"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/427122622181576","repostId":"2529101365","repostType":2,"repost":{"id":"2529101365","kind":"news","pubTimestamp":1745283253,"share":"https://www.laohu8.com/m/news/2529101365?lang=zh_CN&edition=full","pubTime":"2025-04-22 08:54","market":"us","language":"zh","title":"罕见的美国“股债汇”三杀：1971年至今只发生过6次","url":"https://stock-news.laohu8.com/highlight/detail?id=2529101365","media":"中金点睛","summary":"中金公司认为，美国“滞胀”且非美国家基本面较好时，美国可能出现股债汇“三杀”。除了交易因素以外，从基本面上来讲，当前市场在定价“美国的滞胀”以及一个“没那么差的欧元区”。","content":"<html><head></head><body><p>美国加征关税以来，美元并未走强，反而出现股债汇“三杀”的状况，这是历史上比较罕见的。4月至今，美元指数累计下跌5%，标普500指数下跌6%，10年期美债利率上升11个基点（美债价格下跌）。从1971年1月到现在，美国股债汇同时出现明显下跌的月份只有6个，如果4月美股、美债、美元不再大幅变化，2025年的4月将是1971年以来第7个单月美国股债汇都出现明显下跌的月份（图表1）。</p><p>图表1：1971年至今，美国股债汇同时明显下跌的月份只有6个</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/a5b99cda4a5e93a377a4b02b99764141\" title=\"资料来源：Wind，中金公司研究部\" tg-width=\"1024\" tg-height=\"427\"/><span>资料来源：Wind，中金公司研究部</span></p><p><strong>一般来说，美股下跌、美债上涨、美元上涨是投资者更适应的资产变化组合。</strong>如果美国增长下行，由于盈利预期下调，美股就会下行。与此同时，由于增长下行，通胀也会下行，货币政策随之放松，利率也会下降，美国国债就会上涨。而作为全球重要的需求引擎和流动性的提供者，一旦美国经济增长下行，其他国家的基本面会比美国更差、政策空间相对美国更小，美元会扮演避险资产的角色，因此美元一般会上涨。</p><p><strong>但如果美国面临的是“滞胀”风险，同时其他经济体可以凭借“非美国”的力量支撑基本面，那么就有可能出现美国股债汇三杀的局面。2022年12月的美国股债汇三杀可以帮助我们理解这一轮的状况，当时市场在定价美国的滞胀以及欧洲和日本好于预期的基本面。</strong>2022年12月美联储议息会议的点阵图超出市场预期，当时商品通胀回落，但服务通胀粘性较强、劳动力市场供给比较紧，这也是美联储认为通胀风险还没有解除、需要保持较高利率的重要原因，因此美债收益率上升，而过紧的货币政策加剧了市场对衰退的担忧，因此美股下跌。以上的情况直接体现在了2022年12月（尤其是下半月）的股债双杀。</p><p>当时，在定价美国“滞胀”的同时，欧洲和日本经济的基本面反而好于预期，导致美元兑欧元、日元都出现了贬值。在进入4季度之前，欧元和日元兑美元的汇率都达到了20年的最低水平。受到俄乌冲突的影响，市场一直担心欧元区能源危机发酵，然而，进入12月后，北半球出现异常暖冬，北半球气温大举反弹，导致供暖需求下降，欧洲的天然气库存不降反升，之前市场担心的能源危机并未上演；2022年12月20日，日本央行公布的货币政策声明“变相”地放弃了超宽松的货币政策，出乎意料地调整了收益率控制曲线（Yield Curve Control，YCC），将10年期日本国债收益率的波动范围的目标水平从±0.25%扩大到±0.5%。我们认为这本质上反映了日本通胀持续上升后带来的货币政策调整。</p><p>图表2：美国“滞胀”且非美国家基本面较好时，美国可能出现股债汇“三杀”</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/3e2da3763ca1369f9d2cb52f547f0624\" title=\"资料来源：Wind，中金公司研究部\" tg-width=\"1024\" tg-height=\"635\"/><span>资料来源：Wind，中金公司研究部</span></p><p><strong>我们认为图表2揭示的机制仍然可以帮助我们理解这一次美国的股债汇三杀：从基本面上来讲，市场在定价“美国的滞胀”以及一个“没那么差的欧元区”。</strong></p><p><strong>► 美国政府的两个长期目标看起来不符合基本常识。</strong>美国政府认为加征关税最终可以实现两个目的（合理性面临较大质疑），一是制造业回流，二是减少贸易逆差。这两个目的之后有“两笔账”很难算得清楚。第一是劳动力资源的账本，美国目前基本处于充分就业的状态，失业率达到历史较低位（图表3），从宏观上来说并没有多余的劳动力资源可以用于制造业。第二是经常账户的账本，从总量层面来看，我们认为美国经常账户并没有显著失衡。如图表4所示，如果只看制造业的话，2024年美国制造业的贸易逆差约1.59万亿美元，占GDP的5.44%。然而，美国在农业、能源领域有较大的贸易顺差，2024年美国的<a href=\"https://laohu8.com/S/000061\">农产品</a>贸易顺差为230亿美元，占GDP的0.08%，能源和矿产品贸易顺差为820亿美元，占GDP的0.28%。同时，经常账户除了包括货物贸易还有服务贸易，美国服务贸易常年处于顺差状态，2024年美国服务贸易顺差约2950亿美元，占GDP的1%。综合来看，2024年美国的货物贸易和服务贸易赤字占GDP的比重为3.14%，贸易并未显著失衡（图表4）。</p><p>图表3：美国当前失业率处于历史较低位</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1145d6763aeaa4cbe8eb22690835e0d1\" title=\"资料来源：Haver Analytics，中金公司研究部\" tg-width=\"1024\" tg-height=\"645\"/><span>资料来源：Haver Analytics，中金公司研究部</span></p><p>图表4：美国在农产品、能源和矿产品、服务贸易领域都存在顺差</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/8e8952bf83f8218c2970c00e9a27bd8d\" title=\"资料来源：Haver Analytics，中金公司研究部\" tg-width=\"810\" tg-height=\"532\"/><span>资料来源：Haver Analytics，中金公司研究部</span></p><p><strong>►如何在劳动力充分就业、经常账户没有显著失衡的状态下达到制造业回流和缩小经常账户赤字的目标呢？从宏观上来说，美国可能需要一场衰退才能实现这些目标。</strong>内需减少之后才可能有富余的劳动力用于制造业就业，同时内需减少之后可以降低对海外产品的需求来降低贸易逆差。综合来看，美国政府以极端方式挑战全球的经贸秩序，似乎要用一场衰退来实现本就不合理的经济目标，投资者很难接受这样的逻辑。<strong>更进一步地，美国选择的衰退是由供给冲击（关税）引起的衰退，这种模式对价格的影响有较强的结构特征，使得投资者难以确定美联储未来的政策路径。</strong>一方面，关税上升或将导致美国进口品的价格上升；但另一方面，4月3日欧佩克+宣布增产原油、俄乌局势并未进一步恶化，全球油价大幅下跌。市场既不敢确信最终的通胀走势，也不敢确信美联储到底是选择更重视通胀还是更重视增长，同时还在担忧美债净供给的上升。因此，即使在基差交易和利率互换套利交易引起的去杠杆暂时平静之后，美债利率仍然居高不下。</p><p><strong>►与此同时，欧洲的基本面展现出韧性。</strong>3月，德国议会通过决议放宽“债务刹车”，允许国防开支突破GDP的1%，并拓宽国防开支的范围，在军事装备升级的基础上，还允许资金用于民防、信息安全等。此外，德国议会还通过了5000亿欧元规模的基础设施投资基金，重点支持现代交通网络、数字基础设施、可再生能源和住房建设等，我们认为这有望拉动对各类原材料及相关制造业产品的需求。此外，4月欧佩克+同意自5月起向市场增加供应41.1万桶原油/日，使全球油价承压。稳定且充足的原油供应可降低欧洲制造业企业的能源成本，叠加财政扩张带来的增量需求，有利于企业扩大生产规模，支撑欧洲经济增长。</p></body></html>","source":"wallstreetcn_hot_news","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\" 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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罕见的美国“股债汇”三杀：1971年至今只发生过6次\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-04-22 08:54 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s?__biz=MzI3MDMzMjg0MA==&mid=2247778245&idx=1&sn=2ffa961bf0a1dbaf0bbdae9ca71aa9fc&chksm=ebac8d91b9f8fed80adcc6dd0a1467c7b4fe77b2cadfcae36c176715068be5994cd997f12133&mpshare=1&scene=23&srcid=0422NYSeoM7uDblFVrJ8sWpG&sharer_shareinfo=52b939eccd363ed7caf86378d550b970&sharer_shareinfo_first=52b939eccd363ed7caf86378d550b970#rd><strong>中金点睛</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美国加征关税以来，美元并未走强，反而出现股债汇“三杀”的状况，这是历史上比较罕见的。4月至今，美元指数累计下跌5%，标普500指数下跌6%，10年期美债利率上升11个基点（美债价格下跌）。从1971年1月到现在，美国股债汇同时出现明显下跌的月份只有6个，如果4月美股、美债、美元不再大幅变化，2025年的4月将是1971年以来第7个单月美国股债汇都出现明显下跌的月份（图表1）。图表1：1971年至今...</p>\n\n<a href=\"https://mp.weixin.qq.com/s?__biz=MzI3MDMzMjg0MA==&mid=2247778245&idx=1&sn=2ffa961bf0a1dbaf0bbdae9ca71aa9fc&chksm=ebac8d91b9f8fed80adcc6dd0a1467c7b4fe77b2cadfcae36c176715068be5994cd997f12133&mpshare=1&scene=23&srcid=0422NYSeoM7uDblFVrJ8sWpG&sharer_shareinfo=52b939eccd363ed7caf86378d550b970&sharer_shareinfo_first=52b939eccd363ed7caf86378d550b970#rd\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9605622b46a37d62cc67a7cbd2f411ae","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s?__biz=MzI3MDMzMjg0MA==&mid=2247778245&idx=1&sn=2ffa961bf0a1dbaf0bbdae9ca71aa9fc&chksm=ebac8d91b9f8fed80adcc6dd0a1467c7b4fe77b2cadfcae36c176715068be5994cd997f12133&mpshare=1&scene=23&srcid=0422NYSeoM7uDblFVrJ8sWpG&sharer_shareinfo=52b939eccd363ed7caf86378d550b970&sharer_shareinfo_first=52b939eccd363ed7caf86378d550b970#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2529101365","content_text":"美国加征关税以来，美元并未走强，反而出现股债汇“三杀”的状况，这是历史上比较罕见的。4月至今，美元指数累计下跌5%，标普500指数下跌6%，10年期美债利率上升11个基点（美债价格下跌）。从1971年1月到现在，美国股债汇同时出现明显下跌的月份只有6个，如果4月美股、美债、美元不再大幅变化，2025年的4月将是1971年以来第7个单月美国股债汇都出现明显下跌的月份（图表1）。图表1：1971年至今，美国股债汇同时明显下跌的月份只有6个资料来源：Wind，中金公司研究部一般来说，美股下跌、美债上涨、美元上涨是投资者更适应的资产变化组合。如果美国增长下行，由于盈利预期下调，美股就会下行。与此同时，由于增长下行，通胀也会下行，货币政策随之放松，利率也会下降，美国国债就会上涨。而作为全球重要的需求引擎和流动性的提供者，一旦美国经济增长下行，其他国家的基本面会比美国更差、政策空间相对美国更小，美元会扮演避险资产的角色，因此美元一般会上涨。但如果美国面临的是“滞胀”风险，同时其他经济体可以凭借“非美国”的力量支撑基本面，那么就有可能出现美国股债汇三杀的局面。2022年12月的美国股债汇三杀可以帮助我们理解这一轮的状况，当时市场在定价美国的滞胀以及欧洲和日本好于预期的基本面。2022年12月美联储议息会议的点阵图超出市场预期，当时商品通胀回落，但服务通胀粘性较强、劳动力市场供给比较紧，这也是美联储认为通胀风险还没有解除、需要保持较高利率的重要原因，因此美债收益率上升，而过紧的货币政策加剧了市场对衰退的担忧，因此美股下跌。以上的情况直接体现在了2022年12月（尤其是下半月）的股债双杀。当时，在定价美国“滞胀”的同时，欧洲和日本经济的基本面反而好于预期，导致美元兑欧元、日元都出现了贬值。在进入4季度之前，欧元和日元兑美元的汇率都达到了20年的最低水平。受到俄乌冲突的影响，市场一直担心欧元区能源危机发酵，然而，进入12月后，北半球出现异常暖冬，北半球气温大举反弹，导致供暖需求下降，欧洲的天然气库存不降反升，之前市场担心的能源危机并未上演；2022年12月20日，日本央行公布的货币政策声明“变相”地放弃了超宽松的货币政策，出乎意料地调整了收益率控制曲线（Yield Curve Control，YCC），将10年期日本国债收益率的波动范围的目标水平从±0.25%扩大到±0.5%。我们认为这本质上反映了日本通胀持续上升后带来的货币政策调整。图表2：美国“滞胀”且非美国家基本面较好时，美国可能出现股债汇“三杀”资料来源：Wind，中金公司研究部我们认为图表2揭示的机制仍然可以帮助我们理解这一次美国的股债汇三杀：从基本面上来讲，市场在定价“美国的滞胀”以及一个“没那么差的欧元区”。► 美国政府的两个长期目标看起来不符合基本常识。美国政府认为加征关税最终可以实现两个目的（合理性面临较大质疑），一是制造业回流，二是减少贸易逆差。这两个目的之后有“两笔账”很难算得清楚。第一是劳动力资源的账本，美国目前基本处于充分就业的状态，失业率达到历史较低位（图表3），从宏观上来说并没有多余的劳动力资源可以用于制造业。第二是经常账户的账本，从总量层面来看，我们认为美国经常账户并没有显著失衡。如图表4所示，如果只看制造业的话，2024年美国制造业的贸易逆差约1.59万亿美元，占GDP的5.44%。然而，美国在农业、能源领域有较大的贸易顺差，2024年美国的农产品贸易顺差为230亿美元，占GDP的0.08%，能源和矿产品贸易顺差为820亿美元，占GDP的0.28%。同时，经常账户除了包括货物贸易还有服务贸易，美国服务贸易常年处于顺差状态，2024年美国服务贸易顺差约2950亿美元，占GDP的1%。综合来看，2024年美国的货物贸易和服务贸易赤字占GDP的比重为3.14%，贸易并未显著失衡（图表4）。图表3：美国当前失业率处于历史较低位资料来源：Haver Analytics，中金公司研究部图表4：美国在农产品、能源和矿产品、服务贸易领域都存在顺差资料来源：Haver Analytics，中金公司研究部►如何在劳动力充分就业、经常账户没有显著失衡的状态下达到制造业回流和缩小经常账户赤字的目标呢？从宏观上来说，美国可能需要一场衰退才能实现这些目标。内需减少之后才可能有富余的劳动力用于制造业就业，同时内需减少之后可以降低对海外产品的需求来降低贸易逆差。综合来看，美国政府以极端方式挑战全球的经贸秩序，似乎要用一场衰退来实现本就不合理的经济目标，投资者很难接受这样的逻辑。更进一步地，美国选择的衰退是由供给冲击（关税）引起的衰退，这种模式对价格的影响有较强的结构特征，使得投资者难以确定美联储未来的政策路径。一方面，关税上升或将导致美国进口品的价格上升；但另一方面，4月3日欧佩克+宣布增产原油、俄乌局势并未进一步恶化，全球油价大幅下跌。市场既不敢确信最终的通胀走势，也不敢确信美联储到底是选择更重视通胀还是更重视增长，同时还在担忧美债净供给的上升。因此，即使在基差交易和利率互换套利交易引起的去杠杆暂时平静之后，美债利率仍然居高不下。►与此同时，欧洲的基本面展现出韧性。3月，德国议会通过决议放宽“债务刹车”，允许国防开支突破GDP的1%，并拓宽国防开支的范围，在军事装备升级的基础上，还允许资金用于民防、信息安全等。此外，德国议会还通过了5000亿欧元规模的基础设施投资基金，重点支持现代交通网络、数字基础设施、可再生能源和住房建设等，我们认为这有望拉动对各类原材料及相关制造业产品的需求。此外，4月欧佩克+同意自5月起向市场增加供应41.1万桶原油/日，使全球油价承压。稳定且充足的原油供应可降低欧洲制造业企业的能源成本，叠加财政扩张带来的增量需求，有利于企业扩大生产规模，支撑欧洲经济增长。","news_type":1,"symbols_score_info":{"ZNmain":1.1,"ZBmain":1.1}},"isVote":1,"tweetType":1,"viewCount":1491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":427058282951248,"gmtCreate":1745286039864,"gmtModify":1745286042307,"author":{"id":"3575546664361828","authorId":"3575546664361828","name":"200刀的小目标","avatar":"https://static.tigerbbs.com/0dc554866e7a0ad928e2ac5001581dab","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575546664361828","idStr":"3575546664361828"},"themes":[],"htmlText":"<a 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0:22","images":[{"img":"https://static.tigerbbs.com/da0521f0630dd1ea6deb46657ac94a39","width":"750","height":"1334"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/381072193","isVote":1,"tweetType":1,"viewCount":1003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"hots":[{"id":472853138763784,"gmtCreate":1756474687639,"gmtModify":1756474689501,"author":{"id":"3575546664361828","authorId":"3575546664361828","name":"200刀的小目标","avatar":"https://static.tigerbbs.com/0dc554866e7a0ad928e2ac5001581dab","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575546664361828","idStr":"3575546664361828"},"themes":[],"htmlText":"2026第一财季的都出来了？","listText":"2026第一财季的都出来了？","text":"2026第一财季的都出来了？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/472853138763784","repostId":"1136971492","repostType":2,"repost":{"id":"1136971492","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":1756460157,"share":"https://www.laohu8.com/m/news/1136971492?lang=zh_CN&edition=full","pubTime":"2025-08-29 17:35","market":"us","language":"zh","title":"阿里巴巴第一财季营收2476.52亿元，经调整净利润335.10亿元","url":"https://stock-news.laohu8.com/highlight/detail?id=1136971492","media":"老虎资讯综合","summary":"上年同期2432.36亿元。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a> 2026财年第一财季营收2476.52亿元人民币，同比增长2%，上年同期2432.36亿元，预估2531.7亿元。剔除高鑫零售与银泰已处置业务影响，同口径收入同比增长10%。</p><p>第一财季净利润为人民币423.82亿元，同比增长76%；归属于普通股股东的净利润为人民币431.16亿元。非GAAP（Non-GAAP）净利润为人民币335.10亿元，同比下降18%。</p><p>第一财季经调整EBITA为人民币388.44亿元，同比下降14%；经营利润为人民币349.88亿元，同比下降3%。 -</p><p>第一财季非GAAP（Non-GAAP）摊薄每ADS收益为人民币14.75元，同比下降10%；非GAAP（Non-GAAP）摊薄每股收益为人民币1.84元，同比下降10%。</p><p>第一财季经营活动现金流净额为人民币206.72亿元，同比下降39%；自由现金流为净流出人民币188.15亿元，主要反映云基础设施支出增加及对“淘宝闪购”的投入。期末现金及其他流动投资为人民币5,856.63亿元。</p><p>回购方面，季度内以8.15亿美元回购5,600万股普通股（约合700万股ADS）；截至期末，授权回购额度尚余193亿美元，效期至2027年3月。</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/ef710ee11eb60aa473757734f52b36a8\" title=\"\" tg-width=\"956\" tg-height=\"680\"/></p><h3 id=\"id_2992431632\">业务分项</h3><p>阿里巴巴中国电商集团：客户管理收入为人民币892.52亿元，同比增长10%，受基础软件服务费和“全站推广”渗透率提升带动。4月底上线的“淘宝闪购”强化即时零售能力，并在8月前三周带动淘宝App月度活跃消费者同比增长25%。</p><p>截至2025年6月30日止三个月，<strong>即时零售业务收入为人民币147.84亿元，相较2024年同期的131.96亿元增长12%，主要是得益于2025年4 月底推出的“淘宝闪购”所带来的订单量增长。</strong></p><p>阿里国际数字商业集团（AIDC）：收入为人民币347.41亿元，同比增长19%；持续聚焦重点地区和效率提升，亏损同比和环比大幅收窄，接近盈亏平衡。速卖通Choice单位经济效益显著改善，Trendyol国际业务单位经济效益环比改善。</p><p>云智能集团：收入为人民币333.98亿元，同比增长26%；剔除并表内部收入影响后亦同比增长26%。AI相关产品收入连续第八个季度实现三位数同比增长，公共云中计算、存储及其他服务需求同步走强。第三方报告亦强调其全栈生成式AI解决方案与开发者平台优势。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c194eabcc4fe693df4eda108e13381f7\" title=\"\" tg-width=\"1080\" tg-height=\"1080\"/></p><h3 id=\"id_2816010293\">下季度展望</h3><p>公司将持续围绕“大消费”与“AI+云”两大战略重心加大投入，推进即时零售供给扩张与用户体验优化，强化与生态内业务的供应链与会员协同。</p><p>云智能将延续在AI产品与服务的投入，以提升AI工作负载的云采用与商业化占比，同时保持在公共云核心能力上的领先位置。</p><p>AIDC将继续聚焦重点区域与精细化运营，巩固单位经济效益改善与亏损收窄趋势。</p><h3 id=\"id_1062923018\">高管解读</h3><p>首席执行官吴泳铭表示，公司本季度聚焦消费与“AI+云”战略，通过加大即时零售投入与消费平台整合，带动淘宝App月活与日订单创新高；在强劲AI需求拉动下，云智能收入加速增长，AI收入在外部商业化中的占比提升。该表态显示公司正以即时零售强化用户心智，同时依托AI驱动云业务的结构性增长。</p><p>首席财务官徐宏指出，核心业务保持强劲增长，客户管理收入同比增10%，云智能收入同比增26%，AI相关产品连续八个季度实现三位数增速；AIDC亏损同比和环比大幅收窄、接近盈亏平衡，并为即时零售与AI的持续投入提供资源支持。这反映公司在扩张新动能的同时，注重运营效率与资源配置优化。</p><p>阿里巴巴盘前股价快速拉升，截至发稿涨幅超3%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e1e8f244f46697accde9495f854335b\" title=\"\" tg-width=\"1291\" tg-height=\"383\"/></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>阿里巴巴第一财季营收2476.52亿元，经调整净利润335.10亿元</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阿里巴巴第一财季营收2476.52亿元，经调整净利润335.10亿元\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\">2025-08-29 17:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a> 2026财年第一财季营收2476.52亿元人民币，同比增长2%，上年同期2432.36亿元，预估2531.7亿元。剔除高鑫零售与银泰已处置业务影响，同口径收入同比增长10%。</p><p>第一财季净利润为人民币423.82亿元，同比增长76%；归属于普通股股东的净利润为人民币431.16亿元。非GAAP（Non-GAAP）净利润为人民币335.10亿元，同比下降18%。</p><p>第一财季经调整EBITA为人民币388.44亿元，同比下降14%；经营利润为人民币349.88亿元，同比下降3%。 -</p><p>第一财季非GAAP（Non-GAAP）摊薄每ADS收益为人民币14.75元，同比下降10%；非GAAP（Non-GAAP）摊薄每股收益为人民币1.84元，同比下降10%。</p><p>第一财季经营活动现金流净额为人民币206.72亿元，同比下降39%；自由现金流为净流出人民币188.15亿元，主要反映云基础设施支出增加及对“淘宝闪购”的投入。期末现金及其他流动投资为人民币5,856.63亿元。</p><p>回购方面，季度内以8.15亿美元回购5,600万股普通股（约合700万股ADS）；截至期末，授权回购额度尚余193亿美元，效期至2027年3月。</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/ef710ee11eb60aa473757734f52b36a8\" title=\"\" tg-width=\"956\" tg-height=\"680\"/></p><h3 id=\"id_2992431632\">业务分项</h3><p>阿里巴巴中国电商集团：客户管理收入为人民币892.52亿元，同比增长10%，受基础软件服务费和“全站推广”渗透率提升带动。4月底上线的“淘宝闪购”强化即时零售能力，并在8月前三周带动淘宝App月度活跃消费者同比增长25%。</p><p>截至2025年6月30日止三个月，<strong>即时零售业务收入为人民币147.84亿元，相较2024年同期的131.96亿元增长12%，主要是得益于2025年4 月底推出的“淘宝闪购”所带来的订单量增长。</strong></p><p>阿里国际数字商业集团（AIDC）：收入为人民币347.41亿元，同比增长19%；持续聚焦重点地区和效率提升，亏损同比和环比大幅收窄，接近盈亏平衡。速卖通Choice单位经济效益显著改善，Trendyol国际业务单位经济效益环比改善。</p><p>云智能集团：收入为人民币333.98亿元，同比增长26%；剔除并表内部收入影响后亦同比增长26%。AI相关产品收入连续第八个季度实现三位数同比增长，公共云中计算、存储及其他服务需求同步走强。第三方报告亦强调其全栈生成式AI解决方案与开发者平台优势。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c194eabcc4fe693df4eda108e13381f7\" title=\"\" tg-width=\"1080\" tg-height=\"1080\"/></p><h3 id=\"id_2816010293\">下季度展望</h3><p>公司将持续围绕“大消费”与“AI+云”两大战略重心加大投入，推进即时零售供给扩张与用户体验优化，强化与生态内业务的供应链与会员协同。</p><p>云智能将延续在AI产品与服务的投入，以提升AI工作负载的云采用与商业化占比，同时保持在公共云核心能力上的领先位置。</p><p>AIDC将继续聚焦重点区域与精细化运营，巩固单位经济效益改善与亏损收窄趋势。</p><h3 id=\"id_1062923018\">高管解读</h3><p>首席执行官吴泳铭表示，公司本季度聚焦消费与“AI+云”战略，通过加大即时零售投入与消费平台整合，带动淘宝App月活与日订单创新高；在强劲AI需求拉动下，云智能收入加速增长，AI收入在外部商业化中的占比提升。该表态显示公司正以即时零售强化用户心智，同时依托AI驱动云业务的结构性增长。</p><p>首席财务官徐宏指出，核心业务保持强劲增长，客户管理收入同比增10%，云智能收入同比增26%，AI相关产品连续八个季度实现三位数增速；AIDC亏损同比和环比大幅收窄、接近盈亏平衡，并为即时零售与AI的持续投入提供资源支持。这反映公司在扩张新动能的同时，注重运营效率与资源配置优化。</p><p>阿里巴巴盘前股价快速拉升，截至发稿涨幅超3%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e1e8f244f46697accde9495f854335b\" title=\"\" tg-width=\"1291\" tg-height=\"383\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d752152b73947ff2f4b1c08ab9eecc39","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136971492","content_text":"阿里巴巴 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月底推出的“淘宝闪购”所带来的订单量增长。阿里国际数字商业集团（AIDC）：收入为人民币347.41亿元，同比增长19%；持续聚焦重点地区和效率提升，亏损同比和环比大幅收窄，接近盈亏平衡。速卖通Choice单位经济效益显著改善，Trendyol国际业务单位经济效益环比改善。云智能集团：收入为人民币333.98亿元，同比增长26%；剔除并表内部收入影响后亦同比增长26%。AI相关产品收入连续第八个季度实现三位数同比增长，公共云中计算、存储及其他服务需求同步走强。第三方报告亦强调其全栈生成式AI解决方案与开发者平台优势。下季度展望公司将持续围绕“大消费”与“AI+云”两大战略重心加大投入，推进即时零售供给扩张与用户体验优化，强化与生态内业务的供应链与会员协同。云智能将延续在AI产品与服务的投入，以提升AI工作负载的云采用与商业化占比，同时保持在公共云核心能力上的领先位置。AIDC将继续聚焦重点区域与精细化运营，巩固单位经济效益改善与亏损收窄趋势。高管解读首席执行官吴泳铭表示，公司本季度聚焦消费与“AI+云”战略，通过加大即时零售投入与消费平台整合，带动淘宝App月活与日订单创新高；在强劲AI需求拉动下，云智能收入加速增长，AI收入在外部商业化中的占比提升。该表态显示公司正以即时零售强化用户心智，同时依托AI驱动云业务的结构性增长。首席财务官徐宏指出，核心业务保持强劲增长，客户管理收入同比增10%，云智能收入同比增26%，AI相关产品连续八个季度实现三位数增速；AIDC亏损同比和环比大幅收窄、接近盈亏平衡，并为即时零售与AI的持续投入提供资源支持。这反映公司在扩张新动能的同时，注重运营效率与资源配置优化。阿里巴巴盘前股价快速拉升，截至发稿涨幅超3%。","news_type":1,"symbols_score_info":{"BABA":1.1,"09988":1.1}},"isVote":1,"tweetType":1,"viewCount":2098,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3572923745096038","authorId":"3572923745096038","name":"艾利克","avatar":"https://static.tigerbbs.com/38c157f119503362ec91004ee318384c","crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3572923745096038","idStr":"3572923745096038"},"content":"阿里的财年是从4月到次年3月，所以25年的4-6月就是26年的第一季度","text":"阿里的财年是从4月到次年3月，所以25年的4-6月就是26年的第一季度","html":"阿里的财年是从4月到次年3月，所以25年的4-6月就是26年的第一季度"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":538017137005936,"gmtCreate":1772372729526,"gmtModify":1772372742467,"author":{"id":"3575546664361828","authorId":"3575546664361828","name":"200刀的小目标","avatar":"https://static.tigerbbs.com/0dc554866e7a0ad928e2ac5001581dab","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575546664361828","idStr":"3575546664361828"},"themes":[],"htmlText":"新的一年最想做的事情：把期权学透 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