不高兴的小欣的个人主页 - 老虎社区

不高兴的小欣

不高兴的小欣

暂无个人介绍

IP属地：北京

36关注

43粉丝

0主题

0勋章

不高兴的小欣

03-31 21:48

社区买菜也是......

美团CEO王兴：AI是本地生活服务的战略机遇

不高兴的小欣

03-27

不找找自己的问题

美团连续澄清两则谣言:送700元大单到手仅3块，假！顾客查看进度骑手知道，谣言！

不高兴的小欣

03-27

不急于成为token工厂就是没钱的意思，成不了

美团电话会： “坚决反对内卷”，“绝不急于成为‘token’工厂”，KeeTa沙特盈利在望

不高兴的小欣

03-23

$快手-W(01024)$ 就算是坨屎也该反弹了

不高兴的小欣

03-23

幼稚，说句实话，只要不影响税收谁管呢

不高兴的小欣

03-20

散户别跑

华尔街点评阿里财报：短期的“利润重置”是为了长期的AI爆发

不高兴的小欣

03-18

$小米集团-W(01810)$ 指引1季度，营收会增长，利润会下滑，硬件普遍上涨

不高兴的小欣

03-17

垃圾文章

黄仁勋和马云都在抢，看清Token背后的商业模式

不高兴的小欣

03-13

$美团-W(03690)$ 王兴的讲话只能证明他还没跑路

不高兴的小欣

03-12

$哔哩哔哩-W(09626)$ 老乡别跑？掩护领导套现1亿..

不高兴的小欣

03-11

$美团-W(03690)$ 美团赢了，战胜了所有不服的股民。

不高兴的小欣

03-10

keeta据说要倒闭了

236 人优化至 36 人！美团旗下 Keeta 暂缓巴西里约热内卢开城计划

不高兴的小欣

03-10

早就该下调，都拆分了独立上市啦，母公司就一个京东app

巴克莱将京东目标价从每股41美元下调至34美元

不高兴的小欣

03-05

$美团-W(03690)$ 大规模增发新股，明日暴跌继续

不高兴的小欣

03-05

被动调用，屁用没有。

京东Q4电话会：外卖投入将低于去年，言犀大模型调用量激增百倍

不高兴的小欣

03-05

元宵节、汤圆、去年100单今年1000单

元宵节汤圆外卖需求爆发：京东外卖订单环比增长超10倍“预约送”单量较节前激增5.3倍

不高兴的小欣

03-04

是可能美团已死

浏览器已死？“美团 Tabbit”们能否为它续命

不高兴的小欣

02-26

$携程集团-S(09961)$ 已经跌到心理价位了

不高兴的小欣

02-26

$快手-W(01024)$ ai视频生产工具在当前技术爆炸的年代，第二名毫无意义。创作者不会允许自己的作品假的像动画，而别人的像电影🎬。

不高兴的小欣

02-26

$快手-W(01024)$ seedance降维打击可令。ai视频效果这类应用如果真实度差一些就完全没有价值

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3471210355661451","uuid":"3471210355661451","gmtCreate":1508116370296,"gmtModify":1702490542325,"name":"不高兴的小欣","pinyin":"bgxdxxbugaoxingdexiaoxin","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":43,"headSize":36,"tweetSize":801,"questionSize":0,"limitLevel":900,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":2,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"35ec162348d5460f88c959321e554969-2","templateUuid":"35ec162348d5460f88c959321e554969","name":"宗师交易员","description":"证券或期货账户累计交易次数达到100次","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.10.16","exceedPercentage":"80.63%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"228c86a078844d74991fff2b7ab2428d-1","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资经理虎","description":"证券账户累计交易金额达到10万美元","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"60.40%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-4","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"明星虎友","description":"加入老虎社区2000天","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.04.09","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.07.01","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.28","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":4,"crmLevelSwitch":0,"location":"北京","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":548624024511856,"gmtCreate":1774964899534,"gmtModify":1774964902126,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"社区买菜也是......","listText":"社区买菜也是......","text":"社区买菜也是......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/548624024511856","repostId":"2622271088","repostType":2,"repost":{"id":"2622271088","kind":"news","pubTimestamp":1774619107,"share":"https://www.laohu8.com/m/news/2622271088?lang=zh_CN&edition=full","pubTime":"2026-03-27 21:45","market":"hk","language":"zh","title":"美团CEO王兴：AI是本地生活服务的战略机遇","url":"https://stock-news.laohu8.com/highlight/detail?id=2622271088","media":"中国经营报","summary":"在3月26日的美团2025年全年财报电话会上，美团CEO王兴明确提出，AI是本地服务领域的重要战略机遇，并表示美团将以进攻姿态布局AI技术，致力于打造未来本地生活需求的AI入口，构建兼具需求理解与高效执行能力的AI“超级入口”，通过技术革新推动核心本地服务业务实现全面升级。","content":"<html><body><div>\n<p><img border=\"0\" height=\"276\" src=\"https://webquoteklinepic.eastmoney.com/GetPic.aspx?nid=116.03690&amp;imageType=k&amp;token=28dfeb41d35cc81d84b4664d7c23c49f&amp;at=1\" width=\"578\"/></p><p>　　在3月26日的<a href=\"https://laohu8.com/S/MPNGY\">美团</a>2025年全年财报电话会上，<a href=\"https://laohu8.com/S/03690\">美团</a>CEO王兴明确提出，AI是本地服务领域的重要战略机遇，并表示美团将以进攻姿态布局AI技术，致力于打造未来本地生活需求的AI入口，构建兼具需求理解与高效执行能力的AI“超级入口”，通过技术革新推动核心本地服务业务实现全面升级。</p><p>　　王兴强调，美团不会盲目追求成为“词元工厂”，而是将AI视为改进、加强甚至彻底变革本地服务核心业务的战略机遇。</p><p>　　另外，王兴透露，自2023年年初以来，美团已在资本和AI人才引进方面进行了大规模、持续性的投入。</p><p>　　“除了有<span>云计算</span><span></span>业务的企业外，美团在AI上的投入规模，大概率是国内企业里最大的，且已经坚持布局三年多了。”他表示，美团正持续投入自研基座大模型LongCat的开发，同时与当前行业顶尖的第三方大模型保持深度合作，致力于实现对人真实物理世界需求的最精准理解。</p><p>　　在王兴看来，AI“超级入口”的关键在于不仅要精准理解用户需求，还必须具备高效执行任务的能力，其复杂程度远超传统的“聊天<span>机器人</span><span></span>”。这一能力需求在本地生活领域尤为凸显——消费场景复杂多样、海量商家信息高度分散，大量数据和信息尚未被有效线上化。与此同时，本地生活平台还需对履约交付进行深入管理，而这恰恰是通用AI模型所普遍欠缺的能力。</p><p>　　目前，美团已面向所有用户开放了嵌入APP的AI助手“小团”，覆盖全品类本地生活服务。用户只需输入服务需求，即可快速匹配优质商家和商品。</p><p>　　王兴举例说明其复杂性：“我在望京办公，朋友在<span><a href=\"https://laohu8.com/S/000931\">中关村</a></span><span></span>，计划一起吃午饭但只有2小时，需要找到中间地段、味道不错且方便停车的川菜馆。”满足此类需求，AI必须掌握地图、POI（兴趣点）及餐厅实时供给信息，并能从全网评价中提炼价值信息进行推理。</p><p>　　对于美团AI未来的发展方向，王兴表示，模型能力将持续优化，美团将深化“小团”在APP里的融合，强化AI搜索与执行能力，力争把美团升级为领先的AI驱动应用，成为未来本地生活需求的AI入口。</p><p>（文章来源：中国经营报）</p> </div></body></html>","source":"stock_eastmoney","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>美团CEO王兴：AI是本地生活服务的战略机遇</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美团CEO王兴：AI是本地生活服务的战略机遇\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-27 21:45 北京时间&nbsp;&nbsp;&nbsp;<a href=http://finance.eastmoney.com/a/202603273687449860.html><strong>中国经营报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在3月26日的美团2025年全年财报电话会上，美团CEO王兴明确提出，AI是本地服务领域的重要战略机遇，并表示美团将以进攻姿态布局AI技术，致力于打造未来本地生活需求的AI入口，构建兼具需求理解与高效执行能力的AI“超级入口”，通过技术革新推动核心本地服务业务实现全面升级。　　王兴强调，美团不会盲目追求成为“词元工厂”，而是将AI视为改进、加强甚至彻底变革本地服务核心业务的战略机遇。　　另外，王兴...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202603273687449860.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU1102505762.USD":"富达新兴市场焦点 A","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0173614495.USD":"富达中国焦点A","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","BK1591":"就地过年概念","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU0594300419.USD":"富达中国消费基金A","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0072462343.USD":"贝莱德亚洲巨龙基金","BK1583":"高瓴概念","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","BK1604":"节假日概念","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","BK4209":"餐馆","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","SG9999001689.USD":"施罗德亚洲成长股票","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","BK1610":"ETF&股票定投概念","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","BK1575":"同股不同权","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0823426308.USD":"法巴中国股票基金","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0228659784.USD":"施罗德金砖四国基金","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0051755006.USD":"摩根大通中国A (dist)","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0683595622.HKD":"AB SICAV I-EM.MKTS MUL.ASS.PTF(AD)","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" 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","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","BK1542":"内地物业管理股","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","BK1233":"餐馆","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","BK1229":"房地产经营公司","LU0140636845.USD":"施罗德大中华区股票A Acc","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","IE0008368742.USD":"首域中国增长基金I Acc","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0048597586.USD":"富达亚洲焦点A","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","BK4122":"互联网与直销零售","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","BK1589":"北水核心资产","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","HMTD.SI":"Meituan HK SDR 5to1","BK1618":"Manus概念股","BK1142":"互联网与直销零售","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","03690":"美团-W","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0048580855.USD":"富达大中华区A","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","BK1615":"港股-互联网","BK1258":"房地产运营公司","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","MPNGY":"美团ADR","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0359201612.USD":"贝莱德中国基金A2","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC"},"source_url":"http://finance.eastmoney.com/a/202603273687449860.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2622271088","content_text":"在3月26日的美团2025年全年财报电话会上，美团CEO王兴明确提出，AI是本地服务领域的重要战略机遇，并表示美团将以进攻姿态布局AI技术，致力于打造未来本地生活需求的AI入口，构建兼具需求理解与高效执行能力的AI“超级入口”，通过技术革新推动核心本地服务业务实现全面升级。　　王兴强调，美团不会盲目追求成为“词元工厂”，而是将AI视为改进、加强甚至彻底变革本地服务核心业务的战略机遇。　　另外，王兴透露，自2023年年初以来，美团已在资本和AI人才引进方面进行了大规模、持续性的投入。　　“除了有云计算业务的企业外，美团在AI上的投入规模，大概率是国内企业里最大的，且已经坚持布局三年多了。”他表示，美团正持续投入自研基座大模型LongCat的开发，同时与当前行业顶尖的第三方大模型保持深度合作，致力于实现对人真实物理世界需求的最精准理解。　　在王兴看来，AI“超级入口”的关键在于不仅要精准理解用户需求，还必须具备高效执行任务的能力，其复杂程度远超传统的“聊天机器人”。这一能力需求在本地生活领域尤为凸显——消费场景复杂多样、海量商家信息高度分散，大量数据和信息尚未被有效线上化。与此同时，本地生活平台还需对履约交付进行深入管理，而这恰恰是通用AI模型所普遍欠缺的能力。　　目前，美团已面向所有用户开放了嵌入APP的AI助手“小团”，覆盖全品类本地生活服务。用户只需输入服务需求，即可快速匹配优质商家和商品。　　王兴举例说明其复杂性：“我在望京办公，朋友在中关村，计划一起吃午饭但只有2小时，需要找到中间地段、味道不错且方便停车的川菜馆。”满足此类需求，AI必须掌握地图、POI（兴趣点）及餐厅实时供给信息，并能从全网评价中提炼价值信息进行推理。　　对于美团AI未来的发展方向，王兴表示，模型能力将持续优化，美团将深化“小团”在APP里的融合，强化AI搜索与执行能力，力争把美团升级为领先的AI驱动应用，成为未来本地生活需求的AI入口。（文章来源：中国经营报）","news_type":1,"symbols_score_info":{"HMTD.SI":0.6,"MPNGY":1.98,"METmain":0.6,"03690":1.98}},"isVote":1,"tweetType":1,"viewCount":15,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":547178692400264,"gmtCreate":1774612033368,"gmtModify":1774612035582,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"不找找自己的问题","listText":"不找找自己的问题","text":"不找找自己的问题","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/547178692400264","repostId":"2622842939","repostType":2,"repost":{"id":"2622842939","kind":"news","pubTimestamp":1774603920,"share":"https://www.laohu8.com/m/news/2622842939?lang=zh_CN&edition=full","pubTime":"2026-03-27 17:32","market":"other","language":"zh","title":"美团连续澄清两则谣言:送700元大单到手仅3块，假！顾客查看进度骑手知道，谣言！","url":"https://stock-news.laohu8.com/highlight/detail?id=2622842939","media":"新浪科技","summary":"新浪科技讯 3月27日下午消息，今日美团在其官方账号发布长文对两条热帖辟谣，并称“都是假的”。　　美团回应称：“这也是编造的谣言。按照数据安全规范，用户的浏览行为不会被记录或传递给骑手。用户查看配送地图、刷新订单进度页面，骑手不会收到任何提示。只有用户点击“催单”，才会触发骑手端的提醒。”","content":"<html><body><div>\n<p>　　新浪科技讯 3月27日下午消息，今日<a href=\"https://laohu8.com/S/MPNGY\">美团</a>在其官方账号发布长文对两条热帖辟谣，并称“都是假的”。</p>\n<p>　　第一，有热帖称“骑手接了个700多元大单，到手只有3块钱，顾客给了50多块全被平台扣了”，<a href=\"https://laohu8.com/S/03690\">美团</a>表示：“经查，该骑手近期没有700多元总额的订单，也没有其他数百元的订单。另外，骑手跑单中，顾客的额外主动付费（打赏或小费）均100%全额结算给完成配送的骑手。我们核查了这位骑手所有打赏记录，近期5笔分别为0.5元、1元、2元、3元、5元。不仅没有50元左右的金额，而且这些打赏均已100%全额到账。”</p>\n<p>　　美团还表示：“我们进一步核查了该骑手今年以来所有大额订单的配送费收入，金额均在14.5元至57.2元之间，同样不存在骑手只得3元的情况。”</p>\n<p>　　美团强调，假订单、假金额、假收入——视频中每一个引发争议的关键细节，经核查均无法成立。因此，博主所描述的这单，根本不存在。“对于博主的这一造谣行为，我们已报送有关部门，并将依规依法采取进一步措施。我们坚决反对任何为了流量而伤害骑手群体和平台生态的行为。”</p>\n<p>　　第二，还有热帖称，用户每次查看配送进度，骑手都知道，背后是平台在给骑手施压。</p>\n<p>　　美团回应称：“这也是编造的谣言。按照数据安全规范，用户的浏览行为不会被记录或传递给骑手。用户查看配送地图、刷新订单进度页面，骑手不会收到任何提示。只有用户点击“催单”，才会触发骑手端的提醒。”</p>\n<div><img src=\"http://n.sinaimg.cn/finance/transform/622/w550h872/20260327/2df8-ff602d6f2b95a93fdb6a3d89e2908c36.png\"/><span></span></div>\n<div><img src=\"http://n.sinaimg.cn/finance/transform/47/w550h297/20260327/e888-cf223285886ce83388c8750f5290355e.jpg\"/><span></span></div>\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：宋<a href=\"https://laohu8.com/S/AVP\">雅芳</a> </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>美团连续澄清两则谣言:送700元大单到手仅3块，假！顾客查看进度骑手知道，谣言！</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美团连续澄清两则谣言:送700元大单到手仅3块，假！顾客查看进度骑手知道，谣言！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-27 17:32 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/tob/2026-03-27/doc-inhsmnzu2070586.shtml><strong>新浪科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>新浪科技讯 3月27日下午消息，今日美团在其官方账号发布长文对两条热帖辟谣，并称“都是假的”。\n　　第一，有热帖称“骑手接了个700多元大单，到手只有3块钱，顾客给了50多块全被平台扣了”，美团表示：“经查，该骑手近期没有700多元总额的订单，也没有其他数百元的订单。另外，骑手跑单中，顾客的额外主动付费（打赏或小费）均100%全额结算给完成配送的骑手。我们核查了这位骑手所有打赏记录，近期5笔分别为...</p>\n\n<a href=\"https://finance.sina.com.cn/tob/2026-03-27/doc-inhsmnzu2070586.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":{"IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU1102505762.USD":"富达新兴市场焦点 A","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0173614495.USD":"富达中国焦点A","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0594300419.USD":"富达中国消费基金A","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","BK1591":"就地过年概念","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","BK1583":"高瓴概念","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","BK1604":"节假日概念","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","BK1521":"挪威政府全球养老基金持仓","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","BK4209":"餐馆","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0287142896.SGD":"Fidelity China Focus A-SGD","SG9999001689.USD":"施罗德亚洲成长股票","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","03690":"美团-W","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0823426308.USD":"法巴中国股票基金","BK1610":"ETF&股票定投概念","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0228659784.USD":"施罗德金砖四国基金","BK1575":"同股不同权","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0683595622.HKD":"AB SICAV I-EM.MKTS MUL.ASS.PTF(AD)","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","BK1233":"餐馆","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","MPNGY":"美团ADR","LU0823426480.USD":"法巴中国股票经典Dis","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","IE0008368742.USD":"首域中国增长基金I Acc","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0048597586.USD":"富达亚洲焦点A","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","HMTD.SI":"Meituan HK SDR 5to1","BK4122":"互联网与直销零售","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","BK1589":"北水核心资产","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","BK1618":"Manus概念股","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","BK1142":"互联网与直销零售","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0048580855.USD":"富达大中华区A","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","BK1615":"港股-互联网","LU0359201612.USD":"贝莱德中国基金A2","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC"},"source_url":"https://finance.sina.com.cn/tob/2026-03-27/doc-inhsmnzu2070586.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2622842939","content_text":"新浪科技讯 3月27日下午消息，今日美团在其官方账号发布长文对两条热帖辟谣，并称“都是假的”。\n　　第一，有热帖称“骑手接了个700多元大单，到手只有3块钱，顾客给了50多块全被平台扣了”，美团表示：“经查，该骑手近期没有700多元总额的订单，也没有其他数百元的订单。另外，骑手跑单中，顾客的额外主动付费（打赏或小费）均100%全额结算给完成配送的骑手。我们核查了这位骑手所有打赏记录，近期5笔分别为0.5元、1元、2元、3元、5元。不仅没有50元左右的金额，而且这些打赏均已100%全额到账。”\n　　美团还表示：“我们进一步核查了该骑手今年以来所有大额订单的配送费收入，金额均在14.5元至57.2元之间，同样不存在骑手只得3元的情况。”\n　　美团强调，假订单、假金额、假收入——视频中每一个引发争议的关键细节，经核查均无法成立。因此，博主所描述的这单，根本不存在。“对于博主的这一造谣行为，我们已报送有关部门，并将依规依法采取进一步措施。我们坚决反对任何为了流量而伤害骑手群体和平台生态的行为。”\n　　第二，还有热帖称，用户每次查看配送进度，骑手都知道，背后是平台在给骑手施压。\n　　美团回应称：“这也是编造的谣言。按照数据安全规范，用户的浏览行为不会被记录或传递给骑手。用户查看配送地图、刷新订单进度页面，骑手不会收到任何提示。只有用户点击“催单”，才会触发骑手端的提醒。”\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：宋雅芳","news_type":1,"symbols_score_info":{"MPNGY":1.95,"03690":1.95,"HMTD.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":22,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":547045946443704,"gmtCreate":1774579694456,"gmtModify":1774579697065,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"不急于成为token工厂就是没钱的意思，成不了","listText":"不急于成为token工厂就是没钱的意思，成不了","text":"不急于成为token工厂就是没钱的意思，成不了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/547045946443704","repostId":"1187259510","repostType":2,"repost":{"id":"1187259510","kind":"news","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":1774529595,"share":"https://www.laohu8.com/m/news/1187259510?lang=zh_CN&edition=full","pubTime":"2026-03-26 20:53","market":"hk","language":"zh","title":"美团电话会： “坚决反对内卷”，“绝不急于成为‘token’工厂”，KeeTa沙特盈利在望","url":"https://stock-news.laohu8.com/highlight/detail?id=1187259510","media":"华尔街见闻","summary":"CEO王兴明确表态“坚决反对内卷”，将主动退出低效价格战。“我们坚决反对内卷化。我们将积极配合监管调查。”AI时代的野心：“绝不急于成为‘token’工厂”AI是本次电话会市场关注的另一大焦点。而在海外市场，KeeTa的全球化步伐正在加快。欢迎参加美团2025年第四季度及财年业绩电话会议。","content":"<html><head></head><body><blockquote><p>CEO王兴明确表态“坚决反对内卷”，将主动退出低效价格战。<a href=\"https://laohu8.com/S/MPNGY\">美团</a>全面进攻AI，已向所有用户开放AI助手“小团”，致力于打造本地生活“AI超级网关”。出海方面，预计沙特市场将在今年底前实现首月盈利，公司指引2026年新业务总体亏损不会超过去年。</p></blockquote><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7825a21f07e4dc8f5348bf667c5a6a0\" title=\"\" tg-width=\"632\" tg-height=\"1092\"/></p><p style=\"text-align: justify;\">面对前所未有的激烈竞争，美团在稳住核心商业底盘的同时，<strong>正明确拒绝行业“内卷化”，并将未来的想象空间全面押注于物理世界的AI重构与KeeTa的全球化提速。</strong></p><p style=\"text-align: justify;\">在今晚举行的美团2025年第四季度及全年业绩电话会议上，美团董事长兼CEO王兴与CFO陈少晖向市场交出了一份在复杂环境下稳健前行的答卷，并详细披露了公司在核心本地商业、AI战略、零售并购以及出海业务上的最新动向。</p><p style=\"text-align: justify;\">财报数据显示，美团2025年第四季度总收入达到921亿元，同比增长4.1%。截至2025年底，公司持有的现金及现金等价物和短期国债投资总计高达1668亿元。在各业务板块中，核心本地商业四季度收入为648亿元；而由KeeTa和零售业务扩张驱动的新业务板块表现亮眼，四季度收入达到273亿元，同比增长18.9%。</p><p style=\"text-align: justify;\">面对市场高度关注的竞争格局、业绩指引与未来增长引擎，美团管理层在会上给出了明确的回应。</p><h2 id=\"id_43158493\">直面竞争与监管：“我们坚决反对内卷化”</h2><p style=\"text-align: justify;\">针对近期市场关心的餐饮外卖价格战与监管部门的行业调查，王兴在会上给出了非常坚决的态度。他指出，主管部门希望培育健康有序的市场，而外卖行业中补贴驱动或价格驱动的竞争是“非常典型的非理性竞争”。</p><blockquote><p style=\"text-align: justify;\">“<strong>我们坚决反对内卷化</strong>。我们将积极配合监管调查。”</p></blockquote><p style=\"text-align: justify;\">王兴强调，美团正将资源从低客单价和低质量的订单中收回，以捍卫市场份额并推动高质量增长。“无论市场环境如何演变，我们的餐饮外卖策略始终保持清晰和一致。”</p><p style=\"text-align: justify;\">这一策略在财务上已初见成效。陈少晖透露，四季度核心本地商业经营亏损环比大幅收窄，主要得益于餐饮外卖业务亏损的显著减少。王兴也给出乐观指引：</p><blockquote><p style=\"text-align: justify;\"><strong>“我们有望在第一季度看到餐饮外卖每单亏损相比去年第四季度实现更有意义的环比改善。”</strong></p></blockquote><h2 id=\"id_617098010\">AI时代的野心：“绝不急于成为‘token’工厂”</h2><p style=\"text-align: justify;\">AI是本次电话会市场关注的另一大焦点。作为拥有庞大线下商户与履约网络的服务平台，美团如何应对AI可能带来的“超级入口”更迭危机？王兴表示：</p><blockquote><p style=\"text-align: justify;\">“我认为虽然AI将彻底改变一切，但在这场AI革命中，唯一有意义的策略是主动出击，而不仅仅是防守。但这并不意味着我们要急于成为‘token工厂’之一，完全不是。”</p></blockquote><p style=\"text-align: justify;\">王兴认为，通用AI无法可靠地管理真实的物理世界服务体验，如果不能深度参与履约服务管理，AI“只是一个聪明的聊天<a href=\"https://laohu8.com/S/300024\">机器人</a>”。目前，美团已将内嵌的AI助手“小管”推送给所有用户，并致力于将其打造成以用户为中心的本地服务AI智能体。</p><p style=\"text-align: justify;\">他生动地举了一个例子：用户可以直接用自然语言向“小管”提问——“我和朋友分别在望京和<a href=\"https://laohu8.com/S/000931\">中关村</a>，只有2小时吃午饭，能否在中间位置找一家有包间、辣菜且方便停车的餐厅？”</p><p style=\"text-align: justify;\">王兴表示，要真正回答这类长文本的真实需求，<strong>不仅需要大模型，还需要实时的POI（兴趣点）数据、交通信息、餐厅空位和真实评价，这正是美团在物理世界建立的深厚护城河。</strong></p><h2 id=\"id_551361022\">零售并购与出海图景：拟购<a href=\"https://laohu8.com/S/JD\">京东</a>资产，KeeTa中东盈利在望</h2><p style=\"text-align: justify;\">在寻找新的增长曲线方面，美团正在即时零售与海外市场（KeeTa）双线出击。</p><p style=\"text-align: justify;\">电话会上，王兴确认了<strong>美团计划以7.17亿美元收购京东中国大陆零售业务的消息</strong>（该交易仍需监管批准）。他表示，此举除了彰显对中国零售业务的信心外，将极大增强美团在即时零售领域的供应链能力，并显著提高在华东地区的覆盖范围和服务质量。</p><p style=\"text-align: justify;\">而在海外市场，KeeTa的全球化步伐正在加快。继2025年下半年进入卡塔尔、科威特、阿联酋和巴西（重点聚焦圣保罗市）后，其成熟市场的盈利模型已经跑通。</p><p style=\"text-align: justify;\">“KeeTa于2025年10月在香港实现了首个盈利月份，我们花了29个月才实现盈利。”王兴透露了一个令市场振奋的预期：</p><blockquote><p style=\"text-align: justify;\">“沙特阿拉伯是一个非常有利于配送业务实现盈利的市场。<strong>我们预计KeeTa在沙特实现盈利月份的速度将比在香港快得多，肯定会在今年年底之前。”</strong></p></blockquote><p style=\"text-align: justify;\">王兴强调，美团出海的核心理念依然是为生态系统创造价值，而非内卷化。即便2025年下半年进入了大量新市场，但得益于国内新业务效率的改善，<strong>管理层预计2026年新业务板块的整体亏损不会超过2025年。</strong></p><p style=\"text-align: justify;\"><strong>美团电话会全文如下：</strong></p><blockquote><p style=\"text-align: justify;\">接线员<br/>感谢您的耐心等待，欢迎参加美团2025年第四季度及全年业绩电话会议。所有参会者目前处于仅收听模式。会议包含演讲环节，之后将进行问答环节。如需提问，请在电话键盘上按星号键再按数字1。现在，我将会议交给投资者关系及资本市场负责人徐晓雯女士。请开始。</p><p style=\"text-align: justify;\">Scarlett Xu (徐晓雯)<br/>谢谢接线员。大家晚上好，早上好。欢迎参加美团2025年第四季度及财年业绩电话会议。今天出席会议的有：董事长兼首席执行官王兴先生，以及高级副总裁兼首席财务官陈少晖先生。在今天的会议上，管理层将首先回顾我们2025年第四季度及财年的业绩，然后进行问答环节。</p><p style=\"text-align: justify;\">徐晓雯<br/>在开始之前，我们提醒您，我们的陈述包含前瞻性陈述，这些陈述涉及若干风险与不确定性，实际未来结果可能与之不同。本次陈述还包含未经审计的非国际财务报告准则财务指标，这些指标应作为补充，而非替代根据国际财务报告准则编制的公司财务绩效指标。关于风险因素和非国际财务报告准则指标的详细讨论，请参阅我们网站投资者关系部分的披露文件。现在，我将把电话交给王兴先生。请发言，兴。</p><p style=\"text-align: justify;\">王兴<br/>谢谢Scarlet，大家好。2025年对美团而言，既是充满机遇的一年，也是面临挑战的一年。面对前所未有的激烈竞争，我们始终专注于服务消费者、商户、骑手及所有生态伙伴。我们致力于创造长期价值。2025年，我们平台的GTV和交易量均实现双位数增长，新增交易用户数、用户交易频次以及ARPU均达到新高。这些关键指标巩固了我们作为中国消费者首选本地服务平台的坚实地位。</p><p style=\"text-align: justify;\">2025年，我们全面升级了美团会员计划。这是我们首个覆盖几乎所有品类的消费者忠诚度计划。它帮助我们推动交叉销售，并增强了核心用户的粘性。</p><p style=\"text-align: justify;\">同时，依托我们在本地服务领域的综合优势，我们推出了自主研发的AI助手——小美和小管。我们将AI技术带入了真实的消费场景。展望未来，美团会员和AI将继续成为我们提供差异化、增强型本地体验的关键工具。</p><p style=\"text-align: justify;\">无论市场环境如何演变，我们始终专注于加强长期护城河，并推动整个行业的健康可持续发展。我们也积极寻求新的增长机会。2025年期间，我们取得了一系列关键进展。首先，我们加速了向供给侧的深度渗透，并通过供给侧创新，构建了一个覆盖全价格带和多元品类、全面的高性价比供给体系。这使我们能够精准满足用户在餐饮外卖、即时零售和服务零售方面的综合需求，也巩固了我们作为一站式本地服务平台的地位。</p><p style=\"text-align: justify;\">在餐饮外卖方面，我们与商户合作，聚焦于产品、门店形式和渠道的创新。品牌卫星店、回转自助火锅、共享厨房等创新模式，帮助大量餐饮品牌和中小商户提高了运营效率，拓展了业务。我们与商户合作，推出了&#34;神抢手&#34;等其他模式，在不同价格带推出了优质优价的爆款产品，服务了更广泛的消费群体。</p><p style=\"text-align: justify;\">在即时零售方面，我们深化了在本地供给的布局，成为众多领先品牌全渠道战略的重要合作伙伴。我们持续延伸在供应链上的触达能力。我们的创新供给模式，包括美团即食仓、美团闪电仓、品牌官旗闪电仓，以及我们自营的小象超市和微仓，已成为即时零售的重要供给。</p><p style=\"text-align: justify;\">我们与顶级酒类品牌紧密合作，酒水业务实现了快速增长。在医疗健康领域，我们持续加强家庭常用药、医疗器械的本地供给，支持众多创新药的线上首发，并进一步扩大了24小时药店、在线问诊和居家检测服务的覆盖范围。</p><p style=\"text-align: justify;\">小象超市在第四季度加快了城市扩张步伐。过去几年，小象超市建立了强大的供应链，提升了生鲜品质，并发展了行业领先的产品能力。我们的自有品牌产品现已覆盖更广泛的品类，贡献了更高的GTV占比。</p><p style=\"text-align: justify;\">在我们的到店、酒店及旅游业务中，我们推出了高品质商户推荐榜单，并将必吃榜、黑珍珠等榜单项目扩展至教育、健身、医疗、养老服务等更多品类。基于对消费趋势的深刻洞察，我们进一步丰富了体育赛事、文化艺术票务、家政服务等供给。此外，我们支持超过100万独立手艺人（小燕）在我们的平台上实现数字化，增强了我们独特的服务生态系统连接。</p><p style=\"text-align: justify;\">第二，我们专注于通过产品迭代和美团会员升级来增强综合服务能力，为消费者提供卓越的消费体验。在履约方面，我们升级了准时宝和专人直送等服务，在2025年显著扩大了其覆盖范围。这为消费者提供了更可靠、更高质量的履约保障，巩固了我们在履约方面的竞争优势。在即时零售方面，我们联合数百万商户和品牌，推出了行业首个全周期服务保障计划。</p><p style=\"text-align: justify;\">该计划为高等级会员和精选品牌商品提供免费退换货运费，引领了体验、履约、配送和售后支持等全行业的服务标准。在医疗健康方面，我们扩大了与三甲医院医生的在线问诊合作。我们升级了对牙科、医美等服务的核验和服务保障。这些努力全面提升了在线医疗服务的可靠性。我们将这些高质量服务与我们全面升级的美团会员深度融合。我们为会员推出了一系列专属权益，覆盖餐饮外卖、酒店预订、生活服务、出行、医疗等多元消费场景。</p><p style=\"text-align: justify;\">这些会员专属权益活动显著提升了用户心智和交易频次，使我们能更好地服务核心用户群体。因此，大量中级会员晋升至更高级别。在激烈的竞争中，我们的高价值会员群体持续稳定增长，其交易频次和消费金额均有所提升。值得注意的是，他们还在更广泛的品类中进行交叉购买。</p><p style=\"text-align: justify;\">我们持续增强的美团会员计划提供了强大的多维支持。它促进了流量、运营和交易增长，也推动了核心本地商业中不同品类、不同场景之间的交叉销售。总体而言，我们巩固了在基础设施和用户心智方面的领先地位，即使在竞争异常激烈的市场环境下也是如此。</p><p style=\"text-align: justify;\">我们始终专注于培育可持续的生态系统，并正在采取切实行动，推动整个本地服务行业实现高频、高质量的增长。我们持续赋能中小商户。例如，我们增加金融支持，推广&#34;明厨亮灶&#34;项目，并利用AI工具提升商户运营效率。我们旨在促进餐饮服务业的健康发展，并应对诸如营销内卷化、食品安全治理等结构性挑战。我们在骑手福利方面也取得了进展。</p><p style=\"text-align: justify;\">2025年，我们率先在全国范围内为各类骑手提供养老保险补贴计划。我们的职业伤害保障试点现已扩展至17个省区市，覆盖超过1600万名骑手。这项保障对集团无财务成本负担。此外，我们持续在医疗、教育、住房等领域完善骑手的多层次福利体系。</p><p style=\"text-align: justify;\">第四，在我们的海外市场，Keeta加速了全球化布局，并在2025年实现了良好的增长势头。在香港，Keeta巩固了其领先地位，并在第四季度实现了正的单位经济效益。在沙特阿拉伯，Keeta的订单量在2025年全年持续增长，并凭借更高质量的服务成为当地消费者的首选平台之一。</p><p style=\"text-align: justify;\">在2025年下半年，我们在卡塔尔、科威特、阿联酋和巴西启动了业务运营。所有这些新市场自业务启动以来都展现出强劲的增长势头。展望未来，Keeta将继续发挥其在产品、技术和运营经验方面的优势。我们将与全球各市场的商户和骑手紧密合作，共同推动行业的数字化转型，让更多国家和地区的消费者享受到我们优质、高效的服务。</p><p style=\"text-align: justify;\">此外，在2025年，我们拥抱了人工智能带来的机遇。我们致力于通过将AI创新与我们已验证的实体服务优势相结合，推动物理世界的人工智能转型。多年来，我们对AI技术进行了重大投资。我们结合自身研发实力，开发了自有的多模态长文本模型系列。同时，我们也使用了最先进的第三方模型。我们还利用了美团独特的数字资产，包括广泛的商户信息、高质量多元化的供给、真实的消费行为和用户评价。</p><p style=\"text-align: justify;\">我们首先在独立App上测试了智能生活助手&#34;小美&#34;。更重要的是，我们已将嵌入美团App的AI助手&#34;小管&#34;推送给所有用户。我们将AI技术与美团平台上的应用场景相结合，覆盖了本地服务全品类。美团App中的AI功能&#34;小管&#34;将从根本上改变消费者使用我们App的方式。</p><p style=\"text-align: justify;\">搜索将演变为只需用自然语言提出请求，而不仅仅是输入关键词。&#34;小管&#34;依托美团丰富的供给和强大的履约能力，结合美团App成熟的原生界面，在2025年为消费者带来了全新的、易用的、卓越的体验。2026年，我们将继续优化&#34;小管&#34;的用户体验。我们的目标是让&#34;小管&#34;成为最以用户为中心的本地服务AI智能体。</p><p style=\"text-align: justify;\">回顾2025年，我们面临着复杂的外部环境和前所未有的激烈竞争。但我们始终坚守&#34;帮大家吃得更好，生活更好&#34;的使命，努力为消费者、商户、骑手及所有生态伙伴创造实实在在的价值。展望未来，我们相信核心本地商业仍然具有强劲的增长潜力和强大的业务韧性。我们将继续深化供给侧渗透，提升服务质量，完善美团会员计划，并投入生态系统建设。</p><p style=\"text-align: justify;\">我们将进一步巩固作为大多数消费者首选本地服务平台的地位，并推动行业高质量发展。同时，零售业务（包括即时零售）和海外市场是具有清晰战略和潜力的长期增长曲线。我们将秉持投资纪律，积极探索这些领域。更重要的是，随着我们进入人工智能时代，我们将坚定执行&#34;零售+科技&#34;战略，利用人工智能深度赋能本地服务行业，为消费者和商户带来更佳体验。至此，我将把电话交给少晖，由他介绍最新的财务业绩。</p><p style=\"text-align: justify;\">陈少晖<br/>谢谢兴。大家好。现在让我们开始介绍第四季度的财务业绩。请注意，除非另有说明，所有比较均为同比。第四季度，我们的总收入为921亿元，同比增长4.1%。收入成本率上升11.6个百分点至33.8%。</p><p style=\"text-align: justify;\">这主要受三个因素驱动：从收入中扣除的更多消费者激励、为保持领先服务质量而增加的骑手激励，以及海外运营成本增加。销售及营销费用率上升14.8个百分点至34.4%，主要是由于我们增加了在推广、广告和用户激励方面的投入，以提升品牌知名度和核心用户参与度。研发费用率上升至7.6%，反映了我们在AI领域投入的增加，而一般及行政费用率略有上升至4%。</p><p style=\"text-align: justify;\">第四季度，分部经营亏损总额和经调整净亏损环比收窄至147亿元和151亿元。这些环比改善反映了我们在激烈竞争中专注于高质量增长和执行效率。截至2025年12月31日，我们持有的现金及现金等价物和短期国债投资总计1668亿元。虽然经营现金流仍为负，但实现了环比改善，经营现金流出收窄至66亿元。</p><p style=\"text-align: justify;\">现在，我们来看分部业绩，从核心本地商业分部开始。本季度，我们继续看到订单量和GTV的健康增长。我们在餐饮外卖和美团到店业务中的领导地位保持稳固，同时我们在核心本地商业其他品类中的市场地位保持稳定。我们的核心用户群体继续呈现健康增长，并在平台上表现出更高的参与度。这些用户不仅交易更频繁，还在我们平台上探索更多服务。</p><p style=\"text-align: justify;\">本季度，他们的留存率相比第三季度进一步提升。包括医药健康、休闲娱乐、运动健身、宠物服务以及美团即时零售中的大多数品类在内的多个消费品类，在订单量和GTV方面均保持了双位数增长。</p><p style=\"text-align: justify;\">在财务方面，第四季度分部收入为648亿元，同比下降1.1%。虽然餐饮外卖行业的补贴力度较第三季度略有缓和，但仍处于历史高位。第四季度，我们专注于高质量增长，进一步收回了来自低客单价和低质量订单的资源。这推动了餐饮外卖平均订单价值的环比回升，尽管我们的餐饮外卖净AOV仍远高于行业平均水平。激烈的竞争确实导致餐饮外卖AOV同比大幅下降，这影响了我们的佣金收入增长。</p><p style=\"text-align: justify;\">消费者补贴对配送服务收入的影响也持续到了第四季度。我们的在线营销收入保持稳定增长。我们持续看到，从中小餐馆到线下零售商及其他本地服务提供商，各品类的商户都将美团视为关键营销渠道，我们的广告主基础持续稳步扩大。</p><p style=\"text-align: justify;\">在成本和费用方面，我们增加了营销支出和促销活动，以增强品牌定位和价格竞争力，同时提升所有用户的参与度。我们分配了更多资源来加强会员计划。我们还为骑手提供了更多激励，以确保配送服务质量和用户体验。同时，我们持续投入生态系统建设。</p><p style=\"text-align: justify;\">核心本地商业分部第四季度经营亏损为100亿元，经营亏损环比大幅收窄。这一改善主要得益于餐饮外卖业务亏损的显著减少。转向新业务分部，第四季度收入达到273亿元，同比增长18.9%，主要由Keeta和零售业务的扩张驱动。然而，分部经营亏损扩大至46亿元，反映了共享单车等业务的季节性逆风，以及本季度在海外扩张和零售业务方面的战略性投入。本季度，我们将Keeta拓展至四个新市场，这需要大量的前期投入。</p><p style=\"text-align: justify;\">但令我们鼓舞的是，在已建立的市场，如香港和沙特阿拉伯，随着订单密度和运营效率的提升，单位经济效益已显示出健康的改善。我们乐观地认为，Keeta的新市场也将遵循这一积极趋势。对于零售业务，它仍然是美团长期的重点战略方向。过去几年，小象超市取得了扎实进展，关键指标趋势向好。第四季度，我们加快了向<a href=\"https://laohu8.com/S/300778\">新城市</a>的扩张，并扩大了仓库网络，以捕捉不断增长的线上零售需求。</p><p style=\"text-align: justify;\">我们还通过在北京开设首家小象超市线下店以及开设多家新的&#34;欢螺猴&#34;门店，增强了实体存在。此外，我们最近宣布了收购京东零售国内资产的计划，我们预计这将进一步提升美团在即时零售领域的整体能力。</p><p style=\"text-align: justify;\">我们相信，这些战略投资将巩固我们的竞争优势，并在零售领域创造长期价值。展望未来，我们仍然对公司长期、可持续的增长轨迹充满信心。我们坚信行业将逐步走向规范化，随着监管引导，竞争将逐渐回归常态。我们将更加专注于提高效率和实现更高质量的增长，并继续投资于技术、服务质量和生态系统建设。至此，我们现在开始问答环节。</p><p style=\"text-align: justify;\">接线员<br/>谢谢。如果您想提问，请在电话上按星号1键，并等待宣布您的名字。如果您想取消请求，请按星号2键。如果您使用的是免提电话，请拿起听筒提问。第一个问题来自<a href=\"https://laohu8.com/S/GS\">高盛</a>的Ronald Young。请继续。</p><p style=\"text-align: justify;\">高盛分析师<br/>谢谢。少晖、Scarlett、兴，你们好。我想问一下关于AI超级入口或入口点的竞争，因为这种<a href=\"https://laohu8.com/S/00166\">新时代</a>已经开启。公司如何看待这一趋势以及未来的发展？从风险方面看，这是否会导致在App时代作为主要流量入口的地位丧失？管理层有哪些战略或计划来应对这一风险？您能否也分享一下AI智能体和长文本模型的最新进展？</p><p style=\"text-align: justify;\">王兴<br/>谢谢Rona。在过去的财报电话会上，我已经明确表示，我认为虽然AI将彻底改变一切，但在这场AI革命中，唯一有意义的策略是主动出击，而不仅仅是防守。但这并不意味着我们要急于成为&#34;token工厂&#34;之一，完全不是。</p><p style=\"text-align: justify;\">我们将AI视为一个战略机遇，用于改进、加强甚至革新我们在本地服务（我们的核心业务）中的产品。我将稍作阐述。</p><p style=\"text-align: justify;\">首先，我认为AI需要大量投资。因此，自2023年初以来，我们在资本支出和AI人才方面投入了大量资金。因此，除了那些云公司之外，我们可能是中国公司中在AI领域投资最多的公司之一。</p><p style=\"text-align: justify;\">我们这样做已经超过三年了。这显然对我们的资产负债表和现金流产生了影响，但我们将继续致力于开发自有的长文本大模型，因为我们相信，为了更精确地理解物理世界，基于我们自己海量的专有数据，我们需要具备构建内部模型的能力。但同时，我们也在与最先进的第三方模型合作。我们正努力引领将我们的主美团App升级为AI驱动的App，以便更好地满足消费者在本地服务、电商领域的端到端需求。</p><p style=\"text-align: justify;\">因此，我们认为，所谓&#34;超级入口&#34;的竞争，根本上取决于准确理解用户需求、然后高效执行任务的能力。但这里远比一个聪明的聊天机器人复杂。本地服务行业具有高度复杂的用例，存在大量非常碎片化的信息，以及来自中小商户的众多实时信息。</p><p style=\"text-align: justify;\">这些商户并未完全数字化。因此，商户端和消费者端的许多数据尚未有效数字化，无法从AI中获益，我认为这些数据首先需要数字化。这正是我们多年来一直在做的事情。许多商户运行在我们的数字化系统上，因此我们拥有无与伦比的渠道接触他们的数据。但此外，本地服务平台还需要能够深度参与履约服务的管理，否则它只是一个聪明的聊天机器人。</p><p style=\"text-align: justify;\">在这里，我认为通用AI无法可靠地管理和保障真实的物理世界服务体验。而我们美团已经建立了极其丰富的物理世界数据，包括商户POI数据、动态实时的商户运营数据，以及最全面、最真实的本地服务用户评价。</p><p style=\"text-align: justify;\">我相信，我们在餐饮外卖网络、即时配送网络、业务拓展运营、零售供应以及未来的无人机、无人车和其他具身智能技术方面的深厚专业知识，将为我们连接AI与物理世界提供显著优势。我们的自研模型正在追赶那些开源的先进模型。我们的智能体也在快速演进，这将帮助我们无缝整合数字与物理世界的信息。</p><p style=\"text-align: justify;\">举几个例子。我们最近已将AI助手&#34;小管&#34;向美团App内的所有用户开放。在此之前，我们发布了一个独立的AI App——&#34;小美&#34;。但对于&#34;小管&#34;，现有数亿美团App用户将受益于这些新的AI功能。&#34;小管&#34;覆盖了我们平台上的所有本地服务品类，用户可以用更自然的方式表达他们的需求。过去，大多数人都习惯了通过几个关键词进行搜索。但现在，借助增强的AI能力，&#34;小管&#34;可以理解用自然语言表达的更长查询。&#34;小管&#34;可以访问美团App内的所有数据。</p><p style=\"text-align: justify;\">我再举一个具体的例子。用户用美团App找餐厅很常见。但有时需要更好地理解用例。比如，有一天我会问美团一个非常具体的问题：我在北京东北角的望京办公室，我有一个朋友在中关村（北京西边）工作。我们计划一起吃午饭，只有2小时时间。您能帮我们在中间位置找到一家有好的包间、辣菜、并且方便停车的餐厅吗？我认为这是一个非常自然的真实需求。</p><p style=\"text-align: justify;\">但在过去，受限于有限的关键词搜索，用户无法提出这类问题。现在，借助增强的AI能力，这成为了可能。这是一个非常真实的用例。但为了真正回答这个问题，你需要有地图信息、POI信息，甚至交通信息。你还需要知道不仅仅是餐厅的位置，还要了解餐厅的菜品或实时空位情况。否则，你可能会推荐一家非常热门的餐厅，但用户无法预订到桌子或包间。</p><p style=\"text-align: justify;\">这不是用户需要的。因此，要真正满足这一需求，我们的系统需要能够访问物理世界的大量信息。AI正在帮助我们整合所有这些物理世界数据，为我们的用户提供更好的用户体验。</p><p style=\"text-align: justify;\">因此，依托美团全面、真实的商户数据库，&#34;小管&#34;现在实际上可以回答这些具体问题，不仅涉及商户或位置、营业时间、门店设施等。&#34;小管&#34;还可以利用我们真实的用户评价和推荐，提供有价值的见解。凭借这种增强的推理能力，&#34;小管&#34;可以满足更个性化的查询，并为餐饮、娱乐、旅行、购物等生成一站式指南。我们很高兴看到&#34;小管&#34;功能在春节期间有效满足了用户的需求，但这仅仅是个开始。它收到了积极的反馈，并进一步加强了用户参与度。</p><p style=\"text-align: justify;\">未来，我认为模型会变得更好，我们将继续深化&#34;小管&#34;功能在美团App中的集成。我们希望利用新的AI技术，使美团App成为所有用户满足本地需求、本地服务需求的首选目的地。我们将增强AI搜索能力，并增强执行能力。然后，我们努力将美团升级为领先的AI驱动型App，成为未来本地服务需求的AI入口。谢谢。</p><p style=\"text-align: justify;\">高盛分析师<br/>很好。谢谢。</p><p style=\"text-align: justify;\">接线员<br/>谢谢。下一个问题来自<a href=\"https://laohu8.com/S/06030\">中信证券</a>的Ya Jiana。请继续。</p><p style=\"text-align: justify;\">中信证券分析师<br/>谢谢。晚上好。感谢回答我的问题。关于国务院从1月初开始对餐饮外卖市场竞争状况的调查，我们的业务策略有变化吗？我们最近看到的竞争环境有什么变化？展望未来，我们计划如何在当前的监管环境下维持或扩大我们的竞争优势？此外，餐饮外卖业务的亏损从第四季度到第一季度持续收窄，这是我的问题。谢谢。</p><p style=\"text-align: justify;\">王兴<br/>谢谢张瑶。我们认为监管方向已经非常明确。主管部门坚决反对所谓的&#34;内卷化&#34;，并希望培育一个健康有序的市场。餐饮外卖行业中的补贴驱动或价格驱动的竞争是非常典型的非理性竞争，也是非常典型的内卷化。我们非常重视这个问题。我想重申我们的立场。我们坚决反对内卷化。我们将积极配合监管调查。同时，我们将资源从低质量订单中收回。我们努力捍卫我们的市场份额和市场领导地位。</p><p style=\"text-align: justify;\">因此，在2026年，无论市场环境如何演变，我们的餐饮外卖策略始终保持清晰和一致。第一，我们将继续专注于做正确的事情，增强我们的核心优势，即扩大高质量选择、确保快速可靠的配送、提供持续有竞争力的价格。第二，正如我之前所说，我们将保持领导地位，同时将资源集中在推动高质量增长和提高运营效率上。第三，我们将持续创造价值，除了我们正在进行的工作，如供给侧创新、为骑手提供全年支持和福利改善等。</p><p style=\"text-align: justify;\">我们还在推动产品和服务升级，以及在AI和其他自动化技术方面的创新，以提升整个行业的效率和体验。因此，展望未来，我们认为竞争将转向深度挖掘用户生命周期价值、提升供给质量和多样性，以及提供无缝的端到端用户体验。在最近几个月，尽管竞争持续激烈，存在相当多的非理性补贴，美团仍然是高价值消费者在选择餐饮服务时的首选，因为我们提供了更好的整体体验。</p><p style=\"text-align: justify;\">我们在中高客单价订单方面保持了竞争优势，平均订单价值持续远高于行业平均水平，这得益于我们对高质量增长的关注和订单结构的改善。我们有望在第一季度看到餐饮外卖每单亏损相比去年第四季度实现更有意义的环比改善。我们相信，一个更规范的市场有助于将竞争从单纯的补贴战转向创新、服务体验和效率。</p><p style=\"text-align: justify;\">这些正是我们更具优势的领域。我们将继续磨练我们的核心优势，通过更好的运营、产品本身的创新和迭代，这将帮助我们在中高客单价订单、高价值用户和高效配送网络方面巩固结构性优势。我们对我们餐饮外卖业务的竞争力和长期潜力充满信心。谢谢。</p><p style=\"text-align: justify;\">中信证券分析师<br/>谢谢。</p><p style=\"text-align: justify;\">接线员<br/>谢谢。下一个问题来自<a href=\"https://laohu8.com/S/UBS\">瑞银</a>的Kenneth Kong。请继续。</p><p style=\"text-align: justify;\">王兴<br/>嗨，晚上好，管理层。感谢回答我的问题。我们注意到，自去年第四季度以来，抖音大幅增加了对到店业务的补贴，并且其补贴预计在2026年仍将维持高位。所以，想了解一下您对当前本地服务竞争格局的看法，与2022-23年的竞争周期相比，美团目前的策略有何不同？</p><p style=\"text-align: justify;\">王兴<br/>谢谢Kenneth的问题。对于你的问题，从短期角度给出的简短回答是：是的，我们看到竞争对手最近加大了投入和投资。这可能会对我们短期的盈利能力产生负面影响。这是我们所面临的现实，我们也希望市场能够理解。但我会花更多篇幅谈谈我们对该业务的长期策略。我认为，理解竞争对手的格局在最近几年发生了很大变化是关键。</p><p style=\"text-align: justify;\">整个到店行业在过去几年经历了显著变化。在竞争方面，行业参与者现在在品类、商户和消费场景上有了相当差异化的关注点。领先的参与者现在更加注重高效的运营策略。对我们而言，我们的首要任务始终是该业务的长期可持续发展，而不是在战术层面的短期取胜。我们坚信，端到端的业务仍然具有巨大潜力，但仍需要在全价值链上进行大量投资和更多创新。无论格局如何变化，为消费者和商户提供高效、优质的服务，并推动强劲的线下消费增长，是成功的关键。</p><p style=\"text-align: justify;\">多年来，我们看到消费者需求发生了变化，他们要求更个性化的体验和物有所值的消费，同时，对延伸服务的需求（如在线辅导、预订、线上下单线下自提）也在持续增长。在供给侧，供给形式和服务品类不断推陈出新，紧跟消费趋势。这种持续的发展势头也是推动数字化转型的关键动力。在技术前沿方面，消费者和商户对AI驱动产品的期望和需求都在增长。在这些趋势下，美团始终保持警觉，并持续运用我们对行业的广泛经验和深刻理解进行创新。</p><p style=\"text-align: justify;\">我们已经并将进一步增强在品类组合、商户生态和运营效率等领域的差异化优势。例如，得益于美团和大众点评在餐饮领域的多年专业知识和洞察，我们注意到餐饮业务的商业逻辑发生了变化，我们直接与高端餐饮合作伙伴分享这些洞察，帮助他们保持领先地位，并快速适应不断变化的消费者需求。我们也在持续跟踪行业趋势，探索自助模式、休闲娱乐、体育文化活动票务、自营家政服务等新供给。</p><p style=\"text-align: justify;\">我们平台多年来积累的真实用户评价，以及整合的一站式在线服务（包括团购、在线预订、自提、美团预订、QA管理），已成为我们独特的竞争优势。此外，超过100万手艺人已成为我们平台上的独特供给。在技术方面，我们的AI智能体&#34;商家经营助手&#34;帮助商户优化数字化服务。商户能够通过利用AI调取和分析消费者偏好来提供个性化服务，还可以智能分析消费者反馈以改进运营。</p><p style=\"text-align: justify;\">此外，我们的AI智能体，如数字员工和AI业务拓展，简化了商户在开店、日常运营和客户获取等方面的操作。我们将继续为商户提供自己的AI助手。在2026年，我们将进一步差异化我们的服务，并分配更多资源，以获得更高的投资回报率。我们将加强在核心品类的地位，并尽量减少在非核心领域的无效投资。</p><p style=\"text-align: justify;\">展望未来，我们将继续致力于为消费者提供无缝的服务闭环，提供精准决策和一站式体验。我们旨在建立一个覆盖客户获取、转化和留存的更全面的商户赋能体系。我们将继续通过数字化转型促进行业的可持续发展。谢谢。谢谢。</p><p style=\"text-align: justify;\">接线员2<br/>谢谢。下一个问题来自<a href=\"https://laohu8.com/S/JEF\">杰富瑞</a>的Thomas Cheong。请继续。</p><p style=\"text-align: justify;\">王兴<br/>嗨，晚上好。</p><p style=\"text-align: justify;\">杰富瑞分析师<br/>谢谢管理层回答我的问题。美团计划收购京东（Bing Bong）能带来什么协同效应？美团零售业务的战略如何演变？美团自营零售业务的策略是怎样的？</p><p style=\"text-align: justify;\">王兴<br/>谢谢Thomas关于京东的问题。关于我们零售业务的策略，我们最近宣布以7.17亿美元收购京东的中国大陆业务。但请注意，这笔交易仍需获得监管批准。原因，显然，最重要的原因是我们对中国零售业务（包括线上和线下）充满信心。除此之外，此次收购还有两个关键原因。首先，它将增强美团在即时零售领域的整体能力，特别是加强我们的供应链能力。这也将有助于我们零售业务运营效率的进一步提升。</p><p style=\"text-align: justify;\">其次，京东已在华东地区建立了强大的市场地位。通过此次收购，如果成功，我们将显著提高我们在该地区的覆盖范围和服务质量。零售业务与公司使命高度契合，是我们的长期战略重点之一。随着市场动态的演变，我们观察到，像小象超市这样的自营供给在即时配送生态系统中变得越来越重要。小象超市代表了平台上的高质量供给保障，为用户提供更可靠的购物体验。鉴于该行业的增长潜力，我们看到了巨大的机遇。</p><p style=\"text-align: justify;\">去年，我们已经重组了零售业务组合，转向更高效的方式以推动可持续增长。过去几年，小象超市保持了强劲的增长势头，同时持续提升运营效率。我们扩大了自有品牌商品供给，覆盖了夜间消费场景，并保持了行业领先的履约速度和体验。我们相信小象超市代表了一种模式，即美团可以利用其优势，朝着明确的盈利路径前进。展望未来，我们计划将这种模式扩展到更多城市和地区，为更多消费者带来更快、更新鲜、更实惠的即时零售。谢谢。谢谢。</p><p style=\"text-align: justify;\">接线员2<br/>谢谢。下一个问题来自<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>的Gary New。请继续。</p><p style=\"text-align: justify;\">摩根士丹利分析师<br/>嗨，感谢提问的机会。我的问题与Keeta有关。Keeta在香港和沙特阿拉伯都取得了一些进展，但考虑到监管和竞争的限制，前方的道路看起来相当具有挑战性。管理层能否分享一下公司在2026年的海外战略是否有任何更新？你们计划今年在巴西投资多少？你们预计沙特阿拉伯何时能实现盈利？在2026年。谢谢。</p><p style=\"text-align: justify;\">王兴<br/>谢谢Gary。在讨论我们2026年国际战略的具体细节之前，我想借此机会对我们在中东的员工、商户、骑手以及所有生态伙伴表达我最深切的感谢。感谢你们在工作中的不懈奉献，为所有用户提供基本服务。在这个困难时期，我们正尽一切努力保障你们的安全和生计，共同克服这些挑战。</p><p style=\"text-align: justify;\">现在回到Gary的问题。首先，我想强调，美团在中国境外的核心理念始终是为整个生态系统创造价值，并推动行业长期增长，而非内卷化。这从来不是我们想做的，我们通过Keeta进行的国际业务也将遵循同样的原则。我们希望与当地参与者共同成长。我们希望帮助加速当地本地服务行业的数字化转型，我们希望共同服务并拓展更大的市场。因此，最终，我们希望为这些市场的用户、商户、骑手和其他合作伙伴创造新的价值。</p><p style=\"text-align: justify;\">2026年，Keeta将主要聚焦于我们目前的市场，因为每个市场都有不同的产品动态。因此，我们将保持灵活性，根据当地情况调整策略。在平衡每个市场、每个阶段的增长和盈利能力的同时，合规将始终是重中之重。因此，我们正在与当地监管机构非常积极地合作。长远来看，我们致力于全球运营，战略重点将放在即时配送和即时零售上，这些领域可以发挥我们的核心优势。</p><p style=\"text-align: justify;\">关于你提到的市场，正如我在上个季度所说，Keeta于2025年10月在香港实现了首个盈利月份。请允许我提醒一下，Keeta于2023年5月在香港推出，并于2025年10月实现盈亏平衡。所以我们花了29个月才实现盈利。今年，我们将专注于进一步改善运营。对于沙特阿拉伯，那是一个非常有利于配送业务实现盈利的市场。因此，我们预计Keeta在沙特阿拉伯实现盈利月份的速度将比在香港快得多。肯定会在今年年底之前。</p><p style=\"text-align: justify;\">实际上，我想说我们已经非常接近了，在不久的将来就会实现。我们在一些城市已经实现了盈亏平衡，我认为其他城市也会很快跟进。因为最近我们在沙特阿拉伯大幅削减了补贴，但我们的订单量仍然保持韧性。这意味着用户选择Keeta是因为我们更好的服务，而不是为了补贴或更低的价格。</p><p style=\"text-align: justify;\">因此，在2026年，我们将进一步优化我们在其他中东市场的运营，我们的订单也在快速增长。凭借我们的沙特经验（Southern Rib）和区域品牌认知，我相信我们能够快速提高在这些新市场的运营效率。然而，我们在这些市场2026年的增长仍受外部风险影响，例如当前地区的复杂局势。关于巴西，我们看到了巨大的长期价值。因此，我们仍然坚定致力于在该市场的长期增长。</p><p style=\"text-align: justify;\">目前，我们的运营集中在圣保罗市（Sapporo），这是巴西最大的城市。在更广泛的全国推广之前，我们优先在圣保罗完善我们的商业模式。同时，我们将积极探索业务策略，以建立差异化优势。</p><p style=\"text-align: justify;\">总体而言，Keeta在2026年的亏损仍将显著，因为我们在2025年下半年进入了大量新市场、大量新国家。这些市场的订单仍在规模化进程中。然而，这将被我们国内新业务更高效的改善所抵消。因此，我们预计2026年新业务分部的整体亏损不会超过2025年。谢谢。</p><p style=\"text-align: justify;\">接线员2<br/>谢谢。此时没有进一步的问题。我现在将把时间交还给Scarlett进行结束语。</p><p style=\"text-align: justify;\">徐晓雯<br/>好的。感谢大家参加今天的电话会议。我们期待在下个季度与大家再次交流。谢谢。</p><p style=\"text-align: justify;\">接线员2<br/>谢谢。我们今天的会议到此结束。感谢您的参与，您现在可以挂断。</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>美团电话会： “坚决反对内卷”，“绝不急于成为‘token’工厂”，KeeTa沙特盈利在望</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美团电话会： “坚决反对内卷”，“绝不急于成为‘token’工厂”，KeeTa沙特盈利在望\n</h2>\n\n<h4 class=\"meta\">\n\n2026-03-26 20:53 北京时间&nbsp;&nbsp;&nbsp;<strong>华尔街见闻</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>CEO王兴明确表态“坚决反对内卷”，将主动退出低效价格战。美团全面进攻AI，已向所有用户开放AI助手“小团”，致力于打造本地生活“AI超级网关”。出海方面，预计沙特市场将在今年底前实现首月盈利，公司指引2026年新业务总体亏损不会超过去年。面对前所未有的激烈竞争，美团在稳住核心商业底盘的同时，正明确拒绝行业“内卷化”，并将未来的想象空间全面押注于物理世界的AI重构与KeeTa的全球化提速。在今晚...</p>\n\n<a href=\"\">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/e1238455e09ac8d1135014cb37eb0f4d","relate_stocks":{"LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0823426480.USD":"法巴中国股票经典Dis","BK4122":"互联网与直销零售","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","IE0008368742.USD":"首域中国增长基金I Acc","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","BK1589":"北水核心资产","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","LU0048597586.USD":"富达亚洲焦点A","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","BK1618":"Manus概念股","BK1142":"互联网与直销零售","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","BK1615":"港股-互联网","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0048580855.USD":"富达大中华区A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","MPNGY":"美团ADR","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","BK1591":"就地过年概念","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","BK1583":"高瓴概念","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU1102505762.USD":"富达新兴市场焦点 A","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","BK1604":"节假日概念","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0173614495.USD":"富达中国焦点A","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0594300419.USD":"富达中国消费基金A","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","BK4209":"餐馆","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","03690":"美团-W","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","BK1610":"ETF&股票定投概念","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","BK1575":"同股不同权","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","SG9999001689.USD":"施罗德亚洲成长股票","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0823426308.USD":"法巴中国股票基金","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0228659784.USD":"施罗德金砖四国基金","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0683595622.HKD":"AB SICAV I-EM.MKTS MUL.ASS.PTF(AD)","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","BK1233":"餐馆","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187259510","content_text":"CEO王兴明确表态“坚决反对内卷”，将主动退出低效价格战。美团全面进攻AI，已向所有用户开放AI助手“小团”，致力于打造本地生活“AI超级网关”。出海方面，预计沙特市场将在今年底前实现首月盈利，公司指引2026年新业务总体亏损不会超过去年。面对前所未有的激烈竞争，美团在稳住核心商业底盘的同时，正明确拒绝行业“内卷化”，并将未来的想象空间全面押注于物理世界的AI重构与KeeTa的全球化提速。在今晚举行的美团2025年第四季度及全年业绩电话会议上，美团董事长兼CEO王兴与CFO陈少晖向市场交出了一份在复杂环境下稳健前行的答卷，并详细披露了公司在核心本地商业、AI战略、零售并购以及出海业务上的最新动向。财报数据显示，美团2025年第四季度总收入达到921亿元，同比增长4.1%。截至2025年底，公司持有的现金及现金等价物和短期国债投资总计高达1668亿元。在各业务板块中，核心本地商业四季度收入为648亿元；而由KeeTa和零售业务扩张驱动的新业务板块表现亮眼，四季度收入达到273亿元，同比增长18.9%。面对市场高度关注的竞争格局、业绩指引与未来增长引擎，美团管理层在会上给出了明确的回应。直面竞争与监管：“我们坚决反对内卷化”针对近期市场关心的餐饮外卖价格战与监管部门的行业调查，王兴在会上给出了非常坚决的态度。他指出，主管部门希望培育健康有序的市场，而外卖行业中补贴驱动或价格驱动的竞争是“非常典型的非理性竞争”。“我们坚决反对内卷化。我们将积极配合监管调查。”王兴强调，美团正将资源从低客单价和低质量的订单中收回，以捍卫市场份额并推动高质量增长。“无论市场环境如何演变，我们的餐饮外卖策略始终保持清晰和一致。”这一策略在财务上已初见成效。陈少晖透露，四季度核心本地商业经营亏损环比大幅收窄，主要得益于餐饮外卖业务亏损的显著减少。王兴也给出乐观指引：“我们有望在第一季度看到餐饮外卖每单亏损相比去年第四季度实现更有意义的环比改善。”AI时代的野心：“绝不急于成为‘token’工厂”AI是本次电话会市场关注的另一大焦点。作为拥有庞大线下商户与履约网络的服务平台，美团如何应对AI可能带来的“超级入口”更迭危机？王兴表示：“我认为虽然AI将彻底改变一切，但在这场AI革命中，唯一有意义的策略是主动出击，而不仅仅是防守。但这并不意味着我们要急于成为‘token工厂’之一，完全不是。”王兴认为，通用AI无法可靠地管理真实的物理世界服务体验，如果不能深度参与履约服务管理，AI“只是一个聪明的聊天机器人”。目前，美团已将内嵌的AI助手“小管”推送给所有用户，并致力于将其打造成以用户为中心的本地服务AI智能体。他生动地举了一个例子：用户可以直接用自然语言向“小管”提问——“我和朋友分别在望京和中关村，只有2小时吃午饭，能否在中间位置找一家有包间、辣菜且方便停车的餐厅？”王兴表示，要真正回答这类长文本的真实需求，不仅需要大模型，还需要实时的POI（兴趣点）数据、交通信息、餐厅空位和真实评价，这正是美团在物理世界建立的深厚护城河。零售并购与出海图景：拟购京东资产，KeeTa中东盈利在望在寻找新的增长曲线方面，美团正在即时零售与海外市场（KeeTa）双线出击。电话会上，王兴确认了美团计划以7.17亿美元收购京东中国大陆零售业务的消息（该交易仍需监管批准）。他表示，此举除了彰显对中国零售业务的信心外，将极大增强美团在即时零售领域的供应链能力，并显著提高在华东地区的覆盖范围和服务质量。而在海外市场，KeeTa的全球化步伐正在加快。继2025年下半年进入卡塔尔、科威特、阿联酋和巴西（重点聚焦圣保罗市）后，其成熟市场的盈利模型已经跑通。“KeeTa于2025年10月在香港实现了首个盈利月份，我们花了29个月才实现盈利。”王兴透露了一个令市场振奋的预期：“沙特阿拉伯是一个非常有利于配送业务实现盈利的市场。我们预计KeeTa在沙特实现盈利月份的速度将比在香港快得多，肯定会在今年年底之前。”王兴强调，美团出海的核心理念依然是为生态系统创造价值，而非内卷化。即便2025年下半年进入了大量新市场，但得益于国内新业务效率的改善，管理层预计2026年新业务板块的整体亏损不会超过2025年。美团电话会全文如下：接线员感谢您的耐心等待，欢迎参加美团2025年第四季度及全年业绩电话会议。所有参会者目前处于仅收听模式。会议包含演讲环节，之后将进行问答环节。如需提问，请在电话键盘上按星号键再按数字1。现在，我将会议交给投资者关系及资本市场负责人徐晓雯女士。请开始。Scarlett Xu (徐晓雯)谢谢接线员。大家晚上好，早上好。欢迎参加美团2025年第四季度及财年业绩电话会议。今天出席会议的有：董事长兼首席执行官王兴先生，以及高级副总裁兼首席财务官陈少晖先生。在今天的会议上，管理层将首先回顾我们2025年第四季度及财年的业绩，然后进行问答环节。徐晓雯在开始之前，我们提醒您，我们的陈述包含前瞻性陈述，这些陈述涉及若干风险与不确定性，实际未来结果可能与之不同。本次陈述还包含未经审计的非国际财务报告准则财务指标，这些指标应作为补充，而非替代根据国际财务报告准则编制的公司财务绩效指标。关于风险因素和非国际财务报告准则指标的详细讨论，请参阅我们网站投资者关系部分的披露文件。现在，我将把电话交给王兴先生。请发言，兴。王兴谢谢Scarlet，大家好。2025年对美团而言，既是充满机遇的一年，也是面临挑战的一年。面对前所未有的激烈竞争，我们始终专注于服务消费者、商户、骑手及所有生态伙伴。我们致力于创造长期价值。2025年，我们平台的GTV和交易量均实现双位数增长，新增交易用户数、用户交易频次以及ARPU均达到新高。这些关键指标巩固了我们作为中国消费者首选本地服务平台的坚实地位。2025年，我们全面升级了美团会员计划。这是我们首个覆盖几乎所有品类的消费者忠诚度计划。它帮助我们推动交叉销售，并增强了核心用户的粘性。同时，依托我们在本地服务领域的综合优势，我们推出了自主研发的AI助手——小美和小管。我们将AI技术带入了真实的消费场景。展望未来，美团会员和AI将继续成为我们提供差异化、增强型本地体验的关键工具。无论市场环境如何演变，我们始终专注于加强长期护城河，并推动整个行业的健康可持续发展。我们也积极寻求新的增长机会。2025年期间，我们取得了一系列关键进展。首先，我们加速了向供给侧的深度渗透，并通过供给侧创新，构建了一个覆盖全价格带和多元品类、全面的高性价比供给体系。这使我们能够精准满足用户在餐饮外卖、即时零售和服务零售方面的综合需求，也巩固了我们作为一站式本地服务平台的地位。在餐饮外卖方面，我们与商户合作，聚焦于产品、门店形式和渠道的创新。品牌卫星店、回转自助火锅、共享厨房等创新模式，帮助大量餐饮品牌和中小商户提高了运营效率，拓展了业务。我们与商户合作，推出了\"神抢手\"等其他模式，在不同价格带推出了优质优价的爆款产品，服务了更广泛的消费群体。在即时零售方面，我们深化了在本地供给的布局，成为众多领先品牌全渠道战略的重要合作伙伴。我们持续延伸在供应链上的触达能力。我们的创新供给模式，包括美团即食仓、美团闪电仓、品牌官旗闪电仓，以及我们自营的小象超市和微仓，已成为即时零售的重要供给。我们与顶级酒类品牌紧密合作，酒水业务实现了快速增长。在医疗健康领域，我们持续加强家庭常用药、医疗器械的本地供给，支持众多创新药的线上首发，并进一步扩大了24小时药店、在线问诊和居家检测服务的覆盖范围。小象超市在第四季度加快了城市扩张步伐。过去几年，小象超市建立了强大的供应链，提升了生鲜品质，并发展了行业领先的产品能力。我们的自有品牌产品现已覆盖更广泛的品类，贡献了更高的GTV占比。在我们的到店、酒店及旅游业务中，我们推出了高品质商户推荐榜单，并将必吃榜、黑珍珠等榜单项目扩展至教育、健身、医疗、养老服务等更多品类。基于对消费趋势的深刻洞察，我们进一步丰富了体育赛事、文化艺术票务、家政服务等供给。此外，我们支持超过100万独立手艺人（小燕）在我们的平台上实现数字化，增强了我们独特的服务生态系统连接。第二，我们专注于通过产品迭代和美团会员升级来增强综合服务能力，为消费者提供卓越的消费体验。在履约方面，我们升级了准时宝和专人直送等服务，在2025年显著扩大了其覆盖范围。这为消费者提供了更可靠、更高质量的履约保障，巩固了我们在履约方面的竞争优势。在即时零售方面，我们联合数百万商户和品牌，推出了行业首个全周期服务保障计划。该计划为高等级会员和精选品牌商品提供免费退换货运费，引领了体验、履约、配送和售后支持等全行业的服务标准。在医疗健康方面，我们扩大了与三甲医院医生的在线问诊合作。我们升级了对牙科、医美等服务的核验和服务保障。这些努力全面提升了在线医疗服务的可靠性。我们将这些高质量服务与我们全面升级的美团会员深度融合。我们为会员推出了一系列专属权益，覆盖餐饮外卖、酒店预订、生活服务、出行、医疗等多元消费场景。这些会员专属权益活动显著提升了用户心智和交易频次，使我们能更好地服务核心用户群体。因此，大量中级会员晋升至更高级别。在激烈的竞争中，我们的高价值会员群体持续稳定增长，其交易频次和消费金额均有所提升。值得注意的是，他们还在更广泛的品类中进行交叉购买。我们持续增强的美团会员计划提供了强大的多维支持。它促进了流量、运营和交易增长，也推动了核心本地商业中不同品类、不同场景之间的交叉销售。总体而言，我们巩固了在基础设施和用户心智方面的领先地位，即使在竞争异常激烈的市场环境下也是如此。我们始终专注于培育可持续的生态系统，并正在采取切实行动，推动整个本地服务行业实现高频、高质量的增长。我们持续赋能中小商户。例如，我们增加金融支持，推广\"明厨亮灶\"项目，并利用AI工具提升商户运营效率。我们旨在促进餐饮服务业的健康发展，并应对诸如营销内卷化、食品安全治理等结构性挑战。我们在骑手福利方面也取得了进展。2025年，我们率先在全国范围内为各类骑手提供养老保险补贴计划。我们的职业伤害保障试点现已扩展至17个省区市，覆盖超过1600万名骑手。这项保障对集团无财务成本负担。此外，我们持续在医疗、教育、住房等领域完善骑手的多层次福利体系。第四，在我们的海外市场，Keeta加速了全球化布局，并在2025年实现了良好的增长势头。在香港，Keeta巩固了其领先地位，并在第四季度实现了正的单位经济效益。在沙特阿拉伯，Keeta的订单量在2025年全年持续增长，并凭借更高质量的服务成为当地消费者的首选平台之一。在2025年下半年，我们在卡塔尔、科威特、阿联酋和巴西启动了业务运营。所有这些新市场自业务启动以来都展现出强劲的增长势头。展望未来，Keeta将继续发挥其在产品、技术和运营经验方面的优势。我们将与全球各市场的商户和骑手紧密合作，共同推动行业的数字化转型，让更多国家和地区的消费者享受到我们优质、高效的服务。此外，在2025年，我们拥抱了人工智能带来的机遇。我们致力于通过将AI创新与我们已验证的实体服务优势相结合，推动物理世界的人工智能转型。多年来，我们对AI技术进行了重大投资。我们结合自身研发实力，开发了自有的多模态长文本模型系列。同时，我们也使用了最先进的第三方模型。我们还利用了美团独特的数字资产，包括广泛的商户信息、高质量多元化的供给、真实的消费行为和用户评价。我们首先在独立App上测试了智能生活助手\"小美\"。更重要的是，我们已将嵌入美团App的AI助手\"小管\"推送给所有用户。我们将AI技术与美团平台上的应用场景相结合，覆盖了本地服务全品类。美团App中的AI功能\"小管\"将从根本上改变消费者使用我们App的方式。搜索将演变为只需用自然语言提出请求，而不仅仅是输入关键词。\"小管\"依托美团丰富的供给和强大的履约能力，结合美团App成熟的原生界面，在2025年为消费者带来了全新的、易用的、卓越的体验。2026年，我们将继续优化\"小管\"的用户体验。我们的目标是让\"小管\"成为最以用户为中心的本地服务AI智能体。回顾2025年，我们面临着复杂的外部环境和前所未有的激烈竞争。但我们始终坚守\"帮大家吃得更好，生活更好\"的使命，努力为消费者、商户、骑手及所有生态伙伴创造实实在在的价值。展望未来，我们相信核心本地商业仍然具有强劲的增长潜力和强大的业务韧性。我们将继续深化供给侧渗透，提升服务质量，完善美团会员计划，并投入生态系统建设。我们将进一步巩固作为大多数消费者首选本地服务平台的地位，并推动行业高质量发展。同时，零售业务（包括即时零售）和海外市场是具有清晰战略和潜力的长期增长曲线。我们将秉持投资纪律，积极探索这些领域。更重要的是，随着我们进入人工智能时代，我们将坚定执行\"零售+科技\"战略，利用人工智能深度赋能本地服务行业，为消费者和商户带来更佳体验。至此，我将把电话交给少晖，由他介绍最新的财务业绩。陈少晖谢谢兴。大家好。现在让我们开始介绍第四季度的财务业绩。请注意，除非另有说明，所有比较均为同比。第四季度，我们的总收入为921亿元，同比增长4.1%。收入成本率上升11.6个百分点至33.8%。这主要受三个因素驱动：从收入中扣除的更多消费者激励、为保持领先服务质量而增加的骑手激励，以及海外运营成本增加。销售及营销费用率上升14.8个百分点至34.4%，主要是由于我们增加了在推广、广告和用户激励方面的投入，以提升品牌知名度和核心用户参与度。研发费用率上升至7.6%，反映了我们在AI领域投入的增加，而一般及行政费用率略有上升至4%。第四季度，分部经营亏损总额和经调整净亏损环比收窄至147亿元和151亿元。这些环比改善反映了我们在激烈竞争中专注于高质量增长和执行效率。截至2025年12月31日，我们持有的现金及现金等价物和短期国债投资总计1668亿元。虽然经营现金流仍为负，但实现了环比改善，经营现金流出收窄至66亿元。现在，我们来看分部业绩，从核心本地商业分部开始。本季度，我们继续看到订单量和GTV的健康增长。我们在餐饮外卖和美团到店业务中的领导地位保持稳固，同时我们在核心本地商业其他品类中的市场地位保持稳定。我们的核心用户群体继续呈现健康增长，并在平台上表现出更高的参与度。这些用户不仅交易更频繁，还在我们平台上探索更多服务。本季度，他们的留存率相比第三季度进一步提升。包括医药健康、休闲娱乐、运动健身、宠物服务以及美团即时零售中的大多数品类在内的多个消费品类，在订单量和GTV方面均保持了双位数增长。在财务方面，第四季度分部收入为648亿元，同比下降1.1%。虽然餐饮外卖行业的补贴力度较第三季度略有缓和，但仍处于历史高位。第四季度，我们专注于高质量增长，进一步收回了来自低客单价和低质量订单的资源。这推动了餐饮外卖平均订单价值的环比回升，尽管我们的餐饮外卖净AOV仍远高于行业平均水平。激烈的竞争确实导致餐饮外卖AOV同比大幅下降，这影响了我们的佣金收入增长。消费者补贴对配送服务收入的影响也持续到了第四季度。我们的在线营销收入保持稳定增长。我们持续看到，从中小餐馆到线下零售商及其他本地服务提供商，各品类的商户都将美团视为关键营销渠道，我们的广告主基础持续稳步扩大。在成本和费用方面，我们增加了营销支出和促销活动，以增强品牌定位和价格竞争力，同时提升所有用户的参与度。我们分配了更多资源来加强会员计划。我们还为骑手提供了更多激励，以确保配送服务质量和用户体验。同时，我们持续投入生态系统建设。核心本地商业分部第四季度经营亏损为100亿元，经营亏损环比大幅收窄。这一改善主要得益于餐饮外卖业务亏损的显著减少。转向新业务分部，第四季度收入达到273亿元，同比增长18.9%，主要由Keeta和零售业务的扩张驱动。然而，分部经营亏损扩大至46亿元，反映了共享单车等业务的季节性逆风，以及本季度在海外扩张和零售业务方面的战略性投入。本季度，我们将Keeta拓展至四个新市场，这需要大量的前期投入。但令我们鼓舞的是，在已建立的市场，如香港和沙特阿拉伯，随着订单密度和运营效率的提升，单位经济效益已显示出健康的改善。我们乐观地认为，Keeta的新市场也将遵循这一积极趋势。对于零售业务，它仍然是美团长期的重点战略方向。过去几年，小象超市取得了扎实进展，关键指标趋势向好。第四季度，我们加快了向新城市的扩张，并扩大了仓库网络，以捕捉不断增长的线上零售需求。我们还通过在北京开设首家小象超市线下店以及开设多家新的\"欢螺猴\"门店，增强了实体存在。此外，我们最近宣布了收购京东零售国内资产的计划，我们预计这将进一步提升美团在即时零售领域的整体能力。我们相信，这些战略投资将巩固我们的竞争优势，并在零售领域创造长期价值。展望未来，我们仍然对公司长期、可持续的增长轨迹充满信心。我们坚信行业将逐步走向规范化，随着监管引导，竞争将逐渐回归常态。我们将更加专注于提高效率和实现更高质量的增长，并继续投资于技术、服务质量和生态系统建设。至此，我们现在开始问答环节。接线员谢谢。如果您想提问，请在电话上按星号1键，并等待宣布您的名字。如果您想取消请求，请按星号2键。如果您使用的是免提电话，请拿起听筒提问。第一个问题来自高盛的Ronald Young。请继续。高盛分析师谢谢。少晖、Scarlett、兴，你们好。我想问一下关于AI超级入口或入口点的竞争，因为这种新时代已经开启。公司如何看待这一趋势以及未来的发展？从风险方面看，这是否会导致在App时代作为主要流量入口的地位丧失？管理层有哪些战略或计划来应对这一风险？您能否也分享一下AI智能体和长文本模型的最新进展？王兴谢谢Rona。在过去的财报电话会上，我已经明确表示，我认为虽然AI将彻底改变一切，但在这场AI革命中，唯一有意义的策略是主动出击，而不仅仅是防守。但这并不意味着我们要急于成为\"token工厂\"之一，完全不是。我们将AI视为一个战略机遇，用于改进、加强甚至革新我们在本地服务（我们的核心业务）中的产品。我将稍作阐述。首先，我认为AI需要大量投资。因此，自2023年初以来，我们在资本支出和AI人才方面投入了大量资金。因此，除了那些云公司之外，我们可能是中国公司中在AI领域投资最多的公司之一。我们这样做已经超过三年了。这显然对我们的资产负债表和现金流产生了影响，但我们将继续致力于开发自有的长文本大模型，因为我们相信，为了更精确地理解物理世界，基于我们自己海量的专有数据，我们需要具备构建内部模型的能力。但同时，我们也在与最先进的第三方模型合作。我们正努力引领将我们的主美团App升级为AI驱动的App，以便更好地满足消费者在本地服务、电商领域的端到端需求。因此，我们认为，所谓\"超级入口\"的竞争，根本上取决于准确理解用户需求、然后高效执行任务的能力。但这里远比一个聪明的聊天机器人复杂。本地服务行业具有高度复杂的用例，存在大量非常碎片化的信息，以及来自中小商户的众多实时信息。这些商户并未完全数字化。因此，商户端和消费者端的许多数据尚未有效数字化，无法从AI中获益，我认为这些数据首先需要数字化。这正是我们多年来一直在做的事情。许多商户运行在我们的数字化系统上，因此我们拥有无与伦比的渠道接触他们的数据。但此外，本地服务平台还需要能够深度参与履约服务的管理，否则它只是一个聪明的聊天机器人。在这里，我认为通用AI无法可靠地管理和保障真实的物理世界服务体验。而我们美团已经建立了极其丰富的物理世界数据，包括商户POI数据、动态实时的商户运营数据，以及最全面、最真实的本地服务用户评价。我相信，我们在餐饮外卖网络、即时配送网络、业务拓展运营、零售供应以及未来的无人机、无人车和其他具身智能技术方面的深厚专业知识，将为我们连接AI与物理世界提供显著优势。我们的自研模型正在追赶那些开源的先进模型。我们的智能体也在快速演进，这将帮助我们无缝整合数字与物理世界的信息。举几个例子。我们最近已将AI助手\"小管\"向美团App内的所有用户开放。在此之前，我们发布了一个独立的AI App——\"小美\"。但对于\"小管\"，现有数亿美团App用户将受益于这些新的AI功能。\"小管\"覆盖了我们平台上的所有本地服务品类，用户可以用更自然的方式表达他们的需求。过去，大多数人都习惯了通过几个关键词进行搜索。但现在，借助增强的AI能力，\"小管\"可以理解用自然语言表达的更长查询。\"小管\"可以访问美团App内的所有数据。我再举一个具体的例子。用户用美团App找餐厅很常见。但有时需要更好地理解用例。比如，有一天我会问美团一个非常具体的问题：我在北京东北角的望京办公室，我有一个朋友在中关村（北京西边）工作。我们计划一起吃午饭，只有2小时时间。您能帮我们在中间位置找到一家有好的包间、辣菜、并且方便停车的餐厅吗？我认为这是一个非常自然的真实需求。但在过去，受限于有限的关键词搜索，用户无法提出这类问题。现在，借助增强的AI能力，这成为了可能。这是一个非常真实的用例。但为了真正回答这个问题，你需要有地图信息、POI信息，甚至交通信息。你还需要知道不仅仅是餐厅的位置，还要了解餐厅的菜品或实时空位情况。否则，你可能会推荐一家非常热门的餐厅，但用户无法预订到桌子或包间。这不是用户需要的。因此，要真正满足这一需求，我们的系统需要能够访问物理世界的大量信息。AI正在帮助我们整合所有这些物理世界数据，为我们的用户提供更好的用户体验。因此，依托美团全面、真实的商户数据库，\"小管\"现在实际上可以回答这些具体问题，不仅涉及商户或位置、营业时间、门店设施等。\"小管\"还可以利用我们真实的用户评价和推荐，提供有价值的见解。凭借这种增强的推理能力，\"小管\"可以满足更个性化的查询，并为餐饮、娱乐、旅行、购物等生成一站式指南。我们很高兴看到\"小管\"功能在春节期间有效满足了用户的需求，但这仅仅是个开始。它收到了积极的反馈，并进一步加强了用户参与度。未来，我认为模型会变得更好，我们将继续深化\"小管\"功能在美团App中的集成。我们希望利用新的AI技术，使美团App成为所有用户满足本地需求、本地服务需求的首选目的地。我们将增强AI搜索能力，并增强执行能力。然后，我们努力将美团升级为领先的AI驱动型App，成为未来本地服务需求的AI入口。谢谢。高盛分析师很好。谢谢。接线员谢谢。下一个问题来自中信证券的Ya Jiana。请继续。中信证券分析师谢谢。晚上好。感谢回答我的问题。关于国务院从1月初开始对餐饮外卖市场竞争状况的调查，我们的业务策略有变化吗？我们最近看到的竞争环境有什么变化？展望未来，我们计划如何在当前的监管环境下维持或扩大我们的竞争优势？此外，餐饮外卖业务的亏损从第四季度到第一季度持续收窄，这是我的问题。谢谢。王兴谢谢张瑶。我们认为监管方向已经非常明确。主管部门坚决反对所谓的\"内卷化\"，并希望培育一个健康有序的市场。餐饮外卖行业中的补贴驱动或价格驱动的竞争是非常典型的非理性竞争，也是非常典型的内卷化。我们非常重视这个问题。我想重申我们的立场。我们坚决反对内卷化。我们将积极配合监管调查。同时，我们将资源从低质量订单中收回。我们努力捍卫我们的市场份额和市场领导地位。因此，在2026年，无论市场环境如何演变，我们的餐饮外卖策略始终保持清晰和一致。第一，我们将继续专注于做正确的事情，增强我们的核心优势，即扩大高质量选择、确保快速可靠的配送、提供持续有竞争力的价格。第二，正如我之前所说，我们将保持领导地位，同时将资源集中在推动高质量增长和提高运营效率上。第三，我们将持续创造价值，除了我们正在进行的工作，如供给侧创新、为骑手提供全年支持和福利改善等。我们还在推动产品和服务升级，以及在AI和其他自动化技术方面的创新，以提升整个行业的效率和体验。因此，展望未来，我们认为竞争将转向深度挖掘用户生命周期价值、提升供给质量和多样性，以及提供无缝的端到端用户体验。在最近几个月，尽管竞争持续激烈，存在相当多的非理性补贴，美团仍然是高价值消费者在选择餐饮服务时的首选，因为我们提供了更好的整体体验。我们在中高客单价订单方面保持了竞争优势，平均订单价值持续远高于行业平均水平，这得益于我们对高质量增长的关注和订单结构的改善。我们有望在第一季度看到餐饮外卖每单亏损相比去年第四季度实现更有意义的环比改善。我们相信，一个更规范的市场有助于将竞争从单纯的补贴战转向创新、服务体验和效率。这些正是我们更具优势的领域。我们将继续磨练我们的核心优势，通过更好的运营、产品本身的创新和迭代，这将帮助我们在中高客单价订单、高价值用户和高效配送网络方面巩固结构性优势。我们对我们餐饮外卖业务的竞争力和长期潜力充满信心。谢谢。中信证券分析师谢谢。接线员谢谢。下一个问题来自瑞银的Kenneth Kong。请继续。王兴嗨，晚上好，管理层。感谢回答我的问题。我们注意到，自去年第四季度以来，抖音大幅增加了对到店业务的补贴，并且其补贴预计在2026年仍将维持高位。所以，想了解一下您对当前本地服务竞争格局的看法，与2022-23年的竞争周期相比，美团目前的策略有何不同？王兴谢谢Kenneth的问题。对于你的问题，从短期角度给出的简短回答是：是的，我们看到竞争对手最近加大了投入和投资。这可能会对我们短期的盈利能力产生负面影响。这是我们所面临的现实，我们也希望市场能够理解。但我会花更多篇幅谈谈我们对该业务的长期策略。我认为，理解竞争对手的格局在最近几年发生了很大变化是关键。整个到店行业在过去几年经历了显著变化。在竞争方面，行业参与者现在在品类、商户和消费场景上有了相当差异化的关注点。领先的参与者现在更加注重高效的运营策略。对我们而言，我们的首要任务始终是该业务的长期可持续发展，而不是在战术层面的短期取胜。我们坚信，端到端的业务仍然具有巨大潜力，但仍需要在全价值链上进行大量投资和更多创新。无论格局如何变化，为消费者和商户提供高效、优质的服务，并推动强劲的线下消费增长，是成功的关键。多年来，我们看到消费者需求发生了变化，他们要求更个性化的体验和物有所值的消费，同时，对延伸服务的需求（如在线辅导、预订、线上下单线下自提）也在持续增长。在供给侧，供给形式和服务品类不断推陈出新，紧跟消费趋势。这种持续的发展势头也是推动数字化转型的关键动力。在技术前沿方面，消费者和商户对AI驱动产品的期望和需求都在增长。在这些趋势下，美团始终保持警觉，并持续运用我们对行业的广泛经验和深刻理解进行创新。我们已经并将进一步增强在品类组合、商户生态和运营效率等领域的差异化优势。例如，得益于美团和大众点评在餐饮领域的多年专业知识和洞察，我们注意到餐饮业务的商业逻辑发生了变化，我们直接与高端餐饮合作伙伴分享这些洞察，帮助他们保持领先地位，并快速适应不断变化的消费者需求。我们也在持续跟踪行业趋势，探索自助模式、休闲娱乐、体育文化活动票务、自营家政服务等新供给。我们平台多年来积累的真实用户评价，以及整合的一站式在线服务（包括团购、在线预订、自提、美团预订、QA管理），已成为我们独特的竞争优势。此外，超过100万手艺人已成为我们平台上的独特供给。在技术方面，我们的AI智能体\"商家经营助手\"帮助商户优化数字化服务。商户能够通过利用AI调取和分析消费者偏好来提供个性化服务，还可以智能分析消费者反馈以改进运营。此外，我们的AI智能体，如数字员工和AI业务拓展，简化了商户在开店、日常运营和客户获取等方面的操作。我们将继续为商户提供自己的AI助手。在2026年，我们将进一步差异化我们的服务，并分配更多资源，以获得更高的投资回报率。我们将加强在核心品类的地位，并尽量减少在非核心领域的无效投资。展望未来，我们将继续致力于为消费者提供无缝的服务闭环，提供精准决策和一站式体验。我们旨在建立一个覆盖客户获取、转化和留存的更全面的商户赋能体系。我们将继续通过数字化转型促进行业的可持续发展。谢谢。谢谢。接线员2谢谢。下一个问题来自杰富瑞的Thomas Cheong。请继续。王兴嗨，晚上好。杰富瑞分析师谢谢管理层回答我的问题。美团计划收购京东（Bing Bong）能带来什么协同效应？美团零售业务的战略如何演变？美团自营零售业务的策略是怎样的？王兴谢谢Thomas关于京东的问题。关于我们零售业务的策略，我们最近宣布以7.17亿美元收购京东的中国大陆业务。但请注意，这笔交易仍需获得监管批准。原因，显然，最重要的原因是我们对中国零售业务（包括线上和线下）充满信心。除此之外，此次收购还有两个关键原因。首先，它将增强美团在即时零售领域的整体能力，特别是加强我们的供应链能力。这也将有助于我们零售业务运营效率的进一步提升。其次，京东已在华东地区建立了强大的市场地位。通过此次收购，如果成功，我们将显著提高我们在该地区的覆盖范围和服务质量。零售业务与公司使命高度契合，是我们的长期战略重点之一。随着市场动态的演变，我们观察到，像小象超市这样的自营供给在即时配送生态系统中变得越来越重要。小象超市代表了平台上的高质量供给保障，为用户提供更可靠的购物体验。鉴于该行业的增长潜力，我们看到了巨大的机遇。去年，我们已经重组了零售业务组合，转向更高效的方式以推动可持续增长。过去几年，小象超市保持了强劲的增长势头，同时持续提升运营效率。我们扩大了自有品牌商品供给，覆盖了夜间消费场景，并保持了行业领先的履约速度和体验。我们相信小象超市代表了一种模式，即美团可以利用其优势，朝着明确的盈利路径前进。展望未来，我们计划将这种模式扩展到更多城市和地区，为更多消费者带来更快、更新鲜、更实惠的即时零售。谢谢。谢谢。接线员2谢谢。下一个问题来自摩根士丹利的Gary New。请继续。摩根士丹利分析师嗨，感谢提问的机会。我的问题与Keeta有关。Keeta在香港和沙特阿拉伯都取得了一些进展，但考虑到监管和竞争的限制，前方的道路看起来相当具有挑战性。管理层能否分享一下公司在2026年的海外战略是否有任何更新？你们计划今年在巴西投资多少？你们预计沙特阿拉伯何时能实现盈利？在2026年。谢谢。王兴谢谢Gary。在讨论我们2026年国际战略的具体细节之前，我想借此机会对我们在中东的员工、商户、骑手以及所有生态伙伴表达我最深切的感谢。感谢你们在工作中的不懈奉献，为所有用户提供基本服务。在这个困难时期，我们正尽一切努力保障你们的安全和生计，共同克服这些挑战。现在回到Gary的问题。首先，我想强调，美团在中国境外的核心理念始终是为整个生态系统创造价值，并推动行业长期增长，而非内卷化。这从来不是我们想做的，我们通过Keeta进行的国际业务也将遵循同样的原则。我们希望与当地参与者共同成长。我们希望帮助加速当地本地服务行业的数字化转型，我们希望共同服务并拓展更大的市场。因此，最终，我们希望为这些市场的用户、商户、骑手和其他合作伙伴创造新的价值。2026年，Keeta将主要聚焦于我们目前的市场，因为每个市场都有不同的产品动态。因此，我们将保持灵活性，根据当地情况调整策略。在平衡每个市场、每个阶段的增长和盈利能力的同时，合规将始终是重中之重。因此，我们正在与当地监管机构非常积极地合作。长远来看，我们致力于全球运营，战略重点将放在即时配送和即时零售上，这些领域可以发挥我们的核心优势。关于你提到的市场，正如我在上个季度所说，Keeta于2025年10月在香港实现了首个盈利月份。请允许我提醒一下，Keeta于2023年5月在香港推出，并于2025年10月实现盈亏平衡。所以我们花了29个月才实现盈利。今年，我们将专注于进一步改善运营。对于沙特阿拉伯，那是一个非常有利于配送业务实现盈利的市场。因此，我们预计Keeta在沙特阿拉伯实现盈利月份的速度将比在香港快得多。肯定会在今年年底之前。实际上，我想说我们已经非常接近了，在不久的将来就会实现。我们在一些城市已经实现了盈亏平衡，我认为其他城市也会很快跟进。因为最近我们在沙特阿拉伯大幅削减了补贴，但我们的订单量仍然保持韧性。这意味着用户选择Keeta是因为我们更好的服务，而不是为了补贴或更低的价格。因此，在2026年，我们将进一步优化我们在其他中东市场的运营，我们的订单也在快速增长。凭借我们的沙特经验（Southern Rib）和区域品牌认知，我相信我们能够快速提高在这些新市场的运营效率。然而，我们在这些市场2026年的增长仍受外部风险影响，例如当前地区的复杂局势。关于巴西，我们看到了巨大的长期价值。因此，我们仍然坚定致力于在该市场的长期增长。目前，我们的运营集中在圣保罗市（Sapporo），这是巴西最大的城市。在更广泛的全国推广之前，我们优先在圣保罗完善我们的商业模式。同时，我们将积极探索业务策略，以建立差异化优势。总体而言，Keeta在2026年的亏损仍将显著，因为我们在2025年下半年进入了大量新市场、大量新国家。这些市场的订单仍在规模化进程中。然而，这将被我们国内新业务更高效的改善所抵消。因此，我们预计2026年新业务分部的整体亏损不会超过2025年。谢谢。接线员2谢谢。此时没有进一步的问题。我现在将把时间交还给Scarlett进行结束语。徐晓雯好的。感谢大家参加今天的电话会议。我们期待在下个季度与大家再次交流。谢谢。接线员2谢谢。我们今天的会议到此结束。感谢您的参与，您现在可以挂断。","news_type":1,"symbols_score_info":{"MPNGY":1.5,"03690":1.5}},"isVote":1,"tweetType":1,"viewCount":29,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":545705655866744,"gmtCreate":1774238299776,"gmtModify":1774239598086,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01024\">$快手-W(01024)$&nbsp;</a><v-v data-views=\"1\"></v-v> 就算是坨屎也该反弹了","listText":"<a href=\"https://laohu8.com/S/01024\">$快手-W(01024)$&nbsp;</a><v-v data-views=\"1\"></v-v> 就算是坨屎也该反弹了","text":"$快手-W(01024)$ 就算是坨屎也该反弹了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/545705655866744","isVote":1,"tweetType":1,"viewCount":415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":545700794303192,"gmtCreate":1774237090640,"gmtModify":1774237093104,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"幼稚，说句实话，只要不影响税收谁管呢","listText":"幼稚，说句实话，只要不影响税收谁管呢","text":"幼稚，说句实话，只要不影响税收谁管呢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/545700794303192","isVote":1,"tweetType":1,"viewCount":255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":544671353749896,"gmtCreate":1773985760150,"gmtModify":1773985762652,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"散户别跑","listText":"散户别跑","text":"散户别跑","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544671353749896","repostId":"2620359205","repostType":2,"repost":{"id":"2620359205","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":1773972911,"share":"https://www.laohu8.com/m/news/2620359205?lang=zh_CN&edition=full","pubTime":"2026-03-20 10:15","market":"other","language":"zh","title":"华尔街点评阿里财报：短期的“利润重置”是为了长期的AI爆发","url":"https://stock-news.laohu8.com/highlight/detail?id=2620359205","media":"华尔街见闻","summary":"阿里财报“增收不增利”怎么看？华尔街投行将其定性为“关键的盈利重置”，指出这是AI与即时零售战略投入的必然结果。财报最大的增量亮点在于AI数据的爆发：百炼API代币消耗量在3月较12月激增6倍，平头哥芯片年化收入达百亿规模且60%供外部使用。高盛预计阿里云3月季度增速将达40%。","content":"<html><head></head><body><blockquote><p>阿里财报“增收不增利”怎么看？华尔街投行将其定性为“关键的盈利重置”，指出这是AI与即时零售战略投入的必然结果。财报最大的增量亮点在于AI数据的爆发：百炼API代币消耗量在3月较12月激增6倍，平头哥芯片年化收入达百亿规模且60%供外部使用。高盛预计阿里云3月季度增速将达40%。</p></blockquote><p style=\"text-align: left;\">面对阿里巴巴“增收不增利”的最新财报，华尔街投行普遍指出，利润的短期承压是加大AI投资的必然结果，市场应聚焦其长期的“云+生成式AI”变现爆发力。</p><p style=\"text-align: left;\">据追风交易台消息，3月20日，摩根大通与高盛相继发布针对阿里巴巴2026财年第三季度业绩的分析研报。摩根大通报告指出，阿里四季度“营收整体表现尚可……但盈利表现显著不及预期”。具体数据层面，“调整后净利润同比下降67%至167亿元，较摩根大通预测/市场一致预期低40%/44%”。</p><p style=\"text-align: left;\"><strong>利润大幅承压的核心原因在于成本扩张。</strong>报告认为，“各业务板块盈利能力普遍不及预期，抵消了收入端的积极因素，反映公司成本压力大于预期，短期盈利走势偏弱。”其中，包含AI布局的新分类“所有其他业务”板块。</p><p style=\"text-align: left;\">尽管短期盈利逻辑短期承压，但市场最关心的商业逻辑并未破裂，核心叙事未被颠覆。摩根大通强调：“本季度并未动摇核心叙事，即电商变现周期性放缓及AI/云需求稳健。”</p><h2 id=\"id_483313380\" style=\"text-align: left;\">高盛定调“利润重置”，聚焦全栈AI能力</h2><p style=\"text-align: left;\">高盛则将此次财报视为一次<strong>“关键的盈利重置事件（key earnings reset event）”。</strong>该行认为，利润的下降是“考虑到通义千问（Qwen）AI模型/应用投资导致并且可能在未来几个季度继续导致‘所有其他’业务板块亏损上升”。</p><p style=\"text-align: left;\">在利润重置的表象下，业务线正发生向好变化。报告指出，市场已经看到了“令人鼓舞的拐点迹象（encouraging signs of inflections）”。</p><p style=\"text-align: left;\"><strong>这些迹象具体体现在三个方面：一是“云收入进一步加速”，二是“核心电商客户管理收入（CMR）从12月的季节性低点回归常态”，三是“即时零售单位经济效益持续改善”。</strong></p><h2 id=\"id_1189219818\" style=\"text-align: left;\">AI代币消耗激增6倍，云业务迎来增速拐点</h2><p style=\"text-align: left;\">在短期的利润阵痛背后，华尔街看到了AI业务的爆发式增长数据。</p><p style=\"text-align: left;\">在商业化落地的数据上，摩根大通指出，<strong>“云业务外部客户收入同比增速从上季度的29%提升至35%……其中AI相关产品收入仍保持三位数增长”。</strong></p><p style=\"text-align: left;\">高盛则在研报中极其关注阿里新成立的“Alibaba Token Hub”业务（即“Token事业群”）的战略进展。该事业群以整合模型与应用层，“以推动Token消耗的增长（to drive growth in token consumption）”。</p><p style=\"text-align: left;\"><strong>一个极具爆发力的数据是：“管理层分享到，其百炼API业务的Token消耗在3月份比12月份增长了6倍”。</strong></p><p style=\"text-align: left;\">在这样的增速预期下，高盛指出，管理层设定了清晰的远期目标：“<strong>在5年内使年度AI MaaS及云外部收入超过1000亿美元</strong>”。</p><p style=\"text-align: left;\">基于强劲的AI需求，该行上调了对阿里云业务的预期：“鉴于AI需求带来的MaaS（模型即服务）收入的强劲势头以及公司对外部客户的持续承诺和专注，我们现在预测3月季度/2027财年的云业务增长率将达到40%/35%。”</p><p style=\"text-align: left;\">面对未来的市场定价，摩根大通认为：“预计该股将度过短期盈利压力，并在‘云+生成式AI’变现拐点进一步明晰时迎来估值上调”。</p><h2 id=\"id_1660775017\" style=\"text-align: left;\">底层算力：平头哥芯片年化收入达百亿规模</h2><p style=\"text-align: left;\">除了云端的软件与模型，阿里在底层硬件上的布局同样引起了华尔街的重视。高盛深入挖掘了阿里自研平头哥（T-Head）芯片业务的进展。</p><p style=\"text-align: left;\">高盛转述了公司的披露数据：“平头哥芯片总出货量超过47万颗，最新年化收入达到100亿元人民币规模，且60%的芯片由外部客户使用。”这构成了阿里“独特的AI全栈能力（unique AI full-stack capabilities）”。</p><p style=\"text-align: left;\">对于这一业务的战略价值，高盛认为这是阿里的核心护城河：“我们继续将阿里巴巴的自研芯片、中国规模最大的云基础设施以及前沿的Qwen模型，视为其相对于其他中国超大规模云厂商的独特差异化优势。”并且，高盛提及，“公司表示不排除最终将该业务上市的可能性，但尚未提供时间表。”</p><h2 id=\"id_3675989117\" style=\"text-align: left;\">电商与即时零售：CMR回暖，明确盈利时间表</h2><p style=\"text-align: left;\">回到基本盘业务，市场高度关注淘宝天猫的客户管理收入（CMR）以及即时零售（Quick Commerce）的烧钱状况。</p><p style=\"text-align: left;\">高盛转述管理层的预期指出，预计“3月季度的CMR增长率将加速至中个位数以上的百分比（在12月季度1%的季节性低点之后）”。</p><p style=\"text-align: left;\">针对拖累利润的即时零售业务，华尔街给出了公司明确的止损与盈利时间线。高盛指出：“公司目标是在2028财年实现1万亿元人民币的即时零售GTV（总交易额），并瞄准在2029财年实现盈利，这将被履约物流效率的提升、订单结构的优化以及强劲的客户留存率所驱动。”</p><h2 id=\"id_4240111877\" style=\"text-align: left;\">机构共识：风险/回报偏于上行</h2><p style=\"text-align: left;\">面对财报发布后的股价波动，两家投行均重申了看好立场，认为短期的利润率下降是为捕捉AI时代机遇必须支付的合理代价。</p><p style=\"text-align: left;\">摩根大通总结其投资逻辑时表示：“总体而言，我们认为风险/回报偏于上行，原因是AI驱动的云业务上行空间和平台可选择性超过短期投入拖累。”该机构进一步预计，“由于生成式AI工作负载从试点扩展到更广泛的部署，以切实的证据证明阿里巴巴在中国捕捉和具象化AI驱动型需求的能力，未来几个季度阿里云收入将继续加速增长。”</p><p style=\"text-align: left;\">高盛则直言不讳地指出市场波动带来的机会：“尽管混合的业绩表现引发了最初负面的股价反应（下跌达9%），但我们认为，任何股价疲软都为阿里巴巴创造了更有利的入场点。”</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>华尔街点评阿里财报：短期的“利润重置”是为了长期的AI爆发</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华尔街点评阿里财报：短期的“利润重置”是为了长期的AI爆发\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-20 10:15 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3767972><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>阿里财报“增收不增利”怎么看？华尔街投行将其定性为“关键的盈利重置”，指出这是AI与即时零售战略投入的必然结果。财报最大的增量亮点在于AI数据的爆发：百炼API代币消耗量在3月较12月激增6倍，平头哥芯片年化收入达百亿规模且60%供外部使用。高盛预计阿里云3月季度增速将达40%。面对阿里巴巴“增收不增利”的最新财报，华尔街投行普遍指出，利润的短期承压是加大AI投资的必然结果，市场应聚焦其长期的“云...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3767972\">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/05ddeb1f7be03fe06014ae549a8abe22","relate_stocks":{"BK4587":"ChatGPT概念","BK4558":"双十一","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","BK4588":"碎股","BK4565":"NFT概念","09988":"阿里巴巴-W","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","BK4503":"景林资产持仓","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","BK4502":"阿里概念","BK4505":"高瓴资本持仓","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","BK4504":"桥水持仓","LU1046421795.USD":"富达环球科技A-ACC","BABA":"阿里巴巴","BK4581":"高盛持仓","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0651946864.USD":"贝莱德新兴市场股票收益A2","BK4607":"DeepSeek概念股","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","BK4524":"宅经济概念","BK4220":"综合零售","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","BK4527":"明星科技股","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4579":"人工智能","BK4526":"热门中概股","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","BK4575":"芯片概念","BK4122":"互联网与直销零售","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","BK4614":"Manus概念股","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","BK4543":"AI","BK4531":"中概回港概念","BK4534":"瑞士信贷持仓","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","BK4535":"淡马锡持仓","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","BK4538":"云计算","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","BK4548":"巴美列捷福持仓","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0072462343.USD":"贝莱德亚洲巨龙基金","BK4554":"元宇宙及AR概念","BK4585":"ETF&股票定投概念","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC"},"source_url":"https://wallstreetcn.com/articles/3767972","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2620359205","content_text":"阿里财报“增收不增利”怎么看？华尔街投行将其定性为“关键的盈利重置”，指出这是AI与即时零售战略投入的必然结果。财报最大的增量亮点在于AI数据的爆发：百炼API代币消耗量在3月较12月激增6倍，平头哥芯片年化收入达百亿规模且60%供外部使用。高盛预计阿里云3月季度增速将达40%。面对阿里巴巴“增收不增利”的最新财报，华尔街投行普遍指出，利润的短期承压是加大AI投资的必然结果，市场应聚焦其长期的“云+生成式AI”变现爆发力。据追风交易台消息，3月20日，摩根大通与高盛相继发布针对阿里巴巴2026财年第三季度业绩的分析研报。摩根大通报告指出，阿里四季度“营收整体表现尚可……但盈利表现显著不及预期”。具体数据层面，“调整后净利润同比下降67%至167亿元，较摩根大通预测/市场一致预期低40%/44%”。利润大幅承压的核心原因在于成本扩张。报告认为，“各业务板块盈利能力普遍不及预期，抵消了收入端的积极因素，反映公司成本压力大于预期，短期盈利走势偏弱。”其中，包含AI布局的新分类“所有其他业务”板块。尽管短期盈利逻辑短期承压，但市场最关心的商业逻辑并未破裂，核心叙事未被颠覆。摩根大通强调：“本季度并未动摇核心叙事，即电商变现周期性放缓及AI/云需求稳健。”高盛定调“利润重置”，聚焦全栈AI能力高盛则将此次财报视为一次“关键的盈利重置事件（key earnings reset event）”。该行认为，利润的下降是“考虑到通义千问（Qwen）AI模型/应用投资导致并且可能在未来几个季度继续导致‘所有其他’业务板块亏损上升”。在利润重置的表象下，业务线正发生向好变化。报告指出，市场已经看到了“令人鼓舞的拐点迹象（encouraging signs of inflections）”。这些迹象具体体现在三个方面：一是“云收入进一步加速”，二是“核心电商客户管理收入（CMR）从12月的季节性低点回归常态”，三是“即时零售单位经济效益持续改善”。AI代币消耗激增6倍，云业务迎来增速拐点在短期的利润阵痛背后，华尔街看到了AI业务的爆发式增长数据。在商业化落地的数据上，摩根大通指出，“云业务外部客户收入同比增速从上季度的29%提升至35%……其中AI相关产品收入仍保持三位数增长”。高盛则在研报中极其关注阿里新成立的“Alibaba Token Hub”业务（即“Token事业群”）的战略进展。该事业群以整合模型与应用层，“以推动Token消耗的增长（to drive growth in token consumption）”。一个极具爆发力的数据是：“管理层分享到，其百炼API业务的Token消耗在3月份比12月份增长了6倍”。在这样的增速预期下，高盛指出，管理层设定了清晰的远期目标：“在5年内使年度AI MaaS及云外部收入超过1000亿美元”。基于强劲的AI需求，该行上调了对阿里云业务的预期：“鉴于AI需求带来的MaaS（模型即服务）收入的强劲势头以及公司对外部客户的持续承诺和专注，我们现在预测3月季度/2027财年的云业务增长率将达到40%/35%。”面对未来的市场定价，摩根大通认为：“预计该股将度过短期盈利压力，并在‘云+生成式AI’变现拐点进一步明晰时迎来估值上调”。底层算力：平头哥芯片年化收入达百亿规模除了云端的软件与模型，阿里在底层硬件上的布局同样引起了华尔街的重视。高盛深入挖掘了阿里自研平头哥（T-Head）芯片业务的进展。高盛转述了公司的披露数据：“平头哥芯片总出货量超过47万颗，最新年化收入达到100亿元人民币规模，且60%的芯片由外部客户使用。”这构成了阿里“独特的AI全栈能力（unique AI full-stack capabilities）”。对于这一业务的战略价值，高盛认为这是阿里的核心护城河：“我们继续将阿里巴巴的自研芯片、中国规模最大的云基础设施以及前沿的Qwen模型，视为其相对于其他中国超大规模云厂商的独特差异化优势。”并且，高盛提及，“公司表示不排除最终将该业务上市的可能性，但尚未提供时间表。”电商与即时零售：CMR回暖，明确盈利时间表回到基本盘业务，市场高度关注淘宝天猫的客户管理收入（CMR）以及即时零售（Quick Commerce）的烧钱状况。高盛转述管理层的预期指出，预计“3月季度的CMR增长率将加速至中个位数以上的百分比（在12月季度1%的季节性低点之后）”。针对拖累利润的即时零售业务，华尔街给出了公司明确的止损与盈利时间线。高盛指出：“公司目标是在2028财年实现1万亿元人民币的即时零售GTV（总交易额），并瞄准在2029财年实现盈利，这将被履约物流效率的提升、订单结构的优化以及强劲的客户留存率所驱动。”机构共识：风险/回报偏于上行面对财报发布后的股价波动，两家投行均重申了看好立场，认为短期的利润率下降是为捕捉AI时代机遇必须支付的合理代价。摩根大通总结其投资逻辑时表示：“总体而言，我们认为风险/回报偏于上行，原因是AI驱动的云业务上行空间和平台可选择性超过短期投入拖累。”该机构进一步预计，“由于生成式AI工作负载从试点扩展到更广泛的部署，以切实的证据证明阿里巴巴在中国捕捉和具象化AI驱动型需求的能力，未来几个季度阿里云收入将继续加速增长。”高盛则直言不讳地指出市场波动带来的机会：“尽管混合的业绩表现引发了最初负面的股价反应（下跌达9%），但我们认为，任何股价疲软都为阿里巴巴创造了更有利的入场点。”","news_type":1,"symbols_score_info":{"09988":2,"BABA":2}},"isVote":1,"tweetType":1,"viewCount":389,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":543839774409664,"gmtCreate":1773798880890,"gmtModify":1773798882631,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v> 指引1季度，营收会增长，利润会下滑，硬件普遍上涨","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v> 指引1季度，营收会增长，利润会下滑，硬件普遍上涨","text":"$小米集团-W(01810)$ 指引1季度，营收会增长，利润会下滑，硬件普遍上涨","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/543839774409664","isVote":1,"tweetType":1,"viewCount":764,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":543578722267184,"gmtCreate":1773735217868,"gmtModify":1773735687929,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"垃圾文章","listText":"垃圾文章","text":"垃圾文章","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/543578722267184","repostId":"2620469894","repostType":2,"repost":{"id":"2620469894","kind":"highlight","weMediaInfo":{"introduction":"和讯网创立于1996年，从中国早期金融证券资讯服务脱颖而出，建立了中国第一个财经资讯垂直网站，并始终保持高端财经领域用户排名第一。和讯作为一直伴随中国经济并肩在路的老朋友、与中国资本市场风雨同舟的同路人，一贯秉持“推动中国亿万中产阶层发展壮大，助力中小投资者财富增长”的展业宗旨。现已成为一家为投资者提供“多层次金融信息和交易服务”的专业金融投资平台，并在该领域长期处于领先地位。","home_visible":1,"media_name":"和讯网","id":"1056779998","head_image":"https://static.tigerbbs.com/7d4b373205a673ce16c395cded039e4e"},"pubTimestamp":1773730078,"share":"https://www.laohu8.com/m/news/2620469894?lang=zh_CN&edition=full","pubTime":"2026-03-17 14:47","market":"fut","language":"zh","title":"黄仁勋和马云都在抢，看清Token背后的商业模式","url":"https://stock-news.laohu8.com/highlight/detail?id=2620469894","media":"和讯网","summary":"就在前一天，阿里巴巴成立Token Hub事业群，CEO吴泳铭亲自挂帅。黄仁勋给了一个比喻：Token是数字世界的石油。黄仁勋在演讲中首次公开了Token的分层定价体系。只要AI还在跑，Token就在烧。能带来Token增长的部门留下，不能的边缘化。吴泳铭在内部信中直言，“这些AI Agent将由模型产生的Token支撑运行”。而Agent不睡觉，24小时运转，意味着Token需求是持续性的、高频复购的。英伟达有技术壁垒和生态锁定，单位Token成本有压倒性优势。","content":"<html><body><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722449.jpg\"/></p><p>昨晚，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>CEO黄仁勋发表GTC 2026主题演讲。就在前一天，<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>成立Token Hub事业群，CEO吴泳铭亲自挂帅。</p><p>两家巨头，同一天，盯上同一个东西：Token。Token到底怎么赚钱？咱们今天把它讲清楚。</p><p><img src=\"https://fwfile-1257474221.cos.ap-shanghai.myqcloud.com/weixinimg_temp/2026/20260317/f047d97e6ab2fc87bddf520fe82ecc9b.png\"/></p><p><b><strong>Token是什么？</strong></b></p><p>黄仁勋给了一个比喻：<strong>Token是数字世界的石油</strong>。</p><p>你问ChatGPT一句、生成一段视频、让机器人动一下，消耗的都是Token。它是AI理解和生成信息的基本单位，也是未来所有智能服务的计量单位。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722450.png\"/></p><p>Token怎么收费？企业要付多少钱？</p><p>黄仁勋在演讲中首次公开了Token的分层定价体系。这不是概念，是真金白银的收费标准：</p><p>免费层：高吞吐量、低速度，用于吸引用户</p><p>基础层：每百万Token 3美元，服务普通用户</p><p>进阶层：每百万Token 6美元，更大模型、更快速度</p><p>高速层：每百万Token 45美元，支持长上下文、深度推理</p><p>顶级层：每百万Token 150美元，面向超长研究任务、关键路径实时响应</p><p>黄仁勋算了一笔账：“一个研究员每天用5000万Token，按每百万150美元计算，对一个研究团队来说完全可以接受。”</p><p>这意味着什么？Token不是一次性买卖，而是持续性消耗。你今天烧完，明天还得烧。只要AI还在跑，Token就在烧。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722451.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722452.png\"/></p><p>CUDA的商业模式：为什么黄仁勋敢说“算力越用越便宜”</p><p>那英伟达怎么靠Token赚钱？核心是<strong>CUDA</strong>。你可以把它理解成AI世界的“操作系统”。所有AI应用都得跑在CUDA上，就像所有手机应用都得跑在安卓或iOS上。</p><p><strong>CUDA的护城河是数亿级的安装基数</strong>。</p><p>英伟达花了20年时间，让数亿块GPU跑CUDA系统，进入每一朵云、每一家计算机公司、几乎每一个行业。这个安装基数造就了一个飞轮效应：安装基数大，吸引全球开发者；开发者创造新算法，催生新市场；新市场需要更多算力，进一步扩大安装基数。</p><p><strong>飞轮转动的结果，就是算力成本持续下降。</strong></p><p>黄仁勋举了一个反直觉的例子：六年前出货的Ampere架构GPU，现在在云端的定价反而在上涨。为什么？因为在这块老芯片上能跑的应用越来越多，而且英伟达每优化一次软件，所有存量用户都能免费提速。</p><p>这意味着什么？你今天买的算力，过几年不仅不过时，反而可能更值钱。这在硬件行业，几乎是天方夜谭。</p><p>黄仁勋的原话是：“<strong>一旦安装了NVIDIA GPU，就能获得长期的性能迭代。不仅是初期的加速，更是持续的成本降低</strong>。”</p><p>这就是CUDA的商业模式：<strong>靠硬件建立安装基数，靠软件持续创造价值，靠生态锁定用户</strong>。全球数亿块GPU都在跑CUDA，每消耗一个Token，都得从英伟达的平台过一遍。</p><p>这就把整个商业逻辑改了。以前企业买AI卡，是一次性开支，属于资本支出。买了就完事，后面跟供应商没关系。现在AI卡变成生产Token的生产线，企业花钱从“买设备”变成了“买燃料”。今天烧完明天还得买，从一次性开支变成了持续性运营。</p><p>这叫<strong>收租</strong>。你今天交，明天还得交。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722453.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722454.png\"/></p><p><b><strong>阿里为什么连夜进场？一场不得不打的硬仗</strong></b></p><p>再看阿里这边的动作。3月16日，<a href=\"https://laohu8.com/S/09988\">阿里巴巴</a>成立Alibaba Token Hub事业群，CEO吴泳铭亲自挂帅，把目标拆成三块：<strong>创造Token、输送Token、应用Token</strong>。</p><p>阿里为什么要这么急？</p><p>核心痛点在于：<strong>AI能力太分散</strong>。过去两年，阿里的AI散落在通义实验室、阿里云、钉钉、淘天等各个体系，各团队各干各的，资源重复投入，协同成本越来越高。用户认知也很模糊——通义千问、千问App、夸克AI，同一套技术冒出好几个产品，用户根本分不清。</p><p>就在12天前，“千问灵魂人物”林俊旸突然离职，背后正是“科学家想发论文、管理层想要营收”的撕裂。这种冲突在AI行业并不少见。</p><p>吴泳铭的解法很直接：<strong>把Token变成唯一的指挥棒</strong>。未来阿里的评价体系，不再争论技术路线谁对谁错，而是直接折算成Token的调用量和营收。能带来Token增长的部门留下，不能的边缘化。</p><p>更深层的逻辑是：阿里判断，未来所有数字化工作，都由数以百亿计的AI Agent支撑。吴泳铭在内部信中直言，“这些AI Agent将由模型产生的Token支撑运行”。而Agent不睡觉，24小时运转，意味着Token需求是持续性的、高频复购的。</p><p>如果把Token比作AI时代的“电”，两家巨头的角色很清晰：<strong>英伟达</strong>是“<strong>发电设备制造商</strong>”。它卖发电机、建发电厂，靠CUDA生态锁定客户，让所有AI应用都得从它的平台过一遍。</p><p><strong>阿里</strong>是“<strong>电网公司+用电大户</strong>”。它有通义实验室负责创造Token，有MaaS平台负责输送Token，还有千问、悟空这些负责消耗Token。从C端的AI助手，到B端的企业工作流，阿里想打通“发电-输电-用电”的完整闭环。</p><p>谁的优势更大？英伟达有技术壁垒和生态锁定，单位Token成本有压倒性优势。阿里有场景和数据——电商、云、钉钉、高德、饿了么，每天产生<a href=\"https://laohu8.com/S/603138\">海量数据</a>(603138)，也每天消耗海量Token。如果能把闭环跑通，Token在阿里体系内就能自我循环、自我增值。</p><p>巨头已经在真金白银抢赛道了。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722455.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722456.png\"/></p><p><b><strong>Token生意的终局</strong></b></p><p>Token这个生意，本质是<strong>把算力从“资产”变成了“服务”</strong>。从一次性买卖，变成了持续收费。从卖铲子，变成了卖石油。</p><p>谁掌握了最低的Token生产成本，谁就掌握了AI时代的定价权。</p><p>英伟达有20年积累的CUDA生态，有数亿的安装基数，有每优化一次软件就能惠及所有用户的规模优势。阿里有完整的业务场景，有把Token当成战略资源来打的决心。</p><p>两家巨头，同一个判断：<strong>Token是AI时代的硬通货</strong>。至于英伟达的股价什么时候能回来？等市场不再把它当硬件公司，而是<strong>当AI基础设施平台估值的那一天</strong>。</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>黄仁勋和马云都在抢，看清Token背后的商业模式</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黄仁勋和马云都在抢，看清Token背后的商业模式\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1056779998\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/7d4b373205a673ce16c395cded039e4e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">和讯网 </p>\n<p class=\"h-time\">2026-03-17 14:47</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722449.jpg\"/></p><p>昨晚，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>CEO黄仁勋发表GTC 2026主题演讲。就在前一天，<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>成立Token Hub事业群，CEO吴泳铭亲自挂帅。</p><p>两家巨头，同一天，盯上同一个东西：Token。Token到底怎么赚钱？咱们今天把它讲清楚。</p><p><img src=\"https://fwfile-1257474221.cos.ap-shanghai.myqcloud.com/weixinimg_temp/2026/20260317/f047d97e6ab2fc87bddf520fe82ecc9b.png\"/></p><p><b><strong>Token是什么？</strong></b></p><p>黄仁勋给了一个比喻：<strong>Token是数字世界的石油</strong>。</p><p>你问ChatGPT一句、生成一段视频、让机器人动一下，消耗的都是Token。它是AI理解和生成信息的基本单位，也是未来所有智能服务的计量单位。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722450.png\"/></p><p>Token怎么收费？企业要付多少钱？</p><p>黄仁勋在演讲中首次公开了Token的分层定价体系。这不是概念，是真金白银的收费标准：</p><p>免费层：高吞吐量、低速度，用于吸引用户</p><p>基础层：每百万Token 3美元，服务普通用户</p><p>进阶层：每百万Token 6美元，更大模型、更快速度</p><p>高速层：每百万Token 45美元，支持长上下文、深度推理</p><p>顶级层：每百万Token 150美元，面向超长研究任务、关键路径实时响应</p><p>黄仁勋算了一笔账：“一个研究员每天用5000万Token，按每百万150美元计算，对一个研究团队来说完全可以接受。”</p><p>这意味着什么？Token不是一次性买卖，而是持续性消耗。你今天烧完，明天还得烧。只要AI还在跑，Token就在烧。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722451.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722452.png\"/></p><p>CUDA的商业模式：为什么黄仁勋敢说“算力越用越便宜”</p><p>那英伟达怎么靠Token赚钱？核心是<strong>CUDA</strong>。你可以把它理解成AI世界的“操作系统”。所有AI应用都得跑在CUDA上，就像所有手机应用都得跑在安卓或iOS上。</p><p><strong>CUDA的护城河是数亿级的安装基数</strong>。</p><p>英伟达花了20年时间，让数亿块GPU跑CUDA系统，进入每一朵云、每一家计算机公司、几乎每一个行业。这个安装基数造就了一个飞轮效应：安装基数大，吸引全球开发者；开发者创造新算法，催生新市场；新市场需要更多算力，进一步扩大安装基数。</p><p><strong>飞轮转动的结果，就是算力成本持续下降。</strong></p><p>黄仁勋举了一个反直觉的例子：六年前出货的Ampere架构GPU，现在在云端的定价反而在上涨。为什么？因为在这块老芯片上能跑的应用越来越多，而且英伟达每优化一次软件，所有存量用户都能免费提速。</p><p>这意味着什么？你今天买的算力，过几年不仅不过时，反而可能更值钱。这在硬件行业，几乎是天方夜谭。</p><p>黄仁勋的原话是：“<strong>一旦安装了NVIDIA GPU，就能获得长期的性能迭代。不仅是初期的加速，更是持续的成本降低</strong>。”</p><p>这就是CUDA的商业模式：<strong>靠硬件建立安装基数，靠软件持续创造价值，靠生态锁定用户</strong>。全球数亿块GPU都在跑CUDA，每消耗一个Token，都得从英伟达的平台过一遍。</p><p>这就把整个商业逻辑改了。以前企业买AI卡，是一次性开支，属于资本支出。买了就完事，后面跟供应商没关系。现在AI卡变成生产Token的生产线，企业花钱从“买设备”变成了“买燃料”。今天烧完明天还得买，从一次性开支变成了持续性运营。</p><p>这叫<strong>收租</strong>。你今天交，明天还得交。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722453.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722454.png\"/></p><p><b><strong>阿里为什么连夜进场？一场不得不打的硬仗</strong></b></p><p>再看阿里这边的动作。3月16日，<a href=\"https://laohu8.com/S/09988\">阿里巴巴</a>成立Alibaba Token Hub事业群，CEO吴泳铭亲自挂帅，把目标拆成三块：<strong>创造Token、输送Token、应用Token</strong>。</p><p>阿里为什么要这么急？</p><p>核心痛点在于：<strong>AI能力太分散</strong>。过去两年，阿里的AI散落在通义实验室、阿里云、钉钉、淘天等各个体系，各团队各干各的，资源重复投入，协同成本越来越高。用户认知也很模糊——通义千问、千问App、夸克AI，同一套技术冒出好几个产品，用户根本分不清。</p><p>就在12天前，“千问灵魂人物”林俊旸突然离职，背后正是“科学家想发论文、管理层想要营收”的撕裂。这种冲突在AI行业并不少见。</p><p>吴泳铭的解法很直接：<strong>把Token变成唯一的指挥棒</strong>。未来阿里的评价体系，不再争论技术路线谁对谁错，而是直接折算成Token的调用量和营收。能带来Token增长的部门留下，不能的边缘化。</p><p>更深层的逻辑是：阿里判断，未来所有数字化工作，都由数以百亿计的AI Agent支撑。吴泳铭在内部信中直言，“这些AI Agent将由模型产生的Token支撑运行”。而Agent不睡觉，24小时运转，意味着Token需求是持续性的、高频复购的。</p><p>如果把Token比作AI时代的“电”，两家巨头的角色很清晰：<strong>英伟达</strong>是“<strong>发电设备制造商</strong>”。它卖发电机、建发电厂，靠CUDA生态锁定客户，让所有AI应用都得从它的平台过一遍。</p><p><strong>阿里</strong>是“<strong>电网公司+用电大户</strong>”。它有通义实验室负责创造Token，有MaaS平台负责输送Token，还有千问、悟空这些负责消耗Token。从C端的AI助手，到B端的企业工作流，阿里想打通“发电-输电-用电”的完整闭环。</p><p>谁的优势更大？英伟达有技术壁垒和生态锁定，单位Token成本有压倒性优势。阿里有场景和数据——电商、云、钉钉、高德、饿了么，每天产生<a href=\"https://laohu8.com/S/603138\">海量数据</a>(603138)，也每天消耗海量Token。如果能把闭环跑通，Token在阿里体系内就能自我循环、自我增值。</p><p>巨头已经在真金白银抢赛道了。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722455.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722456.png\"/></p><p><b><strong>Token生意的终局</strong></b></p><p>Token这个生意，本质是<strong>把算力从“资产”变成了“服务”</strong>。从一次性买卖，变成了持续收费。从卖铲子，变成了卖石油。</p><p>谁掌握了最低的Token生产成本，谁就掌握了AI时代的定价权。</p><p>英伟达有20年积累的CUDA生态，有数亿的安装基数，有每优化一次软件就能惠及所有用户的规模优势。阿里有完整的业务场景，有把Token当成战略资源来打的决心。</p><p>两家巨头，同一个判断：<strong>Token是AI时代的硬通货</strong>。至于英伟达的股价什么时候能回来？等市场不再把它当硬件公司，而是<strong>当AI基础设施平台估值的那一天</strong>。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89988":"阿里巴巴-WR","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1821325948.USD":"NINETY ONE GSF GLOBAL MACRO ALLOCATION \"A\" (USD) ACC","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","BK1591":"就地过年概念","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","DIPS":"做空NVDA期权收益策略ETF-YieldMax","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0608807946.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" Q (USD) INC","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","SGXZ86797644.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) INC","LU1645745479.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (HKDHDG) INC","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","SGXZ62798434.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","LU0831093199.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM3\" (SGDHDG) INC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC","LU0630378429.USD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (USD) INC","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","BK1502":"双十一","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","BK1501":"阿里概念股","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","SG9999015978.USD":"利安颠覆性创新基金A","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU0762541174.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM2\" (USD) INC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU0197773160.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AC\" ACC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","BK4592":"伊斯兰概念","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","LU2413666699.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"CRH\" (HKDHDG) INC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU0173614495.USD":"富达中国焦点A","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU1861215975.USD":"贝莱德新一代科技基金 A2","BK1608":"元宇宙概念","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","SG9999001051.SGD":"United Asia Fund SGD","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","BK4585":"ETF&股票定投概念","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","BK4587":"ChatGPT概念","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","SG9999001689.USD":"施罗德亚洲成长股票","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","BK4588":"碎股","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","BK4598":"佩洛西持仓","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","BK1610":"ETF&股票定投概念","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","BK1575":"同股不同权","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU2413666426.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (HKD) ACC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","LU0882574139.USD":"富达环球消费行业基金A ACC","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU0862451837.USD":"JPM EMERGING MARKETS DIVIDEND \"A\" (USD) INC (M)","LU1923622291.USD":"Natixis Thematics Safety R/A USD","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","BK4605":"半导体精选","LU0097036916.USD":"贝莱德美国增长A2 USD","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU1861127337.USD":"ALLIANZ GLOBAL MULTI ASSET SUSTAINABILITY BALANCED \"AMG\" (USD) INC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","BK4608":"AI应用概念股","BABO":"BABA期权收益策略ETF-YieldMax","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU1400636574.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AMG\" (HKDHDG) INC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","BABU":"Direxion Daily BABA Bull 2X ETF","BK4607":"DeepSeek概念股","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","BK4220":"综合零售","BABW":"Roundhill BABA WeeklyPay ETF","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","BABX":"2倍做多BABA ETF-GraniteShares","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","NVD2.UK":"2X NVIDIA ETP","LU0348783233.USD":"安联东方收入型 CI A Dis美元","HBBD.SI":"Alibaba HK SDR 5to1","NVD3.UK":"LS 3X NVIDIA","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","NVDS.UK":"LS -1X NVIDIA","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","3NVD.UK":"LS 3X NVIDIA","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) INC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","BK4612":"AI芯片","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0396098781.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (USD) ACC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","BK4614":"Manus概念股","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0048580855.USD":"富达大中华区A","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","BK1142":"互联网与直销零售","BK1618":"Manus概念股","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","BK1588":"回港中概股","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","BK1615":"港股-互联网","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","NVD":"2倍做空NVDA ETF-GraniteShares","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","NVDB":"ProShares Ultra NVDA ETF","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","NVDD":"1倍做空NVDA ETF-Direxion","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","NVDG":"2倍做多NVDA ETF- Leverage Shares","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0080751232.USD":"富达环球多元动力基金A","BK1586":"云计算","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","BK1249":"综合零售","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","NVDQ":"2倍做空NVDA ETF-T-Rex","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AT\" (USDHDG) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","NVDS":"1.5倍做空NVDA ETF-Tradr","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","NVDU":"2倍做多NVDA ETF-Direxion","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","NVDW":"NVDA周配息ETF-Roundhill","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0594300419.USD":"富达中国消费基金A","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","BK1584":"蚂蚁金服概念","NVDX":"2倍做多NVDA ETF-T-Rex","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","NVDY":"NVDA期权收益策略ETF-YieldMax","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","NVII":"Rex NVDA Growth & Income ETF","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","ANV":"GraniteShares Autocallable NVDA ETF","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","BK4565":"NFT概念","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","SG9999002232.USD":"Allianz Global High Payout USD","IE0008368304.USD":"STEWART INVESTORS WORLDWIDE LEADERS SUSTAINABILITY FUND \"I\" (USD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","BK4567":"ESG概念","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","SG9999002224.SGD":"Allianz Global High Payout SGD","BK4503":"景林资产持仓","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0079474960.USD":"联博美国增长基金A","BABA":"阿里巴巴","BK4502":"阿里概念","SG9999014559.SGD":"United Income Focus Trust Dis SGD","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","SG9999006514.SGD":"United Asia Consumer Fund SGD","BK4505":"高瓴资本持仓","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","BK4504":"桥水持仓","LU1046421795.USD":"富达环球科技A-ACC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0048597586.USD":"富达亚洲焦点A","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU0238689110.USD":"贝莱德环球动力股票基金","NVIW.SI":"NVDA 3xLongSG261006","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU0072462426.USD":"贝莱德全球配置 A2","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","BK4122":"互联网与直销零售","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","NVDA":"英伟达","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","BBYY":"GraniteShares YieldBOOST BABA ETF","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU0359201612.USD":"贝莱德中国基金A2","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","BK4543":"AI","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU0861579265.USD":"联博低波幅策略股票基金A","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","BK4549":"软银资本持仓","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0109392836.USD":"富兰克林科技股A","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","BK4548":"巴美列捷福持仓","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","BK4554":"元宇宙及AR概念","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0444971666.USD":"天利全球科技基金","KBAB":"2倍做多BABA ETF-KraneShares","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","BK4558":"双十一","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","BK4550":"红杉资本持仓","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU0823426308.USD":"法巴中国股票基金","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","BK4551":"寇图资本持仓","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU0228659784.USD":"施罗德金砖四国基金","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","BK4529":"IDC概念","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0762542818.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM\" (HKD) INC","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU1051768304.USD":"贝莱德新兴市场股票收益A6","BK4524":"宅经济概念","BK1517":"云办公","LU0557290698.USD":"施罗德环球可持续增长基金","SG9999002463.SGD":"LionGlobal China Growth SGD","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","BK4527":"明星科技股","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0347712357.USD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (USD) ACC","BK4526":"热门中概股","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","09988":"阿里巴巴-W","BK4575":"芯片概念","LU0823414478.USD":"法巴经典能源转换基金","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","SG9999001424.SGD":"United E-Commerce Fund SGD","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","BK4579":"人工智能","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","BK4581":"高盛持仓","BK4532":"文艺复兴科技持仓","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","BK4531":"中概回港概念","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","BK4534":"瑞士信贷持仓","BK4141":"半导体产品","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","BK4535":"淡马锡持仓","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","BK4538":"云计算","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","2NVD.UK":"2X NVIDIA ETP","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","SNVD.UK":"LS -1X NVIDIA","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU0061474960.USD":"天利环球焦点基金AU Acc","LU0072462343.USD":"贝莱德亚洲巨龙基金"},"source_url":"http://news.hexun.com/2026-03-17/223722448.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2620469894","content_text":"昨晚，英伟达CEO黄仁勋发表GTC 2026主题演讲。就在前一天，阿里巴巴成立Token Hub事业群，CEO吴泳铭亲自挂帅。两家巨头，同一天，盯上同一个东西：Token。Token到底怎么赚钱？咱们今天把它讲清楚。Token是什么？黄仁勋给了一个比喻：Token是数字世界的石油。你问ChatGPT一句、生成一段视频、让机器人动一下，消耗的都是Token。它是AI理解和生成信息的基本单位，也是未来所有智能服务的计量单位。Token怎么收费？企业要付多少钱？黄仁勋在演讲中首次公开了Token的分层定价体系。这不是概念，是真金白银的收费标准：免费层：高吞吐量、低速度，用于吸引用户基础层：每百万Token 3美元，服务普通用户进阶层：每百万Token 6美元，更大模型、更快速度高速层：每百万Token 45美元，支持长上下文、深度推理顶级层：每百万Token 150美元，面向超长研究任务、关键路径实时响应黄仁勋算了一笔账：“一个研究员每天用5000万Token，按每百万150美元计算，对一个研究团队来说完全可以接受。”这意味着什么？Token不是一次性买卖，而是持续性消耗。你今天烧完，明天还得烧。只要AI还在跑，Token就在烧。CUDA的商业模式：为什么黄仁勋敢说“算力越用越便宜”那英伟达怎么靠Token赚钱？核心是CUDA。你可以把它理解成AI世界的“操作系统”。所有AI应用都得跑在CUDA上，就像所有手机应用都得跑在安卓或iOS上。CUDA的护城河是数亿级的安装基数。英伟达花了20年时间，让数亿块GPU跑CUDA系统，进入每一朵云、每一家计算机公司、几乎每一个行业。这个安装基数造就了一个飞轮效应：安装基数大，吸引全球开发者；开发者创造新算法，催生新市场；新市场需要更多算力，进一步扩大安装基数。飞轮转动的结果，就是算力成本持续下降。黄仁勋举了一个反直觉的例子：六年前出货的Ampere架构GPU，现在在云端的定价反而在上涨。为什么？因为在这块老芯片上能跑的应用越来越多，而且英伟达每优化一次软件，所有存量用户都能免费提速。这意味着什么？你今天买的算力，过几年不仅不过时，反而可能更值钱。这在硬件行业，几乎是天方夜谭。黄仁勋的原话是：“一旦安装了NVIDIA GPU，就能获得长期的性能迭代。不仅是初期的加速，更是持续的成本降低。”这就是CUDA的商业模式：靠硬件建立安装基数，靠软件持续创造价值，靠生态锁定用户。全球数亿块GPU都在跑CUDA，每消耗一个Token，都得从英伟达的平台过一遍。这就把整个商业逻辑改了。以前企业买AI卡，是一次性开支，属于资本支出。买了就完事，后面跟供应商没关系。现在AI卡变成生产Token的生产线，企业花钱从“买设备”变成了“买燃料”。今天烧完明天还得买，从一次性开支变成了持续性运营。这叫收租。你今天交，明天还得交。阿里为什么连夜进场？一场不得不打的硬仗再看阿里这边的动作。3月16日，阿里巴巴成立Alibaba Token Hub事业群，CEO吴泳铭亲自挂帅，把目标拆成三块：创造Token、输送Token、应用Token。阿里为什么要这么急？核心痛点在于：AI能力太分散。过去两年，阿里的AI散落在通义实验室、阿里云、钉钉、淘天等各个体系，各团队各干各的，资源重复投入，协同成本越来越高。用户认知也很模糊——通义千问、千问App、夸克AI，同一套技术冒出好几个产品，用户根本分不清。就在12天前，“千问灵魂人物”林俊旸突然离职，背后正是“科学家想发论文、管理层想要营收”的撕裂。这种冲突在AI行业并不少见。吴泳铭的解法很直接：把Token变成唯一的指挥棒。未来阿里的评价体系，不再争论技术路线谁对谁错，而是直接折算成Token的调用量和营收。能带来Token增长的部门留下，不能的边缘化。更深层的逻辑是：阿里判断，未来所有数字化工作，都由数以百亿计的AI Agent支撑。吴泳铭在内部信中直言，“这些AI Agent将由模型产生的Token支撑运行”。而Agent不睡觉，24小时运转，意味着Token需求是持续性的、高频复购的。如果把Token比作AI时代的“电”，两家巨头的角色很清晰：英伟达是“发电设备制造商”。它卖发电机、建发电厂，靠CUDA生态锁定客户，让所有AI应用都得从它的平台过一遍。阿里是“电网公司+用电大户”。它有通义实验室负责创造Token，有MaaS平台负责输送Token，还有千问、悟空这些负责消耗Token。从C端的AI助手，到B端的企业工作流，阿里想打通“发电-输电-用电”的完整闭环。谁的优势更大？英伟达有技术壁垒和生态锁定，单位Token成本有压倒性优势。阿里有场景和数据——电商、云、钉钉、高德、饿了么，每天产生海量数据(603138)，也每天消耗海量Token。如果能把闭环跑通，Token在阿里体系内就能自我循环、自我增值。巨头已经在真金白银抢赛道了。Token生意的终局Token这个生意，本质是把算力从“资产”变成了“服务”。从一次性买卖，变成了持续收费。从卖铲子，变成了卖石油。谁掌握了最低的Token生产成本，谁就掌握了AI时代的定价权。英伟达有20年积累的CUDA生态，有数亿的安装基数，有每优化一次软件就能惠及所有用户的规模优势。阿里有完整的业务场景，有把Token当成战略资源来打的决心。两家巨头，同一个判断：Token是AI时代的硬通货。至于英伟达的股价什么时候能回来？等市场不再把它当硬件公司，而是当AI基础设施平台估值的那一天。","news_type":1,"symbols_score_info":{"89988":0.6,"NVD3.UK":0.6,"3NVD.UK":0.6,"NVIW.SI":0.6,"NVDQ":0.6,"DIPS":0.6,"SNVD.UK":0.6,"ANV":0.6,"NVDS.UK":0.6,"NVDB":0.6,"NVII":0.6,"BABW":0.6,"NVDA":1.98,"BABU":0.6,"NVDG":0.6,"BBYY":0.6,"BABO":0.6,"KBAB":0.6,"NVDW":0.6,"NVDU":0.6,"BABX":0.6,"NVDD":0.6,"09988":1.87,"NVD":0.6,"NVDS":0.6,"NVDY":0.6,"NVD2.UK":0.6,"BABA":1.87,"HBBD.SI":0.6,"2NVD.UK":0.6,"ALBmain":0.6,"NVDX":0.6}},"isVote":1,"tweetType":1,"viewCount":434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":542415292457200,"gmtCreate":1773411129549,"gmtModify":1773411131515,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a><v-v data-views=\"0\"></v-v> 王兴的讲话只能证明他还没跑路","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a><v-v data-views=\"0\"></v-v> 王兴的讲话只能证明他还没跑路","text":"$美团-W(03690)$ 王兴的讲话只能证明他还没跑路","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/542415292457200","isVote":1,"tweetType":1,"viewCount":10898,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3493713447408535","authorId":"3493713447408535","name":"tmfefuvi","avatar":"https://static.tigerbbs.com/a20887010de7f7b564083b1dd81766e0","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3493713447408535","idStr":"3493713447408535"},"content":"认真读，其实是认输了","text":"认真读，其实是认输了","html":"认真读，其实是认输了"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":541718452486864,"gmtCreate":1773280976924,"gmtModify":1773281072248,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/09626\">$哔哩哔哩-W(09626)$&nbsp;</a><v-v data-views=\"0\"></v-v> 老乡别跑？掩护领导套现1亿..","listText":"<a href=\"https://laohu8.com/S/09626\">$哔哩哔哩-W(09626)$&nbsp;</a><v-v data-views=\"0\"></v-v> 老乡别跑？掩护领导套现1亿..","text":"$哔哩哔哩-W(09626)$ 老乡别跑？掩护领导套现1亿..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/541718452486864","isVote":1,"tweetType":1,"viewCount":2552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":541448338109696,"gmtCreate":1773215036522,"gmtModify":1773215038521,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 美团赢了，战胜了所有不服的股民。","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 美团赢了，战胜了所有不服的股民。","text":"$美团-W(03690)$ 美团赢了，战胜了所有不服的股民。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/541448338109696","isVote":1,"tweetType":1,"viewCount":684,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":541252162397040,"gmtCreate":1773130595376,"gmtModify":1773132135495,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"keeta据说要倒闭了","listText":"keeta据说要倒闭了","text":"keeta据说要倒闭了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/541252162397040","repostId":"2618601527","repostType":2,"repost":{"id":"2618601527","kind":"news","pubTimestamp":1773105608,"share":"https://www.laohu8.com/m/news/2618601527?lang=zh_CN&edition=full","pubTime":"2026-03-10 09:20","market":"hk","language":"zh","title":"236 人优化至 36 人！美团旗下 Keeta 暂缓巴西里约热内卢开城计划","url":"https://stock-news.laohu8.com/highlight/detail?id=2618601527","media":"小渔聊零售","summary":"2026 年 3 月初，美团旗下海外外卖平台 Keeta 发布官方业务调整公告，核心动作分为两项：一是无限期推迟原定于 2 月底的巴西里约热内卢市场上线计划，二是对里约当地运营团队进行规模优化，团队人数从原有的约 236 人缩减至 36 人。针对此次调整，Keeta 官方明确表示，核心目标是将资源集中于提升圣保罗现有市场的服务标准，同时强调本次团队优化全程严格遵守巴西当地法律法规。","content":"<html><body><article><p>2026 年 3 月初，<a href=\"https://laohu8.com/S/MPNGY\">美团</a>旗下海外外卖平台 Keeta 发布官方业务调整公告，核心动作分为两项：一是无限期推迟原定于 2 月底的巴西里约热内卢市场上线计划，二是对里约当地运营团队进行规模优化，团队人数从原有的约 236 人缩减至 36 人。针对此次调整，Keeta 官方明确表示，核心目标是将资源集中于提升圣保罗现有市场的服务标准，同时强调本次团队优化全程严格遵守巴西当地法律法规。</p><p>为筹备里约热内卢市场的开城工作，Keeta 自 2025 年 11 月起便启动当地团队的规模化招聘，耗时近 3 个月搭建起适配新市场开拓的完整运营架构。该团队采用中企出海通用的 “中方核心骨干 + 本地化员工” 模式，超 80% 为巴西本地招聘人员，覆盖商务拓展、市场运营、用户服务等全链条职能，其中相当比例为入职不足 3 个月的新员工。调整后保留的 36 人团队，核心职能将从新市场开拓转向善后处理、风险管控与长期市场储备，在收缩运营成本的同时，为未来可能的市场重启保留基础架构。</p><p>此次里约开城计划暂缓，核心源于拉美外卖市场固化的行业格局与高企的进入壁垒。外卖平台的核心运营逻辑，是 “商户供给 - 用户需求 - 运力网络” 的正向循环，充足多元的商户供给是业务落地的核心基础。Keeta 上线前的深度市场调研显示，里约热内卢超 50% 的连锁餐饮品牌（拥有 5 家及以上门店），已被当地头部外卖平台 iFood、滴滴旗下 99Food 通过独家合作协议锁定，主流商户与新入平台合作的意愿较弱。若强行推进上线计划，核心商业循环无法正常启动，最终促成了此次战术调整。</p><p>此次团队优化事件，也将中资企业跨境出海的本地化合规治理问题推至行业视野核心。与国内劳动法律体系不同，巴西《劳动法典》构建了严苛的劳动者权益保护框架，不仅对集体性人员调整设置了强制性前置协商与工会谈判程序，对孕期女职工等特殊群体设立了绝对解雇保护制度，同时在工时管理、加班费追索等领域设置了举证责任倒置规则与高额追责机制。这也为所有出海企业敲响警钟：跨境业务布局中，本地化合规体系建设与商业战略规划具有同等优先级，是企业海外市场可持续经营的核心前提。</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>236 人优化至 36 人！美团旗下 Keeta 暂缓巴西里约热内卢开城计划</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\">\n236 人优化至 36 人！美团旗下 Keeta 暂缓巴西里约热内卢开城计划\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-10 09:20 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026031009210697ab734f&s=b><strong>小渔聊零售</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2026 年 3 月初，美团旗下海外外卖平台 Keeta 发布官方业务调整公告，核心动作分为两项：一是无限期推迟原定于 2 月底的巴西里约热内卢市场上线计划，二是对里约当地运营团队进行规模优化，团队人数从原有的约 236 人缩减至 36 人。针对此次调整，Keeta 官方明确表示，核心目标是将资源集中于提升圣保罗现有市场的服务标准，同时强调本次团队优化全程严格遵守巴西当地法律法规。为筹备里约热内卢...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026031009210697ab734f&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":{"LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU0594300419.USD":"富达中国消费基金A","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","BK1591":"就地过年概念","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","SG9999001689.USD":"施罗德亚洲成长股票","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","BK1583":"高瓴概念","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","BK1604":"节假日概念","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU1102505762.USD":"富达新兴市场焦点 A","BK1521":"挪威政府全球养老基金持仓","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0823426308.USD":"法巴中国股票基金","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0228659784.USD":"施罗德金砖四国基金","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0683595622.HKD":"AB SICAV I-EM.MKTS MUL.ASS.PTF(AD)","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","BK1610":"ETF&股票定投概念","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0370786039.SGD":"Fidelity Greater China A-SGD","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU0181495838.USD":"施罗德新兴亚洲A Acc","BK1575":"同股不同权","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","03690":"美团-W","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","SG9999014674.SGD":"Nikko AM All China Equity A SGD","IE0008368742.USD":"首域中国增长基金I Acc","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","BK1233":"餐馆","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0048597586.USD":"富达亚洲焦点A","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0048580855.USD":"富达大中华区A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","HMTD.SI":"Meituan HK SDR 5to1","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","MPNGY":"美团ADR","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","BK1589":"北水核心资产","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0173614495.USD":"富达中国焦点A","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","BK1618":"Manus概念股","LU0359201612.USD":"贝莱德中国基金A2","BK1142":"互联网与直销零售","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","BK1615":"港股-互联网","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026031009210697ab734f&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2618601527","content_text":"2026 年 3 月初，美团旗下海外外卖平台 Keeta 发布官方业务调整公告，核心动作分为两项：一是无限期推迟原定于 2 月底的巴西里约热内卢市场上线计划，二是对里约当地运营团队进行规模优化，团队人数从原有的约 236 人缩减至 36 人。针对此次调整，Keeta 官方明确表示，核心目标是将资源集中于提升圣保罗现有市场的服务标准，同时强调本次团队优化全程严格遵守巴西当地法律法规。为筹备里约热内卢市场的开城工作，Keeta 自 2025 年 11 月起便启动当地团队的规模化招聘，耗时近 3 个月搭建起适配新市场开拓的完整运营架构。该团队采用中企出海通用的 “中方核心骨干 + 本地化员工” 模式，超 80% 为巴西本地招聘人员，覆盖商务拓展、市场运营、用户服务等全链条职能，其中相当比例为入职不足 3 个月的新员工。调整后保留的 36 人团队，核心职能将从新市场开拓转向善后处理、风险管控与长期市场储备，在收缩运营成本的同时，为未来可能的市场重启保留基础架构。此次里约开城计划暂缓，核心源于拉美外卖市场固化的行业格局与高企的进入壁垒。外卖平台的核心运营逻辑，是 “商户供给 - 用户需求 - 运力网络” 的正向循环，充足多元的商户供给是业务落地的核心基础。Keeta 上线前的深度市场调研显示，里约热内卢超 50% 的连锁餐饮品牌（拥有 5 家及以上门店），已被当地头部外卖平台 iFood、滴滴旗下 99Food 通过独家合作协议锁定，主流商户与新入平台合作的意愿较弱。若强行推进上线计划，核心商业循环无法正常启动，最终促成了此次战术调整。此次团队优化事件，也将中资企业跨境出海的本地化合规治理问题推至行业视野核心。与国内劳动法律体系不同，巴西《劳动法典》构建了严苛的劳动者权益保护框架，不仅对集体性人员调整设置了强制性前置协商与工会谈判程序，对孕期女职工等特殊群体设立了绝对解雇保护制度，同时在工时管理、加班费追索等领域设置了举证责任倒置规则与高额追责机制。这也为所有出海企业敲响警钟：跨境业务布局中，本地化合规体系建设与商业战略规划具有同等优先级，是企业海外市场可持续经营的核心前提。","news_type":1,"symbols_score_info":{"HMTD.SI":0.6,"MPNGY":1.87,"METmain":0.6,"03690":1.87}},"isVote":1,"tweetType":1,"viewCount":200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":541035714146520,"gmtCreate":1773106932020,"gmtModify":1773107069389,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"早就该下调，都拆分了独立上市啦，母公司就一个京东app&nbsp;","listText":"早就该下调，都拆分了独立上市啦，母公司就一个京东app&nbsp;","text":"早就该下调，都拆分了独立上市啦，母公司就一个京东app","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/541035714146520","repostId":"2618620845","repostType":2,"repost":{"id":"2618620845","kind":"news","pubTimestamp":1773067930,"share":"https://www.laohu8.com/m/news/2618620845?lang=zh_CN&edition=full","pubTime":"2026-03-09 22:52","market":"us","language":"zh","title":"巴克莱将京东目标价从每股41美元下调至34美元","url":"https://stock-news.laohu8.com/highlight/detail?id=2618620845","media":"新浪财经","summary":"巴克莱将京东目标价从每股41美元下调至34美元。","content":"<html><body><article><p>巴克莱将<a href=\"https://laohu8.com/S/JD\">京东</a>目标价从每股41美元下调至34美元。</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>巴克莱将京东目标价从每股41美元下调至34美元</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巴克莱将京东目标价从每股41美元下调至34美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-09 22:52 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260309230051a45c077e&s=b><strong>新浪财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>巴克莱将京东目标价从每股41美元下调至34美元。</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260309230051a45c077e&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":{"BK4585":"ETF&股票定投概念","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4558":"双十一","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","BK4505":"高瓴资本持仓","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","BK4504":"桥水持仓","BK4614":"Manus概念股","BK4579":"人工智能","JD":"京东","BK4588":"碎股","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","09618":"京东集团-SW","BK4551":"寇图资本持仓","BK4509":"腾讯概念","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","BK4220":"综合零售","KJD":"2倍做多JD ETF-KraneShares","BK4524":"宅经济概念","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","IE0008368742.USD":"首域中国增长基金I Acc","LU1688375341.USD":"贝莱德中国灵活股票基金","SG9999002463.SGD":"LionGlobal China Growth SGD","BK4531":"中概回港概念","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","BK4526":"热门中概股"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260309230051a45c077e&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2618620845","content_text":"巴克莱将京东目标价从每股41美元下调至34美元。","news_type":1,"symbols_score_info":{"09618":1.94,"JD":1.94,"KJD":0.6}},"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":539472199361784,"gmtCreate":1772725170667,"gmtModify":1772725172437,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a><v-v data-views=\"0\"></v-v> 大规模增发新股，明日暴跌继续","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a><v-v data-views=\"0\"></v-v> 大规模增发新股，明日暴跌继续","text":"$美团-W(03690)$ 大规模增发新股，明日暴跌继续","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/539472199361784","isVote":1,"tweetType":1,"viewCount":4084,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":539452677383056,"gmtCreate":1772720450712,"gmtModify":1772721728252,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"被动调用，屁用没有。","listText":"被动调用，屁用没有。","text":"被动调用，屁用没有。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/539452677383056","repostId":"2617652885","repostType":2,"repost":{"id":"2617652885","kind":"news","pubTimestamp":1772722292,"share":"https://www.laohu8.com/m/news/2617652885?lang=zh_CN&edition=full","pubTime":"2026-03-05 22:51","market":"hk","language":"zh","title":"京东Q4电话会：外卖投入将低于去年，言犀大模型调用量激增百倍","url":"https://stock-news.laohu8.com/highlight/detail?id=2617652885","media":"华尔街见闻","summary":"京东集团公布2025年第四季度及全年业绩。针对备受关注的食品配送业务，她表示，京东外卖在保持规模健康发展的同时，将持续优化经营效率，预计2026年的投入规模将较2025年有所降低。面向2026年，京东管理层对实现可持续盈利增长充满信心。管理层预计，2026年外卖业务的投资效率将较2025年进一步改善，并承诺在保持健康增长的同时持续优化单位经济模型。2025年，京东AI相关Token调用量较2024年激增近100倍，推动全公司决策效率提升。据此投资，责任自负。","content":"<html><head></head><body><article><p><a href=\"https://laohu8.com/S/JD\">京东</a>集团公布2025年第四季度及全年业绩。在高基数压力下，公司整体营收展现韧性，核心零售业务盈利能力持续改善，综合商品及平台营销服务收入的强劲增长成为关键支撑。</p><p>财报显示，得益于综合商品与第三方平台及营销业务的持续发力，公司有效对冲了电子与家电品类的高基数影响。集团首席执行官许冉在业绩会上表示，四季度业绩符合预期，全年整体表现稳健。</p><p>在核心数据之外，许冉还透露了即时零售业务的最新进展：截至2026年2月底，京东旗下“七鲜小厨”门店数量已超过50家。针对备受关注的食品配送业务，她表示，京东外卖在保持规模健康发展的同时，将持续优化经营效率，预计2026年的投入规模将较2025年有所降低。</p><p>面向2026年，京东管理层对实现可持续盈利增长充满信心。公司将继续围绕供应链能力、人工智能技术及新业务布局深化投入，以巩固核心壁垒，为股东创造长期价值。</p><p><strong>核心零售：盈利能力扩张，主动再投资压缩短期利润率</strong></p><p>核心零售业务在四季度实现利润率扩张，但管理层将部分盈利收益战略性地再投入价格竞争力建设——尤其集中于电子及家电品类——以及研发能力和人才储备，以巩固长期竞争地位。</p><p>许冉表示，上述再投资行为对零售利润率扩张形成一定压制，但相关影响已由第三方平台业务、营销服务及超市、医疗等细分板块的利润率改善所充分消化。</p><p>在品类层面，超市业务收入实现强劲双位数增长，运营利润率稳步扩张；时尚品类亦取得显著增长，涵盖服饰、频率购物及全品类渗透。管理层强调，上述成果完全来自团队执行，而非外部因素驱动。</p><p><strong>平台与营销收入：广告需求回流，算法升级提升转化效率</strong></p><p>市场营销服务收入四季度增长15%，全年增长18.1%，成为整体增长的重要引擎。管理层将其归因于流量分配优化、转化效率提升，以及面向商家和品牌推出的&#34;11小时算法&#34;与智能代理工具的全面升级。</p><p>许冉表示，越来越多品牌正将预算迁移至京东平台，理由是京东被视为日销与品牌建设的高回报平台，以及全生命周期产品的首选销售渠道。</p><p>在综合商品品类方面，大部分类目实现强劲双位数增长，营销费用率优化至约4%，体现出对长期盈利路径的持续关注。</p><p><strong>外卖业务：亏损持续收窄，用户与商家规模同步扩张</strong></p><p>即时配送食品外卖业务在四季度保持稳定订单增势，同时进一步优化投入规模，单季投资总额环比削减近20%。管理层指出，自该业务上线以来，亏损规模已连续每季度实现收窄，体现出运营杠杆提升与投资框架精细化管理的成效。</p><p>从生态协同角度看，外卖业务带动京东整体用户购物频次显著提升，全年活跃用户数同比增长逾3%，增长覆盖新老用户及各消费层级。此外，平台活跃商家总数增长超过270%，餐饮商家质量的提升亦是重要贡献因素。</p><p>管理层预计，2026年外卖业务的投资效率将较2025年进一步改善，并承诺在保持健康增长的同时持续优化单位经济模型。</p><p><strong>人工智能布局：自研大模型落地超千项应用，AI代理GMV贡献数十亿</strong></p><p>在AI技术应用方面，京东自研大语言模型&#34;言犀&#34;已支持逾1000项真实业务场景，覆盖客户体验、采购、商家服务及运营等领域。2025年，京东AI相关Token调用量较2024年激增近100倍，推动全公司决策效率提升。</p><p>在购物体验层面，AI搜索与推荐能力持续升级，AI代理（AI Agent）2025年服务活跃用户突破1.5亿，用户渗透率超过20%，带动数十亿规模GMV。管理层预计，2026年AI代理用户规模将实现翻倍。</p><p>在物流端，京东无人配送持续深化落地，并于年内首次将自动化配送能力拓展至英国市场，为当地用户提供高品质次日达服务。管理层认为，AI将成为2026年及更长远未来的新增长前沿，公司在多个维度上已处于行业前列位置。</p><p><strong>新业务与国际化：即时零售与下沉市场双线并进</strong></p><p>在新业务进展方面，即时零售平台&#34;京东到家&#34;持续向下沉市场渗透，用户规模与市场份额双双扩大。管理层表示，公司正致力于通过提供当日达与次日达服务，重新定义本地购物体验，并视之为重要的长期增量市场。</p><p>国际业务亦按既定节奏推进。整体来看，管理层对2026年的业务前景表示明确信心，称将坚定践行可持续盈利增长战略，并持续强化供应链核心能力与技术竞争壁垒，以实现股东长期价值最大化。风险提示及免责条款市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。</p></article></body></html>","source":"lsy1762389672944","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Q4电话会：外卖投入将低于去年，言犀大模型调用量激增百倍</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京东Q4电话会：外卖投入将低于去年，言犀大模型调用量激增百倍\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-05 22:51 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3766829><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>京东集团公布2025年第四季度及全年业绩。在高基数压力下，公司整体营收展现韧性，核心零售业务盈利能力持续改善，综合商品及平台营销服务收入的强劲增长成为关键支撑。财报显示，得益于综合商品与第三方平台及营销业务的持续发力，公司有效对冲了电子与家电品类的高基数影响。集团首席执行官许冉在业绩会上表示，四季度业绩符合预期，全年整体表现稳健。在核心数据之外，许冉还透露了即时零售业务的最新进展：截至2026年2...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3766829\">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/028bf7c7eafdcd11c8df76a91d4805e0","relate_stocks":{"89618":"京东集团-SWR","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","BK1249":"综合零售","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0228659784.USD":"施罗德金砖四国基金","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0051755006.USD":"摩根大通中国A (dist)","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","JD":"京东","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","BK1591":"就地过年概念","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","BK1610":"ETF&股票定投概念","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","BK1575":"同股不同权","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0048580855.USD":"富达大中华区A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","09618":"京东集团-SW","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","BK1502":"双十一","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","BK1142":"互联网与直销零售","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0594300419.USD":"富达中国消费基金A","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","BK1588":"回港中概股","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","BK1615":"港股-互联网","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","BK1619":"稳定币概念","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU1044875133.USD":"天利亚洲反向股票 AU Acc"},"source_url":"https://wallstreetcn.com/articles/3766829","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2617652885","content_text":"京东集团公布2025年第四季度及全年业绩。在高基数压力下，公司整体营收展现韧性，核心零售业务盈利能力持续改善，综合商品及平台营销服务收入的强劲增长成为关键支撑。财报显示，得益于综合商品与第三方平台及营销业务的持续发力，公司有效对冲了电子与家电品类的高基数影响。集团首席执行官许冉在业绩会上表示，四季度业绩符合预期，全年整体表现稳健。在核心数据之外，许冉还透露了即时零售业务的最新进展：截至2026年2月底，京东旗下“七鲜小厨”门店数量已超过50家。针对备受关注的食品配送业务，她表示，京东外卖在保持规模健康发展的同时，将持续优化经营效率，预计2026年的投入规模将较2025年有所降低。面向2026年，京东管理层对实现可持续盈利增长充满信心。公司将继续围绕供应链能力、人工智能技术及新业务布局深化投入，以巩固核心壁垒，为股东创造长期价值。核心零售：盈利能力扩张，主动再投资压缩短期利润率核心零售业务在四季度实现利润率扩张，但管理层将部分盈利收益战略性地再投入价格竞争力建设——尤其集中于电子及家电品类——以及研发能力和人才储备，以巩固长期竞争地位。许冉表示，上述再投资行为对零售利润率扩张形成一定压制，但相关影响已由第三方平台业务、营销服务及超市、医疗等细分板块的利润率改善所充分消化。在品类层面，超市业务收入实现强劲双位数增长，运营利润率稳步扩张；时尚品类亦取得显著增长，涵盖服饰、频率购物及全品类渗透。管理层强调，上述成果完全来自团队执行，而非外部因素驱动。平台与营销收入：广告需求回流，算法升级提升转化效率市场营销服务收入四季度增长15%，全年增长18.1%，成为整体增长的重要引擎。管理层将其归因于流量分配优化、转化效率提升，以及面向商家和品牌推出的\"11小时算法\"与智能代理工具的全面升级。许冉表示，越来越多品牌正将预算迁移至京东平台，理由是京东被视为日销与品牌建设的高回报平台，以及全生命周期产品的首选销售渠道。在综合商品品类方面，大部分类目实现强劲双位数增长，营销费用率优化至约4%，体现出对长期盈利路径的持续关注。外卖业务：亏损持续收窄，用户与商家规模同步扩张即时配送食品外卖业务在四季度保持稳定订单增势，同时进一步优化投入规模，单季投资总额环比削减近20%。管理层指出，自该业务上线以来，亏损规模已连续每季度实现收窄，体现出运营杠杆提升与投资框架精细化管理的成效。从生态协同角度看，外卖业务带动京东整体用户购物频次显著提升，全年活跃用户数同比增长逾3%，增长覆盖新老用户及各消费层级。此外，平台活跃商家总数增长超过270%，餐饮商家质量的提升亦是重要贡献因素。管理层预计，2026年外卖业务的投资效率将较2025年进一步改善，并承诺在保持健康增长的同时持续优化单位经济模型。人工智能布局：自研大模型落地超千项应用，AI代理GMV贡献数十亿在AI技术应用方面，京东自研大语言模型\"言犀\"已支持逾1000项真实业务场景，覆盖客户体验、采购、商家服务及运营等领域。2025年，京东AI相关Token调用量较2024年激增近100倍，推动全公司决策效率提升。在购物体验层面，AI搜索与推荐能力持续升级，AI代理（AI Agent）2025年服务活跃用户突破1.5亿，用户渗透率超过20%，带动数十亿规模GMV。管理层预计，2026年AI代理用户规模将实现翻倍。在物流端，京东无人配送持续深化落地，并于年内首次将自动化配送能力拓展至英国市场，为当地用户提供高品质次日达服务。管理层认为，AI将成为2026年及更长远未来的新增长前沿，公司在多个维度上已处于行业前列位置。新业务与国际化：即时零售与下沉市场双线并进在新业务进展方面，即时零售平台\"京东到家\"持续向下沉市场渗透，用户规模与市场份额双双扩大。管理层表示，公司正致力于通过提供当日达与次日达服务，重新定义本地购物体验，并视之为重要的长期增量市场。国际业务亦按既定节奏推进。整体来看，管理层对2026年的业务前景表示明确信心，称将坚定践行可持续盈利增长战略，并持续强化供应链核心能力与技术竞争壁垒，以实现股东长期价值最大化。风险提示及免责条款市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。","news_type":1,"symbols_score_info":{"89618":0.6,"JD":1.97,"09618":1.97}},"isVote":1,"tweetType":1,"viewCount":442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":539452557017360,"gmtCreate":1772720418929,"gmtModify":1772720421526,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"元宵节、汤圆、去年100单 今年1000单","listText":"元宵节、汤圆、去年100单 今年1000单","text":"元宵节、汤圆、去年100单 今年1000单","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/539452557017360","repostId":"2617528598","repostType":2,"repost":{"id":"2617528598","kind":"news","pubTimestamp":1772718097,"share":"https://www.laohu8.com/m/news/2617528598?lang=zh_CN&edition=full","pubTime":"2026-03-05 21:41","market":"hk","language":"zh","title":"元宵节汤圆外卖需求爆发：京东外卖订单环比增长超10倍“预约送”单量较节前激增5.3倍","url":"https://stock-news.laohu8.com/highlight/detail?id=2617528598","media":"证券日报","summary":"本报讯3月4日，京东外卖首次发布元宵节消费数据：元宵佳节恰逢工作日，“点外卖过元宵”成为主流消费方式。京东外卖推出“预约送”预订单服务，提前订、准时达，受到上班族和年轻群体的欢迎。京东外卖数据显示，节日期间，元宵汤圆相关商品的订单量环比1月增长超10倍，其中“预约送”订单较元宵节前增长了5.3倍。从城市维度来看，北京、广州、上海、深圳、武汉，是最热衷用外卖点汤圆的TOP5城市。","content":"<html><body><div>\n<p>　　本报讯 3月4日，<span><a href=\"https://laohu8.com/S/JD\">京东</a></span><span></span>外卖首次发布元宵节消费数据：元宵佳节恰逢工作日，“点外卖过元宵”成为主流消费方式。<span href=\"http://quote.eastmoney.com/unify/r/105.JD\" target=\"_blank\" web=\"1\">京东</span>外卖推出“预约送”预订单服务，提前订、准时达，受到上班族和年轻群体的欢迎。<span href=\"http://quote.eastmoney.com/unify/r/105.JD\" target=\"_blank\" web=\"1\">京东</span>外卖数据显示，节日期间，元宵汤圆相关商品的订单量环比1月增长超10倍，其中“预约送”订单较元宵节前增长了5.3倍。从城市维度来看，北京、广州、上海、深圳、武汉，是最热衷用外卖点汤圆的TOP5城市。</p><p>　　值得注意的是，今年元宵消费，不仅更多消费者选择点外卖过节，也对汤圆元宵的创新口味和健康化提出了更高要求。京东外卖数据显示，“草莓汤圆”“龙井茶汤圆”“大黄米汤圆”等商品搜索量环比前一周增长超20倍。</p><p>（文章来源：证券日报）</p> </div></body></html>","source":"stock_eastmoney","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>元宵节汤圆外卖需求爆发：京东外卖订单环比增长超10倍“预约送”单量较节前激增5.3倍</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元宵节汤圆外卖需求爆发：京东外卖订单环比增长超10倍“预约送”单量较节前激增5.3倍\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-05 21:41 北京时间&nbsp;&nbsp;&nbsp;<a href=http://finance.eastmoney.com/a/202603053663413096.html><strong>证券日报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本报讯 3月4日，京东外卖首次发布元宵节消费数据：元宵佳节恰逢工作日，“点外卖过元宵”成为主流消费方式。京东外卖推出“预约送”预订单服务，提前订、准时达，受到上班族和年轻群体的欢迎。京东外卖数据显示，节日期间，元宵汤圆相关商品的订单量环比1月增长超10倍，其中“预约送”订单较元宵节前增长了5.3倍。从城市维度来看，北京、广州、上海、深圳、武汉，是最热衷用外卖点汤圆的TOP5城市。　　值得注意的是，...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202603053663413096.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89618":"京东集团-SWR","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","BK1502":"双十一","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","BK4614":"Manus概念股","BK4579":"人工智能","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","BK1142":"互联网与直销零售","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","BK1588":"回港中概股","LU0048580855.USD":"富达大中华区A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","09618":"京东集团-SW","BK1615":"港股-互联网","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","BK4531":"中概回港概念","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","BK1619":"稳定币概念","LU0359201612.USD":"贝莱德中国基金A2","LU1688375341.USD":"贝莱德中国灵活股票基金","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","BK1249":"综合零售","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","JD":"京东","BK4585":"ETF&股票定投概念","BK1591":"就地过年概念","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0594300419.USD":"富达中国消费基金A","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","BK4558":"双十一","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","BK4588":"碎股","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU1044875133.USD":"天利亚洲反向股票 AU Acc","BK4551":"寇图资本持仓","BK4509":"腾讯概念","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","BK1610":"ETF&股票定投概念","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","BK1575":"同股不同权","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0228659784.USD":"施罗德金砖四国基金","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0051755006.USD":"摩根大通中国A (dist)","BK4503":"景林资产持仓","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","BK4505":"高瓴资本持仓","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","BK4504":"桥水持仓","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","KJD":"2倍做多JD ETF-KraneShares","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0140636845.USD":"施罗德大中华区股票A Acc","BK4220":"综合零售","BK4524":"宅经济概念","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","BK4526":"热门中概股","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","BK4122":"互联网与直销零售","IE0008368742.USD":"首域中国增长基金I Acc","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD"},"source_url":"http://finance.eastmoney.com/a/202603053663413096.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2617528598","content_text":"本报讯 3月4日，京东外卖首次发布元宵节消费数据：元宵佳节恰逢工作日，“点外卖过元宵”成为主流消费方式。京东外卖推出“预约送”预订单服务，提前订、准时达，受到上班族和年轻群体的欢迎。京东外卖数据显示，节日期间，元宵汤圆相关商品的订单量环比1月增长超10倍，其中“预约送”订单较元宵节前增长了5.3倍。从城市维度来看，北京、广州、上海、深圳、武汉，是最热衷用外卖点汤圆的TOP5城市。　　值得注意的是，今年元宵消费，不仅更多消费者选择点外卖过节，也对汤圆元宵的创新口味和健康化提出了更高要求。京东外卖数据显示，“草莓汤圆”“龙井茶汤圆”“大黄米汤圆”等商品搜索量环比前一周增长超20倍。（文章来源：证券日报）","news_type":1,"symbols_score_info":{"89618":0.6,"KJD":0.6,"09618":1.91,"JD":1.91}},"isVote":1,"tweetType":1,"viewCount":366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":538916897179152,"gmtCreate":1772592460812,"gmtModify":1772592463060,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"是可能美团已死","listText":"是可能美团已死","text":"是可能美团已死","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/538916897179152","repostId":"2616032907","repostType":2,"repost":{"id":"2616032907","kind":"news","pubTimestamp":1772538105,"share":"https://www.laohu8.com/m/news/2616032907?lang=zh_CN&edition=full","pubTime":"2026-03-03 19:41","market":"hk","language":"zh","title":"浏览器已死？“美团 Tabbit”们能否为它续命","url":"https://stock-news.laohu8.com/highlight/detail?id=2616032907","media":"财经网科技","summary":"3月份，Tabbit的推出，让美团在这一板块有了更精准的动作。3月2日，美团旗下的光年之外团队宣布，其全新产品Tabbit AI浏览器已进入公测。除此之外，光年之外团队还重新设计了Tabbit的操作界面，比如“全能输入框”还能直接向AI提问、搜全网信息，甚至下达复杂的指令。这一空白，为Tabbit的入场提供了窗口期。美团Tabbit主打的功能与特性，能否成为其真正的商业护城河？这些产品与Tabbit类似，均以智能体为核心，试图重构浏览器的交互逻辑。","content":"<div>\n<p>“入局AI浏览器，是大模型从技术底座向应用落地的必然延伸。”编辑|蒋菁在人工智能不断发展的今天，互联网最基础的流量入口——浏览器也迎来大变局。当行业一度喊出“浏览器已死”的论调，美团却用一款新产品给出了不一样的答案。3月2日，美团旗下光年之外团队正式宣布，全新产品Tabbit AI浏览器进入公测，这是继2026年2月推出“深度研究”智能体后，美团在AI应用层的又一落子。在国内AI的C端入口被几大...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202603032201149542d23e&s=b\">网页链接</a>\n\n</div>\n","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>浏览器已死？“美团 Tabbit”们能否为它续命</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浏览器已死？“美团 Tabbit”们能否为它续命\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-03 19:41 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202603032201149542d23e&s=b><strong>财经网科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“入局AI浏览器，是大模型从技术底座向应用落地的必然延伸。”编辑|蒋菁在人工智能不断发展的今天，互联网最基础的流量入口——浏览器也迎来大变局。当行业一度喊出“浏览器已死”的论调，美团却用一款新产品给出了不一样的答案。3月2日，美团旗下光年之外团队正式宣布，全新产品Tabbit AI浏览器进入公测，这是继2026年2月推出“深度研究”智能体后，美团在AI应用层的又一落子。在国内AI的C端入口被几大...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202603032201149542d23e&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":{"LU0052750758.USD":"富兰克林中国基金A Acc","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","BK1589":"北水核心资产","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","BK1618":"Manus概念股","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","SG9999001689.USD":"施罗德亚洲成长股票","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","BK1142":"互联网与直销零售","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU0048580855.USD":"富达大中华区A","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","BK1615":"港股-互联网","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU1720050803.USD":"安联全方位中国股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU1102505762.USD":"富达新兴市场焦点 A","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0173614495.USD":"富达中国焦点A","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0072462343.USD":"贝莱德亚洲巨龙基金","BK1591":"就地过年概念","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","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","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","BK1583":"高瓴概念","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","BK1604":"节假日概念","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","03690":"美团-W","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","BK1610":"ETF&股票定投概念","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0823426308.USD":"法巴中国股票基金","BK1575":"同股不同权","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0228659784.USD":"施罗德金砖四国基金","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0683595622.HKD":"AB SICAV I-EM.MKTS MUL.ASS.PTF(AD)","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","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) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","BK1233":"餐馆","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0823426480.USD":"法巴中国股票经典Dis","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","HMTD.SI":"Meituan HK SDR 5to1","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","IE0008368742.USD":"首域中国增长基金I Acc","MPNGY":"美团ADR","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0048597586.USD":"富达亚洲焦点A","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202603032201149542d23e&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2616032907","content_text":"“入局AI浏览器，是大模型从技术底座向应用落地的必然延伸。”编辑|蒋菁在人工智能不断发展的今天，互联网最基础的流量入口——浏览器也迎来大变局。当行业一度喊出“浏览器已死”的论调，美团却用一款新产品给出了不一样的答案。3月2日，美团旗下光年之外团队正式宣布，全新产品Tabbit AI浏览器进入公测，这是继2026年2月推出“深度研究”智能体后，美团在AI应用层的又一落子。在国内AI的C端入口被几大巨头瓜分的前提下，美团选择从浏览器切入，既是对入口焦虑的回应，也折射出科技巨头对AI时代“超级入口”的争夺已从单纯的对话框开始转向。这场竞赛的终局，是再造一个流量入口，还是重新定义AI与网页世界交互的新规则？卡位与破局当字节豆包、阿里千问、腾讯元宝在春节档通过红包与晚会抢占用户心智时，美团在C端AI入口的竞争中显得相对沉默。3月份，Tabbit的推出，让美团在这一板块有了更精准的动作。3月2日，美团旗下的光年之外团队宣布，其全新产品Tabbit AI浏览器已进入公测。其用户定位为上班族、在校学生及内容创作者等人群，Tabbit打破了传统浏览器的功能边界，将网页浏览、全网搜索、AI对话与复杂任务执行融为一体。从现有信息来看，Tabbit与平时用的传统浏览器不一样，普通浏览器需要用户一步一步点击操作，而Tabbit是通过智能代理、妙招、脚本等自动化执行能力，在浏览器上实现了“人机并行”协作。就拿核心的智能代理来说，用户只需用自然语言描述需求，它就能自动完成复杂任务。比如想从好几个业务平台上找数据，然后做成分析报表；又或者想全网搜资料，最后要一份整理好的结构化报告，这些Tabbit都能自动帮助搞定。而且任务执行过程全程可视化，且在独立标签组中运行，完全不干扰用户的日常浏览。除此之外，光年之外团队还重新设计了Tabbit的操作界面，比如“全能输入框”还能直接向AI提问、搜全网信息，甚至下达复杂的指令。更方便的是，你可以一键“@”当前打开的网页、截图、收藏的内容，甚至本地电脑里的文件，让AI能结合这些内容，更精准地帮你做事。另外，Tabbit还集合了LongCat、DeepSeek、GLM、Kimi、豆包、通义千问、Minimax等多个主流AI模型，各种任务都能找到适合的AI来帮忙，满足不同的使用需求。中经传媒智库专家、中关村物联网产业联盟副秘书长袁帅认为，美团光年之外入局 AI 浏览器，是大模型从技术底座向应用落地的必然延伸，核心是布局流量入口、场景数据、商业闭环。AI 浏览器可升级为智能交互载体，帮美团沉淀数据、训练大模型，并与本地生活生态打通变现。这一举动将从三方面影响国内 AI 竞争：推动更多企业将大模型与传统互联网入口结合，拓展 AI 全场景应用；让 AI 竞争从单一功能转向 “技术 + 场景” 综合比拼；激活赛道热度，加速资本、技术涌入与落地。他认为，人工智能正从大模型向智能体应用层演进，从 “能对话” 走向 “会做事”。浏览器因覆盖广、用户习惯成熟、自带技术能力与跨平台优势，成为 AI 落地的关键载体。为何是浏览器？从行业格局看，当前AI浏览器赛道正处于新旧并存、分层竞争的阶段。在袁帅看来，传统浏览器已进入成熟期，普遍存在功能同质化、体验难突破、商业变现单一等痛点，广告模式也加剧了用户体验与商业利益的矛盾，行业亟须向智能助手转型。传统巨头方面，Chrome已接入Gemini，从找信息升级为办事情；国内的QQ浏览器嵌入混元、DeepSeek双模型；在夸克AI浏览器里，AI能力可被随时唤起。创业公司与插件产品则多点开花，形成了多元生态，但多数产品仍停留在功能叠加的阶段，AI仅作为问答或摘要工具，并未真正实现跨页面、跨系统的自动化执行。这一空白，为Tabbit的入场提供了窗口期。袁帅认为，Tabbit正是抓住这一变革节点，以AI为核心，把浏览器从被动信息载体升级为主动智能伙伴，既解决了传统浏览器的短板，又契合了用户对智能交互、高效办公的需求，推动行业从 “流量争夺” 转向 “价值创造”。不过他也指出，将网页浏览、全网搜索、AI对话与复杂任务执行融合，核心技术难点在于模块协同与数据打通：既要解决多系统接口兼容、算力分配、响应延迟等问题，又要让AI实时理解用户意图，实现不打扰的 “人机并行” 协作。这种模式既保留用户主导权，又提升效率，是未来人机交互的重要方向。壁垒与终局当前市场上，AI浏览器插件与独立产品层出不穷，但多数产品的核心竞争力仍停留在快速问答或简单摘要上，缺乏可持续的壁垒。Tabbit浏览器在其官方账号发文解释了其用AI改造浏览器的原因，称浏览器可能是绝大多数用户一天中使用最频繁的工具产品之一，但是以单个标签页为基本单位的浏览方式，已经难以支撑今天多线程、频繁切换的工作与生活，所以需要一种新的浏览体验。美团Tabbit主打的功能与特性，能否成为其真正的商业护城河？科方得咨询机构负责人张新原认为，这取决于生态开放性和用户粘性。其商业护城河可能在于：美团现有生态的协同效应、垂直场景的数据积累，以及工作流模板的网络效应。但真正需要建立的壁垒需要建立在跨平台兼容性和开发者生态上。放眼全球，AI原生浏览器仍处于早期探索阶段。硅谷方面，The Browser Company放弃Arc浏览器，all in AI浏览器Dia；Perplexity推出Comet，聚焦于搜索与执行的结合。这些产品与Tabbit类似，均以智能体为核心，试图重构浏览器的交互逻辑。国内厂商的布局，其实具备优势。例如，场景适配能力强，更了解国内用户的工作习惯与痛点；二是生态协同紧密，互联网大厂的业务生态，为AI浏览器提供了丰富的落地场景。但同样的，国内厂商也面临隐私与安全等问题。例如，AI浏览器需要获取用户的网页操作数据、表单信息等敏感内容，若无法保证数据安全，就会失去用户的信任。张新原就指出，全球AI浏览器研发处于早期探索阶段，国内外几乎同步起步。国内厂商优势在于丰富的应用场景、快速迭代能力和庞大的用户基础；挑战在于核心算法创新、生态构建能力以及全球化竞争经验。事实上，关于AI时代的超级入口，行业内的争论从未停止。有人认为是对话式大语言模型，有人认为是AI浏览器，也有人看好汽车座舱、智能助手等形态。张新原认为，AI时代的超级入口可能不会单一存在，而是多形态并存。AI浏览器和对话式大语言模型将互为补充，前者强在场景整合，后者胜在自然交互。AI浏览器要成为核心入口，还需整合：跨平台服务调度能力、个性化知识库管理、企业级应用生态以及创作者工具链，最终形成从信息获取到任务完成的完整闭环。对于创业者而言，Tabbit的入场释放了一个明确信号：AI浏览器的真战场，不在插件的功能叠加，而在执行能力的落地。美团的入局，或让这场竞赛的节奏加快，行业将从野蛮生长进入精耕细作的阶段，真正的价值创造，才刚刚开始。综合自大河财立方、中国经营报、财经杂志等推荐阅读","news_type":1,"symbols_score_info":{"HMTD.SI":0.6,"METmain":0.6,"MPNGY":1.95,"03690":1.95}},"isVote":1,"tweetType":1,"viewCount":262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":536836506800416,"gmtCreate":1772084572247,"gmtModify":1772084574266,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/09961\">$携程集团-S(09961)$&nbsp;</a> 已经跌到心理价位了","listText":"<a href=\"https://laohu8.com/S/09961\">$携程集团-S(09961)$&nbsp;</a> 已经跌到心理价位了","text":"$携程集团-S(09961)$ 已经跌到心理价位了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/536836506800416","isVote":1,"tweetType":1,"viewCount":4112,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":536798045893488,"gmtCreate":1772075095897,"gmtModify":1772075097967,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01024\">$快手-W(01024)$&nbsp;</a> ai视频生产工具在当前技术爆炸的年代，第二名毫无意义。创作者不会允许自己的作品假的像动画，而别人的像电影🎬。","listText":"<a href=\"https://laohu8.com/S/01024\">$快手-W(01024)$&nbsp;</a> ai视频生产工具在当前技术爆炸的年代，第二名毫无意义。创作者不会允许自己的作品假的像动画，而别人的像电影🎬。","text":"$快手-W(01024)$ ai视频生产工具在当前技术爆炸的年代，第二名毫无意义。创作者不会允许自己的作品假的像动画，而别人的像电影🎬。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/536798045893488","isVote":1,"tweetType":1,"viewCount":981,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":536793401837064,"gmtCreate":1772074028438,"gmtModify":1772074030779,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01024\">$快手-W(01024)$&nbsp;</a><v-v data-views=\"0\"></v-v> seedance降维打击可令。ai视频效果这类应用如果真实度差一些就完全没有价值","listText":"<a href=\"https://laohu8.com/S/01024\">$快手-W(01024)$&nbsp;</a><v-v data-views=\"0\"></v-v> seedance降维打击可令。ai视频效果这类应用如果真实度差一些就完全没有价值","text":"$快手-W(01024)$ seedance降维打击可令。ai视频效果这类应用如果真实度差一些就完全没有价值","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/536793401837064","isVote":1,"tweetType":1,"viewCount":1588,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3544763760420498","authorId":"3544763760420498","name":"滚车轮的人","avatar":"https://static.tigerbbs.com/f19d2958b922ea55948c55702b7512e5","crmLevel":7,"crmLevelSwitch":1,"authorIdStr":"3544763760420498","idStr":"3544763760420498"},"content":"你好像搞错了什么，可灵才是清晰度更高，一致性更好的面向专业影视创作环节的那个。","text":"你好像搞错了什么，可灵才是清晰度更高，一致性更好的面向专业影视创作环节的那个。","html":"你好像搞错了什么，可灵才是清晰度更高，一致性更好的面向专业影视创作环节的那个。"}],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":389644509376752,"gmtCreate":1736135757803,"gmtModify":1736135759012,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a> 老百姓都吃不起饭了为什么要买车？","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a> 老百姓都吃不起饭了为什么要买车？","text":"$小米集团-W(01810)$ 老百姓都吃不起饭了为什么要买车？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/389644509376752","isVote":1,"tweetType":1,"viewCount":4162,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3505217427218703","authorId":"3505217427218703","name":"Sierra","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"authorIdStr":"3505217427218703","idStr":"3505217427218703"},"content":"是你吃不起饭 最近公务员加薪 不就是用来消费的","text":"是你吃不起饭 最近公务员加薪 不就是用来消费的","html":"是你吃不起饭 最近公务员加薪 不就是用来消费的"},{"author":{"id":"3537393537121745","authorId":"3537393537121745","name":"聚四氟乙烯","avatar":"https://static.tigerbbs.com/40fcfd0b443e417724b2e655224f6efb","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3537393537121745","idStr":"3537393537121745"},"content":"哪些百姓吃不起饭？","text":"哪些百姓吃不起饭？","html":"哪些百姓吃不起饭？"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":407987431272760,"gmtCreate":1740621408603,"gmtModify":1740627004515,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"1\"></v-v> 一个应届研究生小米干五年，赚了2400万，来钱太快了，实现阶级跨越","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"1\"></v-v> 一个应届研究生小米干五年，赚了2400万，来钱太快了，实现阶级跨越","text":"$小米集团-W(01810)$ 一个应届研究生小米干五年，赚了2400万，来钱太快了，实现阶级跨越","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":4,"commentSize":25,"repostSize":0,"link":"https://laohu8.com/post/407987431272760","isVote":1,"tweetType":1,"viewCount":12256,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3494381820591889","authorId":"3494381820591889","name":"上山打脑斧","avatar":"https://static.tigerbbs.com/e2c4cf33ead49145a3992ba9d586a57b","crmLevel":6,"crmLevelSwitch":1,"authorIdStr":"3494381820591889","idStr":"3494381820591889"},"content":"硕士毕业给了四十万股期权，不可能吧 [捂脸]还是这个人特别厉害啊","text":"硕士毕业给了四十万股期权，不可能吧 [捂脸]还是这个人特别厉害啊","html":"硕士毕业给了四十万股期权，不可能吧 [捂脸]还是这个人特别厉害啊"},{"author":{"id":"336530701593042","authorId":"336530701593042","name":"Tippi","avatar":"https://static.tigerbbs.com/6f2e188b4743a9450182496e507bad2a","crmLevel":7,"crmLevelSwitch":0,"authorIdStr":"336530701593042","idStr":"336530701593042"},"content":"那本金也是400w呢","text":"那本金也是400w呢","html":"那本金也是400w呢"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":447686788444200,"gmtCreate":1750321297317,"gmtModify":1750322715330,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a><v-v data-views=\"0\"></v-v> 恒生跌5%，美团跌16%。恒生如果回调15%，美团跌破100。几乎是定局，这件事确定到老虎证券做空美团的做空池连续15个交易日爆满，做空的人太多，几乎是捡钱，以至于做空美团在老虎上都无法操作了，不是一天两天是连续15天....","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a><v-v data-views=\"0\"></v-v> 恒生跌5%，美团跌16%。恒生如果回调15%，美团跌破100。几乎是定局，这件事确定到老虎证券做空美团的做空池连续15个交易日爆满，做空的人太多，几乎是捡钱，以至于做空美团在老虎上都无法操作了，不是一天两天是连续15天....","text":"$美团-W(03690)$ 恒生跌5%，美团跌16%。恒生如果回调15%，美团跌破100。几乎是定局，这件事确定到老虎证券做空美团的做空池连续15个交易日爆满，做空的人太多，几乎是捡钱，以至于做空美团在老虎上都无法操作了，不是一天两天是连续15天....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/447686788444200","isVote":1,"tweetType":1,"viewCount":1845,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"content":"现在看我说的有一点问题么？","text":"现在看我说的有一点问题么？","html":"现在看我说的有一点问题么？"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":392181461647848,"gmtCreate":1736791127276,"gmtModify":1736842203422,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 跌的确实有点夸张了，最近20个交易日，出现了跌5涨1，跌6涨1，跌6涨1。最近20个交易日跌16个。这种暴跌速度，只在恒大上见过，最近一个月暴跌26%","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 跌的确实有点夸张了，最近20个交易日，出现了跌5涨1，跌6涨1，跌6涨1。最近20个交易日跌16个。这种暴跌速度，只在恒大上见过，最近一个月暴跌26%","text":"$美团-W(03690)$ 跌的确实有点夸张了，最近20个交易日，出现了跌5涨1，跌6涨1，跌6涨1。最近20个交易日跌16个。这种暴跌速度，只在恒大上见过，最近一个月暴跌26%","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":15,"repostSize":0,"link":"https://laohu8.com/post/392181461647848","isVote":1,"tweetType":1,"viewCount":7622,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3513716780842222","authorId":"3513716780842222","name":"奔大康","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3513716780842222","idStr":"3513716780842222"},"content":"前面60-200暴涨就不夸张吗？","text":"前面60-200暴涨就不夸张吗？","html":"前面60-200暴涨就不夸张吗？"},{"author":{"id":"3494314295033535","authorId":"3494314295033535","name":"LogicalWing","avatar":"https://static.tigerbbs.com/14304d8253613443ab600d9de2cf9e70","crmLevel":9,"crmLevelSwitch":1,"authorIdStr":"3494314295033535","idStr":"3494314295033535"},"content":"为啥如此夸张..","text":"为啥如此夸张..","html":"为啥如此夸张.."}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":410122974843272,"gmtCreate":1741137829128,"gmtModify":1741137830780,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 5681/5451*217/160 算算美团背离大盘指数多少点了 得出-36%","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 5681/5451*217/160 算算美团背离大盘指数多少点了 得出-36%","text":"$美团-W(03690)$ 5681/5451*217/160 算算美团背离大盘指数多少点了 得出-36%","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/410122974843272","isVote":1,"tweetType":1,"viewCount":3414,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3488608422386132","authorId":"3488608422386132","name":"llchn","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3488608422386132","idStr":"3488608422386132"},"content":"楼主没空吧，就是没涨起来恨铁不成钢的感觉","text":"楼主没空吧，就是没涨起来恨铁不成钢的感觉","html":"楼主没空吧，就是没涨起来恨铁不成钢的感觉"},{"author":{"id":"4133585145462200","authorId":"4133585145462200","name":"2025腾飞","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"4133585145462200","idStr":"4133585145462200"},"content":"哥别空美团了，空个别的","text":"哥别空美团了，空个别的","html":"哥别空美团了，空个别的"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":410527667864056,"gmtCreate":1741240872772,"gmtModify":1741242321595,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 换到小米，前几天，不过算下来也不怎么样……和美团一样远低于阿里、快手、腾讯、京东。不过整体上比美团还是好一些","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 换到小米，前几天，不过算下来也不怎么样……和美团一样远低于阿里、快手、腾讯、京东。不过整体上比美团还是好一些","text":"$美团-W(03690)$ 换到小米，前几天，不过算下来也不怎么样……和美团一样远低于阿里、快手、腾讯、京东。不过整体上比美团还是好一些","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/410527667864056","isVote":1,"tweetType":1,"viewCount":5576,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3494314295033535","authorId":"3494314295033535","name":"LogicalWing","avatar":"https://static.tigerbbs.com/14304d8253613443ab600d9de2cf9e70","crmLevel":9,"crmLevelSwitch":1,"authorIdStr":"3494314295033535","idStr":"3494314295033535"},"content":"老兄 还不满足美团的涨幅啊 我觉得美团涨幅会慢慢赶上","text":"老兄 还不满足美团的涨幅啊 我觉得美团涨幅会慢慢赶上","html":"老兄 还不满足美团的涨幅啊 我觉得美团涨幅会慢慢赶上"},{"author":{"id":"4133585145462200","authorId":"4133585145462200","name":"2025腾飞","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"4133585145462200","idStr":"4133585145462200"},"content":"美团才是真正有补涨需求的。其余已经高估了，尤其小米","text":"美团才是真正有补涨需求的。其余已经高估了，尤其小米","html":"美团才是真正有补涨需求的。其余已经高估了，尤其小米"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":394780389130792,"gmtCreate":1737424331443,"gmtModify":1737424332645,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01024\">$快手-W(01024)$&nbsp;</a> 又大规模增发新股了","listText":"<a href=\"https://laohu8.com/S/01024\">$快手-W(01024)$&nbsp;</a> 又大规模增发新股了","text":"$快手-W(01024)$ 又大规模增发新股了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/394780389130792","isVote":1,"tweetType":1,"viewCount":1515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":383102424994176,"gmtCreate":1734573092486,"gmtModify":1734573647876,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 现在的当务之急是赶紧拉内需，发钱给内需消费性企业，因为已经确实别无他法，首先：美联储降息预期放缓，一方面美联储也要磨合特朗普团队上台的不确定性手里不敢打太多牌，一方面在国内就业ok的情况下要抑制热钱流入中国，因此降息预期只能放缓，降息的放缓会导致rmb贬值预期增强，而美国加关税让出口愈加艰难，对冲了贬值的优点，但降低了国内企业盈利能力，导致税收下滑，地方债高筑，螺旋下滑趋势愈加明显，经济下行就像癌症，刚开始就要下定决心上猛药，犹豫不决就晚了","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 现在的当务之急是赶紧拉内需，发钱给内需消费性企业，因为已经确实别无他法，首先：美联储降息预期放缓，一方面美联储也要磨合特朗普团队上台的不确定性手里不敢打太多牌，一方面在国内就业ok的情况下要抑制热钱流入中国，因此降息预期只能放缓，降息的放缓会导致rmb贬值预期增强，而美国加关税让出口愈加艰难，对冲了贬值的优点，但降低了国内企业盈利能力，导致税收下滑，地方债高筑，螺旋下滑趋势愈加明显，经济下行就像癌症，刚开始就要下定决心上猛药，犹豫不决就晚了","text":"$美团-W(03690)$ 现在的当务之急是赶紧拉内需，发钱给内需消费性企业，因为已经确实别无他法，首先：美联储降息预期放缓，一方面美联储也要磨合特朗普团队上台的不确定性手里不敢打太多牌，一方面在国内就业ok的情况下要抑制热钱流入中国，因此降息预期只能放缓，降息的放缓会导致rmb贬值预期增强，而美国加关税让出口愈加艰难，对冲了贬值的优点，但降低了国内企业盈利能力，导致税收下滑，地方债高筑，螺旋下滑趋势愈加明显，经济下行就像癌症，刚开始就要下定决心上猛药，犹豫不决就晚了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/383102424994176","isVote":1,"tweetType":1,"viewCount":5317,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3554548221276087","authorId":"3554548221276087","name":"大音仔","avatar":"https://static.tigerbbs.com/f439942da7a68bdff2e2fc6767d8e35f","crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"3554548221276087","idStr":"3554548221276087"},"content":"钱应该发到老百姓手上。给我一万块我马上出去消费。","text":"钱应该发到老百姓手上。给我一万块我马上出去消费。","html":"钱应该发到老百姓手上。给我一万块我马上出去消费。"},{"author":{"id":"3566290818801808","authorId":"3566290818801808","name":"亿千","avatar":"https://static.tigerbbs.com/b8074aa8994a90800980e41658344389","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3566290818801808","idStr":"3566290818801808"},"content":"对不起 ，老爷们就喜欢打应付，觉得自己见招拆招很牛逼，实则就是一个脑瘫","text":"对不起 ，老爷们就喜欢打应付，觉得自己见招拆招很牛逼，实则就是一个脑瘫","html":"对不起 ，老爷们就喜欢打应付，觉得自己见招拆招很牛逼，实则就是一个脑瘫"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":404827772448960,"gmtCreate":1739859606971,"gmtModify":1739859608185,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$&nbsp;</a> 京东药丸了，电商市场已经崩盘了，被抖音超越。跌到第四了，现在已经不计成本疯狂尝试新赛道。国家补贴了一次这是最后一波了。","listText":"<a href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$&nbsp;</a> 京东药丸了，电商市场已经崩盘了，被抖音超越。跌到第四了，现在已经不计成本疯狂尝试新赛道。国家补贴了一次这是最后一波了。","text":"$京东集团-SW(09618)$ 京东药丸了，电商市场已经崩盘了，被抖音超越。跌到第四了，现在已经不计成本疯狂尝试新赛道。国家补贴了一次这是最后一波了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":1,"link":"https://laohu8.com/post/404827772448960","isVote":1,"tweetType":1,"viewCount":2860,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3436920162604594","authorId":"3436920162604594","name":"灵栖国伟hzygw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3436920162604594","idStr":"3436920162604594"},"content":"自营等于多了一道中间商差价，怎么可能做的过阿里多多。而且自营会滋生腐败，效率又低下。多多国际业务是降维打击","text":"自营等于多了一道中间商差价，怎么可能做的过阿里多多。而且自营会滋生腐败，效率又低下。多多国际业务是降维打击","html":"自营等于多了一道中间商差价，怎么可能做的过阿里多多。而且自营会滋生腐败，效率又低下。多多国际业务是降维打击"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":359760928903192,"gmtCreate":1728872740161,"gmtModify":1728872742016,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 沪港通都快卖没了，貌似降到了几年的低点，散户基本上出了70%","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 沪港通都快卖没了，貌似降到了几年的低点，散户基本上出了70%","text":"$美团-W(03690)$ 沪港通都快卖没了，貌似降到了几年的低点，散户基本上出了70%","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/359760928903192","isVote":1,"tweetType":1,"viewCount":7453,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3492552337823753","authorId":"3492552337823753","name":"柳琰彬","avatar":"https://static.tigerbbs.com/481850a29407fb1eddc88c528fb21a80","crmLevel":2,"crmLevelSwitch":1,"authorIdStr":"3492552337823753","idStr":"3492552337823753"},"content":"我觉得是好事，买了看涨期权，希望散户走的干干净净，快快探底","text":"我觉得是好事，买了看涨期权，希望散户走的干干净净，快快探底","html":"我觉得是好事，买了看涨期权，希望散户走的干干净净，快快探底"},{"author":{"id":"3470748631763649","authorId":"3470748631763649","name":"喂会打篮球么","avatar":"https://static.tigerbbs.com/a46d048a7ec49fb13ca6999facb7d1de","crmLevel":3,"crmLevelSwitch":1,"authorIdStr":"3470748631763649","idStr":"3470748631763649"},"content":"21年一路抄底，现在成本120，坐等400","text":"21年一路抄底，现在成本120，坐等400","html":"21年一路抄底，现在成本120，坐等400"}],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}