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momogogo
momogogo
·
04-24
上线后跌幅20%了,哈哈哈哈
广发证券:游戏用户付费意愿增强 《异环》上线表现值得期待
智通财经APP获悉,广发证券发布研报称,双端产品及PC市场的增长,本质上是用户对品质更高、体验更好的游戏的付费意愿增强,头部优质产品的市场空间持续扩大。该行认为,作为二次元游戏核心产品的《异环》,其出海空间同样值得期待。风险提示游戏行业监管加强风险,行业竞争加剧风险,产品上线不及预期的风险。
广发证券:游戏用户付费意愿增强 《异环》上线表现值得期待
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momogogo
momogogo
·
04-07
哈哈哈哈哈哈哈
美媒:特朗普表示可能调整对伊朗的最后期限
目前仍会坚持原定的截止时间。
美媒:特朗普表示可能调整对伊朗的最后期限
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momogogo
momogogo
·
04-01
$恒生科技指数(HSTECH)$
阿斗
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momogogo
momogogo
·
03-27
很无语……
特朗普推迟十天打击伊朗能源设施,最后期限延至4月6日,称美伊谈判“非常顺利”
特朗普称,应伊朗政府请求,将打击推迟至美东时间4月6日晚8点;美伊谈判正在进行,进展非常顺利,虽然假新闻的说法与其相反。美国总统特朗普宣布再次推迟打击伊朗的能源设施,看来在给美伊谈判留出更多空间。据新华社,特朗普26日周四在社交媒体发文,称对伊朗能源设施空袭再推迟十天,至美东时间4月6日晚8时。特朗普最初给伊朗设定了48小时的最后期限。
特朗普推迟十天打击伊朗能源设施,最后期限延至4月6日,称美伊谈判“非常顺利”
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momogogo
momogogo
·
2025-12-23
一通踏空后的风凉废话
疯狂的贵金属!金银一色,铂钯齐飞,短期一个大风险“近在眼前”
贵金属全线飙升,金银创新高,国内铂钯双涨停,而广期所贵金属持仓激增与活跃交易或助推了此轮行情。但狂欢也伴随着风险,摩根大通警告高昂的银价正侵蚀光伏需求。同时,需高度警惕1月8日起彭博商品指数再平衡引发的技术性抛压:预计白银抛售规模占期货持仓9%,黄金占3%,这股巨量强制卖盘或打破新年季节性利好。
疯狂的贵金属!金银一色,铂钯齐飞,短期一个大风险“近在眼前”
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momogogo
momogogo
·
2025-11-25
美国国运啊,搞坏就玩完了
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
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。
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
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momogogo
momogogo
·
2025-11-24
$上证指数(000001.SH)$
你永远是最恶心的
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momogogo
momogogo
·
2025-11-18
首要任务是:买点便宜的好货
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momogogo
momogogo
·
2025-11-08
$纳斯达克(.IXIC)$
漂亮的锤子线
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momogogo
momogogo
·
2025-10-21
跌跌更健康
现货金、银价格深度回调,分析师警示泡沫风险
主要催化剂是极度超买状态。
现货金、银价格深度回调,分析师警示泡沫风险
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11:46","market":"fut","language":"zh","title":"广发证券:游戏用户付费意愿增强 《异环》上线表现值得期待","url":"https://stock-news.laohu8.com/highlight/detail?id=2629957660","media":"智通财经","summary":"智通财经APP获悉,广发证券发布研报称,双端产品及PC市场的增长,本质上是用户对品质更高、体验更好的游戏的付费意愿增强,头部优质产品的市场空间持续扩大。该行认为,作为二次元游戏核心产品的《异环》,其出海空间同样值得期待。风险提示游戏行业监管加强风险,行业竞争加剧风险,产品上线不及预期的风险。","content":"<html><body><p>智通财经APP获悉,<a href=\"https://laohu8.com/S/000776\">广发证券</a>发布研报称,双端产品及PC市场的增长,本质上是用户对品质更高、体验更好的游戏的付费意愿增强,头部优质产品的市场空间持续扩大。二次元游戏出海空间广阔,二次元文化作为新兴的潮流文化,在海外的潜在用户规模持续扩张。《异环》测试表现突出,玩家获得更加沉浸的游戏体验,产品上线有望实现突出流水表现,首推其研发商<a href=\"https://laohu8.com/S/002624\">完美世界</a>(002624.SZ),关注头部公司<a href=\"https://laohu8.com/S/00700\">腾讯控股</a>(00700)、储备有《无限大》的<a href=\"https://laohu8.com/S/09999\">网易-S</a>(09999)等。</p><p><a href=\"https://laohu8.com/S/01776\">广发证券</a>主要观点如下:</p><p><strong>游戏市场需求持续增长,用户对精品游戏的付费意愿持续提升</strong></p><p>根据伽马数据,2026Q1国内游戏市场实际销售收入971.72亿元,环比增长2.54%,同比增长13.38%。其中,客户端游戏市场实际销售收入为249.76亿元,环比增长11.17%,同比增长39.38%,增速领先于整体市场。报告显示,市场规模的环比提升,主要得益于多款双端互通新品在季度内上线并贡献了收入,例如《明日方舟:终末地》《逆战:未来》《洛克王国:世界》等。该行认为,PC端设备性能及产品沉浸感通常高于移动端,双端产品及PC市场的增长,本质上是用户对品质更高、体验更好的游戏的付费意愿增强,头部优质产品的市场空间持续扩大。</p><p><strong>二次元赛道具备全球属性,出海表现可期</strong></p><p>二次元游戏出海空间广阔,二次元文化作为新兴的潮流文化,在海外的潜在用户规模持续扩张,海外调研机构Cognitive Market Research预计ACGN亚文化(即二次元文化)产业市场规模年均复合增速为11.3%,可以认为,二次元是海外市场重要的文化潮流,具备广泛的潜在受众。该行认为,作为二次元游戏核心产品的《异环》,其出海空间同样值得期待。</p><p><strong>《异环》开启都市开放世界新赛道,有望提供有别于传统二次元大世界的体验</strong></p><p>《异环》拥有头部二次元游戏的关注度,全渠道预约量超过3500万,TapTap关注突破600万,<a href=\"https://laohu8.com/S/BILI\">B站</a>公测PV播放超过800万,公测前瞻节目播放超200万,该行认为其关注度属于二次元游戏第一梯队。开启预下载后,TapTap端下载量已经超过120万,<a href=\"https://laohu8.com/S/09626\">B站</a>渠道下载超过90万(截至4月21日20:00)。从下载数据来看,该行预计产品的首日新进用户规模表现突出。在玩法层面,根据《异环》官方预热PV,除战斗外的玩法包括载具系统、住宅与角色互动、都市大亨等,其体验结合了玩家平时的生活场景。在角色维度,用户与部分角色提升到对应机遇等级后,可发出出游邀请,一起游览花田、欣赏流星等,具备更多的陪伴类交互,提升沉浸感。总体而言,《异环》与传统二次元开放世界有明显差异玩法,有望通过创新带给玩家不同的体验。该行认为,通过“都市”题材与其他二次元的玩法的差异化,产品有望从已经较为同质化的二次元开放世界中找到新的玩法,提升用户留存意愿,推动产品流水规模的提升。</p><p><strong>风险提示</strong></p><p>游戏行业监管加强风险,行业竞争加剧风险,产品上线不及预期的风险。</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>广发证券:游戏用户付费意愿增强 《异环》上线表现值得期待</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广发证券:游戏用户付费意愿增强 《异环》上线表现值得期待\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-22 11:46 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1431759.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉,广发证券发布研报称,双端产品及PC市场的增长,本质上是用户对品质更高、体验更好的游戏的付费意愿增强,头部优质产品的市场空间持续扩大。二次元游戏出海空间广阔,二次元文化作为新兴的潮流文化,在海外的潜在用户规模持续扩张。《异环》测试表现突出,玩家获得更加沉浸的游戏体验,产品上线有望实现突出流水表现,首推其研发商完美世界(002624.SZ),关注头部公司腾讯控股(00700)、储备...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1431759.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":{"LU0067412154.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY \"P\" (USD) ACC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU0878004406.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) INC","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","IE00B8HQ1Z84.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"A\" (USD) ACC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" 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OPP \"P\" (SGDHDG) INC A"},"source_url":"http://www.zhitongcaijing.com/content/detail/1431759.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2629957660","content_text":"智通财经APP获悉,广发证券发布研报称,双端产品及PC市场的增长,本质上是用户对品质更高、体验更好的游戏的付费意愿增强,头部优质产品的市场空间持续扩大。二次元游戏出海空间广阔,二次元文化作为新兴的潮流文化,在海外的潜在用户规模持续扩张。《异环》测试表现突出,玩家获得更加沉浸的游戏体验,产品上线有望实现突出流水表现,首推其研发商完美世界(002624.SZ),关注头部公司腾讯控股(00700)、储备有《无限大》的网易-S(09999)等。广发证券主要观点如下:游戏市场需求持续增长,用户对精品游戏的付费意愿持续提升根据伽马数据,2026Q1国内游戏市场实际销售收入971.72亿元,环比增长2.54%,同比增长13.38%。其中,客户端游戏市场实际销售收入为249.76亿元,环比增长11.17%,同比增长39.38%,增速领先于整体市场。报告显示,市场规模的环比提升,主要得益于多款双端互通新品在季度内上线并贡献了收入,例如《明日方舟:终末地》《逆战:未来》《洛克王国:世界》等。该行认为,PC端设备性能及产品沉浸感通常高于移动端,双端产品及PC市场的增长,本质上是用户对品质更高、体验更好的游戏的付费意愿增强,头部优质产品的市场空间持续扩大。二次元赛道具备全球属性,出海表现可期二次元游戏出海空间广阔,二次元文化作为新兴的潮流文化,在海外的潜在用户规模持续扩张,海外调研机构Cognitive Market Research预计ACGN亚文化(即二次元文化)产业市场规模年均复合增速为11.3%,可以认为,二次元是海外市场重要的文化潮流,具备广泛的潜在受众。该行认为,作为二次元游戏核心产品的《异环》,其出海空间同样值得期待。《异环》开启都市开放世界新赛道,有望提供有别于传统二次元大世界的体验《异环》拥有头部二次元游戏的关注度,全渠道预约量超过3500万,TapTap关注突破600万,B站公测PV播放超过800万,公测前瞻节目播放超200万,该行认为其关注度属于二次元游戏第一梯队。开启预下载后,TapTap端下载量已经超过120万,B站渠道下载超过90万(截至4月21日20:00)。从下载数据来看,该行预计产品的首日新进用户规模表现突出。在玩法层面,根据《异环》官方预热PV,除战斗外的玩法包括载具系统、住宅与角色互动、都市大亨等,其体验结合了玩家平时的生活场景。在角色维度,用户与部分角色提升到对应机遇等级后,可发出出游邀请,一起游览花田、欣赏流星等,具备更多的陪伴类交互,提升沉浸感。总体而言,《异环》与传统二次元开放世界有明显差异玩法,有望通过创新带给玩家不同的体验。该行认为,通过“都市”题材与其他二次元的玩法的差异化,产品有望从已经较为同质化的二次元开放世界中找到新的玩法,提升用户留存意愿,推动产品流水规模的提升。风险提示游戏行业监管加强风险,行业竞争加剧风险,产品上线不及预期的风险。","news_type":1,"symbols_score_info":{"HTCD.SI":0.6,"002624":1.9,"TCHmain":0.6}},"isVote":1,"tweetType":1,"viewCount":28,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":551127554328776,"gmtCreate":1775574536177,"gmtModify":1775574538706,"author":{"id":"3514005164997802","authorId":"3514005164997802","name":"momogogo","avatar":"https://static.tigerbbs.com/51bd9eceb7443a57b30ccfc4f705b931","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3514005164997802","idStr":"3514005164997802"},"themes":[],"title":"","htmlText":"哈哈哈哈哈哈哈","listText":"哈哈哈哈哈哈哈","text":"哈哈哈哈哈哈哈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/551127554328776","repostId":"1107683205","repostType":2,"repost":{"id":"1107683205","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":1775574102,"share":"https://www.laohu8.com/m/news/1107683205?lang=zh_CN&edition=full","pubTime":"2026-04-07 23:01","market":"us","language":"zh","title":"美媒:特朗普表示可能调整对伊朗的最后期限","url":"https://stock-news.laohu8.com/highlight/detail?id=1107683205","media":"老虎资讯综合","summary":"目前仍会坚持原定的截止时间。","content":"<html><head></head><body><p>美国总统特朗普表示,如果谈判取得进展,周二晚上8点的最后期限可能会有所调整,但目前仍会坚持原定的截止时间。</p><p>另据报道,伊朗已终止与美国之间的直接外交联系。中东官员表示,尽管如此,伊朗与停火调解方的谈判仍在继续。此外,三名伊朗高级官员表示,伊朗方面已通知巴基斯坦,不会再参加旨在停火的会谈。</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>美媒:特朗普表示可能调整对伊朗的最后期限</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:特朗普表示可能调整对伊朗的最后期限\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\">2026-04-07 23:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>美国总统特朗普表示,如果谈判取得进展,周二晚上8点的最后期限可能会有所调整,但目前仍会坚持原定的截止时间。</p><p>另据报道,伊朗已终止与美国之间的直接外交联系。中东官员表示,尽管如此,伊朗与停火调解方的谈判仍在继续。此外,三名伊朗高级官员表示,伊朗方面已通知巴基斯坦,不会再参加旨在停火的会谈。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/00ab710b18d6c3a0335cf6fa35509b7f","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107683205","content_text":"美国总统特朗普表示,如果谈判取得进展,周二晚上8点的最后期限可能会有所调整,但目前仍会坚持原定的截止时间。另据报道,伊朗已终止与美国之间的直接外交联系。中东官员表示,尽管如此,伊朗与停火调解方的谈判仍在继续。此外,三名伊朗高级官员表示,伊朗方面已通知巴基斯坦,不会再参加旨在停火的会谈。","news_type":1,"symbols_score_info":{".IXIC":2,".SPX":2,".DJI":2}},"isVote":1,"tweetType":1,"viewCount":491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":548897628313696,"gmtCreate":1775030117375,"gmtModify":1775030119548,"author":{"id":"3514005164997802","authorId":"3514005164997802","name":"momogogo","avatar":"https://static.tigerbbs.com/51bd9eceb7443a57b30ccfc4f705b931","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3514005164997802","idStr":"3514005164997802"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/HSTECH\">$恒生科技指数(HSTECH)$ </a> 阿斗","listText":"<a href=\"https://laohu8.com/S/HSTECH\">$恒生科技指数(HSTECH)$ </a> 阿斗","text":"$恒生科技指数(HSTECH)$ 阿斗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/548897628313696","isVote":1,"tweetType":1,"viewCount":447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":547002056794208,"gmtCreate":1774568902987,"gmtModify":1774568905578,"author":{"id":"3514005164997802","authorId":"3514005164997802","name":"momogogo","avatar":"https://static.tigerbbs.com/51bd9eceb7443a57b30ccfc4f705b931","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3514005164997802","idStr":"3514005164997802"},"themes":[],"title":"","htmlText":"很无语……","listText":"很无语……","text":"很无语……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/547002056794208","repostId":"1121347585","repostType":4,"repost":{"id":"1121347585","kind":"news","pubTimestamp":1774566055,"share":"https://www.laohu8.com/m/news/1121347585?lang=zh_CN&edition=full","pubTime":"2026-03-27 07:00","market":"us","language":"zh","title":"特朗普推迟十天打击伊朗能源设施,最后期限延至4月6日,称美伊谈判“非常顺利”","url":"https://stock-news.laohu8.com/highlight/detail?id=1121347585","media":"华尔街见闻","summary":"特朗普称,应伊朗政府请求,将打击推迟至美东时间4月6日晚8点;美伊谈判正在进行,进展非常顺利,虽然假新闻的说法与其相反。美国总统特朗普宣布再次推迟打击伊朗的能源设施,看来在给美伊谈判留出更多空间。据新华社,特朗普26日周四在社交媒体发文,称对伊朗能源设施空袭再推迟十天,至美东时间4月6日晚8时。特朗普最初给伊朗设定了48小时的最后期限。","content":"<html><head></head><body><blockquote><p>特朗普称,应伊朗政府请求,将打击推迟至美东时间4月6日晚8点;美伊谈判正在进行,进展非常顺利,虽然假新闻的说法与其相反。盘中曾涨近6%的美油一度转跌。这是特朗普发出袭击威胁后第二次延期,他上周六说给48小时,后将截止期延至本周五。</p></blockquote><p style=\"text-align: justify;\">美国总统特朗普宣布再次推迟打击伊朗的能源设施,看来在给美伊谈判留出更多空间。</p><p style=\"text-align: justify;\">据新华社,特朗普26日周四在社交媒体发文,称对伊朗能源设施空袭再推迟十天,至美东时间4月6日晚8时。据央视,特朗普在其社交媒体“真实社交”上发文表示:</p><blockquote><p style=\"text-align: justify;\">“应伊朗政府请求,特此声明:我将把针对(伊朗)能源设施的打击再推迟10天,至美国东部时间2026年4月6日晚8点。”</p></blockquote><p style=\"text-align: justify;\">央视提到,特朗普还称:</p><blockquote><p style=\"text-align: justify;\">“(与伊朗的)谈判正在进行中,虽然假新闻媒体及其他方面发表了错误的相反言论,但谈判进展非常顺利。”</p></blockquote><p style=\"text-align: justify;\">特朗普在周四美股盘后发布以上消息后,美元指数涨幅迅速扩大、一度站上100.00,最近三日首次盘中触及这一关口。美油短线跳水。周四美股午盘刷新日高时涨近5.7%的WTI原油一度跌破90.00美元刷新日低,较周三收盘跌近0.6%,后很快重回涨势。</p><p style=\"text-align: justify;\">这是特朗普自3月21日上周六首次发出威胁后第二次延长设定的打击截止期。3月21日他曾扬言,若伊朗不迅速重新开放霍尔木兹海峡的商业航运,美国将袭击伊朗的发电厂。</p><p style=\"text-align: justify;\">特朗普最初给伊朗设定了48小时的最后期限。而在本周一,即期限截止前数小时,特朗普就以美伊双方进行了“富有成效的对话”为由,宣布将袭击行动推迟五天,延至本周五。</p><p style=\"text-align: justify;\">本周四稍早,特朗普在白宫的内阁会议上暗示,本周五这个他给伊朗设定的开放霍尔木兹海峡最后期限有灵活性。</p><p style=\"text-align: justify;\">被问及周五这个截止期是否已推迟时,特朗普在会上表示现在还不清楚。特朗普说,他目前还不确定会不会严格要求伊朗遵守这个截止期,如果参与谈判的总统特使威特科夫等人告知,谈判进展并不顺利,可能就得遵守这个期限。</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>特朗普推迟十天打击伊朗能源设施,最后期限延至4月6日,称美伊谈判“非常顺利”</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; 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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特朗普推迟十天打击伊朗能源设施,最后期限延至4月6日,称美伊谈判“非常顺利”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-27 07:00 北京时间 <a href=https://wallstreetcn.com/articles/3768510><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>特朗普称,应伊朗政府请求,将打击推迟至美东时间4月6日晚8点;美伊谈判正在进行,进展非常顺利,虽然假新闻的说法与其相反。盘中曾涨近6%的美油一度转跌。这是特朗普发出袭击威胁后第二次延期,他上周六说给48小时,后将截止期延至本周五。美国总统特朗普宣布再次推迟打击伊朗的能源设施,看来在给美伊谈判留出更多空间。据新华社,特朗普26日周四在社交媒体发文,称对伊朗能源设施空袭再推迟十天,至美东时间4月6日晚...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3768510\">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/293cf6d3b421281de90df773be4685e8","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3768510","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121347585","content_text":"特朗普称,应伊朗政府请求,将打击推迟至美东时间4月6日晚8点;美伊谈判正在进行,进展非常顺利,虽然假新闻的说法与其相反。盘中曾涨近6%的美油一度转跌。这是特朗普发出袭击威胁后第二次延期,他上周六说给48小时,后将截止期延至本周五。美国总统特朗普宣布再次推迟打击伊朗的能源设施,看来在给美伊谈判留出更多空间。据新华社,特朗普26日周四在社交媒体发文,称对伊朗能源设施空袭再推迟十天,至美东时间4月6日晚8时。据央视,特朗普在其社交媒体“真实社交”上发文表示:“应伊朗政府请求,特此声明:我将把针对(伊朗)能源设施的打击再推迟10天,至美国东部时间2026年4月6日晚8点。”央视提到,特朗普还称:“(与伊朗的)谈判正在进行中,虽然假新闻媒体及其他方面发表了错误的相反言论,但谈判进展非常顺利。”特朗普在周四美股盘后发布以上消息后,美元指数涨幅迅速扩大、一度站上100.00,最近三日首次盘中触及这一关口。美油短线跳水。周四美股午盘刷新日高时涨近5.7%的WTI原油一度跌破90.00美元刷新日低,较周三收盘跌近0.6%,后很快重回涨势。这是特朗普自3月21日上周六首次发出威胁后第二次延长设定的打击截止期。3月21日他曾扬言,若伊朗不迅速重新开放霍尔木兹海峡的商业航运,美国将袭击伊朗的发电厂。特朗普最初给伊朗设定了48小时的最后期限。而在本周一,即期限截止前数小时,特朗普就以美伊双方进行了“富有成效的对话”为由,宣布将袭击行动推迟五天,延至本周五。本周四稍早,特朗普在白宫的内阁会议上暗示,本周五这个他给伊朗设定的开放霍尔木兹海峡最后期限有灵活性。被问及周五这个截止期是否已推迟时,特朗普在会上表示现在还不清楚。特朗普说,他目前还不确定会不会严格要求伊朗遵守这个截止期,如果参与谈判的总统特使威特科夫等人告知,谈判进展并不顺利,可能就得遵守这个期限。","news_type":1,"symbols_score_info":{"CLmain":2}},"isVote":1,"tweetType":1,"viewCount":380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":513956544263240,"gmtCreate":1766503824658,"gmtModify":1766503827335,"author":{"id":"3514005164997802","authorId":"3514005164997802","name":"momogogo","avatar":"https://static.tigerbbs.com/51bd9eceb7443a57b30ccfc4f705b931","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3514005164997802","idStr":"3514005164997802"},"themes":[],"title":"","htmlText":"一通踏空后的风凉废话","listText":"一通踏空后的风凉废话","text":"一通踏空后的风凉废话","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/513956544263240","repostId":"2593946882","repostType":2,"repost":{"id":"2593946882","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":1766459732,"share":"https://www.laohu8.com/m/news/2593946882?lang=zh_CN&edition=full","pubTime":"2025-12-23 11:15","market":"us","language":"zh","title":"疯狂的贵金属!金银一色,铂钯齐飞,短期一个大风险“近在眼前”","url":"https://stock-news.laohu8.com/highlight/detail?id=2593946882","media":"华尔街见闻","summary":"贵金属全线飙升,金银创新高,国内铂钯双涨停,而广期所贵金属持仓激增与活跃交易或助推了此轮行情。但狂欢也伴随着风险,摩根大通警告高昂的银价正侵蚀光伏需求。同时,需高度警惕1月8日起彭博商品指数再平衡引发的技术性抛压:预计白银抛售规模占期货持仓9%,黄金占3%,这股巨量强制卖盘或打破新年季节性利好。","content":"<html><head></head><body><blockquote><p>贵金属全线飙升,金银创新高,国内铂钯双涨停,而广期所贵金属持仓激增与活跃交易或助推了此轮行情。但狂欢也伴随着风险,摩根大通警告高昂的银价正侵蚀光伏需求。同时,需高度警惕1月8日起彭博商品指数再平衡引发的技术性抛压:预计白银抛售规模占期货持仓9%,黄金占3%,这股巨量强制卖盘或打破新年季节性利好。</p></blockquote><p style=\"text-align: left;\">周二,现货黄金、白银均在创下新高后快速回落,盘中转跌。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/160a6390c3fc7f992dde92cc2012f63e\" title=\"\" tg-width=\"1155\" tg-height=\"408\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c87ac6dc6f2d90c86f20a825606cae7f\" tg-width=\"1161\" tg-height=\"438\"/></p><p style=\"text-align: left;\">贵金属市场正以一场数十年未见的狂热行情为2025年收官,但在这场由宽松预期和地缘政治风险点燃的盛宴背后,一个可预见的重大风险已悄然临近。</p><p style=\"text-align: left;\"><strong>摩根大通在最新的研究报告中发出警告,由于金银价格连续三年大幅跑赢大市,其在彭博商品指数(BCOM)中的权重已严重超标。这几乎注定了在即将到来的2026年1月指数再平衡期间,跟踪该指数的被动型基金将被迫进行大规模的“技术性抛售”。</strong></p><p style=\"text-align: left;\">对于市场而言,这意味着一场多空因素的激烈博弈即将上演。一方面是创纪录的价格、强劲的上涨势头和传统的年初季节性利好;另一方面则是一股可预见的、规模庞大的强制性卖盘。这一短期风险“近在眼前”,可能在新年伊始就给高歌猛进的贵金属市场带来剧烈波动。</p><h2 id=\"id_2112313706\" style=\"text-align: left;\">贵金属全线飙升,创数十年未见之涨幅</h2><p style=\"text-align: left;\">进入“圣诞周”,贵金属市场全线走高,多项品种正迈向自1979年以来最强劲的年度表现。</p><p style=\"text-align: left;\">根据BullionVault周一发布的数据,金银价格的年度涨幅为46年来之最。截至年底仅剩几个交易日,黄金年内涨幅已接近70%,白银更是飙升近140%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0a8effd0458fc4f3f64feb72ecefae83\" title=\"\" tg-width=\"1024\" tg-height=\"579\"/></p><p style=\"text-align: left;\">铂族金属同样表现惊人:铂金周一大涨5.1%至每盎司2075美元的逾16年高位,全年涨幅近130%,是自1990年有伦敦基准价以来最大年度涨幅;钯金也一度上涨4.6%至每盎司1802美元的近4年高位,全年涨幅有望超过95%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0f9ba8263c53f3fd2d48be7a7761fcd3\" title=\"\" tg-width=\"1024\" tg-height=\"568\"/></p><p style=\"text-align: left;\">此轮上涨的宏观背景包括美元走软,以及市场对美联储2026年将降息两次的普遍预期,尽管联储官员预测仅有一次。此外,美国在委内瑞拉沿海的军事行动也为市场增添了地缘政治风险溢价。</p><p style=\"text-align: left;\">值得注意的是,据美国商品期货交易委员会(CFTC)截至12月9日的数据,对冲基金等投机者在Comex黄金和白银期货及期权中的净多头头寸一直保持在相对温和的水平,并未完全跟上此轮价格的迅猛涨势。</p><h2 id=\"id_200120758\" style=\"text-align: left;\">中国资金助燃铂金狂热</h2><p style=\"text-align: left;\">在铂金的惊人涨势背后,来自中国的交易活动起到了助推作用。摩根大通在12月18日的报告中指出,铂金价格从每盎司1700美元区间跃升至1900美元以上,主要驱动力似乎是中国广州期货交易所(GFEX)“强劲的”期货交易活动和持仓量激增。</p><p style=\"text-align: left;\">报告数据显示,自11月27日广州期货交易所推出铂金和钯金期货以来,其铂金合约的日均总成交量已增至近500万盎司,近期甚至超过了纽约商品交易所(NYMEX)的成交量。同时,广州期货交易所的总未平仓合约也飙升至超过100万盎司,约为纽约商品交易所的四分之一。</p><p style=\"text-align: left;\">为应对过热的交易,广州期货交易所已于12月18日宣布,将非期货公司会员或客户的铂金和钯金合约持仓限额设定为500手。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/19046fd645057d3a534b60d75022f018\" title=\"\" tg-width=\"762\" tg-height=\"466\"/></p><h2 id=\"id_741103284\" style=\"text-align: left;\">白银的“双刃剑”:高价侵蚀光伏需求</h2><p style=\"text-align: left;\">对于今年涨幅最为惊人的白银而言,其凌厉的涨势正成为一把双刃剑,长期需求破坏的风险日益凸显,尤其是在光伏领域。</p><p style=\"text-align: left;\">摩根大通Gregory C. Shearer分析师团队认为,白银年内近130%的涨幅,已将其在太阳能组件总售价中的成本份额从2024年以前通常低于5%的水平,大幅推高至近20%。这严重挤压了光伏组件制造商本已“微薄”的利润空间。高昂的成本正迫使行业加速“节银”(thrifting),即通过技术手段减少银的使用。</p><p style=\"text-align: left;\">报告估计,如果镀银铜浆粉和零主栅(0BB)等节银技术加速普及,未来几年可能导致多达5000万至6000万盎司的白银需求受到威胁。尽管短期内,因美国“232条款”关税不确定性导致的实物市场紧张掩盖了这一长期风险,但一旦市场紧张状况缓解,需求破坏的风险可能导致白银相对于黄金的强势表现出现“更急剧的逆转”。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/76b39e32091d37306991ad69dd40ef81\" title=\"\" tg-width=\"536\" tg-height=\"378\"/></p><h2 id=\"id_2871405849\" style=\"text-align: left;\">技术风暴将至:1月指数再平衡恐引发金银集中抛售</h2><p style=\"text-align: left;\">对于贵金属投资者而言,最直接的短期风险来自即将到来的重要商品指数年度再平衡。</p><p style=\"text-align: left;\">华尔街见闻写道,据摩根大通在12月发布的报告警告,备受关注的彭博商品指数(BCOM)将在2026年1月8日开始进行年度权重调整。由于黄金和白银在过去三年中表现出色,其在指数中的权重已远超目标水平。</p><p style=\"text-align: left;\">因此,<strong>追踪该指数的被动型基金(资产管理规模超600亿美元)将被迫在1月8日至14日期间集中卖出黄金和白银期货,以完成再平衡。</strong></p><p style=\"text-align: left;\">报告对抛售规模给出了明确预测:</p><ul style=\"\"><li><p style=\"text-align: left;\"><strong>白银</strong>:将面临最沉重的抛压,预计卖盘规模将占其期货市场总未平仓合约的约9%。报告特别强调,今年白银的抛售压力“比去年更为突出”。</p></li><li><p style=\"text-align: left;\"><strong>黄金</strong>:预计将面临相当于其总未平仓合约约3%的卖盘。</p></li></ul><p style=\"text-align: left;\">这一可预见的技术性卖盘,将与黄金年初的传统季节性强势(过去10年有8年在年初上涨)形成直接对冲。投资者需要高度警惕,这股强大的资金流出是否会打破历史规律,在新年第一周就给市场带来剧烈震荡。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a2027aa66c40323cb42b1269f39267fb\" title=\"\" tg-width=\"1024\" tg-height=\"646\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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疯狂的贵金属!金银一色,铂钯齐飞,短期一个大风险“近在眼前”\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\">2025-12-23 11:15</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>贵金属全线飙升,金银创新高,国内铂钯双涨停,而广期所贵金属持仓激增与活跃交易或助推了此轮行情。但狂欢也伴随着风险,摩根大通警告高昂的银价正侵蚀光伏需求。同时,需高度警惕1月8日起彭博商品指数再平衡引发的技术性抛压:预计白银抛售规模占期货持仓9%,黄金占3%,这股巨量强制卖盘或打破新年季节性利好。</p></blockquote><p style=\"text-align: left;\">周二,现货黄金、白银均在创下新高后快速回落,盘中转跌。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/160a6390c3fc7f992dde92cc2012f63e\" title=\"\" tg-width=\"1155\" tg-height=\"408\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c87ac6dc6f2d90c86f20a825606cae7f\" tg-width=\"1161\" tg-height=\"438\"/></p><p style=\"text-align: left;\">贵金属市场正以一场数十年未见的狂热行情为2025年收官,但在这场由宽松预期和地缘政治风险点燃的盛宴背后,一个可预见的重大风险已悄然临近。</p><p style=\"text-align: left;\"><strong>摩根大通在最新的研究报告中发出警告,由于金银价格连续三年大幅跑赢大市,其在彭博商品指数(BCOM)中的权重已严重超标。这几乎注定了在即将到来的2026年1月指数再平衡期间,跟踪该指数的被动型基金将被迫进行大规模的“技术性抛售”。</strong></p><p style=\"text-align: left;\">对于市场而言,这意味着一场多空因素的激烈博弈即将上演。一方面是创纪录的价格、强劲的上涨势头和传统的年初季节性利好;另一方面则是一股可预见的、规模庞大的强制性卖盘。这一短期风险“近在眼前”,可能在新年伊始就给高歌猛进的贵金属市场带来剧烈波动。</p><h2 id=\"id_2112313706\" style=\"text-align: left;\">贵金属全线飙升,创数十年未见之涨幅</h2><p style=\"text-align: left;\">进入“圣诞周”,贵金属市场全线走高,多项品种正迈向自1979年以来最强劲的年度表现。</p><p style=\"text-align: left;\">根据BullionVault周一发布的数据,金银价格的年度涨幅为46年来之最。截至年底仅剩几个交易日,黄金年内涨幅已接近70%,白银更是飙升近140%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0a8effd0458fc4f3f64feb72ecefae83\" title=\"\" tg-width=\"1024\" tg-height=\"579\"/></p><p style=\"text-align: left;\">铂族金属同样表现惊人:铂金周一大涨5.1%至每盎司2075美元的逾16年高位,全年涨幅近130%,是自1990年有伦敦基准价以来最大年度涨幅;钯金也一度上涨4.6%至每盎司1802美元的近4年高位,全年涨幅有望超过95%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0f9ba8263c53f3fd2d48be7a7761fcd3\" title=\"\" tg-width=\"1024\" tg-height=\"568\"/></p><p style=\"text-align: left;\">此轮上涨的宏观背景包括美元走软,以及市场对美联储2026年将降息两次的普遍预期,尽管联储官员预测仅有一次。此外,美国在委内瑞拉沿海的军事行动也为市场增添了地缘政治风险溢价。</p><p style=\"text-align: left;\">值得注意的是,据美国商品期货交易委员会(CFTC)截至12月9日的数据,对冲基金等投机者在Comex黄金和白银期货及期权中的净多头头寸一直保持在相对温和的水平,并未完全跟上此轮价格的迅猛涨势。</p><h2 id=\"id_200120758\" style=\"text-align: left;\">中国资金助燃铂金狂热</h2><p style=\"text-align: left;\">在铂金的惊人涨势背后,来自中国的交易活动起到了助推作用。摩根大通在12月18日的报告中指出,铂金价格从每盎司1700美元区间跃升至1900美元以上,主要驱动力似乎是中国广州期货交易所(GFEX)“强劲的”期货交易活动和持仓量激增。</p><p style=\"text-align: left;\">报告数据显示,自11月27日广州期货交易所推出铂金和钯金期货以来,其铂金合约的日均总成交量已增至近500万盎司,近期甚至超过了纽约商品交易所(NYMEX)的成交量。同时,广州期货交易所的总未平仓合约也飙升至超过100万盎司,约为纽约商品交易所的四分之一。</p><p style=\"text-align: left;\">为应对过热的交易,广州期货交易所已于12月18日宣布,将非期货公司会员或客户的铂金和钯金合约持仓限额设定为500手。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/19046fd645057d3a534b60d75022f018\" title=\"\" tg-width=\"762\" tg-height=\"466\"/></p><h2 id=\"id_741103284\" style=\"text-align: left;\">白银的“双刃剑”:高价侵蚀光伏需求</h2><p style=\"text-align: left;\">对于今年涨幅最为惊人的白银而言,其凌厉的涨势正成为一把双刃剑,长期需求破坏的风险日益凸显,尤其是在光伏领域。</p><p style=\"text-align: left;\">摩根大通Gregory C. Shearer分析师团队认为,白银年内近130%的涨幅,已将其在太阳能组件总售价中的成本份额从2024年以前通常低于5%的水平,大幅推高至近20%。这严重挤压了光伏组件制造商本已“微薄”的利润空间。高昂的成本正迫使行业加速“节银”(thrifting),即通过技术手段减少银的使用。</p><p style=\"text-align: left;\">报告估计,如果镀银铜浆粉和零主栅(0BB)等节银技术加速普及,未来几年可能导致多达5000万至6000万盎司的白银需求受到威胁。尽管短期内,因美国“232条款”关税不确定性导致的实物市场紧张掩盖了这一长期风险,但一旦市场紧张状况缓解,需求破坏的风险可能导致白银相对于黄金的强势表现出现“更急剧的逆转”。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/76b39e32091d37306991ad69dd40ef81\" title=\"\" tg-width=\"536\" tg-height=\"378\"/></p><h2 id=\"id_2871405849\" style=\"text-align: left;\">技术风暴将至:1月指数再平衡恐引发金银集中抛售</h2><p style=\"text-align: left;\">对于贵金属投资者而言,最直接的短期风险来自即将到来的重要商品指数年度再平衡。</p><p style=\"text-align: left;\">华尔街见闻写道,据摩根大通在12月发布的报告警告,备受关注的彭博商品指数(BCOM)将在2026年1月8日开始进行年度权重调整。由于黄金和白银在过去三年中表现出色,其在指数中的权重已远超目标水平。</p><p style=\"text-align: left;\">因此,<strong>追踪该指数的被动型基金(资产管理规模超600亿美元)将被迫在1月8日至14日期间集中卖出黄金和白银期货,以完成再平衡。</strong></p><p style=\"text-align: left;\">报告对抛售规模给出了明确预测:</p><ul style=\"\"><li><p style=\"text-align: left;\"><strong>白银</strong>:将面临最沉重的抛压,预计卖盘规模将占其期货市场总未平仓合约的约9%。报告特别强调,今年白银的抛售压力“比去年更为突出”。</p></li><li><p style=\"text-align: left;\"><strong>黄金</strong>:预计将面临相当于其总未平仓合约约3%的卖盘。</p></li></ul><p style=\"text-align: left;\">这一可预见的技术性卖盘,将与黄金年初的传统季节性强势(过去10年有8年在年初上涨)形成直接对冲。投资者需要高度警惕,这股强大的资金流出是否会打破历史规律,在新年第一周就给市场带来剧烈震荡。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a2027aa66c40323cb42b1269f39267fb\" title=\"\" tg-width=\"1024\" tg-height=\"646\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e59b88731b8c06f5f2f331abdc0376b0","relate_stocks":{"GFI":"金田","CDE":"科尔黛伦矿业","HMY":"哈莫尼黄金"},"source_url":"https://wallstreetcn.com/articles/3761886","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2593946882","content_text":"贵金属全线飙升,金银创新高,国内铂钯双涨停,而广期所贵金属持仓激增与活跃交易或助推了此轮行情。但狂欢也伴随着风险,摩根大通警告高昂的银价正侵蚀光伏需求。同时,需高度警惕1月8日起彭博商品指数再平衡引发的技术性抛压:预计白银抛售规模占期货持仓9%,黄金占3%,这股巨量强制卖盘或打破新年季节性利好。周二,现货黄金、白银均在创下新高后快速回落,盘中转跌。贵金属市场正以一场数十年未见的狂热行情为2025年收官,但在这场由宽松预期和地缘政治风险点燃的盛宴背后,一个可预见的重大风险已悄然临近。摩根大通在最新的研究报告中发出警告,由于金银价格连续三年大幅跑赢大市,其在彭博商品指数(BCOM)中的权重已严重超标。这几乎注定了在即将到来的2026年1月指数再平衡期间,跟踪该指数的被动型基金将被迫进行大规模的“技术性抛售”。对于市场而言,这意味着一场多空因素的激烈博弈即将上演。一方面是创纪录的价格、强劲的上涨势头和传统的年初季节性利好;另一方面则是一股可预见的、规模庞大的强制性卖盘。这一短期风险“近在眼前”,可能在新年伊始就给高歌猛进的贵金属市场带来剧烈波动。贵金属全线飙升,创数十年未见之涨幅进入“圣诞周”,贵金属市场全线走高,多项品种正迈向自1979年以来最强劲的年度表现。根据BullionVault周一发布的数据,金银价格的年度涨幅为46年来之最。截至年底仅剩几个交易日,黄金年内涨幅已接近70%,白银更是飙升近140%。铂族金属同样表现惊人:铂金周一大涨5.1%至每盎司2075美元的逾16年高位,全年涨幅近130%,是自1990年有伦敦基准价以来最大年度涨幅;钯金也一度上涨4.6%至每盎司1802美元的近4年高位,全年涨幅有望超过95%。此轮上涨的宏观背景包括美元走软,以及市场对美联储2026年将降息两次的普遍预期,尽管联储官员预测仅有一次。此外,美国在委内瑞拉沿海的军事行动也为市场增添了地缘政治风险溢价。值得注意的是,据美国商品期货交易委员会(CFTC)截至12月9日的数据,对冲基金等投机者在Comex黄金和白银期货及期权中的净多头头寸一直保持在相对温和的水平,并未完全跟上此轮价格的迅猛涨势。中国资金助燃铂金狂热在铂金的惊人涨势背后,来自中国的交易活动起到了助推作用。摩根大通在12月18日的报告中指出,铂金价格从每盎司1700美元区间跃升至1900美元以上,主要驱动力似乎是中国广州期货交易所(GFEX)“强劲的”期货交易活动和持仓量激增。报告数据显示,自11月27日广州期货交易所推出铂金和钯金期货以来,其铂金合约的日均总成交量已增至近500万盎司,近期甚至超过了纽约商品交易所(NYMEX)的成交量。同时,广州期货交易所的总未平仓合约也飙升至超过100万盎司,约为纽约商品交易所的四分之一。为应对过热的交易,广州期货交易所已于12月18日宣布,将非期货公司会员或客户的铂金和钯金合约持仓限额设定为500手。白银的“双刃剑”:高价侵蚀光伏需求对于今年涨幅最为惊人的白银而言,其凌厉的涨势正成为一把双刃剑,长期需求破坏的风险日益凸显,尤其是在光伏领域。摩根大通Gregory C. Shearer分析师团队认为,白银年内近130%的涨幅,已将其在太阳能组件总售价中的成本份额从2024年以前通常低于5%的水平,大幅推高至近20%。这严重挤压了光伏组件制造商本已“微薄”的利润空间。高昂的成本正迫使行业加速“节银”(thrifting),即通过技术手段减少银的使用。报告估计,如果镀银铜浆粉和零主栅(0BB)等节银技术加速普及,未来几年可能导致多达5000万至6000万盎司的白银需求受到威胁。尽管短期内,因美国“232条款”关税不确定性导致的实物市场紧张掩盖了这一长期风险,但一旦市场紧张状况缓解,需求破坏的风险可能导致白银相对于黄金的强势表现出现“更急剧的逆转”。技术风暴将至:1月指数再平衡恐引发金银集中抛售对于贵金属投资者而言,最直接的短期风险来自即将到来的重要商品指数年度再平衡。华尔街见闻写道,据摩根大通在12月发布的报告警告,备受关注的彭博商品指数(BCOM)将在2026年1月8日开始进行年度权重调整。由于黄金和白银在过去三年中表现出色,其在指数中的权重已远超目标水平。因此,追踪该指数的被动型基金(资产管理规模超600亿美元)将被迫在1月8日至14日期间集中卖出黄金和白银期货,以完成再平衡。报告对抛售规模给出了明确预测:白银:将面临最沉重的抛压,预计卖盘规模将占其期货市场总未平仓合约的约9%。报告特别强调,今年白银的抛售压力“比去年更为突出”。黄金:预计将面临相当于其总未平仓合约约3%的卖盘。这一可预见的技术性卖盘,将与黄金年初的传统季节性强势(过去10年有8年在年初上涨)形成直接对冲。投资者需要高度警惕,这股强大的资金流出是否会打破历史规律,在新年第一周就给市场带来剧烈震荡。","news_type":1,"symbols_score_info":{"HMY":2,"SImain":2,"CDE":2,"GCmain":2,"GFI":2}},"isVote":1,"tweetType":1,"viewCount":1484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":503962017088224,"gmtCreate":1764047525460,"gmtModify":1764048865194,"author":{"id":"3514005164997802","authorId":"3514005164997802","name":"momogogo","avatar":"https://static.tigerbbs.com/51bd9eceb7443a57b30ccfc4f705b931","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3514005164997802","idStr":"3514005164997802"},"themes":[],"title":"","htmlText":"美国国运啊,搞坏就玩完了","listText":"美国国运啊,搞坏就玩完了","text":"美国国运啊,搞坏就玩完了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/503962017088224","repostId":"2586448652","repostType":2,"repost":{"id":"2586448652","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":1764042773,"share":"https://www.laohu8.com/m/news/2586448652?lang=zh_CN&edition=full","pubTime":"2025-11-25 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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}\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":1784,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":503499375194872,"gmtCreate":1763953147375,"gmtModify":1763958355506,"author":{"id":"3514005164997802","authorId":"3514005164997802","name":"momogogo","avatar":"https://static.tigerbbs.com/51bd9eceb7443a57b30ccfc4f705b931","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3514005164997802","idStr":"3514005164997802"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/000001.SH\">$上证指数(000001.SH)$ </a> 你永远是最恶心的","listText":"<a href=\"https://laohu8.com/S/000001.SH\">$上证指数(000001.SH)$ </a> 你永远是最恶心的","text":"$上证指数(000001.SH)$ 你永远是最恶心的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/503499375194872","isVote":1,"tweetType":1,"viewCount":1683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":501351789650144,"gmtCreate":1763429888298,"gmtModify":1763429890599,"author":{"id":"3514005164997802","authorId":"3514005164997802","name":"momogogo","avatar":"https://static.tigerbbs.com/51bd9eceb7443a57b30ccfc4f705b931","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3514005164997802","idStr":"3514005164997802"},"themes":[],"title":"","htmlText":"首要任务是:买点便宜的好货","listText":"首要任务是:买点便宜的好货","text":"首要任务是:买点便宜的好货","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/501351789650144","isVote":1,"tweetType":1,"viewCount":1848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":497768183529472,"gmtCreate":1762548288584,"gmtModify":1762548290486,"author":{"id":"3514005164997802","authorId":"3514005164997802","name":"momogogo","avatar":"https://static.tigerbbs.com/51bd9eceb7443a57b30ccfc4f705b931","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3514005164997802","idStr":"3514005164997802"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$ </a> 漂亮的锤子线","listText":"<a href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$ </a> 漂亮的锤子线","text":"$纳斯达克(.IXIC)$ 漂亮的锤子线","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/497768183529472","isVote":1,"tweetType":1,"viewCount":1248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":491670584861160,"gmtCreate":1761057360267,"gmtModify":1761057362732,"author":{"id":"3514005164997802","authorId":"3514005164997802","name":"momogogo","avatar":"https://static.tigerbbs.com/51bd9eceb7443a57b30ccfc4f705b931","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3514005164997802","idStr":"3514005164997802"},"themes":[],"title":"","htmlText":"跌跌更健康","listText":"跌跌更健康","text":"跌跌更健康","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/491670584861160","repostId":"1114185793","repostType":2,"repost":{"id":"1114185793","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":1761057186,"share":"https://www.laohu8.com/m/news/1114185793?lang=zh_CN&edition=full","pubTime":"2025-10-21 22:33","market":"us","language":"zh","title":"现货金、银价格深度回调,分析师警示泡沫风险","url":"https://stock-news.laohu8.com/highlight/detail?id=1114185793","media":"老虎资讯综合","summary":"主要催化剂是极度超买状态。","content":"<html><head></head><body><p>周二,金、银深度回调,现货黄金盘中大跌超5%,现货白银暴跌近8%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e1e06b2c6a6bedf9d4abb2c3de7a4d1d\" title=\"\" tg-width=\"1290\" tg-height=\"425\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8b7a6aecfef5d4c2fdb166b86437cf10\" title=\"\" tg-width=\"1295\" tg-height=\"405\"/></p><p>独立金属交易商Tai Wong表示:“尽管昨日金价下跌时仍有买盘介入,但过去一周高位波动率的急剧飙升释放警示信号,可能引发至少短期内的获利了结。”Kitco Metals高级分析师Jim Wyckoff在报告中指出:“本周初市场风险偏好改善,对避险贵金属构成利空。”</p><p>MKS PAMP SA金属策略主管Nicky Shiels表示:“市场已显现泡沫迹象,主要催化剂是极度超买状态——这轮涨势正在见顶。六周内暴涨1000美元的事实表明,金价已过度高估,我们正处于非理性高位。”分析师指出,近日美元反弹以及因美国政府停摆导致期货市场持仓数据缺失,共同促成了这次自2013年以来最剧烈的金价暴跌。</p></body></html>","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现货金、银价格深度回调,分析师警示泡沫风险\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\">2025-10-21 22:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>周二,金、银深度回调,现货黄金盘中大跌超5%,现货白银暴跌近8%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e1e06b2c6a6bedf9d4abb2c3de7a4d1d\" title=\"\" tg-width=\"1290\" tg-height=\"425\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8b7a6aecfef5d4c2fdb166b86437cf10\" title=\"\" tg-width=\"1295\" tg-height=\"405\"/></p><p>独立金属交易商Tai Wong表示:“尽管昨日金价下跌时仍有买盘介入,但过去一周高位波动率的急剧飙升释放警示信号,可能引发至少短期内的获利了结。”Kitco Metals高级分析师Jim Wyckoff在报告中指出:“本周初市场风险偏好改善,对避险贵金属构成利空。”</p><p>MKS PAMP SA金属策略主管Nicky Shiels表示:“市场已显现泡沫迹象,主要催化剂是极度超买状态——这轮涨势正在见顶。六周内暴涨1000美元的事实表明,金价已过度高估,我们正处于非理性高位。”分析师指出,近日美元反弹以及因美国政府停摆导致期货市场持仓数据缺失,共同促成了这次自2013年以来最剧烈的金价暴跌。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d63c4b7f0fed80012c8b751d783a3376","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114185793","content_text":"周二,金、银深度回调,现货黄金盘中大跌超5%,现货白银暴跌近8%。独立金属交易商Tai Wong表示:“尽管昨日金价下跌时仍有买盘介入,但过去一周高位波动率的急剧飙升释放警示信号,可能引发至少短期内的获利了结。”Kitco Metals高级分析师Jim Wyckoff在报告中指出:“本周初市场风险偏好改善,对避险贵金属构成利空。”MKS PAMP SA金属策略主管Nicky Shiels表示:“市场已显现泡沫迹象,主要催化剂是极度超买状态——这轮涨势正在见顶。六周内暴涨1000美元的事实表明,金价已过度高估,我们正处于非理性高位。”分析师指出,近日美元反弹以及因美国政府停摆导致期货市场持仓数据缺失,共同促成了这次自2013年以来最剧烈的金价暴跌。","news_type":1,"symbols_score_info":{"GCmain":1.1,"SImain":1.1}},"isVote":1,"tweetType":1,"viewCount":1947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"following","isTTM":false}