阿里巴巴①：吴泳铭上任之后，阿里巴巴的变化 | 研究笔记202530

三省研究2025-12-29

2023年9月10日，阿里巴巴集团董事会主席兼首席执行官张勇卸任，蔡崇信接任董事会主席，吴泳铭接任公司首席执行官及董事。另外，吴泳铭接替张勇出任阿里云智能集团董事长兼首席执行官，吴泳铭在2023年5月已担任淘天集团董事长（2024年5月起担任首席执行官）。此时正是阿里巴巴的至暗时刻，业绩下滑，股价大跌，成立24年的阿里巴巴开始“迷茫”了。蔡崇信、吴泳铭的上任，就是为了打破阿里巴巴的“僵局”。今天，...

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/2595895467?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-29 17:31","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2595895467","market":"hk","top_or_hot":-1,"title":"阿里巴巴①：吴泳铭上任之后，阿里巴巴的变化 | 研究笔记202530","media":"三省研究","content":"<div>\n<p>2023年9月10日，阿里巴巴集团董事会主席兼首席执行官张勇卸任，蔡崇信接任董事会主席，吴泳铭接任公司首席执行官及董事。另外，吴泳铭接替张勇出任阿里云智能集团董事长兼首席执行官，吴泳铭在2023年5月已担任淘天集团董事长（2024年5月起担任首席执行官）。此时正是阿里巴巴的至暗时刻，业绩下滑，股价大跌，成立24年的阿里巴巴开始“迷茫”了。蔡崇信、吴泳铭的上任，就是为了打破阿里巴巴的“僵局”。今天，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251229175154a6dc97e7&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>阿里巴巴①：吴泳铭上任之后，阿里巴巴的变化 | 研究笔记202530</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n阿里巴巴①：吴泳铭上任之后，阿里巴巴的变化 | 研究笔记202530\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-29 17:31 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251229175154a6dc97e7&s=b><strong>三省研究</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2023年9月10日，阿里巴巴集团董事会主席兼首席执行官张勇卸任，蔡崇信接任董事会主席，吴泳铭接任公司首席执行官及董事。另外，吴泳铭接替张勇出任阿里云智能集团董事长兼首席执行官，吴泳铭在2023年5月已担任淘天集团董事长（2024年5月起担任首席执行官）。此时正是阿里巴巴的至暗时刻，业绩下滑，股价大跌，成立24年的阿里巴巴开始“迷茫”了。蔡崇信、吴泳铭的上任，就是为了打破阿里巴巴的“僵局”。今天，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251229175154a6dc97e7&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":"LU0047713382.USD","symbol_name":"BGF EMERGING MARKETS \"A2\" ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251229175154a6dc97e7&s=b","article_id":"2595895467","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251229175154a6dc97e7&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=2595895467","pubTimestamp":1767000664,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"2023年9月10日，阿里巴巴集团董事会主席兼首席执行官张勇卸任，蔡崇信接任董事会主席，吴泳铭接任公司首席执行官及董事。此时正是阿里巴巴的至暗时刻，业绩下滑，股价大跌，成立24年的阿里巴巴开始“迷茫”了。蔡崇信、吴泳铭的上任，就是为了打破阿里巴巴的“僵局”。另外阿里巴巴集团在2024年12月和2025年1月之间，出售高鑫集团和银泰。以上我梳理了吴泳铭接任阿里巴巴集团CEO之后，阿里巴巴发生的变化。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"89988":"阿里巴巴-WR","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","BK1618":"Manus概念股","BK1142":"互联网与直销零售","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","BK1617":"AI医疗","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","BK1615":"港股-互联网","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","IE0008368304.USD":"STEWART INVESTORS WORLDWIDE LEADERS SUSTAINABILITY FUND \"I\" (USD) ACC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","LU0348783233.USD":"安联东方收入型 CI A Dis美元","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","BK1591":"就地过年概念","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0052750758.USD":"富兰克林中国基金A Acc","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0197773160.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AC\" ACC","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","09988":"阿里巴巴-W","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU0608807946.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" Q (USD) INC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","SG9999001051.SGD":"United Asia Fund SGD","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","BK1571":"互联网医疗","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0762542818.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM\" (HKD) INC","LU0862451837.USD":"JPM EMERGING MARKETS DIVIDEND \"A\" (USD) INC (M)","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0823426480.USD":"法巴中国股票经典Dis","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","BK1575":"同股不同权","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) INC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","BABA":"阿里巴巴","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","BK1589":"北水核心资产","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","BK1588":"回港中概股","LU0072462343.USD":"贝莱德亚洲巨龙基金","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0594300419.USD":"富达中国消费基金A","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU0821914370.USD":"贝莱德亚洲成长领袖A2","BK1586":"云计算","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","BK1249":"综合零售","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","BK1584":"蚂蚁金服概念","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","BK1521":"挪威政府全球养老基金持仓","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0048597586.USD":"富达亚洲焦点A","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0831093199.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM3\" (SGDHDG) INC","LU0630378429.USD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (USD) INC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0359201612.USD":"贝莱德中国基金A2","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0762541174.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM2\" (USD) INC","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","BK1502":"双十一","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","BK1501":"阿里概念股","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","BK1189":"医疗保健技术","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0173614495.USD":"富达中国焦点A","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","SG9999001689.USD":"施罗德亚洲成长股票","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU0823426308.USD":"法巴中国股票基金","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0228659784.USD":"施罗德金砖四国基金","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU0370786039.SGD":"Fidelity Greater China A-SGD","BK1608":"元宇宙概念","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","BK1247":"药品零售","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","HBBD.SI":"Alibaba HK SDR 5to1","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU1051768304.USD":"贝莱德新兴市场股票收益A6","BK1610":"ETF&股票定投概念","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU0396098781.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (USD) ACC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU0048580855.USD":"富达大中华区A","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","BK1517":"云办公","LU1720050803.USD":"安联全方位中国股票基金","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","BK1515":"抗疫概念","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC"},"translate_title":"Alibaba ①: Changes in Alibaba after Wu Yongming took office | Research Notes 202530","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89988":0.6,"ALBmain":0.6,"BABA":1.97,"HBBD.SI":0.6,"09988":1.97},"content_text":"2023年9月10日，阿里巴巴集团董事会主席兼首席执行官张勇卸任，蔡崇信接任董事会主席，吴泳铭接任公司首席执行官及董事。另外，吴泳铭接替张勇出任阿里云智能集团董事长兼首席执行官，吴泳铭在2023年5月已担任淘天集团董事长（2024年5月起担任首席执行官）。此时正是阿里巴巴的至暗时刻，业绩下滑，股价大跌，成立24年的阿里巴巴开始“迷茫”了。蔡崇信、吴泳铭的上任，就是为了打破阿里巴巴的“僵局”。今天，阿里巴巴的业绩恢复上涨，股价上涨，也非常明确未来发展的方向，可以说当时的“换帅”是明智的，而在这个过程中，身兼数职的吴泳铭起着决定性的作用。我们通过梳理吴泳铭上任之后采取的行动，不仅可以帮助我们更好的了解阿里巴巴的业务，也可以帮助我们了解企业管理和CEO对一家公司的重要性。明确方向在接任阿里巴巴集团CEO第三天，吴泳铭给全体员工写了一封信，这封信虽然很短，但是内容很深刻，指明了阿里巴巴未来发展的方向。面向未来，阿里确立两大战略重心：用户为先、AI驱动。集团会围绕这两大重心进行业务梳理，重塑业务战略优先级。在此基础上，集团将对三类业务加大战略性投入：1、技术驱动的互联网平台业务；2、AI驱动的科技业务；3、全球化的商业网络。这里面有一个细节，2023年9月10日，吴泳铭不仅接任集团CEO，同时接任云智能集团董事长和CEO，而之前的计划是，张勇继续担任云智能集团董事长和CEO，并完成云智能集团的分拆上市，云智能集团上市后与阿里巴巴将会是两家公司。在吴泳铭上任时，集团还是想分拆云智能集团，但是吴泳铭的公开信已经非常明确公司的核心战略，用户为先，就是之前的互联网业务（淘宝和天猫），AI驱动，就是以云智能集团为主。既然如此，云智能集团就不会被分拆。组织架构调整如果你去关注阿里巴巴最近几年的年报，你会发现，阿里巴巴的业务线变化非常大、非常快，尤其是在吴泳铭上任之后。在吴泳铭上任之前的2023年3月份，阿里巴巴做了一个组织架构调整——【1+6+N】，多个业务集团和业务公司独立运营和全新治理结构。其中1是阿里巴巴控股集团，它的定位从一个超大型业务经营集团变更为投资控股集团；6是6大业务集团，即云智能集团、淘天集团、本地生活集团、阿里国际数字商业集团、菜鸟集团和大文娱集团；N是由多个更小型业务所组成的多家业务公司，如阿里健康、高鑫零售、盒马等等。[6+N]分别成立各自的董事会，实行各业务集团和业务公司董事会领导下的CEO负责制。未来，阿里巴巴控股集团除了履行好投资管理的职能，支撑好各业务集团和公司的发展，也会成为更多创新业务的孵化器。同时公司计划，云智能集团完全分拆并独立上市；菜鸟和盒马寻求独立上市；阿里国际数字商业集团寻求对外融资。下图是阿里巴巴2023财年主要业务：下图是2025财年主要业务图：下图是阿里巴巴2025年8月的重点业务，与此前相比，又发生了天翻地覆的变化。淘天集团、饿了么与飞猪战略整合，组建阿里巴巴中国电商集团。饿了么app产生的收入和淘宝闪购产生的收入，构成即时零售业务。2025年4月，淘宝“小时达”，升级为“淘宝闪购”，并将饿了么融入电商体系，2025年12月，饿了么app正式更名为“淘宝闪购”。所有其他包括盒马、菜鸟、阿里健康、虎鲸文娱集团、高德、智能信息（主要包括UC优视和夸克业务）、灵犀互娱、钉钉和其他业务。另外阿里巴巴集团在2024年12月和2025年1月之间，出售高鑫集团和银泰。从最新的业务结构，我们可以看到，现在阿里巴巴主要关注两块业务，一个是大消费，也就是阿里巴巴中国电商集团和阿里国际数字商业集团，一个是AI+云，也就是云智能集团。这两大业务也就是吴泳铭当初上任时讲到的“用户为先和AI驱动”的两大战略重心。在AI方面的投入，吴泳铭在2025年9月25日的云栖大会演讲中提到：AI行业发展的速度远超我们的预期，行业对AI基础设施的需求也远超我们的预期。我们正在积极推进三年3800亿的AI基础设施建设计划，并将会持续追加更大的投入。从现在我们看到的AI行业远期发展以及客户需求角度来看，为了迎接ASI时代的到来，对比2022年这个GenAI的元年，2032年阿里云全球数据中心的能耗规模将提升10倍。这是我们的一个远期规划，我们相信通过这样的饱和式投入，能够推动AI行业的发展，迎接ASI时代的到来。除了吴泳铭，阿里巴巴这次转型还有一位“关键先生”。2024年11月，淘天集团、国际数字商业集团、1688、闲鱼合并为阿里巴巴电商事业群，蒋凡以阿里电商事业群CEO的身份整体负责国内国外电商业务。阿里巴巴的两大核心业务，云智能集团由吴泳铭负责，国内外电商业务由蒋凡负责。以上我梳理了吴泳铭接任阿里巴巴集团CEO之后，阿里巴巴发生的变化。阿里巴巴的愿景是，追求成为一家活102年的好公司，在阿里巴巴20出头的年龄，就像一个刚走出校园的大学生，迷茫了，经过这两年的调整，阿里巴巴完成了蜕变，其实就是对自己重新定位，做什么和怎么做。下一篇文章我会了解阿里巴巴在AI和云方面的积累。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"executive","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"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,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","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/2595895467","isCrawlerRequest":true}