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易拉罐味汽水
08-13
全面超预期还跌2个点，国内股市和业绩没啥关系
华尔街点评腾讯业绩：AI价值已在广告业务显现，高额资本开支旨在换取长期AI基础设施门票
易拉罐味汽水
2025-12-25
$上证指数(000001.SH)$
易拉罐味汽水
2025-10-21
就不可能再跌破3300点，以后基准线在4200以上
易拉罐味汽水
2024-05-28
[开心] 支持，正好把筹码派给他们
华尔街要推中概版“Mag 7 ”——“Lucky 8”
易拉罐味汽水
2024-05-28
[捂脸] 阿里真是取之尽锱铢，用之如泥沙，以前不少钱全给挥霍掉了，投资的公司和项目也是一言难尽
阿里、京东接连出手
易拉罐味汽水
2024-04-13
盘前盘后都是利好，只有盘中是利空🤣
抱歉，原内容已删除
易拉罐味汽水
2023-07-19
这篇文章不错，转发给大家看看
@浩歌行:腾讯暂停回购，或现买入良机！
去老虎APP查看更多动态
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08:41","market":"hk","language":"zh","title":"华尔街点评腾讯业绩：AI价值已在广告业务显现，高额资本开支旨在换取长期AI基础设施门票","url":"https://stock-news.laohu8.com/highlight/detail?id=2659790780","media":"华尔街见闻","summary":"腾讯旗下自动化广告管理解决方案AIM+升级是广告业务超预期的重要驱动因素。各机构将下半年关注焦点集中于：AI资本开支走势及算力资源分配、混元大模型Hy4的发布时间表、WorkBuddy的商业化路径、微信AI助手的用户反馈与功能进展，以及宏观环境对广告需求的影响。\n","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/00700\">腾讯控股</a>2026年第二季度业绩全面超出市场预期，国内游戏与广告收入双双录得强劲增长，但大幅攀升的AI相关资本开支令自由现金流转负，成为投资者关注的核心变量。</p>\n<p>腾讯二季度总收入同比增长11%至人民币2048亿元，较市场一致预期高约1%。其中，国内游戏收入同比增长17%至473亿元，营销服务收入同比增长22%至436亿元，均显著超出预期。非国际财务报告准则净利润同比增长9%至684亿元，与市场预期基本持平。</p>\n<p>二季度最受市场关注的变量是资本开支的大幅跳升。当季资本开支达人民币528亿元，环比增长65%，同比增长176%，导致自由现金流转负至约负138亿元。若剔除AI相关支出及算力采购预付款，自由现金流则约为正376亿元。</p>\n<p>在维持腾讯买入评级的同时，多家华尔街机构将资本开支走势及其对盈利的影响列为下半年核心观察点。总体认为，AI的价值已在广告业务显现，高昂的资本开支旨在换取长期AI基础设施的门票。</p>\n<h2>国内游戏与广告领跑，国际游戏承压</h2>\n<p>国内游戏收入同比增长17%至473亿元，超出花旗预期约8%，超出<a href=\"https://laohu8.com/S/JEF\">杰富瑞</a>预期约7%。据花旗研究，增长主要由《三角洲行动》、《无畏契约》PC及移动端版本以及《洛克王国：世界》贡献。</p>\n<p>营销服务收入同比增长22%至436亿元，加速势头延续。据<a href=\"https://laohu8.com/S/GS\">高盛</a>研究，这一增速较一季度的20%进一步提升，主要受益于AI驱动的广告投放效率提升及闭环交易增长。花旗研究指出，腾讯旗下自动化广告管理解决方案AIM+的升级——引入AI端到端执行能力——是广告业务超预期的重要驱动因素。</p>\n<p>国际游戏收入则表现疲软，同比下滑0.8%至186亿元，按固定汇率计算增长约4%，低于市场一致预期约9%至10%。据高盛研究，《无畏契约》和《绝地求生：移动版》的增长被Supercell旗下产品表现放缓所抵消。</p>\n<p>金融科技与企业服务收入同比增长9%至603亿元，与各机构预期基本吻合。据<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>研究，其中云业务收入同比增速加速至低二十几个百分点，受AI需求、国际扩张及通用云服务需求提升驱动。</p>\n<h2>毛利率改善，AI新产品亏损扩大</h2>\n<p>二季度毛利润同比增长13%至1184亿元，毛利率为58%，高于花旗预期的56.9%及市场一致预期的约57%。</p>\n<p>非国际财务报告准则经营利润同比增长9%至756亿元，经营利润率为37%，较一季度的38.5%有所收窄。摩根士丹利研究指出，若剔除AI新产品亏损，经营利润同比增速可达19%。</p>\n<p>据高盛研究，AI新产品（包括混元大模型、WorkBuddy及小微）二季度亏损约105亿元，较一季度的88亿元进一步扩大，反映腾讯在AI产品<a href=\"https://laohu8.com/S/301365\">矩阵</a>上的持续加码投入。</p>\n<h2>资本开支骤增，自由现金流转负</h2>\n<p>二季度资本开支达528亿元，占总收入的26%，环比增长65%，同比增长176%，是本季度最受市场关注的财务指标。</p>\n<p>据高盛研究，腾讯管理层表示，若有需要，可将对外投资的AI基础设施通过腾讯云以具吸引力的价格对外出租，以此作为资本开支的下行保护机制。</p>\n<p>花旗研究指出，若剔除AI相关支出及算力采购预付款，自由现金流将由负138亿元转正至约376亿元，显示核心业务现金流生成能力依然稳健。</p>\n<h2>各行机构维持买入，目标价存分歧</h2>\n<p>四家机构均维持对腾讯的买入或增持评级，但目标价存在差异。</p>\n<p>花旗维持买入评级，目标价758港元，基于分类加总估值法，对应2026年预期市盈率约22.8倍；杰富瑞维持买入评级，目标价750港元；高盛维持买入评级，目标价700港元；摩根士丹利维持增持评级，目标价650港元，基于核心业务DCF估值加联营投资折价计算。</p>\n<p>各机构将下半年关注焦点集中于：AI资本开支走势及算力资源分配、混元大模型Hy4的发布时间表、WorkBuddy的商业化路径、微信AI助手（小微）的用户反馈与功能进展，以及宏观环境对广告需求的影响。</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>华尔街点评腾讯业绩：AI价值已在广告业务显现，高额资本开支旨在换取长期AI基础设施门票</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华尔街点评腾讯业绩：AI价值已在广告业务显现，高额资本开支旨在换取长期AI基础设施门票\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-08-13 08:41</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/00700\">腾讯控股</a>2026年第二季度业绩全面超出市场预期，国内游戏与广告收入双双录得强劲增长，但大幅攀升的AI相关资本开支令自由现金流转负，成为投资者关注的核心变量。</p>\n<p>腾讯二季度总收入同比增长11%至人民币2048亿元，较市场一致预期高约1%。其中，国内游戏收入同比增长17%至473亿元，营销服务收入同比增长22%至436亿元，均显著超出预期。非国际财务报告准则净利润同比增长9%至684亿元，与市场预期基本持平。</p>\n<p>二季度最受市场关注的变量是资本开支的大幅跳升。当季资本开支达人民币528亿元，环比增长65%，同比增长176%，导致自由现金流转负至约负138亿元。若剔除AI相关支出及算力采购预付款，自由现金流则约为正376亿元。</p>\n<p>在维持腾讯买入评级的同时，多家华尔街机构将资本开支走势及其对盈利的影响列为下半年核心观察点。总体认为，AI的价值已在广告业务显现，高昂的资本开支旨在换取长期AI基础设施的门票。</p>\n<h2>国内游戏与广告领跑，国际游戏承压</h2>\n<p>国内游戏收入同比增长17%至473亿元，超出花旗预期约8%，超出<a href=\"https://laohu8.com/S/JEF\">杰富瑞</a>预期约7%。据花旗研究，增长主要由《三角洲行动》、《无畏契约》PC及移动端版本以及《洛克王国：世界》贡献。</p>\n<p>营销服务收入同比增长22%至436亿元，加速势头延续。据<a href=\"https://laohu8.com/S/GS\">高盛</a>研究，这一增速较一季度的20%进一步提升，主要受益于AI驱动的广告投放效率提升及闭环交易增长。花旗研究指出，腾讯旗下自动化广告管理解决方案AIM+的升级——引入AI端到端执行能力——是广告业务超预期的重要驱动因素。</p>\n<p>国际游戏收入则表现疲软，同比下滑0.8%至186亿元，按固定汇率计算增长约4%，低于市场一致预期约9%至10%。据高盛研究，《无畏契约》和《绝地求生：移动版》的增长被Supercell旗下产品表现放缓所抵消。</p>\n<p>金融科技与企业服务收入同比增长9%至603亿元，与各机构预期基本吻合。据<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>研究，其中云业务收入同比增速加速至低二十几个百分点，受AI需求、国际扩张及通用云服务需求提升驱动。</p>\n<h2>毛利率改善，AI新产品亏损扩大</h2>\n<p>二季度毛利润同比增长13%至1184亿元，毛利率为58%，高于花旗预期的56.9%及市场一致预期的约57%。</p>\n<p>非国际财务报告准则经营利润同比增长9%至756亿元，经营利润率为37%，较一季度的38.5%有所收窄。摩根士丹利研究指出，若剔除AI新产品亏损，经营利润同比增速可达19%。</p>\n<p>据高盛研究，AI新产品（包括混元大模型、WorkBuddy及小微）二季度亏损约105亿元，较一季度的88亿元进一步扩大，反映腾讯在AI产品<a href=\"https://laohu8.com/S/301365\">矩阵</a>上的持续加码投入。</p>\n<h2>资本开支骤增，自由现金流转负</h2>\n<p>二季度资本开支达528亿元，占总收入的26%，环比增长65%，同比增长176%，是本季度最受市场关注的财务指标。</p>\n<p>据高盛研究，腾讯管理层表示，若有需要，可将对外投资的AI基础设施通过腾讯云以具吸引力的价格对外出租，以此作为资本开支的下行保护机制。</p>\n<p>花旗研究指出，若剔除AI相关支出及算力采购预付款，自由现金流将由负138亿元转正至约376亿元，显示核心业务现金流生成能力依然稳健。</p>\n<h2>各行机构维持买入，目标价存分歧</h2>\n<p>四家机构均维持对腾讯的买入或增持评级，但目标价存在差异。</p>\n<p>花旗维持买入评级，目标价758港元，基于分类加总估值法，对应2026年预期市盈率约22.8倍；杰富瑞维持买入评级，目标价750港元；高盛维持买入评级，目标价700港元；摩根士丹利维持增持评级，目标价650港元，基于核心业务DCF估值加联营投资折价计算。</p>\n<p>各机构将下半年关注焦点集中于：AI资本开支走势及算力资源分配、混元大模型Hy4的发布时间表、WorkBuddy的商业化路径、微信AI助手（小微）的用户反馈与功能进展，以及宏观环境对广告需求的影响。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f5b4b6a7fee10c4eab9f94135f834dbd","relate_stocks":{"LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. 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Funds - Asia Absolute Alpha A Acc SGD","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU2237443895.HKD":"abrdn SICAV I - GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","SG9999002463.SGD":"LionGlobal China Growth SGD","IE0008368742.USD":"首域中国增长基金I Acc","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD"},"source_url":"https://wallstreetcn.com/articles/3779308","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2659790780","content_text":"腾讯控股2026年第二季度业绩全面超出市场预期，国内游戏与广告收入双双录得强劲增长，但大幅攀升的AI相关资本开支令自由现金流转负，成为投资者关注的核心变量。\n腾讯二季度总收入同比增长11%至人民币2048亿元，较市场一致预期高约1%。其中，国内游戏收入同比增长17%至473亿元，营销服务收入同比增长22%至436亿元，均显著超出预期。非国际财务报告准则净利润同比增长9%至684亿元，与市场预期基本持平。\n二季度最受市场关注的变量是资本开支的大幅跳升。当季资本开支达人民币528亿元，环比增长65%，同比增长176%，导致自由现金流转负至约负138亿元。若剔除AI相关支出及算力采购预付款，自由现金流则约为正376亿元。\n在维持腾讯买入评级的同时，多家华尔街机构将资本开支走势及其对盈利的影响列为下半年核心观察点。总体认为，AI的价值已在广告业务显现，高昂的资本开支旨在换取长期AI基础设施的门票。\n国内游戏与广告领跑，国际游戏承压\n国内游戏收入同比增长17%至473亿元，超出花旗预期约8%，超出杰富瑞预期约7%。据花旗研究，增长主要由《三角洲行动》、《无畏契约》PC及移动端版本以及《洛克王国：世界》贡献。\n营销服务收入同比增长22%至436亿元，加速势头延续。据高盛研究，这一增速较一季度的20%进一步提升，主要受益于AI驱动的广告投放效率提升及闭环交易增长。花旗研究指出，腾讯旗下自动化广告管理解决方案AIM+的升级——引入AI端到端执行能力——是广告业务超预期的重要驱动因素。\n国际游戏收入则表现疲软，同比下滑0.8%至186亿元，按固定汇率计算增长约4%，低于市场一致预期约9%至10%。据高盛研究，《无畏契约》和《绝地求生：移动版》的增长被Supercell旗下产品表现放缓所抵消。\n金融科技与企业服务收入同比增长9%至603亿元，与各机构预期基本吻合。据摩根士丹利研究，其中云业务收入同比增速加速至低二十几个百分点，受AI需求、国际扩张及通用云服务需求提升驱动。\n毛利率改善，AI新产品亏损扩大\n二季度毛利润同比增长13%至1184亿元，毛利率为58%，高于花旗预期的56.9%及市场一致预期的约57%。\n非国际财务报告准则经营利润同比增长9%至756亿元，经营利润率为37%，较一季度的38.5%有所收窄。摩根士丹利研究指出，若剔除AI新产品亏损，经营利润同比增速可达19%。\n据高盛研究，AI新产品（包括混元大模型、WorkBuddy及小微）二季度亏损约105亿元，较一季度的88亿元进一步扩大，反映腾讯在AI产品矩阵上的持续加码投入。\n资本开支骤增，自由现金流转负\n二季度资本开支达528亿元，占总收入的26%，环比增长65%，同比增长176%，是本季度最受市场关注的财务指标。\n据高盛研究，腾讯管理层表示，若有需要，可将对外投资的AI基础设施通过腾讯云以具吸引力的价格对外出租，以此作为资本开支的下行保护机制。\n花旗研究指出，若剔除AI相关支出及算力采购预付款，自由现金流将由负138亿元转正至约376亿元，显示核心业务现金流生成能力依然稳健。\n各行机构维持买入，目标价存分歧\n四家机构均维持对腾讯的买入或增持评级，但目标价存在差异。\n花旗维持买入评级，目标价758港元，基于分类加总估值法，对应2026年预期市盈率约22.8倍；杰富瑞维持买入评级，目标价750港元；高盛维持买入评级，目标价700港元；摩根士丹利维持增持评级，目标价650港元，基于核心业务DCF估值加联营投资折价计算。\n各机构将下半年关注焦点集中于：AI资本开支走势及算力资源分配、混元大模型Hy4的发布时间表、WorkBuddy的商业化路径、微信AI助手（小微）的用户反馈与功能进展，以及宏观环境对广告需求的影响。","news_type":1,"symbols_score_info":{"EMCS":0.6,"SOCL":0.6,"ESPO":0.6,"XSOE":0.6,"AAXJ":0.6,"CXSE":0.6,"BIDD":0.6,"TCHI":0.6,"JEMA":0.6,"EEMX":0.6,"JADE":0.6,"FDNI":0.6,"KWEB":0.6,"00700":2.1,"TCEHY":2.1,"ODDS":0.6,"BKF":0.6,"LDEM":0.6,"FFEM":0.6,"EMC":0.6,"GAMR":0.6}},"isVote":1,"tweetType":1,"viewCount":397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":514703843246248,"gmtCreate":1766631161525,"gmtModify":1766631163324,"author":{"id":"3585583086175988","authorId":"3585583086175988","name":"易拉罐味汽水","avatar":"https://static.tigerbbs.com/659ec2130c2776cb15057b03681ba5cc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585583086175988","authorIdStr":"3585583086175988"},"themes":[],"title":"","htmlText":"<a 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","text":"$上证指数(000001.SH)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/514703843246248","isVote":1,"tweetType":1,"viewCount":715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":491508100190560,"gmtCreate":1761018043907,"gmtModify":1761018046428,"author":{"id":"3585583086175988","authorId":"3585583086175988","name":"易拉罐味汽水","avatar":"https://static.tigerbbs.com/659ec2130c2776cb15057b03681ba5cc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585583086175988","authorIdStr":"3585583086175988"},"themes":[],"title":"","htmlText":"就不可能再跌破3300点，以后基准线在4200以上","listText":"就不可能再跌破3300点，以后基准线在4200以上","text":"就不可能再跌破3300点，以后基准线在4200以上","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/491508100190560","isVote":1,"tweetType":1,"viewCount":1447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":310797597868104,"gmtCreate":1716905653735,"gmtModify":1716905697605,"author":{"id":"3585583086175988","authorId":"3585583086175988","name":"易拉罐味汽水","avatar":"https://static.tigerbbs.com/659ec2130c2776cb15057b03681ba5cc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585583086175988","authorIdStr":"3585583086175988"},"themes":[],"title":"","htmlText":"[开心] 支持，正好把筹码派给他们","listText":"[开心] 支持，正好把筹码派给他们","text":"[开心] 支持，正好把筹码派给他们","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/310797597868104","repostId":"2438349304","repostType":2,"repost":{"id":"2438349304","kind":"news","pubTimestamp":1716893149,"share":"https://www.laohunote.com/m/news/2438349304?lang=zh_CN&edition=full","pubTime":"2024-05-28 18:45","market":"us","language":"zh","title":"华尔街要推中概版“Mag 7 ”——“Lucky 8”","url":"https://stock-news.laohu8.com/highlight/detail?id=2438349304","media":"华尔街见闻","summary":"初始成分股包括腾讯、阿里巴巴、美团、比亚迪、小米、拼多多、京东和百度。","content":"<html><head></head><body><blockquote><p>Lucky Eight ETF的交易代码为“LCKY”，初始成分股包括腾讯、阿里巴巴、美团、比亚迪、小米、拼多多、京东和百度，等权配置仓位，有望于今夏上市。</p></blockquote><p style=\"text-align: justify;\">前有科技股“七姐妹”，后有中概股“Lucky 8”。</p><p style=\"text-align: justify;\">据媒体报道，继美股“七姐妹”ETF MAGS后，知名投资公司Roundhill Investments计划推出中概科技股ETF Lucky 8。</p><p style=\"text-align: justify;\">据介绍，Lucky 8 ETF定位为中概版的“Mag 7”，交易代码为“LCKY”，为等权重指数基金，初始成分股包括<strong>腾讯、阿里巴巴、美团、比亚迪、小米、拼多多、京东和百度。</strong></p><p style=\"text-align: justify;\">Roundhill首席执行官Dave Mazza解释之所以选择这8只股票，是因为其“在技术创新上占据市场主导地位”，并表示：</p><blockquote><p style=\"text-align: justify;\">“如果经济加速增长，这可能是投资者进入中国市场的机会。”</p></blockquote><p style=\"text-align: justify;\">据悉，一旦该ETF获得美国证券交易委员会（SEC）批准，<strong>将于今年夏天正式推出。</strong></p><p style=\"text-align: justify;\">值得注意的是，美音美林在今年3月初曾发布研报称，由国企主导的银行保险（Yinhang）、运营商（Yunyingshang）、电信（Dianxin）和石油煤炭（Shiyoumeitan）已经中国股市今年以来的四大高收益板块，也可以看作是中国版的“Mag 7”，堪称“YYDS”（永远的神）。</p><h2 id=\"id_2985730457\">Lucky 8强在哪？</h2><p style=\"text-align: justify;\">近月以来，港股上演出一场“史诗级”大反攻，领涨全球市场，其中互联网公司功不可没。</p><p style=\"text-align: justify;\">行情数据显示，<strong>今年以来，国内5只中概互联网/科技ETF多数实现约15%以上的涨幅。</strong>尤其是本月来多个互联网巨头陆续披露最新业绩报告，优异的“成绩单”为其中4只ETF贡献了约10%的涨幅。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3437c79787bac1fd9376a693a0052eed\" tg-width=\"640\" tg-height=\"464\"/></p><p style=\"text-align: justify;\">不过，目前我国场内5只中概互联网/科技ETF的跟踪标的均为中国互联网30、全球中国互联网等综合指数，指数成分股高达50个，和股票型基金相比，跟踪的灵活性和精确性均有所折扣。</p><p style=\"text-align: justify;\">这点也是Dave Mazza计划推出Lucky 8的缘由之一：</p><blockquote><p style=\"text-align: justify;\">“如果你只想买这些公司的股票，一些传统的中概股ETF很难做到，但Lucky 8可以。”</p></blockquote><p style=\"text-align: justify;\"><strong>中长期看，国内外投资机构和外资巨头也对看好互联网巨头盈利前景。</strong></p><p style=\"text-align: justify;\">招商证券在近期发布的报告中指出，在最近的两周时间里，受整体股市情绪提振的积极影响，中国互联网行业估值已从底部开始逐步企稳回升。</p><p style=\"text-align: justify;\">华创证券指出，近两年恒生科技板块开启“高质量发展”，目前仍有估值性价比，随着基本面回暖、现金流改善、分红派息提升，估值修复行情有望持续。</p><p style=\"text-align: justify;\">高盛预期，消费科技与服务相关产业将脱颖而出，倾向于投资具备优质资质的大型企业，并重视其现金回报能力。</p><p style=\"text-align: justify;\">此前报道称，传奇对冲基金经理Michael Burry、对冲基金传奇人物David Tepper管理的两家基金也于一季度加大了对京东、阿里、百度等中概科技股的押注。</p><p style=\"text-align: justify;\">Lucky 8今年以来的股价表现和最新业绩情况具体如下：</p><blockquote><p style=\"text-align: justify;\">美团-W（03690.HK）累计上涨45.18%，Q4营收同比增长22.6%至737.0亿元，经调整后净利润涨超4倍，全年营收扭亏为盈。</p><p style=\"text-align: justify;\">腾讯控股（00700.HK）累计上涨30.61%，Q1营收同比增长6%至1595亿元，净利润大增54%，视频号使用时长增超80%，毛利增速连续六个季度跑赢营收。</p><p style=\"text-align: justify;\">小米集团-W（01810.HK）累计上涨16.3%，Q1营收同比增长27%至755.1亿元，经调整后净利润同比增超100%，整体毛利率提升2.8个百分点至22.3%。</p><p style=\"text-align: justify;\">京东（JD）累计上涨7.78%，Q1净营收同比增长7%至2600.5亿元，净利润同比增长18.8%至73.7亿元，同样超预期，物流业务营收扭亏为盈。</p><p style=\"text-align: justify;\">拼多多（PDD）累计上涨7.7%，Q1营收同比增长131%至868.1亿元，净利润同比暴增202%至306.0亿元，均远超预期。</p><p style=\"text-align: justify;\">阿里巴巴（BABA）Q4营收同比增加6.6%至2218.7亿元，经调整后净利润同比下滑11%，海外电商营收大增45%。</p><p style=\"text-align: justify;\">比亚迪股份（01211.HK）累计下跌3.36%，Q1营收同比增3.97%至1249.44亿元，净利同比增11%至45.7亿元。</p><p style=\"text-align: justify;\">百度（BIDU）累计下跌15.79%，Q1营收同比微增1%至315亿元，净利润同比增长22%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/696c16ce1865a4c56da08e1949170f6c\" tg-width=\"563\" tg-height=\"437\"/></p></blockquote></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\" 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>华尔街要推中概版“Mag 7 ”——“Lucky 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; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ 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}\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华尔街要推中概版“Mag 7 ”——“Lucky 8”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-28 18:45 北京时间 <a href=https://wallstreetcn.com/articles/3715920><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Lucky Eight ETF的交易代码为“LCKY”，初始成分股包括腾讯、阿里巴巴、美团、比亚迪、小米、拼多多、京东和百度，等权配置仓位，有望于今夏上市。前有科技股“七姐妹”，后有中概股“Lucky 8”。据媒体报道，继美股“七姐妹”ETF MAGS后，知名投资公司Roundhill Investments计划推出中概科技股ETF Lucky 8。据介绍，Lucky 8 ETF定位为中概版的“...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3715920\">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/5d1fe578ee46cbe0d24c33435ff25ae5","relate_stocks":{"09618":"京东集团-SW","00700":"腾讯控股","BABA":"阿里巴巴","BIDU":"百度","09988":"阿里巴巴-W","01211":"比亚迪股份","03690":"美团-W","JD":"京东","01810":"小米集团-W"},"source_url":"https://wallstreetcn.com/articles/3715920","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2438349304","content_text":"Lucky Eight ETF的交易代码为“LCKY”，初始成分股包括腾讯、阿里巴巴、美团、比亚迪、小米、拼多多、京东和百度，等权配置仓位，有望于今夏上市。前有科技股“七姐妹”，后有中概股“Lucky 8”。据媒体报道，继美股“七姐妹”ETF MAGS后，知名投资公司Roundhill Investments计划推出中概科技股ETF Lucky 8。据介绍，Lucky 8 ETF定位为中概版的“Mag 7”，交易代码为“LCKY”，为等权重指数基金，初始成分股包括腾讯、阿里巴巴、美团、比亚迪、小米、拼多多、京东和百度。Roundhill首席执行官Dave Mazza解释之所以选择这8只股票，是因为其“在技术创新上占据市场主导地位”，并表示：“如果经济加速增长，这可能是投资者进入中国市场的机会。”据悉，一旦该ETF获得美国证券交易委员会（SEC）批准，将于今年夏天正式推出。值得注意的是，美音美林在今年3月初曾发布研报称，由国企主导的银行保险（Yinhang）、运营商（Yunyingshang）、电信（Dianxin）和石油煤炭（Shiyoumeitan）已经中国股市今年以来的四大高收益板块，也可以看作是中国版的“Mag 7”，堪称“YYDS”（永远的神）。Lucky 8强在哪？近月以来，港股上演出一场“史诗级”大反攻，领涨全球市场，其中互联网公司功不可没。行情数据显示，今年以来，国内5只中概互联网/科技ETF多数实现约15%以上的涨幅。尤其是本月来多个互联网巨头陆续披露最新业绩报告，优异的“成绩单”为其中4只ETF贡献了约10%的涨幅。不过，目前我国场内5只中概互联网/科技ETF的跟踪标的均为中国互联网30、全球中国互联网等综合指数，指数成分股高达50个，和股票型基金相比，跟踪的灵活性和精确性均有所折扣。这点也是Dave Mazza计划推出Lucky 8的缘由之一：“如果你只想买这些公司的股票，一些传统的中概股ETF很难做到，但Lucky 8可以。”中长期看，国内外投资机构和外资巨头也对看好互联网巨头盈利前景。招商证券在近期发布的报告中指出，在最近的两周时间里，受整体股市情绪提振的积极影响，中国互联网行业估值已从底部开始逐步企稳回升。华创证券指出，近两年恒生科技板块开启“高质量发展”，目前仍有估值性价比，随着基本面回暖、现金流改善、分红派息提升，估值修复行情有望持续。高盛预期，消费科技与服务相关产业将脱颖而出，倾向于投资具备优质资质的大型企业，并重视其现金回报能力。此前报道称，传奇对冲基金经理Michael Burry、对冲基金传奇人物David Tepper管理的两家基金也于一季度加大了对京东、阿里、百度等中概科技股的押注。Lucky 8今年以来的股价表现和最新业绩情况具体如下：美团-W（03690.HK）累计上涨45.18%，Q4营收同比增长22.6%至737.0亿元，经调整后净利润涨超4倍，全年营收扭亏为盈。腾讯控股（00700.HK）累计上涨30.61%，Q1营收同比增长6%至1595亿元，净利润大增54%，视频号使用时长增超80%，毛利增速连续六个季度跑赢营收。小米集团-W（01810.HK）累计上涨16.3%，Q1营收同比增长27%至755.1亿元，经调整后净利润同比增超100%，整体毛利率提升2.8个百分点至22.3%。京东（JD）累计上涨7.78%，Q1净营收同比增长7%至2600.5亿元，净利润同比增长18.8%至73.7亿元，同样超预期，物流业务营收扭亏为盈。拼多多（PDD）累计上涨7.7%，Q1营收同比增长131%至868.1亿元，净利润同比暴增202%至306.0亿元，均远超预期。阿里巴巴（BABA）Q4营收同比增加6.6%至2218.7亿元，经调整后净利润同比下滑11%，海外电商营收大增45%。比亚迪股份（01211.HK）累计下跌3.36%，Q1营收同比增3.97%至1249.44亿元，净利同比增11%至45.7亿元。百度（BIDU）累计下跌15.79%，Q1营收同比微增1%至315亿元，净利润同比增长22%。","news_type":1,"symbols_score_info":{"09618":1.1,"00700":1,"03690":1,"01211":1.1,"BIDU":1,"JD":1.1,"09988":0.6,"BABA":1.1,"01810":1}},"isVote":1,"tweetType":1,"viewCount":4001,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":310644189179904,"gmtCreate":1716868458685,"gmtModify":1716871953048,"author":{"id":"3585583086175988","authorId":"3585583086175988","name":"易拉罐味汽水","avatar":"https://static.tigerbbs.com/659ec2130c2776cb15057b03681ba5cc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585583086175988","authorIdStr":"3585583086175988"},"themes":[],"title":"","htmlText":"[捂脸] 阿里真是取之尽锱铢，用之如泥沙，以前不少钱全给挥霍掉了，投资的公司和项目也是一言难尽","listText":"[捂脸] 阿里真是取之尽锱铢，用之如泥沙，以前不少钱全给挥霍掉了，投资的公司和项目也是一言难尽","text":"[捂脸] 阿里真是取之尽锱铢，用之如泥沙，以前不少钱全给挥霍掉了，投资的公司和项目也是一言难尽","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/310644189179904","repostId":"1175574168","repostType":2,"repost":{"id":"1175574168","kind":"news","pubTimestamp":1716683867,"share":"https://www.laohunote.com/m/news/1175574168?lang=zh_CN&edition=full","pubTime":"2024-05-26 08:37","market":"us","language":"zh","title":"阿里、京东接连出手","url":"https://stock-news.laohu8.com/highlight/detail?id=1175574168","media":"华尔街见闻","summary":"京东、阿里也接连出手，借机融资。自2020年以来，阿里和京东先后开启回购。阿里的回购计划高达400亿美元，创下中概股新纪录；京东也在年初宣布，未来三年回购不超过30亿美元的股份。不过像阿里、京东手头的现金虽然充裕，但分布在各业务板块中，且大部分在境内。对于阿里可转债的发行，标普和穆迪均给出“A1”评级。随着阿里和京东的可转债发行，预计中概股将迎来新一轮的可转债热潮。","content":"<html><head></head><body><blockquote><p><strong>抓住窗口期。</strong></p></blockquote><p>年初以来，中概股股价回暖，提振了市场情绪。京东、阿里也接连出手，借机融资。</p><p style=\"text-align: justify;\">5月23日晚，阿里发布公告称，计划发行45亿美元的可转换优先票据，于2031年到期，利率为0.5%。两天前，京东刚刚宣布发售17.5亿美元可换股优先票据，利率为0.25%，于2029年6月1日到期。</p><p style=\"text-align: justify;\">从公告可以看到，京东和阿里是希望借着当前市场情绪回暖，借着可转债进行低成本融资，进行资本管理、获取资金助力业务发展。</p><p style=\"text-align: justify;\">可转债通常被视为债券与看涨期权的结合体，利率远低于公司债和银行贷款等其他融资方式。</p><p style=\"text-align: justify;\">不过，由于可转债相当于变相增发股票，会稀释股东权益，因此资本市场对此在短期内反应剧烈。在京东发布要发行可转债公告后，其在美股已下跌超12%，阿里巴巴同期也下跌了7.95%。</p><p style=\"text-align: justify;\">多位机构人士认为，京东、阿里主要是为了进行回购而发行可转债，预计整体可以抵消债转股时，对股份的潜在摊薄。包括苹果、亚马逊等全球头部科技公司也都有过类似的动作。</p><p style=\"text-align: justify;\">根据公告，阿里将以每股美国存托股80.80美元回购约1480万股美国存托股，也会为未来的回购提供资金；京东也表示，此次可转债发行将使其能够利用低融资成本加速股票回购。</p><p style=\"text-align: justify;\">自2020年以来，阿里和京东先后开启回购。阿里的回购计划高达400亿美元，创下中概股新纪录；京东也在年初宣布，未来三年回购不超过30亿美元的股份。</p><p style=\"text-align: justify;\">庞大的回购金额背后需要巨量资金来支持。不过像阿里、京东手头的现金虽然充裕，但分布在各业务板块中，且大部分在境内。无论是资金使用成本、还是从集团整体资本运作的角度来说，都不是很便利。尤其是阿里，它目前还未进入港股通，相比腾讯进行回购，整体成本也更高、更复杂。</p><p style=\"text-align: justify;\">不过，可以从此次可转债发行当中，看到京东、阿里对接下来自家公司发展的信心。</p><p style=\"text-align: justify;\">也有市场分析人士指出，阿里现金充足，发行可转换债券是“用聪明的方式发展自己”，而且阿里整体资产负债率远低于同期亚马逊的61.8%及苹果的79%。</p><p style=\"text-align: justify;\">2024财年，阿里经营活动产生的现金流量净额为1825.93亿元，同比下降9%。截至2023年底，阿里整体资产负债率仅为37.3%。</p><p style=\"text-align: justify;\">香颂资本董事沈萌认为，融资回购既可以通过减少股本增加每股收益、提高对股东的回报，同时能够以低融资成本的方式降低应税比例，在业绩承压的时候优化收益结构。</p><p style=\"text-align: justify;\">汇丰银行也在一份报告中指出，互联网公司利用债券市场来增强股东回报并不意外，当前高利率环境下，可转债相比普通债券提供了更好融资选择。</p><p style=\"text-align: justify;\">并且从阿里的这份回购计划当中可以看到，它为了抵消因债转股对股份摊薄的影响进行了一些精妙的计算。</p><p style=\"text-align: justify;\">阿里票据的初始转换率为每1000美元本金额的票据转换为9.5202股美国存托股份，溢价约30%。</p><p style=\"text-align: justify;\">此外，阿里还计划为订立限价看涨交易所需的5.7375亿美元提供资金。根据公告，限价看涨交易的上限价格预计比票据发行定价当天美国存托股份最后成交价格高出100%。可理解为阿里巴巴将购买自己股票上涨约100%的看涨期权。</p><p style=\"text-align: justify;\">这使得，阿里在用较低成本借到美元资金的同时，用期权来对冲掉债转股带来的潜在稀释，又用期权放大杠杆节省了对冲的成本。</p><p style=\"text-align: justify;\">对于阿里可转债的发行，标普和穆迪均给出“A1”评级。惠誉也对阿里可转债给出了“A+”评级。这反映了这些票据的低风险性。截至2024年3月31日，阿里的债务结构包括684亿元的银行借款和1023亿元的优先无抵押票据。</p><p style=\"text-align: justify;\">穆迪副总裁兼高级分析师Shawn Xiong表示，“拟发行债券将增强阿里巴巴本已强大的流动性，提供更高的财务灵活性，并支持收入增长稳定。”</p><p style=\"text-align: justify;\">随着阿里和京东的可转债发行，预计中概股将迎来新一轮的可转债热潮。汇丰银行预测，美团和腾讯是最有可能发行可转债的公司，网易则可能保持更多的防御性。</p></body></html>","source":"lsy1700700604709","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、京东接连出手</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、京东接连出手\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-26 08:37 北京时间 <a href=https://wallstreetcn.com/articles/3715762><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>抓住窗口期。年初以来，中概股股价回暖，提振了市场情绪。京东、阿里也接连出手，借机融资。5月23日晚，阿里发布公告称，计划发行45亿美元的可转换优先票据，于2031年到期，利率为0.5%。两天前，京东刚刚宣布发售17.5亿美元可换股优先票据，利率为0.25%，于2029年6月1日到期。从公告可以看到，京东和阿里是希望借着当前市场情绪回暖，借着可转债进行低成本融资，进行资本管理、获取资金助力业务发展。...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3715762\">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/0c160ec9f74fe54f378fc9517f9f253d","relate_stocks":{"JD":"京东","BABA":"阿里巴巴"},"source_url":"https://wallstreetcn.com/articles/3715762","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175574168","content_text":"抓住窗口期。年初以来，中概股股价回暖，提振了市场情绪。京东、阿里也接连出手，借机融资。5月23日晚，阿里发布公告称，计划发行45亿美元的可转换优先票据，于2031年到期，利率为0.5%。两天前，京东刚刚宣布发售17.5亿美元可换股优先票据，利率为0.25%，于2029年6月1日到期。从公告可以看到，京东和阿里是希望借着当前市场情绪回暖，借着可转债进行低成本融资，进行资本管理、获取资金助力业务发展。可转债通常被视为债券与看涨期权的结合体，利率远低于公司债和银行贷款等其他融资方式。不过，由于可转债相当于变相增发股票，会稀释股东权益，因此资本市场对此在短期内反应剧烈。在京东发布要发行可转债公告后，其在美股已下跌超12%，阿里巴巴同期也下跌了7.95%。多位机构人士认为，京东、阿里主要是为了进行回购而发行可转债，预计整体可以抵消债转股时，对股份的潜在摊薄。包括苹果、亚马逊等全球头部科技公司也都有过类似的动作。根据公告，阿里将以每股美国存托股80.80美元回购约1480万股美国存托股，也会为未来的回购提供资金；京东也表示，此次可转债发行将使其能够利用低融资成本加速股票回购。自2020年以来，阿里和京东先后开启回购。阿里的回购计划高达400亿美元，创下中概股新纪录；京东也在年初宣布，未来三年回购不超过30亿美元的股份。庞大的回购金额背后需要巨量资金来支持。不过像阿里、京东手头的现金虽然充裕，但分布在各业务板块中，且大部分在境内。无论是资金使用成本、还是从集团整体资本运作的角度来说，都不是很便利。尤其是阿里，它目前还未进入港股通，相比腾讯进行回购，整体成本也更高、更复杂。不过，可以从此次可转债发行当中，看到京东、阿里对接下来自家公司发展的信心。也有市场分析人士指出，阿里现金充足，发行可转换债券是“用聪明的方式发展自己”，而且阿里整体资产负债率远低于同期亚马逊的61.8%及苹果的79%。2024财年，阿里经营活动产生的现金流量净额为1825.93亿元，同比下降9%。截至2023年底，阿里整体资产负债率仅为37.3%。香颂资本董事沈萌认为，融资回购既可以通过减少股本增加每股收益、提高对股东的回报，同时能够以低融资成本的方式降低应税比例，在业绩承压的时候优化收益结构。汇丰银行也在一份报告中指出，互联网公司利用债券市场来增强股东回报并不意外，当前高利率环境下，可转债相比普通债券提供了更好融资选择。并且从阿里的这份回购计划当中可以看到，它为了抵消因债转股对股份摊薄的影响进行了一些精妙的计算。阿里票据的初始转换率为每1000美元本金额的票据转换为9.5202股美国存托股份，溢价约30%。此外，阿里还计划为订立限价看涨交易所需的5.7375亿美元提供资金。根据公告，限价看涨交易的上限价格预计比票据发行定价当天美国存托股份最后成交价格高出100%。可理解为阿里巴巴将购买自己股票上涨约100%的看涨期权。这使得，阿里在用较低成本借到美元资金的同时，用期权来对冲掉债转股带来的潜在稀释，又用期权放大杠杆节省了对冲的成本。对于阿里可转债的发行，标普和穆迪均给出“A1”评级。惠誉也对阿里可转债给出了“A+”评级。这反映了这些票据的低风险性。截至2024年3月31日，阿里的债务结构包括684亿元的银行借款和1023亿元的优先无抵押票据。穆迪副总裁兼高级分析师Shawn Xiong表示，“拟发行债券将增强阿里巴巴本已强大的流动性，提供更高的财务灵活性，并支持收入增长稳定。”随着阿里和京东的可转债发行，预计中概股将迎来新一轮的可转债热潮。汇丰银行预测，美团和腾讯是最有可能发行可转债的公司，网易则可能保持更多的防御性。","news_type":1,"symbols_score_info":{"BABA":1.1,"JD":1.1}},"isVote":1,"tweetType":1,"viewCount":3268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":294751628480768,"gmtCreate":1712973933210,"gmtModify":1712974871162,"author":{"id":"3585583086175988","authorId":"3585583086175988","name":"易拉罐味汽水","avatar":"https://static.tigerbbs.com/659ec2130c2776cb15057b03681ba5cc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585583086175988","authorIdStr":"3585583086175988"},"themes":[],"title":"","htmlText":"盘前盘后都是利好，只有盘中是利空🤣","listText":"盘前盘后都是利好，只有盘中是利空🤣","text":"盘前盘后都是利好，只有盘中是利空🤣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/294751628480768","repostId":"1150829850","repostType":2,"isVote":1,"tweetType":1,"viewCount":5403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":199363324801072,"gmtCreate":1689702690740,"gmtModify":1689703937104,"author":{"id":"3585583086175988","authorId":"3585583086175988","name":"易拉罐味汽水","avatar":"https://static.tigerbbs.com/659ec2130c2776cb15057b03681ba5cc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585583086175988","authorIdStr":"3585583086175988"},"themes":[],"title":"","htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/199363324801072","repostId":"198635719630848","repostType":1,"repost":{"id":198635719630848,"gmtCreate":1689520009572,"gmtModify":1689552781572,"author":{"id":"4147080245847200","authorId":"4147080245847200","name":"浩歌行","avatar":"https://static.tigerbbs.com/40a2f3ea7a527a91fb68b0cff722bb33","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4147080245847200","authorIdStr":"4147080245847200"},"themes":[],"title":"腾讯暂停回购，或现买入良机！","htmlText":"腾讯控股将于2023年8月16日公布中报业绩，按照香港证券法的相关规定：季度业绩披露前一个月为回购静默期，这也就意味着从下周开始腾讯将暂停每天4亿港元的日常回购计划。 而，南非大股东Prosus的抛售计划则不会停止，简单说就是卖家仍然在卖，买家却不能买；上面仍然在卸货，下面没有了承接！虽然Prosus每天抛售的腾讯股票市值不过4、5亿，占其全天成交量的比例也就在5%左右，通过对历史数据的统计和分析，腾讯的股价大概率还是会短期承压，对于想投资腾讯的朋友，可能会再次出现不错的买入机会。 从今年6月份开始，腾讯加大了回购力度，腾三亿就此变成腾4亿。但仍然难与大股东的抛售力度和节奏相匹配。开放式减持计划的执行已经一年多了，按照一周年的回顾总结，双方的操作数据如下： 不难看出： ①、一年来，大股东总共抛售腾讯股票数量约为3.2亿股（约占腾讯总股本的3.26%），持有的腾讯股权比例下降到25.56%。 ②、根据Prosus年报披露的数据，截至到3月31日其抛售腾讯带来的收入约为107亿美元。减持均价约为315港元/股。 ③、截至到2023年6月26日，Prosus回购股票总计花费126亿美元，与其卖出腾讯股票的收入相当。简单说，卖腾讯的收入全部投入股票回购。 ④、截至到2023年6月26日，腾讯回购股票总计：1.36亿股，花费总额约为430亿港元，折合美元54.9亿。占到大股东卖出的股权的1/2不到，主要的原因除了静默期不能回购之外，也说明腾讯的每日的回购力度小于大股东的抛售力度。但是，回购均价316港元/每股与大股东抛售的均价却相差无几。这也说明持续定投某个标的时，如果把投资的时间周期拉长，择时的意义并不大。 为什么说接下来一个月可能会出现买入腾讯的好机会？我们参考历史数据如下： 上图显示：每次腾讯暂停回购，期间股票价格均有10%-20%的下跌幅度。按照目前352港元/股的价格，接下","listText":"腾讯控股将于2023年8月16日公布中报业绩，按照香港证券法的相关规定：季度业绩披露前一个月为回购静默期，这也就意味着从下周开始腾讯将暂停每天4亿港元的日常回购计划。 而，南非大股东Prosus的抛售计划则不会停止，简单说就是卖家仍然在卖，买家却不能买；上面仍然在卸货，下面没有了承接！虽然Prosus每天抛售的腾讯股票市值不过4、5亿，占其全天成交量的比例也就在5%左右，通过对历史数据的统计和分析，腾讯的股价大概率还是会短期承压，对于想投资腾讯的朋友，可能会再次出现不错的买入机会。 从今年6月份开始，腾讯加大了回购力度，腾三亿就此变成腾4亿。但仍然难与大股东的抛售力度和节奏相匹配。开放式减持计划的执行已经一年多了，按照一周年的回顾总结，双方的操作数据如下： 不难看出： ①、一年来，大股东总共抛售腾讯股票数量约为3.2亿股（约占腾讯总股本的3.26%），持有的腾讯股权比例下降到25.56%。 ②、根据Prosus年报披露的数据，截至到3月31日其抛售腾讯带来的收入约为107亿美元。减持均价约为315港元/股。 ③、截至到2023年6月26日，Prosus回购股票总计花费126亿美元，与其卖出腾讯股票的收入相当。简单说，卖腾讯的收入全部投入股票回购。 ④、截至到2023年6月26日，腾讯回购股票总计：1.36亿股，花费总额约为430亿港元，折合美元54.9亿。占到大股东卖出的股权的1/2不到，主要的原因除了静默期不能回购之外，也说明腾讯的每日的回购力度小于大股东的抛售力度。但是，回购均价316港元/每股与大股东抛售的均价却相差无几。这也说明持续定投某个标的时，如果把投资的时间周期拉长，择时的意义并不大。 为什么说接下来一个月可能会出现买入腾讯的好机会？我们参考历史数据如下： 上图显示：每次腾讯暂停回购，期间股票价格均有10%-20%的下跌幅度。按照目前352港元/股的价格，接下","text":"腾讯控股将于2023年8月16日公布中报业绩，按照香港证券法的相关规定：季度业绩披露前一个月为回购静默期，这也就意味着从下周开始腾讯将暂停每天4亿港元的日常回购计划。 而，南非大股东Prosus的抛售计划则不会停止，简单说就是卖家仍然在卖，买家却不能买；上面仍然在卸货，下面没有了承接！虽然Prosus每天抛售的腾讯股票市值不过4、5亿，占其全天成交量的比例也就在5%左右，通过对历史数据的统计和分析，腾讯的股价大概率还是会短期承压，对于想投资腾讯的朋友，可能会再次出现不错的买入机会。 从今年6月份开始，腾讯加大了回购力度，腾三亿就此变成腾4亿。但仍然难与大股东的抛售力度和节奏相匹配。开放式减持计划的执行已经一年多了，按照一周年的回顾总结，双方的操作数据如下： 不难看出： ①、一年来，大股东总共抛售腾讯股票数量约为3.2亿股（约占腾讯总股本的3.26%），持有的腾讯股权比例下降到25.56%。 ②、根据Prosus年报披露的数据，截至到3月31日其抛售腾讯带来的收入约为107亿美元。减持均价约为315港元/股。 ③、截至到2023年6月26日，Prosus回购股票总计花费126亿美元，与其卖出腾讯股票的收入相当。简单说，卖腾讯的收入全部投入股票回购。 ④、截至到2023年6月26日，腾讯回购股票总计：1.36亿股，花费总额约为430亿港元，折合美元54.9亿。占到大股东卖出的股权的1/2不到，主要的原因除了静默期不能回购之外，也说明腾讯的每日的回购力度小于大股东的抛售力度。但是，回购均价316港元/每股与大股东抛售的均价却相差无几。这也说明持续定投某个标的时，如果把投资的时间周期拉长，择时的意义并不大。 为什么说接下来一个月可能会出现买入腾讯的好机会？我们参考历史数据如下： 上图显示：每次腾讯暂停回购，期间股票价格均有10%-20%的下跌幅度。按照目前352港元/股的价格，接下","images":[{"img":"https://static.tigerbbs.com/f3a61fd8f3244e389885909b9b5efcb4"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/198635719630848","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":6040,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":294751628480768,"gmtCreate":1712973933210,"gmtModify":1712974871162,"author":{"id":"3585583086175988","authorId":"3585583086175988","name":"易拉罐味汽水","avatar":"https://static.tigerbbs.com/659ec2130c2776cb15057b03681ba5cc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585583086175988","idStr":"3585583086175988"},"themes":[],"title":"","htmlText":"盘前盘后都是利好，只有盘中是利空🤣","listText":"盘前盘后都是利好，只有盘中是利空🤣","text":"盘前盘后都是利好，只有盘中是利空🤣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/294751628480768","repostId":"1150829850","repostType":2,"isVote":1,"tweetType":1,"viewCount":5403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":514703843246248,"gmtCreate":1766631161525,"gmtModify":1766631163324,"author":{"id":"3585583086175988","authorId":"3585583086175988","name":"易拉罐味汽水","avatar":"https://static.tigerbbs.com/659ec2130c2776cb15057b03681ba5cc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585583086175988","idStr":"3585583086175988"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/000001.SH\">$上证指数(000001.SH)$ </a><v-v data-views=\"1\"></v-v> ","listText":"<a href=\"https://laohu8.com/S/000001.SH\">$上证指数(000001.SH)$ </a><v-v data-views=\"1\"></v-v> ","text":"$上证指数(000001.SH)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/514703843246248","isVote":1,"tweetType":1,"viewCount":715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":491508100190560,"gmtCreate":1761018043907,"gmtModify":1761018046428,"author":{"id":"3585583086175988","authorId":"3585583086175988","name":"易拉罐味汽水","avatar":"https://static.tigerbbs.com/659ec2130c2776cb15057b03681ba5cc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585583086175988","idStr":"3585583086175988"},"themes":[],"title":"","htmlText":"就不可能再跌破3300点，以后基准线在4200以上","listText":"就不可能再跌破3300点，以后基准线在4200以上","text":"就不可能再跌破3300点，以后基准线在4200以上","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/491508100190560","isVote":1,"tweetType":1,"viewCount":1447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":310797597868104,"gmtCreate":1716905653735,"gmtModify":1716905697605,"author":{"id":"3585583086175988","authorId":"3585583086175988","name":"易拉罐味汽水","avatar":"https://static.tigerbbs.com/659ec2130c2776cb15057b03681ba5cc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585583086175988","idStr":"3585583086175988"},"themes":[],"title":"","htmlText":"[开心] 支持，正好把筹码派给他们","listText":"[开心] 支持，正好把筹码派给他们","text":"[开心] 支持，正好把筹码派给他们","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/310797597868104","repostId":"2438349304","repostType":2,"repost":{"id":"2438349304","kind":"news","pubTimestamp":1716893149,"share":"https://www.laohunote.com/m/news/2438349304?lang=zh_CN&edition=full","pubTime":"2024-05-28 18:45","market":"us","language":"zh","title":"华尔街要推中概版“Mag 7 ”——“Lucky 8”","url":"https://stock-news.laohu8.com/highlight/detail?id=2438349304","media":"华尔街见闻","summary":"初始成分股包括腾讯、阿里巴巴、美团、比亚迪、小米、拼多多、京东和百度。","content":"<html><head></head><body><blockquote><p>Lucky Eight ETF的交易代码为“LCKY”，初始成分股包括腾讯、阿里巴巴、美团、比亚迪、小米、拼多多、京东和百度，等权配置仓位，有望于今夏上市。</p></blockquote><p style=\"text-align: justify;\">前有科技股“七姐妹”，后有中概股“Lucky 8”。</p><p style=\"text-align: justify;\">据媒体报道，继美股“七姐妹”ETF MAGS后，知名投资公司Roundhill Investments计划推出中概科技股ETF Lucky 8。</p><p style=\"text-align: justify;\">据介绍，Lucky 8 ETF定位为中概版的“Mag 7”，交易代码为“LCKY”，为等权重指数基金，初始成分股包括<strong>腾讯、阿里巴巴、美团、比亚迪、小米、拼多多、京东和百度。</strong></p><p style=\"text-align: justify;\">Roundhill首席执行官Dave Mazza解释之所以选择这8只股票，是因为其“在技术创新上占据市场主导地位”，并表示：</p><blockquote><p style=\"text-align: justify;\">“如果经济加速增长，这可能是投资者进入中国市场的机会。”</p></blockquote><p style=\"text-align: justify;\">据悉，一旦该ETF获得美国证券交易委员会（SEC）批准，<strong>将于今年夏天正式推出。</strong></p><p style=\"text-align: justify;\">值得注意的是，美音美林在今年3月初曾发布研报称，由国企主导的银行保险（Yinhang）、运营商（Yunyingshang）、电信（Dianxin）和石油煤炭（Shiyoumeitan）已经中国股市今年以来的四大高收益板块，也可以看作是中国版的“Mag 7”，堪称“YYDS”（永远的神）。</p><h2 id=\"id_2985730457\">Lucky 8强在哪？</h2><p style=\"text-align: justify;\">近月以来，港股上演出一场“史诗级”大反攻，领涨全球市场，其中互联网公司功不可没。</p><p style=\"text-align: justify;\">行情数据显示，<strong>今年以来，国内5只中概互联网/科技ETF多数实现约15%以上的涨幅。</strong>尤其是本月来多个互联网巨头陆续披露最新业绩报告，优异的“成绩单”为其中4只ETF贡献了约10%的涨幅。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3437c79787bac1fd9376a693a0052eed\" tg-width=\"640\" tg-height=\"464\"/></p><p style=\"text-align: justify;\">不过，目前我国场内5只中概互联网/科技ETF的跟踪标的均为中国互联网30、全球中国互联网等综合指数，指数成分股高达50个，和股票型基金相比，跟踪的灵活性和精确性均有所折扣。</p><p style=\"text-align: justify;\">这点也是Dave Mazza计划推出Lucky 8的缘由之一：</p><blockquote><p style=\"text-align: justify;\">“如果你只想买这些公司的股票，一些传统的中概股ETF很难做到，但Lucky 8可以。”</p></blockquote><p style=\"text-align: justify;\"><strong>中长期看，国内外投资机构和外资巨头也对看好互联网巨头盈利前景。</strong></p><p style=\"text-align: justify;\">招商证券在近期发布的报告中指出，在最近的两周时间里，受整体股市情绪提振的积极影响，中国互联网行业估值已从底部开始逐步企稳回升。</p><p style=\"text-align: justify;\">华创证券指出，近两年恒生科技板块开启“高质量发展”，目前仍有估值性价比，随着基本面回暖、现金流改善、分红派息提升，估值修复行情有望持续。</p><p style=\"text-align: justify;\">高盛预期，消费科技与服务相关产业将脱颖而出，倾向于投资具备优质资质的大型企业，并重视其现金回报能力。</p><p style=\"text-align: justify;\">此前报道称，传奇对冲基金经理Michael Burry、对冲基金传奇人物David Tepper管理的两家基金也于一季度加大了对京东、阿里、百度等中概科技股的押注。</p><p style=\"text-align: justify;\">Lucky 8今年以来的股价表现和最新业绩情况具体如下：</p><blockquote><p style=\"text-align: justify;\">美团-W（03690.HK）累计上涨45.18%，Q4营收同比增长22.6%至737.0亿元，经调整后净利润涨超4倍，全年营收扭亏为盈。</p><p style=\"text-align: justify;\">腾讯控股（00700.HK）累计上涨30.61%，Q1营收同比增长6%至1595亿元，净利润大增54%，视频号使用时长增超80%，毛利增速连续六个季度跑赢营收。</p><p style=\"text-align: justify;\">小米集团-W（01810.HK）累计上涨16.3%，Q1营收同比增长27%至755.1亿元，经调整后净利润同比增超100%，整体毛利率提升2.8个百分点至22.3%。</p><p style=\"text-align: justify;\">京东（JD）累计上涨7.78%，Q1净营收同比增长7%至2600.5亿元，净利润同比增长18.8%至73.7亿元，同样超预期，物流业务营收扭亏为盈。</p><p style=\"text-align: justify;\">拼多多（PDD）累计上涨7.7%，Q1营收同比增长131%至868.1亿元，净利润同比暴增202%至306.0亿元，均远超预期。</p><p style=\"text-align: justify;\">阿里巴巴（BABA）Q4营收同比增加6.6%至2218.7亿元，经调整后净利润同比下滑11%，海外电商营收大增45%。</p><p style=\"text-align: justify;\">比亚迪股份（01211.HK）累计下跌3.36%，Q1营收同比增3.97%至1249.44亿元，净利同比增11%至45.7亿元。</p><p style=\"text-align: justify;\">百度（BIDU）累计下跌15.79%，Q1营收同比微增1%至315亿元，净利润同比增长22%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/696c16ce1865a4c56da08e1949170f6c\" tg-width=\"563\" tg-height=\"437\"/></p></blockquote></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\" 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>华尔街要推中概版“Mag 7 ”——“Lucky 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; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ 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}\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华尔街要推中概版“Mag 7 ”——“Lucky 8”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-28 18:45 北京时间 <a href=https://wallstreetcn.com/articles/3715920><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Lucky Eight ETF的交易代码为“LCKY”，初始成分股包括腾讯、阿里巴巴、美团、比亚迪、小米、拼多多、京东和百度，等权配置仓位，有望于今夏上市。前有科技股“七姐妹”，后有中概股“Lucky 8”。据媒体报道，继美股“七姐妹”ETF MAGS后，知名投资公司Roundhill Investments计划推出中概科技股ETF Lucky 8。据介绍，Lucky 8 ETF定位为中概版的“...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3715920\">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/5d1fe578ee46cbe0d24c33435ff25ae5","relate_stocks":{"09618":"京东集团-SW","00700":"腾讯控股","BABA":"阿里巴巴","BIDU":"百度","09988":"阿里巴巴-W","01211":"比亚迪股份","03690":"美团-W","JD":"京东","01810":"小米集团-W"},"source_url":"https://wallstreetcn.com/articles/3715920","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2438349304","content_text":"Lucky Eight ETF的交易代码为“LCKY”，初始成分股包括腾讯、阿里巴巴、美团、比亚迪、小米、拼多多、京东和百度，等权配置仓位，有望于今夏上市。前有科技股“七姐妹”，后有中概股“Lucky 8”。据媒体报道，继美股“七姐妹”ETF MAGS后，知名投资公司Roundhill Investments计划推出中概科技股ETF Lucky 8。据介绍，Lucky 8 ETF定位为中概版的“Mag 7”，交易代码为“LCKY”，为等权重指数基金，初始成分股包括腾讯、阿里巴巴、美团、比亚迪、小米、拼多多、京东和百度。Roundhill首席执行官Dave Mazza解释之所以选择这8只股票，是因为其“在技术创新上占据市场主导地位”，并表示：“如果经济加速增长，这可能是投资者进入中国市场的机会。”据悉，一旦该ETF获得美国证券交易委员会（SEC）批准，将于今年夏天正式推出。值得注意的是，美音美林在今年3月初曾发布研报称，由国企主导的银行保险（Yinhang）、运营商（Yunyingshang）、电信（Dianxin）和石油煤炭（Shiyoumeitan）已经中国股市今年以来的四大高收益板块，也可以看作是中国版的“Mag 7”，堪称“YYDS”（永远的神）。Lucky 8强在哪？近月以来，港股上演出一场“史诗级”大反攻，领涨全球市场，其中互联网公司功不可没。行情数据显示，今年以来，国内5只中概互联网/科技ETF多数实现约15%以上的涨幅。尤其是本月来多个互联网巨头陆续披露最新业绩报告，优异的“成绩单”为其中4只ETF贡献了约10%的涨幅。不过，目前我国场内5只中概互联网/科技ETF的跟踪标的均为中国互联网30、全球中国互联网等综合指数，指数成分股高达50个，和股票型基金相比，跟踪的灵活性和精确性均有所折扣。这点也是Dave Mazza计划推出Lucky 8的缘由之一：“如果你只想买这些公司的股票，一些传统的中概股ETF很难做到，但Lucky 8可以。”中长期看，国内外投资机构和外资巨头也对看好互联网巨头盈利前景。招商证券在近期发布的报告中指出，在最近的两周时间里，受整体股市情绪提振的积极影响，中国互联网行业估值已从底部开始逐步企稳回升。华创证券指出，近两年恒生科技板块开启“高质量发展”，目前仍有估值性价比，随着基本面回暖、现金流改善、分红派息提升，估值修复行情有望持续。高盛预期，消费科技与服务相关产业将脱颖而出，倾向于投资具备优质资质的大型企业，并重视其现金回报能力。此前报道称，传奇对冲基金经理Michael Burry、对冲基金传奇人物David Tepper管理的两家基金也于一季度加大了对京东、阿里、百度等中概科技股的押注。Lucky 8今年以来的股价表现和最新业绩情况具体如下：美团-W（03690.HK）累计上涨45.18%，Q4营收同比增长22.6%至737.0亿元，经调整后净利润涨超4倍，全年营收扭亏为盈。腾讯控股（00700.HK）累计上涨30.61%，Q1营收同比增长6%至1595亿元，净利润大增54%，视频号使用时长增超80%，毛利增速连续六个季度跑赢营收。小米集团-W（01810.HK）累计上涨16.3%，Q1营收同比增长27%至755.1亿元，经调整后净利润同比增超100%，整体毛利率提升2.8个百分点至22.3%。京东（JD）累计上涨7.78%，Q1净营收同比增长7%至2600.5亿元，净利润同比增长18.8%至73.7亿元，同样超预期，物流业务营收扭亏为盈。拼多多（PDD）累计上涨7.7%，Q1营收同比增长131%至868.1亿元，净利润同比暴增202%至306.0亿元，均远超预期。阿里巴巴（BABA）Q4营收同比增加6.6%至2218.7亿元，经调整后净利润同比下滑11%，海外电商营收大增45%。比亚迪股份（01211.HK）累计下跌3.36%，Q1营收同比增3.97%至1249.44亿元，净利同比增11%至45.7亿元。百度（BIDU）累计下跌15.79%，Q1营收同比微增1%至315亿元，净利润同比增长22%。","news_type":1,"symbols_score_info":{"09618":1.1,"00700":1,"03690":1,"01211":1.1,"BIDU":1,"JD":1.1,"09988":0.6,"BABA":1.1,"01810":1}},"isVote":1,"tweetType":1,"viewCount":4001,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":310644189179904,"gmtCreate":1716868458685,"gmtModify":1716871953048,"author":{"id":"3585583086175988","authorId":"3585583086175988","name":"易拉罐味汽水","avatar":"https://static.tigerbbs.com/659ec2130c2776cb15057b03681ba5cc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585583086175988","idStr":"3585583086175988"},"themes":[],"title":"","htmlText":"[捂脸] 阿里真是取之尽锱铢，用之如泥沙，以前不少钱全给挥霍掉了，投资的公司和项目也是一言难尽","listText":"[捂脸] 阿里真是取之尽锱铢，用之如泥沙，以前不少钱全给挥霍掉了，投资的公司和项目也是一言难尽","text":"[捂脸] 阿里真是取之尽锱铢，用之如泥沙，以前不少钱全给挥霍掉了，投资的公司和项目也是一言难尽","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/310644189179904","repostId":"1175574168","repostType":2,"repost":{"id":"1175574168","kind":"news","pubTimestamp":1716683867,"share":"https://www.laohunote.com/m/news/1175574168?lang=zh_CN&edition=full","pubTime":"2024-05-26 08:37","market":"us","language":"zh","title":"阿里、京东接连出手","url":"https://stock-news.laohu8.com/highlight/detail?id=1175574168","media":"华尔街见闻","summary":"京东、阿里也接连出手，借机融资。自2020年以来，阿里和京东先后开启回购。阿里的回购计划高达400亿美元，创下中概股新纪录；京东也在年初宣布，未来三年回购不超过30亿美元的股份。不过像阿里、京东手头的现金虽然充裕，但分布在各业务板块中，且大部分在境内。对于阿里可转债的发行，标普和穆迪均给出“A1”评级。随着阿里和京东的可转债发行，预计中概股将迎来新一轮的可转债热潮。","content":"<html><head></head><body><blockquote><p><strong>抓住窗口期。</strong></p></blockquote><p>年初以来，中概股股价回暖，提振了市场情绪。京东、阿里也接连出手，借机融资。</p><p style=\"text-align: justify;\">5月23日晚，阿里发布公告称，计划发行45亿美元的可转换优先票据，于2031年到期，利率为0.5%。两天前，京东刚刚宣布发售17.5亿美元可换股优先票据，利率为0.25%，于2029年6月1日到期。</p><p style=\"text-align: justify;\">从公告可以看到，京东和阿里是希望借着当前市场情绪回暖，借着可转债进行低成本融资，进行资本管理、获取资金助力业务发展。</p><p style=\"text-align: justify;\">可转债通常被视为债券与看涨期权的结合体，利率远低于公司债和银行贷款等其他融资方式。</p><p style=\"text-align: justify;\">不过，由于可转债相当于变相增发股票，会稀释股东权益，因此资本市场对此在短期内反应剧烈。在京东发布要发行可转债公告后，其在美股已下跌超12%，阿里巴巴同期也下跌了7.95%。</p><p style=\"text-align: justify;\">多位机构人士认为，京东、阿里主要是为了进行回购而发行可转债，预计整体可以抵消债转股时，对股份的潜在摊薄。包括苹果、亚马逊等全球头部科技公司也都有过类似的动作。</p><p style=\"text-align: justify;\">根据公告，阿里将以每股美国存托股80.80美元回购约1480万股美国存托股，也会为未来的回购提供资金；京东也表示，此次可转债发行将使其能够利用低融资成本加速股票回购。</p><p style=\"text-align: justify;\">自2020年以来，阿里和京东先后开启回购。阿里的回购计划高达400亿美元，创下中概股新纪录；京东也在年初宣布，未来三年回购不超过30亿美元的股份。</p><p style=\"text-align: justify;\">庞大的回购金额背后需要巨量资金来支持。不过像阿里、京东手头的现金虽然充裕，但分布在各业务板块中，且大部分在境内。无论是资金使用成本、还是从集团整体资本运作的角度来说，都不是很便利。尤其是阿里，它目前还未进入港股通，相比腾讯进行回购，整体成本也更高、更复杂。</p><p style=\"text-align: justify;\">不过，可以从此次可转债发行当中，看到京东、阿里对接下来自家公司发展的信心。</p><p style=\"text-align: justify;\">也有市场分析人士指出，阿里现金充足，发行可转换债券是“用聪明的方式发展自己”，而且阿里整体资产负债率远低于同期亚马逊的61.8%及苹果的79%。</p><p style=\"text-align: justify;\">2024财年，阿里经营活动产生的现金流量净额为1825.93亿元，同比下降9%。截至2023年底，阿里整体资产负债率仅为37.3%。</p><p style=\"text-align: justify;\">香颂资本董事沈萌认为，融资回购既可以通过减少股本增加每股收益、提高对股东的回报，同时能够以低融资成本的方式降低应税比例，在业绩承压的时候优化收益结构。</p><p style=\"text-align: justify;\">汇丰银行也在一份报告中指出，互联网公司利用债券市场来增强股东回报并不意外，当前高利率环境下，可转债相比普通债券提供了更好融资选择。</p><p style=\"text-align: justify;\">并且从阿里的这份回购计划当中可以看到，它为了抵消因债转股对股份摊薄的影响进行了一些精妙的计算。</p><p style=\"text-align: justify;\">阿里票据的初始转换率为每1000美元本金额的票据转换为9.5202股美国存托股份，溢价约30%。</p><p style=\"text-align: justify;\">此外，阿里还计划为订立限价看涨交易所需的5.7375亿美元提供资金。根据公告，限价看涨交易的上限价格预计比票据发行定价当天美国存托股份最后成交价格高出100%。可理解为阿里巴巴将购买自己股票上涨约100%的看涨期权。</p><p style=\"text-align: justify;\">这使得，阿里在用较低成本借到美元资金的同时，用期权来对冲掉债转股带来的潜在稀释，又用期权放大杠杆节省了对冲的成本。</p><p style=\"text-align: justify;\">对于阿里可转债的发行，标普和穆迪均给出“A1”评级。惠誉也对阿里可转债给出了“A+”评级。这反映了这些票据的低风险性。截至2024年3月31日，阿里的债务结构包括684亿元的银行借款和1023亿元的优先无抵押票据。</p><p style=\"text-align: justify;\">穆迪副总裁兼高级分析师Shawn Xiong表示，“拟发行债券将增强阿里巴巴本已强大的流动性，提供更高的财务灵活性，并支持收入增长稳定。”</p><p style=\"text-align: justify;\">随着阿里和京东的可转债发行，预计中概股将迎来新一轮的可转债热潮。汇丰银行预测，美团和腾讯是最有可能发行可转债的公司，网易则可能保持更多的防御性。</p></body></html>","source":"lsy1700700604709","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、京东接连出手</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、京东接连出手\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-26 08:37 北京时间 <a href=https://wallstreetcn.com/articles/3715762><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>抓住窗口期。年初以来，中概股股价回暖，提振了市场情绪。京东、阿里也接连出手，借机融资。5月23日晚，阿里发布公告称，计划发行45亿美元的可转换优先票据，于2031年到期，利率为0.5%。两天前，京东刚刚宣布发售17.5亿美元可换股优先票据，利率为0.25%，于2029年6月1日到期。从公告可以看到，京东和阿里是希望借着当前市场情绪回暖，借着可转债进行低成本融资，进行资本管理、获取资金助力业务发展。...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3715762\">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/0c160ec9f74fe54f378fc9517f9f253d","relate_stocks":{"JD":"京东","BABA":"阿里巴巴"},"source_url":"https://wallstreetcn.com/articles/3715762","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175574168","content_text":"抓住窗口期。年初以来，中概股股价回暖，提振了市场情绪。京东、阿里也接连出手，借机融资。5月23日晚，阿里发布公告称，计划发行45亿美元的可转换优先票据，于2031年到期，利率为0.5%。两天前，京东刚刚宣布发售17.5亿美元可换股优先票据，利率为0.25%，于2029年6月1日到期。从公告可以看到，京东和阿里是希望借着当前市场情绪回暖，借着可转债进行低成本融资，进行资本管理、获取资金助力业务发展。可转债通常被视为债券与看涨期权的结合体，利率远低于公司债和银行贷款等其他融资方式。不过，由于可转债相当于变相增发股票，会稀释股东权益，因此资本市场对此在短期内反应剧烈。在京东发布要发行可转债公告后，其在美股已下跌超12%，阿里巴巴同期也下跌了7.95%。多位机构人士认为，京东、阿里主要是为了进行回购而发行可转债，预计整体可以抵消债转股时，对股份的潜在摊薄。包括苹果、亚马逊等全球头部科技公司也都有过类似的动作。根据公告，阿里将以每股美国存托股80.80美元回购约1480万股美国存托股，也会为未来的回购提供资金；京东也表示，此次可转债发行将使其能够利用低融资成本加速股票回购。自2020年以来，阿里和京东先后开启回购。阿里的回购计划高达400亿美元，创下中概股新纪录；京东也在年初宣布，未来三年回购不超过30亿美元的股份。庞大的回购金额背后需要巨量资金来支持。不过像阿里、京东手头的现金虽然充裕，但分布在各业务板块中，且大部分在境内。无论是资金使用成本、还是从集团整体资本运作的角度来说，都不是很便利。尤其是阿里，它目前还未进入港股通，相比腾讯进行回购，整体成本也更高、更复杂。不过，可以从此次可转债发行当中，看到京东、阿里对接下来自家公司发展的信心。也有市场分析人士指出，阿里现金充足，发行可转换债券是“用聪明的方式发展自己”，而且阿里整体资产负债率远低于同期亚马逊的61.8%及苹果的79%。2024财年，阿里经营活动产生的现金流量净额为1825.93亿元，同比下降9%。截至2023年底，阿里整体资产负债率仅为37.3%。香颂资本董事沈萌认为，融资回购既可以通过减少股本增加每股收益、提高对股东的回报，同时能够以低融资成本的方式降低应税比例，在业绩承压的时候优化收益结构。汇丰银行也在一份报告中指出，互联网公司利用债券市场来增强股东回报并不意外，当前高利率环境下，可转债相比普通债券提供了更好融资选择。并且从阿里的这份回购计划当中可以看到，它为了抵消因债转股对股份摊薄的影响进行了一些精妙的计算。阿里票据的初始转换率为每1000美元本金额的票据转换为9.5202股美国存托股份，溢价约30%。此外，阿里还计划为订立限价看涨交易所需的5.7375亿美元提供资金。根据公告，限价看涨交易的上限价格预计比票据发行定价当天美国存托股份最后成交价格高出100%。可理解为阿里巴巴将购买自己股票上涨约100%的看涨期权。这使得，阿里在用较低成本借到美元资金的同时，用期权来对冲掉债转股带来的潜在稀释，又用期权放大杠杆节省了对冲的成本。对于阿里可转债的发行，标普和穆迪均给出“A1”评级。惠誉也对阿里可转债给出了“A+”评级。这反映了这些票据的低风险性。截至2024年3月31日，阿里的债务结构包括684亿元的银行借款和1023亿元的优先无抵押票据。穆迪副总裁兼高级分析师Shawn Xiong表示，“拟发行债券将增强阿里巴巴本已强大的流动性，提供更高的财务灵活性，并支持收入增长稳定。”随着阿里和京东的可转债发行，预计中概股将迎来新一轮的可转债热潮。汇丰银行预测，美团和腾讯是最有可能发行可转债的公司，网易则可能保持更多的防御性。","news_type":1,"symbols_score_info":{"BABA":1.1,"JD":1.1}},"isVote":1,"tweetType":1,"viewCount":3268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":596245512975808,"gmtCreate":1786585980960,"gmtModify":1786585983413,"author":{"id":"3585583086175988","authorId":"3585583086175988","name":"易拉罐味汽水","avatar":"https://static.tigerbbs.com/659ec2130c2776cb15057b03681ba5cc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585583086175988","idStr":"3585583086175988"},"themes":[],"title":"","htmlText":"全面超预期还跌2个点，国内股市和业绩没啥关系","listText":"全面超预期还跌2个点，国内股市和业绩没啥关系","text":"全面超预期还跌2个点，国内股市和业绩没啥关系","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/596245512975808","repostId":"2659790780","repostType":2,"repost":{"id":"2659790780","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":1786581677,"share":"https://www.laohunote.com/m/news/2659790780?lang=zh_CN&edition=full","pubTime":"2026-08-13 08:41","market":"hk","language":"zh","title":"华尔街点评腾讯业绩：AI价值已在广告业务显现，高额资本开支旨在换取长期AI基础设施门票","url":"https://stock-news.laohu8.com/highlight/detail?id=2659790780","media":"华尔街见闻","summary":"腾讯旗下自动化广告管理解决方案AIM+升级是广告业务超预期的重要驱动因素。各机构将下半年关注焦点集中于：AI资本开支走势及算力资源分配、混元大模型Hy4的发布时间表、WorkBuddy的商业化路径、微信AI助手的用户反馈与功能进展，以及宏观环境对广告需求的影响。\n","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/00700\">腾讯控股</a>2026年第二季度业绩全面超出市场预期，国内游戏与广告收入双双录得强劲增长，但大幅攀升的AI相关资本开支令自由现金流转负，成为投资者关注的核心变量。</p>\n<p>腾讯二季度总收入同比增长11%至人民币2048亿元，较市场一致预期高约1%。其中，国内游戏收入同比增长17%至473亿元，营销服务收入同比增长22%至436亿元，均显著超出预期。非国际财务报告准则净利润同比增长9%至684亿元，与市场预期基本持平。</p>\n<p>二季度最受市场关注的变量是资本开支的大幅跳升。当季资本开支达人民币528亿元，环比增长65%，同比增长176%，导致自由现金流转负至约负138亿元。若剔除AI相关支出及算力采购预付款，自由现金流则约为正376亿元。</p>\n<p>在维持腾讯买入评级的同时，多家华尔街机构将资本开支走势及其对盈利的影响列为下半年核心观察点。总体认为，AI的价值已在广告业务显现，高昂的资本开支旨在换取长期AI基础设施的门票。</p>\n<h2>国内游戏与广告领跑，国际游戏承压</h2>\n<p>国内游戏收入同比增长17%至473亿元，超出花旗预期约8%，超出<a href=\"https://laohu8.com/S/JEF\">杰富瑞</a>预期约7%。据花旗研究，增长主要由《三角洲行动》、《无畏契约》PC及移动端版本以及《洛克王国：世界》贡献。</p>\n<p>营销服务收入同比增长22%至436亿元，加速势头延续。据<a href=\"https://laohu8.com/S/GS\">高盛</a>研究，这一增速较一季度的20%进一步提升，主要受益于AI驱动的广告投放效率提升及闭环交易增长。花旗研究指出，腾讯旗下自动化广告管理解决方案AIM+的升级——引入AI端到端执行能力——是广告业务超预期的重要驱动因素。</p>\n<p>国际游戏收入则表现疲软，同比下滑0.8%至186亿元，按固定汇率计算增长约4%，低于市场一致预期约9%至10%。据高盛研究，《无畏契约》和《绝地求生：移动版》的增长被Supercell旗下产品表现放缓所抵消。</p>\n<p>金融科技与企业服务收入同比增长9%至603亿元，与各机构预期基本吻合。据<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>研究，其中云业务收入同比增速加速至低二十几个百分点，受AI需求、国际扩张及通用云服务需求提升驱动。</p>\n<h2>毛利率改善，AI新产品亏损扩大</h2>\n<p>二季度毛利润同比增长13%至1184亿元，毛利率为58%，高于花旗预期的56.9%及市场一致预期的约57%。</p>\n<p>非国际财务报告准则经营利润同比增长9%至756亿元，经营利润率为37%，较一季度的38.5%有所收窄。摩根士丹利研究指出，若剔除AI新产品亏损，经营利润同比增速可达19%。</p>\n<p>据高盛研究，AI新产品（包括混元大模型、WorkBuddy及小微）二季度亏损约105亿元，较一季度的88亿元进一步扩大，反映腾讯在AI产品<a href=\"https://laohu8.com/S/301365\">矩阵</a>上的持续加码投入。</p>\n<h2>资本开支骤增，自由现金流转负</h2>\n<p>二季度资本开支达528亿元，占总收入的26%，环比增长65%，同比增长176%，是本季度最受市场关注的财务指标。</p>\n<p>据高盛研究，腾讯管理层表示，若有需要，可将对外投资的AI基础设施通过腾讯云以具吸引力的价格对外出租，以此作为资本开支的下行保护机制。</p>\n<p>花旗研究指出，若剔除AI相关支出及算力采购预付款，自由现金流将由负138亿元转正至约376亿元，显示核心业务现金流生成能力依然稳健。</p>\n<h2>各行机构维持买入，目标价存分歧</h2>\n<p>四家机构均维持对腾讯的买入或增持评级，但目标价存在差异。</p>\n<p>花旗维持买入评级，目标价758港元，基于分类加总估值法，对应2026年预期市盈率约22.8倍；杰富瑞维持买入评级，目标价750港元；高盛维持买入评级，目标价700港元；摩根士丹利维持增持评级，目标价650港元，基于核心业务DCF估值加联营投资折价计算。</p>\n<p>各机构将下半年关注焦点集中于：AI资本开支走势及算力资源分配、混元大模型Hy4的发布时间表、WorkBuddy的商业化路径、微信AI助手（小微）的用户反馈与功能进展，以及宏观环境对广告需求的影响。</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\" 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}\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华尔街点评腾讯业绩：AI价值已在广告业务显现，高额资本开支旨在换取长期AI基础设施门票\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-08-13 08:41</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/00700\">腾讯控股</a>2026年第二季度业绩全面超出市场预期，国内游戏与广告收入双双录得强劲增长，但大幅攀升的AI相关资本开支令自由现金流转负，成为投资者关注的核心变量。</p>\n<p>腾讯二季度总收入同比增长11%至人民币2048亿元，较市场一致预期高约1%。其中，国内游戏收入同比增长17%至473亿元，营销服务收入同比增长22%至436亿元，均显著超出预期。非国际财务报告准则净利润同比增长9%至684亿元，与市场预期基本持平。</p>\n<p>二季度最受市场关注的变量是资本开支的大幅跳升。当季资本开支达人民币528亿元，环比增长65%，同比增长176%，导致自由现金流转负至约负138亿元。若剔除AI相关支出及算力采购预付款，自由现金流则约为正376亿元。</p>\n<p>在维持腾讯买入评级的同时，多家华尔街机构将资本开支走势及其对盈利的影响列为下半年核心观察点。总体认为，AI的价值已在广告业务显现，高昂的资本开支旨在换取长期AI基础设施的门票。</p>\n<h2>国内游戏与广告领跑，国际游戏承压</h2>\n<p>国内游戏收入同比增长17%至473亿元，超出花旗预期约8%，超出<a href=\"https://laohu8.com/S/JEF\">杰富瑞</a>预期约7%。据花旗研究，增长主要由《三角洲行动》、《无畏契约》PC及移动端版本以及《洛克王国：世界》贡献。</p>\n<p>营销服务收入同比增长22%至436亿元，加速势头延续。据<a href=\"https://laohu8.com/S/GS\">高盛</a>研究，这一增速较一季度的20%进一步提升，主要受益于AI驱动的广告投放效率提升及闭环交易增长。花旗研究指出，腾讯旗下自动化广告管理解决方案AIM+的升级——引入AI端到端执行能力——是广告业务超预期的重要驱动因素。</p>\n<p>国际游戏收入则表现疲软，同比下滑0.8%至186亿元，按固定汇率计算增长约4%，低于市场一致预期约9%至10%。据高盛研究，《无畏契约》和《绝地求生：移动版》的增长被Supercell旗下产品表现放缓所抵消。</p>\n<p>金融科技与企业服务收入同比增长9%至603亿元，与各机构预期基本吻合。据<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>研究，其中云业务收入同比增速加速至低二十几个百分点，受AI需求、国际扩张及通用云服务需求提升驱动。</p>\n<h2>毛利率改善，AI新产品亏损扩大</h2>\n<p>二季度毛利润同比增长13%至1184亿元，毛利率为58%，高于花旗预期的56.9%及市场一致预期的约57%。</p>\n<p>非国际财务报告准则经营利润同比增长9%至756亿元，经营利润率为37%，较一季度的38.5%有所收窄。摩根士丹利研究指出，若剔除AI新产品亏损，经营利润同比增速可达19%。</p>\n<p>据高盛研究，AI新产品（包括混元大模型、WorkBuddy及小微）二季度亏损约105亿元，较一季度的88亿元进一步扩大，反映腾讯在AI产品<a href=\"https://laohu8.com/S/301365\">矩阵</a>上的持续加码投入。</p>\n<h2>资本开支骤增，自由现金流转负</h2>\n<p>二季度资本开支达528亿元，占总收入的26%，环比增长65%，同比增长176%，是本季度最受市场关注的财务指标。</p>\n<p>据高盛研究，腾讯管理层表示，若有需要，可将对外投资的AI基础设施通过腾讯云以具吸引力的价格对外出租，以此作为资本开支的下行保护机制。</p>\n<p>花旗研究指出，若剔除AI相关支出及算力采购预付款，自由现金流将由负138亿元转正至约376亿元，显示核心业务现金流生成能力依然稳健。</p>\n<h2>各行机构维持买入，目标价存分歧</h2>\n<p>四家机构均维持对腾讯的买入或增持评级，但目标价存在差异。</p>\n<p>花旗维持买入评级，目标价758港元，基于分类加总估值法，对应2026年预期市盈率约22.8倍；杰富瑞维持买入评级，目标价750港元；高盛维持买入评级，目标价700港元；摩根士丹利维持增持评级，目标价650港元，基于核心业务DCF估值加联营投资折价计算。</p>\n<p>各机构将下半年关注焦点集中于：AI资本开支走势及算力资源分配、混元大模型Hy4的发布时间表、WorkBuddy的商业化路径、微信AI助手（小微）的用户反馈与功能进展，以及宏观环境对广告需求的影响。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f5b4b6a7fee10c4eab9f94135f834dbd","relate_stocks":{"LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. 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(USD) INC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD"},"source_url":"https://wallstreetcn.com/articles/3779308","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2659790780","content_text":"腾讯控股2026年第二季度业绩全面超出市场预期，国内游戏与广告收入双双录得强劲增长，但大幅攀升的AI相关资本开支令自由现金流转负，成为投资者关注的核心变量。\n腾讯二季度总收入同比增长11%至人民币2048亿元，较市场一致预期高约1%。其中，国内游戏收入同比增长17%至473亿元，营销服务收入同比增长22%至436亿元，均显著超出预期。非国际财务报告准则净利润同比增长9%至684亿元，与市场预期基本持平。\n二季度最受市场关注的变量是资本开支的大幅跳升。当季资本开支达人民币528亿元，环比增长65%，同比增长176%，导致自由现金流转负至约负138亿元。若剔除AI相关支出及算力采购预付款，自由现金流则约为正376亿元。\n在维持腾讯买入评级的同时，多家华尔街机构将资本开支走势及其对盈利的影响列为下半年核心观察点。总体认为，AI的价值已在广告业务显现，高昂的资本开支旨在换取长期AI基础设施的门票。\n国内游戏与广告领跑，国际游戏承压\n国内游戏收入同比增长17%至473亿元，超出花旗预期约8%，超出杰富瑞预期约7%。据花旗研究，增长主要由《三角洲行动》、《无畏契约》PC及移动端版本以及《洛克王国：世界》贡献。\n营销服务收入同比增长22%至436亿元，加速势头延续。据高盛研究，这一增速较一季度的20%进一步提升，主要受益于AI驱动的广告投放效率提升及闭环交易增长。花旗研究指出，腾讯旗下自动化广告管理解决方案AIM+的升级——引入AI端到端执行能力——是广告业务超预期的重要驱动因素。\n国际游戏收入则表现疲软，同比下滑0.8%至186亿元，按固定汇率计算增长约4%，低于市场一致预期约9%至10%。据高盛研究，《无畏契约》和《绝地求生：移动版》的增长被Supercell旗下产品表现放缓所抵消。\n金融科技与企业服务收入同比增长9%至603亿元，与各机构预期基本吻合。据摩根士丹利研究，其中云业务收入同比增速加速至低二十几个百分点，受AI需求、国际扩张及通用云服务需求提升驱动。\n毛利率改善，AI新产品亏损扩大\n二季度毛利润同比增长13%至1184亿元，毛利率为58%，高于花旗预期的56.9%及市场一致预期的约57%。\n非国际财务报告准则经营利润同比增长9%至756亿元，经营利润率为37%，较一季度的38.5%有所收窄。摩根士丹利研究指出，若剔除AI新产品亏损，经营利润同比增速可达19%。\n据高盛研究，AI新产品（包括混元大模型、WorkBuddy及小微）二季度亏损约105亿元，较一季度的88亿元进一步扩大，反映腾讯在AI产品矩阵上的持续加码投入。\n资本开支骤增，自由现金流转负\n二季度资本开支达528亿元，占总收入的26%，环比增长65%，同比增长176%，是本季度最受市场关注的财务指标。\n据高盛研究，腾讯管理层表示，若有需要，可将对外投资的AI基础设施通过腾讯云以具吸引力的价格对外出租，以此作为资本开支的下行保护机制。\n花旗研究指出，若剔除AI相关支出及算力采购预付款，自由现金流将由负138亿元转正至约376亿元，显示核心业务现金流生成能力依然稳健。\n各行机构维持买入，目标价存分歧\n四家机构均维持对腾讯的买入或增持评级，但目标价存在差异。\n花旗维持买入评级，目标价758港元，基于分类加总估值法，对应2026年预期市盈率约22.8倍；杰富瑞维持买入评级，目标价750港元；高盛维持买入评级，目标价700港元；摩根士丹利维持增持评级，目标价650港元，基于核心业务DCF估值加联营投资折价计算。\n各机构将下半年关注焦点集中于：AI资本开支走势及算力资源分配、混元大模型Hy4的发布时间表、WorkBuddy的商业化路径、微信AI助手（小微）的用户反馈与功能进展，以及宏观环境对广告需求的影响。","news_type":1,"symbols_score_info":{"EMCS":0.6,"SOCL":0.6,"ESPO":0.6,"XSOE":0.6,"AAXJ":0.6,"CXSE":0.6,"BIDD":0.6,"TCHI":0.6,"JEMA":0.6,"EEMX":0.6,"JADE":0.6,"FDNI":0.6,"KWEB":0.6,"00700":2.1,"TCEHY":2.1,"ODDS":0.6,"BKF":0.6,"LDEM":0.6,"FFEM":0.6,"EMC":0.6,"GAMR":0.6}},"isVote":1,"tweetType":1,"viewCount":397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":199363324801072,"gmtCreate":1689702690740,"gmtModify":1689703937104,"author":{"id":"3585583086175988","authorId":"3585583086175988","name":"易拉罐味汽水","avatar":"https://static.tigerbbs.com/659ec2130c2776cb15057b03681ba5cc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585583086175988","idStr":"3585583086175988"},"themes":[],"title":"","htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/199363324801072","repostId":"198635719630848","repostType":1,"repost":{"id":198635719630848,"gmtCreate":1689520009572,"gmtModify":1689552781572,"author":{"id":"4147080245847200","authorId":"4147080245847200","name":"浩歌行","avatar":"https://static.tigerbbs.com/40a2f3ea7a527a91fb68b0cff722bb33","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4147080245847200","idStr":"4147080245847200"},"themes":[],"title":"腾讯暂停回购，或现买入良机！","htmlText":"腾讯控股将于2023年8月16日公布中报业绩，按照香港证券法的相关规定：季度业绩披露前一个月为回购静默期，这也就意味着从下周开始腾讯将暂停每天4亿港元的日常回购计划。 而，南非大股东Prosus的抛售计划则不会停止，简单说就是卖家仍然在卖，买家却不能买；上面仍然在卸货，下面没有了承接！虽然Prosus每天抛售的腾讯股票市值不过4、5亿，占其全天成交量的比例也就在5%左右，通过对历史数据的统计和分析，腾讯的股价大概率还是会短期承压，对于想投资腾讯的朋友，可能会再次出现不错的买入机会。 从今年6月份开始，腾讯加大了回购力度，腾三亿就此变成腾4亿。但仍然难与大股东的抛售力度和节奏相匹配。开放式减持计划的执行已经一年多了，按照一周年的回顾总结，双方的操作数据如下： 不难看出： ①、一年来，大股东总共抛售腾讯股票数量约为3.2亿股（约占腾讯总股本的3.26%），持有的腾讯股权比例下降到25.56%。 ②、根据Prosus年报披露的数据，截至到3月31日其抛售腾讯带来的收入约为107亿美元。减持均价约为315港元/股。 ③、截至到2023年6月26日，Prosus回购股票总计花费126亿美元，与其卖出腾讯股票的收入相当。简单说，卖腾讯的收入全部投入股票回购。 ④、截至到2023年6月26日，腾讯回购股票总计：1.36亿股，花费总额约为430亿港元，折合美元54.9亿。占到大股东卖出的股权的1/2不到，主要的原因除了静默期不能回购之外，也说明腾讯的每日的回购力度小于大股东的抛售力度。但是，回购均价316港元/每股与大股东抛售的均价却相差无几。这也说明持续定投某个标的时，如果把投资的时间周期拉长，择时的意义并不大。 为什么说接下来一个月可能会出现买入腾讯的好机会？我们参考历史数据如下： 上图显示：每次腾讯暂停回购，期间股票价格均有10%-20%的下跌幅度。按照目前352港元/股的价格，接下","listText":"腾讯控股将于2023年8月16日公布中报业绩，按照香港证券法的相关规定：季度业绩披露前一个月为回购静默期，这也就意味着从下周开始腾讯将暂停每天4亿港元的日常回购计划。 而，南非大股东Prosus的抛售计划则不会停止，简单说就是卖家仍然在卖，买家却不能买；上面仍然在卸货，下面没有了承接！虽然Prosus每天抛售的腾讯股票市值不过4、5亿，占其全天成交量的比例也就在5%左右，通过对历史数据的统计和分析，腾讯的股价大概率还是会短期承压，对于想投资腾讯的朋友，可能会再次出现不错的买入机会。 从今年6月份开始，腾讯加大了回购力度，腾三亿就此变成腾4亿。但仍然难与大股东的抛售力度和节奏相匹配。开放式减持计划的执行已经一年多了，按照一周年的回顾总结，双方的操作数据如下： 不难看出： ①、一年来，大股东总共抛售腾讯股票数量约为3.2亿股（约占腾讯总股本的3.26%），持有的腾讯股权比例下降到25.56%。 ②、根据Prosus年报披露的数据，截至到3月31日其抛售腾讯带来的收入约为107亿美元。减持均价约为315港元/股。 ③、截至到2023年6月26日，Prosus回购股票总计花费126亿美元，与其卖出腾讯股票的收入相当。简单说，卖腾讯的收入全部投入股票回购。 ④、截至到2023年6月26日，腾讯回购股票总计：1.36亿股，花费总额约为430亿港元，折合美元54.9亿。占到大股东卖出的股权的1/2不到，主要的原因除了静默期不能回购之外，也说明腾讯的每日的回购力度小于大股东的抛售力度。但是，回购均价316港元/每股与大股东抛售的均价却相差无几。这也说明持续定投某个标的时，如果把投资的时间周期拉长，择时的意义并不大。 为什么说接下来一个月可能会出现买入腾讯的好机会？我们参考历史数据如下： 上图显示：每次腾讯暂停回购，期间股票价格均有10%-20%的下跌幅度。按照目前352港元/股的价格，接下","text":"腾讯控股将于2023年8月16日公布中报业绩，按照香港证券法的相关规定：季度业绩披露前一个月为回购静默期，这也就意味着从下周开始腾讯将暂停每天4亿港元的日常回购计划。 而，南非大股东Prosus的抛售计划则不会停止，简单说就是卖家仍然在卖，买家却不能买；上面仍然在卸货，下面没有了承接！虽然Prosus每天抛售的腾讯股票市值不过4、5亿，占其全天成交量的比例也就在5%左右，通过对历史数据的统计和分析，腾讯的股价大概率还是会短期承压，对于想投资腾讯的朋友，可能会再次出现不错的买入机会。 从今年6月份开始，腾讯加大了回购力度，腾三亿就此变成腾4亿。但仍然难与大股东的抛售力度和节奏相匹配。开放式减持计划的执行已经一年多了，按照一周年的回顾总结，双方的操作数据如下： 不难看出： ①、一年来，大股东总共抛售腾讯股票数量约为3.2亿股（约占腾讯总股本的3.26%），持有的腾讯股权比例下降到25.56%。 ②、根据Prosus年报披露的数据，截至到3月31日其抛售腾讯带来的收入约为107亿美元。减持均价约为315港元/股。 ③、截至到2023年6月26日，Prosus回购股票总计花费126亿美元，与其卖出腾讯股票的收入相当。简单说，卖腾讯的收入全部投入股票回购。 ④、截至到2023年6月26日，腾讯回购股票总计：1.36亿股，花费总额约为430亿港元，折合美元54.9亿。占到大股东卖出的股权的1/2不到，主要的原因除了静默期不能回购之外，也说明腾讯的每日的回购力度小于大股东的抛售力度。但是，回购均价316港元/每股与大股东抛售的均价却相差无几。这也说明持续定投某个标的时，如果把投资的时间周期拉长，择时的意义并不大。 为什么说接下来一个月可能会出现买入腾讯的好机会？我们参考历史数据如下： 上图显示：每次腾讯暂停回购，期间股票价格均有10%-20%的下跌幅度。按照目前352港元/股的价格，接下","images":[{"img":"https://static.tigerbbs.com/f3a61fd8f3244e389885909b9b5efcb4"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/198635719630848","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":6040,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}
