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何如共进
何如共进
·
08-04
高盛来了，快跑
从基建淘金迈向应用变现！高盛研判：AI主线迎来重大切换，微软有望成核心受益者
AI牛市正在迎来重要分水岭。$高盛$指出，$微软$凭借深度嵌入亿万职场人日常工作软件生态，有望成为这一轮风格切换的核心受益者。过去市场炒作AI，焦点集中在底层算力基建;而产业推进至新阶段，如何面向海量企业落地可商用AI服务，成为胜负关键。搭建AI基础设施造就了第一轮AI牛市赢家，而帮助企业日常应用AI则可能催生下一批赢家，高盛看好微软抢占这一赛道先机。
从基建淘金迈向应用变现！高盛研判：AI主线迎来重大切换，微软有望成核心受益者
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何如共进
何如共进
·
07-15
这篇文章不错，转发给大家看看
异动解读｜Figma盘中下跌7.99%，应用软件板块整体承压回调
7月14日，Figma盘中下跌7.99%，报22.27美元/股，成交额1.18亿美元。值得注意的是，此前一交易日AI应用软件板块受花旗行业展望报告提振集体走强，Figma盘中一度涨超5%，今日出现明显获利回吐。Figma, Inc.于2012年10月在特拉华州注册成立，是团队聚集在一起将创意转化为数字产品和体验的协作设计平台。
异动解读｜Figma盘中下跌7.99%，应用软件板块整体承压回调
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何如共进
何如共进
·
03-31
$蔚来(NIO)$
像筑底的意思
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何如共进
何如共进
·
2025-11-26
股东权益都负了？？？娘希匹，亏我还一直看好……
蔚来再亏34.8亿，李斌的盈利承诺仅剩1%可能：四季度不盈利就出局！
11月25日，蔚来2025年第三季度财报显示，公司净亏损34.8亿元，尽管同比收窄31.2%，但今年前三季度累计亏损仍高达约152亿元。三季度蔚来交付8.7万辆，同比增长40.8%；营收217.9亿元，同比增长16.7%；整车毛利率提升至14.7%，创近三年新高。毛利率提升的路径李斌预计四季度整车毛利率将进一步提升至18%。蔚来现金储备可支撑未来12个月运营，即使四季度未实现盈利，公司仍有缓冲时间调整战略。二季度技术研发服务已为毛利率提升做出贡献。
蔚来再亏34.8亿，李斌的盈利承诺仅剩1%可能：四季度不盈利就出局！
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何如共进
何如共进
·
2025-11-19
台积电援助的？
英特尔：18A工艺已大规模量产，晶体管密度提升30%
新浪科技讯 11月19日上午消息，今日举办的2025英特尔技术创新与产业生态大会上，英特尔方面宣布，公司18A工艺已在亚利桑那州的Fab 52工厂进入大规模量产。 据悉，该工艺采用全环绕栅极晶体管技术和背面供电技术，实现了能效与密度的双重进步。和上一代制程工艺相比，18A工艺在相同能耗下性能提升15%，晶体管密度提升30%。 英特尔方面表示，该技术是英特尔下三代技术的基石，公司正基于该技术快速推进下面几代产品的研发。（文猛） 海量资讯、精准解读，尽在新浪财经APP 责任编辑：江钰涵
英特尔：18A工艺已大规模量产，晶体管密度提升30%
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何如共进
何如共进
·
2025-10-13
永辉爱琴海新开的时候瓜果蔬菜很新鲜，品质也好，差不多天天去，后来来回喷水蔬菜烂的越来越多有时候干脆泡在水里全烂掉，没烂的也不好吃，想买条鱼也找不到人收拾，再也没去过，积分作废都没去换东西。
永辉CEO王守诚：“胖改”处于初级阶段 3年内走出生死线
新浪科技讯 10月13日上午消息，在永辉超市2025新品发布会，永辉超市CEO、全国调改负责人王守诚发表《新永辉，新品质》主题演讲。王守诚表示，调改是一份使命，也是一份向内的变革。 王守诚强调，永辉现在还不成熟，学习胖东来模式仍处于初级阶段，但永辉需要坚持长期主义，希望用2到3年走出生死线，5到10年真正成为一个国民超市品牌。 王守诚提到，永辉现在的规模已经回到了2016年前后的水平。
永辉CEO王守诚：“胖改”处于初级阶段 3年内走出生死线
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何如共进
何如共进
·
2025-09-28
老乡们要跑！且看美联储如何把你们忽悠回去[开心]
从杠杆ETF到数字币，美国市场正在“微妙变化”
本月美国杠杆ETF遭遇创纪录的资金流出，数字货币市场一度蒸发3000亿美元市值，标普也录得一个月来首次单周下跌。分析指出，此轮大规模的资产回撤并非恐慌信号，而更像是在经历了数月的市场狂欢后，以散户为首的投资者们选择锁定利润，为未来潜在的波动做准备。
从杠杆ETF到数字币，美国市场正在“微妙变化”
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何如共进
何如共进
·
2025-09-28
新的星球大战计划，看谁能卷赢，技术积累和进步速度是有限的，人力是有限的，芯片产能增长是有限的，资金是有限的，烧完了事。
当数据中心投资超过了办公楼
自2014年7月以来，数据中心建设支出的增幅高达2200%。截至今年7月的一年里，美国数据中心建设的年化支出已飙升至410亿美元，几乎与美国所有私人办公楼的建设成本持平。
当数据中心投资超过了办公楼
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何如共进
何如共进
·
2025-09-21
前几个问题有点乱，最后一个太好答了，我要做巴菲特！木头姐才几个钱……
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何如共进
何如共进
·
2025-09-15
融资
国家外汇局：允许外商直接投资项下外汇利润境内再投资
9月15日，国家外汇管理局关于深化跨境投融资外汇管理改革有关事宜的通知，（一）取消境内直接投资前期费用基本信息登记。在不违反外商投资准入特别管理措施且境内所投项目真实、合规前提下，外商投资企业以外汇资本金及其结汇所得人民币资金开展境内再投资，被投资企业或股权出让方无需办理接收境内再投资基本信息登记及变更登记，境内再投资资金可以直接划至相关账户。（三）允许外商直接投资项下外汇利润境内再投资。
国家外汇局：允许外商直接投资项下外汇利润境内再投资
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18:09","market":"us","language":"zh","title":"从基建淘金迈向应用变现！高盛研判：AI主线迎来重大切换，微软有望成核心受益者","url":"https://stock-news.laohu8.com/highlight/detail?id=2656453632","media":"智通财经","summary":"AI牛市正在迎来重要分水岭。$高盛$指出，$微软$凭借深度嵌入亿万职场人日常工作软件生态，有望成为这一轮风格切换的核心受益者。过去市场炒作AI，焦点集中在底层算力基建;而产业推进至新阶段，如何面向海量企业落地可商用AI服务，成为胜负关键。搭建AI基础设施造就了第一轮AI牛市赢家，而帮助企业日常应用AI则可能催生下一批赢家，高盛看好微软抢占这一赛道先机。","content":"<html><head></head><body><p style=\"text-align: left;\">AI牛市正在迎来重要分水岭。过去两年，资金追捧芯片、网络设备供应商等AI“卖铲人”，但风向正在转变，投资者不再单纯追逐更庞大的模型或数据中心，而是要求AI能够带来可量化的真实回报。<a href=\"https://laohu8.com/S/GS\">高盛</a>指出，<a href=\"https://laohu8.com/S/MSFT\">微软</a>凭借深度嵌入亿万职场人日常工作软件生态，有望成为这一轮风格切换的核心受益者。</p><p style=\"text-align: left;\">高盛在最新月度报告中将微软纳入其美国“确信买入名单”(Conviction List)，同时维持对该股的“买入”评级，并将目标价从610美元上调至640美元，较当前股价水平高出31%。更重要的是，“确信买入名单”是该行筛选出的最具上涨潜力和最高信心级别的投资标的组合，被列入该名单表明高盛对微软的看好程度高于常规 “买入” 评级。</p><p style=\"text-align: left;\">高盛软件行业分析师加布里埃拉·博尔赫斯指出，AI投资的叙事正在发生微妙但意义重大的转向：资金重心将逐步从AI模型训练基础设施供应商，转向能够把AI转化为持续性企业收入的平台。</p><h2 style=\"text-align: left;\"><strong>企业级AI应用正成为微软最大机遇</strong></h2><p style=\"text-align: left;\">企业级AI赛道被视为微软当下最重要的增长主线。过去市场炒作AI，焦点集中在底层算力基建;而产业推进至新阶段，如何面向海量企业落地可商用AI服务，成为胜负关键。</p><p style=\"text-align: left;\">微软最新一季财报，已经给市场展示出AI投入开始转化为实质收益的明确证据。财报显示，微软Q4营收900.1亿美元，同比增长18%，远超分析师预期的877亿美元。其中，Azure及其他云服务收入同比增长43%，增速创下2022年以来最快。微软还透露，Azure全年营收首次突破1000亿美元，成为该公司继Office和Windows之后的又一“千亿级”业务支柱。</p><p style=\"text-align: left;\">目前，<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>母公司Alphabet在企业AI应用领域占据主导，近90%的《财富》100强企业已采用其Gemini企业版。但微软在最新财报中披露，其365 Copilot付费席位已突破3000万个，较三个月前约2000万的水平显著增长，显示其旗舰AI助手在企业端采用率持续提升。</p><p style=\"text-align: left;\">这些数据至关重要，因为Azure不再仅仅是云服务器租赁商。它已成为微软AI服务的基础，而Microsoft 365 Copilot则为企业提供了在邮件、电子表格、编程、会议以及业务工作流程中部署AI的实用方式。</p><p style=\"text-align: left;\">这正是高盛看好微软商业模式的关键：训练AI大模型需要巨额资本投入，但依托订阅模式销售AI赋能的生产力软件，可以创造持续、高毛利的经常性企业收入。</p><p style=\"text-align: left;\">博尔赫斯指出，“过去6到12个月间，市场看空微软的主要论据之一，就是Copilot产品尚未达到<a href=\"https://laohu8.com/S/LI\">理想</a>状态。”但她补充称，产品质量正持续改善，用户数量的攀升有助于形成“正反馈循环”。</p><p style=\"text-align: left;\">高盛预计，随着Copilot持续渗透、AI运营效率持续优化、企业规模化部署成为常态，微软每股收益增速将从2027财年约12%，提升至2029财年20%以上。</p><h2 style=\"text-align: left;\"><strong>AI淘金赛道轮换：第一波赢家是基建 下一波属于软件</strong></h2><p style=\"text-align: left;\">过去两年，AI行情最大赢家集中在基础设施赛道。芯片厂商、硬件供应商获益匪浅，因为企业需要采购算力才能部署AI。</p><p style=\"text-align: left;\">但市场格局正在改变。随着企业客户从AI试验阶段过渡到规模化部署阶段，那些已经与客户建立深厚关系的软件平台的优势持续凸显。</p><p style=\"text-align: left;\">微软通过Windows、Microsoft 365、Teams、Dynamics、GitHub、Azure等平台触达数亿商业用户。在客户已经付费使用的成熟产品里添加AI功能，远比说服企业采用一套全新系统要容易得多。</p><p style=\"text-align: left;\">当然，微软前路依旧存在多重挑战：AI基础设施资本开支依旧维持高位;<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>、<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>等云厂商竞争持续加剧;同时，企业AI落地节奏有可能慢于市场乐观预期，拖累商业化兑现速度。</p><h2 style=\"text-align: left;\"><strong>AI热潮有望延续 华尔街分析师强烈看多微软</strong></h2><p style=\"text-align: left;\">简而言之，高盛并不认为AI基建热潮会就此终结，但是最大的投资机遇正在转移：市场会更加青睐能够把算力投入转化为长期稳定企业收入的公司。微软强劲的财报、Azure达成千亿年化营收里程碑、Copilot付费席位突破3000万等数据表明，这种转变已经开始。</p><p style=\"text-align: left;\">对于长期投资者而言，这是一条具备更强持续性的投资主线。搭建AI基础设施造就了第一轮AI牛市赢家，而帮助企业日常应用AI则可能催生下一批赢家，高盛看好微软抢占这一赛道先机。</p><p style=\"text-align: left;\">Tipranks数据显示，绝大部分华尔街分析师看好微软，共识评级为“强力买入”，平均目标价为560.22美元，对应潜在上涨空间大约15%。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/11bb6819200fb130db52306d4eee9520\" data-align=\"center\" tg-width=\"200\" tg-height=\"120\"/><span></span></p></body></html>","source":"stock_zhitongcaijing","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>从基建淘金迈向应用变现！高盛研判：AI主线迎来重大切换，微软有望成核心受益者</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n从基建淘金迈向应用变现！高盛研判：AI主线迎来重大切换，微软有望成核心受益者\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-08-04 18:09 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1475743.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AI牛市正在迎来重要分水岭。过去两年，资金追捧芯片、网络设备供应商等AI“卖铲人”，但风向正在转变，投资者不再单纯追逐更庞大的模型或数据中心，而是要求AI能够带来可量化的真实回报。高盛指出，微软凭借深度嵌入亿万职场人日常工作软件生态，有望成为这一轮风格切换的核心受益者。高盛在最新月度报告中将微软纳入其美国“确信买入名单”(Conviction List)，同时维持对该股的“买入”评级，并将目标价从...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1475743.html\">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/a9e6cb1a33dd64f159118795f199c2f3","relate_stocks":{"LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU1196500208.SGD":"NORDEA STABLE RETURN \"HB\" (SGDHDG) ACC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","LU1979441026.SGD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"A\" (SGDHDG) ACC","LU0238689110.USD":"贝莱德环球动力股票基金","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) 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ACC"},"source_url":"http://www.zhitongcaijing.com/content/detail/1475743.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2656453632","content_text":"AI牛市正在迎来重要分水岭。过去两年，资金追捧芯片、网络设备供应商等AI“卖铲人”，但风向正在转变，投资者不再单纯追逐更庞大的模型或数据中心，而是要求AI能够带来可量化的真实回报。高盛指出，微软凭借深度嵌入亿万职场人日常工作软件生态，有望成为这一轮风格切换的核心受益者。高盛在最新月度报告中将微软纳入其美国“确信买入名单”(Conviction List)，同时维持对该股的“买入”评级，并将目标价从610美元上调至640美元，较当前股价水平高出31%。更重要的是，“确信买入名单”是该行筛选出的最具上涨潜力和最高信心级别的投资标的组合，被列入该名单表明高盛对微软的看好程度高于常规 “买入” 评级。高盛软件行业分析师加布里埃拉·博尔赫斯指出，AI投资的叙事正在发生微妙但意义重大的转向：资金重心将逐步从AI模型训练基础设施供应商，转向能够把AI转化为持续性企业收入的平台。企业级AI应用正成为微软最大机遇企业级AI赛道被视为微软当下最重要的增长主线。过去市场炒作AI，焦点集中在底层算力基建;而产业推进至新阶段，如何面向海量企业落地可商用AI服务，成为胜负关键。微软最新一季财报，已经给市场展示出AI投入开始转化为实质收益的明确证据。财报显示，微软Q4营收900.1亿美元，同比增长18%，远超分析师预期的877亿美元。其中，Azure及其他云服务收入同比增长43%，增速创下2022年以来最快。微软还透露，Azure全年营收首次突破1000亿美元，成为该公司继Office和Windows之后的又一“千亿级”业务支柱。目前，谷歌母公司Alphabet在企业AI应用领域占据主导，近90%的《财富》100强企业已采用其Gemini企业版。但微软在最新财报中披露，其365 Copilot付费席位已突破3000万个，较三个月前约2000万的水平显著增长，显示其旗舰AI助手在企业端采用率持续提升。这些数据至关重要，因为Azure不再仅仅是云服务器租赁商。它已成为微软AI服务的基础，而Microsoft 365 Copilot则为企业提供了在邮件、电子表格、编程、会议以及业务工作流程中部署AI的实用方式。这正是高盛看好微软商业模式的关键：训练AI大模型需要巨额资本投入，但依托订阅模式销售AI赋能的生产力软件，可以创造持续、高毛利的经常性企业收入。博尔赫斯指出，“过去6到12个月间，市场看空微软的主要论据之一，就是Copilot产品尚未达到理想状态。”但她补充称，产品质量正持续改善，用户数量的攀升有助于形成“正反馈循环”。高盛预计，随着Copilot持续渗透、AI运营效率持续优化、企业规模化部署成为常态，微软每股收益增速将从2027财年约12%，提升至2029财年20%以上。AI淘金赛道轮换：第一波赢家是基建 下一波属于软件过去两年，AI行情最大赢家集中在基础设施赛道。芯片厂商、硬件供应商获益匪浅，因为企业需要采购算力才能部署AI。但市场格局正在改变。随着企业客户从AI试验阶段过渡到规模化部署阶段，那些已经与客户建立深厚关系的软件平台的优势持续凸显。微软通过Windows、Microsoft 365、Teams、Dynamics、GitHub、Azure等平台触达数亿商业用户。在客户已经付费使用的成熟产品里添加AI功能，远比说服企业采用一套全新系统要容易得多。当然，微软前路依旧存在多重挑战：AI基础设施资本开支依旧维持高位;谷歌、亚马逊等云厂商竞争持续加剧;同时，企业AI落地节奏有可能慢于市场乐观预期，拖累商业化兑现速度。AI热潮有望延续 华尔街分析师强烈看多微软简而言之，高盛并不认为AI基建热潮会就此终结，但是最大的投资机遇正在转移：市场会更加青睐能够把算力投入转化为长期稳定企业收入的公司。微软强劲的财报、Azure达成千亿年化营收里程碑、Copilot付费席位突破3000万等数据表明，这种转变已经开始。对于长期投资者而言，这是一条具备更强持续性的投资主线。搭建AI基础设施造就了第一轮AI牛市赢家，而帮助企业日常应用AI则可能催生下一批赢家，高盛看好微软抢占这一赛道先机。Tipranks数据显示，绝大部分华尔街分析师看好微软，共识评级为“强力买入”，平均目标价为560.22美元，对应潜在上涨空间大约15%。","news_type":1,"symbols_score_info":{"MSFY":0.6,"GSX":0.6,"VGT":0.6,"IXN":0.6,"MSFW":0.6,"TTXU":0.6,"ROM":0.6,"CNEQ":0.6,"MSFT":1.98,"MSFU":0.6,"CMAG":0.6,"MSFL":0.6,"GAMR":0.6,"MSFD":0.6,"NULC":0.6,"EFIV":0.6,"FTEC":0.6,"TYLG":0.6,"TDIV":0.6,"OGIG":0.6,"SNPE":0.6,"MSFO":0.6,"SPTE":0.6,"IGV":0.6,"XLK":0.6,"MSFX":0.6}},"isVote":1,"tweetType":1,"viewCount":333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":585864086274912,"gmtCreate":1784064657061,"gmtModify":1784064659063,"author":{"id":"3504177973821430","authorId":"3504177973821430","name":"何如共进","avatar":"https://static.tigerbbs.com/104961f16c0e7adc41230c41a16d1638","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3504177973821430","authorIdStr":"3504177973821430"},"themes":[],"title":"","htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/585864086274912","repostId":"1186310227","repostType":2,"repost":{"id":"1186310227","kind":"news","weMediaInfo":{"introduction":"个股异动一手消息解读","home_visible":1,"media_name":"行情直击","id":"1059448697","head_image":"https://static.tigerbbs.com/51943b2858f75e05ca2ebb144b4e626a"},"pubTimestamp":1784037014,"share":"https://www.laohunote.com/m/news/1186310227?lang=zh_CN&edition=full","pubTime":"2026-07-14 21:50","market":"us","language":"zh","title":"异动解读｜Figma盘中下跌7.99%，应用软件板块整体承压回调","url":"https://stock-news.laohu8.com/highlight/detail?id=1186310227","media":"行情直击","summary":"7月14日，Figma盘中下跌7.99%，报22.27美元/股，成交额1.18亿美元。值得注意的是，此前一交易日AI应用软件板块受花旗行业展望报告提振集体走强，Figma盘中一度涨超5%，今日出现明显获利回吐。Figma, Inc.于2012年10月在特拉华州注册成立，是团队聚集在一起将创意转化为数字产品和体验的协作设计平台。","content":"<p><p>7月14日，Figma盘中下跌7.99%，报22.27美元/股，成交额1.18亿美元。消息面上，应用软件板块整体走弱，Adobe跌4.57%，Circle Internet跌5.5%，赛富时跌3.26%，Palantir跌1.67%，板块个股普遍承压。</p><p>值得注意的是，此前一交易日AI应用软件板块受花旗行业展望报告提振集体走强，Figma盘中一度涨超5%，今日出现明显获利回吐。此外，竞争格局方面，Anthropic此前推出的Claude Design被市场视为Figma的直接竞争产品，RBC亦曾将Figma目标价从28美元下调至22美元，指出其新产品财务影响尚未验证，市场对其中期竞争压力的担忧仍在持续发酵。</p><p>Figma, Inc.于2012年10月在特拉华州注册成立，是团队聚集在一起将创意转化为数字产品和体验的协作设计平台。</p><p>（以上内容均基于市场公开消息，由程序或算法智能生成，仅作为股价异动提醒，不作为投资建议或交易依据。）</p></p>","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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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异动解读｜Figma盘中下跌7.99%，应用软件板块整体承压回调\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1059448697\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/51943b2858f75e05ca2ebb144b4e626a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">行情直击 </p>\n<p class=\"h-time\">2026-07-14 21:50</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><p>7月14日，Figma盘中下跌7.99%，报22.27美元/股，成交额1.18亿美元。消息面上，应用软件板块整体走弱，Adobe跌4.57%，Circle Internet跌5.5%，赛富时跌3.26%，Palantir跌1.67%，板块个股普遍承压。</p><p>值得注意的是，此前一交易日AI应用软件板块受花旗行业展望报告提振集体走强，Figma盘中一度涨超5%，今日出现明显获利回吐。此外，竞争格局方面，Anthropic此前推出的Claude Design被市场视为Figma的直接竞争产品，RBC亦曾将Figma目标价从28美元下调至22美元，指出其新产品财务影响尚未验证，市场对其中期竞争压力的担忧仍在持续发酵。</p><p>Figma, Inc.于2012年10月在特拉华州注册成立，是团队聚集在一起将创意转化为数字产品和体验的协作设计平台。</p><p>（以上内容均基于市场公开消息，由程序或算法智能生成，仅作为股价异动提醒，不作为投资建议或交易依据。）</p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FIG":"Simplify Macro Strategy ETF"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186310227","content_text":"7月14日，Figma盘中下跌7.99%，报22.27美元/股，成交额1.18亿美元。消息面上，应用软件板块整体走弱，Adobe跌4.57%，Circle Internet跌5.5%，赛富时跌3.26%，Palantir跌1.67%，板块个股普遍承压。值得注意的是，此前一交易日AI应用软件板块受花旗行业展望报告提振集体走强，Figma盘中一度涨超5%，今日出现明显获利回吐。此外，竞争格局方面，Anthropic此前推出的Claude Design被市场视为Figma的直接竞争产品，RBC亦曾将Figma目标价从28美元下调至22美元，指出其新产品财务影响尚未验证，市场对其中期竞争压力的担忧仍在持续发酵。Figma, Inc.于2012年10月在特拉华州注册成立，是团队聚集在一起将创意转化为数字产品和体验的协作设计平台。（以上内容均基于市场公开消息，由程序或算法智能生成，仅作为股价异动提醒，不作为投资建议或交易依据。）","news_type":1,"symbols_score_info":{"FIG":1}},"isVote":1,"tweetType":1,"viewCount":450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":548646038722480,"gmtCreate":1774970341908,"gmtModify":1774970343963,"author":{"id":"3504177973821430","authorId":"3504177973821430","name":"何如共进","avatar":"https://static.tigerbbs.com/104961f16c0e7adc41230c41a16d1638","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3504177973821430","authorIdStr":"3504177973821430"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$ </a> 像筑底的意思","listText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$ </a> 像筑底的意思","text":"$蔚来(NIO)$ 像筑底的意思","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/548646038722480","isVote":1,"tweetType":1,"viewCount":1563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":504138392560512,"gmtCreate":1764114775803,"gmtModify":1764119073458,"author":{"id":"3504177973821430","authorId":"3504177973821430","name":"何如共进","avatar":"https://static.tigerbbs.com/104961f16c0e7adc41230c41a16d1638","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3504177973821430","authorIdStr":"3504177973821430"},"themes":[],"title":"","htmlText":"股东权益都负了？？？娘希匹，亏我还一直看好……","listText":"股东权益都负了？？？娘希匹，亏我还一直看好……","text":"股东权益都负了？？？娘希匹，亏我还一直看好……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/504138392560512","repostId":"2586407337","repostType":2,"repost":{"id":"2586407337","kind":"news","pubTimestamp":1764112368,"share":"https://www.laohunote.com/m/news/2586407337?lang=zh_CN&edition=full","pubTime":"2025-11-26 07:12","market":"hk","language":"zh","title":"蔚来再亏34.8亿，李斌的盈利承诺仅剩1%可能：四季度不盈利就出局！","url":"https://stock-news.laohu8.com/highlight/detail?id=2586407337","media":"锐艺商业品牌观察","summary":"11月25日，蔚来2025年第三季度财报显示，公司净亏损34.8亿元，尽管同比收窄31.2%，但今年前三季度累计亏损仍高达约152亿元。三季度蔚来交付8.7万辆，同比增长40.8%；营收217.9亿元，同比增长16.7%；整车毛利率提升至14.7%，创近三年新高。毛利率提升的路径李斌预计四季度整车毛利率将进一步提升至18%。蔚来现金储备可支撑未来12个月运营，即使四季度未实现盈利，公司仍有缓冲时间调整战略。二季度技术研发服务已为毛利率提升做出贡献。","content":"<html><body><article><p><strong>11月25日，<a href=\"https://laohu8.com/S/NIO\">蔚来</a>2025年第三季度财报显示，公司净亏损34.8亿元，尽管同比收窄31.2%，但今年前三季度累计亏损仍高达约152亿元。</strong></p><p><strong>在交付量、营收和毛利率均创历史新高的背景下，</strong><strong><a href=\"https://laohu8.com/S/09866\">蔚来</a>依然未能摆脱“卖一辆亏一辆”的局面</strong>。</p><p>截至三季度末，<a href=\"https://laohu8.com/S/NIO.SI\">蔚来</a>资产负债率高达89.21%，<span>流动比率</span>为0.94，<span>速动比率</span>0.83，短期偿债能力依然薄弱。</p><p>李斌多次强调的“四季度盈利目标”，正在成为这家成立十年的造车新势力能否持续经营的关键指标。</p><p><strong>01 .</strong></p><p><strong>盈利承诺下的现实差距</strong></p><p>李斌在多次内部会议和公开场合强调，“四季度盈利的目标必须实现”。 他甚至在9月表示：“如果说此前只有1%的人相信蔚来汽车能在今年四季度实现盈利，那么随着乐道L90和ES8的出现，这个比例在上升。”</p><p><strong>三季度蔚来交付8.7万辆，同比增长40.8%</strong>；营收217.9亿元，同比增长16.7%；整车毛利率提升至14.7%，创近三年新高。这些向好的指标展示了蔚来业务的复苏态势。</p><p>然而，蔚2025年上半年经调整净亏损金额已达约104亿元。 截至2025年6月末，蔚来的现金储备为272亿元，结合当前亏损规模，现金流压力依然显著。</p><p>蔚来<span>股东权益</span>首次转为负值，截至一季度末为-3.66亿元。 与此同时，公司资产负债率一度攀升至92.55%的高位，反映出长期亏损对财务健康的侵蚀。</p><p><strong>02 .</strong></p><p><strong>四季度盈利目标的三大支柱</strong></p><p>李斌为四季度盈利设定了明确路径：交付12-12.5万辆、毛利率提升至18%、严格控制费用。</p><p><strong>销量跨越：月销5万的挑战</strong></p><p>从三季度8.7万辆到四季度12.5万辆的交付目标，意味着<strong>蔚来需要在四季度实现44%的环比增长</strong>。10月份蔚来销量已达4.04万台，创下单月新高，但要达成月均5万辆的目标，11月和12月平均需达到约5.5万台的月销量。</p><p>乐道L90承担了“走量先锋”的角色，上市首月交付1.06万辆，成为蔚来史上销量破万最快的车型。 而全新ES8则扮演“<span>毛利</span>担当”，在40万元以上高端纯电细分市场快速达成交付破万的纪录。</p><p><strong>毛利率提升的路径</strong></p><p>李斌预计四季度整车毛利率将进一步提升至18%。 当前14.7%的毛利率与目标相差3.3个百分点。</p><p>毛利率提升依赖两个关键因素：高毛利车型占比提高和持续的成本控制。全新ES8毛利率超过20%，乐道L90毛利率在15%到20%之间。 这些车型的上量将优化产品结构，推动整体毛利率上升。</p><p><strong>费用控制的极限挑战</strong></p><p>李斌计划将研发费用控制在20-25亿元/季度，销售及管理费用占比控制在10%以内。 第三季度研发费用已降至23.9亿元，同比下降28.0%，表明费用控制措施已见成效。</p><p>蔚来推行“基本经营单元”机制，强制进行ROI（投资回报率）考核。 李斌表示：“现在公司每个研发项目都需要计算ROI，收益会算得很细，据此排列研发优先级。”</p><p><strong>03 .</strong></p><p><strong>结构性难题</strong></p><p><strong>换电网络的成本困境</strong></p><p>蔚来已在换电领域投入超180亿元，<a href=\"https://laohu8.com/S/01630\">建成</a>逾3500座换电站。 据分析，<strong>单个换电站年运营成本约50万元，需要日均完成50单才能实现盈亏平衡</strong>，而目前实际运营水平仅为日均28单。</p><p>这套补能体系虽然为用户提供了差异化体验，但也成为公司的沉重负担。不过，随着换电习惯在用户中逐步养成，以及换电服务向其他品牌开放，该体系开始显现其潜在价值。</p><p><strong>品牌与产品<a href=\"https://laohu8.com/S/301365\">矩阵</a>的挑战</strong></p><p>蔚来、乐道、萤火虫三大品牌协同发展是蔚来战略的核心。 然而，多品牌运营也面临资源分配和市场定位的挑战。</p><p>乐道品牌交付量持续超过蔚来品牌，这种内部竞争关系需要谨慎平衡。李斌坦言：“从做单一品牌过渡到做多品牌，这个能力完全不一样，这是变化，也是挑战。”</p><p><strong>市场竞争与“价格战”压力</strong></p><p>面对行业内卷，李斌明确表示不喜欢“价格战”，认为这对长期投入的公司非常不利。 然而，现实是乐道L90和全新ES8均通过“降价增配”策略获取市场。</p><p>在智能驾驶领域，蔚来也面临团队动荡和技术竞争的压力。2025年，蔚来人工智能平台负责人、世界模型负责人及智驾产品负责人相继离职，为技术发展带来不确定性。</p><p><strong>04 .</strong></p><p><strong>蔚来会走向破产吗？</strong></p><p><strong>成功达标的影响</strong></p><p>若四季度盈利目标实现，蔚来将迎来转折点。<strong>成功实现季度盈利将打破市场对蔚来“永远无法盈利”的质疑</strong>，重塑消费者和投资者信心，为2026年实现“整年盈利”打下基础。</p><p>李斌表示，盈利将解决至少30%-40%潜在用户因担心公司倒闭而不敢下单的问题。 这种信心的恢复比财务数字本身更有价值。</p><p><strong>未达标的后果</strong></p><p>即使未能完全实现四季度盈利目标，但接近目标（如交付12万辆、毛利率16%）也能展示积极趋势。<strong>净亏损大幅收窄本身就能增强市场信心</strong>，为后续融资创造条件。</p><p>蔚来现金储备提供了一定的安全垫。李斌表示：“经过评估，公司财务资源将足以支持在未来十二个月日常业务活动的持续经营。”</p><p><strong>破产可能性分析</strong></p><p>短期内蔚来走向破产的可能性较低。<strong>蔚来现金储备可支撑未来12个月运营</strong>，即使四季度未实现盈利，公司仍有缓冲时间调整战略。</p><p>蔚来的充换电网络和品牌价值构成深厚护城河。截至2025年11月，蔚来已建成逾3500座换电站，这一基础设施网络具有极高进入门槛。</p><p>然而，长期来看若无法实现盈利，蔚来将面临更严峻的融资环境。蔚来累计亏损已超千亿元，从未实现年度盈利，持续亏损将不断消耗投资者耐心。</p><p><strong>05 .</strong></p><p><strong>未来出路</strong></p><p>基于蔚来当前状况，以下战略调整可能提升其生存和发展概率：</p><p><strong>强化高毛利车型销售</strong>：提升全新ES8等高毛利车型占比，优化产品结构。蔚来计划2026年推出三款“大车”，聚焦高毛利市场。</p><p><strong>继续精细化费用控制</strong>：通过CBU（基本经营单元）机制，持续优化研发投入产出比。李斌表示：“现在公司每个研发项目都需要计算ROI，收益会算得很细。”</p><p><strong>探索技术输出变现</strong>：如与迈凯伦的技术合作模式，增加技术服务收入。二季度技术研发服务已为毛利率提升做出贡献。</p><p><strong>平衡扩张节奏与现金流</strong>：在换电网络扩张和市场份额争夺间找到平衡点，确保现金流安全。李斌表示：“蔚来活下去是最重要的。”</p><p>06.</p><p>写在最后</p><p>随着12月的临近，蔚来正全力以赴向月销5万辆的目标发起最后冲刺。李斌和他的团队清楚地知道，这场战役不仅决定蔚来自身的命运，更将为整个新能源汽车行业提供重要的参考样本。</p><p>无论结果如何，蔚来的这次全力冲刺，都将在中国新能源汽车发展史上留下重要一笔。</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\" 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#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蔚来再亏34.8亿，李斌的盈利承诺仅剩1%可能：四季度不盈利就出局！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-26 07:12 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251126071825a4ba4ef1&s=b><strong>锐艺商业品牌观察</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>11月25日，蔚来2025年第三季度财报显示，公司净亏损34.8亿元，尽管同比收窄31.2%，但今年前三季度累计亏损仍高达约152亿元。在交付量、营收和毛利率均创历史新高的背景下，蔚来依然未能摆脱“卖一辆亏一辆”的局面。截至三季度末，蔚来资产负债率高达89.21%，流动比率为0.94，速动比率0.83，短期偿债能力依然薄弱。李斌多次强调的“四季度盈利目标”，正在成为这家成立十年的造车新势力能否持续...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251126071825a4ba4ef1&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":{"09866":"蔚来-SW","BK1588":"回港中概股","NIO":"蔚来","BK1119":"汽车制造商"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251126071825a4ba4ef1&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2586407337","content_text":"11月25日，蔚来2025年第三季度财报显示，公司净亏损34.8亿元，尽管同比收窄31.2%，但今年前三季度累计亏损仍高达约152亿元。在交付量、营收和毛利率均创历史新高的背景下，蔚来依然未能摆脱“卖一辆亏一辆”的局面。截至三季度末，蔚来资产负债率高达89.21%，流动比率为0.94，速动比率0.83，短期偿债能力依然薄弱。李斌多次强调的“四季度盈利目标”，正在成为这家成立十年的造车新势力能否持续经营的关键指标。01 .盈利承诺下的现实差距李斌在多次内部会议和公开场合强调，“四季度盈利的目标必须实现”。 他甚至在9月表示：“如果说此前只有1%的人相信蔚来汽车能在今年四季度实现盈利，那么随着乐道L90和ES8的出现，这个比例在上升。”三季度蔚来交付8.7万辆，同比增长40.8%；营收217.9亿元，同比增长16.7%；整车毛利率提升至14.7%，创近三年新高。这些向好的指标展示了蔚来业务的复苏态势。然而，蔚2025年上半年经调整净亏损金额已达约104亿元。 截至2025年6月末，蔚来的现金储备为272亿元，结合当前亏损规模，现金流压力依然显著。蔚来股东权益首次转为负值，截至一季度末为-3.66亿元。 与此同时，公司资产负债率一度攀升至92.55%的高位，反映出长期亏损对财务健康的侵蚀。02 .四季度盈利目标的三大支柱李斌为四季度盈利设定了明确路径：交付12-12.5万辆、毛利率提升至18%、严格控制费用。销量跨越：月销5万的挑战从三季度8.7万辆到四季度12.5万辆的交付目标，意味着蔚来需要在四季度实现44%的环比增长。10月份蔚来销量已达4.04万台，创下单月新高，但要达成月均5万辆的目标，11月和12月平均需达到约5.5万台的月销量。乐道L90承担了“走量先锋”的角色，上市首月交付1.06万辆，成为蔚来史上销量破万最快的车型。 而全新ES8则扮演“毛利担当”，在40万元以上高端纯电细分市场快速达成交付破万的纪录。毛利率提升的路径李斌预计四季度整车毛利率将进一步提升至18%。 当前14.7%的毛利率与目标相差3.3个百分点。毛利率提升依赖两个关键因素：高毛利车型占比提高和持续的成本控制。全新ES8毛利率超过20%，乐道L90毛利率在15%到20%之间。 这些车型的上量将优化产品结构，推动整体毛利率上升。费用控制的极限挑战李斌计划将研发费用控制在20-25亿元/季度，销售及管理费用占比控制在10%以内。 第三季度研发费用已降至23.9亿元，同比下降28.0%，表明费用控制措施已见成效。蔚来推行“基本经营单元”机制，强制进行ROI（投资回报率）考核。 李斌表示：“现在公司每个研发项目都需要计算ROI，收益会算得很细，据此排列研发优先级。”03 .结构性难题换电网络的成本困境蔚来已在换电领域投入超180亿元，建成逾3500座换电站。 据分析，单个换电站年运营成本约50万元，需要日均完成50单才能实现盈亏平衡，而目前实际运营水平仅为日均28单。这套补能体系虽然为用户提供了差异化体验，但也成为公司的沉重负担。不过，随着换电习惯在用户中逐步养成，以及换电服务向其他品牌开放，该体系开始显现其潜在价值。品牌与产品矩阵的挑战蔚来、乐道、萤火虫三大品牌协同发展是蔚来战略的核心。 然而，多品牌运营也面临资源分配和市场定位的挑战。乐道品牌交付量持续超过蔚来品牌，这种内部竞争关系需要谨慎平衡。李斌坦言：“从做单一品牌过渡到做多品牌，这个能力完全不一样，这是变化，也是挑战。”市场竞争与“价格战”压力面对行业内卷，李斌明确表示不喜欢“价格战”，认为这对长期投入的公司非常不利。 然而，现实是乐道L90和全新ES8均通过“降价增配”策略获取市场。在智能驾驶领域，蔚来也面临团队动荡和技术竞争的压力。2025年，蔚来人工智能平台负责人、世界模型负责人及智驾产品负责人相继离职，为技术发展带来不确定性。04 .蔚来会走向破产吗？成功达标的影响若四季度盈利目标实现，蔚来将迎来转折点。成功实现季度盈利将打破市场对蔚来“永远无法盈利”的质疑，重塑消费者和投资者信心，为2026年实现“整年盈利”打下基础。李斌表示，盈利将解决至少30%-40%潜在用户因担心公司倒闭而不敢下单的问题。 这种信心的恢复比财务数字本身更有价值。未达标的后果即使未能完全实现四季度盈利目标，但接近目标（如交付12万辆、毛利率16%）也能展示积极趋势。净亏损大幅收窄本身就能增强市场信心，为后续融资创造条件。蔚来现金储备提供了一定的安全垫。李斌表示：“经过评估，公司财务资源将足以支持在未来十二个月日常业务活动的持续经营。”破产可能性分析短期内蔚来走向破产的可能性较低。蔚来现金储备可支撑未来12个月运营，即使四季度未实现盈利，公司仍有缓冲时间调整战略。蔚来的充换电网络和品牌价值构成深厚护城河。截至2025年11月，蔚来已建成逾3500座换电站，这一基础设施网络具有极高进入门槛。然而，长期来看若无法实现盈利，蔚来将面临更严峻的融资环境。蔚来累计亏损已超千亿元，从未实现年度盈利，持续亏损将不断消耗投资者耐心。05 .未来出路基于蔚来当前状况，以下战略调整可能提升其生存和发展概率：强化高毛利车型销售：提升全新ES8等高毛利车型占比，优化产品结构。蔚来计划2026年推出三款“大车”，聚焦高毛利市场。继续精细化费用控制：通过CBU（基本经营单元）机制，持续优化研发投入产出比。李斌表示：“现在公司每个研发项目都需要计算ROI，收益会算得很细。”探索技术输出变现：如与迈凯伦的技术合作模式，增加技术服务收入。二季度技术研发服务已为毛利率提升做出贡献。平衡扩张节奏与现金流：在换电网络扩张和市场份额争夺间找到平衡点，确保现金流安全。李斌表示：“蔚来活下去是最重要的。”06.写在最后随着12月的临近，蔚来正全力以赴向月销5万辆的目标发起最后冲刺。李斌和他的团队清楚地知道，这场战役不仅决定蔚来自身的命运，更将为整个新能源汽车行业提供重要的参考样本。无论结果如何，蔚来的这次全力冲刺，都将在中国新能源汽车发展史上留下重要一笔。","news_type":1,"symbols_score_info":{"09866":1.5,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2764,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":501845091233936,"gmtCreate":1763529049377,"gmtModify":1763529052372,"author":{"id":"3504177973821430","authorId":"3504177973821430","name":"何如共进","avatar":"https://static.tigerbbs.com/104961f16c0e7adc41230c41a16d1638","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3504177973821430","authorIdStr":"3504177973821430"},"themes":[],"title":"","htmlText":"台积电援助的？","listText":"台积电援助的？","text":"台积电援助的？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/501845091233936","repostId":"2584933519","repostType":2,"repost":{"id":"2584933519","kind":"news","pubTimestamp":1763516340,"share":"https://www.laohunote.com/m/news/2584933519?lang=zh_CN&edition=full","pubTime":"2025-11-19 09:39","market":"fut","language":"zh","title":"英特尔：18A工艺已大规模量产，晶体管密度提升30%","url":"https://stock-news.laohu8.com/highlight/detail?id=2584933519","media":"新浪科技","summary":"新浪科技讯 11月19日上午消息，今日举办的2025英特尔技术创新与产业生态大会上，英特尔方面宣布，公司18A工艺已在亚利桑那州的Fab 52工厂进入大规模量产。\n 据悉，该工艺采用全环绕栅极晶体管技术和背面供电技术，实现了能效与密度的双重进步。和上一代制程工艺相比，18A工艺在相同能耗下性能提升15%，晶体管密度提升30%。\n 英特尔方面表示，该技术是英特尔下三代技术的基石，公司正基于该技术快速推进下面几代产品的研发。（文猛）\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：江钰涵","content":"<html><head></head><body><p>11月19日上午消息，今日举办的2025<a href=\"https://laohu8.com/S/INTC\">英特尔</a>技术创新与产业生态大会上，英特尔方面宣布，公司18A工艺已在亚利桑那州的Fab 52工厂进入大规模量产。</p><p>据悉，该工艺采用全环绕栅极晶体管技术和背面供电技术，实现了能效与密度的双重进步。和上一代制程工艺相比，18A工艺在相同能耗下性能提升15%，晶体管密度提升30%。</p><p>英特尔方面表示，该技术是英特尔下三代技术的基石，公司正基于该技术快速推进下面几代产品的研发。（文猛）</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8eb3107a000355f8bc7a30136163498b\" tg-width=\"550\" tg-height=\"412\"/></p></body></html>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" 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display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n英特尔：18A工艺已大规模量产，晶体管密度提升30%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-19 09:39 北京时间 <a href=https://finance.sina.com.cn/tech/shenji/2025-11-19/doc-infxwvhf3893938.shtml><strong>新浪科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>11月19日上午消息，今日举办的2025英特尔技术创新与产业生态大会上，英特尔方面宣布，公司18A工艺已在亚利桑那州的Fab 52工厂进入大规模量产。据悉，该工艺采用全环绕栅极晶体管技术和背面供电技术，实现了能效与密度的双重进步。和上一代制程工艺相比，18A工艺在相同能耗下性能提升15%，晶体管密度提升30%。英特尔方面表示，该技术是英特尔下三代技术的基石，公司正基于该技术快速推进下面几代产品的...</p>\n\n<a href=\"https://finance.sina.com.cn/tech/shenji/2025-11-19/doc-infxwvhf3893938.shtml\">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/c74be4c2a08964ef2daf32217f693b44","relate_stocks":{"BK4533":"AQR资本管理(全球第二大对冲基金)","BK4529":"IDC概念","BK4602":"量子计算概念","BK4575":"芯片概念","BK4141":"半导体产品","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","BK4535":"淡马锡持仓","BK4515":"5G概念","BK4612":"AI芯片","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","BK4579":"人工智能","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) 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52工厂进入大规模量产。据悉，该工艺采用全环绕栅极晶体管技术和背面供电技术，实现了能效与密度的双重进步。和上一代制程工艺相比，18A工艺在相同能耗下性能提升15%，晶体管密度提升30%。英特尔方面表示，该技术是英特尔下三代技术的基石，公司正基于该技术快速推进下面几代产品的研发。（文猛）","news_type":1,"symbols_score_info":{"INTC":1.5}},"isVote":1,"tweetType":1,"viewCount":3402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":488812375486584,"gmtCreate":1760366446512,"gmtModify":1760366449204,"author":{"id":"3504177973821430","authorId":"3504177973821430","name":"何如共进","avatar":"https://static.tigerbbs.com/104961f16c0e7adc41230c41a16d1638","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3504177973821430","authorIdStr":"3504177973821430"},"themes":[],"title":"","htmlText":"永辉爱琴海新开的时候瓜果蔬菜很新鲜，品质也好，差不多天天去，后来来回喷水蔬菜烂的越来越多有时候干脆泡在水里全烂掉，没烂的也不好吃，想买条鱼也找不到人收拾，再也没去过，积分作废都没去换东西。","listText":"永辉爱琴海新开的时候瓜果蔬菜很新鲜，品质也好，差不多天天去，后来来回喷水蔬菜烂的越来越多有时候干脆泡在水里全烂掉，没烂的也不好吃，想买条鱼也找不到人收拾，再也没去过，积分作废都没去换东西。","text":"永辉爱琴海新开的时候瓜果蔬菜很新鲜，品质也好，差不多天天去，后来来回喷水蔬菜烂的越来越多有时候干脆泡在水里全烂掉，没烂的也不好吃，想买条鱼也找不到人收拾，再也没去过，积分作废都没去换东西。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/488812375486584","repostId":"2575428623","repostType":2,"repost":{"id":"2575428623","kind":"news","pubTimestamp":1760324100,"share":"https://www.laohunote.com/m/news/2575428623?lang=zh_CN&edition=full","pubTime":"2025-10-13 10:55","market":"sh","language":"zh","title":"永辉CEO王守诚：“胖改”处于初级阶段 3年内走出生死线","url":"https://stock-news.laohu8.com/highlight/detail?id=2575428623","media":"新浪科技","summary":"新浪科技讯 10月13日上午消息，在永辉超市2025新品发布会，永辉超市CEO、全国调改负责人王守诚发表《新永辉，新品质》主题演讲。王守诚表示，调改是一份使命，也是一份向内的变革。 王守诚强调，永辉现在还不成熟，学习胖东来模式仍处于初级阶段，但永辉需要坚持长期主义，希望用2到3年走出生死线，5到10年真正成为一个国民超市品牌。 王守诚提到，永辉现在的规模已经回到了2016年前后的水平。","content":"<html><body><div>\n<p> 新浪科技讯 10月13日上午消息，在<span><a href=\"https://laohu8.com/S/601933\">永辉超市</a></span><span></span>2025新品发布会，永辉超市CEO、全国调改负责人王守诚发表《新永辉，新品质》主题演讲。</p>\n<p> 2024年5月，永辉超市开启胖东来模式调改之路。王守诚表示，调改是一份使命，也是一份向内的变革。他坦言，永辉调改一年后发现，方向非常美好，道路却是艰难的。</p>\n<p> 王守诚称，整个行业都在内卷中挣扎，永辉也不例外。他回忆称，永辉的来路<a href=\"https://laohu8.com/S/002296\">辉煌</a>，但是为了效率，忽略了员工幸福，为了规模，忽略了顾客体验，为了价格，也伤害了合作伙伴。</p>\n<p> 王守诚强调，永辉现在还不成熟，学习胖东来模式仍处于初级阶段，但永辉需要坚持长期主义，希望用2到3年走出生死线，5到10年真正成为一个国民超市品牌。</p>\n<p> 王守诚坦言，永辉的业务逻辑、管理机制和半径与胖东来差异很大，但是永辉需要学习的是胖东来的道，比如胖东来先进的文化理念和科学的管理方式。</p>\n<p> 王守诚称，胖东来的成功实践，指明了永辉转型的方向。胖东来模式的表象是服务，内核是爱和尊重，是利他之心。永辉会坚持走品质零售路线，卷产品，卷服务，卷创新，不乱价格。</p>\n<p> “有人问，永辉作为民生超市，强调品质会不会丢掉客源，但很坚定告诉大家，品质是永辉坚持的方向，过程需要我们专业度的提升，过去一年半的时间里，员工更轻松了，因为在做对的事情，和过去的卷是两种状态。”王守诚说。</p>\n<p> 王守诚提到，永辉现在的规模已经回到了2016年前后的水平。“短期承压，长期向好，超过80%调改店客流平均增长，超过60%进入稳定期的调改门店盈利水平超过去5年最高值。”</p>\n<div><img src=\"http://n.sinaimg.cn/finance/transform/162/w550h412/20251013/3823-168d8f37b92fb51cd9313e762054c26b.jpg\"/></div>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读，尽在新浪财经APP</div>\n</div>\n<p>责任编辑：屠欣怡 </p>\n</div></body></html>","source":"sina","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>永辉CEO王守诚：“胖改”处于初级阶段 3年内走出生死线</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永辉CEO王守诚：“胖改”处于初级阶段 3年内走出生死线\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-13 10:55 北京时间 <a href=https://finance.sina.com.cn/tech/shenji/2025-10-13/doc-inftthkn8414553.shtml><strong>新浪科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>新浪科技讯 10月13日上午消息，在永辉超市2025新品发布会，永辉超市CEO、全国调改负责人王守诚发表《新永辉，新品质》主题演讲。\n 2024年5月，永辉超市开启胖东来模式调改之路。王守诚表示，调改是一份使命，也是一份向内的变革。他坦言，永辉调改一年后发现，方向非常美好，道路却是艰难的。\n 王守诚称，整个行业都在内卷中挣扎，永辉也不例外。他回忆称，永辉的来路辉煌，但是为了效率，忽略了员工幸福...</p>\n\n<a href=\"https://finance.sina.com.cn/tech/shenji/2025-10-13/doc-inftthkn8414553.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"601933":"永辉超市","BK0183":"MSCI概念","BK0209":"零售","BK0170":"新零售","BK0196":"行业龙头","BK0077":"质押式回购"},"source_url":"https://finance.sina.com.cn/tech/shenji/2025-10-13/doc-inftthkn8414553.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2575428623","content_text":"新浪科技讯 10月13日上午消息，在永辉超市2025新品发布会，永辉超市CEO、全国调改负责人王守诚发表《新永辉，新品质》主题演讲。\n 2024年5月，永辉超市开启胖东来模式调改之路。王守诚表示，调改是一份使命，也是一份向内的变革。他坦言，永辉调改一年后发现，方向非常美好，道路却是艰难的。\n 王守诚称，整个行业都在内卷中挣扎，永辉也不例外。他回忆称，永辉的来路辉煌，但是为了效率，忽略了员工幸福，为了规模，忽略了顾客体验，为了价格，也伤害了合作伙伴。\n 王守诚强调，永辉现在还不成熟，学习胖东来模式仍处于初级阶段，但永辉需要坚持长期主义，希望用2到3年走出生死线，5到10年真正成为一个国民超市品牌。\n 王守诚坦言，永辉的业务逻辑、管理机制和半径与胖东来差异很大，但是永辉需要学习的是胖东来的道，比如胖东来先进的文化理念和科学的管理方式。\n 王守诚称，胖东来的成功实践，指明了永辉转型的方向。胖东来模式的表象是服务，内核是爱和尊重，是利他之心。永辉会坚持走品质零售路线，卷产品，卷服务，卷创新，不乱价格。\n “有人问，永辉作为民生超市，强调品质会不会丢掉客源，但很坚定告诉大家，品质是永辉坚持的方向，过程需要我们专业度的提升，过去一年半的时间里，员工更轻松了，因为在做对的事情，和过去的卷是两种状态。”王守诚说。\n 王守诚提到，永辉现在的规模已经回到了2016年前后的水平。“短期承压，长期向好，超过80%调改店客流平均增长，超过60%进入稳定期的调改门店盈利水平超过去5年最高值。”\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：屠欣怡","news_type":1,"symbols_score_info":{"601933":1.5}},"isVote":1,"tweetType":1,"viewCount":3024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":483290223133240,"gmtCreate":1759019343881,"gmtModify":1759019347115,"author":{"id":"3504177973821430","authorId":"3504177973821430","name":"何如共进","avatar":"https://static.tigerbbs.com/104961f16c0e7adc41230c41a16d1638","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3504177973821430","authorIdStr":"3504177973821430"},"themes":[],"title":"","htmlText":"老乡们要跑！且看美联储如何把你们忽悠回去[开心] ","listText":"老乡们要跑！且看美联储如何把你们忽悠回去[开心] ","text":"老乡们要跑！且看美联储如何把你们忽悠回去[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/483290223133240","repostId":"2570866549","repostType":4,"repost":{"id":"2570866549","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":1758964570,"share":"https://www.laohunote.com/m/news/2570866549?lang=zh_CN&edition=full","pubTime":"2025-09-27 17:16","market":"sh","language":"zh","title":"从杠杆ETF到数字币，美国市场正在“微妙变化”","url":"https://stock-news.laohu8.com/highlight/detail?id=2570866549","media":"华尔街见闻","summary":"本月美国杠杆ETF遭遇创纪录的资金流出，数字货币市场一度蒸发3000亿美元市值，标普也录得一个月来首次单周下跌。分析指出，此轮大规模的资产回撤并非恐慌信号，而更像是在经历了数月的市场狂欢后，以散户为首的投资者们选择锁定利润，为未来潜在的波动做准备。","content":"<html><head></head><body><blockquote><p>本月美国杠杆ETF遭遇创纪录的资金流出，数字货币市场一度蒸发3000亿美元市值，标普也录得一个月来首次单周下跌。分析指出，此轮大规模的资产回撤并非恐慌信号，而更像是在经历了数月的市场狂欢后，以散户为首的投资者们选择锁定利润，为未来潜在的波动做准备。</p></blockquote><p>尽管经济数据向好、美联储降息支持且股市接近高位，但美国金融市场正在经历一场微妙的转变。</p><p>彭博汇编的数据显示，<strong>本月，此前深受散户青睐的美国杠杆ETF遭遇资金流出约70亿美元，为2019年有记录以来的最高水平。</strong></p><p>与此同时，随着杠杆押注的平仓，数字货币市场一度蒸发约3000亿美元市值。此外，美股主要股指也结束了连续上涨的势头。<a href=\"https://laohu8.com/S/161125\">标普500</a>指数和纳斯达克100指数均录得一个月来的首次单周下跌。</p><p><strong>值得注意的是，引领此次撤退的正是那些曾被认为是“后知后觉”的散户。</strong>他们在今年上半年市场反弹中表现出先见之明，其当前的谨慎姿态，可能再次成为值得市场关注的重要信号。</p><h2 id=\"id_4066497157\">散户先行，锁定高风险资产收益</h2><p>分析指出，此轮大规模的资产回撤并非恐慌信号，<strong>而更像是在经历了数月的市场狂欢后的投资者们选择锁定利润，为未来潜在的波动做准备。</strong></p><p>以三倍做多半导体指数的Direxion Daily Semiconductors Bull 3x Shares（SOXL）为例，尽管该基金本月上涨了31%，但投资者仍从中撤出了超过23亿美元。 这清晰地表明，部分交易员选择在上涨时离场。</p><p>同样，旨在放大<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>公司股价波动的TSLL基金，也正迎来其有史以来最大的月度资金流出，规模已达约15亿美元。</p><p>Interactive Brokers的首席策略师Steve Sosnick评论道：</p><blockquote><p>“活跃的交易员仍然愿意追逐快速变动的股票，但他们逢低买入和追高的兴趣确实减弱了。我不会称之为‘消化不良’，或许更像是在饕餮盛宴后的一点‘食物昏迷’。”</p></blockquote><h2 id=\"id_1502678356\">谨慎情绪蔓延，机构开始对冲</h2><p>随着市场情绪的变化，专业的资产管理公司也开始调整策略，采取更为审慎的立场。</p><p><a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>投资管理的投资组合经理Andrew Slimmon指出：</p><blockquote><p>“市场已经超买，尤其是在那些超级投机性股票上。这些股票正在接近泡沫区域，这是一个非常危险的信号。”</p></blockquote><p>一些机构已经开始行动。管理着300亿美元资产的Lido Advisors正在采取对冲策略，<strong>例如卖出备兑看涨期权以产生收入，并买入看跌价差期权以在市场回调时提供保护。</strong>其投资组合策略总监Nils Dillon表示：</p><blockquote><p>“我们正徘徊在一条微妙的线上——坏数据何时开始对市场变得不利？这正是市场本周面临的困境。”</p></blockquote><p><a href=\"https://laohu8.com/S/JHG\">Janus Henderson</a>的美国投资组合构建与策略主管Lara Castleton也表示，<strong>客户对固收资产的兴趣正在回升。</strong>她警告称：</p><blockquote><p>“基于对美联储降息和宽松周期的乐观情绪进行购买是危险的。”</p></blockquote><p>该公司建议客户立足于基本面，青睐国债、公司信贷等高质量债券。PGIM固定收益的联席首席投资官Greg Peters则认为“市场似乎有点累了”，该司已将约30%的风险配置于短期资产。</p><h2 id=\"id_3935365249\">“聪明钱”的信号？</h2><p>这场由散户主导的撤退，其信号意义不容忽视。</p><p>在本次市场周期中，通常被视为“笨钱”的散户屡次走在机构前面。TCW Group的高级投资组合经理Eli Horton表示：</p><blockquote><p>“回顾4月份市场创下新低时，实际上是散户在抄底。<strong>你可以称之为一场由‘普通民众驱动的反弹’，而不是‘华尔街驱动的反弹’。</strong>”</p></blockquote><p>如今，这批投资者率先从市场最具泡沫的领域撤出，或许再次发出了一个值得市场参与者倾听的信号。虽然这并不意味着一场大范围的衰退迫在眉睫，但它表明市场的脆弱性正在增加，一场安静的重新校准已经开始。</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>从杠杆ETF到数字币，美国市场正在“微妙变化”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n从杠杆ETF到数字币，美国市场正在“微妙变化”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2025-09-27 17:16</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>本月美国杠杆ETF遭遇创纪录的资金流出，数字货币市场一度蒸发3000亿美元市值，标普也录得一个月来首次单周下跌。分析指出，此轮大规模的资产回撤并非恐慌信号，而更像是在经历了数月的市场狂欢后，以散户为首的投资者们选择锁定利润，为未来潜在的波动做准备。</p></blockquote><p>尽管经济数据向好、美联储降息支持且股市接近高位，但美国金融市场正在经历一场微妙的转变。</p><p>彭博汇编的数据显示，<strong>本月，此前深受散户青睐的美国杠杆ETF遭遇资金流出约70亿美元，为2019年有记录以来的最高水平。</strong></p><p>与此同时，随着杠杆押注的平仓，数字货币市场一度蒸发约3000亿美元市值。此外，美股主要股指也结束了连续上涨的势头。<a href=\"https://laohu8.com/S/161125\">标普500</a>指数和纳斯达克100指数均录得一个月来的首次单周下跌。</p><p><strong>值得注意的是，引领此次撤退的正是那些曾被认为是“后知后觉”的散户。</strong>他们在今年上半年市场反弹中表现出先见之明，其当前的谨慎姿态，可能再次成为值得市场关注的重要信号。</p><h2 id=\"id_4066497157\">散户先行，锁定高风险资产收益</h2><p>分析指出，此轮大规模的资产回撤并非恐慌信号，<strong>而更像是在经历了数月的市场狂欢后的投资者们选择锁定利润，为未来潜在的波动做准备。</strong></p><p>以三倍做多半导体指数的Direxion Daily Semiconductors Bull 3x Shares（SOXL）为例，尽管该基金本月上涨了31%，但投资者仍从中撤出了超过23亿美元。 这清晰地表明，部分交易员选择在上涨时离场。</p><p>同样，旨在放大<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>公司股价波动的TSLL基金，也正迎来其有史以来最大的月度资金流出，规模已达约15亿美元。</p><p>Interactive Brokers的首席策略师Steve Sosnick评论道：</p><blockquote><p>“活跃的交易员仍然愿意追逐快速变动的股票，但他们逢低买入和追高的兴趣确实减弱了。我不会称之为‘消化不良’，或许更像是在饕餮盛宴后的一点‘食物昏迷’。”</p></blockquote><h2 id=\"id_1502678356\">谨慎情绪蔓延，机构开始对冲</h2><p>随着市场情绪的变化，专业的资产管理公司也开始调整策略，采取更为审慎的立场。</p><p><a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>投资管理的投资组合经理Andrew Slimmon指出：</p><blockquote><p>“市场已经超买，尤其是在那些超级投机性股票上。这些股票正在接近泡沫区域，这是一个非常危险的信号。”</p></blockquote><p>一些机构已经开始行动。管理着300亿美元资产的Lido Advisors正在采取对冲策略，<strong>例如卖出备兑看涨期权以产生收入，并买入看跌价差期权以在市场回调时提供保护。</strong>其投资组合策略总监Nils Dillon表示：</p><blockquote><p>“我们正徘徊在一条微妙的线上——坏数据何时开始对市场变得不利？这正是市场本周面临的困境。”</p></blockquote><p><a href=\"https://laohu8.com/S/JHG\">Janus Henderson</a>的美国投资组合构建与策略主管Lara Castleton也表示，<strong>客户对固收资产的兴趣正在回升。</strong>她警告称：</p><blockquote><p>“基于对美联储降息和宽松周期的乐观情绪进行购买是危险的。”</p></blockquote><p>该公司建议客户立足于基本面，青睐国债、公司信贷等高质量债券。PGIM固定收益的联席首席投资官Greg Peters则认为“市场似乎有点累了”，该司已将约30%的风险配置于短期资产。</p><h2 id=\"id_3935365249\">“聪明钱”的信号？</h2><p>这场由散户主导的撤退，其信号意义不容忽视。</p><p>在本次市场周期中，通常被视为“笨钱”的散户屡次走在机构前面。TCW Group的高级投资组合经理Eli Horton表示：</p><blockquote><p>“回顾4月份市场创下新低时，实际上是散户在抄底。<strong>你可以称之为一场由‘普通民众驱动的反弹’，而不是‘华尔街驱动的反弹’。</strong>”</p></blockquote><p>如今，这批投资者率先从市场最具泡沫的领域撤出，或许再次发出了一个值得市场参与者倾听的信号。虽然这并不意味着一场大范围的衰退迫在眉睫，但它表明市场的脆弱性正在增加，一场安静的重新校准已经开始。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4f6ec6e99c0c8b9feb7f296b78c65a54","relate_stocks":{"YANG":"三倍做空富时中国ETF-Direxion","BK4614":"Manus概念股"},"source_url":"https://wallstreetcn.com/articles/3756393","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2570866549","content_text":"本月美国杠杆ETF遭遇创纪录的资金流出，数字货币市场一度蒸发3000亿美元市值，标普也录得一个月来首次单周下跌。分析指出，此轮大规模的资产回撤并非恐慌信号，而更像是在经历了数月的市场狂欢后，以散户为首的投资者们选择锁定利润，为未来潜在的波动做准备。尽管经济数据向好、美联储降息支持且股市接近高位，但美国金融市场正在经历一场微妙的转变。彭博汇编的数据显示，本月，此前深受散户青睐的美国杠杆ETF遭遇资金流出约70亿美元，为2019年有记录以来的最高水平。与此同时，随着杠杆押注的平仓，数字货币市场一度蒸发约3000亿美元市值。此外，美股主要股指也结束了连续上涨的势头。标普500指数和纳斯达克100指数均录得一个月来的首次单周下跌。值得注意的是，引领此次撤退的正是那些曾被认为是“后知后觉”的散户。他们在今年上半年市场反弹中表现出先见之明，其当前的谨慎姿态，可能再次成为值得市场关注的重要信号。散户先行，锁定高风险资产收益分析指出，此轮大规模的资产回撤并非恐慌信号，而更像是在经历了数月的市场狂欢后的投资者们选择锁定利润，为未来潜在的波动做准备。以三倍做多半导体指数的Direxion Daily Semiconductors Bull 3x Shares（SOXL）为例，尽管该基金本月上涨了31%，但投资者仍从中撤出了超过23亿美元。 这清晰地表明，部分交易员选择在上涨时离场。同样，旨在放大特斯拉公司股价波动的TSLL基金，也正迎来其有史以来最大的月度资金流出，规模已达约15亿美元。Interactive Brokers的首席策略师Steve Sosnick评论道：“活跃的交易员仍然愿意追逐快速变动的股票，但他们逢低买入和追高的兴趣确实减弱了。我不会称之为‘消化不良’，或许更像是在饕餮盛宴后的一点‘食物昏迷’。”谨慎情绪蔓延，机构开始对冲随着市场情绪的变化，专业的资产管理公司也开始调整策略，采取更为审慎的立场。摩根士丹利投资管理的投资组合经理Andrew Slimmon指出：“市场已经超买，尤其是在那些超级投机性股票上。这些股票正在接近泡沫区域，这是一个非常危险的信号。”一些机构已经开始行动。管理着300亿美元资产的Lido Advisors正在采取对冲策略，例如卖出备兑看涨期权以产生收入，并买入看跌价差期权以在市场回调时提供保护。其投资组合策略总监Nils Dillon表示：“我们正徘徊在一条微妙的线上——坏数据何时开始对市场变得不利？这正是市场本周面临的困境。”Janus Henderson的美国投资组合构建与策略主管Lara Castleton也表示，客户对固收资产的兴趣正在回升。她警告称：“基于对美联储降息和宽松周期的乐观情绪进行购买是危险的。”该公司建议客户立足于基本面，青睐国债、公司信贷等高质量债券。PGIM固定收益的联席首席投资官Greg Peters则认为“市场似乎有点累了”，该司已将约30%的风险配置于短期资产。“聪明钱”的信号？这场由散户主导的撤退，其信号意义不容忽视。在本次市场周期中，通常被视为“笨钱”的散户屡次走在机构前面。TCW Group的高级投资组合经理Eli Horton表示：“回顾4月份市场创下新低时，实际上是散户在抄底。你可以称之为一场由‘普通民众驱动的反弹’，而不是‘华尔街驱动的反弹’。”如今，这批投资者率先从市场最具泡沫的领域撤出，或许再次发出了一个值得市场参与者倾听的信号。虽然这并不意味着一场大范围的衰退迫在眉睫，但它表明市场的脆弱性正在增加，一场安静的重新校准已经开始。","news_type":1,"symbols_score_info":{"YANG":1.5}},"isVote":1,"tweetType":1,"viewCount":4291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":483288373609336,"gmtCreate":1759019276331,"gmtModify":1759023356410,"author":{"id":"3504177973821430","authorId":"3504177973821430","name":"何如共进","avatar":"https://static.tigerbbs.com/104961f16c0e7adc41230c41a16d1638","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3504177973821430","authorIdStr":"3504177973821430"},"themes":[],"title":"","htmlText":"新的星球大战计划，看谁能卷赢，技术积累和进步速度是有限的，人力是有限的，芯片产能增长是有限的，资金是有限的，烧完了事。","listText":"新的星球大战计划，看谁能卷赢，技术积累和进步速度是有限的，人力是有限的，芯片产能增长是有限的，资金是有限的，烧完了事。","text":"新的星球大战计划，看谁能卷赢，技术积累和进步速度是有限的，人力是有限的，芯片产能增长是有限的，资金是有限的，烧完了事。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/483288373609336","repostId":"2570586222","repostType":2,"repost":{"id":"2570586222","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":1759018742,"share":"https://www.laohunote.com/m/news/2570586222?lang=zh_CN&edition=full","pubTime":"2025-09-28 08:19","market":"sg","language":"zh","title":"当数据中心投资超过了办公楼","url":"https://stock-news.laohu8.com/highlight/detail?id=2570586222","media":"华尔街见闻","summary":"自2014年7月以来，数据中心建设支出的增幅高达2200%。截至今年7月的一年里，美国数据中心建设的年化支出已飙升至410亿美元，几乎与美国所有私人办公楼的建设成本持平。","content":"<html><head></head><body><blockquote><p>自2014年7月以来，数据中心建设支出的增幅高达2200%。截至今年7月的一年里，美国数据中心建设的年化支出已飙升至410亿美元，几乎与美国所有私人办公楼的建设成本持平。</p></blockquote><p>在AI热潮的驱动下，用于建设数据中心的支出正以前所未有的速度激增，即将历史性地超过办公楼建设成本的增速。</p><p>根据美国人口普查局最近发布的数据，<strong>截至今年7月的一年里，美国数据中心建设的年化支出已飙升至410亿美元，几乎与美国所有私人办公楼的建设成本持平。</strong></p><p>这一转变在ChatGPT于2022年底发布后显著加速，促使官方统计机构开始将数据中心单列为一个统计类别。</p><p>数据还显示，<strong>自2014年7月以来，数据中心建设支出的增幅高达2200%。</strong></p><p>知名投资者David Einhorn于本周警示称，这一周期“很有可能带来巨大的资本毁灭”。而与此同时，OpenAI的Sam Altman则认为，即便投入数千亿美元，从长远看建设速度可能“还是显得太慢”。</p><p>值得注意的是，<strong>当前的数据尚未完全反映未来的投资规模。</strong>包括<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>、OpenAI、<a href=\"https://laohu8.com/S/ORCL\">甲骨文</a>、软银和<a href=\"https://laohu8.com/S/META\">Meta</a>在内的科技巨头已宣布了数千亿美元的新建设计划，这些项目将进一步推高支出数据。</p><p>据报道，英伟达与OpenAI正规划一个价值1000亿美元、功率达10吉瓦的超级数据中心项目。此外，OpenAI、甲骨文和软银也已宣布了其5000亿美元“星际之门（Stargate）”项目，Meta也在推进其“Titan Cluster”数据中心计划。</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>当数据中心投资超过了办公楼</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当数据中心投资超过了办公楼\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2025-09-28 08:19</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>自2014年7月以来，数据中心建设支出的增幅高达2200%。截至今年7月的一年里，美国数据中心建设的年化支出已飙升至410亿美元，几乎与美国所有私人办公楼的建设成本持平。</p></blockquote><p>在AI热潮的驱动下，用于建设数据中心的支出正以前所未有的速度激增，即将历史性地超过办公楼建设成本的增速。</p><p>根据美国人口普查局最近发布的数据，<strong>截至今年7月的一年里，美国数据中心建设的年化支出已飙升至410亿美元，几乎与美国所有私人办公楼的建设成本持平。</strong></p><p>这一转变在ChatGPT于2022年底发布后显著加速，促使官方统计机构开始将数据中心单列为一个统计类别。</p><p>数据还显示，<strong>自2014年7月以来，数据中心建设支出的增幅高达2200%。</strong></p><p>知名投资者David Einhorn于本周警示称，这一周期“很有可能带来巨大的资本毁灭”。而与此同时，OpenAI的Sam Altman则认为，即便投入数千亿美元，从长远看建设速度可能“还是显得太慢”。</p><p>值得注意的是，<strong>当前的数据尚未完全反映未来的投资规模。</strong>包括<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>、OpenAI、<a href=\"https://laohu8.com/S/ORCL\">甲骨文</a>、软银和<a href=\"https://laohu8.com/S/META\">Meta</a>在内的科技巨头已宣布了数千亿美元的新建设计划，这些项目将进一步推高支出数据。</p><p>据报道，英伟达与OpenAI正规划一个价值1000亿美元、功率达10吉瓦的超级数据中心项目。此外，OpenAI、甲骨文和软银也已宣布了其5000亿美元“星际之门（Stargate）”项目，Meta也在推进其“Titan Cluster”数据中心计划。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1ada5f76b32e3bbc8edb1251f7bba06e","relate_stocks":{"IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","LU0353189763.USD":"ALLSPRING US ALL CAP GROWTH FUND \"I\" (USD) ACC","2NVD.UK":"2X NVIDIA ETP","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","3NVD.UK":"LS 3X NVIDIA","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","NVIW.SI":"NVDA 3xLongSG261006","LU1923622291.USD":"Natixis Thematics Safety R/A USD","NVDS":"1.5倍做空NVDA ETF-Tradr","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL 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ACC"},"source_url":"https://wallstreetcn.com/articles/3756400","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2570586222","content_text":"自2014年7月以来，数据中心建设支出的增幅高达2200%。截至今年7月的一年里，美国数据中心建设的年化支出已飙升至410亿美元，几乎与美国所有私人办公楼的建设成本持平。在AI热潮的驱动下，用于建设数据中心的支出正以前所未有的速度激增，即将历史性地超过办公楼建设成本的增速。根据美国人口普查局最近发布的数据，截至今年7月的一年里，美国数据中心建设的年化支出已飙升至410亿美元，几乎与美国所有私人办公楼的建设成本持平。这一转变在ChatGPT于2022年底发布后显著加速，促使官方统计机构开始将数据中心单列为一个统计类别。数据还显示，自2014年7月以来，数据中心建设支出的增幅高达2200%。知名投资者David Einhorn于本周警示称，这一周期“很有可能带来巨大的资本毁灭”。而与此同时，OpenAI的Sam Altman则认为，即便投入数千亿美元，从长远看建设速度可能“还是显得太慢”。值得注意的是，当前的数据尚未完全反映未来的投资规模。包括英伟达、OpenAI、甲骨文、软银和Meta在内的科技巨头已宣布了数千亿美元的新建设计划，这些项目将进一步推高支出数据。据报道，英伟达与OpenAI正规划一个价值1000亿美元、功率达10吉瓦的超级数据中心项目。此外，OpenAI、甲骨文和软银也已宣布了其5000亿美元“星际之门（Stargate）”项目，Meta也在推进其“Titan 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19:04","market":"hk","language":"zh","title":"国家外汇局：允许外商直接投资项下外汇利润境内再投资","url":"https://stock-news.laohu8.com/highlight/detail?id=1114457427","media":"国家外汇管理局","summary":"9月15日，国家外汇管理局关于深化跨境投融资外汇管理改革有关事宜的通知，（一）取消境内直接投资前期费用基本信息登记。在不违反外商投资准入特别管理措施且境内所投项目真实、合规前提下，外商投资企业以外汇资本金及其结汇所得人民币资金开展境内再投资，被投资企业或股权出让方无需办理接收境内再投资基本信息登记及变更登记，境内再投资资金可以直接划至相关账户。（三）允许外商直接投资项下外汇利润境内再投资。","content":"<html><head></head><body><p>9月15日，国家外汇管理局关于深化跨境投融资外汇管理改革有关事宜的通知，（一）取消境内直接投资前期费用基本信息登记。（二）取消外商投资企业境内再投资登记。（三）允许外商直接投资项下外汇利润境内再投资。（四）便利境内非企业科研机构接收境外资金。（五）扩大跨境融资便利。（六）简化跨境融资便利化业务登记管理要求。（七）缩减资本项目收入使用负面清单。（八）优化资本项目外汇收入支付便利化业务。（九）便利境外个人境内购房结汇支付。</p><blockquote><p><strong>国家外汇管理局关于深化跨境投融资外汇管理改革有关事宜的通知</strong></p></blockquote><p>国家外汇管理局各省、自治区、直辖市、计划单列市分局，各全国性中资银行：</p><p style=\"text-align: justify;\">为深入贯彻党的二十届三中全会精神，落实党中央、国务院决策部署，扩大高水平开放，服务经济高质量发展，国家外汇管理局决定深化跨境投融资外汇管理改革，进一步提升跨境投融资便利。现将有关事项通知如下：</p><p style=\"text-align: justify;\">一、深化跨境投资外汇管理改革</p><p style=\"text-align: justify;\"><strong>（一）取消境内直接投资前期费用基本信息登记。</strong>境外投资者在境内设立外商投资企业前需要汇入前期费用的，可以直接在银行开立前期费用账户并汇入前期费用资金，无需在开户前办理前期费用基本信息登记。</p><p style=\"text-align: justify;\"><strong>（二）取消外商投资企业境内再投资登记。</strong>在不违反外商投资准入特别管理措施且境内所投项目真实、合规前提下，外商投资企业以外汇资本金及其结汇所得人民币资金开展境内再投资，被投资企业或股权出让方无需办理接收境内再投资基本信息登记及变更登记，境内再投资资金可以直接划至相关账户。</p><p style=\"text-align: justify;\"><strong>（三）允许外商直接投资项下外汇利润境内再投资。</strong>外商投资企业境内合法产生的外汇形式利润、境外投资者合法取得的外汇利润开展境内再投资，相关外汇资金可以划入被投资企业的资本金账户或股权出让方的资本项目结算账户，资金使用按照相关账户管理要求办理。</p><p style=\"text-align: justify;\"><strong>（四）便利境内非企业科研机构接收境外资金。</strong>境内非企业科研机构接收境外资金的，参照外商直接投资办理外汇登记及账户开立、资金汇兑等手续；非企业科研机构使用境外汇入外汇资金及其结汇所得人民币资金进行境内再投资的，参照外商直接投资境内再投资办理；非企业科研机构符合条件可参与资本项目收入支付便利化政策。</p><p style=\"text-align: justify;\">二、深化跨境融资外汇管理改革</p><p style=\"text-align: justify;\"><strong>（五）扩大跨境融资便利。</strong>全国范围内符合条件的高新技术、“专精特新”和科技型中小企业，可在不超过等值1000万美元额度内借用外债。其中，有关部门依托“创新积分制”遴选的符合条件的企业，可在不超过等值2000万美元额度内借用外债。</p><p style=\"text-align: justify;\"><strong>（六）简化跨境融资便利化业务登记管理要求。</strong>参与跨境融资便利化业务的企业，在签约登记环节不再要求提供上一年度或最近一期经审计的财务报告。</p><p style=\"text-align: justify;\">三、优化资本项目收入支付便利化政策</p><p style=\"text-align: justify;\"><strong>（七）缩减资本项目收入使用负面清单。</strong>非金融企业资本金、外债项下外汇收入及其结汇所得人民币资金使用遵循真实、自用原则。不得直接或间接用于国家法律法规禁止的支出；除另有明确规定外，不得直接或间接用于证券投资或其他投资理财（风险评级结果不高于二级的理财产品及结构性存款除外）；不得用于向非关联企业发放贷款（经营范围明确许可的情形除外）。</p><p style=\"text-align: justify;\"><strong>（八）优化资本项目外汇收入支付便利化业务。</strong>银行在统筹便利化服务和风险防范前提下，可以依据客户合规经营情况和风险等级等自行决定便利化业务事后随机抽查的比例和频率。</p><p style=\"text-align: justify;\"><strong>（九）便利境外个人境内购房结汇支付。</strong>境外个人在满足房地产主管部门及各地购房资格条件下，可以在取得房地产主管部门的购房备案证明文件之前，凭购房合同或协议先行在银行办理购房所涉外汇资金结汇支付，后续再向银行补交购房备案证明文件。境内购房结汇支付便利不改变境外个人境内购房政策。</p><p style=\"text-align: justify;\">上述政策具体操作见附件《深化跨境投融资外汇管理便利化政策操作指引》（以下简称《指引》）。</p><p style=\"text-align: justify;\">银行应按照展业原则对上述跨境投融资及资本项目收入支付便利化业务加强事后监测，为真实合规的跨境投融资提供便捷高效的跨境资金结算服务，异常可疑情况及时报告。各省、自治区、直辖市、计划单列市分局应加强事中事后监管与核查检查，指导银行、企业合规开展业务。</p><p style=\"text-align: justify;\">企业和银行未按照本通知及《指引》办理的，外汇局可以依据《中华人民共和国外汇管理条例》进行处罚。</p><p style=\"text-align: justify;\">本通知自发布之日起实施。《国家外汇管理局关于支持高新技术和“专精特新”企业开展跨境融资便利化试点的通知》（汇发〔2022〕16号）同时废止。以前规定与本通知不符的，以本通知为准。各分局接到本通知后，应及时转发辖内地市分局、城市商业银行、农村商业银行、外资银行、农村合作银行。</p><p style=\"text-align: justify;\">特此通知。</p></body></html>","source":"lsy1651741327851","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>国家外汇局：允许外商直接投资项下外汇利润境内再投资</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国家外汇局：允许外商直接投资项下外汇利润境内再投资\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-15 19:04 北京时间 <a href=https://www.safe.gov.cn/safe/2025/0915/26538.html><strong>国家外汇管理局</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>9月15日，国家外汇管理局关于深化跨境投融资外汇管理改革有关事宜的通知，（一）取消境内直接投资前期费用基本信息登记。（二）取消外商投资企业境内再投资登记。（三）允许外商直接投资项下外汇利润境内再投资。（四）便利境内非企业科研机构接收境外资金。（五）扩大跨境融资便利。（六）简化跨境融资便利化业务登记管理要求。（七）缩减资本项目收入使用负面清单。（八）优化资本项目外汇收入支付便利化业务。（九）便利境外...</p>\n\n<a href=\"https://www.safe.gov.cn/safe/2025/0915/26538.html\">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/042bf15c0077d603424f111d4bf49f8c","relate_stocks":{},"source_url":"https://www.safe.gov.cn/safe/2025/0915/26538.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114457427","content_text":"9月15日，国家外汇管理局关于深化跨境投融资外汇管理改革有关事宜的通知，（一）取消境内直接投资前期费用基本信息登记。（二）取消外商投资企业境内再投资登记。（三）允许外商直接投资项下外汇利润境内再投资。（四）便利境内非企业科研机构接收境外资金。（五）扩大跨境融资便利。（六）简化跨境融资便利化业务登记管理要求。（七）缩减资本项目收入使用负面清单。（八）优化资本项目外汇收入支付便利化业务。（九）便利境外个人境内购房结汇支付。国家外汇管理局关于深化跨境投融资外汇管理改革有关事宜的通知国家外汇管理局各省、自治区、直辖市、计划单列市分局，各全国性中资银行：为深入贯彻党的二十届三中全会精神，落实党中央、国务院决策部署，扩大高水平开放，服务经济高质量发展，国家外汇管理局决定深化跨境投融资外汇管理改革，进一步提升跨境投融资便利。现将有关事项通知如下：一、深化跨境投资外汇管理改革（一）取消境内直接投资前期费用基本信息登记。境外投资者在境内设立外商投资企业前需要汇入前期费用的，可以直接在银行开立前期费用账户并汇入前期费用资金，无需在开户前办理前期费用基本信息登记。（二）取消外商投资企业境内再投资登记。在不违反外商投资准入特别管理措施且境内所投项目真实、合规前提下，外商投资企业以外汇资本金及其结汇所得人民币资金开展境内再投资，被投资企业或股权出让方无需办理接收境内再投资基本信息登记及变更登记，境内再投资资金可以直接划至相关账户。（三）允许外商直接投资项下外汇利润境内再投资。外商投资企业境内合法产生的外汇形式利润、境外投资者合法取得的外汇利润开展境内再投资，相关外汇资金可以划入被投资企业的资本金账户或股权出让方的资本项目结算账户，资金使用按照相关账户管理要求办理。（四）便利境内非企业科研机构接收境外资金。境内非企业科研机构接收境外资金的，参照外商直接投资办理外汇登记及账户开立、资金汇兑等手续；非企业科研机构使用境外汇入外汇资金及其结汇所得人民币资金进行境内再投资的，参照外商直接投资境内再投资办理；非企业科研机构符合条件可参与资本项目收入支付便利化政策。二、深化跨境融资外汇管理改革（五）扩大跨境融资便利。全国范围内符合条件的高新技术、“专精特新”和科技型中小企业，可在不超过等值1000万美元额度内借用外债。其中，有关部门依托“创新积分制”遴选的符合条件的企业，可在不超过等值2000万美元额度内借用外债。（六）简化跨境融资便利化业务登记管理要求。参与跨境融资便利化业务的企业，在签约登记环节不再要求提供上一年度或最近一期经审计的财务报告。三、优化资本项目收入支付便利化政策（七）缩减资本项目收入使用负面清单。非金融企业资本金、外债项下外汇收入及其结汇所得人民币资金使用遵循真实、自用原则。不得直接或间接用于国家法律法规禁止的支出；除另有明确规定外，不得直接或间接用于证券投资或其他投资理财（风险评级结果不高于二级的理财产品及结构性存款除外）；不得用于向非关联企业发放贷款（经营范围明确许可的情形除外）。（八）优化资本项目外汇收入支付便利化业务。银行在统筹便利化服务和风险防范前提下，可以依据客户合规经营情况和风险等级等自行决定便利化业务事后随机抽查的比例和频率。（九）便利境外个人境内购房结汇支付。境外个人在满足房地产主管部门及各地购房资格条件下，可以在取得房地产主管部门的购房备案证明文件之前，凭购房合同或协议先行在银行办理购房所涉外汇资金结汇支付，后续再向银行补交购房备案证明文件。境内购房结汇支付便利不改变境外个人境内购房政策。上述政策具体操作见附件《深化跨境投融资外汇管理便利化政策操作指引》（以下简称《指引》）。银行应按照展业原则对上述跨境投融资及资本项目收入支付便利化业务加强事后监测，为真实合规的跨境投融资提供便捷高效的跨境资金结算服务，异常可疑情况及时报告。各省、自治区、直辖市、计划单列市分局应加强事中事后监管与核查检查，指导银行、企业合规开展业务。企业和银行未按照本通知及《指引》办理的，外汇局可以依据《中华人民共和国外汇管理条例》进行处罚。本通知自发布之日起实施。《国家外汇管理局关于支持高新技术和“专精特新”企业开展跨境融资便利化试点的通知》（汇发〔2022〕16号）同时废止。以前规定与本通知不符的，以本通知为准。各分局接到本通知后，应及时转发辖内地市分局、城市商业银行、农村商业银行、外资银行、农村合作银行。特此通知。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3383,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}