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Margin of Safety

Margin of Safety

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1

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Margin of Safety

02-01

库克赶紧退休吧

AI核心人才持续流失，苹果再失4名研究员与一名Siri高管

Margin of Safety

01-28

没错上台后股价和市值的确几何指数级增长但都得益于乔布斯布局的苹果生态系统和架构库克是守江山的好手但最近十年库克对未来科技技术与发展趋势的短板被不断放大：错失电动车、押注VR；错失AI、押注自己AI人才…… 如果再任职十年，Apple的优势将消失殆尽……现在的阶段也就是功过相抵甚至是过大于功的状态 Apple董事会需要尽快作出决定！

知名投资者呼吁苹果CEO库克下台，称其多年来在AI领域一事无成

Margin of Safety

2025-11-14

顶起来

京东你在怕什么？Q3的157亿亏损，烧出了什么？大摩35页报告揭秘“凛冬”真相

Margin of Safety

2025-10-03

苹果深度用户瞅都不会瞅一眼小米！

17对17，小米要将苹果“斩于马下”？

Margin of Safety

2025-09-10

牛逼可以持续看涨2年

抱歉，原内容已删除

Margin of Safety

2023-12-12

余大嘴 Low货

小米：余承东先生无端针对我司龙骨转轴技术发布不实言论

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style=\"text-align: justify;\">其中，媒体称王子瑞将加入Google DeepMind。该团队目前正协助苹果打造核心AI模型，用于驱动新功能。其中包括支撑今年即将推出的升级版Siri语音助手的底层技术。</p><p style=\"text-align: justify;\">此外，另一项此前未被报道的消息是，苹果高管Stuart Bowers也已跳槽至谷歌DeepMind。他曾是苹果内部负责Siri的最高级别主管之一。</p><p style=\"text-align: justify;\">在加入Siri团队之前，Bowers曾是苹果自动驾驶汽车项目的核心领导人物之一。该项目最终以失败告终。随后，他转而负责推动Siri业务的改革。去年，他的职责进一步扩大，专注于提升Siri判断如何回应用户的问题。在这一岗位上，他向新任Siri负责人Mike Rockwell汇报。</p><h2 id=\"id_2825521273\">AI团队持续动荡</h2><p style=\"text-align: justify;\">媒体报道，苹果在AI领域面临的挑战，已经成为今年股价下跌的重要原因之一——尽管公司的销售额仍在不断刷新纪录。苹果周四公布了亮眼的财报，其中iPhone销售额超过850亿美元。不过，缺乏具有吸引力的AI突破，以及持续流失的顶尖人才，依然是悬在公司头上的一大隐忧，令其扭转局面的努力更加复杂。</p><p style=\"text-align: justify;\">这些人才流失发生在苹果去年对AI业务进行重大重组之后。首席执行官库克（Tim Cook）解除了长期负责AI业务的John Giannandrea的职务，将相关责任交给了软件负责人Craig Federighi。苹果还聘请了前谷歌和微软AI高管Amar Subramanya，负责管理AI组织的部分业务。</p><p style=\"text-align: justify;\">近期离职的员工主要来自苹果的基础模型团队（Foundation Models，简称AFM）。该团队负责开发Apple Intelligence平台背后的核心技术。由于新版Siri多次延期，以及现有AI功能反响平平，这个团队正面临越来越严格的审视。去年夏天，AFM团队的前负责人庞若鸣（Ruoming Pang）已跳槽至Meta。目前，该团队由AI研究员陈智峰（Zhifeng Chen）负责管理。</p><p style=\"text-align: justify;\">截至去年年底，AFM团队仍由前谷歌高管Daphne Luong监管。她与Giannandrea一同被边缘化，目前仍留在苹果，向Giannandrea汇报，但已不再承担具体管理职责。如今，陈智峰以及苹果的AI研究与测试团队，均向Subramanya汇报。</p><h2 id=\"id_1795332613\">新版本AI都由谷歌开发</h2><p style=\"text-align: justify;\">苹果正在为Siri准备两个新版本。其中一个是短期内推出的更新版本，能够调用用户的个人数据来回答问题。另一个则是计划于今年晚些时候推出的更大规模升级，核心是类似聊天机器人的交互界面。</p><p style=\"text-align: justify;\">这两个版本都将基于全新的架构运行，而相关模型由谷歌团队开发。过去六个月里，苹果已经流失了十多名AI研究人员，其中相当一部分离职，源于公司将部分技术外包的决定。</p><p style=\"text-align: justify;\">在周四的电话会议上，当分析师问及苹果为何选择使用谷歌技术时，库克表示，谷歌可以为苹果的AI模型提供“最有能力的基础”。</p><p style=\"text-align: justify;\">他在财报发布后的分析师电话会议上表示：</p><blockquote><p style=\"text-align: justify;\">“我们相信，通过这项合作，我们能够解锁大量全新的体验，并在关键领域实现创新。”</p></blockquote><p style=\"text-align: justify;\">目前，苹果仍在其设备端的Apple Intelligence功能中使用自研模型。分析认为，鉴于AI竞争的激烈程度以及打造差异化体验的需求，苹果也不太可能长期依赖外部合作伙伴。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" 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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\">\nAI核心人才持续流失，苹果再失4名研究员与一名Siri高管\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-31 05:33 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3764628><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>媒体报道，苹果近几周再度出现AI核心人才流失，至少四名研究人员及一名负责Siri的高级主管相继离职，去向包括Meta与谷歌DeepMind。分析认为，频繁的人事变动凸显苹果AI团队持续动荡，亦加剧市场对其AI战略前景的担忧。媒体报道，苹果公司近几周又流失了至少四名华裔人工智能研究人员，此前公司已经失去了一名负责Siri的高级主管。这些离职员工已转投包括Meta和谷歌DeepMind在内的竞争对手。...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3764628\">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/c8bf4565bc4c9ea6e0ff587a10365663","relate_stocks":{"LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4574":"无人驾驶","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","BK4573":"虚拟现实","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","BK4581":"高盛持仓","BK4532":"文艺复兴科技持仓","LU1868837136.USD":"CT (LUX) 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INC","BK4579":"人工智能"},"source_url":"https://wallstreetcn.com/articles/3764628","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2607021086","content_text":"媒体报道，苹果近几周再度出现AI核心人才流失，至少四名研究人员及一名负责Siri的高级主管相继离职，去向包括Meta与谷歌DeepMind。分析认为，频繁的人事变动凸显苹果AI团队持续动荡，亦加剧市场对其AI战略前景的担忧。媒体报道，苹果公司近几周又流失了至少四名华裔人工智能研究人员，此前公司已经失去了一名负责Siri的高级主管。这些离职员工已转投包括Meta和谷歌DeepMind在内的竞争对手。据报道，最新离职的人员包括杨寅飞（Yinfei Yang）、有昊轩（Haoxuan You）、Bailin Wang和王子瑞（Zirui Wang）。知情人士对媒体称，杨寅飞已离职创办新公司，而有昊轩和Bailin Wang则加入了Meta。消息人士对媒体表示，有昊轩加入了Meta的“超级智能”（Superintelligence）研究部门，而Bailin Wang则从事Meta的推荐系统相关工作。分析认为，这些人事变动凸显了苹果AI部门持续存在的动荡。苹果在人工智能竞赛中一直难以跟上同行步伐，而公司决定将部分技术外包给谷歌，也引发了内部员工的不满。过去几个月里，苹果经历了一波人才流失，尤其集中在AI团队。其中，媒体称王子瑞将加入Google DeepMind。该团队目前正协助苹果打造核心AI模型，用于驱动新功能。其中包括支撑今年即将推出的升级版Siri语音助手的底层技术。此外，另一项此前未被报道的消息是，苹果高管Stuart Bowers也已跳槽至谷歌DeepMind。他曾是苹果内部负责Siri的最高级别主管之一。在加入Siri团队之前，Bowers曾是苹果自动驾驶汽车项目的核心领导人物之一。该项目最终以失败告终。随后，他转而负责推动Siri业务的改革。去年，他的职责进一步扩大，专注于提升Siri判断如何回应用户的问题。在这一岗位上，他向新任Siri负责人Mike Rockwell汇报。AI团队持续动荡媒体报道，苹果在AI领域面临的挑战，已经成为今年股价下跌的重要原因之一——尽管公司的销售额仍在不断刷新纪录。苹果周四公布了亮眼的财报，其中iPhone销售额超过850亿美元。不过，缺乏具有吸引力的AI突破，以及持续流失的顶尖人才，依然是悬在公司头上的一大隐忧，令其扭转局面的努力更加复杂。这些人才流失发生在苹果去年对AI业务进行重大重组之后。首席执行官库克（Tim Cook）解除了长期负责AI业务的John Giannandrea的职务，将相关责任交给了软件负责人Craig Federighi。苹果还聘请了前谷歌和微软AI高管Amar Subramanya，负责管理AI组织的部分业务。近期离职的员工主要来自苹果的基础模型团队（Foundation Models，简称AFM）。该团队负责开发Apple Intelligence平台背后的核心技术。由于新版Siri多次延期，以及现有AI功能反响平平，这个团队正面临越来越严格的审视。去年夏天，AFM团队的前负责人庞若鸣（Ruoming Pang）已跳槽至Meta。目前，该团队由AI研究员陈智峰（Zhifeng Chen）负责管理。截至去年年底，AFM团队仍由前谷歌高管Daphne Luong监管。她与Giannandrea一同被边缘化，目前仍留在苹果，向Giannandrea汇报，但已不再承担具体管理职责。如今，陈智峰以及苹果的AI研究与测试团队，均向Subramanya汇报。新版本AI都由谷歌开发苹果正在为Siri准备两个新版本。其中一个是短期内推出的更新版本，能够调用用户的个人数据来回答问题。另一个则是计划于今年晚些时候推出的更大规模升级，核心是类似聊天机器人的交互界面。这两个版本都将基于全新的架构运行，而相关模型由谷歌团队开发。过去六个月里，苹果已经流失了十多名AI研究人员，其中相当一部分离职，源于公司将部分技术外包的决定。在周四的电话会议上，当分析师问及苹果为何选择使用谷歌技术时，库克表示，谷歌可以为苹果的AI模型提供“最有能力的基础”。他在财报发布后的分析师电话会议上表示：“我们相信，通过这项合作，我们能够解锁大量全新的体验，并在关键领域实现创新。”目前，苹果仍在其设备端的Apple Intelligence功能中使用自研模型。分析认为，鉴于AI竞争的激烈程度以及打造差异化体验的需求，苹果也不太可能长期依赖外部合作伙伴。","news_type":1,"symbols_score_info":{"AAPD":0.6,"APLY":0.6,"AAPL":1.96,"AAPU":0.6,"MACW.SI":0.6,"AAPW":0.6,"AAPY":0.6,"AAPB":0.6,"AAPX":0.6}},"isVote":1,"tweetType":1,"viewCount":176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":526889859862784,"gmtCreate":1769613176520,"gmtModify":1769613179974,"author":{"id":"3464082344881626","authorId":"3464082344881626","name":"Margin of Safety","avatar":"https://static.tigerbbs.com/0fd50b0e7f08bff19f1ea0595b278227","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3464082344881626","idStr":"3464082344881626"},"themes":[],"title":"","htmlText":"没错 上台后股价和市值的确几何指数级增长 但都得益于乔布斯布局的苹果生态系统和架构 库克是守江山的好手 但最近十年 库克对未来科技技术与发展趋势的短板被不断放大：错失电动车、押注VR；错失AI、押注自己AI人才…… 如果再任职十年，Apple的优势将消失殆尽……现在的阶段也就是功过相抵 甚至是过大于功的状态 Apple董事会需要尽快作出决定！","listText":"没错 上台后股价和市值的确几何指数级增长 但都得益于乔布斯布局的苹果生态系统和架构 库克是守江山的好手 但最近十年 库克对未来科技技术与发展趋势的短板被不断放大：错失电动车、押注VR；错失AI、押注自己AI人才…… 如果再任职十年，Apple的优势将消失殆尽……现在的阶段也就是功过相抵 甚至是过大于功的状态 Apple董事会需要尽快作出决定！","text":"没错 上台后股价和市值的确几何指数级增长 但都得益于乔布斯布局的苹果生态系统和架构 库克是守江山的好手 但最近十年 库克对未来科技技术与发展趋势的短板被不断放大：错失电动车、押注VR；错失AI、押注自己AI人才…… 如果再任职十年，Apple的优势将消失殆尽……现在的阶段也就是功过相抵 甚至是过大于功的状态 Apple董事会需要尽快作出决定！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/526889859862784","repostId":"2606769122","repostType":2,"repost":{"id":"2606769122","kind":"news","pubTimestamp":1769574660,"share":"https://www.laohu8.com/m/news/2606769122?lang=zh_CN&edition=full","pubTime":"2026-01-28 12:31","market":"other","language":"zh","title":"知名投资者呼吁苹果CEO库克下台，称其多年来在AI领域一事无成","url":"https://stock-news.laohu8.com/highlight/detail?id=2606769122","media":"环球市场播报","summary":"当地时间周二，苹果公司CEO蒂姆·库克再次因公司的人工智能战略而受到批评。　　知名投资者、格伯川崎财富管理公司联合创始人兼CEO罗斯·格伯在社交平台X上发表评论，并对苹果公司的领导层提出了批评。他补充说，苹果“完全错过了AI领域的机会”，现在“需要谷歌才能生存”。　　韦德布什证券公司的分析师丹·艾夫斯最近重申了他对苹果的看涨观点，称 2026 年是关键的一年，并为该股设定了 350 美元的目标价。","content":"<html><body><div>\n<p>　　当地时间周二，<span><a href=\"https://laohu8.com/S/AAPL\">苹果</a></span><span></span>公司CEO蒂姆·库克再次因公司的人工智能战略而受到批评。</p>\n<p>　　知名投资者、格伯川崎财富管理公司联合创始人兼CEO罗斯·格伯在社交平台X上发表评论，并对苹果公司的领导层提出了批评。他指出，这家科技巨头在人工智能竞赛中已经落后了。</p>\n<p>　　格伯写道：“是时候让蒂姆从苹果辞职了。他已经很多年没有真正做过任何事情了。”他补充说，苹果“完全错过了AI领域的机会”，现在“需要<span><a href=\"https://laohu8.com/S/GOOG\">谷歌</a></span><span></span>才能生存”。</p>\n<p>　　“没有任何借口。蒂姆·库克需要离开，”他写道。</p>\n<p>　　格伯这番言论呼应了一些苹果投资者日益增长的挫败感，他们认为，随着<span><a href=\"https://laohu8.com/S/MSFT\">微软</a></span><span></span>、Alphabet和 <a href=\"https://laohu8.com/S/META\">Meta</a> 等竞争对手的积极行动，苹果在生成式人工智能创新方面落后于竞争对手。</p>\n<p>　　苹果本月早些时候宣布与<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>建立多年合作伙伴关系，为即将推出的AI功能提供支持，包括未来版本的 Siri。</p>\n<p>　　根据协议，苹果将依靠谷歌的 Gemini 模型和云基础设施来支持其苹果基础模型。</p>\n<p>　　当时，深水资产管理公司的执行合伙人吉恩·蒙斯特（Gene Munster）对此举持积极态度。 “干得好，蒂姆·库克。”</p>\n<p>　　蒙斯特还表示，苹果从 OpenAI 的 ChatGPT 转向 Google Gemini，标志着该公司将更加认真地努力修复苹果智能。</p>\n<p>　　库克自 2011 年 8 月以来一直领导苹果公司，今年已经 65 岁，这引发了人们对他最终离职的猜测。</p>\n<p>　　2025 年的一篇报道暗示，库克最早可能在 2026 年辞职，而知名科技记者马克·古尔曼则表示，库克可能至少会留任到 2026 年中期。</p>\n<p>　　今年1 月的一篇报道将苹果硬件工程高级副总裁 John Ternus 列为下一任CEO的主要内部候选人。</p>\n<p>　　韦德布什证券公司的分析师丹·艾夫斯最近重申了他对苹果的看涨观点，称 2026 年是关键的一年，并为该股设定了 350 美元的目标价。</p>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读，尽在新浪财经APP</div>\n</div>\n<p>责任编辑：于健 SF069</p>\n</div></body></html>","source":"sina","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>知名投资者呼吁苹果CEO库克下台，称其多年来在AI领域一事无成</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知名投资者呼吁苹果CEO库克下台，称其多年来在AI领域一事无成\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-28 12:31 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/stock/usstock/c/2026-01-28/doc-inhivrsz7549780.shtml><strong>环球市场播报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>当地时间周二，苹果公司CEO蒂姆·库克再次因公司的人工智能战略而受到批评。\n　　知名投资者、格伯川崎财富管理公司联合创始人兼CEO罗斯·格伯在社交平台X上发表评论，并对苹果公司的领导层提出了批评。他指出，这家科技巨头在人工智能竞赛中已经落后了。\n　　格伯写道：“是时候让蒂姆从苹果辞职了。他已经很多年没有真正做过任何事情了。”他补充说，苹果“完全错过了AI领域的机会”，现在“需要谷歌才能生存”。\n　...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/usstock/c/2026-01-28/doc-inhivrsz7549780.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE 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INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2026-01-28/doc-inhivrsz7549780.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2606769122","content_text":"当地时间周二，苹果公司CEO蒂姆·库克再次因公司的人工智能战略而受到批评。\n　　知名投资者、格伯川崎财富管理公司联合创始人兼CEO罗斯·格伯在社交平台X上发表评论，并对苹果公司的领导层提出了批评。他指出，这家科技巨头在人工智能竞赛中已经落后了。\n　　格伯写道：“是时候让蒂姆从苹果辞职了。他已经很多年没有真正做过任何事情了。”他补充说，苹果“完全错过了AI领域的机会”，现在“需要谷歌才能生存”。\n　　“没有任何借口。蒂姆·库克需要离开，”他写道。\n　　格伯这番言论呼应了一些苹果投资者日益增长的挫败感，他们认为，随着微软、Alphabet和 Meta 等竞争对手的积极行动，苹果在生成式人工智能创新方面落后于竞争对手。\n　　苹果本月早些时候宣布与谷歌建立多年合作伙伴关系，为即将推出的AI功能提供支持，包括未来版本的 Siri。\n　　根据协议，苹果将依靠谷歌的 Gemini 模型和云基础设施来支持其苹果基础模型。\n　　当时，深水资产管理公司的执行合伙人吉恩·蒙斯特（Gene Munster）对此举持积极态度。 “干得好，蒂姆·库克。”\n　　蒙斯特还表示，苹果从 OpenAI 的 ChatGPT 转向 Google Gemini，标志着该公司将更加认真地努力修复苹果智能。\n　　库克自 2011 年 8 月以来一直领导苹果公司，今年已经 65 岁，这引发了人们对他最终离职的猜测。\n　　2025 年的一篇报道暗示，库克最早可能在 2026 年辞职，而知名科技记者马克·古尔曼则表示，库克可能至少会留任到 2026 年中期。\n　　今年1 月的一篇报道将苹果硬件工程高级副总裁 John Ternus 列为下一任CEO的主要内部候选人。\n　　韦德布什证券公司的分析师丹·艾夫斯最近重申了他对苹果的看涨观点，称 2026 年是关键的一年，并为该股设定了 350 美元的目标价。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：于健 SF069","news_type":1,"symbols_score_info":{"MACW.SI":0.6,"AAPL":1.97}},"isVote":1,"tweetType":1,"viewCount":718,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":500083197756104,"gmtCreate":1763131252394,"gmtModify":1763131254606,"author":{"id":"3464082344881626","authorId":"3464082344881626","name":"Margin of Safety","avatar":"https://static.tigerbbs.com/0fd50b0e7f08bff19f1ea0595b278227","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3464082344881626","idStr":"3464082344881626"},"themes":[],"title":"","htmlText":"顶起来","listText":"顶起来","text":"顶起来","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/500083197756104","repostId":"2583957035","repostType":2,"repost":{"id":"2583957035","kind":"news","pubTimestamp":1763113790,"share":"https://www.laohu8.com/m/news/2583957035?lang=zh_CN&edition=full","pubTime":"2025-11-14 17:49","market":"us","language":"zh","title":"京东你在怕什么？Q3的157亿亏损，烧出了什么？大摩35页报告揭秘“凛冬”真相","url":"https://stock-news.laohu8.com/highlight/detail?id=2583957035","media":"锐艺商业","summary":"京东2025年的第三季度财报显示，公司收入同比增长14.9%至2991亿元，创下近几个季度增速新高。第三季度归属于普通股股东的净利润为53亿元，与去年同期的117亿元相比几乎腰斩。这种高度依赖已成为京东的双刃剑。在国补政策实施前的2024年二季度，京东电子产品及家电收入曾出现5%的下滑。报告显示，京东在即时零售市场的商户端份额已从二季度的11%下滑至三季度末的8%。","content":"<html><body><article><p><strong>我之前的文章《</strong>大摩：<a href=\"https://laohu8.com/S/JD\">京东</a>的“凛冬”与340亿亏损黑洞》被京东投诉，尽管被微信团队否了，但为了不惹事端我还是把它隐藏了！</p><p>如今Q3的业绩报告也出来了，业绩说明会也开了，可以站在更公正的立场来谈了，京东应该不会再投诉了吧？</p><p>京东2025年的第三季度财报显示，公司收入同比增长14.9%至2991亿元，创下近几个季度增速新高。然而在这光鲜背后，是<span>净利润</span>同比下滑54.7%的尴尬。</p><p>更引发市场担忧的是，包括外卖在内的新业务亏损高达157亿元，相当于每天亏损超过1.7亿元。</p><p>而被市场广泛关注，引发这波投诉潮的“罪魁祸首”，就是<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>发布题为《京东，凛冬将至》的35页报告，将京东评级从“平配”下调至“减配”，并直言京东是未来12个月内处境最差的电商股。</p><p><strong>01 .</strong></p><p><strong>业绩的两面性：用户增长与利润下滑</strong></p><p>京东第三季度营收达到2991亿元，同比增长14.9%，连续四个季度收入增幅保持在10%以上。在存量竞争为主的电商市场中，这一增速展现了京东的增长韧性。</p><p>用户增长成为本季度最大亮点。<strong>年度活跃用户数在10月份突破7亿大关</strong>，季度活跃用户数同比增长超过40%，用户购物频次也增长40%以上。</p><p>然而，利润端却呈现另一番景象。第三季度归属于普通股股东的净利润为53亿元，与去年同期的117亿元相比几乎腰斩。营销开支同比翻番，从去年同期的100亿元增加110.5%至211亿元，营销费用率从3.8%跃升至7.0%。</p><p>作为集团“压舱石”的京东零售业务保持稳健，第三季度经营利润为148亿元，利润率达到5.9%，较去年同期提升0.7个百分点。</p><p>但新业务经营亏损高达157.36亿元，亏损率高达100.9%。</p><p><strong>02 .</strong></p><p><strong>国补依赖症：政策红利消退的挑战</strong></p><p>大摩报告尖锐指出，京东独特的自营家电及电子产品属性，使其成为本轮国补政策的<strong>最大受益者</strong>。调研数据显示，58%的国补参与者选择京东作为使用补贴的首选平台，远高于淘天（49%）和<a href=\"https://laohu8.com/S/PDD\">拼多多</a>（17%）。</p><p>这种高度依赖已成为京东的双刃剑。自2025年8月起，国补政策开始退坡，多地政策出现明显收紧迹象。江苏、四川等地实行“配额制”，每日或每周限量发放补贴名额；上海、安徽等地则实行更为严格的“抽签制”。</p><p>更严峻的是“消费透支”现象。调研数据显示，<strong>70%的国补参与者将未来1-6个月的消费计划提前</strong>，13%的人甚至提前了半年以上。 在国补政策实施前的2024年二季度，京东电子产品及家电收入曾出现5%的下滑。</p><p>随着国补力度加大，2025年二季度该板块增速一度飙升至23%。</p><p>大摩预测，随着国补退坡和消费透支效应显现，京东未来的收入增速将迅速回落至个位数。</p><p><strong>03 .</strong></p><p><strong>外卖困局：规模扩张与亏损收窄的悖论</strong></p><p>京东外卖业务呈现出矛盾的发展态势。一方面，据京东管理层透露，外卖业务已实现“环比投入收窄”，这主要得益于运营效率提升和“在行业竞争中保持理性”。</p><p>京东CEO许冉在业绩会上表示：“外卖GMV环比取得双位数的增长。在单量增长的同时，订单结构也变得更加健康，正餐的订单占比持续提升”。</p><p>然而，大摩数据却描绘了另一幅图景。报告显示，<strong>京东在即时零售市场的商户端份额已从二季度的11%下滑至三季度末的8%</strong>。</p><p>面对<a href=\"https://laohu8.com/S/BABA\">阿里</a>和<a href=\"https://laohu8.com/S/MPNGY\">美团</a>分别350-400亿元和180-190亿元的三季度投入规模，京东显得力不从心。</p><p>更令人担忧的是单位经济模型。大摩估计，京东外卖每单亏损约9元，2025年总亏损可能达到340亿元。 这种“流血换增长”的模式可持续性令人质疑。</p><p>京东旗下外卖品牌七鲜小厨的商业模式也存在逻辑矛盾。其采用“外卖配送+门店自提”模式，却不提供堂食，这与京东自身规定的“只允许具备堂食能力的餐厅入驻”相悖。</p><p><strong>04 .</strong></p><p><strong>协同效应：外卖与核心零售的互动真相</strong></p><p>京东进军外卖的初衷之一，是希望通过高频业务带动低频的电商业务，为平台注入新增流量。据京东高管透露，<strong>最早一批外卖用户向其他业务的转化率已接近50%</strong>。</p><p>许冉在业绩会上强调，外卖业务最终将是一个可以独立生存的业务，同时会深植于整个京东的业务生态，包括用户端、供给端和履约端。</p><p>然而，不同品类商品的增长情况呈现出明显差异。2025年第三季度，京东日用百货类商品收入同比增长18.8%，而电子产品及家用电器商品收入增速仅为4.9%。</p><p>这表明，外卖业务对日百品类的带动作用更为明显。</p><p>但大摩报告指出，<strong>58%的消费者是因为国补才选京东</strong>，而不是被京东的服务和体验所吸引。 一旦补贴政策退出，京东能否保持用户忠诚度存在疑问。</p><p><strong>05 .</strong></p><p><strong>大摩看空：市场为何如此重视这份报告</strong></p><p>大摩报告在京东财报发布前的静默期发布，长达35页，这种操作在大型券商中实属罕见。市场对这份报告重视程度之高，源于其指出了京东面临的系统性危机，而非短期业绩波动。</p><p>大摩并非全盘否定京东的价值，而是对其战略执行能力和资本配置效率提出质疑。报告总结了京东面临的“三重困境”：国家补贴红利的消退、即时零售业务的红海竞争以及过往新业务屡战屡败的增长困境。</p><p><strong>京东过去五年在新业务拓展上屡战屡败</strong>，从社区团购、京喜APP到直播电商，均遵循“高调启动+巨额补贴+KPI狂奔”的模式，经历短暂爆发后迅速边缘化。</p><p>大摩认为，这反映出京东在资本配置和新业务孵化上的短板。</p><p><strong>06 .</strong></p><p><strong>战略迷失：京东的核心问题何在</strong></p><p>京东最大的问题可能在于“为创新而创新”的怪圈。看到别人做外卖，它就冲；别人搞社区团购，它就跟；别人押注AI，它也喊；别人造汽车，它也造！</p><p>这种“打一枪换一个地方”的打法，不仅浪费资源，更透支品牌信誉。</p><p>京东患上了“大公司病”：以为有钱就能复制成功，以为流量就能碾压对手。 然而，<strong>社区团购需要地推铁军，直播电商需要内容基因，即时零售需要线下商户的深度绑定</strong>，这些都不是单靠资本和流量能解决的。</p><p>京东似乎迷失在“规模幻觉”中，忽略了电商的本质是效率、体验与信任的长期积累。当年靠自建物流赢得口碑，如今却在即时配送上难以追赶竞争对手的配送速度。</p><p>当年靠正品保障建立壁垒，如今在低价混战中模糊了自身定位。</p><p>07.</p><p>写在最后</p><p>面对质疑，京东CEO许冉强调，外卖业务是长期战略，最终目标是使其成为可以独立生存的业务。随着国补政策退潮，<strong>京东零售业务将迎来真正的考验</strong>。</p><p>京东仓库里的货品周转天数已接近36天，为近年新高。当“快”不再是京东的独家优势，当“正品”不再是京东的独占标签，京东需要重新思考自己的立身之本。</p><p>大摩报告最后写道：“凛冬已至，冰河期还有多远？” 这个问题的答案，取决于京东能否找回那个以物流快、正品保障、服务靠谱立身的自己。</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>京东你在怕什么？Q3的157亿亏损，烧出了什么？大摩35页报告揭秘“凛冬”真相</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京东你在怕什么？Q3的157亿亏损，烧出了什么？大摩35页报告揭秘“凛冬”真相\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-14 17:49 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251114191923a6f96906&s=b><strong>锐艺商业</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>我之前的文章《大摩：京东的“凛冬”与340亿亏损黑洞》被京东投诉，尽管被微信团队否了，但为了不惹事端我还是把它隐藏了！如今Q3的业绩报告也出来了，业绩说明会也开了，可以站在更公正的立场来谈了，京东应该不会再投诉了吧？京东2025年的第三季度财报显示，公司收入同比增长14.9%至2991亿元，创下近几个季度增速新高。然而在这光鲜背后，是净利润同比下滑54.7%的尴尬。更引发市场担忧的是，包括外卖在内...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251114191923a6f96906&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":{"BK4534":"瑞士信贷持仓","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU0882574139.USD":"富达环球消费行业基金A ACC","BK4503":"景林资产持仓","BK4127":"投资银行业与经纪业","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU1668664300.SGD":"Blackrock World Financials A2 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A","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251114191923a6f96906&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2583957035","content_text":"我之前的文章《大摩：京东的“凛冬”与340亿亏损黑洞》被京东投诉，尽管被微信团队否了，但为了不惹事端我还是把它隐藏了！如今Q3的业绩报告也出来了，业绩说明会也开了，可以站在更公正的立场来谈了，京东应该不会再投诉了吧？京东2025年的第三季度财报显示，公司收入同比增长14.9%至2991亿元，创下近几个季度增速新高。然而在这光鲜背后，是净利润同比下滑54.7%的尴尬。更引发市场担忧的是，包括外卖在内的新业务亏损高达157亿元，相当于每天亏损超过1.7亿元。而被市场广泛关注，引发这波投诉潮的“罪魁祸首”，就是摩根士丹利发布题为《京东，凛冬将至》的35页报告，将京东评级从“平配”下调至“减配”，并直言京东是未来12个月内处境最差的电商股。01 .业绩的两面性：用户增长与利润下滑京东第三季度营收达到2991亿元，同比增长14.9%，连续四个季度收入增幅保持在10%以上。在存量竞争为主的电商市场中，这一增速展现了京东的增长韧性。用户增长成为本季度最大亮点。年度活跃用户数在10月份突破7亿大关，季度活跃用户数同比增长超过40%，用户购物频次也增长40%以上。然而，利润端却呈现另一番景象。第三季度归属于普通股股东的净利润为53亿元，与去年同期的117亿元相比几乎腰斩。营销开支同比翻番，从去年同期的100亿元增加110.5%至211亿元，营销费用率从3.8%跃升至7.0%。作为集团“压舱石”的京东零售业务保持稳健，第三季度经营利润为148亿元，利润率达到5.9%，较去年同期提升0.7个百分点。但新业务经营亏损高达157.36亿元，亏损率高达100.9%。02 .国补依赖症：政策红利消退的挑战大摩报告尖锐指出，京东独特的自营家电及电子产品属性，使其成为本轮国补政策的最大受益者。调研数据显示，58%的国补参与者选择京东作为使用补贴的首选平台，远高于淘天（49%）和拼多多（17%）。这种高度依赖已成为京东的双刃剑。自2025年8月起，国补政策开始退坡，多地政策出现明显收紧迹象。江苏、四川等地实行“配额制”，每日或每周限量发放补贴名额；上海、安徽等地则实行更为严格的“抽签制”。更严峻的是“消费透支”现象。调研数据显示，70%的国补参与者将未来1-6个月的消费计划提前，13%的人甚至提前了半年以上。 在国补政策实施前的2024年二季度，京东电子产品及家电收入曾出现5%的下滑。随着国补力度加大，2025年二季度该板块增速一度飙升至23%。大摩预测，随着国补退坡和消费透支效应显现，京东未来的收入增速将迅速回落至个位数。03 .外卖困局：规模扩张与亏损收窄的悖论京东外卖业务呈现出矛盾的发展态势。一方面，据京东管理层透露，外卖业务已实现“环比投入收窄”，这主要得益于运营效率提升和“在行业竞争中保持理性”。京东CEO许冉在业绩会上表示：“外卖GMV环比取得双位数的增长。在单量增长的同时，订单结构也变得更加健康，正餐的订单占比持续提升”。然而，大摩数据却描绘了另一幅图景。报告显示，京东在即时零售市场的商户端份额已从二季度的11%下滑至三季度末的8%。面对阿里和美团分别350-400亿元和180-190亿元的三季度投入规模，京东显得力不从心。更令人担忧的是单位经济模型。大摩估计，京东外卖每单亏损约9元，2025年总亏损可能达到340亿元。 这种“流血换增长”的模式可持续性令人质疑。京东旗下外卖品牌七鲜小厨的商业模式也存在逻辑矛盾。其采用“外卖配送+门店自提”模式，却不提供堂食，这与京东自身规定的“只允许具备堂食能力的餐厅入驻”相悖。04 .协同效应：外卖与核心零售的互动真相京东进军外卖的初衷之一，是希望通过高频业务带动低频的电商业务，为平台注入新增流量。据京东高管透露，最早一批外卖用户向其他业务的转化率已接近50%。许冉在业绩会上强调，外卖业务最终将是一个可以独立生存的业务，同时会深植于整个京东的业务生态，包括用户端、供给端和履约端。然而，不同品类商品的增长情况呈现出明显差异。2025年第三季度，京东日用百货类商品收入同比增长18.8%，而电子产品及家用电器商品收入增速仅为4.9%。这表明，外卖业务对日百品类的带动作用更为明显。但大摩报告指出，58%的消费者是因为国补才选京东，而不是被京东的服务和体验所吸引。 一旦补贴政策退出，京东能否保持用户忠诚度存在疑问。05 .大摩看空：市场为何如此重视这份报告大摩报告在京东财报发布前的静默期发布，长达35页，这种操作在大型券商中实属罕见。市场对这份报告重视程度之高，源于其指出了京东面临的系统性危机，而非短期业绩波动。大摩并非全盘否定京东的价值，而是对其战略执行能力和资本配置效率提出质疑。报告总结了京东面临的“三重困境”：国家补贴红利的消退、即时零售业务的红海竞争以及过往新业务屡战屡败的增长困境。京东过去五年在新业务拓展上屡战屡败，从社区团购、京喜APP到直播电商，均遵循“高调启动+巨额补贴+KPI狂奔”的模式，经历短暂爆发后迅速边缘化。大摩认为，这反映出京东在资本配置和新业务孵化上的短板。06 .战略迷失：京东的核心问题何在京东最大的问题可能在于“为创新而创新”的怪圈。看到别人做外卖，它就冲；别人搞社区团购，它就跟；别人押注AI，它也喊；别人造汽车，它也造！这种“打一枪换一个地方”的打法，不仅浪费资源，更透支品牌信誉。京东患上了“大公司病”：以为有钱就能复制成功，以为流量就能碾压对手。 然而，社区团购需要地推铁军，直播电商需要内容基因，即时零售需要线下商户的深度绑定，这些都不是单靠资本和流量能解决的。京东似乎迷失在“规模幻觉”中，忽略了电商的本质是效率、体验与信任的长期积累。当年靠自建物流赢得口碑，如今却在即时配送上难以追赶竞争对手的配送速度。当年靠正品保障建立壁垒，如今在低价混战中模糊了自身定位。07.写在最后面对质疑，京东CEO许冉强调，外卖业务是长期战略，最终目标是使其成为可以独立生存的业务。随着国补政策退潮，京东零售业务将迎来真正的考验。京东仓库里的货品周转天数已接近36天，为近年新高。当“快”不再是京东的独家优势，当“正品”不再是京东的独占标签，京东需要重新思考自己的立身之本。大摩报告最后写道：“凛冬已至，冰河期还有多远？” 这个问题的答案，取决于京东能否找回那个以物流快、正品保障、服务靠谱立身的自己。","news_type":1,"symbols_score_info":{"09618":0.6,"JD":1.5}},"isVote":1,"tweetType":1,"viewCount":1109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":485233770635800,"gmtCreate":1759494390660,"gmtModify":1759494393201,"author":{"id":"3464082344881626","authorId":"3464082344881626","name":"Margin of Safety","avatar":"https://static.tigerbbs.com/0fd50b0e7f08bff19f1ea0595b278227","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3464082344881626","idStr":"3464082344881626"},"themes":[],"htmlText":"苹果深度用户瞅都不会瞅一眼小米！","listText":"苹果深度用户瞅都不会瞅一眼小米！","text":"苹果深度用户瞅都不会瞅一眼小米！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/485233770635800","repostId":"2572154770","repostType":2,"repost":{"id":"2572154770","kind":"news","pubTimestamp":1759476606,"share":"https://www.laohu8.com/m/news/2572154770?lang=zh_CN&edition=full","pubTime":"2025-10-03 15:30","market":"us","language":"zh","title":"17对17，小米要将苹果“斩于马下”？","url":"https://stock-news.laohu8.com/highlight/detail?id=2572154770","media":"首席商业评论","summary":"但从小米的订单数据来看，今年小米罕见的Pro和Max版本成为销量主力，反倒是价格更低没有背屏的标准版有些卖的一般。不过小米热度最大的还是17系列的命名，毫不掩饰全面对标iPhone17想法。有不少小米用户想知道，小米去年发了小米15系列，今年为何不发16，直接发17了？雷军也解答了这一疑问，“大家可能需要重新认识一下小米手机”，他说，小米手机这一代的产品力是跨代升级的，非常炸裂。跟iPhone17全系列相比，有很多地方都超越了。","content":"<html><head></head><body><p><strong>打破国产手机“销量纪录”的17有多强</strong></p><p>手机圈最能制造话题热度的一直以来都是华为和<a href=\"https://laohu8.com/S/XIACY\">小米</a>，但像<a href=\"https://laohu8.com/S/01810\">小米</a>一样每次都能整出新花样热度不断的，恐怕只此一家。这当然也没什么不好，但问题是泼天流量的背后也是泼天的压力，但凡犯错误就会被发酵酝酿，在舆论场中彻底失控。</p><p>定义能力是<a href=\"https://laohu8.com/S/AAPL\">苹果</a>最核心的竞争力。iPhone4和iPhoneX是其淋漓尽致的体现，Vision Pro虽然市场表现不及预期，但不妨碍它是一款难以模仿、难以超越的技术杰作。<a href=\"https://laohu8.com/S/81810\">小米</a>如今也正在尝试重新定义手机，推出了自己的“妙享背屏”的新交互设计，有背屏不奇怪但像小米17的背屏花样繁多的还真没有。这块背屏支持个性化壁纸、AI壁纸、萌宠、动态、游戏通知等多种功能，更集成了打车、航班、外卖等重要信息通知，让用户无需翻转手机就能获取关键信息。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2bedff0ffad7dc4ae49ceb0c8f31f5e8\" tg-width=\"1080\" tg-height=\"770\"/></p><p>有不少网友觉得这块背屏多少有些鸡肋，因为大部分功能在手表手环上也能实现价格更低。但从小米的订单数据来看，今年小米罕见的Pro和Max版本成为销量主力，反倒是价格更低没有背屏的标准版有些卖的一般。</p><p>不过小米热度最大的还是17系列的命名，毫不掩饰全面对标iPhone17想法。有不少小米用户想知道，小米去年发了小米15系列，今年为何不发16，直接发17了？</p><p>雷军也解答了这一疑问，“大家可能需要重新认识一下小米手机”，他说，小米手机这一代的产品力是跨代升级的，非常炸裂。跟iPhone17全系列相比，有很多地方都超越了。“</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/108d95494660ee014e2fe94bb9b5fed0\" tg-width=\"1080\" tg-height=\"1032\"/></p><p>小米17超越iPhone17或许有可能，但真的有必要在名字上“处处对标”吗？小米 17、17 Pro 和 17 Pro Max，这是小米数字系列首次“双杯变三杯”，只看名字的话真的会傻傻分不清。</p><p>此外，发布时间也少有紧随苹果发布会之后，要知道，小米 11-13 的发布时间都在 12 月，小米 14-15 发布时间在 10 月末，本次发布会更是提前至了 9 月末（逼近于 iPhone 新机的 9 月中上旬）。</p><p>小米发布会当晚，雷军全场提了几十次苹果，把小米17和iPhone17进行全方位对比，被网友评价为：“雷军开了场iPhone发布会。”</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/35676544c93a010e2244124714132f7e\" tg-width=\"1080\" tg-height=\"691\"/></p><p>从数据层面来看，小米17系列全系开售5分钟，便刷新2025年国产手机全价位段新机系列首销全天销量、销额纪录。看来雷总还是懂用户的，对标真的有用。</p><p><strong>小米拿什么来打败iPhone17</strong></p><p><strong>01、更贵的小米会更好吗</strong></p><p>2020年是小米冲击高端市场的元年，这一年开始小米旗舰手机价格大幅上涨千元来到3999起。这样的定价维持了三年，去年的小米15起价定价再次上调12.5%至4499元起，并在小米17维持了这一定价。总体趋势上，小米数字系列的价格在经过小米10系列冲高后，在4000元档位（小米10-14）经历了长期的稳定和巩固期。小米17的高端配置则分别较上一代涨价200元至500元，不难看出小米仍然在高端化方向进行价格上探。</p><p>涨价带来的好处是立竿见影的。小米财报显示，小米手机业务的毛利率已从早期的2%左右提升至近年来的两位数水平，2016年小米手机业务毛利率为3.45%，高端化后，2021年该数据突破了10%，近三年维持在12%左右。比较而言，苹果的硬件毛利率则长期稳定在30%至40%，在硬件行业中处于顶端水平。所以学习苹果，成为苹果，有苹果这样的定价权是小米一直想要实现的。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00de6807bcf5fcee3c70ee9bbcdaf68f\" alt=\"图源：小米官网\" title=\"图源：小米官网\" tg-width=\"1080\" tg-height=\"479\"/><span>图源：小米官网</span></p><p>然而，9月26日，年度演讲结束后的第二天，市场的反应却很冷淡——其股价一度跌超8%，市值蒸发超千亿港元。价格没问题，销量也创记录，为什么资本市场反应没那么好？</p><p>天风国际证券分析师郭明𫓹发文指出了问题的关键，小米17系列的总出货量下调约20%，如果未来定价策略或市场营销没有进一步提升，小米17系列的总出货量可能会低于小米15系列，预计出货量为800万台。</p><p>按照郭明𫓹的说法，小米17系列销量下调主要由于标准版的需求低于预期，原先预计标准版要占据总销量的50-55%左右，但上市后销量仅为15-20%左右。虽Pro Max与Pro有增加订单，但仍无法抵销17标准版砍单，故整体出货预估下调约20%。</p><p>小米集团公关部总经理王化则表示“目前没有任何削减订单的计划，因为新增了小米17标准版的 16GB+1TB 版本，加之17Pro系列加单，产品的结构配比会发生改变，整体的产品订单会较上一代增加。</p><p>整体销量下降还是增加，目前并不好判断，但小米17想打过“加量不加价”的iPhone17恐怕还是非常困难的。iPhone17首销当日销量约为上代的185%，iPhone17 Pro Max销量约为上代的150%。并且在最近一周仍然维持着近百万部新增的销量。</p><p>正如一些网友所说，“今年苹果手机都开始降价保销量了，小米17有什么实力拉高销量？”</p><p>除了安抚市场之外，小米为了稳定军心还是掏出了一些“真金白银”。9月29日晚，小米集团发布公告，斥资2699.62万港元回购50.74万股，每股回购价格约53港元。 这是小米今年第二次回购，第一次还是在年初。其一月份合计回购683万股，耗资2.25亿元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c71a5bad4748045aeb8a9c605c10466b\" tg-width=\"560\" tg-height=\"240\"/></p><p><strong>02、从平替走向高端</strong></p><p>雷军在今年的年度演讲里回忆说，那几年他陷入过严重的内耗：小米是要安于现状，继续做“高性价比代表”，还是要咬牙冲击苹果、华为这样的山峰？“挣扎许久后，我下决心直面所有问题，找到破局之路，逆天改命。”</p><p>什么破局之路呢？那就是押注高端化路线，做芯片和汽车，为此小米前后投入几百亿。几乎所有品牌都想做高端化高溢价的产品，但是对于大部分企业来说，不管是芯片，还是汽车研发，都要面临极高的失败率，这种“失败即灭顶之灾”的恐惧，让很多企业选择保守求稳，不愿意冒任何大风险。</p><p>新能源行业和芯片整体上仍然在不断创新前进，烧钱很难说看到尽头，回报周期又长。所以当小米毅然决然踏进这两个行业之后，看好的人是非常少的。所以小米今年以来的股价大幅提升，也主要得益于小米在芯片和汽车两方面做出了突破。</p><p>小米汽车已经在二三十万的价格段已经拥有了统治力，小米YU7一小时大定28.9万辆直接震惊整个车圈，连余承东都不得不承认比不过他们。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e00dbe21da2460342fc49ebda485e74b\" tg-width=\"720\" tg-height=\"432\"/></p><p>今年5月22日，小米正式发布了“玄戒O1”、“玄戒T1”两款芯片，成为中国大陆首家、全球第四家能自主研发设计3nm旗舰SoC的企业，填补了中国大陆在3nm先进制程芯片设计领域的空白。其中，玄戒O1芯片采用10核CPU，16核的GPU，性能和功耗跻身行业第一梯队水平。安兔兔跑分达到300万分以上，与苹果A18 Pro芯片相当。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/304eeec47fc5d3bac56fc0fd4ba4c2b5\" tg-width=\"1080\" tg-height=\"487\"/></p><p>但小米目前仍然走在苹果平替的路上，价格方面，小米用自家的顶配机型对标苹果的基础款价格，以此在消费者心中建立“高配低价”的压倒性认知，延续了在4000-5000元价位段的性价比优势。如果真的高端已经实现了超越，又何必采用这样处处对标的方式？</p><p>是不是小米认为距离自己期待的高端国产机表现仍有不小差距？</p><p>从小米手机市占率变化来看，市场份额从去年下半年开始出现明显提升。由于小米手机的价格基本都落在国补价格带内，受国补政策带动的效果明显。而随着国补效果减弱，小米手机在国内市场的份额又有回落。而这次小米17全系列又恰好都在国补范围内，虽然目前主流选手都有国补机，但像小米这样都在国补范围还是不多的。</p><p><strong>03、当苹果也开始讲性价比</strong></p><p>苹果在中国高端市场的位置依然稳固，但已经出现了一些有力的威胁者。IDC数据显示2025年第一季度中国6000元以上的高端市场份额，iPhone已经从70%降至58%。国内的oppo和vivo包括小米都在主动兼容苹果软件生态，降低iPhone切换至安卓的门槛。</p><p>苹果与其蹩脚的讲述自己的AI故事，不如直接点iPhone“加量不加价” 。iPhone17 基础版将存储提升至 256G 价格的情况下，价格维持在 5999 元（去年 iPhone16 256G 发布价格 6999 元，等于直降 1000 元）。如果再叠加国补政策，iPhone17 基础版的到手价格将达到 5499 元，这已经接近于安卓手机中高端机型的价格带。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/43b8bf5c4b0815f423bd35c28974832b\" tg-width=\"960\" tg-height=\"540\"/></p><p>在配置上，120Hz高刷全系标配，双频GPS也下放到了基础版，有了更好的前后置相机，更大的电池和内存。可以说基本满足了过去一批钉子户的需求，直接将iPhone推上了热销榜单，要知道iPhone的销量主力是由不在国补范围内的Pro和Max版本贡献的。果粉购买力仍然还在，他们只是在等适合他们的产品。</p><p>当苹果都开始讲究性价比务实，意味着战场已经变成了红海中的红海，对于安卓机来说光是更优惠的价格已经不足以打动人了。小米过去的高端用户有很大一部分就来自于苹果，这点雷总也在公开讲话中表示过，但这其中的逻辑并没有讲明白。</p><p>根据笔者的调研来看，目前从苹果切换到小米的用户，主要是价格轻度敏感，但又对性能有一定追求的用户们。当苹果开始收紧市场拉拢这些用户，那对于小米来说并不是什么好消息。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/daca2e2950ffd5d7b251da4f10e2e5da\" tg-width=\"1080\" tg-height=\"843\"/></p><p><strong>写在最后</strong></p><p>著名科技自媒体爱范儿评价道：“对小米 17 Pro Max 的初印象：“全面对标”iPhone 的，往往不是想做行业第一，而是想找到那个能讨好最多用户的“最大公约数”。”</p><p>但不够极客硬核的小米17，又如何来担当小米高端化的门面？我们不怀疑小米高端化的技术实力，但引领行业风尚和颠覆性定义产品的能力目前还没看到。</p></body></html>","source":"lsy1588053976797","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>17对17，小米要将苹果“斩于马下”？</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{ 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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\">\n17对17，小米要将苹果“斩于马下”？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-03 15:30 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s?__biz=MjM5MjE5ODA4MA==&mid=2651807723&idx=1&sn=c260bca65fd175ab51a7146ba3becc57&chksm=bc47564025836977ea12ebcf34f33b797025b2e11522e92ec10c2ca4c5b1f3426cbd2e05e2bc&scene=0&xtrack=1#rd><strong>首席商业评论</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>打破国产手机“销量纪录”的17有多强手机圈最能制造话题热度的一直以来都是华为和小米，但像小米一样每次都能整出新花样热度不断的，恐怕只此一家。这当然也没什么不好，但问题是泼天流量的背后也是泼天的压力，但凡犯错误就会被发酵酝酿，在舆论场中彻底失控。定义能力是苹果最核心的竞争力。iPhone4和iPhoneX是其淋漓尽致的体现，Vision Pro虽然市场表现不及预期，但不妨碍它是一款难以模仿、难以超越...</p>\n\n<a href=\"https://mp.weixin.qq.com/s?__biz=MjM5MjE5ODA4MA==&mid=2651807723&idx=1&sn=c260bca65fd175ab51a7146ba3becc57&chksm=bc47564025836977ea12ebcf34f33b797025b2e11522e92ec10c2ca4c5b1f3426cbd2e05e2bc&scene=0&xtrack=1#rd\">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/361306b3412f88bd5d58fca71aadd665","relate_stocks":{"81810":"小米集团-WR","AAPL":"苹果","01810":"小米集团-W","XIACY":"小米集团ADR"},"source_url":"https://mp.weixin.qq.com/s?__biz=MjM5MjE5ODA4MA==&mid=2651807723&idx=1&sn=c260bca65fd175ab51a7146ba3becc57&chksm=bc47564025836977ea12ebcf34f33b797025b2e11522e92ec10c2ca4c5b1f3426cbd2e05e2bc&scene=0&xtrack=1#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2572154770","content_text":"打破国产手机“销量纪录”的17有多强手机圈最能制造话题热度的一直以来都是华为和小米，但像小米一样每次都能整出新花样热度不断的，恐怕只此一家。这当然也没什么不好，但问题是泼天流量的背后也是泼天的压力，但凡犯错误就会被发酵酝酿，在舆论场中彻底失控。定义能力是苹果最核心的竞争力。iPhone4和iPhoneX是其淋漓尽致的体现，Vision Pro虽然市场表现不及预期，但不妨碍它是一款难以模仿、难以超越的技术杰作。小米如今也正在尝试重新定义手机，推出了自己的“妙享背屏”的新交互设计，有背屏不奇怪但像小米17的背屏花样繁多的还真没有。这块背屏支持个性化壁纸、AI壁纸、萌宠、动态、游戏通知等多种功能，更集成了打车、航班、外卖等重要信息通知，让用户无需翻转手机就能获取关键信息。有不少网友觉得这块背屏多少有些鸡肋，因为大部分功能在手表手环上也能实现价格更低。但从小米的订单数据来看，今年小米罕见的Pro和Max版本成为销量主力，反倒是价格更低没有背屏的标准版有些卖的一般。不过小米热度最大的还是17系列的命名，毫不掩饰全面对标iPhone17想法。有不少小米用户想知道，小米去年发了小米15系列，今年为何不发16，直接发17了？雷军也解答了这一疑问，“大家可能需要重新认识一下小米手机”，他说，小米手机这一代的产品力是跨代升级的，非常炸裂。跟iPhone17全系列相比，有很多地方都超越了。“小米17超越iPhone17或许有可能，但真的有必要在名字上“处处对标”吗？小米 17、17 Pro 和 17 Pro Max，这是小米数字系列首次“双杯变三杯”，只看名字的话真的会傻傻分不清。此外，发布时间也少有紧随苹果发布会之后，要知道，小米 11-13 的发布时间都在 12 月，小米 14-15 发布时间在 10 月末，本次发布会更是提前至了 9 月末（逼近于 iPhone 新机的 9 月中上旬）。小米发布会当晚，雷军全场提了几十次苹果，把小米17和iPhone17进行全方位对比，被网友评价为：“雷军开了场iPhone发布会。”从数据层面来看，小米17系列全系开售5分钟，便刷新2025年国产手机全价位段新机系列首销全天销量、销额纪录。看来雷总还是懂用户的，对标真的有用。小米拿什么来打败iPhone1701、更贵的小米会更好吗2020年是小米冲击高端市场的元年，这一年开始小米旗舰手机价格大幅上涨千元来到3999起。这样的定价维持了三年，去年的小米15起价定价再次上调12.5%至4499元起，并在小米17维持了这一定价。总体趋势上，小米数字系列的价格在经过小米10系列冲高后，在4000元档位（小米10-14）经历了长期的稳定和巩固期。小米17的高端配置则分别较上一代涨价200元至500元，不难看出小米仍然在高端化方向进行价格上探。涨价带来的好处是立竿见影的。小米财报显示，小米手机业务的毛利率已从早期的2%左右提升至近年来的两位数水平，2016年小米手机业务毛利率为3.45%，高端化后，2021年该数据突破了10%，近三年维持在12%左右。比较而言，苹果的硬件毛利率则长期稳定在30%至40%，在硬件行业中处于顶端水平。所以学习苹果，成为苹果，有苹果这样的定价权是小米一直想要实现的。图源：小米官网然而，9月26日，年度演讲结束后的第二天，市场的反应却很冷淡——其股价一度跌超8%，市值蒸发超千亿港元。价格没问题，销量也创记录，为什么资本市场反应没那么好？天风国际证券分析师郭明𫓹发文指出了问题的关键，小米17系列的总出货量下调约20%，如果未来定价策略或市场营销没有进一步提升，小米17系列的总出货量可能会低于小米15系列，预计出货量为800万台。按照郭明𫓹的说法，小米17系列销量下调主要由于标准版的需求低于预期，原先预计标准版要占据总销量的50-55%左右，但上市后销量仅为15-20%左右。虽Pro Max与Pro有增加订单，但仍无法抵销17标准版砍单，故整体出货预估下调约20%。小米集团公关部总经理王化则表示“目前没有任何削减订单的计划，因为新增了小米17标准版的 16GB+1TB 版本，加之17Pro系列加单，产品的结构配比会发生改变，整体的产品订单会较上一代增加。整体销量下降还是增加，目前并不好判断，但小米17想打过“加量不加价”的iPhone17恐怕还是非常困难的。iPhone17首销当日销量约为上代的185%，iPhone17 Pro Max销量约为上代的150%。并且在最近一周仍然维持着近百万部新增的销量。正如一些网友所说，“今年苹果手机都开始降价保销量了，小米17有什么实力拉高销量？”除了安抚市场之外，小米为了稳定军心还是掏出了一些“真金白银”。9月29日晚，小米集团发布公告，斥资2699.62万港元回购50.74万股，每股回购价格约53港元。 这是小米今年第二次回购，第一次还是在年初。其一月份合计回购683万股，耗资2.25亿元。02、从平替走向高端雷军在今年的年度演讲里回忆说，那几年他陷入过严重的内耗：小米是要安于现状，继续做“高性价比代表”，还是要咬牙冲击苹果、华为这样的山峰？“挣扎许久后，我下决心直面所有问题，找到破局之路，逆天改命。”什么破局之路呢？那就是押注高端化路线，做芯片和汽车，为此小米前后投入几百亿。几乎所有品牌都想做高端化高溢价的产品，但是对于大部分企业来说，不管是芯片，还是汽车研发，都要面临极高的失败率，这种“失败即灭顶之灾”的恐惧，让很多企业选择保守求稳，不愿意冒任何大风险。新能源行业和芯片整体上仍然在不断创新前进，烧钱很难说看到尽头，回报周期又长。所以当小米毅然决然踏进这两个行业之后，看好的人是非常少的。所以小米今年以来的股价大幅提升，也主要得益于小米在芯片和汽车两方面做出了突破。小米汽车已经在二三十万的价格段已经拥有了统治力，小米YU7一小时大定28.9万辆直接震惊整个车圈，连余承东都不得不承认比不过他们。今年5月22日，小米正式发布了“玄戒O1”、“玄戒T1”两款芯片，成为中国大陆首家、全球第四家能自主研发设计3nm旗舰SoC的企业，填补了中国大陆在3nm先进制程芯片设计领域的空白。其中，玄戒O1芯片采用10核CPU，16核的GPU，性能和功耗跻身行业第一梯队水平。安兔兔跑分达到300万分以上，与苹果A18 Pro芯片相当。但小米目前仍然走在苹果平替的路上，价格方面，小米用自家的顶配机型对标苹果的基础款价格，以此在消费者心中建立“高配低价”的压倒性认知，延续了在4000-5000元价位段的性价比优势。如果真的高端已经实现了超越，又何必采用这样处处对标的方式？是不是小米认为距离自己期待的高端国产机表现仍有不小差距？从小米手机市占率变化来看，市场份额从去年下半年开始出现明显提升。由于小米手机的价格基本都落在国补价格带内，受国补政策带动的效果明显。而随着国补效果减弱，小米手机在国内市场的份额又有回落。而这次小米17全系列又恰好都在国补范围内，虽然目前主流选手都有国补机，但像小米这样都在国补范围还是不多的。03、当苹果也开始讲性价比苹果在中国高端市场的位置依然稳固，但已经出现了一些有力的威胁者。IDC数据显示2025年第一季度中国6000元以上的高端市场份额，iPhone已经从70%降至58%。国内的oppo和vivo包括小米都在主动兼容苹果软件生态，降低iPhone切换至安卓的门槛。苹果与其蹩脚的讲述自己的AI故事，不如直接点iPhone“加量不加价” 。iPhone17 基础版将存储提升至 256G 价格的情况下，价格维持在 5999 元（去年 iPhone16 256G 发布价格 6999 元，等于直降 1000 元）。如果再叠加国补政策，iPhone17 基础版的到手价格将达到 5499 元，这已经接近于安卓手机中高端机型的价格带。在配置上，120Hz高刷全系标配，双频GPS也下放到了基础版，有了更好的前后置相机，更大的电池和内存。可以说基本满足了过去一批钉子户的需求，直接将iPhone推上了热销榜单，要知道iPhone的销量主力是由不在国补范围内的Pro和Max版本贡献的。果粉购买力仍然还在，他们只是在等适合他们的产品。当苹果都开始讲究性价比务实，意味着战场已经变成了红海中的红海，对于安卓机来说光是更优惠的价格已经不足以打动人了。小米过去的高端用户有很大一部分就来自于苹果，这点雷总也在公开讲话中表示过，但这其中的逻辑并没有讲明白。根据笔者的调研来看，目前从苹果切换到小米的用户，主要是价格轻度敏感，但又对性能有一定追求的用户们。当苹果开始收紧市场拉拢这些用户，那对于小米来说并不是什么好消息。写在最后著名科技自媒体爱范儿评价道：“对小米 17 Pro Max 的初印象：“全面对标”iPhone 的，往往不是想做行业第一，而是想找到那个能讨好最多用户的“最大公约数”。”但不够极客硬核的小米17，又如何来担当小米高端化的门面？我们不怀疑小米高端化的技术实力，但引领行业风尚和颠覆性定义产品的能力目前还没看到。","news_type":1,"symbols_score_info":{"81810":0.9,"AAPL":0.6,"01810":1.5,"XIACY":0.6}},"isVote":1,"tweetType":1,"viewCount":1717,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3459796853936675","authorId":"3459796853936675","name":"会飞的小虎","avatar":"https://static.tigerbbs.com/3f85eb66ee2a5384906dc7528472d7a4","crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3459796853936675","idStr":"3459796853936675"},"content":"也有许多人从不考虑苹果🍎的","text":"也有许多人从不考虑苹果🍎的","html":"也有许多人从不考虑苹果🍎的"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":477025115009808,"gmtCreate":1757483653774,"gmtModify":1757483955882,"author":{"id":"3464082344881626","authorId":"3464082344881626","name":"Margin of 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Low货","listText":"余大嘴 Low货","text":"余大嘴 Low货","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/251284061495456","repostId":"1142354611","repostType":2,"repost":{"id":"1142354611","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1702356187,"share":"https://www.laohu8.com/m/news/1142354611?lang=zh_CN&edition=full","pubTime":"2023-12-12 12:43","market":"hk","language":"zh","title":"小米：余承东先生无端针对我司龙骨转轴技术发布不实言论","url":"https://stock-news.laohu8.com/highlight/detail?id=1142354611","media":"老虎资讯综合","summary":"与事实严重不符。","content":"<html><head></head><body><p>小米公司发文：近日，余承东先生无端针对我司龙骨转轴技术发布不实言论，与事实严重不符。我们请余承东先生遵循“科学与严谨”的基本规则，请勿再抹黑同行、误导公众。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4338177799c4029094b8c77367ec6ea6\" title=\"\" tg-width=\"1483\" tg-height=\"4000\"/></p><p>此次事件起因于近日2023花粉年会上，华为终端BG CEO余承东对于知识产权的表态，余承东称：“友商抄袭时称不太尊重我们（华为）的知识产权，拿过去随便编个名字就说自己的。<strong>双旋水滴铰链直接变成龙骨铰链，龙骨是不存在的</strong>。”</p><p style=\"text-align: justify;\">虽然余承东上述言论没提厂商名字，但业内猜测此番表态很可能是针对小米。余承东所说的“龙骨铰链”，恰好与小米 MIX Fold 3 手机的“小米龙骨转轴”名称类似。</p><p style=\"text-align: justify;\">根据小米董事长雷军此前的介绍，小米龙骨转轴包含198个零件，14个可活动关节，3级连杆结构，在实现轻薄的同时还能提供更好的屏幕保护力。<strong>雷军更是称小米龙骨转轴是小米深耕底层核心技术的成果之一。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d192cfe6eddfd9e906abc6f563af64ab\" tg-width=\"640\" tg-height=\"853\"/></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>小米：余承东先生无端针对我司龙骨转轴技术发布不实言论</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; 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.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：余承东先生无端针对我司龙骨转轴技术发布不实言论\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\">2023-12-12 12:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>小米公司发文：近日，余承东先生无端针对我司龙骨转轴技术发布不实言论，与事实严重不符。我们请余承东先生遵循“科学与严谨”的基本规则，请勿再抹黑同行、误导公众。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4338177799c4029094b8c77367ec6ea6\" title=\"\" tg-width=\"1483\" tg-height=\"4000\"/></p><p>此次事件起因于近日2023花粉年会上，华为终端BG CEO余承东对于知识产权的表态，余承东称：“友商抄袭时称不太尊重我们（华为）的知识产权，拿过去随便编个名字就说自己的。<strong>双旋水滴铰链直接变成龙骨铰链，龙骨是不存在的</strong>。”</p><p style=\"text-align: justify;\">虽然余承东上述言论没提厂商名字，但业内猜测此番表态很可能是针对小米。余承东所说的“龙骨铰链”，恰好与小米 MIX Fold 3 手机的“小米龙骨转轴”名称类似。</p><p style=\"text-align: justify;\">根据小米董事长雷军此前的介绍，小米龙骨转轴包含198个零件，14个可活动关节，3级连杆结构，在实现轻薄的同时还能提供更好的屏幕保护力。<strong>雷军更是称小米龙骨转轴是小米深耕底层核心技术的成果之一。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d192cfe6eddfd9e906abc6f563af64ab\" tg-width=\"640\" tg-height=\"853\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/99b330c7a5fe2b62c4d008bd67f85ddd","relate_stocks":{"01810":"小米集团-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142354611","content_text":"小米公司发文：近日，余承东先生无端针对我司龙骨转轴技术发布不实言论，与事实严重不符。我们请余承东先生遵循“科学与严谨”的基本规则，请勿再抹黑同行、误导公众。此次事件起因于近日2023花粉年会上，华为终端BG CEO余承东对于知识产权的表态，余承东称：“友商抄袭时称不太尊重我们（华为）的知识产权，拿过去随便编个名字就说自己的。双旋水滴铰链直接变成龙骨铰链，龙骨是不存在的。”虽然余承东上述言论没提厂商名字，但业内猜测此番表态很可能是针对小米。余承东所说的“龙骨铰链”，恰好与小米 MIX Fold 3 手机的“小米龙骨转轴”名称类似。根据小米董事长雷军此前的介绍，小米龙骨转轴包含198个零件，14个可活动关节，3级连杆结构，在实现轻薄的同时还能提供更好的屏幕保护力。雷军更是称小米龙骨转轴是小米深耕底层核心技术的成果之一。","news_type":1,"symbols_score_info":{"01810":1.1}},"isVote":1,"tweetType":1,"viewCount":2679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":485233770635800,"gmtCreate":1759494390660,"gmtModify":1759494393201,"author":{"id":"3464082344881626","authorId":"3464082344881626","name":"Margin of Safety","avatar":"https://static.tigerbbs.com/0fd50b0e7f08bff19f1ea0595b278227","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3464082344881626","authorIdStr":"3464082344881626"},"themes":[],"htmlText":"苹果深度用户瞅都不会瞅一眼小米！","listText":"苹果深度用户瞅都不会瞅一眼小米！","text":"苹果深度用户瞅都不会瞅一眼小米！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/485233770635800","repostId":"2572154770","repostType":2,"repost":{"id":"2572154770","kind":"news","pubTimestamp":1759476606,"share":"https://www.laohu8.com/m/news/2572154770?lang=zh_CN&edition=full","pubTime":"2025-10-03 15:30","market":"us","language":"zh","title":"17对17，小米要将苹果“斩于马下”？","url":"https://stock-news.laohu8.com/highlight/detail?id=2572154770","media":"首席商业评论","summary":"但从小米的订单数据来看，今年小米罕见的Pro和Max版本成为销量主力，反倒是价格更低没有背屏的标准版有些卖的一般。不过小米热度最大的还是17系列的命名，毫不掩饰全面对标iPhone17想法。有不少小米用户想知道，小米去年发了小米15系列，今年为何不发16，直接发17了？雷军也解答了这一疑问，“大家可能需要重新认识一下小米手机”，他说，小米手机这一代的产品力是跨代升级的，非常炸裂。跟iPhone17全系列相比，有很多地方都超越了。","content":"<html><head></head><body><p><strong>打破国产手机“销量纪录”的17有多强</strong></p><p>手机圈最能制造话题热度的一直以来都是华为和<a href=\"https://laohu8.com/S/XIACY\">小米</a>，但像<a href=\"https://laohu8.com/S/01810\">小米</a>一样每次都能整出新花样热度不断的，恐怕只此一家。这当然也没什么不好，但问题是泼天流量的背后也是泼天的压力，但凡犯错误就会被发酵酝酿，在舆论场中彻底失控。</p><p>定义能力是<a href=\"https://laohu8.com/S/AAPL\">苹果</a>最核心的竞争力。iPhone4和iPhoneX是其淋漓尽致的体现，Vision Pro虽然市场表现不及预期，但不妨碍它是一款难以模仿、难以超越的技术杰作。<a href=\"https://laohu8.com/S/81810\">小米</a>如今也正在尝试重新定义手机，推出了自己的“妙享背屏”的新交互设计，有背屏不奇怪但像小米17的背屏花样繁多的还真没有。这块背屏支持个性化壁纸、AI壁纸、萌宠、动态、游戏通知等多种功能，更集成了打车、航班、外卖等重要信息通知，让用户无需翻转手机就能获取关键信息。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2bedff0ffad7dc4ae49ceb0c8f31f5e8\" tg-width=\"1080\" tg-height=\"770\"/></p><p>有不少网友觉得这块背屏多少有些鸡肋，因为大部分功能在手表手环上也能实现价格更低。但从小米的订单数据来看，今年小米罕见的Pro和Max版本成为销量主力，反倒是价格更低没有背屏的标准版有些卖的一般。</p><p>不过小米热度最大的还是17系列的命名，毫不掩饰全面对标iPhone17想法。有不少小米用户想知道，小米去年发了小米15系列，今年为何不发16，直接发17了？</p><p>雷军也解答了这一疑问，“大家可能需要重新认识一下小米手机”，他说，小米手机这一代的产品力是跨代升级的，非常炸裂。跟iPhone17全系列相比，有很多地方都超越了。“</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/108d95494660ee014e2fe94bb9b5fed0\" tg-width=\"1080\" tg-height=\"1032\"/></p><p>小米17超越iPhone17或许有可能，但真的有必要在名字上“处处对标”吗？小米 17、17 Pro 和 17 Pro Max，这是小米数字系列首次“双杯变三杯”，只看名字的话真的会傻傻分不清。</p><p>此外，发布时间也少有紧随苹果发布会之后，要知道，小米 11-13 的发布时间都在 12 月，小米 14-15 发布时间在 10 月末，本次发布会更是提前至了 9 月末（逼近于 iPhone 新机的 9 月中上旬）。</p><p>小米发布会当晚，雷军全场提了几十次苹果，把小米17和iPhone17进行全方位对比，被网友评价为：“雷军开了场iPhone发布会。”</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/35676544c93a010e2244124714132f7e\" tg-width=\"1080\" tg-height=\"691\"/></p><p>从数据层面来看，小米17系列全系开售5分钟，便刷新2025年国产手机全价位段新机系列首销全天销量、销额纪录。看来雷总还是懂用户的，对标真的有用。</p><p><strong>小米拿什么来打败iPhone17</strong></p><p><strong>01、更贵的小米会更好吗</strong></p><p>2020年是小米冲击高端市场的元年，这一年开始小米旗舰手机价格大幅上涨千元来到3999起。这样的定价维持了三年，去年的小米15起价定价再次上调12.5%至4499元起，并在小米17维持了这一定价。总体趋势上，小米数字系列的价格在经过小米10系列冲高后，在4000元档位（小米10-14）经历了长期的稳定和巩固期。小米17的高端配置则分别较上一代涨价200元至500元，不难看出小米仍然在高端化方向进行价格上探。</p><p>涨价带来的好处是立竿见影的。小米财报显示，小米手机业务的毛利率已从早期的2%左右提升至近年来的两位数水平，2016年小米手机业务毛利率为3.45%，高端化后，2021年该数据突破了10%，近三年维持在12%左右。比较而言，苹果的硬件毛利率则长期稳定在30%至40%，在硬件行业中处于顶端水平。所以学习苹果，成为苹果，有苹果这样的定价权是小米一直想要实现的。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00de6807bcf5fcee3c70ee9bbcdaf68f\" alt=\"图源：小米官网\" title=\"图源：小米官网\" tg-width=\"1080\" tg-height=\"479\"/><span>图源：小米官网</span></p><p>然而，9月26日，年度演讲结束后的第二天，市场的反应却很冷淡——其股价一度跌超8%，市值蒸发超千亿港元。价格没问题，销量也创记录，为什么资本市场反应没那么好？</p><p>天风国际证券分析师郭明𫓹发文指出了问题的关键，小米17系列的总出货量下调约20%，如果未来定价策略或市场营销没有进一步提升，小米17系列的总出货量可能会低于小米15系列，预计出货量为800万台。</p><p>按照郭明𫓹的说法，小米17系列销量下调主要由于标准版的需求低于预期，原先预计标准版要占据总销量的50-55%左右，但上市后销量仅为15-20%左右。虽Pro Max与Pro有增加订单，但仍无法抵销17标准版砍单，故整体出货预估下调约20%。</p><p>小米集团公关部总经理王化则表示“目前没有任何削减订单的计划，因为新增了小米17标准版的 16GB+1TB 版本，加之17Pro系列加单，产品的结构配比会发生改变，整体的产品订单会较上一代增加。</p><p>整体销量下降还是增加，目前并不好判断，但小米17想打过“加量不加价”的iPhone17恐怕还是非常困难的。iPhone17首销当日销量约为上代的185%，iPhone17 Pro Max销量约为上代的150%。并且在最近一周仍然维持着近百万部新增的销量。</p><p>正如一些网友所说，“今年苹果手机都开始降价保销量了，小米17有什么实力拉高销量？”</p><p>除了安抚市场之外，小米为了稳定军心还是掏出了一些“真金白银”。9月29日晚，小米集团发布公告，斥资2699.62万港元回购50.74万股，每股回购价格约53港元。 这是小米今年第二次回购，第一次还是在年初。其一月份合计回购683万股，耗资2.25亿元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c71a5bad4748045aeb8a9c605c10466b\" tg-width=\"560\" tg-height=\"240\"/></p><p><strong>02、从平替走向高端</strong></p><p>雷军在今年的年度演讲里回忆说，那几年他陷入过严重的内耗：小米是要安于现状，继续做“高性价比代表”，还是要咬牙冲击苹果、华为这样的山峰？“挣扎许久后，我下决心直面所有问题，找到破局之路，逆天改命。”</p><p>什么破局之路呢？那就是押注高端化路线，做芯片和汽车，为此小米前后投入几百亿。几乎所有品牌都想做高端化高溢价的产品，但是对于大部分企业来说，不管是芯片，还是汽车研发，都要面临极高的失败率，这种“失败即灭顶之灾”的恐惧，让很多企业选择保守求稳，不愿意冒任何大风险。</p><p>新能源行业和芯片整体上仍然在不断创新前进，烧钱很难说看到尽头，回报周期又长。所以当小米毅然决然踏进这两个行业之后，看好的人是非常少的。所以小米今年以来的股价大幅提升，也主要得益于小米在芯片和汽车两方面做出了突破。</p><p>小米汽车已经在二三十万的价格段已经拥有了统治力，小米YU7一小时大定28.9万辆直接震惊整个车圈，连余承东都不得不承认比不过他们。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e00dbe21da2460342fc49ebda485e74b\" tg-width=\"720\" tg-height=\"432\"/></p><p>今年5月22日，小米正式发布了“玄戒O1”、“玄戒T1”两款芯片，成为中国大陆首家、全球第四家能自主研发设计3nm旗舰SoC的企业，填补了中国大陆在3nm先进制程芯片设计领域的空白。其中，玄戒O1芯片采用10核CPU，16核的GPU，性能和功耗跻身行业第一梯队水平。安兔兔跑分达到300万分以上，与苹果A18 Pro芯片相当。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/304eeec47fc5d3bac56fc0fd4ba4c2b5\" tg-width=\"1080\" tg-height=\"487\"/></p><p>但小米目前仍然走在苹果平替的路上，价格方面，小米用自家的顶配机型对标苹果的基础款价格，以此在消费者心中建立“高配低价”的压倒性认知，延续了在4000-5000元价位段的性价比优势。如果真的高端已经实现了超越，又何必采用这样处处对标的方式？</p><p>是不是小米认为距离自己期待的高端国产机表现仍有不小差距？</p><p>从小米手机市占率变化来看，市场份额从去年下半年开始出现明显提升。由于小米手机的价格基本都落在国补价格带内，受国补政策带动的效果明显。而随着国补效果减弱，小米手机在国内市场的份额又有回落。而这次小米17全系列又恰好都在国补范围内，虽然目前主流选手都有国补机，但像小米这样都在国补范围还是不多的。</p><p><strong>03、当苹果也开始讲性价比</strong></p><p>苹果在中国高端市场的位置依然稳固，但已经出现了一些有力的威胁者。IDC数据显示2025年第一季度中国6000元以上的高端市场份额，iPhone已经从70%降至58%。国内的oppo和vivo包括小米都在主动兼容苹果软件生态，降低iPhone切换至安卓的门槛。</p><p>苹果与其蹩脚的讲述自己的AI故事，不如直接点iPhone“加量不加价” 。iPhone17 基础版将存储提升至 256G 价格的情况下，价格维持在 5999 元（去年 iPhone16 256G 发布价格 6999 元，等于直降 1000 元）。如果再叠加国补政策，iPhone17 基础版的到手价格将达到 5499 元，这已经接近于安卓手机中高端机型的价格带。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/43b8bf5c4b0815f423bd35c28974832b\" tg-width=\"960\" tg-height=\"540\"/></p><p>在配置上，120Hz高刷全系标配，双频GPS也下放到了基础版，有了更好的前后置相机，更大的电池和内存。可以说基本满足了过去一批钉子户的需求，直接将iPhone推上了热销榜单，要知道iPhone的销量主力是由不在国补范围内的Pro和Max版本贡献的。果粉购买力仍然还在，他们只是在等适合他们的产品。</p><p>当苹果都开始讲究性价比务实，意味着战场已经变成了红海中的红海，对于安卓机来说光是更优惠的价格已经不足以打动人了。小米过去的高端用户有很大一部分就来自于苹果，这点雷总也在公开讲话中表示过，但这其中的逻辑并没有讲明白。</p><p>根据笔者的调研来看，目前从苹果切换到小米的用户，主要是价格轻度敏感，但又对性能有一定追求的用户们。当苹果开始收紧市场拉拢这些用户，那对于小米来说并不是什么好消息。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/daca2e2950ffd5d7b251da4f10e2e5da\" tg-width=\"1080\" tg-height=\"843\"/></p><p><strong>写在最后</strong></p><p>著名科技自媒体爱范儿评价道：“对小米 17 Pro Max 的初印象：“全面对标”iPhone 的，往往不是想做行业第一，而是想找到那个能讨好最多用户的“最大公约数”。”</p><p>但不够极客硬核的小米17，又如何来担当小米高端化的门面？我们不怀疑小米高端化的技术实力，但引领行业风尚和颠覆性定义产品的能力目前还没看到。</p></body></html>","source":"lsy1588053976797","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>17对17，小米要将苹果“斩于马下”？</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{ 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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\">\n17对17，小米要将苹果“斩于马下”？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-03 15:30 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s?__biz=MjM5MjE5ODA4MA==&mid=2651807723&idx=1&sn=c260bca65fd175ab51a7146ba3becc57&chksm=bc47564025836977ea12ebcf34f33b797025b2e11522e92ec10c2ca4c5b1f3426cbd2e05e2bc&scene=0&xtrack=1#rd><strong>首席商业评论</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>打破国产手机“销量纪录”的17有多强手机圈最能制造话题热度的一直以来都是华为和小米，但像小米一样每次都能整出新花样热度不断的，恐怕只此一家。这当然也没什么不好，但问题是泼天流量的背后也是泼天的压力，但凡犯错误就会被发酵酝酿，在舆论场中彻底失控。定义能力是苹果最核心的竞争力。iPhone4和iPhoneX是其淋漓尽致的体现，Vision Pro虽然市场表现不及预期，但不妨碍它是一款难以模仿、难以超越...</p>\n\n<a href=\"https://mp.weixin.qq.com/s?__biz=MjM5MjE5ODA4MA==&mid=2651807723&idx=1&sn=c260bca65fd175ab51a7146ba3becc57&chksm=bc47564025836977ea12ebcf34f33b797025b2e11522e92ec10c2ca4c5b1f3426cbd2e05e2bc&scene=0&xtrack=1#rd\">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/361306b3412f88bd5d58fca71aadd665","relate_stocks":{"81810":"小米集团-WR","AAPL":"苹果","01810":"小米集团-W","XIACY":"小米集团ADR"},"source_url":"https://mp.weixin.qq.com/s?__biz=MjM5MjE5ODA4MA==&mid=2651807723&idx=1&sn=c260bca65fd175ab51a7146ba3becc57&chksm=bc47564025836977ea12ebcf34f33b797025b2e11522e92ec10c2ca4c5b1f3426cbd2e05e2bc&scene=0&xtrack=1#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2572154770","content_text":"打破国产手机“销量纪录”的17有多强手机圈最能制造话题热度的一直以来都是华为和小米，但像小米一样每次都能整出新花样热度不断的，恐怕只此一家。这当然也没什么不好，但问题是泼天流量的背后也是泼天的压力，但凡犯错误就会被发酵酝酿，在舆论场中彻底失控。定义能力是苹果最核心的竞争力。iPhone4和iPhoneX是其淋漓尽致的体现，Vision Pro虽然市场表现不及预期，但不妨碍它是一款难以模仿、难以超越的技术杰作。小米如今也正在尝试重新定义手机，推出了自己的“妙享背屏”的新交互设计，有背屏不奇怪但像小米17的背屏花样繁多的还真没有。这块背屏支持个性化壁纸、AI壁纸、萌宠、动态、游戏通知等多种功能，更集成了打车、航班、外卖等重要信息通知，让用户无需翻转手机就能获取关键信息。有不少网友觉得这块背屏多少有些鸡肋，因为大部分功能在手表手环上也能实现价格更低。但从小米的订单数据来看，今年小米罕见的Pro和Max版本成为销量主力，反倒是价格更低没有背屏的标准版有些卖的一般。不过小米热度最大的还是17系列的命名，毫不掩饰全面对标iPhone17想法。有不少小米用户想知道，小米去年发了小米15系列，今年为何不发16，直接发17了？雷军也解答了这一疑问，“大家可能需要重新认识一下小米手机”，他说，小米手机这一代的产品力是跨代升级的，非常炸裂。跟iPhone17全系列相比，有很多地方都超越了。“小米17超越iPhone17或许有可能，但真的有必要在名字上“处处对标”吗？小米 17、17 Pro 和 17 Pro Max，这是小米数字系列首次“双杯变三杯”，只看名字的话真的会傻傻分不清。此外，发布时间也少有紧随苹果发布会之后，要知道，小米 11-13 的发布时间都在 12 月，小米 14-15 发布时间在 10 月末，本次发布会更是提前至了 9 月末（逼近于 iPhone 新机的 9 月中上旬）。小米发布会当晚，雷军全场提了几十次苹果，把小米17和iPhone17进行全方位对比，被网友评价为：“雷军开了场iPhone发布会。”从数据层面来看，小米17系列全系开售5分钟，便刷新2025年国产手机全价位段新机系列首销全天销量、销额纪录。看来雷总还是懂用户的，对标真的有用。小米拿什么来打败iPhone1701、更贵的小米会更好吗2020年是小米冲击高端市场的元年，这一年开始小米旗舰手机价格大幅上涨千元来到3999起。这样的定价维持了三年，去年的小米15起价定价再次上调12.5%至4499元起，并在小米17维持了这一定价。总体趋势上，小米数字系列的价格在经过小米10系列冲高后，在4000元档位（小米10-14）经历了长期的稳定和巩固期。小米17的高端配置则分别较上一代涨价200元至500元，不难看出小米仍然在高端化方向进行价格上探。涨价带来的好处是立竿见影的。小米财报显示，小米手机业务的毛利率已从早期的2%左右提升至近年来的两位数水平，2016年小米手机业务毛利率为3.45%，高端化后，2021年该数据突破了10%，近三年维持在12%左右。比较而言，苹果的硬件毛利率则长期稳定在30%至40%，在硬件行业中处于顶端水平。所以学习苹果，成为苹果，有苹果这样的定价权是小米一直想要实现的。图源：小米官网然而，9月26日，年度演讲结束后的第二天，市场的反应却很冷淡——其股价一度跌超8%，市值蒸发超千亿港元。价格没问题，销量也创记录，为什么资本市场反应没那么好？天风国际证券分析师郭明𫓹发文指出了问题的关键，小米17系列的总出货量下调约20%，如果未来定价策略或市场营销没有进一步提升，小米17系列的总出货量可能会低于小米15系列，预计出货量为800万台。按照郭明𫓹的说法，小米17系列销量下调主要由于标准版的需求低于预期，原先预计标准版要占据总销量的50-55%左右，但上市后销量仅为15-20%左右。虽Pro Max与Pro有增加订单，但仍无法抵销17标准版砍单，故整体出货预估下调约20%。小米集团公关部总经理王化则表示“目前没有任何削减订单的计划，因为新增了小米17标准版的 16GB+1TB 版本，加之17Pro系列加单，产品的结构配比会发生改变，整体的产品订单会较上一代增加。整体销量下降还是增加，目前并不好判断，但小米17想打过“加量不加价”的iPhone17恐怕还是非常困难的。iPhone17首销当日销量约为上代的185%，iPhone17 Pro Max销量约为上代的150%。并且在最近一周仍然维持着近百万部新增的销量。正如一些网友所说，“今年苹果手机都开始降价保销量了，小米17有什么实力拉高销量？”除了安抚市场之外，小米为了稳定军心还是掏出了一些“真金白银”。9月29日晚，小米集团发布公告，斥资2699.62万港元回购50.74万股，每股回购价格约53港元。 这是小米今年第二次回购，第一次还是在年初。其一月份合计回购683万股，耗资2.25亿元。02、从平替走向高端雷军在今年的年度演讲里回忆说，那几年他陷入过严重的内耗：小米是要安于现状，继续做“高性价比代表”，还是要咬牙冲击苹果、华为这样的山峰？“挣扎许久后，我下决心直面所有问题，找到破局之路，逆天改命。”什么破局之路呢？那就是押注高端化路线，做芯片和汽车，为此小米前后投入几百亿。几乎所有品牌都想做高端化高溢价的产品，但是对于大部分企业来说，不管是芯片，还是汽车研发，都要面临极高的失败率，这种“失败即灭顶之灾”的恐惧，让很多企业选择保守求稳，不愿意冒任何大风险。新能源行业和芯片整体上仍然在不断创新前进，烧钱很难说看到尽头，回报周期又长。所以当小米毅然决然踏进这两个行业之后，看好的人是非常少的。所以小米今年以来的股价大幅提升，也主要得益于小米在芯片和汽车两方面做出了突破。小米汽车已经在二三十万的价格段已经拥有了统治力，小米YU7一小时大定28.9万辆直接震惊整个车圈，连余承东都不得不承认比不过他们。今年5月22日，小米正式发布了“玄戒O1”、“玄戒T1”两款芯片，成为中国大陆首家、全球第四家能自主研发设计3nm旗舰SoC的企业，填补了中国大陆在3nm先进制程芯片设计领域的空白。其中，玄戒O1芯片采用10核CPU，16核的GPU，性能和功耗跻身行业第一梯队水平。安兔兔跑分达到300万分以上，与苹果A18 Pro芯片相当。但小米目前仍然走在苹果平替的路上，价格方面，小米用自家的顶配机型对标苹果的基础款价格，以此在消费者心中建立“高配低价”的压倒性认知，延续了在4000-5000元价位段的性价比优势。如果真的高端已经实现了超越，又何必采用这样处处对标的方式？是不是小米认为距离自己期待的高端国产机表现仍有不小差距？从小米手机市占率变化来看，市场份额从去年下半年开始出现明显提升。由于小米手机的价格基本都落在国补价格带内，受国补政策带动的效果明显。而随着国补效果减弱，小米手机在国内市场的份额又有回落。而这次小米17全系列又恰好都在国补范围内，虽然目前主流选手都有国补机，但像小米这样都在国补范围还是不多的。03、当苹果也开始讲性价比苹果在中国高端市场的位置依然稳固，但已经出现了一些有力的威胁者。IDC数据显示2025年第一季度中国6000元以上的高端市场份额，iPhone已经从70%降至58%。国内的oppo和vivo包括小米都在主动兼容苹果软件生态，降低iPhone切换至安卓的门槛。苹果与其蹩脚的讲述自己的AI故事，不如直接点iPhone“加量不加价” 。iPhone17 基础版将存储提升至 256G 价格的情况下，价格维持在 5999 元（去年 iPhone16 256G 发布价格 6999 元，等于直降 1000 元）。如果再叠加国补政策，iPhone17 基础版的到手价格将达到 5499 元，这已经接近于安卓手机中高端机型的价格带。在配置上，120Hz高刷全系标配，双频GPS也下放到了基础版，有了更好的前后置相机，更大的电池和内存。可以说基本满足了过去一批钉子户的需求，直接将iPhone推上了热销榜单，要知道iPhone的销量主力是由不在国补范围内的Pro和Max版本贡献的。果粉购买力仍然还在，他们只是在等适合他们的产品。当苹果都开始讲究性价比务实，意味着战场已经变成了红海中的红海，对于安卓机来说光是更优惠的价格已经不足以打动人了。小米过去的高端用户有很大一部分就来自于苹果，这点雷总也在公开讲话中表示过，但这其中的逻辑并没有讲明白。根据笔者的调研来看，目前从苹果切换到小米的用户，主要是价格轻度敏感，但又对性能有一定追求的用户们。当苹果开始收紧市场拉拢这些用户，那对于小米来说并不是什么好消息。写在最后著名科技自媒体爱范儿评价道：“对小米 17 Pro Max 的初印象：“全面对标”iPhone 的，往往不是想做行业第一，而是想找到那个能讨好最多用户的“最大公约数”。”但不够极客硬核的小米17，又如何来担当小米高端化的门面？我们不怀疑小米高端化的技术实力，但引领行业风尚和颠覆性定义产品的能力目前还没看到。","news_type":1,"symbols_score_info":{"81810":0.9,"AAPL":0.6,"01810":1.5,"XIACY":0.6}},"isVote":1,"tweetType":1,"viewCount":1717,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3459796853936675","authorId":"3459796853936675","name":"会飞的小虎","avatar":"https://static.tigerbbs.com/3f85eb66ee2a5384906dc7528472d7a4","crmLevel":5,"crmLevelSwitch":0,"idStr":"3459796853936675","authorIdStr":"3459796853936675"},"content":"也有许多人从不考虑苹果🍎的","text":"也有许多人从不考虑苹果🍎的","html":"也有许多人从不考虑苹果🍎的"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":251284061495456,"gmtCreate":1702356870015,"gmtModify":1702359324424,"author":{"id":"3464082344881626","authorId":"3464082344881626","name":"Margin of Safety","avatar":"https://static.tigerbbs.com/0fd50b0e7f08bff19f1ea0595b278227","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3464082344881626","authorIdStr":"3464082344881626"},"themes":[],"htmlText":"余大嘴 Low货","listText":"余大嘴 Low货","text":"余大嘴 Low货","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/251284061495456","repostId":"1142354611","repostType":2,"repost":{"id":"1142354611","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1702356187,"share":"https://www.laohu8.com/m/news/1142354611?lang=zh_CN&edition=full","pubTime":"2023-12-12 12:43","market":"hk","language":"zh","title":"小米：余承东先生无端针对我司龙骨转轴技术发布不实言论","url":"https://stock-news.laohu8.com/highlight/detail?id=1142354611","media":"老虎资讯综合","summary":"与事实严重不符。","content":"<html><head></head><body><p>小米公司发文：近日，余承东先生无端针对我司龙骨转轴技术发布不实言论，与事实严重不符。我们请余承东先生遵循“科学与严谨”的基本规则，请勿再抹黑同行、误导公众。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4338177799c4029094b8c77367ec6ea6\" title=\"\" tg-width=\"1483\" tg-height=\"4000\"/></p><p>此次事件起因于近日2023花粉年会上，华为终端BG CEO余承东对于知识产权的表态，余承东称：“友商抄袭时称不太尊重我们（华为）的知识产权，拿过去随便编个名字就说自己的。<strong>双旋水滴铰链直接变成龙骨铰链，龙骨是不存在的</strong>。”</p><p style=\"text-align: justify;\">虽然余承东上述言论没提厂商名字，但业内猜测此番表态很可能是针对小米。余承东所说的“龙骨铰链”，恰好与小米 MIX Fold 3 手机的“小米龙骨转轴”名称类似。</p><p style=\"text-align: justify;\">根据小米董事长雷军此前的介绍，小米龙骨转轴包含198个零件，14个可活动关节，3级连杆结构，在实现轻薄的同时还能提供更好的屏幕保护力。<strong>雷军更是称小米龙骨转轴是小米深耕底层核心技术的成果之一。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d192cfe6eddfd9e906abc6f563af64ab\" tg-width=\"640\" tg-height=\"853\"/></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>小米：余承东先生无端针对我司龙骨转轴技术发布不实言论</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; 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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小米：余承东先生无端针对我司龙骨转轴技术发布不实言论\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\">2023-12-12 12:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>小米公司发文：近日，余承东先生无端针对我司龙骨转轴技术发布不实言论，与事实严重不符。我们请余承东先生遵循“科学与严谨”的基本规则，请勿再抹黑同行、误导公众。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4338177799c4029094b8c77367ec6ea6\" title=\"\" tg-width=\"1483\" tg-height=\"4000\"/></p><p>此次事件起因于近日2023花粉年会上，华为终端BG CEO余承东对于知识产权的表态，余承东称：“友商抄袭时称不太尊重我们（华为）的知识产权，拿过去随便编个名字就说自己的。<strong>双旋水滴铰链直接变成龙骨铰链，龙骨是不存在的</strong>。”</p><p style=\"text-align: justify;\">虽然余承东上述言论没提厂商名字，但业内猜测此番表态很可能是针对小米。余承东所说的“龙骨铰链”，恰好与小米 MIX Fold 3 手机的“小米龙骨转轴”名称类似。</p><p style=\"text-align: justify;\">根据小米董事长雷军此前的介绍，小米龙骨转轴包含198个零件，14个可活动关节，3级连杆结构，在实现轻薄的同时还能提供更好的屏幕保护力。<strong>雷军更是称小米龙骨转轴是小米深耕底层核心技术的成果之一。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d192cfe6eddfd9e906abc6f563af64ab\" tg-width=\"640\" tg-height=\"853\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/99b330c7a5fe2b62c4d008bd67f85ddd","relate_stocks":{"01810":"小米集团-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142354611","content_text":"小米公司发文：近日，余承东先生无端针对我司龙骨转轴技术发布不实言论，与事实严重不符。我们请余承东先生遵循“科学与严谨”的基本规则，请勿再抹黑同行、误导公众。此次事件起因于近日2023花粉年会上，华为终端BG CEO余承东对于知识产权的表态，余承东称：“友商抄袭时称不太尊重我们（华为）的知识产权，拿过去随便编个名字就说自己的。双旋水滴铰链直接变成龙骨铰链，龙骨是不存在的。”虽然余承东上述言论没提厂商名字，但业内猜测此番表态很可能是针对小米。余承东所说的“龙骨铰链”，恰好与小米 MIX Fold 3 手机的“小米龙骨转轴”名称类似。根据小米董事长雷军此前的介绍，小米龙骨转轴包含198个零件，14个可活动关节，3级连杆结构，在实现轻薄的同时还能提供更好的屏幕保护力。雷军更是称小米龙骨转轴是小米深耕底层核心技术的成果之一。","news_type":1,"symbols_score_info":{"01810":1.1}},"isVote":1,"tweetType":1,"viewCount":2679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":526889859862784,"gmtCreate":1769613176520,"gmtModify":1769613179974,"author":{"id":"3464082344881626","authorId":"3464082344881626","name":"Margin of Safety","avatar":"https://static.tigerbbs.com/0fd50b0e7f08bff19f1ea0595b278227","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3464082344881626","authorIdStr":"3464082344881626"},"themes":[],"title":"","htmlText":"没错 上台后股价和市值的确几何指数级增长 但都得益于乔布斯布局的苹果生态系统和架构 库克是守江山的好手 但最近十年 库克对未来科技技术与发展趋势的短板被不断放大：错失电动车、押注VR；错失AI、押注自己AI人才…… 如果再任职十年，Apple的优势将消失殆尽……现在的阶段也就是功过相抵 甚至是过大于功的状态 Apple董事会需要尽快作出决定！","listText":"没错 上台后股价和市值的确几何指数级增长 但都得益于乔布斯布局的苹果生态系统和架构 库克是守江山的好手 但最近十年 库克对未来科技技术与发展趋势的短板被不断放大：错失电动车、押注VR；错失AI、押注自己AI人才…… 如果再任职十年，Apple的优势将消失殆尽……现在的阶段也就是功过相抵 甚至是过大于功的状态 Apple董事会需要尽快作出决定！","text":"没错 上台后股价和市值的确几何指数级增长 但都得益于乔布斯布局的苹果生态系统和架构 库克是守江山的好手 但最近十年 库克对未来科技技术与发展趋势的短板被不断放大：错失电动车、押注VR；错失AI、押注自己AI人才…… 如果再任职十年，Apple的优势将消失殆尽……现在的阶段也就是功过相抵 甚至是过大于功的状态 Apple董事会需要尽快作出决定！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/526889859862784","repostId":"2606769122","repostType":2,"repost":{"id":"2606769122","kind":"news","pubTimestamp":1769574660,"share":"https://www.laohu8.com/m/news/2606769122?lang=zh_CN&edition=full","pubTime":"2026-01-28 12:31","market":"other","language":"zh","title":"知名投资者呼吁苹果CEO库克下台，称其多年来在AI领域一事无成","url":"https://stock-news.laohu8.com/highlight/detail?id=2606769122","media":"环球市场播报","summary":"当地时间周二，苹果公司CEO蒂姆·库克再次因公司的人工智能战略而受到批评。　　知名投资者、格伯川崎财富管理公司联合创始人兼CEO罗斯·格伯在社交平台X上发表评论，并对苹果公司的领导层提出了批评。他补充说，苹果“完全错过了AI领域的机会”，现在“需要谷歌才能生存”。　　韦德布什证券公司的分析师丹·艾夫斯最近重申了他对苹果的看涨观点，称 2026 年是关键的一年，并为该股设定了 350 美元的目标价。","content":"<html><body><div>\n<p>　　当地时间周二，<span><a href=\"https://laohu8.com/S/AAPL\">苹果</a></span><span></span>公司CEO蒂姆·库克再次因公司的人工智能战略而受到批评。</p>\n<p>　　知名投资者、格伯川崎财富管理公司联合创始人兼CEO罗斯·格伯在社交平台X上发表评论，并对苹果公司的领导层提出了批评。他指出，这家科技巨头在人工智能竞赛中已经落后了。</p>\n<p>　　格伯写道：“是时候让蒂姆从苹果辞职了。他已经很多年没有真正做过任何事情了。”他补充说，苹果“完全错过了AI领域的机会”，现在“需要<span><a href=\"https://laohu8.com/S/GOOG\">谷歌</a></span><span></span>才能生存”。</p>\n<p>　　“没有任何借口。蒂姆·库克需要离开，”他写道。</p>\n<p>　　格伯这番言论呼应了一些苹果投资者日益增长的挫败感，他们认为，随着<span><a href=\"https://laohu8.com/S/MSFT\">微软</a></span><span></span>、Alphabet和 <a href=\"https://laohu8.com/S/META\">Meta</a> 等竞争对手的积极行动，苹果在生成式人工智能创新方面落后于竞争对手。</p>\n<p>　　苹果本月早些时候宣布与<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>建立多年合作伙伴关系，为即将推出的AI功能提供支持，包括未来版本的 Siri。</p>\n<p>　　根据协议，苹果将依靠谷歌的 Gemini 模型和云基础设施来支持其苹果基础模型。</p>\n<p>　　当时，深水资产管理公司的执行合伙人吉恩·蒙斯特（Gene Munster）对此举持积极态度。 “干得好，蒂姆·库克。”</p>\n<p>　　蒙斯特还表示，苹果从 OpenAI 的 ChatGPT 转向 Google Gemini，标志着该公司将更加认真地努力修复苹果智能。</p>\n<p>　　库克自 2011 年 8 月以来一直领导苹果公司，今年已经 65 岁，这引发了人们对他最终离职的猜测。</p>\n<p>　　2025 年的一篇报道暗示，库克最早可能在 2026 年辞职，而知名科技记者马克·古尔曼则表示，库克可能至少会留任到 2026 年中期。</p>\n<p>　　今年1 月的一篇报道将苹果硬件工程高级副总裁 John Ternus 列为下一任CEO的主要内部候选人。</p>\n<p>　　韦德布什证券公司的分析师丹·艾夫斯最近重申了他对苹果的看涨观点，称 2026 年是关键的一年，并为该股设定了 350 美元的目标价。</p>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读，尽在新浪财经APP</div>\n</div>\n<p>责任编辑：于健 SF069</p>\n</div></body></html>","source":"sina","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>知名投资者呼吁苹果CEO库克下台，称其多年来在AI领域一事无成</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知名投资者呼吁苹果CEO库克下台，称其多年来在AI领域一事无成\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-28 12:31 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/stock/usstock/c/2026-01-28/doc-inhivrsz7549780.shtml><strong>环球市场播报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>当地时间周二，苹果公司CEO蒂姆·库克再次因公司的人工智能战略而受到批评。\n　　知名投资者、格伯川崎财富管理公司联合创始人兼CEO罗斯·格伯在社交平台X上发表评论，并对苹果公司的领导层提出了批评。他指出，这家科技巨头在人工智能竞赛中已经落后了。\n　　格伯写道：“是时候让蒂姆从苹果辞职了。他已经很多年没有真正做过任何事情了。”他补充说，苹果“完全错过了AI领域的机会”，现在“需要谷歌才能生存”。\n　...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/usstock/c/2026-01-28/doc-inhivrsz7549780.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE 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INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2026-01-28/doc-inhivrsz7549780.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2606769122","content_text":"当地时间周二，苹果公司CEO蒂姆·库克再次因公司的人工智能战略而受到批评。\n　　知名投资者、格伯川崎财富管理公司联合创始人兼CEO罗斯·格伯在社交平台X上发表评论，并对苹果公司的领导层提出了批评。他指出，这家科技巨头在人工智能竞赛中已经落后了。\n　　格伯写道：“是时候让蒂姆从苹果辞职了。他已经很多年没有真正做过任何事情了。”他补充说，苹果“完全错过了AI领域的机会”，现在“需要谷歌才能生存”。\n　　“没有任何借口。蒂姆·库克需要离开，”他写道。\n　　格伯这番言论呼应了一些苹果投资者日益增长的挫败感，他们认为，随着微软、Alphabet和 Meta 等竞争对手的积极行动，苹果在生成式人工智能创新方面落后于竞争对手。\n　　苹果本月早些时候宣布与谷歌建立多年合作伙伴关系，为即将推出的AI功能提供支持，包括未来版本的 Siri。\n　　根据协议，苹果将依靠谷歌的 Gemini 模型和云基础设施来支持其苹果基础模型。\n　　当时，深水资产管理公司的执行合伙人吉恩·蒙斯特（Gene Munster）对此举持积极态度。 “干得好，蒂姆·库克。”\n　　蒙斯特还表示，苹果从 OpenAI 的 ChatGPT 转向 Google Gemini，标志着该公司将更加认真地努力修复苹果智能。\n　　库克自 2011 年 8 月以来一直领导苹果公司，今年已经 65 岁，这引发了人们对他最终离职的猜测。\n　　2025 年的一篇报道暗示，库克最早可能在 2026 年辞职，而知名科技记者马克·古尔曼则表示，库克可能至少会留任到 2026 年中期。\n　　今年1 月的一篇报道将苹果硬件工程高级副总裁 John Ternus 列为下一任CEO的主要内部候选人。\n　　韦德布什证券公司的分析师丹·艾夫斯最近重申了他对苹果的看涨观点，称 2026 年是关键的一年，并为该股设定了 350 美元的目标价。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：于健 SF069","news_type":1,"symbols_score_info":{"MACW.SI":0.6,"AAPL":1.97}},"isVote":1,"tweetType":1,"viewCount":718,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":527808017117712,"gmtCreate":1769880271791,"gmtModify":1769880274077,"author":{"id":"3464082344881626","authorId":"3464082344881626","name":"Margin of 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05:33","market":"sh","language":"zh","title":"AI核心人才持续流失，苹果再失4名研究员与一名Siri高管","url":"https://stock-news.laohu8.com/highlight/detail?id=2607021086","media":"华尔街见闻","summary":"媒体报道，苹果近几周再度出现AI核心人才流失，至少四名研究人员及一名负责Siri的高级主管相继离职，去向包括Meta与谷歌DeepMind。分析认为，频繁的人事变动凸显苹果AI团队持续动荡，亦加剧市场对其AI战略前景的担忧。","content":"<html><head></head><body><blockquote><p>媒体报道，苹果近几周再度出现AI核心人才流失，至少四名研究人员及一名负责Siri的高级主管相继离职，去向包括Meta与谷歌DeepMind。分析认为，频繁的人事变动凸显苹果AI团队持续动荡，亦加剧市场对其AI战略前景的担忧。</p></blockquote><p style=\"text-align: justify;\">媒体报道，苹果公司近几周又流失了至少四名华裔人工智能研究人员，此前公司已经失去了一名负责Siri的高级主管。这些离职员工已转投包括Meta和谷歌DeepMind在内的竞争对手。</p><p style=\"text-align: justify;\">据报道，最新离职的人员包括杨寅飞（Yinfei Yang）、有昊轩（Haoxuan You）、Bailin Wang和王子瑞（Zirui Wang）。知情人士对媒体称，杨寅飞已离职创办新公司，而有昊轩和Bailin Wang则加入了Meta。消息人士对媒体表示，有昊轩加入了Meta的“超级智能”（Superintelligence）研究部门，而Bailin Wang则从事Meta的推荐系统相关工作。</p><p style=\"text-align: justify;\"><strong>分析认为，这些人事变动凸显了苹果AI部门持续存在的动荡。</strong>苹果在人工智能竞赛中一直难以跟上同行步伐，而公司决定将部分技术外包给谷歌，也引发了内部员工的不满。过去几个月里，苹果经历了一波人才流失，尤其集中在AI团队。</p><p style=\"text-align: justify;\">其中，媒体称王子瑞将加入Google DeepMind。该团队目前正协助苹果打造核心AI模型，用于驱动新功能。其中包括支撑今年即将推出的升级版Siri语音助手的底层技术。</p><p style=\"text-align: justify;\">此外，另一项此前未被报道的消息是，苹果高管Stuart Bowers也已跳槽至谷歌DeepMind。他曾是苹果内部负责Siri的最高级别主管之一。</p><p style=\"text-align: justify;\">在加入Siri团队之前，Bowers曾是苹果自动驾驶汽车项目的核心领导人物之一。该项目最终以失败告终。随后，他转而负责推动Siri业务的改革。去年，他的职责进一步扩大，专注于提升Siri判断如何回应用户的问题。在这一岗位上，他向新任Siri负责人Mike Rockwell汇报。</p><h2 id=\"id_2825521273\">AI团队持续动荡</h2><p style=\"text-align: justify;\">媒体报道，苹果在AI领域面临的挑战，已经成为今年股价下跌的重要原因之一——尽管公司的销售额仍在不断刷新纪录。苹果周四公布了亮眼的财报，其中iPhone销售额超过850亿美元。不过，缺乏具有吸引力的AI突破，以及持续流失的顶尖人才，依然是悬在公司头上的一大隐忧，令其扭转局面的努力更加复杂。</p><p style=\"text-align: justify;\">这些人才流失发生在苹果去年对AI业务进行重大重组之后。首席执行官库克（Tim Cook）解除了长期负责AI业务的John Giannandrea的职务，将相关责任交给了软件负责人Craig Federighi。苹果还聘请了前谷歌和微软AI高管Amar Subramanya，负责管理AI组织的部分业务。</p><p style=\"text-align: justify;\">近期离职的员工主要来自苹果的基础模型团队（Foundation Models，简称AFM）。该团队负责开发Apple Intelligence平台背后的核心技术。由于新版Siri多次延期，以及现有AI功能反响平平，这个团队正面临越来越严格的审视。去年夏天，AFM团队的前负责人庞若鸣（Ruoming Pang）已跳槽至Meta。目前，该团队由AI研究员陈智峰（Zhifeng Chen）负责管理。</p><p style=\"text-align: justify;\">截至去年年底，AFM团队仍由前谷歌高管Daphne Luong监管。她与Giannandrea一同被边缘化，目前仍留在苹果，向Giannandrea汇报，但已不再承担具体管理职责。如今，陈智峰以及苹果的AI研究与测试团队，均向Subramanya汇报。</p><h2 id=\"id_1795332613\">新版本AI都由谷歌开发</h2><p style=\"text-align: justify;\">苹果正在为Siri准备两个新版本。其中一个是短期内推出的更新版本，能够调用用户的个人数据来回答问题。另一个则是计划于今年晚些时候推出的更大规模升级，核心是类似聊天机器人的交互界面。</p><p style=\"text-align: justify;\">这两个版本都将基于全新的架构运行，而相关模型由谷歌团队开发。过去六个月里，苹果已经流失了十多名AI研究人员，其中相当一部分离职，源于公司将部分技术外包的决定。</p><p style=\"text-align: justify;\">在周四的电话会议上，当分析师问及苹果为何选择使用谷歌技术时，库克表示，谷歌可以为苹果的AI模型提供“最有能力的基础”。</p><p style=\"text-align: justify;\">他在财报发布后的分析师电话会议上表示：</p><blockquote><p style=\"text-align: justify;\">“我们相信，通过这项合作，我们能够解锁大量全新的体验，并在关键领域实现创新。”</p></blockquote><p style=\"text-align: justify;\">目前，苹果仍在其设备端的Apple Intelligence功能中使用自研模型。分析认为，鉴于AI竞争的激烈程度以及打造差异化体验的需求，苹果也不太可能长期依赖外部合作伙伴。</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>AI核心人才持续流失，苹果再失4名研究员与一名Siri高管</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; 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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\">\nAI核心人才持续流失，苹果再失4名研究员与一名Siri高管\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-31 05:33 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3764628><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>媒体报道，苹果近几周再度出现AI核心人才流失，至少四名研究人员及一名负责Siri的高级主管相继离职，去向包括Meta与谷歌DeepMind。分析认为，频繁的人事变动凸显苹果AI团队持续动荡，亦加剧市场对其AI战略前景的担忧。媒体报道，苹果公司近几周又流失了至少四名华裔人工智能研究人员，此前公司已经失去了一名负责Siri的高级主管。这些离职员工已转投包括Meta和谷歌DeepMind在内的竞争对手。...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3764628\">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/c8bf4565bc4c9ea6e0ff587a10365663","relate_stocks":{"LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4574":"无人驾驶","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","BK4573":"虚拟现实","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","BK4581":"高盛持仓","BK4532":"文艺复兴科技持仓","LU1868837136.USD":"CT (LUX) 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INC","BK4579":"人工智能"},"source_url":"https://wallstreetcn.com/articles/3764628","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2607021086","content_text":"媒体报道，苹果近几周再度出现AI核心人才流失，至少四名研究人员及一名负责Siri的高级主管相继离职，去向包括Meta与谷歌DeepMind。分析认为，频繁的人事变动凸显苹果AI团队持续动荡，亦加剧市场对其AI战略前景的担忧。媒体报道，苹果公司近几周又流失了至少四名华裔人工智能研究人员，此前公司已经失去了一名负责Siri的高级主管。这些离职员工已转投包括Meta和谷歌DeepMind在内的竞争对手。据报道，最新离职的人员包括杨寅飞（Yinfei Yang）、有昊轩（Haoxuan You）、Bailin Wang和王子瑞（Zirui Wang）。知情人士对媒体称，杨寅飞已离职创办新公司，而有昊轩和Bailin Wang则加入了Meta。消息人士对媒体表示，有昊轩加入了Meta的“超级智能”（Superintelligence）研究部门，而Bailin Wang则从事Meta的推荐系统相关工作。分析认为，这些人事变动凸显了苹果AI部门持续存在的动荡。苹果在人工智能竞赛中一直难以跟上同行步伐，而公司决定将部分技术外包给谷歌，也引发了内部员工的不满。过去几个月里，苹果经历了一波人才流失，尤其集中在AI团队。其中，媒体称王子瑞将加入Google DeepMind。该团队目前正协助苹果打造核心AI模型，用于驱动新功能。其中包括支撑今年即将推出的升级版Siri语音助手的底层技术。此外，另一项此前未被报道的消息是，苹果高管Stuart Bowers也已跳槽至谷歌DeepMind。他曾是苹果内部负责Siri的最高级别主管之一。在加入Siri团队之前，Bowers曾是苹果自动驾驶汽车项目的核心领导人物之一。该项目最终以失败告终。随后，他转而负责推动Siri业务的改革。去年，他的职责进一步扩大，专注于提升Siri判断如何回应用户的问题。在这一岗位上，他向新任Siri负责人Mike Rockwell汇报。AI团队持续动荡媒体报道，苹果在AI领域面临的挑战，已经成为今年股价下跌的重要原因之一——尽管公司的销售额仍在不断刷新纪录。苹果周四公布了亮眼的财报，其中iPhone销售额超过850亿美元。不过，缺乏具有吸引力的AI突破，以及持续流失的顶尖人才，依然是悬在公司头上的一大隐忧，令其扭转局面的努力更加复杂。这些人才流失发生在苹果去年对AI业务进行重大重组之后。首席执行官库克（Tim Cook）解除了长期负责AI业务的John Giannandrea的职务，将相关责任交给了软件负责人Craig Federighi。苹果还聘请了前谷歌和微软AI高管Amar Subramanya，负责管理AI组织的部分业务。近期离职的员工主要来自苹果的基础模型团队（Foundation Models，简称AFM）。该团队负责开发Apple Intelligence平台背后的核心技术。由于新版Siri多次延期，以及现有AI功能反响平平，这个团队正面临越来越严格的审视。去年夏天，AFM团队的前负责人庞若鸣（Ruoming Pang）已跳槽至Meta。目前，该团队由AI研究员陈智峰（Zhifeng Chen）负责管理。截至去年年底，AFM团队仍由前谷歌高管Daphne Luong监管。她与Giannandrea一同被边缘化，目前仍留在苹果，向Giannandrea汇报，但已不再承担具体管理职责。如今，陈智峰以及苹果的AI研究与测试团队，均向Subramanya汇报。新版本AI都由谷歌开发苹果正在为Siri准备两个新版本。其中一个是短期内推出的更新版本，能够调用用户的个人数据来回答问题。另一个则是计划于今年晚些时候推出的更大规模升级，核心是类似聊天机器人的交互界面。这两个版本都将基于全新的架构运行，而相关模型由谷歌团队开发。过去六个月里，苹果已经流失了十多名AI研究人员，其中相当一部分离职，源于公司将部分技术外包的决定。在周四的电话会议上，当分析师问及苹果为何选择使用谷歌技术时，库克表示，谷歌可以为苹果的AI模型提供“最有能力的基础”。他在财报发布后的分析师电话会议上表示：“我们相信，通过这项合作，我们能够解锁大量全新的体验，并在关键领域实现创新。”目前，苹果仍在其设备端的Apple Intelligence功能中使用自研模型。分析认为，鉴于AI竞争的激烈程度以及打造差异化体验的需求，苹果也不太可能长期依赖外部合作伙伴。","news_type":1,"symbols_score_info":{"AAPD":0.6,"APLY":0.6,"AAPL":1.96,"AAPU":0.6,"MACW.SI":0.6,"AAPW":0.6,"AAPY":0.6,"AAPB":0.6,"AAPX":0.6}},"isVote":1,"tweetType":1,"viewCount":176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":500083197756104,"gmtCreate":1763131252394,"gmtModify":1763131254606,"author":{"id":"3464082344881626","authorId":"3464082344881626","name":"Margin of 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可以持续看涨2年","listText":"牛逼 可以持续看涨2年","text":"牛逼 可以持续看涨2年","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/477025115009808","repostId":"2566476196","repostType":2,"repost":{"id":"2566476196","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":1757464645,"share":"https://www.laohu8.com/m/news/2566476196?lang=zh_CN&edition=full","pubTime":"2025-09-10 08:37","market":"us","language":"zh","title":"甲骨文爆了，这些数字和图表让市场和AI交易疯狂","url":"https://stock-news.laohu8.com/highlight/detail?id=2566476196","media":"华尔街见闻","summary":"甲骨文庞大的RPO（剩余履约义务）和炸裂的云收入指引共同点燃市场情绪。其RPO本季度同比大增359%，达4550亿美元；云基础设施（OCI）业务收入预计将在未来四年分别攀升至320亿美元、730亿美元、1140亿美元和1440亿美元，远超市场预期。","content":"<html><head></head><body><blockquote><p>甲骨文庞大的RPO（剩余履约义务）和炸裂的云收入指引共同点燃市场情绪。其RPO本季度同比大增359%，达4550亿美元；云基础设施（OCI）业务收入预计将在未来四年分别攀升至320亿美元、730亿美元、1140亿美元和1440亿美元，远超市场预期。</p></blockquote><p style=\"text-align: justify;\">甲骨文向市场证明，在AI驱动的狂热中，未来的承诺远比当前的业绩更具吸引力。</p><p style=\"text-align: justify;\">尽管这家软件巨头刚刚公布的Q1业绩未能达到预期，但其股价却在盘后交易中飙升，<strong>原因在于公司与OpenAI签下的一笔巨额交易让订单额出现大幅增长，并对云基础设施业务给出了激进的增长预期。</strong></p><p style=\"text-align: justify;\">公司首席执行官Safra Catz发布声明宣布，公司在第一财季签订了数份价值数十亿美元的巨额合同，这使得公司的积压订单量猛增。同时，预计甲骨文云基础设施业务在本财年将增长77%，高于此前70%的预测，达到180亿美元。</p><p style=\"text-align: justify;\">消息公布后，甲骨文盘后大涨28%创历史新高，使其成为首家市值超过5000亿美元、且单日涨幅超过25%的美国公司。这清晰地表明，在当前的投资环境中，<strong>围绕AI构建的宏大叙事，其权重已经压倒了传统的财务指标，投资者愿意为增长前景支付高昂溢价。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17acbcbc6f8a961cd636fab4a6ed6429\" title=\"\" tg-width=\"1024\" tg-height=\"593\"/></p><h2 id=\"backlog\">积压订单“惊人”，需求还在增长</h2><p style=\"text-align: justify;\">引爆市场情绪的核心数据，是甲骨文急剧膨胀的“剩余履约义务”（RPO），即已签订合同但尚未确认为收入的金额。</p><p style=\"text-align: justify;\">Safra Catz在声明中表示，<strong>公司在第一财季与三个不同的客户签订了四份数十亿美元的合同。这直接导致甲骨文的RPO合同积压同比增长了惊人的359%，达到4550亿美元。</strong></p><p style=\"text-align: justify;\">Catz将这一数据形容为“惊人的”，并强调“市场对甲骨文云基础设施（Oracle Cloud Infrastructure）的需求仍在持续增长”。</p><p style=\"text-align: justify;\">她进一步透露，<strong>预计在未来几个月内，公司还将与“另外几家数十亿美元的客户”签约，届时RPO总额可能超过5000亿美元。</strong>这份庞大的合同储备，为甲骨文大胆预测未来收入增长提供了基础。</p><h2 id=\"ad1349ce\">云业务收入有望实现指数级增长</h2><p style=\"text-align: justify;\">在庞大RPO的支持下，甲骨文对其云业务的未来给出了一个堪称指数级增长的财务预测，这成为推动股价的另一个关键燃料。</p><p style=\"text-align: justify;\">公司预计，其云基础设施（OCI）业务的收入将在本财年增长77%，达到180亿美元。更引人注目的是未来四年的规划<strong>：OCI收入预计将接连攀升至320亿美元、730亿美元、1140亿美元，最终在第五年达到1440亿美元。这意味着该业务在数年内将以接近每年翻一番的速度扩张。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45c1650b7640508393dffe38b873a547\" title=\"\" tg-width=\"1018\" tg-height=\"621\"/></p><p style=\"text-align: justify;\">甲骨文方面补充称，这个五年预测中的大部分收入，已经包含在当前报告的RPO中。</p><h2 id=\"id_3402561877\">资本支出高企释放积极信号</h2><p style=\"text-align: justify;\">甲骨文激进扩张的背后，是满足AI巨头算力需求的庞大计划。为兑现这些巨额合同，公司正准备进行大规模的资本投资。</p><p style=\"text-align: justify;\">Catz在财报电话会议上表示，<strong>公司本财年的资本支出预计将达到350亿美元。</strong>她强调，这些投资的大部分将用于数据中心的“创收设备”，而非土地或建筑。</p><p style=\"text-align: justify;\">她补充说，<strong>如果未来资本支出数字继续走高，那将是“好消息，因为它意味着更多的容量”，</strong>公司需要容量来将庞大的RPO积压订单转化为加速增长的收入和利润。</p><p style=\"text-align: justify;\">在财报发布前，Cantor Fitzgerald的分析师Thomas Blakey就曾指出，投资者应重点关注甲骨文的资本支出计划，以评估其满足新合同需求的能力。他认为，由AI需求驱动的OCI业务的强劲势头，“应能抵消在资本支出、资本结构和资本回报策略方面可能出现的短期风险”。</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>甲骨文爆了，这些数字和图表让市场和AI交易疯狂</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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}\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甲骨文爆了，这些数字和图表让市场和AI交易疯狂\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-10 08:37 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3755282><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>甲骨文庞大的RPO（剩余履约义务）和炸裂的云收入指引共同点燃市场情绪。其RPO本季度同比大增359%，达4550亿美元；云基础设施（OCI）业务收入预计将在未来四年分别攀升至320亿美元、730亿美元、1140亿美元和1440亿美元，远超市场预期。甲骨文向市场证明，在AI驱动的狂热中，未来的承诺远比当前的业绩更具吸引力。尽管这家软件巨头刚刚公布的Q1业绩未能达到预期，但其股价却在盘后交易中飙升，...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3755282\">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/65f48a892cdcaab300c901c1e9e1c374","relate_stocks":{"LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","BK4543":"AI","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL 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ACC"},"source_url":"https://wallstreetcn.com/articles/3755282","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2566476196","content_text":"甲骨文庞大的RPO（剩余履约义务）和炸裂的云收入指引共同点燃市场情绪。其RPO本季度同比大增359%，达4550亿美元；云基础设施（OCI）业务收入预计将在未来四年分别攀升至320亿美元、730亿美元、1140亿美元和1440亿美元，远超市场预期。甲骨文向市场证明，在AI驱动的狂热中，未来的承诺远比当前的业绩更具吸引力。尽管这家软件巨头刚刚公布的Q1业绩未能达到预期，但其股价却在盘后交易中飙升，原因在于公司与OpenAI签下的一笔巨额交易让订单额出现大幅增长，并对云基础设施业务给出了激进的增长预期。公司首席执行官Safra Catz发布声明宣布，公司在第一财季签订了数份价值数十亿美元的巨额合同，这使得公司的积压订单量猛增。同时，预计甲骨文云基础设施业务在本财年将增长77%，高于此前70%的预测，达到180亿美元。消息公布后，甲骨文盘后大涨28%创历史新高，使其成为首家市值超过5000亿美元、且单日涨幅超过25%的美国公司。这清晰地表明，在当前的投资环境中，围绕AI构建的宏大叙事，其权重已经压倒了传统的财务指标，投资者愿意为增长前景支付高昂溢价。积压订单“惊人”，需求还在增长引爆市场情绪的核心数据，是甲骨文急剧膨胀的“剩余履约义务”（RPO），即已签订合同但尚未确认为收入的金额。Safra Catz在声明中表示，公司在第一财季与三个不同的客户签订了四份数十亿美元的合同。这直接导致甲骨文的RPO合同积压同比增长了惊人的359%，达到4550亿美元。Catz将这一数据形容为“惊人的”，并强调“市场对甲骨文云基础设施（Oracle Cloud Infrastructure）的需求仍在持续增长”。她进一步透露，预计在未来几个月内，公司还将与“另外几家数十亿美元的客户”签约，届时RPO总额可能超过5000亿美元。这份庞大的合同储备，为甲骨文大胆预测未来收入增长提供了基础。云业务收入有望实现指数级增长在庞大RPO的支持下，甲骨文对其云业务的未来给出了一个堪称指数级增长的财务预测，这成为推动股价的另一个关键燃料。公司预计，其云基础设施（OCI）业务的收入将在本财年增长77%，达到180亿美元。更引人注目的是未来四年的规划：OCI收入预计将接连攀升至320亿美元、730亿美元、1140亿美元，最终在第五年达到1440亿美元。这意味着该业务在数年内将以接近每年翻一番的速度扩张。甲骨文方面补充称，这个五年预测中的大部分收入，已经包含在当前报告的RPO中。资本支出高企释放积极信号甲骨文激进扩张的背后，是满足AI巨头算力需求的庞大计划。为兑现这些巨额合同，公司正准备进行大规模的资本投资。Catz在财报电话会议上表示，公司本财年的资本支出预计将达到350亿美元。她强调，这些投资的大部分将用于数据中心的“创收设备”，而非土地或建筑。她补充说，如果未来资本支出数字继续走高，那将是“好消息，因为它意味着更多的容量”，公司需要容量来将庞大的RPO积压订单转化为加速增长的收入和利润。在财报发布前，Cantor Fitzgerald的分析师Thomas Blakey就曾指出，投资者应重点关注甲骨文的资本支出计划，以评估其满足新合同需求的能力。他认为，由AI需求驱动的OCI业务的强劲势头，“应能抵消在资本支出、资本结构和资本回报策略方面可能出现的短期风险”。","news_type":1,"symbols_score_info":{"ORCL":1}},"isVote":1,"tweetType":1,"viewCount":860,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}