都说快手被严重低估了，就是下一个腾讯控股？事实真的是这样吗？

新能源正前方02-07

这是新能源正前方的第1267篇原创文章快手真的是一眼低估的公司吗？港股市场真的那么无效，一直对它的低估视而不见？毫无疑问，快手是一个争议非常大的公司，看好它的人说它一眼低估，不看好的又认为它的所谓低估其实是陷阱，所以，究竟哪一个才是真相？01快手确实相对低估了快手是一个互联网企业，如果看过前一阵子leo剖析几个互联网巨头的文章，应该会给互联网企业额外加点分，互联网相比很多行业确实有优势，我们必须...

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/2609412275?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-07 15:39","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2609412275","market":"hk","top_or_hot":-1,"title":"都说快手被严重低估了，就是下一个腾讯控股？事实真的是这样吗？","media":"新能源正前方","content":"<div>\n<p>这是新能源正前方的第1267篇原创文章快手真的是一眼低估的公司吗？港股市场真的那么无效，一直对它的低估视而不见？毫无疑问，快手是一个争议非常大的公司，看好它的人说它一眼低估，不看好的又认为它的所谓低估其实是陷阱，所以，究竟哪一个才是真相？01快手确实相对低估了快手是一个互联网企业，如果看过前一阵子leo剖析几个互联网巨头的文章， 应该会给互联网企业额外加点分，互联网相比很多行业确实有优势，我们必须...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260207160636a4877da6&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>都说快手被严重低估了，就是下一个腾讯控股？事实真的是这样吗？</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都说快手被严重低估了，就是下一个腾讯控股？事实真的是这样吗？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-07 15:39 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260207160636a4877da6&s=b><strong>新能源正前方</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>这是新能源正前方的第1267篇原创文章快手真的是一眼低估的公司吗？港股市场真的那么无效，一直对它的低估视而不见？毫无疑问，快手是一个争议非常大的公司，看好它的人说它一眼低估，不看好的又认为它的所谓低估其实是陷阱，所以，究竟哪一个才是真相？01快手确实相对低估了快手是一个互联网企业，如果看过前一阵子leo剖析几个互联网巨头的文章， 应该会给互联网企业额外加点分，互联网相比很多行业确实有优势，我们必须...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260207160636a4877da6&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":"01024","symbol_name":"快手-W","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260207160636a4877da6&s=b","article_id":"2609412275","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260207160636a4877da6&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=2609412275","pubTimestamp":1770449946,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"如果从比较客观的角度来看，光快手做的事情，15倍的估值，对比A股很多公司，确实被严重低估了，这是毫无疑问的。这就是快手潜在的风险，它存在估值越来越高的潜在风险，现在的低估值并不具备长期低估的基础，这才是它一直被低估的真实原因。结果就是现在靠着提升用户货币化率维持的低估迹象，并不具备真正的长期可持续性。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"81024":"快手-WR","01024":"快手-W","LU0414403682.SGD":"Blackrock Asia Pacific Equity Income A5 SGD-H","IE00B067MR52.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0738912210.USD":"Blackrock Asia Pacific Equity Income A6 USD","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0683595622.HKD":"AB SICAV I-EM.MKTS MUL.ASS.PTF(AD)","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU1951186391.HKD":"UBS (LUX) KEY SEL CHINA ALLOCATION OPPORTUNITY (US \"P\" (HKD) INC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0188438112.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","IE00B031J352.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) INC","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","IE0003795394.USD":"BNY MELLON ASIAN EQUITY \"A\" (USD) ACC","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","IE00B97KM107.HKD":"FSSA ASIAN EQUITY PLUS \"I\" (HKD) ACC","LU0048597586.USD":"富达亚洲焦点A","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU1226288097.SGD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P\" (SGDHDG) INC A","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","LU0878004406.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) INC","IE00B8HQ1Z84.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"A\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0882747503.HKD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (HKD) INC","LU0181495838.USD":"施罗德新兴亚洲A Acc","BK1609":"ChatGPT概念","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU2008162690.USD":"FIDELITY FUNDS - ASIA PACIFIC OPPORTUNITIES \"A\" (USD) ACC","LU0972618739.USD":"JPM TOTAL EMERGING MARKETS  \"A\" (USD) INC (M)","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU1785774172.SGD":"JPM TOTAL EMERGING MARKETS INCOME \"A\" (SGD) INC","LU2177674079.SGD":"Fidelity Asia Pacific Opportunities A-ACC-SGD (hedged)","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","BK1610":"ETF&股票定投概念","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU1102505762.USD":"富达新兴市场焦点 A","SG9999013353.USD":"SCHRODER ASIAN INCOME FUND\"A\" (USDHDG) INC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU0173614495.USD":"富达中国焦点A","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","IE0032834883.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) INC","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","SG9999007991.SGD":"Schroder Asian Income A Dis SGD","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","LU1629966141.USD":"Aberdeen Standard SICAV I - Asia Pacific Multi Asset A Acc USD","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU0228659784.USD":"施罗德金砖四国基金","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU1733274473.HKD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (HKD) INC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU1733274390.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) INC","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","BK1618":"Manus概念股","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU0862451837.USD":"JPM EMERGING MARKETS DIVIDEND \"A\" (USD) INC (M)","SG9999015978.USD":"利安颠覆性创新基金A","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU2051468812.USD":"JPM EMERGING MARKETS ESG EQUITY \"A\" (USD) ACC","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","BK1615":"港股-互联网","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","IE0008368742.USD":"首域中国增长基金I Acc","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0048580855.USD":"富达大中华区A","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1235295612.USD":"FIDELITY PACIFIC \"A\" (USDHDG) INC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0080751232.USD":"富达环球多元动力基金A","LU1196710351.USD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (USD) INC MF","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU1196710195.USD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU0594300419.USD":"富达中国消费基金A","LU2279701549.SGD":"JPMorgan Funds - Emerging Markets Sustainable Equity A (acc) SGD","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU2317271919.USD":"BGF FUTURE CONSUMER \"A2\" (USD) ACC","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","IE0031814852.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1226288170.HKD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P6%\"(HK D) INC","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","BK1502":"双十一","LU1725190679.HKD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (HKD) INC MF","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0348783233.USD":"安联东方收入型 CI A Dis美元","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","IE0003851619.USD":"BNY MELLON ASIAN EQUITY \"B\" (USD) ACC","LU2251237306.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) INC A","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU2251237488.HKD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (HKD) INC A","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU1226287875.USD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"PM\" (USD) INC","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","BK1608":"元宇宙概念","BK1095":"互动媒体与服务","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","BK1531":"手游股","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","SG9999001846.SGD":"Schroder Asian Equity Yield A Dis SGD","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","LU1883866441.USD":"AMUNDI FUNDS REAL ASSETS TARGET INCOME \"A2\" (USD) ACC","BK1575":"同股不同权","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","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","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","SG9999001051.SGD":"United Asia Fund SGD","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU0192582467.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" (USD) INC MF","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU1226288253.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) INC","HK0000352291.HKD":"VALUE PARTNERS ASIAN INCOME \"A\" (HKD) INC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","HK0000352382.USD":"VALUE PARTNERS ASIAN INCOME \"A\" (USD) INC","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","BK1517":"云办公","IE00B0169L03.USD":"FSSA ASIA FOCUS FUND \"I\" (USD) ACC","LU1226287792.SGD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P\" (SGDHDG) INC","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","BK1516":"腾讯概念","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","LU0823426308.USD":"法巴中国股票基金","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","SG9999001689.USD":"施罗德亚洲成长股票","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU2462611646.USD":"AMUNDI FUNDS REAL ASSETS TARGET INCOME \"A2\" (USD) INC MTI","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU2498475776.HKD":"AMUNDI FUNDS REAL ASSETS TARGET INCOME \"A2\" (HKD) INC","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","BK1589":"北水核心资产","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","IE0008368411.USD":"FSSA ASIAN GROWTH \"I\" (USD) ACC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","IE00B031HW06.USD":"FSSA ASIAN GROWTH \"I\" (USD) INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0049112450.USD":"FIDELITY PACIFIC \"A\" INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","BK1586":"云计算","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","HTCD.SI":"Tencent HK SDR 10to1","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) INC","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","BK1526":"科网股","LU0396098781.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (USD) ACC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","BK1591":"就地过年概念","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","IE0009570106.USD":"FSSA ASIA OPPORTUNITIES \"I\" (USD) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","BK1590":"短视频概念股","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","BK1521":"挪威政府全球养老基金持仓","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","LU1439102457.SGD":"Fidelity Asia Pacific Multi Asset Growth & Income A-MINCOME(G)-SGD","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","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","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC"},"translate_title":"It is said that Kuaishou is seriously underestimated, is it the next Tencent Holdings? Is that really the case?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81024":0.6,"KSTmain":0.6,"01024":1.96,"HTCD.SI":0.6,"TCHmain":0.6},"content_text":"这是新能源正前方的第1267篇原创文章快手真的是一眼低估的公司吗？港股市场真的那么无效，一直对它的低估视而不见？毫无疑问，快手是一个争议非常大的公司，看好它的人说它一眼低估，不看好的又认为它的所谓低估其实是陷阱，所以，究竟哪一个才是真相？01快手确实相对低估了快手是一个互联网企业，如果看过前一阵子leo剖析几个互联网巨头的文章， 应该会给互联网企业额外加点分，互联网相比很多行业确实有优势，我们必须承认商业模式上的天差地别。更不要说快手干的又是当下堪称印钞机模式的短视频业务，这又值得大大加分了，别忘了，送外卖和网约车也是互联网相关，相比而言，因为有履约成本，尤其是送外卖，就苦逼多了。不仅如此，快手跟纯粹的短视频平台又有所不同， 因为它是在视频处理工具的基础上加上社区起来，最终转向短视频这个领域的，相比抖音那样的纯粹短视频平台，它拥有更强的社区属性。这大大增强了用户的使用粘性，不过很多事物都有两面性，社区属性增强了用户粘性的同时，也让快手在广告加载量上处于相对劣势。但不管怎么样说，身跨社交和短视频这两个当下堪称最优的互联网生意赛道，市盈率却仅有15倍，确实看起来很便宜，这也是快手总是被很多人说属于一眼低估的公司的原因。如果从比较客观的角度来看，光快手做的事情，15倍的估值，对比A股很多公司，确实被严重低估了，这是毫无疑问的。这当然跟港股市场的流动性比较弱有关，加上港股市场的参与主体以机构投资者为主，他们都是不见兔子不撒鹰的主儿，而快手在他们看来就属于不见兔子或者看不清楚是否会有兔子的公司，也就很难给予更高的估值了。02快手的问题所在快手最根本的问题在于国内市场，作为行业老三，在老大抖音和老二视频号的挤压之下，它的生存空间越来越小。而出海方面，在TikTok 几乎横扫全球，乃至Meta的短视频业务也起来的情况下（meta的短视频业务Reels类似于国内的微信视频号，直接内置于meta的产品体系内，没有单独的APP），快手 始终起不来的量决定了出海的路子长期而言基本被封死了。互联网行业是一个典型的赢家通吃行业，短视频赛道更是如此了，更多的用户意味着更多的内容生产者、更多的内容供应、更好的用户体验、更强的用户粘性、更多的内容消费，广告主也就更多，最终转化成了更高的商业变现效率，反过来，商业变现上的优势又提升了对内容生产者的吸引力，这就是一个不断正向循环的模式。互联网的头部效应，叠加字节跳动在算法上的优势以及团队恐怖的战斗力，决定了行业后排企业几乎不可能有逆袭的机会，而且市占率会被持续抢占。视频号之所以能在抖音拥有如此恐怖的竞争优势的情况下起来，根本原因还是微信堪称无可动摇的粘性，在微信视频号出来之前，腾讯也推出了多款短视频应用，最终都失败了，没办法只能祭出微信这个超级大杀器，才算真正在短视频领域取得突破。几乎可以确定地说，如果微信视频号单独推出app也会失败，不可能有现在这样的优异成绩，meta的短视频业务Reels的成功也是同样的道理，也是因为meta平台的超强粘性，脱离于他们拥有的平台单独推短视频，成功的概率太低了。原因就是上面说的字节跳动作为行业龙头具有恐怖的竞争优势，而且这种优势在越是竞争充分的市场越强。甚至几乎可以这么说，假如全世界没有任何市场进入壁垒，则抖音和TikTok之下寸草不生。内容供应和商业化上的优势形成了飞轮效应，时间拉长了看，后排厂商的命运要不就是极速死亡，要不就是慢慢凋零。视频号有微信这个国民最强粘性app的托举，依然很难超越抖音，更不可能在全球范围上超过TikTok（就别说超过了，能不能成功出海都是巨大的问题，毕竟海外没有多少人用微信），但依托于微信的粘性，在国内有机会慢慢缩小与抖音的差距。作为老三，什么都没有，关键快手在大众层面的认知属于土味群体，几乎锁死了它在国内更大范围的渗透，日活4亿多就是峰顶了，别说增长了，往后能守住就烧高香了。03快手的中期和长期话说回来，快手虽然在用户量和商业化上相比抖音有巨大的劣势，但社区起家的它，相比抖音这种纯正的视频平台更多了一份社交属性，也让它拥有了较强的用户粘性，这在相当程度上防住了抖音和视频号的强力进攻，在未来一段时间保持3到4亿的日活可能性还是比较大的。用户很难增长后，就只能想办法提升单个用户的货币化，通过提升货币化，快手在未来一段时间里保持业绩增长还是有点机会的，但用户是商业化的基础，用户增长空间被锁死的情况下，也就决定了它长期的商业化成长空间被锁死了。一旦单个用户的货币化增长速度低于用户的流失速度，则公司的业绩增长也就到头了，而且悲哀的是，在用户增长出问题的情况下提升货币化率，可能会加速用户的离去，很可能会出现短期业绩增长后快速雪崩的情况。这跟飞轮效应是反过来的。这就是快手潜在的风险，它存在估值越来越高的潜在风险，现在的低估值并不具备长期低估的基础，这才是它一直被低估的真实原因。再考虑到快手的用户主体是北方的居民，而且以中老年人为主，年轻人群体占比少，在商业化率上天然就更弱一些，越往后，时间对于快手越不利。结果就是现在靠着提升用户货币化率维持的低估迹象，并不具备真正的长期可持续性。这才是它一直估值不高、一直被低估的原因！至于ai可灵给它带来的想象空间啥的，就算了吧，影响不了长期的大局，用户数量和综合实力的差距，决定了它在ai领域相比抖音也没有任何胜算，只能说提升一些运营效率，对于长期局面不会有太大的影响。快手的问题其实是很多企业的共性，很多企业看起来一直被低估，但实际上背后的根本原因是企业失去了成长性，或者说市场看不到它的长期成长性在哪里，自然不愿意给高估值。就像人一样，一旦没有了成长性，就只有衰老和死亡，不会有人看好。成长才是最珍贵的特质！如果大家也对所长看的企业、行业专家交流纪要感兴趣，可以加入《价值宝库》查看。《价值宝库》是所长团队精心打造的投研资料库，每天会上传100+内容，绝大多数都是大家最为关心的一手调研纪要，此外还有各种研报、突发/热门事件分析、宏观政策及市场解读等内容。总之，只要是对咱们有用的，所长能找到的，都会上传到里面。","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":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,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","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/2609412275","isCrawlerRequest":true}