Jinyx_21g_的个人主页 - 老虎社区

Jinyx_21g_

Jinyx_21g_

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IP属地：河南

26关注

3粉丝

2主题

0勋章

2025-04-12

让xx飞一会！不要相信专家！

2025-11-25

$小米集团-W(01810)$ 卖盘，这么多，都在逃？？？？

2025-04-12

有盈利就清仓！等下次深坑在进！

2025-11-25

左手卖给你，右手投资你，谁赚钱了？

反击大空头！英伟达致信华尔街分析师，反驳会计丑闻等指控

2025-04-04

清仓，速度清仓！！！！！！！！

2025-12-22

$Haleon(HLN)$ 很难突破15…2025年还有2周。

2025-12-12

$博通(AVGO)$ 突破450！

2025-12-10

注销掉！

小米集团：12月10日斥资约1亿港元回购240万股B类股份

2025-11-27

跟空头！28日继续跟空头！

“大空头 vs 英伟达”论战继续！“大空头”逐条反驳英伟达回应：不敢相信这来自全球市值最高公司

2025-11-25

AI泡沫，膨胀起来了，甩开膀子干活！

阿里电话会：未来三年内没有AI泡沫，千问APP打造未来的AI生活入口，预计闪购投入将在下季度显著收缩，3800亿资本开支可能偏小

2025-04-19

预计会下跌，政府的态度，严重影响市场情绪，投资者，现金为王，回笼资金，过寒冬！

2025-12-19

$小米集团-W(01810)$ 都涨起来了，别睡着了

2025-12-16

生日快乐！送网友股东礼物，-6.3%！！

雷军今天生日：网友集体送祝福希望他和小米越来越好、强大

2025-12-11

值得20个点上涨空间！

小米智能家电工厂首款自产空调：米家中央空调Pro双风轮官宣本月发布

2025-12-05

$特斯拉(TSLA)$ 下跌到380

2025-11-28

亏麻了，继续下跌

美团：三季度营收954.9亿元，调整后净亏损160亿元，预计亏损将延续

2025-11-26

宣传了，没有用，拉不起来？

三大巨头联手“杀入” 中国第90家财险公司来了

2025-11-25

博通

2025-11-25

与特斯拉的不一样。自动驾驶已经成为现实

英伟达开源自动驾驶训练加速工具包ACCV-Lab

2025-09-18

有加汽油版本的机器人吗？

去老虎APP查看更多动态

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href=\"https://laohu8.com/S/06082\">壁仞科技</a>定价19.60港元/股，成18c以来最大IPO</p><p>12月31日，“港股GPU第一股”壁仞科技的认购反响强烈，其招股期间获得2363倍超额认购。12月30日，壁仞科技（股票代码：06082.HK）发布定价结果，最终确定H股发行的价格为每股19.60港元，以上限定价，募资额48.55亿，成为香港上市规则18C章节启用以来募资规模最大的IPO。壁仞科技预计将于2026年1月2日开始在<a href=\"https://laohu8.com/S/00388\">港交所</a>挂牌交易，是2026年港股新年首只上市新股，由<a href=\"https://laohu8.com/S/601995\">中金公司</a>、平安证券（香港）及中银国际担任联席保荐人。（凤凰网）</p><p><a href=\"https://laohu8.com/S/NIO\">蔚来</a>12月交付汽车4.81万辆，同比增长54.6%</p><p>1月1日，<a href=\"https://laohu8.com/S/09866\">蔚来</a>公司公布2025年关键交付数据及业务进展，全年交付新车326,028台，创历史新高，同比增长46.9%；其中12月单月交付48,135台，同样刷新历史纪录，同比增长54.6%，多品牌协同发展成效显著，同时换电网络建设再迎突破，2026年技术研发成果与基础设施升级计划同步明晰。（爱集微）</p><p>字节跳动大采购<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>H200 英业达沾光</p><p>中国大陆云端巨头字节跳动传出2026年将斥资人民币1,000亿元（约新台币4,482亿元）采购英伟达H200芯片，若顺利通过美国商务部审核，业界预期，英业达（2356）今年有机会拿下相关AI服务器代工大单，业绩可望优于市场预期。（经济日报）</p><p><strong>海外要闻</strong></p><p><a href=\"https://laohu8.com/S/TSM\">台积电</a>、<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>2nm制程大PK 史上最贵手机芯片来了</p><p>台积电、三星制程节点都推进至2nm，智能手机可望成为首批终端应用，其中，台积电通吃<a href=\"https://laohu8.com/S/AAPL\">苹果</a>、<a href=\"https://laohu8.com/S/QCOM\">高通</a>、联发科最新2nm处理器大单，成为大赢家；三星也大秀2nm肌肉，打造Exynos 2600处理器，用于自家手机。（经济日报）</p><p>扎克伯格为何上百亿收购Manus？美媒揭秘三大原因</p><p>北京时间12月31日，据《商业内幕》报道，AI领域的交易热潮持续不减，这次轮到社交媒体巨头<a href=\"https://laohu8.com/S/META\">Meta</a>出手了。Meta周一宣布，将收购新加坡AI<a href=\"https://laohu8.com/S/V03.SI\">创业公司</a>Manus。（凤凰网）</p><p>MiniMax拟1月在港上市：融资超6亿美元 <a href=\"https://laohu8.com/S/09988\">阿里</a>等成为基石投资者</p><p>北京时间12月30日，据彭博社报道，知情人士称，AI大模型创业公司MiniMax(上海稀宇科技)即将在中国香港首次公开招股(IPO)，目前已锁定<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>集团、阿布扎比投资局为基石投资者。据知情人士透露，MiniMax寻求通过这次IPO筹集超过6亿美元资金，预计最早将从周三开始接受投资者认购，1月挂牌上市。（凤凰网）</p><p>本公众号所刊发稿件及图片来源于网络，仅用于交流使用，如有侵权请联系回复，我们收到信息后会在24小时内处理。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260102205646a6ebb6bc&s=b><strong>AI芯天下</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>聚焦:人工智能、芯片等行业欢迎各位客官关注、转发每日芯报0102期鸿蒙智行12月交付89611台 全年累计交付589107台1月1日，鸿蒙智行官博宣布，2025年鸿蒙智行全年累计交付589107台，年同比增长32%，历时43个月达成“百万交付”；12月单月交付89611台，连续三个月创月度交付历史新高。（凤凰网）超额认购超2300倍！“港股GPU第一股”壁仞科技定价19.60港元/股，成18c以来...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260102205646a6ebb6bc&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","NVDA":"英伟达","LU1923622614.USD":"Natixis Thematics Meta R/A USD","NVDS.UK":"LS -1X NVIDIA","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","NVD3.UK":"LS 3X NVIDIA","LU2413666426.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (HKD) ACC","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","SG9999014542.SGD":"United Income Focus 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英业达沾光中国大陆云端巨头字节跳动传出2026年将斥资人民币1,000亿元（约新台币4,482亿元）采购英伟达H200芯片，若顺利通过美国商务部审核，业界预期，英业达（2356）今年有机会拿下相关AI服务器代工大单，业绩可望优于市场预期。（经济日报）海外要闻台积电、三星2nm制程大PK 史上最贵手机芯片来了台积电、三星制程节点都推进至2nm，智能手机可望成为首批终端应用，其中，台积电通吃苹果、高通、联发科最新2nm处理器大单，成为大赢家；三星也大秀2nm肌肉，打造Exynos 2600处理器，用于自家手机。（经济日报）扎克伯格为何上百亿收购Manus？美媒揭秘三大原因北京时间12月31日，据《商业内幕》报道，AI领域的交易热潮持续不减，这次轮到社交媒体巨头Meta出手了。Meta周一宣布，将收购新加坡AI创业公司Manus。（凤凰网）MiniMax拟1月在港上市：融资超6亿美元 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都涨起来了，别睡着了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/512389408227936","isVote":1,"tweetType":1,"viewCount":538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":512074533494808,"gmtCreate":1766045266488,"gmtModify":1766045269349,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"htmlText":"卖出，过新年！","listText":"卖出，过新年！","text":"卖出，过新年！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/512074533494808","isVote":1,"tweetType":1,"viewCount":319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":511285703037520,"gmtCreate":1765852507083,"gmtModify":1765852509288,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"title":"","htmlText":"生日快乐！送网友股东礼物，-6.3%！！","listText":"生日快乐！送网友股东礼物，-6.3%！！","text":"生日快乐！送网友股东礼物，-6.3%！！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/511285703037520","repostId":"2591673069","repostType":2,"repost":{"id":"2591673069","kind":"news","pubTimestamp":1765844829,"share":"https://www.laohu8.com/m/news/2591673069?lang=zh_CN&edition=full","pubTime":"2025-12-16 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href=\"https://tech.ifeng.com/c/8p7eiFoQKAf\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","KC":"金山云","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1720050803.USD":"安联全方位中国股票基金","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","HXXD.SI":"Xiaomi HK SDR 2to1","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","XIACY":"小米集团ADR","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) 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10:07","market":"hk","language":"zh","title":"小米智能家电工厂首款自产空调：米家中央空调Pro双风轮官宣本月发布","url":"https://stock-news.laohu8.com/highlight/detail?id=2590579568","media":"快科技","summary":"今天小米官方宣布，从这座智能家电工厂诞生的首款产品——米家中央空调Pro双风轮本月发布，这也是小米首款自产的中央空调。据悉，小米智能家电工厂位于武汉新城，集研发、生产、验证一体，拥有6大车间，46间实验室。小米米家中央空调Pro双风轮系列目前已经开启预约，拥有双风轮、超低频6Hz；支持新形态双出风，暖风下出超温暖。","content":"<html><body><article><p>快科技12月11日消息，<a href=\"https://laohu8.com/S/XIACY\">小米</a>智能家电工厂于10月正式在武汉竣工投产，前不久，<a href=\"https://laohu8.com/S/01810\">小米</a>智能家电工厂的研发楼也正式启用。</p><p><strong>今天<a href=\"https://laohu8.com/S/81810\">小米</a>官方宣布，从这座智能家电工厂诞生的首款产品——米家中央空调Pro双风轮本月发布，这也是小米首款自产的中央空调。</strong></p><img src=\"https://fid-75186.picgzc.qpic.cn/20251211101540711d163hrvsj83nbtj\"/><p><strong>据悉，小米智能家电工厂位于武汉新城，集研发、生产、验证一体，拥有6大车间，46间实验室。</strong></p><p>此外还包括实验楼、成品物流库、中心仓，实现研发、生产、供应、物流一体化运营。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251211101547659d163y3yh27xda7t\"/><p>工厂依托自研小米澎湃智能制造平台，搭配AI视觉质检，关键产线实现100%自动化，保证高效率精密制造。</p><p><strong>官方介绍，该工厂6.5秒就能下线一台高端空调，关键部件实现100%精准检测，树立智能制造的新标杆。</strong></p><img src=\"https://fid-75186.picgzc.qpic.cn/20251211101549064d163iq6t9cknv8g\"/><p>据此前爆料，该工厂后续会实现小米空调、冰箱、洗衣机等家电产品的全面自产，摆脱大家都对于小米家电代工、贴牌的固有印象。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251211101551624d163n2d2leleb6m\"/><p><strong>小米米家中央空调Pro双风轮系列目前已经开启预约，拥有双风轮、超低频6Hz；支持新形态双出风，暖风下出超温暖。</strong></p><p><a href=\"https://laohu8.com/S/JD\">京东</a>商品页已经上架了五款不同的型号，分别是5匹一拖四、6匹一拖四、大6匹一拖五、7匹一拖六、8匹一拖六。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251211101553243d163lya16lgb30o\"/></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta 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padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小米智能家电工厂首款自产空调：米家中央空调Pro双风轮官宣本月发布\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-11 10:07 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251211101555979bcc0c&s=b><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技12月11日消息，小米智能家电工厂于10月正式在武汉竣工投产，前不久，小米智能家电工厂的研发楼也正式启用。今天小米官方宣布，从这座智能家电工厂诞生的首款产品——米家中央空调Pro双风轮本月发布，这也是小米首款自产的中央空调。据悉，小米智能家电工厂位于武汉新城，集研发、生产、验证一体，拥有6大车间，46间实验室。此外还包括实验楼、成品物流库、中心仓，实现研发、生产、供应、物流一体化运营。工厂...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251211101555979bcc0c&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","BK1506":"5G概念","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0359201885.HKD":"BGF 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18:03","market":"hk","language":"zh","title":"小米集团：12月10日斥资约1亿港元回购240万股B类股份","url":"https://stock-news.laohu8.com/highlight/detail?id=1198518002","media":"老虎资讯综合","summary":"每股回购价格为41.82港元-41.92港元。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/01810\">小米集团-W</a> ：12月10日斥资约1亿港元回购240万股B类股份，每股回购价格为41.82港元-41.92港元。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00ea41cbcf320154282d5f673adeab43\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>小米集团：12月10日斥资约1亿港元回购240万股B类股份</title>\n<style 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href=\"https://laohu8.com/S/01810\">小米集团-W</a> ：12月10日斥资约1亿港元回购240万股B类股份，每股回购价格为41.82港元-41.92港元。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00ea41cbcf320154282d5f673adeab43\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aea2b9ab8a046974039715aed46d9985","relate_stocks":{"XIACY":"小米集团ADR","01810":"小米集团-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198518002","content_text":"小米集团-W ：12月10日斥资约1亿港元回购240万股B类股份，每股回购价格为41.82港元-41.92港元。","news_type":1,"symbols_score_info":{"01810":2,"XIACY":2}},"isVote":1,"tweetType":1,"viewCount":409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":509413903315296,"gmtCreate":1765355526944,"gmtModify":1765355529181,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"htmlText":"HashKey，很不错。支持","listText":"HashKey，很不错。支持","text":"HashKey，很不错。支持","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/509413903315296","isVote":1,"tweetType":1,"viewCount":462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":508982864020464,"gmtCreate":1765294827378,"gmtModify":1765294829995,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"htmlText":"博通更有把握突破！","listText":"博通更有把握突破！","text":"博通更有把握突破！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/508982864020464","isVote":1,"tweetType":1,"viewCount":276,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":508444129997200,"gmtCreate":1765162466754,"gmtModify":1765162915165,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"title":"","htmlText":"破产，重组，一大批新能源车企业倒闭！","listText":"破产，重组，一大批新能源车企业倒闭！","text":"破产，重组，一大批新能源车企业倒闭！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/508444129997200","repostId":"2589812388","repostType":2,"repost":{"id":"2589812388","kind":"news","pubTimestamp":1765160400,"share":"https://www.laohu8.com/m/news/2589812388?lang=zh_CN&edition=full","pubTime":"2025-12-08 10:20","market":"hk","language":"zh","title":"中国新能源汽车，在2026年，将遇到最大考验，会倒下多少家？","url":"https://stock-news.laohu8.com/highlight/detail?id=2589812388","media":"Ofweek光电信息网","summary":"2025年已经过去了11个多月，在这11个月里，大部分的车企销量都创了新高。不过，结合2025年的目标，我们发现，很多车企，其实是完不成今年的目标的。在这样的背景之下，再结合当前的形势，几乎可以判断出，2026年，将会迎来最难过的一年。但是2026年，以旧换新很难再持续了，这是第一重。所以2026年，我们或许能看到更多的车企倒下，至于谁倒下，谁活着，就要让我们拭目以待了。","content":"<html><body><article><p>2025年已经过去了11个多月，在这11个月里，大部分的车企销量都创了新高。</p><p>不过，结合2025年的目标，我们发现，很多车企，其实是完不成今年的目标的。</p><p>到目前，完成了年度目标的车企，只有3家，分别是<a href=\"https://laohu8.com/S/XIACY\">小米</a>、<a href=\"https://laohu8.com/S/09863\">零跑</a>、小鹏，但这三家的目标都不太高。</p><img src=\"https://mp.ofweek.com/Upload/News/Img/member46034/202512/06151726245571.jpg\"/><p>列出了比较有代表的品牌，不包括全部品牌</p><p>而像<a href=\"https://laohu8.com/S/BYDDY\">比亚迪</a>、<a href=\"https://laohu8.com/S/600104\">上汽</a>、<a href=\"https://laohu8.com/S/00175\">吉利</a>则完成率超过90%，有望完成。至于有一些车企，则希望不大了，甚至有一些低于70%的，不可能完成了。</p><p>而我们再结合一下车企前面三个季度的业绩情况，会发现大家的利润真的都不高，14大车企平均利润率只有1.76%，一半亏钱，可以说创下了五年最低。</p><p>很多车企是车卖的越来越多了，收入确实是增长了，但利润却下滑了。</p><img src=\"https://mp.ofweek.com/Upload/News/Img/member46034/202512/06151728602868.jpg\"/><p>在这样的背景之下，再结合当前的形势，几乎可以判断出，2026年，将会迎来最难过的一年。</p><p>我们知道，最近10年以来，为了激励新能源汽车产业的发展，几乎每一年，都有着补贴，而靠着补贴，确实也吸引到了众多的用户换新能源。</p><p>以2025年为例，按照官方数据，以旧换新在前面11个月带来了1120万辆汽车的销量，而今年1-11月共卖出汽车2100万辆，意味着一半多是用这个政策吸引过来的。</p><img src=\"https://mp.ofweek.com/Upload/News/Img/member46034/202512/06151728766117.jpg\"/><p>但是2026年，以旧换新很难再持续了，这是第一重。</p><p>第二则是购置税补贴，明年也会退坡了，有些是直接减半，这对于用户而言，也是一个较大的支出，所以可能会进一步的冷却部分用户的换车需求。</p><p>另外，按照机构的分析，目前整个汽车市场，其实已经出现了一种现象，那就是整体销量见顶、增速放缓的情况了。</p><img src=\"https://mp.ofweek.com/Upload/News/Img/member46034/202512/06151730285647.jpg\"/><p>但是，因为房地产热潮退了，汽车已经成为了新的经济增长引擎，所以目前各大车企，其实在各种背景之下，都是疯狂扩产，已经开始出现了供大于求的现象了，所以明年一定会出现价格战，没有任何意外。</p><p>价格战，就又会导致车企的利润下滑，但大家又不愿意关门认输，及时止损，只会更加的加大力度，淘汰掉别人，这就会陷入另外一个麻烦之中，那就是“看似谁都还活着，实际上谁都不好过”。</p><img src=\"https://mp.ofweek.com/Upload/News/Img/member46034/202512/06151732809935.jpg\"/><p>但是，不可避免的，在2026年，注定会发生一些现象，那就是技术不强，品牌不够硬、效率不高的车企，融资能力也不强的车企，就算想活着，也未必能活下来，可能被迫退出竞争赛。</p><p>所以2026年，我们或许能看到更多的车企倒下，至于谁倒下，谁活着，就要让我们拭目以待了。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中国新能源汽车，在2026年，将遇到最大考验，会倒下多少家？</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中国新能源汽车，在2026年，将遇到最大考验，会倒下多少家？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-08 10:20 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251208102349a43a4c34&s=b><strong>Ofweek光电信息网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2025年已经过去了11个多月，在这11个月里，大部分的车企销量都创了新高。不过，结合2025年的目标，我们发现，很多车企，其实是完不成今年的目标的。到目前，完成了年度目标的车企，只有3家，分别是小米、零跑、小鹏，但这三家的目标都不太高。列出了比较有代表的品牌，不包括全部品牌而像比亚迪、上汽、吉利则完成率超过90%，有望完成。至于有一些车企，则希望不大了，甚至有一些低于70%的，不可能完成了。而...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251208102349a43a4c34&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09868":"小鹏汽车-W","BK1587":"次新股","XPEV":"小鹏汽车","BK1588":"回港中概股","00175":"吉利汽车","BK1575":"同股不同权","BK1539":"汽车股","BK1119":"汽车制造商","01211":"比亚迪股份","01810":"小米集团-W","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","BK1610":"ETF&股票定投概念"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251208102349a43a4c34&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2589812388","content_text":"2025年已经过去了11个多月，在这11个月里，大部分的车企销量都创了新高。不过，结合2025年的目标，我们发现，很多车企，其实是完不成今年的目标的。到目前，完成了年度目标的车企，只有3家，分别是小米、零跑、小鹏，但这三家的目标都不太高。列出了比较有代表的品牌，不包括全部品牌而像比亚迪、上汽、吉利则完成率超过90%，有望完成。至于有一些车企，则希望不大了，甚至有一些低于70%的，不可能完成了。而我们再结合一下车企前面三个季度的业绩情况，会发现大家的利润真的都不高，14大车企平均利润率只有1.76%，一半亏钱，可以说创下了五年最低。很多车企是车卖的越来越多了，收入确实是增长了，但利润却下滑了。在这样的背景之下，再结合当前的形势，几乎可以判断出，2026年，将会迎来最难过的一年。我们知道，最近10年以来，为了激励新能源汽车产业的发展，几乎每一年，都有着补贴，而靠着补贴，确实也吸引到了众多的用户换新能源。以2025年为例，按照官方数据，以旧换新在前面11个月带来了1120万辆汽车的销量，而今年1-11月共卖出汽车2100万辆，意味着一半多是用这个政策吸引过来的。但是2026年，以旧换新很难再持续了，这是第一重。第二则是购置税补贴，明年也会退坡了，有些是直接减半，这对于用户而言，也是一个较大的支出，所以可能会进一步的冷却部分用户的换车需求。另外，按照机构的分析，目前整个汽车市场，其实已经出现了一种现象，那就是整体销量见顶、增速放缓的情况了。但是，因为房地产热潮退了，汽车已经成为了新的经济增长引擎，所以目前各大车企，其实在各种背景之下，都是疯狂扩产，已经开始出现了供大于求的现象了，所以明年一定会出现价格战，没有任何意外。价格战，就又会导致车企的利润下滑，但大家又不愿意关门认输，及时止损，只会更加的加大力度，淘汰掉别人，这就会陷入另外一个麻烦之中，那就是“看似谁都还活着，实际上谁都不好过”。但是，不可避免的，在2026年，注定会发生一些现象，那就是技术不强，品牌不够硬、效率不高的车企，融资能力也不强的车企，就算想活着，也未必能活下来，可能被迫退出竞争赛。所以2026年，我们或许能看到更多的车企倒下，至于谁倒下，谁活着，就要让我们拭目以待了。","news_type":1,"symbols_score_info":{"01211":0.9,"01810":0.9,"09868":1.86,"XPEV":1.86,"00175":0.9}},"isVote":1,"tweetType":1,"viewCount":459,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":507499918971280,"gmtCreate":1764931946484,"gmtModify":1764931948765,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"title":"","htmlText":"<a 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下跌到380","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/507499918971280","isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":507499593810688,"gmtCreate":1764931877274,"gmtModify":1764939352716,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"title":"","htmlText":"麻烦，交一下罚款。","listText":"麻烦，交一下罚款。","text":"麻烦，交一下罚款。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/507499593810688","repostId":"2589485923","repostType":2,"repost":{"id":"2589485923","kind":"news","pubTimestamp":1764896065,"share":"https://www.laohu8.com/m/news/2589485923?lang=zh_CN&edition=full","pubTime":"2025-12-05 08:54","market":"sh","language":"zh","title":"美媒实测特斯拉FSD：开车发短信，真的没问题吗？","url":"https://stock-news.laohu8.com/highlight/detail?id=2589485923","media":"凤凰网科技","summary":"特斯拉CEO埃隆·马斯克周四确认，最新FSD系统允许车主在特定场景下发短信，靠系统来自动驾驶。有网友在X上提问称，FSD v14.2.1版本是否允许边开车边发短信？他正在体验特斯拉近期向数百万车辆推送的免费FSD试用活动。然而，尽管马斯克表示车主可以在最新FSD系统下边开车边发短信，这并不意味着车主在加州就可以这么做。理发结束后，巴尔在回家的路上重复了FSD测试，同时给妻子发短信。","content":"<html><body><p><img src=\"https://x0.ifengimg.com/ucms/2025_49/36F0B3D476CCA6D9FD61A9B64E5EE20E5E68AF8F_size1927_w1584_h1152.png\"/></p><p>巴尔边开车边发短信</p><p><a href=\"https://laohu8.com/S/600716\">凤凰</a>网科技讯 北京时间12月5日，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>已推送全自动驾驶系统(FSD)更新，现在允许车主在车辆处于自动驾驶模式时发短信。这一功能是否安全呢？美国《商业内幕》杂志对此进行了实测。</p><p><strong>特斯拉CEO埃隆·马斯克(Elon Musk)周四确认，最新FSD系统允许车主在特定场景下发短信，靠系统来自动驾驶。</strong></p><p>有网友在X上提问称，FSD v14.2.1版本是否允许边开车边发短信？马斯克对此回应称，“是的，具体要视周围交通状况而定”。</p><p><strong>实测</strong></p><p>《商业内幕》科技简报栏目的撰稿人<a href=\"https://laohu8.com/S/AVY\">艾利</a>斯塔·巴尔(Alistair Barr)决定用他的2024款特斯拉Model 3亲自测试一下，看看这个自动驾驶系统能达到什么程度，在发短信的新场景下表现如何。</p><p>巴尔刚刚更新了FSD系统，版本为v14.2.1 2025.38.9.6。他正在体验特斯拉近期向数百万车辆推送的免费FSD试用活动。这项服务通常月费为100美元，但是目前正作为新版软件的推广福利免费开放。</p><p><img src=\"https://x0.ifengimg.com/ucms/2025_49/5D9ABB70D8B98ED3F7C4042E2C24D958245B7160_size118_w1178_h682.png\"/></p><p>马斯克称特定场景下可以发短信</p><p>测试从巴尔的硅谷家用车道开始，他选择了一条前往本地理发店的短途路线。点击屏幕上新增的蓝色“启动自动驾驶”按钮后，车辆便开始自动驾驶。</p><p>为了让测试更具真实感，他在车辆自动驾驶过程中，使用iPhone通过Slack向《商业内幕》的同事发送了实时动态。以下是他在行程中分享的操作记录：</p><p>“我正坐在FSD驾驶的特斯拉里发消息。”</p><p>“车辆未中断我的操作或发出警示。”</p><p>“当前处于‘舒适模式’，属于非激进驾驶风格。”</p><p>“刚提示需要轻扶方向盘了。”</p><p>“接着发出蜂鸣声提醒我注意路况。”</p><p>“但车辆仍在自动驾驶。”</p><p>“已抵达理发店，车辆正自动泊车，我还在打字。”</p><p>“行程结束。”</p><p>这次全自动驾驶行程持续了大约7分钟，特斯拉载着巴尔在阳光明媚、天气晴朗的下午穿过家乡。</p><p><strong>全程平稳无意外</strong></p><p>途中，巴尔的Model 3曾经过一段棘手的双车道窄路。这段路本可双向通行，却因两侧停满居民车辆而显得格外局促。</p><p>在巴尔低头打字时，特斯拉会停顿，然后在这些停放车辆和迎面而来的车辆之间穿插移动，其中还包括一辆正在收运垃圾的大型环卫车。</p><p>整个行程没有发生任何意外。车辆行驶平稳、谨慎，适时让行，并在所有停车标志处停下。</p><p>然而，尽管马斯克表示车主可以在最新FSD系统下边开车边发短信，这并不意味着车主在加州就可以这么做。加州对分心驾驶有明确规定，且罚款相当高。不过，这些规定是基于人类驾驶车辆而制定的，而不是针对自动驾驶汽车，所以人类已驶入了法律监管的新疆域。</p><p>理发结束后，巴尔在回家的路上重复了FSD测试，同时给妻子发短信。(作者/箫雨)</p><p>更多一手新闻，欢迎下载凤凰新闻客户端订阅凤凰网科技。想看深度报道，请微信搜索“凤凰网科技”。</p></body></html>","source":"fenghuang_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美媒实测特斯拉FSD：开车发短信，真的没问题吗？</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美媒实测特斯拉FSD：开车发短信，真的没问题吗？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-05 08:54 北京时间&nbsp;&nbsp;&nbsp;<a href=https://tech.ifeng.com/c/8opXgnxR8VW><strong>凤凰网科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>巴尔边开车边发短信凤凰网科技讯 北京时间12月5日，特斯拉已推送全自动驾驶系统(FSD)更新，现在允许车主在车辆处于自动驾驶模式时发短信。这一功能是否安全呢？美国《商业内幕》杂志对此进行了实测。特斯拉CEO埃隆·马斯克(Elon Musk)周四确认，最新FSD系统允许车主在特定场景下发短信，靠系统来自动驾驶。有网友在X上提问称，FSD v14.2.1版本是否允许边开车边发短信？马斯克对此回应称，“...</p>\n\n<a href=\"https://tech.ifeng.com/c/8opXgnxR8VW\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU0109391861.USD":"富兰克林美国机遇基金A Acc","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) 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ACC"},"source_url":"https://tech.ifeng.com/c/8opXgnxR8VW","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2589485923","content_text":"巴尔边开车边发短信凤凰网科技讯 北京时间12月5日，特斯拉已推送全自动驾驶系统(FSD)更新，现在允许车主在车辆处于自动驾驶模式时发短信。这一功能是否安全呢？美国《商业内幕》杂志对此进行了实测。特斯拉CEO埃隆·马斯克(Elon Musk)周四确认，最新FSD系统允许车主在特定场景下发短信，靠系统来自动驾驶。有网友在X上提问称，FSD v14.2.1版本是否允许边开车边发短信？马斯克对此回应称，“是的，具体要视周围交通状况而定”。实测《商业内幕》科技简报栏目的撰稿人艾利斯塔·巴尔(Alistair Barr)决定用他的2024款特斯拉Model 3亲自测试一下，看看这个自动驾驶系统能达到什么程度，在发短信的新场景下表现如何。巴尔刚刚更新了FSD系统，版本为v14.2.1 2025.38.9.6。他正在体验特斯拉近期向数百万车辆推送的免费FSD试用活动。这项服务通常月费为100美元，但是目前正作为新版软件的推广福利免费开放。马斯克称特定场景下可以发短信测试从巴尔的硅谷家用车道开始，他选择了一条前往本地理发店的短途路线。点击屏幕上新增的蓝色“启动自动驾驶”按钮后，车辆便开始自动驾驶。为了让测试更具真实感，他在车辆自动驾驶过程中，使用iPhone通过Slack向《商业内幕》的同事发送了实时动态。以下是他在行程中分享的操作记录：“我正坐在FSD驾驶的特斯拉里发消息。”“车辆未中断我的操作或发出警示。”“当前处于‘舒适模式’，属于非激进驾驶风格。”“刚提示需要轻扶方向盘了。”“接着发出蜂鸣声提醒我注意路况。”“但车辆仍在自动驾驶。”“已抵达理发店，车辆正自动泊车，我还在打字。”“行程结束。”这次全自动驾驶行程持续了大约7分钟，特斯拉载着巴尔在阳光明媚、天气晴朗的下午穿过家乡。全程平稳无意外途中，巴尔的Model 3曾经过一段棘手的双车道窄路。这段路本可双向通行，却因两侧停满居民车辆而显得格外局促。在巴尔低头打字时，特斯拉会停顿，然后在这些停放车辆和迎面而来的车辆之间穿插移动，其中还包括一辆正在收运垃圾的大型环卫车。整个行程没有发生任何意外。车辆行驶平稳、谨慎，适时让行，并在所有停车标志处停下。然而，尽管马斯克表示车主可以在最新FSD系统下边开车边发短信，这并不意味着车主在加州就可以这么做。加州对分心驾驶有明确规定，且罚款相当高。不过，这些规定是基于人类驾驶车辆而制定的，而不是针对自动驾驶汽车，所以人类已驶入了法律监管的新疆域。理发结束后，巴尔在回家的路上重复了FSD测试，同时给妻子发短信。(作者/箫雨)更多一手新闻，欢迎下载凤凰新闻客户端订阅凤凰网科技。想看深度报道，请微信搜索“凤凰网科技”。","news_type":1,"symbols_score_info":{"TSLL":1.5,"TSLA":1.5,"TSYW.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":507322548109728,"gmtCreate":1764841861694,"gmtModify":1764841864233,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"title":"","htmlText":"压低价格，回购一周了。","listText":"压低价格，回购一周了。","text":"压低价格，回购一周了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/507322548109728","repostId":"1101568951","repostType":2,"repost":{"id":"1101568951","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":1764841271,"share":"https://www.laohu8.com/m/news/1101568951?lang=zh_CN&edition=full","pubTime":"2025-12-04 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11:52","market":"us","language":"zh","title":"反击大空头！英伟达致信华尔街分析师，反驳会计丑闻等指控","url":"https://stock-news.laohu8.com/highlight/detail?id=2586448652","media":"老虎资讯综合","summary":"英伟达  针对知名空头投资人Michael Burry的指控发布了一份详尽的备忘录，反驳了有关欺诈、会计丑闻和循环融资等指控。英伟达直接回击“大空头”英伟达直接回应了“大空头”Burry的每一项指控，称这些指控对公司的业务实践、财务披露以及当前人工智能投资周期的动态进行了错误描述。这一反击得到了部分华尔街分析师的支持。","content":"<html><head></head><body><blockquote><p>英伟达针对知名空头投资人Michael Burry的指控发布了一份详尽的备忘录，反驳了有关欺诈、会计丑闻和循环融资等指控。英伟达强调其收入质量良好，并对利润率、折旧和监管风险的指控进行了澄清。</p></blockquote><p>上周，在英伟达公布第三财季财报后，华尔街知名的“大空头”、因高调做空AI热门股引发关注的Michael Burry就在社交平台上指责各大科技巨头对自己的营收作出了不实陈述。</p><p style=\"text-align: justify;\">针对他的指控，英伟达已向华尔街分析师们发布了一份详尽的备忘录，对与“大空头”Michael Burry有关的欺诈指控以及题为“能发现6100亿美元欺诈行为的算法”的文章予以反驳。</p><h2 id=\"id_931209130\" style=\"text-align: start;\">英伟达直接回击“大空头”</h2><p style=\"text-align: justify;\">英伟达直接回应了“大空头”Burry的每一项指控，称这些指控对公司的业务实践、财务披露以及当前人工智能投资周期的动态进行了错误描述。</p><p style=\"text-align: justify;\">该备忘录拒绝将此事与过去的会计丑闻相提并论，强调英伟达不使用特殊目的实体（SPV），不依赖供应商融资，并且只有一项披露的担保，其公允价值微不足道。</p><p>在财务细节上，英伟达表示付款条款依然严格，销售未达账项天数（DSO）保持在53天，与过去几年一致。对于Burry重点攻击的折旧与利润率问题，备忘录回应称，今年较高的保修成本反映了Blackwell架构的复杂性，且已进行了适当的会计处理。此外，公司明确表示不知道有任何SEC调查，并指出加密货币价格波动与其会计核算无关。</p><p style=\"text-align: justify;\">针对市场上广泛流传的“6100亿美元循环融资”指控，英伟达在备忘录中澄清，其战略投资在第三季度仅为37亿美元，年初至今约为47亿美元，这仅占其营收的一小部分，所谓巨额循环融资毫无根据。公司还强调，其投资组合公司主要筹集的是第三方资金。</p><p style=\"text-align: justify;\">该公司还强调，投资组合中的公司主要通过第三方筹集资金。</p><p style=\"text-align: justify;\"><strong>反驳财务指控</strong></p><p style=\"text-align: justify;\">因《大空头》一书而闻名的Burry此前曾警告称，华尔街大型科技公司可能低估了与人工智能基础设施相关的折旧费用。在最近的一篇推文中，他指出，这些科技巨头以一种“人为地提高收益”的方式延长了资产的预计使用寿命——这是现代较为常见的欺诈行为之一。</p><p style=\"text-align: justify;\">他表示：“通过购买英伟达芯片/服务器来大幅增加资本支出，这种做法在2-3年的产品周期内进行，不应导致计算设备使用寿命的延长。”</p><p style=\"text-align: justify;\">Burry估计，从2026年到2028年，整个行业在折旧方面的数据可能会低估约1760亿美元，并指出像甲骨文和Meta这样的公司，其利润在接下来的十年可能会高估超过20%。</p><p style=\"text-align: justify;\">他还透露，截至9月30日，他持有大量针对几只与人工智能相关的股票的看跌期权头寸，包括与英伟达和 Palantir Technologies相关的押注。</p><p style=\"text-align: justify;\">不过，英伟达为其会计和运营做法进行了辩护。该公司指出，<strong>强劲的现金转换情况证明了其收入质量良好，并公布了第三季度的运营现金流量为238亿美元，自由现金流量为221亿美元。</strong></p><p style=\"text-align: justify;\">自2018财年以来，长期自由现金流量一直约占公认会计准则净利润的98%。该公司表示，库存趋势反映了正常的产品生产节奏和前瞻性指引。</p><p style=\"text-align: justify;\"><strong>这份备忘录还反驳了有关利润率、折旧和监管风险的指控。</strong>英伟达向分析师表示，今年更高的保修成本反映了Blackwell架构的复杂性，并且这一情况已得到恰当核算，而坏账费用微不足道，计入了一般及管理费用中。</p><p style=\"text-align: justify;\">它还表示，目前并未得知美国证券交易委员会有任何调查行动，而且加密货币价格波动与其会计核算无关。关于内幕交易的指控，该公司称这是对第三方基金行为的错误解读。</p><p style=\"text-align: justify;\">这一反击得到了部分华尔街分析师的支持。<strong>Raymond James分析师Simon Leopold在研报中写道，关于“系统性欺诈”的叙事与英伟达的基本面不符。他认为英伟达在AI相关机会上的投资是适当的。</strong></p><p>除了具体的财务澄清，英伟达CEO黄仁勋在上周财报发布后，也针对宏观层面的“泡沫论”做出了直接回应：</p><blockquote><p style=\"text-align: justify;\"><strong>“关于AI泡沫有很多讨论，”黄仁勋表示，“但从我们的角度来看，我们看到的是截然不同的景象（From our vantage point, we see something very different）。”</strong></p></blockquote><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/739558f5b7f538e207daad422037ad1c\" title=\"\" tg-width=\"602\" tg-height=\"441\"/></p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>反击大空头！英伟达致信华尔街分析师，反驳会计丑闻等指控</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{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n反击大空头！英伟达致信华尔街分析师，反驳会计丑闻等指控\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\">2025-11-25 11:52</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>英伟达针对知名空头投资人Michael Burry的指控发布了一份详尽的备忘录，反驳了有关欺诈、会计丑闻和循环融资等指控。英伟达强调其收入质量良好，并对利润率、折旧和监管风险的指控进行了澄清。</p></blockquote><p>上周，在英伟达公布第三财季财报后，华尔街知名的“大空头”、因高调做空AI热门股引发关注的Michael Burry就在社交平台上指责各大科技巨头对自己的营收作出了不实陈述。</p><p style=\"text-align: justify;\">针对他的指控，英伟达已向华尔街分析师们发布了一份详尽的备忘录，对与“大空头”Michael Burry有关的欺诈指控以及题为“能发现6100亿美元欺诈行为的算法”的文章予以反驳。</p><h2 id=\"id_931209130\" style=\"text-align: start;\">英伟达直接回击“大空头”</h2><p style=\"text-align: justify;\">英伟达直接回应了“大空头”Burry的每一项指控，称这些指控对公司的业务实践、财务披露以及当前人工智能投资周期的动态进行了错误描述。</p><p style=\"text-align: justify;\">该备忘录拒绝将此事与过去的会计丑闻相提并论，强调英伟达不使用特殊目的实体（SPV），不依赖供应商融资，并且只有一项披露的担保，其公允价值微不足道。</p><p>在财务细节上，英伟达表示付款条款依然严格，销售未达账项天数（DSO）保持在53天，与过去几年一致。对于Burry重点攻击的折旧与利润率问题，备忘录回应称，今年较高的保修成本反映了Blackwell架构的复杂性，且已进行了适当的会计处理。此外，公司明确表示不知道有任何SEC调查，并指出加密货币价格波动与其会计核算无关。</p><p style=\"text-align: justify;\">针对市场上广泛流传的“6100亿美元循环融资”指控，英伟达在备忘录中澄清，其战略投资在第三季度仅为37亿美元，年初至今约为47亿美元，这仅占其营收的一小部分，所谓巨额循环融资毫无根据。公司还强调，其投资组合公司主要筹集的是第三方资金。</p><p style=\"text-align: justify;\">该公司还强调，投资组合中的公司主要通过第三方筹集资金。</p><p style=\"text-align: justify;\"><strong>反驳财务指控</strong></p><p style=\"text-align: justify;\">因《大空头》一书而闻名的Burry此前曾警告称，华尔街大型科技公司可能低估了与人工智能基础设施相关的折旧费用。在最近的一篇推文中，他指出，这些科技巨头以一种“人为地提高收益”的方式延长了资产的预计使用寿命——这是现代较为常见的欺诈行为之一。</p><p style=\"text-align: justify;\">他表示：“通过购买英伟达芯片/服务器来大幅增加资本支出，这种做法在2-3年的产品周期内进行，不应导致计算设备使用寿命的延长。”</p><p style=\"text-align: justify;\">Burry估计，从2026年到2028年，整个行业在折旧方面的数据可能会低估约1760亿美元，并指出像甲骨文和Meta这样的公司，其利润在接下来的十年可能会高估超过20%。</p><p style=\"text-align: justify;\">他还透露，截至9月30日，他持有大量针对几只与人工智能相关的股票的看跌期权头寸，包括与英伟达和 Palantir Technologies相关的押注。</p><p style=\"text-align: justify;\">不过，英伟达为其会计和运营做法进行了辩护。该公司指出，<strong>强劲的现金转换情况证明了其收入质量良好，并公布了第三季度的运营现金流量为238亿美元，自由现金流量为221亿美元。</strong></p><p style=\"text-align: justify;\">自2018财年以来，长期自由现金流量一直约占公认会计准则净利润的98%。该公司表示，库存趋势反映了正常的产品生产节奏和前瞻性指引。</p><p style=\"text-align: justify;\"><strong>这份备忘录还反驳了有关利润率、折旧和监管风险的指控。</strong>英伟达向分析师表示，今年更高的保修成本反映了Blackwell架构的复杂性，并且这一情况已得到恰当核算，而坏账费用微不足道，计入了一般及管理费用中。</p><p style=\"text-align: justify;\">它还表示，目前并未得知美国证券交易委员会有任何调查行动，而且加密货币价格波动与其会计核算无关。关于内幕交易的指控，该公司称这是对第三方基金行为的错误解读。</p><p style=\"text-align: justify;\">这一反击得到了部分华尔街分析师的支持。<strong>Raymond James分析师Simon Leopold在研报中写道，关于“系统性欺诈”的叙事与英伟达的基本面不符。他认为英伟达在AI相关机会上的投资是适当的。</strong></p><p>除了具体的财务澄清，英伟达CEO黄仁勋在上周财报发布后，也针对宏观层面的“泡沫论”做出了直接回应：</p><blockquote><p style=\"text-align: justify;\"><strong>“关于AI泡沫有很多讨论，”黄仁勋表示，“但从我们的角度来看，我们看到的是截然不同的景象（From our vantage point, we see something very different）。”</strong></p></blockquote><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/739558f5b7f538e207daad422037ad1c\" title=\"\" tg-width=\"602\" tg-height=\"441\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6954d1dc2b34c5f605b752cf346a1934","relate_stocks":{"NVDA":"英伟达"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251125104633977da988&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2586448652","content_text":"英伟达针对知名空头投资人Michael Burry的指控发布了一份详尽的备忘录，反驳了有关欺诈、会计丑闻和循环融资等指控。英伟达强调其收入质量良好，并对利润率、折旧和监管风险的指控进行了澄清。上周，在英伟达公布第三财季财报后，华尔街知名的“大空头”、因高调做空AI热门股引发关注的Michael Burry就在社交平台上指责各大科技巨头对自己的营收作出了不实陈述。针对他的指控，英伟达已向华尔街分析师们发布了一份详尽的备忘录，对与“大空头”Michael Burry有关的欺诈指控以及题为“能发现6100亿美元欺诈行为的算法”的文章予以反驳。英伟达直接回击“大空头”英伟达直接回应了“大空头”Burry的每一项指控，称这些指控对公司的业务实践、财务披露以及当前人工智能投资周期的动态进行了错误描述。该备忘录拒绝将此事与过去的会计丑闻相提并论，强调英伟达不使用特殊目的实体（SPV），不依赖供应商融资，并且只有一项披露的担保，其公允价值微不足道。在财务细节上，英伟达表示付款条款依然严格，销售未达账项天数（DSO）保持在53天，与过去几年一致。对于Burry重点攻击的折旧与利润率问题，备忘录回应称，今年较高的保修成本反映了Blackwell架构的复杂性，且已进行了适当的会计处理。此外，公司明确表示不知道有任何SEC调查，并指出加密货币价格波动与其会计核算无关。针对市场上广泛流传的“6100亿美元循环融资”指控，英伟达在备忘录中澄清，其战略投资在第三季度仅为37亿美元，年初至今约为47亿美元，这仅占其营收的一小部分，所谓巨额循环融资毫无根据。公司还强调，其投资组合公司主要筹集的是第三方资金。该公司还强调，投资组合中的公司主要通过第三方筹集资金。反驳财务指控因《大空头》一书而闻名的Burry此前曾警告称，华尔街大型科技公司可能低估了与人工智能基础设施相关的折旧费用。在最近的一篇推文中，他指出，这些科技巨头以一种“人为地提高收益”的方式延长了资产的预计使用寿命——这是现代较为常见的欺诈行为之一。他表示：“通过购买英伟达芯片/服务器来大幅增加资本支出，这种做法在2-3年的产品周期内进行，不应导致计算设备使用寿命的延长。”Burry估计，从2026年到2028年，整个行业在折旧方面的数据可能会低估约1760亿美元，并指出像甲骨文和Meta这样的公司，其利润在接下来的十年可能会高估超过20%。他还透露，截至9月30日，他持有大量针对几只与人工智能相关的股票的看跌期权头寸，包括与英伟达和 Palantir Technologies相关的押注。不过，英伟达为其会计和运营做法进行了辩护。该公司指出，强劲的现金转换情况证明了其收入质量良好，并公布了第三季度的运营现金流量为238亿美元，自由现金流量为221亿美元。自2018财年以来，长期自由现金流量一直约占公认会计准则净利润的98%。该公司表示，库存趋势反映了正常的产品生产节奏和前瞻性指引。这份备忘录还反驳了有关利润率、折旧和监管风险的指控。英伟达向分析师表示，今年更高的保修成本反映了Blackwell架构的复杂性，并且这一情况已得到恰当核算，而坏账费用微不足道，计入了一般及管理费用中。它还表示，目前并未得知美国证券交易委员会有任何调查行动，而且加密货币价格波动与其会计核算无关。关于内幕交易的指控，该公司称这是对第三方基金行为的错误解读。这一反击得到了部分华尔街分析师的支持。Raymond James分析师Simon Leopold在研报中写道，关于“系统性欺诈”的叙事与英伟达的基本面不符。他认为英伟达在AI相关机会上的投资是适当的。除了具体的财务澄清，英伟达CEO黄仁勋在上周财报发布后，也针对宏观层面的“泡沫论”做出了直接回应：“关于AI泡沫有很多讨论，”黄仁勋表示，“但从我们的角度来看，我们看到的是截然不同的景象（From our vantage point, we see something very different）。”","news_type":1,"symbols_score_info":{"NVDA":2}},"isVote":1,"tweetType":1,"viewCount":205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":420683960140312,"gmtCreate":1743737206491,"gmtModify":1743737208380,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"htmlText":"清仓，速度清仓！！！！！！！！","listText":"清仓，速度清仓！！！！！！！！","text":"清仓，速度清仓！！！！！！！！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/420683960140312","isVote":1,"tweetType":1,"viewCount":681,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":513507614626952,"gmtCreate":1766395116727,"gmtModify":1766395118889,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/HLN\">$Haleon(HLN)$ </a> 很难突破15…2025年还有2周。","listText":"<a href=\"https://laohu8.com/S/HLN\">$Haleon(HLN)$ </a> 很难突破15…2025年还有2周。","text":"$Haleon(HLN)$ 很难突破15…2025年还有2周。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/513507614626952","isVote":1,"tweetType":1,"viewCount":538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":509942479249712,"gmtCreate":1765489143218,"gmtModify":1765489145263,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AVGO\">$博通(AVGO)$&nbsp;</a><v-v data-views=\"1\"></v-v> 突破450！","listText":"<a 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突破450！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/509942479249712","isVote":1,"tweetType":1,"viewCount":894,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":509260323291168,"gmtCreate":1765363774495,"gmtModify":1765363777066,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"title":"","htmlText":"注销掉！","listText":"注销掉！","text":"注销掉！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/509260323291168","repostId":"1198518002","repostType":4,"repost":{"id":"1198518002","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":1765361030,"share":"https://www.laohu8.com/m/news/1198518002?lang=zh_CN&edition=full","pubTime":"2025-12-10 18:03","market":"hk","language":"zh","title":"小米集团：12月10日斥资约1亿港元回购240万股B类股份","url":"https://stock-news.laohu8.com/highlight/detail?id=1198518002","media":"老虎资讯综合","summary":"每股回购价格为41.82港元-41.92港元。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/01810\">小米集团-W</a> ：12月10日斥资约1亿港元回购240万股B类股份，每股回购价格为41.82港元-41.92港元。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00ea41cbcf320154282d5f673adeab43\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>小米集团：12月10日斥资约1亿港元回购240万股B类股份</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小米集团：12月10日斥资约1亿港元回购240万股B类股份\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-12-10 18:03</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/01810\">小米集团-W</a> ：12月10日斥资约1亿港元回购240万股B类股份，每股回购价格为41.82港元-41.92港元。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00ea41cbcf320154282d5f673adeab43\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aea2b9ab8a046974039715aed46d9985","relate_stocks":{"XIACY":"小米集团ADR","01810":"小米集团-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198518002","content_text":"小米集团-W ：12月10日斥资约1亿港元回购240万股B类股份，每股回购价格为41.82港元-41.92港元。","news_type":1,"symbols_score_info":{"01810":2,"XIACY":2}},"isVote":1,"tweetType":1,"viewCount":409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":504604296093808,"gmtCreate":1764222684525,"gmtModify":1764222687318,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"title":"","htmlText":"跟空头！28日继续跟空头！","listText":"跟空头！28日继续跟空头！","text":"跟空头！28日继续跟空头！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/504604296093808","repostId":"2586294677","repostType":4,"repost":{"id":"2586294677","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":1764207802,"share":"https://www.laohu8.com/m/news/2586294677?lang=zh_CN&edition=full","pubTime":"2025-11-27 09:43","market":"other","language":"zh","title":"“大空头 vs 英伟达”论战继续！“大空头”逐条反驳英伟达回应：不敢相信这来自全球市值最高公司","url":"https://stock-news.laohu8.com/highlight/detail?id=2586294677","media":"华尔街见闻","summary":"“大空头”Burry称，英伟达回应其批评的内部备忘录“读起来像个骗局”，充斥着“稻草人论证”。他直言“没人在意英伟达自己的折旧”，真正的危机在于其客户因技术加速迭代而面临的巨额资产减记风险，焦点是未来的风险。Burry表示“继续持有英伟达和Palantir的看跌期权”，每个头寸约1000万美元。","content":"<html><head></head><body><blockquote><p>“大空头”Burry称，英伟达回应其批评的内部备忘录“读起来像个骗局”，充斥着“稻草人论证”。他直言“没人在意英伟达自己的折旧”，真正的危机在于其客户因技术加速迭代而面临的巨额资产减记风险，焦点是未来的风险。Burry表示“继续持有英伟达和Palantir的看跌期权”，每个头寸约1000万美元。</p></blockquote><p style=\"text-align: left;\">“大空头”和英伟达之间的回合战正在升级。《大空头》电影原型Michael Burry再度将矛头指向英伟达，称其为回应自己批评而向华尔街分析师分发的一份内部备忘录“令人失望”，并充斥着“一个接一个的稻草人论证”。</p><p style=\"text-align: left;\">11月26日周二，Burry在其新开设的Substack博客平台发文写道，<strong>自己“不敢相信”这些回应出自全球市值最高的上市公司之手，并称该文件“读起来几乎像个骗局”。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/414732b5a8bfcd8567947270f1d75145\" tg-width=\"588\" tg-height=\"588\"/></p><p style=\"text-align: left;\">这一最新表态，是Burry近期一系列针对人工智能行业泡沫警告的延续。此前，他已通过社交平台X表达了对AI股票处于泡沫中的看法。而此轮交锋的直接后果是，市场对AI相关公司的审视愈发严苛，英伟达股价已从11月3日的高点回落约14%，显示出投资者情绪的微妙变化。</p><p style=\"text-align: left;\">Burry在文章中透露，他目前“继续持有针对Palantir和英伟达的看跌期权”。这证实了他并未平仓此前的做空押注，直接向市场传递了他对这两家AI明星公司前景的看空信号。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2336ccbb250e291ea34a12ff01481e0b\" tg-width=\"560\" tg-height=\"240\"/></p><h2 id=\"id_1326633677\" style=\"text-align: left;\">“稻草人”式辩驳？</h2><p style=\"text-align: left;\">Burry的核心反驳点在于，他认为英伟达的备忘录曲解了他的批评，攻击了一些他从未提出过的论点。</p><p style=\"text-align: left;\"><strong>首先，Burry指出，他从未质疑过英伟达自身的固定资产（PP&amp;E）折旧政策。</strong>他强调，英伟达主要是一家芯片设计公司，资本支出极小，因此“没人在意英伟达自己的折旧”。他认为英伟达在此问题上的辩解是第一个“被烧掉的稻草人”。</p><p style=\"text-align: left;\"><strong>其次，对于英伟达声称其老一代芯片仍在被使用的说法，Burry同样不以为然。他澄清，自己关注的焦点是未来，即新款芯片可能在2026年至2028年间就变得功能性过时。</strong></p><p style=\"text-align: left;\">“我向前看，因为我看到了与今天投资者相关的问题，”他写道，并称这是“第二个被烧掉的稻草人”。Burry总结称，英伟达的反驳“表面上不真诚，且令人失望”。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/454ee30f236f0a7572547e99baf21afd\" tg-width=\"652\" tg-height=\"897\"/></p><h2 id=\"id_172314286\" style=\"text-align: left;\">争论核心：折旧、泡沫与未来减记风险</h2><p style=\"text-align: left;\">Burry此次论战的核心，直指人工智能公司的会计处理方式，<strong>特别是其客户——那些斥巨资购买AI芯片的“超大规模数据中心”（hyperscalers）——的折旧政策。</strong></p><p style=\"text-align: left;\">他解释说，这些公司正在系统性地延长芯片和服务器的“使用年限”，以便在会计上分摊折旧成本。例如，将折旧期从三年延长至五或六年，可以在短期内美化利润、提高资产账面价值。</p><p style=\"text-align: left;\">然而，Burry警告，这种做法的风险在于，AI芯片的技术迭代速度极快。他引用微软首席执行官Satya Nadella最近的访谈作为佐证，Nadella表示，他今年早些时候放慢了数据中心的建设速度，正是因为警惕为一代AI芯片过度建设基础设施，因为下一代芯片将有不同的电力和冷却需求。</p><p style=\"text-align: left;\">Burry认为，如果芯片的“计划性淘汰”速度加快，那些延长了折旧周期的公司未来将面临巨大的资产减记风险。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1d21a130fc600655ad9fae219c18f898\" tg-width=\"470\" tg-height=\"888\"/></p><h2 id=\"id_2623422897\" style=\"text-align: left;\">做空头寸细节与市场背景</h2><p style=\"text-align: left;\">Burry此次不仅重申了看空立场，还披露了其头寸的更多细节。根据其资产管理公司Scion Asset Management在11月3日提交的文件，该公司在9月底持有对英伟达和Palantir的看跌期权。</p><p style=\"text-align: left;\">Burry在最新的文章中澄清，<strong>尽管这些头寸的名义价值高达11亿美元，但它们的实际成本“每个仅约1000万美元”</strong>。这一细节为投资者评估其押注的真实规模提供了更准确的视角。</p><p style=\"text-align: left;\">这场论战的背景是，市场对人工智能的热情在今年将相关公司股价推至历史高位。然而，自11月初以来，随着财报季的展开和类似Burry等知名投资者的警告，市场的担忧情绪开始浮现。除英伟达外，Palantir的股价也已从近期高点下跌了20%，尽管其年初至今的涨幅依然惊人。Burry的持续发声，无疑为这场关于AI是革命还是泡沫的辩论增添了更多不确定性。</p><h2 id=\"id_2843242110\" style=\"text-align: left;\">英伟达的内部备忘录</h2><p style=\"text-align: justify;\">面对股价压力和市场疑虑，此前英伟达采取了一系列罕见的防御性沟通。</p><p style=\"text-align: justify;\">英伟达在上周末向华尔街分析师分发了一份长达七页的备忘录，旨在“逐条”反驳包括“大空头”Burry）在内的批评者所提出的会计欺诈、循环融资和AI泡沫等指控。备忘录澄清：</p><ul style=\"\"><li><p style=\"text-align: justify;\"><strong>会计处理： </strong>英伟达强调其业务在经济上是稳健的，报告是完整和透明的，与历史上的会计欺诈案没有可比性。</p></li><li><p style=\"text-align: justify;\"><strong>设备折旧：</strong> 针对AI芯片寿命仅2-3年的指责，英伟达回应称，其客户通常将GPU的折旧年限设为4至6年，这符合设备的实际使用寿命。</p></li><li><p style=\"text-align: justify;\"><strong>循环融资： </strong>对于该指控，英伟达澄清其在第三季度的战略投资仅为37亿美元，占营收的一小部分，所谓循环融资的说法“毫无根据”。</p></li></ul><p style=\"text-align: justify;\">此外，英伟达11月25日通过社交平台X公开宣称：“英伟达目前领先行业一代——我们是唯一一个可以运行所有AI模型、并在各种计算场景中通用的平台。”公司强调，其GPU相比谷歌TPU这类ASIC芯片，能提供“更高的性能、多功能性和互换性”。</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>“大空头 vs 英伟达”论战继续！“大空头”逐条反驳英伟达回应：不敢相信这来自全球市值最高公司</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“大空头 vs 英伟达”论战继续！“大空头”逐条反驳英伟达回应：不敢相信这来自全球市值最高公司\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-27 09:43 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3760215><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“大空头”Burry称，英伟达回应其批评的内部备忘录“读起来像个骗局”，充斥着“稻草人论证”。他直言“没人在意英伟达自己的折旧”，真正的危机在于其客户因技术加速迭代而面临的巨额资产减记风险，焦点是未来的风险。Burry表示“继续持有英伟达和Palantir的看跌期权”，每个头寸约1000万美元。“大空头”和英伟达之间的回合战正在升级。《大空头》电影原型Michael Burry再度将矛头指向英伟达...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3760215\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/a60a3ba26580255646010c2173aae1c0","relate_stocks":{"NVDS":"1.5倍做空NVDA ETF-Tradr","NVDA":"英伟达","BK4548":"巴美列捷福持仓"},"source_url":"https://wallstreetcn.com/articles/3760215","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2586294677","content_text":"“大空头”Burry称，英伟达回应其批评的内部备忘录“读起来像个骗局”，充斥着“稻草人论证”。他直言“没人在意英伟达自己的折旧”，真正的危机在于其客户因技术加速迭代而面临的巨额资产减记风险，焦点是未来的风险。Burry表示“继续持有英伟达和Palantir的看跌期权”，每个头寸约1000万美元。“大空头”和英伟达之间的回合战正在升级。《大空头》电影原型Michael Burry再度将矛头指向英伟达，称其为回应自己批评而向华尔街分析师分发的一份内部备忘录“令人失望”，并充斥着“一个接一个的稻草人论证”。11月26日周二，Burry在其新开设的Substack博客平台发文写道，自己“不敢相信”这些回应出自全球市值最高的上市公司之手，并称该文件“读起来几乎像个骗局”。这一最新表态，是Burry近期一系列针对人工智能行业泡沫警告的延续。此前，他已通过社交平台X表达了对AI股票处于泡沫中的看法。而此轮交锋的直接后果是，市场对AI相关公司的审视愈发严苛，英伟达股价已从11月3日的高点回落约14%，显示出投资者情绪的微妙变化。Burry在文章中透露，他目前“继续持有针对Palantir和英伟达的看跌期权”。这证实了他并未平仓此前的做空押注，直接向市场传递了他对这两家AI明星公司前景的看空信号。“稻草人”式辩驳？Burry的核心反驳点在于，他认为英伟达的备忘录曲解了他的批评，攻击了一些他从未提出过的论点。首先，Burry指出，他从未质疑过英伟达自身的固定资产（PP&E）折旧政策。他强调，英伟达主要是一家芯片设计公司，资本支出极小，因此“没人在意英伟达自己的折旧”。他认为英伟达在此问题上的辩解是第一个“被烧掉的稻草人”。其次，对于英伟达声称其老一代芯片仍在被使用的说法，Burry同样不以为然。他澄清，自己关注的焦点是未来，即新款芯片可能在2026年至2028年间就变得功能性过时。“我向前看，因为我看到了与今天投资者相关的问题，”他写道，并称这是“第二个被烧掉的稻草人”。Burry总结称，英伟达的反驳“表面上不真诚，且令人失望”。争论核心：折旧、泡沫与未来减记风险Burry此次论战的核心，直指人工智能公司的会计处理方式，特别是其客户——那些斥巨资购买AI芯片的“超大规模数据中心”（hyperscalers）——的折旧政策。他解释说，这些公司正在系统性地延长芯片和服务器的“使用年限”，以便在会计上分摊折旧成本。例如，将折旧期从三年延长至五或六年，可以在短期内美化利润、提高资产账面价值。然而，Burry警告，这种做法的风险在于，AI芯片的技术迭代速度极快。他引用微软首席执行官Satya Nadella最近的访谈作为佐证，Nadella表示，他今年早些时候放慢了数据中心的建设速度，正是因为警惕为一代AI芯片过度建设基础设施，因为下一代芯片将有不同的电力和冷却需求。Burry认为，如果芯片的“计划性淘汰”速度加快，那些延长了折旧周期的公司未来将面临巨大的资产减记风险。做空头寸细节与市场背景Burry此次不仅重申了看空立场，还披露了其头寸的更多细节。根据其资产管理公司Scion Asset Management在11月3日提交的文件，该公司在9月底持有对英伟达和Palantir的看跌期权。Burry在最新的文章中澄清，尽管这些头寸的名义价值高达11亿美元，但它们的实际成本“每个仅约1000万美元”。这一细节为投资者评估其押注的真实规模提供了更准确的视角。这场论战的背景是，市场对人工智能的热情在今年将相关公司股价推至历史高位。然而，自11月初以来，随着财报季的展开和类似Burry等知名投资者的警告，市场的担忧情绪开始浮现。除英伟达外，Palantir的股价也已从近期高点下跌了20%，尽管其年初至今的涨幅依然惊人。Burry的持续发声，无疑为这场关于AI是革命还是泡沫的辩论增添了更多不确定性。英伟达的内部备忘录面对股价压力和市场疑虑，此前英伟达采取了一系列罕见的防御性沟通。英伟达在上周末向华尔街分析师分发了一份长达七页的备忘录，旨在“逐条”反驳包括“大空头”Burry）在内的批评者所提出的会计欺诈、循环融资和AI泡沫等指控。备忘录澄清：会计处理： 英伟达强调其业务在经济上是稳健的，报告是完整和透明的，与历史上的会计欺诈案没有可比性。设备折旧： 针对AI芯片寿命仅2-3年的指责，英伟达回应称，其客户通常将GPU的折旧年限设为4至6年，这符合设备的实际使用寿命。循环融资： 对于该指控，英伟达澄清其在第三季度的战略投资仅为37亿美元，占营收的一小部分，所谓循环融资的说法“毫无根据”。此外，英伟达11月25日通过社交平台X公开宣称：“英伟达目前领先行业一代——我们是唯一一个可以运行所有AI模型、并在各种计算场景中通用的平台。”公司强调，其GPU相比谷歌TPU这类ASIC芯片，能提供“更高的性能、多功能性和互换性”。","news_type":1,"symbols_score_info":{"NVDS":2,"NVDA":2}},"isVote":1,"tweetType":1,"viewCount":321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":503994932523504,"gmtCreate":1764079482561,"gmtModify":1764079485264,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"title":"","htmlText":"AI泡沫，膨胀起来了，甩开膀子干活！","listText":"AI泡沫，膨胀起来了，甩开膀子干活！","text":"AI泡沫，膨胀起来了，甩开膀子干活！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/503994932523504","repostId":"1188528275","repostType":2,"repost":{"id":"1188528275","kind":"news","pubTimestamp":1764078345,"share":"https://www.laohu8.com/m/news/1188528275?lang=zh_CN&edition=full","pubTime":"2025-11-25 21:45","market":"hk","language":"zh","title":"阿里电话会：未来三年内没有AI泡沫，千问APP打造未来的AI生活入口，预计闪购投入将在下季度显著收缩，3800亿资本开支可能偏小","url":"https://stock-news.laohu8.com/highlight/detail?id=1188528275","media":"华尔街见闻","summary":"基于AI模型和阿里生态优势，千问APP有望率先打造未来的AI生活入口。阿里巴巴集团首席财务官徐宏表示，三季度是闪购业务投入高点，随着整体效率的显著改善和规模稳定，预计闪购业务的整体投入会在下个季度显著收缩。考虑到客户需求的旺盛，此前提及的3800亿元人民币投资可能显得偏小。AI相关产品收入连续第九个季度实现三位数同比增长。","content":"<html><head></head><body><p>25日，阿里巴巴集团CEO吴泳铭在电话会上表示，阿里正在AI to B 和AI to C两大方向齐发力。</p><p>一方面，Qwen3-Max的模型智能水平、工具调用能力都已达到全球领先；</p><p>另一方面，AI和阿里电商、地图、本地生活等业务生态的协同是更大的想象力。基于AI模型和阿里生态优势，千问APP有望率先打造未来的AI生活入口。因此在AI to B加速增长的同时，做出了全力入局AI to C的战略决定。</p><p style=\"text-align: justify;\">阿里巴巴集团首席财务官徐宏表示，三季度是闪购业务投入高点，随着整体效率的显著改善和规模稳定，预计闪购业务的整体投入会在下个季度显著收缩。当然，阿里也会根据整个市场的竞争状态，动态调整投资策略。</p><p style=\"text-align: justify;\">管理层还提到，将“积极”投资于人工智能能力的提升，不排除在已承诺的三年3800亿元人民币投资之外进行额外投资。考虑到客户需求的旺盛，此前提及的3800亿元人民币投资可能显得偏小。</p><p style=\"text-align: justify;\">截至发稿，阿里巴巴美股盘前涨2.78%。<br/></p><p style=\"text-align: justify;\"><strong>吴泳铭：</strong></p><p style=\"text-align: justify;\">欢迎参加阿里巴巴集团的季度财报电话会议。过去一个季度，阿里巴巴实现了稳健健康的增长。我们总收入同比增长15%（剔除高鑫零售和银泰）。我们对核心业务的持续投资正在产生成果，中国电商客户管理收入增长10%，云智能收入增长34%。我将向大家介绍我们在&#34;AI+云&#34;和消费两大战略核心业务的最新进展。</p><p style=\"text-align: justify;\">对AI的持续强劲需求和公共云使用量的增加，推动了阿里云本季度34%的收入增长，而外部客户收入增速加快至29%。AI相关产品收入连续第九个季度实现三位数同比增长。</p><p style=\"text-align: justify;\">在云计算市场，两大趋势日益明显。首先，随着AI应用规模化，更多的开发者和企业客户选择拥有全栈AI技术组合的供应商。其次，客户正在深化和拓宽AI的使用，这显著增加了对计算、存储和其他传统云服务的需求。这些力量共同加速了由外部客户需求驱动的收入增长。</p><p style=\"text-align: justify;\">本季度，我们继续加强全栈AI能力，涵盖高性能AI基础设施、基础模型和AI开发框架。我们的旗舰模型Qwen2.5-Max在真实世界编码任务、智能体工具使用能力等专项评估基准中位列全球前茅。我们的全栈AI能力现在已成为决定性的竞争优势。</p><p style=\"text-align: justify;\">阿里云在多个细分市场份额获得增长。在混合云市场，阿里云已成为关键参与者，同比增长超过20%，超越行业增速，并稳步扩大市场份额。我们的金融云业务增速也快于市场，市场份额持续提升。在中国的AI云市场，我们同样是明确的领导者，市场份额大于第二至第四大供应商的总和。近期，NBA、万豪中国、银联和博世等企业已与阿里云在AI计划上展开合作。</p><p style=\"text-align: justify;\">上周，我们正式推出了Qwen App，它旨在成为由我们最新模型驱动的最先进的个人AI助手。在公开测试的第一周，Qwen App的新增下载量已超过1000万。Qwen App的发布标志着阿里巴巴同时致力于企业AI和消费者AI。在企业AI方面，我们的目标是成为服务各行业企业的世界领先的全栈AI提供商。对于消费者，我们旨在通过利用我们一流的模型和阿里巴巴广泛的生态系统，构建原生的AI优先应用。一方面，Qwen2.5-Max的智能和世界级工具使用能力，结合阿里巴巴丰富的消费和生活场景，促成了Qwen App测试版出色的用户留存率。我们认为现在是扩展消费者AI业务的合适时机。</p><p style=\"text-align: justify;\">另一方面，AI与更广泛的阿里巴巴生态系统之间的协同效应是一个强大的倍增器。阿里巴巴是中国唯一一家同时拥有领先大模型和广泛生活服务及电商场景的公司。Qwen将逐步整合电商、地图导航、本地服务等，成为日常生活的AI入口。</p><p style=\"text-align: justify;\">随着AI创新和生态系统协作相互促进，我们有信心能够为用户提供巨大的消费价值。我们继续深化各业务间的协作，我们大型一体化平台的优势日益显现。本季度，中国电商客户管理收入增长10%。我们的即时零售业务在单位经济模型上取得显著改善，履单效率更高，用户留存率提升，平均订单价值增加，规模不断扩大。即时零售业务的增长促进了淘宝App月活跃消费者的快速增长，并支持了客户管理收入的扩张。天猫品牌也在加速采用即时零售。截至10月31日，约3500个天猫品牌已将其线下门店接入我们的即时零售业务。未来，我们将进一步增强即时零售与更广泛的阿里巴巴生态系统的协同效应，持续改善单位经济模型，满足消费者对即时获取多样化产品和服务的快速增长的需求。</p><p style=\"text-align: justify;\">10月1日，高德地图的日活跃用户数达到3.6亿的历史新高。9月，我们推出了高德扫街功能，显著提升了用户参与度。10月，高德扫街平均日活跃用户超过7000万，平均每日用户评论量是去年同期的三倍多，显示出强大的未来增长潜力。高德扫街利用用户信用评级等用户同意授权的指标，为本地线下服务建立了一个基于信任的评级系统。我们相信，增强消费者信任对于加强消费者信心至关重要，能使商家专注于运营，同时让消费者更安心，支持本地生活服务行业健康可持续增长。</p><p style=\"text-align: justify;\">展望未来，我们将继续果断投资于我们的两大核心战略支柱：&#34;AI+云&#34;和消费。我们将同时推进企业AI和消费者AI，释放阿里巴巴各业务间更深层次的协同效应，并利用这些引擎驱动阿里巴巴的长期增长，将公司推向新的高度。谢谢。现在我将电话会议交给徐宏。</p><p style=\"text-align: justify;\"><strong>徐宏：</strong></p><p style=\"text-align: justify;\">我们继续专注于&#34;AI+云&#34;和消费战略，并保持纪律性。我们看到这些战略带来了强劲势头，在技术、市场份额、消费者和用户参与度方面均有所收获。</p><p style=\"text-align: justify;\">现在来看财务业绩。按合并基准计算，总收入为2478亿元人民币。剔除高鑫零售和银泰的收入，按同比基准计算，收入将增长15%。总调整后税息折旧及摊销前利润下降7%，主要由于我们对即时零售业务进行了战略投资以扩大用户基础和交易量，这部分被中国电商集团和云智能集团的双位数收入增长以及包括AIDC和菜鸟在内的各项业务运营效率的提升所抵消。我们的GAAP净利润为206亿元人民币，同比下降56%，主要归因于运营利润的减少。运营现金流为101亿元人民币，较去年同期减少213亿元人民币。同比下降主要归因于我们对即时零售业务增加了战略投资。自由现金流为流出218亿元人民币，反映了我们在即时零售业务和&#34;AI+云&#34;基础设施方面的重大投资。当然，我们正在重新投入自由现金流，以打造一个成功的即时零售业务并成为AI领域的领导者。我们强劲的资产负债表，以及410亿美元的净现金，为我们这一再投资战略提供了信心。</p><p style=\"text-align: justify;\">阿里巴巴中国电商集团收入为1326亿元人民币，增长16%。客户管理收入增长10%，主要得益于淘天集团GMV改善，这受益于陈占堆（注：可能指特定业务或模式，需根据实际名称确认）渗透率的提高以及软件服务费的增加。我们的即时零售业务收入增长60%。本季度，我们执行了计划以扩大即时零售业务规模、改善用户体验并收窄单位经济亏损。阿里巴巴中国电商集团的调整后税息折旧及摊销前利润为105亿元人民币。若剔除即时零售业务的亏损，阿里巴巴中国电商集团的调整后税息折旧及摊销前利润本季度将实现中个位数同比增长。展望未来，由于激烈的竞争和对用户体验的重大投资，该调整后税息折旧及摊销前利润可能会季度性波动。</p><p style=\"text-align: justify;\">AIDC收入增长10%。特别是速卖通，发展了其利用超过30个国家本地库存的速卖通Direct模式。速卖通还通过推出Brand Plus计划，为出海中国品牌提供上市解决方案，从而增强了产品供应范围。物流优化和投资效率提升的结合，使得AIDC本季度实现了1.62亿元人民币的调整后税息折旧及摊销前利润。展望未来，虽然我们继续提升运营效率，但由于在特定市场的战术性投资，AIDC的调整后税息折旧及摊销前利润可能会季度性波动。</p><p style=\"text-align: justify;\">我们的云业务本季度增长再次加速，云业务分部收入和外部客户收入增速分别加快至34%和29%。这一势头主要得益于公共云收入增长，包括AI相关产品采用率的提高。AI相关产品收入继续以三位数速度增长。本季度AI相关产品收入占外部客户收入的比重超过20%，并且其贡献度持续增加。我们看到AI产品在更广泛的企业客户中加速采用，越来越关注包括代码辅助在内的增值应用。调整后税息折旧及摊销前利润率保持相对稳定在9%。我们将继续投资于客户增长和技术创新，以提高AI基础设施和云计算的采用率，加强我们的市场领导地位。</p><p style=\"text-align: justify;\">其他分部收入下降25%，主要由于高鑫零售和银泰业务的剥离。所有其他分部的调整后税息折旧及摊销前利润为亏损34亿元人民币，主要由于对技术业务投资的增加，部分被其他业务运营结果的改善所抵消。菜鸟已连续三个季度实现盈利。所有其他分部包含一系列创新计划，包括几个战略性的AI驱动技术基础设施和业务，包括我们的基础模型和AI应用。我们将继续投资于这些计划以谋求未来增长，对此我们感到兴奋。</p><h2 id=\"id_3850801523\">问答环节</h2><p style=\"text-align: justify;\"><strong>Q1：</strong></p><p style=\"text-align: justify;\">我的问题是关于云业务，尤其想了解云业务未来的增长前景，是否还有加速的可能性？另外从需求侧来说，由于中国并没有像美国那样的大型AI公司，那么外部客户收入的主要驱动因素有哪些？</p><p style=\"text-align: justify;\"><strong>答：</strong></p><p style=\"text-align: justify;\">从我们现在看到的情况，客户需求还是非常旺盛。我们阿里云的AI服务器上架节奏，实际上严重跟不上客户订单的增长速度，我们在手的积压订单数量还在持续扩大。所以从当前的数据需求来看，未来的增长潜力仍在持续加速过程中。</p><p style=\"text-align: justify;\">在需求侧，我们看到企业应用的方方面面，需求都在非常快速地增长。在我们支持的众多企业中，无论是在产品研发、产品制造过程，还是在产品上线后其客户日常使用环节，AI的需求都在持续渗透。所以我们看到，无论是企业进行模型训练还是推理，甚至是他们的终端客户开始使用他们开发的AI产品，这些都会用到云端算力。因此，我们看到企业客户实实在在的付费需求，潜力仍然很大，并且处于增长过程中。所以我们对于AI未来的需求抱有较大信心。</p><p style=\"text-align: justify;\"><strong>Q2：</strong></p><p style=\"text-align: justify;\">祝贺公司在即时零售计划上取得的强劲表现。管理层能否分享即时零售的一些关键进展及其与核心电商的协同效应？基于这些协同效应，对我们核心电商12月季度的客户管理收入和税息折旧及摊销前利润有何展望？谢谢。</p><p style=\"text-align: justify;\"><strong>蒋凡：</strong>这几个月我们专注于在保持市场份额的前提下优化单位经济模型，我们认为在这方面取得了非常显著的进展。一方面订单结构优化，同时规模效应也带来了物流成本的显著下降。10月以来，闪购的单位经济亏损已经较七八月份降低一半。在此基础上，淘宝闪购的订单份额稳定，商品交易总额份额稳中有升，对相关实物电商品类也有明显拉动。我可以展开讲一下。</p><p style=\"text-align: justify;\">首先是订单结构的优化。过去两个月，平台的高客单价订单占比提升。按照最新数据，非茶饮订单已上涨到75%以上。闪购的最新客单价环比8月份也增长了超过两位数。客单价的提升也带动了淘宝闪购整体商品交易总额份额的增长。</p><p style=\"text-align: justify;\">其次，随着订单份额的扩大，淘宝闪购的物流规模效应正在凸显，体现在我们的配送时效优于去年同期，单均物流成本显著降低。我们每单的物流成本已经明显低于淘宝闪购大规模投入以前的水平。在以上两点共同作用下，我们已完成短期内将每单亏损对比七八月份降低一半的既定目标。同时我们看到，在收窄亏损的过程中，用户的留存率和购买频次也优于预期。</p><p style=\"text-align: justify;\">除了餐饮外卖，我们也看到闪购在零售品类的快速发展。闪购已显著带动相关品类和业务的增长，尤其是在食品、健康、超市等实物电商品类上。例如，盒马、猫超的闪购订单环比8月上涨30%。这几个月我们也在积极推动品牌商家加入淘宝闪购。后续我们会加速相关业务品类和闪购的协同与整合。</p><p style=\"text-align: justify;\">综合来看，我们坚定认为闪购业态与阿里生态有巨大的协同潜力。第一阶段我们已经完成了规模的快速扩张。第二阶段我们的单位经济模型优化符合预期，为外卖业务长期可持续发展奠定了基础，也增强了我们在即时零售长期投入的决心。下一阶段我们会持续精耕细作用户体验，聚焦高价值用户的经营，聚焦零售品类发展。淘天闪购是淘天平台升级的核心战略之一。我们的目标是三年后为平台带来万亿级的成交额，继而带动相关品类整体市场份额的上涨。</p><p style=\"text-align: justify;\">除了食品外卖，我们还看到通过即时零售实现的零售品类的快速增长，这明显推动了相关品类和业务的增长，特别是在生鲜杂货、健康产品和超市领域等实物电商部分。例如，盒马和天猫超市的即时零售订单较8月份增长了30%。</p><p style=\"text-align: justify;\">近几个月，我们还积极引导商户和品牌入驻淘宝即时零售，未来我们将进一步加速核心零售品类与即时零售模式之间的整合与协同。总而言之，我们坚信即时零售模式与更广泛的阿里巴巴生态系统具有巨大的协同潜力。在第一阶段，我们成功实现了规模的快速扩张。在第二阶段，单位经济模型优化正按计划进行，为即时零售业务的长期可持续性奠定了坚实基础，并增强了我们对即时零售进行长期持续投资的信心。在下一阶段，我们将通过运营升级继续优化用户体验，重点关注服务高价值用户和拓展零售品类。</p><p style=\"text-align: justify;\">即时零售是淘宝天猫集团平台升级的核心战略支柱之一。我们的目标是在三年内为平台带来一万亿元人民币的商品交易总额，从而推动相关品类的市场份额增长。</p><p style=\"text-align: justify;\"><strong>徐宏：</strong></p><p style=\"text-align: justify;\">我来回答你的第二个问题，关于整个客户管理收入和税息折旧及摊销前利润的波动。正如刚才蒋凡提到的，闪购无论对用户活跃度，还是对相关品类的成交拉动，都有明显作用，所以对客户管理收入也会有正向影响。下一步我们最主要的工作是如何更好地进行远场和近场的协同，并把这种协同效应体现出来。</p><p style=\"text-align: justify;\">关于整个中国电商集团的税息折旧及摊销前利润，首先从闪购这部分来看，由于整体投入，本季度（9月季度）会是一个高点。随着整体效率的提升，包括单位经济模型的显著改善和规模的稳定，我们预计下个季度的投入将显著收缩。当然，对于这点，我们也会根据市场竞争状况动态调整我们的投入策略。</p><p style=\"text-align: justify;\">（这提升了）用户参与度并推动了相关品类的交易。因此，这自然对客户管理收入产生积极影响。下一阶段我们的主要工作是更好地整合传统电商和即时零售，实现协同效应，以更充分地释放这种影响。</p><p style=\"text-align: justify;\">然而，我们目前正处于投资阶段，这关系到利润。我认为九月季度可能是这些投资规模最高的一个季度。随着效率提升、单位经济模型改善以及业务规模趋于稳定，预计到下个季度，这些投资的规模将显著缩减。当然，我们也会根据市场竞争情况，动态调整投资的节奏和规模。</p><p style=\"text-align: justify;\">电商的客户管理收入最主要受到支付手续费和全站推广技术基数的影响。由于我们从去年9月开始收取支付手续费，因此预计下个季度增速将会放缓。我们一直强调，最主要的目标是中长期的市场份额。在此过程中，我们将坚定地投资消费者、投资商家增长，并坚定推动电商平台的业务模式升级。在这个过程中，客户管理收入和利润会有短期波动。</p><p style=\"text-align: justify;\">关于电商业务的客户管理收入，支付手续费和全站推广的基数效应会产生影响。我们于去年9月开始收取支付手续费，因此从下个季度起，受此基数效应影响，增速预计会放缓。但正如我们一贯强调的，我们的首要目标是确保中长期的市场份额。在此过程中，我们将继续果断投资消费者和商家，并坚决推进电商平台的业务模式升级。因此，在此过程中，可以预期客户管理收入和利润会出现短期波动。</p><p style=\"text-align: justify;\"><strong>Q3：</strong></p><p style=\"text-align: justify;\">正如刚才蒋凡总提到的，我们第一阶段的投资已经结束，现在进入第二阶段，即效率优化阶段。我的问题是，随着效率优化带来成本节约，我们如何考虑在价值链上关键利益相关方之间的利益分配？例如，对消费者端的补贴是否维持原有强度？这意味着财务改善将是相对渐进的。包括与商户端的补贴比例，我们的成本节约将如何在消费者、商户和平台这三个利益相关方之间进行分配？</p><p style=\"text-align: justify;\">相关问题：如果我们不减少对消费者的补贴，仍然通过当前的路径，即优化用户结构、提升订单比例、高价值订单比例等方式，我们的单位经济模型还有多少继续提升的空间？</p><p style=\"text-align: justify;\"><strong>吴泳铭：</strong></p><p style=\"text-align: justify;\">我来回答这个问题。在我刚才的讲述中已经提到了一部分，即我们这段时间的单位经济模型提升，首先一方面是客单价的上涨，这意味着我们每单的收入会增加，因为我们的收入与客单价相关。其次，我刚才提到了我们的物流效率随着规模扩大有了显著优化。</p><p style=\"text-align: justify;\">我认为未来我们还有很多空间。一方面是关于消费者，过去几个月我们主要以大量新客为主。随着这些消费者转化为与我们平台有更高黏性的用户，我们将在此过程中提升客单价，并改变我们的补贴方式。同时，过去几个月淘宝App内的流量，包括即时零售频道的流量快速增长，已成为一个日活用户过亿的频道，这里面还有很大的商业化空间。我认为这也是未来改善单位经济模型的机会。当然，整个市场仍然充满竞争，我们会根据市场竞争情况审视机会，并动态调整我们的策略。</p><p style=\"text-align: justify;\"><strong>Q4：</strong></p><p style=\"text-align: justify;\">我想问一下关于未来三年的资本开支，之前提到的3800亿我们应该如何理解？特别是考虑到过去四个季度已经花费了1200亿。我们应如何看待资本开支带来的增量收入？这个资本开支与增量收入的比率应如何考量？关于资本开支对增量收入的展望。谢谢。</p><p style=\"text-align: justify;\"><strong>吴泳铭：</strong></p><p style=\"text-align: justify;\">我们之前提到的3800亿资本开支投资实际上是一个为期三年的规划数字。但从我们现在看到的情况来看，正如我刚才也提到的，我们的服务器上架速度仍然远远跟不上客户订单的增长速度。所以目前看来，我们在供应链问题、机房节奏以及整体上架节奏方面，都在以最快的速度去满足客户的需求。在这种情况下，如果仍然无法很好地满足需求，我们不排除会进一步增加投资。</p><p style=\"text-align: justify;\">当然，目前整个市场的供应链节奏受到多方面因素的影响，但总体而言，我们仍会以比较积极的态度去投资整体的AI基础设施，以满足客户的需求。从大方向上看，我们之前提出的3800亿数字可能偏小了，这是基于我们现在看到的客户需求所做的判断。</p><p>关于资本开支如何带来增量收入，以及这个比例如何估算？我认为目前情况下不太好估算，因为整体AI行业进展仍处于比较早期阶段。我们看到我们整体的AI基础设施在使用方面，实际上有几个不同领域尚在变化中。例如，我们有直接租给客户做训练的，也有直接租服务器给客户做推理的。</p><p style=\"text-align: justify;\">我们也有使用我们自己的服务器做百炼的推理，实际上也包括我们的内部应用，比如像高德、淘宝、千问、夸克这样的应用，将它们转化为会员服务或会员产品。因此，总体上，我们的AI基础设施由于这些使用方式和应用场景的不同，所产生的营收和毛利率水平都会不太一样。所以我认为就现在这个比例来说可能并不太稳定。但从长期来看，我们更关注的是我们的基础设施所产生TOKEN的总体质量以及TOKEN的性价比。</p><p style=\"text-align: justify;\"><strong>Q5：</strong></p><p style=\"text-align: justify;\">我有一个跟进问题：作为全栈AI服务商，我们显然正处在一个重要的投资周期，并且看到投资覆盖了价值链的不同环节。考虑到目前供应链持续的波动，我们是如何考虑资源分配的？特别是在模型MaaS层面对底层能力的持续建设，以及在应用端我们看到包括通义APP、高德等更激进的推进迭代。在目前的大环境下，我们如何评价整个行业围绕训练和推理相关AI投资的资本回报率？谢谢。</p><p style=\"text-align: justify;\"><strong>吴泳铭：</strong></p><p style=\"text-align: justify;\">确实，我们作为全栈AI服务商，在这个大的AI投资周期中，我们的产品或基础设施可以用于各个方面。但我们在优先级上确实有几个内部的考量，我可以分享其中一些。</p><p style=\"text-align: justify;\">我认为我们最关键的优先级，第一是保障我们基座模型训练的优先级。因为整体的AI基础设施要获得更多客户，或获得更多高价值场景，只有通过我们的模型能力持续迭代提升，才有机会解锁或获得更多用户，以及解锁更多场景。</p><p style=\"text-align: justify;\">在解锁了更多高价值场景之后，整个TOKEN的消耗量和TOKEN的质量，包括客户愿意为这些TOKEN付费的意愿，实际上都会逐渐增强。所以这是我们优先级比较高的一个领域。</p><p style=\"text-align: justify;\">另一个优先级是关于推理的使用。我们认为对于百炼平台上的推理服务，也是优先级比较高的。因为我们自己做的百炼平台可以服务全球客户，关键在于如何让我们的AI资源能够24小时高效率地使用，进行削峰填谷，让一台AI服务器能够更好地24小时满载运行以产生更多TOKEN。我们认为做大百炼资源池对我们来说也是一个优先级比较高的领域。</p><p style=\"text-align: justify;\">另外，无论是我们内部各方面的AI化推理服务，还是外部客户的推理服务需求，都排在这之后。但在外部客户的选择中，我们实际上也有一个优先级的衡量。如果这个外部客户对我们阿里云的服务是全方位的，例如他既要用存储，又要用大数据，又要用我们的CPU资源，那么这些客户的优先级可能会高一点。如果只是纯粹租用GPU来满足其简单的推理服务，那么这些客户的需求优先级相对就会低一点。</p><p style=\"text-align: justify;\">您的第二个问题也很好。我认为我们看待这个问题主要从两个方面。第一个是从需求侧，我们看到有两个非常明显的推动力。一个是整个基座模型，无论是我们看到的基础模型，还是视频生成模型，或者未来更多的像全模态模型，这方面的能力都在持续提升，整个的Scaling Law趋势尚未停止，我们认为业内其实还没有碰到天花板。从Gemini 3的进展我们也看到了很多突破。在这个领域，我们认为随着模型能力的提升，整个行业说白了AI模型能做的事情会越来越多，可以适配的场景也会越来越多。在这些适配的场景或者说可以驱动的任务能力提升的过程中，还伴随着这些任务在各个行业渗透率的提升。</p><p style=\"text-align: justify;\">在这两个动能的推动下，我们看到在三年之内，AI的需求还是一个非常确定的事情。在如此高增速的需求推动下，我们看供给端，你们分析师可能也看到了，从今年下半年开始，全球无论是Fab厂商、DRAM厂商、存储厂商，还是CPU等各个环节，整个AI服务器的各个环节都在缺货。而这一波缺货都是由AI需求带动的。</p><p style=\"text-align: justify;\">未来这些供应链上各个方面的厂商去扩产的周期，我们知道他们有相当大的瓶颈。在这个扩产周期中，我们认为至少是一个两三年的周期。在这两三年内，我们看到需求的增长和供应端很难有快速的提升。所以我们认为在这三年内，整体AI资源还是处于供不应求的状态。</p><p style=\"text-align: justify;\">我们实际也看到，行业内包括我们自己，以及我们看到美国的大型云厂商，他们不仅是现在新的GPU基本上是跑满的，甚至是上一代或者三、五年前的前几代GPU都是跑满的。所以我们认为，在未来三年内，所谓的AI泡沫应该是不太存在的。</p><p><strong>Q6：</strong></p><p style=\"text-align: justify;\">我想请教一下，在上个季度的电话会中，管理层提到阿里巴巴旨在中国的消费市场获得更大的市场份额。我们也看到公司在过去几个月在即时零售领域加大了投资，市场份额也有所上升。请问管理层，除了即时零售，在消费领域还有哪些子行业是公司认为比较有潜力、未来可能会加大投入的？</p><p style=\"text-align: justify;\"><strong>蒋凡:</strong></p><p style=\"text-align: justify;\">阿里巴巴在过去多年的布局中，已经进入了非常多的细分品类。除了今年我们投入巨大的即时零售之外，我们在诸如盒马、线下商超的O2O模式、飞猪以及高德本地生活等领域都有布局。我们现在更多的是要整合好现有的业务，打通各个业务板块，使业务之间产生更好的协同效应，从而实现在整个大消费领域未来市场份额的提升。</p></body></html>","source":"lsy1762389672944","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>阿里电话会：未来三年内没有AI泡沫，千问APP打造未来的AI生活入口，预计闪购投入将在下季度显著收缩，3800亿资本开支可能偏小</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; 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.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阿里电话会：未来三年内没有AI泡沫，千问APP打造未来的AI生活入口，预计闪购投入将在下季度显著收缩，3800亿资本开支可能偏小\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-25 21:45 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3760106><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>25日，阿里巴巴集团CEO吴泳铭在电话会上表示，阿里正在AI to B 和AI to C两大方向齐发力。一方面，Qwen3-Max的模型智能水平、工具调用能力都已达到全球领先；另一方面，AI和阿里电商、地图、本地生活等业务生态的协同是更大的想象力。基于AI模型和阿里生态优势，千问APP有望率先打造未来的AI生活入口。因此在AI to B加速增长的同时，做出了全力入局AI to C的战略决定。...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3760106\">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/7064c4d7d0e0e65c6e1138157a714384","relate_stocks":{"89988":"阿里巴巴-WR","BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://wallstreetcn.com/articles/3760106","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188528275","content_text":"25日，阿里巴巴集团CEO吴泳铭在电话会上表示，阿里正在AI to B 和AI to C两大方向齐发力。一方面，Qwen3-Max的模型智能水平、工具调用能力都已达到全球领先；另一方面，AI和阿里电商、地图、本地生活等业务生态的协同是更大的想象力。基于AI模型和阿里生态优势，千问APP有望率先打造未来的AI生活入口。因此在AI to B加速增长的同时，做出了全力入局AI to C的战略决定。阿里巴巴集团首席财务官徐宏表示，三季度是闪购业务投入高点，随着整体效率的显著改善和规模稳定，预计闪购业务的整体投入会在下个季度显著收缩。当然，阿里也会根据整个市场的竞争状态，动态调整投资策略。管理层还提到，将“积极”投资于人工智能能力的提升，不排除在已承诺的三年3800亿元人民币投资之外进行额外投资。考虑到客户需求的旺盛，此前提及的3800亿元人民币投资可能显得偏小。截至发稿，阿里巴巴美股盘前涨2.78%。吴泳铭：欢迎参加阿里巴巴集团的季度财报电话会议。过去一个季度，阿里巴巴实现了稳健健康的增长。我们总收入同比增长15%（剔除高鑫零售和银泰）。我们对核心业务的持续投资正在产生成果，中国电商客户管理收入增长10%，云智能收入增长34%。我将向大家介绍我们在\"AI+云\"和消费两大战略核心业务的最新进展。对AI的持续强劲需求和公共云使用量的增加，推动了阿里云本季度34%的收入增长，而外部客户收入增速加快至29%。AI相关产品收入连续第九个季度实现三位数同比增长。在云计算市场，两大趋势日益明显。首先，随着AI应用规模化，更多的开发者和企业客户选择拥有全栈AI技术组合的供应商。其次，客户正在深化和拓宽AI的使用，这显著增加了对计算、存储和其他传统云服务的需求。这些力量共同加速了由外部客户需求驱动的收入增长。本季度，我们继续加强全栈AI能力，涵盖高性能AI基础设施、基础模型和AI开发框架。我们的旗舰模型Qwen2.5-Max在真实世界编码任务、智能体工具使用能力等专项评估基准中位列全球前茅。我们的全栈AI能力现在已成为决定性的竞争优势。阿里云在多个细分市场份额获得增长。在混合云市场，阿里云已成为关键参与者，同比增长超过20%，超越行业增速，并稳步扩大市场份额。我们的金融云业务增速也快于市场，市场份额持续提升。在中国的AI云市场，我们同样是明确的领导者，市场份额大于第二至第四大供应商的总和。近期，NBA、万豪中国、银联和博世等企业已与阿里云在AI计划上展开合作。上周，我们正式推出了Qwen App，它旨在成为由我们最新模型驱动的最先进的个人AI助手。在公开测试的第一周，Qwen App的新增下载量已超过1000万。Qwen App的发布标志着阿里巴巴同时致力于企业AI和消费者AI。在企业AI方面，我们的目标是成为服务各行业企业的世界领先的全栈AI提供商。对于消费者，我们旨在通过利用我们一流的模型和阿里巴巴广泛的生态系统，构建原生的AI优先应用。一方面，Qwen2.5-Max的智能和世界级工具使用能力，结合阿里巴巴丰富的消费和生活场景，促成了Qwen App测试版出色的用户留存率。我们认为现在是扩展消费者AI业务的合适时机。另一方面，AI与更广泛的阿里巴巴生态系统之间的协同效应是一个强大的倍增器。阿里巴巴是中国唯一一家同时拥有领先大模型和广泛生活服务及电商场景的公司。Qwen将逐步整合电商、地图导航、本地服务等，成为日常生活的AI入口。随着AI创新和生态系统协作相互促进，我们有信心能够为用户提供巨大的消费价值。我们继续深化各业务间的协作，我们大型一体化平台的优势日益显现。本季度，中国电商客户管理收入增长10%。我们的即时零售业务在单位经济模型上取得显著改善，履单效率更高，用户留存率提升，平均订单价值增加，规模不断扩大。即时零售业务的增长促进了淘宝App月活跃消费者的快速增长，并支持了客户管理收入的扩张。天猫品牌也在加速采用即时零售。截至10月31日，约3500个天猫品牌已将其线下门店接入我们的即时零售业务。未来，我们将进一步增强即时零售与更广泛的阿里巴巴生态系统的协同效应，持续改善单位经济模型，满足消费者对即时获取多样化产品和服务的快速增长的需求。10月1日，高德地图的日活跃用户数达到3.6亿的历史新高。9月，我们推出了高德扫街功能，显著提升了用户参与度。10月，高德扫街平均日活跃用户超过7000万，平均每日用户评论量是去年同期的三倍多，显示出强大的未来增长潜力。高德扫街利用用户信用评级等用户同意授权的指标，为本地线下服务建立了一个基于信任的评级系统。我们相信，增强消费者信任对于加强消费者信心至关重要，能使商家专注于运营，同时让消费者更安心，支持本地生活服务行业健康可持续增长。展望未来，我们将继续果断投资于我们的两大核心战略支柱：\"AI+云\"和消费。我们将同时推进企业AI和消费者AI，释放阿里巴巴各业务间更深层次的协同效应，并利用这些引擎驱动阿里巴巴的长期增长，将公司推向新的高度。谢谢。现在我将电话会议交给徐宏。徐宏：我们继续专注于\"AI+云\"和消费战略，并保持纪律性。我们看到这些战略带来了强劲势头，在技术、市场份额、消费者和用户参与度方面均有所收获。现在来看财务业绩。按合并基准计算，总收入为2478亿元人民币。剔除高鑫零售和银泰的收入，按同比基准计算，收入将增长15%。总调整后税息折旧及摊销前利润下降7%，主要由于我们对即时零售业务进行了战略投资以扩大用户基础和交易量，这部分被中国电商集团和云智能集团的双位数收入增长以及包括AIDC和菜鸟在内的各项业务运营效率的提升所抵消。我们的GAAP净利润为206亿元人民币，同比下降56%，主要归因于运营利润的减少。运营现金流为101亿元人民币，较去年同期减少213亿元人民币。同比下降主要归因于我们对即时零售业务增加了战略投资。自由现金流为流出218亿元人民币，反映了我们在即时零售业务和\"AI+云\"基础设施方面的重大投资。当然，我们正在重新投入自由现金流，以打造一个成功的即时零售业务并成为AI领域的领导者。我们强劲的资产负债表，以及410亿美元的净现金，为我们这一再投资战略提供了信心。阿里巴巴中国电商集团收入为1326亿元人民币，增长16%。客户管理收入增长10%，主要得益于淘天集团GMV改善，这受益于陈占堆（注：可能指特定业务或模式，需根据实际名称确认）渗透率的提高以及软件服务费的增加。我们的即时零售业务收入增长60%。本季度，我们执行了计划以扩大即时零售业务规模、改善用户体验并收窄单位经济亏损。阿里巴巴中国电商集团的调整后税息折旧及摊销前利润为105亿元人民币。若剔除即时零售业务的亏损，阿里巴巴中国电商集团的调整后税息折旧及摊销前利润本季度将实现中个位数同比增长。展望未来，由于激烈的竞争和对用户体验的重大投资，该调整后税息折旧及摊销前利润可能会季度性波动。AIDC收入增长10%。特别是速卖通，发展了其利用超过30个国家本地库存的速卖通Direct模式。速卖通还通过推出Brand Plus计划，为出海中国品牌提供上市解决方案，从而增强了产品供应范围。物流优化和投资效率提升的结合，使得AIDC本季度实现了1.62亿元人民币的调整后税息折旧及摊销前利润。展望未来，虽然我们继续提升运营效率，但由于在特定市场的战术性投资，AIDC的调整后税息折旧及摊销前利润可能会季度性波动。我们的云业务本季度增长再次加速，云业务分部收入和外部客户收入增速分别加快至34%和29%。这一势头主要得益于公共云收入增长，包括AI相关产品采用率的提高。AI相关产品收入继续以三位数速度增长。本季度AI相关产品收入占外部客户收入的比重超过20%，并且其贡献度持续增加。我们看到AI产品在更广泛的企业客户中加速采用，越来越关注包括代码辅助在内的增值应用。调整后税息折旧及摊销前利润率保持相对稳定在9%。我们将继续投资于客户增长和技术创新，以提高AI基础设施和云计算的采用率，加强我们的市场领导地位。其他分部收入下降25%，主要由于高鑫零售和银泰业务的剥离。所有其他分部的调整后税息折旧及摊销前利润为亏损34亿元人民币，主要由于对技术业务投资的增加，部分被其他业务运营结果的改善所抵消。菜鸟已连续三个季度实现盈利。所有其他分部包含一系列创新计划，包括几个战略性的AI驱动技术基础设施和业务，包括我们的基础模型和AI应用。我们将继续投资于这些计划以谋求未来增长，对此我们感到兴奋。问答环节Q1：我的问题是关于云业务，尤其想了解云业务未来的增长前景，是否还有加速的可能性？另外从需求侧来说，由于中国并没有像美国那样的大型AI公司，那么外部客户收入的主要驱动因素有哪些？答：从我们现在看到的情况，客户需求还是非常旺盛。我们阿里云的AI服务器上架节奏，实际上严重跟不上客户订单的增长速度，我们在手的积压订单数量还在持续扩大。所以从当前的数据需求来看，未来的增长潜力仍在持续加速过程中。在需求侧，我们看到企业应用的方方面面，需求都在非常快速地增长。在我们支持的众多企业中，无论是在产品研发、产品制造过程，还是在产品上线后其客户日常使用环节，AI的需求都在持续渗透。所以我们看到，无论是企业进行模型训练还是推理，甚至是他们的终端客户开始使用他们开发的AI产品，这些都会用到云端算力。因此，我们看到企业客户实实在在的付费需求，潜力仍然很大，并且处于增长过程中。所以我们对于AI未来的需求抱有较大信心。Q2：祝贺公司在即时零售计划上取得的强劲表现。管理层能否分享即时零售的一些关键进展及其与核心电商的协同效应？基于这些协同效应，对我们核心电商12月季度的客户管理收入和税息折旧及摊销前利润有何展望？谢谢。蒋凡：这几个月我们专注于在保持市场份额的前提下优化单位经济模型，我们认为在这方面取得了非常显著的进展。一方面订单结构优化，同时规模效应也带来了物流成本的显著下降。10月以来，闪购的单位经济亏损已经较七八月份降低一半。在此基础上，淘宝闪购的订单份额稳定，商品交易总额份额稳中有升，对相关实物电商品类也有明显拉动。我可以展开讲一下。首先是订单结构的优化。过去两个月，平台的高客单价订单占比提升。按照最新数据，非茶饮订单已上涨到75%以上。闪购的最新客单价环比8月份也增长了超过两位数。客单价的提升也带动了淘宝闪购整体商品交易总额份额的增长。其次，随着订单份额的扩大，淘宝闪购的物流规模效应正在凸显，体现在我们的配送时效优于去年同期，单均物流成本显著降低。我们每单的物流成本已经明显低于淘宝闪购大规模投入以前的水平。在以上两点共同作用下，我们已完成短期内将每单亏损对比七八月份降低一半的既定目标。同时我们看到，在收窄亏损的过程中，用户的留存率和购买频次也优于预期。除了餐饮外卖，我们也看到闪购在零售品类的快速发展。闪购已显著带动相关品类和业务的增长，尤其是在食品、健康、超市等实物电商品类上。例如，盒马、猫超的闪购订单环比8月上涨30%。这几个月我们也在积极推动品牌商家加入淘宝闪购。后续我们会加速相关业务品类和闪购的协同与整合。综合来看，我们坚定认为闪购业态与阿里生态有巨大的协同潜力。第一阶段我们已经完成了规模的快速扩张。第二阶段我们的单位经济模型优化符合预期，为外卖业务长期可持续发展奠定了基础，也增强了我们在即时零售长期投入的决心。下一阶段我们会持续精耕细作用户体验，聚焦高价值用户的经营，聚焦零售品类发展。淘天闪购是淘天平台升级的核心战略之一。我们的目标是三年后为平台带来万亿级的成交额，继而带动相关品类整体市场份额的上涨。除了食品外卖，我们还看到通过即时零售实现的零售品类的快速增长，这明显推动了相关品类和业务的增长，特别是在生鲜杂货、健康产品和超市领域等实物电商部分。例如，盒马和天猫超市的即时零售订单较8月份增长了30%。近几个月，我们还积极引导商户和品牌入驻淘宝即时零售，未来我们将进一步加速核心零售品类与即时零售模式之间的整合与协同。总而言之，我们坚信即时零售模式与更广泛的阿里巴巴生态系统具有巨大的协同潜力。在第一阶段，我们成功实现了规模的快速扩张。在第二阶段，单位经济模型优化正按计划进行，为即时零售业务的长期可持续性奠定了坚实基础，并增强了我们对即时零售进行长期持续投资的信心。在下一阶段，我们将通过运营升级继续优化用户体验，重点关注服务高价值用户和拓展零售品类。即时零售是淘宝天猫集团平台升级的核心战略支柱之一。我们的目标是在三年内为平台带来一万亿元人民币的商品交易总额，从而推动相关品类的市场份额增长。徐宏：我来回答你的第二个问题，关于整个客户管理收入和税息折旧及摊销前利润的波动。正如刚才蒋凡提到的，闪购无论对用户活跃度，还是对相关品类的成交拉动，都有明显作用，所以对客户管理收入也会有正向影响。下一步我们最主要的工作是如何更好地进行远场和近场的协同，并把这种协同效应体现出来。关于整个中国电商集团的税息折旧及摊销前利润，首先从闪购这部分来看，由于整体投入，本季度（9月季度）会是一个高点。随着整体效率的提升，包括单位经济模型的显著改善和规模的稳定，我们预计下个季度的投入将显著收缩。当然，对于这点，我们也会根据市场竞争状况动态调整我们的投入策略。（这提升了）用户参与度并推动了相关品类的交易。因此，这自然对客户管理收入产生积极影响。下一阶段我们的主要工作是更好地整合传统电商和即时零售，实现协同效应，以更充分地释放这种影响。然而，我们目前正处于投资阶段，这关系到利润。我认为九月季度可能是这些投资规模最高的一个季度。随着效率提升、单位经济模型改善以及业务规模趋于稳定，预计到下个季度，这些投资的规模将显著缩减。当然，我们也会根据市场竞争情况，动态调整投资的节奏和规模。电商的客户管理收入最主要受到支付手续费和全站推广技术基数的影响。由于我们从去年9月开始收取支付手续费，因此预计下个季度增速将会放缓。我们一直强调，最主要的目标是中长期的市场份额。在此过程中，我们将坚定地投资消费者、投资商家增长，并坚定推动电商平台的业务模式升级。在这个过程中，客户管理收入和利润会有短期波动。关于电商业务的客户管理收入，支付手续费和全站推广的基数效应会产生影响。我们于去年9月开始收取支付手续费，因此从下个季度起，受此基数效应影响，增速预计会放缓。但正如我们一贯强调的，我们的首要目标是确保中长期的市场份额。在此过程中，我们将继续果断投资消费者和商家，并坚决推进电商平台的业务模式升级。因此，在此过程中，可以预期客户管理收入和利润会出现短期波动。Q3：正如刚才蒋凡总提到的，我们第一阶段的投资已经结束，现在进入第二阶段，即效率优化阶段。我的问题是，随着效率优化带来成本节约，我们如何考虑在价值链上关键利益相关方之间的利益分配？例如，对消费者端的补贴是否维持原有强度？这意味着财务改善将是相对渐进的。包括与商户端的补贴比例，我们的成本节约将如何在消费者、商户和平台这三个利益相关方之间进行分配？相关问题：如果我们不减少对消费者的补贴，仍然通过当前的路径，即优化用户结构、提升订单比例、高价值订单比例等方式，我们的单位经济模型还有多少继续提升的空间？吴泳铭：我来回答这个问题。在我刚才的讲述中已经提到了一部分，即我们这段时间的单位经济模型提升，首先一方面是客单价的上涨，这意味着我们每单的收入会增加，因为我们的收入与客单价相关。其次，我刚才提到了我们的物流效率随着规模扩大有了显著优化。我认为未来我们还有很多空间。一方面是关于消费者，过去几个月我们主要以大量新客为主。随着这些消费者转化为与我们平台有更高黏性的用户，我们将在此过程中提升客单价，并改变我们的补贴方式。同时，过去几个月淘宝App内的流量，包括即时零售频道的流量快速增长，已成为一个日活用户过亿的频道，这里面还有很大的商业化空间。我认为这也是未来改善单位经济模型的机会。当然，整个市场仍然充满竞争，我们会根据市场竞争情况审视机会，并动态调整我们的策略。Q4：我想问一下关于未来三年的资本开支，之前提到的3800亿我们应该如何理解？特别是考虑到过去四个季度已经花费了1200亿。我们应如何看待资本开支带来的增量收入？这个资本开支与增量收入的比率应如何考量？关于资本开支对增量收入的展望。谢谢。吴泳铭：我们之前提到的3800亿资本开支投资实际上是一个为期三年的规划数字。但从我们现在看到的情况来看，正如我刚才也提到的，我们的服务器上架速度仍然远远跟不上客户订单的增长速度。所以目前看来，我们在供应链问题、机房节奏以及整体上架节奏方面，都在以最快的速度去满足客户的需求。在这种情况下，如果仍然无法很好地满足需求，我们不排除会进一步增加投资。当然，目前整个市场的供应链节奏受到多方面因素的影响，但总体而言，我们仍会以比较积极的态度去投资整体的AI基础设施，以满足客户的需求。从大方向上看，我们之前提出的3800亿数字可能偏小了，这是基于我们现在看到的客户需求所做的判断。关于资本开支如何带来增量收入，以及这个比例如何估算？我认为目前情况下不太好估算，因为整体AI行业进展仍处于比较早期阶段。我们看到我们整体的AI基础设施在使用方面，实际上有几个不同领域尚在变化中。例如，我们有直接租给客户做训练的，也有直接租服务器给客户做推理的。我们也有使用我们自己的服务器做百炼的推理，实际上也包括我们的内部应用，比如像高德、淘宝、千问、夸克这样的应用，将它们转化为会员服务或会员产品。因此，总体上，我们的AI基础设施由于这些使用方式和应用场景的不同，所产生的营收和毛利率水平都会不太一样。所以我认为就现在这个比例来说可能并不太稳定。但从长期来看，我们更关注的是我们的基础设施所产生TOKEN的总体质量以及TOKEN的性价比。Q5：我有一个跟进问题：作为全栈AI服务商，我们显然正处在一个重要的投资周期，并且看到投资覆盖了价值链的不同环节。考虑到目前供应链持续的波动，我们是如何考虑资源分配的？特别是在模型MaaS层面对底层能力的持续建设，以及在应用端我们看到包括通义APP、高德等更激进的推进迭代。在目前的大环境下，我们如何评价整个行业围绕训练和推理相关AI投资的资本回报率？谢谢。吴泳铭：确实，我们作为全栈AI服务商，在这个大的AI投资周期中，我们的产品或基础设施可以用于各个方面。但我们在优先级上确实有几个内部的考量，我可以分享其中一些。我认为我们最关键的优先级，第一是保障我们基座模型训练的优先级。因为整体的AI基础设施要获得更多客户，或获得更多高价值场景，只有通过我们的模型能力持续迭代提升，才有机会解锁或获得更多用户，以及解锁更多场景。在解锁了更多高价值场景之后，整个TOKEN的消耗量和TOKEN的质量，包括客户愿意为这些TOKEN付费的意愿，实际上都会逐渐增强。所以这是我们优先级比较高的一个领域。另一个优先级是关于推理的使用。我们认为对于百炼平台上的推理服务，也是优先级比较高的。因为我们自己做的百炼平台可以服务全球客户，关键在于如何让我们的AI资源能够24小时高效率地使用，进行削峰填谷，让一台AI服务器能够更好地24小时满载运行以产生更多TOKEN。我们认为做大百炼资源池对我们来说也是一个优先级比较高的领域。另外，无论是我们内部各方面的AI化推理服务，还是外部客户的推理服务需求，都排在这之后。但在外部客户的选择中，我们实际上也有一个优先级的衡量。如果这个外部客户对我们阿里云的服务是全方位的，例如他既要用存储，又要用大数据，又要用我们的CPU资源，那么这些客户的优先级可能会高一点。如果只是纯粹租用GPU来满足其简单的推理服务，那么这些客户的需求优先级相对就会低一点。您的第二个问题也很好。我认为我们看待这个问题主要从两个方面。第一个是从需求侧，我们看到有两个非常明显的推动力。一个是整个基座模型，无论是我们看到的基础模型，还是视频生成模型，或者未来更多的像全模态模型，这方面的能力都在持续提升，整个的Scaling Law趋势尚未停止，我们认为业内其实还没有碰到天花板。从Gemini 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href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a> 都涨起来了，别睡着了","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a> 都涨起来了，别睡着了","text":"$小米集团-W(01810)$ 都涨起来了，别睡着了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/512389408227936","isVote":1,"tweetType":1,"viewCount":538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":511285703037520,"gmtCreate":1765852507083,"gmtModify":1765852509288,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"title":"","htmlText":"生日快乐！送网友股东礼物，-6.3%！！","listText":"生日快乐！送网友股东礼物，-6.3%！！","text":"生日快乐！送网友股东礼物，-6.3%！！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/511285703037520","repostId":"2591673069","repostType":2,"repost":{"id":"2591673069","kind":"news","pubTimestamp":1765844829,"share":"https://www.laohu8.com/m/news/2591673069?lang=zh_CN&edition=full","pubTime":"2025-12-16 08:27","market":"hk","language":"zh","title":"雷军今天生日：网友集体送祝福 希望他和小米越来越好、强大","url":"https://stock-news.laohu8.com/highlight/detail?id=2591673069","media":"快科技","summary":"快科技12月16日消息，今天是雷军的生日，有网友已经提前开始送祝福了。随后这个帖子引来诸多网友的跟帖，有不少网友祝福雷军生日快乐，并直言希望小米和雷军越来越好，越来越强大。资料显示，雷军生于1962年12月16日，2010年1月14日他和12名创业者在北京学院路上逐鹿茶馆，召开小米创业筹备第一次会议，公司定名为“小米”。4月6日，小米公司在中关村银谷大厦807室正式起航 。2011年8月16日，小米手机1正式发布。","content":"<html><body><p>快科技12月16日消息，今天是雷军的生日，有网友已经提前开始送祝福了。</p><p><strong>就在刚刚，<a href=\"https://laohu8.com/S/XIACY\">小米</a>公司新媒体总监神得强Steven发微博称，“祝雷总@雷军 生日快乐！永远年轻，永远热泪盈眶！”</strong></p><p>随后这个帖子引来诸多网友的跟帖，有不少网友祝福雷军生日快乐，并直言希望<a href=\"https://laohu8.com/S/01810\">小米</a>和雷军越来越好，越来越强大。</p><p>资料显示，雷军生于1962年12月16日，2010年1月14日他和12名创业者在北京学院路上逐鹿茶馆，召开<a href=\"https://laohu8.com/S/81810\">小米</a>创业筹备第一次会议，公司定名为“小米”。4月6日，小米公司在<a href=\"https://laohu8.com/S/000931\">中关村</a>银谷大厦807室正式起航 。8月，小米公司第一个产品——移动操作系统MIUI上线。</p><p>2011年8月16日，小米手机1正式发布。小米在2012年卖出719万部手机，2013年卖出1870万部手机 。2013年8月，小米公司完成了新一轮融资，估值逼近百亿美金。</p><p><img 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href=\"https://tech.ifeng.com/c/8p7eiFoQKAf\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","KC":"金山云","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1720050803.USD":"安联全方位中国股票基金","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","HXXD.SI":"Xiaomi HK SDR 2to1","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","XIACY":"小米集团ADR","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) 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(C)"},"source_url":"https://tech.ifeng.com/c/8p7eiFoQKAf","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2591673069","content_text":"快科技12月16日消息，今天是雷军的生日，有网友已经提前开始送祝福了。就在刚刚，小米公司新媒体总监神得强Steven发微博称，“祝雷总@雷军 生日快乐！永远年轻，永远热泪盈眶！”随后这个帖子引来诸多网友的跟帖，有不少网友祝福雷军生日快乐，并直言希望小米和雷军越来越好，越来越强大。资料显示，雷军生于1962年12月16日，2010年1月14日他和12名创业者在北京学院路上逐鹿茶馆，召开小米创业筹备第一次会议，公司定名为“小米”。4月6日，小米公司在中关村银谷大厦807室正式起航 。8月，小米公司第一个产品——移动操作系统MIUI上线。2011年8月16日，小米手机1正式发布。小米在2012年卖出719万部手机，2013年卖出1870万部手机 。2013年8月，小米公司完成了新一轮融资，估值逼近百亿美金。","news_type":1,"symbols_score_info":{"81810":0.6,"MIUmain":0.6,"HXXD.SI":0.6,"KC":1.5,"01810":1.5,"XIACY":0.6}},"isVote":1,"tweetType":1,"viewCount":332,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":509479816471104,"gmtCreate":1765422732465,"gmtModify":1765422734746,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"title":"","htmlText":"值得20个点上涨空间！","listText":"值得20个点上涨空间！","text":"值得20个点上涨空间！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/509479816471104","repostId":"2590579568","repostType":2,"repost":{"id":"2590579568","kind":"news","pubTimestamp":1765418876,"share":"https://www.laohu8.com/m/news/2590579568?lang=zh_CN&edition=full","pubTime":"2025-12-11 10:07","market":"hk","language":"zh","title":"小米智能家电工厂首款自产空调：米家中央空调Pro双风轮官宣本月发布","url":"https://stock-news.laohu8.com/highlight/detail?id=2590579568","media":"快科技","summary":"今天小米官方宣布，从这座智能家电工厂诞生的首款产品——米家中央空调Pro双风轮本月发布，这也是小米首款自产的中央空调。据悉，小米智能家电工厂位于武汉新城，集研发、生产、验证一体，拥有6大车间，46间实验室。小米米家中央空调Pro双风轮系列目前已经开启预约，拥有双风轮、超低频6Hz；支持新形态双出风，暖风下出超温暖。","content":"<html><body><article><p>快科技12月11日消息，<a href=\"https://laohu8.com/S/XIACY\">小米</a>智能家电工厂于10月正式在武汉竣工投产，前不久，<a href=\"https://laohu8.com/S/01810\">小米</a>智能家电工厂的研发楼也正式启用。</p><p><strong>今天<a href=\"https://laohu8.com/S/81810\">小米</a>官方宣布，从这座智能家电工厂诞生的首款产品——米家中央空调Pro双风轮本月发布，这也是小米首款自产的中央空调。</strong></p><img src=\"https://fid-75186.picgzc.qpic.cn/20251211101540711d163hrvsj83nbtj\"/><p><strong>据悉，小米智能家电工厂位于武汉新城，集研发、生产、验证一体，拥有6大车间，46间实验室。</strong></p><p>此外还包括实验楼、成品物流库、中心仓，实现研发、生产、供应、物流一体化运营。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251211101547659d163y3yh27xda7t\"/><p>工厂依托自研小米澎湃智能制造平台，搭配AI视觉质检，关键产线实现100%自动化，保证高效率精密制造。</p><p><strong>官方介绍，该工厂6.5秒就能下线一台高端空调，关键部件实现100%精准检测，树立智能制造的新标杆。</strong></p><img src=\"https://fid-75186.picgzc.qpic.cn/20251211101549064d163iq6t9cknv8g\"/><p>据此前爆料，该工厂后续会实现小米空调、冰箱、洗衣机等家电产品的全面自产，摆脱大家都对于小米家电代工、贴牌的固有印象。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251211101551624d163n2d2leleb6m\"/><p><strong>小米米家中央空调Pro双风轮系列目前已经开启预约，拥有双风轮、超低频6Hz；支持新形态双出风，暖风下出超温暖。</strong></p><p><a href=\"https://laohu8.com/S/JD\">京东</a>商品页已经上架了五款不同的型号，分别是5匹一拖四、6匹一拖四、大6匹一拖五、7匹一拖六、8匹一拖六。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251211101553243d163lya16lgb30o\"/></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta 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padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小米智能家电工厂首款自产空调：米家中央空调Pro双风轮官宣本月发布\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-11 10:07 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251211101555979bcc0c&s=b><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技12月11日消息，小米智能家电工厂于10月正式在武汉竣工投产，前不久，小米智能家电工厂的研发楼也正式启用。今天小米官方宣布，从这座智能家电工厂诞生的首款产品——米家中央空调Pro双风轮本月发布，这也是小米首款自产的中央空调。据悉，小米智能家电工厂位于武汉新城，集研发、生产、验证一体，拥有6大车间，46间实验室。此外还包括实验楼、成品物流库、中心仓，实现研发、生产、供应、物流一体化运营。工厂...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251211101555979bcc0c&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","BK1506":"5G概念","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0359201885.HKD":"BGF 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href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a><v-v data-views=\"0\"></v-v> 下跌到380","listText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a><v-v data-views=\"0\"></v-v> 下跌到380","text":"$特斯拉(TSLA)$ 下跌到380","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/507499918971280","isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":505040530694520,"gmtCreate":1764319376768,"gmtModify":1764319379272,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"title":"","htmlText":"亏麻了，继续下跌","listText":"亏麻了，继续下跌","text":"亏麻了，继续下跌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/505040530694520","repostId":"1161039212","repostType":4,"repost":{"id":"1161039212","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":1764319002,"share":"https://www.laohu8.com/m/news/1161039212?lang=zh_CN&edition=full","pubTime":"2025-11-28 16:36","market":"hk","language":"zh","title":"美团：三季度营收954.9亿元，调整后净亏损160亿元，预计亏损将延续","url":"https://stock-news.laohu8.com/highlight/detail?id=1161039212","media":"老虎资讯综合","summary":"预估亏损139.6亿元。","content":"<html><head></head><body><p>周五， <a href=\"https://laohu8.com/S/MPNGY\">美团ADR</a> 盘中跌幅超3%，截至发稿跌超2%。<a href=\"https://laohu8.com/S/03690\">美团-W</a> 今日发布财报：2025年第三季度营收954.9亿元人民币，预估974.7亿元，上年同期935.8亿元；调整后净亏损160亿元，同比下降225%，预估亏损139.6亿元。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed3c8d111169ed815e7eed1d664fb8d8\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><ul style=\"\"><li><p><strong>核心本地商业收入674亿元，预估692亿元。由于行业竞争加剧，核心本地商业经营利润转负，亏损141亿元。经营利润率则从去年同期的21.0%降至-20.9%；</strong></p></li><li><p><strong>新业务收入280亿元，预估285.5亿元；</strong></p></li><li><p><strong>配送服务收入230亿元，预估266.8亿元；</strong></p></li><li><p><strong>佣金收入280亿元，预估279.1亿元。</strong></p></li></ul><p>三季度，为应对行业“内卷式”竞争，美团加大资金投入，提升服务质量并推动行业健康发展。在此带动下，美团APP的DAU(日活跃用户数)同比增长超过20%，餐饮外卖月交易用户数也创下历史新高。过去12个月的交易用户数突破8亿大关。</p><p>三季度，美团研发投入69亿元，同比增长31%。</p><p>美团：近期市场竞争持续白热化。因此，<strong>我们预计核心本地商业板块及本公司整体层面，第四季度的经营亏损趋势将延续。</strong></p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2e23da3820453233c206efdf58991771\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美团：三季度营收954.9亿元，调整后净亏损160亿元，预计亏损将延续</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{ 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class=\"h-time\">2025-11-28 16:36</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>周五， <a href=\"https://laohu8.com/S/MPNGY\">美团ADR</a> 盘中跌幅超3%，截至发稿跌超2%。<a href=\"https://laohu8.com/S/03690\">美团-W</a> 今日发布财报：2025年第三季度营收954.9亿元人民币，预估974.7亿元，上年同期935.8亿元；调整后净亏损160亿元，同比下降225%，预估亏损139.6亿元。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed3c8d111169ed815e7eed1d664fb8d8\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><ul style=\"\"><li><p><strong>核心本地商业收入674亿元，预估692亿元。由于行业竞争加剧，核心本地商业经营利润转负，亏损141亿元。经营利润率则从去年同期的21.0%降至-20.9%；</strong></p></li><li><p><strong>新业务收入280亿元，预估285.5亿元；</strong></p></li><li><p><strong>配送服务收入230亿元，预估266.8亿元；</strong></p></li><li><p><strong>佣金收入280亿元，预估279.1亿元。</strong></p></li></ul><p>三季度，为应对行业“内卷式”竞争，美团加大资金投入，提升服务质量并推动行业健康发展。在此带动下，美团APP的DAU(日活跃用户数)同比增长超过20%，餐饮外卖月交易用户数也创下历史新高。过去12个月的交易用户数突破8亿大关。</p><p>三季度，美团研发投入69亿元，同比增长31%。</p><p>美团：近期市场竞争持续白热化。因此，<strong>我们预计核心本地商业板块及本公司整体层面，第四季度的经营亏损趋势将延续。</strong></p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2e23da3820453233c206efdf58991771\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e1238455e09ac8d1135014cb37eb0f4d","relate_stocks":{"03690":"美团-W","MPNGY":"美团ADR"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161039212","content_text":"周五， 美团ADR 盘中跌幅超3%，截至发稿跌超2%。美团-W 今日发布财报：2025年第三季度营收954.9亿元人民币，预估974.7亿元，上年同期935.8亿元；调整后净亏损160亿元，同比下降225%，预估亏损139.6亿元。核心本地商业收入674亿元，预估692亿元。由于行业竞争加剧，核心本地商业经营利润转负，亏损141亿元。经营利润率则从去年同期的21.0%降至-20.9%；新业务收入280亿元，预估285.5亿元；配送服务收入230亿元，预估266.8亿元；佣金收入280亿元，预估279.1亿元。三季度，为应对行业“内卷式”竞争，美团加大资金投入，提升服务质量并推动行业健康发展。在此带动下，美团APP的DAU(日活跃用户数)同比增长超过20%，餐饮外卖月交易用户数也创下历史新高。过去12个月的交易用户数突破8亿大关。三季度，美团研发投入69亿元，同比增长31%。美团：近期市场竞争持续白热化。因此，我们预计核心本地商业板块及本公司整体层面，第四季度的经营亏损趋势将延续。","news_type":1,"symbols_score_info":{"MPNGY":2,"03690":2}},"isVote":1,"tweetType":1,"viewCount":617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":504219704717624,"gmtCreate":1764134355726,"gmtModify":1764134358306,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"title":"","htmlText":"宣传了，没有用，拉不起来？","listText":"宣传了，没有用，拉不起来？","text":"宣传了，没有用，拉不起来？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/504219704717624","repostId":"2586895202","repostType":2,"repost":{"id":"2586895202","kind":"news","pubTimestamp":1764122511,"share":"https://www.laohu8.com/m/news/2586895202?lang=zh_CN&edition=full","pubTime":"2025-11-26 10:01","market":"hk","language":"zh","title":"三大巨头联手“杀入” 中国第90家财险公司来了","url":"https://stock-news.laohu8.com/highlight/detail?id=2586895202","media":"华夏时报网","summary":"【三大巨头联手“杀入” 中国第90家财险公司来了】近日，金融监管总局正式批复北京法巴天星财产保险股份有限公司开业，并接受北京金融监管局的属地监督管理。这家注册资本达10亿元、由法国巴黎保险集团、小米旗下四川银米科技及德国大众汽车金融共同组建的险企，从筹建之初便因其独特的股东背景与战略定位备受业界关注。","content":"<div>\n<p>我国财产保险市场正式迎来第90家主体。　　近日，金融监管总局正式批复北京法巴天星财产保险股份有限公司（下称“法巴天星财险”）开业，并接受北京金融监管局的属地监督管理。　　这家注册资本达10亿元、由法国巴黎保险集团、小米旗下四川银米科技及德国大众汽车金融共同组建的险企，从筹建之初便因其独特的股东背景与战略定位备受业界关注。　　在受访业内人士看来，法巴天星财险的诞生，不仅是中国金融业对外开放的又一重要...</p>\n\n<a href=\"http://insurance.eastmoney.com/a/202511263575162370.html\">网页链接</a>\n\n</div>\n","source":"stock_eastmoney","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" 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href=http://insurance.eastmoney.com/a/202511263575162370.html><strong>华夏时报网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>我国财产保险市场正式迎来第90家主体。　　近日，金融监管总局正式批复北京法巴天星财产保险股份有限公司（下称“法巴天星财险”）开业，并接受北京金融监管局的属地监督管理。　　这家注册资本达10亿元、由法国巴黎保险集团、小米旗下四川银米科技及德国大众汽车金融共同组建的险企，从筹建之初便因其独特的股东背景与战略定位备受业界关注。　　在受访业内人士看来，法巴天星财险的诞生，不仅是中国金融业对外开放的又一重要...</p>\n\n<a href=\"http://insurance.eastmoney.com/a/202511263575162370.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","XIACY":"小米集团ADR","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","BK1502":"双十一","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0823397285.USD":"BNP PARIBAS 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RETURN ASIAN EQUITY \"AT\" (USD)","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","HXXD.SI":"Xiaomi HK SDR 2to1","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","01810":"小米集团-W","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC"},"source_url":"http://insurance.eastmoney.com/a/202511263575162370.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2586895202","content_text":"我国财产保险市场正式迎来第90家主体。　　近日，金融监管总局正式批复北京法巴天星财产保险股份有限公司（下称“法巴天星财险”）开业，并接受北京金融监管局的属地监督管理。　　这家注册资本达10亿元、由法国巴黎保险集团、小米旗下四川银米科技及德国大众汽车金融共同组建的险企，从筹建之初便因其独特的股东背景与战略定位备受业界关注。　　在受访业内人士看来，法巴天星财险的诞生，不仅是中国金融业对外开放的又一重要成果，也是科技与金融深度融合、产业资本跨界布局的典型范例，预示着中国保险市场正步入一个更加多元、开放与创新的发展阶段。　　中外资本强强联合　　法巴天星财险的股东阵容堪称“豪华”，融合了国际保险巨头、中国科技领军企业及全球汽车金融龙头，形成了一种极具前瞻性的资本与业务组合。　　具体来看，法国巴黎保险集团作为全球知名的银行保险业务运营商，持有49%的股份，其在华布局已久，此次通过设立财险公司，实现了在中国产险与寿险领域的双重布局。　　中方股东四川银米科技有限责任公司（下称“银米科技”）由小米集团全资控股，实际控制人为雷军，持股33%。小米作为中国头部科技企业，近年来在智能手机、物联网、智能汽车等领域的布局日益深入，其参与设立财险公司，被视为其构建“人车家全生态”战略的关键一步。　　需要指出的是，银米科技此前已通过收购保险经纪牌照涉足保险中介业务，此次直接参股保险公司，标志着小米在金融领域的拓展进入新阶段。　　持股18%的德国大众汽车金融服务海外股份公司，作为中国首家外商全资汽车金融公司，其在汽车金融与车主服务领域积累深厚。大众汽车金融的加入，不仅为法巴天星财险带来了车险场景与渠道资源，也为其在车辆风险管理、售后服务网络等方面提供了有力支持。　　“国际保险巨头+中国科技企业+全球汽车金融龙头”的股东结构，在业内被视为一种创新的合作范式。但在未来实际运营中，三方股东也面临一定挑战，盘古智库高级研究员江瀚在接受《华夏时报》记者采访时表示，战略目标与风险偏好的错位是核心挑战。法国巴黎保险集团作为传统外资险企，注重长期稳健回报和合规风控。小米作为科技公司追求用户增长与生态扩张，偏好高风险高回报模式，而大众汽车金融则聚焦于汽车销售与金融服务的闭环效率。三者在业务节奏、盈利预期和风险容忍度上存在结构性差异。　　“小米掌握大量用户行为数据，大众汽车金融拥有车辆运行与金融数据，而法国巴黎保险集团具备精算与承保能力。如何在合规前提下打通三方数据孤岛，并公平分配数据价值与客户权益，将成为协同落地的关键障碍。”江瀚说道。　　根据监管批复，法巴天星财险的业务范围涵盖机动车保险、财产工程险、责任保险、船舶货运保险、短期健康意外伤害保险及再保险等。其中，车险业务被视为其核心发力点。　　但新能源车险普遍面临“高出险率、高赔付率、高成本率”的困境，整个赛道尚处于亏损状态。法巴天星财险借助股东背景，能否打破这一行业僵局？其宣称的UBI（基于使用行为定价）车险，在实际落地中又需要克服哪些技术和市场障碍？成为市场关注的焦点。　　“车险科技应用政策已经远远落后于保险科技的发展。” 对外经济贸易大学保险学院教授王国军指出，多源数据融合是一个最重要的技术障碍，需将车辆CAN总线数据、手机GPS、路况信息整合为统一风险评分，依赖边缘计算降低延迟。　　中华保险集团研究所首席研究员邱剑亦向《华夏时报》记者表示，短期能否把赔付率压到100%以内，关键看营运车识别和电池再制造件能否快速放量；长期实现UBI盈利，取决于监管能否放行更大浮动区间，以及法巴天星财险股东方是否愿意用硬件补贴换取数据壁垒，从而形成“数据-维修-金融”闭环，做大新能源汽车的保险规模，实现新能源汽车保险的利润。　　高管团队兼具国际视野与本土经验　　法巴天星财险的高管团队同样引人注目。董事长OOI See See是亚洲保险市场的资深人士，拥有超过30年的行业经验，曾负责多家跨国险企的亚洲业务，其国际视野与战略洞察力将为该公司发展提供重要指引。　　总经理朱仁栋则是中国首批产险精算师之一，长期任职于阳光财险并担任总精算师等职，其在产品精算、风险管理方面的专业能力，对法巴天星财险在复杂市场环境中稳健经营至关重要。　　这支兼具国际化背景与本土实践经验的团队，被业内视为法巴天星财险应对中国市场挑战的重要保障。　　值得一提的是，小米参与设立法巴天星财险受到外界高度关注，谈及其为法巴天星财险带来的优势，邱剑表示，主要有低成本高转化的场景流量实现产品销售，实时多维的IoT数据实现风险管控，金融工具赋能（小米钱包、花呗分期已接入车险首期/月付）的闭环支付实现暖心服务，短期内可以利用生态和流量快速获取保费规模和效益。　　截至2024年底，小米全球AIoT平台连接设备数已突破9亿，其线下门店超1万家，形成了立体化的用户触达网络。这为保险产品的场景化渗透提供了坚实基础。此外，小米品牌在年轻消费者中的高认知度，为其保险业务提供了天然的信任背书。通过直连用户，小米还可省去传统保险代理的渠道成本，将费用节约转化为更具竞争力的保费定价。　　尽管优势显著，但小米跨界保险仍面临多重挑战。邱剑向本报记者表示，长期看，流量只能决定开局好，不能永久。只有提高科技赋能和员工专业的服务能力，对风险数据的分析利用、对维修残值的合理利用、对承保和理赔服务能力的提升、对保险资金的有效投资管理，才是别人撬不动的护城河。　　法巴天星财险的获批开业，是中国金融市场持续对外开放的体现。自2018年取消外资险企股比限制以来，外资机构在华布局步伐加快。随着中国保险市场日益成熟，相比于本土公司，外资机构在当前的中国市场环境中，其核心优势已经发生了变化。　　江瀚指出，外资险企的传统优势，资本实力与品牌信誉，已相对弱化，因中资头部险企在资本、科技投入和本土网络上已全面赶超。目前外资的核心优势已经转向专业化细分能力与全球资源整合能力，尤其在健康险、责任险、绿色保险等复杂产品领域。　　王国军则表示，外资可以引入欧洲“汽车订阅制”（Car Subs c r i p tion）保险模式，适配中国年轻群体用车需求。将欧盟GDPR数据合规框架转化为中国本土方案，协助制定UBI行业标准。　　随着小米汽车逐步交付、法巴保险技术落地以及大众汽车金融场景深化，法巴天星财险能否在车险与生态保险领域形成独特竞争力，备受期待。（文章来源：华夏时报网）","news_type":1,"symbols_score_info":{"81810":0.6,"MIUmain":0.6,"01810":0.9,"XIACY":0.6,"HXXD.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":503962999481112,"gmtCreate":1764071999057,"gmtModify":1764072003871,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"htmlText":"博通","listText":"博通","text":"博通","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/503962999481112","isVote":1,"tweetType":1,"viewCount":352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":503858255749584,"gmtCreate":1764034610802,"gmtModify":1764034613301,"author":{"id":"4091843231394550","authorId":"4091843231394550","name":"Jinyx_21g_","avatar":"https://static.tigerbbs.com/558acfa4d134ff2618914b253fc2d0b8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091843231394550","idStr":"4091843231394550"},"themes":[],"title":"","htmlText":"与特斯拉的不一样。自动驾驶已经成为现实","listText":"与特斯拉的不一样。自动驾驶已经成为现实","text":"与特斯拉的不一样。自动驾驶已经成为现实","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/503858255749584","repostId":"2586414424","repostType":2,"repost":{"id":"2586414424","kind":"news","pubTimestamp":1764033360,"share":"https://www.laohu8.com/m/news/2586414424?lang=zh_CN&edition=full","pubTime":"2025-11-25 09:16","market":"us","language":"zh","title":"英伟达开源自动驾驶训练加速工具包ACCV-Lab","url":"https://stock-news.laohu8.com/highlight/detail?id=2586414424","media":"车质网","summary":"11月24日，英伟达上周开源了自动驾驶训练加速工具包ACCV-Lab，旨在助力ADAS领域实现端到端训练，并支持开发与研究。英伟达计划未来持续扩展ACCV-Lab的功能与示例，以展示其在真实场景中的应用效果及性能提升。尽管英伟达汽车部门负责人阿里·卡尼表示，完全自动驾驶汽车还很遥远，不太可能在本十年内在公共道路上全面投入使用，但ACCV-Lab的开源无疑将进一步推动自动驾驶技术的发展。","content":"<html><body><article><p>11月24日，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>上周开源了自动驾驶训练加速工具包ACCV-Lab，旨在助力ADAS领域实现端到端训练，并支持开发与研究。ACCV-Lab是一个系统化的工具集，其子模块专注于特定方向，提供工具与最佳实践。英伟达计划未来持续扩展ACCV-Lab的功能与示例，以展示其在真实场景中的应用效果及性能提升。</p><p>ACCV-Lab的开源，体现了英伟达在自动驾驶技术领域的持续投入。英伟达的计算系统和软件已被捷豹路虎、梅赛德斯-奔驰和沃尔沃等多家知名汽车制造商采用，用于支持下一代汽车的自动驾驶技术。近年来，英伟达在汽车行业投入巨资，以抓住自动驾驶技术驱动下对其芯片需求增长的机遇。</p><p>尽管英伟达汽车部门负责人阿里·卡尼表示，完全自动驾驶汽车还很遥远，不太可能在本十年内在公共道路上全面投入使用，但ACCV-Lab的开源无疑将进一步推动自动驾驶技术的发展。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" 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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英伟达开源自动驾驶训练加速工具包ACCV-Lab\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-25 09:16 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251125091850951876a7&s=b><strong>车质网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>11月24日，英伟达上周开源了自动驾驶训练加速工具包ACCV-Lab，旨在助力ADAS领域实现端到端训练，并支持开发与研究。ACCV-Lab是一个系统化的工具集，其子模块专注于特定方向，提供工具与最佳实践。英伟达计划未来持续扩展ACCV-Lab的功能与示例，以展示其在真实场景中的应用效果及性能提升。ACCV-Lab的开源，体现了英伟达在自动驾驶技术领域的持续投入。英伟达的计算系统和软件已被捷豹路虎...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251125091850951876a7&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","NVDA":"英伟达","LU0079474960.USD":"联博美国增长基金A","BK4529":"IDC概念","IE00BJLML261.HKD":"HSBC GLOBAL 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