调研完，很清晰！

围棋投研12-17

温馨提示：本文内容仅供读者参考，不作为任何投资建议。已经回沪，到家也是比较晚了，就直接聊聊调研心得吧。这次到宁波走一圈，主要是想看看机器人领域有没有什么新的进展，既然市场都那么关心特斯拉12月审厂，那我就跟着特斯拉的脚步也“审一审”。首先，大概介绍下特斯拉的审厂节奏。具体行程肯定不会那么准确，毕竟咱们是正规研究员，不是无良狗仔队，更不是恐怖私生饭，但综合各方口径后，还是能大概有个思路的：从今年...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2592153679?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-17 21:28","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2592153679","market":"us","top_or_hot":-1,"title":"调研完，很清晰！","media":"围棋投研","content":"<div>\n<p>温馨提示：本文内容仅供读者参考，不作为任何投资建议。已经回沪，到家也是比较晚了，就直接聊聊调研心得吧。这次到宁波走一圈，主要是想看看机器人领域有没有什么新的进展，既然市场都那么关心特斯拉12月审厂，那我就跟着特斯拉的脚步也“审一审”。首先，大概介绍下特斯拉的审厂节奏。具体行程肯定不会那么准确，毕竟咱们是正规研究员，不是无良狗仔队，更不是恐怖私生饭，但综合各方口径后，还是能大概有个思路的：从今年...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251217221244a6ae610b&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","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>调研完，很清晰！</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调研完，很清晰！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-17 21:28 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251217221244a6ae610b&s=b><strong>围棋投研</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>温馨提示：本文内容仅供读者参考，不作为任何投资建议。已经回沪，到家也是比较晚了，就直接聊聊调研心得吧。这次到宁波走一圈，主要是想看看机器人领域有没有什么新的进展，既然市场都那么关心特斯拉12月审厂，那我就跟着特斯拉的脚步也“审一审”。首先，大概介绍下特斯拉的审厂节奏。具体行程肯定不会那么准确，毕竟咱们是正规研究员，不是无良狗仔队，更不是恐怖私生饭，但综合各方口径后，还是能大概有个思路的：从今年...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251217221244a6ae610b&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999015986.USD","symbol_name":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251217221244a6ae610b&s=b","article_id":"2592153679","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251217221244a6ae610b&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2592153679","pubTimestamp":1765978108,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"具体行程肯定不会那么准确，毕竟咱们是正规研究员，不是无良狗仔队，更不是恐怖私生饭，但综合各方口径后，还是能大概有个思路的：从今年下半年开始，特斯拉团队几乎每个月都会来审几家，尤其9月份和10月份的时候，很多个周末都是在宁波过的，因此有很多厂商已经审核通过。我个人是比较赞同前三点，和特斯拉有深度合作、供货价值量比较高、面对不超过3家竞争者，就比较值得重视。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","BK4574":"无人驾驶","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4581":"高盛持仓","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU0823411888.USD":"法巴消费创新基金 Cap","BK4543":"AI","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4511":"特斯拉概念","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","BK4534":"瑞士信贷持仓","SG9999015978.USD":"利安颠覆性创新基金A","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","BK4516":"特朗普概念","LU2063271972.USD":"富兰克林创新领域基金","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","BK4592":"伊斯兰概念","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","BK4548":"巴美列捷福持仓","TSYW.SI":"TESLA 3xLongSG261006","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","TSLA":"特斯拉","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","BK4099":"汽车制造商","LU0823414478.USD":"法巴经典能源转换基金","LU0056508442.USD":"贝莱德世界科技基金A2","BK4585":"ETF&股票定投概念","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK4555":"新能源车","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4550":"红杉资本持仓","BK4588":"碎股","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","BK4551":"寇图资本持仓","BK4598":"佩洛西持仓","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1548497426.USD":"安联环球人工智能AT Acc","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","BK4604":"机器人概念","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","BK4527":"明星科技股","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4612":"AI芯片","LU0082616367.USD":"摩根大通美国科技A（dist）"},"translate_title":"After the research, it is very clear!","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLA":1.95,"TSYW.SI":0.6},"content_text":"温馨提示：本文内容仅供读者参考，不作为任何投资建议。已经回沪，到家也是比较晚了，就直接聊聊调研心得吧。这次到宁波走一圈，主要是想看看机器人领域有没有什么新的进展，既然市场都那么关心特斯拉12月审厂，那我就跟着特斯拉的脚步也“审一审”。首先，大概介绍下特斯拉的审厂节奏。具体行程肯定不会那么准确，毕竟咱们是正规研究员，不是无良狗仔队，更不是恐怖私生饭，但综合各方口径后，还是能大概有个思路的：从今年下半年开始，特斯拉团队几乎每个月都会来审几家，尤其9月份和10月份的时候，很多个周末都是在宁波过的，因此有很多厂商已经审核通过。那么12月份重点是审核哪些企业呢？大概是两类：一是原来没有汽车供货经验的供应商，没怎么合作过肯定不那么放心；二是没有北美墨西哥或海外产能的供应商，要聊一聊产能供应问题。得到初步结论：这次没被审厂的可能是“免检”的领先者，被审厂的表明和特斯拉业务的对接有实质性进展，从头到尾都没被审过的就有点危险。但是，千万不要觉得审厂就很稳，别忘记马斯克的情绪往往猜不透。这次有位管理层就直言，到现在都没人看到过第三代机器人，说实话，这个阶段和任何供应商都可能说一句“谢谢参与”。既然如此，是不是就白调研了呢？那倒是不至于，能够提前审厂过以及这次重点交流的，最终成为供应商的概率会比较大。做投资本身就是追求模糊的正确，超过51%胜率就能长期获胜。其次，看看主要是审核哪些零部件。根据调研和小伙伴梳理，基本能判断，这次12月审厂重点是聚焦在关节模组（旋转关节、线性关节等）及其内部的丝杠、电机和减速器等核心零部件。旋转关节，就是用来做旋转运动的，就像我们做脖子转头、肩膀转动、手腕翻转等动作；线性关节，就是做直线伸缩运动，就像我们胳膊肘弯曲、膝盖伸展、小腿走路等动作。为什么针对这两个方面重点审核呢？最主要就是难度很高，技术方案一直在调整，而且对于国内供应链算是比较新的领域，不那么放心。结果怎么样呢？国内供应链是有优势，但并不是在所有领域都能“无敌”。根据最新情况，咱们在线性关节里算是比较有优势的，丝杠、电机和模组都有份额，而在旋转关节里依然比较难参与，Tier 1拿到的都是海外供应商产品，尤其是日本的尼得科和哈默纳科。于是得到进一步结论：做线性关节模组及零部件的，例如丝杠，值得多多关注，因为确实有可能在特斯拉第三代里出现，而做旋转关节的就要谨慎些，无论说得再天花乱坠，至少还没有供货。最后，落实到投资维度，哪些企业值得重视？这次和很多位小伙伴在聊，发现市场比较重视四个维度：1）合作进度领先：要和特斯拉合作紧密，最好能在第三代产品获得大额正式订单；2）单机价值量高：能供货的产品平均售价较大，这样在明年正式放量时，对收入的贡献就更显著。3）竞争格局较优：所处环节的壁垒要高，竞争格局越好，量产后的净利率就能维持在较高的水平，利润弹性更大。4）市值弹性要大：在特斯拉的客户供应链里，要测算出的市值弹性比较大。我个人是比较赞同前三点，和特斯拉有深度合作、供货价值量比较高、面对不超过3家竞争者，就比较值得重视。至于市值弹性，和我投资理念倒是不那么契合，因为想要“锦上添花”往往是大市值企业，新增长曲线和涅槃重生往往是小市值弹性。当然，只要能持续跟踪特斯拉进展，能够明确机器人产业顺利，老生常谈，普通投资者选择ETF就行，例如经常聊到的机器人ETF易方达（159530），和沪深300走势也越来越贴近。12月审厂算是个比较重要的节点，我们大概跟着逛了一圈，再往后还有两个节点，分别是明年3月份（引入新供应商）和7-8月份（工厂端更明确），到时候还会再做一次集中调研。这个产业，肯定是要紧密跟踪的，也要争取能够陪伴着成长和收获。好了，差不多就先聊这些，还有些个股的调研观点，后面有机会再融入到文章里哈，慢慢来。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2592153679","isCrawlerRequest":true}