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一只没有耳朵一只没有尾巴
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一只没有耳朵一只没有尾巴
一只没有耳朵一只没有尾巴
·
01-12
今天来吐槽老虎
今天终于有时间来吐槽老虎了。对于吐槽老虎这件事情,我已经到了忍无可忍、不吐不快的地步。事情的导火索是这样的,在2026年1月5日美股开盘后20分钟左右,北京时间22:50 ,我想要看一下比特币的K线。结果当我找到比特币查看的时候,居然看不到K线,只显示一个价格,还时有时无。我的第一反应是我的网络出了问题,但是同一时间自选列表里的其它标的全都可以正常显示。虽然不知道怎么回事,我还是打算重新运行APP看看。退出重新运行几次还是看不了比特币,其它一切正常,这时我想联系客服问一下是什么情况。拨通了老虎客服电话,结果电话里传来严重的杂音,我以前也遇到过这种事情,我明白,这通电话已经不能正常通话了,只能重新拨打。接着问题出现了,在我再次拨打之后,当老虎在电话里说完:“尊贵的VIP用户,正在为您转接专属通道,请稍等”之后,电话就被直接挂断。反复多次拨打全都是一样。这时我通过微信询问一名老虎的客服人员,到底是怎么回事,这次很快有了回复,对方告诉我,电话没有异常。我这时再打,果然打通了。该客服问我遇到了什么问题,我说我看不到比特币的K线了,就在电话拨通的同时,比特币的K线突然能正常显示了,这时是23:03 。虽然这个事情没有造成实际的影响,但这是老虎稳定性不足的又一力证,这种事情本不该发生。接下来我再细数之前遇到的种种问题。 按照倒叙来说,上一次出现的问题应该是模拟账户。前一阵我的模拟账户里有两个已经过期好多天的期权,按说早应该到期作废并从我的持仓中消失,但是它们还在。我也没法平仓,因为已经过了最后交易时间,最后是联系老虎客服从后台直接从我的账户里把这两个期权删除掉了。说到模拟账户,我遇到的问题其实相当多。在2025年11月17日,奈飞1拆10。开盘之后模拟盘无法交易期权,我一下单就被系统撤单,显示“该股票暂时无法交易”,但是同一时间实盘可以正常交易。我当时顾不上处理模拟盘的问题,只能先做实
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今天来吐槽老虎
一只没有耳朵一只没有尾巴
一只没有耳朵一只没有尾巴
·
11-12 07:45
想不到鲍威尔也被牵扯进来了
美媒曝光黄仁勋第二段婚外情,这次是公司高管
黄仁勋凤凰网科技讯 北京时间11月12日,英伟达CEO黄仁勋 目前正因婚外情事件接受公司调查。据《纽约时报》报道,五名曾在英伟达工作的人士透露,黄仁勋还与一名向他汇报工作的公司高管存在婚外情关系。根据英伟达的行为准则,公司要求员工“避免自身行为造成利益冲突的情形”,其中包括“私人关系”。目前,黄仁勋和鲍威尔都已婚,配偶另有其人。
美媒曝光黄仁勋第二段婚外情,这次是公司高管
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一只没有耳朵一只没有尾巴
一只没有耳朵一只没有尾巴
·
11-06
想要抄底的话,需要再跌至少15%
英特尔一个月暴跌逾50%,美国政府持股市值缩水250亿美元,CEO抄底后再被套
与此同时,美国政府持有的英特尔股份市值已从10月初的约500亿美元缩水至250亿美元,蒸发约250亿美元。周四盘前,英特尔股价进一步下跌约2%,意味着公司正面临一个月内市值大幅缩水的局面。2025年8月,美国政府取得英特尔9.9%的股权,初始投资金额为89亿美元。随着英特尔股价此前上涨,这笔持股的市值在今年10月5日一度达到约500亿美元,但目前已降至约250亿美元,短短一个月缩水约250亿美元。
英特尔一个月暴跌逾50%,美国政府持股市值缩水250亿美元,CEO抄底后再被套
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一只没有耳朵一只没有尾巴
一只没有耳朵一只没有尾巴
·
11-04
说了半天和港股的关系是什么?
Anthropic冲刺港股:第三季营收170亿美元 运营亏损5.7亿美元
Anthropic在2026年前9个月营收为332.42亿美元,运营亏损为12.6亿美元,净亏损为1040亿美元。其中,Anthropic在2026年第三季度营收为169.56亿美元,较上年同期的13.82亿美元增长1127%,较上一季度的115.55亿美元增长47%。Q2成本与费用175.23亿美元 同比增长292%Anthropic在2026年第三季度成本与费用175.23亿美元,较上年同期的44.71亿美元增长292%。Anthropic在2026年第三季度经调整运营利润为24.63亿美元,经调整运营利润率为15%。
Anthropic冲刺港股:第三季营收170亿美元 运营亏损5.7亿美元
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一只没有耳朵一只没有尾巴
一只没有耳朵一只没有尾巴
·
10-31
$英特尔(INTC)$
做多的话,45以内就可以开始建仓了。
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一只没有耳朵一只没有尾巴
一只没有耳朵一只没有尾巴
·
10-24
"2026-12-18到期的70.00美元CALL"还有一年多到期?现在是哪年?
期权聚焦 | 奈飞大单情绪偏空:561万美元牛市看跌价差收租,83万美元远月Call押涨,防御性PUT结构主导
奈飞收盘报67.05美元,涨3.09%。当日大单资金情绪偏空,重点交易中既有牛市看跌价差收租,也有远月虚值CALL的上涨押注,但全量结构仍由防御性PUT组合主导。大单交易一笔净收款达561.02万美元的牛市看跌价差出现在2027-01-15到期合约上,交易者卖出95.00美元PUT并买入91.00美元PUT,整体属于典型的偏多收租策略。结合当前股价67.05美元来看,这两条PUT腿均处于实值,但该组合仍然表达了对后续股价维持在更有利区间、甚至逐步修复的预期。
期权聚焦 | 奈飞大单情绪偏空:561万美元牛市看跌价差收租,83万美元远月Call押涨,防御性PUT结构主导
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一只没有耳朵一只没有尾巴
一只没有耳朵一只没有尾巴
·
09-04
美联储主席还是鲍威尔吗?他不是5月份已经结束任期了吗?
沃勒“不加”形成“6比5”!决定9月美联储是否加息的关键竟是:鲍威尔?
Bianco Research创始人Bianco表示,沃勒已表态倾向维持利率不变,美联储9月议息会议的投票格局目前为6票(维持)对5票(加息),理事鲍威尔的立场尚不明朗,或成“一票定音”的关键人物。距会议不足两周,加息概率实际已接近50/50,鲍威尔的沉默成为不确定性来源。
沃勒“不加”形成“6比5”!决定9月美联储是否加息的关键竟是:鲍威尔?
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一只没有耳朵一只没有尾巴
一只没有耳朵一只没有尾巴
·
07-10
连历史低点是哪天都能看错?
“马斯克溢价”左右互搏:SpaceX(SPCX.US)IPO首月冲高回落,特斯拉(TSLA.US)“防守反击”
【“马斯克溢价”左右互搏:SpaceX(SPCX.US)IPO首月冲高回落,特斯拉(TSLA.US)“防守反击”】智通财经APP获悉,全球史上最大IPO的光环尚未褪去,SpaceX(SPCX.US)的
“马斯克溢价”左右互搏:SpaceX(SPCX.US)IPO首月冲高回落,特斯拉(TSLA.US)“防守反击”
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一只没有耳朵一只没有尾巴
一只没有耳朵一只没有尾巴
·
07-09
文章说的这意思应该是股价不合理,不是估值不合理。
涨幅远低于芯片指数!美银称英伟达“估值不合理”
美银认为,英伟达今年股价仅涨3%,远落后于费城半导体指数82%的涨幅,估值存在"不合理折价"。当前远期市盈率跌至7年最低(约18倍),隐含市场对其2027/2028年EPS高达30-35%的下行预期,而美银认为此假设站不住脚。市场过度担忧内存成本与ASIC竞争,却低估了英伟达定价权与护城河。
涨幅远低于芯片指数!美银称英伟达“估值不合理”
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一只没有耳朵一只没有尾巴
一只没有耳朵一只没有尾巴
·
06-13
特斯拉周五跌了还是涨了?
投资者目光转向SpaceX上市,特斯拉股价走低
2026 年 5 月 28 日,德国巴伐利亚州慕尼黑近郊帕尔斯多夫特斯拉门店,特斯拉品牌标识实拍。 周五特斯拉股价下跌约 2%,资金与投资者的关注点全面转移至 SpaceX 上市行情。 SpaceX 提交的更新版 IPO 招股文件披露,公司或将大规模增发股权,用于未来并购交易。这一消息再度引发市场猜想:SpaceX 与特斯拉或将合并。 在 xAI 被 SpaceX 收购前,特斯拉曾向其投资 20 亿美元,这笔持股也让特斯拉成为 SpaceX 的股东之一。
投资者目光转向SpaceX上市,特斯拉股价走低
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一只没有耳朵一只没有尾巴
一只没有耳朵一只没有尾巴
·
05-16
老虎现在烂成这样了???
这个星期出现多次PC端左边导航栏交易模块消失了,出现了两个个股,没办法只能重启客户端,反映到客服被告知目前只能重启软件才能解决,不知道为什么会出现这种低级的bug。影响了客户的交易连个致歉都没有,补偿更是无从提起。今天晚上更恶心,挂了单之后想改单改不了,重启软件也解决不了,订单详情里显示改单成功,但是订单栏里面还是等待确认。我一看不对劲,尝试撤单,结果撤单也撤不了,我打客服电话,一直给我放音乐让我继续等待,等了快20分钟还没人接起电话,接着音乐停了,过了几秒钟直接给我挂了??就在这时候,订单成交了,是按我最一开始挂单的价格成交的,不是显示我改单成功了吗?撤单也成功了,为什么按最初挂单的价格成交?? 这事我倒要看看老虎怎么给我解释。
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06:28","market":"sh","language":"zh","title":"美媒曝光黄仁勋第二段婚外情,这次是公司高管","url":"https://stock-news.laohu8.com/highlight/detail?id=2682538945","media":"凤凰网科技","summary":"黄仁勋凤凰网科技讯 北京时间11月12日,英伟达CEO黄仁勋 目前正因婚外情事件接受公司调查。据《纽约时报》报道,五名曾在英伟达工作的人士透露,黄仁勋还与一名向他汇报工作的公司高管存在婚外情关系。根据英伟达的行为准则,公司要求员工“避免自身行为造成利益冲突的情形”,其中包括“私人关系”。目前,黄仁勋和鲍威尔都已婚,配偶另有其人。","content":"<html><body><p><img decoding=\"async\" loading=\"lazy\" src=\"https://x0.ifengimg.com/ucms/2026_46/ACB2CEEA1A669B3298F958B5E9D21DECF3A1034B_size2769_w2308_h1552.png\"/></p><p>黄仁勋</p><p><a href=\"https://laohu8.com/S/600716\">凤凰</a>网科技讯 北京时间11月12日,英伟达CEO黄仁勋(Jensen Huang)目前正因婚外情事件接受公司调查。据《<a href=\"https://laohu8.com/S/NYT\">纽约时报</a>》报道,五名曾在英伟达工作的人士透露,黄仁勋还与一名向他汇报工作的公司高管存在婚外情关系。</p><p>知情人士称,这段此前从未被报道过的关系涉及英伟达医疗保健业务副总裁金伯利·鲍威尔(Kimberly Powell)。根据英伟达的行为准则,公司要求员工“避免自身行为造成利益冲突的情形”,其中包括“私人关系”。公司还表示,会“及时调查有关不当行为的报告”。许多企业都有禁止管理人员与下属发展恋爱关系的规定。</p><p><img decoding=\"async\" loading=\"lazy\" src=\"https://x0.ifengimg.com/ucms/2026_46/2A6D09FA7663617C208A09EE3F30CF4D8A388A7B_size782_w1176_h788.png\"/></p><p>鲍威尔</p><p>据两名曾在英伟达工作的人士透露,63岁的黄仁勋和48岁的鲍威尔在3月于加州圣何塞举行的一场英伟达会议期间,被拍到在一家酒店举止亲密。纽约时报尚未看到该视频。</p><p>目前,黄仁勋和鲍威尔都已婚,配偶另有其人。(作者/箫雨)</p><p>更多一手新闻,欢迎下载凤凰新闻客户端订阅凤凰网科技。想看深度报道,请微信搜索“凤凰网科技”。</p></body></html>","source":"ifeng_tech","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>美媒曝光黄仁勋第二段婚外情,这次是公司高管</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美媒曝光黄仁勋第二段婚外情,这次是公司高管\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-11-12 06:28 北京时间 <a href=https://original.ifeng.com/c/8xytKFJnH0w><strong>凤凰网科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>黄仁勋凤凰网科技讯 北京时间11月12日,英伟达CEO黄仁勋(Jensen Huang)目前正因婚外情事件接受公司调查。据《纽约时报》报道,五名曾在英伟达工作的人士透露,黄仁勋还与一名向他汇报工作的公司高管存在婚外情关系。知情人士称,这段此前从未被报道过的关系涉及英伟达医疗保健业务副总裁金伯利·鲍威尔(Kimberly Powell)。根据英伟达的行为准则,公司要求员工“避免自身行为造成利益冲突的...</p>\n\n<a href=\"https://original.ifeng.com/c/8xytKFJnH0w\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0048584097.USD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","3NVD.UK":"LS 3X NVIDIA","LU0138981039.USD":"FIDELITY FUNDS SUSTAINABLE MULTI ASSET INCOME \"A\" INC","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL 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Powell)。根据英伟达的行为准则,公司要求员工“避免自身行为造成利益冲突的情形”,其中包括“私人关系”。公司还表示,会“及时调查有关不当行为的报告”。许多企业都有禁止管理人员与下属发展恋爱关系的规定。鲍威尔据两名曾在英伟达工作的人士透露,63岁的黄仁勋和48岁的鲍威尔在3月于加州圣何塞举行的一场英伟达会议期间,被拍到在一家酒店举止亲密。纽约时报尚未看到该视频。目前,黄仁勋和鲍威尔都已婚,配偶另有其人。(作者/箫雨)更多一手新闻,欢迎下载凤凰新闻客户端订阅凤凰网科技。想看深度报道,请微信搜索“凤凰网科技”。","news_type":1,"symbols_score_info":{"ABFL":0.6,"NVYY":0.6,"NVDW":0.6,"NVD":0.6,"SOXY":0.6,"CLSE":0.6,"CNEQ":0.6,"NULC":0.6,"07788":0.6,"NVDD":0.6,"NVD3.UK":0.6,"SOXQ":0.6,"SNPE":0.6,"NVDU":0.6,"VGT":0.6,"CMAG":0.6,"SNVDAmain":0.6,"AGOX":0.6,"FAI":0.6,"NVDB":0.6,"ARTY":0.6,"FTEC":0.6,"NVDA":1.89,"AIFD":0.6,"3NVD.UK":0.6,"09788":0.6,"JGRO":0.6,"TTXU":0.6,"ANV":0.6,"CHPX":0.6,"NVDO":0.6,"CHAT":0.6,"LFGY":0.6,"IETC":0.6,"TYLG":0.6,"METV":0.6,"WISE":0.6,"2NVD.UK":0.6,"THMR":0.6,"SHOC":0.6,"NVDS":0.6,"ILDR":0.6,"FDTX":0.6,"NVDG":0.6,"09388":0.6,"NVC":0.6,"USD":0.6,"TEK":0.6,"NVDX":0.6,"ESLG":0.6,"VT":0.6,"GAMR":0.6,"TTEQ":0.6,"USXF":0.6,"ESUM":0.6,"07388":0.6,"NVDS.UK":0.6,"NVD2.UK":0.6,"ROM":0.6,"TRFK":0.6,"XLK":0.6,"NVDL":0.6,"IXN":0.6,"NVDQ":0.6,"SOXX":0.6,"SMH":0.6,"NVDY":0.6,"EFIV":0.6,"SNVD.UK":0.6,"DIPS":0.6,"SMHX":0.6,"AIPI":0.6,"SPTE":0.6,"NVII":0.6}},"isVote":1,"tweetType":1,"viewCount":116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":626221833585288,"gmtCreate":1793901044539,"gmtModify":1793901046654,"author":{"id":"4099470509812690","authorId":"4099470509812690","name":"一只没有耳朵一只没有尾巴","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4099470509812690","idStr":"4099470509812690"},"themes":[],"title":"","htmlText":"想要抄底的话,需要再跌至少15%","listText":"想要抄底的话,需要再跌至少15%","text":"想要抄底的话,需要再跌至少15%","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/626221833585288","repostId":"1124158230","repostType":4,"repost":{"id":"1124158230","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":1793888798,"share":"https://www.laohunote.com/m/news/1124158230?lang=zh_CN&edition=full","pubTime":"2026-11-05 22:26","market":"us","language":"zh","title":"英特尔一个月暴跌逾50%,美国政府持股市值缩水250亿美元,CEO抄底后再被套","url":"https://stock-news.laohu8.com/highlight/detail?id=1124158230","media":"老虎资讯综合","summary":"与此同时,美国政府持有的英特尔股份市值已从10月初的约500亿美元缩水至250亿美元,蒸发约250亿美元。周四盘前,英特尔股价进一步下跌约2%,意味着公司正面临一个月内市值大幅缩水的局面。2025年8月,美国政府取得英特尔9.9%的股权,初始投资金额为89亿美元。随着英特尔股价此前上涨,这笔持股的市值在今年10月5日一度达到约500亿美元,但目前已降至约250亿美元,短短一个月缩水约250亿美元。","content":"<html><head></head><body><p style=\"text-align: left;\"> <a href=\"https://laohu8.com/S/INTC\">英特尔</a>股价持续承压,继10月底公布疲弱财报后,股价跌势仍未止步。周四美股盘前,英特尔再跌约2%,若跌幅延续,过去一个月累计跌幅将超过50%。与此同时,美国政府持有的英特尔股份市值已从10月初的约500亿美元缩水至250亿美元,蒸发约250亿美元。</p><h2 style=\"text-align: left;\">绩后单日暴跌29%,PC业务疲软及供应问题拖累前景</h2><p style=\"text-align: left;\">英特尔本轮跌势主要始于10月底公布的季度财报。受业绩指引疲弱、供应链问题及个人电脑业务表现不佳影响,公司股价在财报公布后单日暴跌29%。</p><p style=\"text-align: left;\">然而,股价在大幅回调后并未出现明显反弹。此后三个交易日,英特尔再度累计下跌11%,反映出市场对公司经营前景及科技板块整体估值的担忧仍未消退。</p><p style=\"text-align: left;\">周四盘前,英特尔股价进一步下跌约2%,意味着公司正面临一个月内市值大幅缩水的局面。</p><h2 style=\"text-align: left;\">美国政府持股市值腰斩,较10月初蒸发250亿美元</h2><p style=\"text-align: left;\">英特尔股价持续下跌,也令美国政府此前入股该公司的账面收益大幅回吐。</p><p style=\"text-align: left;\">2025年8月,美国政府取得英特尔9.9%的股权,初始投资金额为89亿美元。</p><p style=\"text-align: left;\">随着英特尔股价此前上涨,这笔持股的市值在今年10月5日一度达到约500亿美元,但目前已降至约250亿美元,短短一个月缩水约250亿美元。</p><p style=\"text-align: left;\">尽管如此,美国政府目前的持股市值仍明显高于最初的89亿美元投资成本,尚未出现账面亏损。</p><p style=\"text-align: left;\">今年6月英特尔股价处于高位时,美国总统特朗普曾在社交平台表示,美国政府持有的英特尔股份价值已超过600亿美元,并将其视为政府投资取得回报的例子。</p><p style=\"text-align: left;\">随着民主党在本周中期选举中赢得参众两院控制权,英特尔股价大幅回撤,也使特朗普政府此前对该项投资的乐观表态再次受到关注。</p><h2 style=\"text-align: left;\">CEO斥资970万美元增持,买入后股价再跌逾11%</h2><p style=\"text-align: left;\">值得注意的是,英特尔首席执行官陈立武(Lip-Bu Tan)近期选择逆势增持公司股票。</p><p style=\"text-align: left;\">根据周三披露的美国证券交易委员会(SEC)文件,陈立武于周一通过家族信托买入价值约970万美元的英特尔股票。</p><p style=\"text-align: left;\">不过,随着股价继续下跌,英特尔目前的股价已较其买入价格低逾11%,意味着这笔增持短期内已出现明显账面亏损。</p><p style=\"text-align: left;\">华尔街分析师对英特尔的态度仍较谨慎。根据FactSet数据,目前覆盖英特尔的分析师中,超过60%给予「持有」评级,显示市场尚未形成一致的抄底预期。</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>英特尔一个月暴跌逾50%,美国政府持股市值缩水250亿美元,CEO抄底后再被套</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英特尔一个月暴跌逾50%,美国政府持股市值缩水250亿美元,CEO抄底后再被套\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\">2026-11-05 22:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\"> <a href=\"https://laohu8.com/S/INTC\">英特尔</a>股价持续承压,继10月底公布疲弱财报后,股价跌势仍未止步。周四美股盘前,英特尔再跌约2%,若跌幅延续,过去一个月累计跌幅将超过50%。与此同时,美国政府持有的英特尔股份市值已从10月初的约500亿美元缩水至250亿美元,蒸发约250亿美元。</p><h2 style=\"text-align: left;\">绩后单日暴跌29%,PC业务疲软及供应问题拖累前景</h2><p style=\"text-align: left;\">英特尔本轮跌势主要始于10月底公布的季度财报。受业绩指引疲弱、供应链问题及个人电脑业务表现不佳影响,公司股价在财报公布后单日暴跌29%。</p><p style=\"text-align: left;\">然而,股价在大幅回调后并未出现明显反弹。此后三个交易日,英特尔再度累计下跌11%,反映出市场对公司经营前景及科技板块整体估值的担忧仍未消退。</p><p style=\"text-align: left;\">周四盘前,英特尔股价进一步下跌约2%,意味着公司正面临一个月内市值大幅缩水的局面。</p><h2 style=\"text-align: left;\">美国政府持股市值腰斩,较10月初蒸发250亿美元</h2><p style=\"text-align: left;\">英特尔股价持续下跌,也令美国政府此前入股该公司的账面收益大幅回吐。</p><p style=\"text-align: left;\">2025年8月,美国政府取得英特尔9.9%的股权,初始投资金额为89亿美元。</p><p style=\"text-align: left;\">随着英特尔股价此前上涨,这笔持股的市值在今年10月5日一度达到约500亿美元,但目前已降至约250亿美元,短短一个月缩水约250亿美元。</p><p style=\"text-align: left;\">尽管如此,美国政府目前的持股市值仍明显高于最初的89亿美元投资成本,尚未出现账面亏损。</p><p style=\"text-align: left;\">今年6月英特尔股价处于高位时,美国总统特朗普曾在社交平台表示,美国政府持有的英特尔股份价值已超过600亿美元,并将其视为政府投资取得回报的例子。</p><p style=\"text-align: left;\">随着民主党在本周中期选举中赢得参众两院控制权,英特尔股价大幅回撤,也使特朗普政府此前对该项投资的乐观表态再次受到关注。</p><h2 style=\"text-align: left;\">CEO斥资970万美元增持,买入后股价再跌逾11%</h2><p style=\"text-align: left;\">值得注意的是,英特尔首席执行官陈立武(Lip-Bu Tan)近期选择逆势增持公司股票。</p><p style=\"text-align: left;\">根据周三披露的美国证券交易委员会(SEC)文件,陈立武于周一通过家族信托买入价值约970万美元的英特尔股票。</p><p style=\"text-align: left;\">不过,随着股价继续下跌,英特尔目前的股价已较其买入价格低逾11%,意味着这笔增持短期内已出现明显账面亏损。</p><p style=\"text-align: left;\">华尔街分析师对英特尔的态度仍较谨慎。根据FactSet数据,目前覆盖英特尔的分析师中,超过60%给予「持有」评级,显示市场尚未形成一致的抄底预期。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e58fcd4a67c330616cf11ed02c0ac7c5","relate_stocks":{"LINT":"Direxion Daily INTC Bull 2X ETF","INTC":"英特尔","INYY":"YieldMax INTC Option Income Strategy ETF","INTW":"2倍做多INTC ETF-GraniteShares","INT":"2倍做多INTC ETF-Corgi"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124158230","content_text":"英特尔股价持续承压,继10月底公布疲弱财报后,股价跌势仍未止步。周四美股盘前,英特尔再跌约2%,若跌幅延续,过去一个月累计跌幅将超过50%。与此同时,美国政府持有的英特尔股份市值已从10月初的约500亿美元缩水至250亿美元,蒸发约250亿美元。绩后单日暴跌29%,PC业务疲软及供应问题拖累前景英特尔本轮跌势主要始于10月底公布的季度财报。受业绩指引疲弱、供应链问题及个人电脑业务表现不佳影响,公司股价在财报公布后单日暴跌29%。然而,股价在大幅回调后并未出现明显反弹。此后三个交易日,英特尔再度累计下跌11%,反映出市场对公司经营前景及科技板块整体估值的担忧仍未消退。周四盘前,英特尔股价进一步下跌约2%,意味着公司正面临一个月内市值大幅缩水的局面。美国政府持股市值腰斩,较10月初蒸发250亿美元英特尔股价持续下跌,也令美国政府此前入股该公司的账面收益大幅回吐。2025年8月,美国政府取得英特尔9.9%的股权,初始投资金额为89亿美元。随着英特尔股价此前上涨,这笔持股的市值在今年10月5日一度达到约500亿美元,但目前已降至约250亿美元,短短一个月缩水约250亿美元。尽管如此,美国政府目前的持股市值仍明显高于最初的89亿美元投资成本,尚未出现账面亏损。今年6月英特尔股价处于高位时,美国总统特朗普曾在社交平台表示,美国政府持有的英特尔股份价值已超过600亿美元,并将其视为政府投资取得回报的例子。随着民主党在本周中期选举中赢得参众两院控制权,英特尔股价大幅回撤,也使特朗普政府此前对该项投资的乐观表态再次受到关注。CEO斥资970万美元增持,买入后股价再跌逾11%值得注意的是,英特尔首席执行官陈立武(Lip-Bu Tan)近期选择逆势增持公司股票。根据周三披露的美国证券交易委员会(SEC)文件,陈立武于周一通过家族信托买入价值约970万美元的英特尔股票。不过,随着股价继续下跌,英特尔目前的股价已较其买入价格低逾11%,意味着这笔增持短期内已出现明显账面亏损。华尔街分析师对英特尔的态度仍较谨慎。根据FactSet数据,目前覆盖英特尔的分析师中,超过60%给予「持有」评级,显示市场尚未形成一致的抄底预期。","news_type":1,"symbols_score_info":{"INT":0.6,"INTW":0.6,"LINT":0.6,"INTC":2.1,"INYY":0.6}},"isVote":1,"tweetType":1,"viewCount":779,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4135810397771142","authorId":"4135810397771142","name":"CHIRZ","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4135810397771142","idStr":"4135810397771142"},"content":"20以下再买","text":"20以下再买","html":"20以下再买"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":625536556803296,"gmtCreate":1793734029873,"gmtModify":1793734032056,"author":{"id":"4099470509812690","authorId":"4099470509812690","name":"一只没有耳朵一只没有尾巴","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4099470509812690","idStr":"4099470509812690"},"themes":[],"title":"","htmlText":"说了半天和港股的关系是什么?","listText":"说了半天和港股的关系是什么?","text":"说了半天和港股的关系是什么?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/625536556803296","repostId":"2680676932","repostType":2,"repost":{"id":"2680676932","kind":"highlight","weMediaInfo":{"introduction":"欢迎收听雷帝触网,雷帝触网是中国最多产的互联网科技自媒体,内容中立,快、准、狠,其由资深媒体人雷建平创办,雷建平是今日头条签约作家,也入驻了一点资讯、搜狐、网易等平台。","home_visible":1,"media_name":"雷递","id":"52","head_image":"https://static.tigerbbs.com/f45a6cbcc8ec48a7a2f52177324d0c16"},"pubTimestamp":1793633700,"share":"https://www.laohunote.com/m/news/2680676932?lang=zh_CN&edition=full","pubTime":"2026-11-02 23:35","market":"sh","language":"zh","title":"Anthropic冲刺港股:第三季营收170亿美元 运营亏损5.7亿美元","url":"https://stock-news.laohu8.com/highlight/detail?id=2680676932","media":"雷递","summary":"Anthropic在2026年前9个月营收为332.42亿美元,运营亏损为12.6亿美元,净亏损为1040亿美元。其中,Anthropic在2026年第三季度营收为169.56亿美元,较上年同期的13.82亿美元增长1127%,较上一季度的115.55亿美元增长47%。Q2成本与费用175.23亿美元 同比增长292%Anthropic在2026年第三季度成本与费用175.23亿美元,较上年同期的44.71亿美元增长292%。Anthropic在2026年第三季度经调整运营利润为24.63亿美元,经调整运营利润率为15%。","content":"<html><body><div><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/b491a3bab1544ea5a21717d820379ef4\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">雷递网 雷建平 11月2日</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span leaf=\"\">Claude母公司,</span><span leaf=\"\">AI企业<a href=\"https://laohu8.com/S/ANT\">Anthropic</a> (股票代码:“ANT”)今日更新招股书,准备在美国纳斯达克上市。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span leaf=\"\">2026年5月,Anthropic今日宣布完成650亿美元H轮系列融资,领投方分别为Altimeter Capital、Dragoneer、Greenoaks、Sequoia Capital(红杉),公司估值高达9650亿美元。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\">在Anthropic近期举行的“投资者日”活动上,参与其首次公开募股(IPO)的现有及潜在投资者讨论了Anthropic估值。据称,这家Claude开发商的估值约为1.5万亿美元,低于此前预期的2万亿美元。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" inline=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">据悉,OpenAI则选择推迟上市计划,预计要到2027年初才会进行。OpenAI正寻求以1.4万亿美元的估值筹集300亿美元资金。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">前9个月营收332亿美元 </span></span><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" letter-spacing:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration-color:=\"\" text-decoration-style:=\"\" text-decoration-thickness:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span textstyle=\"\">运营亏损12.6亿美元</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Anthropic成立于 2021 年,由一支曾主导多项人工智能(AI)领域关键突破的研究团队创立。</span><span leaf=\"\">凭借其Claude聊天机器人、广受欢迎的AI编程工具Claude Code以及Claude Cowork,Anthropic在企业市场站稳了脚跟。</span><span leaf=\"\" para=\"\"></span></p><p arial=\"\" blinkmacsystemfont=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" new=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/22a35a460e6e48efba8a3271ff2a7c62\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">在加快研发与产品迭代速度、并扩大内部Claude使用规模的同时,Anthropic在前沿研究领域也取得突破,推出Mythos 5、Fable 5和Opus 5等新模型,并发布了Claude Design等新产品。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Anthropic的收入主要来自基于使用量的计费模式,即按“Token”(标记/单元)进行计量。客户需根据所使用的 Claude 模型支付相应费用,此外还需缴纳产品订阅费。</span></p><p arial=\"\" blinkmacsystemfont=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" new=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/6f9d0dcd7acf40c989e5611f50aa56b3\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">招股书显示,Anthropic在2023年、2024年、2025年营收分别为4100万美元、3.86亿美元、45.85亿美元;运营亏损分别为5.51亿美元、29.8亿美元、80.6亿美元;净亏损分别为15.31亿美元、83亿美元、419.65亿美元。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/217399d37d22429dbf3036faae3b2b74\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Anthropic在2026年前9个月营收为332.42亿美元,运营亏损为12.6亿美元,净亏损为1040亿美元。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/feda3f4d04c54a13ac6b489f6c1c2456\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\" para=\"\">Anthropic在2023年、2024年、2025年经调整净利分别为-4.57亿美元、-26.83亿美元、-44.48亿美元;2026年前9个月经调整运营利润为40.81亿美元,经调整净利为55.91亿美元。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">Q3营收</span></span><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" letter-spacing:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration-color:=\"\" text-decoration-style:=\"\" text-decoration-thickness:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span textstyle=\"\">170亿美元</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><img src=\"https://static.tigerbbs.com/7523b09334be4ea698e1b32ac7b83265\" type=\"block\"/></span><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" letter-spacing:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration-color:=\"\" text-decoration-style:=\"\" text-decoration-thickness:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span textstyle=\"\"> </span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">自2026年以来,</span><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" letter-spacing:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration-color:=\"\" text-decoration-style:=\"\" text-decoration-thickness:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\">Anthropic业绩取得了爆发性的增长。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/fb56c052a1e14b1c9b33fcdd3d5815f5\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">其中,</span><span leaf=\"\">Anthropic在2026年第三季度营收为169.56亿美元,较上年同期的13.82亿美元增长1127%,较上一季度的115.55亿美元增长47%。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Anthropic称,公司各季度的增长得益于一系列模型与产品的陆续发布,这些发布推动了各项产品与服务的使用量增加、业务扩展及更广泛的应用;其中,基于消费量(consumption-based)和基于订阅(subscription-based)的收入模式均有所贡献。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" letter-spacing:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration-color:=\"\" text-decoration-style:=\"\" text-decoration-thickness:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span textstyle=\"\">Q2成本与费用175.23亿美元 同比增长292%</span></span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/be85d04e886b4780bfa239a8940772a8\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" letter-spacing:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration-color:=\"\" text-decoration-style:=\"\" text-decoration-thickness:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\">Anthropic在2026年第三季度成本与费用175.23亿美元,较上年同期的44.71亿美元增长292%。</span></p><p><span leaf=\"\">其中,Anthropic在2026年第三季度计算与基础设施开支为98.63亿美元,人员开支17.11亿美元,销售、市场营销与合作伙伴关系开支为26.61亿美元,其他运营与行政开支为35.88亿美元。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/176b1945a20b43c1baa7c704eb06a970\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\" para=\"\">Anthropic在2026年第三季度运营亏损为5.67亿美元,上年同期的运营亏损为30.89亿美元。</span><span leaf=\"\" para=\"\">Anthropic在2026年第三季度运营利润率为-3%。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/b92beb434da7496ab031f173a9727bc3\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\" para=\"\">Anthropic在2026年第三季度经调整运营利润为24.63亿美元,经调整运营利润率为15%。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Anthropic称,业务的增长反映出,企业正日益将 Claude 直接嵌入到其关键业务流程之中。尽管呈现出这些趋势,但从全球经济范围来看,Claude的应用仍处于起步阶段。随着Claude能力的不断提升,相信其潜在市场机遇也将随之扩大,Claude也将持续在更多企业中实现快速普及。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">最近,公司也在担忧某些AI支出是否已经完全失控,且未能带来任何实际回报。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Anthropic计划在未来几年内在与亚马逊 (Amazon)、谷歌 (Google) 等公司(这些公司也是 Anthropic 的主要投资者)及其他合作伙伴达成的云计算协议上,投入超过 4300 亿美元。若计入可取消的协议及规模较小的合同,总金额最高可达6370亿美元。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">创始人团队控制50.1%股权</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\" para=\"\">Anthropic核心团队脱胎于OpenAI。</span><span leaf=\"\" para=\"\">其中,达里奥·阿莫迪(Dario Amodei)为公司联合创始人、CEO、执行董事,现年43岁。</span></p><p arial=\"\" blinkmacsystemfont=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" new=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/4430b4c2b45e4c07acbd9822e979fcc1\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">自2021年1月共同创立Anthropic以来,Dario Amodei博士一直担任公司首席执行官及董事会成员。在共同创立Anthropic之前,Amodei博士曾于2016年7月至2020年12月在人工智能研究实验室OpenAI任职,担任研究副总裁等职务。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">加入OpenAI之前,Dario Amodei曾于2015年10月至2016年6月在谷歌(Google)旗下的人工智能研究团队Google Brain担任高级研究科学家。Amodei博士曾在斯坦福大学医学院完成博士后研究。他拥有普林斯顿大学<a href=\"https://laohu8.com/S/000504\">生物</a>物理学博士学位和斯坦福大学物理学学士学位。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Dario Amodei还曾于2014年11月到2015年10月在<a href=\"https://laohu8.com/S/09888\">百度</a>工作,当然在百度研究院旗下的硅谷人工智能实验室(SVAIL),由百度时任首席科学家吴恩达领导。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\" para=\"\">这就不得不提及百度,在国内最早做大模型文心一言,但风头远不如DeepSeek、KIMI、豆包等产品,属于起个大早赶个晚集的典型。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Daniela Amodei。自2021年1月共同创立Anthropic以来,Amodei女士一直担任公司总裁及董事会成员。她目前还担任公司董事会主席。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">在共同创立Anthropic之前,Amodei女士曾于2018年10月至2020年12月在人工智能研究实验室OpenAI担任多个职务,包括安全与政策副总裁、人力副总裁以及工程经理。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">在加入OpenAI之前,她曾于2013年5月至2018年7月在金融科技与支付处理公司Stripe担任风险经理等职务。Amodei女士拥有加州大学圣克鲁兹分校(University of California, Santa Cruz)的英语文学学士学位。</span></p><p><span leaf=\"\">Anthropic拥有独特的资本与公司治理结构。根据特拉华州法律,Anthropic注册为“公益公司”(Public Benefit Corporation,简称 PBC),这一架构与Anthropic对AI安全及责任的承诺相契合。</span></p><p><span leaf=\"\">Anthropic称,作为一家公益公司,需要在以下三者之间取得平衡:股东的经济利益、受我们行为重大影响的相关方的最大利益,以及在修订并重述后的公司注册证书中所明确的特定公益目标——即为了人类的长期福祉,负责任地开发并维护先进的人工智能。</span></p><p><span leaf=\"\">Anthropic设立了“长期利益信托”(Long-Term Benefit Trust,简称“LTBT”),旨在确保 Anthropic, PBC 在运营过程中,能够负责任地平衡其作为公益公司的各项目标。LTBT 作为一个独立的机构运作,其受托人与公司无经济利益关联,且在人工智能安全、国家安全、公共政策及社会企业领域具备专业知识。通过一种特殊的普通股——T 类普通股(Class T common stock),LTBT 拥有选举和罢免 T 类董事的权力;这些 T 类董事在公司董事会授权成员总数中占据多数席位。除上述权力外,T 类普通股在提交股东表决的事项中不享有其他投票权,也不享有任何经济权益。</span></p><p><span leaf=\"\">在本次发行完成前夕,Anthropic将发行一股 F 类普通股(Class F common stock)——这是Anthropic普通股中的一种特殊类别——授予由Anthropic联合创始人组建的一家有限责任公司(下称“创始人有限责任公司”或“Founder LLC”)。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/55a9665966184cb683a529707d0c3251\" type=\"block\"/></p><p><span leaf=\"\">Anthropic首席执行官兼董事会成员 Dario Amodei、总裁兼董事会主席 Daniela Amodei,以及其他五位联合创始人,将共同成为该创始人有限责任公司初始成员。由创始人有限责任公司持有的 F 类普通股,在提交股东表决的事项中(包括选举 T 类董事以外的其他董事),享有总计相当于公司已发行股本总投票权50.1%投票权。F 类普通股不享有任何经济权益。</span></p><p><span leaf=\"\">在本项发行完成前夕,Anthropic将增设一类特殊普通股,即“E类普通股”,并将其发行予我们的员工(联合创始人除外)。E类普通股仅在特定有限事项上享有表决权,且不享有任何经济权利。此外,Anthropic还设有A类普通股和N类普通股。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><font face=\"宋体\"><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">——————————————</span></span></font></p><p arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">雷递由媒体人雷建平创办,若转载请写明来源。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" center=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/6092372e84394faa87c436386a7cca82\" type=\"block\"/></p></div></body></html>","source":"weixin_highlight","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>Anthropic冲刺港股:第三季营收170亿美元 运营亏损5.7亿美元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ 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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\">\nAnthropic冲刺港股:第三季营收170亿美元 运营亏损5.7亿美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/52\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f45a6cbcc8ec48a7a2f52177324d0c16);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">雷递 </p>\n<p class=\"h-time\">2026-11-02 23:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/b491a3bab1544ea5a21717d820379ef4\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">雷递网 雷建平 11月2日</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span leaf=\"\">Claude母公司,</span><span leaf=\"\">AI企业<a href=\"https://laohu8.com/S/ANT\">Anthropic</a> (股票代码:“ANT”)今日更新招股书,准备在美国纳斯达克上市。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span leaf=\"\">2026年5月,Anthropic今日宣布完成650亿美元H轮系列融资,领投方分别为Altimeter Capital、Dragoneer、Greenoaks、Sequoia Capital(红杉),公司估值高达9650亿美元。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\">在Anthropic近期举行的“投资者日”活动上,参与其首次公开募股(IPO)的现有及潜在投资者讨论了Anthropic估值。据称,这家Claude开发商的估值约为1.5万亿美元,低于此前预期的2万亿美元。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" inline=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">据悉,OpenAI则选择推迟上市计划,预计要到2027年初才会进行。OpenAI正寻求以1.4万亿美元的估值筹集300亿美元资金。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">前9个月营收332亿美元 </span></span><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" letter-spacing:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration-color:=\"\" text-decoration-style:=\"\" text-decoration-thickness:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span textstyle=\"\">运营亏损12.6亿美元</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Anthropic成立于 2021 年,由一支曾主导多项人工智能(AI)领域关键突破的研究团队创立。</span><span leaf=\"\">凭借其Claude聊天机器人、广受欢迎的AI编程工具Claude Code以及Claude Cowork,Anthropic在企业市场站稳了脚跟。</span><span leaf=\"\" para=\"\"></span></p><p arial=\"\" blinkmacsystemfont=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" new=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/22a35a460e6e48efba8a3271ff2a7c62\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">在加快研发与产品迭代速度、并扩大内部Claude使用规模的同时,Anthropic在前沿研究领域也取得突破,推出Mythos 5、Fable 5和Opus 5等新模型,并发布了Claude Design等新产品。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Anthropic的收入主要来自基于使用量的计费模式,即按“Token”(标记/单元)进行计量。客户需根据所使用的 Claude 模型支付相应费用,此外还需缴纳产品订阅费。</span></p><p arial=\"\" blinkmacsystemfont=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" new=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/6f9d0dcd7acf40c989e5611f50aa56b3\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">招股书显示,Anthropic在2023年、2024年、2025年营收分别为4100万美元、3.86亿美元、45.85亿美元;运营亏损分别为5.51亿美元、29.8亿美元、80.6亿美元;净亏损分别为15.31亿美元、83亿美元、419.65亿美元。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/217399d37d22429dbf3036faae3b2b74\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Anthropic在2026年前9个月营收为332.42亿美元,运营亏损为12.6亿美元,净亏损为1040亿美元。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/feda3f4d04c54a13ac6b489f6c1c2456\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\" para=\"\">Anthropic在2023年、2024年、2025年经调整净利分别为-4.57亿美元、-26.83亿美元、-44.48亿美元;2026年前9个月经调整运营利润为40.81亿美元,经调整净利为55.91亿美元。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">Q3营收</span></span><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" letter-spacing:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration-color:=\"\" text-decoration-style:=\"\" text-decoration-thickness:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span textstyle=\"\">170亿美元</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><img src=\"https://static.tigerbbs.com/7523b09334be4ea698e1b32ac7b83265\" type=\"block\"/></span><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" letter-spacing:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration-color:=\"\" text-decoration-style:=\"\" text-decoration-thickness:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span textstyle=\"\"> </span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">自2026年以来,</span><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" letter-spacing:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration-color:=\"\" text-decoration-style:=\"\" text-decoration-thickness:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\">Anthropic业绩取得了爆发性的增长。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/fb56c052a1e14b1c9b33fcdd3d5815f5\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">其中,</span><span leaf=\"\">Anthropic在2026年第三季度营收为169.56亿美元,较上年同期的13.82亿美元增长1127%,较上一季度的115.55亿美元增长47%。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Anthropic称,公司各季度的增长得益于一系列模型与产品的陆续发布,这些发布推动了各项产品与服务的使用量增加、业务扩展及更广泛的应用;其中,基于消费量(consumption-based)和基于订阅(subscription-based)的收入模式均有所贡献。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" letter-spacing:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration-color:=\"\" text-decoration-style:=\"\" text-decoration-thickness:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span textstyle=\"\">Q2成本与费用175.23亿美元 同比增长292%</span></span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/be85d04e886b4780bfa239a8940772a8\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" letter-spacing:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration-color:=\"\" text-decoration-style:=\"\" text-decoration-thickness:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\">Anthropic在2026年第三季度成本与费用175.23亿美元,较上年同期的44.71亿美元增长292%。</span></p><p><span leaf=\"\">其中,Anthropic在2026年第三季度计算与基础设施开支为98.63亿美元,人员开支17.11亿美元,销售、市场营销与合作伙伴关系开支为26.61亿美元,其他运营与行政开支为35.88亿美元。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/176b1945a20b43c1baa7c704eb06a970\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\" para=\"\">Anthropic在2026年第三季度运营亏损为5.67亿美元,上年同期的运营亏损为30.89亿美元。</span><span leaf=\"\" para=\"\">Anthropic在2026年第三季度运营利润率为-3%。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/b92beb434da7496ab031f173a9727bc3\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\" para=\"\">Anthropic在2026年第三季度经调整运营利润为24.63亿美元,经调整运营利润率为15%。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Anthropic称,业务的增长反映出,企业正日益将 Claude 直接嵌入到其关键业务流程之中。尽管呈现出这些趋势,但从全球经济范围来看,Claude的应用仍处于起步阶段。随着Claude能力的不断提升,相信其潜在市场机遇也将随之扩大,Claude也将持续在更多企业中实现快速普及。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">最近,公司也在担忧某些AI支出是否已经完全失控,且未能带来任何实际回报。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Anthropic计划在未来几年内在与亚马逊 (Amazon)、谷歌 (Google) 等公司(这些公司也是 Anthropic 的主要投资者)及其他合作伙伴达成的云计算协议上,投入超过 4300 亿美元。若计入可取消的协议及规模较小的合同,总金额最高可达6370亿美元。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">创始人团队控制50.1%股权</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\" para=\"\">Anthropic核心团队脱胎于OpenAI。</span><span leaf=\"\" para=\"\">其中,达里奥·阿莫迪(Dario Amodei)为公司联合创始人、CEO、执行董事,现年43岁。</span></p><p arial=\"\" blinkmacsystemfont=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" new=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/4430b4c2b45e4c07acbd9822e979fcc1\" type=\"block\"/></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">自2021年1月共同创立Anthropic以来,Dario Amodei博士一直担任公司首席执行官及董事会成员。在共同创立Anthropic之前,Amodei博士曾于2016年7月至2020年12月在人工智能研究实验室OpenAI任职,担任研究副总裁等职务。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">加入OpenAI之前,Dario Amodei曾于2015年10月至2016年6月在谷歌(Google)旗下的人工智能研究团队Google Brain担任高级研究科学家。Amodei博士曾在斯坦福大学医学院完成博士后研究。他拥有普林斯顿大学<a href=\"https://laohu8.com/S/000504\">生物</a>物理学博士学位和斯坦福大学物理学学士学位。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Dario Amodei还曾于2014年11月到2015年10月在<a href=\"https://laohu8.com/S/09888\">百度</a>工作,当然在百度研究院旗下的硅谷人工智能实验室(SVAIL),由百度时任首席科学家吴恩达领导。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\" para=\"\">这就不得不提及百度,在国内最早做大模型文心一言,但风头远不如DeepSeek、KIMI、豆包等产品,属于起个大早赶个晚集的典型。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">Daniela Amodei。自2021年1月共同创立Anthropic以来,Amodei女士一直担任公司总裁及董事会成员。她目前还担任公司董事会主席。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">在共同创立Anthropic之前,Amodei女士曾于2018年10月至2020年12月在人工智能研究实验室OpenAI担任多个职务,包括安全与政策副总裁、人力副总裁以及工程经理。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">在加入OpenAI之前,她曾于2013年5月至2018年7月在金融科技与支付处理公司Stripe担任风险经理等职务。Amodei女士拥有加州大学圣克鲁兹分校(University of California, Santa Cruz)的英语文学学士学位。</span></p><p><span leaf=\"\">Anthropic拥有独特的资本与公司治理结构。根据特拉华州法律,Anthropic注册为“公益公司”(Public Benefit Corporation,简称 PBC),这一架构与Anthropic对AI安全及责任的承诺相契合。</span></p><p><span leaf=\"\">Anthropic称,作为一家公益公司,需要在以下三者之间取得平衡:股东的经济利益、受我们行为重大影响的相关方的最大利益,以及在修订并重述后的公司注册证书中所明确的特定公益目标——即为了人类的长期福祉,负责任地开发并维护先进的人工智能。</span></p><p><span leaf=\"\">Anthropic设立了“长期利益信托”(Long-Term Benefit Trust,简称“LTBT”),旨在确保 Anthropic, PBC 在运营过程中,能够负责任地平衡其作为公益公司的各项目标。LTBT 作为一个独立的机构运作,其受托人与公司无经济利益关联,且在人工智能安全、国家安全、公共政策及社会企业领域具备专业知识。通过一种特殊的普通股——T 类普通股(Class T common stock),LTBT 拥有选举和罢免 T 类董事的权力;这些 T 类董事在公司董事会授权成员总数中占据多数席位。除上述权力外,T 类普通股在提交股东表决的事项中不享有其他投票权,也不享有任何经济权益。</span></p><p><span leaf=\"\">在本次发行完成前夕,Anthropic将发行一股 F 类普通股(Class F common stock)——这是Anthropic普通股中的一种特殊类别——授予由Anthropic联合创始人组建的一家有限责任公司(下称“创始人有限责任公司”或“Founder LLC”)。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/55a9665966184cb683a529707d0c3251\" type=\"block\"/></p><p><span leaf=\"\">Anthropic首席执行官兼董事会成员 Dario Amodei、总裁兼董事会主席 Daniela Amodei,以及其他五位联合创始人,将共同成为该创始人有限责任公司初始成员。由创始人有限责任公司持有的 F 类普通股,在提交股东表决的事项中(包括选举 T 类董事以外的其他董事),享有总计相当于公司已发行股本总投票权50.1%投票权。F 类普通股不享有任何经济权益。</span></p><p><span leaf=\"\">在本项发行完成前夕,Anthropic将增设一类特殊普通股,即“E类普通股”,并将其发行予我们的员工(联合创始人除外)。E类普通股仅在特定有限事项上享有表决权,且不享有任何经济权利。此外,Anthropic还设有A类普通股和N类普通股。</span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" new=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><font face=\"宋体\"><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">——————————————</span></span></font></p><p arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">雷递由媒体人雷建平创办,若转载请写明来源。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" center=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/6092372e84394faa87c436386a7cca82\" type=\"block\"/></p></div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://mp.weixin.qq.com/s?__biz=MjM5MzQ5NjIyMQ==&mid=2661687453&idx=1&sn=514310314d660676c66866bd83d14892&chksm=bcc5e295769a983ebd904f5e8d1cf00267b3341e357e152914d5c6dbb71b8c0aa68b38298347&scene=0#rd","is_english":false,"share_image_url":"https://static.laohu8.com/ecd74548980bc5b366aa8f4b37ed0bd5","article_id":"2680676932","content_text":"雷递网 雷建平 11月2日Claude母公司,AI企业Anthropic (股票代码:“ANT”)今日更新招股书,准备在美国纳斯达克上市。2026年5月,Anthropic今日宣布完成650亿美元H轮系列融资,领投方分别为Altimeter Capital、Dragoneer、Greenoaks、Sequoia Capital(红杉),公司估值高达9650亿美元。在Anthropic近期举行的“投资者日”活动上,参与其首次公开募股(IPO)的现有及潜在投资者讨论了Anthropic估值。据称,这家Claude开发商的估值约为1.5万亿美元,低于此前预期的2万亿美元。据悉,OpenAI则选择推迟上市计划,预计要到2027年初才会进行。OpenAI正寻求以1.4万亿美元的估值筹集300亿美元资金。前9个月营收332亿美元 运营亏损12.6亿美元Anthropic成立于 2021 年,由一支曾主导多项人工智能(AI)领域关键突破的研究团队创立。凭借其Claude聊天机器人、广受欢迎的AI编程工具Claude Code以及Claude Cowork,Anthropic在企业市场站稳了脚跟。在加快研发与产品迭代速度、并扩大内部Claude使用规模的同时,Anthropic在前沿研究领域也取得突破,推出Mythos 5、Fable 5和Opus 5等新模型,并发布了Claude Design等新产品。Anthropic的收入主要来自基于使用量的计费模式,即按“Token”(标记/单元)进行计量。客户需根据所使用的 Claude 模型支付相应费用,此外还需缴纳产品订阅费。招股书显示,Anthropic在2023年、2024年、2025年营收分别为4100万美元、3.86亿美元、45.85亿美元;运营亏损分别为5.51亿美元、29.8亿美元、80.6亿美元;净亏损分别为15.31亿美元、83亿美元、419.65亿美元。Anthropic在2026年前9个月营收为332.42亿美元,运营亏损为12.6亿美元,净亏损为1040亿美元。Anthropic在2023年、2024年、2025年经调整净利分别为-4.57亿美元、-26.83亿美元、-44.48亿美元;2026年前9个月经调整运营利润为40.81亿美元,经调整净利为55.91亿美元。Q3营收170亿美元 自2026年以来,Anthropic业绩取得了爆发性的增长。其中,Anthropic在2026年第三季度营收为169.56亿美元,较上年同期的13.82亿美元增长1127%,较上一季度的115.55亿美元增长47%。Anthropic称,公司各季度的增长得益于一系列模型与产品的陆续发布,这些发布推动了各项产品与服务的使用量增加、业务扩展及更广泛的应用;其中,基于消费量(consumption-based)和基于订阅(subscription-based)的收入模式均有所贡献。Q2成本与费用175.23亿美元 同比增长292%Anthropic在2026年第三季度成本与费用175.23亿美元,较上年同期的44.71亿美元增长292%。其中,Anthropic在2026年第三季度计算与基础设施开支为98.63亿美元,人员开支17.11亿美元,销售、市场营销与合作伙伴关系开支为26.61亿美元,其他运营与行政开支为35.88亿美元。Anthropic在2026年第三季度运营亏损为5.67亿美元,上年同期的运营亏损为30.89亿美元。Anthropic在2026年第三季度运营利润率为-3%。Anthropic在2026年第三季度经调整运营利润为24.63亿美元,经调整运营利润率为15%。Anthropic称,业务的增长反映出,企业正日益将 Claude 直接嵌入到其关键业务流程之中。尽管呈现出这些趋势,但从全球经济范围来看,Claude的应用仍处于起步阶段。随着Claude能力的不断提升,相信其潜在市场机遇也将随之扩大,Claude也将持续在更多企业中实现快速普及。最近,公司也在担忧某些AI支出是否已经完全失控,且未能带来任何实际回报。Anthropic计划在未来几年内在与亚马逊 (Amazon)、谷歌 (Google) 等公司(这些公司也是 Anthropic 的主要投资者)及其他合作伙伴达成的云计算协议上,投入超过 4300 亿美元。若计入可取消的协议及规模较小的合同,总金额最高可达6370亿美元。创始人团队控制50.1%股权Anthropic核心团队脱胎于OpenAI。其中,达里奥·阿莫迪(Dario Amodei)为公司联合创始人、CEO、执行董事,现年43岁。自2021年1月共同创立Anthropic以来,Dario Amodei博士一直担任公司首席执行官及董事会成员。在共同创立Anthropic之前,Amodei博士曾于2016年7月至2020年12月在人工智能研究实验室OpenAI任职,担任研究副总裁等职务。加入OpenAI之前,Dario Amodei曾于2015年10月至2016年6月在谷歌(Google)旗下的人工智能研究团队Google Brain担任高级研究科学家。Amodei博士曾在斯坦福大学医学院完成博士后研究。他拥有普林斯顿大学生物物理学博士学位和斯坦福大学物理学学士学位。Dario Amodei还曾于2014年11月到2015年10月在百度工作,当然在百度研究院旗下的硅谷人工智能实验室(SVAIL),由百度时任首席科学家吴恩达领导。这就不得不提及百度,在国内最早做大模型文心一言,但风头远不如DeepSeek、KIMI、豆包等产品,属于起个大早赶个晚集的典型。Daniela Amodei。自2021年1月共同创立Anthropic以来,Amodei女士一直担任公司总裁及董事会成员。她目前还担任公司董事会主席。在共同创立Anthropic之前,Amodei女士曾于2018年10月至2020年12月在人工智能研究实验室OpenAI担任多个职务,包括安全与政策副总裁、人力副总裁以及工程经理。在加入OpenAI之前,她曾于2013年5月至2018年7月在金融科技与支付处理公司Stripe担任风险经理等职务。Amodei女士拥有加州大学圣克鲁兹分校(University of California, Santa Cruz)的英语文学学士学位。Anthropic拥有独特的资本与公司治理结构。根据特拉华州法律,Anthropic注册为“公益公司”(Public Benefit Corporation,简称 PBC),这一架构与Anthropic对AI安全及责任的承诺相契合。Anthropic称,作为一家公益公司,需要在以下三者之间取得平衡:股东的经济利益、受我们行为重大影响的相关方的最大利益,以及在修订并重述后的公司注册证书中所明确的特定公益目标——即为了人类的长期福祉,负责任地开发并维护先进的人工智能。Anthropic设立了“长期利益信托”(Long-Term Benefit Trust,简称“LTBT”),旨在确保 Anthropic, PBC 在运营过程中,能够负责任地平衡其作为公益公司的各项目标。LTBT 作为一个独立的机构运作,其受托人与公司无经济利益关联,且在人工智能安全、国家安全、公共政策及社会企业领域具备专业知识。通过一种特殊的普通股——T 类普通股(Class T common stock),LTBT 拥有选举和罢免 T 类董事的权力;这些 T 类董事在公司董事会授权成员总数中占据多数席位。除上述权力外,T 类普通股在提交股东表决的事项中不享有其他投票权,也不享有任何经济权益。在本次发行完成前夕,Anthropic将发行一股 F 类普通股(Class F common stock)——这是Anthropic普通股中的一种特殊类别——授予由Anthropic联合创始人组建的一家有限责任公司(下称“创始人有限责任公司”或“Founder LLC”)。Anthropic首席执行官兼董事会成员 Dario Amodei、总裁兼董事会主席 Daniela Amodei,以及其他五位联合创始人,将共同成为该创始人有限责任公司初始成员。由创始人有限责任公司持有的 F 类普通股,在提交股东表决的事项中(包括选举 T 类董事以外的其他董事),享有总计相当于公司已发行股本总投票权50.1%投票权。F 类普通股不享有任何经济权益。在本项发行完成前夕,Anthropic将增设一类特殊普通股,即“E类普通股”,并将其发行予我们的员工(联合创始人除外)。E类普通股仅在特定有限事项上享有表决权,且不享有任何经济权利。此外,Anthropic还设有A类普通股和N类普通股。——————————————雷递由媒体人雷建平创办,若转载请写明来源。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":156,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":624098477188456,"gmtCreate":1793382944964,"gmtModify":1793382946750,"author":{"id":"4099470509812690","authorId":"4099470509812690","name":"一只没有耳朵一只没有尾巴","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4099470509812690","idStr":"4099470509812690"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$ </a>做多的话,45以内就可以开始建仓了。","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$ </a>做多的话,45以内就可以开始建仓了。","text":"$英特尔(INTC)$ 做多的话,45以内就可以开始建仓了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/624098477188456","isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":621569382507768,"gmtCreate":1792777511267,"gmtModify":1792777513652,"author":{"id":"4099470509812690","authorId":"4099470509812690","name":"一只没有耳朵一只没有尾巴","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4099470509812690","idStr":"4099470509812690"},"themes":[],"title":"","htmlText":"\"2026-12-18到期的70.00美元CALL\"还有一年多到期?现在是哪年?","listText":"\"2026-12-18到期的70.00美元CALL\"还有一年多到期?现在是哪年?","text":"\"2026-12-18到期的70.00美元CALL\"还有一年多到期?现在是哪年?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/621569382507768","repostId":"1151806118","repostType":2,"repost":{"id":"1151806118","kind":"news","weMediaInfo":{"introduction":"值得关注的热点期权指标","home_visible":1,"media_name":"期权女巫","id":"1006589184","head_image":"https://static.tigerbbs.com/7471350466f20d36ee3112d77c72cd89"},"pubTimestamp":1792717329,"share":"https://www.laohunote.com/m/news/1151806118?lang=zh_CN&edition=full","pubTime":"2026-10-23 09:02","market":"us","language":"zh","title":"期权聚焦 | 奈飞大单情绪偏空:561万美元牛市看跌价差收租,83万美元远月Call押涨,防御性PUT结构主导","url":"https://stock-news.laohu8.com/highlight/detail?id=1151806118","media":"期权女巫","summary":"奈飞收盘报67.05美元,涨3.09%。当日大单资金情绪偏空,重点交易中既有牛市看跌价差收租,也有远月虚值CALL的上涨押注,但全量结构仍由防御性PUT组合主导。大单交易一笔净收款达561.02万美元的牛市看跌价差出现在2027-01-15到期合约上,交易者卖出95.00美元PUT并买入91.00美元PUT,整体属于典型的偏多收租策略。结合当前股价67.05美元来看,这两条PUT腿均处于实值,但该组合仍然表达了对后续股价维持在更有利区间、甚至逐步修复的预期。","content":"<p><p><strong>奈飞收盘报67.05美元,涨3.09%。</strong></p><p>当日大单资金情绪偏空,重点交易中既有牛市看跌价差收租,也有远月虚值CALL的上涨押注,但全量结构仍由防御性PUT组合主导。</p><h3>期权指标分析</h3><p>NFLX当前隐含波动率为33.39%,IV百分位为11.95%,处于较低区间,说明其期权隐含波动率在过去一段时间中位于相对低位,整体定价偏便宜;同时IV/HV比率为1.02,表明当前隐含波动率与历史波动率基本接近,期权定价整体较为合理,未显示出明显高估或低估。</p><p>Call/Put成交量比为1.13,显示看涨期权成交量略高于看跌期权,但结合大单结构,该比值并未反映主流资金的真实防御倾向。</p><h3>大单交易</h3><p>一笔净收款达561.02万美元的牛市看跌价差出现在2027-01-15到期合约上,交易者卖出95.00美元PUT并买入91.00美元PUT,整体属于典型的偏多收租策略。结合当前股价67.05美元来看,这两条PUT腿均处于实值,但该组合仍然表达了对后续股价维持在更有利区间、甚至逐步修复的预期。由于这是以净收款形式建立的PUT价差,说明资金更倾向于通过承接下方风险来换取权利金收入,本质上是在相对保守的框架下进行偏多布局,同时用更低执行价的买入PUT对尾部风险进行约束。</p><p>一笔规模达83.42万美元的CALL买入集中在2026-12-18到期的70.00美元CALL上,属于单腿偏多押注。以当前股价67.05美元衡量,这是一笔略虚值的长期看涨仓位,显示买方愿意为较长周期内的上涨弹性支付权利金。此类远期虚值CALL通常对应更明确的方向性博弈,说明有资金在押注NFLX未来一年多时间里突破当前价位并延续上行,从而获取杠杆化收益。</p><p>整体来看,NFLX当日大单资金情绪明显偏空。尽管展示出来的重点大单中既有偏多的牛市看跌价差,也有直接买入长期虚值CALL的上涨押注,但放在全量大单结构中,空头相关资金仍占据主导,尤其是大量跨期PUT组合和PUT结构性交易压过了零散的看涨单腿与看涨价差配置。这说明市场中虽然存在逢低布局和收取权利金的偏多尝试,但主流大资金对后市仍保持更强的防御与谨慎态度,整体定调偏空。</p><h3>策略参考</h3><p>若卖方不愿承担过多保证金,可优先选择2027-01-15到期、执行价低于91.00美元的PUT价差策略进行风险约束;同时由于IV处于低位,远月虚值CALL的买入成本相对可控,但需控制仓位以应对整体偏空的大单情绪。</p></p>","collect":0,"html":"<!DOCTYPE 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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期权聚焦 | 奈飞大单情绪偏空:561万美元牛市看跌价差收租,83万美元远月Call押涨,防御性PUT结构主导\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1006589184\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/7471350466f20d36ee3112d77c72cd89);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">期权女巫 </p>\n<p class=\"h-time\">2026-10-23 09:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><p><strong>奈飞收盘报67.05美元,涨3.09%。</strong></p><p>当日大单资金情绪偏空,重点交易中既有牛市看跌价差收租,也有远月虚值CALL的上涨押注,但全量结构仍由防御性PUT组合主导。</p><h3>期权指标分析</h3><p>NFLX当前隐含波动率为33.39%,IV百分位为11.95%,处于较低区间,说明其期权隐含波动率在过去一段时间中位于相对低位,整体定价偏便宜;同时IV/HV比率为1.02,表明当前隐含波动率与历史波动率基本接近,期权定价整体较为合理,未显示出明显高估或低估。</p><p>Call/Put成交量比为1.13,显示看涨期权成交量略高于看跌期权,但结合大单结构,该比值并未反映主流资金的真实防御倾向。</p><h3>大单交易</h3><p>一笔净收款达561.02万美元的牛市看跌价差出现在2027-01-15到期合约上,交易者卖出95.00美元PUT并买入91.00美元PUT,整体属于典型的偏多收租策略。结合当前股价67.05美元来看,这两条PUT腿均处于实值,但该组合仍然表达了对后续股价维持在更有利区间、甚至逐步修复的预期。由于这是以净收款形式建立的PUT价差,说明资金更倾向于通过承接下方风险来换取权利金收入,本质上是在相对保守的框架下进行偏多布局,同时用更低执行价的买入PUT对尾部风险进行约束。</p><p>一笔规模达83.42万美元的CALL买入集中在2026-12-18到期的70.00美元CALL上,属于单腿偏多押注。以当前股价67.05美元衡量,这是一笔略虚值的长期看涨仓位,显示买方愿意为较长周期内的上涨弹性支付权利金。此类远期虚值CALL通常对应更明确的方向性博弈,说明有资金在押注NFLX未来一年多时间里突破当前价位并延续上行,从而获取杠杆化收益。</p><p>整体来看,NFLX当日大单资金情绪明显偏空。尽管展示出来的重点大单中既有偏多的牛市看跌价差,也有直接买入长期虚值CALL的上涨押注,但放在全量大单结构中,空头相关资金仍占据主导,尤其是大量跨期PUT组合和PUT结构性交易压过了零散的看涨单腿与看涨价差配置。这说明市场中虽然存在逢低布局和收取权利金的偏多尝试,但主流大资金对后市仍保持更强的防御与谨慎态度,整体定调偏空。</p><h3>策略参考</h3><p>若卖方不愿承担过多保证金,可优先选择2027-01-15到期、执行价低于91.00美元的PUT价差策略进行风险约束;同时由于IV处于低位,远月虚值CALL的买入成本相对可控,但需控制仓位以应对整体偏空的大单情绪。</p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151806118","content_text":"奈飞收盘报67.05美元,涨3.09%。当日大单资金情绪偏空,重点交易中既有牛市看跌价差收租,也有远月虚值CALL的上涨押注,但全量结构仍由防御性PUT组合主导。期权指标分析NFLX当前隐含波动率为33.39%,IV百分位为11.95%,处于较低区间,说明其期权隐含波动率在过去一段时间中位于相对低位,整体定价偏便宜;同时IV/HV比率为1.02,表明当前隐含波动率与历史波动率基本接近,期权定价整体较为合理,未显示出明显高估或低估。Call/Put成交量比为1.13,显示看涨期权成交量略高于看跌期权,但结合大单结构,该比值并未反映主流资金的真实防御倾向。大单交易一笔净收款达561.02万美元的牛市看跌价差出现在2027-01-15到期合约上,交易者卖出95.00美元PUT并买入91.00美元PUT,整体属于典型的偏多收租策略。结合当前股价67.05美元来看,这两条PUT腿均处于实值,但该组合仍然表达了对后续股价维持在更有利区间、甚至逐步修复的预期。由于这是以净收款形式建立的PUT价差,说明资金更倾向于通过承接下方风险来换取权利金收入,本质上是在相对保守的框架下进行偏多布局,同时用更低执行价的买入PUT对尾部风险进行约束。一笔规模达83.42万美元的CALL买入集中在2026-12-18到期的70.00美元CALL上,属于单腿偏多押注。以当前股价67.05美元衡量,这是一笔略虚值的长期看涨仓位,显示买方愿意为较长周期内的上涨弹性支付权利金。此类远期虚值CALL通常对应更明确的方向性博弈,说明有资金在押注NFLX未来一年多时间里突破当前价位并延续上行,从而获取杠杆化收益。整体来看,NFLX当日大单资金情绪明显偏空。尽管展示出来的重点大单中既有偏多的牛市看跌价差,也有直接买入长期虚值CALL的上涨押注,但放在全量大单结构中,空头相关资金仍占据主导,尤其是大量跨期PUT组合和PUT结构性交易压过了零散的看涨单腿与看涨价差配置。这说明市场中虽然存在逢低布局和收取权利金的偏多尝试,但主流大资金对后市仍保持更强的防御与谨慎态度,整体定调偏空。策略参考若卖方不愿承担过多保证金,可优先选择2027-01-15到期、执行价低于91.00美元的PUT价差策略进行风险约束;同时由于IV处于低位,远月虚值CALL的买入成本相对可控,但需控制仓位以应对整体偏空的大单情绪。","news_type":1,"symbols_score_info":{"NFLX":1}},"isVote":1,"tweetType":1,"viewCount":414,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603980616688384,"gmtCreate":1788493162793,"gmtModify":1788495742840,"author":{"id":"4099470509812690","authorId":"4099470509812690","name":"一只没有耳朵一只没有尾巴","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4099470509812690","idStr":"4099470509812690"},"themes":[],"title":"","htmlText":"美联储主席还是鲍威尔吗?他不是5月份已经结束任期了吗?","listText":"美联储主席还是鲍威尔吗?他不是5月份已经结束任期了吗?","text":"美联储主席还是鲍威尔吗?他不是5月份已经结束任期了吗?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/603980616688384","repostId":"2664738303","repostType":2,"repost":{"id":"2664738303","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":1788489001,"share":"https://www.laohunote.com/m/news/2664738303?lang=zh_CN&edition=full","pubTime":"2026-09-04 10:30","market":"fut","language":"zh","title":"沃勒“不加”形成“6比5”!决定9月美联储是否加息的关键竟是:鲍威尔?","url":"https://stock-news.laohu8.com/highlight/detail?id=2664738303","media":"华尔街见闻","summary":"Bianco Research创始人Bianco表示,沃勒已表态倾向维持利率不变,美联储9月议息会议的投票格局目前为6票(维持)对5票(加息),理事鲍威尔的立场尚不明朗,或成“一票定音”的关键人物。距会议不足两周,加息概率实际已接近50/50,鲍威尔的沉默成为不确定性来源。","content":"<html><head></head><body><p style=\"text-align: left;\">距美联储9月16日议息会议不足两周,投票格局高度胶着,鲍威尔的沉默正在成为市场最大的悬念。</p><p style=\"text-align: left;\">Bianco Research创始人Jim Bianco在社交媒体上发文指出,除宏观数据的博弈外,投票情况正在成为影响当前美联储的政策走向的关键因素。他写道:</p><blockquote><p style=\"text-align: left;\"><strong>我一直认为,观察美联储现在就是在数票。</strong></p></blockquote><p style=\"text-align: left;\">随着美联储理事沃勒近期表态倾向于维持利率不变,Bianco将当前的票数格局梳理为:<strong>6票(维持)对5票(加息),还有1票归属未知——那就是美联储前主席、现任理事鲍威尔。</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/3dc8cd5400bbfe6ce21bbc0b92608faf\" data-align=\"center\" tg-width=\"479\" tg-height=\"285\"/><span></span></p><p style=\"text-align: left;\"></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/5ae3fd7541fe5a6f68694e7c486b2800\" data-align=\"center\" tg-width=\"680\" tg-height=\"680\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\"><strong>Bianco个人的计票单</strong></p><h2 style=\"text-align: left;\">鲍威尔:刻意低调,却成关键变量</h2><p style=\"text-align: left;\">Bianco指出,鲍威尔自5月新闻发布会后便未再公开发言,“他希望淡出公众视野”。</p><p style=\"text-align: left;\">这一策略在Bianco看来有其背景:特朗普持续批评美联储,令委员会对自身独立性产生顾虑,FOMC投票委员们因此逐渐转向更明确地以公开表态来锚定各自立场。</p><p style=\"text-align: left;\">然而,鲍威尔的沉默如今反而制造了不确定性。Bianco写道:</p><blockquote><p style=\"text-align: left;\"><strong>如果所有人都按照公开表态投票,鲍威尔的一票就举足轻重。</strong></p></blockquote><h2 style=\"text-align: left;\">加息概率:实际已是50/50</h2><p style=\"text-align: left;\">Bianco的结论直接而清晰:</p><blockquote><p style=\"text-align: left;\">这就是为什么在距离会议不足两周的时候,加息概率实际上已经是50/50。</p></blockquote><p style=\"text-align: left;\">8月30日,他此前曾预判9月16日的投票结果将是<strong>7对5</strong>,但方向尚不确定——“我只是不确定是7对5加息,还是7对5维持。”</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/be97558273da267e35b30c2c845a7f72\" data-align=\"center\" tg-width=\"582\" tg-height=\"590\"/><span></span></p><p style=\"text-align: left;\"><strong>目前,随着沃勒倒向维持阵营,维持派暂时以6对5领先,但鲍威尔的一票仍可打破平衡,令最终结果悬而未决。</strong></p><p style=\"text-align: left;\">Bianco认为,特朗普对美联储的持续施压是理解当前票数分化的重要背景。</p><p style=\"text-align: left;\">他表示,正是出于对独立性的担忧,FOMC委员们开始更倾向于通过公开表态来明确各自立场,而非依赖内部协商形成共识。这使得外界得以通过“票数清点”的方式,相对清晰地追踪政策走向。</p><p style=\"text-align: left;\">自1936年以来,从未出现过6–6的投票结果。最接近的一次是1963年、1964年和1973年的6–5。 美国《联邦储备法》中没有关于平局的规定。他写道:</p><blockquote><p style=\"text-align: left;\">推测起来,这意味着维持现状,因为没有达成任何协议,美联储将继续保持联邦基金利率稳定。当然,他们可以同意举行第二次(或第三次)投票,直到打破平局。</p></blockquote><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/049ab18b6937fdedb9e7e7682140ff81\" data-align=\"center\" tg-width=\"595\" tg-height=\"372\"/><span></span></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>沃勒“不加”形成“6比5”!决定9月美联储是否加息的关键竟是:鲍威尔?</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; 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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沃勒“不加”形成“6比5”!决定9月美联储是否加息的关键竟是:鲍威尔?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-09-04 10:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">距美联储9月16日议息会议不足两周,投票格局高度胶着,鲍威尔的沉默正在成为市场最大的悬念。</p><p style=\"text-align: left;\">Bianco Research创始人Jim Bianco在社交媒体上发文指出,除宏观数据的博弈外,投票情况正在成为影响当前美联储的政策走向的关键因素。他写道:</p><blockquote><p style=\"text-align: left;\"><strong>我一直认为,观察美联储现在就是在数票。</strong></p></blockquote><p style=\"text-align: left;\">随着美联储理事沃勒近期表态倾向于维持利率不变,Bianco将当前的票数格局梳理为:<strong>6票(维持)对5票(加息),还有1票归属未知——那就是美联储前主席、现任理事鲍威尔。</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/3dc8cd5400bbfe6ce21bbc0b92608faf\" data-align=\"center\" tg-width=\"479\" tg-height=\"285\"/><span></span></p><p style=\"text-align: left;\"></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/5ae3fd7541fe5a6f68694e7c486b2800\" data-align=\"center\" tg-width=\"680\" tg-height=\"680\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\"><strong>Bianco个人的计票单</strong></p><h2 style=\"text-align: left;\">鲍威尔:刻意低调,却成关键变量</h2><p style=\"text-align: left;\">Bianco指出,鲍威尔自5月新闻发布会后便未再公开发言,“他希望淡出公众视野”。</p><p style=\"text-align: left;\">这一策略在Bianco看来有其背景:特朗普持续批评美联储,令委员会对自身独立性产生顾虑,FOMC投票委员们因此逐渐转向更明确地以公开表态来锚定各自立场。</p><p style=\"text-align: left;\">然而,鲍威尔的沉默如今反而制造了不确定性。Bianco写道:</p><blockquote><p style=\"text-align: left;\"><strong>如果所有人都按照公开表态投票,鲍威尔的一票就举足轻重。</strong></p></blockquote><h2 style=\"text-align: left;\">加息概率:实际已是50/50</h2><p style=\"text-align: left;\">Bianco的结论直接而清晰:</p><blockquote><p style=\"text-align: left;\">这就是为什么在距离会议不足两周的时候,加息概率实际上已经是50/50。</p></blockquote><p style=\"text-align: left;\">8月30日,他此前曾预判9月16日的投票结果将是<strong>7对5</strong>,但方向尚不确定——“我只是不确定是7对5加息,还是7对5维持。”</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/be97558273da267e35b30c2c845a7f72\" data-align=\"center\" tg-width=\"582\" tg-height=\"590\"/><span></span></p><p style=\"text-align: left;\"><strong>目前,随着沃勒倒向维持阵营,维持派暂时以6对5领先,但鲍威尔的一票仍可打破平衡,令最终结果悬而未决。</strong></p><p style=\"text-align: left;\">Bianco认为,特朗普对美联储的持续施压是理解当前票数分化的重要背景。</p><p style=\"text-align: left;\">他表示,正是出于对独立性的担忧,FOMC委员们开始更倾向于通过公开表态来明确各自立场,而非依赖内部协商形成共识。这使得外界得以通过“票数清点”的方式,相对清晰地追踪政策走向。</p><p style=\"text-align: left;\">自1936年以来,从未出现过6–6的投票结果。最接近的一次是1963年、1964年和1973年的6–5。 美国《联邦储备法》中没有关于平局的规定。他写道:</p><blockquote><p style=\"text-align: left;\">推测起来,这意味着维持现状,因为没有达成任何协议,美联储将继续保持联邦基金利率稳定。当然,他们可以同意举行第二次(或第三次)投票,直到打破平局。</p></blockquote><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/049ab18b6937fdedb9e7e7682140ff81\" data-align=\"center\" tg-width=\"595\" tg-height=\"372\"/><span></span></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5009085843fdda4e963c30afad78aaa9","relate_stocks":{"TMV":"3倍做空20年期以上美国国债ETF-Direxion","SHV":"Ishares Trust Trust Ishares 0-1 YEAR Treasury BOND ETF","TIP":"通胀债券指数ETF-iShares Barclays","HK0000934320.USD":"GF USD MONEY MARKET FUND CLASS C (USD) ACCUMULATION","TLH":"iShares安硕10-20年国债ETF","SHY":"债券指数ETF-iShares Barclays 1-3年国债","BOXX":"ALPHA ARCHITECT 1-3 MONTH BOX ETF","UVIX":"2倍做多恐慌指数期货ETF","VXX":"短期VIX期货ETN","SVXY":"做空波动率指数短期期货ETF-ProShares","GOVT":"iShares安硕核心美国国债ETF","HYG":"债券指数ETF-iShares iBoxx高收益公司债","UVXY":"1.5倍做多短期期货恐慌指数ETF-Proshares","TLT":"20+年以上美国国债ETF-iShares","IEF":"债券指数ETF-iShares Barclays 7-10年","EDV":"美国延期国债ETF-Vanguard","SCHO":"嘉信短期美国国债ETF","TQQQ":"纳指三倍做多ETF","USTB":"VictoryShares Short-Term Bond 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Bianco在社交媒体上发文指出,除宏观数据的博弈外,投票情况正在成为影响当前美联储的政策走向的关键因素。他写道:我一直认为,观察美联储现在就是在数票。随着美联储理事沃勒近期表态倾向于维持利率不变,Bianco将当前的票数格局梳理为:6票(维持)对5票(加息),还有1票归属未知——那就是美联储前主席、现任理事鲍威尔。Bianco个人的计票单鲍威尔:刻意低调,却成关键变量Bianco指出,鲍威尔自5月新闻发布会后便未再公开发言,“他希望淡出公众视野”。这一策略在Bianco看来有其背景:特朗普持续批评美联储,令委员会对自身独立性产生顾虑,FOMC投票委员们因此逐渐转向更明确地以公开表态来锚定各自立场。然而,鲍威尔的沉默如今反而制造了不确定性。Bianco写道:如果所有人都按照公开表态投票,鲍威尔的一票就举足轻重。加息概率:实际已是50/50Bianco的结论直接而清晰:这就是为什么在距离会议不足两周的时候,加息概率实际上已经是50/50。8月30日,他此前曾预判9月16日的投票结果将是7对5,但方向尚不确定——“我只是不确定是7对5加息,还是7对5维持。”目前,随着沃勒倒向维持阵营,维持派暂时以6对5领先,但鲍威尔的一票仍可打破平衡,令最终结果悬而未决。Bianco认为,特朗普对美联储的持续施压是理解当前票数分化的重要背景。他表示,正是出于对独立性的担忧,FOMC委员们开始更倾向于通过公开表态来明确各自立场,而非依赖内部协商形成共识。这使得外界得以通过“票数清点”的方式,相对清晰地追踪政策走向。自1936年以来,从未出现过6–6的投票结果。最接近的一次是1963年、1964年和1973年的6–5。 美国《联邦储备法》中没有关于平局的规定。他写道:推测起来,这意味着维持现状,因为没有达成任何协议,美联储将继续保持联邦基金利率稳定。当然,他们可以同意举行第二次(或第三次)投票,直到打破平局。","news_type":1,"symbols_score_info":{"USTB":2,"UBT":2,"HYG":2,"TLT":2,"TMF":2,"SGOV":2,"QQQ":2,"SHV":2,"TBT":2,"US10Y.BOND":2,"TIP":2,"VGSH":2,"VIX":2,"IEF":2,".DJI":2,"BND":2,"EDV":2,"SVXY":0.6,"UVXY":0.6,"ESmain":2,"US7Y.BOND":2,"SHY":2,".SPX":2,"US3Y.BOND":2,"BOXX":2,"YMmain":2,"SVIX":0.6,"SQQQ":2,"US30Y.BOND":2,"UVIX":0.6,"VGIT":2,"VIXY":2,"US12M.BOND":2,"TMV":2,"GOVT":2,".IXIC":2,"TLTW":2,"NQmain":2,"TLH":2,"AGG":2,"SCHO":2,"VXX":2,"US5Y.BOND":2,"VGLT":2,"VIXmain":2,"TQQQ":2,"US6M.BOND":2,"US2Y.BOND":2}},"isVote":1,"tweetType":1,"viewCount":2032,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4222425035024332","authorId":"4222425035024332","name":"SargassoSea","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4222425035024332","idStr":"4222425035024332"},"content":"文章都不看就只会看个标题","text":"文章都不看就只会看个标题","html":"文章都不看就只会看个标题"},{"author":{"id":"4185450054404922","authorId":"4185450054404922","name":"zhevd","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"4185450054404922","idStr":"4185450054404922"},"content":"**6写文章连换人了都不知道","text":"**6写文章连换人了都不知道","html":"**6写文章连换人了都不知道"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":584334056228296,"gmtCreate":1783691191212,"gmtModify":1783691193259,"author":{"id":"4099470509812690","authorId":"4099470509812690","name":"一只没有耳朵一只没有尾巴","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4099470509812690","idStr":"4099470509812690"},"themes":[],"title":"","htmlText":"连历史低点是哪天都能看错?","listText":"连历史低点是哪天都能看错?","text":"连历史低点是哪天都能看错?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/584334056228296","repostId":"2650138157","repostType":2,"repost":{"id":"2650138157","kind":"live","pubTimestamp":1783689009,"share":"https://www.laohunote.com/m/news/2650138157?lang=zh_CN&edition=full","pubTime":"2026-07-10 21:10","market":"us","language":"zh","title":"“马斯克溢价”左右互搏:SpaceX(SPCX.US)IPO首月冲高回落,特斯拉(TSLA.US)“防守反击”","url":"https://stock-news.laohu8.com/highlight/detail?id=2650138157","media":"智通财经","summary":"【“马斯克溢价”左右互搏:SpaceX(SPCX.US)IPO首月冲高回落,特斯拉(TSLA.US)“防守反击”】智通财经APP获悉,全球史上最大IPO的光环尚未褪去,SpaceX(SPCX.US)的","content":"<html><body><div>\n<div>\n<b>【“马斯克溢价”左右互搏:SpaceX(SPCX.US)IPO首月冲高回落,特斯拉(TSLA.US)“防守反击”】</b>智通财经APP获悉,全球史上最大IPO的光环尚未褪去,SpaceX(SPCX.US)的股价已从云端跌落凡间。这家由埃隆·马斯克控制的集航天、电信、AI与社交媒体于一体的巨头,在上市仅一个月后,股价已从6月16日创下的225.64美元收盘高位暴跌逾35%,7月9日盘中更触及145.20美元的历史低点。截至7月9日收盘,SpaceX报149.29美元,连续两日低于150美元的上市首日开盘价。 </div>\n</div></body></html>","source":"live_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>“马斯克溢价”左右互搏:SpaceX(SPCX.US)IPO首月冲高回落,特斯拉(TSLA.US)“防守反击”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; 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.h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“马斯克溢价”左右互搏:SpaceX(SPCX.US)IPO首月冲高回落,特斯拉(TSLA.US)“防守反击”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-10 21:10 北京时间 <a href=https://www.zhitongcaijing.com/immediately.html?type=usstock><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>【“马斯克溢价”左右互搏:SpaceX(SPCX.US)IPO首月冲高回落,特斯拉(TSLA.US)“防守反击”】智通财经APP获悉,全球史上最大IPO的光环尚未褪去,SpaceX(SPCX.US)的股价已从云端跌落凡间。这家由埃隆·马斯克控制的集航天、电信、AI与社交媒体于一体的巨头,在上市仅一个月后,股价已从6月16日创下的225.64美元收盘高位暴跌逾35%,7月9日盘中更触及145.20...</p>\n\n<a href=\"https://www.zhitongcaijing.com/immediately.html?type=usstock\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","BK4585":"ETF&股票定投概念","SPCX":"SPAC and New Issue ETF","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","TSYY":"收益增强TSLA ETF-GraniteShares","BK4555":"新能源车","LU0133085943.USD":"T ROWE PRICE US BLUE CHIP EQUITY \"A\" ACC","LU2063271972.USD":"富兰克林创新领域基金","SPCM":"2倍做多SpaceX ETF-Tradr","LU2108987350.USD":"UBS (LUX) EQUITY SICAV 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FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC"},"source_url":"https://www.zhitongcaijing.com/immediately.html?type=usstock","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2650138157","content_text":"【“马斯克溢价”左右互搏:SpaceX(SPCX.US)IPO首月冲高回落,特斯拉(TSLA.US)“防守反击”】智通财经APP获悉,全球史上最大IPO的光环尚未褪去,SpaceX(SPCX.US)的股价已从云端跌落凡间。这家由埃隆·马斯克控制的集航天、电信、AI与社交媒体于一体的巨头,在上市仅一个月后,股价已从6月16日创下的225.64美元收盘高位暴跌逾35%,7月9日盘中更触及145.20美元的历史低点。截至7月9日收盘,SpaceX报149.29美元,连续两日低于150美元的上市首日开盘价。","news_type":1,"symbols_score_info":{"SPCQ":0.6,"SPCM":0.6,"WANT":0.6,"SSPC":0.6,"TSLG":0.6,"SPCF":0.6,"09766":0.6,"LIT":0.6,"TSLY":0.6,"TSLR":0.6,"09366":0.6,"SPCX":1.97,"TSLT":0.6,"TSLA":1.95,"TSYY":0.6,"TESL":0.6,"07766":0.6,"TSLP":0.6,"TSLI":0.6,"IDRV":0.6,"FDRV":0.6,"TSLQ":0.6,"SMOG":0.6,"SPCH":0.6,"TEST":0.6,"07366":0.6,"TSL":0.6,"TSII":0.6,"TSLZ":0.6,"LOFF":0.6,"TSLW":0.6,"SPAX":0.6,"TLA":0.6,"CRSH":0.6,"TSLS":0.6,"TSLO":0.6,"TSDD":0.6,"SPCG":0.6}},"isVote":1,"tweetType":1,"viewCount":1745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":583839857369752,"gmtCreate":1783570457362,"gmtModify":1783570459399,"author":{"id":"4099470509812690","authorId":"4099470509812690","name":"一只没有耳朵一只没有尾巴","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4099470509812690","idStr":"4099470509812690"},"themes":[],"title":"","htmlText":"文章说的这意思应该是股价不合理,不是估值不合理。","listText":"文章说的这意思应该是股价不合理,不是估值不合理。","text":"文章说的这意思应该是股价不合理,不是估值不合理。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/583839857369752","repostId":"2650912100","repostType":2,"repost":{"id":"2650912100","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":1783559437,"share":"https://www.laohunote.com/m/news/2650912100?lang=zh_CN&edition=full","pubTime":"2026-07-09 09:10","market":"us","language":"zh","title":"涨幅远低于芯片指数!美银称英伟达“估值不合理”","url":"https://stock-news.laohu8.com/highlight/detail?id=2650912100","media":"华尔街见闻","summary":"美银认为,英伟达今年股价仅涨3%,远落后于费城半导体指数82%的涨幅,估值存在\"不合理折价\"。当前远期市盈率跌至7年最低(约18倍),隐含市场对其2027/2028年EPS高达30-35%的下行预期,而美银认为此假设站不住脚。市场过度担忧内存成本与ASIC竞争,却低估了英伟达定价权与护城河。","content":"<html><head></head><body><blockquote><p>美银认为,英伟达今年股价仅涨3%,远落后于费城半导体指数82%的涨幅,估值存在"不合理折价"。当前远期市盈率跌至7年最低(约18倍),隐含市场对其2027/2028年EPS高达30-35%的下行预期,而美银认为此假设站不住脚。市场过度担忧内存成本与ASIC竞争,却低估了英伟达定价权与护城河。</p></blockquote><p style=\"text-align: left;\"><strong>市场正在错误定价,英伟达的不合理“折价”正是黄金买点</strong>!尽管在人工智能领域占据绝对统治地位,英伟达今年迄今的股价仅上涨了3%,远远落后于暴涨82%的费城半导体指数。美银认为,这种巨大的背离揭示了一个极具吸引力的买入机会。</p><p style=\"text-align: left;\">据追风交易台消息,美银(BofA Securities)7月7日研报的核心逻辑清晰:<strong>英伟达当前的估值折价,源于市场对内存成本、ASIC竞争和持仓集中度的过度定价,而非基本面的真实恶化。</strong></p><p style=\"text-align: left;\">该行认为,市场当前对英伟达的估值隐含了对其2027/2028年每股收益(EPS)高达30-35%的“不合理折价”,导致其远期市盈率跌至7年来的最低点(18倍)。换言之,<strong>市场在为一个并不存在的风险买单。</strong></p><p style=\"text-align: left;\">与此同时,美银认为,<strong>市场过度担忧了内存成本上升、定制芯片(ASIC)竞争、拥挤的机构持仓以及资金使用效率,却完全无视了英伟达无可匹敌的定价权、高达1190亿美元的供应链承诺以及持续扩大的市场份额。</strong></p><p style=\"text-align: left;\">在AI数据中心支出超级周期尚未见顶、英伟达护城河持续加深的背景下,美银认为当前股价提供了一个"增强型买入机会",重申对英伟达的“买入”评级,<strong>目标价350美元</strong>,较当前204.12美元的股价隐含<strong>超70%的上行空间</strong>。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/212c1454977f0170eaa8258e227c8b4f\" tg-width=\"849\" tg-height=\"544\"/></p><h2 id=\"id_921185345\" style=\"text-align: left;\">估值悖论:7年最低市盈率,市场在为何折价?</h2><p style=\"text-align: left;\">英伟达目前股价195.55美元,对应2027财年预期市盈率仅约<strong>21.5倍</strong>(美银预测EPS为9.09美元),2028财年更降至<strong>14.7倍</strong>。这一估值水平,不仅是英伟达近7年来的历史低位,更与其大型科技同行形成了显著落差。</p><p style=\"text-align: left;\">美银的比较数据显示,苹果、微软、谷歌、亚马逊、Meta这五大科技巨头,当前平均以<strong>22倍/19倍</strong>的2027/2028年预期市盈率交易,比英伟达高出约30-35%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6a545d7895f1c1b3706d3632ffec3fb2\" tg-width=\"1024\" tg-height=\"304\"/></p><p style=\"text-align: left;\">美银的核心论点是:<strong>英伟达面临的AI机遇与内存成本压力,与上述五家公司并无本质区别</strong>,却承受了额外的估值折价。</p><p style=\"text-align: left;\">这一折价隐含的逻辑,相当于市场已经预先"定价"了英伟达2027/2028年EPS将出现30-35%的下行冲击——而美银认为这一假设根本站不住脚。</p><p style=\"text-align: left;\">从PEG(市盈率相对盈利增长比率)角度看,英伟达2027年PEG仅为<strong>0.3倍</strong>,远低于苹果的2.7倍、微软的1.0倍、谷歌的1.9倍,性价比极为突出。</p><p style=\"text-align: left;\">与此同时,美银认为,这种巨大的估值折价完全源于市场对内存成本和竞争论调的过度反应。<strong>即将到来的财报电话会议将成为一个关键的积极催化剂,有望进一步向市场澄清英伟达在产品、定价和供应链方面坚不可摧的护城河。</strong></p><h2 id=\"id_3731928556\" style=\"text-align: left;\">内存成本:冲击被高估,定价权被低估</h2><p style=\"text-align: left;\">市场对英伟达毛利率的担忧,主要集中在高带宽内存(HBM)成本的持续上涨。美银认为,这一担忧<strong>同时高估了成本冲击,又低估了英伟达的定价能力</strong>。</p><p style=\"text-align: left;\"><strong>数据揭示了真实的利润空间:</strong>从Blackwell架构升级至Vera Rubin架构,每机架的HBM成本增量约为<strong>20-30万美元</strong>;然而,整个机架的售价预计将上涨<strong>200-300万美元</strong>(从Blackwell的约300-400万美元/机架,提升至Vera Rubin的约600-700万美元/机架)。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf2999584ee7b85f0a82131725a36bac\" tg-width=\"990\" tg-height=\"495\"/></p><p style=\"text-align: left;\">价格上涨的驱动力不仅仅是内存,还包括升级后的Vera CPU、NVLink和Quantum以太网网络(这些组件均不需要HBM内存),以及一系列加速推理、降低首字节时间(TTFT)成本的软件功能。</p><p style=\"text-align: left;\">英伟达还指出,Vera Rubin相比Blackwell可实现:</p><ul style=\"\"><li><p style=\"text-align: left;\">每瓦性能提升约<strong>10倍</strong>(推理token成本降低约10倍);</p></li><li><p style=\"text-align: left;\">推理能力提升约<strong>3.3倍</strong>;</p></li><li><p style=\"text-align: left;\">训练能力提升最高<strong>5倍</strong>。</p></li></ul><p style=\"text-align: left;\">此外,英伟达已通过内存、晶圆、封装和电力等领域超过<strong>1190亿美元</strong>的预购承诺,构建了强大的供应链护城河。美银因此预计,英伟达毛利率将维持在<strong>70%中段</strong>水平。</p><h2 id=\"id_3351796469\" style=\"text-align: left;\">ASIC竞争:700倍增长的历史已给出答案</h2><p style=\"text-align: left;\">定制芯片(ASIC)对英伟达的威胁,是另一个困扰市场的核心问题。美银用一组数据直接回应:</p><ul style=\"\"><li><p style=\"text-align: left;\">谷歌TPU于<strong>2015年</strong>推出;</p></li><li><p style=\"text-align: left;\">亚马逊Trainium于<strong>2020年</strong>推出;</p></li><li><p style=\"text-align: left;\">Meta MTIA于<strong>2023年</strong>推出。</p></li></ul><p style=\"text-align: left;\">然而,自2015年以来,英伟达GPU加速器销售额已增长约<strong>700倍</strong>。更值得关注的是,根据英伟达最新的分部披露,其对超大规模云厂商(Hyperscaler)的销售同比增长<strong>115%</strong>,约为云计算资本支出增速的<strong>2倍</strong>,显示英伟达在超大规模客户中的钱包份额仍在持续扩大,而非收缩。</p><p style=\"text-align: left;\">美银的逻辑是:<strong>ASIC是为特定功能定制的窄域产品,仅在特定云厂商内部使用;而英伟达提供的是一个广泛可用、生态完善的通用平台</strong>。长期来看,美银预计英伟达将维持AI算力资本支出<strong>65-70%以上</strong>的市场份额,剩余30-35%由ASIC和AMD等其他厂商分享。</p><h2 id=\"id_3806669378\" style=\"text-align: left;\">AI市场空间:2030年1.7万亿美元的盛宴</h2><p style=\"text-align: left;\">美银对AI数据中心市场的长期预测,为英伟达的增长持续性提供了宏观支撑。预测数据如下:</p><blockquote><ul style=\"\"><li><p style=\"text-align: left;\">全球AI数据中心系统市场规模,预计从2025年的<strong>2730亿美元</strong>增长至2030年的约<strong>1.7万亿美元</strong>,复合年增长率(CAGR)达<strong>44%</strong>;</p></li><li><p style=\"text-align: left;\">其中AI加速器(GPU/ASIC/XPU)市场,预计从2025年的约<strong>1970亿美元</strong>增长至2030年的约<strong>1.1万亿美元</strong>;</p></li><li><p style=\"text-align: left;\">HBM市场预计从2025年的<strong>345亿美元</strong>增长至2030年的<strong>2463亿美元</strong>,CAGR达48%;</p></li><li><p style=\"text-align: left;\">AI网络连接市场预计以<strong>45%的CAGR</strong>增长,至2030年达到<strong>1100亿美元</strong>;</p></li><li><p style=\"text-align: left;\">整体数据中心系统市场(含AI与非AI)预计从2025年的<strong>5056亿美元</strong>增长至2030年的约<strong>2.1万亿美元</strong>,CAGR为33%,远超整体IT支出9%的增速。</p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9d09da59d94a058f2392b5c9142a0a2\" tg-width=\"1024\" tg-height=\"623\"/></p></blockquote><p style=\"text-align: left;\">在英伟达自身的EPS预测路径上,美银预计:2027财年EPS达<strong>9.09美元</strong>,2028财年达<strong>13.27美元</strong>,2030财年EPS潜力超过<strong>25美元</strong>。</p><h2 id=\"id_1577621718\" style=\"text-align: left;\">两大潜在压制因素:持仓集中与生态投资</h2><p style=\"text-align: left;\">美银并未回避英伟达当前面临的两个真实压力。</p><p style=\"text-align: left;\"><strong>其一,机构持仓集中。</strong></p><p style=\"text-align: left;\">英伟达是标普500指数中市值最大的成分股,在主动管理型标普500基金中,持仓权重为其相对市值的<strong>1.15倍</strong>,被<strong>78%</strong>的主动管理基金持有(非英伟达同类股票的平均持有比例为81%)。美银认为,在市场消化新增科技股供给之前,这一持仓集中度将持续构成股价压力。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e41efb7de3a64b864d9d3fab94159112\" tg-width=\"1024\" tg-height=\"404\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/140bb38f318ca1e77a89ff4bb135bc9e\" tg-width=\"1024\" tg-height=\"445\"/></p><p style=\"text-align: left;\"><strong>其二,生态系统投资规模。</strong></p><p style=\"text-align: left;\">英伟达近期对供应商和客户的投资总额约为<strong>650亿美元</strong>,涵盖OpenAI(300亿美元)、Anthropic(最高100亿美元)、英特尔(50亿美元)等多家公司。美银估算,这一投资规模约占2026财年预期自由现金流(约1870亿美元)的<strong>35%</strong>,或2027财年预期自由现金流(约3850亿美元)的约<strong>17%</strong>。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/323559d07c09c27e88d7dc5d49daef96\" tg-width=\"980\" tg-height=\"685\"/></p><p style=\"text-align: left;\"><strong>美银的结论是:</strong>这一投资构成"黄色预警",但不足以实质性损害股东回报能力——英伟达仍有充足空间提升分红和回购力度。</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>涨幅远低于芯片指数!美银称英伟达“估值不合理”</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{ 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class=\"title\">\n涨幅远低于芯片指数!美银称英伟达“估值不合理”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-07-09 09:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>美银认为,英伟达今年股价仅涨3%,远落后于费城半导体指数82%的涨幅,估值存在"不合理折价"。当前远期市盈率跌至7年最低(约18倍),隐含市场对其2027/2028年EPS高达30-35%的下行预期,而美银认为此假设站不住脚。市场过度担忧内存成本与ASIC竞争,却低估了英伟达定价权与护城河。</p></blockquote><p style=\"text-align: left;\"><strong>市场正在错误定价,英伟达的不合理“折价”正是黄金买点</strong>!尽管在人工智能领域占据绝对统治地位,英伟达今年迄今的股价仅上涨了3%,远远落后于暴涨82%的费城半导体指数。美银认为,这种巨大的背离揭示了一个极具吸引力的买入机会。</p><p style=\"text-align: left;\">据追风交易台消息,美银(BofA Securities)7月7日研报的核心逻辑清晰:<strong>英伟达当前的估值折价,源于市场对内存成本、ASIC竞争和持仓集中度的过度定价,而非基本面的真实恶化。</strong></p><p style=\"text-align: left;\">该行认为,市场当前对英伟达的估值隐含了对其2027/2028年每股收益(EPS)高达30-35%的“不合理折价”,导致其远期市盈率跌至7年来的最低点(18倍)。换言之,<strong>市场在为一个并不存在的风险买单。</strong></p><p style=\"text-align: left;\">与此同时,美银认为,<strong>市场过度担忧了内存成本上升、定制芯片(ASIC)竞争、拥挤的机构持仓以及资金使用效率,却完全无视了英伟达无可匹敌的定价权、高达1190亿美元的供应链承诺以及持续扩大的市场份额。</strong></p><p style=\"text-align: left;\">在AI数据中心支出超级周期尚未见顶、英伟达护城河持续加深的背景下,美银认为当前股价提供了一个"增强型买入机会",重申对英伟达的“买入”评级,<strong>目标价350美元</strong>,较当前204.12美元的股价隐含<strong>超70%的上行空间</strong>。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/212c1454977f0170eaa8258e227c8b4f\" tg-width=\"849\" tg-height=\"544\"/></p><h2 id=\"id_921185345\" style=\"text-align: left;\">估值悖论:7年最低市盈率,市场在为何折价?</h2><p style=\"text-align: left;\">英伟达目前股价195.55美元,对应2027财年预期市盈率仅约<strong>21.5倍</strong>(美银预测EPS为9.09美元),2028财年更降至<strong>14.7倍</strong>。这一估值水平,不仅是英伟达近7年来的历史低位,更与其大型科技同行形成了显著落差。</p><p style=\"text-align: left;\">美银的比较数据显示,苹果、微软、谷歌、亚马逊、Meta这五大科技巨头,当前平均以<strong>22倍/19倍</strong>的2027/2028年预期市盈率交易,比英伟达高出约30-35%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6a545d7895f1c1b3706d3632ffec3fb2\" tg-width=\"1024\" tg-height=\"304\"/></p><p style=\"text-align: left;\">美银的核心论点是:<strong>英伟达面临的AI机遇与内存成本压力,与上述五家公司并无本质区别</strong>,却承受了额外的估值折价。</p><p style=\"text-align: left;\">这一折价隐含的逻辑,相当于市场已经预先"定价"了英伟达2027/2028年EPS将出现30-35%的下行冲击——而美银认为这一假设根本站不住脚。</p><p style=\"text-align: left;\">从PEG(市盈率相对盈利增长比率)角度看,英伟达2027年PEG仅为<strong>0.3倍</strong>,远低于苹果的2.7倍、微软的1.0倍、谷歌的1.9倍,性价比极为突出。</p><p style=\"text-align: left;\">与此同时,美银认为,这种巨大的估值折价完全源于市场对内存成本和竞争论调的过度反应。<strong>即将到来的财报电话会议将成为一个关键的积极催化剂,有望进一步向市场澄清英伟达在产品、定价和供应链方面坚不可摧的护城河。</strong></p><h2 id=\"id_3731928556\" style=\"text-align: left;\">内存成本:冲击被高估,定价权被低估</h2><p style=\"text-align: left;\">市场对英伟达毛利率的担忧,主要集中在高带宽内存(HBM)成本的持续上涨。美银认为,这一担忧<strong>同时高估了成本冲击,又低估了英伟达的定价能力</strong>。</p><p style=\"text-align: left;\"><strong>数据揭示了真实的利润空间:</strong>从Blackwell架构升级至Vera Rubin架构,每机架的HBM成本增量约为<strong>20-30万美元</strong>;然而,整个机架的售价预计将上涨<strong>200-300万美元</strong>(从Blackwell的约300-400万美元/机架,提升至Vera Rubin的约600-700万美元/机架)。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf2999584ee7b85f0a82131725a36bac\" tg-width=\"990\" tg-height=\"495\"/></p><p style=\"text-align: left;\">价格上涨的驱动力不仅仅是内存,还包括升级后的Vera CPU、NVLink和Quantum以太网网络(这些组件均不需要HBM内存),以及一系列加速推理、降低首字节时间(TTFT)成本的软件功能。</p><p style=\"text-align: left;\">英伟达还指出,Vera Rubin相比Blackwell可实现:</p><ul style=\"\"><li><p style=\"text-align: left;\">每瓦性能提升约<strong>10倍</strong>(推理token成本降低约10倍);</p></li><li><p style=\"text-align: left;\">推理能力提升约<strong>3.3倍</strong>;</p></li><li><p style=\"text-align: left;\">训练能力提升最高<strong>5倍</strong>。</p></li></ul><p style=\"text-align: left;\">此外,英伟达已通过内存、晶圆、封装和电力等领域超过<strong>1190亿美元</strong>的预购承诺,构建了强大的供应链护城河。美银因此预计,英伟达毛利率将维持在<strong>70%中段</strong>水平。</p><h2 id=\"id_3351796469\" style=\"text-align: left;\">ASIC竞争:700倍增长的历史已给出答案</h2><p style=\"text-align: left;\">定制芯片(ASIC)对英伟达的威胁,是另一个困扰市场的核心问题。美银用一组数据直接回应:</p><ul style=\"\"><li><p style=\"text-align: left;\">谷歌TPU于<strong>2015年</strong>推出;</p></li><li><p style=\"text-align: left;\">亚马逊Trainium于<strong>2020年</strong>推出;</p></li><li><p style=\"text-align: left;\">Meta MTIA于<strong>2023年</strong>推出。</p></li></ul><p style=\"text-align: left;\">然而,自2015年以来,英伟达GPU加速器销售额已增长约<strong>700倍</strong>。更值得关注的是,根据英伟达最新的分部披露,其对超大规模云厂商(Hyperscaler)的销售同比增长<strong>115%</strong>,约为云计算资本支出增速的<strong>2倍</strong>,显示英伟达在超大规模客户中的钱包份额仍在持续扩大,而非收缩。</p><p style=\"text-align: left;\">美银的逻辑是:<strong>ASIC是为特定功能定制的窄域产品,仅在特定云厂商内部使用;而英伟达提供的是一个广泛可用、生态完善的通用平台</strong>。长期来看,美银预计英伟达将维持AI算力资本支出<strong>65-70%以上</strong>的市场份额,剩余30-35%由ASIC和AMD等其他厂商分享。</p><h2 id=\"id_3806669378\" style=\"text-align: left;\">AI市场空间:2030年1.7万亿美元的盛宴</h2><p style=\"text-align: left;\">美银对AI数据中心市场的长期预测,为英伟达的增长持续性提供了宏观支撑。预测数据如下:</p><blockquote><ul style=\"\"><li><p style=\"text-align: left;\">全球AI数据中心系统市场规模,预计从2025年的<strong>2730亿美元</strong>增长至2030年的约<strong>1.7万亿美元</strong>,复合年增长率(CAGR)达<strong>44%</strong>;</p></li><li><p style=\"text-align: left;\">其中AI加速器(GPU/ASIC/XPU)市场,预计从2025年的约<strong>1970亿美元</strong>增长至2030年的约<strong>1.1万亿美元</strong>;</p></li><li><p style=\"text-align: left;\">HBM市场预计从2025年的<strong>345亿美元</strong>增长至2030年的<strong>2463亿美元</strong>,CAGR达48%;</p></li><li><p style=\"text-align: left;\">AI网络连接市场预计以<strong>45%的CAGR</strong>增长,至2030年达到<strong>1100亿美元</strong>;</p></li><li><p style=\"text-align: left;\">整体数据中心系统市场(含AI与非AI)预计从2025年的<strong>5056亿美元</strong>增长至2030年的约<strong>2.1万亿美元</strong>,CAGR为33%,远超整体IT支出9%的增速。</p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9d09da59d94a058f2392b5c9142a0a2\" tg-width=\"1024\" tg-height=\"623\"/></p></blockquote><p style=\"text-align: left;\">在英伟达自身的EPS预测路径上,美银预计:2027财年EPS达<strong>9.09美元</strong>,2028财年达<strong>13.27美元</strong>,2030财年EPS潜力超过<strong>25美元</strong>。</p><h2 id=\"id_1577621718\" style=\"text-align: left;\">两大潜在压制因素:持仓集中与生态投资</h2><p style=\"text-align: left;\">美银并未回避英伟达当前面临的两个真实压力。</p><p style=\"text-align: left;\"><strong>其一,机构持仓集中。</strong></p><p style=\"text-align: left;\">英伟达是标普500指数中市值最大的成分股,在主动管理型标普500基金中,持仓权重为其相对市值的<strong>1.15倍</strong>,被<strong>78%</strong>的主动管理基金持有(非英伟达同类股票的平均持有比例为81%)。美银认为,在市场消化新增科技股供给之前,这一持仓集中度将持续构成股价压力。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e41efb7de3a64b864d9d3fab94159112\" tg-width=\"1024\" tg-height=\"404\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/140bb38f318ca1e77a89ff4bb135bc9e\" tg-width=\"1024\" tg-height=\"445\"/></p><p style=\"text-align: left;\"><strong>其二,生态系统投资规模。</strong></p><p style=\"text-align: left;\">英伟达近期对供应商和客户的投资总额约为<strong>650亿美元</strong>,涵盖OpenAI(300亿美元)、Anthropic(最高100亿美元)、英特尔(50亿美元)等多家公司。美银估算,这一投资规模约占2026财年预期自由现金流(约1870亿美元)的<strong>35%</strong>,或2027财年预期自由现金流(约3850亿美元)的约<strong>17%</strong>。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/323559d07c09c27e88d7dc5d49daef96\" tg-width=\"980\" tg-height=\"685\"/></p><p style=\"text-align: left;\"><strong>美银的结论是:</strong>这一投资构成"黄色预警",但不足以实质性损害股东回报能力——英伟达仍有充足空间提升分红和回购力度。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3f1c866c487eb9e101f73a62d4495ce9","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://wallstreetcn.com/articles/3776518","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2650912100","content_text":"美银认为,英伟达今年股价仅涨3%,远落后于费城半导体指数82%的涨幅,估值存在\"不合理折价\"。当前远期市盈率跌至7年最低(约18倍),隐含市场对其2027/2028年EPS高达30-35%的下行预期,而美银认为此假设站不住脚。市场过度担忧内存成本与ASIC竞争,却低估了英伟达定价权与护城河。市场正在错误定价,英伟达的不合理“折价”正是黄金买点!尽管在人工智能领域占据绝对统治地位,英伟达今年迄今的股价仅上涨了3%,远远落后于暴涨82%的费城半导体指数。美银认为,这种巨大的背离揭示了一个极具吸引力的买入机会。据追风交易台消息,美银(BofA Securities)7月7日研报的核心逻辑清晰:英伟达当前的估值折价,源于市场对内存成本、ASIC竞争和持仓集中度的过度定价,而非基本面的真实恶化。该行认为,市场当前对英伟达的估值隐含了对其2027/2028年每股收益(EPS)高达30-35%的“不合理折价”,导致其远期市盈率跌至7年来的最低点(18倍)。换言之,市场在为一个并不存在的风险买单。与此同时,美银认为,市场过度担忧了内存成本上升、定制芯片(ASIC)竞争、拥挤的机构持仓以及资金使用效率,却完全无视了英伟达无可匹敌的定价权、高达1190亿美元的供应链承诺以及持续扩大的市场份额。在AI数据中心支出超级周期尚未见顶、英伟达护城河持续加深的背景下,美银认为当前股价提供了一个\"增强型买入机会\",重申对英伟达的“买入”评级,目标价350美元,较当前204.12美元的股价隐含超70%的上行空间。估值悖论:7年最低市盈率,市场在为何折价?英伟达目前股价195.55美元,对应2027财年预期市盈率仅约21.5倍(美银预测EPS为9.09美元),2028财年更降至14.7倍。这一估值水平,不仅是英伟达近7年来的历史低位,更与其大型科技同行形成了显著落差。美银的比较数据显示,苹果、微软、谷歌、亚马逊、Meta这五大科技巨头,当前平均以22倍/19倍的2027/2028年预期市盈率交易,比英伟达高出约30-35%。美银的核心论点是:英伟达面临的AI机遇与内存成本压力,与上述五家公司并无本质区别,却承受了额外的估值折价。这一折价隐含的逻辑,相当于市场已经预先\"定价\"了英伟达2027/2028年EPS将出现30-35%的下行冲击——而美银认为这一假设根本站不住脚。从PEG(市盈率相对盈利增长比率)角度看,英伟达2027年PEG仅为0.3倍,远低于苹果的2.7倍、微软的1.0倍、谷歌的1.9倍,性价比极为突出。与此同时,美银认为,这种巨大的估值折价完全源于市场对内存成本和竞争论调的过度反应。即将到来的财报电话会议将成为一个关键的积极催化剂,有望进一步向市场澄清英伟达在产品、定价和供应链方面坚不可摧的护城河。内存成本:冲击被高估,定价权被低估市场对英伟达毛利率的担忧,主要集中在高带宽内存(HBM)成本的持续上涨。美银认为,这一担忧同时高估了成本冲击,又低估了英伟达的定价能力。数据揭示了真实的利润空间:从Blackwell架构升级至Vera Rubin架构,每机架的HBM成本增量约为20-30万美元;然而,整个机架的售价预计将上涨200-300万美元(从Blackwell的约300-400万美元/机架,提升至Vera Rubin的约600-700万美元/机架)。价格上涨的驱动力不仅仅是内存,还包括升级后的Vera CPU、NVLink和Quantum以太网网络(这些组件均不需要HBM内存),以及一系列加速推理、降低首字节时间(TTFT)成本的软件功能。英伟达还指出,Vera Rubin相比Blackwell可实现:每瓦性能提升约10倍(推理token成本降低约10倍);推理能力提升约3.3倍;训练能力提升最高5倍。此外,英伟达已通过内存、晶圆、封装和电力等领域超过1190亿美元的预购承诺,构建了强大的供应链护城河。美银因此预计,英伟达毛利率将维持在70%中段水平。ASIC竞争:700倍增长的历史已给出答案定制芯片(ASIC)对英伟达的威胁,是另一个困扰市场的核心问题。美银用一组数据直接回应:谷歌TPU于2015年推出;亚马逊Trainium于2020年推出;Meta MTIA于2023年推出。然而,自2015年以来,英伟达GPU加速器销售额已增长约700倍。更值得关注的是,根据英伟达最新的分部披露,其对超大规模云厂商(Hyperscaler)的销售同比增长115%,约为云计算资本支出增速的2倍,显示英伟达在超大规模客户中的钱包份额仍在持续扩大,而非收缩。美银的逻辑是:ASIC是为特定功能定制的窄域产品,仅在特定云厂商内部使用;而英伟达提供的是一个广泛可用、生态完善的通用平台。长期来看,美银预计英伟达将维持AI算力资本支出65-70%以上的市场份额,剩余30-35%由ASIC和AMD等其他厂商分享。AI市场空间:2030年1.7万亿美元的盛宴美银对AI数据中心市场的长期预测,为英伟达的增长持续性提供了宏观支撑。预测数据如下:全球AI数据中心系统市场规模,预计从2025年的2730亿美元增长至2030年的约1.7万亿美元,复合年增长率(CAGR)达44%;其中AI加速器(GPU/ASIC/XPU)市场,预计从2025年的约1970亿美元增长至2030年的约1.1万亿美元;HBM市场预计从2025年的345亿美元增长至2030年的2463亿美元,CAGR达48%;AI网络连接市场预计以45%的CAGR增长,至2030年达到1100亿美元;整体数据中心系统市场(含AI与非AI)预计从2025年的5056亿美元增长至2030年的约2.1万亿美元,CAGR为33%,远超整体IT支出9%的增速。在英伟达自身的EPS预测路径上,美银预计:2027财年EPS达9.09美元,2028财年达13.27美元,2030财年EPS潜力超过25美元。两大潜在压制因素:持仓集中与生态投资美银并未回避英伟达当前面临的两个真实压力。其一,机构持仓集中。英伟达是标普500指数中市值最大的成分股,在主动管理型标普500基金中,持仓权重为其相对市值的1.15倍,被78%的主动管理基金持有(非英伟达同类股票的平均持有比例为81%)。美银认为,在市场消化新增科技股供给之前,这一持仓集中度将持续构成股价压力。其二,生态系统投资规模。英伟达近期对供应商和客户的投资总额约为650亿美元,涵盖OpenAI(300亿美元)、Anthropic(最高100亿美元)、英特尔(50亿美元)等多家公司。美银估算,这一投资规模约占2026财年预期自由现金流(约1870亿美元)的35%,或2027财年预期自由现金流(约3850亿美元)的约17%。美银的结论是:这一投资构成\"黄色预警\",但不足以实质性损害股东回报能力——英伟达仍有充足空间提升分红和回购力度。","news_type":1,"symbols_score_info":{"NVDA":2}},"isVote":1,"tweetType":1,"viewCount":1929,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":574651901998688,"gmtCreate":1781309758048,"gmtModify":1781313016253,"author":{"id":"4099470509812690","authorId":"4099470509812690","name":"一只没有耳朵一只没有尾巴","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4099470509812690","idStr":"4099470509812690"},"themes":[],"title":"","htmlText":"特斯拉周五跌了还是涨了?","listText":"特斯拉周五跌了还是涨了?","text":"特斯拉周五跌了还是涨了?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/574651901998688","repostId":"2643963294","repostType":2,"repost":{"id":"2643963294","kind":"news","pubTimestamp":1781281560,"share":"https://www.laohunote.com/m/news/2643963294?lang=zh_CN&edition=full","pubTime":"2026-06-13 00:26","market":"sg","language":"zh","title":"投资者目光转向SpaceX上市,特斯拉股价走低","url":"https://stock-news.laohu8.com/highlight/detail?id=2643963294","media":"环球市场播报","summary":"2026 年 5 月 28 日,德国巴伐利亚州慕尼黑近郊帕尔斯多夫特斯拉门店,特斯拉品牌标识实拍。 周五特斯拉股价下跌约 2%,资金与投资者的关注点全面转移至 SpaceX 上市行情。 SpaceX 提交的更新版 IPO 招股文件披露,公司或将大规模增发股权,用于未来并购交易。这一消息再度引发市场猜想:SpaceX 与特斯拉或将合并。 在 xAI 被 SpaceX 收购前,特斯拉曾向其投资 20 亿美元,这笔持股也让特斯拉成为 SpaceX 的股东之一。","content":"<html><body><div>\n<p> 专题:马斯克旗下SpaceX登录纳斯达克 成为史上最大IPO</p>\n<div><img src=\"http://n.sinaimg.cn/tech/transform/59/w550h309/20260613/0d2e-c228e010d8bcef593fe5bf9c6b7cc926.png\"/><span>2026 年 5 月 28 日,德国巴伐利亚州慕尼黑近郊帕尔斯多夫<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>门店,特斯拉品牌标识实拍。</span></div>\n<p> 周五<span>特斯拉</span><span></span>股价下跌约 2%,资金与投资者的关注点全面转移至 SpaceX 上市行情。</p>\n<p> 马斯克旗下这家航空航天综合企业市值已突破 2 万亿美元,体量超过他的车企特斯拉;周五早盘特斯拉总市值约 1.2 万亿美元。</p>\n<p> SpaceX 提交的更新版 IPO 招股文件披露,公司或将大规模增发股权,用于未来并购交易。这一消息再度引发市场猜想:SpaceX 与特斯拉或将合并。</p>\n<p> 在 xAI 被 SpaceX 收购前,特斯拉曾向其投资 20 亿美元,这笔持股也让特斯拉成为 SpaceX 的股东之一。</p>\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:郭明煜 </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>投资者目光转向SpaceX上市,特斯拉股价走低</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投资者目光转向SpaceX上市,特斯拉股价走低\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-06-13 00:26 北京时间 <a href=https://finance.sina.com.cn/stock/usstock/c/2026-06-13/doc-iniceptn8840313.shtml><strong>环球市场播报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>专题:马斯克旗下SpaceX登录纳斯达克 成为史上最大IPO\n2026 年 5 月 28 日,德国巴伐利亚州慕尼黑近郊帕尔斯多夫特斯拉门店,特斯拉品牌标识实拍。\n 周五特斯拉股价下跌约 2%,资金与投资者的关注点全面转移至 SpaceX 上市行情。\n 马斯克旗下这家航空航天综合企业市值已突破 2 万亿美元,体量超过他的车企特斯拉;周五早盘特斯拉总市值约 1.2 万亿美元。\n SpaceX ...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/usstock/c/2026-06-13/doc-iniceptn8840313.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":{"LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU1861215975.USD":"贝莱德新一代科技基金 A2","TSLQ":"2倍做空TSLA ETF-Tradr","LU1548497426.USD":"安联环球人工智能AT Acc","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA 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的股东之一。\n\n\n海量资讯、精准解读,尽在新浪财经APP\n\n责任编辑:郭明煜","news_type":1,"symbols_score_info":{"TSLG":0.6,"TSLY":0.6,"09766":0.6,"TESL":0.6,"TSLI":0.6,"TSLA":1.88,"TSLT":0.6,"07366":0.6,"TSDD":0.6,"TSYY":0.6,"TSLO":0.6,"TSLP":0.6,"TEST":0.6,"CRSH":0.6,"TSLZ":0.6,"TSII":0.6,"07766":0.6,"TLA":0.6,"TSLR":0.6,"09366":0.6,"TSL":0.6,"TSLS":0.6,"TSLQ":0.6,"TSLW":0.6}},"isVote":1,"tweetType":1,"viewCount":2036,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":564547765736712,"gmtCreate":1778863373790,"gmtModify":1778863400714,"author":{"id":"4099470509812690","authorId":"4099470509812690","name":"一只没有耳朵一只没有尾巴","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4099470509812690","idStr":"4099470509812690"},"themes":[],"title":"老虎现在烂成这样了???","htmlText":"这个星期出现多次PC端左边导航栏交易模块消失了,出现了两个个股,没办法只能重启客户端,反映到客服被告知目前只能重启软件才能解决,不知道为什么会出现这种低级的bug。影响了客户的交易连个致歉都没有,补偿更是无从提起。今天晚上更恶心,挂了单之后想改单改不了,重启软件也解决不了,订单详情里显示改单成功,但是订单栏里面还是等待确认。我一看不对劲,尝试撤单,结果撤单也撤不了,我打客服电话,一直给我放音乐让我继续等待,等了快20分钟还没人接起电话,接着音乐停了,过了几秒钟直接给我挂了??就在这时候,订单成交了,是按我最一开始挂单的价格成交的,不是显示我改单成功了吗?撤单也成功了,为什么按最初挂单的价格成交?? 这事我倒要看看老虎怎么给我解释。","listText":"这个星期出现多次PC端左边导航栏交易模块消失了,出现了两个个股,没办法只能重启客户端,反映到客服被告知目前只能重启软件才能解决,不知道为什么会出现这种低级的bug。影响了客户的交易连个致歉都没有,补偿更是无从提起。今天晚上更恶心,挂了单之后想改单改不了,重启软件也解决不了,订单详情里显示改单成功,但是订单栏里面还是等待确认。我一看不对劲,尝试撤单,结果撤单也撤不了,我打客服电话,一直给我放音乐让我继续等待,等了快20分钟还没人接起电话,接着音乐停了,过了几秒钟直接给我挂了??就在这时候,订单成交了,是按我最一开始挂单的价格成交的,不是显示我改单成功了吗?撤单也成功了,为什么按最初挂单的价格成交?? 这事我倒要看看老虎怎么给我解释。","text":"这个星期出现多次PC端左边导航栏交易模块消失了,出现了两个个股,没办法只能重启客户端,反映到客服被告知目前只能重启软件才能解决,不知道为什么会出现这种低级的bug。影响了客户的交易连个致歉都没有,补偿更是无从提起。今天晚上更恶心,挂了单之后想改单改不了,重启软件也解决不了,订单详情里显示改单成功,但是订单栏里面还是等待确认。我一看不对劲,尝试撤单,结果撤单也撤不了,我打客服电话,一直给我放音乐让我继续等待,等了快20分钟还没人接起电话,接着音乐停了,过了几秒钟直接给我挂了??就在这时候,订单成交了,是按我最一开始挂单的价格成交的,不是显示我改单成功了吗?撤单也成功了,为什么按最初挂单的价格成交?? 这事我倒要看看老虎怎么给我解释。","images":[{"img":"https://static.tigerbbs.com/5786ec63c5c50f71bcd64d035a5481f2"},{"img":"https://static.tigerbbs.com/86be8f24d3b069a92380450d67cf597a"},{"img":"https://static.tigerbbs.com/64677b74a65ce2c63099ebad9b524010"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/564547765736712","isVote":1,"tweetType":1,"viewCount":3000,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0}],"defaultTab":"followers","isTTM":false}