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今天晚上我不回去了

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今天晚上我不回去了

2023-12-29

好好好，到底是谁在做空中概股这下一目了然了。

大摩：12月中概股上升来自对冲基金补回空仓

今天晚上我不回去了

2023-12-07

到底了，之后要么横盘要么拉升了。

美团到底“到底”了么

去老虎APP查看更多动态

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href=\"https://laohu8.com/S/000681\">视觉中国</a></p><blockquote><p>核心看点：</p><ol><li><p>美团到店业务增收不增利，反映了抖音的威胁不容小觑，美团不得不加大投入以维护其市场份额，这无疑会拖累公司的整体盈利能力；</p></li><li><p>美团的即时零售业务增长平平，新业务正在经历一定程度的收缩，从而影响了美团的业务增长；</p></li><li><p>市场给予美团的估值主要反映了其即时零售业务的内在价值。从基本面上看，美团被低估了，但此时并不是抄底的最佳时机。</p></li></ol></blockquote><p><span>近日，美团发布了2023年三季度业绩报告，整体上来看，略超预期。这样的业绩表现本应该给市场带来积极的信号，但实际上，市场的反应却是极为悲观的。</span></p><p>根据报告，美团在本季度实现了764.67亿元的整体收入，同比增长了22.11%，这个数字略高于彭博一致预期的760亿元。同时，美团的经营利润达到了33.59亿元，同比大幅增长240%，也略高于市场预期的32亿元。</p><p>但在业绩报告发布前一个交易日，美团股价下跌了5.16%，而在报告发布后，美团股价又持续下跌，截至12月5日的6个交易日内，美图股价累计下跌了20%。</p><p>拉长周期来看，美团股价一直在跌，当然很大程度上要归因于大盘，除此之外，就是市场对美团业绩的担忧。而此次市场的反应与美团的业绩表现不匹配，主要是因为本次财报加大了这一担忧。</p><p label=\"大标题\"><span><span>#</span><span>01</span></span><span></span><span>抖音的威胁不容小觑</span><span></span></p><p>美团一直以“高频低毛利业务引流、低频高毛利业务变现”为核心业务模式，其中外卖业务和新业务充当引流器，而到店酒旅业务则是公司的现金奶牛。</p><p>然而，市场普遍担忧的是，<strong>随着抖音等竞争对手对美团到店业务的冲击，美团的核心盈利模式可能面临挑战</strong>。</p><blockquote><p> 自2022年二季度起，美团调整了财报披露口径，将原本的到店酒旅、餐饮外卖和新业务及其他（美团优选、美团买菜、快驴、美团闪购以及美团单车等）三部分，调整为核心本地商业以及新业务两部分。</p><p>核心本地商业涵盖了餐饮外卖、到店酒旅、闪购和民宿及交通票务业务，而新业务则包括了美团优选、美团买菜、快驴、网约车、单车与电单车、充电宝、餐厅管理系统等。</p></blockquote><p>在收入构成上，美团核心本地商业收入主要由配送服务、佣金、在线营销服务和其他服务及销售收入四部分组成。其中，在线营销服务主要来自到店酒旅业务，这一部分的收入对美团的整体盈利能力至关重要。</p><p>本季度，美团核心本地商业中的在线营销服务收入同比增长了31.6%，达到了86.37亿元，核心本地商业实现了576.91亿元的收入，同比增长了24.52%，但经营利润却仅同比增长了8.31%，经营利润率17.5%，同比下降2.6个百分点，主要因为美团为了应对抖音的竞争，加码直播/特价团购、加大用户激励。</p><p>在财务报表上进一步反映的是，本季度，美团销售费用支出169亿元，比市场预期高出了28亿元。</p><p>这种增收不增利的现象揭示了一个问题：<strong>美团在其造血业务上的投入越来越多，但回报却越来越少。这表明市场竞争压力巨大，美团不得不加大投入以维护其市场份额，这无疑会拖累公司的整体盈利能力。</strong></p><p><strong>本篇为妙投专享内容，接下来将</strong><strong>继续为大家分析市场对美团担忧的另外一个点<strong><strong>，并且再和大家探讨一下美团的底到底在哪？</strong></strong></strong><strong><strong><strong>感兴趣的朋友<strong>可以花费388微信豆购买观看</strong>，您也可以</strong>扫描下</strong><strong>方二维码备注“<span>美团</span></strong><strong>”即可免费阅读～</strong></strong></p><p arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><strong><img src=\"\"/></strong></strong></p><p><strong><span>👆扫码加我免费看文章</span></strong></p></div></body></html>","source":"weixin_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美团到底“到底”了么</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美团到底“到底”了么\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/101\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/98669fe7974e42f3976b3db47528792d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">虎嗅APP </p>\n<p class=\"h-time\">2023-12-06 21:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div><p><img src=\"https://static.tigerbbs.com/9ca97fd6ccdb444e8b9fb8d06ed47b8e\"/></p><p>出品 | 妙投APP</p><p>作者 | 丁萍</p><p>头图 | <a href=\"https://laohu8.com/S/000681\">视觉中国</a></p><blockquote><p>核心看点：</p><ol><li><p>美团到店业务增收不增利，反映了抖音的威胁不容小觑，美团不得不加大投入以维护其市场份额，这无疑会拖累公司的整体盈利能力；</p></li><li><p>美团的即时零售业务增长平平，新业务正在经历一定程度的收缩，从而影响了美团的业务增长；</p></li><li><p>市场给予美团的估值主要反映了其即时零售业务的内在价值。从基本面上看，美团被低估了，但此时并不是抄底的最佳时机。</p></li></ol></blockquote><p><span>近日，美团发布了2023年三季度业绩报告，整体上来看，略超预期。这样的业绩表现本应该给市场带来积极的信号，但实际上，市场的反应却是极为悲观的。</span></p><p>根据报告，美团在本季度实现了764.67亿元的整体收入，同比增长了22.11%，这个数字略高于彭博一致预期的760亿元。同时，美团的经营利润达到了33.59亿元，同比大幅增长240%，也略高于市场预期的32亿元。</p><p>但在业绩报告发布前一个交易日，美团股价下跌了5.16%，而在报告发布后，美团股价又持续下跌，截至12月5日的6个交易日内，美图股价累计下跌了20%。</p><p>拉长周期来看，美团股价一直在跌，当然很大程度上要归因于大盘，除此之外，就是市场对美团业绩的担忧。而此次市场的反应与美团的业绩表现不匹配，主要是因为本次财报加大了这一担忧。</p><p label=\"大标题\"><span><span>#</span><span>01</span></span><span></span><span>抖音的威胁不容小觑</span><span></span></p><p>美团一直以“高频低毛利业务引流、低频高毛利业务变现”为核心业务模式，其中外卖业务和新业务充当引流器，而到店酒旅业务则是公司的现金奶牛。</p><p>然而，市场普遍担忧的是，<strong>随着抖音等竞争对手对美团到店业务的冲击，美团的核心盈利模式可能面临挑战</strong>。</p><blockquote><p> 自2022年二季度起，美团调整了财报披露口径，将原本的到店酒旅、餐饮外卖和新业务及其他（美团优选、美团买菜、快驴、美团闪购以及美团单车等）三部分，调整为核心本地商业以及新业务两部分。</p><p>核心本地商业涵盖了餐饮外卖、到店酒旅、闪购和民宿及交通票务业务，而新业务则包括了美团优选、美团买菜、快驴、网约车、单车与电单车、充电宝、餐厅管理系统等。</p></blockquote><p>在收入构成上，美团核心本地商业收入主要由配送服务、佣金、在线营销服务和其他服务及销售收入四部分组成。其中，在线营销服务主要来自到店酒旅业务，这一部分的收入对美团的整体盈利能力至关重要。</p><p>本季度，美团核心本地商业中的在线营销服务收入同比增长了31.6%，达到了86.37亿元，核心本地商业实现了576.91亿元的收入，同比增长了24.52%，但经营利润却仅同比增长了8.31%，经营利润率17.5%，同比下降2.6个百分点，主要因为美团为了应对抖音的竞争，加码直播/特价团购、加大用户激励。</p><p>在财务报表上进一步反映的是，本季度，美团销售费用支出169亿元，比市场预期高出了28亿元。</p><p>这种增收不增利的现象揭示了一个问题：<strong>美团在其造血业务上的投入越来越多，但回报却越来越少。这表明市场竞争压力巨大，美团不得不加大投入以维护其市场份额，这无疑会拖累公司的整体盈利能力。</strong></p><p><strong>本篇为妙投专享内容，接下来将</strong><strong>继续为大家分析市场对美团担忧的另外一个点<strong><strong>，并且再和大家探讨一下美团的底到底在哪？</strong></strong></strong><strong><strong><strong>感兴趣的朋友<strong>可以花费388微信豆购买观看</strong>，您也可以</strong>扫描下</strong><strong>方二维码备注“<span>美团</span></strong><strong>”即可免费阅读～</strong></strong></p><p arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><strong><img src=\"\"/></strong></strong></p><p><strong><span>👆扫码加我免费看文章</span></strong></p></div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","BK1589":"北水核心资产","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) 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EQUITIE \"I\" (EUR) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD"},"source_url":"http://mp.weixin.qq.com/s?__biz=MTQzMjE1NjQwMQ==&mid=2655967764&idx=3&sn=423633c385c59066232e720c0af79572&chksm=66d9758a51aefc9c791be052e5fd376278115a4d68168fd84c235be8322f817f2993f7236575&scene=0#rd","is_english":false,"share_image_url":"https://static.laohu8.com/ecd74548980bc5b366aa8f4b37ed0bd5","article_id":"2389763055","content_text":"出品 | 妙投APP作者 | 丁萍头图 | 视觉中国核心看点：美团到店业务增收不增利，反映了抖音的威胁不容小觑，美团不得不加大投入以维护其市场份额，这无疑会拖累公司的整体盈利能力；美团的即时零售业务增长平平，新业务正在经历一定程度的收缩，从而影响了美团的业务增长；市场给予美团的估值主要反映了其即时零售业务的内在价值。从基本面上看，美团被低估了，但此时并不是抄底的最佳时机。近日，美团发布了2023年三季度业绩报告，整体上来看，略超预期。这样的业绩表现本应该给市场带来积极的信号，但实际上，市场的反应却是极为悲观的。根据报告，美团在本季度实现了764.67亿元的整体收入，同比增长了22.11%，这个数字略高于彭博一致预期的760亿元。同时，美团的经营利润达到了33.59亿元，同比大幅增长240%，也略高于市场预期的32亿元。但在业绩报告发布前一个交易日，美团股价下跌了5.16%，而在报告发布后，美团股价又持续下跌，截至12月5日的6个交易日内，美图股价累计下跌了20%。拉长周期来看，美团股价一直在跌，当然很大程度上要归因于大盘，除此之外，就是市场对美团业绩的担忧。而此次市场的反应与美团的业绩表现不匹配，主要是因为本次财报加大了这一担忧。#01抖音的威胁不容小觑美团一直以“高频低毛利业务引流、低频高毛利业务变现”为核心业务模式，其中外卖业务和新业务充当引流器，而到店酒旅业务则是公司的现金奶牛。然而，市场普遍担忧的是，随着抖音等竞争对手对美团到店业务的冲击，美团的核心盈利模式可能面临挑战。 自2022年二季度起，美团调整了财报披露口径，将原本的到店酒旅、餐饮外卖和新业务及其他（美团优选、美团买菜、快驴、美团闪购以及美团单车等）三部分，调整为核心本地商业以及新业务两部分。核心本地商业涵盖了餐饮外卖、到店酒旅、闪购和民宿及交通票务业务，而新业务则包括了美团优选、美团买菜、快驴、网约车、单车与电单车、充电宝、餐厅管理系统等。在收入构成上，美团核心本地商业收入主要由配送服务、佣金、在线营销服务和其他服务及销售收入四部分组成。其中，在线营销服务主要来自到店酒旅业务，这一部分的收入对美团的整体盈利能力至关重要。本季度，美团核心本地商业中的在线营销服务收入同比增长了31.6%，达到了86.37亿元，核心本地商业实现了576.91亿元的收入，同比增长了24.52%，但经营利润却仅同比增长了8.31%，经营利润率17.5%，同比下降2.6个百分点，主要因为美团为了应对抖音的竞争，加码直播/特价团购、加大用户激励。在财务报表上进一步反映的是，本季度，美团销售费用支出169亿元，比市场预期高出了28亿元。这种增收不增利的现象揭示了一个问题：美团在其造血业务上的投入越来越多，但回报却越来越少。这表明市场竞争压力巨大，美团不得不加大投入以维护其市场份额，这无疑会拖累公司的整体盈利能力。本篇为妙投专享内容，接下来将继续为大家分析市场对美团担忧的另外一个点，并且再和大家探讨一下美团的底到底在哪？感兴趣的朋友可以花费388微信豆购买观看，您也可以扫描下方二维码备注“美团”即可免费阅读～👆扫码加我免费看文章","news_type":1},"isVote":1,"tweetType":1,"viewCount":480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":257287050453224,"gmtCreate":1703847718396,"gmtModify":1703854857526,"author":{"id":"3491690609113457","authorId":"3491690609113457","name":"今天晚上我不回去了","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0},"themes":[],"htmlText":"好好好，到底是谁在做空中概股这下一目了然了。","listText":"好好好，到底是谁在做空中概股这下一目了然了。","text":"好好好，到底是谁在做空中概股这下一目了然了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/257287050453224","repostId":"1170161272","repostType":2,"repost":{"id":"1170161272","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1703819310,"share":"https://www.laohu8.com/m/news/1170161272?lang=&edition=full","pubTime":"2023-12-29 11:08","market":"us","language":"zh","title":"大摩：12月中概股上升来自对冲基金补回空仓","url":"https://stock-news.laohu8.com/highlight/detail?id=1170161272","media":"老虎资讯综合","summary":"非由长期投资者重返带动。","content":"<html><head></head><body><p>大摩发表报告指，<strong>本月美国上市中概股上升，主要来自对冲基金补回空仓，非由长期投资者重返带动。</strong>就沽空资金流动而言，12月是对冲基金年底去杠杆化的典型空头回补月。</p><p>报告指，根据IHS Markit数据，H股和美国存托凭证的未平仓沽空在12月份至今均有所减少，回补流量估计分别为4亿美元和14亿美元。特大市值ADR，如拼多多、阿里巴巴被回补的最多；另百胜中国、华住酒店、贝壳和百济神州淡仓则增加。</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>大摩：12月中概股上升来自对冲基金补回空仓</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大摩：12月中概股上升来自对冲基金补回空仓\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2023-12-29 11:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>大摩发表报告指，<strong>本月美国上市中概股上升，主要来自对冲基金补回空仓，非由长期投资者重返带动。</strong>就沽空资金流动而言，12月是对冲基金年底去杠杆化的典型空头回补月。</p><p>报告指，根据IHS Markit数据，H股和美国存托凭证的未平仓沽空在12月份至今均有所减少，回补流量估计分别为4亿美元和14亿美元。特大市值ADR，如拼多多、阿里巴巴被回补的最多；另百胜中国、华住酒店、贝壳和百济神州淡仓则增加。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/55eb327f580527889cf30bafa92692ae","relate_stocks":{"HXC":"纳斯达克中国金龙指数","KWEB":"中国海外互联网ETF-KraneShares"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170161272","content_text":"大摩发表报告指，本月美国上市中概股上升，主要来自对冲基金补回空仓，非由长期投资者重返带动。就沽空资金流动而言，12月是对冲基金年底去杠杆化的典型空头回补月。报告指，根据IHS Markit数据，H股和美国存托凭证的未平仓沽空在12月份至今均有所减少，回补流量估计分别为4亿美元和14亿美元。特大市值ADR，如拼多多、阿里巴巴被回补的最多；另百胜中国、华住酒店、贝壳和百济神州淡仓则增加。","news_type":1},"isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":249195732386016,"gmtCreate":1701878500726,"gmtModify":1701879755101,"author":{"id":"3491690609113457","authorId":"3491690609113457","name":"今天晚上我不回去了","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0},"themes":[],"htmlText":"到底了，之后要么横盘要么拉升了。","listText":"到底了，之后要么横盘要么拉升了。","text":"到底了，之后要么横盘要么拉升了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/249195732386016","repostId":"2389763055","repostType":2,"repost":{"id":"2389763055","weMediaInfo":{"introduction":"有视角的商业资讯交流平台","home_visible":1,"media_name":"虎嗅APP","id":"101","head_image":"https://static.tigerbbs.com/98669fe7974e42f3976b3db47528792d"},"pubTimestamp":1701868680,"share":"https://www.laohu8.com/m/news/2389763055?lang=&edition=full","pubTime":"2023-12-06 21:18","market":"us","language":"zh","title":"美团到底“到底”了么","url":"https://stock-news.laohu8.com/highlight/detail?id=2389763055","media":"虎嗅APP","summary":"近日，美团发布了2023年三季度业绩报告，整体上来看，略超预期。同时，美团的经营利润达到了33.59亿元，同比大幅增长240%，也略高于市场预期的32亿元。而此次市场的反应与美团的业绩表现不匹配，主要是因为本次财报加大了这一担忧。在财务报表上进一步反映的是，本季度，美团销售费用支出169亿元，比市场预期高出了28亿元。","content":"<html><body><div><p><img src=\"https://static.tigerbbs.com/9ca97fd6ccdb444e8b9fb8d06ed47b8e\"/></p><p>出品 | 妙投APP</p><p>作者 | 丁萍</p><p>头图 | <a href=\"https://laohu8.com/S/000681\">视觉中国</a></p><blockquote><p>核心看点：</p><ol><li><p>美团到店业务增收不增利，反映了抖音的威胁不容小觑，美团不得不加大投入以维护其市场份额，这无疑会拖累公司的整体盈利能力；</p></li><li><p>美团的即时零售业务增长平平，新业务正在经历一定程度的收缩，从而影响了美团的业务增长；</p></li><li><p>市场给予美团的估值主要反映了其即时零售业务的内在价值。从基本面上看，美团被低估了，但此时并不是抄底的最佳时机。</p></li></ol></blockquote><p><span>近日，美团发布了2023年三季度业绩报告，整体上来看，略超预期。这样的业绩表现本应该给市场带来积极的信号，但实际上，市场的反应却是极为悲观的。</span></p><p>根据报告，美团在本季度实现了764.67亿元的整体收入，同比增长了22.11%，这个数字略高于彭博一致预期的760亿元。同时，美团的经营利润达到了33.59亿元，同比大幅增长240%，也略高于市场预期的32亿元。</p><p>但在业绩报告发布前一个交易日，美团股价下跌了5.16%，而在报告发布后，美团股价又持续下跌，截至12月5日的6个交易日内，美图股价累计下跌了20%。</p><p>拉长周期来看，美团股价一直在跌，当然很大程度上要归因于大盘，除此之外，就是市场对美团业绩的担忧。而此次市场的反应与美团的业绩表现不匹配，主要是因为本次财报加大了这一担忧。</p><p label=\"大标题\"><span><span>#</span><span>01</span></span><span></span><span>抖音的威胁不容小觑</span><span></span></p><p>美团一直以“高频低毛利业务引流、低频高毛利业务变现”为核心业务模式，其中外卖业务和新业务充当引流器，而到店酒旅业务则是公司的现金奶牛。</p><p>然而，市场普遍担忧的是，<strong>随着抖音等竞争对手对美团到店业务的冲击，美团的核心盈利模式可能面临挑战</strong>。</p><blockquote><p> 自2022年二季度起，美团调整了财报披露口径，将原本的到店酒旅、餐饮外卖和新业务及其他（美团优选、美团买菜、快驴、美团闪购以及美团单车等）三部分，调整为核心本地商业以及新业务两部分。</p><p>核心本地商业涵盖了餐饮外卖、到店酒旅、闪购和民宿及交通票务业务，而新业务则包括了美团优选、美团买菜、快驴、网约车、单车与电单车、充电宝、餐厅管理系统等。</p></blockquote><p>在收入构成上，美团核心本地商业收入主要由配送服务、佣金、在线营销服务和其他服务及销售收入四部分组成。其中，在线营销服务主要来自到店酒旅业务，这一部分的收入对美团的整体盈利能力至关重要。</p><p>本季度，美团核心本地商业中的在线营销服务收入同比增长了31.6%，达到了86.37亿元，核心本地商业实现了576.91亿元的收入，同比增长了24.52%，但经营利润却仅同比增长了8.31%，经营利润率17.5%，同比下降2.6个百分点，主要因为美团为了应对抖音的竞争，加码直播/特价团购、加大用户激励。</p><p>在财务报表上进一步反映的是，本季度，美团销售费用支出169亿元，比市场预期高出了28亿元。</p><p>这种增收不增利的现象揭示了一个问题：<strong>美团在其造血业务上的投入越来越多，但回报却越来越少。这表明市场竞争压力巨大，美团不得不加大投入以维护其市场份额，这无疑会拖累公司的整体盈利能力。</strong></p><p><strong>本篇为妙投专享内容，接下来将</strong><strong>继续为大家分析市场对美团担忧的另外一个点<strong><strong>，并且再和大家探讨一下美团的底到底在哪？</strong></strong></strong><strong><strong><strong>感兴趣的朋友<strong>可以花费388微信豆购买观看</strong>，您也可以</strong>扫描下</strong><strong>方二维码备注“<span>美团</span></strong><strong>”即可免费阅读～</strong></strong></p><p arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><strong><img src=\"\"/></strong></strong></p><p><strong><span>👆扫码加我免费看文章</span></strong></p></div></body></html>","source":"weixin_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美团到底“到底”了么</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美团到底“到底”了么\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/101\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/98669fe7974e42f3976b3db47528792d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">虎嗅APP </p>\n<p class=\"h-time\">2023-12-06 21:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div><p><img src=\"https://static.tigerbbs.com/9ca97fd6ccdb444e8b9fb8d06ed47b8e\"/></p><p>出品 | 妙投APP</p><p>作者 | 丁萍</p><p>头图 | <a href=\"https://laohu8.com/S/000681\">视觉中国</a></p><blockquote><p>核心看点：</p><ol><li><p>美团到店业务增收不增利，反映了抖音的威胁不容小觑，美团不得不加大投入以维护其市场份额，这无疑会拖累公司的整体盈利能力；</p></li><li><p>美团的即时零售业务增长平平，新业务正在经历一定程度的收缩，从而影响了美团的业务增长；</p></li><li><p>市场给予美团的估值主要反映了其即时零售业务的内在价值。从基本面上看，美团被低估了，但此时并不是抄底的最佳时机。</p></li></ol></blockquote><p><span>近日，美团发布了2023年三季度业绩报告，整体上来看，略超预期。这样的业绩表现本应该给市场带来积极的信号，但实际上，市场的反应却是极为悲观的。</span></p><p>根据报告，美团在本季度实现了764.67亿元的整体收入，同比增长了22.11%，这个数字略高于彭博一致预期的760亿元。同时，美团的经营利润达到了33.59亿元，同比大幅增长240%，也略高于市场预期的32亿元。</p><p>但在业绩报告发布前一个交易日，美团股价下跌了5.16%，而在报告发布后，美团股价又持续下跌，截至12月5日的6个交易日内，美图股价累计下跌了20%。</p><p>拉长周期来看，美团股价一直在跌，当然很大程度上要归因于大盘，除此之外，就是市场对美团业绩的担忧。而此次市场的反应与美团的业绩表现不匹配，主要是因为本次财报加大了这一担忧。</p><p label=\"大标题\"><span><span>#</span><span>01</span></span><span></span><span>抖音的威胁不容小觑</span><span></span></p><p>美团一直以“高频低毛利业务引流、低频高毛利业务变现”为核心业务模式，其中外卖业务和新业务充当引流器，而到店酒旅业务则是公司的现金奶牛。</p><p>然而，市场普遍担忧的是，<strong>随着抖音等竞争对手对美团到店业务的冲击，美团的核心盈利模式可能面临挑战</strong>。</p><blockquote><p> 自2022年二季度起，美团调整了财报披露口径，将原本的到店酒旅、餐饮外卖和新业务及其他（美团优选、美团买菜、快驴、美团闪购以及美团单车等）三部分，调整为核心本地商业以及新业务两部分。</p><p>核心本地商业涵盖了餐饮外卖、到店酒旅、闪购和民宿及交通票务业务，而新业务则包括了美团优选、美团买菜、快驴、网约车、单车与电单车、充电宝、餐厅管理系统等。</p></blockquote><p>在收入构成上，美团核心本地商业收入主要由配送服务、佣金、在线营销服务和其他服务及销售收入四部分组成。其中，在线营销服务主要来自到店酒旅业务，这一部分的收入对美团的整体盈利能力至关重要。</p><p>本季度，美团核心本地商业中的在线营销服务收入同比增长了31.6%，达到了86.37亿元，核心本地商业实现了576.91亿元的收入，同比增长了24.52%，但经营利润却仅同比增长了8.31%，经营利润率17.5%，同比下降2.6个百分点，主要因为美团为了应对抖音的竞争，加码直播/特价团购、加大用户激励。</p><p>在财务报表上进一步反映的是，本季度，美团销售费用支出169亿元，比市场预期高出了28亿元。</p><p>这种增收不增利的现象揭示了一个问题：<strong>美团在其造血业务上的投入越来越多，但回报却越来越少。这表明市场竞争压力巨大，美团不得不加大投入以维护其市场份额，这无疑会拖累公司的整体盈利能力。</strong></p><p><strong>本篇为妙投专享内容，接下来将</strong><strong>继续为大家分析市场对美团担忧的另外一个点<strong><strong>，并且再和大家探讨一下美团的底到底在哪？</strong></strong></strong><strong><strong><strong>感兴趣的朋友<strong>可以花费388微信豆购买观看</strong>，您也可以</strong>扫描下</strong><strong>方二维码备注“<span>美团</span></strong><strong>”即可免费阅读～</strong></strong></p><p arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><strong><img src=\"\"/></strong></strong></p><p><strong><span>👆扫码加我免费看文章</span></strong></p></div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","BK1589":"北水核心资产","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) 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视觉中国核心看点：美团到店业务增收不增利，反映了抖音的威胁不容小觑，美团不得不加大投入以维护其市场份额，这无疑会拖累公司的整体盈利能力；美团的即时零售业务增长平平，新业务正在经历一定程度的收缩，从而影响了美团的业务增长；市场给予美团的估值主要反映了其即时零售业务的内在价值。从基本面上看，美团被低估了，但此时并不是抄底的最佳时机。近日，美团发布了2023年三季度业绩报告，整体上来看，略超预期。这样的业绩表现本应该给市场带来积极的信号，但实际上，市场的反应却是极为悲观的。根据报告，美团在本季度实现了764.67亿元的整体收入，同比增长了22.11%，这个数字略高于彭博一致预期的760亿元。同时，美团的经营利润达到了33.59亿元，同比大幅增长240%，也略高于市场预期的32亿元。但在业绩报告发布前一个交易日，美团股价下跌了5.16%，而在报告发布后，美团股价又持续下跌，截至12月5日的6个交易日内，美图股价累计下跌了20%。拉长周期来看，美团股价一直在跌，当然很大程度上要归因于大盘，除此之外，就是市场对美团业绩的担忧。而此次市场的反应与美团的业绩表现不匹配，主要是因为本次财报加大了这一担忧。#01抖音的威胁不容小觑美团一直以“高频低毛利业务引流、低频高毛利业务变现”为核心业务模式，其中外卖业务和新业务充当引流器，而到店酒旅业务则是公司的现金奶牛。然而，市场普遍担忧的是，随着抖音等竞争对手对美团到店业务的冲击，美团的核心盈利模式可能面临挑战。 自2022年二季度起，美团调整了财报披露口径，将原本的到店酒旅、餐饮外卖和新业务及其他（美团优选、美团买菜、快驴、美团闪购以及美团单车等）三部分，调整为核心本地商业以及新业务两部分。核心本地商业涵盖了餐饮外卖、到店酒旅、闪购和民宿及交通票务业务，而新业务则包括了美团优选、美团买菜、快驴、网约车、单车与电单车、充电宝、餐厅管理系统等。在收入构成上，美团核心本地商业收入主要由配送服务、佣金、在线营销服务和其他服务及销售收入四部分组成。其中，在线营销服务主要来自到店酒旅业务，这一部分的收入对美团的整体盈利能力至关重要。本季度，美团核心本地商业中的在线营销服务收入同比增长了31.6%，达到了86.37亿元，核心本地商业实现了576.91亿元的收入，同比增长了24.52%，但经营利润却仅同比增长了8.31%，经营利润率17.5%，同比下降2.6个百分点，主要因为美团为了应对抖音的竞争，加码直播/特价团购、加大用户激励。在财务报表上进一步反映的是，本季度，美团销售费用支出169亿元，比市场预期高出了28亿元。这种增收不增利的现象揭示了一个问题：美团在其造血业务上的投入越来越多，但回报却越来越少。这表明市场竞争压力巨大，美团不得不加大投入以维护其市场份额，这无疑会拖累公司的整体盈利能力。本篇为妙投专享内容，接下来将继续为大家分析市场对美团担忧的另外一个点，并且再和大家探讨一下美团的底到底在哪？感兴趣的朋友可以花费388微信豆购买观看，您也可以扫描下方二维码备注“美团”即可免费阅读～👆扫码加我免费看文章","news_type":1},"isVote":1,"tweetType":1,"viewCount":480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}