基隆海港的个人主页 - 老虎社区

基隆海港

基隆海港

以小搏大

IP属地：上海

43关注

4粉丝

5主题

0勋章

07-07

无他，涨多了。

4100亿跌到1000亿，MiniMax怎么了？

05-13

$七牛智能(02567)$ 太有意思了，强拉洗澡大幅回调。

05-13

这篇文章不错，转发给大家看看

创业板指突破2015年“牛市”最高点，刷新历史新高

05-11

5月11日港股综述

港股综述｜三大指数涨跌不一，南方两倍做多海力士涨逾23%；科网股走弱，阿里巴巴-W跌近4%

04-08

良心企业，持续回购。

腾讯控股(00700)4月8日耗资约10亿港元回购197.9万股

03-21

美团是宇树科技的第二大股东

宇树科技IPO获受理，美团为第二大股东，2025年度营收同比暴增335.4%，净利润增长204%

02-25

这篇文章不错，转发给大家看看

33 岁分析师一篇神文，戳穿AI时代最恐怖的真相？

02-25

字节跳动25年利润高达450亿美金

字节跳动新估值，5500亿美元！

02-05

$叮咚买菜(DDL)$ 最后不是被京东收购，而是被美团纳入怀中。

02-03

$叮咚买菜(DDL)$ 看好破4

01-20

$龙旗科技(09611)$

01-18

生活中最不能缺的是早晨一杯茶，下午一杯美式，开始一天的能量时刻。晚上查看股票资讯和投资动态。

01-09

啊，卖飞啦。

@基隆海港:暗盘交易，获益30%，落袋为安。

01-08

暗盘交易，获益30%，落袋为安。

01-07

$MINIMAX-WP(00100)$ 中签20股

01-03

$壁仞科技(06082)$ 25年是运气比较好的一年，12月初中了摩尔线程，月底中签壁仞科技，暗盘交易赚了6000下车。

01-03

25年收益51.63%，跑赢标普500，26年继续加油，目标收益50%。

01-03

新年首个交易日，中概股普涨。

昨夜今晨｜新年首个交易日美股涨跌互现！芯片股领涨，中概股全线爆发；特斯拉失守全球电车销冠宝座

2025-12-30

中签啦

2025-12-29

叮咚估值50亿美元？？？缺得部分小编补啊？

京东收购叮咚买菜传闻背后：即时零售的“大鱼吃小鱼”时代来临？

去老虎APP查看更多动态

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DEMO CHINA「创新中国」主办方。创业邦官网：www.cyzone.cn","home_visible":1,"media_name":"创业邦","id":"1034061404","head_image":"https://static.tigerbbs.com/39fa1eaed1f845a885c9e811a7ff05c2"},"pubTimestamp":1783421281,"share":"https://www.laohunote.com/m/news/2649880029?lang=zh_CN&edition=full","pubTime":"2026-07-07 18:48","market":"hk","language":"zh","title":"4100亿跌到1000亿，MiniMax怎么了？","url":"https://stock-news.laohu8.com/highlight/detail?id=2649880029","media":"创业邦","summary":"上市首日，MiniMax大涨109%，远超智谱，一度是市场更追捧的大模型标的。截至7月3日收盘，其股价346港元，市值为1087亿港元。7月8日、9日，两家公司分别迎来半年期解禁，但对智谱来说只是小测验，对MiniMax是大考。智谱此次解禁仅约5.76%，MiniMax却有约44.85%的股份解除限售，潜在流通盘一下子扩大到50%左右。近半年，MiniMax在中国大模型市场中的存在感有所下降。这期间，市场对MiniMax模式的看法也发生了变化。","content":"<html><head></head><body><h4 style=\"text-align: left;\"></h4><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a129d5fa25c349d1b659a1e814e19368\" data-align=\"center\" tg-width=\"1024\" tg-height=\"768\"/><span></span></p><h2 style=\"text-align: left;\">7月9日，MiniMax近半数股份解禁。</h2><p style=\"text-align: left;\">半年前的1月9日，它在<a href=\"https://laohu8.com/S/00388\">港交所</a>挂牌，比<a href=\"https://laohu8.com/S/02513\">智谱</a>晚一天。上市首日，MiniMax大涨109%，远超智谱，一度是市场更追捧的大模型标的。3月，它的股价冲到1330港元的高点，市值突破4100亿港元，一度超过<a href=\"https://laohu8.com/S/BIDU\">百度</a>。</p><p style=\"text-align: left;\">随后股价开始掉头。6月1日发布旗舰大模型M3当天，高开跳水收跌15%；接下来两周股价腰斩。到7月初，距离高点已经跌了72%。截至7月3日收盘，其股价346港元，市值为1087亿港元。</p><p style=\"text-align: left;\">而智谱后来居上。市值一度冲破万亿港元，如今在八千亿港元上下。</p><p style=\"text-align: left;\">7月8日、9日，两家公司分别迎来半年期解禁，但对智谱来说只是小测验，对MiniMax是大考。智谱此次解禁仅约5.76%，MiniMax却有约44.85%的股份解除限售，潜在流通盘一下子扩大到50%左右。</p><p style=\"text-align: left;\">有关注港股的投资人判断，“短期跌很正常，之前股价里掺了太多情绪和稀缺性溢价。”另一位业内人士则对“定焦One”强调：“相对发行价它还有110%的涨幅，但投资者的心气，已经完全变了。”</p><p style=\"text-align: left;\">近半年，MiniMax在中国大模型市场中的存在感有所下降。就模型能力而言，其第一梯队心智仍有待强化；就市场声量而言，也不如DeepSeek和智谱更容易获得关注。</p><p style=\"text-align: left;\">正景资本投资合伙人刘雨佳认为，MiniMax和智谱近半年来的股价分化，不能简单理解为谁的模型更强，而是市场在给不同AI路径重新定价。MiniMax的优势在多模态、C端产品和海外增长，但市场仍在观察它能否把这些优势转化为Agent、Coding、开发者生态和稳定商业收入。智谱则更贴近国内基础模型、企业服务、开发者平台和国产AI基础设施的叙事，因此在当前市场风格下更容易获得估值溢价。</p><p style=\"text-align: left;\">不过，股价表现是短期的。在他看来，MiniMax真正的考验，是模型、产品、商业化能否跑通闭环。“如果能，天花板会比较高。反之，就可能停留在“大而全”的状态。”</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b270549beddf4ca394d1ee17d5db07b9\" data-align=\"center\" tg-width=\"900\" tg-height=\"70\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">这轮下跌</p><p style=\"text-align: left;\">跌掉的是两重溢价</p><p style=\"text-align: left;\">MiniMax的股价跌幅虽大，但资本市场并未全盘否定这家大模型公司，“只是说，今年三月行情冲高带来的市场溢价，正回归理性逐步回落。”关注大模型公司的从业者Leo评价。</p><p style=\"text-align: left;\">回落的主要是两方面的溢价。</p><p style=\"text-align: left;\"><strong>首先是模型能力的溢价。</strong></p><p style=\"text-align: left;\">MiniMax给自己的定位是全球仅四家的全模态AI第一梯队，对标OpenAI、<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>、字节跳动。站上第一梯队，意味着掌握定价权，市场也愿意给出更高的估值倍数。问题是，经过半年的市场检验，这个标签得打个问号。</p><p style=\"text-align: left;\">官方称，M3的编程能力在SWE-Bench Pro上取得59%，超过GPT-5.5；但独立评测Artificial Analysis的Intelligence Index把它排在主流模型第九；在主打用户真实偏好的Chatbot Arena上，它更是排到了四五十名开外。不止一位受访者提到，国产大模型的第一梯队是智谱、Kimi、DeepSeek，MiniMax的性能存疑。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15c608e9bfed4fe1bf01d284526892f0\" data-align=\"center\" tg-width=\"1080\" tg-height=\"500\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">图源 / MiniMax</p><p style=\"text-align: left;\">更关键的是，M3上线一周后，MiniMax就把API价格永久下调了一半。<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>随即把评级从“增持”下调到“中性”，目标价从1100港元降至400港元，理由是，“自M2模型之后，MiniMax尚未推出新的国产SOTA（最先进）模型，且从纯模型能力角度，MiniMax仍在追赶阶段。”</p><p style=\"text-align: left;\">同期的智谱，多次上调API定价、累计涨幅超八成，调用量反而增长了四倍。</p><p style=\"text-align: left;\">一次降价引起如此大的震荡，红蚁资本首席投资官李泽铭表示，港股给大模型公司定价，基本用市销率（市值/收入）。“所以你听到哪家大模型大幅降价，整个板块就会集体跳水。”MiniMax的降价压低了收入预期，也就压低了估值。</p><p style=\"text-align: left;\"><strong>其次是C端故事的溢价。</strong></p><p style=\"text-align: left;\">2025年，MiniMax 67%的收入来自C端的AI产品，主力是海外的Talkie、国内的星野这类情感陪伴应用，外加视频工具海螺AI。上市时，这是增长最快的业务，市场给的高估值很大程度上就押在“C端全球化”上。</p><p style=\"text-align: left;\">但后期C端数据明显下滑。</p><p style=\"text-align: left;\">Talkie和星野的月活在2025年四季度环比降了六成。情感陪伴赛道本身也在收紧，Talkie曾在部分海外地区的应用商店被下架，国内星野也经历过整改。</p><p style=\"text-align: left;\">视频端同样承压，海螺AI在Artificial Analysis的视频模型排行榜上已失去领先位置，被<a href=\"https://laohu8.com/S/09988\">阿里</a>的HappyHorse、字节的Seedance、<a href=\"https://laohu8.com/S/01024\">快手</a>的可灵等多个模型超过。</p><p style=\"text-align: left;\">这期间，市场对MiniMax模式的看法也发生了变化。刘雨佳把它总结为“相对传统、但完整”的国际化路径，“跟字节早年出海的打法有点像”。前期市场认可这个模式，因此MiniMax一度享受了海外AI应用的估值红利；后来OpenClaw等Agent生态兴起，也给其模型和API调用带来了一定阶段性机会。而随着行业叙事进一步转向Agent、开发者生态和工具链平台，市场开始重新追问：MiniMax究竟是一家拥有若干全球化产品的模型公司，还是能够成为Agent时代的基础模型入口？</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/beabf3d805d6489b991d410db43e3935\" data-align=\"center\" tg-width=\"900\" tg-height=\"70\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">“大而全”容易</p><p style=\"text-align: left;\">“大而强”很难</p><p style=\"text-align: left;\">MiniMax的商业路径，和其他大模型公司不一样。</p><p style=\"text-align: left;\">同样是国产大模型，DeepSeek靠社区反馈迭代模型，智谱靠B端企业数据迭代模型，而MiniMax的路线是三条里最重的。它的底座，是一套自研的全模态大模型，语言、视频、语音、音乐都自己做。</p><p style=\"text-align: left;\">在这套模型上，它同时做两门生意：对个人用户，做了一批主打海外的AI原生App；对企业和开发者，做了开放平台，把模型能力通过API按调用量卖出去。“它其实是‘从B端起家、后all-in C端全球化’的。”在Leo看来，这一调整带来了收入的快速增长，也让公司收入结构过度依赖C端。</p><p style=\"text-align: left;\">MiniMax押注的逻辑是：模型做出产品，产品在全球换来用户和数据，数据持续反哺模型迭代。刘雨佳认为，模型、产品、数据三者形成正向循环，上限是“大而强”，下限则是“大而全”。</p><p style=\"text-align: left;\">而眼下，模型、产品、商业化三个层面，都遇到了一些问题。</p><p style=\"text-align: left;\"><strong>模型层，有亮点，但缺乏不可替代性。</strong></p><p style=\"text-align: left;\">MiniMax在垂直能力上有优势：语音合成模型Speech-02曾登顶Artificial Analysis全球TTS排行榜，文本模型MiniMax-01系列也以400万token的超长上下文窗口著称。但这些技术参数没有转化为用户黏性。</p><p style=\"text-align: left;\">李泽铭的判断是，国内头部大模型技术差距可能只有一两个月，“你这个月排名靠前，下个月整个排名都已经换了”。技术迭代快、排名不稳定，在这种环境下，“不可替代”很难靠单点技术优势建立起来，而是需要持续领先的工程能力，加上用户长时间使用积累下来的黏性。从市场反馈看，MiniMax在模型认知度和用户心智上，仍未进入第一梯队。</p><p style=\"text-align: left;\"><strong>产品层，四条线并进，但数据链路有待验证。</strong></p><p style=\"text-align: left;\">MiniMax对外讲的故事是“全模态自研”：四条线数据互相喂养、模型彼此增强。但各产品线的用户行为差异极大，海螺AI是视频创作，Talkie/星野主打AI角色扮演与情感陪伴。Talkie数据能反哺情感陪伴模型本身，但对提升编程、推理等核心能力帮助有限。数据能不能跨产品、跨模态流动起来，目前并不确定。</p><p style=\"text-align: left;\">刘雨佳给出了三个具体的观察指标：一是能否实现跨模态迁移：例如视频数据能不能提升模型对物理世界和时序关系的理解，语音数据能不能增强对情绪和节奏的判断；二是能否把原本分散的文本、语音、视频训练框架聚焦成统一的工程基础模型；三是综合能力是否建立在单项足够强的基础上，而不只是各项能力平均化。“统一多模态是正确方向，而真正的差异在于能不能大规模实现工程化、产品化、商业化。”</p><p style=\"text-align: left;\"><strong>商业化层面，C端毛利太薄，B端模式太轻。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f423683ed78a45208d1ad9fb54f5dbfa\" data-align=\"center\" tg-width=\"1080\" tg-height=\"496\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">MiniMax毛利率情况 图源 / 招股书</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86bcbd8ab26e432ea1706116970e9754\" data-align=\"center\" tg-width=\"1080\" tg-height=\"668\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">MiniMax收入构成 图源 / 招股书</p><p style=\"text-align: left;\">招股书显示，截至2025年前三季度，C端整体毛利率只有4.7%。在C端收入结构中，主打情感陪伴的Talkie与星野、主打视频创作的海螺AI，分别贡献了约4出（ARPPU）高达56美元；而Talkie与星野的用户付费意愿弱，ARPPU仅为5美元，其近六成的收入靠广告变现。</p><p style=\"text-align: left;\">底层模型能力的提升，能够直接拉动海螺AI、MiniMax App（ARPPU达73美元）这类“效果敏感型”工具的定价权，但对广告驱动的产品拉动有限。海螺AI的体量已经接近Talkie/星野，刚起步的Agent商业化，能否成为第三条变现主线，需重点关注。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/234feb90582d4d9e941fd56729302a8c\" data-align=\"center\" tg-width=\"1080\" tg-height=\"567\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">MiniMax产品ARPPU（每付费用户平均收入） 图源 / 招股书</p><p style=\"text-align: left;\">相比之下，B端的增长数字更好看，但问题出在模式上。2025年全年财报显示，开放平台等企业服务收入2596.3万美元，同比增长197.8%。不过，Minimax做的是“轻服务”生意。创始人闫俊杰在业绩会上提出AI平台价值等于“智能密度×Token吞吐量”。这决定公司在B端的打法是靠Token调用量堆规模，而不是靠人力堆定制化项目。</p><p style=\"text-align: left;\">招股书显示（截至2025年前三季度），其开放平台付费客户数从2023年的约100家增长至约2500家，但ARPPU从2024年的约1.2万美元降到约6000美元。这反映出它的主要客户结构正从大型企业转向中小企业和开发者。</p><p style=\"text-align: left;\">对于具备开发能力的互联网客户（如<a href=\"https://laohu8.com/S/688111\">金山办公</a>），MiniMax只需提供API接口即可；但对于更具付费潜力的政企客户而言，他们通常需要私有化部署、合规保障及定制交付等一整套厚重的服务。MiniMax的配置，决定了它更擅长服务前者这类客户。</p><p style=\"text-align: left;\">有关注的AI的投资人对“定焦One”表示，大模型API的切换成本极低，光卖接口很难建立黏性，迟早得做Agent。MiniMax的Agent平台，正是它试图从“卖接口”走向“卖结果”的一步。该投资人的评价是，“一开始体验一般，现在好了不少”，但能不能做成壁垒，还需要证明。</p><p style=\"text-align: left;\">现在的MiniMax可以被视为一个仍在验证中的平台型公司：它的模型有亮点，但还需要证明这些亮点能否形成稳定的用户心智；产品有流量，但数据飞轮和模型反哺机制还需要更多时间验证；商业化增长较快，但结构和质量还有优化空间。</p><p style=\"text-align: left;\">在刘雨佳看来，如果MiniMax能证明自身是“模型能力+全球产品+数据闭环+平台生态”的公司，估值空间会很大；但如果市场最终认为它是一个模型能力不错、同时做出了一些海外产品的公司，那么吸引力就会弱于那些站在前沿模型第一梯队，并且掌握Agent平台、开发者生态或工具链入口的公司。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fe07a18e09f4babb4c7d4d60998dc76\" data-align=\"center\" tg-width=\"900\" tg-height=\"70\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">解禁之后</p><p style=\"text-align: left;\">等待MiniMax的是什么？</p><p style=\"text-align: left;\">7月9日，MiniMax上市满六个月，投资者等锁定股份后，能在市场上买卖的股票占总股本的不到3%，对应市值约13亿港元。盘子小意味着价格容易被小额资金推着走，上市三个月冲到1330港元，稀缺性功不可没。7月9日，约44.85%的股份集中解禁，流通盘一下子扩大到近50%。</p><p style=\"text-align: left;\">反观智谱，7月只解禁约5.76%，稀缺性还能再撑半年。六月开始，“做多智谱、做空MiniMax”成了热门配对交易。</p><p style=\"text-align: left;\">按招股书的锁定安排，这批解禁的股东大致分三类。</p><p style=\"text-align: left;\">一类是<strong>战略投资者</strong>。<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>持股约13%，是最大单一外部股东，同时又是基石投资者，还额外出资3000万美元认购新股，身兼投资与战略合作两重身份，短期套现的动机相对有限。另一位早期股东米哈游持股约5.24%，锁定期是12个月，到2027年1月届满，也已公开表态“不减持”。</p><p style=\"text-align: left;\">另一类是<strong>国资背景基金</strong>。比如国寿、央视融媒体产业投资基金、安徽<a href=\"https://laohu8.com/S/688015\">交控</a>中金，这些股东的投资逻辑偏向产业布局，退出节奏通常较慢。“名义上解禁，但实际不着急卖”，Leo判断。</p><p style=\"text-align: left;\">最值得关注的是第三类：<strong>纯财务回报导向的市场化机构</strong>，如高瓴、红杉系、Future Capital等。他们进得早，成本相对低，账面回报翻了几倍到十几倍。对这些基金来说，每一笔钱都有退出期限和DPI考核。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/92058b299b4c4fb0b9930e941be5305f\" data-align=\"center\" tg-width=\"1080\" tg-height=\"720\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">图源 / pexels</p><p style=\"text-align: left;\">李泽铭对此表示：“卖掉其实也没有太大关系，毕竟不确定有没有机会拿到（更高收益）。”</p><p style=\"text-align: left;\">这一轮会跌多少，是市场当前最关心的问题。</p><p style=\"text-align: left;\">根据<a href=\"https://laohu8.com/S/01709\">德林控股</a>研究院的统计，2022年至2025年间港股科技股解禁后三个月平均下跌约4，六个月平均下跌约7%。但这是均值，Leo认为关键变量是“入场价和现价的距离”，上市后涨幅巨大的新股，跌幅会更大。</p><p style=\"text-align: left;\">李泽铭的判断相对激进，认为“解禁之后跌一半很正常，从高位跌八成、九成的，案例也不少。”</p><p style=\"text-align: left;\">7月9日是第一轮，再过三个月，MiniMax还有约18.65%的股份接着解禁；2027年1月，米哈游、IDG等12个月锁定期届满；核心团队（创始人及其紧密联系人）的股份锁定期长达24个月，要到2028年1月才到期。届时还将有更多股份陆续进入市场。</p><p style=\"text-align: left;\">但要区分的是，解禁冲击的是股价，而非基本面。MiniMax 2025年营收约7900万美元、同比增长约160%，B端毛利率约70%（截至2025年前三季度）；它短期的问题是，C端毛利率低，全年经调整净亏损约2.5亿美元，同比仍在扩大；主力模型产品刚刚降价50%。收入预期直接决定估值。</p><p style=\"text-align: left;\">闭环能不能转起来，MiniMax手里还有几张牌：已经启动的A股科创板上市，能为它带来新的融资通道；Agent平台是从“卖接口”转向“卖结果”的关键一步；在Talkie月活下滑后，海螺AI和新的Agent产品能不能迅速扛起收入，则决定了其增长的后劲。归根结底，上面的牌能不能打出来，底层条件在于语音合成、长文本这些单点技术优势能不能变成产品壁垒。</p><p style=\"text-align: left;\">李泽铭最后强调：<strong>如果基本面撑不住，跌了之后的反弹也会很弱；反之，如果基本面撑得住，7月9日之后反而是一次重新定价的机会。</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\" 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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\">\n4100亿跌到1000亿，MiniMax怎么了？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1034061404\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/39fa1eaed1f845a885c9e811a7ff05c2);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">创业邦 </p>\n<p class=\"h-time\">2026-07-07 18:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><h4 style=\"text-align: left;\"></h4><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a129d5fa25c349d1b659a1e814e19368\" data-align=\"center\" tg-width=\"1024\" tg-height=\"768\"/><span></span></p><h2 style=\"text-align: left;\">7月9日，MiniMax近半数股份解禁。</h2><p style=\"text-align: left;\">半年前的1月9日，它在<a href=\"https://laohu8.com/S/00388\">港交所</a>挂牌，比<a href=\"https://laohu8.com/S/02513\">智谱</a>晚一天。上市首日，MiniMax大涨109%，远超智谱，一度是市场更追捧的大模型标的。3月，它的股价冲到1330港元的高点，市值突破4100亿港元，一度超过<a href=\"https://laohu8.com/S/BIDU\">百度</a>。</p><p style=\"text-align: left;\">随后股价开始掉头。6月1日发布旗舰大模型M3当天，高开跳水收跌15%；接下来两周股价腰斩。到7月初，距离高点已经跌了72%。截至7月3日收盘，其股价346港元，市值为1087亿港元。</p><p style=\"text-align: left;\">而智谱后来居上。市值一度冲破万亿港元，如今在八千亿港元上下。</p><p style=\"text-align: left;\">7月8日、9日，两家公司分别迎来半年期解禁，但对智谱来说只是小测验，对MiniMax是大考。智谱此次解禁仅约5.76%，MiniMax却有约44.85%的股份解除限售，潜在流通盘一下子扩大到50%左右。</p><p style=\"text-align: left;\">有关注港股的投资人判断，“短期跌很正常，之前股价里掺了太多情绪和稀缺性溢价。”另一位业内人士则对“定焦One”强调：“相对发行价它还有110%的涨幅，但投资者的心气，已经完全变了。”</p><p style=\"text-align: left;\">近半年，MiniMax在中国大模型市场中的存在感有所下降。就模型能力而言，其第一梯队心智仍有待强化；就市场声量而言，也不如DeepSeek和智谱更容易获得关注。</p><p style=\"text-align: left;\">正景资本投资合伙人刘雨佳认为，MiniMax和智谱近半年来的股价分化，不能简单理解为谁的模型更强，而是市场在给不同AI路径重新定价。MiniMax的优势在多模态、C端产品和海外增长，但市场仍在观察它能否把这些优势转化为Agent、Coding、开发者生态和稳定商业收入。智谱则更贴近国内基础模型、企业服务、开发者平台和国产AI基础设施的叙事，因此在当前市场风格下更容易获得估值溢价。</p><p style=\"text-align: left;\">不过，股价表现是短期的。在他看来，MiniMax真正的考验，是模型、产品、商业化能否跑通闭环。“如果能，天花板会比较高。反之，就可能停留在“大而全”的状态。”</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b270549beddf4ca394d1ee17d5db07b9\" data-align=\"center\" tg-width=\"900\" tg-height=\"70\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">这轮下跌</p><p style=\"text-align: left;\">跌掉的是两重溢价</p><p style=\"text-align: left;\">MiniMax的股价跌幅虽大，但资本市场并未全盘否定这家大模型公司，“只是说，今年三月行情冲高带来的市场溢价，正回归理性逐步回落。”关注大模型公司的从业者Leo评价。</p><p style=\"text-align: left;\">回落的主要是两方面的溢价。</p><p style=\"text-align: left;\"><strong>首先是模型能力的溢价。</strong></p><p style=\"text-align: left;\">MiniMax给自己的定位是全球仅四家的全模态AI第一梯队，对标OpenAI、<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>、字节跳动。站上第一梯队，意味着掌握定价权，市场也愿意给出更高的估值倍数。问题是，经过半年的市场检验，这个标签得打个问号。</p><p style=\"text-align: left;\">官方称，M3的编程能力在SWE-Bench Pro上取得59%，超过GPT-5.5；但独立评测Artificial Analysis的Intelligence Index把它排在主流模型第九；在主打用户真实偏好的Chatbot Arena上，它更是排到了四五十名开外。不止一位受访者提到，国产大模型的第一梯队是智谱、Kimi、DeepSeek，MiniMax的性能存疑。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15c608e9bfed4fe1bf01d284526892f0\" data-align=\"center\" tg-width=\"1080\" tg-height=\"500\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">图源 / MiniMax</p><p style=\"text-align: left;\">更关键的是，M3上线一周后，MiniMax就把API价格永久下调了一半。<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>随即把评级从“增持”下调到“中性”，目标价从1100港元降至400港元，理由是，“自M2模型之后，MiniMax尚未推出新的国产SOTA（最先进）模型，且从纯模型能力角度，MiniMax仍在追赶阶段。”</p><p style=\"text-align: left;\">同期的智谱，多次上调API定价、累计涨幅超八成，调用量反而增长了四倍。</p><p style=\"text-align: left;\">一次降价引起如此大的震荡，红蚁资本首席投资官李泽铭表示，港股给大模型公司定价，基本用市销率（市值/收入）。“所以你听到哪家大模型大幅降价，整个板块就会集体跳水。”MiniMax的降价压低了收入预期，也就压低了估值。</p><p style=\"text-align: left;\"><strong>其次是C端故事的溢价。</strong></p><p style=\"text-align: left;\">2025年，MiniMax 67%的收入来自C端的AI产品，主力是海外的Talkie、国内的星野这类情感陪伴应用，外加视频工具海螺AI。上市时，这是增长最快的业务，市场给的高估值很大程度上就押在“C端全球化”上。</p><p style=\"text-align: left;\">但后期C端数据明显下滑。</p><p style=\"text-align: left;\">Talkie和星野的月活在2025年四季度环比降了六成。情感陪伴赛道本身也在收紧，Talkie曾在部分海外地区的应用商店被下架，国内星野也经历过整改。</p><p style=\"text-align: left;\">视频端同样承压，海螺AI在Artificial Analysis的视频模型排行榜上已失去领先位置，被<a href=\"https://laohu8.com/S/09988\">阿里</a>的HappyHorse、字节的Seedance、<a href=\"https://laohu8.com/S/01024\">快手</a>的可灵等多个模型超过。</p><p style=\"text-align: left;\">这期间，市场对MiniMax模式的看法也发生了变化。刘雨佳把它总结为“相对传统、但完整”的国际化路径，“跟字节早年出海的打法有点像”。前期市场认可这个模式，因此MiniMax一度享受了海外AI应用的估值红利；后来OpenClaw等Agent生态兴起，也给其模型和API调用带来了一定阶段性机会。而随着行业叙事进一步转向Agent、开发者生态和工具链平台，市场开始重新追问：MiniMax究竟是一家拥有若干全球化产品的模型公司，还是能够成为Agent时代的基础模型入口？</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/beabf3d805d6489b991d410db43e3935\" data-align=\"center\" tg-width=\"900\" tg-height=\"70\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">“大而全”容易</p><p style=\"text-align: left;\">“大而强”很难</p><p style=\"text-align: left;\">MiniMax的商业路径，和其他大模型公司不一样。</p><p style=\"text-align: left;\">同样是国产大模型，DeepSeek靠社区反馈迭代模型，智谱靠B端企业数据迭代模型，而MiniMax的路线是三条里最重的。它的底座，是一套自研的全模态大模型，语言、视频、语音、音乐都自己做。</p><p style=\"text-align: left;\">在这套模型上，它同时做两门生意：对个人用户，做了一批主打海外的AI原生App；对企业和开发者，做了开放平台，把模型能力通过API按调用量卖出去。“它其实是‘从B端起家、后all-in C端全球化’的。”在Leo看来，这一调整带来了收入的快速增长，也让公司收入结构过度依赖C端。</p><p style=\"text-align: left;\">MiniMax押注的逻辑是：模型做出产品，产品在全球换来用户和数据，数据持续反哺模型迭代。刘雨佳认为，模型、产品、数据三者形成正向循环，上限是“大而强”，下限则是“大而全”。</p><p style=\"text-align: left;\">而眼下，模型、产品、商业化三个层面，都遇到了一些问题。</p><p style=\"text-align: left;\"><strong>模型层，有亮点，但缺乏不可替代性。</strong></p><p style=\"text-align: left;\">MiniMax在垂直能力上有优势：语音合成模型Speech-02曾登顶Artificial Analysis全球TTS排行榜，文本模型MiniMax-01系列也以400万token的超长上下文窗口著称。但这些技术参数没有转化为用户黏性。</p><p style=\"text-align: left;\">李泽铭的判断是，国内头部大模型技术差距可能只有一两个月，“你这个月排名靠前，下个月整个排名都已经换了”。技术迭代快、排名不稳定，在这种环境下，“不可替代”很难靠单点技术优势建立起来，而是需要持续领先的工程能力，加上用户长时间使用积累下来的黏性。从市场反馈看，MiniMax在模型认知度和用户心智上，仍未进入第一梯队。</p><p style=\"text-align: left;\"><strong>产品层，四条线并进，但数据链路有待验证。</strong></p><p style=\"text-align: left;\">MiniMax对外讲的故事是“全模态自研”：四条线数据互相喂养、模型彼此增强。但各产品线的用户行为差异极大，海螺AI是视频创作，Talkie/星野主打AI角色扮演与情感陪伴。Talkie数据能反哺情感陪伴模型本身，但对提升编程、推理等核心能力帮助有限。数据能不能跨产品、跨模态流动起来，目前并不确定。</p><p style=\"text-align: left;\">刘雨佳给出了三个具体的观察指标：一是能否实现跨模态迁移：例如视频数据能不能提升模型对物理世界和时序关系的理解，语音数据能不能增强对情绪和节奏的判断；二是能否把原本分散的文本、语音、视频训练框架聚焦成统一的工程基础模型；三是综合能力是否建立在单项足够强的基础上，而不只是各项能力平均化。“统一多模态是正确方向，而真正的差异在于能不能大规模实现工程化、产品化、商业化。”</p><p style=\"text-align: left;\"><strong>商业化层面，C端毛利太薄，B端模式太轻。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f423683ed78a45208d1ad9fb54f5dbfa\" data-align=\"center\" tg-width=\"1080\" tg-height=\"496\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">MiniMax毛利率情况 图源 / 招股书</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86bcbd8ab26e432ea1706116970e9754\" data-align=\"center\" tg-width=\"1080\" tg-height=\"668\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">MiniMax收入构成 图源 / 招股书</p><p style=\"text-align: left;\">招股书显示，截至2025年前三季度，C端整体毛利率只有4.7%。在C端收入结构中，主打情感陪伴的Talkie与星野、主打视频创作的海螺AI，分别贡献了约4出（ARPPU）高达56美元；而Talkie与星野的用户付费意愿弱，ARPPU仅为5美元，其近六成的收入靠广告变现。</p><p style=\"text-align: left;\">底层模型能力的提升，能够直接拉动海螺AI、MiniMax App（ARPPU达73美元）这类“效果敏感型”工具的定价权，但对广告驱动的产品拉动有限。海螺AI的体量已经接近Talkie/星野，刚起步的Agent商业化，能否成为第三条变现主线，需重点关注。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/234feb90582d4d9e941fd56729302a8c\" data-align=\"center\" tg-width=\"1080\" tg-height=\"567\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">MiniMax产品ARPPU（每付费用户平均收入） 图源 / 招股书</p><p style=\"text-align: left;\">相比之下，B端的增长数字更好看，但问题出在模式上。2025年全年财报显示，开放平台等企业服务收入2596.3万美元，同比增长197.8%。不过，Minimax做的是“轻服务”生意。创始人闫俊杰在业绩会上提出AI平台价值等于“智能密度×Token吞吐量”。这决定公司在B端的打法是靠Token调用量堆规模，而不是靠人力堆定制化项目。</p><p style=\"text-align: left;\">招股书显示（截至2025年前三季度），其开放平台付费客户数从2023年的约100家增长至约2500家，但ARPPU从2024年的约1.2万美元降到约6000美元。这反映出它的主要客户结构正从大型企业转向中小企业和开发者。</p><p style=\"text-align: left;\">对于具备开发能力的互联网客户（如<a href=\"https://laohu8.com/S/688111\">金山办公</a>），MiniMax只需提供API接口即可；但对于更具付费潜力的政企客户而言，他们通常需要私有化部署、合规保障及定制交付等一整套厚重的服务。MiniMax的配置，决定了它更擅长服务前者这类客户。</p><p style=\"text-align: left;\">有关注的AI的投资人对“定焦One”表示，大模型API的切换成本极低，光卖接口很难建立黏性，迟早得做Agent。MiniMax的Agent平台，正是它试图从“卖接口”走向“卖结果”的一步。该投资人的评价是，“一开始体验一般，现在好了不少”，但能不能做成壁垒，还需要证明。</p><p style=\"text-align: left;\">现在的MiniMax可以被视为一个仍在验证中的平台型公司：它的模型有亮点，但还需要证明这些亮点能否形成稳定的用户心智；产品有流量，但数据飞轮和模型反哺机制还需要更多时间验证；商业化增长较快，但结构和质量还有优化空间。</p><p style=\"text-align: left;\">在刘雨佳看来，如果MiniMax能证明自身是“模型能力+全球产品+数据闭环+平台生态”的公司，估值空间会很大；但如果市场最终认为它是一个模型能力不错、同时做出了一些海外产品的公司，那么吸引力就会弱于那些站在前沿模型第一梯队，并且掌握Agent平台、开发者生态或工具链入口的公司。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fe07a18e09f4babb4c7d4d60998dc76\" data-align=\"center\" tg-width=\"900\" tg-height=\"70\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">解禁之后</p><p style=\"text-align: left;\">等待MiniMax的是什么？</p><p style=\"text-align: left;\">7月9日，MiniMax上市满六个月，投资者等锁定股份后，能在市场上买卖的股票占总股本的不到3%，对应市值约13亿港元。盘子小意味着价格容易被小额资金推着走，上市三个月冲到1330港元，稀缺性功不可没。7月9日，约44.85%的股份集中解禁，流通盘一下子扩大到近50%。</p><p style=\"text-align: left;\">反观智谱，7月只解禁约5.76%，稀缺性还能再撑半年。六月开始，“做多智谱、做空MiniMax”成了热门配对交易。</p><p style=\"text-align: left;\">按招股书的锁定安排，这批解禁的股东大致分三类。</p><p style=\"text-align: left;\">一类是<strong>战略投资者</strong>。<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>持股约13%，是最大单一外部股东，同时又是基石投资者，还额外出资3000万美元认购新股，身兼投资与战略合作两重身份，短期套现的动机相对有限。另一位早期股东米哈游持股约5.24%，锁定期是12个月，到2027年1月届满，也已公开表态“不减持”。</p><p style=\"text-align: left;\">另一类是<strong>国资背景基金</strong>。比如国寿、央视融媒体产业投资基金、安徽<a href=\"https://laohu8.com/S/688015\">交控</a>中金，这些股东的投资逻辑偏向产业布局，退出节奏通常较慢。“名义上解禁，但实际不着急卖”，Leo判断。</p><p style=\"text-align: left;\">最值得关注的是第三类：<strong>纯财务回报导向的市场化机构</strong>，如高瓴、红杉系、Future Capital等。他们进得早，成本相对低，账面回报翻了几倍到十几倍。对这些基金来说，每一笔钱都有退出期限和DPI考核。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/92058b299b4c4fb0b9930e941be5305f\" data-align=\"center\" tg-width=\"1080\" tg-height=\"720\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">图源 / pexels</p><p style=\"text-align: left;\">李泽铭对此表示：“卖掉其实也没有太大关系，毕竟不确定有没有机会拿到（更高收益）。”</p><p style=\"text-align: left;\">这一轮会跌多少，是市场当前最关心的问题。</p><p style=\"text-align: left;\">根据<a href=\"https://laohu8.com/S/01709\">德林控股</a>研究院的统计，2022年至2025年间港股科技股解禁后三个月平均下跌约4，六个月平均下跌约7%。但这是均值，Leo认为关键变量是“入场价和现价的距离”，上市后涨幅巨大的新股，跌幅会更大。</p><p style=\"text-align: left;\">李泽铭的判断相对激进，认为“解禁之后跌一半很正常，从高位跌八成、九成的，案例也不少。”</p><p style=\"text-align: left;\">7月9日是第一轮，再过三个月，MiniMax还有约18.65%的股份接着解禁；2027年1月，米哈游、IDG等12个月锁定期届满；核心团队（创始人及其紧密联系人）的股份锁定期长达24个月，要到2028年1月才到期。届时还将有更多股份陆续进入市场。</p><p style=\"text-align: left;\">但要区分的是，解禁冲击的是股价，而非基本面。MiniMax 2025年营收约7900万美元、同比增长约160%，B端毛利率约70%（截至2025年前三季度）；它短期的问题是，C端毛利率低，全年经调整净亏损约2.5亿美元，同比仍在扩大；主力模型产品刚刚降价50%。收入预期直接决定估值。</p><p style=\"text-align: left;\">闭环能不能转起来，MiniMax手里还有几张牌：已经启动的A股科创板上市，能为它带来新的融资通道；Agent平台是从“卖接口”转向“卖结果”的关键一步；在Talkie月活下滑后，海螺AI和新的Agent产品能不能迅速扛起收入，则决定了其增长的后劲。归根结底，上面的牌能不能打出来，底层条件在于语音合成、长文本这些单点技术优势能不能变成产品壁垒。</p><p style=\"text-align: left;\">李泽铭最后强调：<strong>如果基本面撑不住，跌了之后的反弹也会很弱；反之，如果基本面撑得住，7月9日之后反而是一次重新定价的机会。</strong></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a129d5fa25c349d1b659a1e814e19368","relate_stocks":{"LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","00100":"MINIMAX-W","BK1117":"系统软件"},"source_url":"http://mp.weixin.qq.com/s?__biz=MjM5OTAzMjc4MA==&mid=2650881899&idx=2&sn=0d53a8a95881cb85cb0db741e8c6c190&chksm=bc3ba8c3794200c1b24470bb5d98cdf8f41c138f098c4219b36c2a023b42d16573758e85cf8e&scene=0#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2649880029","content_text":"7月9日，MiniMax近半数股份解禁。半年前的1月9日，它在港交所挂牌，比智谱晚一天。上市首日，MiniMax大涨109%，远超智谱，一度是市场更追捧的大模型标的。3月，它的股价冲到1330港元的高点，市值突破4100亿港元，一度超过百度。随后股价开始掉头。6月1日发布旗舰大模型M3当天，高开跳水收跌15%；接下来两周股价腰斩。到7月初，距离高点已经跌了72%。截至7月3日收盘，其股价346港元，市值为1087亿港元。而智谱后来居上。市值一度冲破万亿港元，如今在八千亿港元上下。7月8日、9日，两家公司分别迎来半年期解禁，但对智谱来说只是小测验，对MiniMax是大考。智谱此次解禁仅约5.76%，MiniMax却有约44.85%的股份解除限售，潜在流通盘一下子扩大到50%左右。有关注港股的投资人判断，“短期跌很正常，之前股价里掺了太多情绪和稀缺性溢价。”另一位业内人士则对“定焦One”强调：“相对发行价它还有110%的涨幅，但投资者的心气，已经完全变了。”近半年，MiniMax在中国大模型市场中的存在感有所下降。就模型能力而言，其第一梯队心智仍有待强化；就市场声量而言，也不如DeepSeek和智谱更容易获得关注。正景资本投资合伙人刘雨佳认为，MiniMax和智谱近半年来的股价分化，不能简单理解为谁的模型更强，而是市场在给不同AI路径重新定价。MiniMax的优势在多模态、C端产品和海外增长，但市场仍在观察它能否把这些优势转化为Agent、Coding、开发者生态和稳定商业收入。智谱则更贴近国内基础模型、企业服务、开发者平台和国产AI基础设施的叙事，因此在当前市场风格下更容易获得估值溢价。不过，股价表现是短期的。在他看来，MiniMax真正的考验，是模型、产品、商业化能否跑通闭环。“如果能，天花板会比较高。反之，就可能停留在“大而全”的状态。”这轮下跌跌掉的是两重溢价MiniMax的股价跌幅虽大，但资本市场并未全盘否定这家大模型公司，“只是说，今年三月行情冲高带来的市场溢价，正回归理性逐步回落。”关注大模型公司的从业者Leo评价。回落的主要是两方面的溢价。首先是模型能力的溢价。MiniMax给自己的定位是全球仅四家的全模态AI第一梯队，对标OpenAI、谷歌、字节跳动。站上第一梯队，意味着掌握定价权，市场也愿意给出更高的估值倍数。问题是，经过半年的市场检验，这个标签得打个问号。官方称，M3的编程能力在SWE-Bench Pro上取得59%，超过GPT-5.5；但独立评测Artificial Analysis的Intelligence Index把它排在主流模型第九；在主打用户真实偏好的Chatbot Arena上，它更是排到了四五十名开外。不止一位受访者提到，国产大模型的第一梯队是智谱、Kimi、DeepSeek，MiniMax的性能存疑。图源 / MiniMax更关键的是，M3上线一周后，MiniMax就把API价格永久下调了一半。摩根大通随即把评级从“增持”下调到“中性”，目标价从1100港元降至400港元，理由是，“自M2模型之后，MiniMax尚未推出新的国产SOTA（最先进）模型，且从纯模型能力角度，MiniMax仍在追赶阶段。”同期的智谱，多次上调API定价、累计涨幅超八成，调用量反而增长了四倍。一次降价引起如此大的震荡，红蚁资本首席投资官李泽铭表示，港股给大模型公司定价，基本用市销率（市值/收入）。“所以你听到哪家大模型大幅降价，整个板块就会集体跳水。”MiniMax的降价压低了收入预期，也就压低了估值。其次是C端故事的溢价。2025年，MiniMax 67%的收入来自C端的AI产品，主力是海外的Talkie、国内的星野这类情感陪伴应用，外加视频工具海螺AI。上市时，这是增长最快的业务，市场给的高估值很大程度上就押在“C端全球化”上。但后期C端数据明显下滑。Talkie和星野的月活在2025年四季度环比降了六成。情感陪伴赛道本身也在收紧，Talkie曾在部分海外地区的应用商店被下架，国内星野也经历过整改。视频端同样承压，海螺AI在Artificial Analysis的视频模型排行榜上已失去领先位置，被阿里的HappyHorse、字节的Seedance、快手的可灵等多个模型超过。这期间，市场对MiniMax模式的看法也发生了变化。刘雨佳把它总结为“相对传统、但完整”的国际化路径，“跟字节早年出海的打法有点像”。前期市场认可这个模式，因此MiniMax一度享受了海外AI应用的估值红利；后来OpenClaw等Agent生态兴起，也给其模型和API调用带来了一定阶段性机会。而随着行业叙事进一步转向Agent、开发者生态和工具链平台，市场开始重新追问：MiniMax究竟是一家拥有若干全球化产品的模型公司，还是能够成为Agent时代的基础模型入口？“大而全”容易“大而强”很难MiniMax的商业路径，和其他大模型公司不一样。同样是国产大模型，DeepSeek靠社区反馈迭代模型，智谱靠B端企业数据迭代模型，而MiniMax的路线是三条里最重的。它的底座，是一套自研的全模态大模型，语言、视频、语音、音乐都自己做。在这套模型上，它同时做两门生意：对个人用户，做了一批主打海外的AI原生App；对企业和开发者，做了开放平台，把模型能力通过API按调用量卖出去。“它其实是‘从B端起家、后all-in C端全球化’的。”在Leo看来，这一调整带来了收入的快速增长，也让公司收入结构过度依赖C端。MiniMax押注的逻辑是：模型做出产品，产品在全球换来用户和数据，数据持续反哺模型迭代。刘雨佳认为，模型、产品、数据三者形成正向循环，上限是“大而强”，下限则是“大而全”。而眼下，模型、产品、商业化三个层面，都遇到了一些问题。模型层，有亮点，但缺乏不可替代性。MiniMax在垂直能力上有优势：语音合成模型Speech-02曾登顶Artificial Analysis全球TTS排行榜，文本模型MiniMax-01系列也以400万token的超长上下文窗口著称。但这些技术参数没有转化为用户黏性。李泽铭的判断是，国内头部大模型技术差距可能只有一两个月，“你这个月排名靠前，下个月整个排名都已经换了”。技术迭代快、排名不稳定，在这种环境下，“不可替代”很难靠单点技术优势建立起来，而是需要持续领先的工程能力，加上用户长时间使用积累下来的黏性。从市场反馈看，MiniMax在模型认知度和用户心智上，仍未进入第一梯队。产品层，四条线并进，但数据链路有待验证。MiniMax对外讲的故事是“全模态自研”：四条线数据互相喂养、模型彼此增强。但各产品线的用户行为差异极大，海螺AI是视频创作，Talkie/星野主打AI角色扮演与情感陪伴。Talkie数据能反哺情感陪伴模型本身，但对提升编程、推理等核心能力帮助有限。数据能不能跨产品、跨模态流动起来，目前并不确定。刘雨佳给出了三个具体的观察指标：一是能否实现跨模态迁移：例如视频数据能不能提升模型对物理世界和时序关系的理解，语音数据能不能增强对情绪和节奏的判断；二是能否把原本分散的文本、语音、视频训练框架聚焦成统一的工程基础模型；三是综合能力是否建立在单项足够强的基础上，而不只是各项能力平均化。“统一多模态是正确方向，而真正的差异在于能不能大规模实现工程化、产品化、商业化。”商业化层面，C端毛利太薄，B端模式太轻。MiniMax毛利率情况 图源 / 招股书MiniMax收入构成 图源 / 招股书招股书显示，截至2025年前三季度，C端整体毛利率只有4.7%。在C端收入结构中，主打情感陪伴的Talkie与星野、主打视频创作的海螺AI，分别贡献了约4出（ARPPU）高达56美元；而Talkie与星野的用户付费意愿弱，ARPPU仅为5美元，其近六成的收入靠广告变现。底层模型能力的提升，能够直接拉动海螺AI、MiniMax App（ARPPU达73美元）这类“效果敏感型”工具的定价权，但对广告驱动的产品拉动有限。海螺AI的体量已经接近Talkie/星野，刚起步的Agent商业化，能否成为第三条变现主线，需重点关注。MiniMax产品ARPPU（每付费用户平均收入） 图源 / 招股书相比之下，B端的增长数字更好看，但问题出在模式上。2025年全年财报显示，开放平台等企业服务收入2596.3万美元，同比增长197.8%。不过，Minimax做的是“轻服务”生意。创始人闫俊杰在业绩会上提出AI平台价值等于“智能密度×Token吞吐量”。这决定公司在B端的打法是靠Token调用量堆规模，而不是靠人力堆定制化项目。招股书显示（截至2025年前三季度），其开放平台付费客户数从2023年的约100家增长至约2500家，但ARPPU从2024年的约1.2万美元降到约6000美元。这反映出它的主要客户结构正从大型企业转向中小企业和开发者。对于具备开发能力的互联网客户（如金山办公），MiniMax只需提供API接口即可；但对于更具付费潜力的政企客户而言，他们通常需要私有化部署、合规保障及定制交付等一整套厚重的服务。MiniMax的配置，决定了它更擅长服务前者这类客户。有关注的AI的投资人对“定焦One”表示，大模型API的切换成本极低，光卖接口很难建立黏性，迟早得做Agent。MiniMax的Agent平台，正是它试图从“卖接口”走向“卖结果”的一步。该投资人的评价是，“一开始体验一般，现在好了不少”，但能不能做成壁垒，还需要证明。现在的MiniMax可以被视为一个仍在验证中的平台型公司：它的模型有亮点，但还需要证明这些亮点能否形成稳定的用户心智；产品有流量，但数据飞轮和模型反哺机制还需要更多时间验证；商业化增长较快，但结构和质量还有优化空间。在刘雨佳看来，如果MiniMax能证明自身是“模型能力+全球产品+数据闭环+平台生态”的公司，估值空间会很大；但如果市场最终认为它是一个模型能力不错、同时做出了一些海外产品的公司，那么吸引力就会弱于那些站在前沿模型第一梯队，并且掌握Agent平台、开发者生态或工具链入口的公司。解禁之后等待MiniMax的是什么？7月9日，MiniMax上市满六个月，投资者等锁定股份后，能在市场上买卖的股票占总股本的不到3%，对应市值约13亿港元。盘子小意味着价格容易被小额资金推着走，上市三个月冲到1330港元，稀缺性功不可没。7月9日，约44.85%的股份集中解禁，流通盘一下子扩大到近50%。反观智谱，7月只解禁约5.76%，稀缺性还能再撑半年。六月开始，“做多智谱、做空MiniMax”成了热门配对交易。按招股书的锁定安排，这批解禁的股东大致分三类。一类是战略投资者。阿里巴巴持股约13%，是最大单一外部股东，同时又是基石投资者，还额外出资3000万美元认购新股，身兼投资与战略合作两重身份，短期套现的动机相对有限。另一位早期股东米哈游持股约5.24%，锁定期是12个月，到2027年1月届满，也已公开表态“不减持”。另一类是国资背景基金。比如国寿、央视融媒体产业投资基金、安徽交控中金，这些股东的投资逻辑偏向产业布局，退出节奏通常较慢。“名义上解禁，但实际不着急卖”，Leo判断。最值得关注的是第三类：纯财务回报导向的市场化机构，如高瓴、红杉系、Future Capital等。他们进得早，成本相对低，账面回报翻了几倍到十几倍。对这些基金来说，每一笔钱都有退出期限和DPI考核。图源 / pexels李泽铭对此表示：“卖掉其实也没有太大关系，毕竟不确定有没有机会拿到（更高收益）。”这一轮会跌多少，是市场当前最关心的问题。根据德林控股研究院的统计，2022年至2025年间港股科技股解禁后三个月平均下跌约4，六个月平均下跌约7%。但这是均值，Leo认为关键变量是“入场价和现价的距离”，上市后涨幅巨大的新股，跌幅会更大。李泽铭的判断相对激进，认为“解禁之后跌一半很正常，从高位跌八成、九成的，案例也不少。”7月9日是第一轮，再过三个月，MiniMax还有约18.65%的股份接着解禁；2027年1月，米哈游、IDG等12个月锁定期届满；核心团队（创始人及其紧密联系人）的股份锁定期长达24个月，要到2028年1月才到期。届时还将有更多股份陆续进入市场。但要区分的是，解禁冲击的是股价，而非基本面。MiniMax 2025年营收约7900万美元、同比增长约160%，B端毛利率约70%（截至2025年前三季度）；它短期的问题是，C端毛利率低，全年经调整净亏损约2.5亿美元，同比仍在扩大；主力模型产品刚刚降价50%。收入预期直接决定估值。闭环能不能转起来，MiniMax手里还有几张牌：已经启动的A股科创板上市，能为它带来新的融资通道；Agent平台是从“卖接口”转向“卖结果”的关键一步；在Talkie月活下滑后，海螺AI和新的Agent产品能不能迅速扛起收入，则决定了其增长的后劲。归根结底，上面的牌能不能打出来，底层条件在于语音合成、长文本这些单点技术优势能不能变成产品壁垒。李泽铭最后强调：如果基本面撑不住，跌了之后的反弹也会很弱；反之，如果基本面撑得住，7月9日之后反而是一次重新定价的机会。","news_type":1,"symbols_score_info":{"00100":0.9}},"isVote":1,"tweetType":1,"viewCount":1484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":563714790651232,"gmtCreate":1778660015751,"gmtModify":1778660017877,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3576901625458397","authorIdStr":"3576901625458397"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02567\">$七牛智能(02567)$ </a> 太有意思了，强拉洗澡大幅回调。","listText":"<a href=\"https://laohu8.com/S/02567\">$七牛智能(02567)$ </a> 太有意思了，强拉洗澡大幅回调。","text":"$七牛智能(02567)$ 太有意思了，强拉洗澡大幅回调。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/563714790651232","isVote":1,"tweetType":1,"viewCount":4737,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":563696905393424,"gmtCreate":1778655644302,"gmtModify":1778655646864,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3576901625458397","authorIdStr":"3576901625458397"},"themes":[],"title":"","htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/563696905393424","repostId":"1172100150","repostType":4,"repost":{"id":"1172100150","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":1778654384,"share":"https://www.laohunote.com/m/news/1172100150?lang=zh_CN&edition=full","pubTime":"2026-05-13 14:39","market":"sh","language":"zh","title":"创业板指突破2015年“牛市”最高点，刷新历史新高","url":"https://stock-news.laohu8.com/highlight/detail?id=1172100150","media":"老虎资讯综合","summary":"5月13日，创业板指午后持续拉升，突破2015年6月5日的4037.96点，刷新历史新高。","content":"<html><head></head><body><p>5月13日，创业板指日内涨幅达2.5%，上破4037.96点，这意味着创业板指已突破2015年“牛市”最高点，创历史新高。创业板指年内涨幅逾25%，若从2025年4月8日算起，涨幅已超120%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a0c1046ef0bd92dde83b21f9cf91ee14\" title=\"\" tg-width=\"560\" tg-height=\"240\" data-image-type=\"kline\"/></p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>创业板指突破2015年“牛市”最高点，刷新历史新高</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创业板指突破2015年“牛市”最高点，刷新历史新高\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\">2026-05-13 14:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>5月13日，创业板指日内涨幅达2.5%，上破4037.96点，这意味着创业板指已突破2015年“牛市”最高点，创历史新高。创业板指年内涨幅逾25%，若从2025年4月8日算起，涨幅已超120%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a0c1046ef0bd92dde83b21f9cf91ee14\" title=\"\" tg-width=\"560\" tg-height=\"240\" data-image-type=\"kline\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fb2ed00ac5de2097917e40947bc4a36a","relate_stocks":{"399006":"创业板指","03147":"X南方中创业","07234":"博时两倍做多中国创业板"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172100150","content_text":"5月13日，创业板指日内涨幅达2.5%，上破4037.96点，这意味着创业板指已突破2015年“牛市”最高点，创历史新高。创业板指年内涨幅逾25%，若从2025年4月8日算起，涨幅已超120%。","news_type":1,"symbols_score_info":{"399006":2,"07234":0.6,"03147":0.6}},"isVote":1,"tweetType":1,"viewCount":2493,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":563059900113744,"gmtCreate":1778494351630,"gmtModify":1778494354541,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3576901625458397","authorIdStr":"3576901625458397"},"themes":[],"title":"","htmlText":"5月11日港股综述","listText":"5月11日港股综述","text":"5月11日港股综述","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/563059900113744","repostId":"1121465047","repostType":4,"repost":{"id":"1121465047","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":1778487049,"share":"https://www.laohunote.com/m/news/1121465047?lang=zh_CN&edition=full","pubTime":"2026-05-11 16:10","market":"hk","language":"zh","title":"港股综述｜三大指数涨跌不一，南方两倍做多海力士涨逾23%；科网股走弱，阿里巴巴-W跌近4%","url":"https://stock-news.laohu8.com/highlight/detail?id=1121465047","media":"老虎资讯综合","summary":"两地成交保持活跃，港股主板成交额约2,884亿港元。盘面上，半导体、机器人与生物医药类个股强势拉升，带动人气；地产、消费等权重板块表现平平。乐动机器人、天岳先进等高β标的暴涨；同时黄金、航运板块在国际地缘风险与油价波动背景下整体承压，潼关黄金、赤峰黄金领跌。","content":"<html><head></head><body><h2 id=\"id_4246487610\">一、大盘走势</h2><p>5月11日，港股三大指数涨跌不一，恒生指数涨0.05%，恒生科技指数涨0.07%，国企指数跌0.05%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be9bd4463a6ab549a4329d93156510d8\" title=\"\" tg-width=\"918\" tg-height=\"134\"/></p><h2 id=\"id_3208707579\">二、板块表现</h2><p style=\"text-align: justify;\"><strong>科网股走弱，</strong><a href=\"https://laohu8.com/S/09988\">阿里巴巴-W</a>跌3.67%，<a href=\"https://laohu8.com/S/09888\">百度集团-SW</a>跌2.96%，<a href=\"https://laohu8.com/S/01024\">快手-W</a>跌2.55%，<a href=\"https://laohu8.com/S/00700\">腾讯控股</a>跌1.48%，<a href=\"https://laohu8.com/S/09999\">网易-S</a>跌0.49%，<a href=\"https://laohu8.com/S/03690\">美团-W</a>涨0.36%，<a href=\"https://laohu8.com/S/01810\">小米集团-W</a>涨0.06%。</p><p style=\"text-align: justify;\"><strong>半导体股齐涨，</strong><a href=\"https://laohu8.com/S/02676\">纳芯微</a>涨15.47%，<a href=\"https://laohu8.com/S/06809\">澜起科技</a>涨11.45%，<a href=\"https://laohu8.com/S/03986\">兆易创新</a>涨7.96%，<a href=\"https://laohu8.com/S/01385\">上海复旦</a>涨5.46%，<a href=\"https://laohu8.com/S/00981\">中芯国际</a>涨4.43%，<a href=\"https://laohu8.com/S/02577\">英诺赛科</a>涨4.05%，<a href=\"https://laohu8.com/S/09903\">天数智芯</a>跌3.79%，<a href=\"https://laohu8.com/S/01347\">华虹半导体</a>涨2.45%。    </p><p style=\"text-align: justify;\"><strong>香港零售股多股下行，</strong><a href=\"https://laohu8.com/S/00653\">卓悦控股</a>跌9.21%，<a href=\"https://laohu8.com/S/01910\">新秀丽</a>跌8.82%，<a href=\"https://laohu8.com/S/01913\">普拉达</a>跌7.38%，<a href=\"https://laohu8.com/S/00116\">周生生</a>跌2.92%，<a href=\"https://laohu8.com/S/00590\">六福集团</a>跌2.06%，<a href=\"https://laohu8.com/S/00709\">佐丹奴国际</a>涨0.66%，<a href=\"https://laohu8.com/S/01929\">周大福</a>跌0.26%，<a href=\"https://laohu8.com/S/00178\">莎莎国际</a>收平。    </p><p style=\"text-align: justify;\"><strong>黄金股走弱，</strong><a href=\"https://laohu8.com/S/00340\">潼关黄金</a>跌10.65%，<a href=\"https://laohu8.com/S/06693\">赤峰黄金</a>跌9.67%，<a href=\"https://laohu8.com/S/03330\">灵宝黄金</a>跌8.71%，<a href=\"https://laohu8.com/S/02259\">紫金黄金国际</a>跌4.93%，<a href=\"https://laohu8.com/S/01818\">招金矿业</a>跌4.08%，<a href=\"https://laohu8.com/S/01787\">山东黄金</a>跌4.05%，<a href=\"https://laohu8.com/S/02899\">紫金矿业</a>跌1.87%，<a href=\"https://laohu8.com/S/02099\">中国黄金国际</a>涨0.93%。    </p><p style=\"text-align: justify;\"><strong>有色金属股走弱，</strong><a href=\"https://laohu8.com/S/03330\">灵宝黄金</a>跌8.71%，<a href=\"https://laohu8.com/S/02259\">紫金黄金国际</a>跌4.93%，<a href=\"https://laohu8.com/S/01818\">招金矿业</a>跌4.08%，<a href=\"https://laohu8.com/S/02600\">中国铝业</a>跌3.38%，<a href=\"https://laohu8.com/S/01378\">中国宏桥</a>跌2.41%，<a href=\"https://laohu8.com/S/03993\">洛阳钼业</a>跌2.03%，<a href=\"https://laohu8.com/S/02899\">紫金矿业</a>跌1.87%，<a href=\"https://laohu8.com/S/01772\">赣锋锂业</a>涨1.68%。    </p><p style=\"text-align: justify;\"><strong>手机产业链股表现亮眼，</strong><a href=\"https://laohu8.com/S/06088\">鸿腾精密</a>涨8.59%，<a href=\"https://laohu8.com/S/00148\">建滔集团</a>涨7.71%，<a href=\"https://laohu8.com/S/00992\">联想集团</a>涨6.94%，<a href=\"https://laohu8.com/S/06613\">蓝思科技</a>涨6.32%，<a href=\"https://laohu8.com/S/00981\">中芯国际</a>涨4.43%，<a href=\"https://laohu8.com/S/01347\">华虹半导体</a>涨2.45%，<a href=\"https://laohu8.com/S/01810\">小米集团-W</a>涨0.06%。    </p><h2 id=\"id_2064517993\">三、港股今日涨幅TOP10</h2><table style=\"border-collapse: collapse;\"><tbody><tr><th style=\"text-align: left;\"><p>股票名称</p></th><th style=\"text-align: left;\"><p>代码</p></th><th style=\"text-align: left;\"><p>股价 (港元)</p></th><th style=\"text-align: left;\"><p>日涨幅</p></th></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/01236\">乐动机器人</a></p></td><td style=\"text-align: left;\"><p>01236</p></td><td style=\"text-align: left;\"><p>60.00</p></td><td style=\"text-align: left;\"><p>127.62%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/02631\">天岳先进</a></p></td><td style=\"text-align: left;\"><p>02631</p></td><td style=\"text-align: left;\"><p>88.55</p></td><td style=\"text-align: left;\"><p>25.60%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/07709\">南方两倍做多海力士</a></p></td><td style=\"text-align: left;\"><p>07709</p></td><td style=\"text-align: left;\"><p>97.00</p></td><td style=\"text-align: left;\"><p>23.60%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/03355\">飞速创新</a></p></td><td style=\"text-align: left;\"><p>03355</p></td><td style=\"text-align: left;\"><p>51.30</p></td><td style=\"text-align: left;\"><p>21.51%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/02676\">纳芯微</a></p></td><td style=\"text-align: left;\"><p>02676</p></td><td style=\"text-align: left;\"><p>196.30</p></td><td style=\"text-align: left;\"><p>15.47%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/00290\">国富量子</a></p></td><td style=\"text-align: left;\"><p>00290</p></td><td style=\"text-align: left;\"><p>9.60</p></td><td style=\"text-align: left;\"><p>13.88%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/02476\">胜宏科技</a></p></td><td style=\"text-align: left;\"><p>02476</p></td><td style=\"text-align: left;\"><p>392.60</p></td><td style=\"text-align: left;\"><p>13.67%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/06809\">澜起科技</a></p></td><td style=\"text-align: left;\"><p>06809</p></td><td style=\"text-align: left;\"><p>418.60</p></td><td style=\"text-align: left;\"><p>11.45%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/00991\">大唐发电</a></p></td><td style=\"text-align: left;\"><p>00991</p></td><td style=\"text-align: left;\"><p>3.35</p></td><td style=\"text-align: left;\"><p>11.30%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/01304\">FORTIOR</a></p></td><td style=\"text-align: left;\"><p>01304</p></td><td style=\"text-align: left;\"><p>166.00</p></td><td style=\"text-align: left;\"><p>10.37%</p></td></tr></tbody></table><p>筛选标准：市值大于100亿港币</p><h2 id=\"id_3458045173\">四、港股今日跌幅TOP10</h2><table style=\"border-collapse: collapse;\"><tbody><tr><th style=\"text-align: left;\"><p>股票名称</p></th><th style=\"text-align: left;\"><p>代码</p></th><th style=\"text-align: left;\"><p>股价 (港元)</p></th><th style=\"text-align: left;\"><p>日跌幅</p></th></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/00340\">潼关黄金</a></p></td><td style=\"text-align: left;\"><p>00340</p></td><td style=\"text-align: left;\"><p>2.77</p></td><td style=\"text-align: left;\"><p>-10.65%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/06693\">赤峰黄金</a></p></td><td style=\"text-align: left;\"><p>06693</p></td><td style=\"text-align: left;\"><p>41.28</p></td><td style=\"text-align: left;\"><p>-9.67%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/02526\">德适-B</a></p></td><td style=\"text-align: left;\"><p>02526</p></td><td style=\"text-align: left;\"><p>298.80</p></td><td style=\"text-align: left;\"><p>-9.45%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/01910\">新秀丽</a></p></td><td style=\"text-align: left;\"><p>01910</p></td><td style=\"text-align: left;\"><p>13.86</p></td><td style=\"text-align: left;\"><p>-8.82%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/01138\">中远海能</a></p></td><td style=\"text-align: left;\"><p>01138</p></td><td style=\"text-align: left;\"><p>18.96</p></td><td style=\"text-align: left;\"><p>-8.76%</p></td></tr><tr><td style=\"text-align: left;\"><p>灵宝黄金</p></td><td style=\"text-align: left;\"><p>03330</p></td><td style=\"text-align: left;\"><p>22.86</p></td><td style=\"text-align: left;\"><p>-8.71%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/01860\">汇量科技</a></p></td><td style=\"text-align: left;\"><p>01860</p></td><td style=\"text-align: left;\"><p>15.30</p></td><td style=\"text-align: left;\"><p>-8.60%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/09858\">优然牧业</a></p></td><td style=\"text-align: left;\"><p>09858</p></td><td style=\"text-align: left;\"><p>3.61</p></td><td style=\"text-align: left;\"><p>-8.38%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/02979\">万国黄金集团</a></p></td><td style=\"text-align: left;\"><p>03939</p></td><td style=\"text-align: left;\"><p>12.21</p></td><td style=\"text-align: left;\"><p>-7.99%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/01913\">普拉达</a></p></td><td style=\"text-align: left;\"><p>01913</p></td><td style=\"text-align: left;\"><p>35.62</p></td><td style=\"text-align: left;\"><p>-7.38%</p></td></tr></tbody></table><p>筛选标准：市值大于100亿港币</p><h2 id=\"id_747717426\">五、收盘小结</h2><p>1. 指数表现：恒指与科指全天窄幅震荡，尾盘微红；红筹股受资金追捧明显领跑，反映内地资金对基建、能源等央企红筹的配置热情。港股成交维持近两千八百亿港元，流动性充裕但谨慎情绪犹存。</p><p>2. 大型科技股：权重科网股分化，<a href=\"https://laohu8.com/S/BABA\">阿里</a>、<a href=\"https://laohu8.com/S/00700\">腾讯</a>小幅调整；新能源汽车及电脑硬件代表股<a href=\"https://laohu8.com/S/LI\">理想汽车</a>、<a href=\"https://laohu8.com/S/00992\">联想集团</a>分别上涨逾5%，支撑科指。科网板块内部轮动，市场对低估值与高景气项目保持偏好。</p><p>3. 其他异动股票：半导体、<a href=\"https://laohu8.com/S/300024\">机器人</a>、生物医药掀起涨停潮。<a href=\"https://laohu8.com/S/01236\">乐动机器人</a>、<a href=\"https://laohu8.com/S/02631\">天岳先进</a>等高β标的暴涨；同时黄金、航运板块在国际地缘风险与油价波动背景下整体承压，潼关黄金、赤峰黄金领跌。</p><p>4. 行业及IPO动态：AI浪潮延续，存储概念屡创新高；SpaceX拟冲刺历史规模最大IPO的消息刺激商业<a href=\"https://laohu8.com/S/00031\">航天</a>、卫星通讯概念走强。内房与地方政策继续发酵，<a href=\"https://laohu8.com/S/02777\">富力地产</a>、<a href=\"https://laohu8.com/S/03383\">雅居乐集团</a>等反弹。</p><p>————<br/><strong>资料来源</strong>：公开市场数据、媒体报道整理</p><p><strong>免责声明</strong>：本内容仅供参考，不构成任何投资建议。</p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>港股综述｜三大指数涨跌不一，南方两倍做多海力士涨逾23%；科网股走弱，阿里巴巴-W跌近4%</title>\n<style 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}\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港股综述｜三大指数涨跌不一，南方两倍做多海力士涨逾23%；科网股走弱，阿里巴巴-W跌近4%\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\">2026-05-11 16:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><h2 id=\"id_4246487610\">一、大盘走势</h2><p>5月11日，港股三大指数涨跌不一，恒生指数涨0.05%，恒生科技指数涨0.07%，国企指数跌0.05%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be9bd4463a6ab549a4329d93156510d8\" title=\"\" tg-width=\"918\" tg-height=\"134\"/></p><h2 id=\"id_3208707579\">二、板块表现</h2><p style=\"text-align: justify;\"><strong>科网股走弱，</strong><a href=\"https://laohu8.com/S/09988\">阿里巴巴-W</a>跌3.67%，<a href=\"https://laohu8.com/S/09888\">百度集团-SW</a>跌2.96%，<a href=\"https://laohu8.com/S/01024\">快手-W</a>跌2.55%，<a href=\"https://laohu8.com/S/00700\">腾讯控股</a>跌1.48%，<a href=\"https://laohu8.com/S/09999\">网易-S</a>跌0.49%，<a href=\"https://laohu8.com/S/03690\">美团-W</a>涨0.36%，<a href=\"https://laohu8.com/S/01810\">小米集团-W</a>涨0.06%。</p><p style=\"text-align: justify;\"><strong>半导体股齐涨，</strong><a href=\"https://laohu8.com/S/02676\">纳芯微</a>涨15.47%，<a href=\"https://laohu8.com/S/06809\">澜起科技</a>涨11.45%，<a href=\"https://laohu8.com/S/03986\">兆易创新</a>涨7.96%，<a href=\"https://laohu8.com/S/01385\">上海复旦</a>涨5.46%，<a href=\"https://laohu8.com/S/00981\">中芯国际</a>涨4.43%，<a href=\"https://laohu8.com/S/02577\">英诺赛科</a>涨4.05%，<a href=\"https://laohu8.com/S/09903\">天数智芯</a>跌3.79%，<a href=\"https://laohu8.com/S/01347\">华虹半导体</a>涨2.45%。    </p><p style=\"text-align: justify;\"><strong>香港零售股多股下行，</strong><a href=\"https://laohu8.com/S/00653\">卓悦控股</a>跌9.21%，<a href=\"https://laohu8.com/S/01910\">新秀丽</a>跌8.82%，<a href=\"https://laohu8.com/S/01913\">普拉达</a>跌7.38%，<a href=\"https://laohu8.com/S/00116\">周生生</a>跌2.92%，<a href=\"https://laohu8.com/S/00590\">六福集团</a>跌2.06%，<a href=\"https://laohu8.com/S/00709\">佐丹奴国际</a>涨0.66%，<a href=\"https://laohu8.com/S/01929\">周大福</a>跌0.26%，<a href=\"https://laohu8.com/S/00178\">莎莎国际</a>收平。    </p><p style=\"text-align: justify;\"><strong>黄金股走弱，</strong><a href=\"https://laohu8.com/S/00340\">潼关黄金</a>跌10.65%，<a href=\"https://laohu8.com/S/06693\">赤峰黄金</a>跌9.67%，<a href=\"https://laohu8.com/S/03330\">灵宝黄金</a>跌8.71%，<a href=\"https://laohu8.com/S/02259\">紫金黄金国际</a>跌4.93%，<a href=\"https://laohu8.com/S/01818\">招金矿业</a>跌4.08%，<a href=\"https://laohu8.com/S/01787\">山东黄金</a>跌4.05%，<a href=\"https://laohu8.com/S/02899\">紫金矿业</a>跌1.87%，<a href=\"https://laohu8.com/S/02099\">中国黄金国际</a>涨0.93%。    </p><p style=\"text-align: justify;\"><strong>有色金属股走弱，</strong><a href=\"https://laohu8.com/S/03330\">灵宝黄金</a>跌8.71%，<a href=\"https://laohu8.com/S/02259\">紫金黄金国际</a>跌4.93%，<a href=\"https://laohu8.com/S/01818\">招金矿业</a>跌4.08%，<a href=\"https://laohu8.com/S/02600\">中国铝业</a>跌3.38%，<a href=\"https://laohu8.com/S/01378\">中国宏桥</a>跌2.41%，<a href=\"https://laohu8.com/S/03993\">洛阳钼业</a>跌2.03%，<a href=\"https://laohu8.com/S/02899\">紫金矿业</a>跌1.87%，<a href=\"https://laohu8.com/S/01772\">赣锋锂业</a>涨1.68%。    </p><p style=\"text-align: justify;\"><strong>手机产业链股表现亮眼，</strong><a href=\"https://laohu8.com/S/06088\">鸿腾精密</a>涨8.59%，<a href=\"https://laohu8.com/S/00148\">建滔集团</a>涨7.71%，<a href=\"https://laohu8.com/S/00992\">联想集团</a>涨6.94%，<a href=\"https://laohu8.com/S/06613\">蓝思科技</a>涨6.32%，<a href=\"https://laohu8.com/S/00981\">中芯国际</a>涨4.43%，<a href=\"https://laohu8.com/S/01347\">华虹半导体</a>涨2.45%，<a href=\"https://laohu8.com/S/01810\">小米集团-W</a>涨0.06%。    </p><h2 id=\"id_2064517993\">三、港股今日涨幅TOP10</h2><table style=\"border-collapse: collapse;\"><tbody><tr><th style=\"text-align: left;\"><p>股票名称</p></th><th style=\"text-align: left;\"><p>代码</p></th><th style=\"text-align: left;\"><p>股价 (港元)</p></th><th style=\"text-align: left;\"><p>日涨幅</p></th></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/01236\">乐动机器人</a></p></td><td style=\"text-align: left;\"><p>01236</p></td><td style=\"text-align: left;\"><p>60.00</p></td><td style=\"text-align: left;\"><p>127.62%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/02631\">天岳先进</a></p></td><td style=\"text-align: left;\"><p>02631</p></td><td style=\"text-align: left;\"><p>88.55</p></td><td style=\"text-align: left;\"><p>25.60%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/07709\">南方两倍做多海力士</a></p></td><td style=\"text-align: left;\"><p>07709</p></td><td style=\"text-align: left;\"><p>97.00</p></td><td style=\"text-align: left;\"><p>23.60%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/03355\">飞速创新</a></p></td><td style=\"text-align: left;\"><p>03355</p></td><td style=\"text-align: left;\"><p>51.30</p></td><td style=\"text-align: left;\"><p>21.51%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/02676\">纳芯微</a></p></td><td style=\"text-align: left;\"><p>02676</p></td><td style=\"text-align: left;\"><p>196.30</p></td><td style=\"text-align: left;\"><p>15.47%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/00290\">国富量子</a></p></td><td style=\"text-align: left;\"><p>00290</p></td><td style=\"text-align: left;\"><p>9.60</p></td><td style=\"text-align: left;\"><p>13.88%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/02476\">胜宏科技</a></p></td><td style=\"text-align: left;\"><p>02476</p></td><td style=\"text-align: left;\"><p>392.60</p></td><td style=\"text-align: left;\"><p>13.67%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/06809\">澜起科技</a></p></td><td style=\"text-align: left;\"><p>06809</p></td><td style=\"text-align: left;\"><p>418.60</p></td><td style=\"text-align: left;\"><p>11.45%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/00991\">大唐发电</a></p></td><td style=\"text-align: left;\"><p>00991</p></td><td style=\"text-align: left;\"><p>3.35</p></td><td style=\"text-align: left;\"><p>11.30%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/01304\">FORTIOR</a></p></td><td style=\"text-align: left;\"><p>01304</p></td><td style=\"text-align: left;\"><p>166.00</p></td><td style=\"text-align: left;\"><p>10.37%</p></td></tr></tbody></table><p>筛选标准：市值大于100亿港币</p><h2 id=\"id_3458045173\">四、港股今日跌幅TOP10</h2><table style=\"border-collapse: collapse;\"><tbody><tr><th style=\"text-align: left;\"><p>股票名称</p></th><th style=\"text-align: left;\"><p>代码</p></th><th style=\"text-align: left;\"><p>股价 (港元)</p></th><th style=\"text-align: left;\"><p>日跌幅</p></th></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/00340\">潼关黄金</a></p></td><td style=\"text-align: left;\"><p>00340</p></td><td style=\"text-align: left;\"><p>2.77</p></td><td style=\"text-align: left;\"><p>-10.65%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/06693\">赤峰黄金</a></p></td><td style=\"text-align: left;\"><p>06693</p></td><td style=\"text-align: left;\"><p>41.28</p></td><td style=\"text-align: left;\"><p>-9.67%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/02526\">德适-B</a></p></td><td style=\"text-align: left;\"><p>02526</p></td><td style=\"text-align: left;\"><p>298.80</p></td><td style=\"text-align: left;\"><p>-9.45%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/01910\">新秀丽</a></p></td><td style=\"text-align: left;\"><p>01910</p></td><td style=\"text-align: left;\"><p>13.86</p></td><td style=\"text-align: left;\"><p>-8.82%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/01138\">中远海能</a></p></td><td style=\"text-align: left;\"><p>01138</p></td><td style=\"text-align: left;\"><p>18.96</p></td><td style=\"text-align: left;\"><p>-8.76%</p></td></tr><tr><td style=\"text-align: left;\"><p>灵宝黄金</p></td><td style=\"text-align: left;\"><p>03330</p></td><td style=\"text-align: left;\"><p>22.86</p></td><td style=\"text-align: left;\"><p>-8.71%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/01860\">汇量科技</a></p></td><td style=\"text-align: left;\"><p>01860</p></td><td style=\"text-align: left;\"><p>15.30</p></td><td style=\"text-align: left;\"><p>-8.60%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/09858\">优然牧业</a></p></td><td style=\"text-align: left;\"><p>09858</p></td><td style=\"text-align: left;\"><p>3.61</p></td><td style=\"text-align: left;\"><p>-8.38%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/02979\">万国黄金集团</a></p></td><td style=\"text-align: left;\"><p>03939</p></td><td style=\"text-align: left;\"><p>12.21</p></td><td style=\"text-align: left;\"><p>-7.99%</p></td></tr><tr><td style=\"text-align: left;\"><p><a href=\"https://laohu8.com/S/01913\">普拉达</a></p></td><td style=\"text-align: left;\"><p>01913</p></td><td style=\"text-align: left;\"><p>35.62</p></td><td style=\"text-align: left;\"><p>-7.38%</p></td></tr></tbody></table><p>筛选标准：市值大于100亿港币</p><h2 id=\"id_747717426\">五、收盘小结</h2><p>1. 指数表现：恒指与科指全天窄幅震荡，尾盘微红；红筹股受资金追捧明显领跑，反映内地资金对基建、能源等央企红筹的配置热情。港股成交维持近两千八百亿港元，流动性充裕但谨慎情绪犹存。</p><p>2. 大型科技股：权重科网股分化，<a href=\"https://laohu8.com/S/BABA\">阿里</a>、<a href=\"https://laohu8.com/S/00700\">腾讯</a>小幅调整；新能源汽车及电脑硬件代表股<a href=\"https://laohu8.com/S/LI\">理想汽车</a>、<a href=\"https://laohu8.com/S/00992\">联想集团</a>分别上涨逾5%，支撑科指。科网板块内部轮动，市场对低估值与高景气项目保持偏好。</p><p>3. 其他异动股票：半导体、<a href=\"https://laohu8.com/S/300024\">机器人</a>、生物医药掀起涨停潮。<a href=\"https://laohu8.com/S/01236\">乐动机器人</a>、<a href=\"https://laohu8.com/S/02631\">天岳先进</a>等高β标的暴涨；同时黄金、航运板块在国际地缘风险与油价波动背景下整体承压，潼关黄金、赤峰黄金领跌。</p><p>4. 行业及IPO动态：AI浪潮延续，存储概念屡创新高；SpaceX拟冲刺历史规模最大IPO的消息刺激商业<a href=\"https://laohu8.com/S/00031\">航天</a>、卫星通讯概念走强。内房与地方政策继续发酵，<a href=\"https://laohu8.com/S/02777\">富力地产</a>、<a href=\"https://laohu8.com/S/03383\">雅居乐集团</a>等反弹。</p><p>————<br/><strong>资料来源</strong>：公开市场数据、媒体报道整理</p><p><strong>免责声明</strong>：本内容仅供参考，不构成任何投资建议。</p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{"82800":"盈富基金-R","83115":"安硕恒生指数—R","89988":"阿里巴巴-WR","BK4504":"桥水持仓","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","03417":"Global X 恒生科技备兑","BK1502":"双十一","03419":"Global X 恒指备兑","BK1501":"阿里概念股","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE 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PTF(AD","BK4505":"高瓴资本持仓"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121465047","content_text":"一、大盘走势5月11日，港股三大指数涨跌不一，恒生指数涨0.05%，恒生科技指数涨0.07%，国企指数跌0.05%。二、板块表现科网股走弱，阿里巴巴-W跌3.67%，百度集团-SW跌2.96%，快手-W跌2.55%，腾讯控股跌1.48%，网易-S跌0.49%，美团-W涨0.36%，小米集团-W涨0.06%。半导体股齐涨，纳芯微涨15.47%，澜起科技涨11.45%，兆易创新涨7.96%，上海复旦涨5.46%，中芯国际涨4.43%，英诺赛科涨4.05%，天数智芯跌3.79%，华虹半导体涨2.45%。    香港零售股多股下行，卓悦控股跌9.21%，新秀丽跌8.82%，普拉达跌7.38%，周生生跌2.92%，六福集团跌2.06%，佐丹奴国际涨0.66%，周大福跌0.26%，莎莎国际收平。    黄金股走弱，潼关黄金跌10.65%，赤峰黄金跌9.67%，灵宝黄金跌8.71%，紫金黄金国际跌4.93%，招金矿业跌4.08%，山东黄金跌4.05%，紫金矿业跌1.87%，中国黄金国际涨0.93%。    有色金属股走弱，灵宝黄金跌8.71%，紫金黄金国际跌4.93%，招金矿业跌4.08%，中国铝业跌3.38%，中国宏桥跌2.41%，洛阳钼业跌2.03%，紫金矿业跌1.87%，赣锋锂业涨1.68%。    手机产业链股表现亮眼，鸿腾精密涨8.59%，建滔集团涨7.71%，联想集团涨6.94%，蓝思科技涨6.32%，中芯国际涨4.43%，华虹半导体涨2.45%，小米集团-W涨0.06%。    三、港股今日涨幅TOP10股票名称代码股价 (港元)日涨幅乐动机器人0123660.00127.62%天岳先进0263188.5525.60%南方两倍做多海力士0770997.0023.60%飞速创新0335551.3021.51%纳芯微02676196.3015.47%国富量子002909.6013.88%胜宏科技02476392.6013.67%澜起科技06809418.6011.45%大唐发电009913.3511.30%FORTIOR01304166.0010.37%筛选标准：市值大于100亿港币四、港股今日跌幅TOP10股票名称代码股价 (港元)日跌幅潼关黄金003402.77-10.65%赤峰黄金0669341.28-9.67%德适-B02526298.80-9.45%新秀丽0191013.86-8.82%中远海能0113818.96-8.76%灵宝黄金0333022.86-8.71%汇量科技0186015.30-8.60%优然牧业098583.61-8.38%万国黄金集团0393912.21-7.99%普拉达0191335.62-7.38%筛选标准：市值大于100亿港币五、收盘小结1. 指数表现：恒指与科指全天窄幅震荡，尾盘微红；红筹股受资金追捧明显领跑，反映内地资金对基建、能源等央企红筹的配置热情。港股成交维持近两千八百亿港元，流动性充裕但谨慎情绪犹存。2. 大型科技股：权重科网股分化，阿里、腾讯小幅调整；新能源汽车及电脑硬件代表股理想汽车、联想集团分别上涨逾5%，支撑科指。科网板块内部轮动，市场对低估值与高景气项目保持偏好。3. 其他异动股票：半导体、机器人、生物医药掀起涨停潮。乐动机器人、天岳先进等高β标的暴涨；同时黄金、航运板块在国际地缘风险与油价波动背景下整体承压，潼关黄金、赤峰黄金领跌。4. 行业及IPO动态：AI浪潮延续，存储概念屡创新高；SpaceX拟冲刺历史规模最大IPO的消息刺激商业航天、卫星通讯概念走强。内房与地方政策继续发酵，富力地产、雅居乐集团等反弹。————资料来源：公开市场数据、媒体报道整理免责声明：本内容仅供参考，不构成任何投资建议。","news_type":1,"symbols_score_info":{"82800":0.6,"83115":0.6,"89988":0.6,"BABA":1.5,"07500":0.6,"03088":0.6,"03417":0.6,"HSTECH":2,"IEMG":1.5,"BABO":0.6,"07200":0.6,"09067":0.6,"03037":0.6,"BABU":0.6,"07709":1.5,"07226":0.6,"03032":0.6,"HBBD.SI":0.6,"03419":0.6,"ALBmain":1.5,"02837":0.6,"VXUS":1.5,"BABW":0.6,"09988":1.5,"KBAB":0.6,"BBYY":0.6,"03033":0.6,"BABX":0.6,"09088":0.6,"03115":0.6,"03067":0.6,"07552":0.6,"09115":0.6,"HSI":2,"02800":0.6,"07300":0.6,"03423":0.6}},"isVote":1,"tweetType":1,"viewCount":1785,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":551469573431984,"gmtCreate":1775657957514,"gmtModify":1775657960200,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3576901625458397","authorIdStr":"3576901625458397"},"themes":[],"title":"","htmlText":"良心企业，持续回购。","listText":"良心企业，持续回购。","text":"良心企业，持续回购。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/551469573431984","repostId":"2625091788","repostType":2,"repost":{"id":"2625091788","kind":"news","pubTimestamp":1775642032,"share":"https://www.laohunote.com/m/news/2625091788?lang=zh_CN&edition=full","pubTime":"2026-04-08 17:53","market":"us","language":"zh","title":"腾讯控股(00700)4月8日耗资约10亿港元回购197.9万股","url":"https://stock-news.laohu8.com/highlight/detail?id=2625091788","media":"智通财经","summary":"智通财经APP讯，腾讯控股(00700)公布，2026年4月8日耗资约10亿港元回购197.9万股股份。","content":"<html><body><p>智通财经APP讯，<a href=\"https://laohu8.com/S/00700\">腾讯控股</a>(00700)公布，2026年4月8日耗资约10亿港元回购197.9万股股份。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>腾讯控股(00700)4月8日耗资约10亿港元回购197.9万股</title>\n<style 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}\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腾讯控股(00700)4月8日耗资约10亿港元回购197.9万股\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-08 17:53 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1426051.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP讯，腾讯控股(00700)公布，2026年4月8日耗资约10亿港元回购197.9万股股份。</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1426051.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":{"LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU1196710195.USD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","BK1609":"ChatGPT概念","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU0080751232.USD":"富达环球多元动力基金A","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA 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10:59","market":"sh","language":"zh","title":"宇树科技IPO获受理，美团为第二大股东，2025年度营收同比暴增335.4%，净利润增长204%","url":"https://stock-news.laohu8.com/highlight/detail?id=1139624991","media":"华尔街见闻","summary":"2025年度，公司实现营业收入170,820.87万元，同比增长335.36%；扣除非经常性损益后归母净利润为6亿元，同比增长674.29%。宇树科技披露的招股说明书显示，截至本招股说明书签署日，王兴兴直接持有公司8,671.4964 万股股份，占公司股本总额的23.8216%，系公司控股股东。此外，美团是宇树科技的第二大股东。截至2025年9月末，公司研发人员175人，占员工总数36.46%，研发费用为9,020.94万元，占营业收入7.73%。2022年至2024年，公司境外收入占主营业务收入比例连续三年超过55%。","content":"<html><head></head><body><blockquote><p>宇树科技冲刺科创板IPO拟募资42亿元，主攻具身智能！2025年营收逾17亿增长3倍，净利润2.88亿，增长2倍，扣非净利达6亿元，暴增近7倍（存在3.49亿元一次性股权支付费用）。其人形机器人出货量登顶全球第一，已成最大增长引擎。</p></blockquote><p style=\"text-align: justify;\">宇树科技股份有限公司（以下简称&#34;宇树科技&#34;）日前向上海证券交易所提交科创板上市申请，招股说明书（申报稿）显示，公司拟公开发行不低于4,044.64万股A股，占发行后总股本不低于10%，中信证券担任保荐人。</p><p style=\"text-align: justify;\">从财务数据来看，宇树科技业绩呈爆发式增长态势。2025年度，公司实现营业收入170,820.87万元，同比增长335.36%；扣除非经常性损益后归母净利润为6亿元，同比增长674.29%。公司由此跻身为国内极少数同时实现规模收入与实质性盈利的通用机器人企业之一。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da7f6d13904c789155dcad7505506aa0\" tg-width=\"1204\" tg-height=\"352\"/></p><p style=\"text-align: justify;\">宇树科技披露的招股说明书显示，截至本招股说明书签署日，王兴兴直接持有公司8,671.4964 万股股份，占公司股本总额的23.8216%，系公司控股股东。</p><p style=\"text-align: justify;\">此外，<strong>美团是宇树科技的第二大股东。</strong>美团旗下汉海信息、Galaxy Z及成都龙珠作为公司股东就所持有公司股份构成一致行动关系，<strong>合计持股比例为9.6488%。</strong></p><p style=\"text-align: justify;\">公司的市场地位同样引人注目。2025年度，宇树科技人形机器人出货量超5,500台（纯人形，不含轮式双臂机器人），居全球第一；报告期内四足机器人累计销量超30,000台，全球市场份额保持领先。</p><p style=\"text-align: justify;\">然而，这一赛道正迎来特斯拉等科技巨头的加速布局，贸易摩擦风险也为其境外收入带来不确定性。本次上市募资总额上限拟达42亿元，将主要投向具身智能模型研发与智能制造基地建设。</p><h2 id=\"id_1241539906\">业绩高速增长，但非经常项目显著影响净利润</h2><p style=\"text-align: justify;\">宇树科技的核心财务指标呈现快速跃升。报告期内，公司主营业务收入从2022年的1.21亿元增长至2025年1-9月的11.55亿元，2025年全年进一步攀升至17.08亿元，<strong>两年间实现逾14倍增长。</strong></p><p style=\"text-align: justify;\">支撑收入增长的核心引擎已完成明显切换——人形机器人业务从无到有，并迅速超越四足机器人成为第一大收入来源。2025年1-9月，人形机器人收入占主营业务收入比例达51.53%，而两年前这一数字仅为1.88%。四足机器人收入占比则相应从76.57%降至42.25%，但其绝对金额仍在扩张。</p><p style=\"text-align: justify;\">盈利质量上，公司强调应以扣非后净利润为核心参考指标。2025年净利润为2.88亿元，但扣非后净利润高达6亿元——<strong>差距源于公司在该期间一次性确认了3.49亿元股份支付费用（与股权激励平台上海宇翼增资相关）。</strong>这一费用不涉及现金流出，属非经常性损益。</p><p style=\"text-align: justify;\">主营业务毛利率方面，公司表现持续改善。2022年至2025年1-9月，主营业务毛利率从44.18%逐步提升至59.45%，<strong>2025年全年（经审阅）为60.27%</strong>。招股书披露，这主要得益于核心部组件自研带来的成本控制优势，以及规模扩张后的采购议价能力提升。</p><h2 id=\"id_1848393792\">产品矩阵与技术护城河</h2><p style=\"text-align: justify;\">宇树科技的竞争优势建立在全栈自研技术体系之上。公司坚持对电机驱动、整机机械结构、具身本体智能模型等核心环节进行自主研发，截至2026年1月末持有专利262项（含境内发明专利20项）。</p><p style=\"text-align: justify;\">产品矩阵方面，公司目前已推出H1、H2（全尺寸）及G1、R1（中型及中小型）四款主力人形机器人，以及覆盖消费级与行业级的多款四足机器人系列（Go系列、B系列、A系列）。R1 Air款起售价为2.99万元，G1基础版本起售价8.5万元，较早期产品大幅降低了消费门槛。</p><p style=\"text-align: justify;\">在具身智能模型领域，公司已分别于2025年9月和2026年1月开源发布WMA架构模型“UnifoLM-WMA-0”和VLA架构模型“UnifoLM-VLA-0”，两大技术路线并行推进。招股书同时指出，全球范围内具身大模型技术尚处研发测试阶段，公司报告期内尚未将自研通用具身大模型规模化应用于产品，仅在自有工厂等试点场景完成部署验证。</p><p style=\"text-align: justify;\">截至2025年9月末，公司研发人员175人，占员工总数36.46%，研发费用为9,020.94万元，占营业收入7.73%。</p><h2 id=\"id_3006226733\">海外收入贡献显著，贸易风险不容忽视</h2><p style=\"text-align: justify;\">国际市场是宇树科技商业版图的重要组成部分。2022年至2024年，公司境外收入占主营业务收入比例连续三年超过55%。进入2025年，受国内人工智能与机器人产业快速发展及春晚演出带来的品牌效应驱动，境内收入占比大幅提升至60.80%，但境外收入绝对值仍持续增长。</p><p style=\"text-align: justify;\">招股书将国际贸易摩擦列为需要“特别关注”的核心风险之一。文件指出，2025年以来美国政府对外国商品进口关税政策有所波动，若公司被列入管制采购或技术出口限制清单，将面临境外销售高速增长难以为继乃至业绩下滑的风险。</p><p style=\"text-align: justify;\">此外，公司约20%的原材料采购通过境内代理商进口，外部供应链管制政策的不利变化同样可能影响物料采购与技术合作。</p><p style=\"text-align: justify;\">值得注意的是，公司境外销售结算货币以美元为主，汇率波动亦构成潜在影响。报告期内，公司汇兑损益分别为-567.82万元、-298.12万元、-443.77万元和+1,422.82万元，波动较为明显。</p><h2 id=\"id_1260664108\">股权结构与特别表决权安排</h2><p style=\"text-align: justify;\">实际控制人王兴兴直接持有公司23.82%股份，并通过特别表决权安排，其中44,074,296股设置为A类股（每股享有10票表决权），使其合计控制的表决权比例达68.7816%。由此，<strong>王兴兴为公司的控股股东、实际控制人</strong>。本次发行后，王兴兴合计控制的表决权比例将降至不超过65.3090%。</p><p style=\"text-align: justify;\">投资者保护方面，公司设有3名独立董事，并承诺在符合业务发展需求的前提下，每年现金分红不低于当期可分配利润的10%。招股书同时提示，特别表决权机制下，若实际控制人与中小股东利益不一致，后者可能难以对股东会决议产生实质影响。</p><h2 id=\"id_1730911885\">募资逾42亿元，主攻具身智能</h2><p style=\"text-align: justify;\">本次拟募集资金总额42.02亿元，分投四个项目：</p><blockquote><p style=\"text-align: justify;\">智能机器人模型研发项目（20.22亿元）；</p><p style=\"text-align: justify;\">机器人本体研发项目（11.10亿元）；</p><p style=\"text-align: justify;\">新型智能机器人产品开发项目（4.45亿元）；</p><p style=\"text-align: justify;\">智能机器人制造基地建设项目（6.24亿元）。</p></blockquote><p style=\"text-align: justify;\">其中研发类项目合计占募资总额约85%，制造基地占15%，整体导向为持续加码“大脑、小脑”等核心技术攻关，同时扩充产能以消化快速增长的市场需求。</p><p style=\"text-align: justify;\">公司2025年6月最近一轮市场化股权融资的投前估值为120亿元、投后估值127亿元。按上述估值测算，公司本次发行后预计市值满足科创板不低于100亿元的上市标准。</p></body></html>","source":"lsy1762389672944","collect":0,"html":"<!DOCTYPE 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{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宇树科技IPO获受理，美团为第二大股东，2025年度营收同比暴增335.4%，净利润增长204%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-21 10:59 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3768005><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>宇树科技冲刺科创板IPO拟募资42亿元，主攻具身智能！2025年营收逾17亿增长3倍，净利润2.88亿，增长2倍，扣非净利达6亿元，暴增近7倍（存在3.49亿元一次性股权支付费用）。其人形机器人出货量登顶全球第一，已成最大增长引擎。宇树科技股份有限公司（以下简称\"宇树科技\"）日前向上海证券交易所提交科创板上市申请，招股说明书（申报稿）显示，公司拟公开发行不低于4,044.64万股A股，占发行后总...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3768005\">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/03b737852f586e2640047e4e68a010a4","relate_stocks":{"03690":"美团-W"},"source_url":"https://wallstreetcn.com/articles/3768005","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139624991","content_text":"宇树科技冲刺科创板IPO拟募资42亿元，主攻具身智能！2025年营收逾17亿增长3倍，净利润2.88亿，增长2倍，扣非净利达6亿元，暴增近7倍（存在3.49亿元一次性股权支付费用）。其人形机器人出货量登顶全球第一，已成最大增长引擎。宇树科技股份有限公司（以下简称\"宇树科技\"）日前向上海证券交易所提交科创板上市申请，招股说明书（申报稿）显示，公司拟公开发行不低于4,044.64万股A股，占发行后总股本不低于10%，中信证券担任保荐人。从财务数据来看，宇树科技业绩呈爆发式增长态势。2025年度，公司实现营业收入170,820.87万元，同比增长335.36%；扣除非经常性损益后归母净利润为6亿元，同比增长674.29%。公司由此跻身为国内极少数同时实现规模收入与实质性盈利的通用机器人企业之一。宇树科技披露的招股说明书显示，截至本招股说明书签署日，王兴兴直接持有公司8,671.4964 万股股份，占公司股本总额的23.8216%，系公司控股股东。此外，美团是宇树科技的第二大股东。美团旗下汉海信息、Galaxy Z及成都龙珠作为公司股东就所持有公司股份构成一致行动关系，合计持股比例为9.6488%。公司的市场地位同样引人注目。2025年度，宇树科技人形机器人出货量超5,500台（纯人形，不含轮式双臂机器人），居全球第一；报告期内四足机器人累计销量超30,000台，全球市场份额保持领先。然而，这一赛道正迎来特斯拉等科技巨头的加速布局，贸易摩擦风险也为其境外收入带来不确定性。本次上市募资总额上限拟达42亿元，将主要投向具身智能模型研发与智能制造基地建设。业绩高速增长，但非经常项目显著影响净利润宇树科技的核心财务指标呈现快速跃升。报告期内，公司主营业务收入从2022年的1.21亿元增长至2025年1-9月的11.55亿元，2025年全年进一步攀升至17.08亿元，两年间实现逾14倍增长。支撑收入增长的核心引擎已完成明显切换——人形机器人业务从无到有，并迅速超越四足机器人成为第一大收入来源。2025年1-9月，人形机器人收入占主营业务收入比例达51.53%，而两年前这一数字仅为1.88%。四足机器人收入占比则相应从76.57%降至42.25%，但其绝对金额仍在扩张。盈利质量上，公司强调应以扣非后净利润为核心参考指标。2025年净利润为2.88亿元，但扣非后净利润高达6亿元——差距源于公司在该期间一次性确认了3.49亿元股份支付费用（与股权激励平台上海宇翼增资相关）。这一费用不涉及现金流出，属非经常性损益。主营业务毛利率方面，公司表现持续改善。2022年至2025年1-9月，主营业务毛利率从44.18%逐步提升至59.45%，2025年全年（经审阅）为60.27%。招股书披露，这主要得益于核心部组件自研带来的成本控制优势，以及规模扩张后的采购议价能力提升。产品矩阵与技术护城河宇树科技的竞争优势建立在全栈自研技术体系之上。公司坚持对电机驱动、整机机械结构、具身本体智能模型等核心环节进行自主研发，截至2026年1月末持有专利262项（含境内发明专利20项）。产品矩阵方面，公司目前已推出H1、H2（全尺寸）及G1、R1（中型及中小型）四款主力人形机器人，以及覆盖消费级与行业级的多款四足机器人系列（Go系列、B系列、A系列）。R1 Air款起售价为2.99万元，G1基础版本起售价8.5万元，较早期产品大幅降低了消费门槛。在具身智能模型领域，公司已分别于2025年9月和2026年1月开源发布WMA架构模型“UnifoLM-WMA-0”和VLA架构模型“UnifoLM-VLA-0”，两大技术路线并行推进。招股书同时指出，全球范围内具身大模型技术尚处研发测试阶段，公司报告期内尚未将自研通用具身大模型规模化应用于产品，仅在自有工厂等试点场景完成部署验证。截至2025年9月末，公司研发人员175人，占员工总数36.46%，研发费用为9,020.94万元，占营业收入7.73%。海外收入贡献显著，贸易风险不容忽视国际市场是宇树科技商业版图的重要组成部分。2022年至2024年，公司境外收入占主营业务收入比例连续三年超过55%。进入2025年，受国内人工智能与机器人产业快速发展及春晚演出带来的品牌效应驱动，境内收入占比大幅提升至60.80%，但境外收入绝对值仍持续增长。招股书将国际贸易摩擦列为需要“特别关注”的核心风险之一。文件指出，2025年以来美国政府对外国商品进口关税政策有所波动，若公司被列入管制采购或技术出口限制清单，将面临境外销售高速增长难以为继乃至业绩下滑的风险。此外，公司约20%的原材料采购通过境内代理商进口，外部供应链管制政策的不利变化同样可能影响物料采购与技术合作。值得注意的是，公司境外销售结算货币以美元为主，汇率波动亦构成潜在影响。报告期内，公司汇兑损益分别为-567.82万元、-298.12万元、-443.77万元和+1,422.82万元，波动较为明显。股权结构与特别表决权安排实际控制人王兴兴直接持有公司23.82%股份，并通过特别表决权安排，其中44,074,296股设置为A类股（每股享有10票表决权），使其合计控制的表决权比例达68.7816%。由此，王兴兴为公司的控股股东、实际控制人。本次发行后，王兴兴合计控制的表决权比例将降至不超过65.3090%。投资者保护方面，公司设有3名独立董事，并承诺在符合业务发展需求的前提下，每年现金分红不低于当期可分配利润的10%。招股书同时提示，特别表决权机制下，若实际控制人与中小股东利益不一致，后者可能难以对股东会决议产生实质影响。募资逾42亿元，主攻具身智能本次拟募集资金总额42.02亿元，分投四个项目：智能机器人模型研发项目（20.22亿元）；机器人本体研发项目（11.10亿元）；新型智能机器人产品开发项目（4.45亿元）；智能机器人制造基地建设项目（6.24亿元）。其中研发类项目合计占募资总额约85%，制造基地占15%，整体导向为持续加码“大脑、小脑”等核心技术攻关，同时扩充产能以消化快速增长的市场需求。公司2025年6月最近一轮市场化股权融资的投前估值为120亿元、投后估值127亿元。按上述估值测算，公司本次发行后预计市值满足科创板不低于100亿元的上市标准。","news_type":1,"symbols_score_info":{"03690":2}},"isVote":1,"tweetType":1,"viewCount":3388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":536577736021416,"gmtCreate":1772021315689,"gmtModify":1772021317890,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3576901625458397","authorIdStr":"3576901625458397"},"themes":[],"title":"","htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/536577736021416","repostId":"1115916229","repostType":4,"repost":{"id":"1115916229","kind":"news","pubTimestamp":1772014617,"share":"https://www.laohunote.com/m/news/1115916229?lang=zh_CN&edition=full","pubTime":"2026-02-25 18:16","market":"us","language":"zh","title":"33 岁分析师一篇神文，戳穿AI时代最恐怖的真相？","url":"https://stock-news.laohu8.com/highlight/detail?id=1115916229","media":"码头青年","summary":"作者以“2028年6月发布的一份宏观研究” 展开，倒推AI技术进步和智能体普及对人类社会和经济的影响。为了自救，它们只能继续裁员、投入更多AI。token 可以理解为 AI 处理信息时的最小计量单位。你输入的一段文字，会被拆成很多小块，AI 输出的回答，也会被拆成很多小块。但在2027年的推演中，AI代理杀死了这一切。但AI最先取代的就是他们。如果AI把人类的生产成本降到了零，那也意味着人类的收入也将趋向于零。","content":"<html><head></head><body><p>2月22日，Citrini Research发布了一篇题为《过剩智能的后果》的文章。</p><p>作者以“2028年6月发布的一份宏观研究” 展开，倒推AI技术进步和智能体普及对人类社会和经济的影响。这篇原本面向顶级投资人的内部报告，在发布后，瞬间便横扫 X(Twitter) 趋势榜。</p><p>这篇神文也在美股市场疯狂传播，进一步加剧了投资者的担忧情绪。</p><p>截至美股周一收盘，在文章中被点名的上市公司普遍下跌。其中，外卖平台DoorDash、黑石大跌超6%、美国运通大跌超7%，优步、Visa也应声下跌。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87608555686fe56fbd570a358dbcc953\" alt=\"\" title=\"\" tg-width=\"550\" tg-height=\"867\"/></p><p><strong>为何这篇文章能把美股吓尿？</strong></p><p>先交代一下作者。Citrini Research 的创始人 James van Geelen ，今年33岁，主业是做宏观与主题研究，文章设定成一份来自2028年6月的宏观备忘录，回头复盘危机如何从2026年一路走来，直至到无法挽救。文章里还提到，这个问题最初由他的朋友 Alap Shah 抛出，两人一起把推演写了出来。</p><p>Citrini 在文中说：<strong>如果人类智能不再稀缺，智能溢价持续回撤，那么建立在白领持续赚钱能力之上的消费、房贷、信用扩张，都会开始松动，甚至连金融体系都会崩溃。</strong></p><p>我们要理解现代经济的一个基本假设：<strong>人类的脑子是值钱的。</strong></p><p><strong>过去几十年，如果你受过良好教育、会写代码、会做PPT、会法律分析，你就能获得智能溢价。你赚到钱，然后买房、消费、社交，支撑起占美国GDP 70%的消费市场。</strong></p><p><strong>但Citrini告诉我们，这个逻辑正在崩塌。</strong></p><p><strong>最初，企业觉得AI是好帮手。但到了2026年，AI Agent（智能体）的编码能力出现了阶跃式进化。以前需要几十个白领、每年付几十万美金购买的SaaS软件，现在一个开发者带几个AI，几周就能复刻出来。</strong></p><p><strong>企业为了保住利润疯狂裁员，但他们忘了一个死逻辑，你的员工，就是别人的客户。</strong>当Salesforce、ServiceNow这些巨头通过AI帮客户裁员15%时，它们也立刻损失了15%的订阅授权收入。为了自救，它们只能继续裁员、投入更多AI。</p><p>这就是人类智能替代螺旋： 企业每省下1美元人力成本，就流向了更强的AI，而更强的AI会反过来干掉更多的人。</p><p>文中有一句话，让我印象深刻：到 2027 年 3 月，美国个人用户的<strong>日均 token 消耗中位数</strong>已经达到<strong>40 万</strong>，相比 2026 年末增长了 10 倍。</p><p><strong>先通俗解释一下什么叫 token。</strong></p><p><strong>token 可以理解为 AI 处理信息时的最小计量单位。你输入的一段文字，会被拆成很多小块，AI 输出的回答，也会被拆成很多小块。每一个小块，就是一个 token。可以粗略理解为几个汉字、一个英文单词或一个符号的组合。</strong></p><p>所以 40 万 token，并不是 40 万句话，而是 AI 在一天之内读取、分析、生成的总信息量。这个数字越大，意味着它参与的决策越多，处理的细节越细，生活中被算法接管的部分也就越多。</p><p>2027 年个人用户日均 40 万 token，说明美国人的生活开始被持续计算。过去我们做决定是断续的，想起来才比价，心情好才研究条款，嫌麻烦就默认续费。机器不是这样。它会在后台 7×24 小时盯着航班价格、订阅账单、保险报价、信用卡积分和配送费率，把人的每一个犹豫拆解成上百次微判断。人类的惰性，曾经是一种隐形资产，支撑着平台抽成、订阅涨价和信息差生意；当代理替你把犹豫清零，这部分利润就开始蒸发。</p><p>如果人类的惰性和情绪被持续削弱甚至清零，这个社会会发生什么？</p><p>很多人以为情绪是效率的敌人，但它其实是商业社会的润滑剂。冲动消费、品牌偏好、习惯性续费、懒得比价、对销售人员的信任感，这些从消费者的角度看，肯定不好，但是它们却是企业利润的重要来源。</p><p>当智能体开始替你做决定，它一不会疲惫，二不会心软，更不会被广告打动，也不会因为习惯而偷懒。它只优化价格和匹配度。情绪一旦退场，很多行业很多人的命运都要被改写。社会可能变得更高效，但也更冷酷。</p><p>Citrini认为，现代商业巨头的利润，其实大多来自于“摩擦力”。因为人类的很多成本，本质上来自摩擦：懒得比价、没时间谈判、习惯性续费、信息不对称。</p><p>但在2027年的推演中，AI代理杀死了这一切。</p><p><strong>想象一下，你的手机里跑着一个24小时不睡觉的AI。它不会因为疲惫而妥协，它会瞬间在全网几百个平台寻找最低价格，它会自动帮你退订所有不划算的保险，它会绕过银行卡那2%的手续费直接用虚拟货币结算。</strong></p><p><strong>于是旅行预订、保险续保、订阅经济、房地产经纪佣金、外卖平台的抽成、信用卡交换费，这些以摩擦为护城河的商业模式，会先死为敬。</strong></p><p>像DoorDash们，都会破产，因为AI没有“主屏幕”概念，它只看谁最便宜、送得最快。<strong>万事达、Visa们也会非常恐慌，</strong>因为AI发现传统的刷卡手续费太笨重，直接通过算法绕过了银行。</p><p>报告还提到支付、外卖、网约车这些环节，相关股票立刻遭到抛售。</p><p>作者也把火引向房贷和私募信贷。</p><p>美国乃至全世界的金融基石是按揭贷款。银行之所以敢借钱给你买房，是基于一个假设：你未来的收入是稳定的，你的智能是有溢价的。</p><p>但现在，这个假设失效了。</p><p>那些信用分780以上、名校毕业的白领，以前是银行眼中的金主。但AI最先取代的就是他们。这些人失业后，不会立刻断供。他们会透支信用卡、提取养老金，试图维持体面。</p><p>但正如报告所言，2027年底，当西雅图、旧金山这些科技重镇的房价开始两位数下跌，当逾期率开始抬升，世界发现了一个恐怖的事实：<strong>2008年的危机是把钱借给了“坏人”，而2028年的危机是，原本的“好人”在贷款签出后，被时代抛弃了。</strong></p><p><strong>一个没有白领高薪支撑的13万亿房贷市场，本质上就是一张巨大的、即将到期的空头支票。</strong></p><p><strong>读完这篇文章，我们不得不面对一个极度反直觉的悖论：生产率在飙升，经济却在枯萎。</strong>这就是报告中提到的“幽灵GDP”。纸面上看，GPU集群产出了海量的代码、设计和方案，生产率数据美得惊人。但问题是，<strong>机器不买可选消费品。</strong></p><p><strong>机器不需要度假，不需要买名牌包，不需要给孩子报钢琴班。</strong></p><p><strong>如果AI把人类的生产成本降到了零，那也意味着人类的收入也将趋向于零。当财富越来越集中在少数掌握算力的人手中，而大多数白领被迫去开Uber（甚至Uber也是无人驾驶的），这个社会的消费循环就彻底断裂了。</strong></p><p><strong>我们正亲手制造一种“经济瘟疫”，它效率极高，却不留活口。</strong></p><p><strong>Citrini Research在报告的结尾提醒我们：现在是2026年2月。</strong></p><p><strong>此时此刻，标普指数依然接近高点，负反馈循环还没有完全开启。正如矿井里的金丝雀，虽然它的叫声已经变得急促，但它还活着。</strong></p><p><strong>当然，这是一份情景推演，不是现实。批评者也不少，很多人认为它过度悲观，低估了政策反应与经济自适应能力。但市场会对它有反应，恰恰说明恐惧本身已经是交易变量。</strong></p><p><strong>如果把这篇长文压缩成一句话，它问的其实是：当机器能做越来越多脑力活，而边际成本越来越接近电费时，人类靠什么维持收入，进而维持消费与信用。</strong></p><p><strong>美国人问的这个问题，其实对中国也不遥远。我们同样有庞大的服务业与中产消费，也同样有房贷链条与地方财政结构，也同样在经历企业对降本增效的执念。AI 不是单纯的工具升级，它是对整个社会方方面面的压力测试。</strong></p><p><strong>这篇文章给码头读者的启示，远不止于投资建议，更多的是关于生存的思考。</strong></p><p><strong>如果你的工作或生意是建立在信息不对称或客户懒惰之上，AI会第一时间撕碎你。</strong></p><p><strong>过去几十年买房坐等升值的逻辑，本质上是赌白领生产率持续增长。如果这个前提变了，你的资产还是资产吗？</strong></p><p><strong>我们要去寻找那些AI无法提供溢价的地方。也许是深度的人文关怀，也许是复杂的社交博弈，或者是那些AI即使能做、但人类只愿意向人类付费的特殊领域。</strong></p><p><strong>记住，AI不只是工具，它其实是另一种物种。它带来的不是一次工业革命，而是对人类社会的彻底颠覆。</strong></p><p><strong>在这场与时间的赛跑中，政府的救济方案往往落后于算法的进化。作为个人，我们唯一能做的，就是在智能溢价彻底归零之前，找到自己在这个新世界里的救命稻草。</strong></p></body></html>","source":"lsy1772015001670","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>33 岁分析师一篇神文，戳穿AI时代最恐怖的真相？</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; 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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\">\n33 岁分析师一篇神文，戳穿AI时代最恐怖的真相？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-25 18:16 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/8VVK1Akq74_qKA_MiDLK7Q><strong>码头青年</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2月22日，Citrini Research发布了一篇题为《过剩智能的后果》的文章。作者以“2028年6月发布的一份宏观研究” 展开，倒推AI技术进步和智能体普及对人类社会和经济的影响。这篇原本面向顶级投资人的内部报告，在发布后，瞬间便横扫 X(Twitter) 趋势榜。这篇神文也在美股市场疯狂传播，进一步加剧了投资者的担忧情绪。截至美股周一收盘，在文章中被点名的上市公司普遍下跌。其中，外卖平台...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/8VVK1Akq74_qKA_MiDLK7Q\">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/1c987a5b23607493a5d06cda5496e290","relate_stocks":{"DASH":"DoorDash, Inc.","IGV":"北美软件ETF-iShares"},"source_url":"https://mp.weixin.qq.com/s/8VVK1Akq74_qKA_MiDLK7Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115916229","content_text":"2月22日，Citrini Research发布了一篇题为《过剩智能的后果》的文章。作者以“2028年6月发布的一份宏观研究” 展开，倒推AI技术进步和智能体普及对人类社会和经济的影响。这篇原本面向顶级投资人的内部报告，在发布后，瞬间便横扫 X(Twitter) 趋势榜。这篇神文也在美股市场疯狂传播，进一步加剧了投资者的担忧情绪。截至美股周一收盘，在文章中被点名的上市公司普遍下跌。其中，外卖平台DoorDash、黑石大跌超6%、美国运通大跌超7%，优步、Visa也应声下跌。为何这篇文章能把美股吓尿？先交代一下作者。Citrini Research 的创始人 James van Geelen ，今年33岁，主业是做宏观与主题研究，文章设定成一份来自2028年6月的宏观备忘录，回头复盘危机如何从2026年一路走来，直至到无法挽救。文章里还提到，这个问题最初由他的朋友 Alap Shah 抛出，两人一起把推演写了出来。Citrini 在文中说：如果人类智能不再稀缺，智能溢价持续回撤，那么建立在白领持续赚钱能力之上的消费、房贷、信用扩张，都会开始松动，甚至连金融体系都会崩溃。我们要理解现代经济的一个基本假设：人类的脑子是值钱的。过去几十年，如果你受过良好教育、会写代码、会做PPT、会法律分析，你就能获得智能溢价。你赚到钱，然后买房、消费、社交，支撑起占美国GDP 70%的消费市场。但Citrini告诉我们，这个逻辑正在崩塌。最初，企业觉得AI是好帮手。但到了2026年，AI Agent（智能体）的编码能力出现了阶跃式进化。以前需要几十个白领、每年付几十万美金购买的SaaS软件，现在一个开发者带几个AI，几周就能复刻出来。企业为了保住利润疯狂裁员，但他们忘了一个死逻辑，你的员工，就是别人的客户。当Salesforce、ServiceNow这些巨头通过AI帮客户裁员15%时，它们也立刻损失了15%的订阅授权收入。为了自救，它们只能继续裁员、投入更多AI。这就是人类智能替代螺旋： 企业每省下1美元人力成本，就流向了更强的AI，而更强的AI会反过来干掉更多的人。文中有一句话，让我印象深刻：到 2027 年 3 月，美国个人用户的日均 token 消耗中位数已经达到40 万，相比 2026 年末增长了 10 倍。先通俗解释一下什么叫 token。token 可以理解为 AI 处理信息时的最小计量单位。你输入的一段文字，会被拆成很多小块，AI 输出的回答，也会被拆成很多小块。每一个小块，就是一个 token。可以粗略理解为几个汉字、一个英文单词或一个符号的组合。所以 40 万 token，并不是 40 万句话，而是 AI 在一天之内读取、分析、生成的总信息量。这个数字越大，意味着它参与的决策越多，处理的细节越细，生活中被算法接管的部分也就越多。2027 年个人用户日均 40 万 token，说明美国人的生活开始被持续计算。过去我们做决定是断续的，想起来才比价，心情好才研究条款，嫌麻烦就默认续费。机器不是这样。它会在后台 7×24 小时盯着航班价格、订阅账单、保险报价、信用卡积分和配送费率，把人的每一个犹豫拆解成上百次微判断。人类的惰性，曾经是一种隐形资产，支撑着平台抽成、订阅涨价和信息差生意；当代理替你把犹豫清零，这部分利润就开始蒸发。如果人类的惰性和情绪被持续削弱甚至清零，这个社会会发生什么？很多人以为情绪是效率的敌人，但它其实是商业社会的润滑剂。冲动消费、品牌偏好、习惯性续费、懒得比价、对销售人员的信任感，这些从消费者的角度看，肯定不好，但是它们却是企业利润的重要来源。当智能体开始替你做决定，它一不会疲惫，二不会心软，更不会被广告打动，也不会因为习惯而偷懒。它只优化价格和匹配度。情绪一旦退场，很多行业很多人的命运都要被改写。社会可能变得更高效，但也更冷酷。Citrini认为，现代商业巨头的利润，其实大多来自于“摩擦力”。因为人类的很多成本，本质上来自摩擦：懒得比价、没时间谈判、习惯性续费、信息不对称。但在2027年的推演中，AI代理杀死了这一切。想象一下，你的手机里跑着一个24小时不睡觉的AI。它不会因为疲惫而妥协，它会瞬间在全网几百个平台寻找最低价格，它会自动帮你退订所有不划算的保险，它会绕过银行卡那2%的手续费直接用虚拟货币结算。于是旅行预订、保险续保、订阅经济、房地产经纪佣金、外卖平台的抽成、信用卡交换费，这些以摩擦为护城河的商业模式，会先死为敬。像DoorDash们，都会破产，因为AI没有“主屏幕”概念，它只看谁最便宜、送得最快。万事达、Visa们也会非常恐慌，因为AI发现传统的刷卡手续费太笨重，直接通过算法绕过了银行。报告还提到支付、外卖、网约车这些环节，相关股票立刻遭到抛售。作者也把火引向房贷和私募信贷。美国乃至全世界的金融基石是按揭贷款。银行之所以敢借钱给你买房，是基于一个假设：你未来的收入是稳定的，你的智能是有溢价的。但现在，这个假设失效了。那些信用分780以上、名校毕业的白领，以前是银行眼中的金主。但AI最先取代的就是他们。这些人失业后，不会立刻断供。他们会透支信用卡、提取养老金，试图维持体面。但正如报告所言，2027年底，当西雅图、旧金山这些科技重镇的房价开始两位数下跌，当逾期率开始抬升，世界发现了一个恐怖的事实：2008年的危机是把钱借给了“坏人”，而2028年的危机是，原本的“好人”在贷款签出后，被时代抛弃了。一个没有白领高薪支撑的13万亿房贷市场，本质上就是一张巨大的、即将到期的空头支票。读完这篇文章，我们不得不面对一个极度反直觉的悖论：生产率在飙升，经济却在枯萎。这就是报告中提到的“幽灵GDP”。纸面上看，GPU集群产出了海量的代码、设计和方案，生产率数据美得惊人。但问题是，机器不买可选消费品。机器不需要度假，不需要买名牌包，不需要给孩子报钢琴班。如果AI把人类的生产成本降到了零，那也意味着人类的收入也将趋向于零。当财富越来越集中在少数掌握算力的人手中，而大多数白领被迫去开Uber（甚至Uber也是无人驾驶的），这个社会的消费循环就彻底断裂了。我们正亲手制造一种“经济瘟疫”，它效率极高，却不留活口。Citrini Research在报告的结尾提醒我们：现在是2026年2月。此时此刻，标普指数依然接近高点，负反馈循环还没有完全开启。正如矿井里的金丝雀，虽然它的叫声已经变得急促，但它还活着。当然，这是一份情景推演，不是现实。批评者也不少，很多人认为它过度悲观，低估了政策反应与经济自适应能力。但市场会对它有反应，恰恰说明恐惧本身已经是交易变量。如果把这篇长文压缩成一句话，它问的其实是：当机器能做越来越多脑力活，而边际成本越来越接近电费时，人类靠什么维持收入，进而维持消费与信用。美国人问的这个问题，其实对中国也不遥远。我们同样有庞大的服务业与中产消费，也同样有房贷链条与地方财政结构，也同样在经历企业对降本增效的执念。AI 不是单纯的工具升级，它是对整个社会方方面面的压力测试。这篇文章给码头读者的启示，远不止于投资建议，更多的是关于生存的思考。如果你的工作或生意是建立在信息不对称或客户懒惰之上，AI会第一时间撕碎你。过去几十年买房坐等升值的逻辑，本质上是赌白领生产率持续增长。如果这个前提变了，你的资产还是资产吗？我们要去寻找那些AI无法提供溢价的地方。也许是深度的人文关怀，也许是复杂的社交博弈，或者是那些AI即使能做、但人类只愿意向人类付费的特殊领域。记住，AI不只是工具，它其实是另一种物种。它带来的不是一次工业革命，而是对人类社会的彻底颠覆。在这场与时间的赛跑中，政府的救济方案往往落后于算法的进化。作为个人，我们唯一能做的，就是在智能溢价彻底归零之前，找到自己在这个新世界里的救命稻草。","news_type":1,"symbols_score_info":{"IGV":1,"DASH":2}},"isVote":1,"tweetType":1,"viewCount":3711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":536575489176632,"gmtCreate":1772020852306,"gmtModify":1772020854543,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3576901625458397","authorIdStr":"3576901625458397"},"themes":[],"title":"","htmlText":"字节跳动25年利润高达450亿美金","listText":"字节跳动25年利润高达450亿美金","text":"字节跳动25年利润高达450亿美金","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/536575489176632","repostId":"2614707230","repostType":4,"repost":{"id":"2614707230","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":1772015633,"share":"https://www.laohunote.com/m/news/2614707230?lang=zh_CN&edition=full","pubTime":"2026-02-25 18:33","market":"fut","language":"zh","title":"字节跳动新估值，5500亿美元！","url":"https://stock-news.laohu8.com/highlight/detail?id=2614707230","media":"华尔街见闻","summary":"投资机构General Atlantic计划出售字节跳动部分股权，估值高达5500亿美元，较去年11月二级市场交易的4800亿美元估值上涨14.6%，较去年员工回购价上涨66%。强劲的财务表现——年度利润有望达480亿美元，已超越Meta，以及TikTok美国业务不确定性消散，共同支撑了这一高昂估值。","content":"<html><head></head><body><p>据路透2月25日报道，投资机构General Atlantic正计划出售其持有的字节跳动部分股权，这笔潜在交易对这家中国社交媒体巨头的估值高达5500亿美元。</p>\n<p>此次股权剥离是自特朗普政府于今年1月批准TikTok美国业务出售以来的首笔重大交易。这一最新估值较去年员工股票回购时逾3300亿美元的定价实现了66%的显著增长。</p>\n<p>在私募市场估值大幅且持续上涨的背景下，此次交易直观反映了资本市场对字节跳动的高度认可。这不仅印证了其资产吸引力，也极大提振了其他投资者在公司最终登陆公开市场时获取丰厚回报的预期。</p>\n<p>知情人士向媒体透露，<strong>General Atlantic在近几周启动了售股流程，并希望在3月完成交易。</strong>目前，该交易的具体财务条款及出售后General Atlantic的持股比例等细节尚未披露，字节跳动与General Atlantic均未对此置评。</p>\n<h2><strong>估值水涨船高测试市场胃口</strong></h2>\n<p>虽然未上市公司的估值在二级市场交易中往往差异巨大，但这类新交易通常被视为测试投资者对该公司股票胃口的试金石。</p>\n<p>据知情人士向路透表示，General Atlantic内部对其持有的字节跳动股份估值即为5500亿美元，因此在计划中的二级市场交易中，预期价格不低于此水平是合理的。</p>\n<p><strong>这一价格水平不仅远超去年的员工回购定价，相较于去年11月的二级市场交易也有15%的溢价。</strong>当时，今日资本在激烈的股权拍卖中击败多家机构，以约4800亿美元的估值从中银集团投资有限公司手中收购了部分字节跳动股权，成交金额达3亿美元。该笔交易反映了投资者对其股份稀缺性的追捧。</p>\n<p>根据CB Insights的数据，按当前市场估值计算，字节跳动在全球初创企业中的估值已超越SpaceX，仅次于估值达5000亿美元的OpenAI，稳居全球最具价值的初创公司前列。</p>\n<h2><strong>基金周期驱动早期投资者套现</strong></h2>\n<p>General Atlantic此次出售股份的举动，主要受其部分基金生命周期的驱动。<strong>私募股权公司通常有10至12年的时间来筹集资金、投资并向投资者返还资本。</strong></p>\n<p>据路透报道，General Atlantic早在2017年就首次投资了字节跳动，当时的估值仅为约200亿美元。经过多年发展，该机构已获取了巨大的账面回报，其CEO Bill Ford目前仍担任字节跳动的董事会成员。</p>\n<p>市场上并非只有General Atlantic在处理成熟基金的持股。据路透上月报道，风投机构HSG（前身为红杉中国）也在筹集一只接续基金，计划以3500亿至3700亿美元的估值，接手其部分即将到期基金所持有的字节跳动股份。</p>\n<h2><strong>业绩强劲支撑高昂估值</strong></h2>\n<p>字节跳动在私募市场上备受追捧，主要得益于其在全球业务和财务数据上的强劲表现，以及在AI技术布局上的潜力。</p>\n<p>据路透去年报道，字节跳动的季度销售额已经超越了<a href=\"https://laohu8.com/S/META\">Facebook</a>的母公司Meta，按销售额计算，已成为全球最大的社交媒体公司。数据显示，字节跳动的2025年年度利润有望达到约480亿美元。</p></body></html>","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n字节跳动新估值，5500亿美元！\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\">2026-02-25 18:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>据路透2月25日报道，投资机构General Atlantic正计划出售其持有的字节跳动部分股权，这笔潜在交易对这家中国社交媒体巨头的估值高达5500亿美元。</p>\n<p>此次股权剥离是自特朗普政府于今年1月批准TikTok美国业务出售以来的首笔重大交易。这一最新估值较去年员工股票回购时逾3300亿美元的定价实现了66%的显著增长。</p>\n<p>在私募市场估值大幅且持续上涨的背景下，此次交易直观反映了资本市场对字节跳动的高度认可。这不仅印证了其资产吸引力，也极大提振了其他投资者在公司最终登陆公开市场时获取丰厚回报的预期。</p>\n<p>知情人士向媒体透露，<strong>General Atlantic在近几周启动了售股流程，并希望在3月完成交易。</strong>目前，该交易的具体财务条款及出售后General Atlantic的持股比例等细节尚未披露，字节跳动与General Atlantic均未对此置评。</p>\n<h2><strong>估值水涨船高测试市场胃口</strong></h2>\n<p>虽然未上市公司的估值在二级市场交易中往往差异巨大，但这类新交易通常被视为测试投资者对该公司股票胃口的试金石。</p>\n<p>据知情人士向路透表示，General Atlantic内部对其持有的字节跳动股份估值即为5500亿美元，因此在计划中的二级市场交易中，预期价格不低于此水平是合理的。</p>\n<p><strong>这一价格水平不仅远超去年的员工回购定价，相较于去年11月的二级市场交易也有15%的溢价。</strong>当时，今日资本在激烈的股权拍卖中击败多家机构，以约4800亿美元的估值从中银集团投资有限公司手中收购了部分字节跳动股权，成交金额达3亿美元。该笔交易反映了投资者对其股份稀缺性的追捧。</p>\n<p>根据CB Insights的数据，按当前市场估值计算，字节跳动在全球初创企业中的估值已超越SpaceX，仅次于估值达5000亿美元的OpenAI，稳居全球最具价值的初创公司前列。</p>\n<h2><strong>基金周期驱动早期投资者套现</strong></h2>\n<p>General Atlantic此次出售股份的举动，主要受其部分基金生命周期的驱动。<strong>私募股权公司通常有10至12年的时间来筹集资金、投资并向投资者返还资本。</strong></p>\n<p>据路透报道，General Atlantic早在2017年就首次投资了字节跳动，当时的估值仅为约200亿美元。经过多年发展，该机构已获取了巨大的账面回报，其CEO Bill Ford目前仍担任字节跳动的董事会成员。</p>\n<p>市场上并非只有General Atlantic在处理成熟基金的持股。据路透上月报道，风投机构HSG（前身为红杉中国）也在筹集一只接续基金，计划以3500亿至3700亿美元的估值，接手其部分即将到期基金所持有的字节跳动股份。</p>\n<h2><strong>业绩强劲支撑高昂估值</strong></h2>\n<p>字节跳动在私募市场上备受追捧，主要得益于其在全球业务和财务数据上的强劲表现，以及在AI技术布局上的潜力。</p>\n<p>据路透去年报道，字节跳动的季度销售额已经超越了<a href=\"https://laohu8.com/S/META\">Facebook</a>的母公司Meta，按销售额计算，已成为全球最大的社交媒体公司。数据显示，字节跳动的2025年年度利润有望达到约480亿美元。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d8bab29afc3da5013cfb74dcf20a5c66","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3766156","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2614707230","content_text":"据路透2月25日报道，投资机构General Atlantic正计划出售其持有的字节跳动部分股权，这笔潜在交易对这家中国社交媒体巨头的估值高达5500亿美元。\n此次股权剥离是自特朗普政府于今年1月批准TikTok美国业务出售以来的首笔重大交易。这一最新估值较去年员工股票回购时逾3300亿美元的定价实现了66%的显著增长。\n在私募市场估值大幅且持续上涨的背景下，此次交易直观反映了资本市场对字节跳动的高度认可。这不仅印证了其资产吸引力，也极大提振了其他投资者在公司最终登陆公开市场时获取丰厚回报的预期。\n知情人士向媒体透露，General Atlantic在近几周启动了售股流程，并希望在3月完成交易。目前，该交易的具体财务条款及出售后General Atlantic的持股比例等细节尚未披露，字节跳动与General Atlantic均未对此置评。\n估值水涨船高测试市场胃口\n虽然未上市公司的估值在二级市场交易中往往差异巨大，但这类新交易通常被视为测试投资者对该公司股票胃口的试金石。\n据知情人士向路透表示，General 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25年是运气比较好的一年，12月初中了摩尔线程，月底中签壁仞科技，暗盘交易赚了6000下车。","images":[{"img":"https://static.tigerbbs.com/3d905dbe19d08831427808fe3d9e242e","width":"1048","height":"1766"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":1,"link":"https://laohu8.com/post/517893840371744","isVote":1,"tweetType":1,"viewCount":9015,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000415","authorId":"9000000000000415","name":"RalapLeopold","avatar":"https://static.tigerbbs.com/ddba642e244f337b146bf16d5c260c4a","crmLevel":1,"crmLevelSwitch":0,"idStr":"9000000000000415","authorIdStr":"9000000000000415"},"content":"牛啊兄弟，这波赚翻了！","text":"牛啊兄弟，这波赚翻了！","html":"牛啊兄弟，这波赚翻了！"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":517892374888496,"gmtCreate":1767409056777,"gmtModify":1767409060459,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3576901625458397","authorIdStr":"3576901625458397"},"themes":[],"title":"","htmlText":"25年收益51.63%，跑赢标普500，26年继续加油，目标收益50%。","listText":"25年收益51.63%，跑赢标普500，26年继续加油，目标收益50%。","text":"25年收益51.63%，跑赢标普500，26年继续加油，目标收益50%。","images":[{"img":"https://static.tigerbbs.com/8a07a90cc5d2e594121046a75b9fa20a","width":"1140","height":"1493"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/517892374888496","isVote":1,"tweetType":1,"viewCount":6085,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000479","authorId":"9000000000000479","name":"MignonPitman","avatar":"https://static.tigerbbs.com/81107c0431f248a6c5b526745a8ca6e4","crmLevel":1,"crmLevelSwitch":0,"idStr":"9000000000000479","authorIdStr":"9000000000000479"},"content":"太牛了！明年50%稳了！","text":"太牛了！明年50%稳了！","html":"太牛了！明年50%稳了！"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":517650684199672,"gmtCreate":1767408770681,"gmtModify":1767408773538,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3576901625458397","authorIdStr":"3576901625458397"},"themes":[],"title":"","htmlText":"新年首个交易日，中概股普涨。","listText":"新年首个交易日，中概股普涨。","text":"新年首个交易日，中概股普涨。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/517650684199672","repostId":"1175081589","repostType":4,"repost":{"id":"1175081589","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":1767397211,"share":"https://www.laohunote.com/m/news/1175081589?lang=zh_CN&edition=full","pubTime":"2026-01-03 07:40","market":"us","language":"zh","title":"昨夜今晨｜新年首个交易日美股涨跌互现！芯片股领涨，中概股全线爆发；特斯拉失守全球电车销冠宝座","url":"https://stock-news.laohu8.com/highlight/detail?id=1175081589","media":"老虎资讯综合","summary":"欧元区制造业深陷收缩，12月PMI跌至48.8创九个月新低调查显示，欧元区制造业活动在12月进一步萎缩。公司新闻特斯拉第四季度交付量418227辆，不及预期，全年明显落后于比亚迪特斯拉第四季度交付量同比下降16%，至418,227辆，预估为440907辆。相比之下，比亚迪在第四季度和全年电池电动车销量均实现增长，全年交付接近226万辆电动车，而特斯拉为164万辆。2025年全年生产42,284辆汽车，交付42,247辆汽车。","content":"<html><head></head><body><h2 id=\"id_918209498\">海外市场</h2><p><strong>美股收盘：三大指数涨跌不一！中概股全线爆发，百度飙升15%；半导体、能源、加密货币概念股大涨</strong></p><p>周五，2026年的第一个交易日，虽然美股三大股指的收盘波动看上去颇为平静，但诸多科技题材股新年首个交易日就迎来资金热情涌入。截至收盘，标准普尔500指数涨0.19%，报6858.47点；纳斯达克综合指数跌0.03%，报23235.63点；道琼斯工业平均指数涨0.66%，报48382.39点。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0a5c049e7989870fcaf5e000b04f9811\" tg-width=\"968\" tg-height=\"147\"/></p><p>科技巨头整体表现平平，其中<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>在发布全年电动车交付数据后迎来“七连跌”，收跌2.59%；<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>涨1.26%，<a href=\"https://laohu8.com/S/GOOGL\">谷歌A</a>涨0.69%，<a href=\"https://laohu8.com/S/MSFT\">微软</a>跌2.21%，<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>跌1.87%，<a href=\"https://laohu8.com/S/META\">Meta</a>跌1.47%，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>跌0.31%。</p><p>美股“存储四巨头”<a href=\"https://laohu8.com/S/MU\">美光科技</a>周五涨10.51%、<a href=\"https://laohu8.com/S/WDC\">西部数据</a>涨8.96%，齐创收盘历史新高，闪迪涨15.95%、<a href=\"https://laohu8.com/S/STX\">希捷科技</a>也上涨4.41%。周五早些时候，韩国“存储双雄”SK海力士和<a href=\"https://laohu8.com/S/SSNLF\">三星电子</a>均飙升并创出历史新高。</p><p>AI能源、储能概念股Bloom Energy涨13.58%；核电初创公司<a href=\"https://laohu8.com/S/SMR\">NuScale Power</a>涨15.17%、<a href=\"https://laohu8.com/S/OKLO\">Oklo</a>涨8.42%、铀能源概念股Energy Fuels涨14.86%；激光雷达概念股Innoviz涨13.01%；稀土概念股<a href=\"https://laohu8.com/S/USAR\">USA Rare Earth</a>涨18.91%；加密货币概念股BitMines涨近15%、<a href=\"https://laohu8.com/S/CLSK\">CleanSpark</a>涨超14%；光伏概念股Solaredge、<a href=\"https://laohu8.com/S/JKS\">晶科能源</a>均涨超8%。</p><p>光刻机龙头<a href=\"https://laohu8.com/S/ASML\">阿斯麦</a>在获得券商“跳级上调评级”的利好刺激下，周五大涨8.78%；美国芯片公司<a href=\"https://laohu8.com/S/INTC\">英特尔</a>涨超6%，公司将在下周CES大会上完成“18A”芯片的首秀。</p><p>中概股方面，纳斯达克中国金龙指数单日大涨4.38%，创去年5月12日以来的最大单日涨幅。<a href=\"https://laohu8.com/S/BIDU\">百度</a>收涨15.03%、<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>涨6.25%、<a href=\"https://laohu8.com/S/00700\">腾讯</a>ADR涨5.23%、<a href=\"https://laohu8.com/S/NTES\">网易</a>涨7.22%、<a href=\"https://laohu8.com/S/TSM\">台积电</a>涨5.17%、<a href=\"https://laohu8.com/S/BILI\">哔哩哔哩</a>涨7.24%、<a href=\"https://laohu8.com/S/GDS\">万国数据</a>涨9.86%、<a href=\"https://laohu8.com/S/PONY\">小马智行</a>涨10.83%。</p><p><strong>欧股集体收涨</strong></p><p>德国DAX30指数涨0.21%，英国富时100指数涨0.24%，法国CAC40指数涨0.56%，欧洲斯托克50指数涨1.07%，西班牙IBEX35指数涨1.06%，意大利富时MIB指数涨0.97%。</p><p><strong>WTI 2月原油期货收跌0.17%，报57.32美元/桶</strong></p><p>WTI 2月原油期货收跌0.10美元，跌幅0.17%，报57.32美元/桶。布伦特3月原油期货收跌0.10美元，跌幅0.16%，报60.75美元/桶。</p><p><strong>金价企稳，现货黄金上涨0.27%</strong></p><p>现货白银上涨1.46%，报72.703美元/盎司，现货黄金上涨0.27%，报4330.83美元/盎司。COMEX黄金期货涨0.02%，报4341.90美元/盎司，本周累跌4.63%。COMEX白银期货涨2.35%，报72.27美元/盎司，本周累跌6.39%。</p><h2 id=\"id_3604794653\">国际宏观</h2><p><strong><a href=\"https://laohu8.com/NW/1185669226\" title=\"制造业复苏动能放缓，美国12月制造业PMI降至51.8\" target=\"_blank\">制造业复苏动能放缓，美国12月制造业PMI降至51.8</a></strong></p><p>标普全球周五公布的数据显示，美国12月制造业采购经理人指数(PMI)终值为51.8，与此前初值及市场一致预期持平，但较11月的52.2有所回落。这一读数仍高于50的荣枯线，表明制造业活动继续扩张，但扩张力度降至过去五个月来的最低水平，显示出制造业复苏动能正在放缓。</p><p><strong><a href=\"https://laohu8.com/NW/2600065482\" title=\"欧元区制造业深陷收缩，12月PMI跌至48.8创九个月新低\" target=\"_blank\">欧元区制造业深陷收缩，12月PMI跌至48.8创九个月新低</a></strong></p><p>调查显示，欧元区制造业活动在12月进一步萎缩。上个月，由于新订单进一步减少，欧元区制造业活动陷入更深层次的收缩，产量出现了10个月来的首次下降。<a href=\"https://laohu8.com/S/SPGI\">标普全球</a>的欧元区制造业采购经理人指数(PMI)从11月的49.6降至12月的48.8。这是九个月来的最低读数，且连续第二个月低于50这一荣枯分界线。</p><h2 id=\"id_2011267625\">公司新闻</h2><p><strong><a href=\"https://laohu8.com/NW/2600662510\" title=\"特斯拉第四季度交付量418227辆，不及预期，全年明显落后于比亚迪\" target=\"_blank\">特斯拉第四季度交付量418227辆，不及预期，全年明显落后于比亚迪</a></strong></p><p>特斯拉第四季度交付量同比下降16%，至418,227辆，预估为440907辆。相比之下，比亚迪在第四季度和全年电池电动车销量均实现增长，全年交付接近226万辆电动车，而特斯拉为164万辆。</p><p><strong><a href=\"https://laohu8.com/NW/1166274208\" title=\"比亚迪超越特斯拉成为全球电动车销量冠军，而且两者差距在拉大\" target=\"_blank\">比亚迪超越特斯拉成为全球电动车销量冠军，而且两者差距在拉大</a></strong></p><p>比亚迪1月1日公布未经审计的数据称，去年其纯电动车（BEV）销量同比增长27%，达到225万辆，而插电式混合动力汽车（PHEV）销量同比下降7%，至225万辆。比亚迪去年共销售460万辆新能源汽车，较2024年增长7.7%。其在香港上市的股票（1211）周五上涨3.5%。</p><p><strong><a href=\"https://laohu8.com/NW/2600098579\" title=\"美光科技盈利能力大幅攀升，股价创历史新高\" target=\"_blank\">美光科技盈利能力大幅攀升，股价创历史新高</a></strong></p><p>美光科技周五尾盘大涨逾10%，股价创历史新高。分析师指出，由于人工智能带来的旺盛需求，美光已为其高带宽内存产品锁定了远期的确定性收入。该公司正经历盈利能力的大幅跃升，这得益于其定价能力以及收入结构向高利润率的数据中心产品有利转变。</p><p><strong><a href=\"https://laohu8.com/NW/2600606481\" title=\"伯克希尔Abel时代正式开启，首日盘中跌近2%\" target=\"_blank\">伯克希尔Abel时代正式开启，首日盘中跌近2%</a></strong></p><p>伯克希尔·哈撒韦的股价周五下跌，投资者正在消化股神巴菲特长达六十年的首席执行官生涯正式落幕，以及继任者阿贝尔（Greg Abel）开启新时代这一重大转折。伯克希尔股价低开，盘中跌近2%，收跌1.1%，不及美股大盘。</p><p><strong><a href=\"https://laohu8.com/NW/2600263050\" title=\"四季度出货量预估暴跌至4.5万台，苹果拟削减Vision Pro生产规模\" target=\"_blank\">四季度出货量预估暴跌至4.5万台，苹果拟削减Vision Pro生产规模</a></strong></p><p>两家市场情报公司的报告称，由于消费者需求低迷，苹果公司<a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a>已经缩减了其 Vision Pro 头显的生产与营销规模。根据国际数据公司(IDC)的数据，苹果的中国制造合作伙伴<a href=\"https://laohu8.com/S/002475\">立讯精密</a>已于去年年初停止了 Vision Pro 的生产。在 2024 年(即该设备发布当年)，其出货量为 39 万台。</p><p><strong><a href=\"https://laohu8.com/NW/1131234984\" title=\"Rivian去年四季度交付9,745辆汽车，全年交付42,247辆\" target=\"_blank\">Rivian去年四季度交付9,745辆汽车，全年交付42,247辆</a></strong></p><p>美国电动汽车公司 <a href=\"https://laohu8.com/S/RIVN\">Rivian Automotive, Inc.</a> 第四季度生产10,974辆汽车，交付9,745辆汽车。2025年全年生产42,284辆汽车，交付42,247辆汽车。Rivian：第四季度和全年汽车数据均符合公司预期。</p><p><strong><a href=\"https://laohu8.com/NW/1111279193\" title=\"受益于与艾伯维的合作，Ironwood医药2026年业绩指引超市场预期\" target=\"_blank\">受益于与艾伯维的合作，Ironwood医药2026年业绩指引超市场预期</a></strong></p><p><a href=\"https://laohu8.com/S/IRWD\">Ironwood医药</a>给出的 2026 年营收展望高于华尔街预期，原因是其与 <a href=\"https://laohu8.com/S/ABBV\">艾伯维公司</a> 联合销售的肠道疾病治疗药物 Linzess 的净销售额预计将上升。该公司预计，Linzess明年的净销售额将达到11.25亿至11.75亿美元，而2026年为8.60亿至8.90亿美元；同时，公司预计其总收入将扩大至4.50亿至4.75亿美元，高于市场一致预期的3.195亿美元。</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>昨夜今晨｜新年首个交易日美股涨跌互现！芯片股领涨，中概股全线爆发；特斯拉失守全球电车销冠宝座</title>\n<style 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}\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昨夜今晨｜新年首个交易日美股涨跌互现！芯片股领涨，中概股全线爆发；特斯拉失守全球电车销冠宝座\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\">2026-01-03 07:40</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><h2 id=\"id_918209498\">海外市场</h2><p><strong>美股收盘：三大指数涨跌不一！中概股全线爆发，百度飙升15%；半导体、能源、加密货币概念股大涨</strong></p><p>周五，2026年的第一个交易日，虽然美股三大股指的收盘波动看上去颇为平静，但诸多科技题材股新年首个交易日就迎来资金热情涌入。截至收盘，标准普尔500指数涨0.19%，报6858.47点；纳斯达克综合指数跌0.03%，报23235.63点；道琼斯工业平均指数涨0.66%，报48382.39点。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0a5c049e7989870fcaf5e000b04f9811\" tg-width=\"968\" tg-height=\"147\"/></p><p>科技巨头整体表现平平，其中<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>在发布全年电动车交付数据后迎来“七连跌”，收跌2.59%；<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>涨1.26%，<a href=\"https://laohu8.com/S/GOOGL\">谷歌A</a>涨0.69%，<a href=\"https://laohu8.com/S/MSFT\">微软</a>跌2.21%，<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>跌1.87%，<a href=\"https://laohu8.com/S/META\">Meta</a>跌1.47%，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>跌0.31%。</p><p>美股“存储四巨头”<a href=\"https://laohu8.com/S/MU\">美光科技</a>周五涨10.51%、<a href=\"https://laohu8.com/S/WDC\">西部数据</a>涨8.96%，齐创收盘历史新高，闪迪涨15.95%、<a href=\"https://laohu8.com/S/STX\">希捷科技</a>也上涨4.41%。周五早些时候，韩国“存储双雄”SK海力士和<a href=\"https://laohu8.com/S/SSNLF\">三星电子</a>均飙升并创出历史新高。</p><p>AI能源、储能概念股Bloom Energy涨13.58%；核电初创公司<a href=\"https://laohu8.com/S/SMR\">NuScale Power</a>涨15.17%、<a href=\"https://laohu8.com/S/OKLO\">Oklo</a>涨8.42%、铀能源概念股Energy Fuels涨14.86%；激光雷达概念股Innoviz涨13.01%；稀土概念股<a href=\"https://laohu8.com/S/USAR\">USA Rare Earth</a>涨18.91%；加密货币概念股BitMines涨近15%、<a href=\"https://laohu8.com/S/CLSK\">CleanSpark</a>涨超14%；光伏概念股Solaredge、<a href=\"https://laohu8.com/S/JKS\">晶科能源</a>均涨超8%。</p><p>光刻机龙头<a href=\"https://laohu8.com/S/ASML\">阿斯麦</a>在获得券商“跳级上调评级”的利好刺激下，周五大涨8.78%；美国芯片公司<a href=\"https://laohu8.com/S/INTC\">英特尔</a>涨超6%，公司将在下周CES大会上完成“18A”芯片的首秀。</p><p>中概股方面，纳斯达克中国金龙指数单日大涨4.38%，创去年5月12日以来的最大单日涨幅。<a href=\"https://laohu8.com/S/BIDU\">百度</a>收涨15.03%、<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>涨6.25%、<a href=\"https://laohu8.com/S/00700\">腾讯</a>ADR涨5.23%、<a href=\"https://laohu8.com/S/NTES\">网易</a>涨7.22%、<a href=\"https://laohu8.com/S/TSM\">台积电</a>涨5.17%、<a href=\"https://laohu8.com/S/BILI\">哔哩哔哩</a>涨7.24%、<a href=\"https://laohu8.com/S/GDS\">万国数据</a>涨9.86%、<a href=\"https://laohu8.com/S/PONY\">小马智行</a>涨10.83%。</p><p><strong>欧股集体收涨</strong></p><p>德国DAX30指数涨0.21%，英国富时100指数涨0.24%，法国CAC40指数涨0.56%，欧洲斯托克50指数涨1.07%，西班牙IBEX35指数涨1.06%，意大利富时MIB指数涨0.97%。</p><p><strong>WTI 2月原油期货收跌0.17%，报57.32美元/桶</strong></p><p>WTI 2月原油期货收跌0.10美元，跌幅0.17%，报57.32美元/桶。布伦特3月原油期货收跌0.10美元，跌幅0.16%，报60.75美元/桶。</p><p><strong>金价企稳，现货黄金上涨0.27%</strong></p><p>现货白银上涨1.46%，报72.703美元/盎司，现货黄金上涨0.27%，报4330.83美元/盎司。COMEX黄金期货涨0.02%，报4341.90美元/盎司，本周累跌4.63%。COMEX白银期货涨2.35%，报72.27美元/盎司，本周累跌6.39%。</p><h2 id=\"id_3604794653\">国际宏观</h2><p><strong><a href=\"https://laohu8.com/NW/1185669226\" title=\"制造业复苏动能放缓，美国12月制造业PMI降至51.8\" target=\"_blank\">制造业复苏动能放缓，美国12月制造业PMI降至51.8</a></strong></p><p>标普全球周五公布的数据显示，美国12月制造业采购经理人指数(PMI)终值为51.8，与此前初值及市场一致预期持平，但较11月的52.2有所回落。这一读数仍高于50的荣枯线，表明制造业活动继续扩张，但扩张力度降至过去五个月来的最低水平，显示出制造业复苏动能正在放缓。</p><p><strong><a href=\"https://laohu8.com/NW/2600065482\" title=\"欧元区制造业深陷收缩，12月PMI跌至48.8创九个月新低\" target=\"_blank\">欧元区制造业深陷收缩，12月PMI跌至48.8创九个月新低</a></strong></p><p>调查显示，欧元区制造业活动在12月进一步萎缩。上个月，由于新订单进一步减少，欧元区制造业活动陷入更深层次的收缩，产量出现了10个月来的首次下降。<a href=\"https://laohu8.com/S/SPGI\">标普全球</a>的欧元区制造业采购经理人指数(PMI)从11月的49.6降至12月的48.8。这是九个月来的最低读数，且连续第二个月低于50这一荣枯分界线。</p><h2 id=\"id_2011267625\">公司新闻</h2><p><strong><a href=\"https://laohu8.com/NW/2600662510\" title=\"特斯拉第四季度交付量418227辆，不及预期，全年明显落后于比亚迪\" target=\"_blank\">特斯拉第四季度交付量418227辆，不及预期，全年明显落后于比亚迪</a></strong></p><p>特斯拉第四季度交付量同比下降16%，至418,227辆，预估为440907辆。相比之下，比亚迪在第四季度和全年电池电动车销量均实现增长，全年交付接近226万辆电动车，而特斯拉为164万辆。</p><p><strong><a href=\"https://laohu8.com/NW/1166274208\" title=\"比亚迪超越特斯拉成为全球电动车销量冠军，而且两者差距在拉大\" target=\"_blank\">比亚迪超越特斯拉成为全球电动车销量冠军，而且两者差距在拉大</a></strong></p><p>比亚迪1月1日公布未经审计的数据称，去年其纯电动车（BEV）销量同比增长27%，达到225万辆，而插电式混合动力汽车（PHEV）销量同比下降7%，至225万辆。比亚迪去年共销售460万辆新能源汽车，较2024年增长7.7%。其在香港上市的股票（1211）周五上涨3.5%。</p><p><strong><a href=\"https://laohu8.com/NW/2600098579\" title=\"美光科技盈利能力大幅攀升，股价创历史新高\" target=\"_blank\">美光科技盈利能力大幅攀升，股价创历史新高</a></strong></p><p>美光科技周五尾盘大涨逾10%，股价创历史新高。分析师指出，由于人工智能带来的旺盛需求，美光已为其高带宽内存产品锁定了远期的确定性收入。该公司正经历盈利能力的大幅跃升，这得益于其定价能力以及收入结构向高利润率的数据中心产品有利转变。</p><p><strong><a href=\"https://laohu8.com/NW/2600606481\" title=\"伯克希尔Abel时代正式开启，首日盘中跌近2%\" target=\"_blank\">伯克希尔Abel时代正式开启，首日盘中跌近2%</a></strong></p><p>伯克希尔·哈撒韦的股价周五下跌，投资者正在消化股神巴菲特长达六十年的首席执行官生涯正式落幕，以及继任者阿贝尔（Greg Abel）开启新时代这一重大转折。伯克希尔股价低开，盘中跌近2%，收跌1.1%，不及美股大盘。</p><p><strong><a href=\"https://laohu8.com/NW/2600263050\" title=\"四季度出货量预估暴跌至4.5万台，苹果拟削减Vision Pro生产规模\" target=\"_blank\">四季度出货量预估暴跌至4.5万台，苹果拟削减Vision Pro生产规模</a></strong></p><p>两家市场情报公司的报告称，由于消费者需求低迷，苹果公司<a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a>已经缩减了其 Vision Pro 头显的生产与营销规模。根据国际数据公司(IDC)的数据，苹果的中国制造合作伙伴<a href=\"https://laohu8.com/S/002475\">立讯精密</a>已于去年年初停止了 Vision Pro 的生产。在 2024 年(即该设备发布当年)，其出货量为 39 万台。</p><p><strong><a href=\"https://laohu8.com/NW/1131234984\" title=\"Rivian去年四季度交付9,745辆汽车，全年交付42,247辆\" target=\"_blank\">Rivian去年四季度交付9,745辆汽车，全年交付42,247辆</a></strong></p><p>美国电动汽车公司 <a href=\"https://laohu8.com/S/RIVN\">Rivian Automotive, Inc.</a> 第四季度生产10,974辆汽车，交付9,745辆汽车。2025年全年生产42,284辆汽车，交付42,247辆汽车。Rivian：第四季度和全年汽车数据均符合公司预期。</p><p><strong><a href=\"https://laohu8.com/NW/1111279193\" title=\"受益于与艾伯维的合作，Ironwood医药2026年业绩指引超市场预期\" target=\"_blank\">受益于与艾伯维的合作，Ironwood医药2026年业绩指引超市场预期</a></strong></p><p><a href=\"https://laohu8.com/S/IRWD\">Ironwood医药</a>给出的 2026 年营收展望高于华尔街预期，原因是其与 <a href=\"https://laohu8.com/S/ABBV\">艾伯维公司</a> 联合销售的肠道疾病治疗药物 Linzess 的净销售额预计将上升。该公司预计，Linzess明年的净销售额将达到11.25亿至11.75亿美元，而2026年为8.60亿至8.90亿美元；同时，公司预计其总收入将扩大至4.50亿至4.75亿美元，高于市场一致预期的3.195亿美元。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175081589","content_text":"海外市场美股收盘：三大指数涨跌不一！中概股全线爆发，百度飙升15%；半导体、能源、加密货币概念股大涨周五，2026年的第一个交易日，虽然美股三大股指的收盘波动看上去颇为平静，但诸多科技题材股新年首个交易日就迎来资金热情涌入。截至收盘，标准普尔500指数涨0.19%，报6858.47点；纳斯达克综合指数跌0.03%，报23235.63点；道琼斯工业平均指数涨0.66%，报48382.39点。科技巨头整体表现平平，其中特斯拉在发布全年电动车交付数据后迎来“七连跌”，收跌2.59%；英伟达涨1.26%，谷歌A涨0.69%，微软跌2.21%，亚马逊跌1.87%，Meta跌1.47%，苹果跌0.31%。美股“存储四巨头”美光科技周五涨10.51%、西部数据涨8.96%，齐创收盘历史新高，闪迪涨15.95%、希捷科技也上涨4.41%。周五早些时候，韩国“存储双雄”SK海力士和三星电子均飙升并创出历史新高。AI能源、储能概念股Bloom Energy涨13.58%；核电初创公司NuScale Power涨15.17%、Oklo涨8.42%、铀能源概念股Energy Fuels涨14.86%；激光雷达概念股Innoviz涨13.01%；稀土概念股USA Rare Earth涨18.91%；加密货币概念股BitMines涨近15%、CleanSpark涨超14%；光伏概念股Solaredge、晶科能源均涨超8%。光刻机龙头阿斯麦在获得券商“跳级上调评级”的利好刺激下，周五大涨8.78%；美国芯片公司英特尔涨超6%，公司将在下周CES大会上完成“18A”芯片的首秀。中概股方面，纳斯达克中国金龙指数单日大涨4.38%，创去年5月12日以来的最大单日涨幅。百度收涨15.03%、阿里巴巴涨6.25%、腾讯ADR涨5.23%、网易涨7.22%、台积电涨5.17%、哔哩哔哩涨7.24%、万国数据涨9.86%、小马智行涨10.83%。欧股集体收涨德国DAX30指数涨0.21%，英国富时100指数涨0.24%，法国CAC40指数涨0.56%，欧洲斯托克50指数涨1.07%，西班牙IBEX35指数涨1.06%，意大利富时MIB指数涨0.97%。WTI 2月原油期货收跌0.17%，报57.32美元/桶WTI 2月原油期货收跌0.10美元，跌幅0.17%，报57.32美元/桶。布伦特3月原油期货收跌0.10美元，跌幅0.16%，报60.75美元/桶。金价企稳，现货黄金上涨0.27%现货白银上涨1.46%，报72.703美元/盎司，现货黄金上涨0.27%，报4330.83美元/盎司。COMEX黄金期货涨0.02%，报4341.90美元/盎司，本周累跌4.63%。COMEX白银期货涨2.35%，报72.27美元/盎司，本周累跌6.39%。国际宏观制造业复苏动能放缓，美国12月制造业PMI降至51.8标普全球周五公布的数据显示，美国12月制造业采购经理人指数(PMI)终值为51.8，与此前初值及市场一致预期持平，但较11月的52.2有所回落。这一读数仍高于50的荣枯线，表明制造业活动继续扩张，但扩张力度降至过去五个月来的最低水平，显示出制造业复苏动能正在放缓。欧元区制造业深陷收缩，12月PMI跌至48.8创九个月新低调查显示，欧元区制造业活动在12月进一步萎缩。上个月，由于新订单进一步减少，欧元区制造业活动陷入更深层次的收缩，产量出现了10个月来的首次下降。标普全球的欧元区制造业采购经理人指数(PMI)从11月的49.6降至12月的48.8。这是九个月来的最低读数，且连续第二个月低于50这一荣枯分界线。公司新闻特斯拉第四季度交付量418227辆，不及预期，全年明显落后于比亚迪特斯拉第四季度交付量同比下降16%，至418,227辆，预估为440907辆。相比之下，比亚迪在第四季度和全年电池电动车销量均实现增长，全年交付接近226万辆电动车，而特斯拉为164万辆。比亚迪超越特斯拉成为全球电动车销量冠军，而且两者差距在拉大比亚迪1月1日公布未经审计的数据称，去年其纯电动车（BEV）销量同比增长27%，达到225万辆，而插电式混合动力汽车（PHEV）销量同比下降7%，至225万辆。比亚迪去年共销售460万辆新能源汽车，较2024年增长7.7%。其在香港上市的股票（1211）周五上涨3.5%。美光科技盈利能力大幅攀升，股价创历史新高美光科技周五尾盘大涨逾10%，股价创历史新高。分析师指出，由于人工智能带来的旺盛需求，美光已为其高带宽内存产品锁定了远期的确定性收入。该公司正经历盈利能力的大幅跃升，这得益于其定价能力以及收入结构向高利润率的数据中心产品有利转变。伯克希尔Abel时代正式开启，首日盘中跌近2%伯克希尔·哈撒韦的股价周五下跌，投资者正在消化股神巴菲特长达六十年的首席执行官生涯正式落幕，以及继任者阿贝尔（Greg Abel）开启新时代这一重大转折。伯克希尔股价低开，盘中跌近2%，收跌1.1%，不及美股大盘。四季度出货量预估暴跌至4.5万台，苹果拟削减Vision Pro生产规模两家市场情报公司的报告称，由于消费者需求低迷，苹果公司$(AAPL)$已经缩减了其 Vision Pro 头显的生产与营销规模。根据国际数据公司(IDC)的数据，苹果的中国制造合作伙伴立讯精密已于去年年初停止了 Vision Pro 的生产。在 2024 年(即该设备发布当年)，其出货量为 39 万台。Rivian去年四季度交付9,745辆汽车，全年交付42,247辆美国电动汽车公司 Rivian Automotive, Inc. 第四季度生产10,974辆汽车，交付9,745辆汽车。2025年全年生产42,284辆汽车，交付42,247辆汽车。Rivian：第四季度和全年汽车数据均符合公司预期。受益于与艾伯维的合作，Ironwood医药2026年业绩指引超市场预期Ironwood医药给出的 2026 年营收展望高于华尔街预期，原因是其与 艾伯维公司 联合销售的肠道疾病治疗药物 Linzess 的净销售额预计将上升。该公司预计，Linzess明年的净销售额将达到11.25亿至11.75亿美元，而2026年为8.60亿至8.90亿美元；同时，公司预计其总收入将扩大至4.50亿至4.75亿美元，高于市场一致预期的3.195亿美元。","news_type":1,"symbols_score_info":{".SPX":2,".IXIC":2,".DJI":2}},"isVote":1,"tweetType":1,"viewCount":2567,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":516341671101080,"gmtCreate":1767083583017,"gmtModify":1767083586520,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3576901625458397","authorIdStr":"3576901625458397"},"themes":[],"title":"","htmlText":"中签啦","listText":"中签啦","text":"中签啦","images":[{"img":"https://static.tigerbbs.com/0b68b279e34e60ca832f08a022b3673d","width":"1280","height":"2276"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/516341671101080","isVote":1,"tweetType":1,"viewCount":1059,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":515922321027096,"gmtCreate":1766987951726,"gmtModify":1766987953903,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3576901625458397","authorIdStr":"3576901625458397"},"themes":[],"title":"","htmlText":"叮咚估值50亿美元？？？缺得部分小编补啊？","listText":"叮咚估值50亿美元？？？缺得部分小编补啊？","text":"叮咚估值50亿美元？？？缺得部分小编补啊？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/515922321027096","repostId":"2594224904","repostType":2,"repost":{"id":"2594224904","kind":"news","pubTimestamp":1766915207,"share":"https://www.laohunote.com/m/news/2594224904?lang=zh_CN&edition=full","pubTime":"2025-12-28 17:46","market":"hk","language":"zh","title":"京东收购叮咚买菜传闻背后：即时零售的“大鱼吃小鱼”时代来临？","url":"https://stock-news.laohu8.com/highlight/detail?id=2594224904","media":"零售演员","summary":"导语近日，网传京东拟收购生鲜电商平台叮咚买菜，引发行业热议。若消息属实，这将是继美团收购每日优鲜后，即时零售领域的又一重磅整合。京东近年加码即时零售，但生鲜品类渗透率不足15%，落后于美团（25%）。小结无论京东收购叮咚买菜的传闻真假，即时零售行业已进入“大鱼吃小鱼”的整合期。","content":"<html><body><article><p>导语</p><p>近日，网传<a href=\"https://laohu8.com/S/JD\">京东</a>拟收购生鲜电商平台<a href=\"https://laohu8.com/S/DDL\">叮咚买菜</a>，引发行业热议。若消息属实，这将是继<a href=\"https://laohu8.com/S/MPNGY\">美团</a>收购每日优鲜后，即时零售领域的又一重磅整合。本文将从行业格局、企业战略和用户影响三个维度，解析这一传闻的合理性与潜在影响。</p><p>一、传闻溯源：京东为何盯上叮咚买菜？</p><p>事件背景</p><p>2025年，叮咚买菜股价持续低迷，市值缩水至高峰期的30%，面临现金流压力。</p><p>京东近年加码即时零售（京东到家、小时购），但生鲜品类渗透率不足15%，落后于<a href=\"https://laohu8.com/S/03690\">美团</a>（25%）。</p><p>收购逻辑</p><p>补足短板：叮咚买菜在华东、华南的供应链和前置仓网络，可快速提升京东生鲜履约能力。</p><p>对抗美团：美团闪购+美团优选的组合已覆盖全国，京东需“以收购换时间”。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/KGxWse0lfN8Sh0AGtnnxfvC9cibKotMYcZU0URgartw086efQia1T13SOkhfjC0oSrITUicVKKWNIowBIDd99icWYw/640?wx_fmt=png&amp;from=appmsg\"/><p>二、即时零售进入“寡头时代”？三大阵营浮出水面</p><p>当前格局</p><p>|阵营|代表玩家|优势|短板|</p><p>|----------------|--------------------|-------------------------|-----------------------|</p><p>|平台系| 美团闪购、京东到家 | 流量大、技术强 | 生鲜供应链深度不足 |</p><p>|垂直系| 叮咚买菜、朴朴超市 | 品类专业、区域渗透强 | 资金压力大、盈利难 |</p><p>|商超系| 盒马、永辉生活 | 线下网点多、品牌信任度高| 数字化能力较弱 |</p><p>2. 若收购成真，行业将如何演变？</p><p>美团vs京东：从“平台战”升级为“供应链+流量”的全维度对抗。</p><p>中小玩家危机：区域生鲜电商或被迫卖身（如钱大妈、朴朴超市）。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251228175055138v163bf2fi3jfwcv\"/><p>三、用户影响：更快的配送，还是更高的价格？</p><p>短期红利</p><p>履约提速：<a href=\"https://laohu8.com/S/02618\">京东物流</a>接入叮咚前置仓，部分区域可实现“15分钟达”。</p><p>品类扩充：叮咚的活鲜、预制菜可能进入京东到家。</p><p>长期隐忧</p><p>垄断风险：若美团、京东瓜分市场，补贴减少可能导致客单价上涨。</p><p>数据整合难题：京东与叮咚会员体系能否打通？用户隐私如何保障？</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/KGxWse0lfN8Sh0AGtnnxfvC9cibKotMYcnWz2LarowKdJ2hgGzpPmY6p9JluK81QvTLV7Yw3CQhDWZujKxQst4w/640?wx_fmt=png&amp;from=appmsg\"/><p>四、收购传闻的可信度分析</p><p>支持证据</p><p>京东近期频繁接触生鲜供应链企业，2025年Q3财报显示“战略性投资预算”增加40%。</p><p>叮咚买菜创始人梁昌霖曾在内部会议提及“寻求战略合作”。</p><p>质疑点</p><p>估值分歧：叮咚当前市值约50亿美元，京东是否愿溢价收购？</p><p>政策风险：反垄断审查可能成为拦路虎（参考美团收购每日优鲜案例）。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/KGxWse0lfN8Sh0AGtnnxfvC9cibKotMYcblO8oK6AQN7VOj8ic5A2Qy4ibLrDuqAficr7PhicZEbaGpTzmHTH92o42g/640?wx_fmt=png&amp;from=appmsg\"/><p>小结</p><p>无论京东收购叮咚买菜的传闻真假，即时零售行业已进入“大鱼吃小鱼”的整合期。对平台而言，这是抢占市场份额的绝佳机会；对用户而言，需警惕“便捷性提升但选择减少”的双刃剑效应。未来的赢家，或许是那些能平衡规模与效率、资本与民生的企业。</p></article></body></html>","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\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" 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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251228175142a481ba5d&s=b><strong>零售演员</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>导语近日，网传京东拟收购生鲜电商平台叮咚买菜，引发行业热议。若消息属实，这将是继美团收购每日优鲜后，即时零售领域的又一重磅整合。本文将从行业格局、企业战略和用户影响三个维度，解析这一传闻的合理性与潜在影响。一、传闻溯源：京东为何盯上叮咚买菜？事件背景2025年，叮咚买菜股价持续低迷，市值缩水至高峰期的30%，面临现金流压力。京东近年加码即时零售（京东到家、小时购），但生鲜品类渗透率不足15%，落后...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251228175142a481ba5d&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":{"89618":"京东集团-SWR","BK1249":"综合零售","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" 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