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不高兴的小欣

不高兴的小欣

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不高兴的小欣

03-23 11:58

$快手-W(01024)$ 就算是坨屎也该反弹了

不高兴的小欣

03-23 11:38

幼稚，说句实话，只要不影响税收谁管呢

不高兴的小欣

03-20

散户别跑

华尔街点评阿里财报：短期的“利润重置”是为了长期的AI爆发

不高兴的小欣

03-18

$小米集团-W(01810)$ 指引1季度，营收会增长，利润会下滑，硬件普遍上涨

不高兴的小欣

03-17

垃圾文章

黄仁勋和马云都在抢，看清Token背后的商业模式

不高兴的小欣

03-13

$美团-W(03690)$ 王兴的讲话只能证明他还没跑路

不高兴的小欣

03-12

$哔哩哔哩-W(09626)$ 老乡别跑？掩护领导套现1亿..

不高兴的小欣

03-11

$美团-W(03690)$ 美团赢了，战胜了所有不服的股民。

不高兴的小欣

03-10

keeta据说要倒闭了

抱歉，原内容已删除

不高兴的小欣

03-10

早就该下调，都拆分了独立上市啦，母公司就一个京东app

巴克莱将京东目标价从每股41美元下调至34美元

不高兴的小欣

03-05

$美团-W(03690)$ 大规模增发新股，明日暴跌继续

不高兴的小欣

03-05

被动调用，屁用没有。

京东Q4电话会：外卖投入将低于去年，言犀大模型调用量激增百倍

不高兴的小欣

03-05

元宵节、汤圆、去年100单今年1000单

元宵节汤圆外卖需求爆发：京东外卖订单环比增长超10倍“预约送”单量较节前激增5.3倍

不高兴的小欣

03-04

是可能美团已死

浏览器已死？“美团 Tabbit”们能否为它续命

不高兴的小欣

02-26

$携程集团-S(09961)$ 已经跌到心理价位了

不高兴的小欣

02-26

$快手-W(01024)$ ai视频生产工具在当前技术爆炸的年代，第二名毫无意义。创作者不会允许自己的作品假的像动画，而别人的像电影🎬。

不高兴的小欣

02-26

$快手-W(01024)$ seedance降维打击可令。ai视频效果这类应用如果真实度差一些就完全没有价值

不高兴的小欣

02-20

$智谱(02513)$ 像极了2021年2月18日

不高兴的小欣

02-13

阿里不是外卖平台可以通过科技补贴，美团不能补贴

多地节前发文要求外卖平台停止“内卷式”竞争，不得组织恶性补贴

不高兴的小欣

02-13

$京东(JD)$ 分拆上市后，京东就是个壳子，跌落有啥问题吗

去老虎APP查看更多动态

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就算是坨屎也该反弹了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/545705655866744","isVote":1,"tweetType":1,"viewCount":106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":545700794303192,"gmtCreate":1774237090640,"gmtModify":1774237093104,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"幼稚，说句实话，只要不影响税收谁管呢","listText":"幼稚，说句实话，只要不影响税收谁管呢","text":"幼稚，说句实话，只要不影响税收谁管呢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/545700794303192","isVote":1,"tweetType":1,"viewCount":99,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":544671353749896,"gmtCreate":1773985760150,"gmtModify":1773985762652,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"散户别跑","listText":"散户别跑","text":"散户别跑","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544671353749896","repostId":"2620359205","repostType":2,"repost":{"id":"2620359205","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":1773972911,"share":"https://www.laohu8.com/m/news/2620359205?lang=zh_CN&edition=full","pubTime":"2026-03-20 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left;\">尽管短期盈利逻辑短期承压，但市场最关心的商业逻辑并未破裂，核心叙事未被颠覆。摩根大通强调：“本季度并未动摇核心叙事，即电商变现周期性放缓及AI/云需求稳健。”</p><h2 id=\"id_483313380\" style=\"text-align: left;\">高盛定调“利润重置”，聚焦全栈AI能力</h2><p style=\"text-align: left;\">高盛则将此次财报视为一次<strong>“关键的盈利重置事件（key earnings reset event）”。</strong>该行认为，利润的下降是“考虑到通义千问（Qwen）AI模型/应用投资导致并且可能在未来几个季度继续导致‘所有其他’业务板块亏损上升”。</p><p style=\"text-align: left;\">在利润重置的表象下，业务线正发生向好变化。报告指出，市场已经看到了“令人鼓舞的拐点迹象（encouraging signs of inflections）”。</p><p style=\"text-align: left;\"><strong>这些迹象具体体现在三个方面：一是“云收入进一步加速”，二是“核心电商客户管理收入（CMR）从12月的季节性低点回归常态”，三是“即时零售单位经济效益持续改善”。</strong></p><h2 id=\"id_1189219818\" style=\"text-align: left;\">AI代币消耗激增6倍，云业务迎来增速拐点</h2><p style=\"text-align: left;\">在短期的利润阵痛背后，华尔街看到了AI业务的爆发式增长数据。</p><p style=\"text-align: left;\">在商业化落地的数据上，摩根大通指出，<strong>“云业务外部客户收入同比增速从上季度的29%提升至35%……其中AI相关产品收入仍保持三位数增长”。</strong></p><p style=\"text-align: left;\">高盛则在研报中极其关注阿里新成立的“Alibaba Token Hub”业务（即“Token事业群”）的战略进展。该事业群以整合模型与应用层，“以推动Token消耗的增长（to drive growth in token consumption）”。</p><p style=\"text-align: left;\"><strong>一个极具爆发力的数据是：“管理层分享到，其百炼API业务的Token消耗在3月份比12月份增长了6倍”。</strong></p><p style=\"text-align: left;\">在这样的增速预期下，高盛指出，管理层设定了清晰的远期目标：“<strong>在5年内使年度AI MaaS及云外部收入超过1000亿美元</strong>”。</p><p style=\"text-align: left;\">基于强劲的AI需求，该行上调了对阿里云业务的预期：“鉴于AI需求带来的MaaS（模型即服务）收入的强劲势头以及公司对外部客户的持续承诺和专注，我们现在预测3月季度/2027财年的云业务增长率将达到40%/35%。”</p><p style=\"text-align: left;\">面对未来的市场定价，摩根大通认为：“预计该股将度过短期盈利压力，并在‘云+生成式AI’变现拐点进一步明晰时迎来估值上调”。</p><h2 id=\"id_1660775017\" style=\"text-align: left;\">底层算力：平头哥芯片年化收入达百亿规模</h2><p style=\"text-align: left;\">除了云端的软件与模型，阿里在底层硬件上的布局同样引起了华尔街的重视。高盛深入挖掘了阿里自研平头哥（T-Head）芯片业务的进展。</p><p style=\"text-align: left;\">高盛转述了公司的披露数据：“平头哥芯片总出货量超过47万颗，最新年化收入达到100亿元人民币规模，且60%的芯片由外部客户使用。”这构成了阿里“独特的AI全栈能力（unique AI full-stack capabilities）”。</p><p style=\"text-align: left;\">对于这一业务的战略价值，高盛认为这是阿里的核心护城河：“我们继续将阿里巴巴的自研芯片、中国规模最大的云基础设施以及前沿的Qwen模型，视为其相对于其他中国超大规模云厂商的独特差异化优势。”并且，高盛提及，“公司表示不排除最终将该业务上市的可能性，但尚未提供时间表。”</p><h2 id=\"id_3675989117\" style=\"text-align: left;\">电商与即时零售：CMR回暖，明确盈利时间表</h2><p style=\"text-align: left;\">回到基本盘业务，市场高度关注淘宝天猫的客户管理收入（CMR）以及即时零售（Quick Commerce）的烧钱状况。</p><p style=\"text-align: left;\">高盛转述管理层的预期指出，预计“3月季度的CMR增长率将加速至中个位数以上的百分比（在12月季度1%的季节性低点之后）”。</p><p style=\"text-align: left;\">针对拖累利润的即时零售业务，华尔街给出了公司明确的止损与盈利时间线。高盛指出：“公司目标是在2028财年实现1万亿元人民币的即时零售GTV（总交易额），并瞄准在2029财年实现盈利，这将被履约物流效率的提升、订单结构的优化以及强劲的客户留存率所驱动。”</p><h2 id=\"id_4240111877\" style=\"text-align: left;\">机构共识：风险/回报偏于上行</h2><p style=\"text-align: left;\">面对财报发布后的股价波动，两家投行均重申了看好立场，认为短期的利润率下降是为捕捉AI时代机遇必须支付的合理代价。</p><p style=\"text-align: left;\">摩根大通总结其投资逻辑时表示：“总体而言，我们认为风险/回报偏于上行，原因是AI驱动的云业务上行空间和平台可选择性超过短期投入拖累。”该机构进一步预计，“由于生成式AI工作负载从试点扩展到更广泛的部署，以切实的证据证明阿里巴巴在中国捕捉和具象化AI驱动型需求的能力，未来几个季度阿里云收入将继续加速增长。”</p><p style=\"text-align: left;\">高盛则直言不讳地指出市场波动带来的机会：“尽管混合的业绩表现引发了最初负面的股价反应（下跌达9%），但我们认为，任何股价疲软都为阿里巴巴创造了更有利的入场点。”</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>华尔街点评阿里财报：短期的“利润重置”是为了长期的AI爆发</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; 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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华尔街点评阿里财报：短期的“利润重置”是为了长期的AI爆发\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-20 10:15 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3767972><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>阿里财报“增收不增利”怎么看？华尔街投行将其定性为“关键的盈利重置”，指出这是AI与即时零售战略投入的必然结果。财报最大的增量亮点在于AI数据的爆发：百炼API代币消耗量在3月较12月激增6倍，平头哥芯片年化收入达百亿规模且60%供外部使用。高盛预计阿里云3月季度增速将达40%。面对阿里巴巴“增收不增利”的最新财报，华尔街投行普遍指出，利润的短期承压是加大AI投资的必然结果，市场应聚焦其长期的“云...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3767972\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/05ddeb1f7be03fe06014ae549a8abe22","relate_stocks":{"IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BK4581":"高盛持仓","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","BK4543":"AI","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","BK4531":"中概回港概念","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) 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ACC"},"source_url":"https://wallstreetcn.com/articles/3767972","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2620359205","content_text":"阿里财报“增收不增利”怎么看？华尔街投行将其定性为“关键的盈利重置”，指出这是AI与即时零售战略投入的必然结果。财报最大的增量亮点在于AI数据的爆发：百炼API代币消耗量在3月较12月激增6倍，平头哥芯片年化收入达百亿规模且60%供外部使用。高盛预计阿里云3月季度增速将达40%。面对阿里巴巴“增收不增利”的最新财报，华尔街投行普遍指出，利润的短期承压是加大AI投资的必然结果，市场应聚焦其长期的“云+生成式AI”变现爆发力。据追风交易台消息，3月20日，摩根大通与高盛相继发布针对阿里巴巴2026财年第三季度业绩的分析研报。摩根大通报告指出，阿里四季度“营收整体表现尚可……但盈利表现显著不及预期”。具体数据层面，“调整后净利润同比下降67%至167亿元，较摩根大通预测/市场一致预期低40%/44%”。利润大幅承压的核心原因在于成本扩张。报告认为，“各业务板块盈利能力普遍不及预期，抵消了收入端的积极因素，反映公司成本压力大于预期，短期盈利走势偏弱。”其中，包含AI布局的新分类“所有其他业务”板块。尽管短期盈利逻辑短期承压，但市场最关心的商业逻辑并未破裂，核心叙事未被颠覆。摩根大通强调：“本季度并未动摇核心叙事，即电商变现周期性放缓及AI/云需求稳健。”高盛定调“利润重置”，聚焦全栈AI能力高盛则将此次财报视为一次“关键的盈利重置事件（key earnings reset event）”。该行认为，利润的下降是“考虑到通义千问（Qwen）AI模型/应用投资导致并且可能在未来几个季度继续导致‘所有其他’业务板块亏损上升”。在利润重置的表象下，业务线正发生向好变化。报告指出，市场已经看到了“令人鼓舞的拐点迹象（encouraging signs of inflections）”。这些迹象具体体现在三个方面：一是“云收入进一步加速”，二是“核心电商客户管理收入（CMR）从12月的季节性低点回归常态”，三是“即时零售单位经济效益持续改善”。AI代币消耗激增6倍，云业务迎来增速拐点在短期的利润阵痛背后，华尔街看到了AI业务的爆发式增长数据。在商业化落地的数据上，摩根大通指出，“云业务外部客户收入同比增速从上季度的29%提升至35%……其中AI相关产品收入仍保持三位数增长”。高盛则在研报中极其关注阿里新成立的“Alibaba Token Hub”业务（即“Token事业群”）的战略进展。该事业群以整合模型与应用层，“以推动Token消耗的增长（to drive growth in token consumption）”。一个极具爆发力的数据是：“管理层分享到，其百炼API业务的Token消耗在3月份比12月份增长了6倍”。在这样的增速预期下，高盛指出，管理层设定了清晰的远期目标：“在5年内使年度AI MaaS及云外部收入超过1000亿美元”。基于强劲的AI需求，该行上调了对阿里云业务的预期：“鉴于AI需求带来的MaaS（模型即服务）收入的强劲势头以及公司对外部客户的持续承诺和专注，我们现在预测3月季度/2027财年的云业务增长率将达到40%/35%。”面对未来的市场定价，摩根大通认为：“预计该股将度过短期盈利压力，并在‘云+生成式AI’变现拐点进一步明晰时迎来估值上调”。底层算力：平头哥芯片年化收入达百亿规模除了云端的软件与模型，阿里在底层硬件上的布局同样引起了华尔街的重视。高盛深入挖掘了阿里自研平头哥（T-Head）芯片业务的进展。高盛转述了公司的披露数据：“平头哥芯片总出货量超过47万颗，最新年化收入达到100亿元人民币规模，且60%的芯片由外部客户使用。”这构成了阿里“独特的AI全栈能力（unique AI full-stack capabilities）”。对于这一业务的战略价值，高盛认为这是阿里的核心护城河：“我们继续将阿里巴巴的自研芯片、中国规模最大的云基础设施以及前沿的Qwen模型，视为其相对于其他中国超大规模云厂商的独特差异化优势。”并且，高盛提及，“公司表示不排除最终将该业务上市的可能性，但尚未提供时间表。”电商与即时零售：CMR回暖，明确盈利时间表回到基本盘业务，市场高度关注淘宝天猫的客户管理收入（CMR）以及即时零售（Quick Commerce）的烧钱状况。高盛转述管理层的预期指出，预计“3月季度的CMR增长率将加速至中个位数以上的百分比（在12月季度1%的季节性低点之后）”。针对拖累利润的即时零售业务，华尔街给出了公司明确的止损与盈利时间线。高盛指出：“公司目标是在2028财年实现1万亿元人民币的即时零售GTV（总交易额），并瞄准在2029财年实现盈利，这将被履约物流效率的提升、订单结构的优化以及强劲的客户留存率所驱动。”机构共识：风险/回报偏于上行面对财报发布后的股价波动，两家投行均重申了看好立场，认为短期的利润率下降是为捕捉AI时代机遇必须支付的合理代价。摩根大通总结其投资逻辑时表示：“总体而言，我们认为风险/回报偏于上行，原因是AI驱动的云业务上行空间和平台可选择性超过短期投入拖累。”该机构进一步预计，“由于生成式AI工作负载从试点扩展到更广泛的部署，以切实的证据证明阿里巴巴在中国捕捉和具象化AI驱动型需求的能力，未来几个季度阿里云收入将继续加速增长。”高盛则直言不讳地指出市场波动带来的机会：“尽管混合的业绩表现引发了最初负面的股价反应（下跌达9%），但我们认为，任何股价疲软都为阿里巴巴创造了更有利的入场点。”","news_type":1,"symbols_score_info":{"BABA":2,"09988":2}},"isVote":1,"tweetType":1,"viewCount":233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":543839774409664,"gmtCreate":1773798880890,"gmtModify":1773798882631,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a 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14:47","market":"sh","language":"zh","title":"黄仁勋和马云都在抢，看清Token背后的商业模式","url":"https://stock-news.laohu8.com/highlight/detail?id=2620469894","media":"和讯网","summary":"就在前一天，阿里巴巴成立Token Hub事业群，CEO吴泳铭亲自挂帅。黄仁勋给了一个比喻：Token是数字世界的石油。黄仁勋在演讲中首次公开了Token的分层定价体系。只要AI还在跑，Token就在烧。能带来Token增长的部门留下，不能的边缘化。吴泳铭在内部信中直言，“这些AI Agent将由模型产生的Token支撑运行”。而Agent不睡觉，24小时运转，意味着Token需求是持续性的、高频复购的。英伟达有技术壁垒和生态锁定，单位Token成本有压倒性优势。","content":"<html><body><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722449.jpg\"/></p><p>昨晚，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>CEO黄仁勋发表GTC 2026主题演讲。就在前一天，<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>成立Token Hub事业群，CEO吴泳铭亲自挂帅。</p><p>两家巨头，同一天，盯上同一个东西：Token。Token到底怎么赚钱？咱们今天把它讲清楚。</p><p><img src=\"https://fwfile-1257474221.cos.ap-shanghai.myqcloud.com/weixinimg_temp/2026/20260317/f047d97e6ab2fc87bddf520fe82ecc9b.png\"/></p><p><b><strong>Token是什么？</strong></b></p><p>黄仁勋给了一个比喻：<strong>Token是数字世界的石油</strong>。</p><p>你问ChatGPT一句、生成一段视频、让机器人动一下，消耗的都是Token。它是AI理解和生成信息的基本单位，也是未来所有智能服务的计量单位。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722450.png\"/></p><p>Token怎么收费？企业要付多少钱？</p><p>黄仁勋在演讲中首次公开了Token的分层定价体系。这不是概念，是真金白银的收费标准：</p><p>免费层：高吞吐量、低速度，用于吸引用户</p><p>基础层：每百万Token 3美元，服务普通用户</p><p>进阶层：每百万Token 6美元，更大模型、更快速度</p><p>高速层：每百万Token 45美元，支持长上下文、深度推理</p><p>顶级层：每百万Token 150美元，面向超长研究任务、关键路径实时响应</p><p>黄仁勋算了一笔账：“一个研究员每天用5000万Token，按每百万150美元计算，对一个研究团队来说完全可以接受。”</p><p>这意味着什么？Token不是一次性买卖，而是持续性消耗。你今天烧完，明天还得烧。只要AI还在跑，Token就在烧。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722451.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722452.png\"/></p><p>CUDA的商业模式：为什么黄仁勋敢说“算力越用越便宜”</p><p>那英伟达怎么靠Token赚钱？核心是<strong>CUDA</strong>。你可以把它理解成AI世界的“操作系统”。所有AI应用都得跑在CUDA上，就像所有手机应用都得跑在安卓或iOS上。</p><p><strong>CUDA的护城河是数亿级的安装基数</strong>。</p><p>英伟达花了20年时间，让数亿块GPU跑CUDA系统，进入每一朵云、每一家计算机公司、几乎每一个行业。这个安装基数造就了一个飞轮效应：安装基数大，吸引全球开发者；开发者创造新算法，催生新市场；新市场需要更多算力，进一步扩大安装基数。</p><p><strong>飞轮转动的结果，就是算力成本持续下降。</strong></p><p>黄仁勋举了一个反直觉的例子：六年前出货的Ampere架构GPU，现在在云端的定价反而在上涨。为什么？因为在这块老芯片上能跑的应用越来越多，而且英伟达每优化一次软件，所有存量用户都能免费提速。</p><p>这意味着什么？你今天买的算力，过几年不仅不过时，反而可能更值钱。这在硬件行业，几乎是天方夜谭。</p><p>黄仁勋的原话是：“<strong>一旦安装了NVIDIA GPU，就能获得长期的性能迭代。不仅是初期的加速，更是持续的成本降低</strong>。”</p><p>这就是CUDA的商业模式：<strong>靠硬件建立安装基数，靠软件持续创造价值，靠生态锁定用户</strong>。全球数亿块GPU都在跑CUDA，每消耗一个Token，都得从英伟达的平台过一遍。</p><p>这就把整个商业逻辑改了。以前企业买AI卡，是一次性开支，属于资本支出。买了就完事，后面跟供应商没关系。现在AI卡变成生产Token的生产线，企业花钱从“买设备”变成了“买燃料”。今天烧完明天还得买，从一次性开支变成了持续性运营。</p><p>这叫<strong>收租</strong>。你今天交，明天还得交。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722453.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722454.png\"/></p><p><b><strong>阿里为什么连夜进场？一场不得不打的硬仗</strong></b></p><p>再看阿里这边的动作。3月16日，<a href=\"https://laohu8.com/S/09988\">阿里巴巴</a>成立Alibaba Token Hub事业群，CEO吴泳铭亲自挂帅，把目标拆成三块：<strong>创造Token、输送Token、应用Token</strong>。</p><p>阿里为什么要这么急？</p><p>核心痛点在于：<strong>AI能力太分散</strong>。过去两年，阿里的AI散落在通义实验室、阿里云、钉钉、淘天等各个体系，各团队各干各的，资源重复投入，协同成本越来越高。用户认知也很模糊——通义千问、千问App、夸克AI，同一套技术冒出好几个产品，用户根本分不清。</p><p>就在12天前，“千问灵魂人物”林俊旸突然离职，背后正是“科学家想发论文、管理层想要营收”的撕裂。这种冲突在AI行业并不少见。</p><p>吴泳铭的解法很直接：<strong>把Token变成唯一的指挥棒</strong>。未来阿里的评价体系，不再争论技术路线谁对谁错，而是直接折算成Token的调用量和营收。能带来Token增长的部门留下，不能的边缘化。</p><p>更深层的逻辑是：阿里判断，未来所有数字化工作，都由数以百亿计的AI Agent支撑。吴泳铭在内部信中直言，“这些AI Agent将由模型产生的Token支撑运行”。而Agent不睡觉，24小时运转，意味着Token需求是持续性的、高频复购的。</p><p>如果把Token比作AI时代的“电”，两家巨头的角色很清晰：<strong>英伟达</strong>是“<strong>发电设备制造商</strong>”。它卖发电机、建发电厂，靠CUDA生态锁定客户，让所有AI应用都得从它的平台过一遍。</p><p><strong>阿里</strong>是“<strong>电网公司+用电大户</strong>”。它有通义实验室负责创造Token，有MaaS平台负责输送Token，还有千问、悟空这些负责消耗Token。从C端的AI助手，到B端的企业工作流，阿里想打通“发电-输电-用电”的完整闭环。</p><p>谁的优势更大？英伟达有技术壁垒和生态锁定，单位Token成本有压倒性优势。阿里有场景和数据——电商、云、钉钉、高德、饿了么，每天产生<a href=\"https://laohu8.com/S/603138\">海量数据</a>(603138)，也每天消耗海量Token。如果能把闭环跑通，Token在阿里体系内就能自我循环、自我增值。</p><p>巨头已经在真金白银抢赛道了。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722455.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722456.png\"/></p><p><b><strong>Token生意的终局</strong></b></p><p>Token这个生意，本质是<strong>把算力从“资产”变成了“服务”</strong>。从一次性买卖，变成了持续收费。从卖铲子，变成了卖石油。</p><p>谁掌握了最低的Token生产成本，谁就掌握了AI时代的定价权。</p><p>英伟达有20年积累的CUDA生态，有数亿的安装基数，有每优化一次软件就能惠及所有用户的规模优势。阿里有完整的业务场景，有把Token当成战略资源来打的决心。</p><p>两家巨头，同一个判断：<strong>Token是AI时代的硬通货</strong>。至于英伟达的股价什么时候能回来？等市场不再把它当硬件公司，而是<strong>当AI基础设施平台估值的那一天</strong>。</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>黄仁勋和马云都在抢，看清Token背后的商业模式</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黄仁勋和马云都在抢，看清Token背后的商业模式\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1056779998\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/7d4b373205a673ce16c395cded039e4e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">和讯网 </p>\n<p class=\"h-time\">2026-03-17 14:47</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722449.jpg\"/></p><p>昨晚，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>CEO黄仁勋发表GTC 2026主题演讲。就在前一天，<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>成立Token Hub事业群，CEO吴泳铭亲自挂帅。</p><p>两家巨头，同一天，盯上同一个东西：Token。Token到底怎么赚钱？咱们今天把它讲清楚。</p><p><img src=\"https://fwfile-1257474221.cos.ap-shanghai.myqcloud.com/weixinimg_temp/2026/20260317/f047d97e6ab2fc87bddf520fe82ecc9b.png\"/></p><p><b><strong>Token是什么？</strong></b></p><p>黄仁勋给了一个比喻：<strong>Token是数字世界的石油</strong>。</p><p>你问ChatGPT一句、生成一段视频、让机器人动一下，消耗的都是Token。它是AI理解和生成信息的基本单位，也是未来所有智能服务的计量单位。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722450.png\"/></p><p>Token怎么收费？企业要付多少钱？</p><p>黄仁勋在演讲中首次公开了Token的分层定价体系。这不是概念，是真金白银的收费标准：</p><p>免费层：高吞吐量、低速度，用于吸引用户</p><p>基础层：每百万Token 3美元，服务普通用户</p><p>进阶层：每百万Token 6美元，更大模型、更快速度</p><p>高速层：每百万Token 45美元，支持长上下文、深度推理</p><p>顶级层：每百万Token 150美元，面向超长研究任务、关键路径实时响应</p><p>黄仁勋算了一笔账：“一个研究员每天用5000万Token，按每百万150美元计算，对一个研究团队来说完全可以接受。”</p><p>这意味着什么？Token不是一次性买卖，而是持续性消耗。你今天烧完，明天还得烧。只要AI还在跑，Token就在烧。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722451.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722452.png\"/></p><p>CUDA的商业模式：为什么黄仁勋敢说“算力越用越便宜”</p><p>那英伟达怎么靠Token赚钱？核心是<strong>CUDA</strong>。你可以把它理解成AI世界的“操作系统”。所有AI应用都得跑在CUDA上，就像所有手机应用都得跑在安卓或iOS上。</p><p><strong>CUDA的护城河是数亿级的安装基数</strong>。</p><p>英伟达花了20年时间，让数亿块GPU跑CUDA系统，进入每一朵云、每一家计算机公司、几乎每一个行业。这个安装基数造就了一个飞轮效应：安装基数大，吸引全球开发者；开发者创造新算法，催生新市场；新市场需要更多算力，进一步扩大安装基数。</p><p><strong>飞轮转动的结果，就是算力成本持续下降。</strong></p><p>黄仁勋举了一个反直觉的例子：六年前出货的Ampere架构GPU，现在在云端的定价反而在上涨。为什么？因为在这块老芯片上能跑的应用越来越多，而且英伟达每优化一次软件，所有存量用户都能免费提速。</p><p>这意味着什么？你今天买的算力，过几年不仅不过时，反而可能更值钱。这在硬件行业，几乎是天方夜谭。</p><p>黄仁勋的原话是：“<strong>一旦安装了NVIDIA GPU，就能获得长期的性能迭代。不仅是初期的加速，更是持续的成本降低</strong>。”</p><p>这就是CUDA的商业模式：<strong>靠硬件建立安装基数，靠软件持续创造价值，靠生态锁定用户</strong>。全球数亿块GPU都在跑CUDA，每消耗一个Token，都得从英伟达的平台过一遍。</p><p>这就把整个商业逻辑改了。以前企业买AI卡，是一次性开支，属于资本支出。买了就完事，后面跟供应商没关系。现在AI卡变成生产Token的生产线，企业花钱从“买设备”变成了“买燃料”。今天烧完明天还得买，从一次性开支变成了持续性运营。</p><p>这叫<strong>收租</strong>。你今天交，明天还得交。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722453.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722454.png\"/></p><p><b><strong>阿里为什么连夜进场？一场不得不打的硬仗</strong></b></p><p>再看阿里这边的动作。3月16日，<a href=\"https://laohu8.com/S/09988\">阿里巴巴</a>成立Alibaba Token Hub事业群，CEO吴泳铭亲自挂帅，把目标拆成三块：<strong>创造Token、输送Token、应用Token</strong>。</p><p>阿里为什么要这么急？</p><p>核心痛点在于：<strong>AI能力太分散</strong>。过去两年，阿里的AI散落在通义实验室、阿里云、钉钉、淘天等各个体系，各团队各干各的，资源重复投入，协同成本越来越高。用户认知也很模糊——通义千问、千问App、夸克AI，同一套技术冒出好几个产品，用户根本分不清。</p><p>就在12天前，“千问灵魂人物”林俊旸突然离职，背后正是“科学家想发论文、管理层想要营收”的撕裂。这种冲突在AI行业并不少见。</p><p>吴泳铭的解法很直接：<strong>把Token变成唯一的指挥棒</strong>。未来阿里的评价体系，不再争论技术路线谁对谁错，而是直接折算成Token的调用量和营收。能带来Token增长的部门留下，不能的边缘化。</p><p>更深层的逻辑是：阿里判断，未来所有数字化工作，都由数以百亿计的AI Agent支撑。吴泳铭在内部信中直言，“这些AI Agent将由模型产生的Token支撑运行”。而Agent不睡觉，24小时运转，意味着Token需求是持续性的、高频复购的。</p><p>如果把Token比作AI时代的“电”，两家巨头的角色很清晰：<strong>英伟达</strong>是“<strong>发电设备制造商</strong>”。它卖发电机、建发电厂，靠CUDA生态锁定客户，让所有AI应用都得从它的平台过一遍。</p><p><strong>阿里</strong>是“<strong>电网公司+用电大户</strong>”。它有通义实验室负责创造Token，有MaaS平台负责输送Token，还有千问、悟空这些负责消耗Token。从C端的AI助手，到B端的企业工作流，阿里想打通“发电-输电-用电”的完整闭环。</p><p>谁的优势更大？英伟达有技术壁垒和生态锁定，单位Token成本有压倒性优势。阿里有场景和数据——电商、云、钉钉、高德、饿了么，每天产生<a href=\"https://laohu8.com/S/603138\">海量数据</a>(603138)，也每天消耗海量Token。如果能把闭环跑通，Token在阿里体系内就能自我循环、自我增值。</p><p>巨头已经在真金白银抢赛道了。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722455.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722456.png\"/></p><p><b><strong>Token生意的终局</strong></b></p><p>Token这个生意，本质是<strong>把算力从“资产”变成了“服务”</strong>。从一次性买卖，变成了持续收费。从卖铲子，变成了卖石油。</p><p>谁掌握了最低的Token生产成本，谁就掌握了AI时代的定价权。</p><p>英伟达有20年积累的CUDA生态，有数亿的安装基数，有每优化一次软件就能惠及所有用户的规模优势。阿里有完整的业务场景，有把Token当成战略资源来打的决心。</p><p>两家巨头，同一个判断：<strong>Token是AI时代的硬通货</strong>。至于英伟达的股价什么时候能回来？等市场不再把它当硬件公司，而是<strong>当AI基础设施平台估值的那一天</strong>。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89988":"阿里巴巴-WR","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU1688375341.USD":"贝莱德中国灵活股票基金","ANV":"GraniteShares Autocallable NVDA ETF","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc 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150美元，面向超长研究任务、关键路径实时响应黄仁勋算了一笔账：“一个研究员每天用5000万Token，按每百万150美元计算，对一个研究团队来说完全可以接受。”这意味着什么？Token不是一次性买卖，而是持续性消耗。你今天烧完，明天还得烧。只要AI还在跑，Token就在烧。CUDA的商业模式：为什么黄仁勋敢说“算力越用越便宜”那英伟达怎么靠Token赚钱？核心是CUDA。你可以把它理解成AI世界的“操作系统”。所有AI应用都得跑在CUDA上，就像所有手机应用都得跑在安卓或iOS上。CUDA的护城河是数亿级的安装基数。英伟达花了20年时间，让数亿块GPU跑CUDA系统，进入每一朵云、每一家计算机公司、几乎每一个行业。这个安装基数造就了一个飞轮效应：安装基数大，吸引全球开发者；开发者创造新算法，催生新市场；新市场需要更多算力，进一步扩大安装基数。飞轮转动的结果，就是算力成本持续下降。黄仁勋举了一个反直觉的例子：六年前出货的Ampere架构GPU，现在在云端的定价反而在上涨。为什么？因为在这块老芯片上能跑的应用越来越多，而且英伟达每优化一次软件，所有存量用户都能免费提速。这意味着什么？你今天买的算力，过几年不仅不过时，反而可能更值钱。这在硬件行业，几乎是天方夜谭。黄仁勋的原话是：“一旦安装了NVIDIA GPU，就能获得长期的性能迭代。不仅是初期的加速，更是持续的成本降低。”这就是CUDA的商业模式：靠硬件建立安装基数，靠软件持续创造价值，靠生态锁定用户。全球数亿块GPU都在跑CUDA，每消耗一个Token，都得从英伟达的平台过一遍。这就把整个商业逻辑改了。以前企业买AI卡，是一次性开支，属于资本支出。买了就完事，后面跟供应商没关系。现在AI卡变成生产Token的生产线，企业花钱从“买设备”变成了“买燃料”。今天烧完明天还得买，从一次性开支变成了持续性运营。这叫收租。你今天交，明天还得交。阿里为什么连夜进场？一场不得不打的硬仗再看阿里这边的动作。3月16日，阿里巴巴成立Alibaba Token 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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260309230051a45c077e&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JD":"京东","BK4505":"高瓴资本持仓","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","KJD":"2倍做多JD ETF-KraneShares","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","BK4504":"桥水持仓","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","BK4579":"人工智能","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","BK4614":"Manus概念股","BK4588":"碎股","LU1688375341.USD":"贝莱德中国灵活股票基金","IE0008368742.USD":"首域中国增长基金I Acc","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","BK4551":"寇图资本持仓","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) 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大规模增发新股，明日暴跌继续","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/539472199361784","isVote":1,"tweetType":1,"viewCount":3986,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":539452677383056,"gmtCreate":1772720450712,"gmtModify":1772721728252,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"被动调用，屁用没有。","listText":"被动调用，屁用没有。","text":"被动调用，屁用没有。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/539452677383056","repostId":"2617652885","repostType":2,"repost":{"id":"2617652885","kind":"news","pubTimestamp":1772722292,"share":"https://www.laohu8.com/m/news/2617652885?lang=zh_CN&edition=full","pubTime":"2026-03-05 22:51","market":"hk","language":"zh","title":"京东Q4电话会：外卖投入将低于去年，言犀大模型调用量激增百倍","url":"https://stock-news.laohu8.com/highlight/detail?id=2617652885","media":"华尔街见闻","summary":"京东集团公布2025年第四季度及全年业绩。针对备受关注的食品配送业务，她表示，京东外卖在保持规模健康发展的同时，将持续优化经营效率，预计2026年的投入规模将较2025年有所降低。面向2026年，京东管理层对实现可持续盈利增长充满信心。管理层预计，2026年外卖业务的投资效率将较2025年进一步改善，并承诺在保持健康增长的同时持续优化单位经济模型。2025年，京东AI相关Token调用量较2024年激增近100倍，推动全公司决策效率提升。据此投资，责任自负。","content":"<html><head></head><body><article><p><a href=\"https://laohu8.com/S/JD\">京东</a>集团公布2025年第四季度及全年业绩。在高基数压力下，公司整体营收展现韧性，核心零售业务盈利能力持续改善，综合商品及平台营销服务收入的强劲增长成为关键支撑。</p><p>财报显示，得益于综合商品与第三方平台及营销业务的持续发力，公司有效对冲了电子与家电品类的高基数影响。集团首席执行官许冉在业绩会上表示，四季度业绩符合预期，全年整体表现稳健。</p><p>在核心数据之外，许冉还透露了即时零售业务的最新进展：截至2026年2月底，京东旗下“七鲜小厨”门店数量已超过50家。针对备受关注的食品配送业务，她表示，京东外卖在保持规模健康发展的同时，将持续优化经营效率，预计2026年的投入规模将较2025年有所降低。</p><p>面向2026年，京东管理层对实现可持续盈利增长充满信心。公司将继续围绕供应链能力、人工智能技术及新业务布局深化投入，以巩固核心壁垒，为股东创造长期价值。</p><p><strong>核心零售：盈利能力扩张，主动再投资压缩短期利润率</strong></p><p>核心零售业务在四季度实现利润率扩张，但管理层将部分盈利收益战略性地再投入价格竞争力建设——尤其集中于电子及家电品类——以及研发能力和人才储备，以巩固长期竞争地位。</p><p>许冉表示，上述再投资行为对零售利润率扩张形成一定压制，但相关影响已由第三方平台业务、营销服务及超市、医疗等细分板块的利润率改善所充分消化。</p><p>在品类层面，超市业务收入实现强劲双位数增长，运营利润率稳步扩张；时尚品类亦取得显著增长，涵盖服饰、频率购物及全品类渗透。管理层强调，上述成果完全来自团队执行，而非外部因素驱动。</p><p><strong>平台与营销收入：广告需求回流，算法升级提升转化效率</strong></p><p>市场营销服务收入四季度增长15%，全年增长18.1%，成为整体增长的重要引擎。管理层将其归因于流量分配优化、转化效率提升，以及面向商家和品牌推出的&#34;11小时算法&#34;与智能代理工具的全面升级。</p><p>许冉表示，越来越多品牌正将预算迁移至京东平台，理由是京东被视为日销与品牌建设的高回报平台，以及全生命周期产品的首选销售渠道。</p><p>在综合商品品类方面，大部分类目实现强劲双位数增长，营销费用率优化至约4%，体现出对长期盈利路径的持续关注。</p><p><strong>外卖业务：亏损持续收窄，用户与商家规模同步扩张</strong></p><p>即时配送食品外卖业务在四季度保持稳定订单增势，同时进一步优化投入规模，单季投资总额环比削减近20%。管理层指出，自该业务上线以来，亏损规模已连续每季度实现收窄，体现出运营杠杆提升与投资框架精细化管理的成效。</p><p>从生态协同角度看，外卖业务带动京东整体用户购物频次显著提升，全年活跃用户数同比增长逾3%，增长覆盖新老用户及各消费层级。此外，平台活跃商家总数增长超过270%，餐饮商家质量的提升亦是重要贡献因素。</p><p>管理层预计，2026年外卖业务的投资效率将较2025年进一步改善，并承诺在保持健康增长的同时持续优化单位经济模型。</p><p><strong>人工智能布局：自研大模型落地超千项应用，AI代理GMV贡献数十亿</strong></p><p>在AI技术应用方面，京东自研大语言模型&#34;言犀&#34;已支持逾1000项真实业务场景，覆盖客户体验、采购、商家服务及运营等领域。2025年，京东AI相关Token调用量较2024年激增近100倍，推动全公司决策效率提升。</p><p>在购物体验层面，AI搜索与推荐能力持续升级，AI代理（AI Agent）2025年服务活跃用户突破1.5亿，用户渗透率超过20%，带动数十亿规模GMV。管理层预计，2026年AI代理用户规模将实现翻倍。</p><p>在物流端，京东无人配送持续深化落地，并于年内首次将自动化配送能力拓展至英国市场，为当地用户提供高品质次日达服务。管理层认为，AI将成为2026年及更长远未来的新增长前沿，公司在多个维度上已处于行业前列位置。</p><p><strong>新业务与国际化：即时零售与下沉市场双线并进</strong></p><p>在新业务进展方面，即时零售平台&#34;京东到家&#34;持续向下沉市场渗透，用户规模与市场份额双双扩大。管理层表示，公司正致力于通过提供当日达与次日达服务，重新定义本地购物体验，并视之为重要的长期增量市场。</p><p>国际业务亦按既定节奏推进。整体来看，管理层对2026年的业务前景表示明确信心，称将坚定践行可持续盈利增长战略，并持续强化供应链核心能力与技术竞争壁垒，以实现股东长期价值最大化。风险提示及免责条款市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。</p></article></body></html>","source":"lsy1762389672944","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>京东Q4电话会：外卖投入将低于去年，言犀大模型调用量激增百倍</title>\n<style 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href=\"https://wallstreetcn.com/articles/3766829\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/028bf7c7eafdcd11c8df76a91d4805e0","relate_stocks":{"89618":"京东集团-SWR","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","BK1249":"综合零售","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","BK1610":"ETF&股票定投概念","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","BK1142":"互联网与直销零售","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) 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SGD"},"source_url":"https://wallstreetcn.com/articles/3766829","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2617652885","content_text":"京东集团公布2025年第四季度及全年业绩。在高基数压力下，公司整体营收展现韧性，核心零售业务盈利能力持续改善，综合商品及平台营销服务收入的强劲增长成为关键支撑。财报显示，得益于综合商品与第三方平台及营销业务的持续发力，公司有效对冲了电子与家电品类的高基数影响。集团首席执行官许冉在业绩会上表示，四季度业绩符合预期，全年整体表现稳健。在核心数据之外，许冉还透露了即时零售业务的最新进展：截至2026年2月底，京东旗下“七鲜小厨”门店数量已超过50家。针对备受关注的食品配送业务，她表示，京东外卖在保持规模健康发展的同时，将持续优化经营效率，预计2026年的投入规模将较2025年有所降低。面向2026年，京东管理层对实现可持续盈利增长充满信心。公司将继续围绕供应链能力、人工智能技术及新业务布局深化投入，以巩固核心壁垒，为股东创造长期价值。核心零售：盈利能力扩张，主动再投资压缩短期利润率核心零售业务在四季度实现利润率扩张，但管理层将部分盈利收益战略性地再投入价格竞争力建设——尤其集中于电子及家电品类——以及研发能力和人才储备，以巩固长期竞争地位。许冉表示，上述再投资行为对零售利润率扩张形成一定压制，但相关影响已由第三方平台业务、营销服务及超市、医疗等细分板块的利润率改善所充分消化。在品类层面，超市业务收入实现强劲双位数增长，运营利润率稳步扩张；时尚品类亦取得显著增长，涵盖服饰、频率购物及全品类渗透。管理层强调，上述成果完全来自团队执行，而非外部因素驱动。平台与营销收入：广告需求回流，算法升级提升转化效率市场营销服务收入四季度增长15%，全年增长18.1%，成为整体增长的重要引擎。管理层将其归因于流量分配优化、转化效率提升，以及面向商家和品牌推出的\"11小时算法\"与智能代理工具的全面升级。许冉表示，越来越多品牌正将预算迁移至京东平台，理由是京东被视为日销与品牌建设的高回报平台，以及全生命周期产品的首选销售渠道。在综合商品品类方面，大部分类目实现强劲双位数增长，营销费用率优化至约4%，体现出对长期盈利路径的持续关注。外卖业务：亏损持续收窄，用户与商家规模同步扩张即时配送食品外卖业务在四季度保持稳定订单增势，同时进一步优化投入规模，单季投资总额环比削减近20%。管理层指出，自该业务上线以来，亏损规模已连续每季度实现收窄，体现出运营杠杆提升与投资框架精细化管理的成效。从生态协同角度看，外卖业务带动京东整体用户购物频次显著提升，全年活跃用户数同比增长逾3%，增长覆盖新老用户及各消费层级。此外，平台活跃商家总数增长超过270%，餐饮商家质量的提升亦是重要贡献因素。管理层预计，2026年外卖业务的投资效率将较2025年进一步改善，并承诺在保持健康增长的同时持续优化单位经济模型。人工智能布局：自研大模型落地超千项应用，AI代理GMV贡献数十亿在AI技术应用方面，京东自研大语言模型\"言犀\"已支持逾1000项真实业务场景，覆盖客户体验、采购、商家服务及运营等领域。2025年，京东AI相关Token调用量较2024年激增近100倍，推动全公司决策效率提升。在购物体验层面，AI搜索与推荐能力持续升级，AI代理（AI Agent）2025年服务活跃用户突破1.5亿，用户渗透率超过20%，带动数十亿规模GMV。管理层预计，2026年AI代理用户规模将实现翻倍。在物流端，京东无人配送持续深化落地，并于年内首次将自动化配送能力拓展至英国市场，为当地用户提供高品质次日达服务。管理层认为，AI将成为2026年及更长远未来的新增长前沿，公司在多个维度上已处于行业前列位置。新业务与国际化：即时零售与下沉市场双线并进在新业务进展方面，即时零售平台\"京东到家\"持续向下沉市场渗透，用户规模与市场份额双双扩大。管理层表示，公司正致力于通过提供当日达与次日达服务，重新定义本地购物体验，并视之为重要的长期增量市场。国际业务亦按既定节奏推进。整体来看，管理层对2026年的业务前景表示明确信心，称将坚定践行可持续盈利增长战略，并持续强化供应链核心能力与技术竞争壁垒，以实现股东长期价值最大化。风险提示及免责条款市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。","news_type":1,"symbols_score_info":{"89618":0.6,"09618":1.97,"JD":1.97}},"isVote":1,"tweetType":1,"viewCount":302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":539452557017360,"gmtCreate":1772720418929,"gmtModify":1772720421526,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"元宵节、汤圆、去年100单 今年1000单","listText":"元宵节、汤圆、去年100单 今年1000单","text":"元宵节、汤圆、去年100单 今年1000单","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/539452557017360","repostId":"2617528598","repostType":2,"repost":{"id":"2617528598","kind":"news","pubTimestamp":1772718097,"share":"https://www.laohu8.com/m/news/2617528598?lang=zh_CN&edition=full","pubTime":"2026-03-05 21:41","market":"us","language":"zh","title":"元宵节汤圆外卖需求爆发：京东外卖订单环比增长超10倍“预约送”单量较节前激增5.3倍","url":"https://stock-news.laohu8.com/highlight/detail?id=2617528598","media":"证券日报","summary":"本报讯3月4日，京东外卖首次发布元宵节消费数据：元宵佳节恰逢工作日，“点外卖过元宵”成为主流消费方式。京东外卖推出“预约送”预订单服务，提前订、准时达，受到上班族和年轻群体的欢迎。京东外卖数据显示，节日期间，元宵汤圆相关商品的订单量环比1月增长超10倍，其中“预约送”订单较元宵节前增长了5.3倍。从城市维度来看，北京、广州、上海、深圳、武汉，是最热衷用外卖点汤圆的TOP5城市。","content":"<html><body><div>\n<p>　　本报讯 3月4日，<span><a href=\"https://laohu8.com/S/JD\">京东</a></span><span></span>外卖首次发布元宵节消费数据：元宵佳节恰逢工作日，“点外卖过元宵”成为主流消费方式。<span href=\"http://quote.eastmoney.com/unify/r/105.JD\" target=\"_blank\" web=\"1\">京东</span>外卖推出“预约送”预订单服务，提前订、准时达，受到上班族和年轻群体的欢迎。<span href=\"http://quote.eastmoney.com/unify/r/105.JD\" target=\"_blank\" web=\"1\">京东</span>外卖数据显示，节日期间，元宵汤圆相关商品的订单量环比1月增长超10倍，其中“预约送”订单较元宵节前增长了5.3倍。从城市维度来看，北京、广州、上海、深圳、武汉，是最热衷用外卖点汤圆的TOP5城市。</p><p>　　值得注意的是，今年元宵消费，不仅更多消费者选择点外卖过节，也对汤圆元宵的创新口味和健康化提出了更高要求。京东外卖数据显示，“草莓汤圆”“龙井茶汤圆”“大黄米汤圆”等商品搜索量环比前一周增长超20倍。</p><p>（文章来源：证券日报）</p> </div></body></html>","source":"stock_eastmoney","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>元宵节汤圆外卖需求爆发：京东外卖订单环比增长超10倍“预约送”单量较节前激增5.3倍</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元宵节汤圆外卖需求爆发：京东外卖订单环比增长超10倍“预约送”单量较节前激增5.3倍\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-05 21:41 北京时间&nbsp;&nbsp;&nbsp;<a href=http://finance.eastmoney.com/a/202603053663413096.html><strong>证券日报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本报讯 3月4日，京东外卖首次发布元宵节消费数据：元宵佳节恰逢工作日，“点外卖过元宵”成为主流消费方式。京东外卖推出“预约送”预订单服务，提前订、准时达，受到上班族和年轻群体的欢迎。京东外卖数据显示，节日期间，元宵汤圆相关商品的订单量环比1月增长超10倍，其中“预约送”订单较元宵节前增长了5.3倍。从城市维度来看，北京、广州、上海、深圳、武汉，是最热衷用外卖点汤圆的TOP5城市。　　值得注意的是，...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202603053663413096.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89618":"京东集团-SWR","BK1575":"同股不同权","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","BK4503":"景林资产持仓","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) 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3月4日，京东外卖首次发布元宵节消费数据：元宵佳节恰逢工作日，“点外卖过元宵”成为主流消费方式。京东外卖推出“预约送”预订单服务，提前订、准时达，受到上班族和年轻群体的欢迎。京东外卖数据显示，节日期间，元宵汤圆相关商品的订单量环比1月增长超10倍，其中“预约送”订单较元宵节前增长了5.3倍。从城市维度来看，北京、广州、上海、深圳、武汉，是最热衷用外卖点汤圆的TOP5城市。　　值得注意的是，今年元宵消费，不仅更多消费者选择点外卖过节，也对汤圆元宵的创新口味和健康化提出了更高要求。京东外卖数据显示，“草莓汤圆”“龙井茶汤圆”“大黄米汤圆”等商品搜索量环比前一周增长超20倍。（文章来源：证券日报）","news_type":1,"symbols_score_info":{"89618":0.6,"09618":1.91,"JD":1.91,"KJD":0.6}},"isVote":1,"tweetType":1,"viewCount":258,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":538916897179152,"gmtCreate":1772592460812,"gmtModify":1772592463060,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"是可能美团已死","listText":"是可能美团已死","text":"是可能美团已死","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/538916897179152","repostId":"2616032907","repostType":2,"repost":{"id":"2616032907","kind":"news","pubTimestamp":1772538105,"share":"https://www.laohu8.com/m/news/2616032907?lang=zh_CN&edition=full","pubTime":"2026-03-03 19:41","market":"hk","language":"zh","title":"浏览器已死？“美团 Tabbit”们能否为它续命","url":"https://stock-news.laohu8.com/highlight/detail?id=2616032907","media":"财经网科技","summary":"3月份，Tabbit的推出，让美团在这一板块有了更精准的动作。3月2日，美团旗下的光年之外团队宣布，其全新产品Tabbit AI浏览器已进入公测。除此之外，光年之外团队还重新设计了Tabbit的操作界面，比如“全能输入框”还能直接向AI提问、搜全网信息，甚至下达复杂的指令。这一空白，为Tabbit的入场提供了窗口期。美团Tabbit主打的功能与特性，能否成为其真正的商业护城河？这些产品与Tabbit类似，均以智能体为核心，试图重构浏览器的交互逻辑。","content":"<div>\n<p>“入局AI浏览器，是大模型从技术底座向应用落地的必然延伸。”编辑|蒋菁在人工智能不断发展的今天，互联网最基础的流量入口——浏览器也迎来大变局。当行业一度喊出“浏览器已死”的论调，美团却用一款新产品给出了不一样的答案。3月2日，美团旗下光年之外团队正式宣布，全新产品Tabbit AI浏览器进入公测，这是继2026年2月推出“深度研究”智能体后，美团在AI应用层的又一落子。在国内AI的C端入口被几大...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202603032201149542d23e&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202603032201149542d23e&s=b><strong>财经网科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“入局AI浏览器，是大模型从技术底座向应用落地的必然延伸。”编辑|蒋菁在人工智能不断发展的今天，互联网最基础的流量入口——浏览器也迎来大变局。当行业一度喊出“浏览器已死”的论调，美团却用一款新产品给出了不一样的答案。3月2日，美团旗下光年之外团队正式宣布，全新产品Tabbit AI浏览器进入公测，这是继2026年2月推出“深度研究”智能体后，美团在AI应用层的又一落子。在国内AI的C端入口被几大...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202603032201149542d23e&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202603032201149542d23e&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2616032907","content_text":"“入局AI浏览器，是大模型从技术底座向应用落地的必然延伸。”编辑|蒋菁在人工智能不断发展的今天，互联网最基础的流量入口——浏览器也迎来大变局。当行业一度喊出“浏览器已死”的论调，美团却用一款新产品给出了不一样的答案。3月2日，美团旗下光年之外团队正式宣布，全新产品Tabbit AI浏览器进入公测，这是继2026年2月推出“深度研究”智能体后，美团在AI应用层的又一落子。在国内AI的C端入口被几大巨头瓜分的前提下，美团选择从浏览器切入，既是对入口焦虑的回应，也折射出科技巨头对AI时代“超级入口”的争夺已从单纯的对话框开始转向。这场竞赛的终局，是再造一个流量入口，还是重新定义AI与网页世界交互的新规则？卡位与破局当字节豆包、阿里千问、腾讯元宝在春节档通过红包与晚会抢占用户心智时，美团在C端AI入口的竞争中显得相对沉默。3月份，Tabbit的推出，让美团在这一板块有了更精准的动作。3月2日，美团旗下的光年之外团队宣布，其全新产品Tabbit 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seedance降维打击可令。ai视频效果这类应用如果真实度差一些就完全没有价值","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/536793401837064","isVote":1,"tweetType":1,"viewCount":837,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3544763760420498","authorId":"3544763760420498","name":"滚车轮的人","avatar":"https://static.tigerbbs.com/f19d2958b922ea55948c55702b7512e5","crmLevel":7,"crmLevelSwitch":1,"authorIdStr":"3544763760420498","idStr":"3544763760420498"},"content":"你好像搞错了什么，可灵才是清晰度更高，一致性更好的面向专业影视创作环节的那个。","text":"你好像搞错了什么，可灵才是清晰度更高，一致性更好的面向专业影视创作环节的那个。","html":"你好像搞错了什么，可灵才是清晰度更高，一致性更好的面向专业影视创作环节的那个。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":534751971509680,"gmtCreate":1771573765532,"gmtModify":1771804403039,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a 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22:37","market":"us","language":"zh","title":"多地节前发文要求外卖平台停止“内卷式”竞争，不得组织恶性补贴","url":"https://stock-news.laohu8.com/highlight/detail?id=1125588490","media":"老虎资讯综合","summary":"保障春节外卖市场秩序稳定。","content":"<html><head></head><body><p>据澎湃，春节前夕，全国多地市监部门发布春节外卖合规指引，告诫相关外卖平台理性竞争。其中，河南信阳市、南阳市、安徽蚌埠市、广东汕头市、海南文昌市、辽宁辽阳市等地要求，外卖平台立即停止低质低价“内卷式”恶性竞争，不得组织恶性补贴、低价倾销，以保障春节外卖市场秩序稳定。</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>多地节前发文要求外卖平台停止“内卷式”竞争，不得组织恶性补贴</title>\n<style 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22:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>据澎湃，春节前夕，全国多地市监部门发布春节外卖合规指引，告诫相关外卖平台理性竞争。其中，河南信阳市、南阳市、安徽蚌埠市、广东汕头市、海南文昌市、辽宁辽阳市等地要求，外卖平台立即停止低质低价“内卷式”恶性竞争，不得组织恶性补贴、低价倾销，以保障春节外卖市场秩序稳定。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c972a78fbe34096796ada872b683e450","relate_stocks":{"09618":"京东集团-SW","03690":"美团-W","BABA":"阿里巴巴","09988":"阿里巴巴-W","JD":"京东"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125588490","content_text":"据澎湃，春节前夕，全国多地市监部门发布春节外卖合规指引，告诫相关外卖平台理性竞争。其中，河南信阳市、南阳市、安徽蚌埠市、广东汕头市、海南文昌市、辽宁辽阳市等地要求，外卖平台立即停止低质低价“内卷式”恶性竞争，不得组织恶性补贴、低价倾销，以保障春节外卖市场秩序稳定。","news_type":1,"symbols_score_info":{"03690":2,"BABA":2,"JD":2,"09988":2,"09618":2}},"isVote":1,"tweetType":1,"viewCount":402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":532109238068600,"gmtCreate":1770930371435,"gmtModify":1770933308199,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a 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href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a> 老百姓都吃不起饭了为什么要买车？","text":"$小米集团-W(01810)$ 老百姓都吃不起饭了为什么要买车？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/389644509376752","isVote":1,"tweetType":1,"viewCount":4147,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3505217427218703","authorId":"3505217427218703","name":"Sierra","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"3505217427218703","idStr":"3505217427218703"},"content":"是你吃不起饭 最近公务员加薪 不就是用来消费的","text":"是你吃不起饭 最近公务员加薪 不就是用来消费的","html":"是你吃不起饭 最近公务员加薪 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恒生跌5%，美团跌16%。恒生如果回调15%，美团跌破100。几乎是定局，这件事确定到老虎证券做空美团的做空池连续15个交易日爆满，做空的人太多，几乎是捡钱，以至于做空美团在老虎上都无法操作了，不是一天两天是连续15天....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/447686788444200","isVote":1,"tweetType":1,"viewCount":1824,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"content":"现在看我说的有一点问题么？","text":"现在看我说的有一点问题么？","html":"现在看我说的有一点问题么？"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":392181461647848,"gmtCreate":1736791127276,"gmtModify":1736842203422,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"<a 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跌的确实有点夸张了，最近20个交易日，出现了跌5涨1，跌6涨1，跌6涨1。最近20个交易日跌16个。这种暴跌速度，只在恒大上见过，最近一个月暴跌26%","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":15,"repostSize":0,"link":"https://laohu8.com/post/392181461647848","isVote":1,"tweetType":1,"viewCount":7606,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3513716780842222","authorId":"3513716780842222","name":"奔大康","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3513716780842222","idStr":"3513716780842222"},"content":"前面60-200暴涨就不夸张吗？","text":"前面60-200暴涨就不夸张吗？","html":"前面60-200暴涨就不夸张吗？"},{"author":{"id":"3494314295033535","authorId":"3494314295033535","name":"LogicalWing","avatar":"https://static.tigerbbs.com/14304d8253613443ab600d9de2cf9e70","crmLevel":9,"crmLevelSwitch":1,"authorIdStr":"3494314295033535","idStr":"3494314295033535"},"content":"为啥如此夸张..","text":"为啥如此夸张..","html":"为啥如此夸张.."}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":410122974843272,"gmtCreate":1741137829128,"gmtModify":1741137830780,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"<a 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href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 现在的当务之急是赶紧拉内需，发钱给内需消费性企业，因为已经确实别无他法，首先：美联储降息预期放缓，一方面美联储也要磨合特朗普团队上台的不确定性手里不敢打太多牌，一方面在国内就业ok的情况下要抑制热钱流入中国，因此降息预期只能放缓，降息的放缓会导致rmb贬值预期增强，而美国加关税让出口愈加艰难，对冲了贬值的优点，但降低了国内企业盈利能力，导致税收下滑，地方债高筑，螺旋下滑趋势愈加明显，经济下行就像癌症，刚开始就要下定决心上猛药，犹豫不决就晚了","text":"$美团-W(03690)$ 现在的当务之急是赶紧拉内需，发钱给内需消费性企业，因为已经确实别无他法，首先：美联储降息预期放缓，一方面美联储也要磨合特朗普团队上台的不确定性手里不敢打太多牌，一方面在国内就业ok的情况下要抑制热钱流入中国，因此降息预期只能放缓，降息的放缓会导致rmb贬值预期增强，而美国加关税让出口愈加艰难，对冲了贬值的优点，但降低了国内企业盈利能力，导致税收下滑，地方债高筑，螺旋下滑趋势愈加明显，经济下行就像癌症，刚开始就要下定决心上猛药，犹豫不决就晚了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/383102424994176","isVote":1,"tweetType":1,"viewCount":5316,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3554548221276087","authorId":"3554548221276087","name":"大音仔","avatar":"https://static.tigerbbs.com/f439942da7a68bdff2e2fc6767d8e35f","crmLevel":7,"crmLevelSwitch":0,"authorIdStr":"3554548221276087","idStr":"3554548221276087"},"content":"钱应该发到老百姓手上。给我一万块我马上出去消费。","text":"钱应该发到老百姓手上。给我一万块我马上出去消费。","html":"钱应该发到老百姓手上。给我一万块我马上出去消费。"},{"author":{"id":"3566290818801808","authorId":"3566290818801808","name":"亿千","avatar":"https://static.tigerbbs.com/b8074aa8994a90800980e41658344389","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3566290818801808","idStr":"3566290818801808"},"content":"对不起 ，老爷们就喜欢打应付，觉得自己见招拆招很牛逼，实则就是一个脑瘫","text":"对不起 ，老爷们就喜欢打应付，觉得自己见招拆招很牛逼，实则就是一个脑瘫","html":"对不起 ，老爷们就喜欢打应付，觉得自己见招拆招很牛逼，实则就是一个脑瘫"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":404827772448960,"gmtCreate":1739859606971,"gmtModify":1739859608185,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$&nbsp;</a> 京东药丸了，电商市场已经崩盘了，被抖音超越。跌到第四了，现在已经不计成本疯狂尝试新赛道。国家补贴了一次这是最后一波了。","listText":"<a href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$&nbsp;</a> 京东药丸了，电商市场已经崩盘了，被抖音超越。跌到第四了，现在已经不计成本疯狂尝试新赛道。国家补贴了一次这是最后一波了。","text":"$京东集团-SW(09618)$ 京东药丸了，电商市场已经崩盘了，被抖音超越。跌到第四了，现在已经不计成本疯狂尝试新赛道。国家补贴了一次这是最后一波了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":1,"link":"https://laohu8.com/post/404827772448960","isVote":1,"tweetType":1,"viewCount":2860,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3436920162604594","authorId":"3436920162604594","name":"灵栖国伟hzygw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3436920162604594","idStr":"3436920162604594"},"content":"自营等于多了一道中间商差价，怎么可能做的过阿里多多。而且自营会滋生腐败，效率又低下。多多国际业务是降维打击","text":"自营等于多了一道中间商差价，怎么可能做的过阿里多多。而且自营会滋生腐败，效率又低下。多多国际业务是降维打击","html":"自营等于多了一道中间商差价，怎么可能做的过阿里多多。而且自营会滋生腐败，效率又低下。多多国际业务是降维打击"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":359760928903192,"gmtCreate":1728872740161,"gmtModify":1728872742016,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"<a 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沪港通都快卖没了，貌似降到了几年的低点，散户基本上出了70%","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/359760928903192","isVote":1,"tweetType":1,"viewCount":7439,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3492552337823753","authorId":"3492552337823753","name":"柳琰彬","avatar":"https://static.tigerbbs.com/481850a29407fb1eddc88c528fb21a80","crmLevel":3,"crmLevelSwitch":1,"authorIdStr":"3492552337823753","idStr":"3492552337823753"},"content":"我觉得是好事，买了看涨期权，希望散户走的干干净净，快快探底","text":"我觉得是好事，买了看涨期权，希望散户走的干干净净，快快探底","html":"我觉得是好事，买了看涨期权，希望散户走的干干净净，快快探底"},{"author":{"id":"3470748631763649","authorId":"3470748631763649","name":"喂会打篮球么","avatar":"https://static.tigerbbs.com/a46d048a7ec49fb13ca6999facb7d1de","crmLevel":3,"crmLevelSwitch":1,"authorIdStr":"3470748631763649","idStr":"3470748631763649"},"content":"21年一路抄底，现在成本120，坐等400","text":"21年一路抄底，现在成本120，坐等400","html":"21年一路抄底，现在成本120，坐等400"}],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}