减持阿里！段永平豪赌3800亿AI

电商最前线02-22

作者 | 林峰来源 | 新零售参考近日，段永平旗下H&H公司公布的最新美股持仓，引发了投资圈和互联网行业的广泛关注。这份持仓报告清晰显示，段永平大幅减持了阿里巴巴股份。与此同时，大手笔加仓英伟达，还新进了CoreWeave、Credo、Tempus三家AI产业链相关公司，动作果断且指向明确。巧合的是，这一操作刚好发生在阿里巴巴战略转型的关键节点。一边宣布未来三年不计亏损，全力押注即时零售；一边敲定...

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Duan Yongping gambles on 380 billion AI","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BBYY":0.6,"BABO":0.6,"BABW":0.6,"09988":1.96,"KBAB":0.6,"ALBmain":0.6,"BABA":1.96,"BABU":0.6,"BABX":0.6},"content_text":"作者 | 林峰来源 | 新零售参考近日，段永平旗下H&H公司公布的最新美股持仓，引发了投资圈和互联网行业的广泛关注。这份持仓报告清晰显示，段永平大幅减持了阿里巴巴股份。与此同时，大手笔加仓英伟达，还新进了CoreWeave、Credo、Tempus三家AI产业链相关公司，动作果断且指向明确。巧合的是，这一操作刚好发生在阿里巴巴战略转型的关键节点。一边宣布未来三年不计亏损，全力押注即时零售；一边敲定未来三年投入超3800亿元，重注AI与云计算。两大战略并行推进，却让市场和投资者陷入困惑，也让段永平的选择成为焦点：这家中国互联网巨头，到底是要深耕即时零售、做“送外卖的阿里”，还是聚焦技术创新、做“搞AI的阿里”？了解段永平的人都知道，他的投资理念从来简单直接，核心就是“买股票就是买公司”，始终坚持“不懂不做”的原则。他曾明确表示，投资的本质，就是放弃今天的现金，换取未来更多现金的折现值，看不懂的公司，再热门也不会盲目跟风。在2025年与方三文的对话中，段永平也坦诚表达了对英伟达的看法：“英伟达确实是厉害，我也看了黄仁勋很多视频，这个人我也很欣赏……所以我觉得投一点看看吧，AI这个东西我觉得至少掺和一下，不要错过了。”但他也不避讳，自己“对AI还是没有看太懂”，之前减持英伟达等AI概念股，也是出于估值过高和认知不足的考量。2026年初，阿里巴巴核心管理层明确将淘宝闪购（由饿了么焕新而来）定位为集团“里程碑意义的战役”。直言未来三年不把盈利作为考核指标，全年投入力度比2025年还要大。之所以如此坚决，源于对即时零售万亿市场的看好。商务部研究院报告显示，2026年我国即时零售规模将突破1万亿元，到2030年有望达到2万亿元，这无疑是一块诱人的蛋糕。但这场豪赌的代价，远比想象中高昂。2025年第三季度，阿里巴巴经营利润同比大跌85%，净利润直接腰斩，官方直言，核心原因就是即时零售和科技投入的巨额消耗。单季度，仅即时零售业务就亏损了350-380亿元，相当于用百亿亏损，换来了十亿级别的增长。尽管从2025年10月开始，淘宝闪购的单均亏损较七、八月份减少了一半，但这种效率优化绝非短期能完成，后续仍需要持续投入，亏损局面难以快速扭转。与即时零售“守当下”的战略不同，AI与云计算，是阿里巴巴“赌未来”的核心布局。2025年2月，阿里正式宣布，未来三年将投入至少3800亿元用于云和AI硬件基础设施建设，这一数额，已经超过了过去十年阿里在该领域的投入总和。九个月后，CEO吴泳铭又表示，根据业务发展情况，可能还会进一步增加投入，足以看出阿里对AI的重视。目前，阿里的AI战略已经形成了体系化布局：基础设施层，由平头哥、阿里云、达摩院组成“三驾马车”，构建起“AI-芯片-云”的完整闭环。仅平头哥自研芯片，就为阿里云节省了约28亿美元的算力成本；模型层，通义千问大模型体系通过开源策略，不断扩大全球开发者生态，其中Qwen3-Max的性能已经跻身全球前三；应用层，千问App全面接入淘宝、支付宝、飞猪、高德等阿里全系业务，全球首次实现了点外卖、购物、订机票等全场景AI购物功能，目标是打造最好用的个人AI助手。市场表现也能看出阿里AI战略的成效：阿里云在中国AI云市场的份额达到35.8%，超过了第二名到第四名的总和；2026财年第二季度，阿里云收入398.24亿元，同比增长34%，创下近三年来的增速新高，其中AI相关产品收入，已经连续九个季度实现三位数同比增长。一边是需要持续烧钱、争夺当下市场的即时零售，一边是需要巨额投入、布局未来的AI与云计算，双线作战的阿里巴巴，正面临着最核心的资源分配难题。而段永平的减持，或许正是市场对这种难题的担忧的缩影。即时零售对阿里来说，既是防御也是进攻。防御的是美团等对手不断侵蚀自己的电商基本盘，进攻的是万亿级的新市场，但这场战争异常惨烈，美团、京东、阿里三大巨头，单季度合计烧钱就超过760亿元，长期消耗之下，没有哪家企业能轻松承受。而AI虽然代表着未来，但商业化路径还不够清晰，阿里需要持续投入巨额资金，短期之内很难看到明显的盈利回报。千问App虽然用户增长迅速，但如何将用户转化为实实在在的商业收益，至今仍是未知数。","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":"shareholding","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"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/2613225699","isCrawlerRequest":true}