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管不住你的手

美国人in China

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- 管不住你的手管不住你的手
  ·07-22
  $蔚来(NIO)$ 我被顺利洗出来了
  273 1
  3
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- 管不住你的手管不住你的手
  ·07-07
  不宜扩张太快，不宜大量招人，做到精才是企业发展之道。
  低空经济企业“腾飞”前夜科创板新政加注关键推力
  围绕低空经济的行业特性，科创板重启未盈利企业适用科创板第五套标准上市，并将第五套上市标准扩容到低空经济等前沿行业。这一调整直击产业痛点，有望为处于技术攻坚期的低空经济企业注入“资本活水”。券商跟进头部企业IPO事宜科创板新政甫出，券商已火速行动，密集叩响头部eVTOL企业的门扉。虽然eVTOL企业的IPO事宜不能立刻“提上日程”，但科创板新政对于行业信心的提振、一级市场资金的流向等有着深远影响。
  低空经济企业“腾飞”前夜科创板新政加注关键推力
  224 评论
  1
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- 管不住你的手管不住你的手
  ·07-02
  $蔚来(NIO)$ 赶紧卖了，没底。
  5,360 1
  4
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- 管不住你的手管不住你的手
  ·07-02
  $拼多多(PDD)$ 最垃圾的股，卖了老美买芯片股。
  288 评论
  2
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- 管不住你的手管不住你的手
  ·07-02
  $文远知行(WRD)$ 赶紧卖了走人
  453 评论
  4
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- 管不住你的手管不住你的手
  ·06-04
  预测最低到多少？，，，，，，，，
  553 评论
  1
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- 管不住你的手管不住你的手
  ·05-30
  $老虎证券(TIGR)$ 利好出货老套路
  360 评论
  2
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- 管不住你的手管不住你的手
  ·05-27
  $亿航智能(EH)$ 拼夕夕
  699 评论
  2
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- 管不住你的手管不住你的手
  ·05-16
  $美国超微公司(AMD)$ 又搞利好出货这一招一式
  729 评论
  1
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- 管不住你的手管不住你的手
  ·05-13
  $美国超微公司(AMD)$ 芯片股中你怎么这么弱
  655 评论
  1
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我被顺利洗出来了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/459392211001448","isVote":1,"tweetType":1,"viewCount":273,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3557304068319584","authorId":"3557304068319584","name":"幸运鑫","avatar":"https://static.tigerbbs.com/c2c167a1d2b281226f576fc525757e95","crmLevel":6,"crmLevelSwitch":0,"idStr":"3557304068319584","authorIdStr":"3557304068319584"},"content":"我也是只剩一点底仓[捂脸]","text":"我也是只剩一点底仓[捂脸]","html":"我也是只剩一点底仓[捂脸]"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":454108767986064,"gmtCreate":1751896916874,"gmtModify":1751896918653,"author":{"id":"3538941920664053","authorId":"3538941920664053","name":"管不住你的手","avatar":"https://static.tigerbbs.com/96d76ccbcb52dc693fc32920aab90a35","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3538941920664053","authorIdStr":"3538941920664053"},"themes":[],"htmlText":"不宜扩张太快，不宜大量招人，做到精才是企业发展之道。","listText":"不宜扩张太快，不宜大量招人，做到精才是企业发展之道。","text":"不宜扩张太快，不宜大量招人，做到精才是企业发展之道。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/454108767986064","repostId":"2548334641","repostType":2,"repost":{"id":"2548334641","kind":"news","pubTimestamp":1751591050,"share":"https://www.laohu8.com/m/news/2548334641?lang=&edition=full","pubTime":"2025-07-04 09:04","market":"us","language":"zh","title":"低空经济企业“腾飞”前夜 科创板新政加注关键推力","url":"https://stock-news.laohu8.com/highlight/detail?id=2548334641","media":"中国财富网","summary":"围绕低空经济的行业特性，科创板重启未盈利企业适用科创板第五套标准上市，并将第五套上市标准扩容到低空经济等前沿行业。这一调整直击产业痛点，有望为处于技术攻坚期的低空经济企业注入“资本活水”。券商跟进头部企业IPO事宜科创板新政甫出，券商已火速行动，密集叩响头部eVTOL企业的门扉。虽然eVTOL企业的IPO事宜不能立刻“提上日程”，但科创板新政对于行业信心的提振、一级市场资金的流向等有着深远影响。","content":"<html><body><article><p>“2022年前后，公司资金链数度接近断裂，那是我压力最大的一个时期。”一家如今已是头部eVTOL（电动垂直起降飞行器）企业的创始人袒露的心声，道出了这个行业里创业者的共同困境——在eVTOL真正“飞入寻常百姓家”之前，企业必须在投入与生存之间的钢丝上谨慎游走。</p><p>由于技术攻坚期漫长、商业兑现滞后，eVTOL企业在发展过程中时不时会面临“资本断流”风险。针对这一痛点，中国证监会近日发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》，宣布重启未盈利企业第五套上市标准并扩容至低空经济领域，为企业精准“解渴”。</p><p>政策暖风刚至，便有闻风而动者。多家eVTOL企业透露，近期已有多家券商火速拜访并沟通上市事宜，重点研究新政与eVTOL行业的适配性。但与此同时，多位业内人士和创投人士表示，企业IPO并不能因政策鼓励，就立刻“提上日程”，行业要真正飞入资本市场的“风口”，还得全力啃下“适航认证”与“商业化落地”这两块硬骨头。</p><p>但毋庸置疑的是，长远来看，二级市场打开的预期，将有效引导一级市场资金向具有核心技术和发展潜力的企业集聚，形成资本与产业发展的正向循环。正如时的科技创始合伙人蒋俊所言：“eVTOL行业正经历‘政策破冰—资本助力—技术兑现’的关键跃迁，科创板的制度创新，让我们看到中国有机会在全球万亿美元级空中交通市场中占据制高点。”</p><p><strong>行业静待“破晓”时分</strong></p><p>低空经济是以低空空域（通常指距地面高度1000米以下的飞行区域）为活动范围，以无人机、eVTOL、通用航空等为载体，融合新一代信息技术和高端制造的战略性新兴产业。其产业链涵盖上游的核心零部件与空管技术，中游的整机制造与智能系统及下游的多元应用场景。</p><p>类似于新能源汽车产业中的整车制造商，eVTOL企业被视为产业链的核心，其发展进程，直接关乎上游零部件量产规模、下游场景应用成熟度。</p><p>作为科创板新政“点题”的三大前沿产业之一，低空经济拥有相对明确的应用空间，但在产业化过程中也面临着各种现实制约。</p><p>一方面，eVTOL应用场景清晰可期，按照新旧交通工具替代的逻辑，低空经济在物流配送、景区观光、应急救援等细分领域有着明确的商业化路径，被普遍视为下一个万亿级产业蓝海。</p><p>另一方面，由于空域管理碎片化、技术瓶颈仍存、适航认证进度不一等原因，国内外eVTOL企业多在“爬坡”阶段，距离“飞入寻常百姓家”仍有不小的距离。</p><p>御风未来创始人兼CEO谢陵介绍，低空经济是一个典型的“技术牵引，政策驱动”的新兴产业。作为这一领域的整机制造商，行业企业前期往往面临研发投入大、周期长、验证成本高等挑战，例如飞行器核心系统的自主研发、动力系统和复材机体的全国产化发展、飞行器适航认证等关键环节的投入周期都较长。</p><p>此外，与人工智能行业相比，eVTOL行业还有些“背水一战”的意味。有创投人士分析称，哪怕是投入最大的大模型企业，在研发基座模型的过程中，也可以“试水”AI应用进而小幅“回血”。但航空产品的高安全性，意味着eVTOL企业在没有完成适航认证之前，很难有订单落地，难以“自主造血”。</p><p>回看国内企业现状，亿航智能的EH216-S已经获得适航三证，有望率先跑通商业化；其余eVTOL企业还在产品研发、适航认证过程中，多处于未盈利状态。对于eVTOL企业而言，现金流就是生命线。</p><p><strong>科创板改革“对症下药”</strong></p><p>尽管行业万亿蓝海近在咫尺，但脚下的路依然漫漫，企业生存难题并未消散。科创板新政犹如一场“及时雨”，滋润了低空经济产业。</p><p>围绕低空经济的行业特性，科创板重启未盈利企业适用科创板第五套标准上市，并将第五套上市标准扩容到低空经济等前沿行业。这一调整直击产业痛点，有望为处于技术攻坚期的低空经济企业注入“资本活水”。</p><p>“从低空经济行业公司角度看，这一政策支持是非常令人振奋的，可以帮助公司进一步明确未来资本市场路径，对产业起到有效牵引作用。”沃兰特航空合伙人、高级副总裁黄小飞说。</p><p>黄小飞分析称，科创成长层的设立和未盈利企业适用第五套标准的重启，对于沃兰特航空这类技术驱动型企业的意义尤为突出。沃兰特航空尽管尚未盈利，但在eVTOL领域的技术突破、适航审定进展及千架订单的商业化前景，均符合“技术有较大突破、商业前景广阔”的定位。第五套标准的重启为沃兰特航空未来的成长提供了更包容的通道，可加速其通过资本市场获得长期资金支持，推动技术转化和规模化生产。</p><p>政策的调整，不仅是融资渠道的拓宽，更是政策支持下行业发展逻辑的重构。</p><p>谢陵认为，科创板第五套上市标准的意义不仅在于“允许未盈利”，更在于它传递了一个导向——资本市场愿意支持真正扎根技术、长期投入、具备变革潜力的创新企业，尤其为研发投入大、商业化尚处于早期阶段的硬科技企业和新兴行业打开了一扇关键的融资窗口。</p><p>当前，全球eVTOL赛道已进入商业化冲刺期，海外资本市场孕育培养了Joby、Archer、Vertical等欧美头部上市企业，国内资本市场也亟须培育出优质的eVTOL上市公司。</p><p>在谢陵看来，资本市场如果能通过更加精准的制度制定，帮助真正具备核心技术积累和产业落地能力的eVTOL企业进入发展“快车道”，将极大加速整个行业的商业化进程，同时推动中国eVTOL等新质生产力赛道在全球占据领先地位。</p><p><strong>券商跟进头部企业IPO事宜</strong></p><p>科创板新政甫出，券商已火速行动，密集叩响头部eVTOL企业的门扉。</p><p>黄小飞介绍，当前沃兰特航空正在与券商、监管等各方沟通，探讨IPO上市事宜。数十家券商也在结合其具体实践，为公司出谋划策。他建议，科创板第五套上市标准可结合产业界意见和行业调研数据，进一步细化明确对eVTOL等前沿科技领域的审核要求，重点扶持具备核心<span>技术优势</span>和市场领导地位的行业头部企业，并优化技术评估体系、制定针对性上市指引。</p><p>蒋俊称，时的科技在稳步推进适航认证与商业化落地的同时，正积极与监管和头部投行紧密沟通，重点研究科创板第五套上市标准及香港18C与eVTOL行业的适配性。</p><p>就上市时间点而言，据记者了解，多家头部eVTOL企业暂未设立明确的上市时间表，个别企业预计会在2027年前后开始推进。</p><p>对此，谢陵表示，上市对于公司而言需要一个契机，如果时点恰好合适且正到来，公司就会努力迎接这个节点，“对于公司本身来说，当下的核心还是要把产品和业务做好，上市自然是水到渠成”。</p><p>至于低空经济产业链的其他“玩家”，上游的零部件和下游场景应用方均有A股上市公司深耕，一级市场在这些领域暂未跑出太多“独角兽”。</p><p>虽然eVTOL企业的IPO事宜不能立刻“提上日程”，但科创板新政对于行业信心的提振、一级市场资金的流向等有着深远影响。综合多位eVTOL企业人士、创投人士的观点来看，二级市场打开的窗口将反哺一级市场，PE/VC会更敢于投资低空经济企业，进而保证企业的资本循环。</p><p>正如东方富海创始合伙人、董事长陈玮所言，此次科创成长层的设立与第五套上市标准的重启，标志着监管部门正尝试从制度供给端修复创新资本链条，也为服务新质生产力的创投机构构建了更清晰的退出预期。一级市场的投资逻辑将回归对底层技术与中长期竞争力的关注，而非短期财务指标。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n低空经济企业“腾飞”前夜 科创板新政加注关键推力\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-04 09:04 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250704090816a72d9ef4&s=b><strong>中国财富网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“2022年前后，公司资金链数度接近断裂，那是我压力最大的一个时期。”一家如今已是头部eVTOL（电动垂直起降飞行器）企业的创始人袒露的心声，道出了这个行业里创业者的共同困境——在eVTOL真正“飞入寻常百姓家”之前，企业必须在投入与生存之间的钢丝上谨慎游走。由于技术攻坚期漫长、商业兑现滞后，eVTOL企业在发展过程中时不时会面临“资本断流”风险。针对这一痛点，中国证监会近日发布《关于在科创板设置...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250704090816a72d9ef4&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4603":"无人机概念股","BK4187":"航天航空与国防","EH":"亿航智能"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250704090816a72d9ef4&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2548334641","content_text":"“2022年前后，公司资金链数度接近断裂，那是我压力最大的一个时期。”一家如今已是头部eVTOL（电动垂直起降飞行器）企业的创始人袒露的心声，道出了这个行业里创业者的共同困境——在eVTOL真正“飞入寻常百姓家”之前，企业必须在投入与生存之间的钢丝上谨慎游走。由于技术攻坚期漫长、商业兑现滞后，eVTOL企业在发展过程中时不时会面临“资本断流”风险。针对这一痛点，中国证监会近日发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》，宣布重启未盈利企业第五套上市标准并扩容至低空经济领域，为企业精准“解渴”。政策暖风刚至，便有闻风而动者。多家eVTOL企业透露，近期已有多家券商火速拜访并沟通上市事宜，重点研究新政与eVTOL行业的适配性。但与此同时，多位业内人士和创投人士表示，企业IPO并不能因政策鼓励，就立刻“提上日程”，行业要真正飞入资本市场的“风口”，还得全力啃下“适航认证”与“商业化落地”这两块硬骨头。但毋庸置疑的是，长远来看，二级市场打开的预期，将有效引导一级市场资金向具有核心技术和发展潜力的企业集聚，形成资本与产业发展的正向循环。正如时的科技创始合伙人蒋俊所言：“eVTOL行业正经历‘政策破冰—资本助力—技术兑现’的关键跃迁，科创板的制度创新，让我们看到中国有机会在全球万亿美元级空中交通市场中占据制高点。”行业静待“破晓”时分低空经济是以低空空域（通常指距地面高度1000米以下的飞行区域）为活动范围，以无人机、eVTOL、通用航空等为载体，融合新一代信息技术和高端制造的战略性新兴产业。其产业链涵盖上游的核心零部件与空管技术，中游的整机制造与智能系统及下游的多元应用场景。类似于新能源汽车产业中的整车制造商，eVTOL企业被视为产业链的核心，其发展进程，直接关乎上游零部件量产规模、下游场景应用成熟度。作为科创板新政“点题”的三大前沿产业之一，低空经济拥有相对明确的应用空间，但在产业化过程中也面临着各种现实制约。一方面，eVTOL应用场景清晰可期，按照新旧交通工具替代的逻辑，低空经济在物流配送、景区观光、应急救援等细分领域有着明确的商业化路径，被普遍视为下一个万亿级产业蓝海。另一方面，由于空域管理碎片化、技术瓶颈仍存、适航认证进度不一等原因，国内外eVTOL企业多在“爬坡”阶段，距离“飞入寻常百姓家”仍有不小的距离。御风未来创始人兼CEO谢陵介绍，低空经济是一个典型的“技术牵引，政策驱动”的新兴产业。作为这一领域的整机制造商，行业企业前期往往面临研发投入大、周期长、验证成本高等挑战，例如飞行器核心系统的自主研发、动力系统和复材机体的全国产化发展、飞行器适航认证等关键环节的投入周期都较长。此外，与人工智能行业相比，eVTOL行业还有些“背水一战”的意味。有创投人士分析称，哪怕是投入最大的大模型企业，在研发基座模型的过程中，也可以“试水”AI应用进而小幅“回血”。但航空产品的高安全性，意味着eVTOL企业在没有完成适航认证之前，很难有订单落地，难以“自主造血”。回看国内企业现状，亿航智能的EH216-S已经获得适航三证，有望率先跑通商业化；其余eVTOL企业还在产品研发、适航认证过程中，多处于未盈利状态。对于eVTOL企业而言，现金流就是生命线。科创板改革“对症下药”尽管行业万亿蓝海近在咫尺，但脚下的路依然漫漫，企业生存难题并未消散。科创板新政犹如一场“及时雨”，滋润了低空经济产业。围绕低空经济的行业特性，科创板重启未盈利企业适用科创板第五套标准上市，并将第五套上市标准扩容到低空经济等前沿行业。这一调整直击产业痛点，有望为处于技术攻坚期的低空经济企业注入“资本活水”。“从低空经济行业公司角度看，这一政策支持是非常令人振奋的，可以帮助公司进一步明确未来资本市场路径，对产业起到有效牵引作用。”沃兰特航空合伙人、高级副总裁黄小飞说。黄小飞分析称，科创成长层的设立和未盈利企业适用第五套标准的重启，对于沃兰特航空这类技术驱动型企业的意义尤为突出。沃兰特航空尽管尚未盈利，但在eVTOL领域的技术突破、适航审定进展及千架订单的商业化前景，均符合“技术有较大突破、商业前景广阔”的定位。第五套标准的重启为沃兰特航空未来的成长提供了更包容的通道，可加速其通过资本市场获得长期资金支持，推动技术转化和规模化生产。政策的调整，不仅是融资渠道的拓宽，更是政策支持下行业发展逻辑的重构。谢陵认为，科创板第五套上市标准的意义不仅在于“允许未盈利”，更在于它传递了一个导向——资本市场愿意支持真正扎根技术、长期投入、具备变革潜力的创新企业，尤其为研发投入大、商业化尚处于早期阶段的硬科技企业和新兴行业打开了一扇关键的融资窗口。当前，全球eVTOL赛道已进入商业化冲刺期，海外资本市场孕育培养了Joby、Archer、Vertical等欧美头部上市企业，国内资本市场也亟须培育出优质的eVTOL上市公司。在谢陵看来，资本市场如果能通过更加精准的制度制定，帮助真正具备核心技术积累和产业落地能力的eVTOL企业进入发展“快车道”，将极大加速整个行业的商业化进程，同时推动中国eVTOL等新质生产力赛道在全球占据领先地位。券商跟进头部企业IPO事宜科创板新政甫出，券商已火速行动，密集叩响头部eVTOL企业的门扉。黄小飞介绍，当前沃兰特航空正在与券商、监管等各方沟通，探讨IPO上市事宜。数十家券商也在结合其具体实践，为公司出谋划策。他建议，科创板第五套上市标准可结合产业界意见和行业调研数据，进一步细化明确对eVTOL等前沿科技领域的审核要求，重点扶持具备核心技术优势和市场领导地位的行业头部企业，并优化技术评估体系、制定针对性上市指引。蒋俊称，时的科技在稳步推进适航认证与商业化落地的同时，正积极与监管和头部投行紧密沟通，重点研究科创板第五套上市标准及香港18C与eVTOL行业的适配性。就上市时间点而言，据记者了解，多家头部eVTOL企业暂未设立明确的上市时间表，个别企业预计会在2027年前后开始推进。对此，谢陵表示，上市对于公司而言需要一个契机，如果时点恰好合适且正到来，公司就会努力迎接这个节点，“对于公司本身来说，当下的核心还是要把产品和业务做好，上市自然是水到渠成”。至于低空经济产业链的其他“玩家”，上游的零部件和下游场景应用方均有A股上市公司深耕，一级市场在这些领域暂未跑出太多“独角兽”。虽然eVTOL企业的IPO事宜不能立刻“提上日程”，但科创板新政对于行业信心的提振、一级市场资金的流向等有着深远影响。综合多位eVTOL企业人士、创投人士的观点来看，二级市场打开的窗口将反哺一级市场，PE/VC会更敢于投资低空经济企业，进而保证企业的资本循环。正如东方富海创始合伙人、董事长陈玮所言，此次科创成长层的设立与第五套上市标准的重启，标志着监管部门正尝试从制度供给端修复创新资本链条，也为服务新质生产力的创投机构构建了更清晰的退出预期。一级市场的投资逻辑将回归对底层技术与中长期竞争力的关注，而非短期财务指标。","news_type":1,"symbols_score_info":{"EH":0.9}},"isVote":1,"tweetType":1,"viewCount":224,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":452383015887064,"gmtCreate":1751468613270,"gmtModify":1751468614472,"author":{"id":"3538941920664053","authorId":"3538941920664053","name":"管不住你的手","avatar":"https://static.tigerbbs.com/96d76ccbcb52dc693fc32920aab90a35","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3538941920664053","authorIdStr":"3538941920664053"},"themes":[],"htmlText":"<a 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