$小马智行(PONY_老虎社区_美港股上老虎

$小马智行(PONY)$赛道分工正在逐步清晰，算法栈、车队运营、本地化合规会拆成独立板块。全链路自研自建的重资产模式，持续烧钱压力不小，长期竞争力会有压力。

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