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宝贝歪歪
06-01 13:46
对于99%的普通用户来说,服务质量雷同的大模型很快会沦为功能雷同的工具软件,那么用户在哪里能用上谁的大模型是看谁有流量的。这一天很快就会到来。PS:谁最容易产生AI使用场景和付费场景是最终定胜负的关键。
暴跌2万亿!
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15:30","market":"hk","language":"zh","title":"暴跌2万亿!","url":"https://stock-news.laohu8.com/highlight/detail?id=2639606596","media":"格隆汇","summary":"还行吗?","content":"<html><body><p>本文作者 | 深鹏</p><p><span><span>数据</span></span><span><span>支持 | 勾股大数据(www.gogudata.com)</span></span></p><p><img src=\"https://img3.gelonghui.com/b83a5-ab365baf-330d-4094-bb61-345e0812125b.jpg?guru_height=44&guru_width=1080&guru_size=6688\"/></p><p><span><span><span>经历了连日的下跌,周五<a href=\"https://laohu8.com/S/00700\">腾讯</a>终于反弹了。</span></span></span></p><p><span><span><span>游戏发布会上,</span></span><span><span>AI</span></span><span><span>相关内容较多,提振了市场情绪。</span></span></span></p><p><span><span><span>不过,去年</span></span><span><span>9</span></span><span><span>月时,其股价曾经冲高到</span></span><span><span>677</span></span><span><span>港元,距离</span></span><span><span>21</span></span><span><span>年的历史性高位,真的仅一步之遥。</span></span></span></p><p><span><span><span>那时的市场,对它充满信心,憧憬着历史新高的到来。</span></span></span></p><p><span><span><span>可惜的是,自此之后股价便掉头向下,至今已经跌去超过</span></span><span><span>30%</span></span><span><span>,市值蒸发超过</span></span><span><span>2</span></span><span><span>万亿港币。</span></span></span></p><p><img src=\"https://img3.gelonghui.com/54879-62f1e81e-bc52-4a51-bb2a-70d3e8a8bd18.jpg?guru_height=554&guru_width=865&guru_size=57506\"/></p><p><span><span><span>从走势上看,虽然中间有一些反弹,但下行趋势确实很明显。</span></span></span></p><p><span><span><span>吊诡的是,同一时期交出的财报并不难看</span></span><span><span>,</span></span><span><span>游戏收入稳健增长,广告业务增速亮眼,微信月活稳居</span></span><span><span>14</span></span><span><span>亿以上。</span></span></span></p><p><span><span><span>业绩在涨,股价在跌。</span></span></span></p><p><span><span><span>究竟是意料之外,还是情理之中?</span></span></span></p><h3><strong><span><font color=\"#3daad6\">01</font></span></strong></h3><h3><span><strong><span><font color=\"#3daad6\">怎么啦?</font></span></strong></span></h3><p><span><span><span>市值的下跌,虽然有一些交易层、资金层和政策层的原因,但最被广泛接受的解释,是其在</span></span><span><span>AI</span></span><span><span>上投入不足,进展缓慢。</span></span></span></p><p><span><span><span>毕竟,现在很多科技公司的估值溢价,只因两个字:</span></span><b><span><span>AI</span></span><span><span>。</span></span></b></span></p><p><span><span><span>有一张图很直观,元宝明显落后,这与微信在社交领域中的绝对垄断地位形成鲜明对比。</span></span></span></p><p><img src=\"https://img3.gelonghui.com/534af-291a9493-c9a7-4ff0-92f2-4ca160eed8de.jpg?guru_height=381&guru_width=579&guru_size=30932\"/></p><p><span><span><span>更不安的是,抖音系应用的用户时长占比在</span></span><span><span>2026</span></span><span><span>年</span></span><span><span>1</span></span><span><span>月达到</span></span><span><span>37.4%</span></span><span><span>,首次超过腾讯的</span></span><span><span>30.0%</span></span><span><span>。</span></span></span></p><p><span><span><span>从产业端的角度看,同行都在砸钱做</span></span><span><span>AI</span></span><span><span>算力投资,它却异常低调和克制。</span></span></span></p><p><span><span><span>2025</span></span><span><span>年,</span></span><span><span>其</span></span><span><span>资本开支</span></span><span><span>792</span></span><span><span>亿元,同比增长仅</span></span><span><span>3%</span></span><span><span>;同期字节跳动资本开支飙升至</span></span><span><span>1600</span></span><span><span>亿以上</span></span><span><span>,</span></span><span><span>26</span></span><span><span>年追加到</span></span><span><span>2000</span></span><span><span>亿,而<a href=\"https://laohu8.com/S/BABA\">阿里</a></span></span><span><span>3800</span></span><span><span>亿(未来数年累积)的资本开支,更是一度疯狂刷屏。</span></span></span></p><p><span><span><span>是没有钱吗?</span></span></span></p><p><span><span><span>当然不是。</span></span></span></p><p><span><span><span>刚公布的</span></span><span><span>26Q1</span></span><span><span>财报,其现金及等价物高达</span></span><span><span>2178</span></span><span><span>亿,超过<a href=\"https://laohu8.com/S/09988\">阿里</a>的</span></span><span><span>1315</span></span><span><span>亿,自由现金流(净流入)</span></span><span><span>567</span></span><span><span>亿,而阿里是净流出</span></span><span><span>173</span></span><span><span>亿。</span></span></span></p><p><span><span><span>现在,全球科技巨头都在疯狂砸钱买</span></span><span><span>GPU</span></span><span><span>,虽然屡遭质疑,并因此导致股价大幅下跌,但反过来说,如果不肯投钱,后果会是什么呢?</span></span></span></p><p><span><span><span>先发优势丧失!</span></span></span></p><p><span><span><span>这可能是</span></span><span><span>AI</span></span><span><span>投资最大的悖论:</span></span></span></p><p><span><span><span>烧钱,利润和现金流跌,但估值有溢价(尽管也经常面对质疑);不烧钱,利润和现金流保住,但估值溢价消失。</span></span></span></p><p><span><span><span>腾讯的</span></span><span><span>PE</span></span><span><span>(</span></span><span><span>TTM</span></span><span><span>)已经跌穿</span></span><span><span>15</span></span><span><span>倍,落后于阿里(约</span></span><span><span>20</span></span><span><span>倍)。</span></span></span></p><p><span><span><span>这种估值水位,已经滑向公用事业,不能说完全抹掉</span></span><span><span>AI</span></span><span><span>溢价,但即使有,也很小了。</span></span></span></p><p><span><span><span>当然,</span></span><span><span>也有观点认为,</span></span><span><span>这是</span></span><span><span>“等”字诀的体现</span></span><span><span>,</span></span><span><span>等算力成本下降,等国产替代成熟,等开源模型拉平差距</span></span><span><span>,</span></span><span><span>属于典型的</span></span><span><span>“追随者”策略</span></span><span><span>。</span></span></span></p><p><span><span><span>但</span></span><span><span>资本是势利眼</span></span><span><span>,</span></span><span><span>既然你</span></span><span><span>“投入不足”</span></span><span><span>,</span></span><span><span>那我就</span></span><span><span>“先走为敬”了,等你哪天“又行了”,我再回来。</span></span></span></p><h3><strong><span><font color=\"#3daad6\">02</font></span></strong></h3><h3><span><strong><span><font color=\"#3daad6\">旧路径</font></span></strong></span></h3><p><span><span><span>任何具体的经营行为、决策动作,其实都是战略层面的体现。</span></span></span></p><p><span><span><span>腾讯在战略上,一直以</span></span><span><span>“稳”著称。</span></span></span></p><p><span><span><span>将这种战略转化成具体的经营行为,一个是</span></span><span><span>“</span></span><b><span><span>对内做流量</span></span></b><span><span>”,</span><span>另一个是</span><span>“</span></span><b><span><span>对外做投资</span></span></b><span><span>”。</span></span></span></p><p><span><span><span>因为手握社交聊天工具这个天然流量王牌,以及社交、广告、游戏等天然的现金流工具,它当然有底气做这些行为。</span></span></span></p><p><span><span><span>2015</span></span><span><span>年,</span></span><span><span>小马哥</span></span><span><span>在全球合作伙伴大会上首次公开阐释了这一理念:</span></span><span><span>“我喜欢自留‘半条命’这个说法,把另外半条命交给合作伙伴。”</span></span></span></p><p><span><span><span>此后,这一表述成为</span></span><span><span>公司</span></span><span><span>战略思想的标签</span></span><span><span>:</span></span><b><span><span>只做自己最擅长的事情,把其他领域让给生态伙伴。</span></span></b></span></p><p><span><span><span>在</span></span><span><span>2016</span></span><span><span>年与清华大学经管学院院长的对谈中,</span></span><span><span>他</span></span><span><span>进一步阐述了这一理念的演化逻辑:</span></span><span><span>“几年前,腾讯的战略是不开放的,很多业务都自己做,好多都失败。我们电商做不过人家,卖掉了;搜索也一样。我们思考如何让各种物种在大树下成长?如何让大树变成一片森林?”</span></span></span></p><p><span><span><span>这套逻辑的底层是风险规避思维:与其在非核心领域与专业对手死磕,不如通过投资和合作建立生态。</span></span></span></p><p><span><span><span>这既是一种战略选择,也是一种资源约束下的生存智慧。</span></span></span></p><p><span><span><span>与</span></span><span><span>“半条命”理论相辅相成的,是</span></span><span><span>他</span></span><span><span>对</span></span><span><span>“速度”的独特理解。</span></span></span></p><p><span><span><span>在</span></span><span><span>2026</span></span><span><span>年初的员工大会上,</span></span><span><span>他</span></span><span><span>明确表示:</span></span><span><span>“每个企业的基因不同、体质不同,腾讯的风格就是稳扎稳打。”</span></span></span></p><p><span><span><span>他强调,在</span></span><span><span>AI</span></span><span><span>战略上,腾讯有自己的考虑和节奏,核心是“产品的长期竞争力和用户的体验”。</span></span></span></p><p><span><span><span>这种</span></span><span><span>“稳扎稳打”体现在具体的战略判断上。</span></span></span></p><p><span><span><span>面对外界对</span></span><span><span>AI</span></span><span><span>投入不足的质疑,</span></span><span><span>他</span></span><span><span>曾给出一个极具代表性的类比:</span></span><span><span>“对于工业革命而言,早一个月拿出电灯泡,在长周期维度下并不那么重要。”</span></span></span></p><p><span><span><span>这种理念与</span></span><span><span>其</span></span><span><span>核心业务的属性高度匹配:</span></span></span></p><p><span><span><span>社交和游戏业务具有极强的网络效应和用户粘性,一旦建立起优势,很难被颠覆。</span></span></span></p><p><span><span><span>因此,</span></span><span><span>他</span></span><span><span>有底气</span></span><span><span>“等一等”,让竞争对手先去试错,自己再择机入场。</span></span></span></p><p><span><span><span>在游戏、社交网络、支付领域,都曾验证过这一路径的有效性</span></span><span><span>,</span></span><span><span>也形成了</span></span><span><span>在核心业务上保持稳健,在新业务上保持克制</span></span><span><span>的经营风格。</span></span></span></p><h3><strong><span><font color=\"#3daad6\">03</font></span></strong></h3><h3><span><strong><span><font color=\"#3daad6\">开新路?</font></span></strong></span></h3><p><span><span><span>要说腾讯在</span></span><span><span>AI</span></span><span><span>上毫不作为,也不对。</span></span></span></p><p><span><span><span>从</span></span><span><span>公开信息</span></span><span><span>中</span></span><span><span>,</span></span><span><span>其</span></span><span><span>AI</span></span><span><span>领域投资</span></span><span><span>是有布局的,而且收益上还相当可以。</span></span></span></p><p><span><span><span>例如,</span></span><span><span>MiniMax</span></span><span><span>上市后回报</span></span><span><span>19.78</span></span><span><span>倍,<a href=\"https://laohu8.com/S/02513\">智谱</a>回报</span></span><span><span>36.6</span></span><span><span>倍,摩尔线程约</span></span><span><span>17</span></span><span><span>倍。</span></span></span></p><p><span><span><span>不过,在自建方面,确实没有太多动作。</span></span></span></p><p><span><span><span>暂时可以得出一个结论,他依然沿用过去的思维。</span></span></span></p><p><span><span><span>于是,最核心问题来了,过去的成功路径,是否还适用于</span></span><span><span>AI</span></span><span><span>时代呢?</span></span></span></p><p><span><span><span>说实话,现在还真的无法定论。</span></span></span></p><p><span><span><span>不过,这并不妨碍我们做一个推理,先声明,以下推理都是基于已经公开信息,无法穿透到企业内部,存在未尽事宜,仅供参考。</span></span></span></p><p><span><span><span>即:如果沿用</span></span><span><span>“给钱给流量”的做法,会呈现什么样的一个情景呢?</span></span></span></p><p><span><span><span>比如,如果看上了一个</span></span><span><span>AI</span></span><span><span>模型<a href=\"https://laohu8.com/S/V03.SI\">创业公司</a>,腾讯可以几十亿上百亿地入股,并把微信的流量都倒给它。</span></span></span></p><p><span><span><span>但创业公司拿到了钱,也拿到了流量,是否就可以成长为一个头部</span></span><span><span>AI</span></span><span><span>模型公司呢?</span></span></span></p><p><span><span><span>资金和流量当然是好东西,但最终也要取决于他们的模型能力,比如参数、训练效果、推理能力,还有具体的市占率、渗透率等等。</span></span></span></p><p><span><span><span>更直白的解释是,如果豆包的回答确实比元宝好,用户会无视微信里满屏的元宝接口,也不会介意从微信切换到豆包</span></span><span><span>APP</span></span><span><span>所浪费的时间。</span></span></span></p><p><span><span><span>不能说对外投资完全不行,因为</span></span><span><span>open AI</span></span><span><span>、</span></span><span><span>claude</span></span><span><span>就是成功例子。</span></span></span></p><p><span><span><span>问题只是,目前模型公司基本呈现三足鼎立的态势,美国是</span></span><span><span>open AI</span></span><span><span>、</span></span><span><span>claude</span></span><span><span>、</span></span><span><span>gemini</span></span><span><span>,中国是豆包、阿里和</span></span><span><span>DS</span></span><span><span>。</span></span></span></p><p><span><span><span>腾讯即便有机会入股这些公司,但股权占比不会高,主导权更别提了,而排名靠后的模型公司,价格很便宜,主导权也给你,但你还想要吗?</span></span></span></p><p><span><span><span>这让我不由得回想起当年<a href=\"https://laohu8.com/S/MSFT\">微软</a>收购<a href=\"https://laohu8.com/S/NOK\">诺基亚</a>。</span></span></span></p><p><span><span><span>这个经典的失败案例,说明当头部阵营(当年是</span></span><span><span>IOS</span></span><span><span>、安卓)确立之后,即使再有钱,技术能力也很顶级,也难撼动。</span></span></span></p><p><span><span><span>因为</span></span><span><span>IT</span></span><span><span>世界存在一个物理定律</span></span><span><span>--</span></span><b><span><span>赢家通吃</span></span></b><span><span>。</span></span></span></p><p><span><span><span>算力的问题,逻辑其实也一样,腾讯可以看上一些专门提供算力的公司(海外就有像</span></span><span><span>coreweave</span></span><span><span>这类纯算力出租商),然后大把大把地给钱,又给很多社交媒体流量,但这就能催生出一个大型</span></span><span><span>AI</span></span><span><span>云计算公司呢?</span></span></span></p><p><span><span><span>如果说模型还可以用</span></span><span><span>open AI</span></span><span><span>、</span></span><span><span>claude</span></span><span><span>扯一下,这个问题就没有“帮手”了。</span></span></span></p><p><span><span><span>因为,直到现在,大厂们全都是自己建算力,他们也会做一些外购,但比例都不高,用做暂时过渡或小比例互补。</span></span></span></p><p><span><span><span>正如硬币不可能同时呈现两面,对于自建算力这个事,烧钱的和不烧钱的,肯定有一个是错的。</span></span></span></p><p><span><span><span>至于微信流量,在算力这个事上,可以略过。</span></span></span></p><h3><strong><span><font color=\"#3daad6\">04</font></span></strong></h3><h3><span><strong><span><font color=\"#3daad6\">结语</font></span></strong></span></h3><p><span><span><span>说了这么多,不管逻辑自洽不自洽,其实还是得承认,市场讯息万变,答案并不是简单的</span></span><span><span>yes </span></span><span><span>或 </span></span><span><span>no</span></span><span><span>。</span></span></span></p><p><span><span><span>尤其是对于腾讯,钱又有,能力也不差。</span></span></span></p><p><span><span><span>还有一点很重要,那就是其庞大的数据资源,包括社交、娱乐、购物、支付、金融等等,涵盖了各个领域。</span></span></span></p><p><span><span><span>这些数据在</span></span><span><span>AI</span></span><span><span>时代价值连城,是训练和推理</span></span><span><span>AI</span></span><span><span>模型最重要的“原材料”。</span></span></span></p><p><span><span><span>因此,如果因为腾讯求稳,就说它不行了,也不尽然。</span></span></span></p><p><span><span><span>而且,他们已经正式对外宣布,</span></span><span><span>2026</span></span><span><span>年</span></span><span><span>AI</span></span><span><span>投入将“至少翻倍”,并调整资金优先级——减少回购,为</span></span><span><span>AI</span></span><span><span>算力让路。</span></span></span></p><p><span><span><span>回到股价,现在鹅厂和资本的博弈,确实很焦灼。</span></span></span></p><p><span><span><span>但我想,这对企业自身乃至整个</span></span><span><span>AI</span></span><span><span>产业、资本市场、投资者,甚至更广阔的领域,都绝不是坏事。</span></span></span></p><p><span><span><span>而且,任何人都不能排除,哪天它启动大改革,全力以赴做</span></span><span><span>AI</span></span><span><span>,逻辑反转,绝地反弹的可能性。</span></span></span></p><p><span><span><span>要知道,这种旧科技公司翻身的案例,在资本市场上并不少,例如<a href=\"https://laohu8.com/S/AAPL\">苹果</a>、微软。</span></span></span></p><p><span><span><span>因为很多时候,向左还是向右,就在老板的一念之间。</span></span></span></p><p><span><span><span>以资本的嗅觉,一旦他们觉得你逻辑反转了,扫货的速度,那就是超音速。</span></span></span></p><p><span><span><span>至于这场博弈终局会是如此,我们这里不再推测了,一切等时间证明吧。</span></span><span><span>(全文完)</span></span></span></p></body></html>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>暴跌2万亿!</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n暴跌2万亿!\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-30 15:30 北京时间 <a href=https://www.gelonghui.com/p/4989245><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本文作者 | 深鹏数据支持 | 勾股大数据(www.gogudata.com)经历了连日的下跌,周五腾讯终于反弹了。游戏发布会上,AI相关内容较多,提振了市场情绪。不过,去年9月时,其股价曾经冲高到677港元,距离21年的历史性高位,真的仅一步之遥。那时的市场,对它充满信心,憧憬着历史新高的到来。可惜的是,自此之后股价便掉头向下,至今已经跌去超过30%,市值蒸发超过2万亿港币。从走势上看,虽然...</p>\n\n<a href=\"https://www.gelonghui.com/p/4989245\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img3.gelonghui.com/192cd-95c90cf0-7720-4341-8632-9695efae6579.jpg?guru_height=5344&guru_width=9504&guru_size=2660124","relate_stocks":{"BK1502":"双十一","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 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勾股大数据(www.gogudata.com)经历了连日的下跌,周五腾讯终于反弹了。游戏发布会上,AI相关内容较多,提振了市场情绪。不过,去年9月时,其股价曾经冲高到677港元,距离21年的历史性高位,真的仅一步之遥。那时的市场,对它充满信心,憧憬着历史新高的到来。可惜的是,自此之后股价便掉头向下,至今已经跌去超过30%,市值蒸发超过2万亿港币。从走势上看,虽然中间有一些反弹,但下行趋势确实很明显。吊诡的是,同一时期交出的财报并不难看,游戏收入稳健增长,广告业务增速亮眼,微信月活稳居14亿以上。业绩在涨,股价在跌。究竟是意料之外,还是情理之中?01怎么啦?市值的下跌,虽然有一些交易层、资金层和政策层的原因,但最被广泛接受的解释,是其在AI上投入不足,进展缓慢。毕竟,现在很多科技公司的估值溢价,只因两个字:AI。有一张图很直观,元宝明显落后,这与微信在社交领域中的绝对垄断地位形成鲜明对比。更不安的是,抖音系应用的用户时长占比在2026年1月达到37.4%,首次超过腾讯的30.0%。从产业端的角度看,同行都在砸钱做AI算力投资,它却异常低调和克制。2025年,其资本开支792亿元,同比增长仅3%;同期字节跳动资本开支飙升至1600亿以上,26年追加到2000亿,而阿里3800亿(未来数年累积)的资本开支,更是一度疯狂刷屏。是没有钱吗?当然不是。刚公布的26Q1财报,其现金及等价物高达2178亿,超过阿里的1315亿,自由现金流(净流入)567亿,而阿里是净流出173亿。现在,全球科技巨头都在疯狂砸钱买GPU,虽然屡遭质疑,并因此导致股价大幅下跌,但反过来说,如果不肯投钱,后果会是什么呢?先发优势丧失!这可能是AI投资最大的悖论:烧钱,利润和现金流跌,但估值有溢价(尽管也经常面对质疑);不烧钱,利润和现金流保住,但估值溢价消失。腾讯的PE(TTM)已经跌穿15倍,落后于阿里(约20倍)。这种估值水位,已经滑向公用事业,不能说完全抹掉AI溢价,但即使有,也很小了。当然,也有观点认为,这是“等”字诀的体现,等算力成本下降,等国产替代成熟,等开源模型拉平差距,属于典型的“追随者”策略。但资本是势利眼,既然你“投入不足”,那我就“先走为敬”了,等你哪天“又行了”,我再回来。02旧路径任何具体的经营行为、决策动作,其实都是战略层面的体现。腾讯在战略上,一直以“稳”著称。将这种战略转化成具体的经营行为,一个是“对内做流量”,另一个是“对外做投资”。因为手握社交聊天工具这个天然流量王牌,以及社交、广告、游戏等天然的现金流工具,它当然有底气做这些行为。2015年,小马哥在全球合作伙伴大会上首次公开阐释了这一理念:“我喜欢自留‘半条命’这个说法,把另外半条命交给合作伙伴。”此后,这一表述成为公司战略思想的标签:只做自己最擅长的事情,把其他领域让给生态伙伴。在2016年与清华大学经管学院院长的对谈中,他进一步阐述了这一理念的演化逻辑:“几年前,腾讯的战略是不开放的,很多业务都自己做,好多都失败。我们电商做不过人家,卖掉了;搜索也一样。我们思考如何让各种物种在大树下成长?如何让大树变成一片森林?”这套逻辑的底层是风险规避思维:与其在非核心领域与专业对手死磕,不如通过投资和合作建立生态。这既是一种战略选择,也是一种资源约束下的生存智慧。与“半条命”理论相辅相成的,是他对“速度”的独特理解。在2026年初的员工大会上,他明确表示:“每个企业的基因不同、体质不同,腾讯的风格就是稳扎稳打。”他强调,在AI战略上,腾讯有自己的考虑和节奏,核心是“产品的长期竞争力和用户的体验”。这种“稳扎稳打”体现在具体的战略判断上。面对外界对AI投入不足的质疑,他曾给出一个极具代表性的类比:“对于工业革命而言,早一个月拿出电灯泡,在长周期维度下并不那么重要。”这种理念与其核心业务的属性高度匹配:社交和游戏业务具有极强的网络效应和用户粘性,一旦建立起优势,很难被颠覆。因此,他有底气“等一等”,让竞争对手先去试错,自己再择机入场。在游戏、社交网络、支付领域,都曾验证过这一路径的有效性,也形成了在核心业务上保持稳健,在新业务上保持克制的经营风格。03开新路?要说腾讯在AI上毫不作为,也不对。从公开信息中,其AI领域投资是有布局的,而且收益上还相当可以。例如,MiniMax上市后回报19.78倍,智谱回报36.6倍,摩尔线程约17倍。不过,在自建方面,确实没有太多动作。暂时可以得出一个结论,他依然沿用过去的思维。于是,最核心问题来了,过去的成功路径,是否还适用于AI时代呢?说实话,现在还真的无法定论。不过,这并不妨碍我们做一个推理,先声明,以下推理都是基于已经公开信息,无法穿透到企业内部,存在未尽事宜,仅供参考。即:如果沿用“给钱给流量”的做法,会呈现什么样的一个情景呢?比如,如果看上了一个AI模型创业公司,腾讯可以几十亿上百亿地入股,并把微信的流量都倒给它。但创业公司拿到了钱,也拿到了流量,是否就可以成长为一个头部AI模型公司呢?资金和流量当然是好东西,但最终也要取决于他们的模型能力,比如参数、训练效果、推理能力,还有具体的市占率、渗透率等等。更直白的解释是,如果豆包的回答确实比元宝好,用户会无视微信里满屏的元宝接口,也不会介意从微信切换到豆包APP所浪费的时间。不能说对外投资完全不行,因为open AI、claude就是成功例子。问题只是,目前模型公司基本呈现三足鼎立的态势,美国是open AI、claude、gemini,中国是豆包、阿里和DS。腾讯即便有机会入股这些公司,但股权占比不会高,主导权更别提了,而排名靠后的模型公司,价格很便宜,主导权也给你,但你还想要吗?这让我不由得回想起当年微软收购诺基亚。这个经典的失败案例,说明当头部阵营(当年是IOS、安卓)确立之后,即使再有钱,技术能力也很顶级,也难撼动。因为IT世界存在一个物理定律--赢家通吃。算力的问题,逻辑其实也一样,腾讯可以看上一些专门提供算力的公司(海外就有像coreweave这类纯算力出租商),然后大把大把地给钱,又给很多社交媒体流量,但这就能催生出一个大型AI云计算公司呢?如果说模型还可以用open AI、claude扯一下,这个问题就没有“帮手”了。因为,直到现在,大厂们全都是自己建算力,他们也会做一些外购,但比例都不高,用做暂时过渡或小比例互补。正如硬币不可能同时呈现两面,对于自建算力这个事,烧钱的和不烧钱的,肯定有一个是错的。至于微信流量,在算力这个事上,可以略过。04结语说了这么多,不管逻辑自洽不自洽,其实还是得承认,市场讯息万变,答案并不是简单的yes 或 no。尤其是对于腾讯,钱又有,能力也不差。还有一点很重要,那就是其庞大的数据资源,包括社交、娱乐、购物、支付、金融等等,涵盖了各个领域。这些数据在AI时代价值连城,是训练和推理AI模型最重要的“原材料”。因此,如果因为腾讯求稳,就说它不行了,也不尽然。而且,他们已经正式对外宣布,2026年AI投入将“至少翻倍”,并调整资金优先级——减少回购,为AI算力让路。回到股价,现在鹅厂和资本的博弈,确实很焦灼。但我想,这对企业自身乃至整个AI产业、资本市场、投资者,甚至更广阔的领域,都绝不是坏事。而且,任何人都不能排除,哪天它启动大改革,全力以赴做AI,逻辑反转,绝地反弹的可能性。要知道,这种旧科技公司翻身的案例,在资本市场上并不少,例如苹果、微软。因为很多时候,向左还是向右,就在老板的一念之间。以资本的嗅觉,一旦他们觉得你逻辑反转了,扫货的速度,那就是超音速。至于这场博弈终局会是如此,我们这里不再推测了,一切等时间证明吧。(全文完)","news_type":1,"symbols_score_info":{"HTCD.SI":0.6,"TCEHY":1.97,"00700":1.97}},"isVote":1,"tweetType":1,"viewCount":1,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":570515660349656,"gmtCreate":1780292792820,"gmtModify":1780294136772,"author":{"id":"3474922744686452","authorId":"3474922744686452","name":"宝贝歪歪","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3474922744686452","authorIdStr":"3474922744686452"},"themes":[],"title":"","htmlText":"对于99%的普通用户来说,服务质量雷同的大模型很快会沦为功能雷同的工具软件,那么用户在哪里能用上谁的大模型是看谁有流量的。这一天很快就会到来。PS:谁最容易产生AI使用场景和付费场景是最终定胜负的关键。","listText":"对于99%的普通用户来说,服务质量雷同的大模型很快会沦为功能雷同的工具软件,那么用户在哪里能用上谁的大模型是看谁有流量的。这一天很快就会到来。PS:谁最容易产生AI使用场景和付费场景是最终定胜负的关键。","text":"对于99%的普通用户来说,服务质量雷同的大模型很快会沦为功能雷同的工具软件,那么用户在哪里能用上谁的大模型是看谁有流量的。这一天很快就会到来。PS:谁最容易产生AI使用场景和付费场景是最终定胜负的关键。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/570515660349656","repostId":"2639606596","repostType":2,"repost":{"id":"2639606596","kind":"highlight","pubTimestamp":1780126241,"share":"https://www.laohu8.com/m/news/2639606596?lang=zh_CN&edition=full","pubTime":"2026-05-30 15:30","market":"hk","language":"zh","title":"暴跌2万亿!","url":"https://stock-news.laohu8.com/highlight/detail?id=2639606596","media":"格隆汇","summary":"还行吗?","content":"<html><body><p>本文作者 | 深鹏</p><p><span><span>数据</span></span><span><span>支持 | 勾股大数据(www.gogudata.com)</span></span></p><p><img src=\"https://img3.gelonghui.com/b83a5-ab365baf-330d-4094-bb61-345e0812125b.jpg?guru_height=44&guru_width=1080&guru_size=6688\"/></p><p><span><span><span>经历了连日的下跌,周五<a href=\"https://laohu8.com/S/00700\">腾讯</a>终于反弹了。</span></span></span></p><p><span><span><span>游戏发布会上,</span></span><span><span>AI</span></span><span><span>相关内容较多,提振了市场情绪。</span></span></span></p><p><span><span><span>不过,去年</span></span><span><span>9</span></span><span><span>月时,其股价曾经冲高到</span></span><span><span>677</span></span><span><span>港元,距离</span></span><span><span>21</span></span><span><span>年的历史性高位,真的仅一步之遥。</span></span></span></p><p><span><span><span>那时的市场,对它充满信心,憧憬着历史新高的到来。</span></span></span></p><p><span><span><span>可惜的是,自此之后股价便掉头向下,至今已经跌去超过</span></span><span><span>30%</span></span><span><span>,市值蒸发超过</span></span><span><span>2</span></span><span><span>万亿港币。</span></span></span></p><p><img src=\"https://img3.gelonghui.com/54879-62f1e81e-bc52-4a51-bb2a-70d3e8a8bd18.jpg?guru_height=554&guru_width=865&guru_size=57506\"/></p><p><span><span><span>从走势上看,虽然中间有一些反弹,但下行趋势确实很明显。</span></span></span></p><p><span><span><span>吊诡的是,同一时期交出的财报并不难看</span></span><span><span>,</span></span><span><span>游戏收入稳健增长,广告业务增速亮眼,微信月活稳居</span></span><span><span>14</span></span><span><span>亿以上。</span></span></span></p><p><span><span><span>业绩在涨,股价在跌。</span></span></span></p><p><span><span><span>究竟是意料之外,还是情理之中?</span></span></span></p><h3><strong><span><font color=\"#3daad6\">01</font></span></strong></h3><h3><span><strong><span><font color=\"#3daad6\">怎么啦?</font></span></strong></span></h3><p><span><span><span>市值的下跌,虽然有一些交易层、资金层和政策层的原因,但最被广泛接受的解释,是其在</span></span><span><span>AI</span></span><span><span>上投入不足,进展缓慢。</span></span></span></p><p><span><span><span>毕竟,现在很多科技公司的估值溢价,只因两个字:</span></span><b><span><span>AI</span></span><span><span>。</span></span></b></span></p><p><span><span><span>有一张图很直观,元宝明显落后,这与微信在社交领域中的绝对垄断地位形成鲜明对比。</span></span></span></p><p><img src=\"https://img3.gelonghui.com/534af-291a9493-c9a7-4ff0-92f2-4ca160eed8de.jpg?guru_height=381&guru_width=579&guru_size=30932\"/></p><p><span><span><span>更不安的是,抖音系应用的用户时长占比在</span></span><span><span>2026</span></span><span><span>年</span></span><span><span>1</span></span><span><span>月达到</span></span><span><span>37.4%</span></span><span><span>,首次超过腾讯的</span></span><span><span>30.0%</span></span><span><span>。</span></span></span></p><p><span><span><span>从产业端的角度看,同行都在砸钱做</span></span><span><span>AI</span></span><span><span>算力投资,它却异常低调和克制。</span></span></span></p><p><span><span><span>2025</span></span><span><span>年,</span></span><span><span>其</span></span><span><span>资本开支</span></span><span><span>792</span></span><span><span>亿元,同比增长仅</span></span><span><span>3%</span></span><span><span>;同期字节跳动资本开支飙升至</span></span><span><span>1600</span></span><span><span>亿以上</span></span><span><span>,</span></span><span><span>26</span></span><span><span>年追加到</span></span><span><span>2000</span></span><span><span>亿,而<a href=\"https://laohu8.com/S/BABA\">阿里</a></span></span><span><span>3800</span></span><span><span>亿(未来数年累积)的资本开支,更是一度疯狂刷屏。</span></span></span></p><p><span><span><span>是没有钱吗?</span></span></span></p><p><span><span><span>当然不是。</span></span></span></p><p><span><span><span>刚公布的</span></span><span><span>26Q1</span></span><span><span>财报,其现金及等价物高达</span></span><span><span>2178</span></span><span><span>亿,超过<a href=\"https://laohu8.com/S/09988\">阿里</a>的</span></span><span><span>1315</span></span><span><span>亿,自由现金流(净流入)</span></span><span><span>567</span></span><span><span>亿,而阿里是净流出</span></span><span><span>173</span></span><span><span>亿。</span></span></span></p><p><span><span><span>现在,全球科技巨头都在疯狂砸钱买</span></span><span><span>GPU</span></span><span><span>,虽然屡遭质疑,并因此导致股价大幅下跌,但反过来说,如果不肯投钱,后果会是什么呢?</span></span></span></p><p><span><span><span>先发优势丧失!</span></span></span></p><p><span><span><span>这可能是</span></span><span><span>AI</span></span><span><span>投资最大的悖论:</span></span></span></p><p><span><span><span>烧钱,利润和现金流跌,但估值有溢价(尽管也经常面对质疑);不烧钱,利润和现金流保住,但估值溢价消失。</span></span></span></p><p><span><span><span>腾讯的</span></span><span><span>PE</span></span><span><span>(</span></span><span><span>TTM</span></span><span><span>)已经跌穿</span></span><span><span>15</span></span><span><span>倍,落后于阿里(约</span></span><span><span>20</span></span><span><span>倍)。</span></span></span></p><p><span><span><span>这种估值水位,已经滑向公用事业,不能说完全抹掉</span></span><span><span>AI</span></span><span><span>溢价,但即使有,也很小了。</span></span></span></p><p><span><span><span>当然,</span></span><span><span>也有观点认为,</span></span><span><span>这是</span></span><span><span>“等”字诀的体现</span></span><span><span>,</span></span><span><span>等算力成本下降,等国产替代成熟,等开源模型拉平差距</span></span><span><span>,</span></span><span><span>属于典型的</span></span><span><span>“追随者”策略</span></span><span><span>。</span></span></span></p><p><span><span><span>但</span></span><span><span>资本是势利眼</span></span><span><span>,</span></span><span><span>既然你</span></span><span><span>“投入不足”</span></span><span><span>,</span></span><span><span>那我就</span></span><span><span>“先走为敬”了,等你哪天“又行了”,我再回来。</span></span></span></p><h3><strong><span><font color=\"#3daad6\">02</font></span></strong></h3><h3><span><strong><span><font color=\"#3daad6\">旧路径</font></span></strong></span></h3><p><span><span><span>任何具体的经营行为、决策动作,其实都是战略层面的体现。</span></span></span></p><p><span><span><span>腾讯在战略上,一直以</span></span><span><span>“稳”著称。</span></span></span></p><p><span><span><span>将这种战略转化成具体的经营行为,一个是</span></span><span><span>“</span></span><b><span><span>对内做流量</span></span></b><span><span>”,</span><span>另一个是</span><span>“</span></span><b><span><span>对外做投资</span></span></b><span><span>”。</span></span></span></p><p><span><span><span>因为手握社交聊天工具这个天然流量王牌,以及社交、广告、游戏等天然的现金流工具,它当然有底气做这些行为。</span></span></span></p><p><span><span><span>2015</span></span><span><span>年,</span></span><span><span>小马哥</span></span><span><span>在全球合作伙伴大会上首次公开阐释了这一理念:</span></span><span><span>“我喜欢自留‘半条命’这个说法,把另外半条命交给合作伙伴。”</span></span></span></p><p><span><span><span>此后,这一表述成为</span></span><span><span>公司</span></span><span><span>战略思想的标签</span></span><span><span>:</span></span><b><span><span>只做自己最擅长的事情,把其他领域让给生态伙伴。</span></span></b></span></p><p><span><span><span>在</span></span><span><span>2016</span></span><span><span>年与清华大学经管学院院长的对谈中,</span></span><span><span>他</span></span><span><span>进一步阐述了这一理念的演化逻辑:</span></span><span><span>“几年前,腾讯的战略是不开放的,很多业务都自己做,好多都失败。我们电商做不过人家,卖掉了;搜索也一样。我们思考如何让各种物种在大树下成长?如何让大树变成一片森林?”</span></span></span></p><p><span><span><span>这套逻辑的底层是风险规避思维:与其在非核心领域与专业对手死磕,不如通过投资和合作建立生态。</span></span></span></p><p><span><span><span>这既是一种战略选择,也是一种资源约束下的生存智慧。</span></span></span></p><p><span><span><span>与</span></span><span><span>“半条命”理论相辅相成的,是</span></span><span><span>他</span></span><span><span>对</span></span><span><span>“速度”的独特理解。</span></span></span></p><p><span><span><span>在</span></span><span><span>2026</span></span><span><span>年初的员工大会上,</span></span><span><span>他</span></span><span><span>明确表示:</span></span><span><span>“每个企业的基因不同、体质不同,腾讯的风格就是稳扎稳打。”</span></span></span></p><p><span><span><span>他强调,在</span></span><span><span>AI</span></span><span><span>战略上,腾讯有自己的考虑和节奏,核心是“产品的长期竞争力和用户的体验”。</span></span></span></p><p><span><span><span>这种</span></span><span><span>“稳扎稳打”体现在具体的战略判断上。</span></span></span></p><p><span><span><span>面对外界对</span></span><span><span>AI</span></span><span><span>投入不足的质疑,</span></span><span><span>他</span></span><span><span>曾给出一个极具代表性的类比:</span></span><span><span>“对于工业革命而言,早一个月拿出电灯泡,在长周期维度下并不那么重要。”</span></span></span></p><p><span><span><span>这种理念与</span></span><span><span>其</span></span><span><span>核心业务的属性高度匹配:</span></span></span></p><p><span><span><span>社交和游戏业务具有极强的网络效应和用户粘性,一旦建立起优势,很难被颠覆。</span></span></span></p><p><span><span><span>因此,</span></span><span><span>他</span></span><span><span>有底气</span></span><span><span>“等一等”,让竞争对手先去试错,自己再择机入场。</span></span></span></p><p><span><span><span>在游戏、社交网络、支付领域,都曾验证过这一路径的有效性</span></span><span><span>,</span></span><span><span>也形成了</span></span><span><span>在核心业务上保持稳健,在新业务上保持克制</span></span><span><span>的经营风格。</span></span></span></p><h3><strong><span><font color=\"#3daad6\">03</font></span></strong></h3><h3><span><strong><span><font color=\"#3daad6\">开新路?</font></span></strong></span></h3><p><span><span><span>要说腾讯在</span></span><span><span>AI</span></span><span><span>上毫不作为,也不对。</span></span></span></p><p><span><span><span>从</span></span><span><span>公开信息</span></span><span><span>中</span></span><span><span>,</span></span><span><span>其</span></span><span><span>AI</span></span><span><span>领域投资</span></span><span><span>是有布局的,而且收益上还相当可以。</span></span></span></p><p><span><span><span>例如,</span></span><span><span>MiniMax</span></span><span><span>上市后回报</span></span><span><span>19.78</span></span><span><span>倍,<a href=\"https://laohu8.com/S/02513\">智谱</a>回报</span></span><span><span>36.6</span></span><span><span>倍,摩尔线程约</span></span><span><span>17</span></span><span><span>倍。</span></span></span></p><p><span><span><span>不过,在自建方面,确实没有太多动作。</span></span></span></p><p><span><span><span>暂时可以得出一个结论,他依然沿用过去的思维。</span></span></span></p><p><span><span><span>于是,最核心问题来了,过去的成功路径,是否还适用于</span></span><span><span>AI</span></span><span><span>时代呢?</span></span></span></p><p><span><span><span>说实话,现在还真的无法定论。</span></span></span></p><p><span><span><span>不过,这并不妨碍我们做一个推理,先声明,以下推理都是基于已经公开信息,无法穿透到企业内部,存在未尽事宜,仅供参考。</span></span></span></p><p><span><span><span>即:如果沿用</span></span><span><span>“给钱给流量”的做法,会呈现什么样的一个情景呢?</span></span></span></p><p><span><span><span>比如,如果看上了一个</span></span><span><span>AI</span></span><span><span>模型<a href=\"https://laohu8.com/S/V03.SI\">创业公司</a>,腾讯可以几十亿上百亿地入股,并把微信的流量都倒给它。</span></span></span></p><p><span><span><span>但创业公司拿到了钱,也拿到了流量,是否就可以成长为一个头部</span></span><span><span>AI</span></span><span><span>模型公司呢?</span></span></span></p><p><span><span><span>资金和流量当然是好东西,但最终也要取决于他们的模型能力,比如参数、训练效果、推理能力,还有具体的市占率、渗透率等等。</span></span></span></p><p><span><span><span>更直白的解释是,如果豆包的回答确实比元宝好,用户会无视微信里满屏的元宝接口,也不会介意从微信切换到豆包</span></span><span><span>APP</span></span><span><span>所浪费的时间。</span></span></span></p><p><span><span><span>不能说对外投资完全不行,因为</span></span><span><span>open AI</span></span><span><span>、</span></span><span><span>claude</span></span><span><span>就是成功例子。</span></span></span></p><p><span><span><span>问题只是,目前模型公司基本呈现三足鼎立的态势,美国是</span></span><span><span>open AI</span></span><span><span>、</span></span><span><span>claude</span></span><span><span>、</span></span><span><span>gemini</span></span><span><span>,中国是豆包、阿里和</span></span><span><span>DS</span></span><span><span>。</span></span></span></p><p><span><span><span>腾讯即便有机会入股这些公司,但股权占比不会高,主导权更别提了,而排名靠后的模型公司,价格很便宜,主导权也给你,但你还想要吗?</span></span></span></p><p><span><span><span>这让我不由得回想起当年<a href=\"https://laohu8.com/S/MSFT\">微软</a>收购<a href=\"https://laohu8.com/S/NOK\">诺基亚</a>。</span></span></span></p><p><span><span><span>这个经典的失败案例,说明当头部阵营(当年是</span></span><span><span>IOS</span></span><span><span>、安卓)确立之后,即使再有钱,技术能力也很顶级,也难撼动。</span></span></span></p><p><span><span><span>因为</span></span><span><span>IT</span></span><span><span>世界存在一个物理定律</span></span><span><span>--</span></span><b><span><span>赢家通吃</span></span></b><span><span>。</span></span></span></p><p><span><span><span>算力的问题,逻辑其实也一样,腾讯可以看上一些专门提供算力的公司(海外就有像</span></span><span><span>coreweave</span></span><span><span>这类纯算力出租商),然后大把大把地给钱,又给很多社交媒体流量,但这就能催生出一个大型</span></span><span><span>AI</span></span><span><span>云计算公司呢?</span></span></span></p><p><span><span><span>如果说模型还可以用</span></span><span><span>open AI</span></span><span><span>、</span></span><span><span>claude</span></span><span><span>扯一下,这个问题就没有“帮手”了。</span></span></span></p><p><span><span><span>因为,直到现在,大厂们全都是自己建算力,他们也会做一些外购,但比例都不高,用做暂时过渡或小比例互补。</span></span></span></p><p><span><span><span>正如硬币不可能同时呈现两面,对于自建算力这个事,烧钱的和不烧钱的,肯定有一个是错的。</span></span></span></p><p><span><span><span>至于微信流量,在算力这个事上,可以略过。</span></span></span></p><h3><strong><span><font color=\"#3daad6\">04</font></span></strong></h3><h3><span><strong><span><font color=\"#3daad6\">结语</font></span></strong></span></h3><p><span><span><span>说了这么多,不管逻辑自洽不自洽,其实还是得承认,市场讯息万变,答案并不是简单的</span></span><span><span>yes </span></span><span><span>或 </span></span><span><span>no</span></span><span><span>。</span></span></span></p><p><span><span><span>尤其是对于腾讯,钱又有,能力也不差。</span></span></span></p><p><span><span><span>还有一点很重要,那就是其庞大的数据资源,包括社交、娱乐、购物、支付、金融等等,涵盖了各个领域。</span></span></span></p><p><span><span><span>这些数据在</span></span><span><span>AI</span></span><span><span>时代价值连城,是训练和推理</span></span><span><span>AI</span></span><span><span>模型最重要的“原材料”。</span></span></span></p><p><span><span><span>因此,如果因为腾讯求稳,就说它不行了,也不尽然。</span></span></span></p><p><span><span><span>而且,他们已经正式对外宣布,</span></span><span><span>2026</span></span><span><span>年</span></span><span><span>AI</span></span><span><span>投入将“至少翻倍”,并调整资金优先级——减少回购,为</span></span><span><span>AI</span></span><span><span>算力让路。</span></span></span></p><p><span><span><span>回到股价,现在鹅厂和资本的博弈,确实很焦灼。</span></span></span></p><p><span><span><span>但我想,这对企业自身乃至整个</span></span><span><span>AI</span></span><span><span>产业、资本市场、投资者,甚至更广阔的领域,都绝不是坏事。</span></span></span></p><p><span><span><span>而且,任何人都不能排除,哪天它启动大改革,全力以赴做</span></span><span><span>AI</span></span><span><span>,逻辑反转,绝地反弹的可能性。</span></span></span></p><p><span><span><span>要知道,这种旧科技公司翻身的案例,在资本市场上并不少,例如<a href=\"https://laohu8.com/S/AAPL\">苹果</a>、微软。</span></span></span></p><p><span><span><span>因为很多时候,向左还是向右,就在老板的一念之间。</span></span></span></p><p><span><span><span>以资本的嗅觉,一旦他们觉得你逻辑反转了,扫货的速度,那就是超音速。</span></span></span></p><p><span><span><span>至于这场博弈终局会是如此,我们这里不再推测了,一切等时间证明吧。</span></span><span><span>(全文完)</span></span></span></p></body></html>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>暴跌2万亿!</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暴跌2万亿!\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-30 15:30 北京时间 <a href=https://www.gelonghui.com/p/4989245><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本文作者 | 深鹏数据支持 | 勾股大数据(www.gogudata.com)经历了连日的下跌,周五腾讯终于反弹了。游戏发布会上,AI相关内容较多,提振了市场情绪。不过,去年9月时,其股价曾经冲高到677港元,距离21年的历史性高位,真的仅一步之遥。那时的市场,对它充满信心,憧憬着历史新高的到来。可惜的是,自此之后股价便掉头向下,至今已经跌去超过30%,市值蒸发超过2万亿港币。从走势上看,虽然...</p>\n\n<a href=\"https://www.gelonghui.com/p/4989245\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img3.gelonghui.com/192cd-95c90cf0-7720-4341-8632-9695efae6579.jpg?guru_height=5344&guru_width=9504&guru_size=2660124","relate_stocks":{"BK1502":"双十一","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 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