T20211213723的个人主页 - 老虎社区

T20211213723

T20211213723

暂无个人介绍

IP属地：北京

37关注

8粉丝

1主题

0勋章

2020-03-03

多军来了

百度，除了利润都是浮云

2020-02-11

$AMD(AMD)$ 越来越看不懂这票了，股票每年都增发，账上现金流也不健康，产品落地也总不及预期，偏偏涨起来猛的不行

2020-01-02

$S&P500 ETF(SPY)$ 美股这怕不是喝多了？

2019-12-23

$标普500ETF(SPY)$ 过分了，涨的有点多了

2019-12-23

$波动率短期期货指数ETF(VIXY)$ 哪位大神晓得，为什么这个ETF和对应的指数价格不同步？

2019-12-18

$AMD(AMD)$ 要开始回调了吧

2019-11-07

$AMD(AMD)$ 大家认为AMD需要多少增长率，才可以撑起来目前的市值？

2019-09-24

$百度(BIDU)$ 今天还跌，厉害了

2019-08-11

$百度(BIDU)$ 不乐观呀

2019-08-07

由此可见，百度的名字取的很有远见$百度(BIDU)$

2019-04-21

$AMD(AMD)$ q1预期eps 0.02再不下来说不过去了吧

2019-02-19

$AMD(AMD)$ 一起讨论下，为啥市场会给amd这么高的估值

2019-02-13

$AMD(AMD)$ 今晚继续上攻，突破25压力位，直本30

2019-02-07

$AMD(AMD)$坚决看多amd，难得的抄底机会

2019-01-19

$标普500ETF(SPY)$ 标普500算上今天，已经连涨了11天了，大家都不觉得连涨11天和连跌11天是一会事吗？

2018-12-06

给大家看一段和客户的对话，看看大家啥想法

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":3464634798440233,"uuid":"3464634798440233","gmtCreate":1501540777907,"gmtModify":1639377836173,"name":"T20211213723","pinyin":"t20211213723","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":8,"headSize":37,"tweetSize":16,"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":1,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":15,"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":"2023.02.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"228c86a078844d74991fff2b7ab2428d-3","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资合伙人虎","description":"证券账户累计交易金额达到100万美元","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.28","exceedPercentage":"93.33%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"35ec162348d5460f88c959321e554969-2","templateUuid":"35ec162348d5460f88c959321e554969","name":"宗师交易员","description":"证券或期货账户累计交易次数达到100次","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"80.56%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":1,"crmLevelSwitch":0,"location":"北京","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":983836853,"gmtCreate":1583213708572,"gmtModify":1704349039755,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"多军来了","listText":"多军来了","text":"多军来了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/983836853","repostId":"1197050130","repostType":2,"repost":{"id":"1197050130","pubTimestamp":1583200328,"share":"https://www.laohu8.com/m/news/1197050130?lang=&edition=full","pubTime":"2020-03-03 09:52","market":"us","language":"zh","title":"百度，除了利润都是浮云","url":"https://stock-news.laohu8.com/highlight/detail?id=1197050130","media":"虎嗅","summary":"2020年2月28日，百度$(BIDU)$发布了2019年Q4及全年业绩。Q4营收、净利润分别为289亿和50.5亿，净利润同比增加789%。\n2019年Q4财报公布后，百度走出一根中阳线，收盘价对应","content":"<p>2020年2月28日，百度<a href=\"https://laohu8.com/S/BIDU\">$(BIDU)$</a>发布了2019年Q4及全年业绩。Q4营收、净利润分别为289亿和50.5亿，净利润同比增加789%。</p>\n<p>2019年Q4财报公布后，百度走出一根中阳线，收盘价对应市值416亿美元。</p>\n<p><b>营收结构演变进行时</b></p>\n<p>由于实体经济增速放缓对广告行业的负面影响，2019年Q1、Q2营收同比增速分别为15.4%和1.4%。Q3营收280.8亿，同比下降0.4%（<span>剔除已剥离业务</span>）。Q4营收289亿，同比增长6.2%，重新回到上升通道。</p>\n<p><img src=\"https://static.tigerbbs.com/1222d8798fd326d859e6a6a19cc9349c\"></p>\n<p>百度将营收分为两大块——“线上营销”及“其它收入”。“线上营销”即广告收入，主要来自大搜及爱奇艺，“其它收入”包括爱奇艺会员费、百度云等。</p>\n<p>近年百度线上营销收入（<span>即广告费</span>）占比下降，多元化趋势明显：2016年Q1，广告收入占总营收的94%；2018年Q1降至82%；2019年Q1降至73%。2019年Q4，线上营销、其它收入分别为208亿和81亿，广告收入占比72%。</p>\n<p><img src=\"https://static.tigerbbs.com/c5b0ad7c4c12987b96a6bbacac700ff6\"></p>\n<p>2019年Q4，百度“其它收入”达81亿，同比增长35.4%，爱奇艺付费会员业务是主要因素。</p>\n<p>爱奇艺营收按金额依次为：付费会员、广告、内容分发等业务，合计约占百度营收的四分之一。</p>\n<p>2019年12月末，爱奇艺付费会员突破1亿，全年会费收入144.7亿，同比增长36.2%。2019年H2，付费会员业务收入占比超过50%。</p>\n<p>2019年，爱奇艺广告收入82.9亿，同比下降11.2%。2019年，爱奇艺内容分发、其它收入（<span>如天象互娱的游戏业务</span>）分别为25.2亿、37.7亿。</p>\n<p><img src=\"https://static.tigerbbs.com/1927520a47f86f820dab5c31a882b711\"></p>\n<p>从百度线上营销收入中剔除爱奇艺广告收入，“线上营销*”约等于“大搜”收入；从百度其它收入中剔除爱奇艺会员、分发及其它收入后，“其它收入*”主要来自云计算和AI商业化。</p>\n<p><img src=\"https://static.tigerbbs.com/4268f60dc2d051618e0759c6760c6e73\"></p>\n<p>2018年以来，大搜业务季度收入在150亿至200亿间性波动。2019年，除第一季度外，各季收入均低于2018年同期；全年收入698亿，同比下降3.8%。大搜业务仍然是“现金牛”，但增长已逼近极限，且受经济景气程度制约。</p>\n<p>2019年，“其它收入*”（<span>百度地图、阿波罗自动驾驶、鸿鹄芯片、昆仑芯片、小度音箱等</span>）总额85.6亿，同比增长81.2%。</p>\n<p>2015年百度营收中约有95%来自大搜业务的广告收入。</p>\n<p>2019年大搜、爱奇艺广告收入分别为699亿和83亿，合计占总营收的72.7%；爱奇艺会员收入145亿、合计占总营收的13.5%；其余13.8%来自云计算、AI商业化。</p>\n<p><b>四年间，大搜业务收入占比从95%降至67%。百度营收结构的变化还将持续下去。</b></p>\n<p><b>求人不如求己的绝地反击</b></p>\n<p>百度毛利润率曾经长期保持在60%以上。2018年Q4，百度毛利润率跌至42.6%，经营利润仅为11.1亿，同比下降77%；2019年Q1跌至38.5%，经营亏损9.36亿。</p>\n<p>2019年Q1出现上市以来首个季度亏损，Q2营收增速跌至个位数。不到半年，百度股价从180美元以上跌至100美元以下。</p>\n<p>2019年Q4，经营利润46.6亿，“蓝筹百度”又回来了。</p>\n<p>绝地反击的关键有两点：<b>毛利润率回升，费用率被有效控制。</b></p>\n<p>1）毛利润率回升靠内部挖潜</p>\n<p>2019年Q4的毛利润率为46.3%，比Q1高7.8个百分点。大家都知道爱奇艺高昂的内容成本拖累了百度，但此番毛利润率回升却与爱奇艺无关。</p>\n<p><img src=\"https://static.tigerbbs.com/df0e4debe3b5af034b578269013dd1fb\"></p>\n<p>2019年Q1，爱奇艺内容成本53亿，占百度营收成本的35.7%，百度毛利润率为38.5%；2019年Q4，爱奇艺内容成本57亿，占百度营收成本的36.7%，百度毛利润率为46.3%。</p>\n<p><img src=\"https://static.tigerbbs.com/a568088104580de004cbf75b9eda648f\"></p>\n<p><b>爱奇艺是推动百度营收增长的主要动力，压缩内容成本“副作用”显而易见，百度靠“内部挖潜”使毛利润率回到45%以上，难能可贵。</b></p>\n<p>2）控制费用率</p>\n<p>2019年Q1，毛利润跌破100亿至93亿，费用合计102亿，破天荒地出现9.4亿经营亏损。</p>\n<p>随后三个季度，百度在保持研发投入同时，着力压缩市场及行政费用。2019年Q1、Q4研发费用分别为41.7亿和47.6亿，市场及行政费用分别为60.5亿和39.4亿。Q4研发费用增加5.9亿，市场及行政费用费用减少21.1亿。</p>\n<p><img src=\"https://static.tigerbbs.com/d2837baeabad03d95ea2a69374c2db86\"></p>\n<p>将图中数据全换成百分数，看得更明白：毛利润率从2018年Q2的54%下降到2019年Q1的38%。同期，市场及行政、研发费率合计上涨9个百分点，结果经营亏损3.9%。</p>\n<p>2019年Q4，毛利润率回升到46%，费用率合计下降12个百分点，经营利润率16.1%。</p>\n<p><img src=\"https://static.tigerbbs.com/0b9926125add21b9fc63941619e3b77b\"></p>\n<p>想当年赚钱容易，舒服日子过惯了。如今想压缩成本、控制费用就是“反人性”，有可能会“犯众怒”，遭遇“非暴利不合作”。比如新东方，纵观其历史，其市场费用、行政费用加起来动不动就占营收的40%、50%，而且刚性十足、怎么也压不下来。</p>\n<p><b>外不卡爱奇艺脖子，内不饿研发肚子，十几个点的经营利润率不算高，但得之不易。</b></p>\n<p><b>江湖地位</b></p>\n<p>百度很在意BAT身份，当新秀有赶超苗头时难免焦虑。</p>\n<p>既然资本市场看中增长，百度就着力保持“高速增长”，以免市值“掉队”。直到2019年Q1出现单季经营亏损，股价大幅下挫，<b>百度才明白“只盯GMV、无视巨亏损的投资都去炒PDD了”，百度上市15年吸引的是“蓝筹爱好者”</b><span>（注：过往四个季度，PDD经营亏损133亿）</span>。</p>\n<p>当京东、美团、拼多多、网易、小米纷纷超越或接近，百度心态反而放松了。说白了就是“虱子多了不咬人”。</p>\n<p><b>从2019年下半年的业绩来看，百度已摆脱市值焦虑——增速高可喜、市值高可贺，但与赚到手的真金白银相比，那些都是浮云。</b></p>\n<p>不知从何时开始，BAT的提及频次也已大不如前，但百度“江湖地位”不应小觑。</p>\n<p>评价互联网公司，市值是最方便的指标，认识阿拉伯数字就行。但市值不是唯一，更不是最重要的指标，比如互联网服务收入、自有流量。</p>\n<p><b>中国互联网服务收入达到千亿的公司只有三家，这就是所谓的BAT。</b></p>\n<p>在可比的四个季度（<span>2018Q4、2019Q1~Q3</span>），百度营收1057亿、美团营收892亿、网易营收716亿、京东互联网服务收入598亿、拼多多营收250亿、小米互联网服务收入182亿……与百度有较大差距。</p>\n<p>石油巨头炫耀年产X亿桶原油、钢铁大王骄傲的是产量达到Y千万吨。互联网公司做的是流量生意，自有流量是王道。阿里不需要腾讯倒流、腾讯不会向百度买流量，这是BAT成为“三极”的根本原因。百度市值落后于AT，不是自有流量不够多，而是线上营销“天花板”低。好在线上营销收入占比已降至70%一线。</p>\n<p><b>按照收入、自有流量两个指标，百度仍是中国互联网“三极”之一。</b></p>","source":"highlight_huxiu","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>百度，除了利润都是浮云</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百度，除了利润都是浮云\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-03-03 09:52 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.huxiu.com/article/342175.html><strong>虎嗅</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2020年2月28日，百度$(BIDU)$发布了2019年Q4及全年业绩。Q4营收、净利润分别为289亿和50.5亿，净利润同比增加789%。\n2019年Q4财报公布后，百度走出一根中阳线，收盘价对应市值416亿美元。\n营收结构演变进行时\n由于实体经济增速放缓对广告行业的负面影响，2019年Q1、Q2营收同比增速分别为15.4%和1.4%。Q3营收280.8亿，同比下降0.4%（剔除已剥离业务）。...</p>\n\n<a href=\"https://www.huxiu.com/article/342175.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9c9083ea560ad849832bc28e4921bb34","relate_stocks":{"BIDU":"百度"},"source_url":"https://www.huxiu.com/article/342175.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197050130","content_text":"2020年2月28日，百度$(BIDU)$发布了2019年Q4及全年业绩。Q4营收、净利润分别为289亿和50.5亿，净利润同比增加789%。\n2019年Q4财报公布后，百度走出一根中阳线，收盘价对应市值416亿美元。\n营收结构演变进行时\n由于实体经济增速放缓对广告行业的负面影响，2019年Q1、Q2营收同比增速分别为15.4%和1.4%。Q3营收280.8亿，同比下降0.4%（剔除已剥离业务）。Q4营收289亿，同比增长6.2%，重新回到上升通道。\n\n百度将营收分为两大块——“线上营销”及“其它收入”。“线上营销”即广告收入，主要来自大搜及爱奇艺，“其它收入”包括爱奇艺会员费、百度云等。\n近年百度线上营销收入（即广告费）占比下降，多元化趋势明显：2016年Q1，广告收入占总营收的94%；2018年Q1降至82%；2019年Q1降至73%。2019年Q4，线上营销、其它收入分别为208亿和81亿，广告收入占比72%。\n\n2019年Q4，百度“其它收入”达81亿，同比增长35.4%，爱奇艺付费会员业务是主要因素。\n爱奇艺营收按金额依次为：付费会员、广告、内容分发等业务，合计约占百度营收的四分之一。\n2019年12月末，爱奇艺付费会员突破1亿，全年会费收入144.7亿，同比增长36.2%。2019年H2，付费会员业务收入占比超过50%。\n2019年，爱奇艺广告收入82.9亿，同比下降11.2%。2019年，爱奇艺内容分发、其它收入（如天象互娱的游戏业务）分别为25.2亿、37.7亿。\n\n从百度线上营销收入中剔除爱奇艺广告收入，“线上营销*”约等于“大搜”收入；从百度其它收入中剔除爱奇艺会员、分发及其它收入后，“其它收入*”主要来自云计算和AI商业化。\n\n2018年以来，大搜业务季度收入在150亿至200亿间性波动。2019年，除第一季度外，各季收入均低于2018年同期；全年收入698亿，同比下降3.8%。大搜业务仍然是“现金牛”，但增长已逼近极限，且受经济景气程度制约。\n2019年，“其它收入*”（百度地图、阿波罗自动驾驶、鸿鹄芯片、昆仑芯片、小度音箱等）总额85.6亿，同比增长81.2%。\n2015年百度营收中约有95%来自大搜业务的广告收入。\n2019年大搜、爱奇艺广告收入分别为699亿和83亿，合计占总营收的72.7%；爱奇艺会员收入145亿、合计占总营收的13.5%；其余13.8%来自云计算、AI商业化。\n四年间，大搜业务收入占比从95%降至67%。百度营收结构的变化还将持续下去。\n求人不如求己的绝地反击\n百度毛利润率曾经长期保持在60%以上。2018年Q4，百度毛利润率跌至42.6%，经营利润仅为11.1亿，同比下降77%；2019年Q1跌至38.5%，经营亏损9.36亿。\n2019年Q1出现上市以来首个季度亏损，Q2营收增速跌至个位数。不到半年，百度股价从180美元以上跌至100美元以下。\n2019年Q4，经营利润46.6亿，“蓝筹百度”又回来了。\n绝地反击的关键有两点：毛利润率回升，费用率被有效控制。\n1）毛利润率回升靠内部挖潜\n2019年Q4的毛利润率为46.3%，比Q1高7.8个百分点。大家都知道爱奇艺高昂的内容成本拖累了百度，但此番毛利润率回升却与爱奇艺无关。\n\n2019年Q1，爱奇艺内容成本53亿，占百度营收成本的35.7%，百度毛利润率为38.5%；2019年Q4，爱奇艺内容成本57亿，占百度营收成本的36.7%，百度毛利润率为46.3%。\n\n爱奇艺是推动百度营收增长的主要动力，压缩内容成本“副作用”显而易见，百度靠“内部挖潜”使毛利润率回到45%以上，难能可贵。\n2）控制费用率\n2019年Q1，毛利润跌破100亿至93亿，费用合计102亿，破天荒地出现9.4亿经营亏损。\n随后三个季度，百度在保持研发投入同时，着力压缩市场及行政费用。2019年Q1、Q4研发费用分别为41.7亿和47.6亿，市场及行政费用分别为60.5亿和39.4亿。Q4研发费用增加5.9亿，市场及行政费用费用减少21.1亿。\n\n将图中数据全换成百分数，看得更明白：毛利润率从2018年Q2的54%下降到2019年Q1的38%。同期，市场及行政、研发费率合计上涨9个百分点，结果经营亏损3.9%。\n2019年Q4，毛利润率回升到46%，费用率合计下降12个百分点，经营利润率16.1%。\n\n想当年赚钱容易，舒服日子过惯了。如今想压缩成本、控制费用就是“反人性”，有可能会“犯众怒”，遭遇“非暴利不合作”。比如新东方，纵观其历史，其市场费用、行政费用加起来动不动就占营收的40%、50%，而且刚性十足、怎么也压不下来。\n外不卡爱奇艺脖子，内不饿研发肚子，十几个点的经营利润率不算高，但得之不易。\n江湖地位\n百度很在意BAT身份，当新秀有赶超苗头时难免焦虑。\n既然资本市场看中增长，百度就着力保持“高速增长”，以免市值“掉队”。直到2019年Q1出现单季经营亏损，股价大幅下挫，百度才明白“只盯GMV、无视巨亏损的投资都去炒PDD了”，百度上市15年吸引的是“蓝筹爱好者”（注：过往四个季度，PDD经营亏损133亿）。\n当京东、美团、拼多多、网易、小米纷纷超越或接近，百度心态反而放松了。说白了就是“虱子多了不咬人”。\n从2019年下半年的业绩来看，百度已摆脱市值焦虑——增速高可喜、市值高可贺，但与赚到手的真金白银相比，那些都是浮云。\n不知从何时开始，BAT的提及频次也已大不如前，但百度“江湖地位”不应小觑。\n评价互联网公司，市值是最方便的指标，认识阿拉伯数字就行。但市值不是唯一，更不是最重要的指标，比如互联网服务收入、自有流量。\n中国互联网服务收入达到千亿的公司只有三家，这就是所谓的BAT。\n在可比的四个季度（2018Q4、2019Q1~Q3），百度营收1057亿、美团营收892亿、网易营收716亿、京东互联网服务收入598亿、拼多多营收250亿、小米互联网服务收入182亿……与百度有较大差距。\n石油巨头炫耀年产X亿桶原油、钢铁大王骄傲的是产量达到Y千万吨。互联网公司做的是流量生意，自有流量是王道。阿里不需要腾讯倒流、腾讯不会向百度买流量，这是BAT成为“三极”的根本原因。百度市值落后于AT，不是自有流量不够多，而是线上营销“天花板”低。好在线上营销收入占比已降至70%一线。\n按照收入、自有流量两个指标，百度仍是中国互联网“三极”之一。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":914493165,"gmtCreate":1581431923557,"gmtModify":1704344142865,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;越来越看不懂这票了，股票每年都增发，账上现金流也不健康，产品落地也总不及预期，偏偏涨起来猛的不行","listText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;越来越看不懂这票了，股票每年都增发，账上现金流也不健康，产品落地也总不及预期，偏偏涨起来猛的不行","text":"$AMD(AMD)$ 越来越看不懂这票了，股票每年都增发，账上现金流也不健康，产品落地也总不及预期，偏偏涨起来猛的不行","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":10,"repostSize":0,"link":"https://laohu8.com/post/914493165","isVote":1,"tweetType":1,"viewCount":4504,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3522965446641708","authorId":"3522965446641708","name":"winter_lee","avatar":"https://static.tigerbbs.com/46202d4a1b95a6e7c451600d206acbb9","crmLevel":5,"crmLevelSwitch":0},"content":"3990x测评性能碾压牙膏厂的同时还便宜，新发的专业显卡性能也是超强，未来可期呀","text":"3990x测评性能碾压牙膏厂的同时还便宜，新发的专业显卡性能也是超强，未来可期呀","html":"3990x测评性能碾压牙膏厂的同时还便宜，新发的专业显卡性能也是超强，未来可期呀"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":911914909,"gmtCreate":1577977547201,"gmtModify":1704336695943,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SPY\">$S&amp;P500 ETF(SPY)$</a>&nbsp;美股这怕不是喝多了？","listText":"<a href=\"https://laohu8.com/S/SPY\">$S&amp;P500 ETF(SPY)$</a>&nbsp;美股这怕不是喝多了？","text":"$S&P500 ETF(SPY)$ 美股这怕不是喝多了？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/911914909","isVote":1,"tweetType":1,"viewCount":1331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":913087261,"gmtCreate":1577114889753,"gmtModify":1704335282151,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SPY\">$标普500ETF(SPY)$</a>&nbsp;过分了，涨的有点多了","listText":"<a href=\"https://laohu8.com/S/SPY\">$标普500ETF(SPY)$</a>&nbsp;过分了，涨的有点多了","text":"$标普500ETF(SPY)$ 过分了，涨的有点多了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/913087261","isVote":1,"tweetType":1,"viewCount":2622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":919772919,"gmtCreate":1577090301131,"gmtModify":1704335211157,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VIXY\">$波动率短期期货指数ETF(VIXY)$</a>&nbsp;哪位大神晓得，为什么这个ETF和对应的指数价格不同步？","listText":"<a href=\"https://laohu8.com/S/VIXY\">$波动率短期期货指数ETF(VIXY)$</a>&nbsp;哪位大神晓得，为什么这个ETF和对应的指数价格不同步？","text":"$波动率短期期货指数ETF(VIXY)$ 哪位大神晓得，为什么这个ETF和对应的指数价格不同步？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/919772919","isVote":1,"tweetType":1,"viewCount":1357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":919665186,"gmtCreate":1576680573445,"gmtModify":1704272235790,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;要开始回调了吧","listText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;要开始回调了吧","text":"$AMD(AMD)$ 要开始回调了吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/919665186","isVote":1,"tweetType":1,"viewCount":949,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":932791824,"gmtCreate":1573080328268,"gmtModify":1704725498570,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;大家认为AMD需要多少增长率，才可以撑起来目前的市值？","listText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;大家认为AMD需要多少增长率，才可以撑起来目前的市值？","text":"$AMD(AMD)$ 大家认为AMD需要多少增长率，才可以撑起来目前的市值？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/932791824","isVote":1,"tweetType":1,"viewCount":4119,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3451085056227954","authorId":"3451085056227954","name":"hypnus","avatar":"https://static.tigerbbs.com/78cbbec78105b20744059f5753132eb8","crmLevel":1,"crmLevelSwitch":0},"content":"营收不变的情况下只要毛利率达到50%就足够支持36这个股价了，所以一切看数据中心的市场份额能增长多少","text":"营收不变的情况下只要毛利率达到50%就足够支持36这个股价了，所以一切看数据中心的市场份额能增长多少","html":"营收不变的情况下只要毛利率达到50%就足够支持36这个股价了，所以一切看数据中心的市场份额能增长多少"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":939441015,"gmtCreate":1569331881837,"gmtModify":1704719151570,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>&nbsp;今天还跌，厉害了","listText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>&nbsp;今天还跌，厉害了","text":"$百度(BIDU)$ 今天还跌，厉害了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/939441015","isVote":1,"tweetType":1,"viewCount":2420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":992559879,"gmtCreate":1565529386991,"gmtModify":1704712585582,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>&nbsp;不乐观呀","listText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>&nbsp;不乐观呀","text":"$百度(BIDU)$ 不乐观呀","images":[{"img":"https://static.tigerbbs.com/3777ed2fea2a8bf42e55ff7cdebafe0a","width":"1080","height":"2160"},{"img":"https://static.tigerbbs.com/d613baa073a94c7485fa7a9767ea9141","width":"1080","height":"2160"},{"img":"https://static.tigerbbs.com/a02720a16ca115b17b6f0467563ffe03","width":"1080","height":"2160"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/992559879","isVote":1,"tweetType":1,"viewCount":2704,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"1780633989808","authorId":"1780633989808","name":"喝汽水的兔子","avatar":"https://static.tigerbbs.com/01a795b62c4ad4bfcfbbae77ab2c426b","crmLevel":3,"crmLevelSwitch":0},"content":"如果他不把广告打在首屏用户就会从首条信息跳走了，打在首屏也是必然的选择，它其实可以像免费书那样写一句广告是为了提供持续的免费搜索，让大家意识到搜索本来就是一项服务","text":"如果他不把广告打在首屏用户就会从首条信息跳走了，打在首屏也是必然的选择，它其实可以像免费书那样写一句广告是为了提供持续的免费搜索，让大家意识到搜索本来就是一项服务","html":"如果他不把广告打在首屏用户就会从首条信息跳走了，打在首屏也是必然的选择，它其实可以像免费书那样写一句广告是为了提供持续的免费搜索，让大家意识到搜索本来就是一项服务"}],"imageCount":3,"langContent":"CN","totalScore":0},{"id":992123275,"gmtCreate":1565155476497,"gmtModify":1704712053579,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"由此可见，百度的名字取的很有远见$百度(BIDU)$","listText":"由此可见，百度的名字取的很有远见$百度(BIDU)$","text":"由此可见，百度的名字取的很有远见$百度(BIDU)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/992123275","isVote":1,"tweetType":1,"viewCount":3176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":900494795,"gmtCreate":1555857220417,"gmtModify":1704799491181,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$AMD(AMD)$ q1预期eps 0.02再不下来说不过去了吧","listText":"$AMD(AMD)$ q1预期eps 0.02再不下来说不过去了吧","text":"$AMD(AMD)$ q1预期eps 0.02再不下来说不过去了吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/900494795","isVote":1,"tweetType":1,"viewCount":3165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":403581,"gmtCreate":1550590251858,"gmtModify":1704789902259,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$AMD(AMD)$ 一起讨论下，为啥市场会给amd这么高的估值","listText":"$AMD(AMD)$ 一起讨论下，为啥市场会给amd这么高的估值","text":"$AMD(AMD)$ 一起讨论下，为啥市场会给amd这么高的估值","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":12,"repostSize":1,"link":"https://laohu8.com/post/403581","isVote":1,"tweetType":1,"viewCount":2966,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3506922249340770","authorId":"3506922249340770","name":"终结之谷瀑布","avatar":"https://static.tigerbbs.com/e7305b0a06288cc15a3bcc6b57836ac3","crmLevel":2,"crmLevelSwitch":0},"content":"都没说到点子上，关键是amd的cpu得到了超算和服务器市场大佬们的认可，这部分利润太大了，基本都是intel和ibm在吃，amd现在有希望抢走一半的蛋糕。。","text":"都没说到点子上，关键是amd的cpu得到了超算和服务器市场大佬们的认可，这部分利润太大了，基本都是intel和ibm在吃，amd现在有希望抢走一半的蛋糕。。","html":"都没说到点子上，关键是amd的cpu得到了超算和服务器市场大佬们的认可，这部分利润太大了，基本都是intel和ibm在吃，amd现在有希望抢走一半的蛋糕。。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":399745,"gmtCreate":1550055318513,"gmtModify":1704789418237,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$AMD(AMD)$ 今晚继续上攻，突破25压力位，直本30","listText":"$AMD(AMD)$ 今晚继续上攻，突破25压力位，直本30","text":"$AMD(AMD)$ 今晚继续上攻，突破25压力位，直本30","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/399745","isVote":1,"tweetType":1,"viewCount":1211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":396740,"gmtCreate":1549549749147,"gmtModify":1704789048991,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$AMD(AMD)$坚决看多amd，难得的抄底机会","listText":"$AMD(AMD)$坚决看多amd，难得的抄底机会","text":"$AMD(AMD)$坚决看多amd，难得的抄底机会","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/396740","isVote":1,"tweetType":1,"viewCount":1862,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3505390936524299","authorId":"3505390936524299","name":"高位做空","avatar":"https://static.tigerbbs.com/bee5659c030aeb34f64395122261e3e5","crmLevel":1,"crmLevelSwitch":0},"content":"抄底吧。。我觉得还没到时候","text":"抄底吧。。我觉得还没到时候","html":"抄底吧。。我觉得还没到时候"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":382994,"gmtCreate":1547827488670,"gmtModify":1704787313722,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$标普500ETF(SPY)$ 标普500算上今天，已经连涨了11天了，大家都不觉得连涨11天和连跌11天是一会事吗？","listText":"$标普500ETF(SPY)$ 标普500算上今天，已经连涨了11天了，大家都不觉得连涨11天和连跌11天是一会事吗？","text":"$标普500ETF(SPY)$ 标普500算上今天，已经连涨了11天了，大家都不觉得连涨11天和连跌11天是一会事吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/382994","isVote":1,"tweetType":1,"viewCount":1442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":347827,"gmtCreate":1544085239874,"gmtModify":1704782971128,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"给大家看一段和客户的对话，看看大家啥想法","listText":"给大家看一段和客户的对话，看看大家啥想法","text":"给大家看一段和客户的对话，看看大家啥想法","images":[{"img":"https://static.tigerbbs.com/50ece6c92c887a08205baf72a2394f4d"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/347827","isVote":1,"tweetType":1,"viewCount":1201,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3435458119829659","authorId":"3435458119829659","name":"利弗莫尔1905","avatar":"https://static.tigerbbs.com/0f82d05fb6c8098a801476c6d6d65405","crmLevel":2,"crmLevelSwitch":0},"content":"换平台吧😄","text":"换平台吧😄","html":"换平台吧😄"}],"imageCount":1,"langContent":"CN","totalScore":0}],"hots":[{"id":403581,"gmtCreate":1550590251858,"gmtModify":1704789902259,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$AMD(AMD)$ 一起讨论下，为啥市场会给amd这么高的估值","listText":"$AMD(AMD)$ 一起讨论下，为啥市场会给amd这么高的估值","text":"$AMD(AMD)$ 一起讨论下，为啥市场会给amd这么高的估值","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":12,"repostSize":1,"link":"https://laohu8.com/post/403581","isVote":1,"tweetType":1,"viewCount":2966,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3506922249340770","authorId":"3506922249340770","name":"终结之谷瀑布","avatar":"https://static.tigerbbs.com/e7305b0a06288cc15a3bcc6b57836ac3","crmLevel":2,"crmLevelSwitch":0},"content":"都没说到点子上，关键是amd的cpu得到了超算和服务器市场大佬们的认可，这部分利润太大了，基本都是intel和ibm在吃，amd现在有希望抢走一半的蛋糕。。","text":"都没说到点子上，关键是amd的cpu得到了超算和服务器市场大佬们的认可，这部分利润太大了，基本都是intel和ibm在吃，amd现在有希望抢走一半的蛋糕。。","html":"都没说到点子上，关键是amd的cpu得到了超算和服务器市场大佬们的认可，这部分利润太大了，基本都是intel和ibm在吃，amd现在有希望抢走一半的蛋糕。。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":914493165,"gmtCreate":1581431923557,"gmtModify":1704344142865,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;越来越看不懂这票了，股票每年都增发，账上现金流也不健康，产品落地也总不及预期，偏偏涨起来猛的不行","listText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;越来越看不懂这票了，股票每年都增发，账上现金流也不健康，产品落地也总不及预期，偏偏涨起来猛的不行","text":"$AMD(AMD)$ 越来越看不懂这票了，股票每年都增发，账上现金流也不健康，产品落地也总不及预期，偏偏涨起来猛的不行","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":10,"repostSize":0,"link":"https://laohu8.com/post/914493165","isVote":1,"tweetType":1,"viewCount":4504,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3522965446641708","authorId":"3522965446641708","name":"winter_lee","avatar":"https://static.tigerbbs.com/46202d4a1b95a6e7c451600d206acbb9","crmLevel":5,"crmLevelSwitch":0},"content":"3990x测评性能碾压牙膏厂的同时还便宜，新发的专业显卡性能也是超强，未来可期呀","text":"3990x测评性能碾压牙膏厂的同时还便宜，新发的专业显卡性能也是超强，未来可期呀","html":"3990x测评性能碾压牙膏厂的同时还便宜，新发的专业显卡性能也是超强，未来可期呀"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":932791824,"gmtCreate":1573080328268,"gmtModify":1704725498570,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;大家认为AMD需要多少增长率，才可以撑起来目前的市值？","listText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;大家认为AMD需要多少增长率，才可以撑起来目前的市值？","text":"$AMD(AMD)$ 大家认为AMD需要多少增长率，才可以撑起来目前的市值？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/932791824","isVote":1,"tweetType":1,"viewCount":4119,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3451085056227954","authorId":"3451085056227954","name":"hypnus","avatar":"https://static.tigerbbs.com/78cbbec78105b20744059f5753132eb8","crmLevel":1,"crmLevelSwitch":0},"content":"营收不变的情况下只要毛利率达到50%就足够支持36这个股价了，所以一切看数据中心的市场份额能增长多少","text":"营收不变的情况下只要毛利率达到50%就足够支持36这个股价了，所以一切看数据中心的市场份额能增长多少","html":"营收不变的情况下只要毛利率达到50%就足够支持36这个股价了，所以一切看数据中心的市场份额能增长多少"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":992559879,"gmtCreate":1565529386991,"gmtModify":1704712585582,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>&nbsp;不乐观呀","listText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>&nbsp;不乐观呀","text":"$百度(BIDU)$ 不乐观呀","images":[{"img":"https://static.tigerbbs.com/3777ed2fea2a8bf42e55ff7cdebafe0a","width":"1080","height":"2160"},{"img":"https://static.tigerbbs.com/d613baa073a94c7485fa7a9767ea9141","width":"1080","height":"2160"},{"img":"https://static.tigerbbs.com/a02720a16ca115b17b6f0467563ffe03","width":"1080","height":"2160"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/992559879","isVote":1,"tweetType":1,"viewCount":2704,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"1780633989808","authorId":"1780633989808","name":"喝汽水的兔子","avatar":"https://static.tigerbbs.com/01a795b62c4ad4bfcfbbae77ab2c426b","crmLevel":3,"crmLevelSwitch":0},"content":"如果他不把广告打在首屏用户就会从首条信息跳走了，打在首屏也是必然的选择，它其实可以像免费书那样写一句广告是为了提供持续的免费搜索，让大家意识到搜索本来就是一项服务","text":"如果他不把广告打在首屏用户就会从首条信息跳走了，打在首屏也是必然的选择，它其实可以像免费书那样写一句广告是为了提供持续的免费搜索，让大家意识到搜索本来就是一项服务","html":"如果他不把广告打在首屏用户就会从首条信息跳走了，打在首屏也是必然的选择，它其实可以像免费书那样写一句广告是为了提供持续的免费搜索，让大家意识到搜索本来就是一项服务"}],"imageCount":3,"langContent":"CN","totalScore":0},{"id":396740,"gmtCreate":1549549749147,"gmtModify":1704789048991,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$AMD(AMD)$坚决看多amd，难得的抄底机会","listText":"$AMD(AMD)$坚决看多amd，难得的抄底机会","text":"$AMD(AMD)$坚决看多amd，难得的抄底机会","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/396740","isVote":1,"tweetType":1,"viewCount":1862,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3505390936524299","authorId":"3505390936524299","name":"高位做空","avatar":"https://static.tigerbbs.com/bee5659c030aeb34f64395122261e3e5","crmLevel":1,"crmLevelSwitch":0},"content":"抄底吧。。我觉得还没到时候","text":"抄底吧。。我觉得还没到时候","html":"抄底吧。。我觉得还没到时候"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":347827,"gmtCreate":1544085239874,"gmtModify":1704782971128,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"给大家看一段和客户的对话，看看大家啥想法","listText":"给大家看一段和客户的对话，看看大家啥想法","text":"给大家看一段和客户的对话，看看大家啥想法","images":[{"img":"https://static.tigerbbs.com/50ece6c92c887a08205baf72a2394f4d"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/347827","isVote":1,"tweetType":1,"viewCount":1201,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3435458119829659","authorId":"3435458119829659","name":"利弗莫尔1905","avatar":"https://static.tigerbbs.com/0f82d05fb6c8098a801476c6d6d65405","crmLevel":2,"crmLevelSwitch":0},"content":"换平台吧😄","text":"换平台吧😄","html":"换平台吧😄"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":992123275,"gmtCreate":1565155476497,"gmtModify":1704712053579,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"由此可见，百度的名字取的很有远见$百度(BIDU)$","listText":"由此可见，百度的名字取的很有远见$百度(BIDU)$","text":"由此可见，百度的名字取的很有远见$百度(BIDU)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/992123275","isVote":1,"tweetType":1,"viewCount":3176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":939441015,"gmtCreate":1569331881837,"gmtModify":1704719151570,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>&nbsp;今天还跌，厉害了","listText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>&nbsp;今天还跌，厉害了","text":"$百度(BIDU)$ 今天还跌，厉害了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/939441015","isVote":1,"tweetType":1,"viewCount":2420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":911914909,"gmtCreate":1577977547201,"gmtModify":1704336695943,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SPY\">$S&amp;P500 ETF(SPY)$</a>&nbsp;美股这怕不是喝多了？","listText":"<a href=\"https://laohu8.com/S/SPY\">$S&amp;P500 ETF(SPY)$</a>&nbsp;美股这怕不是喝多了？","text":"$S&P500 ETF(SPY)$ 美股这怕不是喝多了？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/911914909","isVote":1,"tweetType":1,"viewCount":1331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":900494795,"gmtCreate":1555857220417,"gmtModify":1704799491181,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$AMD(AMD)$ q1预期eps 0.02再不下来说不过去了吧","listText":"$AMD(AMD)$ q1预期eps 0.02再不下来说不过去了吧","text":"$AMD(AMD)$ q1预期eps 0.02再不下来说不过去了吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/900494795","isVote":1,"tweetType":1,"viewCount":3165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":382994,"gmtCreate":1547827488670,"gmtModify":1704787313722,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$标普500ETF(SPY)$ 标普500算上今天，已经连涨了11天了，大家都不觉得连涨11天和连跌11天是一会事吗？","listText":"$标普500ETF(SPY)$ 标普500算上今天，已经连涨了11天了，大家都不觉得连涨11天和连跌11天是一会事吗？","text":"$标普500ETF(SPY)$ 标普500算上今天，已经连涨了11天了，大家都不觉得连涨11天和连跌11天是一会事吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/382994","isVote":1,"tweetType":1,"viewCount":1442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":399745,"gmtCreate":1550055318513,"gmtModify":1704789418237,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"$AMD(AMD)$ 今晚继续上攻，突破25压力位，直本30","listText":"$AMD(AMD)$ 今晚继续上攻，突破25压力位，直本30","text":"$AMD(AMD)$ 今晚继续上攻，突破25压力位，直本30","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/399745","isVote":1,"tweetType":1,"viewCount":1211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":983836853,"gmtCreate":1583213708572,"gmtModify":1704349039755,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"多军来了","listText":"多军来了","text":"多军来了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/983836853","repostId":"1197050130","repostType":2,"isVote":1,"tweetType":1,"viewCount":1196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":913087261,"gmtCreate":1577114889753,"gmtModify":1704335282151,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SPY\">$标普500ETF(SPY)$</a>&nbsp;过分了，涨的有点多了","listText":"<a href=\"https://laohu8.com/S/SPY\">$标普500ETF(SPY)$</a>&nbsp;过分了，涨的有点多了","text":"$标普500ETF(SPY)$ 过分了，涨的有点多了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/913087261","isVote":1,"tweetType":1,"viewCount":2622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":919772919,"gmtCreate":1577090301131,"gmtModify":1704335211157,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VIXY\">$波动率短期期货指数ETF(VIXY)$</a>&nbsp;哪位大神晓得，为什么这个ETF和对应的指数价格不同步？","listText":"<a href=\"https://laohu8.com/S/VIXY\">$波动率短期期货指数ETF(VIXY)$</a>&nbsp;哪位大神晓得，为什么这个ETF和对应的指数价格不同步？","text":"$波动率短期期货指数ETF(VIXY)$ 哪位大神晓得，为什么这个ETF和对应的指数价格不同步？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/919772919","isVote":1,"tweetType":1,"viewCount":1357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":919665186,"gmtCreate":1576680573445,"gmtModify":1704272235790,"author":{"id":"3464634798440233","authorId":"3464634798440233","name":"T20211213723","avatar":"https://static.laohu8.com/5eca4b7482eadf11553036d7674cbbd8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;要开始回调了吧","listText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;要开始回调了吧","text":"$AMD(AMD)$ 要开始回调了吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/919665186","isVote":1,"tweetType":1,"viewCount":949,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}