财通008的个人主页 - 老虎社区

财通008

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IP属地：浙江

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2主题

0勋章

03-18 09:40

拿一堆下单取消的5000元给现有车主发最低1万个人取笑小米一下子转5000万

感恩同行！小米汽车为老车主送上三枚纪念勋章

03-13

难道是满清资本文化圈又盯上泡泡玛特了？

泡泡玛特新IP KeyA，为什么吵翻天？

03-12

看不懂明明都是90 100了还说要冲击90 100

霍尔木兹海峡封锁“长期化”，油价会涨到多少？

01-31

川普要被骗了先支持川普的观点上台后就唱反对

沃什提名引爆金银“血洗”！盘中白银创纪录跌超35%、黄金跌超10%

2025-12-20

那阿里抖音 deep的大模型算什么

火线解析智谱AI招股书：年营收3亿增速130%，“中国版OpenAI”率先冲刺全球大模型第一股

2025-12-09

买这车非必要还是不要给自己贴个智商低的标签

小米三款新车曝光，网友评论直戳雷军肺管子

2025-12-06

干嘛给23块？缺这点吗

流媒体“王炸”并购！奈飞官宣以827亿美元收购华纳兄弟探索，建立“超级内容”帝国

2025-11-09

我怎么感觉要完蛋了

你要买辆支持吗！机构预测：小米汽车明年产能有望突破120万辆

2025-07-21

$东方电气(01072)$ 挂高价买为啥不是吃掉低价卖的成交价应该是低价才对怎么会乌龙？

2025-07-18

肯定会给私生子分钱的因为还有其他爸爸爱他们的私生子

2025-05-29

香港稳定币是港币还是美元？

众安在线5日暴涨75%，引爆数字货币板块！稳定币缘何成市场“香饽饽”？

2025-05-12

小米因为汽车破产会不会成为现实

2025-04-19

美国购物网站一溜的中国企业

希音、Temu告知美国消费者4月25日起涨价：关税变化导致运营成本上升

2025-03-21

$百度集团-SW(09888)$ 百度开盲盒要崩盘喽

2025-02-14

没有美女差评

2025-02-13

$ALB.HK 20250328 120.00 CALL$ 等回调再上车

2025-01-11

可不可以做空的？

2024-11-13

港股肯定完蛋了

2024-10-09

你说的是个谎言

2021-01-29

$游戏驿站(GME)$我也打算买一股永远放着现在还能买吗

去老虎APP查看更多动态

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给现有车主发 最低1万个人取笑 小米一下子转5000万","listText":"拿一堆下单取消的5000元 给现有车主发 最低1万个人取笑 小米一下子转5000万","text":"拿一堆下单取消的5000元 给现有车主发 最低1万个人取笑 小米一下子转5000万","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/543836107392888","repostId":"2620048334","repostType":2,"repost":{"id":"2620048334","kind":"news","pubTimestamp":1773764130,"share":"https://www.laohu8.com/m/news/2620048334?lang=zh_CN&edition=full","pubTime":"2026-03-18 00:15","market":"us","language":"zh","title":"感恩同行！小米汽车为老车主送上三枚纪念勋章","url":"https://stock-news.laohu8.com/highlight/detail?id=2620048334","media":"快科技","summary":"快科技3月18日消息，初代小米SU7即将在本月底迎来发布两周年，小米汽车面向老车主推出专属纪念福利，为符合条件的用户发放三枚虚拟勋章。小米汽车两周年纪念勋章：面向本月底前SU7、YU7、SU7 Ultra的车主与准车主开放领取。除勋章外，小米汽车还准备了卡布里蓝色、仿实体钥匙造型的定制冰箱贴。此次福利发放，正值小米汽车两周年节点，既增强了用户归属感，也为品牌后续车型积累口碑与用户粘性。","content":"<html><body><p>快科技3月18日消息，初代<a href=\"https://laohu8.com/S/XIACY\">小米</a>SU7即将在本月底迎来发布两周年，<strong><a href=\"https://laohu8.com/S/01810\">小米</a>汽车面向老车主推出专属纪念福利，为符合条件的用户发放三枚虚拟勋章。</strong></p><p>本次发放的三枚勋章各有对应领取条件，覆盖不同阶段的车主群体。</p><p><strong><a href=\"https://laohu8.com/S/81810\">小米</a>汽车两周年纪念勋章：</strong>面向本月底前SU7、YU7、SU7 Ultra的车主与准车主开放领取。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p><strong>第一代SU7支持者勋章：</strong>面向所有购买过初代小米SU7的用户。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p><strong>梦想同行者勋章：</strong>则专属初代SU7、YU7、SU7 Ultra首销期的首任车主。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>虚拟勋章领取门槛相对宽松，当前车主与历史车主均可按条件获取，不设置账号绑定与车辆过户限制。</p><p>除勋章外，小米汽车还准备了卡布里蓝色、仿实体钥匙造型的定制冰箱贴。<strong>冰箱贴领取条件更为严格，要求车辆仍在原购车账号名下且未换绑，同一车型限领一个，单个账号最多可领取三个。</strong></p><p>多位车主反馈，本次福利仪式感充足，既有纪念意义，也体现出品牌对早期用户的长期关怀。</p><p>此次福利发放，正值小米汽车两周年节点，既增强了用户归属感，也为品牌后续车型积累口碑与用户粘性。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p></body></html>","source":"ifeng_tech","collect":0,"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>感恩同行！小米汽车为老车主送上三枚纪念勋章</title>\n<style 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href=\"https://tech.ifeng.com/c/8rZwQ7fEFvL\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU0051755006.USD":"摩根大通中国A (dist)","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) 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INC"},"source_url":"https://tech.ifeng.com/c/8rZwQ7fEFvL","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2620048334","content_text":"快科技3月18日消息，初代小米SU7即将在本月底迎来发布两周年，小米汽车面向老车主推出专属纪念福利，为符合条件的用户发放三枚虚拟勋章。本次发放的三枚勋章各有对应领取条件，覆盖不同阶段的车主群体。小米汽车两周年纪念勋章：面向本月底前SU7、YU7、SU7 Ultra的车主与准车主开放领取。第一代SU7支持者勋章：面向所有购买过初代小米SU7的用户。梦想同行者勋章：则专属初代SU7、YU7、SU7 Ultra首销期的首任车主。虚拟勋章领取门槛相对宽松，当前车主与历史车主均可按条件获取，不设置账号绑定与车辆过户限制。除勋章外，小米汽车还准备了卡布里蓝色、仿实体钥匙造型的定制冰箱贴。冰箱贴领取条件更为严格，要求车辆仍在原购车账号名下且未换绑，同一车型限领一个，单个账号最多可领取三个。多位车主反馈，本次福利仪式感充足，既有纪念意义，也体现出品牌对早期用户的长期关怀。此次福利发放，正值小米汽车两周年节点，既增强了用户归属感，也为品牌后续车型积累口碑与用户粘性。","news_type":1,"symbols_score_info":{"81810":0.6,"MIUmain":0.6,"XIACY":1.88,"01810":1.88,"HXXD.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":347,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":542062111629512,"gmtCreate":1773366802251,"gmtModify":1773366805503,"author":{"id":"3440469524702880","authorId":"3440469524702880","name":"财通008","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3440469524702880","idStr":"3440469524702880"},"themes":[],"title":"","htmlText":"难道是满清资本文化圈又盯上泡泡玛特了？","listText":"难道是满清资本文化圈又盯上泡泡玛特了？","text":"难道是满清资本文化圈又盯上泡泡玛特了？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/542062111629512","repostId":"2618613725","repostType":2,"repost":{"id":"2618613725","kind":"highlight","weMediaInfo":{"introduction":"科技商业观察家。微创新提出者。","home_visible":1,"media_name":"金错刀","id":"1023100042","head_image":"https://static.tigerbbs.com/bd95e24719f249c0bbc96822817a73e4"},"pubTimestamp":1773307560,"share":"https://www.laohu8.com/m/news/2618613725?lang=zh_CN&edition=full","pubTime":"2026-03-12 17:26","market":"sh","language":"zh","title":"泡泡玛特新IP KeyA，为什么吵翻天？","url":"https://stock-news.laohu8.com/highlight/detail?id=2618613725","media":"金错刀","summary":"几天前，泡泡玛特对外发布了新IP预热：KeyA，一个永远在“生成自我”的女孩。泡泡玛特的很多粉丝都看这个KeyA不爽，而且是全方位的不爽。在官方释放的消息中，在去年8月的2025年北京PTS潮玩展上，泡泡玛特携手艺术家陈嫣冉，首次推出了两款KeyA玩偶，现场反响热烈。泡泡玛特的IP团队注意到KeyA所蕴含的情感共鸣潜力，尤其是其与Z世代年轻人自我探索、成长的主题高度契合。有人则质疑KeyA的原画水平不足，为什么能被泡泡玛特签约。","content":"<html><body><div><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/2e7b146a75c04ea6ad6db7de7293bb65\"/></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img arial=\"\" auto=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" none=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/3689687913fe430f82a0808b29652a3e\" ui=\"\" visible=\"\" yahei=\"\"/></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" leaf=\"\" neue=\"\" normal=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">几天前，<a href=\"https://laohu8.com/S/09992\">泡泡玛特</a>对外发布了新IP预热：KeyA，一个永远在“生成自我”的女孩。预告3月13日将推出KeyA未境之梦系列。</span></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" leaf=\"\" neue=\"\" normal=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特的很多粉丝都看这个KeyA不爽，而且是全方位的不爽。IP形象被认为和作者陈嫣冉本人过于相似；创作风格上，看出了伊藤润二、寺田克也等其他创作者的身影；永远“生成自我”的人设，被认为是作者的自我养成……</span></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" leaf=\"\" neue=\"\" normal=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这次失利不仅是单个新品的失败，更折射出潮玩行业从盲目追新回归理性，品牌若忽略用户共鸣与审美共识，再大的流量也难以转化为真正的市场认可。</span></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" right=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><span leaf=\"\"><span textstyle=\"\">作者 | 贾阳 罗立璇</span></span></span></p><p><span><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">来源 | 20社（ID：</span><span textstyle=\"\">quancaijing_20she</span><span textstyle=\"\">）</span></span></span></span></p><p><span><span leaf=\"\"><span textstyle=\"\">金错刀（ijincuodao）授权转载</span></span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特IP的产品风格，正在集体往更无害、更柔软的方向迭代。KeyA是一个例外。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">很少能看到一个新IP塌得这么快，尤其出品方还是火遍全球的泡泡玛特。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">说新IP都不准确，因为这个IP还没正式推出。几天前，泡泡玛特对外发布了新IP预热：KeyA，一个永远在“生成自我”的女孩。预告3月13日将推出KeyA未境之梦系列。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特的很多粉丝都看这个KeyA不爽，而且是全方位的不爽。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">IP形象被认为和作者陈嫣冉本人过于相似；创作风格上，看出了伊藤润二、寺田克也等其他创作者的身影；永远“生成自我”的人设，被认为是作者的自我养成……</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/f5d9cf9110944b00ad8fa5e9f2671560\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">回头看，泡泡玛特近年来大火的IP角色，确实都很“轻”。它不需要宏大的叙事背景，而是通过明确的情绪氛围来吸引受众。这些IP的产品风格，正在集体往更无害、更柔软的方向迭代。当下的消费者确实更偏好这样的风格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA不属于这个脉络。她搅动了这种审美共识，也被牵扯进了更大的社会情绪。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" inherit=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><font face=\"宋体\"><font face=\"Calibri\"><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" justify=\"\" leaf=\"\" margin-right:=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" ui=\"\" visible=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/1637f3d9b1d34ad487280cb9ffb4fea1\" type=\"block\"/></span></font></font></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" caret-color:=\"\" center=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" leaf=\"\" letter-spacing:=\"\" line-height:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" visibility:=\"\" visible=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span textstyle=\"\">KeyA是谁？</span></span></strong></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></strong></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">如果去网上搜索KeyA，现在已经有了截然相反的两个版本，一个是官方信息中的，另一个则是网友们自己解读的。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在官方释放的消息中，在去年8月的2025年北京PTS潮玩展上，泡泡玛特携手艺术家陈嫣冉，首次推出了两款KeyA玩偶，现场反响热烈。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/2f70bdcbef2840abb05ed675958e9e7d\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">网友反馈则有好有坏。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/63709033fd154f7ca08eb2cb82fb2b04\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特为什么会选择陈嫣冉合作呢？</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在PTS潮玩展的采访中，陈嫣冉称，其独特的“自我生成”概念和灵动的视觉风格吸引了泡泡玛特的关注。泡泡玛特的IP团队注意到KeyA所蕴含的情感共鸣潜力，尤其是其与Z世代年轻人自我探索、成长的主题高度契合。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">双方就IP定位、开发方向及商业化路径达成共识，确定KeyA作为“开放式成长型IP”的核心定位。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">大半年后，KeyA设定终于完整，她被官方定义为一个永远在“生成自我”的女孩——不是一个被设定好性格、等待被喜爱的静态形象，而是一个在不断变化、探索自我的少女。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/39d01926f9aa4990854377020cccd43c\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在官方的逻辑中，当下年轻人应该可以与KeyA产生情感投射：拒绝标签化，始终在自我探索、自我成长。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这种带有很强哲学意味的设定，在泡泡玛特以往的IP里不多见。比如大火的SKULLPANDA系列强调暗黑和多变性，LABUBU则是调皮、弱性别色彩的森林精灵，都有具体的性格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特或许期待给受众一个更加“空”的形象，把一个开放式命题带给大家，她的成长或许会与消费者的期待关联起来。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/5a206c2ead8541f195519822e56a2e42\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这也是泡泡玛特少有的介于2.5-3次元的IP形象。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">去年看到PTS上的KeyA后，有自媒体甚至感慨，泡泡玛特终于从低幼风走出来了。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">不过，年轻人马上发现，KeyA其实投射的是作者本人，那个名叫陈嫣冉的北京姑娘。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/85c97b275a314582be47b3af621e1b8f\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">绝大多数人，此前并不了解这个微博粉丝只有几十万的年轻艺术家。但是，泡泡玛特带来了巨大的关注度。然后，陈嫣冉的故事也随之被发现。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">她的求学历程是这样的：</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">2005年生于北京。3岁就开始画画，13岁正式做插画创作，14岁就去了美国学艺术设计，16岁又去了日本京都深造漫画。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在各种时尚媒体的报道中，标题包括“天才少女”，“19岁的老艺术家”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">她的资源是这样的：</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">18岁在东京原宿举办个人首次画展，19岁和刘慈欣一起打造动漫厂牌，成为GUCCI合作史上最年轻的艺术家；20岁，也就是去年在北京798艺术区举办国内首次个展。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">以及过去一年多，解锁了众多时尚媒体的报道和拍摄。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">成绩方面：代表作《幻想塑料袋》《梦魔机器人》《虚构的自我》，收获了业内广泛认可。她的设计灵感，来自于日本恐怖漫画、法国实验电影里以及自己梦境。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/95d061d619ea402a8071e440b1c04bc7\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但在作品被越来越多人关注之后，首先就有人质疑，KeyA身上布料过少。也有评论认为，她的设计中有太多其他前辈创作者的身影。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">与泡泡玛特合作官宣后，“我上我也行，我上我更行”的说法也逐渐多了起来，甚至有人在评论区放上了自己的作品。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">毕竟，在我们这个潮玩大国，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">有很多年轻人能给各个潮玩公司做设计，市场上会用销售数据来选拔优秀设计师。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ac6673265a7d4e6aa3f883acbfbc900a\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">“我创作的女性角色，跟我本人非常相似……那些形象就是我的无意识延伸。”</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这一直白表述，在去年被所有人忽略了，在今年却将KeyA和泡泡玛特卷入一个巨大的舆论漩涡。</span></span></p><p label=\"Powered by wxb-style.com\"><font by=\"\" para=\"\" wxb-style.com=\"\"><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" inherit=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/cbf9805fe32647668040fb7c6e2f193d\"/></p><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" leaf=\"\" line-height:=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA为什么翻了个大的</span></span></strong><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span mpa-font-style=\"mm4ctbi31e9o\"><font><b><font arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" caret-color:=\"\" center=\"\" clear:=\"\" color:=\"\" face=\"等线\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" letter-spacing:=\"\" line-height:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" visibility:=\"\" visible=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></font></b></font></span></p></font></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特应该不会想到，预热时相当有热度的KeyA，官宣却迎来了前所未有的负面反馈，评论区被质疑声淹没了。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">一开始的热评，只是对IP形象最直观的感受。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">“是从二游进修过吗？”一条热评指出，完全是成人视角的少女，似是而非的未来感和男性凝视感，根本不适合出现在泡泡玛特里。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/a40c5a263a624294803880058d942124\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">因为泡泡玛特原有的IP和盲盒受众，以女性为主，这些用户天然带着女性视角，所以疑惑：一个女创作者的作品，还是“自我生成”的机器人相关的概念，为什么还要穿肩膀开洞、腰开洞、突出三角区的紧身衣。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/706cb55cdbdb4fd799d50e99cb8ef6fd\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">有人则质疑KeyA的原画水平不足，为什么能被泡泡玛特签约。还有些对日本漫画有了解的用户，则表示KeyA疑似元素借鉴程度过高，“人山人海的”。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/9720c725672948db95bbceb56f851b52\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">而当用户开始探究创作者的身份背景，发现陈嫣冉的成长背景——05年北京人、频繁参与娱乐圈活动、登上多个时尚刊物封面、与Gucci合作、明星帮忙办展，更激烈的舆论争议被点燃了，质疑艺术水准不行，质疑履历是一路被镀金的，是“人造天才”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">此外，大众更是被触动了“<a href=\"https://laohu8.com/S/300063\">天龙</a>人玩弄NPC”的敏感点。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/afc649e5bde04de7af08b6dd80780d60\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">于是，针对KeyA的评价就不再是一个纯艺术范围的事情了。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">一类评论认为，KeyA太像作者本人，尤其是标志性的兔牙，跟真人形象强相关，无法接受。简直是强行要求消费者为艺术家的自嬷买单。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">“谁要买素不相识的oc放家里？”KeyA在评论区变成了陈嫣冉的个人OC（Original Character，OC文化指爱好者通过约画、写文等方式“养成”自己的OC）。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/9fba90d5fc7b485a94dd229eaf1cb0d2\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特以往大火IP，多为形体夸张、动物化、二次元化的风格。真人形象过于鲜明，不利于营造可爱感、可把玩性、养娃体验。此前泡泡玛特也推出过真人形象IP叛桃，虽然在小圈子里颇受好评，但它的受众们也承认，“超喜欢叛桃系列，但确实不火”。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/03c3306e59d047d6b4fcb4460a9beaad\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">尤其是当真人形象背后，真的可能存在一个具体人类，用户很难放心地去安放自己的感情，反而有种被迫追星、被迫成为艺术家play一环的感受。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">还有一类评论，则开启了侦探模式，试图证明，天才是被“人造”出来的——</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">网友翻出KeyA的原画，认为脸部形象变化很大（不过泡泡玛特的宣传语称“外表与灵魂，不断修正、更新、重构”，弥补了这一点bug）。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/7fb93627e6d7489296eaed8682dd13cc\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">原画</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/34a9fe43ba8e44f39cac3e4050937490\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">潮玩实物</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">还有人认为，KeyA“原画细节不够”，“绘画和雕塑作品之间，水平差异太大”，怀疑是工作室团队的塑模赋予了更多灵魂。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/349dcedb07af40cb974545cba311089b\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这一指控，有些过于“先画靶，后射箭”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">事实上，泡泡玛特跟艺术家签约时，往往并不是靠艺术家单打独斗完成绘画、形体设计、雕塑建模。通常情况下，艺术家们都专注在IP的二维设计上，IP的三维建模都是由泡泡玛特的PDC团队完成，双方共同确认最终的效果。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">据媒体和公开资料，泡泡玛特的IP孵化，往往需要经历粉丝社区测试、机器人商店测试和快闪店测试，通过真金白银的市场数据，来决定是否进行大规模量产。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA自从去年在PTS上亮相，大概率是经过这一系列市场测试的。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但新IP迎来如此前所未有的负面舆论，卷入社会性的阶级争议，叠加受众对3次元IP的抵触心理，始料未及。贩卖情绪的公司，也无可避免受到社会情绪的backfire。</span></span></p><p><font by=\"\" para=\"\" wxb-style.com=\"\"><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/f6712c5de96c4dfaa1a4d551622119c2\"/></span></p><p><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" leaf=\"\" line-height:=\"\" margin:=\"\" neue=\"\" none=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-indent:=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">受众到底想要什么？</span></span></strong></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" inherit=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></strong></p></font></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">那么，消费者究竟喜欢什么样的潮玩呢？</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">到今天，大家谈到情绪消费的时候，都会提到一个特点：离开现实，或者说逃避现实。潮玩、谷子、游戏等等当下火热的消费，都是一种载体，让年轻人能够短暂从现实世界脱离，在虚拟世界或者兴趣社群里重新寄托情感。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">王宁曾经在2020年的一次对谈中，以Molly为例，解释他认为的潮玩魅力：“Molly之所以能成为大家喜爱的形象，背后的逻辑更像是100个人心中有100个哈姆雷特，它把自己的灵魂掏空，你可以把你的灵魂装进去。”</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">他经常在面对媒体时，把泡泡玛特类比为唱片公司，他认为泡泡玛特是在将玩具作为载体，把艺术分发到大众渠道，提供陪伴价值。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">建立一个平台型的、系统性的，能把大量IP挖掘出来，把他们分发给适合受众的成熟方法论，是泡泡玛特最重要的任务。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">因此，我们就能理解泡泡玛特的新尝试。一个是，他们一直在挖掘和主流市场不同的潜力IP。王宁在《因为独特》里提到，“当别人都在找这种可爱的IP的时候，我们已经在找更有个性的IP了。”现当下，市场对于常见的“大眼萌娃”形象，不可谓不疲惫。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA，包括此前推出的“叛桃”，两者的形象更写实和成熟，都是试图在“可爱”这条路径以外的，新的风格尝试。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这也是王宁认为公司发展到了一定规模以后的必要任务：引领市场。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这个路线中最成功的案例，就是SKULLPANDA。如果仔细对比，会发现很多KeyA和SKULLPANDA在定位上的相似之处：SKULLPANDA的设计师熊喵，也同样是以自己为原型来进行人物设计，也同样偏好暗黑、科幻、先锋的风格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但以作者本人为灵感的SKULLPANDA，仍然是一种夸张化的形象表达。SP潮玩的灵魂张扬气质，大于对真人原型的<a href=\"https://laohu8.com/S/00992\">联想</a>。而这种独特气质、情绪才唤来了相似灵魂的用户。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">形象本身，应该成为用户沟通情绪的载体，而不是阻碍。这是泡泡玛特以往成功IP的共同点，也是KeyA陷入争议的一大原因。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/6422ae9a6ebb4d029543b00a9c9cbdd2\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">SKULLPANDA的设计师熊喵与初代系列</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">而且，熊喵本人在进入潮玩领域前，就有接近10年的游戏设计背景、创过业，既能设计，又能下厂，早期涂装开发都是自己亲自盯。她是当下潮玩设计圈少有的擅长画画、会3D开发、懂工艺、熟识材料的年轻艺术家。这比KeyA设计师的履历更让大众信服。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">不过，也有业内人士对我们表示，看到KeyA这样的风格，以为会做成可动关节玩偶，要吸引以前没那么重点营销的男性市场，如果做成盲盒反而是产品部的失误。因为，男性受众尤其是玩传统模型的，很多就喜欢真人形象。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这或许是泡泡玛特拓展男性受众的一次尝试。但显然，原有的受众群体对此表示，不接受。这和泡泡玛特此前费尽功夫才开拓成功的女性市场，形成错位。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">更重要的是，即使泡泡玛特在尝试多种风格，从今天回头看，泡泡玛特的IP角色，确实都很“轻”。它不需要宏大的叙事背景，而是通过明确的情绪氛围来吸引受众。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">并且，这些IP的产品风格，正在集体往更无害、更柔软的方向迭代。这不是一种批评，而是说，当下的消费者确实更偏好这样的风格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">其中热度最高的Labubu、<a href=\"https://laohu8.com/S/300256\">星星</a>人、CryBaby，甚至SKULLPANDA，也都经历了类似的改造。比如Labubu，一开始的形象更瘦、更危险和张扬，诠释的就是森林里的小怪物；而经历过毛绒改造以后，属于“胖”了一圈，更柔软，更有亲近感。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">而最近的新“顶流”星星人，甚至还多了一些笨拙，在乐园里的形象也是以懵懂、臭屁，走路你还担心他下不了楼梯的感觉而出圈。不少人喜欢它的原因，就是它的“内向笨小孩”叙事。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ca10833d8d8f40bc8743a07e7fbf9b26\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">SKULLPANDA，在推出第四代的时候，还引起了一波争论。有粉丝指出，SKULLPANDA从“暗黑”“奶拽”转向“甜蜜”，风格大幅度转变丢掉了原本的特质，很多老粉不会买单。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但是，以粉色为主色调的“温度”系列，还是重新吸引到了更多粉丝。一位消费者评论，“即使我以前不买潮玩，我也觉得这个系列非常好看”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这背后牵涉的，可能是泡泡玛特对自己品牌的定位问题。与之能形成对比的，是<a href=\"https://laohu8.com/S/DIS\">迪士尼</a>对自己的电影的定位，毋庸置疑的合家欢电影。合家欢电影的定位，就是每一个走进电影院的人，都知道他们能够获得一个Happy Ending。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特想不想要继续维护当下已经形成了的用户认知？这可能是下一阶段需要思考的问题。</span></span></p><p><em arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span><em><span><span leaf=\"\"><span textstyle=\"\">图片来源于网络，侵权请联系删除</span></span></span></em></span></em></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" neue=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><strong><span><span leaf=\"\"><span textstyle=\"\">@The End</span></span></span></strong></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ebb45faa4bbc4b198f747d0511b0ade3\"/></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/c46347700a954025899743b0cee51142\" type=\"block\"/></p><p><span><img src=\"https://static.tigerbbs.com/b7d5e35caa96488a91566baedc6348b2\"/></span></p><p><span><img src=\"https://static.tigerbbs.com/f26378d1822e47eeaf9cd2b9020a7701\"/></span></p><p><span><img src=\"https://static.tigerbbs.com/25757ef224e647d99ba4fb16d3b4b173\"/></span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/ba6d4b53a889400787243fecfb335a7e\"/></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/dc46822c14ed4dc5ac22886706214a5b\"/></p></div></body></html>","source":"weixin_highlight","collect":0,"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>泡泡玛特新IP KeyA，为什么吵翻天？</title>\n<style 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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泡泡玛特新IP KeyA，为什么吵翻天？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1023100042\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/bd95e24719f249c0bbc96822817a73e4);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金错刀 </p>\n<p class=\"h-time\">2026-03-12 17:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/2e7b146a75c04ea6ad6db7de7293bb65\"/></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img arial=\"\" auto=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" none=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/3689687913fe430f82a0808b29652a3e\" ui=\"\" visible=\"\" yahei=\"\"/></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" leaf=\"\" neue=\"\" normal=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">几天前，<a href=\"https://laohu8.com/S/09992\">泡泡玛特</a>对外发布了新IP预热：KeyA，一个永远在“生成自我”的女孩。预告3月13日将推出KeyA未境之梦系列。</span></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" leaf=\"\" neue=\"\" normal=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特的很多粉丝都看这个KeyA不爽，而且是全方位的不爽。IP形象被认为和作者陈嫣冉本人过于相似；创作风格上，看出了伊藤润二、寺田克也等其他创作者的身影；永远“生成自我”的人设，被认为是作者的自我养成……</span></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" leaf=\"\" neue=\"\" normal=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这次失利不仅是单个新品的失败，更折射出潮玩行业从盲目追新回归理性，品牌若忽略用户共鸣与审美共识，再大的流量也难以转化为真正的市场认可。</span></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" right=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><span leaf=\"\"><span textstyle=\"\">作者 | 贾阳 罗立璇</span></span></span></p><p><span><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">来源 | 20社（ID：</span><span textstyle=\"\">quancaijing_20she</span><span textstyle=\"\">）</span></span></span></span></p><p><span><span leaf=\"\"><span textstyle=\"\">金错刀（ijincuodao）授权转载</span></span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特IP的产品风格，正在集体往更无害、更柔软的方向迭代。KeyA是一个例外。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">很少能看到一个新IP塌得这么快，尤其出品方还是火遍全球的泡泡玛特。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">说新IP都不准确，因为这个IP还没正式推出。几天前，泡泡玛特对外发布了新IP预热：KeyA，一个永远在“生成自我”的女孩。预告3月13日将推出KeyA未境之梦系列。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特的很多粉丝都看这个KeyA不爽，而且是全方位的不爽。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">IP形象被认为和作者陈嫣冉本人过于相似；创作风格上，看出了伊藤润二、寺田克也等其他创作者的身影；永远“生成自我”的人设，被认为是作者的自我养成……</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/f5d9cf9110944b00ad8fa5e9f2671560\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">回头看，泡泡玛特近年来大火的IP角色，确实都很“轻”。它不需要宏大的叙事背景，而是通过明确的情绪氛围来吸引受众。这些IP的产品风格，正在集体往更无害、更柔软的方向迭代。当下的消费者确实更偏好这样的风格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA不属于这个脉络。她搅动了这种审美共识，也被牵扯进了更大的社会情绪。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" inherit=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><font face=\"宋体\"><font face=\"Calibri\"><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" justify=\"\" leaf=\"\" margin-right:=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" ui=\"\" visible=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/1637f3d9b1d34ad487280cb9ffb4fea1\" type=\"block\"/></span></font></font></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" caret-color:=\"\" center=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" leaf=\"\" letter-spacing:=\"\" line-height:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" visibility:=\"\" visible=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span textstyle=\"\">KeyA是谁？</span></span></strong></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></strong></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">如果去网上搜索KeyA，现在已经有了截然相反的两个版本，一个是官方信息中的，另一个则是网友们自己解读的。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在官方释放的消息中，在去年8月的2025年北京PTS潮玩展上，泡泡玛特携手艺术家陈嫣冉，首次推出了两款KeyA玩偶，现场反响热烈。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/2f70bdcbef2840abb05ed675958e9e7d\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">网友反馈则有好有坏。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/63709033fd154f7ca08eb2cb82fb2b04\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特为什么会选择陈嫣冉合作呢？</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在PTS潮玩展的采访中，陈嫣冉称，其独特的“自我生成”概念和灵动的视觉风格吸引了泡泡玛特的关注。泡泡玛特的IP团队注意到KeyA所蕴含的情感共鸣潜力，尤其是其与Z世代年轻人自我探索、成长的主题高度契合。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">双方就IP定位、开发方向及商业化路径达成共识，确定KeyA作为“开放式成长型IP”的核心定位。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">大半年后，KeyA设定终于完整，她被官方定义为一个永远在“生成自我”的女孩——不是一个被设定好性格、等待被喜爱的静态形象，而是一个在不断变化、探索自我的少女。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/39d01926f9aa4990854377020cccd43c\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在官方的逻辑中，当下年轻人应该可以与KeyA产生情感投射：拒绝标签化，始终在自我探索、自我成长。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这种带有很强哲学意味的设定，在泡泡玛特以往的IP里不多见。比如大火的SKULLPANDA系列强调暗黑和多变性，LABUBU则是调皮、弱性别色彩的森林精灵，都有具体的性格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特或许期待给受众一个更加“空”的形象，把一个开放式命题带给大家，她的成长或许会与消费者的期待关联起来。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/5a206c2ead8541f195519822e56a2e42\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这也是泡泡玛特少有的介于2.5-3次元的IP形象。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">去年看到PTS上的KeyA后，有自媒体甚至感慨，泡泡玛特终于从低幼风走出来了。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">不过，年轻人马上发现，KeyA其实投射的是作者本人，那个名叫陈嫣冉的北京姑娘。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/85c97b275a314582be47b3af621e1b8f\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">绝大多数人，此前并不了解这个微博粉丝只有几十万的年轻艺术家。但是，泡泡玛特带来了巨大的关注度。然后，陈嫣冉的故事也随之被发现。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">她的求学历程是这样的：</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">2005年生于北京。3岁就开始画画，13岁正式做插画创作，14岁就去了美国学艺术设计，16岁又去了日本京都深造漫画。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在各种时尚媒体的报道中，标题包括“天才少女”，“19岁的老艺术家”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">她的资源是这样的：</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">18岁在东京原宿举办个人首次画展，19岁和刘慈欣一起打造动漫厂牌，成为GUCCI合作史上最年轻的艺术家；20岁，也就是去年在北京798艺术区举办国内首次个展。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">以及过去一年多，解锁了众多时尚媒体的报道和拍摄。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">成绩方面：代表作《幻想塑料袋》《梦魔机器人》《虚构的自我》，收获了业内广泛认可。她的设计灵感，来自于日本恐怖漫画、法国实验电影里以及自己梦境。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/95d061d619ea402a8071e440b1c04bc7\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但在作品被越来越多人关注之后，首先就有人质疑，KeyA身上布料过少。也有评论认为，她的设计中有太多其他前辈创作者的身影。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">与泡泡玛特合作官宣后，“我上我也行，我上我更行”的说法也逐渐多了起来，甚至有人在评论区放上了自己的作品。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">毕竟，在我们这个潮玩大国，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">有很多年轻人能给各个潮玩公司做设计，市场上会用销售数据来选拔优秀设计师。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ac6673265a7d4e6aa3f883acbfbc900a\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">“我创作的女性角色，跟我本人非常相似……那些形象就是我的无意识延伸。”</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这一直白表述，在去年被所有人忽略了，在今年却将KeyA和泡泡玛特卷入一个巨大的舆论漩涡。</span></span></p><p label=\"Powered by wxb-style.com\"><font by=\"\" para=\"\" wxb-style.com=\"\"><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" inherit=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/cbf9805fe32647668040fb7c6e2f193d\"/></p><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" leaf=\"\" line-height:=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA为什么翻了个大的</span></span></strong><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span mpa-font-style=\"mm4ctbi31e9o\"><font><b><font arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" caret-color:=\"\" center=\"\" clear:=\"\" color:=\"\" face=\"等线\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" letter-spacing:=\"\" line-height:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" visibility:=\"\" visible=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></font></b></font></span></p></font></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特应该不会想到，预热时相当有热度的KeyA，官宣却迎来了前所未有的负面反馈，评论区被质疑声淹没了。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">一开始的热评，只是对IP形象最直观的感受。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">“是从二游进修过吗？”一条热评指出，完全是成人视角的少女，似是而非的未来感和男性凝视感，根本不适合出现在泡泡玛特里。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/a40c5a263a624294803880058d942124\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">因为泡泡玛特原有的IP和盲盒受众，以女性为主，这些用户天然带着女性视角，所以疑惑：一个女创作者的作品，还是“自我生成”的机器人相关的概念，为什么还要穿肩膀开洞、腰开洞、突出三角区的紧身衣。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/706cb55cdbdb4fd799d50e99cb8ef6fd\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">有人则质疑KeyA的原画水平不足，为什么能被泡泡玛特签约。还有些对日本漫画有了解的用户，则表示KeyA疑似元素借鉴程度过高，“人山人海的”。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/9720c725672948db95bbceb56f851b52\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">而当用户开始探究创作者的身份背景，发现陈嫣冉的成长背景——05年北京人、频繁参与娱乐圈活动、登上多个时尚刊物封面、与Gucci合作、明星帮忙办展，更激烈的舆论争议被点燃了，质疑艺术水准不行，质疑履历是一路被镀金的，是“人造天才”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">此外，大众更是被触动了“<a href=\"https://laohu8.com/S/300063\">天龙</a>人玩弄NPC”的敏感点。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/afc649e5bde04de7af08b6dd80780d60\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">于是，针对KeyA的评价就不再是一个纯艺术范围的事情了。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">一类评论认为，KeyA太像作者本人，尤其是标志性的兔牙，跟真人形象强相关，无法接受。简直是强行要求消费者为艺术家的自嬷买单。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">“谁要买素不相识的oc放家里？”KeyA在评论区变成了陈嫣冉的个人OC（Original Character，OC文化指爱好者通过约画、写文等方式“养成”自己的OC）。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/9fba90d5fc7b485a94dd229eaf1cb0d2\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特以往大火IP，多为形体夸张、动物化、二次元化的风格。真人形象过于鲜明，不利于营造可爱感、可把玩性、养娃体验。此前泡泡玛特也推出过真人形象IP叛桃，虽然在小圈子里颇受好评，但它的受众们也承认，“超喜欢叛桃系列，但确实不火”。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/03c3306e59d047d6b4fcb4460a9beaad\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">尤其是当真人形象背后，真的可能存在一个具体人类，用户很难放心地去安放自己的感情，反而有种被迫追星、被迫成为艺术家play一环的感受。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">还有一类评论，则开启了侦探模式，试图证明，天才是被“人造”出来的——</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">网友翻出KeyA的原画，认为脸部形象变化很大（不过泡泡玛特的宣传语称“外表与灵魂，不断修正、更新、重构”，弥补了这一点bug）。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/7fb93627e6d7489296eaed8682dd13cc\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">原画</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/34a9fe43ba8e44f39cac3e4050937490\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">潮玩实物</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">还有人认为，KeyA“原画细节不够”，“绘画和雕塑作品之间，水平差异太大”，怀疑是工作室团队的塑模赋予了更多灵魂。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/349dcedb07af40cb974545cba311089b\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这一指控，有些过于“先画靶，后射箭”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">事实上，泡泡玛特跟艺术家签约时，往往并不是靠艺术家单打独斗完成绘画、形体设计、雕塑建模。通常情况下，艺术家们都专注在IP的二维设计上，IP的三维建模都是由泡泡玛特的PDC团队完成，双方共同确认最终的效果。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">据媒体和公开资料，泡泡玛特的IP孵化，往往需要经历粉丝社区测试、机器人商店测试和快闪店测试，通过真金白银的市场数据，来决定是否进行大规模量产。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA自从去年在PTS上亮相，大概率是经过这一系列市场测试的。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但新IP迎来如此前所未有的负面舆论，卷入社会性的阶级争议，叠加受众对3次元IP的抵触心理，始料未及。贩卖情绪的公司，也无可避免受到社会情绪的backfire。</span></span></p><p><font by=\"\" para=\"\" wxb-style.com=\"\"><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/f6712c5de96c4dfaa1a4d551622119c2\"/></span></p><p><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" leaf=\"\" line-height:=\"\" margin:=\"\" neue=\"\" none=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-indent:=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">受众到底想要什么？</span></span></strong></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" inherit=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></strong></p></font></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">那么，消费者究竟喜欢什么样的潮玩呢？</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">到今天，大家谈到情绪消费的时候，都会提到一个特点：离开现实，或者说逃避现实。潮玩、谷子、游戏等等当下火热的消费，都是一种载体，让年轻人能够短暂从现实世界脱离，在虚拟世界或者兴趣社群里重新寄托情感。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">王宁曾经在2020年的一次对谈中，以Molly为例，解释他认为的潮玩魅力：“Molly之所以能成为大家喜爱的形象，背后的逻辑更像是100个人心中有100个哈姆雷特，它把自己的灵魂掏空，你可以把你的灵魂装进去。”</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">他经常在面对媒体时，把泡泡玛特类比为唱片公司，他认为泡泡玛特是在将玩具作为载体，把艺术分发到大众渠道，提供陪伴价值。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">建立一个平台型的、系统性的，能把大量IP挖掘出来，把他们分发给适合受众的成熟方法论，是泡泡玛特最重要的任务。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">因此，我们就能理解泡泡玛特的新尝试。一个是，他们一直在挖掘和主流市场不同的潜力IP。王宁在《因为独特》里提到，“当别人都在找这种可爱的IP的时候，我们已经在找更有个性的IP了。”现当下，市场对于常见的“大眼萌娃”形象，不可谓不疲惫。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA，包括此前推出的“叛桃”，两者的形象更写实和成熟，都是试图在“可爱”这条路径以外的，新的风格尝试。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这也是王宁认为公司发展到了一定规模以后的必要任务：引领市场。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这个路线中最成功的案例，就是SKULLPANDA。如果仔细对比，会发现很多KeyA和SKULLPANDA在定位上的相似之处：SKULLPANDA的设计师熊喵，也同样是以自己为原型来进行人物设计，也同样偏好暗黑、科幻、先锋的风格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但以作者本人为灵感的SKULLPANDA，仍然是一种夸张化的形象表达。SP潮玩的灵魂张扬气质，大于对真人原型的<a href=\"https://laohu8.com/S/00992\">联想</a>。而这种独特气质、情绪才唤来了相似灵魂的用户。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">形象本身，应该成为用户沟通情绪的载体，而不是阻碍。这是泡泡玛特以往成功IP的共同点，也是KeyA陷入争议的一大原因。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/6422ae9a6ebb4d029543b00a9c9cbdd2\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">SKULLPANDA的设计师熊喵与初代系列</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">而且，熊喵本人在进入潮玩领域前，就有接近10年的游戏设计背景、创过业，既能设计，又能下厂，早期涂装开发都是自己亲自盯。她是当下潮玩设计圈少有的擅长画画、会3D开发、懂工艺、熟识材料的年轻艺术家。这比KeyA设计师的履历更让大众信服。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">不过，也有业内人士对我们表示，看到KeyA这样的风格，以为会做成可动关节玩偶，要吸引以前没那么重点营销的男性市场，如果做成盲盒反而是产品部的失误。因为，男性受众尤其是玩传统模型的，很多就喜欢真人形象。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这或许是泡泡玛特拓展男性受众的一次尝试。但显然，原有的受众群体对此表示，不接受。这和泡泡玛特此前费尽功夫才开拓成功的女性市场，形成错位。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">更重要的是，即使泡泡玛特在尝试多种风格，从今天回头看，泡泡玛特的IP角色，确实都很“轻”。它不需要宏大的叙事背景，而是通过明确的情绪氛围来吸引受众。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">并且，这些IP的产品风格，正在集体往更无害、更柔软的方向迭代。这不是一种批评，而是说，当下的消费者确实更偏好这样的风格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">其中热度最高的Labubu、<a href=\"https://laohu8.com/S/300256\">星星</a>人、CryBaby，甚至SKULLPANDA，也都经历了类似的改造。比如Labubu，一开始的形象更瘦、更危险和张扬，诠释的就是森林里的小怪物；而经历过毛绒改造以后，属于“胖”了一圈，更柔软，更有亲近感。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">而最近的新“顶流”星星人，甚至还多了一些笨拙，在乐园里的形象也是以懵懂、臭屁，走路你还担心他下不了楼梯的感觉而出圈。不少人喜欢它的原因，就是它的“内向笨小孩”叙事。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ca10833d8d8f40bc8743a07e7fbf9b26\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">SKULLPANDA，在推出第四代的时候，还引起了一波争论。有粉丝指出，SKULLPANDA从“暗黑”“奶拽”转向“甜蜜”，风格大幅度转变丢掉了原本的特质，很多老粉不会买单。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但是，以粉色为主色调的“温度”系列，还是重新吸引到了更多粉丝。一位消费者评论，“即使我以前不买潮玩，我也觉得这个系列非常好看”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这背后牵涉的，可能是泡泡玛特对自己品牌的定位问题。与之能形成对比的，是<a href=\"https://laohu8.com/S/DIS\">迪士尼</a>对自己的电影的定位，毋庸置疑的合家欢电影。合家欢电影的定位，就是每一个走进电影院的人，都知道他们能够获得一个Happy Ending。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特想不想要继续维护当下已经形成了的用户认知？这可能是下一阶段需要思考的问题。</span></span></p><p><em arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span><em><span><span leaf=\"\"><span textstyle=\"\">图片来源于网络，侵权请联系删除</span></span></span></em></span></em></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" neue=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><strong><span><span leaf=\"\"><span textstyle=\"\">@The End</span></span></span></strong></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ebb45faa4bbc4b198f747d0511b0ade3\"/></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/c46347700a954025899743b0cee51142\" type=\"block\"/></p><p><span><img src=\"https://static.tigerbbs.com/b7d5e35caa96488a91566baedc6348b2\"/></span></p><p><span><img src=\"https://static.tigerbbs.com/f26378d1822e47eeaf9cd2b9020a7701\"/></span></p><p><span><img src=\"https://static.tigerbbs.com/25757ef224e647d99ba4fb16d3b4b173\"/></span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/ba6d4b53a889400787243fecfb335a7e\"/></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/dc46822c14ed4dc5ac22886706214a5b\"/></p></div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0823426480.USD":"法巴中国股票经典Dis","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","BK4585":"ETF&股票定投概念","LU0823426308.USD":"法巴中国股票基金","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0359201612.USD":"贝莱德中国基金A2","SG9999002950.SGD":"United Asian Growth Opportunities SGD","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 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20社（ID：quancaijing_20she）金错刀（ijincuodao）授权转载泡泡玛特IP的产品风格，正在集体往更无害、更柔软的方向迭代。KeyA是一个例外。很少能看到一个新IP塌得这么快，尤其出品方还是火遍全球的泡泡玛特。说新IP都不准确，因为这个IP还没正式推出。几天前，泡泡玛特对外发布了新IP预热：KeyA，一个永远在“生成自我”的女孩。预告3月13日将推出KeyA未境之梦系列。泡泡玛特的很多粉丝都看这个KeyA不爽，而且是全方位的不爽。IP形象被认为和作者陈嫣冉本人过于相似；创作风格上，看出了伊藤润二、寺田克也等其他创作者的身影；永远“生成自我”的人设，被认为是作者的自我养成……回头看，泡泡玛特近年来大火的IP角色，确实都很“轻”。它不需要宏大的叙事背景，而是通过明确的情绪氛围来吸引受众。这些IP的产品风格，正在集体往更无害、更柔软的方向迭代。当下的消费者确实更偏好这样的风格。KeyA不属于这个脉络。她搅动了这种审美共识，也被牵扯进了更大的社会情绪。KeyA是谁？如果去网上搜索KeyA，现在已经有了截然相反的两个版本，一个是官方信息中的，另一个则是网友们自己解读的。在官方释放的消息中，在去年8月的2025年北京PTS潮玩展上，泡泡玛特携手艺术家陈嫣冉，首次推出了两款KeyA玩偶，现场反响热烈。网友反馈则有好有坏。泡泡玛特为什么会选择陈嫣冉合作呢？在PTS潮玩展的采访中，陈嫣冉称，其独特的“自我生成”概念和灵动的视觉风格吸引了泡泡玛特的关注。泡泡玛特的IP团队注意到KeyA所蕴含的情感共鸣潜力，尤其是其与Z世代年轻人自我探索、成长的主题高度契合。双方就IP定位、开发方向及商业化路径达成共识，确定KeyA作为“开放式成长型IP”的核心定位。大半年后，KeyA设定终于完整，她被官方定义为一个永远在“生成自我”的女孩——不是一个被设定好性格、等待被喜爱的静态形象，而是一个在不断变化、探索自我的少女。在官方的逻辑中，当下年轻人应该可以与KeyA产生情感投射：拒绝标签化，始终在自我探索、自我成长。这种带有很强哲学意味的设定，在泡泡玛特以往的IP里不多见。比如大火的SKULLPANDA系列强调暗黑和多变性，LABUBU则是调皮、弱性别色彩的森林精灵，都有具体的性格。泡泡玛特或许期待给受众一个更加“空”的形象，把一个开放式命题带给大家，她的成长或许会与消费者的期待关联起来。这也是泡泡玛特少有的介于2.5-3次元的IP形象。去年看到PTS上的KeyA后，有自媒体甚至感慨，泡泡玛特终于从低幼风走出来了。不过，年轻人马上发现，KeyA其实投射的是作者本人，那个名叫陈嫣冉的北京姑娘。绝大多数人，此前并不了解这个微博粉丝只有几十万的年轻艺术家。但是，泡泡玛特带来了巨大的关注度。然后，陈嫣冉的故事也随之被发现。她的求学历程是这样的：2005年生于北京。3岁就开始画画，13岁正式做插画创作，14岁就去了美国学艺术设计，16岁又去了日本京都深造漫画。在各种时尚媒体的报道中，标题包括“天才少女”，“19岁的老艺术家”。她的资源是这样的：18岁在东京原宿举办个人首次画展，19岁和刘慈欣一起打造动漫厂牌，成为GUCCI合作史上最年轻的艺术家；20岁，也就是去年在北京798艺术区举办国内首次个展。以及过去一年多，解锁了众多时尚媒体的报道和拍摄。成绩方面：代表作《幻想塑料袋》《梦魔机器人》《虚构的自我》，收获了业内广泛认可。她的设计灵感，来自于日本恐怖漫画、法国实验电影里以及自己梦境。但在作品被越来越多人关注之后，首先就有人质疑，KeyA身上布料过少。也有评论认为，她的设计中有太多其他前辈创作者的身影。与泡泡玛特合作官宣后，“我上我也行，我上我更行”的说法也逐渐多了起来，甚至有人在评论区放上了自己的作品。毕竟，在我们这个潮玩大国，有很多年轻人能给各个潮玩公司做设计，市场上会用销售数据来选拔优秀设计师。“我创作的女性角色，跟我本人非常相似……那些形象就是我的无意识延伸。”这一直白表述，在去年被所有人忽略了，在今年却将KeyA和泡泡玛特卷入一个巨大的舆论漩涡。KeyA为什么翻了个大的泡泡玛特应该不会想到，预热时相当有热度的KeyA，官宣却迎来了前所未有的负面反馈，评论区被质疑声淹没了。一开始的热评，只是对IP形象最直观的感受。“是从二游进修过吗？”一条热评指出，完全是成人视角的少女，似是而非的未来感和男性凝视感，根本不适合出现在泡泡玛特里。因为泡泡玛特原有的IP和盲盒受众，以女性为主，这些用户天然带着女性视角，所以疑惑：一个女创作者的作品，还是“自我生成”的机器人相关的概念，为什么还要穿肩膀开洞、腰开洞、突出三角区的紧身衣。有人则质疑KeyA的原画水平不足，为什么能被泡泡玛特签约。还有些对日本漫画有了解的用户，则表示KeyA疑似元素借鉴程度过高，“人山人海的”。而当用户开始探究创作者的身份背景，发现陈嫣冉的成长背景——05年北京人、频繁参与娱乐圈活动、登上多个时尚刊物封面、与Gucci合作、明星帮忙办展，更激烈的舆论争议被点燃了，质疑艺术水准不行，质疑履历是一路被镀金的，是“人造天才”。此外，大众更是被触动了“天龙人玩弄NPC”的敏感点。于是，针对KeyA的评价就不再是一个纯艺术范围的事情了。一类评论认为，KeyA太像作者本人，尤其是标志性的兔牙，跟真人形象强相关，无法接受。简直是强行要求消费者为艺术家的自嬷买单。“谁要买素不相识的oc放家里？”KeyA在评论区变成了陈嫣冉的个人OC（Original Character，OC文化指爱好者通过约画、写文等方式“养成”自己的OC）。泡泡玛特以往大火IP，多为形体夸张、动物化、二次元化的风格。真人形象过于鲜明，不利于营造可爱感、可把玩性、养娃体验。此前泡泡玛特也推出过真人形象IP叛桃，虽然在小圈子里颇受好评，但它的受众们也承认，“超喜欢叛桃系列，但确实不火”。尤其是当真人形象背后，真的可能存在一个具体人类，用户很难放心地去安放自己的感情，反而有种被迫追星、被迫成为艺术家play一环的感受。还有一类评论，则开启了侦探模式，试图证明，天才是被“人造”出来的——网友翻出KeyA的原画，认为脸部形象变化很大（不过泡泡玛特的宣传语称“外表与灵魂，不断修正、更新、重构”，弥补了这一点bug）。原画潮玩实物还有人认为，KeyA“原画细节不够”，“绘画和雕塑作品之间，水平差异太大”，怀疑是工作室团队的塑模赋予了更多灵魂。这一指控，有些过于“先画靶，后射箭”。事实上，泡泡玛特跟艺术家签约时，往往并不是靠艺术家单打独斗完成绘画、形体设计、雕塑建模。通常情况下，艺术家们都专注在IP的二维设计上，IP的三维建模都是由泡泡玛特的PDC团队完成，双方共同确认最终的效果。据媒体和公开资料，泡泡玛特的IP孵化，往往需要经历粉丝社区测试、机器人商店测试和快闪店测试，通过真金白银的市场数据，来决定是否进行大规模量产。KeyA自从去年在PTS上亮相，大概率是经过这一系列市场测试的。但新IP迎来如此前所未有的负面舆论，卷入社会性的阶级争议，叠加受众对3次元IP的抵触心理，始料未及。贩卖情绪的公司，也无可避免受到社会情绪的backfire。受众到底想要什么？那么，消费者究竟喜欢什么样的潮玩呢？到今天，大家谈到情绪消费的时候，都会提到一个特点：离开现实，或者说逃避现实。潮玩、谷子、游戏等等当下火热的消费，都是一种载体，让年轻人能够短暂从现实世界脱离，在虚拟世界或者兴趣社群里重新寄托情感。王宁曾经在2020年的一次对谈中，以Molly为例，解释他认为的潮玩魅力：“Molly之所以能成为大家喜爱的形象，背后的逻辑更像是100个人心中有100个哈姆雷特，它把自己的灵魂掏空，你可以把你的灵魂装进去。”他经常在面对媒体时，把泡泡玛特类比为唱片公司，他认为泡泡玛特是在将玩具作为载体，把艺术分发到大众渠道，提供陪伴价值。建立一个平台型的、系统性的，能把大量IP挖掘出来，把他们分发给适合受众的成熟方法论，是泡泡玛特最重要的任务。因此，我们就能理解泡泡玛特的新尝试。一个是，他们一直在挖掘和主流市场不同的潜力IP。王宁在《因为独特》里提到，“当别人都在找这种可爱的IP的时候，我们已经在找更有个性的IP了。”现当下，市场对于常见的“大眼萌娃”形象，不可谓不疲惫。KeyA，包括此前推出的“叛桃”，两者的形象更写实和成熟，都是试图在“可爱”这条路径以外的，新的风格尝试。这也是王宁认为公司发展到了一定规模以后的必要任务：引领市场。这个路线中最成功的案例，就是SKULLPANDA。如果仔细对比，会发现很多KeyA和SKULLPANDA在定位上的相似之处：SKULLPANDA的设计师熊喵，也同样是以自己为原型来进行人物设计，也同样偏好暗黑、科幻、先锋的风格。但以作者本人为灵感的SKULLPANDA，仍然是一种夸张化的形象表达。SP潮玩的灵魂张扬气质，大于对真人原型的联想。而这种独特气质、情绪才唤来了相似灵魂的用户。形象本身，应该成为用户沟通情绪的载体，而不是阻碍。这是泡泡玛特以往成功IP的共同点，也是KeyA陷入争议的一大原因。SKULLPANDA的设计师熊喵与初代系列而且，熊喵本人在进入潮玩领域前，就有接近10年的游戏设计背景、创过业，既能设计，又能下厂，早期涂装开发都是自己亲自盯。她是当下潮玩设计圈少有的擅长画画、会3D开发、懂工艺、熟识材料的年轻艺术家。这比KeyA设计师的履历更让大众信服。不过，也有业内人士对我们表示，看到KeyA这样的风格，以为会做成可动关节玩偶，要吸引以前没那么重点营销的男性市场，如果做成盲盒反而是产品部的失误。因为，男性受众尤其是玩传统模型的，很多就喜欢真人形象。这或许是泡泡玛特拓展男性受众的一次尝试。但显然，原有的受众群体对此表示，不接受。这和泡泡玛特此前费尽功夫才开拓成功的女性市场，形成错位。更重要的是，即使泡泡玛特在尝试多种风格，从今天回头看，泡泡玛特的IP角色，确实都很“轻”。它不需要宏大的叙事背景，而是通过明确的情绪氛围来吸引受众。并且，这些IP的产品风格，正在集体往更无害、更柔软的方向迭代。这不是一种批评，而是说，当下的消费者确实更偏好这样的风格。其中热度最高的Labubu、星星人、CryBaby，甚至SKULLPANDA，也都经历了类似的改造。比如Labubu，一开始的形象更瘦、更危险和张扬，诠释的就是森林里的小怪物；而经历过毛绒改造以后，属于“胖”了一圈，更柔软，更有亲近感。而最近的新“顶流”星星人，甚至还多了一些笨拙，在乐园里的形象也是以懵懂、臭屁，走路你还担心他下不了楼梯的感觉而出圈。不少人喜欢它的原因，就是它的“内向笨小孩”叙事。SKULLPANDA，在推出第四代的时候，还引起了一波争论。有粉丝指出，SKULLPANDA从“暗黑”“奶拽”转向“甜蜜”，风格大幅度转变丢掉了原本的特质，很多老粉不会买单。但是，以粉色为主色调的“温度”系列，还是重新吸引到了更多粉丝。一位消费者评论，“即使我以前不买潮玩，我也觉得这个系列非常好看”。这背后牵涉的，可能是泡泡玛特对自己品牌的定位问题。与之能形成对比的，是迪士尼对自己的电影的定位，毋庸置疑的合家欢电影。合家欢电影的定位，就是每一个走进电影院的人，都知道他们能够获得一个Happy Ending。泡泡玛特想不想要继续维护当下已经形成了的用户认知？这可能是下一阶段需要思考的问题。图片来源于网络，侵权请联系删除@The End","news_type":1,"symbols_score_info":{"PMRTY":1.98,"09992":1.98}},"isVote":1,"tweetType":1,"viewCount":21,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":541870874334184,"gmtCreate":1773318192694,"gmtModify":1773318195204,"author":{"id":"3440469524702880","authorId":"3440469524702880","name":"财通008","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3440469524702880","idStr":"3440469524702880"},"themes":[],"title":"","htmlText":"看不懂 明明都是90 100了 还说要冲击90 100","listText":"看不懂 明明都是90 100了 还说要冲击90 100","text":"看不懂 明明都是90 100了 还说要冲击90 100","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/541870874334184","repostId":"2618900270","repostType":4,"repost":{"id":"2618900270","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1773298189,"share":"https://www.laohu8.com/m/news/2618900270?lang=zh_CN&edition=full","pubTime":"2026-03-12 14:49","market":"nz","language":"zh","title":"霍尔木兹海峡封锁“长期化”，油价会涨到多少？","url":"https://stock-news.laohu8.com/highlight/detail?id=2618900270","media":"华尔街见闻","summary":"高盛警告，目前波斯湾石油出口冲击已达史无前例的1620万桶/日。市场必须用足够高的价格来强制实现需求破坏，以防范库存跌破临界水平。中断时间越长、市场对库存下滑的容忍度越低，要求需求破坏的速度越快，油价需要攀升到的峰值就越高。在最极端的情景下，市场短期价格可能触及140美元/桶。如果霍尔木兹流量持续低迷贯穿整个3月，油价极有可能超过2008年的历史高点。","content":"<html><head></head><body><blockquote><p>高盛警告，目前波斯湾石油出口冲击已达史无前例的1620万桶/日。市场必须用足够高的价格来强制实现需求破坏，以防范库存跌破临界水平。中断时间越长、市场对库存下滑的容忍度越低，要求需求破坏的速度越快，油价需要攀升到的峰值就越高。在最极端的情景下，市场短期价格可能触及140美元/桶。如果霍尔木兹流量持续低迷贯穿整个3月，油价极有可能超过2008年的历史高点。</p></blockquote><p>这是史上最大规模的石油供应冲击。</p><p><a href=\"https://laohu8.com/S/GS\">高盛</a>大宗商品研究团队于2026年3月11日紧急上调油价预测，将第四季度布伦特原油价格预测从每桶66美元上调至71美元，同期WTI原油预测则从62美元上调至67美元。理由是霍尔木兹海峡的封锁时间正在超出此前预期。目前波斯湾出口受到的估计冲击已达每日1620万桶（16.2mb/d）——在有记录以来所有供应冲击事件中，这一规模史无前例。</p><p>据新华社报道，一艘泰国货船11日在霍尔木兹海峡海域航行时遭袭，目前已有20名船员获救并被送往阿曼安置。<strong>伊朗伊斯兰革命卫队发表声明重申其对霍尔木兹海峡的绝对管辖权。声明称，美国及其伙伴已失去通过霍尔木兹海峡的权利。</strong></p><p><strong>分析师警告，若霍尔木兹海峡封锁持续60天，布伦特原油或飙至93美元。若市场陷入极端恐慌，3月均价甚至可能挑战140美元历史极值。</strong></p><p>对于投资者而言，<strong>真正需要警惕的是价格路径的非线性特征</strong>：中断时长从21天延长至30天，油价仅额外上涨5美元；但若进一步延伸至60天，则布伦特原油将突破93美元——这意味着风险溢价正在以加速度累积。</p><h2 id=\"id_2105920274\">史上最大供应冲击：每日1620万桶的缺口已成定局</h2><p><strong>从数据规模看，当前局面已超过此前任何历史案例。波斯湾原油出口受到的估计总冲击高达每日1620万桶，远超1973年石油危机、1991年海湾战争及2011年利比亚内战期间的供应中断幅度。</strong></p><p>高盛的情景模型显示，中东原油产量损失峰值将达到每日1100万桶（当前为6.5mb/d），此后相对较快地恢复。即便如此，累计产量损失仍将是一个天文数字：</p><blockquote><p>在21天（新基准）情景下，波斯湾原油产量累计损失3.59亿桶；</p><p>在30天情景下，损失扩大至5.26亿桶；</p><p>在60天情景下，损失高达10.94亿桶。</p></blockquote><p>在封锁持续期间，过境霍尔木兹海峡的油轮数量持续处于低位——这一实时数据，也是市场研判中断持续时间的关键先行指标。</p><h2 id=\"id_176543722\">3月风险溢价：市场需要高价来&#34;强制削减需求&#34;</h2><p>在高盛的&#34;冲击前/高度不确定性&#34;情景模型中，<strong>3月份的价格走势遵循一套独特逻辑：市场必须用足够高的价格来强制实现需求破坏（Demand Destruction），以防范库存跌破临界水平。</strong></p><p>在石油市场中，当供应突然大幅减少（如此处设想的1500万桶/日，这几乎占全球总需求的15%）时，仅靠库存是不够的。此时，价格必须飙升到足够高的水平，高到让消费者和企业因为“太贵了”而不得不减少开支（例如减少开车、工厂停产、改用替代能源）。</p><p>根据高盛的敏感性分析，3月月均油价可能的区间如下：</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/706f299540bc8e72039bf1feb9e9f831\" tg-width=\"1024\" tg-height=\"429\"/></p><p>分析师警告，<strong>中断时间越长、市场对库存下滑的容忍度越低，要求需求破坏的速度越快，油价需要攀升到的峰值就越高。在最极端的情景下（中断120天 + 需求快速响应），市场短期价格可能触及140美元/桶。如果霍尔木兹流量持续低迷贯穿整个3月，油价极有可能超过2008年的历史高点。</strong></p><h2 id=\"id_1388471883\">政策救场：SPR释放将库存冲击&#34;对冲掉一半&#34;</h2><p>面对史无前例的供应缺口，全球政策层的响应力度同样不可小觑。<strong>高盛估计，综合全球2.54亿桶的实际战略石油储备（SPR）释放，以及俄罗斯3100万桶在途原油，政策干预能够将全球商业油库存所受的冲击削减近50%——从6.17亿桶压缩至3.32亿桶。</strong></p><p>然而，政策工具本身也存在约束。在基准情景（霍尔木兹流量从3月21日起开始恢复）下，高盛认为IEA成员国不会将已授权的4亿桶SPR全部释放。原因在于：</p><blockquote><p>OECD SPR的物流释放速度上限约为每日300万桶；</p><p>释放计划预计在4周内分阶段收尾，持续至6月初——届时WTI油价可能已回落至70美元出头；</p><p>IEA紧急库存当前存量刚刚超过12亿桶（1.2 billion barrels），已处于偏低水平，进一步大规模动用存在现实制约。</p></blockquote><p>值得注意的是，在30天或更长时间的中断情景下，OECD SPR释放量将可能达到甚至超过4亿桶的上限，届时政策缓冲空间将大幅收窄。</p><p>对于资产配置者而言，<strong>当前局面的核心矛盾在于：基准情景尚属可控（四季度布伦特71美元），但尾部风险的代价极为高昂。一旦封锁时间向30天乃至60天演化，油价将进入非线性上行通道，对通胀预期、能源股估值及宏观政策路径均会产生系统性影响。</strong></p><p>在局势明朗化之前，3月份的油价将持续受到大规模风险溢价的支撑——市场用今天的高价，来对冲明天可能更大的缺口。任何关于冲突快速结束的信号，将是油价最强力的下行催化剂；而任何关于封锁延续的消息，则意味着上方空间远未封顶。</p><p>高盛分析师Daan Struyven已在报告中将第四季度布伦特原油价格预测从每桶66美元上调至71美元，同期WTI原油预测则从62美元上调至67美元。</p></body></html>","collect":0,"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>霍尔木兹海峡封锁“长期化”，油价会涨到多少？</title>\n<style 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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霍尔木兹海峡封锁“长期化”，油价会涨到多少？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-12 14:49 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3767314><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>高盛警告，目前波斯湾石油出口冲击已达史无前例的1620万桶/日。市场必须用足够高的价格来强制实现需求破坏，以防范库存跌破临界水平。中断时间越长、市场对库存下滑的容忍度越低，要求需求破坏的速度越快，油价需要攀升到的峰值就越高。在最极端的情景下，市场短期价格可能触及140美元/桶。如果霍尔木兹流量持续低迷贯穿整个3月，油价极有可能超过2008年的历史高点。这是史上最大规模的石油供应冲击。高盛大宗商品...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3767314\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ba0e918dfd4ec815c4f78fc4cfc3ea3e","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3767314","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2618900270","content_text":"高盛警告，目前波斯湾石油出口冲击已达史无前例的1620万桶/日。市场必须用足够高的价格来强制实现需求破坏，以防范库存跌破临界水平。中断时间越长、市场对库存下滑的容忍度越低，要求需求破坏的速度越快，油价需要攀升到的峰值就越高。在最极端的情景下，市场短期价格可能触及140美元/桶。如果霍尔木兹流量持续低迷贯穿整个3月，油价极有可能超过2008年的历史高点。这是史上最大规模的石油供应冲击。高盛大宗商品研究团队于2026年3月11日紧急上调油价预测，将第四季度布伦特原油价格预测从每桶66美元上调至71美元，同期WTI原油预测则从62美元上调至67美元。理由是霍尔木兹海峡的封锁时间正在超出此前预期。目前波斯湾出口受到的估计冲击已达每日1620万桶（16.2mb/d）——在有记录以来所有供应冲击事件中，这一规模史无前例。据新华社报道，一艘泰国货船11日在霍尔木兹海峡海域航行时遭袭，目前已有20名船员获救并被送往阿曼安置。伊朗伊斯兰革命卫队发表声明重申其对霍尔木兹海峡的绝对管辖权。声明称，美国及其伙伴已失去通过霍尔木兹海峡的权利。分析师警告，若霍尔木兹海峡封锁持续60天，布伦特原油或飙至93美元。若市场陷入极端恐慌，3月均价甚至可能挑战140美元历史极值。对于投资者而言，真正需要警惕的是价格路径的非线性特征：中断时长从21天延长至30天，油价仅额外上涨5美元；但若进一步延伸至60天，则布伦特原油将突破93美元——这意味着风险溢价正在以加速度累积。史上最大供应冲击：每日1620万桶的缺口已成定局从数据规模看，当前局面已超过此前任何历史案例。波斯湾原油出口受到的估计总冲击高达每日1620万桶，远超1973年石油危机、1991年海湾战争及2011年利比亚内战期间的供应中断幅度。高盛的情景模型显示，中东原油产量损失峰值将达到每日1100万桶（当前为6.5mb/d），此后相对较快地恢复。即便如此，累计产量损失仍将是一个天文数字：在21天（新基准）情景下，波斯湾原油产量累计损失3.59亿桶；在30天情景下，损失扩大至5.26亿桶；在60天情景下，损失高达10.94亿桶。在封锁持续期间，过境霍尔木兹海峡的油轮数量持续处于低位——这一实时数据，也是市场研判中断持续时间的关键先行指标。3月风险溢价：市场需要高价来\"强制削减需求\"在高盛的\"冲击前/高度不确定性\"情景模型中，3月份的价格走势遵循一套独特逻辑：市场必须用足够高的价格来强制实现需求破坏（Demand Destruction），以防范库存跌破临界水平。在石油市场中，当供应突然大幅减少（如此处设想的1500万桶/日，这几乎占全球总需求的15%）时，仅靠库存是不够的。此时，价格必须飙升到足够高的水平，高到让消费者和企业因为“太贵了”而不得不减少开支（例如减少开车、工厂停产、改用替代能源）。根据高盛的敏感性分析，3月月均油价可能的区间如下：分析师警告，中断时间越长、市场对库存下滑的容忍度越低，要求需求破坏的速度越快，油价需要攀升到的峰值就越高。在最极端的情景下（中断120天 + 需求快速响应），市场短期价格可能触及140美元/桶。如果霍尔木兹流量持续低迷贯穿整个3月，油价极有可能超过2008年的历史高点。政策救场：SPR释放将库存冲击\"对冲掉一半\"面对史无前例的供应缺口，全球政策层的响应力度同样不可小觑。高盛估计，综合全球2.54亿桶的实际战略石油储备（SPR）释放，以及俄罗斯3100万桶在途原油，政策干预能够将全球商业油库存所受的冲击削减近50%——从6.17亿桶压缩至3.32亿桶。然而，政策工具本身也存在约束。在基准情景（霍尔木兹流量从3月21日起开始恢复）下，高盛认为IEA成员国不会将已授权的4亿桶SPR全部释放。原因在于：OECD SPR的物流释放速度上限约为每日300万桶；释放计划预计在4周内分阶段收尾，持续至6月初——届时WTI油价可能已回落至70美元出头；IEA紧急库存当前存量刚刚超过12亿桶（1.2 billion barrels），已处于偏低水平，进一步大规模动用存在现实制约。值得注意的是，在30天或更长时间的中断情景下，OECD SPR释放量将可能达到甚至超过4亿桶的上限，届时政策缓冲空间将大幅收窄。对于资产配置者而言，当前局面的核心矛盾在于：基准情景尚属可控（四季度布伦特71美元），但尾部风险的代价极为高昂。一旦封锁时间向30天乃至60天演化，油价将进入非线性上行通道，对通胀预期、能源股估值及宏观政策路径均会产生系统性影响。在局势明朗化之前，3月份的油价将持续受到大规模风险溢价的支撑——市场用今天的高价，来对冲明天可能更大的缺口。任何关于冲突快速结束的信号，将是油价最强力的下行催化剂；而任何关于封锁延续的消息，则意味着上方空间远未封顶。高盛分析师Daan Struyven已在报告中将第四季度布伦特原油价格预测从每桶66美元上调至71美元，同期WTI原油预测则从62美元上调至67美元。","news_type":1,"symbols_score_info":{"BZmain":2,"CLmain":1.5}},"isVote":1,"tweetType":1,"viewCount":48,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":527549877641872,"gmtCreate":1769817340936,"gmtModify":1769827096411,"author":{"id":"3440469524702880","authorId":"3440469524702880","name":"财通008","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3440469524702880","idStr":"3440469524702880"},"themes":[],"title":"","htmlText":"川普要被骗了 先支持川普的观点 上台后就唱反对","listText":"川普要被骗了 先支持川普的观点 上台后就唱反对","text":"川普要被骗了 先支持川普的观点 上台后就唱反对","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/527549877641872","repostId":"2607262680","repostType":2,"repost":{"id":"2607262680","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1769801902,"share":"https://www.laohu8.com/m/news/2607262680?lang=zh_CN&edition=full","pubTime":"2026-01-31 03:38","market":"other","language":"zh","title":"沃什提名引爆金银“血洗”！盘中白银创纪录跌超35%、黄金跌超10%","url":"https://stock-news.laohu8.com/highlight/detail?id=2607262680","media":"华尔街见闻","summary":"黄金盘中跌幅为四十多年之最、超过2008年金融危机时。市场认为沃什比哈塞特等其他美联储主席候选人更为鹰派。在近来金银价格连续飙升后，拥挤的多头、创纪录的看涨期权购买量以及极端的杠杆水平，令市场处于随时可能触发“伽马挤压”的状态，只要一点触发因素就能引发周五这样的“血洗”。","content":"<html><head></head><body><blockquote><p>黄金盘中跌幅为四十多年之最、超过2008年金融危机时。市场认为沃什比哈塞特等其他美联储主席人选更为鹰派。在近来金银价格连续飙升后，拥挤的多头、创纪录的看涨期权购买量以及极端的杠杆水平，令市场处于随时可能触发“伽马挤压”的状态，只要一点触发因素就能引发周五这样的“血洗”。</p></blockquote><p style=\"text-align: justify;\">美国总统特朗普提名沃什（Kevin Warsh）出任美联储主席引爆了贵金属数十年来最惨烈的抛售。</p><p style=\"text-align: justify;\">周四还齐创盘中历史新高的金银大跳水。黄金在周五亚市早盘传出特朗普将提名沃什任美联储主席的消息后即转跌，欧股盘中已跌破5000美元/盎司关口，美股午盘跌幅扩大，现货黄金日内跌幅曾接近13%、为上世纪80年代初以来四十多年盘中跌幅之最，跌幅超过了2008年金融危机时。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/98d50c6b55529551971b3c34e4f29683\" tg-width=\"1068\" tg-height=\"701\"/></p><p style=\"text-align: justify;\">周四史上首次涨破120美元的白银周五欧股盘中跌破100美元，美股盘中曾跌至80美元下方。现货白银盘中一度暴跌超35%，创有纪录以来最大跌幅。这场“血洗”波及整个金属市场，周四也创最高纪录的伦铜一度回落近6%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/527b82035f1df26969b1022f0b7ff4f8\" tg-width=\"1013\" tg-height=\"672\"/></p><p style=\"text-align: justify;\">市场将此次暴跌归因于投资者对美联储政策预期的急剧转变。沃什长期以鹰派立场著称，尽管近期公开支持降息以迎合特朗普，市场仍认为其不太可能激进降息。德国商业银行分析师Thu Lan Nguyen表示：“市场认为沃什比哈塞特等其他人选更为鹰派。”这一预期推动美元反弹，令以美元计价的大宗商品对全球买家吸引力下降。</p><p style=\"text-align: justify;\">沃什的提名还缓解了市场对美联储独立性丧失的担忧。此前投资者涌入贵金属避险，部分源于对货币贬值和美联储独立性的担忧。ING外汇策略师Francesco Pesole称，沃什的选择&#34;对美元是好消息，可以消除一些对更鸽派人选的担忧&#34;。</p><p style=\"text-align: justify;\">这场暴跌也暴露了贵金属市场的极度脆弱性。在近来金银价格连续飙升后，拥挤的多头头寸、创纪录的看涨期权购买量以及极端的杠杆水平，令市场处于随时可能触发“伽马挤压”的状态。Pepperstone高级研究策略师Michael Brown表示：“市场已经非常泡沫化了，只需要一点触发因素就能引发这样的走势。”</p><h2 id=\"64e7716c\">金银遭遇历史性暴跌</h2><p style=\"text-align: justify;\">周五美股午盘时段，贵金属市场上演惊心动魄的跳水行情。纽约期银主力合约从周四创出的121.785美元历史高位暴跌至75.44美元，跌幅达34%。现货白银跌破74.60美元，日内跌幅达35.5%，创有纪录以来最大盘中跌幅。</p><p style=\"text-align: justify;\">黄金同样遭遇重创。周四盘中涨至5586.2美元这一历史高位的纽约黄金期货周五美股午盘曾跌至4714.5美元，日内跌近12%。现货黄金在美股午盘逼近4670美元，日内跌超12.7%。</p><p style=\"text-align: justify;\">到美股午盘时段期金收盘，COMEX 2月黄金期货收跌11.37%，报4713.9美元/盎司，创1980年1月22日以来最大单日跌幅。COMEX 2月期银收跌31.35%，报78.29美元/盎司，创1980年3月27日以来最大收盘跌幅。</p><p style=\"text-align: justify;\">工业金属也未能幸免。周四曾涨破1.452万美元创历史新高、涨幅达11%的伦铜周五盘中曾跌破1.285万美元，日内跌近5.7%，收盘跌约3.4%，报13,158美元/吨。到收盘，伦锡跌约5.7%，伦铝和伦镍跌超2%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eeb893d0cc4f7ad861b15008891f3a5a\" tg-width=\"1075\" tg-height=\"680\"/></p><h2 id=\"414a85f8\">美联储主席提名偏鹰</h2><p style=\"text-align: justify;\">市场抛售的导火索是沃什被提名的消息。周五亚市早盘传出特朗普将提名沃什任美联储主席的报道，此前连续九个交易日创盘中历史新高的黄金即刻转跌。周五美股盘前，特朗普在旗下社交媒体发文正式宣布提名，自称与沃什相识已久，毫不怀疑他将跻身伟大的美联储主席之列，甚至可能是最优秀的一位。</p><p style=\"text-align: justify;\">沃什此前长期以鹰派立场闻名，去年改变论调，响应特朗普的大幅降息呼声，这被视为他获得提名的关键。华尔街投资者和策略师表示，特朗普选择沃什领导美联储是一个相对鹰派的选择，他可能会抵制资产负债表扩张，这将支撑美元并使美国国债收益率曲线更陡峭。</p><p style=\"text-align: justify;\">Panmure Liberum分析师Tom Price表示：</p><blockquote><p style=\"text-align: justify;\">“市场认为凯文·沃什是理性的，他不会积极推动降息。那些目标各异的普通投资者——例如保护资本——正在获利了结。”</p></blockquote><p style=\"text-align: justify;\">沃什的提名推动了美元大反弹，周五创去年7月以来半年最佳单日表现。追踪美元兑一篮子货币的美元指数周五美股午盘时涨破97.00，日内曾涨近0.9%。更强劲的美元使以美元计价的大宗商品对许多全球买家的吸引力下降，并打击了贵金属可能取代美元成为全球储备货币的理论。</p><h2 id=\"5b4ff6d2\">市场拥挤引发“踩踏”</h2><p style=\"text-align: justify;\">虽然沃什提名成为抛售导火索，但分析师普遍认为技术性因素放大了跌幅。媒体认为，飙升的价格和波动性已令交易商的风险模型和资产负债表承压。高盛研报指出，创纪录的看涨期权购买浪潮“机械性地强化了向上的价格动能”，因为期权卖方通过买入更多期货来对冲其敞口。</p><p style=\"text-align: justify;\">黄金的下跌可能被所谓的“伽马挤压”加速。这是指期权交易商在价格上涨时需要买入更多期货以保持投资组合平衡，而在价格下跌时则需要卖出。对于SPDR黄金ETF而言，周五到期的大量头寸集中在465美元和455美元，而Comex上3月和4月的大量期权头寸集中在5300美元、5200美元和5100美元。</p><p style=\"text-align: justify;\">Miller Tabak股票策略师Matt Maley表示：“这太疯狂了。这其中大部分可能是‘强制卖出’。白银最近一直是日内交易者和其他短线交易者最热门的资产，因此白银积累了一些杠杆。随着今天的大幅下跌，追加保证金通知发出了。”</p><p style=\"text-align: justify;\">Pepperstone的Michael Brown指出，“一段时间以来，金属市场的状况已经非常泡沫化，而本周早些时候出现的迹象表明情况正变得彻底失序”。他表示，黄金和白银市场的头寸“显然在多头一侧极度拥挤，而波动性已增加到坦白说荒谬的水平”。在交易量如此之高、“杠杆多头”如此紧张的市场中，“不需要太多就能触发”周五这样的走势。</p><p style=\"text-align: justify;\">Brown表示：“简单地说，每个人都在同时冲向出口，迫使价格走低，这反过来又引发进一步的强制卖出”，这提醒人们“动能是双向的”。</p><p style=\"text-align: justify;\">Overseas-Chinese Banking Corp.策略师Christopher Wong称，黄金的走势“验证了涨得快、跌得快的警示”。虽然沃什提名的报道是触发因素，但他表示回调早就应该发生，&#34;这就像市场一直在等待的那些借口之一，以平仓那些抛物线式的走势&#34;。</p><h2 id=\"50b85992\">技术指标早已发出警告</h2><p style=\"text-align: justify;\">在暴跌之前，多个技术指标已发出预警信号。相对强弱指数(RSI)近几周显示，金银可能已超买并面临回调。黄金的RSI最近触及90，是几十年来该贵金属的最高水平。</p><p style=\"text-align: justify;\">Heraeus Precious Metals交易主管Dominik Sperzel表示，波动性非常极端，5000美元和100美元这两个心理阻力位周五被多次突破，“不过我们需要为过山车的继续做好准备。”</p><p style=\"text-align: justify;\">尽管周五大跳水，金银1月仍录得可观涨幅。以即月合约收盘价计算，纽约期金1月涨约9%，期银涨超10%。</p><p style=\"text-align: justify;\">COMEX 2月黄金期货1月累涨8.98%，创2025年9月以来最大月涨幅，连涨六个月，为2024年10月以来最长连涨月。COMEX 2月白银期货1月累涨11.63%，连涨九个月、创最长月度连涨，九个月内累涨140.66%，为2011年4月以来最大的九个月涨幅。</p><p style=\"text-align: justify;\">德国商业银行分析师在周五报告中写道，回调的程度“表明市场参与者只是在等待一个在价格快速上涨后获利了结的机会”。该行的大宗商品研究主管Thu Lan Nguyen指出，</p><blockquote><p style=\"text-align: justify;\">尽管“市场认为沃什比哈塞特等其他候选人更为鹰派”，“我们仍然认为，美联储很有可能一定程度上屈服于压力，降息幅度将超过市场目前的预期”。</p></blockquote><h2 id=\"c026fc91\">矿业股随之重挫</h2><p style=\"text-align: justify;\">贵金属暴跌拖累主要矿业公司股价。周五盘中，美国上市的金矿巨头Newmont（NEM）、Barrick Mining（B）和Agnico Eagle Mines（AEM）均跌超10%，Coeur Mining（CDE）曾跌近19%。</p><p style=\"text-align: justify;\">白银ETF遭到更大打击。盘中ProShares Ultra Silver（AGQ）曾跌超60%，iShares Silver Trust ETF（SLV）曾跌超30%，两只基金均创下历史最差单日表现。黄金ETF同样承压。</p><p style=\"text-align: justify;\">虽然矿业股周五惨跌，但部分分析师认为回调对市场健康有利。Amplify ETFs产品开发副总裁Nate Miller表示，白银受益于避险和价值储存需求、工业需求以及全球供应短缺，在如此急剧上涨后的一些整固&#34;是健康的，符合大宗商品市场在价格快速升值后的典型表现&#34;。</p><p style=\"text-align: justify;\">Zaner Metals副总裁兼高级金属策略师Peter Grant表示，虽然反弹确实走得太快太远，但现在买入金属还为时不晚。他称跌破100美元是“机会”，特别是在20日移动平均线约93美元附近。不过，“你必须能够承受波动性，这可能会持续保持在高位”。</p><p style=\"text-align: justify;\">彭博宏观策略师Simon White指出：</p><blockquote><p style=\"text-align: justify;\">“白银/黄金（价格）比的攀升幅度几乎与1970年代末一样大，今天的戏剧性走势表明这可能标志着一个拒绝点。不过，单独来看黄金和白银到目前为止从未完全匹配1979年的涨势。白银相对黄金是否标志着贵金属历史性涨势的结束，现在下结论还为时过早。价格现在正成为主要驱动因素，基本面暂时将退居次席。”</p></blockquote></body></html>","collect":0,"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>沃什提名引爆金银“血洗”！盘中白银创纪录跌超35%、黄金跌超10%</title>\n<style 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}\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沃什提名引爆金银“血洗”！盘中白银创纪录跌超35%、黄金跌超10%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-31 03:38 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3764625><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>黄金盘中跌幅为四十多年之最、超过2008年金融危机时。市场认为沃什比哈塞特等其他美联储主席人选更为鹰派。在近来金银价格连续飙升后，拥挤的多头、创纪录的看涨期权购买量以及极端的杠杆水平，令市场处于随时可能触发“伽马挤压”的状态，只要一点触发因素就能引发周五这样的“血洗”。美国总统特朗普提名沃什（Kevin Warsh）出任美联储主席引爆了贵金属数十年来最惨烈的抛售。周四还齐创盘中历史新高的金银大跳水...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3764625\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e59b88731b8c06f5f2f331abdc0376b0","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3764625","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2607262680","content_text":"黄金盘中跌幅为四十多年之最、超过2008年金融危机时。市场认为沃什比哈塞特等其他美联储主席人选更为鹰派。在近来金银价格连续飙升后，拥挤的多头、创纪录的看涨期权购买量以及极端的杠杆水平，令市场处于随时可能触发“伽马挤压”的状态，只要一点触发因素就能引发周五这样的“血洗”。美国总统特朗普提名沃什（Kevin Warsh）出任美联储主席引爆了贵金属数十年来最惨烈的抛售。周四还齐创盘中历史新高的金银大跳水。黄金在周五亚市早盘传出特朗普将提名沃什任美联储主席的消息后即转跌，欧股盘中已跌破5000美元/盎司关口，美股午盘跌幅扩大，现货黄金日内跌幅曾接近13%、为上世纪80年代初以来四十多年盘中跌幅之最，跌幅超过了2008年金融危机时。周四史上首次涨破120美元的白银周五欧股盘中跌破100美元，美股盘中曾跌至80美元下方。现货白银盘中一度暴跌超35%，创有纪录以来最大跌幅。这场“血洗”波及整个金属市场，周四也创最高纪录的伦铜一度回落近6%。市场将此次暴跌归因于投资者对美联储政策预期的急剧转变。沃什长期以鹰派立场著称，尽管近期公开支持降息以迎合特朗普，市场仍认为其不太可能激进降息。德国商业银行分析师Thu Lan Nguyen表示：“市场认为沃什比哈塞特等其他人选更为鹰派。”这一预期推动美元反弹，令以美元计价的大宗商品对全球买家吸引力下降。沃什的提名还缓解了市场对美联储独立性丧失的担忧。此前投资者涌入贵金属避险，部分源于对货币贬值和美联储独立性的担忧。ING外汇策略师Francesco Pesole称，沃什的选择\"对美元是好消息，可以消除一些对更鸽派人选的担忧\"。这场暴跌也暴露了贵金属市场的极度脆弱性。在近来金银价格连续飙升后，拥挤的多头头寸、创纪录的看涨期权购买量以及极端的杠杆水平，令市场处于随时可能触发“伽马挤压”的状态。Pepperstone高级研究策略师Michael Brown表示：“市场已经非常泡沫化了，只需要一点触发因素就能引发这样的走势。”金银遭遇历史性暴跌周五美股午盘时段，贵金属市场上演惊心动魄的跳水行情。纽约期银主力合约从周四创出的121.785美元历史高位暴跌至75.44美元，跌幅达34%。现货白银跌破74.60美元，日内跌幅达35.5%，创有纪录以来最大盘中跌幅。黄金同样遭遇重创。周四盘中涨至5586.2美元这一历史高位的纽约黄金期货周五美股午盘曾跌至4714.5美元，日内跌近12%。现货黄金在美股午盘逼近4670美元，日内跌超12.7%。到美股午盘时段期金收盘，COMEX 2月黄金期货收跌11.37%，报4713.9美元/盎司，创1980年1月22日以来最大单日跌幅。COMEX 2月期银收跌31.35%，报78.29美元/盎司，创1980年3月27日以来最大收盘跌幅。工业金属也未能幸免。周四曾涨破1.452万美元创历史新高、涨幅达11%的伦铜周五盘中曾跌破1.285万美元，日内跌近5.7%，收盘跌约3.4%，报13,158美元/吨。到收盘，伦锡跌约5.7%，伦铝和伦镍跌超2%。美联储主席提名偏鹰市场抛售的导火索是沃什被提名的消息。周五亚市早盘传出特朗普将提名沃什任美联储主席的报道，此前连续九个交易日创盘中历史新高的黄金即刻转跌。周五美股盘前，特朗普在旗下社交媒体发文正式宣布提名，自称与沃什相识已久，毫不怀疑他将跻身伟大的美联储主席之列，甚至可能是最优秀的一位。沃什此前长期以鹰派立场闻名，去年改变论调，响应特朗普的大幅降息呼声，这被视为他获得提名的关键。华尔街投资者和策略师表示，特朗普选择沃什领导美联储是一个相对鹰派的选择，他可能会抵制资产负债表扩张，这将支撑美元并使美国国债收益率曲线更陡峭。Panmure Liberum分析师Tom Price表示：“市场认为凯文·沃什是理性的，他不会积极推动降息。那些目标各异的普通投资者——例如保护资本——正在获利了结。”沃什的提名推动了美元大反弹，周五创去年7月以来半年最佳单日表现。追踪美元兑一篮子货币的美元指数周五美股午盘时涨破97.00，日内曾涨近0.9%。更强劲的美元使以美元计价的大宗商品对许多全球买家的吸引力下降，并打击了贵金属可能取代美元成为全球储备货币的理论。市场拥挤引发“踩踏”虽然沃什提名成为抛售导火索，但分析师普遍认为技术性因素放大了跌幅。媒体认为，飙升的价格和波动性已令交易商的风险模型和资产负债表承压。高盛研报指出，创纪录的看涨期权购买浪潮“机械性地强化了向上的价格动能”，因为期权卖方通过买入更多期货来对冲其敞口。黄金的下跌可能被所谓的“伽马挤压”加速。这是指期权交易商在价格上涨时需要买入更多期货以保持投资组合平衡，而在价格下跌时则需要卖出。对于SPDR黄金ETF而言，周五到期的大量头寸集中在465美元和455美元，而Comex上3月和4月的大量期权头寸集中在5300美元、5200美元和5100美元。Miller Tabak股票策略师Matt Maley表示：“这太疯狂了。这其中大部分可能是‘强制卖出’。白银最近一直是日内交易者和其他短线交易者最热门的资产，因此白银积累了一些杠杆。随着今天的大幅下跌，追加保证金通知发出了。”Pepperstone的Michael Brown指出，“一段时间以来，金属市场的状况已经非常泡沫化，而本周早些时候出现的迹象表明情况正变得彻底失序”。他表示，黄金和白银市场的头寸“显然在多头一侧极度拥挤，而波动性已增加到坦白说荒谬的水平”。在交易量如此之高、“杠杆多头”如此紧张的市场中，“不需要太多就能触发”周五这样的走势。Brown表示：“简单地说，每个人都在同时冲向出口，迫使价格走低，这反过来又引发进一步的强制卖出”，这提醒人们“动能是双向的”。Overseas-Chinese Banking Corp.策略师Christopher Wong称，黄金的走势“验证了涨得快、跌得快的警示”。虽然沃什提名的报道是触发因素，但他表示回调早就应该发生，\"这就像市场一直在等待的那些借口之一，以平仓那些抛物线式的走势\"。技术指标早已发出警告在暴跌之前，多个技术指标已发出预警信号。相对强弱指数(RSI)近几周显示，金银可能已超买并面临回调。黄金的RSI最近触及90，是几十年来该贵金属的最高水平。Heraeus Precious Metals交易主管Dominik Sperzel表示，波动性非常极端，5000美元和100美元这两个心理阻力位周五被多次突破，“不过我们需要为过山车的继续做好准备。”尽管周五大跳水，金银1月仍录得可观涨幅。以即月合约收盘价计算，纽约期金1月涨约9%，期银涨超10%。COMEX 2月黄金期货1月累涨8.98%，创2025年9月以来最大月涨幅，连涨六个月，为2024年10月以来最长连涨月。COMEX 2月白银期货1月累涨11.63%，连涨九个月、创最长月度连涨，九个月内累涨140.66%，为2011年4月以来最大的九个月涨幅。德国商业银行分析师在周五报告中写道，回调的程度“表明市场参与者只是在等待一个在价格快速上涨后获利了结的机会”。该行的大宗商品研究主管Thu Lan Nguyen指出，尽管“市场认为沃什比哈塞特等其他候选人更为鹰派”，“我们仍然认为，美联储很有可能一定程度上屈服于压力，降息幅度将超过市场目前的预期”。矿业股随之重挫贵金属暴跌拖累主要矿业公司股价。周五盘中，美国上市的金矿巨头Newmont（NEM）、Barrick Mining（B）和Agnico Eagle Mines（AEM）均跌超10%，Coeur Mining（CDE）曾跌近19%。白银ETF遭到更大打击。盘中ProShares Ultra Silver（AGQ）曾跌超60%，iShares Silver Trust ETF（SLV）曾跌超30%，两只基金均创下历史最差单日表现。黄金ETF同样承压。虽然矿业股周五惨跌，但部分分析师认为回调对市场健康有利。Amplify ETFs产品开发副总裁Nate Miller表示，白银受益于避险和价值储存需求、工业需求以及全球供应短缺，在如此急剧上涨后的一些整固\"是健康的，符合大宗商品市场在价格快速升值后的典型表现\"。Zaner Metals副总裁兼高级金属策略师Peter Grant表示，虽然反弹确实走得太快太远，但现在买入金属还为时不晚。他称跌破100美元是“机会”，特别是在20日移动平均线约93美元附近。不过，“你必须能够承受波动性，这可能会持续保持在高位”。彭博宏观策略师Simon White指出：“白银/黄金（价格）比的攀升幅度几乎与1970年代末一样大，今天的戏剧性走势表明这可能标志着一个拒绝点。不过，单独来看黄金和白银到目前为止从未完全匹配1979年的涨势。白银相对黄金是否标志着贵金属历史性涨势的结束，现在下结论还为时过早。价格现在正成为主要驱动因素，基本面暂时将退居次席。”","news_type":1,"symbols_score_info":{"SIL2603":2,"SILmain":2,"GCmain":2,"XAGUSD.FOREX":2,"SImain":2,"XAUUSD.FOREX":2,"MGCmain":2,"MGC2602":2}},"isVote":1,"tweetType":1,"viewCount":773,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":512895447126432,"gmtCreate":1766245661164,"gmtModify":1766245663612,"author":{"id":"3440469524702880","authorId":"3440469524702880","name":"财通008","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3440469524702880","idStr":"3440469524702880"},"themes":[],"title":"","htmlText":"那阿里 抖音 deep的大模型算什么","listText":"那阿里 抖音 deep的大模型算什么","text":"那阿里 抖音 deep的大模型算什么","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/512895447126432","repostId":"1107464094","repostType":4,"repost":{"id":"1107464094","kind":"news","pubTimestamp":1766221796,"share":"https://www.laohu8.com/m/news/1107464094?lang=zh_CN&edition=full","pubTime":"2025-12-20 17:09","market":"hk","language":"zh","title":"火线解析智谱AI招股书：年营收3亿增速130%，“中国版OpenAI”率先冲刺全球大模型第一股","url":"https://stock-news.laohu8.com/highlight/detail?id=1107464094","media":"量子位","summary":"2024年营收3.124亿元，增速130%，毛利率保持50%以上。“全球大模型第一股”，在港交所发起冲刺了。被视为“中国版OpenAI”的智谱AI，刚刚招股书对外公告，冲刺IPO。2025年上半年，公司收入为1.9亿元，超越了2023年的全年水平。据弗若斯特沙利文报告，以2024年的收入计，智谱是中国最大的独立大模型厂商。最后在现金层面，截至今年6月末，智谱的现金及现金等价物为25.2亿元。","content":"<html><head></head><body><blockquote><p>这家清华系公司成立6年融资8轮超83亿元，估值达243.8亿元。2024年营收3.124亿元，增速130%，毛利率保持50%以上。公司开发GLM系列大模型，拥有270万+开发者，服务全球1.2万家企业。研发团队占比74%，已发表500篇顶级论文。背靠美团、腾讯、红杉、高瓴等明星资本，成为中国最大独立大模型厂商。</p></blockquote><p style=\"text-align: left;\"><strong>“全球大模型第一股”</strong>，在港交所发起冲刺了。</p><p style=\"text-align: left;\">被视为“中国版OpenAI”的<strong>智谱AI</strong>，刚刚招股书对外公告，冲刺IPO。</p><p style=\"text-align: left;\">这支由清华顶尖团队孵化的科技公司，今年4月拿到IPO辅导备案的入场券，随后关于智谱IPO的风声未曾停歇，却没想到今年年底进度骤然拉满——</p><p style=\"text-align: left;\">智谱AI以秘密递表的形式，刚刚在港交所<strong>通过聆讯</strong>，即将敲钟。</p><p style=\"text-align: left;\">成立6年间，智谱AI融资8轮，累计筹资超83亿元，背后明星资本云集，最新估值已达243.8亿元。</p><h2 id=\"id_1423248962\" style=\"text-align: left;\">智谱AI是怎样一家公司？</h2><p style=\"text-align: left;\"><strong>智谱（Z.AI）</strong>，其实大家可能已经很熟了，中国最早开启LLM研发的公司，被视为“中国版OpenAI”，聚焦AGI的研发，以期“让机器像人一样思考”。</p><p style=\"text-align: left;\">公司的技术核心，围绕其自主开发的<strong>“GLM”系列模型</strong>展开，现在已经构建了从基础模型到应用产品的完整体系。</p><p style=\"text-align: left;\">在<strong>2024年中</strong>，智谱AI与OpenAI同期发布了AGI的<strong>L1-L5</strong>路径图：</p><ul style=\"\"><li><p style=\"text-align: left;\">预训练阶段：智谱要教会机器理解、书写并使用人类语言进行交流。</p></li><li><p style=\"text-align: left;\">对齐及推理阶段：将机器智能与人类意图对齐，并教会机器进行推理与规划。这包括提升安全性，减少幻觉，并实现语言智能与图片、视频、语音和行动的对齐。</p></li><li><p style=\"text-align: left;\">自主学习阶段：教会机器通过自我批评、自我反思及沉思，从而实现机器智能从自身的思维和行动中进行学习。</p></li><li><p style=\"text-align: left;\">自我认知阶段：在没有人类监督的情况下，机器通过观察自身行为及自我解读，逐步形成其自主的态度及情感。</p></li><li><p style=\"text-align: left;\">意识智能阶段：机器开始对自身的内部状态及外部环境产生感知，表现出类似于人类意识的特征——即使对人类而言，这一概念也依然复杂。</p></li></ul><p style=\"text-align: left;\">目前，智谱已开发出三个阶段的大模型及智能体，如中国首个千亿规模大模型GLM-130B（预训练阶段）、中国首个开源大型聊天模型ChatGLM（对齐及推理阶段）等等。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d437cb15558c9f998cb54d135573714a\" tg-width=\"913\" tg-height=\"603\"/></p><p style=\"text-align: left;\">具体到产品矩阵上：</p><p style=\"text-align: left;\">首先来看<strong>基座模型</strong>，这是开发各种专业模型的基础。</p><p style=\"text-align: left;\">智谱的“GLM”系列模型采用<strong>自回归填空架构</strong>，具备强大的通用理解与生成能力，支持文本、图像、语音、视频等多模态输入输出，在在鲁棒性、可控性和幻觉性方面效果突出。</p><p style=\"text-align: left;\">今年下半年，智谱推出了新一代旗舰模型GLM-4.5/4.6，首次实现在一个模型中原生融合推理、编码和智能体能力。</p><p style=\"text-align: left;\">据弗若斯特沙利文的资料：</p><p style=\"text-align: left;\">GLM-4.5一经发布，48小时内就跃居抱抱脸热门榜全球榜首；7月的12项业界标准基准测试中，GLM-4.5在全球排名第三、在中国拿下第一，在全球开源模型中居于首位。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1562290bc89f20ba22bb81319016c3e6\" tg-width=\"1024\" tg-height=\"713\"/></p><p style=\"text-align: left;\">而9月上线的GLM-4.6，主要强化了编码能力，发布即适配寒武纪、摩尔线程芯片。</p><p style=\"text-align: left;\">在大模型竞技场Code Arena上，GLM与Anthropic、OpenAI的模型并列Coding全球第一，超越了海外闭源模型谷歌Gemini和xai的Grok。</p><p style=\"text-align: left;\">针对大模型“推理效率低、成本高”的痛点，智谱AI研发了专用<strong>推理模型</strong>，通过模型压缩、量化等技术优化推理速度，降低部署成本。</p><p style=\"text-align: left;\">例如GLM-4-9B，模型开源后累计获超15万GitHub星标，全球下载超过3000万。</p><p style=\"text-align: left;\">接下来是智谱AI的<strong>多模态模型</strong>，如CogVLM、CogView、CogVideoX等，实现了文本、图像、视频、语音的跨模态理解与生成。</p><p style=\"text-align: left;\">最后，<strong>Agent</strong>是智谱今年的核心战略方向，AI开始从“对话”转向“行动”。</p><p style=\"text-align: left;\">其中，AutoGLM是全球首个可自主操作手机的智能体，用户不必手动操作，就能通过语音指令完成点餐、订票、查房、预约、撰写文稿、生成视频等跨应用任务。</p><p style=\"text-align: left;\">今年8月更新的AutoGLM 2.0，还支持接入AI眼镜、手表、家电等硬件，让硬件具备“手机级操作能力”，比如用Rokid智能眼镜点咖啡。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8d360da6ed5c3a988273a43faf5eec4a\" tg-width=\"1024\" tg-height=\"579\"/></p><p style=\"text-align: left;\">在商业化方面，智谱起步较早，从2021年就开始布局<strong>MaaS</strong>（即大模型API调用）的商业模式，和OpenAI、Anthropic的变现方式类似，智谱也是目前唯一一家实现MaaS有规模收入的创业公司。</p><p style=\"text-align: left;\">这种模式的优势是高度灵活且可扩展，交付“通用智能”而非“定制项目”，能更快、更低成本地去铺设到更多场景。</p><p style=\"text-align: left;\">目前，智谱MaaS开放平台上有<strong>270万+</strong>企业及应用开发者，是国内最活跃的大模型API平台之一。客户群体主要面向科技互联网和企业服务市场，目前中国前10大互联网公司中，有<strong>9家</strong>都在用智谱的GLM大模型。</p><p style=\"text-align: left;\">在全球大模型超市OpenRouter中，GLM-4.5/4.6调用量排在全球前10，付费流量收入已经超过所有国产模型之和。</p><p style=\"text-align: left;\">并且不仅仅是在国内收入高，GLM-4.5/4.6在海外也在赚钱，其面向全球开发者的模型业务（GLM coding plan），目前已经获得超过1亿元人民币的收入，3个月吸纳了超15万付费开发者用户。</p><p style=\"text-align: left;\">截止今年9月30日，智谱模型已经辐射到全球12000家企业客户、超8000万台终端用户设备，以及超4500万名开发者。</p><p style=\"text-align: left;\">今年11月，智谱的日均云端token调用量超过4.2万亿次，成为了中国赋能终端设备最多的独立通用大模型厂商。</p><p style=\"text-align: left;\">正是这样的商业模式和业务规模，让智谱在财务指标方面表现出了飞速增长。</p><h2 id=\"id_3013690507\" style=\"text-align: left;\">智谱AI关键财务指标</h2><p style=\"text-align: left;\">先看营收层面，2022年、2023年、2024年，智谱的营业收入分别为为5740万元、1.245亿元、3.124亿元，复合年增长率达到130%。</p><p style=\"text-align: left;\">2025年上半年，公司收入为1.9亿元，超越了2023年的全年水平。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/263c0a96067235478063a678483ce5d0\" tg-width=\"855\" tg-height=\"469\"/></p><p style=\"text-align: left;\">其中，AI大模型是智谱的核心产品，因此公司的主要来自于<strong>大模型收入</strong>。</p><p style=\"text-align: left;\">据弗若斯特沙利文报告，以2024年的收入计，智谱是中国最大的独立大模型厂商。</p><p style=\"text-align: left;\">再看利润层面，2022年~2024年，智谱毛利率为54.6%、64.6%、56.3%。</p><p style=\"text-align: left;\">今年上半年，公司毛利率为50%。近三年，智谱始终保持50%以上的高毛利率。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b56f546745411d19f5ddf061495dca0\" tg-width=\"809\" tg-height=\"454\"/></p><p style=\"text-align: left;\">在营业费用中，智谱的重心主要放在了<strong>研发</strong>上。</p><p style=\"text-align: left;\">2022年~2024年以及2025年上半年，公司研发费用分别为8440万元、5.289亿元、21.954亿元和15.947亿元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0713f92b5e7fbc151758bb718d3cb3a4\" tg-width=\"980\" tg-height=\"463\"/></p><p style=\"text-align: left;\">截至今年6月30日，公司的研发团队有657人，占公司总人数的74%。</p><p style=\"text-align: left;\">其核心科研团队和学术顾问团队已发表500篇顶尖高影响力论文，累计引用次数超过58000余次。</p><p style=\"text-align: left;\">最后在现金层面，截至今年6月末，智谱的现金及现金等价物为25.2亿元。</p><h2 id=\"id_4260918334\" style=\"text-align: left;\">清华班底带队，6年8轮融资83+亿</h2><p style=\"text-align: left;\">智谱AI成立于2019年，由<strong>清华大学</strong>技术成果转化而来，创始班底源自<strong>清华大学计算机系知识工程实验室（KEG）</strong>。</p><p style=\"text-align: left;\">这个实验室成立于1996年，是国内最早开展自然语言处理、知识图谱研究的实验室之一。</p><p style=\"text-align: left;\">CEO<strong>张鹏</strong>，是清华大学2018创新领军工程博士，毕业于清华大学计算机科学与技术系。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1e99296f619200f6688f9799d3b41bda\" tg-width=\"1024\" tg-height=\"654\"/></p><p style=\"text-align: left;\">他的职业生涯始于清华大学知识工程实验室（KEG），2002年硕士毕业后就加入实验室，2006年起主导研发科技情报平台AMiner——这个系统就是智谱AI的技术雏形。</p><p style=\"text-align: left;\">在智谱，张鹏负责公司整体运营与战略规划，主导了GLM系列大模型、ChatGLM对话模型等核心产品的研发与商业化。</p><p style=\"text-align: left;\">智谱的首席科学家<strong>唐杰</strong>，也是KEG实验室的核心人物。</p><p style=\"text-align: left;\">他的研究方向包括社会网络分析、数据挖掘、机器学习、知识图谱等。</p><p style=\"text-align: left;\">董事长<strong>刘德兵</strong>，中科院计算所博士，师从中国工程院院士、中国计算机领域权威专家高文。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/12406b3c0c39e4dd041ac30ab6f475a4\" tg-width=\"1024\" tg-height=\"724\"/></p><p style=\"text-align: left;\">他曾任清华数据科学研究院科技大数据研究中心副主任、Thomson北京研究院高级研究员、清华计算机系高级工程师。</p><p style=\"text-align: left;\">智谱AI总裁<strong>王绍兰</strong>，清华大学创新领军工程博士，曾任清华大学数据科学研究院科技大数据研究中心副主任，推动了智谱AI从“实验室”走向“市场”。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2eda9212f33c888b998cb80063b3f12\" tg-width=\"1024\" tg-height=\"675\"/></p><p style=\"text-align: left;\">智谱的核心团队成员，基本都来自清华大学计算机系知识工程实验室，长期从事大规模预训练模型、语义大数据分析、智能问答等领域的研究。</p><p style=\"text-align: left;\">有这样顶尖的技术天团做背书，智谱在资本市场可谓是一路绿灯。</p><p style=\"text-align: left;\">成立当年，公司就获得了4000万元的天使轮融资，投资方来自清华大学资管和中科创星。</p><p style=\"text-align: left;\">此后6年间，智谱已融资超<strong>8轮</strong>，累计融资超<strong>83亿元</strong>。</p><p style=\"text-align: left;\">背后的投资者更是明星资本云集，参与方既包括<strong>美团、蚂蚁、阿里、腾讯、小米、金山、Boss直聘、好未来</strong>等产业资本，又有<strong>君联、红杉、高瓴、启明创投、顺为</strong>等一线机构，同时还有不少<strong>地方政府国资</strong>来支持。</p><p style=\"text-align: left;\">截至IPO前，智谱的最新<strong>投后估值</strong>已达243.8亿元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/938e880538737be8d866ec18cc0c0fdc\" tg-width=\"1024\" tg-height=\"382\"/></p><p style=\"text-align: left;\">而这家公司之所以广受资本市场追捧，也不仅仅是因为班底和技术实力硬，还因为整个行业正走向空前火热。</p><p style=\"text-align: left;\">据弗若斯特沙利文资料，以收入计，2024年中国大语言模型市场规模已达到人民币53亿元；其中，机构客户贡献人民币47亿元，个人客户贡献人民币6亿元。</p><p style=\"text-align: left;\">而在LLM技术的不断进步，以及机构和个人需求增长的催化下，预计到2030年，中国LLM市场规模将增至人民币1011亿元，2024 年至2030年的复合年增长率为63.5%，并且仍由机构客户作为增长的核心动力。</p><p style=\"text-align: left;\">在这种背景下，企业级LLM市场的商业化路径日益逐渐清晰，并走向多元化格局。</p><p style=\"text-align: left;\">行业前景大有可为，而当下正是招兵买马的时刻。</p><p style=\"text-align: left;\">在这个节点上，OpenAI已经明确IPO计划，而“中国版OpenAI”，此时此刻，率先走向公众市场了。</p></body></html>","source":"lsy1569318700471","collect":0,"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>火线解析智谱AI招股书：年营收3亿增速130%，“中国版OpenAI”率先冲刺全球大模型第一股</title>\n<style 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}\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火线解析智谱AI招股书：年营收3亿增速130%，“中国版OpenAI”率先冲刺全球大模型第一股\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-20 17:09 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/TrDupKUJkEZIck0HqyZHTg><strong>量子位</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>这家清华系公司成立6年融资8轮超83亿元，估值达243.8亿元。2024年营收3.124亿元，增速130%，毛利率保持50%以上。公司开发GLM系列大模型，拥有270万+开发者，服务全球1.2万家企业。研发团队占比74%，已发表500篇顶级论文。背靠美团、腾讯、红杉、高瓴等明星资本，成为中国最大独立大模型厂商。“全球大模型第一股”，在港交所发起冲刺了。被视为“中国版OpenAI”的智谱AI，刚刚...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/TrDupKUJkEZIck0HqyZHTg\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d437cb15558c9f998cb54d135573714a","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/TrDupKUJkEZIck0HqyZHTg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107464094","content_text":"这家清华系公司成立6年融资8轮超83亿元，估值达243.8亿元。2024年营收3.124亿元，增速130%，毛利率保持50%以上。公司开发GLM系列大模型，拥有270万+开发者，服务全球1.2万家企业。研发团队占比74%，已发表500篇顶级论文。背靠美团、腾讯、红杉、高瓴等明星资本，成为中国最大独立大模型厂商。“全球大模型第一股”，在港交所发起冲刺了。被视为“中国版OpenAI”的智谱AI，刚刚招股书对外公告，冲刺IPO。这支由清华顶尖团队孵化的科技公司，今年4月拿到IPO辅导备案的入场券，随后关于智谱IPO的风声未曾停歇，却没想到今年年底进度骤然拉满——智谱AI以秘密递表的形式，刚刚在港交所通过聆讯，即将敲钟。成立6年间，智谱AI融资8轮，累计筹资超83亿元，背后明星资本云集，最新估值已达243.8亿元。智谱AI是怎样一家公司？智谱（Z.AI），其实大家可能已经很熟了，中国最早开启LLM研发的公司，被视为“中国版OpenAI”，聚焦AGI的研发，以期“让机器像人一样思考”。公司的技术核心，围绕其自主开发的“GLM”系列模型展开，现在已经构建了从基础模型到应用产品的完整体系。在2024年中，智谱AI与OpenAI同期发布了AGI的L1-L5路径图：预训练阶段：智谱要教会机器理解、书写并使用人类语言进行交流。对齐及推理阶段：将机器智能与人类意图对齐，并教会机器进行推理与规划。这包括提升安全性，减少幻觉，并实现语言智能与图片、视频、语音和行动的对齐。自主学习阶段：教会机器通过自我批评、自我反思及沉思，从而实现机器智能从自身的思维和行动中进行学习。自我认知阶段：在没有人类监督的情况下，机器通过观察自身行为及自我解读，逐步形成其自主的态度及情感。意识智能阶段：机器开始对自身的内部状态及外部环境产生感知，表现出类似于人类意识的特征——即使对人类而言，这一概念也依然复杂。目前，智谱已开发出三个阶段的大模型及智能体，如中国首个千亿规模大模型GLM-130B（预训练阶段）、中国首个开源大型聊天模型ChatGLM（对齐及推理阶段）等等。具体到产品矩阵上：首先来看基座模型，这是开发各种专业模型的基础。智谱的“GLM”系列模型采用自回归填空架构，具备强大的通用理解与生成能力，支持文本、图像、语音、视频等多模态输入输出，在在鲁棒性、可控性和幻觉性方面效果突出。今年下半年，智谱推出了新一代旗舰模型GLM-4.5/4.6，首次实现在一个模型中原生融合推理、编码和智能体能力。据弗若斯特沙利文的资料：GLM-4.5一经发布，48小时内就跃居抱抱脸热门榜全球榜首；7月的12项业界标准基准测试中，GLM-4.5在全球排名第三、在中国拿下第一，在全球开源模型中居于首位。而9月上线的GLM-4.6，主要强化了编码能力，发布即适配寒武纪、摩尔线程芯片。在大模型竞技场Code Arena上，GLM与Anthropic、OpenAI的模型并列Coding全球第一，超越了海外闭源模型谷歌Gemini和xai的Grok。针对大模型“推理效率低、成本高”的痛点，智谱AI研发了专用推理模型，通过模型压缩、量化等技术优化推理速度，降低部署成本。例如GLM-4-9B，模型开源后累计获超15万GitHub星标，全球下载超过3000万。接下来是智谱AI的多模态模型，如CogVLM、CogView、CogVideoX等，实现了文本、图像、视频、语音的跨模态理解与生成。最后，Agent是智谱今年的核心战略方向，AI开始从“对话”转向“行动”。其中，AutoGLM是全球首个可自主操作手机的智能体，用户不必手动操作，就能通过语音指令完成点餐、订票、查房、预约、撰写文稿、生成视频等跨应用任务。今年8月更新的AutoGLM 2.0，还支持接入AI眼镜、手表、家电等硬件，让硬件具备“手机级操作能力”，比如用Rokid智能眼镜点咖啡。在商业化方面，智谱起步较早，从2021年就开始布局MaaS（即大模型API调用）的商业模式，和OpenAI、Anthropic的变现方式类似，智谱也是目前唯一一家实现MaaS有规模收入的创业公司。这种模式的优势是高度灵活且可扩展，交付“通用智能”而非“定制项目”，能更快、更低成本地去铺设到更多场景。目前，智谱MaaS开放平台上有270万+企业及应用开发者，是国内最活跃的大模型API平台之一。客户群体主要面向科技互联网和企业服务市场，目前中国前10大互联网公司中，有9家都在用智谱的GLM大模型。在全球大模型超市OpenRouter中，GLM-4.5/4.6调用量排在全球前10，付费流量收入已经超过所有国产模型之和。并且不仅仅是在国内收入高，GLM-4.5/4.6在海外也在赚钱，其面向全球开发者的模型业务（GLM coding plan），目前已经获得超过1亿元人民币的收入，3个月吸纳了超15万付费开发者用户。截止今年9月30日，智谱模型已经辐射到全球12000家企业客户、超8000万台终端用户设备，以及超4500万名开发者。今年11月，智谱的日均云端token调用量超过4.2万亿次，成为了中国赋能终端设备最多的独立通用大模型厂商。正是这样的商业模式和业务规模，让智谱在财务指标方面表现出了飞速增长。智谱AI关键财务指标先看营收层面，2022年、2023年、2024年，智谱的营业收入分别为为5740万元、1.245亿元、3.124亿元，复合年增长率达到130%。2025年上半年，公司收入为1.9亿元，超越了2023年的全年水平。其中，AI大模型是智谱的核心产品，因此公司的主要来自于大模型收入。据弗若斯特沙利文报告，以2024年的收入计，智谱是中国最大的独立大模型厂商。再看利润层面，2022年~2024年，智谱毛利率为54.6%、64.6%、56.3%。今年上半年，公司毛利率为50%。近三年，智谱始终保持50%以上的高毛利率。在营业费用中，智谱的重心主要放在了研发上。2022年~2024年以及2025年上半年，公司研发费用分别为8440万元、5.289亿元、21.954亿元和15.947亿元。截至今年6月30日，公司的研发团队有657人，占公司总人数的74%。其核心科研团队和学术顾问团队已发表500篇顶尖高影响力论文，累计引用次数超过58000余次。最后在现金层面，截至今年6月末，智谱的现金及现金等价物为25.2亿元。清华班底带队，6年8轮融资83+亿智谱AI成立于2019年，由清华大学技术成果转化而来，创始班底源自清华大学计算机系知识工程实验室（KEG）。这个实验室成立于1996年，是国内最早开展自然语言处理、知识图谱研究的实验室之一。CEO张鹏，是清华大学2018创新领军工程博士，毕业于清华大学计算机科学与技术系。他的职业生涯始于清华大学知识工程实验室（KEG），2002年硕士毕业后就加入实验室，2006年起主导研发科技情报平台AMiner——这个系统就是智谱AI的技术雏形。在智谱，张鹏负责公司整体运营与战略规划，主导了GLM系列大模型、ChatGLM对话模型等核心产品的研发与商业化。智谱的首席科学家唐杰，也是KEG实验室的核心人物。他的研究方向包括社会网络分析、数据挖掘、机器学习、知识图谱等。董事长刘德兵，中科院计算所博士，师从中国工程院院士、中国计算机领域权威专家高文。他曾任清华数据科学研究院科技大数据研究中心副主任、Thomson北京研究院高级研究员、清华计算机系高级工程师。智谱AI总裁王绍兰，清华大学创新领军工程博士，曾任清华大学数据科学研究院科技大数据研究中心副主任，推动了智谱AI从“实验室”走向“市场”。智谱的核心团队成员，基本都来自清华大学计算机系知识工程实验室，长期从事大规模预训练模型、语义大数据分析、智能问答等领域的研究。有这样顶尖的技术天团做背书，智谱在资本市场可谓是一路绿灯。成立当年，公司就获得了4000万元的天使轮融资，投资方来自清华大学资管和中科创星。此后6年间，智谱已融资超8轮，累计融资超83亿元。背后的投资者更是明星资本云集，参与方既包括美团、蚂蚁、阿里、腾讯、小米、金山、Boss直聘、好未来等产业资本，又有君联、红杉、高瓴、启明创投、顺为等一线机构，同时还有不少地方政府国资来支持。截至IPO前，智谱的最新投后估值已达243.8亿元。而这家公司之所以广受资本市场追捧，也不仅仅是因为班底和技术实力硬，还因为整个行业正走向空前火热。据弗若斯特沙利文资料，以收入计，2024年中国大语言模型市场规模已达到人民币53亿元；其中，机构客户贡献人民币47亿元，个人客户贡献人民币6亿元。而在LLM技术的不断进步，以及机构和个人需求增长的催化下，预计到2030年，中国LLM市场规模将增至人民币1011亿元，2024 年至2030年的复合年增长率为63.5%，并且仍由机构客户作为增长的核心动力。在这种背景下，企业级LLM市场的商业化路径日益逐渐清晰，并走向多元化格局。行业前景大有可为，而当下正是招兵买马的时刻。在这个节点上，OpenAI已经明确IPO计划，而“中国版OpenAI”，此时此刻，率先走向公众市场了。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":508788475228168,"gmtCreate":1765247376547,"gmtModify":1765247379169,"author":{"id":"3440469524702880","authorId":"3440469524702880","name":"财通008","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3440469524702880","idStr":"3440469524702880"},"themes":[],"title":"","htmlText":"买这车 非必要还是不要给自己贴个智商低的标签","listText":"买这车 非必要还是不要给自己贴个智商低的标签","text":"买这车 非必要还是不要给自己贴个智商低的标签","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/508788475228168","repostId":"2590393830","repostType":2,"repost":{"id":"2590393830","kind":"news","pubTimestamp":1765243448,"share":"https://www.laohu8.com/m/news/2590393830?lang=zh_CN&edition=full","pubTime":"2025-12-09 09:24","market":"hk","language":"zh","title":"小米三款新车曝光，网友评论直戳雷军肺管子","url":"https://stock-news.laohu8.com/highlight/detail?id=2590393830","media":"科技头版","summary":"小米明年要来真的！据新浪科技爆料 图四，小米汽车即将发布三款新车，分别是YU9，YU7GT，SU7L，对应当前新能源赛道比较火的三种车型，即增程大SUV、高性能SUV以及豪华轿车。值得一提的是，新浪科技给了这三台车不同的宣传语，其中小米YU9号称“瞄准一家老小的出行”，小米YU7GT叫做“去纽北赛道刷脸的狠角色”，而小米SU7L则标为“加长的是车身，更是野心”。对此，网友们的反应不出所料，有赞扬的也有挖苦的。有网友质疑新浪科技的宣传词：“《瞄准》一家老小 图五”也有网友第一时间在评论区强调：“安全第一位 图六”那么，你是如何看待这三款新车的呢？欢迎评论区交流。 @科技头版","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20251209094739149v206kfc9hnunxjk\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20251209094744852v206lttpxzxo4ig\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20251209094750561v206il5x9kk704y\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20251209094809126v206xw7buhwaarl\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20251209094815063v206zcokblh2w3x\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20251209094816470v2064cf6je7a60b\"/><p><a href=\"https://laohu8.com/S/XIACY\">小米</a>明年要来真的！</p><p>据新浪科技爆料 图四，<a href=\"https://laohu8.com/S/01810\">小米</a>汽车即将发布三款新车，分别是YU9，YU7GT，SU7L，对应当前新能源赛道比较火的三种车型，即增程大SUV、高性能SUV以及豪华轿车。</p><p>值得一提的是，新浪科技给了这三台车不同的宣传语，其中<a href=\"https://laohu8.com/S/81810\">小米</a>YU9号称“瞄准一家老小的出行”，小米YU7GT叫做“去纽北赛道刷脸的狠角色”，而小米SU7L则标为“加长的是车身，更是野心”。</p><p>对此，网友们的反应不出所料，有赞扬的也有挖苦的。有网友质疑新浪科技的宣传词：“《瞄准》一家老小 图五”也有网友第一时间在评论区强调：“安全第一位 图六”那么，你是如何看待这三款新车的呢？欢迎评论区交流。 @科技头版</p></article></body></html>","source":"tencent","collect":0,"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>小米三款新车曝光，网友评论直戳雷军肺管子</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{ 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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小米三款新车曝光，网友评论直戳雷军肺管子\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-09 09:24 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251209094823a43c7f71&s=b><strong>科技头版</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>小米明年要来真的！据新浪科技爆料 图四，小米汽车即将发布三款新车，分别是YU9，YU7GT，SU7L，对应当前新能源赛道比较火的三种车型，即增程大SUV、高性能SUV以及豪华轿车。值得一提的是，新浪科技给了这三台车不同的宣传语，其中小米YU9号称“瞄准一家老小的出行”，小米YU7GT叫做“去纽北赛道刷脸的狠角色”，而小米SU7L则标为“加长的是车身，更是野心”。对此，网友们的反应不出所料，有赞扬的...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251209094823a43c7f71&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0594300419.USD":"富达中国消费基金A","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1961090484.USD":"ALLIANZ ALL CHINA 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@科技头版","news_type":1,"symbols_score_info":{"81810":0.6,"MIUmain":0.6,"XIACY":1.91,"HXXD.SI":0.6,"01810":1.91}},"isVote":1,"tweetType":1,"viewCount":1661,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"10542505122938","authorId":"10542505122938","name":"dongfeng012","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"10542505122938","idStr":"10542505122938"},"content":"独立思考，明辨是非[微笑]","text":"独立思考，明辨是非[微笑]","html":"独立思考，明辨是非[微笑]"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":507994760081816,"gmtCreate":1765005772228,"gmtModify":1765005774855,"author":{"id":"3440469524702880","authorId":"3440469524702880","name":"财通008","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3440469524702880","idStr":"3440469524702880"},"themes":[],"title":"","htmlText":"干嘛给23块？缺这点吗","listText":"干嘛给23块？缺这点吗","text":"干嘛给23块？缺这点吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/507994760081816","repostId":"2589890735","repostType":4,"repost":{"id":"2589890735","kind":"news","pubTimestamp":1764943210,"share":"https://www.laohu8.com/m/news/2589890735?lang=zh_CN&edition=full","pubTime":"2025-12-05 22:00","market":"sh","language":"zh","title":"流媒体“王炸”并购！奈飞官宣以827亿美元收购华纳兄弟探索，建立“超级内容”帝国","url":"https://stock-news.laohu8.com/highlight/detail?id=2589890735","media":"智通财经","summary":"此前一则报道称，奈飞成为了收购华纳兄弟的出价最高的出资方。此次收购将巩固奈飞在流媒体领域的主导地位，它将吞并华纳兄弟的电影工作室以及 HBO Max 平台，此举有望推出捆绑服务以降低消费者成本。华纳兄弟在 10 月份因财务压力而启动了此次出售程序。派拉蒙天舞此前曾提出约600亿美元的收购要约，但在10月遭到了华纳兄弟探索董事会的拒绝，后者随后启动了正式的出售程序。","content":"<html><head></head><body><p>智通财经APP获悉，<a href=\"https://laohu8.com/S/NFLX\">奈飞</a>宣布将以每股27.75美元的价格(约827亿美元的总企业价值)收购华纳兄弟探索频道，包括其电影和电视制作部门、HBO Max 和 HBO 等业务。奈飞表示将维持华纳兄弟现有的运营模式;此次交易的总股权价值约为 720 亿美元。此前一则报道称，奈飞成为了收购华纳兄弟的出价最高的出资方。根据协议条款，每位华纳兄弟股东将获得 23.25 美元现金以及每一股对应4.501股奈飞普通股。</p><p>该交易预计将在此前宣布的华纳兄弟全球网络部门与Discovery Global分离并成立一家新的上市公司这一举措完成后完成。目前，这一合并计划预计将于 2026 年的下一季度内完成。该交易预计将在 12 至 18 个月内完成。</p><p>此次收购将巩固奈飞在流媒体领域的主导地位，它将吞并华纳兄弟的电影工作室以及 HBO Max 平台，此举有望推出捆绑服务以降低消费者成本。华纳兄弟在 10 月份因财务压力而启动了此次出售程序。</p><p>华纳兄弟的出售过程也充满了争议，因为派拉蒙天舞(PSKY.US)质疑了这一过程的“公正性和合理性”。特别是，华纳兄弟似乎更倾向于接受奈飞的出价，而忽略了派拉蒙公司的其他几份报价，该公司曾提出过这一指控。</p><p>派拉蒙天舞是最先对华纳兄弟探索抛出橄榄枝的。派拉蒙天舞此前曾提出约600亿美元的收购要约，但在10月遭到了华纳兄弟探索董事会的拒绝，后者随后启动了正式的出售程序。派拉蒙天舞计划对华纳兄弟探索全部资产进行收购，报价从最初的每股约20美元逐步提升至23.5美元，最新收购方案是每股24美元、80%现金加20%股票，但被华纳兄弟探索以“严重低估公司价值”为由拒绝。</p><p>通过这笔交易，奈飞将成为HBO网络及其热门剧集库(如《黑道家族》、《白莲花度假村》)的所有者。除此之外，华纳兄弟探索的资产还包括其位于加利福尼亚州的大型制片厂，以及包括《哈利·波特》和《老友记》在内的海量影视资源。</p><p>该公司表示：“诸如《生活大爆炸》、《黑道家族》、《权力的游戏》、《绿野仙踪》以及 DC 宇宙等深受喜爱的系列剧集、节目和电影，都将加入奈飞庞大的作品库之中，从而为全球观众带来无与伦比的娱乐体验。”</p><p>合并后的实体将成为好莱坞的新巨头，在流媒体市场形成一个拥有庞大用户基数(奈飞的3亿多用户加上HBO Max的用户)和海量顶级IP的超级公司。这笔交易将巩固流媒体行业整合的趋势，并可能促使其他主要参与者(如<a href=\"https://laohu8.com/S/DIS\">迪士尼</a>、<a href=\"https://laohu8.com/S/CMCSA\">康卡斯特</a>等)考虑进一步的合并或战略联盟，以保持竞争力。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"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>流媒体“王炸”并购！奈飞官宣以827亿美元收购华纳兄弟探索，建立“超级内容”帝国</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; 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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流媒体“王炸”并购！奈飞官宣以827亿美元收购华纳兄弟探索，建立“超级内容”帝国\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-05 22:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1378392.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，奈飞宣布将以每股27.75美元的价格(约827亿美元的总企业价值)收购华纳兄弟探索频道，包括其电影和电视制作部门、HBO Max 和 HBO 等业务。奈飞表示将维持华纳兄弟现有的运营模式;此次交易的总股权价值约为 720 亿美元。此前一则报道称，奈飞成为了收购华纳兄弟的出价最高的出资方。根据协议条款，每位华纳兄弟股东将获得 23.25 美元现金以及每一股对应4.501股奈飞...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1378392.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e2224e6b43e75f835dbd8bb6d8c4972c","relate_stocks":{"NFLX":"奈飞","WBD":"WARNER BROS DISCOVERY INC"},"source_url":"http://www.zhitongcaijing.com/content/detail/1378392.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2589890735","content_text":"智通财经APP获悉，奈飞宣布将以每股27.75美元的价格(约827亿美元的总企业价值)收购华纳兄弟探索频道，包括其电影和电视制作部门、HBO Max 和 HBO 等业务。奈飞表示将维持华纳兄弟现有的运营模式;此次交易的总股权价值约为 720 亿美元。此前一则报道称，奈飞成为了收购华纳兄弟的出价最高的出资方。根据协议条款，每位华纳兄弟股东将获得 23.25 美元现金以及每一股对应4.501股奈飞普通股。该交易预计将在此前宣布的华纳兄弟全球网络部门与Discovery Global分离并成立一家新的上市公司这一举措完成后完成。目前，这一合并计划预计将于 2026 年的下一季度内完成。该交易预计将在 12 至 18 个月内完成。此次收购将巩固奈飞在流媒体领域的主导地位，它将吞并华纳兄弟的电影工作室以及 HBO Max 平台，此举有望推出捆绑服务以降低消费者成本。华纳兄弟在 10 月份因财务压力而启动了此次出售程序。华纳兄弟的出售过程也充满了争议，因为派拉蒙天舞(PSKY.US)质疑了这一过程的“公正性和合理性”。特别是，华纳兄弟似乎更倾向于接受奈飞的出价，而忽略了派拉蒙公司的其他几份报价，该公司曾提出过这一指控。派拉蒙天舞是最先对华纳兄弟探索抛出橄榄枝的。派拉蒙天舞此前曾提出约600亿美元的收购要约，但在10月遭到了华纳兄弟探索董事会的拒绝，后者随后启动了正式的出售程序。派拉蒙天舞计划对华纳兄弟探索全部资产进行收购，报价从最初的每股约20美元逐步提升至23.5美元，最新收购方案是每股24美元、80%现金加20%股票，但被华纳兄弟探索以“严重低估公司价值”为由拒绝。通过这笔交易，奈飞将成为HBO网络及其热门剧集库(如《黑道家族》、《白莲花度假村》)的所有者。除此之外，华纳兄弟探索的资产还包括其位于加利福尼亚州的大型制片厂，以及包括《哈利·波特》和《老友记》在内的海量影视资源。该公司表示：“诸如《生活大爆炸》、《黑道家族》、《权力的游戏》、《绿野仙踪》以及 DC 宇宙等深受喜爱的系列剧集、节目和电影，都将加入奈飞庞大的作品库之中，从而为全球观众带来无与伦比的娱乐体验。”合并后的实体将成为好莱坞的新巨头，在流媒体市场形成一个拥有庞大用户基数(奈飞的3亿多用户加上HBO Max的用户)和海量顶级IP的超级公司。这笔交易将巩固流媒体行业整合的趋势，并可能促使其他主要参与者(如迪士尼、康卡斯特等)考虑进一步的合并或战略联盟，以保持竞争力。","news_type":1,"symbols_score_info":{"WBD":1.96,"NFLX":1.98}},"isVote":1,"tweetType":1,"viewCount":1244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":498237952488064,"gmtCreate":1762663593170,"gmtModify":1762663595562,"author":{"id":"3440469524702880","authorId":"3440469524702880","name":"财通008","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3440469524702880","idStr":"3440469524702880"},"themes":[],"title":"","htmlText":"我怎么感觉要完蛋了","listText":"我怎么感觉要完蛋了","text":"我怎么感觉要完蛋了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/498237952488064","repostId":"2581995852","repostType":2,"repost":{"id":"2581995852","kind":"news","pubTimestamp":1762590683,"share":"https://www.laohu8.com/m/news/2581995852?lang=zh_CN&edition=full","pubTime":"2025-11-08 16:31","market":"hk","language":"zh","title":"你要买辆支持吗！机构预测：小米汽车明年产能有望突破120万辆","url":"https://stock-news.laohu8.com/highlight/detail?id=2581995852","media":"快科技","summary":"快科技11月8日消息，近日有媒体指出，随着北京工厂二期、三期及武汉工厂的陆续投产，小米汽车2026年产能有望突破百万辆，并向120万辆的目标冲刺。根据今年早些时候的行业报告，小米汽车工厂产能利用率已接近200%，远超行业平均水平。北京一期工厂设计年产能为15万辆，但通过双班制运营，实际产量大幅提升。若产能爬坡顺利，加之可能的并购计划，全年产能或冲击117万至120万辆。","content":"<html><body><article><p>快科技11月8日消息，近日有媒体指出，<strong>随着北京工厂二期、三期及武汉工厂的陆续投产，<a href=\"https://laohu8.com/S/XIACY\">小米</a>汽车2026年产能有望突破百万辆，并向120万辆的目标冲刺。</strong></p><p>上述预测也不是凭空而来，而是基于<a href=\"https://laohu8.com/S/01810\">小米</a>目前的发展现状。</p><p>根据今年早些时候的行业报告，<a href=\"https://laohu8.com/S/81810\">小米</a>汽车工厂产能利用率已接近200%，远超行业平均水平。北京一期工厂设计年产能为15万辆，但通过双班制运营，实际产量大幅提升。北京二期工厂设计产能同样为15万辆/年。若两座工厂均以200%的产能利用率运行，年产量可达60万辆。</p><p>据悉，北京二期Plus（三期工厂总装车间）预计于2026年春节后投产，而武汉一期工厂计划于2026年5月投产，并于10月达到3.5万辆的月产能。若产能爬坡顺利，加之可能的并购计划，全年产能或冲击117万至120万辆。</p><p><strong>对于现在的小米汽车，行业预测，随着规模效应释放，汽车业务毛利率将保持在20%以上，利润贡献将显著提升。</strong></p><img src=\"https://fid-75186.picgzc.qpic.cn/20251108164229009d2015oqpybdd0t8\"/></article></body></html>","source":"tencent","collect":0,"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>你要买辆支持吗！机构预测：小米汽车明年产能有望突破120万辆</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{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n你要买辆支持吗！机构预测：小米汽车明年产能有望突破120万辆\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-08 16:31 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025110816423194f7622b&s=b><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技11月8日消息，近日有媒体指出，随着北京工厂二期、三期及武汉工厂的陆续投产，小米汽车2026年产能有望突破百万辆，并向120万辆的目标冲刺。上述预测也不是凭空而来，而是基于小米目前的发展现状。根据今年早些时候的行业报告，小米汽车工厂产能利用率已接近200%，远超行业平均水平。北京一期工厂设计年产能为15万辆，但通过双班制运营，实际产量大幅提升。北京二期工厂设计产能同样为15万辆/年。若两座...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025110816423194f7622b&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","BK1193":"电脑硬件、储存设备及电脑周边","LU0611395673.USD":"NINETY ONE GSF 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因为还有其他爸爸爱他们的私生子","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/457784094040416","isVote":1,"tweetType":1,"viewCount":2052,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":440175939797464,"gmtCreate":1748503027697,"gmtModify":1748503029631,"author":{"id":"3440469524702880","authorId":"3440469524702880","name":"财通008","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3440469524702880","idStr":"3440469524702880"},"themes":[],"htmlText":"香港稳定币是港币还是美元？","listText":"香港稳定币是港币还是美元？","text":"香港稳定币是港币还是美元？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/440175939797464","repostId":"1154710715","repostType":2,"repost":{"id":"1154710715","kind":"news","pubTimestamp":1748499210,"share":"https://www.laohu8.com/m/news/1154710715?lang=zh_CN&edition=full","pubTime":"2025-05-29 14:13","market":"us","language":"zh","title":"众安在线5日暴涨75%，引爆数字货币板块！稳定币缘何成市场“香饽饽”？","url":"https://stock-news.laohu8.com/highlight/detail?id=1154710715","media":"券商中国","summary":"刚刚，香港市场众安在线迎来超级大买盘，涨幅一度达到35%，过去五个交易日涨幅累计达到了75%。今日该股一度上涨超30%，近五个交易日持续拉升，累计涨幅超75%。为何突成“香饽饽”？第三最后，美国的稳定币法案推出在即。“本届政府不认为稳定币会威胁美元的完整性。”美国政府对于稳定币的“合法化招安”或将增强其市场认可度，稳定币规模有望进一步扩大从而客观上增持美债。","content":"<html><head></head><body><p><strong>稳定币站上风口！</strong></p><p style=\"text-align: justify;\">刚刚，香港市场众安在线迎来超级大买盘，涨幅一度达到35%，过去五个交易日涨幅累计达到了75%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5d4674b5d8c01591c1ca6031e47072d7\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p>与此同时，A股数字货币板块集体飙涨。朗新集团、雄帝科技、四方精创、天阳科技皆20%涨停，拉卡拉、飞天诚信等大涨。</p><p style=\"text-align: justify;\"><strong>近期，香港立法会三读通过的《稳定币条例草案》今天被市场真正重视起来。今年年底前，合规的香港稳定币有望正式落地。</strong></p><p style=\"text-align: justify;\">与此同时，美国副总统万斯当地时间周三（5月28日）在拉斯维加斯表示，本届政府不认为稳定币会威胁美元的完整性。恰恰相反，将其视为美国经济实力的倍增器。同时，《引导和建立美国稳定币国家创新法案》(GENIUS法案)也以66票对32票通过了美国参议院的程序性投票，标志着该法案在参议院取得了重要进展。</p><p style=\"text-align: justify;\"><strong>那么，稳定币是否会成为近期股市的推进器？</strong></p><blockquote><h2 id=\"id_1700024799\" style=\"text-align: justify;\">涨疯了</h2></blockquote><p style=\"text-align: justify;\">众安在线彻底爆发。今日该股一度上涨超35%，近五个交易日持续拉升，累计涨幅超75%。</p><p style=\"text-align: justify;\">此外， 连连数字暴涨至40%，股价报10.30港元。</p><p>连连数字通过多层全资子公司间接持有连连国际（LianLian Pay Global Limited）100%股权。连连国际与圆币科技合作稳定币在跨境支付的场景应用项目。此外连连数字子公司DFX Labs早前已取得香港VATP牌照，正式进军Crypro领域。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6aa7b2132019cc31451e606b563dc4c4\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p style=\"text-align: justify;\">国金证券近日指出，稳定币法案打开想象空间，预计今年底前，机构可向香港金管局申请成为合规的稳定币发行商，众安银行(众安持股43.43%)虚拟资产业务布局深入，有望受益。众安银行是香港首家为稳定币发行方提供储备银行服务的数字银行。众安银行也是亚洲首家为零售用户提供加密货币交易服务的银行。众安银行与数字资产交易所、稳定币发行方联系紧密，后续有望展开更多合作。预计众安2025年净利润高弹性增长，尤其上半年基数超低（2024H1净利润仅0.55亿元），2025年第一季度保险业务已实现净利润5.7亿元，承保投资双改善。</p><p style=\"text-align: justify;\">受众安在线提振，今日早盘A股数字货币也是全面大爆发。朗新集团20%快速封板，有希望成为A股最新题材的龙头之一。去年，通过人工智能+区块链+AIoT技术的深度融合，朗新集团与蚂蚁数科合作在香港完成国内首单基于新能源实体资产RWA（即实物资产通证化），金额约1亿元人民币。</p><p style=\"text-align: justify;\">此次RWA首单尝试中，朗新旗下新电途作为新能源数字化平台的运营方和服务方，将平台上运营的部分充电桩作为RWA锚定资产，基于可信数据在区块链上发行“充电桩”数字资产，每一个数字资产代表对应充电桩的部分收益权。蚂蚁数科旗下蚂蚁链提供技术支持，确保资产链上数据的安全、透明和不可篡改。这一创新做法大大提高资产管理的效率和风险控制能力，同时为投资者打造了一个清晰可信的绿色投资环境。</p><p style=\"text-align: justify;\">RWA通过区块链技术将现实中的实体资产（如房产、设备、债券、新能源设施等），转化为链上可交易的数字通证（Token）。RWA是资产，稳定币是最便捷的交易货币，会极大促进RWA的交易。</p><blockquote><h2 id=\"id_1703862171\" style=\"text-align: justify;\">为何突成“香饽饽”？</h2></blockquote><p style=\"text-align: justify;\">那么，稳定币为何突然爆发？</p><p style=\"text-align: justify;\"><strong>首先，近日，中国香港特区政府表示欢迎立法会通过《稳定币条例草案》</strong>，以在中国香港设立法币稳定币发行人的发牌制度，完善对虚拟资产活动在中国香港的监管框架，以保持金融稳定，同时推动金融创新。通过建立清晰的监管框架，不仅能够增强投资者和机构对本地虚拟资产市场的信任度，还将吸引更多合规企业选择中国香港作为业务发展基地，丰富数字金融生态。</p><p style=\"text-align: justify;\"><strong>其次，5月27日，数字资产安全存管解决方案提供商Safeheron 举办“解码加密支付的开放未来——Safeheron 全球开源技术与产品发布会”，旨在探讨开源技术如何重塑区块链生态系统，展示其变革力量。</strong>作为区块链安全领域的先驱，Safeheron围绕“下一代金融：高效与透明”和“稳定币：场景化落地的关键之钥”两大主题全面展现开源技术在行业中的深远影响。</p><p style=\"text-align: justify;\"><strong>第三最后，美国的稳定币法案推出在即。</strong>《引导和建立美国稳定币国家创新法案》(GENIUS法案)目前以66票对32票通过了美国参议院的程序性投票，标志着该法案在参议院取得了重要进展。后续，法案将进入参议院全体表决阶段。如果参议院最终通过，法案还需送交众议院审议并通过，最后由总统签署生效。</p><p style=\"text-align: justify;\">“本届政府不认为稳定币会威胁美元的完整性。” 万斯当地时间周三在拉斯维加斯“比特币2025” 会议的主旨演讲中表示，“恰恰相反，我们将其视为美国经济实力的‘倍增器’。”</p><blockquote><h2 id=\"id_1417206952\" style=\"text-align: justify;\">影响有多大？</h2></blockquote><p style=\"text-align: justify;\"><strong>华西证券点评认为，中国香港《稳定币条例草案》的通过和全球加密支付技术的进步，将显著推动跨境支付行业的变革。稳定币监管框架的完善为全球跨境支付提供了更合规、高效的结算工具，有望降低传统SWIFT体系的高成本和延迟问题，加速资金流动。</strong></p><p style=\"text-align: justify;\">同时，开源加密技术的推广将提升支付透明度，增强全球金融基础设施的互操作性，促进多边跨境支付合作。这一趋势不仅会吸引更多机构采用区块链支付方案，还可能重塑全球贸易结算体系，推动数字货币在跨境场景的规模化应用，最终形成更开放、低摩擦的国际支付生态。</p><p style=\"text-align: justify;\">国海证券表示，稳定币交易相对欧美传统银行有着更高的效率，尤其是跨境支付方面。相比传统的银行电汇需要数天才能完成，稳定币的转账交易往往只需要几分钟就能完成。且稳定币的转账费用较低，费用取决于网络情况（以USDT为例，通常只有几美元），而一些支付系统的手续费按比例收费，且费率较高。</p><p style=\"text-align: justify;\">招商证券认为，目前稳定币市场规模超2500亿美元，底层资产多为短期美国国债，成为美国国债的重要持有人。美国政府对于稳定币的“合法化招安”或将增强其市场认可度，稳定币规模有望进一步扩大从而客观上增持美债。但整体来看，稳定币对于美债影响或小于市场预期。</p></body></html>","source":"cszg","collect":0,"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>众安在线5日暴涨75%，引爆数字货币板块！稳定币缘何成市场“香饽饽”？</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{ 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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众安在线5日暴涨75%，引爆数字货币板块！稳定币缘何成市场“香饽饽”？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-05-29 14:13 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/bdHDT01KhogEWcHXuOKbzw?chain_id=M1UW1de8068i7g.1k3fu54&global_content=%7B%22promote_id%22%3A13766%2C%22sub_promote_id%22%3A29%2C%22f%22%3A%22news.futunn.com%2Fmain%22%7D><strong>券商中国</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>稳定币站上风口！刚刚，香港市场众安在线迎来超级大买盘，涨幅一度达到35%，过去五个交易日涨幅累计达到了75%。与此同时，A股数字货币板块集体飙涨。朗新集团、雄帝科技、四方精创、天阳科技皆20%涨停，拉卡拉、飞天诚信等大涨。近期，香港立法会三读通过的《稳定币条例草案》今天被市场真正重视起来。今年年底前，合规的香港稳定币有望正式落地。与此同时，美国副总统万斯当地时间周三（5月28日）在拉斯维加斯表示，...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/bdHDT01KhogEWcHXuOKbzw?chain_id=M1UW1de8068i7g.1k3fu54&global_content=%7B%22promote_id%22%3A13766%2C%22sub_promote_id%22%3A29%2C%22f%22%3A%22news.futunn.com%2Fmain%22%7D\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0a3ffe93011acd704e062bbaeda56816","relate_stocks":{"06060":"众安在线"},"source_url":"https://mp.weixin.qq.com/s/bdHDT01KhogEWcHXuOKbzw?chain_id=M1UW1de8068i7g.1k3fu54&global_content=%7B%22promote_id%22%3A13766%2C%22sub_promote_id%22%3A29%2C%22f%22%3A%22news.futunn.com%2Fmain%22%7D","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154710715","content_text":"稳定币站上风口！刚刚，香港市场众安在线迎来超级大买盘，涨幅一度达到35%，过去五个交易日涨幅累计达到了75%。与此同时，A股数字货币板块集体飙涨。朗新集团、雄帝科技、四方精创、天阳科技皆20%涨停，拉卡拉、飞天诚信等大涨。近期，香港立法会三读通过的《稳定币条例草案》今天被市场真正重视起来。今年年底前，合规的香港稳定币有望正式落地。与此同时，美国副总统万斯当地时间周三（5月28日）在拉斯维加斯表示，本届政府不认为稳定币会威胁美元的完整性。恰恰相反，将其视为美国经济实力的倍增器。同时，《引导和建立美国稳定币国家创新法案》(GENIUS法案)也以66票对32票通过了美国参议院的程序性投票，标志着该法案在参议院取得了重要进展。那么，稳定币是否会成为近期股市的推进器？涨疯了众安在线彻底爆发。今日该股一度上涨超35%，近五个交易日持续拉升，累计涨幅超75%。此外， 连连数字暴涨至40%，股价报10.30港元。连连数字通过多层全资子公司间接持有连连国际（LianLian Pay Global Limited）100%股权。连连国际与圆币科技合作稳定币在跨境支付的场景应用项目。此外连连数字子公司DFX Labs早前已取得香港VATP牌照，正式进军Crypro领域。国金证券近日指出，稳定币法案打开想象空间，预计今年底前，机构可向香港金管局申请成为合规的稳定币发行商，众安银行(众安持股43.43%)虚拟资产业务布局深入，有望受益。众安银行是香港首家为稳定币发行方提供储备银行服务的数字银行。众安银行也是亚洲首家为零售用户提供加密货币交易服务的银行。众安银行与数字资产交易所、稳定币发行方联系紧密，后续有望展开更多合作。预计众安2025年净利润高弹性增长，尤其上半年基数超低（2024H1净利润仅0.55亿元），2025年第一季度保险业务已实现净利润5.7亿元，承保投资双改善。受众安在线提振，今日早盘A股数字货币也是全面大爆发。朗新集团20%快速封板，有希望成为A股最新题材的龙头之一。去年，通过人工智能+区块链+AIoT技术的深度融合，朗新集团与蚂蚁数科合作在香港完成国内首单基于新能源实体资产RWA（即实物资产通证化），金额约1亿元人民币。此次RWA首单尝试中，朗新旗下新电途作为新能源数字化平台的运营方和服务方，将平台上运营的部分充电桩作为RWA锚定资产，基于可信数据在区块链上发行“充电桩”数字资产，每一个数字资产代表对应充电桩的部分收益权。蚂蚁数科旗下蚂蚁链提供技术支持，确保资产链上数据的安全、透明和不可篡改。这一创新做法大大提高资产管理的效率和风险控制能力，同时为投资者打造了一个清晰可信的绿色投资环境。RWA通过区块链技术将现实中的实体资产（如房产、设备、债券、新能源设施等），转化为链上可交易的数字通证（Token）。RWA是资产，稳定币是最便捷的交易货币，会极大促进RWA的交易。为何突成“香饽饽”？那么，稳定币为何突然爆发？首先，近日，中国香港特区政府表示欢迎立法会通过《稳定币条例草案》，以在中国香港设立法币稳定币发行人的发牌制度，完善对虚拟资产活动在中国香港的监管框架，以保持金融稳定，同时推动金融创新。通过建立清晰的监管框架，不仅能够增强投资者和机构对本地虚拟资产市场的信任度，还将吸引更多合规企业选择中国香港作为业务发展基地，丰富数字金融生态。其次，5月27日，数字资产安全存管解决方案提供商Safeheron 举办“解码加密支付的开放未来——Safeheron 全球开源技术与产品发布会”，旨在探讨开源技术如何重塑区块链生态系统，展示其变革力量。作为区块链安全领域的先驱，Safeheron围绕“下一代金融：高效与透明”和“稳定币：场景化落地的关键之钥”两大主题全面展现开源技术在行业中的深远影响。第三最后，美国的稳定币法案推出在即。《引导和建立美国稳定币国家创新法案》(GENIUS法案)目前以66票对32票通过了美国参议院的程序性投票，标志着该法案在参议院取得了重要进展。后续，法案将进入参议院全体表决阶段。如果参议院最终通过，法案还需送交众议院审议并通过，最后由总统签署生效。“本届政府不认为稳定币会威胁美元的完整性。” 万斯当地时间周三在拉斯维加斯“比特币2025” 会议的主旨演讲中表示，“恰恰相反，我们将其视为美国经济实力的‘倍增器’。”影响有多大？华西证券点评认为，中国香港《稳定币条例草案》的通过和全球加密支付技术的进步，将显著推动跨境支付行业的变革。稳定币监管框架的完善为全球跨境支付提供了更合规、高效的结算工具，有望降低传统SWIFT体系的高成本和延迟问题，加速资金流动。同时，开源加密技术的推广将提升支付透明度，增强全球金融基础设施的互操作性，促进多边跨境支付合作。这一趋势不仅会吸引更多机构采用区块链支付方案，还可能重塑全球贸易结算体系，推动数字货币在跨境场景的规模化应用，最终形成更开放、低摩擦的国际支付生态。国海证券表示，稳定币交易相对欧美传统银行有着更高的效率，尤其是跨境支付方面。相比传统的银行电汇需要数天才能完成，稳定币的转账交易往往只需要几分钟就能完成。且稳定币的转账费用较低，费用取决于网络情况（以USDT为例，通常只有几美元），而一些支付系统的手续费按比例收费，且费率较高。招商证券认为，目前稳定币市场规模超2500亿美元，底层资产多为短期美国国债，成为美国国债的重要持有人。美国政府对于稳定币的“合法化招安”或将增强其市场认可度，稳定币规模有望进一步扩大从而客观上增持美债。但整体来看，稳定币对于美债影响或小于市场预期。","news_type":1,"symbols_score_info":{"06060":1.1}},"isVote":1,"tweetType":1,"viewCount":3106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":434225416815248,"gmtCreate":1747045650696,"gmtModify":1747045652891,"author":{"id":"3440469524702880","authorId":"3440469524702880","name":"财通008","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3440469524702880","idStr":"3440469524702880"},"themes":[],"htmlText":"小米因为汽车破产 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17:44","market":"us","language":"zh","title":"希音、Temu告知美国消费者4月25日起涨价：关税变化导致运营成本上升","url":"https://stock-news.laohu8.com/highlight/detail?id=1112948076","media":"老虎资讯综合","summary":"4月18日，受美国关税政策影响，两家知名电商平台即将调整美国地区价格。近日，服饰类电商平台希音（SHEIN）和拼多多旗下的跨境电商平台Temu在官方网站发布通知称，由于最近全球贸易规则和关税的变化，运营费用有所增加，为了不降低质量，将从2025年4月25日起进行价格调整。在4月25日之前，价格将保持不变。","content":"<html><head></head><body><p>4月18日，受美国关税政策影响，两家知名电商平台即将调整美国地区价格。</p><p>近日，服饰类电商平台希音（SHEIN）和拼多多旗下的跨境电商平台Temu在官方网站发布通知称，由于最近全球贸易规则和关税的变化，运营费用有所增加，为了不降低质量，将从2025年4月25日起进行价格调整。在4月25日之前，价格将保持不变。“自从我们开始为美国购物者提供服务以来，我们的目标一直很简单：以实惠的价格提供优质的时尚产品，同时为我们服务的社区带来积极的影响。”</p><p>Temu发布了一份几乎相同的通知，称其运营成本已上升，因此将从下周开始上调价格。该公司还补充道，在此之前，价格将保持不变。</p><p>不过两家平台均未透露涨幅细节。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3da75e43da1a5a2d1ba1902cb3f80f01\" title=\"\" tg-width=\"746\" tg-height=\"317\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta 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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希音、Temu告知美国消费者4月25日起涨价：关税变化导致运营成本上升\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-04-18 17:44</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>4月18日，受美国关税政策影响，两家知名电商平台即将调整美国地区价格。</p><p>近日，服饰类电商平台希音（SHEIN）和拼多多旗下的跨境电商平台Temu在官方网站发布通知称，由于最近全球贸易规则和关税的变化，运营费用有所增加，为了不降低质量，将从2025年4月25日起进行价格调整。在4月25日之前，价格将保持不变。“自从我们开始为美国购物者提供服务以来，我们的目标一直很简单：以实惠的价格提供优质的时尚产品，同时为我们服务的社区带来积极的影响。”</p><p>Temu发布了一份几乎相同的通知，称其运营成本已上升，因此将从下周开始上调价格。该公司还补充道，在此之前，价格将保持不变。</p><p>不过两家平台均未透露涨幅细节。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3da75e43da1a5a2d1ba1902cb3f80f01\" title=\"\" tg-width=\"746\" tg-height=\"317\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3943713662845b492791ee924661e81d","relate_stocks":{"PDD":"拼多多"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112948076","content_text":"4月18日，受美国关税政策影响，两家知名电商平台即将调整美国地区价格。近日，服饰类电商平台希音（SHEIN）和拼多多旗下的跨境电商平台Temu在官方网站发布通知称，由于最近全球贸易规则和关税的变化，运营费用有所增加，为了不降低质量，将从2025年4月25日起进行价格调整。在4月25日之前，价格将保持不变。“自从我们开始为美国购物者提供服务以来，我们的目标一直很简单：以实惠的价格提供优质的时尚产品，同时为我们服务的社区带来积极的影响。”Temu发布了一份几乎相同的通知，称其运营成本已上升，因此将从下周开始上调价格。该公司还补充道，在此之前，价格将保持不变。不过两家平台均未透露涨幅细节。","news_type":1,"symbols_score_info":{"PDD":1.1}},"isVote":1,"tweetType":1,"viewCount":3557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":415694807748632,"gmtCreate":1742517223153,"gmtModify":1742517224566,"author":{"id":"3440469524702880","authorId":"3440469524702880","name":"财通008","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3440469524702880","idStr":"3440469524702880"},"themes":[],"htmlText":"<a 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小米一下子转5000万","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/543836107392888","repostId":"2620048334","repostType":2,"repost":{"id":"2620048334","kind":"news","pubTimestamp":1773764130,"share":"https://www.laohu8.com/m/news/2620048334?lang=zh_CN&edition=full","pubTime":"2026-03-18 00:15","market":"us","language":"zh","title":"感恩同行！小米汽车为老车主送上三枚纪念勋章","url":"https://stock-news.laohu8.com/highlight/detail?id=2620048334","media":"快科技","summary":"快科技3月18日消息，初代小米SU7即将在本月底迎来发布两周年，小米汽车面向老车主推出专属纪念福利，为符合条件的用户发放三枚虚拟勋章。小米汽车两周年纪念勋章：面向本月底前SU7、YU7、SU7 Ultra的车主与准车主开放领取。除勋章外，小米汽车还准备了卡布里蓝色、仿实体钥匙造型的定制冰箱贴。此次福利发放，正值小米汽车两周年节点，既增强了用户归属感，也为品牌后续车型积累口碑与用户粘性。","content":"<html><body><p>快科技3月18日消息，初代<a href=\"https://laohu8.com/S/XIACY\">小米</a>SU7即将在本月底迎来发布两周年，<strong><a href=\"https://laohu8.com/S/01810\">小米</a>汽车面向老车主推出专属纪念福利，为符合条件的用户发放三枚虚拟勋章。</strong></p><p>本次发放的三枚勋章各有对应领取条件，覆盖不同阶段的车主群体。</p><p><strong><a href=\"https://laohu8.com/S/81810\">小米</a>汽车两周年纪念勋章：</strong>面向本月底前SU7、YU7、SU7 Ultra的车主与准车主开放领取。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p><strong>第一代SU7支持者勋章：</strong>面向所有购买过初代小米SU7的用户。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p><strong>梦想同行者勋章：</strong>则专属初代SU7、YU7、SU7 Ultra首销期的首任车主。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>虚拟勋章领取门槛相对宽松，当前车主与历史车主均可按条件获取，不设置账号绑定与车辆过户限制。</p><p>除勋章外，小米汽车还准备了卡布里蓝色、仿实体钥匙造型的定制冰箱贴。<strong>冰箱贴领取条件更为严格，要求车辆仍在原购车账号名下且未换绑，同一车型限领一个，单个账号最多可领取三个。</strong></p><p>多位车主反馈，本次福利仪式感充足，既有纪念意义，也体现出品牌对早期用户的长期关怀。</p><p>此次福利发放，正值小米汽车两周年节点，既增强了用户归属感，也为品牌后续车型积累口碑与用户粘性。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p></body></html>","source":"ifeng_tech","collect":0,"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>感恩同行！小米汽车为老车主送上三枚纪念勋章</title>\n<style 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}\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感恩同行！小米汽车为老车主送上三枚纪念勋章\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-18 00:15 北京时间&nbsp;&nbsp;&nbsp;<a href=https://tech.ifeng.com/c/8rZwQ7fEFvL><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技3月18日消息，初代小米SU7即将在本月底迎来发布两周年，小米汽车面向老车主推出专属纪念福利，为符合条件的用户发放三枚虚拟勋章。本次发放的三枚勋章各有对应领取条件，覆盖不同阶段的车主群体。小米汽车两周年纪念勋章：面向本月底前SU7、YU7、SU7 Ultra的车主与准车主开放领取。第一代SU7支持者勋章：面向所有购买过初代小米SU7的用户。梦想同行者勋章：则专属初代SU7、YU7、SU7 ...</p>\n\n<a href=\"https://tech.ifeng.com/c/8rZwQ7fEFvL\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU0051755006.USD":"摩根大通中国A (dist)","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) 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非必要还是不要给自己贴个智商低的标签","listText":"买这车 非必要还是不要给自己贴个智商低的标签","text":"买这车 非必要还是不要给自己贴个智商低的标签","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/508788475228168","repostId":"2590393830","repostType":2,"repost":{"id":"2590393830","kind":"news","pubTimestamp":1765243448,"share":"https://www.laohu8.com/m/news/2590393830?lang=zh_CN&edition=full","pubTime":"2025-12-09 09:24","market":"hk","language":"zh","title":"小米三款新车曝光，网友评论直戳雷军肺管子","url":"https://stock-news.laohu8.com/highlight/detail?id=2590393830","media":"科技头版","summary":"小米明年要来真的！据新浪科技爆料 图四，小米汽车即将发布三款新车，分别是YU9，YU7GT，SU7L，对应当前新能源赛道比较火的三种车型，即增程大SUV、高性能SUV以及豪华轿车。值得一提的是，新浪科技给了这三台车不同的宣传语，其中小米YU9号称“瞄准一家老小的出行”，小米YU7GT叫做“去纽北赛道刷脸的狠角色”，而小米SU7L则标为“加长的是车身，更是野心”。对此，网友们的反应不出所料，有赞扬的也有挖苦的。有网友质疑新浪科技的宣传词：“《瞄准》一家老小 图五”也有网友第一时间在评论区强调：“安全第一位 图六”那么，你是如何看待这三款新车的呢？欢迎评论区交流。 @科技头版","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20251209094739149v206kfc9hnunxjk\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20251209094744852v206lttpxzxo4ig\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20251209094750561v206il5x9kk704y\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20251209094809126v206xw7buhwaarl\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20251209094815063v206zcokblh2w3x\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20251209094816470v2064cf6je7a60b\"/><p><a href=\"https://laohu8.com/S/XIACY\">小米</a>明年要来真的！</p><p>据新浪科技爆料 图四，<a href=\"https://laohu8.com/S/01810\">小米</a>汽车即将发布三款新车，分别是YU9，YU7GT，SU7L，对应当前新能源赛道比较火的三种车型，即增程大SUV、高性能SUV以及豪华轿车。</p><p>值得一提的是，新浪科技给了这三台车不同的宣传语，其中<a href=\"https://laohu8.com/S/81810\">小米</a>YU9号称“瞄准一家老小的出行”，小米YU7GT叫做“去纽北赛道刷脸的狠角色”，而小米SU7L则标为“加长的是车身，更是野心”。</p><p>对此，网友们的反应不出所料，有赞扬的也有挖苦的。有网友质疑新浪科技的宣传词：“《瞄准》一家老小 图五”也有网友第一时间在评论区强调：“安全第一位 图六”那么，你是如何看待这三款新车的呢？欢迎评论区交流。 @科技头版</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE 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}\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小米三款新车曝光，网友评论直戳雷军肺管子\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-09 09:24 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251209094823a43c7f71&s=b><strong>科技头版</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>小米明年要来真的！据新浪科技爆料 图四，小米汽车即将发布三款新车，分别是YU9，YU7GT，SU7L，对应当前新能源赛道比较火的三种车型，即增程大SUV、高性能SUV以及豪华轿车。值得一提的是，新浪科技给了这三台车不同的宣传语，其中小米YU9号称“瞄准一家老小的出行”，小米YU7GT叫做“去纽北赛道刷脸的狠角色”，而小米SU7L则标为“加长的是车身，更是野心”。对此，网友们的反应不出所料，有赞扬的...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251209094823a43c7f71&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0594300419.USD":"富达中国消费基金A","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1961090484.USD":"ALLIANZ ALL CHINA 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先支持川普的观点 上台后就唱反对","listText":"川普要被骗了 先支持川普的观点 上台后就唱反对","text":"川普要被骗了 先支持川普的观点 上台后就唱反对","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/527549877641872","repostId":"2607262680","repostType":2,"repost":{"id":"2607262680","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1769801902,"share":"https://www.laohu8.com/m/news/2607262680?lang=zh_CN&edition=full","pubTime":"2026-01-31 03:38","market":"other","language":"zh","title":"沃什提名引爆金银“血洗”！盘中白银创纪录跌超35%、黄金跌超10%","url":"https://stock-news.laohu8.com/highlight/detail?id=2607262680","media":"华尔街见闻","summary":"黄金盘中跌幅为四十多年之最、超过2008年金融危机时。市场认为沃什比哈塞特等其他美联储主席候选人更为鹰派。在近来金银价格连续飙升后，拥挤的多头、创纪录的看涨期权购买量以及极端的杠杆水平，令市场处于随时可能触发“伽马挤压”的状态，只要一点触发因素就能引发周五这样的“血洗”。","content":"<html><head></head><body><blockquote><p>黄金盘中跌幅为四十多年之最、超过2008年金融危机时。市场认为沃什比哈塞特等其他美联储主席人选更为鹰派。在近来金银价格连续飙升后，拥挤的多头、创纪录的看涨期权购买量以及极端的杠杆水平，令市场处于随时可能触发“伽马挤压”的状态，只要一点触发因素就能引发周五这样的“血洗”。</p></blockquote><p style=\"text-align: justify;\">美国总统特朗普提名沃什（Kevin Warsh）出任美联储主席引爆了贵金属数十年来最惨烈的抛售。</p><p style=\"text-align: justify;\">周四还齐创盘中历史新高的金银大跳水。黄金在周五亚市早盘传出特朗普将提名沃什任美联储主席的消息后即转跌，欧股盘中已跌破5000美元/盎司关口，美股午盘跌幅扩大，现货黄金日内跌幅曾接近13%、为上世纪80年代初以来四十多年盘中跌幅之最，跌幅超过了2008年金融危机时。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/98d50c6b55529551971b3c34e4f29683\" tg-width=\"1068\" tg-height=\"701\"/></p><p style=\"text-align: justify;\">周四史上首次涨破120美元的白银周五欧股盘中跌破100美元，美股盘中曾跌至80美元下方。现货白银盘中一度暴跌超35%，创有纪录以来最大跌幅。这场“血洗”波及整个金属市场，周四也创最高纪录的伦铜一度回落近6%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/527b82035f1df26969b1022f0b7ff4f8\" tg-width=\"1013\" tg-height=\"672\"/></p><p style=\"text-align: justify;\">市场将此次暴跌归因于投资者对美联储政策预期的急剧转变。沃什长期以鹰派立场著称，尽管近期公开支持降息以迎合特朗普，市场仍认为其不太可能激进降息。德国商业银行分析师Thu Lan Nguyen表示：“市场认为沃什比哈塞特等其他人选更为鹰派。”这一预期推动美元反弹，令以美元计价的大宗商品对全球买家吸引力下降。</p><p style=\"text-align: justify;\">沃什的提名还缓解了市场对美联储独立性丧失的担忧。此前投资者涌入贵金属避险，部分源于对货币贬值和美联储独立性的担忧。ING外汇策略师Francesco Pesole称，沃什的选择&#34;对美元是好消息，可以消除一些对更鸽派人选的担忧&#34;。</p><p style=\"text-align: justify;\">这场暴跌也暴露了贵金属市场的极度脆弱性。在近来金银价格连续飙升后，拥挤的多头头寸、创纪录的看涨期权购买量以及极端的杠杆水平，令市场处于随时可能触发“伽马挤压”的状态。Pepperstone高级研究策略师Michael Brown表示：“市场已经非常泡沫化了，只需要一点触发因素就能引发这样的走势。”</p><h2 id=\"64e7716c\">金银遭遇历史性暴跌</h2><p style=\"text-align: justify;\">周五美股午盘时段，贵金属市场上演惊心动魄的跳水行情。纽约期银主力合约从周四创出的121.785美元历史高位暴跌至75.44美元，跌幅达34%。现货白银跌破74.60美元，日内跌幅达35.5%，创有纪录以来最大盘中跌幅。</p><p style=\"text-align: justify;\">黄金同样遭遇重创。周四盘中涨至5586.2美元这一历史高位的纽约黄金期货周五美股午盘曾跌至4714.5美元，日内跌近12%。现货黄金在美股午盘逼近4670美元，日内跌超12.7%。</p><p style=\"text-align: justify;\">到美股午盘时段期金收盘，COMEX 2月黄金期货收跌11.37%，报4713.9美元/盎司，创1980年1月22日以来最大单日跌幅。COMEX 2月期银收跌31.35%，报78.29美元/盎司，创1980年3月27日以来最大收盘跌幅。</p><p style=\"text-align: justify;\">工业金属也未能幸免。周四曾涨破1.452万美元创历史新高、涨幅达11%的伦铜周五盘中曾跌破1.285万美元，日内跌近5.7%，收盘跌约3.4%，报13,158美元/吨。到收盘，伦锡跌约5.7%，伦铝和伦镍跌超2%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eeb893d0cc4f7ad861b15008891f3a5a\" tg-width=\"1075\" tg-height=\"680\"/></p><h2 id=\"414a85f8\">美联储主席提名偏鹰</h2><p style=\"text-align: justify;\">市场抛售的导火索是沃什被提名的消息。周五亚市早盘传出特朗普将提名沃什任美联储主席的报道，此前连续九个交易日创盘中历史新高的黄金即刻转跌。周五美股盘前，特朗普在旗下社交媒体发文正式宣布提名，自称与沃什相识已久，毫不怀疑他将跻身伟大的美联储主席之列，甚至可能是最优秀的一位。</p><p style=\"text-align: justify;\">沃什此前长期以鹰派立场闻名，去年改变论调，响应特朗普的大幅降息呼声，这被视为他获得提名的关键。华尔街投资者和策略师表示，特朗普选择沃什领导美联储是一个相对鹰派的选择，他可能会抵制资产负债表扩张，这将支撑美元并使美国国债收益率曲线更陡峭。</p><p style=\"text-align: justify;\">Panmure Liberum分析师Tom Price表示：</p><blockquote><p style=\"text-align: justify;\">“市场认为凯文·沃什是理性的，他不会积极推动降息。那些目标各异的普通投资者——例如保护资本——正在获利了结。”</p></blockquote><p style=\"text-align: justify;\">沃什的提名推动了美元大反弹，周五创去年7月以来半年最佳单日表现。追踪美元兑一篮子货币的美元指数周五美股午盘时涨破97.00，日内曾涨近0.9%。更强劲的美元使以美元计价的大宗商品对许多全球买家的吸引力下降，并打击了贵金属可能取代美元成为全球储备货币的理论。</p><h2 id=\"5b4ff6d2\">市场拥挤引发“踩踏”</h2><p style=\"text-align: justify;\">虽然沃什提名成为抛售导火索，但分析师普遍认为技术性因素放大了跌幅。媒体认为，飙升的价格和波动性已令交易商的风险模型和资产负债表承压。高盛研报指出，创纪录的看涨期权购买浪潮“机械性地强化了向上的价格动能”，因为期权卖方通过买入更多期货来对冲其敞口。</p><p style=\"text-align: justify;\">黄金的下跌可能被所谓的“伽马挤压”加速。这是指期权交易商在价格上涨时需要买入更多期货以保持投资组合平衡，而在价格下跌时则需要卖出。对于SPDR黄金ETF而言，周五到期的大量头寸集中在465美元和455美元，而Comex上3月和4月的大量期权头寸集中在5300美元、5200美元和5100美元。</p><p style=\"text-align: justify;\">Miller Tabak股票策略师Matt Maley表示：“这太疯狂了。这其中大部分可能是‘强制卖出’。白银最近一直是日内交易者和其他短线交易者最热门的资产，因此白银积累了一些杠杆。随着今天的大幅下跌，追加保证金通知发出了。”</p><p style=\"text-align: justify;\">Pepperstone的Michael Brown指出，“一段时间以来，金属市场的状况已经非常泡沫化，而本周早些时候出现的迹象表明情况正变得彻底失序”。他表示，黄金和白银市场的头寸“显然在多头一侧极度拥挤，而波动性已增加到坦白说荒谬的水平”。在交易量如此之高、“杠杆多头”如此紧张的市场中，“不需要太多就能触发”周五这样的走势。</p><p style=\"text-align: justify;\">Brown表示：“简单地说，每个人都在同时冲向出口，迫使价格走低，这反过来又引发进一步的强制卖出”，这提醒人们“动能是双向的”。</p><p style=\"text-align: justify;\">Overseas-Chinese Banking Corp.策略师Christopher Wong称，黄金的走势“验证了涨得快、跌得快的警示”。虽然沃什提名的报道是触发因素，但他表示回调早就应该发生，&#34;这就像市场一直在等待的那些借口之一，以平仓那些抛物线式的走势&#34;。</p><h2 id=\"50b85992\">技术指标早已发出警告</h2><p style=\"text-align: justify;\">在暴跌之前，多个技术指标已发出预警信号。相对强弱指数(RSI)近几周显示，金银可能已超买并面临回调。黄金的RSI最近触及90，是几十年来该贵金属的最高水平。</p><p style=\"text-align: justify;\">Heraeus Precious Metals交易主管Dominik Sperzel表示，波动性非常极端，5000美元和100美元这两个心理阻力位周五被多次突破，“不过我们需要为过山车的继续做好准备。”</p><p style=\"text-align: justify;\">尽管周五大跳水，金银1月仍录得可观涨幅。以即月合约收盘价计算，纽约期金1月涨约9%，期银涨超10%。</p><p style=\"text-align: justify;\">COMEX 2月黄金期货1月累涨8.98%，创2025年9月以来最大月涨幅，连涨六个月，为2024年10月以来最长连涨月。COMEX 2月白银期货1月累涨11.63%，连涨九个月、创最长月度连涨，九个月内累涨140.66%，为2011年4月以来最大的九个月涨幅。</p><p style=\"text-align: justify;\">德国商业银行分析师在周五报告中写道，回调的程度“表明市场参与者只是在等待一个在价格快速上涨后获利了结的机会”。该行的大宗商品研究主管Thu Lan Nguyen指出，</p><blockquote><p style=\"text-align: justify;\">尽管“市场认为沃什比哈塞特等其他候选人更为鹰派”，“我们仍然认为，美联储很有可能一定程度上屈服于压力，降息幅度将超过市场目前的预期”。</p></blockquote><h2 id=\"c026fc91\">矿业股随之重挫</h2><p style=\"text-align: justify;\">贵金属暴跌拖累主要矿业公司股价。周五盘中，美国上市的金矿巨头Newmont（NEM）、Barrick Mining（B）和Agnico Eagle Mines（AEM）均跌超10%，Coeur Mining（CDE）曾跌近19%。</p><p style=\"text-align: justify;\">白银ETF遭到更大打击。盘中ProShares Ultra Silver（AGQ）曾跌超60%，iShares Silver Trust ETF（SLV）曾跌超30%，两只基金均创下历史最差单日表现。黄金ETF同样承压。</p><p style=\"text-align: justify;\">虽然矿业股周五惨跌，但部分分析师认为回调对市场健康有利。Amplify ETFs产品开发副总裁Nate Miller表示，白银受益于避险和价值储存需求、工业需求以及全球供应短缺，在如此急剧上涨后的一些整固&#34;是健康的，符合大宗商品市场在价格快速升值后的典型表现&#34;。</p><p style=\"text-align: justify;\">Zaner Metals副总裁兼高级金属策略师Peter Grant表示，虽然反弹确实走得太快太远，但现在买入金属还为时不晚。他称跌破100美元是“机会”，特别是在20日移动平均线约93美元附近。不过，“你必须能够承受波动性，这可能会持续保持在高位”。</p><p style=\"text-align: justify;\">彭博宏观策略师Simon White指出：</p><blockquote><p style=\"text-align: justify;\">“白银/黄金（价格）比的攀升幅度几乎与1970年代末一样大，今天的戏剧性走势表明这可能标志着一个拒绝点。不过，单独来看黄金和白银到目前为止从未完全匹配1979年的涨势。白银相对黄金是否标志着贵金属历史性涨势的结束，现在下结论还为时过早。价格现在正成为主要驱动因素，基本面暂时将退居次席。”</p></blockquote></body></html>","collect":0,"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>沃什提名引爆金银“血洗”！盘中白银创纪录跌超35%、黄金跌超10%</title>\n<style 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}\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沃什提名引爆金银“血洗”！盘中白银创纪录跌超35%、黄金跌超10%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-31 03:38 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3764625><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>黄金盘中跌幅为四十多年之最、超过2008年金融危机时。市场认为沃什比哈塞特等其他美联储主席人选更为鹰派。在近来金银价格连续飙升后，拥挤的多头、创纪录的看涨期权购买量以及极端的杠杆水平，令市场处于随时可能触发“伽马挤压”的状态，只要一点触发因素就能引发周五这样的“血洗”。美国总统特朗普提名沃什（Kevin Warsh）出任美联储主席引爆了贵金属数十年来最惨烈的抛售。周四还齐创盘中历史新高的金银大跳水...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3764625\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e59b88731b8c06f5f2f331abdc0376b0","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3764625","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2607262680","content_text":"黄金盘中跌幅为四十多年之最、超过2008年金融危机时。市场认为沃什比哈塞特等其他美联储主席人选更为鹰派。在近来金银价格连续飙升后，拥挤的多头、创纪录的看涨期权购买量以及极端的杠杆水平，令市场处于随时可能触发“伽马挤压”的状态，只要一点触发因素就能引发周五这样的“血洗”。美国总统特朗普提名沃什（Kevin Warsh）出任美联储主席引爆了贵金属数十年来最惨烈的抛售。周四还齐创盘中历史新高的金银大跳水。黄金在周五亚市早盘传出特朗普将提名沃什任美联储主席的消息后即转跌，欧股盘中已跌破5000美元/盎司关口，美股午盘跌幅扩大，现货黄金日内跌幅曾接近13%、为上世纪80年代初以来四十多年盘中跌幅之最，跌幅超过了2008年金融危机时。周四史上首次涨破120美元的白银周五欧股盘中跌破100美元，美股盘中曾跌至80美元下方。现货白银盘中一度暴跌超35%，创有纪录以来最大跌幅。这场“血洗”波及整个金属市场，周四也创最高纪录的伦铜一度回落近6%。市场将此次暴跌归因于投资者对美联储政策预期的急剧转变。沃什长期以鹰派立场著称，尽管近期公开支持降息以迎合特朗普，市场仍认为其不太可能激进降息。德国商业银行分析师Thu Lan Nguyen表示：“市场认为沃什比哈塞特等其他人选更为鹰派。”这一预期推动美元反弹，令以美元计价的大宗商品对全球买家吸引力下降。沃什的提名还缓解了市场对美联储独立性丧失的担忧。此前投资者涌入贵金属避险，部分源于对货币贬值和美联储独立性的担忧。ING外汇策略师Francesco Pesole称，沃什的选择\"对美元是好消息，可以消除一些对更鸽派人选的担忧\"。这场暴跌也暴露了贵金属市场的极度脆弱性。在近来金银价格连续飙升后，拥挤的多头头寸、创纪录的看涨期权购买量以及极端的杠杆水平，令市场处于随时可能触发“伽马挤压”的状态。Pepperstone高级研究策略师Michael Brown表示：“市场已经非常泡沫化了，只需要一点触发因素就能引发这样的走势。”金银遭遇历史性暴跌周五美股午盘时段，贵金属市场上演惊心动魄的跳水行情。纽约期银主力合约从周四创出的121.785美元历史高位暴跌至75.44美元，跌幅达34%。现货白银跌破74.60美元，日内跌幅达35.5%，创有纪录以来最大盘中跌幅。黄金同样遭遇重创。周四盘中涨至5586.2美元这一历史高位的纽约黄金期货周五美股午盘曾跌至4714.5美元，日内跌近12%。现货黄金在美股午盘逼近4670美元，日内跌超12.7%。到美股午盘时段期金收盘，COMEX 2月黄金期货收跌11.37%，报4713.9美元/盎司，创1980年1月22日以来最大单日跌幅。COMEX 2月期银收跌31.35%，报78.29美元/盎司，创1980年3月27日以来最大收盘跌幅。工业金属也未能幸免。周四曾涨破1.452万美元创历史新高、涨幅达11%的伦铜周五盘中曾跌破1.285万美元，日内跌近5.7%，收盘跌约3.4%，报13,158美元/吨。到收盘，伦锡跌约5.7%，伦铝和伦镍跌超2%。美联储主席提名偏鹰市场抛售的导火索是沃什被提名的消息。周五亚市早盘传出特朗普将提名沃什任美联储主席的报道，此前连续九个交易日创盘中历史新高的黄金即刻转跌。周五美股盘前，特朗普在旗下社交媒体发文正式宣布提名，自称与沃什相识已久，毫不怀疑他将跻身伟大的美联储主席之列，甚至可能是最优秀的一位。沃什此前长期以鹰派立场闻名，去年改变论调，响应特朗普的大幅降息呼声，这被视为他获得提名的关键。华尔街投资者和策略师表示，特朗普选择沃什领导美联储是一个相对鹰派的选择，他可能会抵制资产负债表扩张，这将支撑美元并使美国国债收益率曲线更陡峭。Panmure Liberum分析师Tom Price表示：“市场认为凯文·沃什是理性的，他不会积极推动降息。那些目标各异的普通投资者——例如保护资本——正在获利了结。”沃什的提名推动了美元大反弹，周五创去年7月以来半年最佳单日表现。追踪美元兑一篮子货币的美元指数周五美股午盘时涨破97.00，日内曾涨近0.9%。更强劲的美元使以美元计价的大宗商品对许多全球买家的吸引力下降，并打击了贵金属可能取代美元成为全球储备货币的理论。市场拥挤引发“踩踏”虽然沃什提名成为抛售导火索，但分析师普遍认为技术性因素放大了跌幅。媒体认为，飙升的价格和波动性已令交易商的风险模型和资产负债表承压。高盛研报指出，创纪录的看涨期权购买浪潮“机械性地强化了向上的价格动能”，因为期权卖方通过买入更多期货来对冲其敞口。黄金的下跌可能被所谓的“伽马挤压”加速。这是指期权交易商在价格上涨时需要买入更多期货以保持投资组合平衡，而在价格下跌时则需要卖出。对于SPDR黄金ETF而言，周五到期的大量头寸集中在465美元和455美元，而Comex上3月和4月的大量期权头寸集中在5300美元、5200美元和5100美元。Miller Tabak股票策略师Matt Maley表示：“这太疯狂了。这其中大部分可能是‘强制卖出’。白银最近一直是日内交易者和其他短线交易者最热门的资产，因此白银积累了一些杠杆。随着今天的大幅下跌，追加保证金通知发出了。”Pepperstone的Michael Brown指出，“一段时间以来，金属市场的状况已经非常泡沫化，而本周早些时候出现的迹象表明情况正变得彻底失序”。他表示，黄金和白银市场的头寸“显然在多头一侧极度拥挤，而波动性已增加到坦白说荒谬的水平”。在交易量如此之高、“杠杆多头”如此紧张的市场中，“不需要太多就能触发”周五这样的走势。Brown表示：“简单地说，每个人都在同时冲向出口，迫使价格走低，这反过来又引发进一步的强制卖出”，这提醒人们“动能是双向的”。Overseas-Chinese Banking Corp.策略师Christopher Wong称，黄金的走势“验证了涨得快、跌得快的警示”。虽然沃什提名的报道是触发因素，但他表示回调早就应该发生，\"这就像市场一直在等待的那些借口之一，以平仓那些抛物线式的走势\"。技术指标早已发出警告在暴跌之前，多个技术指标已发出预警信号。相对强弱指数(RSI)近几周显示，金银可能已超买并面临回调。黄金的RSI最近触及90，是几十年来该贵金属的最高水平。Heraeus Precious Metals交易主管Dominik Sperzel表示，波动性非常极端，5000美元和100美元这两个心理阻力位周五被多次突破，“不过我们需要为过山车的继续做好准备。”尽管周五大跳水，金银1月仍录得可观涨幅。以即月合约收盘价计算，纽约期金1月涨约9%，期银涨超10%。COMEX 2月黄金期货1月累涨8.98%，创2025年9月以来最大月涨幅，连涨六个月，为2024年10月以来最长连涨月。COMEX 2月白银期货1月累涨11.63%，连涨九个月、创最长月度连涨，九个月内累涨140.66%，为2011年4月以来最大的九个月涨幅。德国商业银行分析师在周五报告中写道，回调的程度“表明市场参与者只是在等待一个在价格快速上涨后获利了结的机会”。该行的大宗商品研究主管Thu Lan Nguyen指出，尽管“市场认为沃什比哈塞特等其他候选人更为鹰派”，“我们仍然认为，美联储很有可能一定程度上屈服于压力，降息幅度将超过市场目前的预期”。矿业股随之重挫贵金属暴跌拖累主要矿业公司股价。周五盘中，美国上市的金矿巨头Newmont（NEM）、Barrick Mining（B）和Agnico Eagle Mines（AEM）均跌超10%，Coeur Mining（CDE）曾跌近19%。白银ETF遭到更大打击。盘中ProShares Ultra Silver（AGQ）曾跌超60%，iShares Silver Trust ETF（SLV）曾跌超30%，两只基金均创下历史最差单日表现。黄金ETF同样承压。虽然矿业股周五惨跌，但部分分析师认为回调对市场健康有利。Amplify ETFs产品开发副总裁Nate Miller表示，白银受益于避险和价值储存需求、工业需求以及全球供应短缺，在如此急剧上涨后的一些整固\"是健康的，符合大宗商品市场在价格快速升值后的典型表现\"。Zaner Metals副总裁兼高级金属策略师Peter Grant表示，虽然反弹确实走得太快太远，但现在买入金属还为时不晚。他称跌破100美元是“机会”，特别是在20日移动平均线约93美元附近。不过，“你必须能够承受波动性，这可能会持续保持在高位”。彭博宏观策略师Simon White指出：“白银/黄金（价格）比的攀升幅度几乎与1970年代末一样大，今天的戏剧性走势表明这可能标志着一个拒绝点。不过，单独来看黄金和白银到目前为止从未完全匹配1979年的涨势。白银相对黄金是否标志着贵金属历史性涨势的结束，现在下结论还为时过早。价格现在正成为主要驱动因素，基本面暂时将退居次席。”","news_type":1,"symbols_score_info":{"SIL2603":2,"SILmain":2,"GCmain":2,"XAGUSD.FOREX":2,"SImain":2,"XAUUSD.FOREX":2,"MGCmain":2,"MGC2602":2}},"isVote":1,"tweetType":1,"viewCount":773,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":541870874334184,"gmtCreate":1773318192694,"gmtModify":1773318195204,"author":{"id":"3440469524702880","authorId":"3440469524702880","name":"财通008","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3440469524702880","authorIdStr":"3440469524702880"},"themes":[],"title":"","htmlText":"看不懂 明明都是90 100了 还说要冲击90 100","listText":"看不懂 明明都是90 100了 还说要冲击90 100","text":"看不懂 明明都是90 100了 还说要冲击90 100","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/541870874334184","repostId":"2618900270","repostType":4,"repost":{"id":"2618900270","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1773298189,"share":"https://www.laohu8.com/m/news/2618900270?lang=zh_CN&edition=full","pubTime":"2026-03-12 14:49","market":"nz","language":"zh","title":"霍尔木兹海峡封锁“长期化”，油价会涨到多少？","url":"https://stock-news.laohu8.com/highlight/detail?id=2618900270","media":"华尔街见闻","summary":"高盛警告，目前波斯湾石油出口冲击已达史无前例的1620万桶/日。市场必须用足够高的价格来强制实现需求破坏，以防范库存跌破临界水平。中断时间越长、市场对库存下滑的容忍度越低，要求需求破坏的速度越快，油价需要攀升到的峰值就越高。在最极端的情景下，市场短期价格可能触及140美元/桶。如果霍尔木兹流量持续低迷贯穿整个3月，油价极有可能超过2008年的历史高点。","content":"<html><head></head><body><blockquote><p>高盛警告，目前波斯湾石油出口冲击已达史无前例的1620万桶/日。市场必须用足够高的价格来强制实现需求破坏，以防范库存跌破临界水平。中断时间越长、市场对库存下滑的容忍度越低，要求需求破坏的速度越快，油价需要攀升到的峰值就越高。在最极端的情景下，市场短期价格可能触及140美元/桶。如果霍尔木兹流量持续低迷贯穿整个3月，油价极有可能超过2008年的历史高点。</p></blockquote><p>这是史上最大规模的石油供应冲击。</p><p><a href=\"https://laohu8.com/S/GS\">高盛</a>大宗商品研究团队于2026年3月11日紧急上调油价预测，将第四季度布伦特原油价格预测从每桶66美元上调至71美元，同期WTI原油预测则从62美元上调至67美元。理由是霍尔木兹海峡的封锁时间正在超出此前预期。目前波斯湾出口受到的估计冲击已达每日1620万桶（16.2mb/d）——在有记录以来所有供应冲击事件中，这一规模史无前例。</p><p>据新华社报道，一艘泰国货船11日在霍尔木兹海峡海域航行时遭袭，目前已有20名船员获救并被送往阿曼安置。<strong>伊朗伊斯兰革命卫队发表声明重申其对霍尔木兹海峡的绝对管辖权。声明称，美国及其伙伴已失去通过霍尔木兹海峡的权利。</strong></p><p><strong>分析师警告，若霍尔木兹海峡封锁持续60天，布伦特原油或飙至93美元。若市场陷入极端恐慌，3月均价甚至可能挑战140美元历史极值。</strong></p><p>对于投资者而言，<strong>真正需要警惕的是价格路径的非线性特征</strong>：中断时长从21天延长至30天，油价仅额外上涨5美元；但若进一步延伸至60天，则布伦特原油将突破93美元——这意味着风险溢价正在以加速度累积。</p><h2 id=\"id_2105920274\">史上最大供应冲击：每日1620万桶的缺口已成定局</h2><p><strong>从数据规模看，当前局面已超过此前任何历史案例。波斯湾原油出口受到的估计总冲击高达每日1620万桶，远超1973年石油危机、1991年海湾战争及2011年利比亚内战期间的供应中断幅度。</strong></p><p>高盛的情景模型显示，中东原油产量损失峰值将达到每日1100万桶（当前为6.5mb/d），此后相对较快地恢复。即便如此，累计产量损失仍将是一个天文数字：</p><blockquote><p>在21天（新基准）情景下，波斯湾原油产量累计损失3.59亿桶；</p><p>在30天情景下，损失扩大至5.26亿桶；</p><p>在60天情景下，损失高达10.94亿桶。</p></blockquote><p>在封锁持续期间，过境霍尔木兹海峡的油轮数量持续处于低位——这一实时数据，也是市场研判中断持续时间的关键先行指标。</p><h2 id=\"id_176543722\">3月风险溢价：市场需要高价来&#34;强制削减需求&#34;</h2><p>在高盛的&#34;冲击前/高度不确定性&#34;情景模型中，<strong>3月份的价格走势遵循一套独特逻辑：市场必须用足够高的价格来强制实现需求破坏（Demand Destruction），以防范库存跌破临界水平。</strong></p><p>在石油市场中，当供应突然大幅减少（如此处设想的1500万桶/日，这几乎占全球总需求的15%）时，仅靠库存是不够的。此时，价格必须飙升到足够高的水平，高到让消费者和企业因为“太贵了”而不得不减少开支（例如减少开车、工厂停产、改用替代能源）。</p><p>根据高盛的敏感性分析，3月月均油价可能的区间如下：</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/706f299540bc8e72039bf1feb9e9f831\" tg-width=\"1024\" tg-height=\"429\"/></p><p>分析师警告，<strong>中断时间越长、市场对库存下滑的容忍度越低，要求需求破坏的速度越快，油价需要攀升到的峰值就越高。在最极端的情景下（中断120天 + 需求快速响应），市场短期价格可能触及140美元/桶。如果霍尔木兹流量持续低迷贯穿整个3月，油价极有可能超过2008年的历史高点。</strong></p><h2 id=\"id_1388471883\">政策救场：SPR释放将库存冲击&#34;对冲掉一半&#34;</h2><p>面对史无前例的供应缺口，全球政策层的响应力度同样不可小觑。<strong>高盛估计，综合全球2.54亿桶的实际战略石油储备（SPR）释放，以及俄罗斯3100万桶在途原油，政策干预能够将全球商业油库存所受的冲击削减近50%——从6.17亿桶压缩至3.32亿桶。</strong></p><p>然而，政策工具本身也存在约束。在基准情景（霍尔木兹流量从3月21日起开始恢复）下，高盛认为IEA成员国不会将已授权的4亿桶SPR全部释放。原因在于：</p><blockquote><p>OECD SPR的物流释放速度上限约为每日300万桶；</p><p>释放计划预计在4周内分阶段收尾，持续至6月初——届时WTI油价可能已回落至70美元出头；</p><p>IEA紧急库存当前存量刚刚超过12亿桶（1.2 billion barrels），已处于偏低水平，进一步大规模动用存在现实制约。</p></blockquote><p>值得注意的是，在30天或更长时间的中断情景下，OECD SPR释放量将可能达到甚至超过4亿桶的上限，届时政策缓冲空间将大幅收窄。</p><p>对于资产配置者而言，<strong>当前局面的核心矛盾在于：基准情景尚属可控（四季度布伦特71美元），但尾部风险的代价极为高昂。一旦封锁时间向30天乃至60天演化，油价将进入非线性上行通道，对通胀预期、能源股估值及宏观政策路径均会产生系统性影响。</strong></p><p>在局势明朗化之前，3月份的油价将持续受到大规模风险溢价的支撑——市场用今天的高价，来对冲明天可能更大的缺口。任何关于冲突快速结束的信号，将是油价最强力的下行催化剂；而任何关于封锁延续的消息，则意味着上方空间远未封顶。</p><p>高盛分析师Daan Struyven已在报告中将第四季度布伦特原油价格预测从每桶66美元上调至71美元，同期WTI原油预测则从62美元上调至67美元。</p></body></html>","collect":0,"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>霍尔木兹海峡封锁“长期化”，油价会涨到多少？</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霍尔木兹海峡封锁“长期化”，油价会涨到多少？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-12 14:49 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3767314><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>高盛警告，目前波斯湾石油出口冲击已达史无前例的1620万桶/日。市场必须用足够高的价格来强制实现需求破坏，以防范库存跌破临界水平。中断时间越长、市场对库存下滑的容忍度越低，要求需求破坏的速度越快，油价需要攀升到的峰值就越高。在最极端的情景下，市场短期价格可能触及140美元/桶。如果霍尔木兹流量持续低迷贯穿整个3月，油价极有可能超过2008年的历史高点。这是史上最大规模的石油供应冲击。高盛大宗商品...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3767314\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ba0e918dfd4ec815c4f78fc4cfc3ea3e","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3767314","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2618900270","content_text":"高盛警告，目前波斯湾石油出口冲击已达史无前例的1620万桶/日。市场必须用足够高的价格来强制实现需求破坏，以防范库存跌破临界水平。中断时间越长、市场对库存下滑的容忍度越低，要求需求破坏的速度越快，油价需要攀升到的峰值就越高。在最极端的情景下，市场短期价格可能触及140美元/桶。如果霍尔木兹流量持续低迷贯穿整个3月，油价极有可能超过2008年的历史高点。这是史上最大规模的石油供应冲击。高盛大宗商品研究团队于2026年3月11日紧急上调油价预测，将第四季度布伦特原油价格预测从每桶66美元上调至71美元，同期WTI原油预测则从62美元上调至67美元。理由是霍尔木兹海峡的封锁时间正在超出此前预期。目前波斯湾出口受到的估计冲击已达每日1620万桶（16.2mb/d）——在有记录以来所有供应冲击事件中，这一规模史无前例。据新华社报道，一艘泰国货船11日在霍尔木兹海峡海域航行时遭袭，目前已有20名船员获救并被送往阿曼安置。伊朗伊斯兰革命卫队发表声明重申其对霍尔木兹海峡的绝对管辖权。声明称，美国及其伙伴已失去通过霍尔木兹海峡的权利。分析师警告，若霍尔木兹海峡封锁持续60天，布伦特原油或飙至93美元。若市场陷入极端恐慌，3月均价甚至可能挑战140美元历史极值。对于投资者而言，真正需要警惕的是价格路径的非线性特征：中断时长从21天延长至30天，油价仅额外上涨5美元；但若进一步延伸至60天，则布伦特原油将突破93美元——这意味着风险溢价正在以加速度累积。史上最大供应冲击：每日1620万桶的缺口已成定局从数据规模看，当前局面已超过此前任何历史案例。波斯湾原油出口受到的估计总冲击高达每日1620万桶，远超1973年石油危机、1991年海湾战争及2011年利比亚内战期间的供应中断幅度。高盛的情景模型显示，中东原油产量损失峰值将达到每日1100万桶（当前为6.5mb/d），此后相对较快地恢复。即便如此，累计产量损失仍将是一个天文数字：在21天（新基准）情景下，波斯湾原油产量累计损失3.59亿桶；在30天情景下，损失扩大至5.26亿桶；在60天情景下，损失高达10.94亿桶。在封锁持续期间，过境霍尔木兹海峡的油轮数量持续处于低位——这一实时数据，也是市场研判中断持续时间的关键先行指标。3月风险溢价：市场需要高价来\"强制削减需求\"在高盛的\"冲击前/高度不确定性\"情景模型中，3月份的价格走势遵循一套独特逻辑：市场必须用足够高的价格来强制实现需求破坏（Demand Destruction），以防范库存跌破临界水平。在石油市场中，当供应突然大幅减少（如此处设想的1500万桶/日，这几乎占全球总需求的15%）时，仅靠库存是不够的。此时，价格必须飙升到足够高的水平，高到让消费者和企业因为“太贵了”而不得不减少开支（例如减少开车、工厂停产、改用替代能源）。根据高盛的敏感性分析，3月月均油价可能的区间如下：分析师警告，中断时间越长、市场对库存下滑的容忍度越低，要求需求破坏的速度越快，油价需要攀升到的峰值就越高。在最极端的情景下（中断120天 + 需求快速响应），市场短期价格可能触及140美元/桶。如果霍尔木兹流量持续低迷贯穿整个3月，油价极有可能超过2008年的历史高点。政策救场：SPR释放将库存冲击\"对冲掉一半\"面对史无前例的供应缺口，全球政策层的响应力度同样不可小觑。高盛估计，综合全球2.54亿桶的实际战略石油储备（SPR）释放，以及俄罗斯3100万桶在途原油，政策干预能够将全球商业油库存所受的冲击削减近50%——从6.17亿桶压缩至3.32亿桶。然而，政策工具本身也存在约束。在基准情景（霍尔木兹流量从3月21日起开始恢复）下，高盛认为IEA成员国不会将已授权的4亿桶SPR全部释放。原因在于：OECD SPR的物流释放速度上限约为每日300万桶；释放计划预计在4周内分阶段收尾，持续至6月初——届时WTI油价可能已回落至70美元出头；IEA紧急库存当前存量刚刚超过12亿桶（1.2 billion barrels），已处于偏低水平，进一步大规模动用存在现实制约。值得注意的是，在30天或更长时间的中断情景下，OECD SPR释放量将可能达到甚至超过4亿桶的上限，届时政策缓冲空间将大幅收窄。对于资产配置者而言，当前局面的核心矛盾在于：基准情景尚属可控（四季度布伦特71美元），但尾部风险的代价极为高昂。一旦封锁时间向30天乃至60天演化，油价将进入非线性上行通道，对通胀预期、能源股估值及宏观政策路径均会产生系统性影响。在局势明朗化之前，3月份的油价将持续受到大规模风险溢价的支撑——市场用今天的高价，来对冲明天可能更大的缺口。任何关于冲突快速结束的信号，将是油价最强力的下行催化剂；而任何关于封锁延续的消息，则意味着上方空间远未封顶。高盛分析师Daan Struyven已在报告中将第四季度布伦特原油价格预测从每桶66美元上调至71美元，同期WTI原油预测则从62美元上调至67美元。","news_type":1,"symbols_score_info":{"BZmain":2,"CLmain":1.5}},"isVote":1,"tweetType":1,"viewCount":48,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":318496626,"gmtCreate":1611881498565,"gmtModify":1703755566720,"author":{"id":"3440469524702880","authorId":"3440469524702880","name":"财通008","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3440469524702880","authorIdStr":"3440469524702880"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$游戏驿站(GME)$</a>我也打算买一股 永远放着 现在还能买吗","listText":"<a href=\"https://laohu8.com/S/GME\">$游戏驿站(GME)$</a>我也打算买一股 永远放着 现在还能买吗","text":"$游戏驿站(GME)$我也打算买一股 永远放着 现在还能买吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/318496626","isVote":1,"tweetType":1,"viewCount":4165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":542062111629512,"gmtCreate":1773366802251,"gmtModify":1773366805503,"author":{"id":"3440469524702880","authorId":"3440469524702880","name":"财通008","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3440469524702880","authorIdStr":"3440469524702880"},"themes":[],"title":"","htmlText":"难道是满清资本文化圈又盯上泡泡玛特了？","listText":"难道是满清资本文化圈又盯上泡泡玛特了？","text":"难道是满清资本文化圈又盯上泡泡玛特了？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/542062111629512","repostId":"2618613725","repostType":2,"repost":{"id":"2618613725","kind":"highlight","weMediaInfo":{"introduction":"科技商业观察家。微创新提出者。","home_visible":1,"media_name":"金错刀","id":"1023100042","head_image":"https://static.tigerbbs.com/bd95e24719f249c0bbc96822817a73e4"},"pubTimestamp":1773307560,"share":"https://www.laohu8.com/m/news/2618613725?lang=zh_CN&edition=full","pubTime":"2026-03-12 17:26","market":"sh","language":"zh","title":"泡泡玛特新IP KeyA，为什么吵翻天？","url":"https://stock-news.laohu8.com/highlight/detail?id=2618613725","media":"金错刀","summary":"几天前，泡泡玛特对外发布了新IP预热：KeyA，一个永远在“生成自我”的女孩。泡泡玛特的很多粉丝都看这个KeyA不爽，而且是全方位的不爽。在官方释放的消息中，在去年8月的2025年北京PTS潮玩展上，泡泡玛特携手艺术家陈嫣冉，首次推出了两款KeyA玩偶，现场反响热烈。泡泡玛特的IP团队注意到KeyA所蕴含的情感共鸣潜力，尤其是其与Z世代年轻人自我探索、成长的主题高度契合。有人则质疑KeyA的原画水平不足，为什么能被泡泡玛特签约。","content":"<html><body><div><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/2e7b146a75c04ea6ad6db7de7293bb65\"/></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img arial=\"\" auto=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" none=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/3689687913fe430f82a0808b29652a3e\" ui=\"\" visible=\"\" yahei=\"\"/></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" leaf=\"\" neue=\"\" normal=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">几天前，<a href=\"https://laohu8.com/S/09992\">泡泡玛特</a>对外发布了新IP预热：KeyA，一个永远在“生成自我”的女孩。预告3月13日将推出KeyA未境之梦系列。</span></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" leaf=\"\" neue=\"\" normal=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特的很多粉丝都看这个KeyA不爽，而且是全方位的不爽。IP形象被认为和作者陈嫣冉本人过于相似；创作风格上，看出了伊藤润二、寺田克也等其他创作者的身影；永远“生成自我”的人设，被认为是作者的自我养成……</span></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" leaf=\"\" neue=\"\" normal=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这次失利不仅是单个新品的失败，更折射出潮玩行业从盲目追新回归理性，品牌若忽略用户共鸣与审美共识，再大的流量也难以转化为真正的市场认可。</span></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" right=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><span leaf=\"\"><span textstyle=\"\">作者 | 贾阳 罗立璇</span></span></span></p><p><span><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">来源 | 20社（ID：</span><span textstyle=\"\">quancaijing_20she</span><span textstyle=\"\">）</span></span></span></span></p><p><span><span leaf=\"\"><span textstyle=\"\">金错刀（ijincuodao）授权转载</span></span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特IP的产品风格，正在集体往更无害、更柔软的方向迭代。KeyA是一个例外。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">很少能看到一个新IP塌得这么快，尤其出品方还是火遍全球的泡泡玛特。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">说新IP都不准确，因为这个IP还没正式推出。几天前，泡泡玛特对外发布了新IP预热：KeyA，一个永远在“生成自我”的女孩。预告3月13日将推出KeyA未境之梦系列。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特的很多粉丝都看这个KeyA不爽，而且是全方位的不爽。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">IP形象被认为和作者陈嫣冉本人过于相似；创作风格上，看出了伊藤润二、寺田克也等其他创作者的身影；永远“生成自我”的人设，被认为是作者的自我养成……</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/f5d9cf9110944b00ad8fa5e9f2671560\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">回头看，泡泡玛特近年来大火的IP角色，确实都很“轻”。它不需要宏大的叙事背景，而是通过明确的情绪氛围来吸引受众。这些IP的产品风格，正在集体往更无害、更柔软的方向迭代。当下的消费者确实更偏好这样的风格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA不属于这个脉络。她搅动了这种审美共识，也被牵扯进了更大的社会情绪。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" inherit=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><font face=\"宋体\"><font face=\"Calibri\"><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" justify=\"\" leaf=\"\" margin-right:=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" ui=\"\" visible=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/1637f3d9b1d34ad487280cb9ffb4fea1\" type=\"block\"/></span></font></font></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" caret-color:=\"\" center=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" leaf=\"\" letter-spacing:=\"\" line-height:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" visibility:=\"\" visible=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span textstyle=\"\">KeyA是谁？</span></span></strong></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></strong></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">如果去网上搜索KeyA，现在已经有了截然相反的两个版本，一个是官方信息中的，另一个则是网友们自己解读的。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在官方释放的消息中，在去年8月的2025年北京PTS潮玩展上，泡泡玛特携手艺术家陈嫣冉，首次推出了两款KeyA玩偶，现场反响热烈。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/2f70bdcbef2840abb05ed675958e9e7d\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">网友反馈则有好有坏。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/63709033fd154f7ca08eb2cb82fb2b04\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特为什么会选择陈嫣冉合作呢？</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在PTS潮玩展的采访中，陈嫣冉称，其独特的“自我生成”概念和灵动的视觉风格吸引了泡泡玛特的关注。泡泡玛特的IP团队注意到KeyA所蕴含的情感共鸣潜力，尤其是其与Z世代年轻人自我探索、成长的主题高度契合。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">双方就IP定位、开发方向及商业化路径达成共识，确定KeyA作为“开放式成长型IP”的核心定位。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">大半年后，KeyA设定终于完整，她被官方定义为一个永远在“生成自我”的女孩——不是一个被设定好性格、等待被喜爱的静态形象，而是一个在不断变化、探索自我的少女。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/39d01926f9aa4990854377020cccd43c\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在官方的逻辑中，当下年轻人应该可以与KeyA产生情感投射：拒绝标签化，始终在自我探索、自我成长。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这种带有很强哲学意味的设定，在泡泡玛特以往的IP里不多见。比如大火的SKULLPANDA系列强调暗黑和多变性，LABUBU则是调皮、弱性别色彩的森林精灵，都有具体的性格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特或许期待给受众一个更加“空”的形象，把一个开放式命题带给大家，她的成长或许会与消费者的期待关联起来。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/5a206c2ead8541f195519822e56a2e42\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这也是泡泡玛特少有的介于2.5-3次元的IP形象。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">去年看到PTS上的KeyA后，有自媒体甚至感慨，泡泡玛特终于从低幼风走出来了。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">不过，年轻人马上发现，KeyA其实投射的是作者本人，那个名叫陈嫣冉的北京姑娘。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/85c97b275a314582be47b3af621e1b8f\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">绝大多数人，此前并不了解这个微博粉丝只有几十万的年轻艺术家。但是，泡泡玛特带来了巨大的关注度。然后，陈嫣冉的故事也随之被发现。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">她的求学历程是这样的：</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">2005年生于北京。3岁就开始画画，13岁正式做插画创作，14岁就去了美国学艺术设计，16岁又去了日本京都深造漫画。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在各种时尚媒体的报道中，标题包括“天才少女”，“19岁的老艺术家”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">她的资源是这样的：</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">18岁在东京原宿举办个人首次画展，19岁和刘慈欣一起打造动漫厂牌，成为GUCCI合作史上最年轻的艺术家；20岁，也就是去年在北京798艺术区举办国内首次个展。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">以及过去一年多，解锁了众多时尚媒体的报道和拍摄。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">成绩方面：代表作《幻想塑料袋》《梦魔机器人》《虚构的自我》，收获了业内广泛认可。她的设计灵感，来自于日本恐怖漫画、法国实验电影里以及自己梦境。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/95d061d619ea402a8071e440b1c04bc7\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但在作品被越来越多人关注之后，首先就有人质疑，KeyA身上布料过少。也有评论认为，她的设计中有太多其他前辈创作者的身影。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">与泡泡玛特合作官宣后，“我上我也行，我上我更行”的说法也逐渐多了起来，甚至有人在评论区放上了自己的作品。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">毕竟，在我们这个潮玩大国，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">有很多年轻人能给各个潮玩公司做设计，市场上会用销售数据来选拔优秀设计师。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ac6673265a7d4e6aa3f883acbfbc900a\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">“我创作的女性角色，跟我本人非常相似……那些形象就是我的无意识延伸。”</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这一直白表述，在去年被所有人忽略了，在今年却将KeyA和泡泡玛特卷入一个巨大的舆论漩涡。</span></span></p><p label=\"Powered by wxb-style.com\"><font by=\"\" para=\"\" wxb-style.com=\"\"><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" inherit=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/cbf9805fe32647668040fb7c6e2f193d\"/></p><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" leaf=\"\" line-height:=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA为什么翻了个大的</span></span></strong><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span mpa-font-style=\"mm4ctbi31e9o\"><font><b><font arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" caret-color:=\"\" center=\"\" clear:=\"\" color:=\"\" face=\"等线\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" letter-spacing:=\"\" line-height:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" visibility:=\"\" visible=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></font></b></font></span></p></font></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特应该不会想到，预热时相当有热度的KeyA，官宣却迎来了前所未有的负面反馈，评论区被质疑声淹没了。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">一开始的热评，只是对IP形象最直观的感受。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">“是从二游进修过吗？”一条热评指出，完全是成人视角的少女，似是而非的未来感和男性凝视感，根本不适合出现在泡泡玛特里。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/a40c5a263a624294803880058d942124\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">因为泡泡玛特原有的IP和盲盒受众，以女性为主，这些用户天然带着女性视角，所以疑惑：一个女创作者的作品，还是“自我生成”的机器人相关的概念，为什么还要穿肩膀开洞、腰开洞、突出三角区的紧身衣。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/706cb55cdbdb4fd799d50e99cb8ef6fd\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">有人则质疑KeyA的原画水平不足，为什么能被泡泡玛特签约。还有些对日本漫画有了解的用户，则表示KeyA疑似元素借鉴程度过高，“人山人海的”。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/9720c725672948db95bbceb56f851b52\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">而当用户开始探究创作者的身份背景，发现陈嫣冉的成长背景——05年北京人、频繁参与娱乐圈活动、登上多个时尚刊物封面、与Gucci合作、明星帮忙办展，更激烈的舆论争议被点燃了，质疑艺术水准不行，质疑履历是一路被镀金的，是“人造天才”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">此外，大众更是被触动了“<a href=\"https://laohu8.com/S/300063\">天龙</a>人玩弄NPC”的敏感点。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/afc649e5bde04de7af08b6dd80780d60\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">于是，针对KeyA的评价就不再是一个纯艺术范围的事情了。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">一类评论认为，KeyA太像作者本人，尤其是标志性的兔牙，跟真人形象强相关，无法接受。简直是强行要求消费者为艺术家的自嬷买单。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">“谁要买素不相识的oc放家里？”KeyA在评论区变成了陈嫣冉的个人OC（Original Character，OC文化指爱好者通过约画、写文等方式“养成”自己的OC）。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/9fba90d5fc7b485a94dd229eaf1cb0d2\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特以往大火IP，多为形体夸张、动物化、二次元化的风格。真人形象过于鲜明，不利于营造可爱感、可把玩性、养娃体验。此前泡泡玛特也推出过真人形象IP叛桃，虽然在小圈子里颇受好评，但它的受众们也承认，“超喜欢叛桃系列，但确实不火”。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/03c3306e59d047d6b4fcb4460a9beaad\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">尤其是当真人形象背后，真的可能存在一个具体人类，用户很难放心地去安放自己的感情，反而有种被迫追星、被迫成为艺术家play一环的感受。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">还有一类评论，则开启了侦探模式，试图证明，天才是被“人造”出来的——</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">网友翻出KeyA的原画，认为脸部形象变化很大（不过泡泡玛特的宣传语称“外表与灵魂，不断修正、更新、重构”，弥补了这一点bug）。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/7fb93627e6d7489296eaed8682dd13cc\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">原画</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/34a9fe43ba8e44f39cac3e4050937490\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">潮玩实物</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">还有人认为，KeyA“原画细节不够”，“绘画和雕塑作品之间，水平差异太大”，怀疑是工作室团队的塑模赋予了更多灵魂。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/349dcedb07af40cb974545cba311089b\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这一指控，有些过于“先画靶，后射箭”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">事实上，泡泡玛特跟艺术家签约时，往往并不是靠艺术家单打独斗完成绘画、形体设计、雕塑建模。通常情况下，艺术家们都专注在IP的二维设计上，IP的三维建模都是由泡泡玛特的PDC团队完成，双方共同确认最终的效果。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">据媒体和公开资料，泡泡玛特的IP孵化，往往需要经历粉丝社区测试、机器人商店测试和快闪店测试，通过真金白银的市场数据，来决定是否进行大规模量产。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA自从去年在PTS上亮相，大概率是经过这一系列市场测试的。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但新IP迎来如此前所未有的负面舆论，卷入社会性的阶级争议，叠加受众对3次元IP的抵触心理，始料未及。贩卖情绪的公司，也无可避免受到社会情绪的backfire。</span></span></p><p><font by=\"\" para=\"\" wxb-style.com=\"\"><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/f6712c5de96c4dfaa1a4d551622119c2\"/></span></p><p><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" leaf=\"\" line-height:=\"\" margin:=\"\" neue=\"\" none=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-indent:=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">受众到底想要什么？</span></span></strong></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" inherit=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></strong></p></font></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">那么，消费者究竟喜欢什么样的潮玩呢？</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">到今天，大家谈到情绪消费的时候，都会提到一个特点：离开现实，或者说逃避现实。潮玩、谷子、游戏等等当下火热的消费，都是一种载体，让年轻人能够短暂从现实世界脱离，在虚拟世界或者兴趣社群里重新寄托情感。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">王宁曾经在2020年的一次对谈中，以Molly为例，解释他认为的潮玩魅力：“Molly之所以能成为大家喜爱的形象，背后的逻辑更像是100个人心中有100个哈姆雷特，它把自己的灵魂掏空，你可以把你的灵魂装进去。”</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">他经常在面对媒体时，把泡泡玛特类比为唱片公司，他认为泡泡玛特是在将玩具作为载体，把艺术分发到大众渠道，提供陪伴价值。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">建立一个平台型的、系统性的，能把大量IP挖掘出来，把他们分发给适合受众的成熟方法论，是泡泡玛特最重要的任务。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">因此，我们就能理解泡泡玛特的新尝试。一个是，他们一直在挖掘和主流市场不同的潜力IP。王宁在《因为独特》里提到，“当别人都在找这种可爱的IP的时候，我们已经在找更有个性的IP了。”现当下，市场对于常见的“大眼萌娃”形象，不可谓不疲惫。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA，包括此前推出的“叛桃”，两者的形象更写实和成熟，都是试图在“可爱”这条路径以外的，新的风格尝试。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这也是王宁认为公司发展到了一定规模以后的必要任务：引领市场。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这个路线中最成功的案例，就是SKULLPANDA。如果仔细对比，会发现很多KeyA和SKULLPANDA在定位上的相似之处：SKULLPANDA的设计师熊喵，也同样是以自己为原型来进行人物设计，也同样偏好暗黑、科幻、先锋的风格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但以作者本人为灵感的SKULLPANDA，仍然是一种夸张化的形象表达。SP潮玩的灵魂张扬气质，大于对真人原型的<a href=\"https://laohu8.com/S/00992\">联想</a>。而这种独特气质、情绪才唤来了相似灵魂的用户。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">形象本身，应该成为用户沟通情绪的载体，而不是阻碍。这是泡泡玛特以往成功IP的共同点，也是KeyA陷入争议的一大原因。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/6422ae9a6ebb4d029543b00a9c9cbdd2\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">SKULLPANDA的设计师熊喵与初代系列</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">而且，熊喵本人在进入潮玩领域前，就有接近10年的游戏设计背景、创过业，既能设计，又能下厂，早期涂装开发都是自己亲自盯。她是当下潮玩设计圈少有的擅长画画、会3D开发、懂工艺、熟识材料的年轻艺术家。这比KeyA设计师的履历更让大众信服。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">不过，也有业内人士对我们表示，看到KeyA这样的风格，以为会做成可动关节玩偶，要吸引以前没那么重点营销的男性市场，如果做成盲盒反而是产品部的失误。因为，男性受众尤其是玩传统模型的，很多就喜欢真人形象。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这或许是泡泡玛特拓展男性受众的一次尝试。但显然，原有的受众群体对此表示，不接受。这和泡泡玛特此前费尽功夫才开拓成功的女性市场，形成错位。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">更重要的是，即使泡泡玛特在尝试多种风格，从今天回头看，泡泡玛特的IP角色，确实都很“轻”。它不需要宏大的叙事背景，而是通过明确的情绪氛围来吸引受众。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">并且，这些IP的产品风格，正在集体往更无害、更柔软的方向迭代。这不是一种批评，而是说，当下的消费者确实更偏好这样的风格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">其中热度最高的Labubu、<a href=\"https://laohu8.com/S/300256\">星星</a>人、CryBaby，甚至SKULLPANDA，也都经历了类似的改造。比如Labubu，一开始的形象更瘦、更危险和张扬，诠释的就是森林里的小怪物；而经历过毛绒改造以后，属于“胖”了一圈，更柔软，更有亲近感。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">而最近的新“顶流”星星人，甚至还多了一些笨拙，在乐园里的形象也是以懵懂、臭屁，走路你还担心他下不了楼梯的感觉而出圈。不少人喜欢它的原因，就是它的“内向笨小孩”叙事。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ca10833d8d8f40bc8743a07e7fbf9b26\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">SKULLPANDA，在推出第四代的时候，还引起了一波争论。有粉丝指出，SKULLPANDA从“暗黑”“奶拽”转向“甜蜜”，风格大幅度转变丢掉了原本的特质，很多老粉不会买单。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但是，以粉色为主色调的“温度”系列，还是重新吸引到了更多粉丝。一位消费者评论，“即使我以前不买潮玩，我也觉得这个系列非常好看”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这背后牵涉的，可能是泡泡玛特对自己品牌的定位问题。与之能形成对比的，是<a href=\"https://laohu8.com/S/DIS\">迪士尼</a>对自己的电影的定位，毋庸置疑的合家欢电影。合家欢电影的定位，就是每一个走进电影院的人，都知道他们能够获得一个Happy Ending。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特想不想要继续维护当下已经形成了的用户认知？这可能是下一阶段需要思考的问题。</span></span></p><p><em arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span><em><span><span leaf=\"\"><span textstyle=\"\">图片来源于网络，侵权请联系删除</span></span></span></em></span></em></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" neue=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><strong><span><span leaf=\"\"><span textstyle=\"\">@The End</span></span></span></strong></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ebb45faa4bbc4b198f747d0511b0ade3\"/></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/c46347700a954025899743b0cee51142\" type=\"block\"/></p><p><span><img src=\"https://static.tigerbbs.com/b7d5e35caa96488a91566baedc6348b2\"/></span></p><p><span><img src=\"https://static.tigerbbs.com/f26378d1822e47eeaf9cd2b9020a7701\"/></span></p><p><span><img src=\"https://static.tigerbbs.com/25757ef224e647d99ba4fb16d3b4b173\"/></span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/ba6d4b53a889400787243fecfb335a7e\"/></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/dc46822c14ed4dc5ac22886706214a5b\"/></p></div></body></html>","source":"weixin_highlight","collect":0,"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>泡泡玛特新IP KeyA，为什么吵翻天？</title>\n<style 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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泡泡玛特新IP KeyA，为什么吵翻天？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1023100042\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/bd95e24719f249c0bbc96822817a73e4);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金错刀 </p>\n<p class=\"h-time\">2026-03-12 17:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/2e7b146a75c04ea6ad6db7de7293bb65\"/></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img arial=\"\" auto=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" none=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/3689687913fe430f82a0808b29652a3e\" ui=\"\" visible=\"\" yahei=\"\"/></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" leaf=\"\" neue=\"\" normal=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">几天前，<a href=\"https://laohu8.com/S/09992\">泡泡玛特</a>对外发布了新IP预热：KeyA，一个永远在“生成自我”的女孩。预告3月13日将推出KeyA未境之梦系列。</span></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" leaf=\"\" neue=\"\" normal=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特的很多粉丝都看这个KeyA不爽，而且是全方位的不爽。IP形象被认为和作者陈嫣冉本人过于相似；创作风格上，看出了伊藤润二、寺田克也等其他创作者的身影；永远“生成自我”的人设，被认为是作者的自我养成……</span></span></p><p><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" leaf=\"\" neue=\"\" normal=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这次失利不仅是单个新品的失败，更折射出潮玩行业从盲目追新回归理性，品牌若忽略用户共鸣与审美共识，再大的流量也难以转化为真正的市场认可。</span></span></p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" right=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><span leaf=\"\"><span textstyle=\"\">作者 | 贾阳 罗立璇</span></span></span></p><p><span><span arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">来源 | 20社（ID：</span><span textstyle=\"\">quancaijing_20she</span><span textstyle=\"\">）</span></span></span></span></p><p><span><span leaf=\"\"><span textstyle=\"\">金错刀（ijincuodao）授权转载</span></span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特IP的产品风格，正在集体往更无害、更柔软的方向迭代。KeyA是一个例外。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">很少能看到一个新IP塌得这么快，尤其出品方还是火遍全球的泡泡玛特。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">说新IP都不准确，因为这个IP还没正式推出。几天前，泡泡玛特对外发布了新IP预热：KeyA，一个永远在“生成自我”的女孩。预告3月13日将推出KeyA未境之梦系列。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特的很多粉丝都看这个KeyA不爽，而且是全方位的不爽。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">IP形象被认为和作者陈嫣冉本人过于相似；创作风格上，看出了伊藤润二、寺田克也等其他创作者的身影；永远“生成自我”的人设，被认为是作者的自我养成……</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/f5d9cf9110944b00ad8fa5e9f2671560\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">回头看，泡泡玛特近年来大火的IP角色，确实都很“轻”。它不需要宏大的叙事背景，而是通过明确的情绪氛围来吸引受众。这些IP的产品风格，正在集体往更无害、更柔软的方向迭代。当下的消费者确实更偏好这样的风格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA不属于这个脉络。她搅动了这种审美共识，也被牵扯进了更大的社会情绪。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" inherit=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><font face=\"宋体\"><font face=\"Calibri\"><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" justify=\"\" leaf=\"\" margin-right:=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" ui=\"\" visible=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/1637f3d9b1d34ad487280cb9ffb4fea1\" type=\"block\"/></span></font></font></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><span arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" caret-color:=\"\" center=\"\" clear:=\"\" color:=\"\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" leaf=\"\" letter-spacing:=\"\" line-height:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" visibility:=\"\" visible=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span textstyle=\"\">KeyA是谁？</span></span></strong></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></strong></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">如果去网上搜索KeyA，现在已经有了截然相反的两个版本，一个是官方信息中的，另一个则是网友们自己解读的。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在官方释放的消息中，在去年8月的2025年北京PTS潮玩展上，泡泡玛特携手艺术家陈嫣冉，首次推出了两款KeyA玩偶，现场反响热烈。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/2f70bdcbef2840abb05ed675958e9e7d\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">网友反馈则有好有坏。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/63709033fd154f7ca08eb2cb82fb2b04\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特为什么会选择陈嫣冉合作呢？</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在PTS潮玩展的采访中，陈嫣冉称，其独特的“自我生成”概念和灵动的视觉风格吸引了泡泡玛特的关注。泡泡玛特的IP团队注意到KeyA所蕴含的情感共鸣潜力，尤其是其与Z世代年轻人自我探索、成长的主题高度契合。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">双方就IP定位、开发方向及商业化路径达成共识，确定KeyA作为“开放式成长型IP”的核心定位。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">大半年后，KeyA设定终于完整，她被官方定义为一个永远在“生成自我”的女孩——不是一个被设定好性格、等待被喜爱的静态形象，而是一个在不断变化、探索自我的少女。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/39d01926f9aa4990854377020cccd43c\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在官方的逻辑中，当下年轻人应该可以与KeyA产生情感投射：拒绝标签化，始终在自我探索、自我成长。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这种带有很强哲学意味的设定，在泡泡玛特以往的IP里不多见。比如大火的SKULLPANDA系列强调暗黑和多变性，LABUBU则是调皮、弱性别色彩的森林精灵，都有具体的性格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特或许期待给受众一个更加“空”的形象，把一个开放式命题带给大家，她的成长或许会与消费者的期待关联起来。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/5a206c2ead8541f195519822e56a2e42\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这也是泡泡玛特少有的介于2.5-3次元的IP形象。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">去年看到PTS上的KeyA后，有自媒体甚至感慨，泡泡玛特终于从低幼风走出来了。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">不过，年轻人马上发现，KeyA其实投射的是作者本人，那个名叫陈嫣冉的北京姑娘。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/85c97b275a314582be47b3af621e1b8f\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">绝大多数人，此前并不了解这个微博粉丝只有几十万的年轻艺术家。但是，泡泡玛特带来了巨大的关注度。然后，陈嫣冉的故事也随之被发现。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">她的求学历程是这样的：</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">2005年生于北京。3岁就开始画画，13岁正式做插画创作，14岁就去了美国学艺术设计，16岁又去了日本京都深造漫画。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">在各种时尚媒体的报道中，标题包括“天才少女”，“19岁的老艺术家”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">她的资源是这样的：</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">18岁在东京原宿举办个人首次画展，19岁和刘慈欣一起打造动漫厂牌，成为GUCCI合作史上最年轻的艺术家；20岁，也就是去年在北京798艺术区举办国内首次个展。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">以及过去一年多，解锁了众多时尚媒体的报道和拍摄。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">成绩方面：代表作《幻想塑料袋》《梦魔机器人》《虚构的自我》，收获了业内广泛认可。她的设计灵感，来自于日本恐怖漫画、法国实验电影里以及自己梦境。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/95d061d619ea402a8071e440b1c04bc7\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但在作品被越来越多人关注之后，首先就有人质疑，KeyA身上布料过少。也有评论认为，她的设计中有太多其他前辈创作者的身影。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">与泡泡玛特合作官宣后，“我上我也行，我上我更行”的说法也逐渐多了起来，甚至有人在评论区放上了自己的作品。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">毕竟，在我们这个潮玩大国，</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">有很多年轻人能给各个潮玩公司做设计，市场上会用销售数据来选拔优秀设计师。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ac6673265a7d4e6aa3f883acbfbc900a\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">“我创作的女性角色，跟我本人非常相似……那些形象就是我的无意识延伸。”</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这一直白表述，在去年被所有人忽略了，在今年却将KeyA和泡泡玛特卷入一个巨大的舆论漩涡。</span></span></p><p label=\"Powered by wxb-style.com\"><font by=\"\" para=\"\" wxb-style.com=\"\"><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" inherit=\"\" neue=\"\" nodeleaf=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/cbf9805fe32647668040fb7c6e2f193d\"/></p><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" leaf=\"\" line-height:=\"\" neue=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA为什么翻了个大的</span></span></strong><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span mpa-font-style=\"mm4ctbi31e9o\"><font><b><font arial=\"\" background-color:=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" box-sizing:=\"\" break-word=\"\" caret-color:=\"\" center=\"\" clear:=\"\" color:=\"\" face=\"等线\" font-family:=\"\" font-size:=\"\" font-style:=\"\" font-variant-caps:=\"\" font-variant-ligatures:=\"\" font-weight:=\"\" gb=\"\" letter-spacing:=\"\" line-height:=\"\" margin:=\"\" max-width:=\"\" min-height:=\"\" neue=\"\" none=\"\" normal=\"\" orphans:=\"\" outline:=\"\" overflow-wrap:=\"\" padding:=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-align:=\"\" text-decoration:=\"\" text-indent:=\"\" text-transform:=\"\" ui=\"\" visibility:=\"\" visible=\"\" white-space:=\"\" widows:=\"\" word-spacing:=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></font></b></font></span></p></font></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特应该不会想到，预热时相当有热度的KeyA，官宣却迎来了前所未有的负面反馈，评论区被质疑声淹没了。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">一开始的热评，只是对IP形象最直观的感受。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">“是从二游进修过吗？”一条热评指出，完全是成人视角的少女，似是而非的未来感和男性凝视感，根本不适合出现在泡泡玛特里。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/a40c5a263a624294803880058d942124\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">因为泡泡玛特原有的IP和盲盒受众，以女性为主，这些用户天然带着女性视角，所以疑惑：一个女创作者的作品，还是“自我生成”的机器人相关的概念，为什么还要穿肩膀开洞、腰开洞、突出三角区的紧身衣。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/706cb55cdbdb4fd799d50e99cb8ef6fd\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">有人则质疑KeyA的原画水平不足，为什么能被泡泡玛特签约。还有些对日本漫画有了解的用户，则表示KeyA疑似元素借鉴程度过高，“人山人海的”。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/9720c725672948db95bbceb56f851b52\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">而当用户开始探究创作者的身份背景，发现陈嫣冉的成长背景——05年北京人、频繁参与娱乐圈活动、登上多个时尚刊物封面、与Gucci合作、明星帮忙办展，更激烈的舆论争议被点燃了，质疑艺术水准不行，质疑履历是一路被镀金的，是“人造天才”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">此外，大众更是被触动了“<a href=\"https://laohu8.com/S/300063\">天龙</a>人玩弄NPC”的敏感点。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/afc649e5bde04de7af08b6dd80780d60\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">于是，针对KeyA的评价就不再是一个纯艺术范围的事情了。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">一类评论认为，KeyA太像作者本人，尤其是标志性的兔牙，跟真人形象强相关，无法接受。简直是强行要求消费者为艺术家的自嬷买单。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">“谁要买素不相识的oc放家里？”KeyA在评论区变成了陈嫣冉的个人OC（Original Character，OC文化指爱好者通过约画、写文等方式“养成”自己的OC）。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/9fba90d5fc7b485a94dd229eaf1cb0d2\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特以往大火IP，多为形体夸张、动物化、二次元化的风格。真人形象过于鲜明，不利于营造可爱感、可把玩性、养娃体验。此前泡泡玛特也推出过真人形象IP叛桃，虽然在小圈子里颇受好评，但它的受众们也承认，“超喜欢叛桃系列，但确实不火”。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/03c3306e59d047d6b4fcb4460a9beaad\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">尤其是当真人形象背后，真的可能存在一个具体人类，用户很难放心地去安放自己的感情，反而有种被迫追星、被迫成为艺术家play一环的感受。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">还有一类评论，则开启了侦探模式，试图证明，天才是被“人造”出来的——</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">网友翻出KeyA的原画，认为脸部形象变化很大（不过泡泡玛特的宣传语称“外表与灵魂，不断修正、更新、重构”，弥补了这一点bug）。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/7fb93627e6d7489296eaed8682dd13cc\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">原画</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/34a9fe43ba8e44f39cac3e4050937490\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">潮玩实物</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">还有人认为，KeyA“原画细节不够”，“绘画和雕塑作品之间，水平差异太大”，怀疑是工作室团队的塑模赋予了更多灵魂。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/349dcedb07af40cb974545cba311089b\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这一指控，有些过于“先画靶，后射箭”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">事实上，泡泡玛特跟艺术家签约时，往往并不是靠艺术家单打独斗完成绘画、形体设计、雕塑建模。通常情况下，艺术家们都专注在IP的二维设计上，IP的三维建模都是由泡泡玛特的PDC团队完成，双方共同确认最终的效果。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">据媒体和公开资料，泡泡玛特的IP孵化，往往需要经历粉丝社区测试、机器人商店测试和快闪店测试，通过真金白银的市场数据，来决定是否进行大规模量产。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA自从去年在PTS上亮相，大概率是经过这一系列市场测试的。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但新IP迎来如此前所未有的负面舆论，卷入社会性的阶级争议，叠加受众对3次元IP的抵触心理，始料未及。贩卖情绪的公司，也无可避免受到社会情绪的backfire。</span></span></p><p><font by=\"\" para=\"\" wxb-style.com=\"\"><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/f6712c5de96c4dfaa1a4d551622119c2\"/></span></p><p><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" leaf=\"\" line-height:=\"\" margin:=\"\" neue=\"\" none=\"\" normal=\"\" para=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" text-indent:=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">受众到底想要什么？</span></span></strong></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" inherit=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/46c4b08bddfe48b3b049f39937309f46\"/></span></span></strong></p></font></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">那么，消费者究竟喜欢什么样的潮玩呢？</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">到今天，大家谈到情绪消费的时候，都会提到一个特点：离开现实，或者说逃避现实。潮玩、谷子、游戏等等当下火热的消费，都是一种载体，让年轻人能够短暂从现实世界脱离，在虚拟世界或者兴趣社群里重新寄托情感。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">王宁曾经在2020年的一次对谈中，以Molly为例，解释他认为的潮玩魅力：“Molly之所以能成为大家喜爱的形象，背后的逻辑更像是100个人心中有100个哈姆雷特，它把自己的灵魂掏空，你可以把你的灵魂装进去。”</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">他经常在面对媒体时，把泡泡玛特类比为唱片公司，他认为泡泡玛特是在将玩具作为载体，把艺术分发到大众渠道，提供陪伴价值。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">建立一个平台型的、系统性的，能把大量IP挖掘出来，把他们分发给适合受众的成熟方法论，是泡泡玛特最重要的任务。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">因此，我们就能理解泡泡玛特的新尝试。一个是，他们一直在挖掘和主流市场不同的潜力IP。王宁在《因为独特》里提到，“当别人都在找这种可爱的IP的时候，我们已经在找更有个性的IP了。”现当下，市场对于常见的“大眼萌娃”形象，不可谓不疲惫。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">KeyA，包括此前推出的“叛桃”，两者的形象更写实和成熟，都是试图在“可爱”这条路径以外的，新的风格尝试。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这也是王宁认为公司发展到了一定规模以后的必要任务：引领市场。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这个路线中最成功的案例，就是SKULLPANDA。如果仔细对比，会发现很多KeyA和SKULLPANDA在定位上的相似之处：SKULLPANDA的设计师熊喵，也同样是以自己为原型来进行人物设计，也同样偏好暗黑、科幻、先锋的风格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但以作者本人为灵感的SKULLPANDA，仍然是一种夸张化的形象表达。SP潮玩的灵魂张扬气质，大于对真人原型的<a href=\"https://laohu8.com/S/00992\">联想</a>。而这种独特气质、情绪才唤来了相似灵魂的用户。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">形象本身，应该成为用户沟通情绪的载体，而不是阻碍。这是泡泡玛特以往成功IP的共同点，也是KeyA陷入争议的一大原因。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/6422ae9a6ebb4d029543b00a9c9cbdd2\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">SKULLPANDA的设计师熊喵与初代系列</span></span><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">而且，熊喵本人在进入潮玩领域前，就有接近10年的游戏设计背景、创过业，既能设计，又能下厂，早期涂装开发都是自己亲自盯。她是当下潮玩设计圈少有的擅长画画、会3D开发、懂工艺、熟识材料的年轻艺术家。这比KeyA设计师的履历更让大众信服。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">不过，也有业内人士对我们表示，看到KeyA这样的风格，以为会做成可动关节玩偶，要吸引以前没那么重点营销的男性市场，如果做成盲盒反而是产品部的失误。因为，男性受众尤其是玩传统模型的，很多就喜欢真人形象。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这或许是泡泡玛特拓展男性受众的一次尝试。但显然，原有的受众群体对此表示，不接受。这和泡泡玛特此前费尽功夫才开拓成功的女性市场，形成错位。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">更重要的是，即使泡泡玛特在尝试多种风格，从今天回头看，泡泡玛特的IP角色，确实都很“轻”。它不需要宏大的叙事背景，而是通过明确的情绪氛围来吸引受众。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">并且，这些IP的产品风格，正在集体往更无害、更柔软的方向迭代。这不是一种批评，而是说，当下的消费者确实更偏好这样的风格。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">其中热度最高的Labubu、<a href=\"https://laohu8.com/S/300256\">星星</a>人、CryBaby，甚至SKULLPANDA，也都经历了类似的改造。比如Labubu，一开始的形象更瘦、更危险和张扬，诠释的就是森林里的小怪物；而经历过毛绒改造以后，属于“胖”了一圈，更柔软，更有亲近感。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">而最近的新“顶流”星星人，甚至还多了一些笨拙，在乐园里的形象也是以懵懂、臭屁，走路你还担心他下不了楼梯的感觉而出圈。不少人喜欢它的原因，就是它的“内向笨小孩”叙事。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ca10833d8d8f40bc8743a07e7fbf9b26\"/></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">SKULLPANDA，在推出第四代的时候，还引起了一波争论。有粉丝指出，SKULLPANDA从“暗黑”“奶拽”转向“甜蜜”，风格大幅度转变丢掉了原本的特质，很多老粉不会买单。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但是，以粉色为主色调的“温度”系列，还是重新吸引到了更多粉丝。一位消费者评论，“即使我以前不买潮玩，我也觉得这个系列非常好看”。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">这背后牵涉的，可能是泡泡玛特对自己品牌的定位问题。与之能形成对比的，是<a href=\"https://laohu8.com/S/DIS\">迪士尼</a>对自己的电影的定位，毋庸置疑的合家欢电影。合家欢电影的定位，就是每一个走进电影院的人，都知道他们能够获得一个Happy Ending。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" gb=\"\" leaf=\"\" neue=\"\" normal=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">泡泡玛特想不想要继续维护当下已经形成了的用户认知？这可能是下一阶段需要思考的问题。</span></span></p><p><em arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><span><em><span><span leaf=\"\"><span textstyle=\"\">图片来源于网络，侵权请联系删除</span></span></span></em></span></em></p><p arial=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" neue=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><strong><span><span leaf=\"\"><span textstyle=\"\">@The End</span></span></span></strong></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" neue=\"\" nodeleaf=\"\" pingfang=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" yahei=\"\"><img src=\"https://static.tigerbbs.com/ebb45faa4bbc4b198f747d0511b0ade3\"/></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/c46347700a954025899743b0cee51142\" type=\"block\"/></p><p><span><img src=\"https://static.tigerbbs.com/b7d5e35caa96488a91566baedc6348b2\"/></span></p><p><span><img src=\"https://static.tigerbbs.com/f26378d1822e47eeaf9cd2b9020a7701\"/></span></p><p><span><img src=\"https://static.tigerbbs.com/25757ef224e647d99ba4fb16d3b4b173\"/></span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/ba6d4b53a889400787243fecfb335a7e\"/></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/dc46822c14ed4dc5ac22886706214a5b\"/></p></div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0823426480.USD":"法巴中国股票经典Dis","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","BK4585":"ETF&股票定投概念","LU0823426308.USD":"法巴中国股票基金","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0359201612.USD":"贝莱德中国基金A2","SG9999002950.SGD":"United Asian Growth Opportunities SGD","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 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ACC","PMRTY":"Pop Mart International Group Limited","SGXZ62798434.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU2463526074.USD":"NORDEA 1 - GLOBAL CLIMATE ENGAGEMENT \"BP\" (USD) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","IE00B3T34201.USD":"BNY MELLON GLOBAL EQUITY INCOME \"B\" (USD) INC","LU1481600234.SGD":"THREADNEEDLE (LUX) UK EQUITY INCOME \"ASC\" (SGDHDG) INC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","09992":"泡泡玛特","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","LU1169590202.USD":"ALLSPRING (LUX)  U.S. SELECT EQUITY \"I\" (USD) ACC","LU1487256676.USD":"THREADNEEDLE (LUX) UK EQUITY INCOME \"ZUH\" (USDHDG) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC"},"source_url":"http://mp.weixin.qq.com/s?__biz=MzUzNDY0NzQwMQ==&mid=2248166823&idx=2&sn=bf4ba8419378e05cc15ffd6307b6793d&chksm=f84b45c73a95658fdb3cb903c3566629783ad34a7b0f04ca1aa448a94fb8747fef3ba96aed16&scene=0#rd","is_english":false,"share_image_url":"https://static.laohu8.com/ecd74548980bc5b366aa8f4b37ed0bd5","article_id":"2618613725","content_text":"几天前，泡泡玛特对外发布了新IP预热：KeyA，一个永远在“生成自我”的女孩。预告3月13日将推出KeyA未境之梦系列。泡泡玛特的很多粉丝都看这个KeyA不爽，而且是全方位的不爽。IP形象被认为和作者陈嫣冉本人过于相似；创作风格上，看出了伊藤润二、寺田克也等其他创作者的身影；永远“生成自我”的人设，被认为是作者的自我养成……这次失利不仅是单个新品的失败，更折射出潮玩行业从盲目追新回归理性，品牌若忽略用户共鸣与审美共识，再大的流量也难以转化为真正的市场认可。作者 | 贾阳 罗立璇来源 | 20社（ID：quancaijing_20she）金错刀（ijincuodao）授权转载泡泡玛特IP的产品风格，正在集体往更无害、更柔软的方向迭代。KeyA是一个例外。很少能看到一个新IP塌得这么快，尤其出品方还是火遍全球的泡泡玛特。说新IP都不准确，因为这个IP还没正式推出。几天前，泡泡玛特对外发布了新IP预热：KeyA，一个永远在“生成自我”的女孩。预告3月13日将推出KeyA未境之梦系列。泡泡玛特的很多粉丝都看这个KeyA不爽，而且是全方位的不爽。IP形象被认为和作者陈嫣冉本人过于相似；创作风格上，看出了伊藤润二、寺田克也等其他创作者的身影；永远“生成自我”的人设，被认为是作者的自我养成……回头看，泡泡玛特近年来大火的IP角色，确实都很“轻”。它不需要宏大的叙事背景，而是通过明确的情绪氛围来吸引受众。这些IP的产品风格，正在集体往更无害、更柔软的方向迭代。当下的消费者确实更偏好这样的风格。KeyA不属于这个脉络。她搅动了这种审美共识，也被牵扯进了更大的社会情绪。KeyA是谁？如果去网上搜索KeyA，现在已经有了截然相反的两个版本，一个是官方信息中的，另一个则是网友们自己解读的。在官方释放的消息中，在去年8月的2025年北京PTS潮玩展上，泡泡玛特携手艺术家陈嫣冉，首次推出了两款KeyA玩偶，现场反响热烈。网友反馈则有好有坏。泡泡玛特为什么会选择陈嫣冉合作呢？在PTS潮玩展的采访中，陈嫣冉称，其独特的“自我生成”概念和灵动的视觉风格吸引了泡泡玛特的关注。泡泡玛特的IP团队注意到KeyA所蕴含的情感共鸣潜力，尤其是其与Z世代年轻人自我探索、成长的主题高度契合。双方就IP定位、开发方向及商业化路径达成共识，确定KeyA作为“开放式成长型IP”的核心定位。大半年后，KeyA设定终于完整，她被官方定义为一个永远在“生成自我”的女孩——不是一个被设定好性格、等待被喜爱的静态形象，而是一个在不断变化、探索自我的少女。在官方的逻辑中，当下年轻人应该可以与KeyA产生情感投射：拒绝标签化，始终在自我探索、自我成长。这种带有很强哲学意味的设定，在泡泡玛特以往的IP里不多见。比如大火的SKULLPANDA系列强调暗黑和多变性，LABUBU则是调皮、弱性别色彩的森林精灵，都有具体的性格。泡泡玛特或许期待给受众一个更加“空”的形象，把一个开放式命题带给大家，她的成长或许会与消费者的期待关联起来。这也是泡泡玛特少有的介于2.5-3次元的IP形象。去年看到PTS上的KeyA后，有自媒体甚至感慨，泡泡玛特终于从低幼风走出来了。不过，年轻人马上发现，KeyA其实投射的是作者本人，那个名叫陈嫣冉的北京姑娘。绝大多数人，此前并不了解这个微博粉丝只有几十万的年轻艺术家。但是，泡泡玛特带来了巨大的关注度。然后，陈嫣冉的故事也随之被发现。她的求学历程是这样的：2005年生于北京。3岁就开始画画，13岁正式做插画创作，14岁就去了美国学艺术设计，16岁又去了日本京都深造漫画。在各种时尚媒体的报道中，标题包括“天才少女”，“19岁的老艺术家”。她的资源是这样的：18岁在东京原宿举办个人首次画展，19岁和刘慈欣一起打造动漫厂牌，成为GUCCI合作史上最年轻的艺术家；20岁，也就是去年在北京798艺术区举办国内首次个展。以及过去一年多，解锁了众多时尚媒体的报道和拍摄。成绩方面：代表作《幻想塑料袋》《梦魔机器人》《虚构的自我》，收获了业内广泛认可。她的设计灵感，来自于日本恐怖漫画、法国实验电影里以及自己梦境。但在作品被越来越多人关注之后，首先就有人质疑，KeyA身上布料过少。也有评论认为，她的设计中有太多其他前辈创作者的身影。与泡泡玛特合作官宣后，“我上我也行，我上我更行”的说法也逐渐多了起来，甚至有人在评论区放上了自己的作品。毕竟，在我们这个潮玩大国，有很多年轻人能给各个潮玩公司做设计，市场上会用销售数据来选拔优秀设计师。“我创作的女性角色，跟我本人非常相似……那些形象就是我的无意识延伸。”这一直白表述，在去年被所有人忽略了，在今年却将KeyA和泡泡玛特卷入一个巨大的舆论漩涡。KeyA为什么翻了个大的泡泡玛特应该不会想到，预热时相当有热度的KeyA，官宣却迎来了前所未有的负面反馈，评论区被质疑声淹没了。一开始的热评，只是对IP形象最直观的感受。“是从二游进修过吗？”一条热评指出，完全是成人视角的少女，似是而非的未来感和男性凝视感，根本不适合出现在泡泡玛特里。因为泡泡玛特原有的IP和盲盒受众，以女性为主，这些用户天然带着女性视角，所以疑惑：一个女创作者的作品，还是“自我生成”的机器人相关的概念，为什么还要穿肩膀开洞、腰开洞、突出三角区的紧身衣。有人则质疑KeyA的原画水平不足，为什么能被泡泡玛特签约。还有些对日本漫画有了解的用户，则表示KeyA疑似元素借鉴程度过高，“人山人海的”。而当用户开始探究创作者的身份背景，发现陈嫣冉的成长背景——05年北京人、频繁参与娱乐圈活动、登上多个时尚刊物封面、与Gucci合作、明星帮忙办展，更激烈的舆论争议被点燃了，质疑艺术水准不行，质疑履历是一路被镀金的，是“人造天才”。此外，大众更是被触动了“天龙人玩弄NPC”的敏感点。于是，针对KeyA的评价就不再是一个纯艺术范围的事情了。一类评论认为，KeyA太像作者本人，尤其是标志性的兔牙，跟真人形象强相关，无法接受。简直是强行要求消费者为艺术家的自嬷买单。“谁要买素不相识的oc放家里？”KeyA在评论区变成了陈嫣冉的个人OC（Original Character，OC文化指爱好者通过约画、写文等方式“养成”自己的OC）。泡泡玛特以往大火IP，多为形体夸张、动物化、二次元化的风格。真人形象过于鲜明，不利于营造可爱感、可把玩性、养娃体验。此前泡泡玛特也推出过真人形象IP叛桃，虽然在小圈子里颇受好评，但它的受众们也承认，“超喜欢叛桃系列，但确实不火”。尤其是当真人形象背后，真的可能存在一个具体人类，用户很难放心地去安放自己的感情，反而有种被迫追星、被迫成为艺术家play一环的感受。还有一类评论，则开启了侦探模式，试图证明，天才是被“人造”出来的——网友翻出KeyA的原画，认为脸部形象变化很大（不过泡泡玛特的宣传语称“外表与灵魂，不断修正、更新、重构”，弥补了这一点bug）。原画潮玩实物还有人认为，KeyA“原画细节不够”，“绘画和雕塑作品之间，水平差异太大”，怀疑是工作室团队的塑模赋予了更多灵魂。这一指控，有些过于“先画靶，后射箭”。事实上，泡泡玛特跟艺术家签约时，往往并不是靠艺术家单打独斗完成绘画、形体设计、雕塑建模。通常情况下，艺术家们都专注在IP的二维设计上，IP的三维建模都是由泡泡玛特的PDC团队完成，双方共同确认最终的效果。据媒体和公开资料，泡泡玛特的IP孵化，往往需要经历粉丝社区测试、机器人商店测试和快闪店测试，通过真金白银的市场数据，来决定是否进行大规模量产。KeyA自从去年在PTS上亮相，大概率是经过这一系列市场测试的。但新IP迎来如此前所未有的负面舆论，卷入社会性的阶级争议，叠加受众对3次元IP的抵触心理，始料未及。贩卖情绪的公司，也无可避免受到社会情绪的backfire。受众到底想要什么？那么，消费者究竟喜欢什么样的潮玩呢？到今天，大家谈到情绪消费的时候，都会提到一个特点：离开现实，或者说逃避现实。潮玩、谷子、游戏等等当下火热的消费，都是一种载体，让年轻人能够短暂从现实世界脱离，在虚拟世界或者兴趣社群里重新寄托情感。王宁曾经在2020年的一次对谈中，以Molly为例，解释他认为的潮玩魅力：“Molly之所以能成为大家喜爱的形象，背后的逻辑更像是100个人心中有100个哈姆雷特，它把自己的灵魂掏空，你可以把你的灵魂装进去。”他经常在面对媒体时，把泡泡玛特类比为唱片公司，他认为泡泡玛特是在将玩具作为载体，把艺术分发到大众渠道，提供陪伴价值。建立一个平台型的、系统性的，能把大量IP挖掘出来，把他们分发给适合受众的成熟方法论，是泡泡玛特最重要的任务。因此，我们就能理解泡泡玛特的新尝试。一个是，他们一直在挖掘和主流市场不同的潜力IP。王宁在《因为独特》里提到，“当别人都在找这种可爱的IP的时候，我们已经在找更有个性的IP了。”现当下，市场对于常见的“大眼萌娃”形象，不可谓不疲惫。KeyA，包括此前推出的“叛桃”，两者的形象更写实和成熟，都是试图在“可爱”这条路径以外的，新的风格尝试。这也是王宁认为公司发展到了一定规模以后的必要任务：引领市场。这个路线中最成功的案例，就是SKULLPANDA。如果仔细对比，会发现很多KeyA和SKULLPANDA在定位上的相似之处：SKULLPANDA的设计师熊喵，也同样是以自己为原型来进行人物设计，也同样偏好暗黑、科幻、先锋的风格。但以作者本人为灵感的SKULLPANDA，仍然是一种夸张化的形象表达。SP潮玩的灵魂张扬气质，大于对真人原型的联想。而这种独特气质、情绪才唤来了相似灵魂的用户。形象本身，应该成为用户沟通情绪的载体，而不是阻碍。这是泡泡玛特以往成功IP的共同点，也是KeyA陷入争议的一大原因。SKULLPANDA的设计师熊喵与初代系列而且，熊喵本人在进入潮玩领域前，就有接近10年的游戏设计背景、创过业，既能设计，又能下厂，早期涂装开发都是自己亲自盯。她是当下潮玩设计圈少有的擅长画画、会3D开发、懂工艺、熟识材料的年轻艺术家。这比KeyA设计师的履历更让大众信服。不过，也有业内人士对我们表示，看到KeyA这样的风格，以为会做成可动关节玩偶，要吸引以前没那么重点营销的男性市场，如果做成盲盒反而是产品部的失误。因为，男性受众尤其是玩传统模型的，很多就喜欢真人形象。这或许是泡泡玛特拓展男性受众的一次尝试。但显然，原有的受众群体对此表示，不接受。这和泡泡玛特此前费尽功夫才开拓成功的女性市场，形成错位。更重要的是，即使泡泡玛特在尝试多种风格，从今天回头看，泡泡玛特的IP角色，确实都很“轻”。它不需要宏大的叙事背景，而是通过明确的情绪氛围来吸引受众。并且，这些IP的产品风格，正在集体往更无害、更柔软的方向迭代。这不是一种批评，而是说，当下的消费者确实更偏好这样的风格。其中热度最高的Labubu、星星人、CryBaby，甚至SKULLPANDA，也都经历了类似的改造。比如Labubu，一开始的形象更瘦、更危险和张扬，诠释的就是森林里的小怪物；而经历过毛绒改造以后，属于“胖”了一圈，更柔软，更有亲近感。而最近的新“顶流”星星人，甚至还多了一些笨拙，在乐园里的形象也是以懵懂、臭屁，走路你还担心他下不了楼梯的感觉而出圈。不少人喜欢它的原因，就是它的“内向笨小孩”叙事。SKULLPANDA，在推出第四代的时候，还引起了一波争论。有粉丝指出，SKULLPANDA从“暗黑”“奶拽”转向“甜蜜”，风格大幅度转变丢掉了原本的特质，很多老粉不会买单。但是，以粉色为主色调的“温度”系列，还是重新吸引到了更多粉丝。一位消费者评论，“即使我以前不买潮玩，我也觉得这个系列非常好看”。这背后牵涉的，可能是泡泡玛特对自己品牌的定位问题。与之能形成对比的，是迪士尼对自己的电影的定位，毋庸置疑的合家欢电影。合家欢电影的定位，就是每一个走进电影院的人，都知道他们能够获得一个Happy Ending。泡泡玛特想不想要继续维护当下已经形成了的用户认知？这可能是下一阶段需要思考的问题。图片来源于网络，侵权请联系删除@The End","news_type":1,"symbols_score_info":{"PMRTY":1.98,"09992":1.98}},"isVote":1,"tweetType":1,"viewCount":21,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":512895447126432,"gmtCreate":1766245661164,"gmtModify":1766245663612,"author":{"id":"3440469524702880","authorId":"3440469524702880","name":"财通008","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3440469524702880","authorIdStr":"3440469524702880"},"themes":[],"title":"","htmlText":"那阿里 抖音 deep的大模型算什么","listText":"那阿里 抖音 deep的大模型算什么","text":"那阿里 抖音 deep的大模型算什么","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/512895447126432","repostId":"1107464094","repostType":4,"repost":{"id":"1107464094","kind":"news","pubTimestamp":1766221796,"share":"https://www.laohu8.com/m/news/1107464094?lang=zh_CN&edition=full","pubTime":"2025-12-20 17:09","market":"hk","language":"zh","title":"火线解析智谱AI招股书：年营收3亿增速130%，“中国版OpenAI”率先冲刺全球大模型第一股","url":"https://stock-news.laohu8.com/highlight/detail?id=1107464094","media":"量子位","summary":"2024年营收3.124亿元，增速130%，毛利率保持50%以上。“全球大模型第一股”，在港交所发起冲刺了。被视为“中国版OpenAI”的智谱AI，刚刚招股书对外公告，冲刺IPO。2025年上半年，公司收入为1.9亿元，超越了2023年的全年水平。据弗若斯特沙利文报告，以2024年的收入计，智谱是中国最大的独立大模型厂商。最后在现金层面，截至今年6月末，智谱的现金及现金等价物为25.2亿元。","content":"<html><head></head><body><blockquote><p>这家清华系公司成立6年融资8轮超83亿元，估值达243.8亿元。2024年营收3.124亿元，增速130%，毛利率保持50%以上。公司开发GLM系列大模型，拥有270万+开发者，服务全球1.2万家企业。研发团队占比74%，已发表500篇顶级论文。背靠美团、腾讯、红杉、高瓴等明星资本，成为中国最大独立大模型厂商。</p></blockquote><p style=\"text-align: left;\"><strong>“全球大模型第一股”</strong>，在港交所发起冲刺了。</p><p style=\"text-align: left;\">被视为“中国版OpenAI”的<strong>智谱AI</strong>，刚刚招股书对外公告，冲刺IPO。</p><p style=\"text-align: left;\">这支由清华顶尖团队孵化的科技公司，今年4月拿到IPO辅导备案的入场券，随后关于智谱IPO的风声未曾停歇，却没想到今年年底进度骤然拉满——</p><p style=\"text-align: left;\">智谱AI以秘密递表的形式，刚刚在港交所<strong>通过聆讯</strong>，即将敲钟。</p><p style=\"text-align: left;\">成立6年间，智谱AI融资8轮，累计筹资超83亿元，背后明星资本云集，最新估值已达243.8亿元。</p><h2 id=\"id_1423248962\" style=\"text-align: left;\">智谱AI是怎样一家公司？</h2><p style=\"text-align: left;\"><strong>智谱（Z.AI）</strong>，其实大家可能已经很熟了，中国最早开启LLM研发的公司，被视为“中国版OpenAI”，聚焦AGI的研发，以期“让机器像人一样思考”。</p><p style=\"text-align: left;\">公司的技术核心，围绕其自主开发的<strong>“GLM”系列模型</strong>展开，现在已经构建了从基础模型到应用产品的完整体系。</p><p style=\"text-align: left;\">在<strong>2024年中</strong>，智谱AI与OpenAI同期发布了AGI的<strong>L1-L5</strong>路径图：</p><ul style=\"\"><li><p style=\"text-align: left;\">预训练阶段：智谱要教会机器理解、书写并使用人类语言进行交流。</p></li><li><p style=\"text-align: left;\">对齐及推理阶段：将机器智能与人类意图对齐，并教会机器进行推理与规划。这包括提升安全性，减少幻觉，并实现语言智能与图片、视频、语音和行动的对齐。</p></li><li><p style=\"text-align: left;\">自主学习阶段：教会机器通过自我批评、自我反思及沉思，从而实现机器智能从自身的思维和行动中进行学习。</p></li><li><p style=\"text-align: left;\">自我认知阶段：在没有人类监督的情况下，机器通过观察自身行为及自我解读，逐步形成其自主的态度及情感。</p></li><li><p style=\"text-align: left;\">意识智能阶段：机器开始对自身的内部状态及外部环境产生感知，表现出类似于人类意识的特征——即使对人类而言，这一概念也依然复杂。</p></li></ul><p style=\"text-align: left;\">目前，智谱已开发出三个阶段的大模型及智能体，如中国首个千亿规模大模型GLM-130B（预训练阶段）、中国首个开源大型聊天模型ChatGLM（对齐及推理阶段）等等。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d437cb15558c9f998cb54d135573714a\" tg-width=\"913\" tg-height=\"603\"/></p><p style=\"text-align: left;\">具体到产品矩阵上：</p><p style=\"text-align: left;\">首先来看<strong>基座模型</strong>，这是开发各种专业模型的基础。</p><p style=\"text-align: left;\">智谱的“GLM”系列模型采用<strong>自回归填空架构</strong>，具备强大的通用理解与生成能力，支持文本、图像、语音、视频等多模态输入输出，在在鲁棒性、可控性和幻觉性方面效果突出。</p><p style=\"text-align: left;\">今年下半年，智谱推出了新一代旗舰模型GLM-4.5/4.6，首次实现在一个模型中原生融合推理、编码和智能体能力。</p><p style=\"text-align: left;\">据弗若斯特沙利文的资料：</p><p style=\"text-align: left;\">GLM-4.5一经发布，48小时内就跃居抱抱脸热门榜全球榜首；7月的12项业界标准基准测试中，GLM-4.5在全球排名第三、在中国拿下第一，在全球开源模型中居于首位。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1562290bc89f20ba22bb81319016c3e6\" tg-width=\"1024\" tg-height=\"713\"/></p><p style=\"text-align: left;\">而9月上线的GLM-4.6，主要强化了编码能力，发布即适配寒武纪、摩尔线程芯片。</p><p style=\"text-align: left;\">在大模型竞技场Code Arena上，GLM与Anthropic、OpenAI的模型并列Coding全球第一，超越了海外闭源模型谷歌Gemini和xai的Grok。</p><p style=\"text-align: left;\">针对大模型“推理效率低、成本高”的痛点，智谱AI研发了专用<strong>推理模型</strong>，通过模型压缩、量化等技术优化推理速度，降低部署成本。</p><p style=\"text-align: left;\">例如GLM-4-9B，模型开源后累计获超15万GitHub星标，全球下载超过3000万。</p><p style=\"text-align: left;\">接下来是智谱AI的<strong>多模态模型</strong>，如CogVLM、CogView、CogVideoX等，实现了文本、图像、视频、语音的跨模态理解与生成。</p><p style=\"text-align: left;\">最后，<strong>Agent</strong>是智谱今年的核心战略方向，AI开始从“对话”转向“行动”。</p><p style=\"text-align: left;\">其中，AutoGLM是全球首个可自主操作手机的智能体，用户不必手动操作，就能通过语音指令完成点餐、订票、查房、预约、撰写文稿、生成视频等跨应用任务。</p><p style=\"text-align: left;\">今年8月更新的AutoGLM 2.0，还支持接入AI眼镜、手表、家电等硬件，让硬件具备“手机级操作能力”，比如用Rokid智能眼镜点咖啡。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8d360da6ed5c3a988273a43faf5eec4a\" tg-width=\"1024\" tg-height=\"579\"/></p><p style=\"text-align: left;\">在商业化方面，智谱起步较早，从2021年就开始布局<strong>MaaS</strong>（即大模型API调用）的商业模式，和OpenAI、Anthropic的变现方式类似，智谱也是目前唯一一家实现MaaS有规模收入的创业公司。</p><p style=\"text-align: left;\">这种模式的优势是高度灵活且可扩展，交付“通用智能”而非“定制项目”，能更快、更低成本地去铺设到更多场景。</p><p style=\"text-align: left;\">目前，智谱MaaS开放平台上有<strong>270万+</strong>企业及应用开发者，是国内最活跃的大模型API平台之一。客户群体主要面向科技互联网和企业服务市场，目前中国前10大互联网公司中，有<strong>9家</strong>都在用智谱的GLM大模型。</p><p style=\"text-align: left;\">在全球大模型超市OpenRouter中，GLM-4.5/4.6调用量排在全球前10，付费流量收入已经超过所有国产模型之和。</p><p style=\"text-align: left;\">并且不仅仅是在国内收入高，GLM-4.5/4.6在海外也在赚钱，其面向全球开发者的模型业务（GLM coding plan），目前已经获得超过1亿元人民币的收入，3个月吸纳了超15万付费开发者用户。</p><p style=\"text-align: left;\">截止今年9月30日，智谱模型已经辐射到全球12000家企业客户、超8000万台终端用户设备，以及超4500万名开发者。</p><p style=\"text-align: left;\">今年11月，智谱的日均云端token调用量超过4.2万亿次，成为了中国赋能终端设备最多的独立通用大模型厂商。</p><p style=\"text-align: left;\">正是这样的商业模式和业务规模，让智谱在财务指标方面表现出了飞速增长。</p><h2 id=\"id_3013690507\" style=\"text-align: left;\">智谱AI关键财务指标</h2><p style=\"text-align: left;\">先看营收层面，2022年、2023年、2024年，智谱的营业收入分别为为5740万元、1.245亿元、3.124亿元，复合年增长率达到130%。</p><p style=\"text-align: left;\">2025年上半年，公司收入为1.9亿元，超越了2023年的全年水平。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/263c0a96067235478063a678483ce5d0\" tg-width=\"855\" tg-height=\"469\"/></p><p style=\"text-align: left;\">其中，AI大模型是智谱的核心产品，因此公司的主要来自于<strong>大模型收入</strong>。</p><p style=\"text-align: left;\">据弗若斯特沙利文报告，以2024年的收入计，智谱是中国最大的独立大模型厂商。</p><p style=\"text-align: left;\">再看利润层面，2022年~2024年，智谱毛利率为54.6%、64.6%、56.3%。</p><p style=\"text-align: left;\">今年上半年，公司毛利率为50%。近三年，智谱始终保持50%以上的高毛利率。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b56f546745411d19f5ddf061495dca0\" tg-width=\"809\" tg-height=\"454\"/></p><p style=\"text-align: left;\">在营业费用中，智谱的重心主要放在了<strong>研发</strong>上。</p><p style=\"text-align: left;\">2022年~2024年以及2025年上半年，公司研发费用分别为8440万元、5.289亿元、21.954亿元和15.947亿元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0713f92b5e7fbc151758bb718d3cb3a4\" tg-width=\"980\" tg-height=\"463\"/></p><p style=\"text-align: left;\">截至今年6月30日，公司的研发团队有657人，占公司总人数的74%。</p><p style=\"text-align: left;\">其核心科研团队和学术顾问团队已发表500篇顶尖高影响力论文，累计引用次数超过58000余次。</p><p style=\"text-align: left;\">最后在现金层面，截至今年6月末，智谱的现金及现金等价物为25.2亿元。</p><h2 id=\"id_4260918334\" style=\"text-align: left;\">清华班底带队，6年8轮融资83+亿</h2><p style=\"text-align: left;\">智谱AI成立于2019年，由<strong>清华大学</strong>技术成果转化而来，创始班底源自<strong>清华大学计算机系知识工程实验室（KEG）</strong>。</p><p style=\"text-align: left;\">这个实验室成立于1996年，是国内最早开展自然语言处理、知识图谱研究的实验室之一。</p><p style=\"text-align: left;\">CEO<strong>张鹏</strong>，是清华大学2018创新领军工程博士，毕业于清华大学计算机科学与技术系。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1e99296f619200f6688f9799d3b41bda\" tg-width=\"1024\" tg-height=\"654\"/></p><p style=\"text-align: left;\">他的职业生涯始于清华大学知识工程实验室（KEG），2002年硕士毕业后就加入实验室，2006年起主导研发科技情报平台AMiner——这个系统就是智谱AI的技术雏形。</p><p style=\"text-align: left;\">在智谱，张鹏负责公司整体运营与战略规划，主导了GLM系列大模型、ChatGLM对话模型等核心产品的研发与商业化。</p><p style=\"text-align: left;\">智谱的首席科学家<strong>唐杰</strong>，也是KEG实验室的核心人物。</p><p style=\"text-align: left;\">他的研究方向包括社会网络分析、数据挖掘、机器学习、知识图谱等。</p><p style=\"text-align: left;\">董事长<strong>刘德兵</strong>，中科院计算所博士，师从中国工程院院士、中国计算机领域权威专家高文。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/12406b3c0c39e4dd041ac30ab6f475a4\" tg-width=\"1024\" tg-height=\"724\"/></p><p style=\"text-align: left;\">他曾任清华数据科学研究院科技大数据研究中心副主任、Thomson北京研究院高级研究员、清华计算机系高级工程师。</p><p style=\"text-align: left;\">智谱AI总裁<strong>王绍兰</strong>，清华大学创新领军工程博士，曾任清华大学数据科学研究院科技大数据研究中心副主任，推动了智谱AI从“实验室”走向“市场”。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2eda9212f33c888b998cb80063b3f12\" tg-width=\"1024\" tg-height=\"675\"/></p><p style=\"text-align: left;\">智谱的核心团队成员，基本都来自清华大学计算机系知识工程实验室，长期从事大规模预训练模型、语义大数据分析、智能问答等领域的研究。</p><p style=\"text-align: left;\">有这样顶尖的技术天团做背书，智谱在资本市场可谓是一路绿灯。</p><p style=\"text-align: left;\">成立当年，公司就获得了4000万元的天使轮融资，投资方来自清华大学资管和中科创星。</p><p style=\"text-align: left;\">此后6年间，智谱已融资超<strong>8轮</strong>，累计融资超<strong>83亿元</strong>。</p><p style=\"text-align: left;\">背后的投资者更是明星资本云集，参与方既包括<strong>美团、蚂蚁、阿里、腾讯、小米、金山、Boss直聘、好未来</strong>等产业资本，又有<strong>君联、红杉、高瓴、启明创投、顺为</strong>等一线机构，同时还有不少<strong>地方政府国资</strong>来支持。</p><p style=\"text-align: left;\">截至IPO前，智谱的最新<strong>投后估值</strong>已达243.8亿元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/938e880538737be8d866ec18cc0c0fdc\" tg-width=\"1024\" tg-height=\"382\"/></p><p style=\"text-align: left;\">而这家公司之所以广受资本市场追捧，也不仅仅是因为班底和技术实力硬，还因为整个行业正走向空前火热。</p><p style=\"text-align: left;\">据弗若斯特沙利文资料，以收入计，2024年中国大语言模型市场规模已达到人民币53亿元；其中，机构客户贡献人民币47亿元，个人客户贡献人民币6亿元。</p><p style=\"text-align: left;\">而在LLM技术的不断进步，以及机构和个人需求增长的催化下，预计到2030年，中国LLM市场规模将增至人民币1011亿元，2024 年至2030年的复合年增长率为63.5%，并且仍由机构客户作为增长的核心动力。</p><p style=\"text-align: left;\">在这种背景下，企业级LLM市场的商业化路径日益逐渐清晰，并走向多元化格局。</p><p style=\"text-align: left;\">行业前景大有可为，而当下正是招兵买马的时刻。</p><p style=\"text-align: left;\">在这个节点上，OpenAI已经明确IPO计划，而“中国版OpenAI”，此时此刻，率先走向公众市场了。</p></body></html>","source":"lsy1569318700471","collect":0,"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>火线解析智谱AI招股书：年营收3亿增速130%，“中国版OpenAI”率先冲刺全球大模型第一股</title>\n<style 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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火线解析智谱AI招股书：年营收3亿增速130%，“中国版OpenAI”率先冲刺全球大模型第一股\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-20 17:09 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/TrDupKUJkEZIck0HqyZHTg><strong>量子位</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>这家清华系公司成立6年融资8轮超83亿元，估值达243.8亿元。2024年营收3.124亿元，增速130%，毛利率保持50%以上。公司开发GLM系列大模型，拥有270万+开发者，服务全球1.2万家企业。研发团队占比74%，已发表500篇顶级论文。背靠美团、腾讯、红杉、高瓴等明星资本，成为中国最大独立大模型厂商。“全球大模型第一股”，在港交所发起冲刺了。被视为“中国版OpenAI”的智谱AI，刚刚...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/TrDupKUJkEZIck0HqyZHTg\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d437cb15558c9f998cb54d135573714a","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/TrDupKUJkEZIck0HqyZHTg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107464094","content_text":"这家清华系公司成立6年融资8轮超83亿元，估值达243.8亿元。2024年营收3.124亿元，增速130%，毛利率保持50%以上。公司开发GLM系列大模型，拥有270万+开发者，服务全球1.2万家企业。研发团队占比74%，已发表500篇顶级论文。背靠美团、腾讯、红杉、高瓴等明星资本，成为中国最大独立大模型厂商。“全球大模型第一股”，在港交所发起冲刺了。被视为“中国版OpenAI”的智谱AI，刚刚招股书对外公告，冲刺IPO。这支由清华顶尖团队孵化的科技公司，今年4月拿到IPO辅导备案的入场券，随后关于智谱IPO的风声未曾停歇，却没想到今年年底进度骤然拉满——智谱AI以秘密递表的形式，刚刚在港交所通过聆讯，即将敲钟。成立6年间，智谱AI融资8轮，累计筹资超83亿元，背后明星资本云集，最新估值已达243.8亿元。智谱AI是怎样一家公司？智谱（Z.AI），其实大家可能已经很熟了，中国最早开启LLM研发的公司，被视为“中国版OpenAI”，聚焦AGI的研发，以期“让机器像人一样思考”。公司的技术核心，围绕其自主开发的“GLM”系列模型展开，现在已经构建了从基础模型到应用产品的完整体系。在2024年中，智谱AI与OpenAI同期发布了AGI的L1-L5路径图：预训练阶段：智谱要教会机器理解、书写并使用人类语言进行交流。对齐及推理阶段：将机器智能与人类意图对齐，并教会机器进行推理与规划。这包括提升安全性，减少幻觉，并实现语言智能与图片、视频、语音和行动的对齐。自主学习阶段：教会机器通过自我批评、自我反思及沉思，从而实现机器智能从自身的思维和行动中进行学习。自我认知阶段：在没有人类监督的情况下，机器通过观察自身行为及自我解读，逐步形成其自主的态度及情感。意识智能阶段：机器开始对自身的内部状态及外部环境产生感知，表现出类似于人类意识的特征——即使对人类而言，这一概念也依然复杂。目前，智谱已开发出三个阶段的大模型及智能体，如中国首个千亿规模大模型GLM-130B（预训练阶段）、中国首个开源大型聊天模型ChatGLM（对齐及推理阶段）等等。具体到产品矩阵上：首先来看基座模型，这是开发各种专业模型的基础。智谱的“GLM”系列模型采用自回归填空架构，具备强大的通用理解与生成能力，支持文本、图像、语音、视频等多模态输入输出，在在鲁棒性、可控性和幻觉性方面效果突出。今年下半年，智谱推出了新一代旗舰模型GLM-4.5/4.6，首次实现在一个模型中原生融合推理、编码和智能体能力。据弗若斯特沙利文的资料：GLM-4.5一经发布，48小时内就跃居抱抱脸热门榜全球榜首；7月的12项业界标准基准测试中，GLM-4.5在全球排名第三、在中国拿下第一，在全球开源模型中居于首位。而9月上线的GLM-4.6，主要强化了编码能力，发布即适配寒武纪、摩尔线程芯片。在大模型竞技场Code Arena上，GLM与Anthropic、OpenAI的模型并列Coding全球第一，超越了海外闭源模型谷歌Gemini和xai的Grok。针对大模型“推理效率低、成本高”的痛点，智谱AI研发了专用推理模型，通过模型压缩、量化等技术优化推理速度，降低部署成本。例如GLM-4-9B，模型开源后累计获超15万GitHub星标，全球下载超过3000万。接下来是智谱AI的多模态模型，如CogVLM、CogView、CogVideoX等，实现了文本、图像、视频、语音的跨模态理解与生成。最后，Agent是智谱今年的核心战略方向，AI开始从“对话”转向“行动”。其中，AutoGLM是全球首个可自主操作手机的智能体，用户不必手动操作，就能通过语音指令完成点餐、订票、查房、预约、撰写文稿、生成视频等跨应用任务。今年8月更新的AutoGLM 2.0，还支持接入AI眼镜、手表、家电等硬件，让硬件具备“手机级操作能力”，比如用Rokid智能眼镜点咖啡。在商业化方面，智谱起步较早，从2021年就开始布局MaaS（即大模型API调用）的商业模式，和OpenAI、Anthropic的变现方式类似，智谱也是目前唯一一家实现MaaS有规模收入的创业公司。这种模式的优势是高度灵活且可扩展，交付“通用智能”而非“定制项目”，能更快、更低成本地去铺设到更多场景。目前，智谱MaaS开放平台上有270万+企业及应用开发者，是国内最活跃的大模型API平台之一。客户群体主要面向科技互联网和企业服务市场，目前中国前10大互联网公司中，有9家都在用智谱的GLM大模型。在全球大模型超市OpenRouter中，GLM-4.5/4.6调用量排在全球前10，付费流量收入已经超过所有国产模型之和。并且不仅仅是在国内收入高，GLM-4.5/4.6在海外也在赚钱，其面向全球开发者的模型业务（GLM coding plan），目前已经获得超过1亿元人民币的收入，3个月吸纳了超15万付费开发者用户。截止今年9月30日，智谱模型已经辐射到全球12000家企业客户、超8000万台终端用户设备，以及超4500万名开发者。今年11月，智谱的日均云端token调用量超过4.2万亿次，成为了中国赋能终端设备最多的独立通用大模型厂商。正是这样的商业模式和业务规模，让智谱在财务指标方面表现出了飞速增长。智谱AI关键财务指标先看营收层面，2022年、2023年、2024年，智谱的营业收入分别为为5740万元、1.245亿元、3.124亿元，复合年增长率达到130%。2025年上半年，公司收入为1.9亿元，超越了2023年的全年水平。其中，AI大模型是智谱的核心产品，因此公司的主要来自于大模型收入。据弗若斯特沙利文报告，以2024年的收入计，智谱是中国最大的独立大模型厂商。再看利润层面，2022年~2024年，智谱毛利率为54.6%、64.6%、56.3%。今年上半年，公司毛利率为50%。近三年，智谱始终保持50%以上的高毛利率。在营业费用中，智谱的重心主要放在了研发上。2022年~2024年以及2025年上半年，公司研发费用分别为8440万元、5.289亿元、21.954亿元和15.947亿元。截至今年6月30日，公司的研发团队有657人，占公司总人数的74%。其核心科研团队和学术顾问团队已发表500篇顶尖高影响力论文，累计引用次数超过58000余次。最后在现金层面，截至今年6月末，智谱的现金及现金等价物为25.2亿元。清华班底带队，6年8轮融资83+亿智谱AI成立于2019年，由清华大学技术成果转化而来，创始班底源自清华大学计算机系知识工程实验室（KEG）。这个实验室成立于1996年，是国内最早开展自然语言处理、知识图谱研究的实验室之一。CEO张鹏，是清华大学2018创新领军工程博士，毕业于清华大学计算机科学与技术系。他的职业生涯始于清华大学知识工程实验室（KEG），2002年硕士毕业后就加入实验室，2006年起主导研发科技情报平台AMiner——这个系统就是智谱AI的技术雏形。在智谱，张鹏负责公司整体运营与战略规划，主导了GLM系列大模型、ChatGLM对话模型等核心产品的研发与商业化。智谱的首席科学家唐杰，也是KEG实验室的核心人物。他的研究方向包括社会网络分析、数据挖掘、机器学习、知识图谱等。董事长刘德兵，中科院计算所博士，师从中国工程院院士、中国计算机领域权威专家高文。他曾任清华数据科学研究院科技大数据研究中心副主任、Thomson北京研究院高级研究员、清华计算机系高级工程师。智谱AI总裁王绍兰，清华大学创新领军工程博士，曾任清华大学数据科学研究院科技大数据研究中心副主任，推动了智谱AI从“实验室”走向“市场”。智谱的核心团队成员，基本都来自清华大学计算机系知识工程实验室，长期从事大规模预训练模型、语义大数据分析、智能问答等领域的研究。有这样顶尖的技术天团做背书，智谱在资本市场可谓是一路绿灯。成立当年，公司就获得了4000万元的天使轮融资，投资方来自清华大学资管和中科创星。此后6年间，智谱已融资超8轮，累计融资超83亿元。背后的投资者更是明星资本云集，参与方既包括美团、蚂蚁、阿里、腾讯、小米、金山、Boss直聘、好未来等产业资本，又有君联、红杉、高瓴、启明创投、顺为等一线机构，同时还有不少地方政府国资来支持。截至IPO前，智谱的最新投后估值已达243.8亿元。而这家公司之所以广受资本市场追捧，也不仅仅是因为班底和技术实力硬，还因为整个行业正走向空前火热。据弗若斯特沙利文资料，以收入计，2024年中国大语言模型市场规模已达到人民币53亿元；其中，机构客户贡献人民币47亿元，个人客户贡献人民币6亿元。而在LLM技术的不断进步，以及机构和个人需求增长的催化下，预计到2030年，中国LLM市场规模将增至人民币1011亿元，2024 年至2030年的复合年增长率为63.5%，并且仍由机构客户作为增长的核心动力。在这种背景下，企业级LLM市场的商业化路径日益逐渐清晰，并走向多元化格局。行业前景大有可为，而当下正是招兵买马的时刻。在这个节点上，OpenAI已经明确IPO计划，而“中国版OpenAI”，此时此刻，率先走向公众市场了。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}