锂电股年内平均回撤近五成，宁德时代三季报揭开行业周期拐点

东方财富网10-28 17:28

21世纪经济报道记者董鹏　　不仅是宁德时代，整个锂电行业三季度盈利都出现环比回落。　　以Wind锂电池板块为例，截至10月27日，共有49家上市公司披露三季报，其中三季度实现归母净利润合计383.8亿元，较今年二季度下降20.8%。　　剔除利润最高的宁德时代、利润最低的东方精工后，三季度锂电业利润总额回落的趋势依然成立，连续五个季度的盈利扩张期就此结束。　　对于上述行业景气度、企业盈利端的收缩，...

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.laohunote.com/m/news/2678450633?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-10-28 17:28","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2678450633","market":"us","top_or_hot":-1,"title":"锂电股年内平均回撤近五成，宁德时代三季报揭开行业周期拐点","media":"东方财富网","content":"<div>\n<p>21世纪经济报道记者董鹏　　不仅是宁德时代，整个锂电行业三季度盈利都出现环比回落。　　以Wind锂电池板块为例，截至10月27日，共有49家上市公司披露三季报，其中三季度实现归母净利润合计383.8亿元，较今年二季度下降20.8%。　　剔除利润最高的宁德时代、利润最低的东方精工后，三季度锂电业利润总额回落的趋势依然成立，连续五个季度的盈利扩张期就此结束。　　对于上述行业景气度、企业盈利端的收缩，...</p>\n\n<a href=\"http://stock.eastmoney.com/news/11134,202610283912097683.html\">网页链接</a>\n\n</div>\n","source":"east_money_stock","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>锂电股年内平均回撤近五成，宁德时代三季报揭开行业周期拐点</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锂电股年内平均回撤近五成，宁德时代三季报揭开行业周期拐点\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-10-28 17:28 北京时间&nbsp;&nbsp;&nbsp;<a href=http://stock.eastmoney.com/news/11134,202610283912097683.html><strong>东方财富网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>21世纪经济报道记者董鹏　　不仅是宁德时代，整个锂电行业三季度盈利都出现环比回落。　　以Wind锂电池板块为例，截至10月27日，共有49家上市公司披露三季报，其中三季度实现归母净利润合计383.8亿元，较今年二季度下降20.8%。　　剔除利润最高的宁德时代、利润最低的东方精工后，三季度锂电业利润总额回落的趋势依然成立，连续五个季度的盈利扩张期就此结束。　　对于上述行业景气度、企业盈利端的收缩，...</p>\n\n<a href=\"http://stock.eastmoney.com/news/11134,202610283912097683.html\">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":"LU2360107325.USD","symbol_name":"BGF FUTURE OF TRANSPORT \"A4\" (USD) INC","start_time":0,"source_url":"http://stock.eastmoney.com/news/11134,202610283912097683.html","article_id":"2678450633","we_media_id":null,"thumbnails":[],"rights":{"source":"east_money_stock","url":"http://stock.eastmoney.com/news/11134,202610283912097683.html","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2678450633","pubTimestamp":1793179680,"columns":[],"sourceInfo":{"source_id":"east_money_stock","name":"东方财富网"},"weMediaInfo":null,"summary":"21世纪经济报道记者董鹏不仅是宁德时代，整个锂电行业三季度盈利都出现环比回落。以Wind锂电池板块为例，截至10月27日，共有49家上市公司披露三季报，其中三季度实现归母净利润合计383.8亿元，较今年二季度下降20.8%。剔除利润最高的宁德时代、利润最低的东方精工后，三季度锂电业利润总额回落的趋势依然成立，连续五个季度的盈利扩张期就此结束。","collect":0,"end_time":0,"defaultTopTitle":"eastmoney.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"300750":"宁德时代","LU2360107325.USD":"BGF FUTURE OF TRANSPORT \"A4\" (USD) INC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU1979443071.USD":"AB CHINA A SHARES EQUITY PORTFOLIO \"AD\" (USDHDG) INC","LU0823426308.USD":"法巴中国股票基金","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU2238339852.HKD":"NINETY ONE GSF GLOBAL ENVIRONMENT \"A\" (HKD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU0823437842.USD":"PARVEST GREEN TIGERS \"C\" (USD) INC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU2289578879.USD":"ALLIANZ CHINA A OPPORTUNITIES \"AT\" (USD) ACC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","IE0003851619.USD":"BNY MELLON ASIAN EQUITY \"B\" (USD) ACC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU1997244956.HKD":"ALLIANZ CHINA A-SHARES \"AT\" (HKD) ACC A","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU1917777945.USD":"安联专题基金Cl AT Acc","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU2495084118.USD":"ALLIANZ CHINA A-SHARES \"ATH\" (USDHDG) ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0048575426.USD":"FIDELITY EMERGING MARKETS \"A\" INC","LU0205439572.USD":"富达亚太股息基金","HK0000181112.HKD":"DA CHENG CHINA BALANCED \"A\" (HKD) INC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU2580892862.HKD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (HKD) ACC","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","BK0197":"中小创蓝筹","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LIT":"Global X Lithium & Battery Tech ETF","BK0201":"可转债","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU2275660780.HKD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" (HKD) ACC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","HK0000151867.HKD":"JPMORGAN ASIA EQUITY DIVIDEND (HKD) INC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU2294711473.HKD":"BNP PARIBAS CHINA EQUITY \"C\" (HKD) ACC","LU1969619763.USD":"EASTSPRING INV CHINA A SHARES GROWTH \"A\" (USD) ACC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","03750":"宁德时代","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","LU1206782309.USD":"未来资产中国增长股票 “A” 类（美元）累积型","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU2348773727.SGD":"Aberdeen Standard SICAV I - Asian Sustainable Development Equity A Acc SGD-H","LU0823426480.USD":"法巴中国股票经典Dis","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","BK0224":"电气机械","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","IE0008368742.USD":"首域中国增长基金I Acc","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","SG9999002463.SGD":"LionGlobal China Growth SGD","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0405327148.USD":"ALLSPRING CHINA A FOCUS \"A\" (USD) ACC","LU1939255532.USD":"NINETY ONE GSF GLOBAL ENVIRONMENT \"A\" (USD) ACC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0192582467.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" (USD) INC MF","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","BK0182":"小金属","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","LU2092937221.SGD":"Blackrock Circular Economy A2 SGD-H","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0302445910.USD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" ACC","LU0188438112.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" ACC","LU1997245094.SGD":"安联神州A股基金AT Acc SGD","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","CXSE":"WisdomTree China ex-State-Owned Enterprises Fund","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU0823414478.USD":"法巴经典能源转换基金","BK0155":"锂电池","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0359201612.USD":"贝莱德中国基金A2","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU2506952410.USD":"BNP PARIBAS CLIMATE IMPACT \"CRH\" (USDHDG) ACC A","LU1039395188.USD":"BNP PARIBAS GREEN TIGERS \"C\" (USD) ACC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU1146622755.USD":"安本中国A股股票基金A Acc","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0405327494.USD":"ALLSPRING CHINA A FOCUS \"I\" (USD) ACC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU2424517915.HKD":"abrdn SICAV I -  ASIAN SDG EQUITY \"A\" (HKD) ACC","LU0048580855.USD":"富达大中华区A","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","IE0003795394.USD":"BNY MELLON ASIAN EQUITY \"A\" (USD) ACC","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","LU2298064838.USD":"NINETY ONE GSF GLOBAL ENVIRONMENT \"A\" (USD) INC","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU2213484517.USD":"FRANKLIN TEMPLETON CHINA A-SHARES \"A\" (USD) ACC","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU2360108059.USD":"BGF CIRCULAR ECONOMY \"A4\" (USD) INC","LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0261950470.USD":"FIDELITY EMERGING MARKETS \"A\" ACC","LU0228659784.USD":"施罗德金砖四国基金","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU1255011170.USD":"JPM CHINA A-SHARE OPPORTUNITIES \"A\" (USD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU1720050803.USD":"安联全方位中国股票基金","BK0188":"融资融券","LU2153592121.USD":"Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Equity A Acc USD","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU2298322129.HKD":"BGF SUSTAINABLE ENERGY \"A2\" (HKDHDG) ACC","LU2153591404.USD":"Aberdeen Standard SICAV I - Asian Sustainable Development Equity A Acc USD","HK0000181138.USD":"DA CHENG CHINA BALANCED \"A\" (USD) INC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU1119993845.HKD":"FIDELITY ASIA PACIFIC DIVIDEND \"A\" (HKDHDG) INC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU2348774022.SGD":"Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Equity A Acc SGD-H","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU1978683503.SGD":"Blackrock Sustainable Energy A2 SGD-H","002460":"赣锋锂业","LU0724618433.USD":"BGF NEW ENERGY \"A4\" (USD) INC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","SG9999001846.SGD":"Schroder Asian Equity Yield A Dis SGD","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","BK0196":"行业龙头","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU1102505762.USD":"富达新兴市场焦点 A","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU1820825898.SGD":"Aberdeen Standard SICAV I - China A Share Equity A Acc SGD-H","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","BK0233":"有色加工","IE00B8HQ1Z84.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"A\" (USD) ACC","LU1861214812.USD":"Blackrock Future of Transport A2 USD","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","LU0594300419.USD":"富达中国消费基金A","LU2328871848.SGD":"Eastspring Investments - China A Shares Growth AS SGD","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU1997245177.USD":"安联神洲A股基金","LU1861219969.SGD":"Blackrock Future of Transport A2 SGD-H","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","LU0877626530.USD":"FIDELITY ASIA PACIFIC DIVIDEND \"A\" (USD) INC MONTHLY (G)","LU1721428347.USD":"BNP PARIBAS CLIMATE IMPACT \"C\" (USD) ACC","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","LU2298321311.HKD":"BGF CIRCULAR ECONOMY \"A\" (HKDHDG) ACC","LU2394011477.USD":"JPMORGAN CLIMATE CHANGE SOLUTIONS \"A\" (USD) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU2041044095.USD":"Blackrock Circular Economy A2 USD","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0124384867.USD":"贝莱德新能源基金A2","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0505663152.USD":"abrdn SICAV I - FUTURE MINERALS \"A\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU1934453819.USD":"AB CHINA A SHARES EQUITY PORTFOLIO \"A\" (USD) ACC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU2477742899.HKD":"BNP PARIBAS CLIMATE IMPACT \"C\" (HKD) ACC","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","01772":"赣锋锂业","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","SG9999001689.USD":"施罗德亚洲成长股票","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU2580892789.USD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (USD) ACC","LU2506952253.HKD":"BNP PARIBAS GREEN TIGERS \"CRH\" (HKD) ACC","LU2506952337.HKD":"BNP PARIBAS CLIMATE IMPACT \"CRH\" (HKDHDG) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","SGXZ81163826.USD":"UNITED CHINA A-SHARES INNOVATION \"A\" (USD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","SGXZ49509284.SGD":"United China A Shares Innovation A Acc SGD","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC"},"translate_title":"Lithium battery stocks have an average pullback/retracement of nearly 50% this year, and CATL's Q3 report reveals a turning point in the industry cycle.","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300750":1.96,"CXSE":0.6,"EVS.SI":0.6,"002460":1.85,"03750":1.96,"LIT":0.6,"01772":1.85},"content_text":"21世纪经济报道记者董鹏　　不仅是宁德时代，整个锂电行业三季度盈利都出现环比回落。　　以Wind锂电池板块为例，截至10月27日，共有49家上市公司披露三季报，其中三季度实现归母净利润合计383.8亿元，较今年二季度下降20.8%。　　剔除利润最高的宁德时代、利润最低的东方精工后，三季度锂电业利润总额回落的趋势依然成立，连续五个季度的盈利扩张期就此结束。　　对于上述行业景气度、企业盈利端的收缩，二级市场也已经提前计价。　　据统计，截至10月27日收盘，上述Wind锂电池板块公司年内平均回撤幅度达到49.72%，其中上半年盈利增幅最突出、股价上涨最明显的锂矿板块，更是出现赣锋锂业、天华新能等多只个股年内回撤幅度超过60%的情况。　　在行业基本面与资本市场交叉印证下，始于2025年下半年、由储能作为主力驱动的行业景气周期正面临顶部回落风险。 上游超额利润终结　　碳酸锂是反映整个锂电行业景气度的重要风向标。　　在供需关系、市场预期的作用下，下游电池排产预期走弱、库存压力抬升等基本面变化往往会提前反映在碳酸锂的价格端，其价格被视为行业景气度的先行信号。　　今年三季度，碳酸锂期货、现货价格便同步回落。其中，碳酸锂期货加权合约由6月末的16.3万元/吨跌至9月末的不足12万元/吨，国内电池级碳酸锂现货同步走低。　　锂价回落背景下，产品销售定价与上述期、现价格挂钩的锂盐企业利润空间随之被压缩，三季度盈利触顶回落。 　　尤其是锂矿、锂盐业务占比高且缺少其他业务“对冲”的矿石提锂企业，其业绩下滑表现更为明显。　　以天齐锂业为例，该公司单季度归母净利润便由二季度的23.66亿元下降至三季度的13.6亿元，环比降幅达到42.5%，公司此前连续四个季度盈利扩张的趋势就此终结。　　其他矿石提锂企业也呈现了类似的盈利变动趋势。　　盛新锂能三季度归母净利润环比下降59.8%，同期赣锋锂业归母净利润环比下降68.8%，作为宁德时代在上游锂盐端的重要伙伴，天华新能归母净利润更是从二季度的13.23亿元锐减至2.19亿元。　　西部矿业、藏格矿业三季度盈利虽然实现小幅环比增长，但是这两家公司的利润增量更多来自铜，锂产品对其业绩影响很小，尚不足以代表整个行业的景气度变化。　　更为重要的是，从碳酸锂价格走势来看，三季度可能还不是锂矿、锂盐企业的业绩最低点。　　实际上，今年三季度虽然碳酸锂价格回落明显，但是因为先涨后跌，价格中枢整体偏高，当期平均价回落并不算特别明显。　　根据Wind统计，今年二季度、三季度，国内电池级碳酸锂现货平均价分别为17.2万元/吨、14.8万元/吨，三季度环比跌幅约14%。 　　进入四季度，上述碳酸锂样本价格继续走低。截至10月26日，10月以来的现货平均价已经降至10.7万元/吨，环比跌幅进一步扩大至27.7%。　　接下来，如若11月、12月锂价不能反弹，拉高整个四季度的平均价，上述矿石提锂样本企业的盈利能力会持续下降，四季度也可能成为今年利润最低的一个季度。　　从近期市场交投现状、期货市场价格预期来看，四季度盈利继续恶化的可能性不小。　　对于当前的产业链格局，生意社指出：“上游锂盐厂重新累积库存，下游忙于消化长协订单，贸易环节观望气氛浓厚。市场对明年电动汽车销量预期偏谨慎，需求端短期缺乏向上催化。”　　期货市场上，反映今年11月、12月价格预期的期货合约，最新价保持在10.1万元/吨左右，明显低于上述四季度以来10.7万元/吨的现货平均价。　　中游赛道冷热割裂　　与上游锂盐行业的整体盈利下行不同，中游材料环节业绩呈现出结构性分化。　　产能出清充分、产能壁垒高，且产品以储能为主的细分行业还能维持盈利提升，而与电池排产、国内动力终端需求关联度更高的标准化材料则率先出现盈利收缩。　　比如去年曾经红极一时，并引发二级市场股价异动的电解液添加剂VC（碳酸亚乙烯酯），本身属于审批、安全、环评壁垒高的精细化工品，在2022年至2025年的锂电下降周期中，其产能已经得到明显出清。　　根据SMM统计，电池级VC日均价由7月初的15.6万元/吨上涨至9月底的23.9万元/吨，三季度累计涨幅达53.2%。　　产品涨价驱动下，VC产品生产企业华盛锂电今年前三季度实现量、价、利同步增长，并带动公司盈利逐季度扩张，公司净利润从一季度的0.97亿元增至二季度的1.26亿元后，今年三季度进一步增长至3.13亿元。　　隔膜行业的情况类似，过去几年低端产能出清后，头部企业恩捷股份优先获得价格修复红利。　　根据东吴证券测算，恩捷股份今年三季度隔膜利润达0.21元/m²，较今年二季度的0.16元/m²明显提升。该机构还指出，当前行业供需持续紧张，公司涂覆占比进一步提升，行业价格维持高位，四季度盈利有望进一步提升。 　　需要指出的是，中游材料环节的细分产品较多，横跨有色、精细化工、高分子薄膜等多个领域。　　不同细分产品的供需关系、产能约束、定价规则都不相同，导致各自行业运行节奏也不一致，因此企业层面业绩波动的一致性要远弱于上游锂盐行业。　　即便是同一赛道，产品结构、客户结构的细微差异，也会带来业绩走势的割裂。比如电解液领域的多氟多，新能源材料产品以相对标准化的六氟磷酸锂为主，今年公司业绩趋势便与同赛道的华盛锂电形成鲜明分化。　　相关数据显示，今年一季度至三季度，该公司分别实现营收32.2亿元、38.2亿元和38.9亿元，逐季度增长；同期，多氟多归母净利润分别为3.8亿元、1.4亿元和0.8亿元，逐季度下降，与公司收入趋势恰恰相反。　　此外，景气度弱于磷酸铁锂的三元材料领域，整体业绩表现也比较一般。　　比如格林美、华友钴业，受高镍三元电池需求走弱、成本抬升和资产减值等因素扰动，三季度盈利出现环比回落。　　仅以华友钴业为例，该公司今年三季度资产减值损失达到9.88亿元，较二季度的3.05亿元大幅增加，导致公司归母净利润由二季度的10.1亿元减少至8亿元。　　不难看出，今年锂电行业较好的景气度并没有惠及所有产业环节，不同环节间的盈利分化十分明显，并且这一分化大概率还将长期延续。　　下游增收难增利　　今年三季度锂电池整体产量继续保持增长，整体增速却有所回落。　　根据中国汽车动力电池产业创新联盟数据，今年9月动力电池总销量149.2GWh，同比增长35%。从环比变化看，今年7月动力电池销量129.1GWh，8月销量146.8GWh，8月环比显著增长13.7%，9月销量仅环比小幅增长1.7%，旺季需求不及预期。　　同期，储能电池销量73.5GWh，同比大幅增长104.4%，也出现一定环比回落。　　整体来看，需求端动力电池旺季环比走弱，储能需求虽然增速表现突出，但整体需求端并非景气度的系统性提升，总量高增背后的结构分化特征突出。　　加之成本敏感度较高的储能项目招标价格下行，动力电池市场竞争加剧，电池企业很难将原料成本波动向下传导。 　　近期，因三季度业绩不及预期而股价连续大幅下跌的宁德时代就是典型。　　储能需求拉动了公司电池出货量和营收规模增长，却难以支撑起企业利润的持续扩张。　　根据定期报告，今年三季度，该公司营业收入达到1652.2亿元，环比二季度增长11.8%，归母净利润却由二季度的225.5亿元降至212.5亿元。　　进一步对比公司收入与成本变化还可以看出，自今年二季度以来公司营业成本增速开始反超营收增速，导致公司整体盈利能力下降。　　相关数据显示，今年一季度，宁德时代营收增速为52.45%，大于同期51.72%的营业成本增速；二季度，公司营收增速提升至56.92%，却落后同期营业成本增速6.4个百分点；三季度，营收增速与成本增速的差值进一步扩大至9.8个百分点。　　以上数据变动显示，在行业整体增速回落、车企“去宁化”背景下，公司成本传导能力出现一定下滑，进而对公司整体盈利能力带来负面影响。　　另据东吴证券测算，今年三季度，宁德时代动力电池、储能电池均价环比持平，毛利率、单位利润也出现了环比和同比下滑。　　对于三季度单位盈利能力的变化，宁德时代近期在业绩说明会上回应称：“首先是产品结构的变化，一个季度的产品结构波动不代表长期方向；其次是消费税和出口退税的影响。我们正积极与客户沟通，一起来分担相关影响，同时积极推动新技术和新产品的落地，降低对盈利能力的影响。” 　　还有一个需要留意的细节：资本市场对宁德时代四季度盈利预期也在变得谨慎。　　Wind数据显示，三季报披露前，券商对宁德时代2026年的盈利预期保持稳定，全年归母净利润预期值普遍在930亿元至1000亿元之间。　　三季度业绩出炉后，券商全面下调公司全年归母净利润预期值至900亿元以下，少数机构更是给出了840亿元左右的预期值，并对宁德时代2027年、2028年的利润预期值同步下调。　　这也留下了一个关键命题：宁德时代三季度利润规模的环比下降，究竟是产品结构变化、价格传导受阻带来的阶段性业绩波动，还是周期下行的长期趋势？　　行业利润“拐点”显现　　放在整个锂电行业来看，宁德时代的利润虽然占据极高权重，但是即便剔除该公司数据也难掩三季度行业整体利润的收缩。　　先看锂电行业的整体盈利趋势。以Wind锂电池板块作为观察样本，截至10月27日，共有49家上市公司披露三季报，当期实现归母净利润合计383.8亿元，较今年二季度的484.8亿元减少100亿元，环比下降20.8%。　　剔除最高值宁德时代、最低值东方精工后，今年三季度，上述样本公司归母净利润合计172.8亿元，较二季度的220.7亿元环比下降21.7%。 　　自2025年以来锂电行业利润连续五个季度增长的趋势就此结束，并且可以清晰地看到行业利润走势的拐点。　　始于2025年下半年、由储能作为核心驱动力的景气周期正面临巨大考验。　　回溯历史，2025年6月碳酸锂价格跌至上一轮周期低位的4万元/吨，随后整个产业链开启被动去库存，同年四季度随着海外储能长协集中落地，锂价开启新一轮上行。　　本轮景气周期建立在2025年锂价深度亏损倒逼高成本产能出清、边际供给收缩，以及海外储能长协订单集中释放拉动库存消化的基础上，从而形成了锂价企稳、补库、排产抬升的正向循环。　　如今，支撑景气度上行的驱动力则有所减弱。一边是随着锂价的反弹，此前被搁置的新增产能开始逐步释放，另一边则是下游需求端整体增速的回落。　　还需要指出的是，与2020年至2022年相比，本轮锂电行业景气周期的驱动逻辑、持续性截然不同。　　上一轮景气周期，源于新能源车市场渗透率快速提升所带来的需求端爆发式增长，叠加原料端锂矿资本开支滞后、新建产能周期漫长，形成长达两年的系统性繁荣。　　2025年开启的本轮景气周期，则是一轮由储能、海外动力电池驱动的结构性上涨，需求端虽然也可以实现增长，但是在高基数下增速和持续性均明显弱于上一轮景气周期，也就很难复刻上一轮全产业链的系统性上涨行情。　　对于2027年，当前市场普遍认为终端需求可以继续实现正增长，但是可能会出现总量增长、价格回落的情况，并且在需求增速、储能拐点和供需平衡方面存在一定分歧。　　高盛认为，储能需求可能在2027年见顶、2028年同比下滑，同时基于储能走弱、国内动力电池增速放缓、供给增速大于需求增速的假设，预计2027年电池需求整体增速低于20%。　　其他海外投行、国内券商预期相对乐观，如花旗预计2027年全球电池需求增速约26%，中信建投则预计在储能的拉动下需求增速可以达到25%至32%。 　　从资本市场作出的选择来看，吸取2022年至2025年锂电股深度下跌的教训后，二级市场不再将锂电股视作成长股，而是始终以周期品视角对锂电股进行定价。　　在三季度行业账面利润确认走低前，锂电池板块便已经提前计价悲观预期。　　截至10月27日收盘，纳入Wind锂电池板块的108家公司，今年股价平均回撤幅度已经达到49.72%，包括赣锋锂业、德方纳米在内的多家细分行业龙头年内跌幅超过60%。　　股价出现如此大幅度的系统性下跌，显然已经不是常规股价回撤，二级市场更像是在交易行业周期见顶的逻辑。（文章来源：21世纪经济报道）","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"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,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.52.0","shortVersion":"4.52.0","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/2678450633","isCrawlerRequest":true}