+关注
我要买GTR
暂无个人介绍
IP属地:未知
20
关注
5
粉丝
0
主题
0
勋章
主贴
热门
我要买GTR
2021-01-22
$理想汽车(LI)$
李想你个沙币,啥时候出电车,股票半死不活的
我要买GTR
2021-01-15
$拼多多(PDD)$
垃圾公司,赶紧倒闭。价值观扭曲,病毒一样
我要买GTR
2021-01-13
$拼多多(PDD)$
pdd黑客瓜 https://zhuanlan.zhihu.com/p/343820121 这已经不是灰色地带了,是公然违法了
我要买GTR
2021-01-12
$拼多多(PDD)$
内卷之王PDD
我要买GTR
2021-01-07
$小鹏汽车(XPEV)$
垃圾小鹏,名字难听还不承认,改个名字销量能多一两千信不信
我要买GTR
2020-12-31
$哔哩哔哩(BILI)$
财报后都翻倍了,营收少亏损多,下一个微博或者爱奇艺而已,市场空间远没有拼多多大
我要买GTR
2020-12-22
$小鹏汽车(XPEV)$
何小P你个沙雕
我要买GTR
2020-12-21
$小鹏汽车(XPEV)$
小鹏也太垃圾了,另外两家增发价公布之后涨了20%左右,就小鹏一直增发价徘徊,何小P还不好好造车卖车,天天就知道打嘴炮
我要买GTR
2020-12-09
$小鹏汽车(XPEV)$
抄底,哈哈哈
我要买GTR
2020-12-03
为什么阿里营收也有30的增速,市盈率才30多,如果说电商快饱和了,那外卖难道不饱和吗?小城市有多少人长期吃外卖的?再说酒旅这个,这难道不是红海了吗?靠着低价拼数量就能抢到携程的高端用户了?
抱歉,原内容已删除
我要买GTR
2020-12-03
$美团-W(03690)$
王秃子有炒股的工夫,多提升下美团的利润和营收吧,增长太慢了。
我要买GTR
2020-12-02
$小米集团-W(01810)$
小米穷的都没钱研发了吗?增发股票干啥?
我要买GTR
2020-11-28
这种合作最没意义,谁也不上心,最后结局大概率跟当年腾讯百度万达联合做电商一样
销量负增长,上汽联姻阿里,能搅动高端市场?
我要买GTR
2020-11-24
小编是沙币吧,你说的这些因素美团早期也具备了,为什么这两年才涨?根本原因是美团的模式被资本认可了。说一堆屁话没看到点上
阿里市值跌至7325亿美元,美团股价暴增7倍!为何差距如此之大?
我要买GTR
2020-11-19
$美团-W(03690)$
买了就跌,都不等财报?
我要买GTR
2020-11-17
$小米集团-W(01810)$
半天拉不出屎,动一动啊倒是
我要买GTR
2020-11-13
$理想汽车(LI)$
盘前快39买的,垃圾,赌财报被坑了
我要买GTR
2020-11-13
$阿里巴巴(BABA)$
看不动了,这财报数据也挺好的啊,其他公司都要涨疯了
我要买GTR
2020-11-12
$小米集团-W(01810)$
坑比小米,早上高点的,泄的太快了吧
我要买GTR
2020-09-29
3月底发布,6月份就四千万了,现在才5500?感觉增长瓶颈了啊
阿里移动端新增流量七成来自下沉市场,淘宝特价版月活达5500万
去老虎APP查看更多动态
{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":3436416125521222,"uuid":"3436416125521222","gmtCreate":1477616423704,"gmtModify":1480523586708,"name":"我要买GTR","pinyin":"wymgtrwoyaomaigtr","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.laohu8.com/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":5,"headSize":20,"tweetSize":38,"questionSize":0,"limitLevel":900,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-4","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"明星虎友","description":"加入老虎社区2000天","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.04.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001}],"userBadgeCount":1,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":1,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":310672475,"gmtCreate":1611327457597,"gmtModify":1703749785077,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LI\">$理想汽车(LI)$</a>李想你个沙币,啥时候出电车,股票半死不活的","listText":"<a href=\"https://laohu8.com/S/LI\">$理想汽车(LI)$</a>李想你个沙币,啥时候出电车,股票半死不活的","text":"$理想汽车(LI)$李想你个沙币,啥时候出电车,股票半死不活的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/310672475","isVote":1,"tweetType":1,"viewCount":1449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":334366416,"gmtCreate":1610706718835,"gmtModify":1703746416439,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a>垃圾公司,赶紧倒闭。价值观扭曲,病毒一样","listText":"<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a>垃圾公司,赶紧倒闭。价值观扭曲,病毒一样","text":"$拼多多(PDD)$垃圾公司,赶紧倒闭。价值观扭曲,病毒一样","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/334366416","isVote":1,"tweetType":1,"viewCount":3437,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3439883478083995","authorId":"3439883478083995","name":"阿妖","avatar":"https://static.tigerbbs.com/71ded87d3bdaa78db97dbe2cf0bb761c","crmLevel":6,"crmLevelSwitch":0},"content":"打工人有机会进pdd还是要进的。 毕竟是大厂。 能进大厂某种程度上来看是福报。","text":"打工人有机会进pdd还是要进的。 毕竟是大厂。 能进大厂某种程度上来看是福报。","html":"打工人有机会进pdd还是要进的。 毕竟是大厂。 能进大厂某种程度上来看是福报。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":335981128,"gmtCreate":1610506457964,"gmtModify":1703744835895,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a>pdd黑客瓜 https://zhuanlan.zhihu.com/p/343820121 这已经不是灰色地带了,是公然违法了","listText":"<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a>pdd黑客瓜 https://zhuanlan.zhihu.com/p/343820121 这已经不是灰色地带了,是公然违法了","text":"$拼多多(PDD)$pdd黑客瓜 https://zhuanlan.zhihu.com/p/343820121 这已经不是灰色地带了,是公然违法了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/335981128","isVote":1,"tweetType":1,"viewCount":2419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":332459405,"gmtCreate":1610459709707,"gmtModify":1703744445727,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a>内卷之王PDD","listText":"<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a>内卷之王PDD","text":"$拼多多(PDD)$内卷之王PDD","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/332459405","isVote":1,"tweetType":1,"viewCount":1115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":338756366,"gmtCreate":1609982459455,"gmtModify":1703741759407,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a>垃圾小鹏,名字难听还不承认,改个名字销量能多一两千信不信","listText":"<a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a>垃圾小鹏,名字难听还不承认,改个名字销量能多一两千信不信","text":"$小鹏汽车(XPEV)$垃圾小鹏,名字难听还不承认,改个名字销量能多一两千信不信","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/338756366","isVote":1,"tweetType":1,"viewCount":2668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":331367620,"gmtCreate":1609430085760,"gmtModify":1703739446713,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BILI\">$哔哩哔哩(BILI)$</a>财报后都翻倍了,营收少亏损多,下一个微博或者爱奇艺而已,市场空间远没有拼多多大","listText":"<a href=\"https://laohu8.com/S/BILI\">$哔哩哔哩(BILI)$</a>财报后都翻倍了,营收少亏损多,下一个微博或者爱奇艺而已,市场空间远没有拼多多大","text":"$哔哩哔哩(BILI)$财报后都翻倍了,营收少亏损多,下一个微博或者爱奇艺而已,市场空间远没有拼多多大","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/331367620","isVote":1,"tweetType":1,"viewCount":1596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":330584715,"gmtCreate":1608649033337,"gmtModify":1703735979597,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a>何小P你个沙雕","listText":"<a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a>何小P你个沙雕","text":"$小鹏汽车(XPEV)$何小P你个沙雕","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/330584715","isVote":1,"tweetType":1,"viewCount":1678,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":330838066,"gmtCreate":1608566212255,"gmtModify":1703735515456,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a>小鹏也太垃圾了,另外两家增发价公布之后涨了20%左右,就小鹏一直增发价徘徊,何小P还不好好造车卖车,天天就知道打嘴炮","listText":"<a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a>小鹏也太垃圾了,另外两家增发价公布之后涨了20%左右,就小鹏一直增发价徘徊,何小P还不好好造车卖车,天天就知道打嘴炮","text":"$小鹏汽车(XPEV)$小鹏也太垃圾了,另外两家增发价公布之后涨了20%左右,就小鹏一直增发价徘徊,何小P还不好好造车卖车,天天就知道打嘴炮","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/330838066","isVote":1,"tweetType":1,"viewCount":2060,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":392746364,"gmtCreate":1607527237658,"gmtModify":1703848505015,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a>抄底,哈哈哈","listText":"<a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a>抄底,哈哈哈","text":"$小鹏汽车(XPEV)$抄底,哈哈哈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/392746364","isVote":1,"tweetType":1,"viewCount":1604,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":398759256,"gmtCreate":1606972524275,"gmtModify":1703845712105,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"为什么阿里营收也有30的增速,市盈率才30多,如果说电商快饱和了,那外卖难道不饱和吗?小城市有多少人长期吃外卖的?再说酒旅这个,这难道不是红海了吗?靠着低价拼数量就能抢到携程的高端用户了?","listText":"为什么阿里营收也有30的增速,市盈率才30多,如果说电商快饱和了,那外卖难道不饱和吗?小城市有多少人长期吃外卖的?再说酒旅这个,这难道不是红海了吗?靠着低价拼数量就能抢到携程的高端用户了?","text":"为什么阿里营收也有30的增速,市盈率才30多,如果说电商快饱和了,那外卖难道不饱和吗?小城市有多少人长期吃外卖的?再说酒旅这个,这难道不是红海了吗?靠着低价拼数量就能抢到携程的高端用户了?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/398759256","repostId":"1175884850","repostType":2,"isVote":1,"tweetType":1,"viewCount":2085,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":398727500,"gmtCreate":1606972008000,"gmtModify":1703845708995,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a>王秃子有炒股的工夫,多提升下美团的利润和营收吧,增长太慢了。","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a>王秃子有炒股的工夫,多提升下美团的利润和营收吧,增长太慢了。","text":"$美团-W(03690)$王秃子有炒股的工夫,多提升下美团的利润和营收吧,增长太慢了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/398727500","isVote":1,"tweetType":1,"viewCount":1675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":398866197,"gmtCreate":1606871781719,"gmtModify":1703845017365,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>小米穷的都没钱研发了吗?增发股票干啥?","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>小米穷的都没钱研发了吗?增发股票干啥?","text":"$小米集团-W(01810)$小米穷的都没钱研发了吗?增发股票干啥?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/398866197","isVote":1,"tweetType":1,"viewCount":3131,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":391155326,"gmtCreate":1606521181765,"gmtModify":1703843527977,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"这种合作最没意义,谁也不上心,最后结局大概率跟当年腾讯百度万达联合做电商一样","listText":"这种合作最没意义,谁也不上心,最后结局大概率跟当年腾讯百度万达联合做电商一样","text":"这种合作最没意义,谁也不上心,最后结局大概率跟当年腾讯百度万达联合做电商一样","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/391155326","repostId":"2086755923","repostType":2,"repost":{"id":"2086755923","pubTimestamp":1606518900,"share":"https://www.laohu8.com/m/news/2086755923?lang=&edition=full","pubTime":"2020-11-28 07:15","market":"us","language":"zh","title":"销量负增长,上汽联姻阿里,能搅动高端市场?","url":"https://stock-news.laohu8.com/highlight/detail?id=2086755923","media":"创业邦","summary":"上汽集团当前居于国内车企前列,但面临着销量负增长的挑战。根据乘联会统计,今年前三季度上汽集团整车累计销量361.3万辆,这一业绩较去年同比下降18.1%。销量的下降也导致上汽集团在前三季度的营收同比下降14.81%,为4986.62亿元,归属于上市股东的净利润为166.48亿元,同比下滑19.93%。特斯拉国产化,造车新势力上市股价高涨,交付量持续增长,显然搅动了国内新能源汽车的市场。肉眼可见,未来新能源汽车的市场竞争会异常激烈。","content":"<html><body><article><p>编者按:本文为专栏作者百略网授权创业邦发表,版权归原作者所有。</p><p>11月26日,<a href=\"https://laohu8.com/S/600104\">上汽集团</a>发布公告称,拟与<a href=\"https://laohu8.com/S/600895\">张江高科</a>、恒旭资本共同出资设立<span>股权投资</span>基金合伙企业,该基金计划与<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>专项投资高端智能纯电汽车项目,暂定名为智己汽车。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201128074120103v2462wfh57yv92r\"/><p>上汽集团当前居于国内车企前列,但面临着销量负增长的挑战。根据乘联会统计,今年前三季度上汽集团整车累计销量361.3万辆,这一业绩较去年同比下降18.1%。销量的下降也导致上汽集团在前三季度的营收同比下降14.81%,为4986.62亿元,归属于上市股东的<span>净利润</span>为166.48亿元,同比下滑19.93%。</p><p>根据中汽协的统计数据,今年前9个月汽车销量1711.6万辆,同比跌幅6.9%,而上汽旗下的主要公司中,上汽大众、上汽通用、上汽通用五菱、上汽乘用车销量分别同比下滑25.9%、22.0%、14.5%和12.6%,上汽的销量跌幅明显超过行业平均水平。</p><p><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>国产化,造车新势力上市股价高涨,交付量持续增长,显然搅动了国内新能源汽车的市场。国内自主品牌开始着手开发新能源高端市场,新能源市场竞争格局逐渐向高端化和<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>化演变,发力高端市场成为传统车企们的选择。</p><p>北汽推出高端品牌ARCFOX,10月推出全新量产车ARCFOX αT,<a href=\"https://laohu8.com/S/000625\">长安汽车</a>联手华为、<a href=\"https://laohu8.com/S/300750\">宁德时代</a>打造高端智能汽车品牌,东风发布岚图品牌,广汽新能源的埃安品牌宣布独立,均定位高端智能电动汽车品牌。肉眼可见,未来新能源汽车的市场竞争会异常激烈。</p><p>事实上,早在2018年上汽集团就曾试图布局新能源中高端市场,推出荣威Marvel X,但销量非常惨淡,2019年销量2186辆,2020年过去10个月销量不过百。有业内人士曾评价,荣威Marvel X 22.88-26.88万的价格售价过高,加上本身荣威Marvel X在做工、用料以及三电上也确实没能达到消费者30万价位的要求,因此销量惨淡也是在情理之中,品牌冲高绝非套上一个纯电动车的头衔便可以一蹴而就。显然,Marvel X试水失败。</p><p>一面是销量下滑,另一面是新能源车市场和高端车市场的新机遇,此前被认为在新能源市场“掉队”的上汽集团能打好这一战吗?智己汽车未来如何布局,与别的自主高端品牌相比如何形成差异化的竞争优势,专注于中高端市场的R标又何去何从,一切还有太多的未知数。</p><p>本文为专栏作者授权创业邦发表,版权归原作者所有。文章系作者个人观点,不代表创业邦立场,转载请联系原作者。如有任何疑问,请联系editor@cyzone.cn。</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\" content=\"telephone=no,email=no,address=no\" />\n<title>销量负增长,上汽联姻阿里,能搅动高端市场?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n销量负增长,上汽联姻阿里,能搅动高端市场?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-11-28 07:15 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202011280741207bfc0d84&s=b><strong>创业邦</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>编者按:本文为专栏作者百略网授权创业邦发表,版权归原作者所有。11月26日,上汽集团发布公告称,拟与张江高科、恒旭资本共同出资设立股权投资基金合伙企业,该基金计划与阿里巴巴专项投资高端智能纯电汽车项目,暂定名为智己汽车。上汽集团当前居于国内车企前列,但面临着销量负增长的挑战。根据乘联会统计,今年前三季度上汽集团整车累计销量361.3万辆,这一业绩较去年同比下降18.1%。销量的下降也导致上汽集团在...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202011280741207bfc0d84&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/041dc97dddc61a38c6151a410c1ae78c","relate_stocks":{"09988":"阿里巴巴-SW","BABA":"阿里巴巴","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202011280741207bfc0d84&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2086755923","content_text":"编者按:本文为专栏作者百略网授权创业邦发表,版权归原作者所有。11月26日,上汽集团发布公告称,拟与张江高科、恒旭资本共同出资设立股权投资基金合伙企业,该基金计划与阿里巴巴专项投资高端智能纯电汽车项目,暂定名为智己汽车。上汽集团当前居于国内车企前列,但面临着销量负增长的挑战。根据乘联会统计,今年前三季度上汽集团整车累计销量361.3万辆,这一业绩较去年同比下降18.1%。销量的下降也导致上汽集团在前三季度的营收同比下降14.81%,为4986.62亿元,归属于上市股东的净利润为166.48亿元,同比下滑19.93%。根据中汽协的统计数据,今年前9个月汽车销量1711.6万辆,同比跌幅6.9%,而上汽旗下的主要公司中,上汽大众、上汽通用、上汽通用五菱、上汽乘用车销量分别同比下滑25.9%、22.0%、14.5%和12.6%,上汽的销量跌幅明显超过行业平均水平。特斯拉国产化,造车新势力上市股价高涨,交付量持续增长,显然搅动了国内新能源汽车的市场。国内自主品牌开始着手开发新能源高端市场,新能源市场竞争格局逐渐向高端化和智能化演变,发力高端市场成为传统车企们的选择。北汽推出高端品牌ARCFOX,10月推出全新量产车ARCFOX αT,长安汽车联手华为、宁德时代打造高端智能汽车品牌,东风发布岚图品牌,广汽新能源的埃安品牌宣布独立,均定位高端智能电动汽车品牌。肉眼可见,未来新能源汽车的市场竞争会异常激烈。事实上,早在2018年上汽集团就曾试图布局新能源中高端市场,推出荣威Marvel X,但销量非常惨淡,2019年销量2186辆,2020年过去10个月销量不过百。有业内人士曾评价,荣威Marvel X 22.88-26.88万的价格售价过高,加上本身荣威Marvel X在做工、用料以及三电上也确实没能达到消费者30万价位的要求,因此销量惨淡也是在情理之中,品牌冲高绝非套上一个纯电动车的头衔便可以一蹴而就。显然,Marvel X试水失败。一面是销量下滑,另一面是新能源车市场和高端车市场的新机遇,此前被认为在新能源市场“掉队”的上汽集团能打好这一战吗?智己汽车未来如何布局,与别的自主高端品牌相比如何形成差异化的竞争优势,专注于中高端市场的R标又何去何从,一切还有太多的未知数。本文为专栏作者授权创业邦发表,版权归原作者所有。文章系作者个人观点,不代表创业邦立场,转载请联系原作者。如有任何疑问,请联系editor@cyzone.cn。","news_type":1},"isVote":1,"tweetType":1,"viewCount":830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":393961273,"gmtCreate":1606226430992,"gmtModify":1703841827911,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"小编是沙币吧,你说的这些因素美团早期也具备了,为什么这两年才涨?根本原因是美团的模式被资本认可了。说一堆屁话没看到点上","listText":"小编是沙币吧,你说的这些因素美团早期也具备了,为什么这两年才涨?根本原因是美团的模式被资本认可了。说一堆屁话没看到点上","text":"小编是沙币吧,你说的这些因素美团早期也具备了,为什么这两年才涨?根本原因是美团的模式被资本认可了。说一堆屁话没看到点上","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/393961273","repostId":"2085521307","repostType":2,"repost":{"id":"2085521307","pubTimestamp":1606206480,"share":"https://www.laohu8.com/m/news/2085521307?lang=&edition=full","pubTime":"2020-11-24 16:28","market":"hk","language":"zh","title":"阿里市值跌至7325亿美元,美团股价暴增7倍!为何差距如此之大?","url":"https://stock-news.laohu8.com/highlight/detail?id=2085521307","media":"麒麟谈财经","summary":"据公开资料显示,过去2年的时间里,美团的股价暴涨了7倍,目前的市值已经超过了1.79万亿港元。反观阿里巴巴,本来有机会冲击10000亿美元,但由于各种利空因素爆发,使得阿里巴巴非但没有冲击10000亿美元成功,反而市值下跌到了当前的7325亿美元。今年上半年的时候,阿里巴巴的市值突破了9000亿美元。但截止到目前,阿里巴巴非但没有实现预期目标,市值反而跌到了7325亿美元,这是怎么一回事呢?","content":"<html><body><article><p>文:林萧</p><p>近些年,随着互联网的普及,国内也出现了很多优秀的互联网公司,例如<a href=\"https://laohu8.com/S/00700\">腾讯</a>、<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>、美团等。而我们这次的话题,就是美团和阿里巴巴这两家公司。据公开资料显示,过去2年的时间里,美团的股价暴涨了7倍,目前的市值已经超过了1.79万亿港元。反观阿里巴巴,本来有机会冲击10000亿美元,但由于各种利空因素爆发,使得阿里巴巴非但没有冲击10000亿美元成功,反而市值下跌到了当前的7325亿美元。纵观今年各家互联网公司,阿里在股价方面,其实是输给了美团、京东、腾讯等公司一筹。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201124164026996d2350yje1lsu5xo\"/><p><strong>先来看美团的股价为什么会上涨这么多倍</strong></p><p>美团股价之所以上涨这么快,主要有3个方面的原因。首先,美团是一家没有边界的互联网公司,它的业务面非常广,几乎涉及各个生活领域,例如外卖、团购、交通出行、旅游、酒店、共享经济、社区生活等等。可以说,日常生活中,只要你能想到的服务,美团基本上都在做,而且做得还很出色。在这种情况下,美团的股价想要不上涨,反而是一件比较困难的事情。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201124164027782d235vprz6i5dg1z\"/><p>其次,美团有强大的资本支持,敢于“烧钱”。无论是团购还是外卖,美团其实都不是先驱者,而是模仿者。但是我们会发现,笑到最后的赢家,往往都是美团。之所以会这样,除了感慨美团有一个好的管理团队之外,还与美团背靠“大山”有关。据悉,美团的投资方之一红杉资本,是国内最有实力的投资机构之一。而这个资本的创始人沈南鹏,就十分看好王兴以及美团。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201124164028606d235diff9j8v44y\"/><p>有了强大的资本后援以后,美团在其业务的发展上面,也变得非常有进攻性。简单点来说,就是敢烧钱。就拿外卖来说,经常用美团外卖的朋友会发现,各种优惠活动层出不穷,甚至有的时候1分钱就能点一份外卖。而这些优惠活动,都是需要美团贴钱去做的。久而久之,美团就在同行中脱颖而出了。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201124164029785d235g84c7a9u8vr\"/><p>良好的发展前景、出色的管理团队,再加上资本的支持,这才使得美团的股价在过去2年的时间内完成了7倍涨幅。与此同时,作为美团创始人的王兴,身家也越来越丰厚。不过话又说回来,相较其他的互联网公司,美团这家公司的多项业务都很“苦逼”。例如外卖、团购、旅游、酒店、交通出行等,每一项业务都面临着巨大的竞争压力。为了站住脚,美团不得不赔本赚吆喝,也就是“烧钱”。除此之外,还有面对各种不理解,要平衡各方的关系。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201124164031862d235jpwulbr29j1\"/><p>就拿美团外卖还说,外卖的价格贵了,消费者是不愿意的,甚至会因为太贵而放弃点外卖。但如果靠压缩骑手和商家的利润,又会遭到这两个群体的抗议和攻击。例如今年上半年,就有不少商家抗议美团提升抽成点数。到了下半年,又有不少骑手讨伐美团压榨骑手。事实上,如果一直烧钱,而不想办法盈利,美团自身也经营不下去。所以说,这并不是一个好做的生意。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201124164033090d2358v847k8je5i\"/><p><strong>再来看阿里巴巴的市值为何下跌?</strong></p><p>放眼国内互联网界,阿里巴巴都是数一数二的存在。今年上半年的时候,阿里巴巴的市值突破了9000亿美元。原本,阿里巴巴是有机会在今年年内突破10000亿美元的。但截止到目前,阿里巴巴非但没有实现预期目标,市值反而跌到了7325亿美元,这是怎么一回事呢?</p><p>首先,阿里巴巴虽然是行业内的巨头之一,但这并不意味着他可以独孤求败了。相反,阿里巴巴的竞争对手非常多。就拿电商来说,<a href=\"https://laohu8.com/S/JD\">京东</a>和<a href=\"https://laohu8.com/S/PDD\">拼多多</a>就是其强有力的竞争对手。在高端市场,阿里没有限制住京东。在下沉市场,又被拼多多给抢占了大量市场份额。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201124164035503d235jwb9mlw49xx\"/><p>其次,则是发展受限。阿里巴巴看似庞大,但主要业务还是在国内市场。仍以电商为例,在国内是老大,但是在海外市场,一直都竞争不过<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>。一方面是没办法拓展新的市场和业务,一方面是原有的业务不断被挑战和蚕食。在这种情况下,阿里巴巴的市值一直没能有大的突破。再加上蚂蚁推迟上市这件事情,也影响到了阿里巴巴。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201124164042741d2354rw8hsxryft\"/><p>不过话又说回来,互联网行业本身就是一个变幻莫测,不确定性非常多的行业。可能今天是你一家独大,但明天就不一定了。对此,大家怎么看呢?欢迎留言讨论。</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\" content=\"telephone=no,email=no,address=no\" />\n<title>阿里市值跌至7325亿美元,美团股价暴增7倍!为何差距如此之大?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n阿里市值跌至7325亿美元,美团股价暴增7倍!为何差距如此之大?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-11-24 16:28 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202011241640437b4d2a85&s=b><strong>麒麟谈财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文:林萧近些年,随着互联网的普及,国内也出现了很多优秀的互联网公司,例如腾讯、阿里巴巴、美团等。而我们这次的话题,就是美团和阿里巴巴这两家公司。据公开资料显示,过去2年的时间里,美团的股价暴涨了7倍,目前的市值已经超过了1.79万亿港元。反观阿里巴巴,本来有机会冲击10000亿美元,但由于各种利空因素爆发,使得阿里巴巴非但没有冲击10000亿美元成功,反而市值下跌到了当前的7325亿美元。纵观今年...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202011241640437b4d2a85&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63f5774a55811b697cdb5404ce6a4118","relate_stocks":{"BABA":"阿里巴巴","QNETCN":"纳斯达克中美互联网老虎指数","09988":"阿里巴巴-SW","03690":"美团-W"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202011241640437b4d2a85&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2085521307","content_text":"文:林萧近些年,随着互联网的普及,国内也出现了很多优秀的互联网公司,例如腾讯、阿里巴巴、美团等。而我们这次的话题,就是美团和阿里巴巴这两家公司。据公开资料显示,过去2年的时间里,美团的股价暴涨了7倍,目前的市值已经超过了1.79万亿港元。反观阿里巴巴,本来有机会冲击10000亿美元,但由于各种利空因素爆发,使得阿里巴巴非但没有冲击10000亿美元成功,反而市值下跌到了当前的7325亿美元。纵观今年各家互联网公司,阿里在股价方面,其实是输给了美团、京东、腾讯等公司一筹。先来看美团的股价为什么会上涨这么多倍美团股价之所以上涨这么快,主要有3个方面的原因。首先,美团是一家没有边界的互联网公司,它的业务面非常广,几乎涉及各个生活领域,例如外卖、团购、交通出行、旅游、酒店、共享经济、社区生活等等。可以说,日常生活中,只要你能想到的服务,美团基本上都在做,而且做得还很出色。在这种情况下,美团的股价想要不上涨,反而是一件比较困难的事情。其次,美团有强大的资本支持,敢于“烧钱”。无论是团购还是外卖,美团其实都不是先驱者,而是模仿者。但是我们会发现,笑到最后的赢家,往往都是美团。之所以会这样,除了感慨美团有一个好的管理团队之外,还与美团背靠“大山”有关。据悉,美团的投资方之一红杉资本,是国内最有实力的投资机构之一。而这个资本的创始人沈南鹏,就十分看好王兴以及美团。有了强大的资本后援以后,美团在其业务的发展上面,也变得非常有进攻性。简单点来说,就是敢烧钱。就拿外卖来说,经常用美团外卖的朋友会发现,各种优惠活动层出不穷,甚至有的时候1分钱就能点一份外卖。而这些优惠活动,都是需要美团贴钱去做的。久而久之,美团就在同行中脱颖而出了。良好的发展前景、出色的管理团队,再加上资本的支持,这才使得美团的股价在过去2年的时间内完成了7倍涨幅。与此同时,作为美团创始人的王兴,身家也越来越丰厚。不过话又说回来,相较其他的互联网公司,美团这家公司的多项业务都很“苦逼”。例如外卖、团购、旅游、酒店、交通出行等,每一项业务都面临着巨大的竞争压力。为了站住脚,美团不得不赔本赚吆喝,也就是“烧钱”。除此之外,还有面对各种不理解,要平衡各方的关系。就拿美团外卖还说,外卖的价格贵了,消费者是不愿意的,甚至会因为太贵而放弃点外卖。但如果靠压缩骑手和商家的利润,又会遭到这两个群体的抗议和攻击。例如今年上半年,就有不少商家抗议美团提升抽成点数。到了下半年,又有不少骑手讨伐美团压榨骑手。事实上,如果一直烧钱,而不想办法盈利,美团自身也经营不下去。所以说,这并不是一个好做的生意。再来看阿里巴巴的市值为何下跌?放眼国内互联网界,阿里巴巴都是数一数二的存在。今年上半年的时候,阿里巴巴的市值突破了9000亿美元。原本,阿里巴巴是有机会在今年年内突破10000亿美元的。但截止到目前,阿里巴巴非但没有实现预期目标,市值反而跌到了7325亿美元,这是怎么一回事呢?首先,阿里巴巴虽然是行业内的巨头之一,但这并不意味着他可以独孤求败了。相反,阿里巴巴的竞争对手非常多。就拿电商来说,京东和拼多多就是其强有力的竞争对手。在高端市场,阿里没有限制住京东。在下沉市场,又被拼多多给抢占了大量市场份额。其次,则是发展受限。阿里巴巴看似庞大,但主要业务还是在国内市场。仍以电商为例,在国内是老大,但是在海外市场,一直都竞争不过亚马逊。一方面是没办法拓展新的市场和业务,一方面是原有的业务不断被挑战和蚕食。在这种情况下,阿里巴巴的市值一直没能有大的突破。再加上蚂蚁推迟上市这件事情,也影响到了阿里巴巴。不过话又说回来,互联网行业本身就是一个变幻莫测,不确定性非常多的行业。可能今天是你一家独大,但明天就不一定了。对此,大家怎么看呢?欢迎留言讨论。","news_type":1},"isVote":1,"tweetType":1,"viewCount":679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":390146271,"gmtCreate":1605748409993,"gmtModify":1703839362492,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a>买了就跌,都不等财报?","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a>买了就跌,都不等财报?","text":"$美团-W(03690)$买了就跌,都不等财报?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/390146271","isVote":1,"tweetType":1,"viewCount":2241,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3473312166736956","authorId":"3473312166736956","name":"Meedly","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0},"content":"财报更差,预期,年增25%收入,利润不算了,都不能稳定盈利,体量这么小,pe这么高,增速还这么慢,还没腾讯和阿里增速快,再看拼多多,年化都是100%以上","text":"财报更差,预期,年增25%收入,利润不算了,都不能稳定盈利,体量这么小,pe这么高,增速还这么慢,还没腾讯和阿里增速快,再看拼多多,年化都是100%以上","html":"财报更差,预期,年增25%收入,利润不算了,都不能稳定盈利,体量这么小,pe这么高,增速还这么慢,还没腾讯和阿里增速快,再看拼多多,年化都是100%以上"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":307221737,"gmtCreate":1605575934229,"gmtModify":1703838365011,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>半天拉不出屎,动一动啊倒是","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>半天拉不出屎,动一动啊倒是","text":"$小米集团-W(01810)$半天拉不出屎,动一动啊倒是","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/307221737","isVote":1,"tweetType":1,"viewCount":756,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":304596501,"gmtCreate":1605261568203,"gmtModify":1703837064618,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LI\">$理想汽车(LI)$</a>盘前快39买的,垃圾,赌财报被坑了","listText":"<a href=\"https://laohu8.com/S/LI\">$理想汽车(LI)$</a>盘前快39买的,垃圾,赌财报被坑了","text":"$理想汽车(LI)$盘前快39买的,垃圾,赌财报被坑了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/304596501","isVote":1,"tweetType":1,"viewCount":2369,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":304857985,"gmtCreate":1605196854547,"gmtModify":1703836749187,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a>看不动了,这财报数据也挺好的啊,其他公司都要涨疯了","listText":"<a href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a>看不动了,这财报数据也挺好的啊,其他公司都要涨疯了","text":"$阿里巴巴(BABA)$看不动了,这财报数据也挺好的啊,其他公司都要涨疯了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/304857985","isVote":1,"tweetType":1,"viewCount":3437,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3451036130220766","authorId":"3451036130220766","name":"Wlager","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0},"content":"恰恰相反,这次财报反应出来的现有模式出现天花板预兆,阿里至少电商这块平台模式需要变革,否则电商业务增长潜力担忧,另外阿里云需要加速,不然支撑不起这个市值","text":"恰恰相反,这次财报反应出来的现有模式出现天花板预兆,阿里至少电商这块平台模式需要变革,否则电商业务增长潜力担忧,另外阿里云需要加速,不然支撑不起这个市值","html":"恰恰相反,这次财报反应出来的现有模式出现天花板预兆,阿里至少电商这块平台模式需要变革,否则电商业务增长潜力担忧,另外阿里云需要加速,不然支撑不起这个市值"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":304344120,"gmtCreate":1605162884760,"gmtModify":1703836484938,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>坑比小米,早上高点的,泄的太快了吧","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>坑比小米,早上高点的,泄的太快了吧","text":"$小米集团-W(01810)$坑比小米,早上高点的,泄的太快了吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/304344120","isVote":1,"tweetType":1,"viewCount":995,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"109921353127640","authorId":"109921353127640","name":"降龙无悔","avatar":"https://static.tigerbbs.com/dea6a6ad82f509f07f16471ea9a8e919","crmLevel":2,"crmLevelSwitch":0},"content":"做短线很难赚钱,不知道你有没有赚到,反正我是赚不到,看好了公司就拿着吧,也不要想一夜暴富了。","text":"做短线很难赚钱,不知道你有没有赚到,反正我是赚不到,看好了公司就拿着吧,也不要想一夜暴富了。","html":"做短线很难赚钱,不知道你有没有赚到,反正我是赚不到,看好了公司就拿着吧,也不要想一夜暴富了。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":977077563,"gmtCreate":1601387332852,"gmtModify":1703824147140,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"3月底发布,6月份就四千万了,现在才5500?感觉增长瓶颈了啊","listText":"3月底发布,6月份就四千万了,现在才5500?感觉增长瓶颈了啊","text":"3月底发布,6月份就四千万了,现在才5500?感觉增长瓶颈了啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/977077563","repostId":"2071908027","repostType":2,"repost":{"id":"2071908027","pubTimestamp":1601386100,"share":"https://www.laohu8.com/m/news/2071908027?lang=&edition=full","pubTime":"2020-09-29 21:28","market":"us","language":"zh","title":"阿里移动端新增流量七成来自下沉市场,淘宝特价版月活达5500万","url":"https://stock-news.laohu8.com/highlight/detail?id=2071908027","media":"36氪","summary":"阿里移动端新增流量七成来自下沉市场日前,阿里巴巴在2020年度全球投资者大会披露,过去一年,阿里中国零售市场年度活跃消费者达7.42亿,移动活跃用户增长1.19亿,其中70%的新增用户来自下沉市场,预","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20200929212906012v2355qfvqvmfsan\"/><p>阿里移动端新增流量七成来自下沉市场</p><p>日前,<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>在2020年度全球投资者大会披露,过去一年,阿里中国零售市场年度活跃消费者达7.42亿,移动活跃用户增长1.19亿,其中70%的新增用户来自下沉市场,预计未来2到3年还有很大上涨空间。</p><p>其中,淘宝直播GMV超3000亿,用户数同比增长160%,商家参与直播的同比增速达220%。目前,国内和淘宝达成<a href=\"https://laohu8.com/S/000061\">农产品</a>销售合作的县域超2000个,开通淘宝直播的农村主播达10万。</p><p>据此前报道,2020年淘宝直播全年GMV目标是5000亿,今年上半年淘宝直播GMV已达到3000亿。</p><p>会上,淘宝特价版还首次公布运营数据。截至今年8月,淘宝特价版每月活跃用户达到5500万。</p><p>淘宝特价版于今年3月正式上线,主打低价抢占下沉市场。不久前,阿里旗下1688和淘宝特价版全面打通,1688产业资源带将全量接入淘宝特价版。</p><p><strong>主编点评:阿里零售布局正在向下沉市场倾斜。淘宝直播和淘宝特价版是阿里抢占下沉市场的重要渠道。70%的移动活跃用户增量来自下沉市场,一方面证明了阿里下沉策略的正确,另一方面也反映了一、二线市场增长的疲软……</strong></p><p><strong>↓↓扫描下方二维码,解锁完整内容↓↓</strong></p><img src=\"\"/><p>扫描二维码,解锁完整内容</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\" content=\"telephone=no,email=no,address=no\" />\n<title>阿里移动端新增流量七成来自下沉市场,淘宝特价版月活达5500万</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n阿里移动端新增流量七成来自下沉市场,淘宝特价版月活达5500万\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-09-29 21:28 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202009292129077ab6ff6e&s=b><strong>36氪</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>阿里移动端新增流量七成来自下沉市场日前,阿里巴巴在2020年度全球投资者大会披露,过去一年,阿里中国零售市场年度活跃消费者达7.42亿,移动活跃用户增长1.19亿,其中70%的新增用户来自下沉市场,预计未来2到3年还有很大上涨空间。其中,淘宝直播GMV超3000亿,用户数同比增长160%,商家参与直播的同比增速达220%。目前,国内和淘宝达成农产品销售合作的县域超2000个,开通淘宝直播的农村主播...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202009292129077ab6ff6e&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e32efda2d724bedb06378776375228d0","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","BABA":"阿里巴巴"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202009292129077ab6ff6e&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2071908027","content_text":"阿里移动端新增流量七成来自下沉市场日前,阿里巴巴在2020年度全球投资者大会披露,过去一年,阿里中国零售市场年度活跃消费者达7.42亿,移动活跃用户增长1.19亿,其中70%的新增用户来自下沉市场,预计未来2到3年还有很大上涨空间。其中,淘宝直播GMV超3000亿,用户数同比增长160%,商家参与直播的同比增速达220%。目前,国内和淘宝达成农产品销售合作的县域超2000个,开通淘宝直播的农村主播达10万。据此前报道,2020年淘宝直播全年GMV目标是5000亿,今年上半年淘宝直播GMV已达到3000亿。会上,淘宝特价版还首次公布运营数据。截至今年8月,淘宝特价版每月活跃用户达到5500万。淘宝特价版于今年3月正式上线,主打低价抢占下沉市场。不久前,阿里旗下1688和淘宝特价版全面打通,1688产业资源带将全量接入淘宝特价版。主编点评:阿里零售布局正在向下沉市场倾斜。淘宝直播和淘宝特价版是阿里抢占下沉市场的重要渠道。70%的移动活跃用户增量来自下沉市场,一方面证明了阿里下沉策略的正确,另一方面也反映了一、二线市场增长的疲软……↓↓扫描下方二维码,解锁完整内容↓↓扫描二维码,解锁完整内容","news_type":1},"isVote":1,"tweetType":1,"viewCount":963,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":334366416,"gmtCreate":1610706718835,"gmtModify":1703746416439,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a>垃圾公司,赶紧倒闭。价值观扭曲,病毒一样","listText":"<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a>垃圾公司,赶紧倒闭。价值观扭曲,病毒一样","text":"$拼多多(PDD)$垃圾公司,赶紧倒闭。价值观扭曲,病毒一样","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/334366416","isVote":1,"tweetType":1,"viewCount":3437,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3439883478083995","authorId":"3439883478083995","name":"阿妖","avatar":"https://static.tigerbbs.com/71ded87d3bdaa78db97dbe2cf0bb761c","crmLevel":6,"crmLevelSwitch":0},"content":"打工人有机会进pdd还是要进的。 毕竟是大厂。 能进大厂某种程度上来看是福报。","text":"打工人有机会进pdd还是要进的。 毕竟是大厂。 能进大厂某种程度上来看是福报。","html":"打工人有机会进pdd还是要进的。 毕竟是大厂。 能进大厂某种程度上来看是福报。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":906281497,"gmtCreate":1559033418319,"gmtModify":1704697508908,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$蔚来(NIO)$ 真的假的","listText":"$蔚来(NIO)$ 真的假的","text":"$蔚来(NIO)$ 真的假的","images":[{"img":"https://static.tigerbbs.com/b57c17d3ab1bcab6db289f584b7e6f81"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/906281497","isVote":1,"tweetType":1,"viewCount":3297,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0},"content":"应该是真的,看到细节了","text":"应该是真的,看到细节了","html":"应该是真的,看到细节了"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":390146271,"gmtCreate":1605748409993,"gmtModify":1703839362492,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a>买了就跌,都不等财报?","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a>买了就跌,都不等财报?","text":"$美团-W(03690)$买了就跌,都不等财报?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/390146271","isVote":1,"tweetType":1,"viewCount":2241,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3473312166736956","authorId":"3473312166736956","name":"Meedly","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0},"content":"财报更差,预期,年增25%收入,利润不算了,都不能稳定盈利,体量这么小,pe这么高,增速还这么慢,还没腾讯和阿里增速快,再看拼多多,年化都是100%以上","text":"财报更差,预期,年增25%收入,利润不算了,都不能稳定盈利,体量这么小,pe这么高,增速还这么慢,还没腾讯和阿里增速快,再看拼多多,年化都是100%以上","html":"财报更差,预期,年增25%收入,利润不算了,都不能稳定盈利,体量这么小,pe这么高,增速还这么慢,还没腾讯和阿里增速快,再看拼多多,年化都是100%以上"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":304857985,"gmtCreate":1605196854547,"gmtModify":1703836749187,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a>看不动了,这财报数据也挺好的啊,其他公司都要涨疯了","listText":"<a href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a>看不动了,这财报数据也挺好的啊,其他公司都要涨疯了","text":"$阿里巴巴(BABA)$看不动了,这财报数据也挺好的啊,其他公司都要涨疯了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/304857985","isVote":1,"tweetType":1,"viewCount":3437,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3451036130220766","authorId":"3451036130220766","name":"Wlager","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0},"content":"恰恰相反,这次财报反应出来的现有模式出现天花板预兆,阿里至少电商这块平台模式需要变革,否则电商业务增长潜力担忧,另外阿里云需要加速,不然支撑不起这个市值","text":"恰恰相反,这次财报反应出来的现有模式出现天花板预兆,阿里至少电商这块平台模式需要变革,否则电商业务增长潜力担忧,另外阿里云需要加速,不然支撑不起这个市值","html":"恰恰相反,这次财报反应出来的现有模式出现天花板预兆,阿里至少电商这块平台模式需要变革,否则电商业务增长潜力担忧,另外阿里云需要加速,不然支撑不起这个市值"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":335981128,"gmtCreate":1610506457964,"gmtModify":1703744835895,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a>pdd黑客瓜 https://zhuanlan.zhihu.com/p/343820121 这已经不是灰色地带了,是公然违法了","listText":"<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a>pdd黑客瓜 https://zhuanlan.zhihu.com/p/343820121 这已经不是灰色地带了,是公然违法了","text":"$拼多多(PDD)$pdd黑客瓜 https://zhuanlan.zhihu.com/p/343820121 这已经不是灰色地带了,是公然违法了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/335981128","isVote":1,"tweetType":1,"viewCount":2419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":330838066,"gmtCreate":1608566212255,"gmtModify":1703735515456,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a>小鹏也太垃圾了,另外两家增发价公布之后涨了20%左右,就小鹏一直增发价徘徊,何小P还不好好造车卖车,天天就知道打嘴炮","listText":"<a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a>小鹏也太垃圾了,另外两家增发价公布之后涨了20%左右,就小鹏一直增发价徘徊,何小P还不好好造车卖车,天天就知道打嘴炮","text":"$小鹏汽车(XPEV)$小鹏也太垃圾了,另外两家增发价公布之后涨了20%左右,就小鹏一直增发价徘徊,何小P还不好好造车卖车,天天就知道打嘴炮","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/330838066","isVote":1,"tweetType":1,"viewCount":2060,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":398866197,"gmtCreate":1606871781719,"gmtModify":1703845017365,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>小米穷的都没钱研发了吗?增发股票干啥?","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>小米穷的都没钱研发了吗?增发股票干啥?","text":"$小米集团-W(01810)$小米穷的都没钱研发了吗?增发股票干啥?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/398866197","isVote":1,"tweetType":1,"viewCount":3131,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":359074,"gmtCreate":1545205934462,"gmtModify":1704784364933,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$美团点评-W(03690)$ 听说裁员了","listText":"$美团点评-W(03690)$ 听说裁员了","text":"$美团点评-W(03690)$ 听说裁员了","images":[{"img":"https://static.tigerbbs.com/2a1fbf1ea1b50f95920685a22193f453"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/359074","isVote":1,"tweetType":1,"viewCount":1476,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":330584715,"gmtCreate":1608649033337,"gmtModify":1703735979597,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a>何小P你个沙雕","listText":"<a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a>何小P你个沙雕","text":"$小鹏汽车(XPEV)$何小P你个沙雕","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/330584715","isVote":1,"tweetType":1,"viewCount":1678,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":398727500,"gmtCreate":1606972008000,"gmtModify":1703845708995,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a>王秃子有炒股的工夫,多提升下美团的利润和营收吧,增长太慢了。","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a>王秃子有炒股的工夫,多提升下美团的利润和营收吧,增长太慢了。","text":"$美团-W(03690)$王秃子有炒股的工夫,多提升下美团的利润和营收吧,增长太慢了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/398727500","isVote":1,"tweetType":1,"viewCount":1675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":307221737,"gmtCreate":1605575934229,"gmtModify":1703838365011,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>半天拉不出屎,动一动啊倒是","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>半天拉不出屎,动一动啊倒是","text":"$小米集团-W(01810)$半天拉不出屎,动一动啊倒是","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/307221737","isVote":1,"tweetType":1,"viewCount":756,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":304596501,"gmtCreate":1605261568203,"gmtModify":1703837064618,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LI\">$理想汽车(LI)$</a>盘前快39买的,垃圾,赌财报被坑了","listText":"<a href=\"https://laohu8.com/S/LI\">$理想汽车(LI)$</a>盘前快39买的,垃圾,赌财报被坑了","text":"$理想汽车(LI)$盘前快39买的,垃圾,赌财报被坑了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/304596501","isVote":1,"tweetType":1,"viewCount":2369,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":928085396,"gmtCreate":1586424136215,"gmtModify":1704361259759,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>国内月销量过万,怎么没有涨","listText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>国内月销量过万,怎么没有涨","text":"$特斯拉(TSLA)$国内月销量过万,怎么没有涨","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/928085396","isVote":1,"tweetType":1,"viewCount":3059,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":398759256,"gmtCreate":1606972524275,"gmtModify":1703845712105,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"为什么阿里营收也有30的增速,市盈率才30多,如果说电商快饱和了,那外卖难道不饱和吗?小城市有多少人长期吃外卖的?再说酒旅这个,这难道不是红海了吗?靠着低价拼数量就能抢到携程的高端用户了?","listText":"为什么阿里营收也有30的增速,市盈率才30多,如果说电商快饱和了,那外卖难道不饱和吗?小城市有多少人长期吃外卖的?再说酒旅这个,这难道不是红海了吗?靠着低价拼数量就能抢到携程的高端用户了?","text":"为什么阿里营收也有30的增速,市盈率才30多,如果说电商快饱和了,那外卖难道不饱和吗?小城市有多少人长期吃外卖的?再说酒旅这个,这难道不是红海了吗?靠着低价拼数量就能抢到携程的高端用户了?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/398759256","repostId":"1175884850","repostType":2,"repost":{"id":"1175884850","pubTimestamp":1606961920,"share":"https://www.laohu8.com/m/news/1175884850?lang=&edition=full","pubTime":"2020-12-03 10:18","market":"hk","language":"zh","title":"美团的泡沫在哪里?","url":"https://stock-news.laohu8.com/highlight/detail?id=1175884850","media":"科技说","summary":"我本人曾经一度是美团股票的坚定持有者,从2019年中期就开始不断加仓,但今年中,彼时股价突破200港元大关,上百倍的市盈率开始引起舆论关注,认为美团无可争议的充满泡沫。\n受舆论影响,以及过百倍的市盈率","content":"<p>我本人曾经一度是美团股票的坚定持有者,从2019年中期就开始不断加仓,但今年中,彼时股价突破200港元大关,上百倍的市盈率开始引起舆论关注,认为美团无可争议的充满泡沫。</p>\n<p>受舆论影响,以及过百倍的市盈率确实实实在在立在那里,很是扎眼,出于审慎原则,我在当时清仓了所有股票。</p>\n<p><img src=\"https://static.tigerbbs.com/b2401ae25041ffbfedf0a7788cd406a8\" tg-width=\"600\" tg-height=\"300\"></p>\n<p>其后我就期待着验证自己如何“踩准节奏”,盼望着美团股价开始进入调整期,进而下跌,回到100港元水平,然后撰文吹嘘一把自己的投资理念,但结果大家都知道,如今的美团股价在300港元上下,市值超过了16000亿港元,成为新一代巨头了。</p>\n<p>为何我错判了美团,美团又如何能撑得起现如今的市值,或者说站在价值投资立场,美团究竟做了什么引起资本市场如此的追捧?</p>\n<p>这是过去三个月多以来我不断反思的问题。</p>\n<p>先证实市盈率的问题,这是投资界,媒体界共同关注的话题,当然也是我误判的起点。</p>\n<p>截至撰稿时,美团TTM市盈率在167倍之多,静态市盈率超过600倍,其中主要是因为2020年Q3投资<a href=\"https://laohu8.com/S/LI\">理想汽车</a>带来58亿净利润,无论是否剔除此因素,美团市盈率都是一个惊人的数字。</p>\n<p>这个数字高吗?乍看很高,但实则并没有想象中那么高。</p>\n<p>在近期内,美团开始深入两手抓战略:一手抓既有业务的稳步增长,如外卖,到店和酒旅;而另一手则以创新业务为主,这么多年来分别尝试了共享单车,网约车,买菜,社区团购,生鲜,共享充电宝等业务,创新业务起起伏伏,褒贬不一,且都给当期损益表带来的严峻的亏损。</p>\n<p>也就是说,如果把美团拆分为两个公司:A为传统业务;B为创新业务。由于创新业务尚在亏损期,对市值的影响权重较低,我们不妨用现有市值对A部分进行估值。</p>\n<p>我们查询了2020年前三个季度,A部分的经营盈利分别为:6.1亿元,31亿元和35亿元,共72亿元,保守估计Q4该部分的经营盈利也会在40亿元以上,也就是说该部分全年盈利保守将超过100亿元,如果把对理想汽车的投资收益纳入统计范围,全年盈利将在160亿元上下。</p>\n<p>不考虑B部分,<b>如果美团只将A部分上市,也就是说调整后的美团市盈率在80-100倍区间。</b></p>\n<p>假设美团是一家保守型公司,以现有现金牛业务为基础,不再开拓创新业务,参考<a href=\"https://laohu8.com/S/00700\">腾讯</a>50倍的市盈率,<a href=\"https://laohu8.com/S/JD\">京东</a>70倍的市盈率,以美团的成长性我们假设给60倍,</p>\n<p>这也刚好是股价在200港元区间之时,那么现如今接近300港元的价值又当如何理解呢?</p>\n<p>在最初解释此现象时,我们考虑到了“市场有限有效性理论”,也即,市场并非时刻保持有效性,甚至大多数时间是失真的,在当下出于货币政策以及科技概念股在全球的追捧等原因,股价暴涨有其合理性的一面。</p>\n<p>在日后的分析中,我们逐渐打破了以上“借口”,主要原因为:<b>资本市场或许会出于成长性给企业以特殊的市盈率,中短期内市场会失真,但长期内仍然要反应运营的基本面。</b></p>\n<p>我们再考虑到美团运营的基本面,虽然当下社区团购,生鲜买菜等业务如火如荼,业内外也掀起了巨大声量,这固然代表着未来互联网的一种趋势,但中短期内对美团的市值管理仍然要从基础业务入手。</p>\n<p>在过去的几个月内,美团主要面临以下压力:</p>\n<p>其一,老对手阿里在本地生活服务方面的围追堵截,年初支付宝承接阿里本地生活服务流量入口,再到本地生活调整运营,将业务延伸到非餐饮配送,阿里与美团贴身肉搏战堪称今年来互联网头部企业的一大看点;</p>\n<p>其二,当算法越来越成为企业增效的主要驱动力时,出于人为主义关怀,算法过度“压榨”骑手也成为新的社会话题,美团能否平衡效率和成本之间的关系,是否会因此影响业务的盈利性呢?</p>\n<p>先看第一个问题,受疫情影响,餐饮业损失巨大,根据国家统计局数据,今年1-9月,餐饮业总收入同比下降23.9%,共计25000亿元,在堂食受到严重影响之下,外卖借此迅速提高了渗透率,我们整理了美团外卖多周期以来对餐饮业的渗透率,见下图</p>\n<p><img src=\"https://static.tigerbbs.com/17e5d4b21950daa34264c2f84c50b98b\" tg-width=\"868\" tg-height=\"508\"></p>\n<p>根据我们观察,阿里本地生活服务对美团的围追堵截主要集中在:</p>\n<p>其一,流量制衡,打通手淘,支付宝两大国内互联网头部应用流量;</p>\n<p>其二,业务组合降低成本,天猫超市接入饿了么,提高服务总规模,降低分摊成本,为竞争扫除后顾之忧;</p>\n<p>其三,在年初疫情后,饿了么宣布对部分餐饮业进行了降佣金计划,以此提高行业向心力。</p>\n<p>但在上图中,以上策略均未达到理想状态,美团餐饮外卖的行业渗透率在Q3仍然在快速上升态势,超过了14%,仅以此来判断,<b>虽然下了大力气“对付”美团,但这9个月中仍未取得明显效果。</b></p>\n<p>在Quest Mobile的《2020<a href=\"https://laohu8.com/S/CHL\">中国移动</a>互联网秋季大报告》中也可以找到证据,见下图</p>\n<p><img src=\"https://static.tigerbbs.com/5ff98637a1965a75553ceed0c853db3c\" tg-width=\"715\" tg-height=\"460\"></p>\n<p>虽然接入支付宝小程序之后,确实对饿了么的流量有了比较明显的促进意义,但在MAU数据维度中,<b>饿了么数据不仅落后于美团App,亦与美团外卖App有明显差距,就此来看,饿了么对美团仍在追赶阶段,还谈不上“压制”。</b></p>\n<p>我们认为主要原因为:阿里本地生活服务在过去相当长一段时间内都在进行组织的优化,如口碑与饿了么两大组织之间的融合,阿里本地生活服务与支付宝之间配合,阿里本地生活服务与同城零售事业群之间的合作,<b>一次业务架构的调整就要带来一次组织架构的改变,本地生活服务在享受阿里母体的“哺乳”之时,对自身管理也提出更高的要求。</b></p>\n<p>在过去,美团外卖作为核心业务之一并没有进行太大的架构调整,即便是与之有较大关联的创新业务,也往往是在不打扰主体架构基础上单设部门进行,在有先发优势之时,又保持着组织的稳定,这或许除了互联网流量,运营等因素之外,更能理解两大企业的竞争点。</p>\n<p>如果阿里本地生活服务难以对饿了么进行成长性“扼制”,那么究竟如何看待两家企业的竞争呢?</p>\n<p>在一个仅存两家企业分割市场的行业中,对手之间的关系并不能完全以“对立”进行理解,除对立和竞争之外,<b>两家企业似乎也存在着不可分离的暧昧关系:若市场中仅剩余一家企业,在缺乏服务参照之后,用户对企业势必会会有更高的要求,甚至可能超出企业的服务能力,若无法实现,恐会影响行业发展,某种意义上,两家企业互为参照,互相激励,提高市场总盘子,再互相竞争,分食盘中餐。</b></p>\n<p>具体到美团,在数据上又如何体现竞争带来的变化呢?</p>\n<p><img src=\"https://static.tigerbbs.com/3865ae499b3a071d02d727fe2e6f8a79\" tg-width=\"868\" tg-height=\"508\"></p>\n<p>在饿了么处于防守之时,正是美团大规模成长的周期,货币化率在2020年之前基本呈稳步的增长趋势,但在2020年之后,固然有疫情之下餐饮业需要“回血”的原因,但另一方面,饿了么加速竞争也对美团提出了新的要求,<b>货币化率不可过分成长,这不仅会透支商家成长性,更为重要是会破坏美团与餐饮业的关系。</b></p>\n<p>当然,2020年货币化率下降有多种原因,诸如中头部餐饮企业加入之后选择了自行配送,但整体上,美团外卖的货币化率在2020年已经相对克制了。</p>\n<p>与此同时我们也发现,2020年Q3外卖交易金额较上年同期增长了36%,但外卖业务经营性盈利却同比增长了132.2%,在过去我们曾对此进行过解读,且观点集中在诸如:运营效率,对骑手成本的压缩等等。</p>\n<p>但其实忽略了对手追赶下对收入模型的影响,见下图。</p>\n<p><img src=\"https://static.tigerbbs.com/0919b6f784fc5b11c666a193ac74cf9e\" tg-width=\"868\" tg-height=\"508\"></p>\n<p>从外卖货币化构成来看,进入2020年之后,佣金货币化率固然呈触顶的趋势,这也有利于改善平台与商家关系,但在营销收入的货币化率中,2020年之后反而呈加速增长的趋势,当对手在进行降佣金收买人心时,美团将营收重点逐渐向营销业务转移,而<b>这种较为弹性的营收方式也可一定程度上抵消商家对货币化率的敏感度。</b></p>\n<p>当前对美团营收的分析过多集中在了交易总规模之上,这确实有合理的一面,但却忽略了营收结构的变化,在此变化下,营销类收入增长,且不会带来更高的交易和市场支出成本,某种意义上,营销类收入几乎等同于经营利润。</p>\n<p><b>在饿了么与美团的竞争中,我们看到的不仅仅是双方的互放狠话,也有互相刺激之下,修正业务模型,倒逼改革,此为业务带来的积极一面。</b></p>\n<p>在此情况下,再看美团对骑手的“压榨”,算法在提高效率的同时也将骑手视为一个个流水线的工人,疲于送餐而未有片刻休闲,若要根据舆论所要求,美团若要将工人从算法中解脱,要么提高骑手待遇,要么增加骑手规模,总之都会增加运营成本。</p>\n<p>我们暂不探讨该目标是否符合提高效率这一企业经营的基本目标,事实上在我内心也认为“活在算法中”为伪命题,骑手固然辛苦,但其实是进行了收入补偿的,如果平台增加骑手招募,或者降低单个骑手的配送量,降低收入,这是否又符合骑手利益呢?同情骑手的声音是否有点“何不食肉糜”的天真和居高临下之感呢?</p>\n<p>回到正题,在2020年Q3,美团增加了骑手支出成本(季节性和临时性补贴为主),外卖毛利率有所下滑,但经营利润率却由上年同期的2.1%增长至3.7%,改善较为明显,这也可以看出,<b>在提高营销类收入前提下,提高骑手方面的成本支出并不会影响总利润率,营销类收入可视为美团接下来的潜在收入。</b></p>\n<p>出于篇幅原因,本文并未对到店及酒旅业务进行细致分析,该部分业务与外卖业务有一点是共通的:在拿到了用户规模效应之后,营销类收入的价值也将随之凸显,2021年随着疫苗的面世,疫情迟早会过去,线下餐饮和旅行将重回正轨,这对美团显然也是一大利好。</p>\n<p>重新回到估值问题,2020年美团以外卖为代表的基础业务仍然取得了30%以上的增速,市场是可以以此给予较高的市盈率,前文我们给其60倍市盈率也是合理的,根据上述分析,美团10000亿港元上下的市值是有其内在价值的合理性,也是站得住的,我本人在清空美团股票同时恰忽略了此因素,这是值得反思的,但如果过高,会有泡沫,但并未我们想象中如此之大,其假设条件为创新业务尚未在市值管理中发挥作用。</p>","source":"lsy1583724996352","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美团的泡沫在哪里?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美团的泡沫在哪里?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-12-03 10:18 北京时间 <a href=https://mp.weixin.qq.com/s/ukJXEGwgaaeY9KPn6WKmaQ><strong>科技说</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>我本人曾经一度是美团股票的坚定持有者,从2019年中期就开始不断加仓,但今年中,彼时股价突破200港元大关,上百倍的市盈率开始引起舆论关注,认为美团无可争议的充满泡沫。\n受舆论影响,以及过百倍的市盈率确实实实在在立在那里,很是扎眼,出于审慎原则,我在当时清仓了所有股票。\n\n其后我就期待着验证自己如何“踩准节奏”,盼望着美团股价开始进入调整期,进而下跌,回到100港元水平,然后撰文吹嘘一把自己的投资...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/ukJXEGwgaaeY9KPn6WKmaQ\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/337fae570d013ae2e12c40a9b753776d","relate_stocks":{"03690":"美团-W"},"source_url":"https://mp.weixin.qq.com/s/ukJXEGwgaaeY9KPn6WKmaQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175884850","content_text":"我本人曾经一度是美团股票的坚定持有者,从2019年中期就开始不断加仓,但今年中,彼时股价突破200港元大关,上百倍的市盈率开始引起舆论关注,认为美团无可争议的充满泡沫。\n受舆论影响,以及过百倍的市盈率确实实实在在立在那里,很是扎眼,出于审慎原则,我在当时清仓了所有股票。\n\n其后我就期待着验证自己如何“踩准节奏”,盼望着美团股价开始进入调整期,进而下跌,回到100港元水平,然后撰文吹嘘一把自己的投资理念,但结果大家都知道,如今的美团股价在300港元上下,市值超过了16000亿港元,成为新一代巨头了。\n为何我错判了美团,美团又如何能撑得起现如今的市值,或者说站在价值投资立场,美团究竟做了什么引起资本市场如此的追捧?\n这是过去三个月多以来我不断反思的问题。\n先证实市盈率的问题,这是投资界,媒体界共同关注的话题,当然也是我误判的起点。\n截至撰稿时,美团TTM市盈率在167倍之多,静态市盈率超过600倍,其中主要是因为2020年Q3投资理想汽车带来58亿净利润,无论是否剔除此因素,美团市盈率都是一个惊人的数字。\n这个数字高吗?乍看很高,但实则并没有想象中那么高。\n在近期内,美团开始深入两手抓战略:一手抓既有业务的稳步增长,如外卖,到店和酒旅;而另一手则以创新业务为主,这么多年来分别尝试了共享单车,网约车,买菜,社区团购,生鲜,共享充电宝等业务,创新业务起起伏伏,褒贬不一,且都给当期损益表带来的严峻的亏损。\n也就是说,如果把美团拆分为两个公司:A为传统业务;B为创新业务。由于创新业务尚在亏损期,对市值的影响权重较低,我们不妨用现有市值对A部分进行估值。\n我们查询了2020年前三个季度,A部分的经营盈利分别为:6.1亿元,31亿元和35亿元,共72亿元,保守估计Q4该部分的经营盈利也会在40亿元以上,也就是说该部分全年盈利保守将超过100亿元,如果把对理想汽车的投资收益纳入统计范围,全年盈利将在160亿元上下。\n不考虑B部分,如果美团只将A部分上市,也就是说调整后的美团市盈率在80-100倍区间。\n假设美团是一家保守型公司,以现有现金牛业务为基础,不再开拓创新业务,参考腾讯50倍的市盈率,京东70倍的市盈率,以美团的成长性我们假设给60倍,\n这也刚好是股价在200港元区间之时,那么现如今接近300港元的价值又当如何理解呢?\n在最初解释此现象时,我们考虑到了“市场有限有效性理论”,也即,市场并非时刻保持有效性,甚至大多数时间是失真的,在当下出于货币政策以及科技概念股在全球的追捧等原因,股价暴涨有其合理性的一面。\n在日后的分析中,我们逐渐打破了以上“借口”,主要原因为:资本市场或许会出于成长性给企业以特殊的市盈率,中短期内市场会失真,但长期内仍然要反应运营的基本面。\n我们再考虑到美团运营的基本面,虽然当下社区团购,生鲜买菜等业务如火如荼,业内外也掀起了巨大声量,这固然代表着未来互联网的一种趋势,但中短期内对美团的市值管理仍然要从基础业务入手。\n在过去的几个月内,美团主要面临以下压力:\n其一,老对手阿里在本地生活服务方面的围追堵截,年初支付宝承接阿里本地生活服务流量入口,再到本地生活调整运营,将业务延伸到非餐饮配送,阿里与美团贴身肉搏战堪称今年来互联网头部企业的一大看点;\n其二,当算法越来越成为企业增效的主要驱动力时,出于人为主义关怀,算法过度“压榨”骑手也成为新的社会话题,美团能否平衡效率和成本之间的关系,是否会因此影响业务的盈利性呢?\n先看第一个问题,受疫情影响,餐饮业损失巨大,根据国家统计局数据,今年1-9月,餐饮业总收入同比下降23.9%,共计25000亿元,在堂食受到严重影响之下,外卖借此迅速提高了渗透率,我们整理了美团外卖多周期以来对餐饮业的渗透率,见下图\n\n根据我们观察,阿里本地生活服务对美团的围追堵截主要集中在:\n其一,流量制衡,打通手淘,支付宝两大国内互联网头部应用流量;\n其二,业务组合降低成本,天猫超市接入饿了么,提高服务总规模,降低分摊成本,为竞争扫除后顾之忧;\n其三,在年初疫情后,饿了么宣布对部分餐饮业进行了降佣金计划,以此提高行业向心力。\n但在上图中,以上策略均未达到理想状态,美团餐饮外卖的行业渗透率在Q3仍然在快速上升态势,超过了14%,仅以此来判断,虽然下了大力气“对付”美团,但这9个月中仍未取得明显效果。\n在Quest Mobile的《2020中国移动互联网秋季大报告》中也可以找到证据,见下图\n\n虽然接入支付宝小程序之后,确实对饿了么的流量有了比较明显的促进意义,但在MAU数据维度中,饿了么数据不仅落后于美团App,亦与美团外卖App有明显差距,就此来看,饿了么对美团仍在追赶阶段,还谈不上“压制”。\n我们认为主要原因为:阿里本地生活服务在过去相当长一段时间内都在进行组织的优化,如口碑与饿了么两大组织之间的融合,阿里本地生活服务与支付宝之间配合,阿里本地生活服务与同城零售事业群之间的合作,一次业务架构的调整就要带来一次组织架构的改变,本地生活服务在享受阿里母体的“哺乳”之时,对自身管理也提出更高的要求。\n在过去,美团外卖作为核心业务之一并没有进行太大的架构调整,即便是与之有较大关联的创新业务,也往往是在不打扰主体架构基础上单设部门进行,在有先发优势之时,又保持着组织的稳定,这或许除了互联网流量,运营等因素之外,更能理解两大企业的竞争点。\n如果阿里本地生活服务难以对饿了么进行成长性“扼制”,那么究竟如何看待两家企业的竞争呢?\n在一个仅存两家企业分割市场的行业中,对手之间的关系并不能完全以“对立”进行理解,除对立和竞争之外,两家企业似乎也存在着不可分离的暧昧关系:若市场中仅剩余一家企业,在缺乏服务参照之后,用户对企业势必会会有更高的要求,甚至可能超出企业的服务能力,若无法实现,恐会影响行业发展,某种意义上,两家企业互为参照,互相激励,提高市场总盘子,再互相竞争,分食盘中餐。\n具体到美团,在数据上又如何体现竞争带来的变化呢?\n\n在饿了么处于防守之时,正是美团大规模成长的周期,货币化率在2020年之前基本呈稳步的增长趋势,但在2020年之后,固然有疫情之下餐饮业需要“回血”的原因,但另一方面,饿了么加速竞争也对美团提出了新的要求,货币化率不可过分成长,这不仅会透支商家成长性,更为重要是会破坏美团与餐饮业的关系。\n当然,2020年货币化率下降有多种原因,诸如中头部餐饮企业加入之后选择了自行配送,但整体上,美团外卖的货币化率在2020年已经相对克制了。\n与此同时我们也发现,2020年Q3外卖交易金额较上年同期增长了36%,但外卖业务经营性盈利却同比增长了132.2%,在过去我们曾对此进行过解读,且观点集中在诸如:运营效率,对骑手成本的压缩等等。\n但其实忽略了对手追赶下对收入模型的影响,见下图。\n\n从外卖货币化构成来看,进入2020年之后,佣金货币化率固然呈触顶的趋势,这也有利于改善平台与商家关系,但在营销收入的货币化率中,2020年之后反而呈加速增长的趋势,当对手在进行降佣金收买人心时,美团将营收重点逐渐向营销业务转移,而这种较为弹性的营收方式也可一定程度上抵消商家对货币化率的敏感度。\n当前对美团营收的分析过多集中在了交易总规模之上,这确实有合理的一面,但却忽略了营收结构的变化,在此变化下,营销类收入增长,且不会带来更高的交易和市场支出成本,某种意义上,营销类收入几乎等同于经营利润。\n在饿了么与美团的竞争中,我们看到的不仅仅是双方的互放狠话,也有互相刺激之下,修正业务模型,倒逼改革,此为业务带来的积极一面。\n在此情况下,再看美团对骑手的“压榨”,算法在提高效率的同时也将骑手视为一个个流水线的工人,疲于送餐而未有片刻休闲,若要根据舆论所要求,美团若要将工人从算法中解脱,要么提高骑手待遇,要么增加骑手规模,总之都会增加运营成本。\n我们暂不探讨该目标是否符合提高效率这一企业经营的基本目标,事实上在我内心也认为“活在算法中”为伪命题,骑手固然辛苦,但其实是进行了收入补偿的,如果平台增加骑手招募,或者降低单个骑手的配送量,降低收入,这是否又符合骑手利益呢?同情骑手的声音是否有点“何不食肉糜”的天真和居高临下之感呢?\n回到正题,在2020年Q3,美团增加了骑手支出成本(季节性和临时性补贴为主),外卖毛利率有所下滑,但经营利润率却由上年同期的2.1%增长至3.7%,改善较为明显,这也可以看出,在提高营销类收入前提下,提高骑手方面的成本支出并不会影响总利润率,营销类收入可视为美团接下来的潜在收入。\n出于篇幅原因,本文并未对到店及酒旅业务进行细致分析,该部分业务与外卖业务有一点是共通的:在拿到了用户规模效应之后,营销类收入的价值也将随之凸显,2021年随着疫苗的面世,疫情迟早会过去,线下餐饮和旅行将重回正轨,这对美团显然也是一大利好。\n重新回到估值问题,2020年美团以外卖为代表的基础业务仍然取得了30%以上的增速,市场是可以以此给予较高的市盈率,前文我们给其60倍市盈率也是合理的,根据上述分析,美团10000亿港元上下的市值是有其内在价值的合理性,也是站得住的,我本人在清空美团股票同时恰忽略了此因素,这是值得反思的,但如果过高,会有泡沫,但并未我们想象中如此之大,其假设条件为创新业务尚未在市值管理中发挥作用。","news_type":1},"isVote":1,"tweetType":1,"viewCount":2085,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":304344120,"gmtCreate":1605162884760,"gmtModify":1703836484938,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>坑比小米,早上高点的,泄的太快了吧","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>坑比小米,早上高点的,泄的太快了吧","text":"$小米集团-W(01810)$坑比小米,早上高点的,泄的太快了吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/304344120","isVote":1,"tweetType":1,"viewCount":995,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"109921353127640","authorId":"109921353127640","name":"降龙无悔","avatar":"https://static.tigerbbs.com/dea6a6ad82f509f07f16471ea9a8e919","crmLevel":2,"crmLevelSwitch":0},"content":"做短线很难赚钱,不知道你有没有赚到,反正我是赚不到,看好了公司就拿着吧,也不要想一夜暴富了。","text":"做短线很难赚钱,不知道你有没有赚到,反正我是赚不到,看好了公司就拿着吧,也不要想一夜暴富了。","html":"做短线很难赚钱,不知道你有没有赚到,反正我是赚不到,看好了公司就拿着吧,也不要想一夜暴富了。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":318045,"gmtCreate":1540861930213,"gmtModify":1704779145604,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$小米集团-W(01810)$ 北京还给小米不少户口名额呢,没想到还偷税漏税","listText":"$小米集团-W(01810)$ 北京还给小米不少户口名额呢,没想到还偷税漏税","text":"$小米集团-W(01810)$ 北京还给小米不少户口名额呢,没想到还偷税漏税","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/318045","isVote":1,"tweetType":1,"viewCount":1463,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3493291024491772","authorId":"3493291024491772","name":"老大不在家","avatar":"https://static.tigerbbs.com/bf8334597d79297844bc8dafe706ae19","crmLevel":5,"crmLevelSwitch":0},"content":"傻帽,看清楚了,你再评论好不好?小米对外赠送商品未视销售行为。也就说你赠送商品没交税。","text":"傻帽,看清楚了,你再评论好不好?小米对外赠送商品未视销售行为。也就说你赠送商品没交税。","html":"傻帽,看清楚了,你再评论好不好?小米对外赠送商品未视销售行为。也就说你赠送商品没交税。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":273776,"gmtCreate":1537432401251,"gmtModify":1704774289889,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$蔚来汽车(NIO)$ 国内新势力代表,大航海时代","listText":"$蔚来汽车(NIO)$ 国内新势力代表,大航海时代","text":"$蔚来汽车(NIO)$ 国内新势力代表,大航海时代","images":[{"img":"https://static.tigerbbs.com/a602efb70fa8da78a9981e49fae6648a"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/273776","isVote":1,"tweetType":1,"viewCount":844,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":310672475,"gmtCreate":1611327457597,"gmtModify":1703749785077,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LI\">$理想汽车(LI)$</a>李想你个沙币,啥时候出电车,股票半死不活的","listText":"<a href=\"https://laohu8.com/S/LI\">$理想汽车(LI)$</a>李想你个沙币,啥时候出电车,股票半死不活的","text":"$理想汽车(LI)$李想你个沙币,啥时候出电车,股票半死不活的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/310672475","isVote":1,"tweetType":1,"viewCount":1449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":433520,"gmtCreate":1552980063625,"gmtModify":1704793589500,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$美团点评-W(03690)$ 要解禁了,又一大波人要财务自由了,看好望京楼市","listText":"$美团点评-W(03690)$ 要解禁了,又一大波人要财务自由了,看好望京楼市","text":"$美团点评-W(03690)$ 要解禁了,又一大波人要财务自由了,看好望京楼市","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/433520","isVote":1,"tweetType":1,"viewCount":1007,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":309302,"gmtCreate":1539913486188,"gmtModify":1704778047367,"author":{"id":"3436416125521222","authorId":"3436416125521222","name":"我要买GTR","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$小米集团-W(01810)$ 啥时候发财报啊","listText":"$小米集团-W(01810)$ 啥时候发财报啊","text":"$小米集团-W(01810)$ 啥时候发财报啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/309302","isVote":1,"tweetType":1,"viewCount":2284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}