NonameDevil的个人主页 - 老虎社区

NonameDevil

NonameDevil

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0勋章

2021-10-28

$Sesen Bio, Inc.(SESN)$ssell or hold drop againt

2021-10-07

修改价格为什么会扣手续费

2021-10-05

$Sphere 3D Corp(ANY)$为什么还一直跌

2021-10-02

$Sphere 3D Corp(ANY)$为什么不会飞了反而掉下来 [无语]

2021-09-30

$Sphere 3D Corp(ANY)$any idea

2021-09-06

咔了吗

捞王，捞出的是真金还是泡沫？

2021-08-26

可以进吗

抱歉，原内容已删除

2021-08-17

$Sesen Bio, Inc.(SESN)$good news up up up

2021-08-17

今天怎么静静地

2021-08-17

$Strata Skin Sciences, Inc.(SSKN)$怎么没有人玩这个不是有好消息吗

2021-08-17

$NanoVibronix Inc(NAOV)$can up $4

2021-08-15

good

抱歉，原内容已删除

2021-08-13

good

长视频鏖战15年后，爱奇艺这份财报窥见“新蓝海”

2021-08-11

$IMV Inc(IMV)$机会又来了走过路过不要错过最后一轮了

2021-08-09

可以吗

现货黄金一度失守1700美元大关，未来仍能看涨？

2021-08-09

星期一到了大神们有什么介绍吗

2021-08-04

$Chembio Diagnostics(CEMI)$财报出来后会升吗

2021-07-30

$NanoVibronix Inc(NAOV)$为啥起不来了的

2021-07-27

$Oragenics Inc.(OGEN)$注意下一波 😎

2021-07-16

up

抱歉，原内容已删除

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againt","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/854930595","isVote":1,"tweetType":1,"viewCount":1050,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823114706,"gmtCreate":1633598437546,"gmtModify":1633598437781,"author":{"id":"4087197775339280","authorId":"4087197775339280","name":"NonameDevil","avatar":"https://static.tigerbbs.com/bd1fe001f7244a9eedf26355346a32b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087197775339280","authorIdStr":"4087197775339280"},"themes":[],"htmlText":"修改价格为什么会扣手续费","listText":"修改价格为什么会扣手续费","text":"修改价格为什么会扣手续费","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/823114706","isVote":1,"tweetType":1,"viewCount":804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820896480,"gmtCreate":1633364596589,"gmtModify":1633364596701,"author":{"id":"4087197775339280","authorId":"4087197775339280","name":"NonameDevil","avatar":"https://static.tigerbbs.com/bd1fe001f7244a9eedf26355346a32b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087197775339280","authorIdStr":"4087197775339280"},"themes":[],"htmlText":"<a 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Corp(ANY)$</a>为什么不会飞了 反而掉下来&nbsp;[无语]&nbsp;","text":"$Sphere 3D Corp(ANY)$为什么不会飞了 反而掉下来 [无语]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/864264453","isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865446925,"gmtCreate":1633013639147,"gmtModify":1633013639250,"author":{"id":"4087197775339280","authorId":"4087197775339280","name":"NonameDevil","avatar":"https://static.tigerbbs.com/bd1fe001f7244a9eedf26355346a32b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087197775339280","authorIdStr":"4087197775339280"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ANY\">$Sphere 3D Corp(ANY)$</a>any idea","listText":"<a href=\"https://laohu8.com/S/ANY\">$Sphere 3D Corp(ANY)$</a>any idea","text":"$Sphere 3D Corp(ANY)$any idea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/865446925","isVote":1,"tweetType":1,"viewCount":1106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":817682364,"gmtCreate":1630941314758,"gmtModify":1632905027136,"author":{"id":"4087197775339280","authorId":"4087197775339280","name":"NonameDevil","avatar":"https://static.tigerbbs.com/bd1fe001f7244a9eedf26355346a32b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087197775339280","authorIdStr":"4087197775339280"},"themes":[],"htmlText":"咔了吗","listText":"咔了吗","text":"咔了吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817682364","repostId":"2165467382","repostType":4,"repost":{"id":"2165467382","kind":"highlight","pubTimestamp":1630938191,"share":"https://www.laohu8.com/m/news/2165467382?lang=&edition=full","pubTime":"2021-09-06 22:23","market":"hk","language":"zh","title":"捞王，捞出的是真金还是泡沫？","url":"https://stock-news.laohu8.com/highlight/detail?id=2165467382","media":"格隆汇","summary":"白汤赢了红汤","content":"<p>如今在餐饮界，火锅依旧是市场瞩目的C位选手。</p>\n<p>人们不仅爱吃，还爱投，更爱自己搞，来去之间，一家上市公司或许就出现了。</p>\n<p>近日，粤式火锅连锁店捞王(Laowang Holding Limited)向港交所主板提交上市申请，<a href=\"https://laohu8.com/S/601995\">中金公司</a>及华泰国际为联席保荐人。</p>\n<p>继<a href=\"https://laohu8.com/S/06862\">海底捞</a>、<a href=\"https://laohu8.com/S/00520\">呷哺呷哺</a>之后，捞王作为又一火锅新势力有望在港股登场。</p>\n<p>火锅这门生意向来站在风口，有人乐得看个热闹，有人杀入战场欲分一杯羹，市场已是红海，如何突破重围，走顺盈利模式一直是入局者，乃至市场最重视的经营命题。</p>\n<h3><b>1</b></h3>\n<h3><b>掘金火锅市场</b></h3>\n<p>说到底，<b>一个上市公司的崛起需要有行业空间的支撑。</b></p>\n<p>民以食为天，中国人对吃一向花心思。</p>\n<p>受益于产业结构升级，中国餐饮业作为第三产业的关键组成部分，成长潜力大，尤其在疫情下行业洗牌出清迅速，不断趋于良性发展。</p>\n<p>有趣的是，<b>中国餐饮业的资本化程度并不高，缺少巨头，</b>这一块的市场价值值得深挖。</p>\n<p><img src=\"https://static.tigerbbs.com/04e338b2e69f7b203a12f1c4249ecdc0\" tg-width=\"991\" tg-height=\"714\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>火锅是中国独有的美食，历史悠久，长期受到来自五湖四海的人们的喜爱。</p>\n<p><img src=\"https://static.tigerbbs.com/188208df3929635aceddd94bb8d5d85b\" tg-width=\"1000\" tg-height=\"1460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>图源：网络</p>\n<p>古书有云，火锅“以锡为之，分上下层，高不及尺，中以红铜为火筒着炭，汤沸时，煮一切肉脯、鸡、鱼，其味无不鲜美。”</p>\n<p>在一定程度上，火锅的辣和鲜也具有成瘾性，而<b>成瘾性的合法产品有着高黏性，</b>获利空间自然不少。</p>\n<p>时光转到现在，这口热气沸腾的汤锅不仅可以接纳一切美味珍馐，还叠加了一层社交属性。</p>\n<p>管它春去冬来，与三两好友，约个火锅，谈天说地，便是烟火人世间的小确幸。</p>\n<p>这是一种沟通桥梁，更是一种情感宣泄，在火锅面前，人情的温暖多了，社恐的局促少了。</p>\n<p>总之，<b>火锅是万能的，没有火锅是万万不可的，</b>它已成为餐饮细分下的主要品类。</p>\n<p><img src=\"https://static.tigerbbs.com/afcc1a805142d91de58178f3482c21dd\" tg-width=\"1080\" tg-height=\"497\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>有空间，自然有人来掘金。</p>\n<p>要知道火锅的<b>标准化不难，进入门槛不高，易于“去厨师化”，而获利水平较高。</b></p>\n<p>公开数据显示，近十年来，火锅相关企业总体保持增长，频频受到资本的青睐。</p>\n<p><img src=\"https://static.tigerbbs.com/984a4951d665b9681d5f5ed215d813c3\" tg-width=\"993\" tg-height=\"684\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>你甚至会发现，各路明星也纷纷将开火锅店作为副业发展，想要捞把快钱。</p>\n<p>目前市场上，火锅企业的种类占比最大的是川渝类的红汤火锅，正所谓一辣解千愁，对辣味上瘾的年轻人不在少数。</p>\n<p><img src=\"https://static.tigerbbs.com/7f52006f9e7efd6fcf725efca73d28fd\" tg-width=\"400\" tg-height=\"267\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>图源：网络</p>\n<p>不过黑马不是没有，乘着健康养生之风，以粤式火锅（海鲜火锅、潮汕牛肉火锅、粥底火锅等）为首的白汤大军来势汹汹。</p>\n<p>公开数据显示，预计到2025年，粤式火锅餐厅行业的收入将达到1285亿元，<b>中国所有粤式火锅餐厅自2020年至2025年的复合年增长率为15.3%。</b></p>\n<p>不同于川渝的火辣重口，粤式火锅以清淡滋补为主，重视食材的原汁原味。其中，捞王作为典型的先行者跑了出来。</p>\n<p><img src=\"https://static.tigerbbs.com/3dd8d2ab18d80b6662581de55ec29ebf\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>图源：网络</p>\n<h3><b>2</b></h3>\n<h3><b>重视品牌运营</b></h3>\n<p>捞王成立于2010年，主打胡椒猪肚鸡火锅&nbsp;，旗下运营及管理了三个品牌，分别为“捞王锅物料理”，“锅季”以及“捞王心灵肚鸡汤”，截至最后实际可行日期，捞王在中国内地的25个城市开设了135家连锁自营餐厅及在台北开设了一家餐厅。</p>\n<p><img src=\"https://static.tigerbbs.com/c3df56827e09c482efa121e4271319da\" tg-width=\"992\" tg-height=\"712\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p><img src=\"https://static.tigerbbs.com/19661cebdd65bffa71a3ebcd3d9d4863\" tg-width=\"600\" tg-height=\"313\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>图源：网络</p>\n<p>IPO前，创始人李裕成、陈湘、黄雅玲、赵宏泽、王咏诗共同作为一致行动集团，截至最后实际可行日期，分别直接或间接持有已发行股本总额的29.92%、7.51%、1.33%、4.26%、2.00%。</p>\n<p><img src=\"https://static.tigerbbs.com/af7cb3000e12c1e14fbca27715415c03\" tg-width=\"988\" tg-height=\"705\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>从基本面来看，2018年-2020年实现营收分别为8.7亿元、10.95亿元、11.25亿元；2021年上半年营收为6.47亿元，上年同期的营收为4.36亿元；期内利润分别为5906万、7992万、6744万元，存在一定的波动；2021年上半年期内利润2145万，上年同期的期内利润为106万元。</p>\n<p><img src=\"https://static.tigerbbs.com/564b2d6403c47b6aa5281941a6e6eb36\" tg-width=\"1080\" tg-height=\"488\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>虽说火锅已陷入竞争红海，但目前按2020年收入计,捞王在中国粤式火锅餐厅市场中排名第一，市场份额为1.7%。</p>\n<p>捞王之所以可以跻身粤式火锅的头部梯队，一方面通过走白汤路线而打出差异化，同时，在营销、品牌运营上也频频发力。</p>\n<p><img src=\"https://static.tigerbbs.com/5881606f42b138d41c3737653dd0c982\" tg-width=\"428\" tg-height=\"469\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>图源：招股书</p>\n<p>要知道火锅是个好品类，但品类再好也会触及增长天花板的时候，最终还是要将重心放在品牌运营管理上。</p>\n<p>一个好的火锅品牌可以通过菜品、服务、甚至是它的Logo和目标消费者进行有效的情感沟通。</p>\n<p>如今的消费者，尤其是主力人群——年轻人很重视这一点，他们乐于分享，注重品质，个性化凸显，更愿意为符合自己价值观和爱好的事物反复买单。</p>\n<p><img src=\"https://static.tigerbbs.com/c3318c7ff6cbc05eb028529f94f9ce97\" tg-width=\"600\" tg-height=\"449\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>图源：网络</p>\n<p>对于这一点，捞王领悟得挺快，重视自媒体的力量，跨界与热门公司搞联动，还搞起了品牌IP化，推出捞小匠、捞小爱。</p>\n<p><img src=\"https://static.tigerbbs.com/8dac9abda5d728050080072dc8c84d1a\" tg-width=\"640\" tg-height=\"305\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>图源：招股书</p>\n<p>毕竟，消费者一旦买账，消费场景进一步扩宽，新增流量带来增长动能，最后对品牌溢价的赋能自然是正向的。</p>\n<p>截至最后实际可行日期，捞王拥有超过860万名注册会员，其中130万人已提供其所属年龄组别，约78.4%为18至35岁的年轻人群；会员用户90天内的再次就餐率为13.6%。</p>\n<p><img src=\"https://static.tigerbbs.com/e2a863b47e9be561f638f75fad45c58a\" tg-width=\"500\" tg-height=\"375\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>图源：网络</p>\n<h3><b>3</b></h3>\n<h3><b>进击扩张下的前车之鉴</b></h3>\n<p>在快速成长期，捞王的规模化扩张自然也提上了日程。</p>\n<p>本次IPO募集所得资金净额也被用来在全国乃至全球开设新餐厅——2021年、2022年、2023年、2024年分别计划开设约32、49、75和103家餐厅。</p>\n<p><img src=\"https://static.tigerbbs.com/3d2e787cd75c469e4692192e684a5f49\" tg-width=\"1080\" tg-height=\"486\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>为了获取更多的市占率和流量，<b>加速开店、市场下沉</b>都是餐饮门店发展到一定阶段的正常玩法。</p>\n<p>但任何事一旦过了那个度，就容易变味。尤其是新开门店想要成为增长的主要驱动力，是需要时间浇灌的。</p>\n<p>就拿开店来说，万一陷入了非理性的跑马圈地，不但无法为企业发展增益，反而会弄巧成拙，受困于高昂的成本，拖累运营，而运营不佳带来的问题则会积小成大，从操作违规到食品安全，进而影响盈利。</p>\n<p>捞王本次披露的数据中，2018-2020年捞王锅物料理餐厅<b>翻台率连续下降，分别为3.1、3.0、2.5；</b>2021年上半年降至2.4，但较2020年同期（2.1）略有上升。</p>\n<p><img src=\"https://static.tigerbbs.com/5c458413670f714678e3615836fc882d\" tg-width=\"1080\" tg-height=\"484\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>这一评估单店盈利能力的核心指标的重要性不言而喻。</p>\n<p>港股市场上的火锅前辈已为后来者上了一课。</p>\n<p>在极速扩张下，<b>一旦无法把控速度和质量的平衡，翻台率“翻车”得厉害，小小火锅里容易捞出泡沫，经营容易成难。</b></p>\n<p>海底捞的股价曾因净利暴跌而持续下跌，翻台率已从2018年的5.0降至2020年的3.5；呷哺呷哺今年上半年亏损4992万元，计划关闭200家亏损门店。</p>\n<p>前车之鉴，后事之师。</p>\n<p>解决这一痛症的<b>关键自然不是简单粗暴的涨价战略，</b>这一效果甚微，反而容易消磨消费人群的黏性。这一重任最终还是得落在品牌塑造上，具体细化到产品服务、营销、供应链管理等方面。</p>\n<p>如今的消费者不是不接受涨价，而是不接受涨价后没有改善甚至每况愈下的产品质量和服务水平。</p>\n<p>他们也许会“见异思迁”，永远追求新鲜事物，但他们同样<b>愿意为高质量的品牌持续买单，付出自己的忠诚度</b>。</p>\n<p>餐饮行业淘汰出新的速度很快，对于捞王而言，稳固品牌效应需要持续创新升级，例如推出<a href=\"https://laohu8.com/S/JE..UK\">即食</a>产品的零售业务，同样，以保持服务质量为前提，在扩容规模这条路上控制成本也面临挑战。</p>\n<h3><b>4</b></h3>\n<h3><b>结语</b></h3>\n<p>消费赛道一向受到资本市场的瞩目，人们都在期盼着下一个明星股的到来，挥金如土间，估值往往不低。</p>\n<p>火锅这门生意看起来容易，做起来难，难在连锁下的运营管理。入局者切忌蒙眼狂奔，有了门店，忘了服务，要知道餐饮业门槛虽低，但处处都是细节，而细节决定发展的高度和广度，毕竟火锅里捞出的究竟是真金还是泡沫，往往就在一瞬间。</p>","source":"gelonghui_highlight","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>捞王，捞出的是真金还是泡沫？</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{ 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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捞王，捞出的是真金还是泡沫？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-06 22:23 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.gelonghui.com/p/485412><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>如今在餐饮界，火锅依旧是市场瞩目的C位选手。\n人们不仅爱吃，还爱投，更爱自己搞，来去之间，一家上市公司或许就出现了。\n近日，粤式火锅连锁店捞王(Laowang Holding Limited)向港交所主板提交上市申请，中金公司及华泰国际为联席保荐人。\n继海底捞、呷哺呷哺之后，捞王作为又一火锅新势力有望在港股登场。\n火锅这门生意向来站在风口，有人乐得看个热闹，有人杀入战场欲分一杯羹，市场已是红海，...</p>\n\n<a href=\"http://www.gelonghui.com/p/485412\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7f52006f9e7efd6fcf725efca73d28fd","relate_stocks":{"HSI":"恒生指数"},"source_url":"http://www.gelonghui.com/p/485412","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2165467382","content_text":"如今在餐饮界，火锅依旧是市场瞩目的C位选手。\n人们不仅爱吃，还爱投，更爱自己搞，来去之间，一家上市公司或许就出现了。\n近日，粤式火锅连锁店捞王(Laowang Holding Limited)向港交所主板提交上市申请，中金公司及华泰国际为联席保荐人。\n继海底捞、呷哺呷哺之后，捞王作为又一火锅新势力有望在港股登场。\n火锅这门生意向来站在风口，有人乐得看个热闹，有人杀入战场欲分一杯羹，市场已是红海，如何突破重围，走顺盈利模式一直是入局者，乃至市场最重视的经营命题。\n1\n掘金火锅市场\n说到底，一个上市公司的崛起需要有行业空间的支撑。\n民以食为天，中国人对吃一向花心思。\n受益于产业结构升级，中国餐饮业作为第三产业的关键组成部分，成长潜力大，尤其在疫情下行业洗牌出清迅速，不断趋于良性发展。\n有趣的是，中国餐饮业的资本化程度并不高，缺少巨头，这一块的市场价值值得深挖。\n\n火锅是中国独有的美食，历史悠久，长期受到来自五湖四海的人们的喜爱。\n\n图源：网络\n古书有云，火锅“以锡为之，分上下层，高不及尺，中以红铜为火筒着炭，汤沸时，煮一切肉脯、鸡、鱼，其味无不鲜美。”\n在一定程度上，火锅的辣和鲜也具有成瘾性，而成瘾性的合法产品有着高黏性，获利空间自然不少。\n时光转到现在，这口热气沸腾的汤锅不仅可以接纳一切美味珍馐，还叠加了一层社交属性。\n管它春去冬来，与三两好友，约个火锅，谈天说地，便是烟火人世间的小确幸。\n这是一种沟通桥梁，更是一种情感宣泄，在火锅面前，人情的温暖多了，社恐的局促少了。\n总之，火锅是万能的，没有火锅是万万不可的，它已成为餐饮细分下的主要品类。\n\n有空间，自然有人来掘金。\n要知道火锅的标准化不难，进入门槛不高，易于“去厨师化”，而获利水平较高。\n公开数据显示，近十年来，火锅相关企业总体保持增长，频频受到资本的青睐。\n\n你甚至会发现，各路明星也纷纷将开火锅店作为副业发展，想要捞把快钱。\n目前市场上，火锅企业的种类占比最大的是川渝类的红汤火锅，正所谓一辣解千愁，对辣味上瘾的年轻人不在少数。\n\n图源：网络\n不过黑马不是没有，乘着健康养生之风，以粤式火锅（海鲜火锅、潮汕牛肉火锅、粥底火锅等）为首的白汤大军来势汹汹。\n公开数据显示，预计到2025年，粤式火锅餐厅行业的收入将达到1285亿元，中国所有粤式火锅餐厅自2020年至2025年的复合年增长率为15.3%。\n不同于川渝的火辣重口，粤式火锅以清淡滋补为主，重视食材的原汁原味。其中，捞王作为典型的先行者跑了出来。\n\n图源：网络\n2\n重视品牌运营\n捞王成立于2010年，主打胡椒猪肚鸡火锅 ，旗下运营及管理了三个品牌，分别为“捞王锅物料理”，“锅季”以及“捞王心灵肚鸡汤”，截至最后实际可行日期，捞王在中国内地的25个城市开设了135家连锁自营餐厅及在台北开设了一家餐厅。\n\n\n图源：网络\nIPO前，创始人李裕成、陈湘、黄雅玲、赵宏泽、王咏诗共同作为一致行动集团，截至最后实际可行日期，分别直接或间接持有已发行股本总额的29.92%、7.51%、1.33%、4.26%、2.00%。\n\n从基本面来看，2018年-2020年实现营收分别为8.7亿元、10.95亿元、11.25亿元；2021年上半年营收为6.47亿元，上年同期的营收为4.36亿元；期内利润分别为5906万、7992万、6744万元，存在一定的波动；2021年上半年期内利润2145万，上年同期的期内利润为106万元。\n\n虽说火锅已陷入竞争红海，但目前按2020年收入计,捞王在中国粤式火锅餐厅市场中排名第一，市场份额为1.7%。\n捞王之所以可以跻身粤式火锅的头部梯队，一方面通过走白汤路线而打出差异化，同时，在营销、品牌运营上也频频发力。\n\n图源：招股书\n要知道火锅是个好品类，但品类再好也会触及增长天花板的时候，最终还是要将重心放在品牌运营管理上。\n一个好的火锅品牌可以通过菜品、服务、甚至是它的Logo和目标消费者进行有效的情感沟通。\n如今的消费者，尤其是主力人群——年轻人很重视这一点，他们乐于分享，注重品质，个性化凸显，更愿意为符合自己价值观和爱好的事物反复买单。\n\n图源：网络\n对于这一点，捞王领悟得挺快，重视自媒体的力量，跨界与热门公司搞联动，还搞起了品牌IP化，推出捞小匠、捞小爱。\n\n图源：招股书\n毕竟，消费者一旦买账，消费场景进一步扩宽，新增流量带来增长动能，最后对品牌溢价的赋能自然是正向的。\n截至最后实际可行日期，捞王拥有超过860万名注册会员，其中130万人已提供其所属年龄组别，约78.4%为18至35岁的年轻人群；会员用户90天内的再次就餐率为13.6%。\n\n图源：网络\n3\n进击扩张下的前车之鉴\n在快速成长期，捞王的规模化扩张自然也提上了日程。\n本次IPO募集所得资金净额也被用来在全国乃至全球开设新餐厅——2021年、2022年、2023年、2024年分别计划开设约32、49、75和103家餐厅。\n\n为了获取更多的市占率和流量，加速开店、市场下沉都是餐饮门店发展到一定阶段的正常玩法。\n但任何事一旦过了那个度，就容易变味。尤其是新开门店想要成为增长的主要驱动力，是需要时间浇灌的。\n就拿开店来说，万一陷入了非理性的跑马圈地，不但无法为企业发展增益，反而会弄巧成拙，受困于高昂的成本，拖累运营，而运营不佳带来的问题则会积小成大，从操作违规到食品安全，进而影响盈利。\n捞王本次披露的数据中，2018-2020年捞王锅物料理餐厅翻台率连续下降，分别为3.1、3.0、2.5；2021年上半年降至2.4，但较2020年同期（2.1）略有上升。\n\n这一评估单店盈利能力的核心指标的重要性不言而喻。\n港股市场上的火锅前辈已为后来者上了一课。\n在极速扩张下，一旦无法把控速度和质量的平衡，翻台率“翻车”得厉害，小小火锅里容易捞出泡沫，经营容易成难。\n海底捞的股价曾因净利暴跌而持续下跌，翻台率已从2018年的5.0降至2020年的3.5；呷哺呷哺今年上半年亏损4992万元，计划关闭200家亏损门店。\n前车之鉴，后事之师。\n解决这一痛症的关键自然不是简单粗暴的涨价战略，这一效果甚微，反而容易消磨消费人群的黏性。这一重任最终还是得落在品牌塑造上，具体细化到产品服务、营销、供应链管理等方面。\n如今的消费者不是不接受涨价，而是不接受涨价后没有改善甚至每况愈下的产品质量和服务水平。\n他们也许会“见异思迁”，永远追求新鲜事物，但他们同样愿意为高质量的品牌持续买单，付出自己的忠诚度。\n餐饮行业淘汰出新的速度很快，对于捞王而言，稳固品牌效应需要持续创新升级，例如推出即食产品的零售业务，同样，以保持服务质量为前提，在扩容规模这条路上控制成本也面临挑战。\n4\n结语\n消费赛道一向受到资本市场的瞩目，人们都在期盼着下一个明星股的到来，挥金如土间，估值往往不低。\n火锅这门生意看起来容易，做起来难，难在连锁下的运营管理。入局者切忌蒙眼狂奔，有了门店，忘了服务，要知道餐饮业门槛虽低，但处处都是细节，而细节决定发展的高度和广度，毕竟火锅里捞出的究竟是真金还是泡沫，往往就在一瞬间。","news_type":1},"isVote":1,"tweetType":1,"viewCount":835,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":810666626,"gmtCreate":1629972903765,"gmtModify":1633681098900,"author":{"id":"4087197775339280","authorId":"4087197775339280","name":"NonameDevil","avatar":"https://static.tigerbbs.com/bd1fe001f7244a9eedf26355346a32b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087197775339280","authorIdStr":"4087197775339280"},"themes":[],"htmlText":"可以进吗","listText":"可以进吗","text":"可以进吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810666626","repostId":"1183584379","repostType":4,"isVote":1,"tweetType":1,"viewCount":610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":833157036,"gmtCreate":1629212044025,"gmtModify":1631886148281,"author":{"id":"4087197775339280","authorId":"4087197775339280","name":"NonameDevil","avatar":"https://static.tigerbbs.com/bd1fe001f7244a9eedf26355346a32b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087197775339280","authorIdStr":"4087197775339280"},"themes":[],"htmlText":"<a 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22:54","market":"us","language":"zh","title":"长视频鏖战15年后，爱奇艺这份财报窥见“新蓝海”","url":"https://stock-news.laohu8.com/highlight/detail?id=2159906592","media":"美股研究社","summary":"进入2021年，美股科技股板块未能延续2020年的繁荣。\n从众多科技公司发布的二季度财报来看，虽说盈利超预期，但不少投资者因当前季度的业绩展望不及预期而产出不信任。\n同样的，不少中概股也面临这样的局面","content":"<p><img src=\"https://fid-75186.picgzc.qpic.cn/20210813214243053v197ltealy3act3\" tg-width=\"1080\" tg-height=\"643\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">进入2021年，美股科技股板块未能延续2020年的繁荣。</p>\n<p>从众多科技公司发布的二季度财报来看，虽说盈利超预期，但不少投资者因当前季度的业绩展望不及预期而产出不信任。</p>\n<p>同样的，不少中概股也面临这样的局面。北京时间8月12日，<a href=\"https://laohu8.com/S/IQ\">爱奇艺</a>对外发布新一季度财报。</p>\n<p>在流媒体行业推行付费模式之后，会员用户增长成为资本市场看待平台价值的重要指标。但随着行业发展走向成熟，资本市场开始从不同的维度看待一家公司是否具备长期主义发展。</p>\n<p>在会员增长迈入过亿的规模之后，长视频行业竞争到底围绕哪些方向？以爱奇艺这份新出炉的财报，我们来细看视频行业竞争格局变化背后的意义。</p>\n<p><b>内容长期价值</b></p>\n<p>在线视频平台的雏形起始于2005年，经过十余年的变革，已经历多个发展阶段。在经过早期的野蛮生长期、中期的内容全面正版化，到现在视频平台向盈利目标开始探索。</p>\n<p><img src=\"https://fid-75186.picgzc.qpic.cn/20210813214254864v197c9mqvyh5f2i\" tg-width=\"743\" tg-height=\"310\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">（图源<a href=\"https://laohu8.com/S/601108\">财通证券</a>）</p>\n<p>不论是哪个阶段，内容的价值从未变过，尤其是优质内容带来的正循环增长。</p>\n<p><b>一、内容分层消费：海外用户和下沉市场用户齐突破</b></p>\n<p>现在，用户打开一个视频APP最直观的感受是，视频内容愈发丰富。满足不同受众分层的需求，这也是带动视频平台付费用户增长的关键。</p>\n<p>本季度爱奇艺订阅会员规模达到1.062亿，贡献的会员服务营收为人民币 40 亿元。除此之外，海外会员破百万和极速版DAU百万算是两个利好的消息。</p>\n<p><img src=\"https://static.tigerbbs.com/b9ba4846d63273485dea3941ac998ca3\" tg-width=\"658\" tg-height=\"416\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>以海外市场来看，据SpotX先前调查表明，目前亚太地区有超过 4 亿人使用 OTT 视频流媒体服务，疫情之后超过 69% 的视频观众每周至少观看一次流媒体视频。这说明，亚太地区仍有较大潜力待各家流媒体挖掘。</p>\n<p>从低线市场来看，此前一线城市80与90这个“硬核用户群”是爱优腾追求会员增长的重要群体。但随着一些客观因素影响，长视频付费用户增长有在放缓。这次爱奇艺极速版DAU百万说明拓展下沉市场初显成效。</p>\n<p>尤其是这部分用户与爱奇艺APP的差异化明显，重叠率并不高，不到7%，这意味着爱奇艺有望挖掘到20岁以下、40岁以上的用户群体加入到消费端。此前，国家统计局发布第七次全国人口普查主要数据结果：人口老龄化是社会发展的重要趋势，也是今后较长一段时期我国的基本国情，这既是挑战也存在机遇。</p>\n<p>在财报电话会议中，龚宇就表示：“虽说中国人口众多，目前只有部分人消费了高品质内容，只有小部分人会员观看。越来越多的人喜欢看影视内容，基数会变大。”这意味着国内长视频依旧有足够大的增长空间。</p>\n<p><b>二、向上游内容端产业链延伸控制内容成本</b></p>\n<p>此前，行业人士把早期的视频平台比喻成报刊亭，不生产内容，只是视频内容载体的搬运工。</p>\n<p>如今，视频平台从前期的第三方播放平台，到现在向上游内容端的产业链延伸制作内容。从爱优腾推出的自制内容来看，不少悬疑剧、甜宠剧的市场反馈都不错。</p>\n<p>因在线视频平台已通过多年的实战经验和第一线的用户反馈，培育了优质内容的筛选和制作能力。积累有效的大数据，也帮助平台对用户群进行细分和精准运营。</p>\n<p>视频平台转变成制作方，有两方面价值：一是参与更多优质内容的制作，丰富不同类型的视频内容从而在营收层面实现增长。从爱奇艺的营收结构来看，不论是会员收入、广告收入还是内容分发营收，优质自制内容都能带来正面效果。</p>\n<p>二是内容成本明显下降。据公开数据统计，自2019年开始，爱奇艺内容成本增幅已连续多季度实现下降，内容成本在总支出中的占比逐步回落，对外释放出积极的财务信号。本季度爱奇艺运营亏损率从去年同期的17%缩减至15%。</p>\n<p><img src=\"https://fid-75186.picgzc.qpic.cn/20210813214312661v197706qr27q10u\" tg-width=\"691\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">（图源财通证券）</p>\n<p>得益于版权内容的采购成本下降，爱奇艺自制内容比重的提升，尤其是对内容投资的质量和效率有了更多控制，内容成本优化也会达到一个合理的范围。</p>\n<p>商业化的追求之外，流媒体制作的作品不仅仅是大片，他们的质量也得到专业人士的认可。</p>\n<p>去年，奈飞获得了24项奥斯卡提名，成为历史上奥斯卡提名最多的网络流媒体服务商。在2021年中国数字媒体大奖中，爱奇艺获得四项大奖以及在第二届亚洲内容大奖中获得了“最佳创意”奖。最近第78届威尼斯国际电影节官方公布显示，爱奇艺自制沉浸式VR互动内容《遗愿》入围今年VR竞赛单元，这也是过去四年中，爱奇艺三度入围该竞赛单元。这说明视频平台证明了依靠低成本、非名人的演员来制作优质大片的实力。</p>\n<p>内容是长视频平台的长期资产，要想在体验与服务上出现突破，技术则发挥了隐性作用。</p>\n<p><b>技术价值</b></p>\n<p>通过《纸牌屋》在全球打响名声之后，奈飞一直致力于通过技术优化其内容传输质量。放眼国内流媒体，技术的价值也在凸显。</p>\n<p><b>站在用户角度，平台借技术让内容分发进行差异化推荐。</b></p>\n<p>随互联网技术发展不断增多，用户触达内容的方式，这也让平台筛选效率提升，触达成本下降。在2.0阶段中按个人喜好搜索内容或进入兴趣组群这两个方式升级为基于内容或协同过滤，触达的效率进一步升级。</p>\n<p>根据德勤的报告显示，仅仅一年，奈飞得力于AI对搜索的改进，就让它多赚10亿美元。</p>\n<p>在国内长视频行业，各平台均在通过技术手段提升内容质量及分发效率，进而充分发挥内容的长期价值。比如在爱奇艺首页中，“猜你喜欢”被放在首屏推荐栏下，点击后会直接下滑到完全个性化推荐的瀑布流中。二季度中，爱奇艺近30%DAU来自非热播期内容。</p>\n<p>应对不断变化的用户喜好，互联网时代，技术解决了观看瓶颈，视频内容也从丰富变成爆炸，用户真正的长尾需求曲线逐渐显现。</p>\n<p><b>站在视频制作角度，在线娱乐产业即将进入精耕细作的新阶段，行业走向影视工业化需要技术来支撑。</b></p>\n<p>目前整个影视行业，不论是电影、电视剧还是综艺节目制作环节上，流程规范化跟提高效率是行业内容面临的两个问题。在今年爱奇艺世界·大会上，爱奇艺创始人、CEO龚宇重点提到以行业规则重构和<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>制作为核心的影视工业化，将成为行业破局之道。</p>\n<p>得益于5G、AI、区块链、DRM、VR/AR、虚拟拍摄等技术的发展和支持，视频制作的成本控制，以及内容制作效果获得市场认可。</p>\n<p>据悉爱奇艺从智能制作工具入手，工具的好处在于，当从业者在实际操作中感受到了工具的好处后，会更乐意尝试新的方式。爱奇艺推出的面向制片人的专业数据服务系统PBIS（制作商业制作系统），未来一年将应用于爱奇艺所有自制工作室，通过IP评估、流量预测等预判项目前景，辅助项目决策。<img src=\"https://fid-75186.picgzc.qpic.cn/20210813214330722v197fga0ek18b4v\" tg-width=\"603\" tg-height=\"535\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">对于视频平台来说，剧集上线延期对其影响不小，后期预估回报也会受影响。爱奇艺的龚宇就提到：影视内容制作工业化是解决这个问题的关键措施之一，主要的目的是让一个作品从开始策划到最后播放，更有规律、更有预测性，少出这种延期的风险或者意外的黑天鹅。</p>\n<p><b>站在行业角度，视频平台在制作节目上投入巨资，需要保护知识产权。</b>此前中宣部版权管理局赵杰处长表示，我国前十类的互联网应用当中，跟著作权（版权）直接相关的有五类应用，包括网络新闻、网络视频、网络音乐、网络文学和网络游戏。这些应用实际上是运营着有著作权属性的资源和作品。</p>\n<p>如何保护好知识产权？行业内的参与者要能够深化多项核心版权保护技术的应用，包括反盗链、视频指纹、版权区块链和全网监控。</p>\n<p>在知识产权保护上，爱奇艺自主研发的数字版权管理[DRM]技术获得国家专利奖。据悉DRM系统已通过认证，爱奇艺成为中国首家获得此认证的互联网视频平台。这些技术除了能够保护知识产权之外，更重要的是，它可以让爱奇艺从内容的合法许可中获得额外收入。</p>\n<p>内容和技术从来都是相辅相成的关系，不论是流媒体还是游戏、音乐，我们都能看到这两者协同发挥的飞轮效应。在两者深度结合之后，国内流媒体玩家等待价值回归。</p>\n<p><b>价值释放</b></p>\n<p>近期，老虎<a href=\"https://laohu8.com/S/601099\">太平洋</a>基金、野村资管、瑞士国家银行、<a href=\"https://laohu8.com/S/C\">花旗</a>等都有公布新一季度持仓动作。其中，老虎太平洋基金将爱奇艺作为其加仓幅度最大的一支，位列老虎基金持仓量第五。这家顶级机构在爱奇艺身上看到哪些价值？</p>\n<p><b>一、打造不局限于视频的生态化内容消费体系，持续不断提升用户价值</b></p>\n<p>根据UserTracker数据，2020年我国移动互联网用户85后占比达76.7%，为互联网主流人群，虽然生活的丰富与对网络的熟悉让此类人群的兴趣爱好分化，但同时具有良好的娱乐内容消费习惯与参与度，这给予了视频内容服务商，在视频之外更为广阔的潜在市场。</p>\n<p><img src=\"https://fid-75186.picgzc.qpic.cn/20210813214343794v1971cegt8r4qx5\" tg-width=\"1080\" tg-height=\"565\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>奈飞除了坚持内容为王的主线，今年它也加快对电商、游戏等产业链其他环节的布局，最终的目的也是试图挖掘用户在其他线上消费上的需求。在国内长视频行业，头部玩家的布局也是多点开花，其中爱奇艺的生态覆盖视频、游戏、文学等领域。本季度，爱奇艺其他营收为11亿元，同比增长20%。这部分的增长主要来源于其娱乐生态业务。</p>\n<p><b>二、伴随成本结构改善与付费用户增长，未来规模效应可期</b></p>\n<p>随着视频平台控制成本不断在优化，从成本结构看，视频平台前期高价购买的版权资产有望逐步完成摊销，同时伴随平台自制内容占比的提升、成本控制的加强，后续内容投入金额或更为可控，在提升用户粘性的同时进一步降低单剧总制作成本。</p>\n<p>在规模效应显现之后，后续内容上的价值挖掘更有想象空间。在爱奇艺财报电话会议中，针对分析师提问对于影视内容制作的工业化，平台对于内容的支出会减少到什么水平。</p>\n<p>爱奇艺CFO王晓东表示：内容制作工业化的主要目标是增加内容供给和内容的品质。未来三到五年内，鉴于我们在影视内容制作工业化方面预期取得的进展，你会看到内容生产效率的显著提升。</p>\n<p>可以预见到的是，随着后续随着付费订阅业务量价齐升，ARPPU超过单用户内容成本幅度提高，视频平台的规模效应就会显现，后续盈利只是时间问题。</p>\n<p><b>结语</b></p>\n<p>正如巴菲特、彼得·林奇和菲利普·费舍尔这样的伟大投资者常说的那样，最好的机会是那些分析师没有很好地覆盖的机会。隐藏的宝石是那些尚未被大众发现的，这反而需要眼光独到的投资者挖掘到这些企业的价值。</p>\n<p>不可否认，流媒体依旧是个黄金赛道，赛道的价值跟潜力有目共睹。眼下，国内流媒体头部玩家在内容与技术上的发力，或许会成为平台急流勇进，走出价值洼地的重要利器。</p>","source":"mgyjs","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>长视频鏖战15年后，爱奇艺这份财报窥见“新蓝海”</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长视频鏖战15年后，爱奇艺这份财报窥见“新蓝海”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-13 22:54 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/KbB4d3pBhGqy9ZRaQZ62zQ><strong>美股研究社</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>进入2021年，美股科技股板块未能延续2020年的繁荣。\n从众多科技公司发布的二季度财报来看，虽说盈利超预期，但不少投资者因当前季度的业绩展望不及预期而产出不信任。\n同样的，不少中概股也面临这样的局面。北京时间8月12日，爱奇艺对外发布新一季度财报。\n在流媒体行业推行付费模式之后，会员用户增长成为资本市场看待平台价值的重要指标。但随着行业发展走向成熟，资本市场开始从不同的维度看待一家公司是否具备...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/KbB4d3pBhGqy9ZRaQZ62zQ\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://fid-75186.picgzc.qpic.cn/20210813214243053v197ltealy3act3","relate_stocks":{"IQ":"爱奇艺"},"source_url":"https://mp.weixin.qq.com/s/KbB4d3pBhGqy9ZRaQZ62zQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159906592","content_text":"进入2021年，美股科技股板块未能延续2020年的繁荣。\n从众多科技公司发布的二季度财报来看，虽说盈利超预期，但不少投资者因当前季度的业绩展望不及预期而产出不信任。\n同样的，不少中概股也面临这样的局面。北京时间8月12日，爱奇艺对外发布新一季度财报。\n在流媒体行业推行付费模式之后，会员用户增长成为资本市场看待平台价值的重要指标。但随着行业发展走向成熟，资本市场开始从不同的维度看待一家公司是否具备长期主义发展。\n在会员增长迈入过亿的规模之后，长视频行业竞争到底围绕哪些方向？以爱奇艺这份新出炉的财报，我们来细看视频行业竞争格局变化背后的意义。\n内容长期价值\n在线视频平台的雏形起始于2005年，经过十余年的变革，已经历多个发展阶段。在经过早期的野蛮生长期、中期的内容全面正版化，到现在视频平台向盈利目标开始探索。\n（图源财通证券）\n不论是哪个阶段，内容的价值从未变过，尤其是优质内容带来的正循环增长。\n一、内容分层消费：海外用户和下沉市场用户齐突破\n现在，用户打开一个视频APP最直观的感受是，视频内容愈发丰富。满足不同受众分层的需求，这也是带动视频平台付费用户增长的关键。\n本季度爱奇艺订阅会员规模达到1.062亿，贡献的会员服务营收为人民币 40 亿元。除此之外，海外会员破百万和极速版DAU百万算是两个利好的消息。\n\n以海外市场来看，据SpotX先前调查表明，目前亚太地区有超过 4 亿人使用 OTT 视频流媒体服务，疫情之后超过 69% 的视频观众每周至少观看一次流媒体视频。这说明，亚太地区仍有较大潜力待各家流媒体挖掘。\n从低线市场来看，此前一线城市80与90这个“硬核用户群”是爱优腾追求会员增长的重要群体。但随着一些客观因素影响，长视频付费用户增长有在放缓。这次爱奇艺极速版DAU百万说明拓展下沉市场初显成效。\n尤其是这部分用户与爱奇艺APP的差异化明显，重叠率并不高，不到7%，这意味着爱奇艺有望挖掘到20岁以下、40岁以上的用户群体加入到消费端。此前，国家统计局发布第七次全国人口普查主要数据结果：人口老龄化是社会发展的重要趋势，也是今后较长一段时期我国的基本国情，这既是挑战也存在机遇。\n在财报电话会议中，龚宇就表示：“虽说中国人口众多，目前只有部分人消费了高品质内容，只有小部分人会员观看。越来越多的人喜欢看影视内容，基数会变大。”这意味着国内长视频依旧有足够大的增长空间。\n二、向上游内容端产业链延伸控制内容成本\n此前，行业人士把早期的视频平台比喻成报刊亭，不生产内容，只是视频内容载体的搬运工。\n如今，视频平台从前期的第三方播放平台，到现在向上游内容端的产业链延伸制作内容。从爱优腾推出的自制内容来看，不少悬疑剧、甜宠剧的市场反馈都不错。\n因在线视频平台已通过多年的实战经验和第一线的用户反馈，培育了优质内容的筛选和制作能力。积累有效的大数据，也帮助平台对用户群进行细分和精准运营。\n视频平台转变成制作方，有两方面价值：一是参与更多优质内容的制作，丰富不同类型的视频内容从而在营收层面实现增长。从爱奇艺的营收结构来看，不论是会员收入、广告收入还是内容分发营收，优质自制内容都能带来正面效果。\n二是内容成本明显下降。据公开数据统计，自2019年开始，爱奇艺内容成本增幅已连续多季度实现下降，内容成本在总支出中的占比逐步回落，对外释放出积极的财务信号。本季度爱奇艺运营亏损率从去年同期的17%缩减至15%。\n（图源财通证券）\n得益于版权内容的采购成本下降，爱奇艺自制内容比重的提升，尤其是对内容投资的质量和效率有了更多控制，内容成本优化也会达到一个合理的范围。\n商业化的追求之外，流媒体制作的作品不仅仅是大片，他们的质量也得到专业人士的认可。\n去年，奈飞获得了24项奥斯卡提名，成为历史上奥斯卡提名最多的网络流媒体服务商。在2021年中国数字媒体大奖中，爱奇艺获得四项大奖以及在第二届亚洲内容大奖中获得了“最佳创意”奖。最近第78届威尼斯国际电影节官方公布显示，爱奇艺自制沉浸式VR互动内容《遗愿》入围今年VR竞赛单元，这也是过去四年中，爱奇艺三度入围该竞赛单元。这说明视频平台证明了依靠低成本、非名人的演员来制作优质大片的实力。\n内容是长视频平台的长期资产，要想在体验与服务上出现突破，技术则发挥了隐性作用。\n技术价值\n通过《纸牌屋》在全球打响名声之后，奈飞一直致力于通过技术优化其内容传输质量。放眼国内流媒体，技术的价值也在凸显。\n站在用户角度，平台借技术让内容分发进行差异化推荐。\n随互联网技术发展不断增多，用户触达内容的方式，这也让平台筛选效率提升，触达成本下降。在2.0阶段中按个人喜好搜索内容或进入兴趣组群这两个方式升级为基于内容或协同过滤，触达的效率进一步升级。\n根据德勤的报告显示，仅仅一年，奈飞得力于AI对搜索的改进，就让它多赚10亿美元。\n在国内长视频行业，各平台均在通过技术手段提升内容质量及分发效率，进而充分发挥内容的长期价值。比如在爱奇艺首页中，“猜你喜欢”被放在首屏推荐栏下，点击后会直接下滑到完全个性化推荐的瀑布流中。二季度中，爱奇艺近30%DAU来自非热播期内容。\n应对不断变化的用户喜好，互联网时代，技术解决了观看瓶颈，视频内容也从丰富变成爆炸，用户真正的长尾需求曲线逐渐显现。\n站在视频制作角度，在线娱乐产业即将进入精耕细作的新阶段，行业走向影视工业化需要技术来支撑。\n目前整个影视行业，不论是电影、电视剧还是综艺节目制作环节上，流程规范化跟提高效率是行业内容面临的两个问题。在今年爱奇艺世界·大会上，爱奇艺创始人、CEO龚宇重点提到以行业规则重构和智能制作为核心的影视工业化，将成为行业破局之道。\n得益于5G、AI、区块链、DRM、VR/AR、虚拟拍摄等技术的发展和支持，视频制作的成本控制，以及内容制作效果获得市场认可。\n据悉爱奇艺从智能制作工具入手，工具的好处在于，当从业者在实际操作中感受到了工具的好处后，会更乐意尝试新的方式。爱奇艺推出的面向制片人的专业数据服务系统PBIS（制作商业制作系统），未来一年将应用于爱奇艺所有自制工作室，通过IP评估、流量预测等预判项目前景，辅助项目决策。对于视频平台来说，剧集上线延期对其影响不小，后期预估回报也会受影响。爱奇艺的龚宇就提到：影视内容制作工业化是解决这个问题的关键措施之一，主要的目的是让一个作品从开始策划到最后播放，更有规律、更有预测性，少出这种延期的风险或者意外的黑天鹅。\n站在行业角度，视频平台在制作节目上投入巨资，需要保护知识产权。此前中宣部版权管理局赵杰处长表示，我国前十类的互联网应用当中，跟著作权（版权）直接相关的有五类应用，包括网络新闻、网络视频、网络音乐、网络文学和网络游戏。这些应用实际上是运营着有著作权属性的资源和作品。\n如何保护好知识产权？行业内的参与者要能够深化多项核心版权保护技术的应用，包括反盗链、视频指纹、版权区块链和全网监控。\n在知识产权保护上，爱奇艺自主研发的数字版权管理[DRM]技术获得国家专利奖。据悉DRM系统已通过认证，爱奇艺成为中国首家获得此认证的互联网视频平台。这些技术除了能够保护知识产权之外，更重要的是，它可以让爱奇艺从内容的合法许可中获得额外收入。\n内容和技术从来都是相辅相成的关系，不论是流媒体还是游戏、音乐，我们都能看到这两者协同发挥的飞轮效应。在两者深度结合之后，国内流媒体玩家等待价值回归。\n价值释放\n近期，老虎太平洋基金、野村资管、瑞士国家银行、花旗等都有公布新一季度持仓动作。其中，老虎太平洋基金将爱奇艺作为其加仓幅度最大的一支，位列老虎基金持仓量第五。这家顶级机构在爱奇艺身上看到哪些价值？\n一、打造不局限于视频的生态化内容消费体系，持续不断提升用户价值\n根据UserTracker数据，2020年我国移动互联网用户85后占比达76.7%，为互联网主流人群，虽然生活的丰富与对网络的熟悉让此类人群的兴趣爱好分化，但同时具有良好的娱乐内容消费习惯与参与度，这给予了视频内容服务商，在视频之外更为广阔的潜在市场。\n\n奈飞除了坚持内容为王的主线，今年它也加快对电商、游戏等产业链其他环节的布局，最终的目的也是试图挖掘用户在其他线上消费上的需求。在国内长视频行业，头部玩家的布局也是多点开花，其中爱奇艺的生态覆盖视频、游戏、文学等领域。本季度，爱奇艺其他营收为11亿元，同比增长20%。这部分的增长主要来源于其娱乐生态业务。\n二、伴随成本结构改善与付费用户增长，未来规模效应可期\n随着视频平台控制成本不断在优化，从成本结构看，视频平台前期高价购买的版权资产有望逐步完成摊销，同时伴随平台自制内容占比的提升、成本控制的加强，后续内容投入金额或更为可控，在提升用户粘性的同时进一步降低单剧总制作成本。\n在规模效应显现之后，后续内容上的价值挖掘更有想象空间。在爱奇艺财报电话会议中，针对分析师提问对于影视内容制作的工业化，平台对于内容的支出会减少到什么水平。\n爱奇艺CFO王晓东表示：内容制作工业化的主要目标是增加内容供给和内容的品质。未来三到五年内，鉴于我们在影视内容制作工业化方面预期取得的进展，你会看到内容生产效率的显著提升。\n可以预见到的是，随着后续随着付费订阅业务量价齐升，ARPPU超过单用户内容成本幅度提高，视频平台的规模效应就会显现，后续盈利只是时间问题。\n结语\n正如巴菲特、彼得·林奇和菲利普·费舍尔这样的伟大投资者常说的那样，最好的机会是那些分析师没有很好地覆盖的机会。隐藏的宝石是那些尚未被大众发现的，这反而需要眼光独到的投资者挖掘到这些企业的价值。\n不可否认，流媒体依旧是个黄金赛道，赛道的价值跟潜力有目共睹。眼下，国内流媒体头部玩家在内容与技术上的发力，或许会成为平台急流勇进，走出价值洼地的重要利器。","news_type":1},"isVote":1,"tweetType":1,"viewCount":61,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892048001,"gmtCreate":1628616750703,"gmtModify":1631889400209,"author":{"id":"4087197775339280","authorId":"4087197775339280","name":"NonameDevil","avatar":"https://static.tigerbbs.com/bd1fe001f7244a9eedf26355346a32b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087197775339280","authorIdStr":"4087197775339280"},"themes":[],"htmlText":"<a 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最后一轮了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/892048001","isVote":1,"tweetType":1,"viewCount":1305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":898683941,"gmtCreate":1628492937083,"gmtModify":1633746706858,"author":{"id":"4087197775339280","authorId":"4087197775339280","name":"NonameDevil","avatar":"https://static.tigerbbs.com/bd1fe001f7244a9eedf26355346a32b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087197775339280","authorIdStr":"4087197775339280"},"themes":[],"htmlText":"可以吗","listText":"可以吗","text":"可以吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898683941","repostId":"1122006268","repostType":4,"repost":{"id":"1122006268","kind":"news","pubTimestamp":1628480139,"share":"https://www.laohu8.com/m/news/1122006268?lang=&edition=full","pubTime":"2021-08-09 11:35","market":"us","language":"zh","title":"现货黄金一度失守1700美元大关，未来仍能看涨？","url":"https://stock-news.laohu8.com/highlight/detail?id=1122006268","media":"第一财经","summary":"黄金近期跳水的最大原因是上周公布的美国就业数据强于预期，使市场预期美联储可能很快开始缩减规模空前的货币刺激措施。\n\n上周美国非农就业数据的影响持续发酵，叠加历史上接下来数月黄金的走势历来疲软，导致现货","content":"<div>\n<p>黄金近期跳水的最大原因是上周公布的美国就业数据强于预期，使市场预期美联储可能很快开始缩减规模空前的货币刺激措施。\n\n上周美国非农就业数据的影响持续发酵，叠加历史上接下来数月黄金的走势历来疲软，导致现货黄金今日延续跌势，一度跌至3月来新低。\n对于黄金后续中长期走势，市场目前依旧存在分歧。有机构预期黄金将进一步跌至1600美元关口，但也有对冲基金坚定看好，认为黄金将重回3000美元大关。\n\n现货黄金...</p>\n\n<a href=\"https://www.yicai.com/news/101134910.html\">Web Link</a>\n\n</div>\n","source":"dyvj","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>现货黄金一度失守1700美元大关，未来仍能看涨？</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n现货黄金一度失守1700美元大关，未来仍能看涨？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 11:35 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.yicai.com/news/101134910.html><strong>第一财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>黄金近期跳水的最大原因是上周公布的美国就业数据强于预期，使市场预期美联储可能很快开始缩减规模空前的货币刺激措施。\n\n上周美国非农就业数据的影响持续发酵，叠加历史上接下来数月黄金的走势历来疲软，导致现货黄金今日延续跌势，一度跌至3月来新低。\n对于黄金后续中长期走势，市场目前依旧存在分歧。有机构预期黄金将进一步跌至1600美元关口，但也有对冲基金坚定看好，认为黄金将重回3000美元大关。\n\n现货黄金...</p>\n\n<a href=\"https://www.yicai.com/news/101134910.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/f188bb21d267cbffba6b91fd5771d163","relate_stocks":{},"source_url":"https://www.yicai.com/news/101134910.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122006268","content_text":"黄金近期跳水的最大原因是上周公布的美国就业数据强于预期，使市场预期美联储可能很快开始缩减规模空前的货币刺激措施。\n\n上周美国非农就业数据的影响持续发酵，叠加历史上接下来数月黄金的走势历来疲软，导致现货黄金今日延续跌势，一度跌至3月来新低。\n对于黄金后续中长期走势，市场目前依旧存在分歧。有机构预期黄金将进一步跌至1600美元关口，但也有对冲基金坚定看好，认为黄金将重回3000美元大关。\n\n现货黄金跌至3月来新低\n在上周创下7周最大跌幅后，现货黄金在今日亚太市场盘初，再度大幅走低，一度失守1700关口，创3月以来新低1609.03美元/盎司，跌幅约4%，且在开盘不到一小时的时间里，累计跌幅超过70美元，至少是1月8日以来最大跌幅。随后出现反弹，截至记者早上发稿时，现货黄金已回升到1734.71美元/盎司。\n黄金近期跳水的最大原因是上周公布的美国就业数据强于预期，使市场预期美联储可能很快开始缩减规模空前的货币刺激措施，而在更高的利率环境下，黄金、白银等贵金属相较于其他资产的吸引力就会下降。白银现货今日同样暴跌3.1%至去年12月以来的新低。\n美国劳工部上周五公布的数据显示，7月非农就业人数增加94.3万人，超过市场预期85.8万人。此外，劳工部还将6月非农从85万上修至93.8万，5月就业数据亦上调3.1万至61.4万。劳动参与率也回升至2020年3月以来最高水平61.7%。\n嘉盛集团全球研究主管沃勒（Matt Weller）此前曾撰文表示，如果就业报告强劲，那么美联储有望在本月晚些时候的杰克逊霍尔全球央行会议上宣告缩表。\nAMP Capital的投资策略主管兼首席经济学家奥利维（Shane Oliver）称，“市场担心，如果经济增长非常强劲，那么可能会推动美联储缩减政策。”他预期，“美联储很有可能在9月宣布量化缩减，并在今年晚些时候真正开始行动。”\nBlue Line Futures的首席市场策略师斯特莱博（Phillip Streble）也预计美联储将在今年9月宣布缩减资产购买计划，但他预期真正开始缩减要到明年1月初。\n多位美联储官员上周也对尽快量化缩减表达了支持。达拉斯联储主席卡普兰（Robert Kaplan）上周三表示，他认为美联储应该尽快开始逐步减少债券购买的步伐，这样的好处是可以使美联储在加息问题上有更大的灵活性，以便保持“耐心”。\n“只要我们在7月和8月就业数据方面继续取得进展，我认为我们最好尽快开始调整这些购买行为，这能给我们尽可能多的灵活性，以便在利率上保持耐心。”他称。\n美联储副主席克拉里达上周三也表示，加息的条件可能在2022年年底前得到满足，为2023年初开始行动铺路。美联储理事沃勒上周四表示，美国经济复苏进展迅速，劳动力市场正在改善，美联储可能会比一些人预期的更早开始撤走宽松货币政策。\n在杰克逊霍尔会议前，美国本周还将公布7月通胀数据，并迎来多位美联储官员讲话，会成为投资者的最新关注。\n除美联储政策预期外，黄金历史上在接下来数月的走势偏软也影响了黄金市场投资者的情绪。过去十年，黄金价格通常会在8月上涨，但从9月开始的几个月往往走势疲弱。2010年以来，黄金有7年在8月上涨，但其后的9、10、11月均录得下跌，其中9月录得下跌有8次，10月录得下跌有6次，11月录得下跌也有7次。同时，过去10年中，现货黄金在8月平均上涨3.9%，为一年中走势最佳的月份；9月和11月却平均录得约2%的跌幅，是每年表现最差的月份。如果今年依旧延续这一情况，黄金一年中表现最差的几个月即将来临。\n对后市走势依旧分歧\n虽然如此，但机构目前对黄金后市走势依旧分歧严重。\n瑞银财富管理发表报告称，预期美联储将自明年初开始缩减买债，加上疫情后经济复苏持续，美元走强，黄金在今年底前都将在1700美元/盎司附近，明年料进继续下跌。该行预测，明年3月底，金价将跌至1650美元/盎司，并在其后两季度进一步跌至1600美元/盎司的水平。\n花旗的月度报告也指出，从美联储6月议息会议以来，美联储对于未来经济前景产生了结构性的转向。相对鹰派的美联储可能使得下半年的美债利率进一步上行，且美元也有升值之势，这或会继续施压黄金价格。不过，花旗也指出，进一步的紧缩措施尚不清楚将何时推出，且随着经济增长正常化，核心通胀是否会继续超目标运行也存在不确定性。\n总的来说，花旗继续下调0~3个月黄金价格预期，同时维持12个月金价在1600美元/盎司以下的预测不变。\n但对冲基金Quadriga Igneo的基金经理帕里拉（Diego Parrilla）丝毫不在乎市场对黄金价格将继续下跌的普遍预期。他依旧预测，金价在未来3年内将升至3000美元/盎司。\n“我认为，推动黄金走强的因素不仅依然存在，而且实际上已经得到加强。”近期他在接受外媒采访时称，投资者往往会在困难时期争相“淘金”，“在股市崩盘和高通胀时期，这种闪亮的金属往往能很好地保值。”\n在帕里拉看来，这两种情况都可能在不久的将来发生，投资者目前还没有充分意识到美联储的大规模刺激措施的风险，比如他预计，未来10年将出现美联储无法控制的通胀失控。\n“美联储一段时间来的印钞并没有真正解决问题，而仅仅是拖延了问题。”帕里拉称，“而黄金作为一种无法仅靠打印就能存在的实物资产将受益于外在的这种高通胀环境。”","news_type":1},"isVote":1,"tweetType":1,"viewCount":258,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":898007734,"gmtCreate":1628439296028,"gmtModify":1633747135994,"author":{"id":"4087197775339280","authorId":"4087197775339280","name":"NonameDevil","avatar":"https://static.tigerbbs.com/bd1fe001f7244a9eedf26355346a32b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087197775339280","authorIdStr":"4087197775339280"},"themes":[],"htmlText":"星期一到了 大神们有什么介绍吗","listText":"星期一到了 大神们有什么介绍吗","text":"星期一到了 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