美股小小学生的个人主页 - 老虎社区

美股小小学生

美股小小学生

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美股小小学生

2022-03-12

$滴滴(DIDI)$早知今日何必当初，柳家满门忠烈

美股小小学生

2020-12-04

$一起教育科技(YQ)$20000中45，请老虎进来看一看，是逼出走吗？

美股小小学生

2022-03-05

$阿里巴巴(BABA)$终于破百！

美股小小学生

2022-03-15

$阿里巴巴(BABA)$68马上见

美股小小学生

11-14

马云就没对股东好过，在他眼里只是韭菜

美股小小学生

2022-04-21

$阿里巴巴(BABA)$一路跌跌不休，又要爆踹一次[龇牙]

美股小小学生

2022-03-16

$阿里巴巴(BABA)$逼空真爽😄

美股小小学生

10-02

再洗也洗不掉韭菜的亏损，该死的零售，王者又如何？云+AI全栈，才是星辰大海，几百亿砸向BABA的南下资金，不如你一条洗🐶？

数据打脸？骑手APP告诉你：即时零售的真正王者到底是谁！

美股小小学生

09-03

果然是韭菜，送钱不要

美股小小学生

09-03

鼠目寸光

美股小小学生

09-03

今年剑指180～200

美股小小学生

08-18

推迟这么久，不是好兆头

阿里巴巴8月29日发布二季度业绩报告

美股小小学生

08-08

今年80+

美股小小学生

05-19

预期故意打高，明显在做空

美股小小学生

2022-04-12

$阿里巴巴(BABA)$芒格投降，可以放心做空了[开心]

美股小小学生

02-24

笑话[开心]

大和：下调中芯国际(00981)评级至“沽售” 升目标价至29港元

美股小小学生

02-12

摩🐶急了[开心]

大摩：维持中芯国际(00981)“减持”评级目标价20.3港元

美股小小学生

02-11

🐶东蹭DS热度[开心]

京东(JD)盘前涨超3% 京东云智算服务GCS接入DeepSeek

美股小小学生

02-10

千年接盘侠、冤大头，ppt砖家缺乏创新勇气，拿来主义基因培育不出deepseek这样技术革新性企业

阿里加码，2025年AI超级应用大战一触即发

去老虎APP查看更多动态

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该死的零售，王者又如何？ 云+AI全栈，才是星辰大海， 几百亿砸向BABA的南下资金，不如你一条洗🐶？","listText":"再洗也洗不掉韭菜的亏损， 该死的零售，王者又如何？ 云+AI全栈，才是星辰大海， 几百亿砸向BABA的南下资金，不如你一条洗🐶？","text":"再洗也洗不掉韭菜的亏损， 该死的零售，王者又如何？ 云+AI全栈，才是星辰大海， 几百亿砸向BABA的南下资金，不如你一条洗🐶？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/484656199966864","repostId":"2571794395","repostType":2,"repost":{"id":"2571794395","kind":"news","pubTimestamp":1759196704,"share":"https://www.laohu8.com/m/news/2571794395?lang=&edition=full","pubTime":"2025-09-30 09:45","market":"hk","language":"zh","title":"数据打脸？骑手APP告诉你：即时零售的真正王者到底是谁！","url":"https://stock-news.laohu8.com/highlight/detail?id=2571794395","media":"锐艺商业","summary":"运力，才是即时零售战场上最硬的通货。这意味着，在即时零售的“供给侧”，美团能动用的活跃运力网络，拥有压倒性的规模优势。其中，美团全职骑手APP以人均每日290分钟高居榜首，远超蜂鸟专送APP的235分钟。甚至美团的众包骑手APP也达到了153分钟。这两组数据指向一个核心事实：无论是骑手数量，还是骑手的在线投入时长，美团都建立了坚实的壁垒。即时零售的本质，是“零售”与“即时物流”的深度融合。","content":"<html><body><article><p>运力，才是即时零售战场上最硬的通货。</p><p>近日，随着<a href=\"https://laohu8.com/S/BABA\">阿里</a>掌门人蒋凡公开表示“<a href=\"https://laohu8.com/S/09988\">阿里</a>市场份额已实现领先”，而<a href=\"https://laohu8.com/S/MPNGY\">美团</a>大将王莆中则选择沉默，一场关于“即时零售一哥”之争的口水战被推至台前。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250930101448829v163z4y92juhs6h\"/><p>大佬隔空喊话，资本市场雾里看花，一时间，消费者也迷糊了：我天天用的这些平台，到底谁才是真正的老大？</p><p>口号可以喊，战略可以讲，但有一个最朴素的指标，往往最能反映战局的真实情况——那就是骑手端的数据。</p><p>毕竟，订单最终要靠骑手的一单一跑来完成。骑手在哪里聚集，哪里活跃度最高，订单的源头就在哪里。</p><p>我们不妨抛开公关话术，直接看向第三方数据机构QM的骑手APP洞察。这组数据，或许能为我们拨开迷雾。</p><p>///</p><p>运力不会说谎：<a href=\"https://laohu8.com/S/03690\">美团</a>的骑手生态依然“底盘”稳固</p><p>数据是最客观的裁判。8月份的数据显示：</p><p>1、在骑手规模上</p><p>主打众包模式的美团骑手APP，日活跃用户（DAU）高达490万。这个数字是什么概念？</p><p>它是阿里旗下“蜂鸟众包”APP的2倍，更是<a href=\"https://laohu8.com/S/JD\">京东</a>到家骑手APP的3倍。这意味着，在即时零售的“供给侧”，美团能动用的活跃运力网络，拥有压倒性的规模优势。</p><p>2、在骑手粘性上</p><p>衡量骑手投入程度的“人均单日使用时长”指标，美团同样领先。其中，美团全职骑手APP以人均每日290分钟（近5小时）高居榜首，远超蜂鸟专送APP的235分钟。甚至美团的众包骑手APP也达到了153分钟。</p><p>这两组数据指向一个核心事实：无论是骑手数量，还是骑手的在线投入时长，美团都建立了坚实的壁垒。更多的骑手意味着更广泛的覆盖和更快的响应速度；更长的在线时长则意味着运力池更稳定、更可靠。这直接决定了平台履约能力的上限。</p><p>///</p><p>深度解析：为何“运力”是决胜负的关键？</p><p>即时零售的本质，是“零售”与“即时物流”的深度融合。商品可以整合，流量可以购买，但一张高效、密集、响应迅速的即时配送网络，绝非一朝一夕可以<a href=\"https://laohu8.com/S/01630\">建成</a>。</p><p>1、美团的“高频打低频”逻辑依然有效</p><p>外卖是最高频的即时零售需求，它像一条永不干涸的河流，滋养着庞大的骑手队伍。基于外卖建立的运力网络，可以近乎零成本地复用给鲜花、药品、零食等零售业务，形成强大的协同效应。</p><p>阿里（饿了么）虽然也在努力拓展非餐业务，但其在外卖基本盘上相对弱势，导致其运力网络的“活水”来源不如美团充沛。</p><p>2、“众包+专送”双轮驱动的生态优势</p><p>数据显示中，美团无论是众包骑手的活跃度还是专送骑手的忠诚度都表现优异。这种混合模式兼具了弹性（应对波峰波谷）和稳定性（保障核心商圈和服务质量），构成了一个更有韧性的运力生态系统。</p><p>3、从“送外卖”到“送万物”，信任的迁移</p><p>用户对“准时”的极度敏感，培养出了对配送平台的信任。当用户想买一瓶水、一盒电池时，他本能会选择那个最能“准时”送到外卖的平台。这种由高频服务建立的信任感，会自然迁移到低频但更广阔的即时零售场景中。</p><p>///</p><p>领跑者依然是美团，但战争远未结束</p><p>蒋凡的“领先”宣言，并非空穴来风。它反映了阿里在整合饿了么、淘鲜达、盒马等资源后，在SKU丰富度、品牌商合作和流量导入上取得的显著进展。京东则依托其强大的供应链基础，在3C、家电等品类上具有独特优势。</p><p>然而，当前的战局表明，美团凭借其根深蒂固的运力网络和用户心智，在即时零售的“即时”这一核心维度上，依然保持着领跑地位。</p><p>王莆中的“不吭声”，或许正是一种基于实力沉淀的自信，因为数据已经替他发声。</p><p>未来的竞争，将是“商品力”与“履约力”的双重比拼。阿里、京东需要思考如何补足运力网络的短板；而美团则需要证明自己不仅能“送得快”，还能“货更全”、“价更优”。</p><p>那么，对于未来，你更看好谁呢？</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250930101450a44d769e&s=b><strong>锐艺商业</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>运力，才是即时零售战场上最硬的通货。近日，随着阿里掌门人蒋凡公开表示“阿里市场份额已实现领先”，而美团大将王莆中则选择沉默，一场关于“即时零售一哥”之争的口水战被推至台前。大佬隔空喊话，资本市场雾里看花，一时间，消费者也迷糊了：我天天用的这些平台，到底谁才是真正的老大？口号可以喊，战略可以讲，但有一个最朴素的指标，往往最能反映战局的真实情况——那就是骑手端的数据。毕竟，订单最终要靠骑手的一单一跑来...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250930101450a44d769e&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"83690":"美团-WR","89988":"阿里巴巴-WR","MPNGY":"美团ADR","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","HMTD.SI":"Meituan HK SDR 5to1","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc 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SGD"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250930101450a44d769e&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2571794395","content_text":"运力，才是即时零售战场上最硬的通货。近日，随着阿里掌门人蒋凡公开表示“阿里市场份额已实现领先”，而美团大将王莆中则选择沉默，一场关于“即时零售一哥”之争的口水战被推至台前。大佬隔空喊话，资本市场雾里看花，一时间，消费者也迷糊了：我天天用的这些平台，到底谁才是真正的老大？口号可以喊，战略可以讲，但有一个最朴素的指标，往往最能反映战局的真实情况——那就是骑手端的数据。毕竟，订单最终要靠骑手的一单一跑来完成。骑手在哪里聚集，哪里活跃度最高，订单的源头就在哪里。我们不妨抛开公关话术，直接看向第三方数据机构QM的骑手APP洞察。这组数据，或许能为我们拨开迷雾。///运力不会说谎：美团的骑手生态依然“底盘”稳固数据是最客观的裁判。8月份的数据显示：1、在骑手规模上主打众包模式的美团骑手APP，日活跃用户（DAU）高达490万。这个数字是什么概念？它是阿里旗下“蜂鸟众包”APP的2倍，更是京东到家骑手APP的3倍。这意味着，在即时零售的“供给侧”，美团能动用的活跃运力网络，拥有压倒性的规模优势。2、在骑手粘性上衡量骑手投入程度的“人均单日使用时长”指标，美团同样领先。其中，美团全职骑手APP以人均每日290分钟（近5小时）高居榜首，远超蜂鸟专送APP的235分钟。甚至美团的众包骑手APP也达到了153分钟。这两组数据指向一个核心事实：无论是骑手数量，还是骑手的在线投入时长，美团都建立了坚实的壁垒。更多的骑手意味着更广泛的覆盖和更快的响应速度；更长的在线时长则意味着运力池更稳定、更可靠。这直接决定了平台履约能力的上限。///深度解析：为何“运力”是决胜负的关键？即时零售的本质，是“零售”与“即时物流”的深度融合。商品可以整合，流量可以购买，但一张高效、密集、响应迅速的即时配送网络，绝非一朝一夕可以建成。1、美团的“高频打低频”逻辑依然有效外卖是最高频的即时零售需求，它像一条永不干涸的河流，滋养着庞大的骑手队伍。基于外卖建立的运力网络，可以近乎零成本地复用给鲜花、药品、零食等零售业务，形成强大的协同效应。阿里（饿了么）虽然也在努力拓展非餐业务，但其在外卖基本盘上相对弱势，导致其运力网络的“活水”来源不如美团充沛。2、“众包+专送”双轮驱动的生态优势数据显示中，美团无论是众包骑手的活跃度还是专送骑手的忠诚度都表现优异。这种混合模式兼具了弹性（应对波峰波谷）和稳定性（保障核心商圈和服务质量），构成了一个更有韧性的运力生态系统。3、从“送外卖”到“送万物”，信任的迁移用户对“准时”的极度敏感，培养出了对配送平台的信任。当用户想买一瓶水、一盒电池时，他本能会选择那个最能“准时”送到外卖的平台。这种由高频服务建立的信任感，会自然迁移到低频但更广阔的即时零售场景中。///领跑者依然是美团，但战争远未结束蒋凡的“领先”宣言，并非空穴来风。它反映了阿里在整合饿了么、淘鲜达、盒马等资源后，在SKU丰富度、品牌商合作和流量导入上取得的显著进展。京东则依托其强大的供应链基础，在3C、家电等品类上具有独特优势。然而，当前的战局表明，美团凭借其根深蒂固的运力网络和用户心智，在即时零售的“即时”这一核心维度上，依然保持着领跑地位。王莆中的“不吭声”，或许正是一种基于实力沉淀的自信，因为数据已经替他发声。未来的竞争，将是“商品力”与“履约力”的双重比拼。阿里、京东需要思考如何补足运力网络的短板；而美团则需要证明自己不仅能“送得快”，还能“货更全”、“价更优”。那么，对于未来，你更看好谁呢？","news_type":1,"symbols_score_info":{"83690":0.9,"89988":0.6,"ALBmain":0.6,"METmain":0.6,"09988":0.9,"MPNGY":0.6,"HBBD.SI":0.6,"HMTD.SI":0.6,"03690":0.9}},"isVote":1,"tweetType":1,"viewCount":839,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":474398422569024,"gmtCreate":1756851684473,"gmtModify":1756851686261,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471640751615859","idStr":"3471640751615859"},"themes":[],"htmlText":"果然是韭菜，送钱不要","listText":"果然是韭菜，送钱不要","text":"果然是韭菜，送钱不要","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/474398422569024","isVote":1,"tweetType":1,"viewCount":760,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":474396452975080,"gmtCreate":1756851624502,"gmtModify":1756851626332,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471640751615859","idStr":"3471640751615859"},"themes":[],"htmlText":"鼠目寸光","listText":"鼠目寸光","text":"鼠目寸光","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/474396452975080","isVote":1,"tweetType":1,"viewCount":872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":474399168586472,"gmtCreate":1756851602993,"gmtModify":1756851605021,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471640751615859","idStr":"3471640751615859"},"themes":[],"htmlText":"今年剑指180～200","listText":"今年剑指180～200","text":"今年剑指180～200","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/474399168586472","isVote":1,"tweetType":1,"viewCount":640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":468921912356976,"gmtCreate":1755513709599,"gmtModify":1755513711423,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471640751615859","idStr":"3471640751615859"},"themes":[],"htmlText":"推迟这么久，不是好兆头","listText":"推迟这么久，不是好兆头","text":"推迟这么久，不是好兆头","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/468921912356976","repostId":"2560903469","repostType":2,"repost":{"id":"2560903469","kind":"news","pubTimestamp":1755510363,"share":"https://www.laohu8.com/m/news/2560903469?lang=&edition=full","pubTime":"2025-08-18 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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250818175621974ee8cb&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0072462343.USD":"贝莱德亚洲巨龙基金","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","BK4607":"DeepSeek概念股","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","BK4220":"综合零售","BK4554":"元宇宙及AR概念","BK4527":"明星科技股","BK4543":"AI","BK4531":"中概回港概念","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU0918141887.USD":"安联亚洲实际收益股票基金","09988":"阿里巴巴-W","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","BK4526":"热门中概股","BK4585":"ETF&股票定投概念","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) 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09:38","market":"hk","language":"zh","title":"大和：下调中芯国际(00981)评级至“沽售” 升目标价至29港元","url":"https://stock-news.laohu8.com/highlight/detail?id=2513798346","media":"智通财经","summary":"智通财经APP获悉，大和发布研报称，由于估值过高，下调中芯国际评级至“沽售”，目标价由27港元上调至29港元。同时基于该行与管理层同样关注需求透支可能对其2026年业务构成压力，下调对中芯国际明年业绩预测。该行指，中芯今年资本支出同比持平的指引令该行意外，因该行相信基于地缘政治问题导致其2020至2024年的异常高资本密集度，会在今年美国收紧出口管制生效而结束。","content":"<html><body><p>智通财经APP获悉，大和发布研报称，由于估值过高，下调<a href=\"https://laohu8.com/S/688981\">中芯国际</a>(00981)评级至“沽售”，目标价由27港元上调至29港元。同时基于该行与管理层同样关注需求透支可能对其2026年业务构成压力，下调对<a href=\"https://laohu8.com/S/00981\">中芯国际</a>明年业绩预测。该行称公司异常高且长的资本支出周期亦加重该行对折旧及地缘政治负担的担忧，可能对其结构性盈利能力构成压力。</p><p>该行指，中芯今年资本支出同比持平的指引令该行意外，因该行相信基于地缘政治问题导致其2020至2024年的异常高资本密集度，会在今年美国收紧出口管制生效而结束。该行不确定中芯会否在此高支出周期下继续建立传统产能，或是将传统产能转换为低效扩充的类似7纳米以作营运。但由于长期的折旧负担，持续高企的资本密集度将继续拖累其利润率，增加该行对折旧和地缘政治影响结构性盈利能力的主要担忧。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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href=http://www.zhitongcaijing.com/content/detail/1253211.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，大和发布研报称，由于估值过高，下调中芯国际(00981)评级至“沽售”，目标价由27港元上调至29港元。同时基于该行与管理层同样关注需求透支可能对其2026年业务构成压力，下调对中芯国际明年业绩预测。该行称公司异常高且长的资本支出周期亦加重该行对折旧及地缘政治负担的担忧，可能对其结构性盈利能力构成压力。该行指，中芯今年资本支出同比持平的指引令该行意外，因该行相信基于地缘政治问题...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1253211.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"688981":"中芯国际","00981":"中芯国际"},"source_url":"http://www.zhitongcaijing.com/content/detail/1253211.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2513798346","content_text":"智通财经APP获悉，大和发布研报称，由于估值过高，下调中芯国际(00981)评级至“沽售”，目标价由27港元上调至29港元。同时基于该行与管理层同样关注需求透支可能对其2026年业务构成压力，下调对中芯国际明年业绩预测。该行称公司异常高且长的资本支出周期亦加重该行对折旧及地缘政治负担的担忧，可能对其结构性盈利能力构成压力。该行指，中芯今年资本支出同比持平的指引令该行意外，因该行相信基于地缘政治问题导致其2020至2024年的异常高资本密集度，会在今年美国收紧出口管制生效而结束。该行不确定中芯会否在此高支出周期下继续建立传统产能，或是将传统产能转换为低效扩充的类似7纳米以作营运。但由于长期的折旧负担，持续高企的资本密集度将继续拖累其利润率，增加该行对折旧和地缘政治影响结构性盈利能力的主要担忧。","news_type":1,"symbols_score_info":{"688981":1,"00981":1}},"isVote":1,"tweetType":1,"viewCount":1767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":402687801827840,"gmtCreate":1739330999541,"gmtModify":1739331001229,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471640751615859","idStr":"3471640751615859"},"themes":[],"htmlText":"摩🐶急了[开心]&nbsp;&nbsp;","listText":"摩🐶急了[开心]&nbsp;&nbsp;","text":"摩🐶急了[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/402687801827840","repostId":"2510397198","repostType":2,"repost":{"id":"2510397198","kind":"news","pubTimestamp":1739330241,"share":"https://www.laohu8.com/m/news/2510397198?lang=&edition=full","pubTime":"2025-02-12 11:17","market":"hk","language":"zh","title":"大摩：维持中芯国际(00981)“减持”评级 目标价20.3港元","url":"https://stock-news.laohu8.com/highlight/detail?id=2510397198","media":"智通财经","summary":"智通财经APP获悉，摩根士丹利发布研究报告称，维持中芯国际“减持”评级，目标价20.3港元。大摩虽认同先进节点生产的强劲增长，但因2025年竞争加剧，仍对成熟节点业务表示担忧。中芯国际2025年市盈率为2倍，而ROAE为4.8%，该行认为并不具吸引力。大摩相信，中芯国际今年第一季的强劲表现将归功于中国消费补贴所带动的产品组合，以及先进节点生产的高晶圆价格。就全年而言，中芯国际预期收入增长将快于同业平均水平。","content":"<html><body><p>智通财经APP获悉，<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>发布研究报告称，维持<a href=\"https://laohu8.com/S/688981\">中芯国际</a>(00981)“减持”评级，目标价20.3港元。大摩虽认同先进节点生产的强劲增长，但因2025年竞争加剧，仍对成熟节点业务表示担忧。<a href=\"https://laohu8.com/S/00981\">中芯国际</a>2025年市盈率为2倍，而ROAE为4.8%，该行认为并不具吸引力。</p><p>报告中称，公司因产品组合改善，2025年首季营运指引目标超预期，同时积极的资本支出仍在继续。大摩相信，中芯国际今年第一季的强劲表现将归功于中国消费补贴所带动的产品组合，以及先进节点生产的高晶圆价格。就全年而言，中芯国际预期收入增长将快于同业平均水平。由于近年资本支出高企，大摩预期集团折旧将持续增长，这可能对其2025年利润率状况带来负面影响。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>大摩：维持中芯国际(00981)“减持”评级 目标价20.3港元</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; 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display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n大摩：维持中芯国际(00981)“减持”评级 目标价20.3港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-02-12 11:17 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1248730.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，摩根士丹利发布研究报告称，维持中芯国际(00981)“减持”评级，目标价20.3港元。大摩虽认同先进节点生产的强劲增长，但因2025年竞争加剧，仍对成熟节点业务表示担忧。中芯国际2025年市盈率为2倍，而ROAE为4.8%，该行认为并不具吸引力。报告中称，公司因产品组合改善，2025年首季营运指引目标超预期，同时积极的资本支出仍在继续。大摩相信，中芯国际今年第一季的强劲表现将...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1248730.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"688981":"中芯国际","00981":"中芯国际"},"source_url":"http://www.zhitongcaijing.com/content/detail/1248730.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2510397198","content_text":"智通财经APP获悉，摩根士丹利发布研究报告称，维持中芯国际(00981)“减持”评级，目标价20.3港元。大摩虽认同先进节点生产的强劲增长，但因2025年竞争加剧，仍对成熟节点业务表示担忧。中芯国际2025年市盈率为2倍，而ROAE为4.8%，该行认为并不具吸引力。报告中称，公司因产品组合改善，2025年首季营运指引目标超预期，同时积极的资本支出仍在继续。大摩相信，中芯国际今年第一季的强劲表现将归功于中国消费补贴所带动的产品组合，以及先进节点生产的高晶圆价格。就全年而言，中芯国际预期收入增长将快于同业平均水平。由于近年资本支出高企，大摩预期集团折旧将持续增长，这可能对其2025年利润率状况带来负面影响。","news_type":1,"symbols_score_info":{"688981":1,"00981":1}},"isVote":1,"tweetType":1,"viewCount":2596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":402214064853272,"gmtCreate":1739215570453,"gmtModify":1739215572682,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471640751615859","idStr":"3471640751615859"},"themes":[],"htmlText":"🐶东蹭DS热度[开心]&nbsp;&nbsp;","listText":"🐶东蹭DS热度[开心]&nbsp;&nbsp;","text":"🐶东蹭DS热度[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/402214064853272","repostId":"2510735858","repostType":2,"repost":{"id":"2510735858","kind":"highlight","weMediaInfo":{"introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"media_name":"金吾财讯","id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"pubTimestamp":1739186847,"share":"https://www.laohu8.com/m/news/2510735858?lang=&edition=full","pubTime":"2025-02-10 19:27","market":"other","language":"zh","title":"京东(JD)盘前涨超3% 京东云智算服务GCS接入DeepSeek","url":"https://stock-news.laohu8.com/highlight/detail?id=2510735858","media":"金吾财讯","summary":"金吾财讯 | 京东(JD)盘前涨超3%，截至发稿，报41.53美元。消息面上，继上线 DeepSeek-R1/V3模型，并支持通过言犀AI开发计算平台进行公有云部署，以及通过vGPU AI算力平台、DeepSeek大模型一体机进行私有化部署后，京东云将DeepSeek-R1模型的多个版本接入京东云智算服务GCS，助力初创公司和开发者松构建自己的AI应用，每小时低至1.89元。京东云智算服务GCS提供DeepSeek-R1模型预装环境，支持轻量级模型（1.5B-7B）、中级模型（32B）的参数模型环境，满足不同开发需求。","content":"<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/JD\">京东</a>(JD)盘前涨超3%，截至发稿，报41.53美元。消息面上，继上线 DeepSeek-R1/V3模型，并支持通过言犀AI开发计算平台进行公有云部署，以及通过vGPU AI算力平台、DeepSeek大模型一体机进行私有化部署后，京东云将DeepSeek-R1模型的多个版本接入京东云智算服务GCS，助力初创公司和开发者松构建自己的AI应用，每小时低至1.89元。京东云智算服务GCS提供DeepSeek-R1模型预装环境，支持轻量级模型（1.5B-7B）、中级模型（32B）的参数模型环境，满足不同开发需求。</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>京东(JD)盘前涨超3% 京东云智算服务GCS接入DeepSeek</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2025-02-10 19:27</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/JD\">京东</a>(JD)盘前涨超3%，截至发稿，报41.53美元。消息面上，继上线 DeepSeek-R1/V3模型，并支持通过言犀AI开发计算平台进行公有云部署，以及通过vGPU AI算力平台、DeepSeek大模型一体机进行私有化部署后，京东云将DeepSeek-R1模型的多个版本接入京东云智算服务GCS，助力初创公司和开发者松构建自己的AI应用，每小时低至1.89元。京东云智算服务GCS提供DeepSeek-R1模型预装环境，支持轻量级模型（1.5B-7B）、中级模型（32B）的参数模型环境，满足不同开发需求。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.szfiu.com/news/20210810/MGY3NWNiZjgxNDI5NTMwNTcxNw==.jpg","relate_stocks":{"JD":"京东","09618":"京东集团-SW"},"source_url":"285254","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2510735858","content_text":"金吾财讯 | 京东(JD)盘前涨超3%，截至发稿，报41.53美元。消息面上，继上线 DeepSeek-R1/V3模型，并支持通过言犀AI开发计算平台进行公有云部署，以及通过vGPU AI算力平台、DeepSeek大模型一体机进行私有化部署后，京东云将DeepSeek-R1模型的多个版本接入京东云智算服务GCS，助力初创公司和开发者松构建自己的AI应用，每小时低至1.89元。京东云智算服务GCS提供DeepSeek-R1模型预装环境，支持轻量级模型（1.5B-7B）、中级模型（32B）的参数模型环境，满足不同开发需求。","news_type":1,"symbols_score_info":{"09618":1,"JD":1}},"isVote":1,"tweetType":1,"viewCount":1855,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":402006869737688,"gmtCreate":1739153900698,"gmtModify":1739153902606,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471640751615859","idStr":"3471640751615859"},"themes":[],"htmlText":"千年接盘侠、冤大头，ppt砖家缺乏创新勇气，拿来主义基因培育不出deepseek这样技术革新性企业","listText":"千年接盘侠、冤大头，ppt砖家缺乏创新勇气，拿来主义基因培育不出deepseek这样技术革新性企业","text":"千年接盘侠、冤大头，ppt砖家缺乏创新勇气，拿来主义基因培育不出deepseek这样技术革新性企业","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/402006869737688","repostId":"2509508659","repostType":2,"repost":{"id":"2509508659","kind":"news","pubTimestamp":1738990925,"share":"https://www.laohu8.com/m/news/2509508659?lang=&edition=full","pubTime":"2025-02-08 13:02","market":"hk","language":"zh","title":"阿里加码，2025年AI超级应用大战一触即发","url":"https://stock-news.laohu8.com/highlight/detail?id=2509508659","media":"刘宝丹","summary":"出击。","content":"<html><body><p>作者 | 刘宝丹</p>\n<p>编辑 | 黄昱</p>\n<p>一向喜欢投资AI大模型初创公司的阿里，在面对炙手可热的DeepSeek时，明确表示没有投资，这背后，阿里已经悄然下场，加码对AI To C的布局。</p>\n<p>近日，华尔街见闻获悉，人工智能科学家许主洪正式加入<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>，出任阿里集团副总裁，负责AI To C业务的多模态基础模型及Agents相关基础研究与应用解决方案。</p>\n<p>这是阿里第一次披露对C端业务招揽顶尖人才，背后的信号意义不言而喻。AI大模型的竞争本质上是一场人才的竞争，张一鸣亲自下场招揽顶级AI人才，才有了字节AI奋起直追，如今，阿里找来许主洪这个全球多模态大模型的领军人物，意味着，阿里的AI布局重点开始转向了。</p>\n<p>据悉，许主洪曾在新加坡南洋理工大学、新加坡管理大学担任教授，其发表的多篇“多模态预训练”主题论文引用数位列当年全球前五，他提出的预训练策略有效降低成本，影响了AI大模型的研发。</p>\n<p>AI应用市场的竞争日益激烈，面向C端市场，阿里正在下一盘大棋。</p>\n<p>去年底，阿里将AI应用“通义”从阿里云分拆出来，产品经理和相关工程团队等一并归入阿里智能信息事业群，后者成立于2021年，包括夸克、UC浏览器、书旗小说等产品。在内部，通义和夸克两个团队平级，阿里两大主力AI应用产品格局初现。</p>\n<p>2023年底，吴泳铭将夸克作为第一批战略级创新业，对夸克的定位是，在大模型时代，面向学生群体和年轻人，夸克有巨大机会能创造出的革新性搜索产品。但今年初，夸克升级品牌Slogan，改为2亿人的AI全能助手。</p>\n<p>从搜索产品到AI全能助手，夸克在阿里内部的战略重要性显著提升。随着通义并入阿里智能信息事业群，基于产品视角的动作也会越来越多。</p>\n<p>根据七麦数据最新发布的《2024年度实力AI产品榜单》，夸克App年度下载量超3.7亿。根据QuestMobile数据，截至2024年9月，通义月活308.85万，在AIGC应用中排名第10。</p>\n<p>1月中旬，阿里将To C硬件业务“天猫精灵”所在的智能互联事业群同样交给智能信息事业群总裁吴嘉，由他统管。华尔街见闻获悉，该团队的工作重点是新一代AI产品的规划定义，以及与夸克AI能力的融合。</p>\n<p>至此，阿里C端核心业务兵合一处，从应用层的通义、夸克等软件，到硬件端的天猫精灵等，均交到吴嘉手中。他最为人所知的成绩是做成了新一代移动搜索产品夸克，吴泳铭上任后，大胆起用了包括吴嘉在内的年轻管理层。这次，擅长产品的吴嘉又要在AI应用战场冲锋陷阵了。</p>\n<p>距离ChatGPT在全球出圈已经过去两年多，AI大模型的竞赛重点已经来到应用端。市场形势的改变倒逼阿里对AI布局作出调整，原本处于边缘化的C端应用开始走到前台。</p>\n<p>阿里对AI的布局主要有三个层面，首先，阿里云提供算力服务，同时拥有大型通义千问，可以提供大模型服务。其次，作为国内最大的电商平台，阿里将AI视为提升竞争能力的关键驱动力，应用在自身的生态场景。最后，阿里还进行了广泛的对外投资。</p>\n<p>然而，DeepSeek的崛起彻底改变了算力估值逻辑，其低成本和高性能引起行业对规模定律的反思；同时，阿里投资的独角兽公司中，月之暗面陷入仲裁风波，零一万物不再追求训练超级大模型，目前跑得最快的AI应用是豆包和DeepSeek。</p>\n<p>阿里的优势在于，具备AI产业链能力和资源优势，但在打造超级产品方面，缺乏经验，这也是阿里加码C端应用的一大挑战。</p>\n<p>事实上，阿里在AI爆发的前期，没有将C端作为重点，跟阿里自身的发展基因密切相关。作为电商平台，阿里更擅长B端业务，在过往的发展经历中，阿里也曾尝试社交类应用，但并没有成功。</p>\n<p>2025年将是AI大模型应用的关键之年，要想打造出AI时代的超级应用，阿里需要在AI大模型基础上作出前所未有的创新，这注定是一场难打的战役，留给阿里的时间不多了。</p><div>风险提示及免责条款</div>\n<div>\n            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。\n          </div>\n</body></html>","source":"awtmt_stock","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>阿里加码，2025年AI超级应用大战一触即发</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; 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class=\"title\">\n阿里加码，2025年AI超级应用大战一触即发\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-02-08 13:02 北京时间&nbsp;&nbsp;&nbsp;<a href=https://api.jianyuweb.com/apiv1/content/articles/3740642?extract=1><strong>刘宝丹</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者 | 刘宝丹\n编辑 | 黄昱\n一向喜欢投资AI大模型初创公司的阿里，在面对炙手可热的DeepSeek时，明确表示没有投资，这背后，阿里已经悄然下场，加码对AI To C的布局。\n近日，华尔街见闻获悉，人工智能科学家许主洪正式加入阿里巴巴，出任阿里集团副总裁，负责AI To C业务的多模态基础模型及Agents相关基础研究与应用解决方案。\n这是阿里第一次披露对C端业务招揽顶尖人才，背后的信号意义...</p>\n\n<a href=\"https://api.jianyuweb.com/apiv1/content/articles/3740642?extract=1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://wpimg-wscn.awtmt.com/6b3e6207-c0e7-4251-8b2b-c9d5367ab28d.jpeg","relate_stocks":{"LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 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ACC","BK4548":"巴美列捷福持仓","LU1051768304.USD":"贝莱德新兴市场股票收益A6","BK4565":"NFT概念","09988":"阿里巴巴-W"},"source_url":"https://api.jianyuweb.com/apiv1/content/articles/3740642?extract=1","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2509508659","content_text":"作者 | 刘宝丹\n编辑 | 黄昱\n一向喜欢投资AI大模型初创公司的阿里，在面对炙手可热的DeepSeek时，明确表示没有投资，这背后，阿里已经悄然下场，加码对AI To C的布局。\n近日，华尔街见闻获悉，人工智能科学家许主洪正式加入阿里巴巴，出任阿里集团副总裁，负责AI To C业务的多模态基础模型及Agents相关基础研究与应用解决方案。\n这是阿里第一次披露对C端业务招揽顶尖人才，背后的信号意义不言而喻。AI大模型的竞争本质上是一场人才的竞争，张一鸣亲自下场招揽顶级AI人才，才有了字节AI奋起直追，如今，阿里找来许主洪这个全球多模态大模型的领军人物，意味着，阿里的AI布局重点开始转向了。\n据悉，许主洪曾在新加坡南洋理工大学、新加坡管理大学担任教授，其发表的多篇“多模态预训练”主题论文引用数位列当年全球前五，他提出的预训练策略有效降低成本，影响了AI大模型的研发。\nAI应用市场的竞争日益激烈，面向C端市场，阿里正在下一盘大棋。\n去年底，阿里将AI应用“通义”从阿里云分拆出来，产品经理和相关工程团队等一并归入阿里智能信息事业群，后者成立于2021年，包括夸克、UC浏览器、书旗小说等产品。在内部，通义和夸克两个团队平级，阿里两大主力AI应用产品格局初现。\n2023年底，吴泳铭将夸克作为第一批战略级创新业，对夸克的定位是，在大模型时代，面向学生群体和年轻人，夸克有巨大机会能创造出的革新性搜索产品。但今年初，夸克升级品牌Slogan，改为2亿人的AI全能助手。\n从搜索产品到AI全能助手，夸克在阿里内部的战略重要性显著提升。随着通义并入阿里智能信息事业群，基于产品视角的动作也会越来越多。\n根据七麦数据最新发布的《2024年度实力AI产品榜单》，夸克App年度下载量超3.7亿。根据QuestMobile数据，截至2024年9月，通义月活308.85万，在AIGC应用中排名第10。\n1月中旬，阿里将To C硬件业务“天猫精灵”所在的智能互联事业群同样交给智能信息事业群总裁吴嘉，由他统管。华尔街见闻获悉，该团队的工作重点是新一代AI产品的规划定义，以及与夸克AI能力的融合。\n至此，阿里C端核心业务兵合一处，从应用层的通义、夸克等软件，到硬件端的天猫精灵等，均交到吴嘉手中。他最为人所知的成绩是做成了新一代移动搜索产品夸克，吴泳铭上任后，大胆起用了包括吴嘉在内的年轻管理层。这次，擅长产品的吴嘉又要在AI应用战场冲锋陷阵了。\n距离ChatGPT在全球出圈已经过去两年多，AI大模型的竞赛重点已经来到应用端。市场形势的改变倒逼阿里对AI布局作出调整，原本处于边缘化的C端应用开始走到前台。\n阿里对AI的布局主要有三个层面，首先，阿里云提供算力服务，同时拥有大型通义千问，可以提供大模型服务。其次，作为国内最大的电商平台，阿里将AI视为提升竞争能力的关键驱动力，应用在自身的生态场景。最后，阿里还进行了广泛的对外投资。\n然而，DeepSeek的崛起彻底改变了算力估值逻辑，其低成本和高性能引起行业对规模定律的反思；同时，阿里投资的独角兽公司中，月之暗面陷入仲裁风波，零一万物不再追求训练超级大模型，目前跑得最快的AI应用是豆包和DeepSeek。\n阿里的优势在于，具备AI产业链能力和资源优势，但在打造超级产品方面，缺乏经验，这也是阿里加码C端应用的一大挑战。\n事实上，阿里在AI爆发的前期，没有将C端作为重点，跟阿里自身的发展基因密切相关。作为电商平台，阿里更擅长B端业务，在过往的发展经历中，阿里也曾尝试社交类应用，但并没有成功。\n2025年将是AI大模型应用的关键之年，要想打造出AI时代的超级应用，阿里需要在AI大模型基础上作出前所未有的创新，这注定是一场难打的战役，留给阿里的时间不多了。风险提示及免责条款\n\n            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":{"09988":0.6,"BABA":1}},"isVote":1,"tweetType":1,"viewCount":1414,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":399973388812560,"gmtCreate":1738672218904,"gmtModify":1738672221023,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471640751615859","idStr":"3471640751615859"},"themes":[],"htmlText":"计算机前沿领域，不要迷信所谓20年经验的顶级科学家，年轻人才有活力和创造力，越老越守旧固步自封","listText":"计算机前沿领域，不要迷信所谓20年经验的顶级科学家，年轻人才有活力和创造力，越老越守旧固步自封","text":"计算机前沿领域，不要迷信所谓20年经验的顶级科学家，年轻人才有活力和创造力，越老越守旧固步自封","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/399973388812560","repostId":"2508485937","repostType":2,"repost":{"id":"2508485937","kind":"news","pubTimestamp":1738647720,"share":"https://www.laohu8.com/m/news/2508485937?lang=&edition=full","pubTime":"2025-02-04 13:42","market":"sh","language":"zh","title":"传阿里引入顶级人工智能科学家，打响新年AI To C赛道第一枪","url":"https://stock-news.laohu8.com/highlight/detail?id=2508485937","media":"IT之家","summary":"2月3日，据业内人士透露，一位全球顶级人工智科学家已于近期正式入职阿里巴巴，后续或将专注AI To C业务的基础大模型研发与应用。据悉，这位顶级人工智能科学家在工业界和学术界均拥有超20年经验，尤其在多模态AI领域颇有建树。阿里曝出开年AI To C赛道的第一个大消息，是国内各大厂商加速布局AI应用行业态势的一个显著信号。","content":"<html><body><div>\n<p>2月3日，据业内人士透露，一位全球顶级人工智科学家已于近期正式入职<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>，后续或将专注AI To C业务的基础大模型研发与应用。据悉，这位顶级人工智能科学家在工业界和学术界均拥有超20年经验，尤其在多模态AI领域颇有建树。</p><p><img src=\"https://img.ithome.com/newsuploadfiles/2025/2/3ee78aa5-9b56-449c-8056-0ec83b13cdd3.png?x-bce-process=image/format,f_avif\" width=\"600\"/></p><p>最新消息称，近期一位全球顶级人工智科学家正式入职阿里。这位AI大咖曾主导发表过上百篇大模型顶级论文，尤其在多模态AI领域颇有建树，后续可能会专注做AI To C业务的基础大模型研发和应用。据悉，这位人工智科学家拥有深厚的海外学术研究背景，在人工智能工业界和学术界均拥有超20年经验。</p><p>自2024年底，阿里AI To C业务的布局就开始加速蓄势，将通义C端产品拆分到智能信息事业群，与夸克组队To C业务，这一波又有大模型领域全球领军人物加盟，阿里巴巴给AI应用发展再加码，在国内众多To C的AI中杀出重围的意图凸显。</p><p>春节期间，DeepSeek刷屏各个平台，霸榜全球应用商店，成为了最大的热点。业内人士分析，优秀的中国AI公司涌现出来，会让全行业都变得更加繁荣，消费级市场也会更有机会。阿里曝出开年AI To C赛道的第一个大消息，是国内各大厂商加速布局AI应用行业态势的一个显著信号。</p>\n<div>\n<div>\r\n            责任编辑：山上\r\n          </div>\n</div>\n</div></body></html>","source":"jinrongjie_stock","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>传阿里引入顶级人工智能科学家，打响新年AI To C赛道第一枪</title>\n<style 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href=\"https://finance.jrj.com.cn/2025/02/04134247945605.shtml\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161631":"人工智能","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","BK4220":"综合零售","BK4524":"宅经济概念","LU0918141887.USD":"安联亚洲实际收益股票基金","BK4581":"高盛持仓","BK4543":"AI","BK4527":"明星科技股","BABA":"阿里巴巴","BK4531":"中概回港概念","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","BK4526":"热门中概股","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","BK4534":"瑞士信贷持仓","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","BK4503":"景林资产持仓","LU1046421795.USD":"富达环球科技A-ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED 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责任编辑：山上","news_type":1,"symbols_score_info":{"161631":1,"09988":0.6,"BABA":1}},"isVote":1,"tweetType":1,"viewCount":1819,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":394653228716432,"gmtCreate":1737371894065,"gmtModify":1737371895357,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471640751615859","idStr":"3471640751615859"},"themes":[],"htmlText":"大局已定，谁来也没用","listText":"大局已定，谁来也没用","text":"大局已定，谁来也没用","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/394653228716432","isVote":1,"tweetType":1,"viewCount":1361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":394627335446928,"gmtCreate":1737365572466,"gmtModify":1737365574484,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471640751615859","idStr":"3471640751615859"},"themes":[],"htmlText":"国产euv两年内可以实用，中芯追上美积电只是第一步，然后是高端芯片白菜价，碾压所有对手","listText":"国产euv两年内可以实用，中芯追上美积电只是第一步，然后是高端芯片白菜价，碾压所有对手","text":"国产euv两年内可以实用，中芯追上美积电只是第一步，然后是高端芯片白菜价，碾压所有对手","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/394627335446928","repostId":"2504815412","repostType":2,"repost":{"id":"2504815412","kind":"news","pubTimestamp":1737335215,"share":"https://www.laohu8.com/m/news/2504815412?lang=&edition=full","pubTime":"2025-01-20 09:06","market":"sh","language":"zh","title":"专家：中芯国际能追上台积电，靠这三个条件","url":"https://stock-news.laohu8.com/highlight/detail?id=2504815412","media":"快科技","summary":"快科技1月20日消息，近日新加坡毕盛资产管理的创始人兼联席首席投资官王国辉接受媒体采访时表示，中芯国际可以追上台积电。中芯国际拥有所需的资金，并且还得到了中国政府的支持。最后，对于中芯国际面临的技术瓶颈，王国辉承认，中国目前确实无法获得ASML的EUV光刻机，而这些设备是在尖端节点上生产芯片所需的。简单来说就三个条件：资金、人才和市场让中芯国际可以追上台积电。","content":"<html><body><p>快科技1月20日消息，近日新加坡毕盛资产管理的创始人兼联席首席投资官王国辉接受媒体采访时表示，<a href=\"https://laohu8.com/S/688981\">中芯国际</a>可以追上<a href=\"https://laohu8.com/S/TSM\">台积电</a>。</p><p>在王国辉看来，芯片制造目前在很大程度上是资本支出游戏，单个代工厂的成本通常高达100亿美元。<a href=\"https://laohu8.com/S/00981\">中芯国际</a>拥有所需的资金，并且还得到了中国政府的支持。</p><p>此外，中芯国际还可以拥有足够的工程人才，要知道每年中国培养500万理工科相关毕业生。</p><p>更关键的一点就是，中芯国际无需尝试开拓西方市场就可以实现规模经济。</p><p>最后，对于中芯国际面临的技术瓶颈，王国辉承认，中国目前确实无法获得ASML的EUV光刻机，而这些设备是在尖端节点上生产芯片所需的。</p><p><strong>然而，他随后指出，只需要一家中国公司成功开发出国产EUV光刻机，那么“芯片战争就会结束”。</strong></p><p><img src=\"https://x0.ifengimg.com/ucms/2025_04/3E3A08DBE6FE7D3162AFCDAAF4902DA58D27E57F_size247_w600_h399.jpg\"/></p><p><strong>简单来说就三个条件：资金、人才和市场让中芯国际可以追上台积电</strong>。</p></body></html>","source":"fenghuang_stock","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>专家：中芯国际能追上台积电，靠这三个条件</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n专家：中芯国际能追上台积电，靠这三个条件\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-01-20 09:06 北京时间&nbsp;&nbsp;&nbsp;<a href=https://tech.ifeng.com/c/8gI6ebOO3VV><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技1月20日消息，近日新加坡毕盛资产管理的创始人兼联席首席投资官王国辉接受媒体采访时表示，中芯国际可以追上台积电。在王国辉看来，芯片制造目前在很大程度上是资本支出游戏，单个代工厂的成本通常高达100亿美元。中芯国际拥有所需的资金，并且还得到了中国政府的支持。此外，中芯国际还可以拥有足够的工程人才，要知道每年中国培养500万理工科相关毕业生。更关键的一点就是，中芯国际无需尝试开拓西方市场就可以...</p>\n\n<a href=\"https://tech.ifeng.com/c/8gI6ebOO3VV\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://x0.ifengimg.com/ucms/2025_04/E6989FB275D26D2A541A426DBF5844B3E960DA29_size83_w600_h337.jpg","relate_stocks":{"688981":"中芯国际","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","SGXZ81163826.USD":"UNITED CHINA A-SHARES INNOVATION \"A\" (USD) ACC","SGXZ49509284.SGD":"United China A Shares Innovation A Acc SGD","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","00981":"中芯国际","IE00BYQQ9H92.USD":"BNY MELLON GLOBAL LEADERS \"A\" (USD) ACC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","BK4505":"高瓴资本持仓","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) 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SGD"},"source_url":"https://tech.ifeng.com/c/8gI6ebOO3VV","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2504815412","content_text":"快科技1月20日消息，近日新加坡毕盛资产管理的创始人兼联席首席投资官王国辉接受媒体采访时表示，中芯国际可以追上台积电。在王国辉看来，芯片制造目前在很大程度上是资本支出游戏，单个代工厂的成本通常高达100亿美元。中芯国际拥有所需的资金，并且还得到了中国政府的支持。此外，中芯国际还可以拥有足够的工程人才，要知道每年中国培养500万理工科相关毕业生。更关键的一点就是，中芯国际无需尝试开拓西方市场就可以实现规模经济。最后，对于中芯国际面临的技术瓶颈，王国辉承认，中国目前确实无法获得ASML的EUV光刻机，而这些设备是在尖端节点上生产芯片所需的。然而，他随后指出，只需要一家中国公司成功开发出国产EUV光刻机，那么“芯片战争就会结束”。简单来说就三个条件：资金、人才和市场让中芯国际可以追上台积电。","news_type":1,"symbols_score_info":{"688981":1,"TSM":1,"00981":1,"03145":0.6}},"isVote":1,"tweetType":1,"viewCount":2510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":394627144167648,"gmtCreate":1737365351067,"gmtModify":1737365353366,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471640751615859","idStr":"3471640751615859"},"themes":[],"htmlText":"中芯已经攻克5nm，两年内国产euv可以实用，国内芯片全面国产替代...这么多明牌，美积电必将是昨日黄花，等你明年再来对比两家的数据[开心]&nbsp;&nbsp;","listText":"中芯已经攻克5nm，两年内国产euv可以实用，国内芯片全面国产替代...这么多明牌，美积电必将是昨日黄花，等你明年再来对比两家的数据[开心]&nbsp;&nbsp;","text":"中芯已经攻克5nm，两年内国产euv可以实用，国内芯片全面国产替代...这么多明牌，美积电必将是昨日黄花，等你明年再来对比两家的数据[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/394627144167648","repostId":"2504644074","repostType":2,"repost":{"id":"2504644074","kind":"news","pubTimestamp":1737349431,"share":"https://www.laohu8.com/m/news/2504644074?lang=&edition=full","pubTime":"2025-01-20 13:03","market":"hk","language":"zh","title":"中芯国际，全面对比台积电，差距到底有多大？","url":"https://stock-news.laohu8.com/highlight/detail?id=2504644074","media":"新浪财经","summary":"在 芯片 代工领域，台积电是全球第一大龙头企业，市值更是超过1万亿美元，真正的遥遥领先。而 中芯国际 是中国大陆第一大龙头企业，被人认为是中国大陆的台积电，那么问题就来了，这两大企业，目前差距到底有多大？而中芯国际的市值目前是8073亿元，对比台积电，大约是其十分之一左右，这个差距还是较大的。而台积电三季度营收235亿美元，约是中芯国际的11倍，利润为101亿美元，是中芯国际的68倍多。","content":"<html><body><article><p>在 芯片 代工领域，<a href=\"https://laohu8.com/S/TSM\">台积电</a>是全球第一大龙头企业，市值更是超过1万亿美元，真正的遥遥领先。</p><p>而 <a href=\"https://laohu8.com/S/688981\">中芯国际</a> 是中国大陆第一大龙头企业，被人认为是中国大陆的台积电，那么问题就来了，这两大企业，目前差距到底有多大？</p><p>首先看市值，目前台积电的市值是1.1万亿美元，约为8.05万亿元人民币，在所有的芯片企业中，仅次于<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>，全球第二名。</p><p>而<a href=\"https://laohu8.com/S/00981\">中芯国际</a>的市值目前是8073亿元，对比台积电，大约是其十分之一左右，这个差距还是较大的。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250120131033339d152ero8v7xerno\"/><p>再看市场，按照2024年3季度的数据（这是机构公布的最新数据，没有4季度的），台积电拿下了全球64.9%的市场份额，全球第一。</p><p>而中芯国际拿下了全球6%的份额，排名全球第三，虽然只相差2个名次，但市场其实是相差10倍左右的，而这个倍数，其实和市值也是基本对应的。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250120131034862d152xx09be4r277\"/><p>再看营收、利润方面。由于中芯国际的四季度数据未出，所以还是看三季度的数据。</p><p>中芯国际第三季的销售收入为21.71亿美元（156.09亿元），<span>毛利</span>为4.44亿美元（31.92亿元），<span>净利润</span>1.47亿美元（约10.6亿元），毛利率为20.5%，利润率6.8%。</p><p>而台积电三季度营收235亿美元，约是中芯国际的11倍，利润为101亿美元，是中芯国际的68倍多。而毛利率是57.8%，是中芯国际的近三倍，利润率是42.8%，是中芯国际的6倍多。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250120131035337d1524auj0lku2uv\"/><p>可见，台积电赚钱能力强太多了，营收只有中芯的10倍，但利润有68倍，原因就是毛利率高太多了，利润率也高很多，最后利润是其68倍多。</p><p>而为什么台积电的毛利率、利润率这么高呢？原因很简单，因为台积电以先进工艺为主，3nm、5nm这两个工艺占比就超过50%了，再考虑7nm、16nm这些工艺，占比超过75%，成熟工艺占比不到四分之一。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250120131035948d1524jn8007u21j\"/><p>而中芯国际主要以成熟工艺为主，至于14nm及以下工艺占比没有披露，预测在20%甚至15%以下。</p><p>成熟工艺价格低，竞争大，自然溢价不高，特别是目前晶圆供过于求，大家打价格战，就不会有太高利润，像5nm、3nm，几乎没竞争，台积电说了算，自然利润就高了。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250120131036517d152xx5va97e2a8\"/><p>最后对比一下技术方面，毕竟对于一家芯片企业而言，技术才是最关键的。</p><p>台积电目前已经量产的技术是3nm，预计2nm工艺在2025年会量产。</p><p>中芯国际在2019年量产了14nm，之后就不再公布具体的工艺了，但外界猜测达到了7nm，具体有没有达到，谁也不清楚。</p><p>如果从14nm来算，到3nm工艺，中间有10nm、7nm、5nm这么三代，应该有5-10年的差距，如果按7nm来算，中间则只有5nm了，那么就是3-5年的差距。</p><p>可见，不黑不吹，从市值、市场份额，营收、利润、毛利率、利润率，技术工艺等等方面来看，中芯国际离台积电的差距还是相当相当大的，中芯国际要成为中国大陆的台积电，还有很长一段路要走。</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\" 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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中芯国际，全面对比台积电，差距到底有多大？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-01-20 13:03 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250120131041a2285f05&s=b><strong>新浪财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在 芯片 代工领域，台积电是全球第一大龙头企业，市值更是超过1万亿美元，真正的遥遥领先。而 中芯国际 是中国大陆第一大龙头企业，被人认为是中国大陆的台积电，那么问题就来了，这两大企业，目前差距到底有多大？首先看市值，目前台积电的市值是1.1万亿美元，约为8.05万亿元人民币，在所有的芯片企业中，仅次于英伟达，全球第二名。而中芯国际的市值目前是8073亿元，对比台积电，大约是其十分之一左右，这个差距...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250120131041a2285f05&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"688981":"中芯国际","TSM":"台积电","BK1610":"ETF&股票定投概念","BK1163":"半导体产品","00981":"中芯国际","BK1607":"新IT概念","BK1526":"科网股"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250120131041a2285f05&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2504644074","content_text":"在 芯片 代工领域，台积电是全球第一大龙头企业，市值更是超过1万亿美元，真正的遥遥领先。而 中芯国际 是中国大陆第一大龙头企业，被人认为是中国大陆的台积电，那么问题就来了，这两大企业，目前差距到底有多大？首先看市值，目前台积电的市值是1.1万亿美元，约为8.05万亿元人民币，在所有的芯片企业中，仅次于英伟达，全球第二名。而中芯国际的市值目前是8073亿元，对比台积电，大约是其十分之一左右，这个差距还是较大的。再看市场，按照2024年3季度的数据（这是机构公布的最新数据，没有4季度的），台积电拿下了全球64.9%的市场份额，全球第一。而中芯国际拿下了全球6%的份额，排名全球第三，虽然只相差2个名次，但市场其实是相差10倍左右的，而这个倍数，其实和市值也是基本对应的。再看营收、利润方面。由于中芯国际的四季度数据未出，所以还是看三季度的数据。中芯国际第三季的销售收入为21.71亿美元（156.09亿元），毛利为4.44亿美元（31.92亿元），净利润1.47亿美元（约10.6亿元），毛利率为20.5%，利润率6.8%。而台积电三季度营收235亿美元，约是中芯国际的11倍，利润为101亿美元，是中芯国际的68倍多。而毛利率是57.8%，是中芯国际的近三倍，利润率是42.8%，是中芯国际的6倍多。可见，台积电赚钱能力强太多了，营收只有中芯的10倍，但利润有68倍，原因就是毛利率高太多了，利润率也高很多，最后利润是其68倍多。而为什么台积电的毛利率、利润率这么高呢？原因很简单，因为台积电以先进工艺为主，3nm、5nm这两个工艺占比就超过50%了，再考虑7nm、16nm这些工艺，占比超过75%，成熟工艺占比不到四分之一。而中芯国际主要以成熟工艺为主，至于14nm及以下工艺占比没有披露，预测在20%甚至15%以下。成熟工艺价格低，竞争大，自然溢价不高，特别是目前晶圆供过于求，大家打价格战，就不会有太高利润，像5nm、3nm，几乎没竞争，台积电说了算，自然利润就高了。最后对比一下技术方面，毕竟对于一家芯片企业而言，技术才是最关键的。台积电目前已经量产的技术是3nm，预计2nm工艺在2025年会量产。中芯国际在2019年量产了14nm，之后就不再公布具体的工艺了，但外界猜测达到了7nm，具体有没有达到，谁也不清楚。如果从14nm来算，到3nm工艺，中间有10nm、7nm、5nm这么三代，应该有5-10年的差距，如果按7nm来算，中间则只有5nm了，那么就是3-5年的差距。可见，不黑不吹，从市值、市场份额，营收、利润、毛利率、利润率，技术工艺等等方面来看，中芯国际离台积电的差距还是相当相当大的，中芯国际要成为中国大陆的台积电，还有很长一段路要走。","news_type":1,"symbols_score_info":{"688981":0.9,"00981":1,"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":2345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":384766666670352,"gmtCreate":1734977115907,"gmtModify":1734989831102,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471640751615859","idStr":"3471640751615859"},"themes":[],"htmlText":"好大喜功、哗众取宠的马老板，养着一群舔狗😆","listText":"好大喜功、哗众取宠的马老板，养着一群舔狗😆","text":"好大喜功、哗众取宠的马老板，养着一群舔狗😆","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/384766666670352","repostId":"2493731304","repostType":2,"repost":{"id":"2493731304","kind":"news","pubTimestamp":1734945801,"share":"https://www.laohu8.com/m/news/2493731304?lang=&edition=full","pubTime":"2024-12-23 17:23","market":"hk","language":"zh","title":"亏损千亿元级别：阿里投资交了多少“学费”","url":"https://stock-news.laohu8.com/highlight/detail?id=2493731304","media":"财中社","summary":"日前，阿里巴巴（BABA/09988，以下简称“阿里”）以约74亿元人民币的价格出售了银泰百货。阿里公告称，出售预计将录得约93亿元人民币的亏损。而历数阿里这些年偏离主业的投资，基本是以亏损收场。如今壮士断腕，未尝不是好事。实际上，论亏损额，银泰百货在阿里的投资清单上甚至可能排不进前五名。根据公开信息，这些年阿里在主业之外的投资基本上没有盈利的项目。","content":"<html><body><div>\n<p><img border=\"0\" height=\"276\" src=\"https://webquoteklinepic.eastmoney.com/GetPic.aspx?nid=106.BABA&amp;imageType=k&amp;token=28dfeb41d35cc81d84b4664d7c23c49f&amp;at=1\" width=\"578\"/></p> <p><img border=\"0\" height=\"276\" src=\"https://webquoteklinepic.eastmoney.com/GetPic.aspx?nid=116.09988&amp;imageType=k&amp;token=28dfeb41d35cc81d84b4664d7c23c49f&amp;at=1\" width=\"578\"/></p> <p><img border=\"0\" height=\"276\" src=\"https://webquoteklinepic.eastmoney.com/GetPic.aspx?nid=116.06808&amp;imageType=k&amp;token=28dfeb41d35cc81d84b4664d7c23c49f&amp;at=1\" width=\"578\"/></p><p>　　日前，<span><a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a></span><span></span>（BABA/09988，以下简称“阿里”）以约74亿元人民币的价格出售了银泰百货。阿里公告称，出售预计将录得约93亿元人民币的亏损。而历数阿里这些年偏离主业的投资，基本是以亏损收场。如今壮士断腕，未尝不是好事。</p><p>　　实际上，论亏损额，银泰百货在阿里的投资清单上甚至可能排不进前五名。根据公开信息，这些年阿里在主业之外的投资基本上没有盈利的项目。虽然具体亏损金额大多无法精确量化，但这些投资被普遍认为未达到预期。</p><p>　　而上述亏损简单相加，十多年来，阿里投资亏损额当在千亿元级别。</p><p>　　<strong>细数阿里投资上吃的“亏”</strong></p><p>　　2012年，阿里6亿美元投资天天动听，2015年天天动听与虾米音乐合并，又分别于2016年10月1日、2021年2月5日停止服务。</p><p>　　2014年，<span href=\"http://quote.eastmoney.com/unify/r/106.BABA\" target=\"_blank\" web=\"1\">阿里巴巴</span>投资恒大足球，投资近2亿美元（约合12亿元人民币）获得50%股权。虽然这项投资主要是品牌推广和市场影响力的增加，但从财务角度看，恒大足球的表现并不稳定，导致投资回报不明显，具体亏损额未公开。</p><p>　　2014年，阿里还以11亿美元全面收购了高德地图（以下简称“高德”）。据报道，在2020年，高德曾亏损了100多亿元人民币。2022年10月也有媒体提到，收购高德后，<span href=\"http://quote.eastmoney.com/unify/r/106.BABA\" target=\"_blank\" web=\"1\">阿里巴巴</span>损失严重。</p><p>　　同样还是2014年，阿里收购UC浏览器，花了43亿美元。UC浏览器在收购后经历了市场份额的起伏，特别是在与其他浏览器的竞争中，商业模式和盈利能力一直是挑战，虽然没有明确的单一亏损数字，但其整体的表现未达预期是大概率。</p><p>　　2015年，在“<span><a href=\"https://laohu8.com/S/300959\">线上线下</a></span><span></span>相结合的新消费”热潮下，拥有线上流量资源的阿里与拥有线下门店资源的苏宁签订了战略合作协议，阿里238亿元投资苏宁易购（002024）的前身——苏宁云商——获得19.99%股权。在投资后的几年中，苏宁易购的股价经历了显著波动。2020年，阿里开始逐步减持苏宁易购股份，减持的价格远低于其初始投资时的股价。虽然没有具体的财报公开给出亏损的精确金额，但可以确定这项投资亏损在数十亿元到上百亿元。相反，苏宁云商当年出资140亿元认购阿里的增发股份，持股比例为1%，于2018年分三次出清所持阿里巴巴全部股权，净赚超过140亿元。</p><p>　　2015年，阿里3亿元人民币投资锤子手机，如今世间已无锤子手机。</p><p>　　2016年，阿里以51亿美元（约合350亿元人民币）集体要约全资收购优酷和土豆。优酷视频在初期的激烈竞争和内容成本高企下一直处于亏损状态，尽管近年来有了改善，但总体仍未扭亏为盈，具体亏损额未有单独的公开数据。</p><p>　　2016年3月，阿里被媒体报道以1.5亿美元投资盒马鲜生（以下简称“盒马”）。此后，盒马和阿里都没有对外公布过追加的投资额，但从盒马的发展历程来看，阿里巴巴在盒马上的投资是逐年增加的。盒马2016年开始运营，经过多年的扩展和门店建设，投资总额应该在十亿美元量级。</p><p>　　盒马初期因高昂的运营成本和扩张的资金压力，一直持续亏损。2022年，盒马被报道估值为420亿元人民币（约60亿美元）；与此同时，盒马称2022年实现了部分门店盈利，但运营上仍未实现整体盈利，亏损情况持续。2023财年，盒马实现了全面盈利，整体GMV超过了550亿元人民币（约80亿美元），标志着其商业模式成功。在实现盈利之前的几年中，盒马累计亏损大致在百亿元级人民币范围，具体亏损额度阿里则并未在财报中公开。</p><p>　　2017年，阿里又以224亿港元收购了大润发和欧尚品牌母公司<span><a href=\"https://laohu8.com/S/06808\">高鑫零售</a></span>（06808）36.16%的股份，这使得阿里成为<span href=\"http://quote.eastmoney.com/unify/r/116.06808\" target=\"_blank\" web=\"1\">高鑫零售</span>的最大股东。2020年10月，阿里进一步以约280亿港元的价格，通过其子公司淘宝中国收购<span href=\"http://quote.eastmoney.com/unify/r/116.06808\" target=\"_blank\" web=\"1\">高鑫零售</span>大股东吉鑫控股有限公司合计70.94%的股权。经过一系列转换，交易完成后，目前，阿里连同其关联方持有高鑫零售约78.7%的股权权益。按高鑫零售12月18日总市值242亿港元测算，阿里投资在高鑫零售的504亿港元亏损超过300亿港元。</p> <center><img src=\"https://np-newspic.dfcfw.com/download/D25653416933838410118_w2003h693.jpg\" width=\"100%\"/></center><p>截至2024年9月3日阿里在高鑫零售股权的权益比例（数据来源：Choicd）</p><p>　　2017年，阿里以177亿元人民币收购银泰百货，至2024年12月中旬以74亿元的价格沽，阿里公告称亏损约93亿元。</p><p>　　2018年，阿里95亿美元（约合665亿元人民币）收购饿了么。虽然具体的亏损数字未在公开财报中明确列出，但行业普遍认为，阿里在饿了么上的投资并未达到预期，特别是在市场竞争激烈和补贴战的背景下，这从美团（03690）当下领先的市场份额即是反向佐证。</p><p>　　2024年11月15日，阿里发布2025财年二季度财报（截至2024年9月30日），报告期内，银泰与盒马、飞猪、钉钉等公司归类于“所有其他”。该季度“所有其他”收入为521.78亿元，但经调整EBITA亏损为15.82亿元。</p><p>　　天天动听6亿美元、恒大足球2亿美元、UC浏览器43亿美元、高德地图11亿美元、饿了么95亿美元，简单相加157亿美元，折合人民币已超1120亿元；再加上高鑫零售超300亿港元（约合282亿元人民币）、银泰百货93亿人民币，已经接近1500亿元人民币。此外，无法精确量化的苏宁云商至少亏损数十亿人民币，盒马生鲜至少1.5亿美元（不计后续投资及后续扩张产生的亏损），可以说，阿里这些年的投资上交的“学费”已是千亿元级别。</p><p>　　<strong>交了“学费”，终于想通了</strong></p><p>　　由于阿里财报中上述并购项目大多被整合至不同的事业群，具体到单个项目的亏损额很难从公开信息中得到精确数据。可以确认的是，这些项目在不同的时期和市场环境下都经历了不同程度的财务亏损，尤其是在激烈的市场竞争和高昂的运营成本下。</p><p>　　而阿里业绩之所以未被上述亏损大幅拖累，则是因为淘宝天猫（以下简称“淘天”）为其赚取了大量利润。淘天一年GMV曾高达8万亿元，净利润达到2000亿元；这几年淘天为阿里贡献超过1万亿元净利润，如此家大业大，阿里亏得起。</p><p>　　当然，对于阿里这样的庞然大物，投资有时候不能简单以盈亏论成败。除去天天动听、恒大足球、锤子手机等可能血本无归的项目，以及已于2023年实现全面盈利的盒马，阿里在这些亏损项目上的投资往往获得了更广泛的协同效益。</p><p>　　以阿里2014年全面收购的高德为例。高德在收购后的初期经历了亏损，然而，随着时间推移和业务的优化，高德在阿里的生态系统中发挥了越来越重要的作用，特别是在本地生活服务、导航和地图数据服务方面。高德的用户基础和商业模式逐渐成熟，为阿里带来的间接和直接收益，无论是对阿里的整体战略布局，还是在移动端、O2O服务、广告以及与阿里其他业务如淘宝、支付宝的协同效应方面，当居于阿里投资回报前列。</p><p>　　再如阿里2014年全资收购的UC浏览器。在收购后的初期，UC浏览器确实经历了亏损。市场竞争激烈，UC浏览器需要投入大量资源进行市场推广和技术研发以维持其市场地位。但从战略角度看，UC浏览器的收购也为阿里带来了多方面的好处：</p><p>　　移动生态系统：UC浏览器帮助阿里在移动互联网市场迅速扩张，增强了其在移动搜索和内容分发领域的地位。</p><p>　　流量入口：作为一个流量入口，UC浏览器为阿里的其他业务如电商、广告等提供了巨大的用户基础和流量来源。</p><p>　　用户数据：UC浏览器积累了大量的用户数据，为阿里的广告和个性化服务提供了数据基础。</p><p>　　因此，尽管在财务上可能表现为亏损，但从整体战略布局和长期利益来看，UC浏览器的收购对阿里而言，仍有显著的战略意义和潜在的盈利空间。特别是考虑到UC浏览器在移动端的市场份额及对阿里生态系统的贡献，它仍可被视为一项战略性的长远成功投资。</p><p>　　当年，巅峰期的阿里，“打着望远镜都看不到对手”，看到什么赚钱就做什么，出手大方豪阔，自然不在话下。</p><p>　　回顾2016年，马云提出“五新”战略，包括<span>新零售</span><span></span>、新金融等。2017年，阿里开始执行这一战略，时任CEO张勇担任“五新”执行委员会主席，推动<span href=\"http://quote.eastmoney.com/unify/r/0.300959\" target=\"_blank\" web=\"1\">线上线下</span>融合的<span href=\"http://quote.eastmoney.com/unify/r/90.BK0825\" target=\"_blank\" web=\"1\">新零售</span>模式。银泰百货是阿里<span href=\"http://quote.eastmoney.com/unify/r/90.BK0825\" target=\"_blank\" web=\"1\">新零售</span>战略的重要部分，阿里也由此开启了零售领域疯狂的买买买模式。</p><p>　　但是，世易事移，由于过去对市场的误判，阿里错失了下沉市场先机，新零售业务也面临着巨大的挑战。</p><p>　　而今，在<span><a href=\"https://laohu8.com/S/JD\">京东</a></span><span></span>（JD）、<span><a href=\"https://laohu8.com/S/PDD\">拼多多</a></span><span></span>（PDD）、抖音电商等对手的冲击下，阿里在萎缩的市场份额面前，终于“幡然醒悟”，回归主业，专注两大核心业务：电商和<span>云计算</span><span></span>，强调AI驱动的战略；重估新零售的战略方向。</p><p>　　阿里前董事<span>长和</span>CEO张勇，于2023年6月20日离职，二职分别由蔡崇信和吴泳铭于2023年9月10日接任，则是阿里内部反思和纠偏的明确信号。</p><p>　　2024年，阿里高管曾在财报会上表示，公司资产负债表上仍有许多非核心实体零售业务，出售这些业务是合理之举。</p><p>　　此次出售银泰百货，是阿里在非核心资产上的又一重磅减负动作。尽管从表面上看这是一笔“巨亏”交易，但业内人士认为，阿里对银泰的投资是战略性的，银泰的使命在于推广阿里生态系统的应用，帮助其主业尤其是天猫扩展，其带来的间接收益如支付宝在线下商场的推广、高端品牌进入天猫等，价值远超93亿元。</p><p>　　出售银泰外，高鑫零售亦在今年9月27日短暂停牌。公司在公告中提到，高鑫零售接获一名有意要约人的接触函。据此似可推断，高鑫零售或许正是阿里下一个要出售的实体零售业务。</p><p>（文章来源：财中社）</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>亏损千亿元级别：阿里投资交了多少“学费”</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亏损千亿元级别：阿里投资交了多少“学费”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-23 17:23 北京时间&nbsp;&nbsp;&nbsp;<a href=http://finance.eastmoney.com/a/202412233276334865.html><strong>财中社</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>日前，阿里巴巴（BABA/09988，以下简称“阿里”）以约74亿元人民币的价格出售了银泰百货。阿里公告称，出售预计将录得约93亿元人民币的亏损。而历数阿里这些年偏离主业的投资，基本是以亏损收场。如今壮士断腕，未尝不是好事。　　实际上，论亏损额，银泰百货在阿里的投资清单上甚至可能排不进前五名。根据公开信息，这些年阿里在主业之外的投资基本上没有盈利的项目。虽然具体亏损金额大多无法精确量化，但这些投资...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202412233276334865.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","BK4535":"淡马锡持仓","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","BK4538":"云计算","BK4504":"桥水持仓","BK4220":"综合零售","BK4579":"人工智能","LU1046422090.SGD":"Fidelity Pacific A-SGD","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) 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INC"},"source_url":"http://finance.eastmoney.com/a/202412233276334865.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2493731304","content_text":"日前，阿里巴巴（BABA/09988，以下简称“阿里”）以约74亿元人民币的价格出售了银泰百货。阿里公告称，出售预计将录得约93亿元人民币的亏损。而历数阿里这些年偏离主业的投资，基本是以亏损收场。如今壮士断腕，未尝不是好事。　　实际上，论亏损额，银泰百货在阿里的投资清单上甚至可能排不进前五名。根据公开信息，这些年阿里在主业之外的投资基本上没有盈利的项目。虽然具体亏损金额大多无法精确量化，但这些投资被普遍认为未达到预期。　　而上述亏损简单相加，十多年来，阿里投资亏损额当在千亿元级别。　　细数阿里投资上吃的“亏”　　2012年，阿里6亿美元投资天天动听，2015年天天动听与虾米音乐合并，又分别于2016年10月1日、2021年2月5日停止服务。　　2014年，阿里巴巴投资恒大足球，投资近2亿美元（约合12亿元人民币）获得50%股权。虽然这项投资主要是品牌推广和市场影响力的增加，但从财务角度看，恒大足球的表现并不稳定，导致投资回报不明显，具体亏损额未公开。　　2014年，阿里还以11亿美元全面收购了高德地图（以下简称“高德”）。据报道，在2020年，高德曾亏损了100多亿元人民币。2022年10月也有媒体提到，收购高德后，阿里巴巴损失严重。　　同样还是2014年，阿里收购UC浏览器，花了43亿美元。UC浏览器在收购后经历了市场份额的起伏，特别是在与其他浏览器的竞争中，商业模式和盈利能力一直是挑战，虽然没有明确的单一亏损数字，但其整体的表现未达预期是大概率。　　2015年，在“线上线下相结合的新消费”热潮下，拥有线上流量资源的阿里与拥有线下门店资源的苏宁签订了战略合作协议，阿里238亿元投资苏宁易购（002024）的前身——苏宁云商——获得19.99%股权。在投资后的几年中，苏宁易购的股价经历了显著波动。2020年，阿里开始逐步减持苏宁易购股份，减持的价格远低于其初始投资时的股价。虽然没有具体的财报公开给出亏损的精确金额，但可以确定这项投资亏损在数十亿元到上百亿元。相反，苏宁云商当年出资140亿元认购阿里的增发股份，持股比例为1%，于2018年分三次出清所持阿里巴巴全部股权，净赚超过140亿元。　　2015年，阿里3亿元人民币投资锤子手机，如今世间已无锤子手机。　　2016年，阿里以51亿美元（约合350亿元人民币）集体要约全资收购优酷和土豆。优酷视频在初期的激烈竞争和内容成本高企下一直处于亏损状态，尽管近年来有了改善，但总体仍未扭亏为盈，具体亏损额未有单独的公开数据。　　2016年3月，阿里被媒体报道以1.5亿美元投资盒马鲜生（以下简称“盒马”）。此后，盒马和阿里都没有对外公布过追加的投资额，但从盒马的发展历程来看，阿里巴巴在盒马上的投资是逐年增加的。盒马2016年开始运营，经过多年的扩展和门店建设，投资总额应该在十亿美元量级。　　盒马初期因高昂的运营成本和扩张的资金压力，一直持续亏损。2022年，盒马被报道估值为420亿元人民币（约60亿美元）；与此同时，盒马称2022年实现了部分门店盈利，但运营上仍未实现整体盈利，亏损情况持续。2023财年，盒马实现了全面盈利，整体GMV超过了550亿元人民币（约80亿美元），标志着其商业模式成功。在实现盈利之前的几年中，盒马累计亏损大致在百亿元级人民币范围，具体亏损额度阿里则并未在财报中公开。　　2017年，阿里又以224亿港元收购了大润发和欧尚品牌母公司高鑫零售（06808）36.16%的股份，这使得阿里成为高鑫零售的最大股东。2020年10月，阿里进一步以约280亿港元的价格，通过其子公司淘宝中国收购高鑫零售大股东吉鑫控股有限公司合计70.94%的股权。经过一系列转换，交易完成后，目前，阿里连同其关联方持有高鑫零售约78.7%的股权权益。按高鑫零售12月18日总市值242亿港元测算，阿里投资在高鑫零售的504亿港元亏损超过300亿港元。 截至2024年9月3日阿里在高鑫零售股权的权益比例（数据来源：Choicd）　　2017年，阿里以177亿元人民币收购银泰百货，至2024年12月中旬以74亿元的价格沽，阿里公告称亏损约93亿元。　　2018年，阿里95亿美元（约合665亿元人民币）收购饿了么。虽然具体的亏损数字未在公开财报中明确列出，但行业普遍认为，阿里在饿了么上的投资并未达到预期，特别是在市场竞争激烈和补贴战的背景下，这从美团（03690）当下领先的市场份额即是反向佐证。　　2024年11月15日，阿里发布2025财年二季度财报（截至2024年9月30日），报告期内，银泰与盒马、飞猪、钉钉等公司归类于“所有其他”。该季度“所有其他”收入为521.78亿元，但经调整EBITA亏损为15.82亿元。　　天天动听6亿美元、恒大足球2亿美元、UC浏览器43亿美元、高德地图11亿美元、饿了么95亿美元，简单相加157亿美元，折合人民币已超1120亿元；再加上高鑫零售超300亿港元（约合282亿元人民币）、银泰百货93亿人民币，已经接近1500亿元人民币。此外，无法精确量化的苏宁云商至少亏损数十亿人民币，盒马生鲜至少1.5亿美元（不计后续投资及后续扩张产生的亏损），可以说，阿里这些年的投资上交的“学费”已是千亿元级别。　　交了“学费”，终于想通了　　由于阿里财报中上述并购项目大多被整合至不同的事业群，具体到单个项目的亏损额很难从公开信息中得到精确数据。可以确认的是，这些项目在不同的时期和市场环境下都经历了不同程度的财务亏损，尤其是在激烈的市场竞争和高昂的运营成本下。　　而阿里业绩之所以未被上述亏损大幅拖累，则是因为淘宝天猫（以下简称“淘天”）为其赚取了大量利润。淘天一年GMV曾高达8万亿元，净利润达到2000亿元；这几年淘天为阿里贡献超过1万亿元净利润，如此家大业大，阿里亏得起。　　当然，对于阿里这样的庞然大物，投资有时候不能简单以盈亏论成败。除去天天动听、恒大足球、锤子手机等可能血本无归的项目，以及已于2023年实现全面盈利的盒马，阿里在这些亏损项目上的投资往往获得了更广泛的协同效益。　　以阿里2014年全面收购的高德为例。高德在收购后的初期经历了亏损，然而，随着时间推移和业务的优化，高德在阿里的生态系统中发挥了越来越重要的作用，特别是在本地生活服务、导航和地图数据服务方面。高德的用户基础和商业模式逐渐成熟，为阿里带来的间接和直接收益，无论是对阿里的整体战略布局，还是在移动端、O2O服务、广告以及与阿里其他业务如淘宝、支付宝的协同效应方面，当居于阿里投资回报前列。　　再如阿里2014年全资收购的UC浏览器。在收购后的初期，UC浏览器确实经历了亏损。市场竞争激烈，UC浏览器需要投入大量资源进行市场推广和技术研发以维持其市场地位。但从战略角度看，UC浏览器的收购也为阿里带来了多方面的好处：　　移动生态系统：UC浏览器帮助阿里在移动互联网市场迅速扩张，增强了其在移动搜索和内容分发领域的地位。　　流量入口：作为一个流量入口，UC浏览器为阿里的其他业务如电商、广告等提供了巨大的用户基础和流量来源。　　用户数据：UC浏览器积累了大量的用户数据，为阿里的广告和个性化服务提供了数据基础。　　因此，尽管在财务上可能表现为亏损，但从整体战略布局和长期利益来看，UC浏览器的收购对阿里而言，仍有显著的战略意义和潜在的盈利空间。特别是考虑到UC浏览器在移动端的市场份额及对阿里生态系统的贡献，它仍可被视为一项战略性的长远成功投资。　　当年，巅峰期的阿里，“打着望远镜都看不到对手”，看到什么赚钱就做什么，出手大方豪阔，自然不在话下。　　回顾2016年，马云提出“五新”战略，包括新零售、新金融等。2017年，阿里开始执行这一战略，时任CEO张勇担任“五新”执行委员会主席，推动线上线下融合的新零售模式。银泰百货是阿里新零售战略的重要部分，阿里也由此开启了零售领域疯狂的买买买模式。　　但是，世易事移，由于过去对市场的误判，阿里错失了下沉市场先机，新零售业务也面临着巨大的挑战。　　而今，在京东（JD）、拼多多（PDD）、抖音电商等对手的冲击下，阿里在萎缩的市场份额面前，终于“幡然醒悟”，回归主业，专注两大核心业务：电商和云计算，强调AI驱动的战略；重估新零售的战略方向。　　阿里前董事长和CEO张勇，于2023年6月20日离职，二职分别由蔡崇信和吴泳铭于2023年9月10日接任，则是阿里内部反思和纠偏的明确信号。　　2024年，阿里高管曾在财报会上表示，公司资产负债表上仍有许多非核心实体零售业务，出售这些业务是合理之举。　　此次出售银泰百货，是阿里在非核心资产上的又一重磅减负动作。尽管从表面上看这是一笔“巨亏”交易，但业内人士认为，阿里对银泰的投资是战略性的，银泰的使命在于推广阿里生态系统的应用，帮助其主业尤其是天猫扩展，其带来的间接收益如支付宝在线下商场的推广、高端品牌进入天猫等，价值远超93亿元。　　出售银泰外，高鑫零售亦在今年9月27日短暂停牌。公司在公告中提到，高鑫零售接获一名有意要约人的接触函。据此似可推断，高鑫零售或许正是阿里下一个要出售的实体零售业务。（文章来源：财中社）","news_type":1,"symbols_score_info":{"BABA":1,"09988":0.6}},"isVote":1,"tweetType":1,"viewCount":2390,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":369860562735536,"gmtCreate":1731338679611,"gmtModify":1731338680762,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471640751615859","idStr":"3471640751615859"},"themes":[],"htmlText":"带着任务来搞笑的","listText":"带着任务来搞笑的","text":"带着任务来搞笑的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369860562735536","repostId":"2482802201","repostType":2,"repost":{"id":"2482802201","kind":"news","pubTimestamp":1731321780,"share":"https://www.laohu8.com/m/news/2482802201?lang=&edition=full","pubTime":"2024-11-11 18:43","market":"fut","language":"zh","title":"富瑞：维持中芯国际“持有”评级 目标价升至27港元","url":"https://stock-news.laohu8.com/highlight/detail?id=2482802201","media":"新浪港股","summary":"　　富瑞发布研究报告称，维持中芯国际“持有”评级，H股目标价则从18港元升至27港元。　　富瑞表示，注意到中国出台的一系列支持政策，以及市场对晶圆代工本地化生产率进一步提高的正面情绪，推动中芯近期股价上扬，但提醒投资者要留意长期股本回报，强调行业供过于求的风险仍存在。","content":"<html><body><div>\n<div>\n<div>\n<img src=\"http://image.sinajs.cn/n/hk/min/640x360xxfhd/00981.png\"/>\n</div>\n<div>\n<div>\n<span>热点栏目</span>\n<s></s>\n自选股\n数据中心\n行情中心\n资金流向\n模拟交易\n</div>\n客户端\n</div>\n</div>\n<p>　　富瑞发布研究报告称，维持<span><a href=\"https://laohu8.com/S/688981\">中芯国际</a></span><span></span>（00981）“持有”评级，H股目标价则从18港元升至27港元。</p>\n<p>　　报告中称，受惠于产品组合改善及产能利用率提升，带动产品平均售价增长，令<a href=\"https://laohu8.com/S/00981\">中芯国际</a>第三季毛利率按季提升6.5个百分点，超出预期，收入则大致符合预期，增长至21.7亿美元。期内中芯纯利同比增长58%至1.49亿美元，较市场及该行预期分别低25%及17%。富瑞认为是由于非控股权益的影响大于预期。</p>\n<p>　　富瑞表示，注意到中国出台的一系列支持政策，以及市场对晶圆代工本地化生产率进一步提高的正面情绪，推动中芯近期股价上扬，但提醒投资者要留意长期股本回报，强调行业供过于求的风险仍存在。</p>\n<div></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：史丽君 </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>富瑞：维持中芯国际“持有”评级 目标价升至27港元</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{ 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Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00981":"中芯国际"},"source_url":"https://finance.sina.com.cn/stock/hkstock/hkgg/2024-11-11/doc-incvsusx2357652.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2482802201","content_text":"热点栏目\n\n自选股\n数据中心\n行情中心\n资金流向\n模拟交易\n\n客户端\n\n\n　　富瑞发布研究报告称，维持中芯国际（00981）“持有”评级，H股目标价则从18港元升至27港元。\n　　报告中称，受惠于产品组合改善及产能利用率提升，带动产品平均售价增长，令中芯国际第三季毛利率按季提升6.5个百分点，超出预期，收入则大致符合预期，增长至21.7亿美元。期内中芯纯利同比增长58%至1.49亿美元，较市场及该行预期分别低25%及17%。富瑞认为是由于非控股权益的影响大于预期。\n　　富瑞表示，注意到中国出台的一系列支持政策，以及市场对晶圆代工本地化生产率进一步提高的正面情绪，推动中芯近期股价上扬，但提醒投资者要留意长期股本回报，强调行业供过于求的风险仍存在。\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：史丽君","news_type":1,"symbols_score_info":{"00981":1}},"isVote":1,"tweetType":1,"viewCount":2533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":359052016791768,"gmtCreate":1728699667691,"gmtModify":1728699669910,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471640751615859","idStr":"3471640751615859"},"themes":[],"htmlText":"有大漂亮陪跑，我们能飞起来[开心]&nbsp;&nbsp;","listText":"有大漂亮陪跑，我们能飞起来[开心]&nbsp;&nbsp;","text":"有大漂亮陪跑，我们能飞起来[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359052016791768","repostId":"2474078556","repostType":2,"isVote":1,"tweetType":1,"viewCount":1427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":354023048720600,"gmtCreate":1727448670331,"gmtModify":1727450084111,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471640751615859","idStr":"3471640751615859"},"themes":[],"htmlText":"卖家会锤💩你","listText":"卖家会锤💩你","text":"卖家会锤💩你","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/354023048720600","isVote":1,"tweetType":1,"viewCount":2685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":635277307,"gmtCreate":1647043685908,"gmtModify":1647043685908,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3471640751615859","authorIdStr":"3471640751615859"},"themes":[],"htmlText":"<a 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几百亿砸向BABA的南下资金，不如你一条洗🐶？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/484656199966864","repostId":"2571794395","repostType":2,"repost":{"id":"2571794395","kind":"news","pubTimestamp":1759196704,"share":"https://www.laohu8.com/m/news/2571794395?lang=&edition=full","pubTime":"2025-09-30 09:45","market":"hk","language":"zh","title":"数据打脸？骑手APP告诉你：即时零售的真正王者到底是谁！","url":"https://stock-news.laohu8.com/highlight/detail?id=2571794395","media":"锐艺商业","summary":"运力，才是即时零售战场上最硬的通货。这意味着，在即时零售的“供给侧”，美团能动用的活跃运力网络，拥有压倒性的规模优势。其中，美团全职骑手APP以人均每日290分钟高居榜首，远超蜂鸟专送APP的235分钟。甚至美团的众包骑手APP也达到了153分钟。这两组数据指向一个核心事实：无论是骑手数量，还是骑手的在线投入时长，美团都建立了坚实的壁垒。即时零售的本质，是“零售”与“即时物流”的深度融合。","content":"<html><body><article><p>运力，才是即时零售战场上最硬的通货。</p><p>近日，随着<a href=\"https://laohu8.com/S/BABA\">阿里</a>掌门人蒋凡公开表示“<a href=\"https://laohu8.com/S/09988\">阿里</a>市场份额已实现领先”，而<a href=\"https://laohu8.com/S/MPNGY\">美团</a>大将王莆中则选择沉默，一场关于“即时零售一哥”之争的口水战被推至台前。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250930101448829v163z4y92juhs6h\"/><p>大佬隔空喊话，资本市场雾里看花，一时间，消费者也迷糊了：我天天用的这些平台，到底谁才是真正的老大？</p><p>口号可以喊，战略可以讲，但有一个最朴素的指标，往往最能反映战局的真实情况——那就是骑手端的数据。</p><p>毕竟，订单最终要靠骑手的一单一跑来完成。骑手在哪里聚集，哪里活跃度最高，订单的源头就在哪里。</p><p>我们不妨抛开公关话术，直接看向第三方数据机构QM的骑手APP洞察。这组数据，或许能为我们拨开迷雾。</p><p>///</p><p>运力不会说谎：<a href=\"https://laohu8.com/S/03690\">美团</a>的骑手生态依然“底盘”稳固</p><p>数据是最客观的裁判。8月份的数据显示：</p><p>1、在骑手规模上</p><p>主打众包模式的美团骑手APP，日活跃用户（DAU）高达490万。这个数字是什么概念？</p><p>它是阿里旗下“蜂鸟众包”APP的2倍，更是<a href=\"https://laohu8.com/S/JD\">京东</a>到家骑手APP的3倍。这意味着，在即时零售的“供给侧”，美团能动用的活跃运力网络，拥有压倒性的规模优势。</p><p>2、在骑手粘性上</p><p>衡量骑手投入程度的“人均单日使用时长”指标，美团同样领先。其中，美团全职骑手APP以人均每日290分钟（近5小时）高居榜首，远超蜂鸟专送APP的235分钟。甚至美团的众包骑手APP也达到了153分钟。</p><p>这两组数据指向一个核心事实：无论是骑手数量，还是骑手的在线投入时长，美团都建立了坚实的壁垒。更多的骑手意味着更广泛的覆盖和更快的响应速度；更长的在线时长则意味着运力池更稳定、更可靠。这直接决定了平台履约能力的上限。</p><p>///</p><p>深度解析：为何“运力”是决胜负的关键？</p><p>即时零售的本质，是“零售”与“即时物流”的深度融合。商品可以整合，流量可以购买，但一张高效、密集、响应迅速的即时配送网络，绝非一朝一夕可以<a href=\"https://laohu8.com/S/01630\">建成</a>。</p><p>1、美团的“高频打低频”逻辑依然有效</p><p>外卖是最高频的即时零售需求，它像一条永不干涸的河流，滋养着庞大的骑手队伍。基于外卖建立的运力网络，可以近乎零成本地复用给鲜花、药品、零食等零售业务，形成强大的协同效应。</p><p>阿里（饿了么）虽然也在努力拓展非餐业务，但其在外卖基本盘上相对弱势，导致其运力网络的“活水”来源不如美团充沛。</p><p>2、“众包+专送”双轮驱动的生态优势</p><p>数据显示中，美团无论是众包骑手的活跃度还是专送骑手的忠诚度都表现优异。这种混合模式兼具了弹性（应对波峰波谷）和稳定性（保障核心商圈和服务质量），构成了一个更有韧性的运力生态系统。</p><p>3、从“送外卖”到“送万物”，信任的迁移</p><p>用户对“准时”的极度敏感，培养出了对配送平台的信任。当用户想买一瓶水、一盒电池时，他本能会选择那个最能“准时”送到外卖的平台。这种由高频服务建立的信任感，会自然迁移到低频但更广阔的即时零售场景中。</p><p>///</p><p>领跑者依然是美团，但战争远未结束</p><p>蒋凡的“领先”宣言，并非空穴来风。它反映了阿里在整合饿了么、淘鲜达、盒马等资源后，在SKU丰富度、品牌商合作和流量导入上取得的显著进展。京东则依托其强大的供应链基础，在3C、家电等品类上具有独特优势。</p><p>然而，当前的战局表明，美团凭借其根深蒂固的运力网络和用户心智，在即时零售的“即时”这一核心维度上，依然保持着领跑地位。</p><p>王莆中的“不吭声”，或许正是一种基于实力沉淀的自信，因为数据已经替他发声。</p><p>未来的竞争，将是“商品力”与“履约力”的双重比拼。阿里、京东需要思考如何补足运力网络的短板；而美团则需要证明自己不仅能“送得快”，还能“货更全”、“价更优”。</p><p>那么，对于未来，你更看好谁呢？</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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数据打脸？骑手APP告诉你：即时零售的真正王者到底是谁！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-30 09:45 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250930101450a44d769e&s=b><strong>锐艺商业</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>运力，才是即时零售战场上最硬的通货。近日，随着阿里掌门人蒋凡公开表示“阿里市场份额已实现领先”，而美团大将王莆中则选择沉默，一场关于“即时零售一哥”之争的口水战被推至台前。大佬隔空喊话，资本市场雾里看花，一时间，消费者也迷糊了：我天天用的这些平台，到底谁才是真正的老大？口号可以喊，战略可以讲，但有一个最朴素的指标，往往最能反映战局的真实情况——那就是骑手端的数据。毕竟，订单最终要靠骑手的一单一跑来...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250930101450a44d769e&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"83690":"美团-WR","89988":"阿里巴巴-WR","MPNGY":"美团ADR","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","HMTD.SI":"Meituan HK SDR 5to1","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc 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SGD"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250930101450a44d769e&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2571794395","content_text":"运力，才是即时零售战场上最硬的通货。近日，随着阿里掌门人蒋凡公开表示“阿里市场份额已实现领先”，而美团大将王莆中则选择沉默，一场关于“即时零售一哥”之争的口水战被推至台前。大佬隔空喊话，资本市场雾里看花，一时间，消费者也迷糊了：我天天用的这些平台，到底谁才是真正的老大？口号可以喊，战略可以讲，但有一个最朴素的指标，往往最能反映战局的真实情况——那就是骑手端的数据。毕竟，订单最终要靠骑手的一单一跑来完成。骑手在哪里聚集，哪里活跃度最高，订单的源头就在哪里。我们不妨抛开公关话术，直接看向第三方数据机构QM的骑手APP洞察。这组数据，或许能为我们拨开迷雾。///运力不会说谎：美团的骑手生态依然“底盘”稳固数据是最客观的裁判。8月份的数据显示：1、在骑手规模上主打众包模式的美团骑手APP，日活跃用户（DAU）高达490万。这个数字是什么概念？它是阿里旗下“蜂鸟众包”APP的2倍，更是京东到家骑手APP的3倍。这意味着，在即时零售的“供给侧”，美团能动用的活跃运力网络，拥有压倒性的规模优势。2、在骑手粘性上衡量骑手投入程度的“人均单日使用时长”指标，美团同样领先。其中，美团全职骑手APP以人均每日290分钟（近5小时）高居榜首，远超蜂鸟专送APP的235分钟。甚至美团的众包骑手APP也达到了153分钟。这两组数据指向一个核心事实：无论是骑手数量，还是骑手的在线投入时长，美团都建立了坚实的壁垒。更多的骑手意味着更广泛的覆盖和更快的响应速度；更长的在线时长则意味着运力池更稳定、更可靠。这直接决定了平台履约能力的上限。///深度解析：为何“运力”是决胜负的关键？即时零售的本质，是“零售”与“即时物流”的深度融合。商品可以整合，流量可以购买，但一张高效、密集、响应迅速的即时配送网络，绝非一朝一夕可以建成。1、美团的“高频打低频”逻辑依然有效外卖是最高频的即时零售需求，它像一条永不干涸的河流，滋养着庞大的骑手队伍。基于外卖建立的运力网络，可以近乎零成本地复用给鲜花、药品、零食等零售业务，形成强大的协同效应。阿里（饿了么）虽然也在努力拓展非餐业务，但其在外卖基本盘上相对弱势，导致其运力网络的“活水”来源不如美团充沛。2、“众包+专送”双轮驱动的生态优势数据显示中，美团无论是众包骑手的活跃度还是专送骑手的忠诚度都表现优异。这种混合模式兼具了弹性（应对波峰波谷）和稳定性（保障核心商圈和服务质量），构成了一个更有韧性的运力生态系统。3、从“送外卖”到“送万物”，信任的迁移用户对“准时”的极度敏感，培养出了对配送平台的信任。当用户想买一瓶水、一盒电池时，他本能会选择那个最能“准时”送到外卖的平台。这种由高频服务建立的信任感，会自然迁移到低频但更广阔的即时零售场景中。///领跑者依然是美团，但战争远未结束蒋凡的“领先”宣言，并非空穴来风。它反映了阿里在整合饿了么、淘鲜达、盒马等资源后，在SKU丰富度、品牌商合作和流量导入上取得的显著进展。京东则依托其强大的供应链基础，在3C、家电等品类上具有独特优势。然而，当前的战局表明，美团凭借其根深蒂固的运力网络和用户心智，在即时零售的“即时”这一核心维度上，依然保持着领跑地位。王莆中的“不吭声”，或许正是一种基于实力沉淀的自信，因为数据已经替他发声。未来的竞争，将是“商品力”与“履约力”的双重比拼。阿里、京东需要思考如何补足运力网络的短板；而美团则需要证明自己不仅能“送得快”，还能“货更全”、“价更优”。那么，对于未来，你更看好谁呢？","news_type":1,"symbols_score_info":{"83690":0.9,"89988":0.6,"ALBmain":0.6,"METmain":0.6,"09988":0.9,"MPNGY":0.6,"HBBD.SI":0.6,"HMTD.SI":0.6,"03690":0.9}},"isVote":1,"tweetType":1,"viewCount":839,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":474398422569024,"gmtCreate":1756851684473,"gmtModify":1756851686261,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3471640751615859","authorIdStr":"3471640751615859"},"themes":[],"htmlText":"果然是韭菜，送钱不要","listText":"果然是韭菜，送钱不要","text":"果然是韭菜，送钱不要","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/474398422569024","isVote":1,"tweetType":1,"viewCount":760,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":474396452975080,"gmtCreate":1756851624502,"gmtModify":1756851626332,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3471640751615859","authorIdStr":"3471640751615859"},"themes":[],"htmlText":"鼠目寸光","listText":"鼠目寸光","text":"鼠目寸光","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/474396452975080","isVote":1,"tweetType":1,"viewCount":872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":474399168586472,"gmtCreate":1756851602993,"gmtModify":1756851605021,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3471640751615859","authorIdStr":"3471640751615859"},"themes":[],"htmlText":"今年剑指180～200","listText":"今年剑指180～200","text":"今年剑指180～200","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/474399168586472","isVote":1,"tweetType":1,"viewCount":640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":468921912356976,"gmtCreate":1755513709599,"gmtModify":1755513711423,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3471640751615859","authorIdStr":"3471640751615859"},"themes":[],"htmlText":"推迟这么久，不是好兆头","listText":"推迟这么久，不是好兆头","text":"推迟这么久，不是好兆头","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/468921912356976","repostId":"2560903469","repostType":2,"repost":{"id":"2560903469","kind":"news","pubTimestamp":1755510363,"share":"https://www.laohu8.com/m/news/2560903469?lang=&edition=full","pubTime":"2025-08-18 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09:38","market":"hk","language":"zh","title":"大和：下调中芯国际(00981)评级至“沽售” 升目标价至29港元","url":"https://stock-news.laohu8.com/highlight/detail?id=2513798346","media":"智通财经","summary":"智通财经APP获悉，大和发布研报称，由于估值过高，下调中芯国际评级至“沽售”，目标价由27港元上调至29港元。同时基于该行与管理层同样关注需求透支可能对其2026年业务构成压力，下调对中芯国际明年业绩预测。该行指，中芯今年资本支出同比持平的指引令该行意外，因该行相信基于地缘政治问题导致其2020至2024年的异常高资本密集度，会在今年美国收紧出口管制生效而结束。","content":"<html><body><p>智通财经APP获悉，大和发布研报称，由于估值过高，下调<a href=\"https://laohu8.com/S/688981\">中芯国际</a>(00981)评级至“沽售”，目标价由27港元上调至29港元。同时基于该行与管理层同样关注需求透支可能对其2026年业务构成压力，下调对<a href=\"https://laohu8.com/S/00981\">中芯国际</a>明年业绩预测。该行称公司异常高且长的资本支出周期亦加重该行对折旧及地缘政治负担的担忧，可能对其结构性盈利能力构成压力。</p><p>该行指，中芯今年资本支出同比持平的指引令该行意外，因该行相信基于地缘政治问题导致其2020至2024年的异常高资本密集度，会在今年美国收紧出口管制生效而结束。该行不确定中芯会否在此高支出周期下继续建立传统产能，或是将传统产能转换为低效扩充的类似7纳米以作营运。但由于长期的折旧负担，持续高企的资本密集度将继续拖累其利润率，增加该行对折旧和地缘政治影响结构性盈利能力的主要担忧。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>大和：下调中芯国际(00981)评级至“沽售” 升目标价至29港元</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; 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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大和：下调中芯国际(00981)评级至“沽售” 升目标价至29港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-02-24 09:38 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1253211.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，大和发布研报称，由于估值过高，下调中芯国际(00981)评级至“沽售”，目标价由27港元上调至29港元。同时基于该行与管理层同样关注需求透支可能对其2026年业务构成压力，下调对中芯国际明年业绩预测。该行称公司异常高且长的资本支出周期亦加重该行对折旧及地缘政治负担的担忧，可能对其结构性盈利能力构成压力。该行指，中芯今年资本支出同比持平的指引令该行意外，因该行相信基于地缘政治问题...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1253211.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"688981":"中芯国际","00981":"中芯国际"},"source_url":"http://www.zhitongcaijing.com/content/detail/1253211.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2513798346","content_text":"智通财经APP获悉，大和发布研报称，由于估值过高，下调中芯国际(00981)评级至“沽售”，目标价由27港元上调至29港元。同时基于该行与管理层同样关注需求透支可能对其2026年业务构成压力，下调对中芯国际明年业绩预测。该行称公司异常高且长的资本支出周期亦加重该行对折旧及地缘政治负担的担忧，可能对其结构性盈利能力构成压力。该行指，中芯今年资本支出同比持平的指引令该行意外，因该行相信基于地缘政治问题导致其2020至2024年的异常高资本密集度，会在今年美国收紧出口管制生效而结束。该行不确定中芯会否在此高支出周期下继续建立传统产能，或是将传统产能转换为低效扩充的类似7纳米以作营运。但由于长期的折旧负担，持续高企的资本密集度将继续拖累其利润率，增加该行对折旧和地缘政治影响结构性盈利能力的主要担忧。","news_type":1,"symbols_score_info":{"688981":1,"00981":1}},"isVote":1,"tweetType":1,"viewCount":1767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":402687801827840,"gmtCreate":1739330999541,"gmtModify":1739331001229,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3471640751615859","authorIdStr":"3471640751615859"},"themes":[],"htmlText":"摩🐶急了[开心]&nbsp;&nbsp;","listText":"摩🐶急了[开心]&nbsp;&nbsp;","text":"摩🐶急了[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/402687801827840","repostId":"2510397198","repostType":2,"repost":{"id":"2510397198","kind":"news","pubTimestamp":1739330241,"share":"https://www.laohu8.com/m/news/2510397198?lang=&edition=full","pubTime":"2025-02-12 11:17","market":"hk","language":"zh","title":"大摩：维持中芯国际(00981)“减持”评级 目标价20.3港元","url":"https://stock-news.laohu8.com/highlight/detail?id=2510397198","media":"智通财经","summary":"智通财经APP获悉，摩根士丹利发布研究报告称，维持中芯国际“减持”评级，目标价20.3港元。大摩虽认同先进节点生产的强劲增长，但因2025年竞争加剧，仍对成熟节点业务表示担忧。中芯国际2025年市盈率为2倍，而ROAE为4.8%，该行认为并不具吸引力。大摩相信，中芯国际今年第一季的强劲表现将归功于中国消费补贴所带动的产品组合，以及先进节点生产的高晶圆价格。就全年而言，中芯国际预期收入增长将快于同业平均水平。","content":"<html><body><p>智通财经APP获悉，<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>发布研究报告称，维持<a href=\"https://laohu8.com/S/688981\">中芯国际</a>(00981)“减持”评级，目标价20.3港元。大摩虽认同先进节点生产的强劲增长，但因2025年竞争加剧，仍对成熟节点业务表示担忧。<a href=\"https://laohu8.com/S/00981\">中芯国际</a>2025年市盈率为2倍，而ROAE为4.8%，该行认为并不具吸引力。</p><p>报告中称，公司因产品组合改善，2025年首季营运指引目标超预期，同时积极的资本支出仍在继续。大摩相信，中芯国际今年第一季的强劲表现将归功于中国消费补贴所带动的产品组合，以及先进节点生产的高晶圆价格。就全年而言，中芯国际预期收入增长将快于同业平均水平。由于近年资本支出高企，大摩预期集团折旧将持续增长，这可能对其2025年利润率状况带来负面影响。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" 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href=http://www.zhitongcaijing.com/content/detail/1248730.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，摩根士丹利发布研究报告称，维持中芯国际(00981)“减持”评级，目标价20.3港元。大摩虽认同先进节点生产的强劲增长，但因2025年竞争加剧，仍对成熟节点业务表示担忧。中芯国际2025年市盈率为2倍，而ROAE为4.8%，该行认为并不具吸引力。报告中称，公司因产品组合改善，2025年首季营运指引目标超预期，同时积极的资本支出仍在继续。大摩相信，中芯国际今年第一季的强劲表现将...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1248730.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"688981":"中芯国际","00981":"中芯国际"},"source_url":"http://www.zhitongcaijing.com/content/detail/1248730.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2510397198","content_text":"智通财经APP获悉，摩根士丹利发布研究报告称，维持中芯国际(00981)“减持”评级，目标价20.3港元。大摩虽认同先进节点生产的强劲增长，但因2025年竞争加剧，仍对成熟节点业务表示担忧。中芯国际2025年市盈率为2倍，而ROAE为4.8%，该行认为并不具吸引力。报告中称，公司因产品组合改善，2025年首季营运指引目标超预期，同时积极的资本支出仍在继续。大摩相信，中芯国际今年第一季的强劲表现将归功于中国消费补贴所带动的产品组合，以及先进节点生产的高晶圆价格。就全年而言，中芯国际预期收入增长将快于同业平均水平。由于近年资本支出高企，大摩预期集团折旧将持续增长，这可能对其2025年利润率状况带来负面影响。","news_type":1,"symbols_score_info":{"688981":1,"00981":1}},"isVote":1,"tweetType":1,"viewCount":2596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":402214064853272,"gmtCreate":1739215570453,"gmtModify":1739215572682,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3471640751615859","authorIdStr":"3471640751615859"},"themes":[],"htmlText":"🐶东蹭DS热度[开心]&nbsp;&nbsp;","listText":"🐶东蹭DS热度[开心]&nbsp;&nbsp;","text":"🐶东蹭DS热度[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/402214064853272","repostId":"2510735858","repostType":2,"repost":{"id":"2510735858","kind":"highlight","weMediaInfo":{"introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"media_name":"金吾财讯","id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"pubTimestamp":1739186847,"share":"https://www.laohu8.com/m/news/2510735858?lang=&edition=full","pubTime":"2025-02-10 19:27","market":"other","language":"zh","title":"京东(JD)盘前涨超3% 京东云智算服务GCS接入DeepSeek","url":"https://stock-news.laohu8.com/highlight/detail?id=2510735858","media":"金吾财讯","summary":"金吾财讯 | 京东(JD)盘前涨超3%，截至发稿，报41.53美元。消息面上，继上线 DeepSeek-R1/V3模型，并支持通过言犀AI开发计算平台进行公有云部署，以及通过vGPU AI算力平台、DeepSeek大模型一体机进行私有化部署后，京东云将DeepSeek-R1模型的多个版本接入京东云智算服务GCS，助力初创公司和开发者松构建自己的AI应用，每小时低至1.89元。京东云智算服务GCS提供DeepSeek-R1模型预装环境，支持轻量级模型（1.5B-7B）、中级模型（32B）的参数模型环境，满足不同开发需求。","content":"<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/JD\">京东</a>(JD)盘前涨超3%，截至发稿，报41.53美元。消息面上，继上线 DeepSeek-R1/V3模型，并支持通过言犀AI开发计算平台进行公有云部署，以及通过vGPU AI算力平台、DeepSeek大模型一体机进行私有化部署后，京东云将DeepSeek-R1模型的多个版本接入京东云智算服务GCS，助力初创公司和开发者松构建自己的AI应用，每小时低至1.89元。京东云智算服务GCS提供DeepSeek-R1模型预装环境，支持轻量级模型（1.5B-7B）、中级模型（32B）的参数模型环境，满足不同开发需求。</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>京东(JD)盘前涨超3% 京东云智算服务GCS接入DeepSeek</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2025-02-10 19:27</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/JD\">京东</a>(JD)盘前涨超3%，截至发稿，报41.53美元。消息面上，继上线 DeepSeek-R1/V3模型，并支持通过言犀AI开发计算平台进行公有云部署，以及通过vGPU AI算力平台、DeepSeek大模型一体机进行私有化部署后，京东云将DeepSeek-R1模型的多个版本接入京东云智算服务GCS，助力初创公司和开发者松构建自己的AI应用，每小时低至1.89元。京东云智算服务GCS提供DeepSeek-R1模型预装环境，支持轻量级模型（1.5B-7B）、中级模型（32B）的参数模型环境，满足不同开发需求。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.szfiu.com/news/20210810/MGY3NWNiZjgxNDI5NTMwNTcxNw==.jpg","relate_stocks":{"JD":"京东","09618":"京东集团-SW"},"source_url":"285254","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2510735858","content_text":"金吾财讯 | 京东(JD)盘前涨超3%，截至发稿，报41.53美元。消息面上，继上线 DeepSeek-R1/V3模型，并支持通过言犀AI开发计算平台进行公有云部署，以及通过vGPU AI算力平台、DeepSeek大模型一体机进行私有化部署后，京东云将DeepSeek-R1模型的多个版本接入京东云智算服务GCS，助力初创公司和开发者松构建自己的AI应用，每小时低至1.89元。京东云智算服务GCS提供DeepSeek-R1模型预装环境，支持轻量级模型（1.5B-7B）、中级模型（32B）的参数模型环境，满足不同开发需求。","news_type":1,"symbols_score_info":{"09618":1,"JD":1}},"isVote":1,"tweetType":1,"viewCount":1855,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":402006869737688,"gmtCreate":1739153900698,"gmtModify":1739153902606,"author":{"id":"3471640751615859","authorId":"3471640751615859","name":"美股小小学生","avatar":"https://static.tigerbbs.com/061896513446687cea1fb8b1dab2ae13","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3471640751615859","authorIdStr":"3471640751615859"},"themes":[],"htmlText":"千年接盘侠、冤大头，ppt砖家缺乏创新勇气，拿来主义基因培育不出deepseek这样技术革新性企业","listText":"千年接盘侠、冤大头，ppt砖家缺乏创新勇气，拿来主义基因培育不出deepseek这样技术革新性企业","text":"千年接盘侠、冤大头，ppt砖家缺乏创新勇气，拿来主义基因培育不出deepseek这样技术革新性企业","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/402006869737688","repostId":"2509508659","repostType":2,"repost":{"id":"2509508659","kind":"news","pubTimestamp":1738990925,"share":"https://www.laohu8.com/m/news/2509508659?lang=&edition=full","pubTime":"2025-02-08 13:02","market":"hk","language":"zh","title":"阿里加码，2025年AI超级应用大战一触即发","url":"https://stock-news.laohu8.com/highlight/detail?id=2509508659","media":"刘宝丹","summary":"出击。","content":"<html><body><p>作者 | 刘宝丹</p>\n<p>编辑 | 黄昱</p>\n<p>一向喜欢投资AI大模型初创公司的阿里，在面对炙手可热的DeepSeek时，明确表示没有投资，这背后，阿里已经悄然下场，加码对AI To C的布局。</p>\n<p>近日，华尔街见闻获悉，人工智能科学家许主洪正式加入<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>，出任阿里集团副总裁，负责AI To C业务的多模态基础模型及Agents相关基础研究与应用解决方案。</p>\n<p>这是阿里第一次披露对C端业务招揽顶尖人才，背后的信号意义不言而喻。AI大模型的竞争本质上是一场人才的竞争，张一鸣亲自下场招揽顶级AI人才，才有了字节AI奋起直追，如今，阿里找来许主洪这个全球多模态大模型的领军人物，意味着，阿里的AI布局重点开始转向了。</p>\n<p>据悉，许主洪曾在新加坡南洋理工大学、新加坡管理大学担任教授，其发表的多篇“多模态预训练”主题论文引用数位列当年全球前五，他提出的预训练策略有效降低成本，影响了AI大模型的研发。</p>\n<p>AI应用市场的竞争日益激烈，面向C端市场，阿里正在下一盘大棋。</p>\n<p>去年底，阿里将AI应用“通义”从阿里云分拆出来，产品经理和相关工程团队等一并归入阿里智能信息事业群，后者成立于2021年，包括夸克、UC浏览器、书旗小说等产品。在内部，通义和夸克两个团队平级，阿里两大主力AI应用产品格局初现。</p>\n<p>2023年底，吴泳铭将夸克作为第一批战略级创新业，对夸克的定位是，在大模型时代，面向学生群体和年轻人，夸克有巨大机会能创造出的革新性搜索产品。但今年初，夸克升级品牌Slogan，改为2亿人的AI全能助手。</p>\n<p>从搜索产品到AI全能助手，夸克在阿里内部的战略重要性显著提升。随着通义并入阿里智能信息事业群，基于产品视角的动作也会越来越多。</p>\n<p>根据七麦数据最新发布的《2024年度实力AI产品榜单》，夸克App年度下载量超3.7亿。根据QuestMobile数据，截至2024年9月，通义月活308.85万，在AIGC应用中排名第10。</p>\n<p>1月中旬，阿里将To C硬件业务“天猫精灵”所在的智能互联事业群同样交给智能信息事业群总裁吴嘉，由他统管。华尔街见闻获悉，该团队的工作重点是新一代AI产品的规划定义，以及与夸克AI能力的融合。</p>\n<p>至此，阿里C端核心业务兵合一处，从应用层的通义、夸克等软件，到硬件端的天猫精灵等，均交到吴嘉手中。他最为人所知的成绩是做成了新一代移动搜索产品夸克，吴泳铭上任后，大胆起用了包括吴嘉在内的年轻管理层。这次，擅长产品的吴嘉又要在AI应用战场冲锋陷阵了。</p>\n<p>距离ChatGPT在全球出圈已经过去两年多，AI大模型的竞赛重点已经来到应用端。市场形势的改变倒逼阿里对AI布局作出调整，原本处于边缘化的C端应用开始走到前台。</p>\n<p>阿里对AI的布局主要有三个层面，首先，阿里云提供算力服务，同时拥有大型通义千问，可以提供大模型服务。其次，作为国内最大的电商平台，阿里将AI视为提升竞争能力的关键驱动力，应用在自身的生态场景。最后，阿里还进行了广泛的对外投资。</p>\n<p>然而，DeepSeek的崛起彻底改变了算力估值逻辑，其低成本和高性能引起行业对规模定律的反思；同时，阿里投资的独角兽公司中，月之暗面陷入仲裁风波，零一万物不再追求训练超级大模型，目前跑得最快的AI应用是豆包和DeepSeek。</p>\n<p>阿里的优势在于，具备AI产业链能力和资源优势，但在打造超级产品方面，缺乏经验，这也是阿里加码C端应用的一大挑战。</p>\n<p>事实上，阿里在AI爆发的前期，没有将C端作为重点，跟阿里自身的发展基因密切相关。作为电商平台，阿里更擅长B端业务，在过往的发展经历中，阿里也曾尝试社交类应用，但并没有成功。</p>\n<p>2025年将是AI大模型应用的关键之年，要想打造出AI时代的超级应用，阿里需要在AI大模型基础上作出前所未有的创新，这注定是一场难打的战役，留给阿里的时间不多了。</p><div>风险提示及免责条款</div>\n<div>\n            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。\n          </div>\n</body></html>","source":"awtmt_stock","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>阿里加码，2025年AI超级应用大战一触即发</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; 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class=\"title\">\n阿里加码，2025年AI超级应用大战一触即发\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-02-08 13:02 北京时间&nbsp;&nbsp;&nbsp;<a href=https://api.jianyuweb.com/apiv1/content/articles/3740642?extract=1><strong>刘宝丹</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者 | 刘宝丹\n编辑 | 黄昱\n一向喜欢投资AI大模型初创公司的阿里，在面对炙手可热的DeepSeek时，明确表示没有投资，这背后，阿里已经悄然下场，加码对AI To C的布局。\n近日，华尔街见闻获悉，人工智能科学家许主洪正式加入阿里巴巴，出任阿里集团副总裁，负责AI To C业务的多模态基础模型及Agents相关基础研究与应用解决方案。\n这是阿里第一次披露对C端业务招揽顶尖人才，背后的信号意义...</p>\n\n<a href=\"https://api.jianyuweb.com/apiv1/content/articles/3740642?extract=1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://wpimg-wscn.awtmt.com/6b3e6207-c0e7-4251-8b2b-c9d5367ab28d.jpeg","relate_stocks":{"LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 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C业务的多模态基础模型及Agents相关基础研究与应用解决方案。\n这是阿里第一次披露对C端业务招揽顶尖人才，背后的信号意义不言而喻。AI大模型的竞争本质上是一场人才的竞争，张一鸣亲自下场招揽顶级AI人才，才有了字节AI奋起直追，如今，阿里找来许主洪这个全球多模态大模型的领军人物，意味着，阿里的AI布局重点开始转向了。\n据悉，许主洪曾在新加坡南洋理工大学、新加坡管理大学担任教授，其发表的多篇“多模态预训练”主题论文引用数位列当年全球前五，他提出的预训练策略有效降低成本，影响了AI大模型的研发。\nAI应用市场的竞争日益激烈，面向C端市场，阿里正在下一盘大棋。\n去年底，阿里将AI应用“通义”从阿里云分拆出来，产品经理和相关工程团队等一并归入阿里智能信息事业群，后者成立于2021年，包括夸克、UC浏览器、书旗小说等产品。在内部，通义和夸克两个团队平级，阿里两大主力AI应用产品格局初现。\n2023年底，吴泳铭将夸克作为第一批战略级创新业，对夸克的定位是，在大模型时代，面向学生群体和年轻人，夸克有巨大机会能创造出的革新性搜索产品。但今年初，夸克升级品牌Slogan，改为2亿人的AI全能助手。\n从搜索产品到AI全能助手，夸克在阿里内部的战略重要性显著提升。随着通义并入阿里智能信息事业群，基于产品视角的动作也会越来越多。\n根据七麦数据最新发布的《2024年度实力AI产品榜单》，夸克App年度下载量超3.7亿。根据QuestMobile数据，截至2024年9月，通义月活308.85万，在AIGC应用中排名第10。\n1月中旬，阿里将To C硬件业务“天猫精灵”所在的智能互联事业群同样交给智能信息事业群总裁吴嘉，由他统管。华尔街见闻获悉，该团队的工作重点是新一代AI产品的规划定义，以及与夸克AI能力的融合。\n至此，阿里C端核心业务兵合一处，从应用层的通义、夸克等软件，到硬件端的天猫精灵等，均交到吴嘉手中。他最为人所知的成绩是做成了新一代移动搜索产品夸克，吴泳铭上任后，大胆起用了包括吴嘉在内的年轻管理层。这次，擅长产品的吴嘉又要在AI应用战场冲锋陷阵了。\n距离ChatGPT在全球出圈已经过去两年多，AI大模型的竞赛重点已经来到应用端。市场形势的改变倒逼阿里对AI布局作出调整，原本处于边缘化的C端应用开始走到前台。\n阿里对AI的布局主要有三个层面，首先，阿里云提供算力服务，同时拥有大型通义千问，可以提供大模型服务。其次，作为国内最大的电商平台，阿里将AI视为提升竞争能力的关键驱动力，应用在自身的生态场景。最后，阿里还进行了广泛的对外投资。\n然而，DeepSeek的崛起彻底改变了算力估值逻辑，其低成本和高性能引起行业对规模定律的反思；同时，阿里投资的独角兽公司中，月之暗面陷入仲裁风波，零一万物不再追求训练超级大模型，目前跑得最快的AI应用是豆包和DeepSeek。\n阿里的优势在于，具备AI产业链能力和资源优势，但在打造超级产品方面，缺乏经验，这也是阿里加码C端应用的一大挑战。\n事实上，阿里在AI爆发的前期，没有将C端作为重点，跟阿里自身的发展基因密切相关。作为电商平台，阿里更擅长B端业务，在过往的发展经历中，阿里也曾尝试社交类应用，但并没有成功。\n2025年将是AI大模型应用的关键之年，要想打造出AI时代的超级应用，阿里需要在AI大模型基础上作出前所未有的创新，这注定是一场难打的战役，留给阿里的时间不多了。风险提示及免责条款\n\n            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":{"09988":0.6,"BABA":1}},"isVote":1,"tweetType":1,"viewCount":1414,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}