滚车轮的人的个人主页 - 老虎社区

滚车轮的人

滚车轮的人

赚尽每一分钱只是一场梦

IP属地：北京

7关注

1粉丝

1主题

0勋章

滚车轮的人

2025-08-15

‌$美团-W(03690)$ ‌不知道都在急啥，我是喜欢用小象超市，觉得比盒马和叮咚都好，所以看好美团。

滚车轮的人

2025-09-16

‌$哔哩哔哩-W(09626)$ 你永远可以相信B站的游戏，永远仆街。

滚车轮的人

03-05

‌那句话怎么说来着，利好出尽是（）‌

滚车轮的人

02-10

你这AI文写的真够**的，试没试过可灵3.0就在这放屁

即梦AI来了，受冲击最大的是快手可灵AI

滚车轮的人

2025-10-29

$BYD.HK 20251030 100.00 PUT$

滚车轮的人

2025-09-16

这就做空，他妈的谁玩b站的游戏

抱歉，原内容已删除

滚车轮的人

2025-09-10

有一说一，看好B站的游戏是不是有点搞笑了

哔哩哔哩盘中涨超8%，机构持续看好游戏板块投资机会

滚车轮的人

2025-09-08

‌$中国银河(06881)$ 拿住不动就完事了

滚车轮的人

03-02

这是做了个T？

摩根大通对阿里巴巴-W的多头持仓比例增至8.09%

滚车轮的人

02-27

连逻辑都讲不圆，你告诉我AI时代怎么影响电商和游戏了？你是能拿AI重做三角洲还是凭空生产服务器啊？

深度丨中国互联网叙事逻辑改写，智谱、MiniMax 杀入3000亿俱乐部，快手携程被甩身后

去老虎APP查看更多动态

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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摩根大通对阿里巴巴-W的多头持仓比例增至8.09%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-02 17:10 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260302171117a730f214&s=b><strong>国际金融报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>据香港交易所披露，摩根大通(JPMorgan)对阿里巴巴集团控股有限公司-W的多头持仓比例于2026年2月25日从7.96%增至8.09%。</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260302171117a730f214&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89988":"阿里巴巴-WR","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260302171117a730f214&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2616441382","content_text":"据香港交易所披露，摩根大通(JPMorgan)对阿里巴巴集团控股有限公司-W的多头持仓比例于2026年2月25日从7.96%增至8.09%。","news_type":1,"symbols_score_info":{"89988":0.6,"BABA":1.95,"JPM":1.92,"09988":1.95,"HBBD.SI":0.6,"ALBmain":0.6}},"isVote":1,"tweetType":1,"viewCount":65,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":537162068039032,"gmtCreate":1772163972502,"gmtModify":1772163975072,"author":{"id":"3544763760420498","authorId":"3544763760420498","name":"滚车轮的人","avatar":"https://static.tigerbbs.com/f19d2958b922ea55948c55702b7512e5","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3544763760420498","idStr":"3544763760420498"},"themes":[],"title":"","htmlText":"连逻辑都讲不圆，你告诉我AI时代怎么影响电商和游戏了？你是能拿AI重做三角洲还是凭空生产服务器啊？","listText":"连逻辑都讲不圆，你告诉我AI时代怎么影响电商和游戏了？你是能拿AI重做三角洲还是凭空生产服务器啊？","text":"连逻辑都讲不圆，你告诉我AI时代怎么影响电商和游戏了？你是能拿AI重做三角洲还是凭空生产服务器啊？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/537162068039032","repostId":"2612266007","repostType":2,"repost":{"id":"2612266007","kind":"news","pubTimestamp":1771585122,"share":"https://www.laohu8.com/m/news/2612266007?lang=zh_CN&edition=full","pubTime":"2026-02-20 18:58","market":"hk","language":"zh","title":"深度丨中国互联网叙事逻辑改写，智谱、MiniMax 杀入3000亿俱乐部，快手携程被甩身后","url":"https://stock-news.laohu8.com/highlight/detail?id=2612266007","media":"Z Finance","summary":"作为港股市场的 AI 双子星，智谱和MiniMax的表现简直可以用狂飙来形容。智谱盘中一度大涨 25%，MiniMax 也不甘示弱涨了 16%。而智谱的股价也反超了MiniMax。3000 亿港元是个分水岭。这意味着成立仅数年的 AI 新势力，体量已甩开快手、携程，直逼网易和百度。中国前10大互联网公司的次序，正在重构。阿里千问处理 1.3 亿笔订单，腾讯元宝日活破 5000 万。当 3000 亿市值的智谱、MiniMax 与百亿美元估值的 Kimi 成为新锚点，中国互联网叙事逻辑已彻底改变。","content":"<html><body><article><p>现在的二级市场，投资者们的口味变了。<strong>不要全能大厂，只要纯 AI 标的。</strong></p><p>作为港股市场的 AI 双子星，<strong><a href=\"https://laohu8.com/S/02513\">智谱</a></strong><strong>和</strong><strong>MiniMax</strong>的表现简直可以用狂飙来形容。智谱盘中一度大涨 25%，MiniMax 也不甘示弱涨了 16%。这两家 1 月刚上市的公司，复市后市值分别站稳<strong>3232 亿港元</strong>和<strong>3042 亿港元</strong>。而智谱的股价也反超了<strong>MiniMax。</strong></p><p><strong>3000 亿港元是个分水岭。</strong>这意味着成立仅数年的 AI 新势力，体量已甩开<a href=\"https://laohu8.com/S/01024\">快手</a>、<a href=\"https://laohu8.com/S/TCOM\">携程</a>，直逼<a href=\"https://laohu8.com/S/NTES\">网易</a>和<a href=\"https://laohu8.com/S/BIDU\">百度</a>。中国前10大互联网公司的次序，正在重构。而如果你在今年 1 月这两家公司上市时就入场，现在的收益已经翻了<strong>四倍</strong>。</p><p>这种繁荣背后，是资金的暴力轮动。就像 Global X Management 的策略师所言：资金正在从<a href=\"https://laohu8.com/S/BABA\">阿里</a>、<a href=\"https://laohu8.com/S/00700\">腾讯</a>这种业务多元的巨头中撤出，反手填进了这些基础模型龙头的口袋。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260220190510895v206iwhtsk8n30z\"/><p>但版图之上还悬停着巨舰<strong>字节跳动</strong>。按最近 5000 亿美元估值换算，其体量高达<strong>3.9 万亿港元</strong>，依然是中国 AI 的“无冕之王”。它的存在提醒所有玩家：拥有最强研发能力和流量分发能力的巨头，依然是 AI 牌桌上最大的变量。</p><p>一级市场同样狂热。月之暗面（Kimi）完成新一轮融资，估值跨过<strong>100 亿美元（约 780 亿港元）</strong>。领投方依然见得<a href=\"https://laohu8.com/S/09988\">阿里</a>与腾讯身影。“前线死磕，后方送钱”的局面，折射出巨头们的底层焦虑。</p><p>巨头春节战报不差。阿里千问处理 1.3 亿笔订单，腾讯元宝日活破 5000 万。但在投资者眼里，这更像“昂贵的防御”。市场逻辑已变，大家不再只看存量流量，而在审视：曾经贡献巨额利润的电商、广告与游戏业务，是否正成为冲向 AI 时代的“负资产”？</p><p>焦虑还来自监管与竞争。主管部门上周约谈头部平台，要求整治“内卷式”竞争，宣告烧钱抢市场的旧剧本失效。同时，DeepSeek 的每一次更新预告，都在迫使玩家提前透支未来预期。</p><p>港股震荡本质上是关于未来底座的共识裂变。当 3000 亿市值的智谱、MiniMax 与百亿美元估值的 Kimi 成为新锚点，中国互联网叙事逻辑已彻底改变。新纪元里，规模不再是绝对护城河，对底层技术的绝对掌控才是唯一船票。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>深度丨中国互联网叙事逻辑改写，智谱、MiniMax 杀入3000亿俱乐部，快手携程被甩身后</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n深度丨中国互联网叙事逻辑改写，智谱、MiniMax 杀入3000亿俱乐部，快手携程被甩身后\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-20 18:58 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260220190522a70d2714&s=b><strong>Z Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>现在的二级市场，投资者们的口味变了。不要全能大厂，只要纯 AI 标的。作为港股市场的 AI 双子星，智谱和MiniMax的表现简直可以用狂飙来形容。智谱盘中一度大涨 25%，MiniMax 也不甘示弱涨了 16%。这两家 1 月刚上市的公司，复市后市值分别站稳3232 亿港元和3042 亿港元。而智谱的股价也反超了MiniMax。3000 亿港元是个分水岭。这意味着成立仅数年的 AI 新势力，体量...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260220190522a70d2714&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81024":"快手-WR","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","BK1164":"酒店、度假村与豪华游轮","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) 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亿港元是个分水岭。这意味着成立仅数年的 AI 新势力，体量已甩开快手、携程，直逼网易和百度。中国前10大互联网公司的次序，正在重构。而如果你在今年 1 月这两家公司上市时就入场，现在的收益已经翻了四倍。这种繁荣背后，是资金的暴力轮动。就像 Global X Management 的策略师所言：资金正在从阿里、腾讯这种业务多元的巨头中撤出，反手填进了这些基础模型龙头的口袋。但版图之上还悬停着巨舰字节跳动。按最近 5000 亿美元估值换算，其体量高达3.9 万亿港元，依然是中国 AI 的“无冕之王”。它的存在提醒所有玩家：拥有最强研发能力和流量分发能力的巨头，依然是 AI 牌桌上最大的变量。一级市场同样狂热。月之暗面（Kimi）完成新一轮融资，估值跨过100 亿美元（约 780 亿港元）。领投方依然见得阿里与腾讯身影。“前线死磕，后方送钱”的局面，折射出巨头们的底层焦虑。巨头春节战报不差。阿里千问处理 1.3 亿笔订单，腾讯元宝日活破 5000 万。但在投资者眼里，这更像“昂贵的防御”。市场逻辑已变，大家不再只看存量流量，而在审视：曾经贡献巨额利润的电商、广告与游戏业务，是否正成为冲向 AI 时代的“负资产”？焦虑还来自监管与竞争。主管部门上周约谈头部平台，要求整治“内卷式”竞争，宣告烧钱抢市场的旧剧本失效。同时，DeepSeek 的每一次更新预告，都在迫使玩家提前透支未来预期。港股震荡本质上是关于未来底座的共识裂变。当 3000 亿市值的智谱、MiniMax 与百亿美元估值的 Kimi 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等核心品种全年无休，把握交易先机 此帖仅开放于中国大陆用户","images":[{"img":"https://static.tigerbbs.com/ff98eccfaff055c5a7c86bee57069e0c"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/531645192746040","isVote":1,"tweetType":1,"viewCount":433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":531167041902280,"gmtCreate":1770698575106,"gmtModify":1770698706525,"author":{"id":"3544763760420498","authorId":"3544763760420498","name":"滚车轮的人","avatar":"https://static.tigerbbs.com/f19d2958b922ea55948c55702b7512e5","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3544763760420498","idStr":"3544763760420498"},"themes":[],"title":"","htmlText":"你这AI文写的真够**的，试没试过可灵3.0就在这放屁","listText":"你这AI文写的真够**的，试没试过可灵3.0就在这放屁","text":"你这AI文写的真够**的，试没试过可灵3.0就在这放屁","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/531167041902280","repostId":"2610694465","repostType":2,"repost":{"id":"2610694465","kind":"news","pubTimestamp":1770690172,"share":"https://www.laohu8.com/m/news/2610694465?lang=zh_CN&edition=full","pubTime":"2026-02-10 10:22","market":"hk","language":"zh","title":"即梦AI来了，受冲击最大的是快手可灵AI","url":"https://stock-news.laohu8.com/highlight/detail?id=2610694465","media":"竞合人工智能","summary":"即梦AI可联动豆包、Seedream、火山引擎形成技术合力，可灵AI则受限于资源，难以实现跨领域突破，二者技术差距将持续扩大。可灵AI的商业化成绩只是阶段性高点，随着即梦AI全面下沉，其营收增速将快速放缓，甚至出现收入下滑，无法成为快手第二增长曲线。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20260210112711364v15233x1qxnnkdu\"/><p>生成式AI视频赛道的竞争，早已从单一产品比拼，升级为技术基座、组织效率、资本强度与生态闭环的综合较量。</p><p>出品 | 竞合人工智能</p><p>作者 | 竞合</p><p>排版 | 洋洋</p><p>2026年开年，字节跳动即梦AI推出Seedance 2.0多模态大模型，凭借电影级视频生成、原生音画同步、多镜头叙事连贯、角色零突变等核心能力，成为对标OpenAI Sora的国产技术标杆；<a href=\"https://laohu8.com/S/01024\">快手</a>可灵AI同期发布3.0系列模型，继续深耕垂直赛道。市场随即掀起“短视频胜负延伸至AI”“可灵AI全面落后”的讨论，而生成式AI竞争早已超越单一技术比拼，演变为技术、组织、资本、生态的综合博弈。</p><p><strong>01</strong></p><p><strong>技术积累：</strong></p><p><strong>基座型研发vs垂直型深耕，</strong></p><p><strong>长期差距已拉开</strong></p><p>即梦AI走基座型多模态大模型路线，依托字节全栈AI体系，实现文生图、文生视频、图生视频、音画同步一体化生成，核心突破集中在自动分镜叙事、原生音画像素级对齐、跨镜头角色零突变。同时，字节拥有全球最丰富的中文短视频与图文数据，让模型在本土化理解、内容生成上具备不可复制的优势。</p><p>可灵AI则走轻量化垂直优化路线，一年半迭代30余次，在15秒短视频生成、智能分镜等场景具备扎实能力，用户量超6000万，年化收入运行率达2.4亿美元。但核心短板明显：无底层基座大模型支撑，仅聚焦垂直场景优化，无法实现跨模态全域协同，长期存在技术天花板。</p><p>从行业规律看，生成式AI最终比拼的是基础大模型能力，垂直优化的局部优势，极易被基座模型快速覆盖。即梦AI可联动豆包、Seedream、火山引擎形成技术合力，可灵AI则受限于资源，难以实现跨领域突破，二者技术差距将持续扩大。</p><p><strong>02</strong></p><p><strong>组织执行力：</strong></p><p><strong>集中式攻坚vs分散式推进，</strong></p><p><strong>效率决定迭代速度</strong></p><p>AI大模型研发高度依赖组织聚焦与决策效率。字节跳动对AI业务实行战略级集中管控，2025年完成AI架构重组，形成“基础模型+应用产品+算力支撑”一体化体系。即梦AI由剪映牵头，联动抖音、火山引擎，实现研发、落地、推广闭环，决策快、资源集中、内部赛马机制倒逼快速迭代，Seedance 2.0数月便完成研发落地。</p><p>快手AI业务为分散式布局，可灵AI仅作为主业赋能工具，与主站、商业化协同有限，战略优先级偏低、决策链条长、资源倾斜不足。可灵AI虽迭代频繁，但多为功能优化，无底层技术突破，团队规模、人才储备与字节差距显著，难以支撑基座大模型研发。</p><p>在AI“以周迭代”的节奏下，组织效率差距会持续放大，最终形成强者恒强的格局。</p><p><strong>03</strong></p><p><strong>资本投入：</strong></p><p><strong>饱和式投入vs稳健式布局，</strong></p><p><strong>资源划定技术上限</strong></p><p>大模型是典型的资本密集型赛道，算力、人才、数据均需巨额投入。字节将AI定为未来十年核心战略，2025年AI相关投入达1500亿元，2026年计划再投入230亿美元，拥有行业顶尖算力集群与全球人才团队，可为即梦AI提供低成本算力与全域流量支持。</p><p>快手受限于盈利与战略重心，对AI采取稳健量力而行的投入模式，可灵AI研发资金规模远不及字节，算力供给不足、人才吸引力弱，无法承担基座模型的高风险、高成本投入，技术试错空间与成本控制能力全面落后。</p><p>资本投入的断层差距，决定了快手AI概念成长空间有限，难以复制字节的爆发式增长。</p><p><strong>04</strong></p><p><strong>生态协同：</strong></p><p><strong>全域闭环vs垂直绑定，</strong></p><p><strong>商业化前景天差地别</strong></p><p>即梦AI深度嵌入字节全域生态，上游对接豆包、中游联动剪映、下游直通抖音与TikTok，形成“生成-剪辑-发布-传播”全链路，降低创作门槛的同时，坐拥海量天然流量池，可同时覆盖C端大众与B端企业，长期具备千亿级市场潜力。</p><p>可灵AI则高度绑定快手垂直生态，仅服务平台内创作者与企业，场景集中在短视频素材生成，生态封闭、场景单一、用户替代性强。其优势是短期变现快，70%收入来自专业创作者订阅，但用户增长见顶、外部拓展受阻，长期商业化天花板清晰。</p><p>对投资者而言，可灵AI无法支撑快手AI概念的长期估值，短期炒作后大概率面临估值回归。</p><p><strong>05</strong></p><p><strong>理性研判：</strong></p><p><strong>赛道格局分化，</strong></p><p><strong>非输赢而是定位差异</strong></p><p>即梦AI将凭借技术、组织、资本、生态四大优势，成为全球多模态生成AI头部玩家，主导行业标准；可灵AI不会彻底出局，但会退守垂直细分赛道，成为快手生态内的工具型产品，难以在全域赛道与即梦AI抗衡。</p><p>市场应摒弃“短视频胜负延伸AI”的简单逻辑，字节AI是高潜力长期标的，快手AI则是低弹性稳健型业务，盲目跟风炒作极易出现投资亏损。</p><p><strong>06</strong></p><p><strong>商业化真相：</strong></p><p><strong>可灵AI 2.4亿美元ARR，</strong></p><p><strong>高增长不可持续</strong></p><p>可灵AI2.4亿美元的年化收入运行率，看似亮眼，实则增长基础极度脆弱，不具备长期可持续性。其收入高度依赖海外小众创作者与订阅模式，付费率仅1.3%，远低于即梦AI，大众用户渗透基本失败。</p><p>同时，可灵AI算力成本高企，盈利模型脆弱；生态封闭导致用户增长见顶，获客成本持续攀升；技术无壁垒，功能极易被同行对标，在即梦AI的降维打击下，核心优势快速消失。更关键的是，ARR基于单月峰值年化，未计入用户流失与退费，45%的复购率无法支撑长期稳态收入。</p><p>可灵AI的商业化成绩只是阶段性高点，随着即梦AI全面下沉，其营收增速将快速放缓，甚至出现收入下滑，无法成为快手第二增长曲线。</p><p><strong>07</strong></p><p><strong>行业竞争全景：</strong></p><p><strong>视频生成赛道群雄逐鹿，</strong></p><p><strong>格局加速重塑</strong></p><p>当前AI视频生成赛道已形成三大竞争阵营：国际厂商以OpenAI Sora、Runway为代表，技术领先但本土化不足；国内通用大模型厂商如<a href=\"https://laohu8.com/S/02513\">智谱</a>AI、MiniMax等，技术有潜力但生态与商业化薄弱；垂直工具型厂商如万兴、<a href=\"https://laohu8.com/S/00700\">腾讯</a>智影等，易用性强但技术壁垒低、同质化严重。</p><p>即梦AI的出现，直接打破原有竞争平衡，推动行业从分散竞争走向寡头主导，技术、市场、资本资源快速向头部基座型玩家集中。</p><p>总而言之，生成式AI视频赛道的竞争，早已从单一产品比拼，升级为技术基座、组织效率、资本强度与生态闭环的综合较量。即梦AI凭借全栈能力与全域生态，正在重新定义行业的技术标准与竞争边界；可灵AI虽在垂直领域取得阶段性商业化成果，但其增长逻辑脆弱、收入可持续性存疑，长期仍将面临巨头下沉与行业内卷的双重压力。</p><p>对于整个行业而言，基座模型时代的到来，意味着垂直工具的窗口期正在快速关闭。未来的赛道格局，将由掌握底层大模型、<a href=\"https://laohu8.com/S/603138\">海量数据</a>与超级流量生态的玩家主导，而缺乏技术根基与生态支撑的产品，终将在分化中逐步退守、收缩乃至被替代。这不是一时的胜负，而是生成式AI走向成熟过程中，必然发生的格局重塑。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260210112716663v152p6kn4f2m5mm\"/><p><strong>往期回</strong><strong>顾</strong></p><p>AI红包大战：10亿补贴换不来的入口终局</p><p>印奇的二次冲锋：<a href=\"https://laohu8.com/S/601777\">千里科技</a>在具身智能时代的破局之道</p><p>Kimi K2.5发布即登顶 成本压至Claude 1/5</p><p>腾讯押注AI社交：不是替代，而是重构</p><p>大鱼号：大厂内容赛道的非必要产物</p><p>荣耀失速：一场高端梦的滑铁卢</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>即梦AI来了，受冲击最大的是快手可灵AI</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即梦AI来了，受冲击最大的是快手可灵AI\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-10 10:22 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260210112719a6e898cd&s=b><strong>竞合人工智能</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>生成式AI视频赛道的竞争，早已从单一产品比拼，升级为技术基座、组织效率、资本强度与生态闭环的综合较量。出品 | 竞合人工智能作者 | 竞合排版 | 洋洋2026年开年，字节跳动即梦AI推出Seedance 2.0多模态大模型，凭借电影级视频生成、原生音画同步、多镜头叙事连贯、角色零突变等核心能力，成为对标OpenAI Sora的国产技术标杆；快手可灵AI同期发布3.0系列模型，继续深耕垂直赛道。...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260210112719a6e898cd&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81024":"快手-WR","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","01024":"快手-W","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","BK1575":"同股不同权","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0307460666.USD":"EASTSPRING INVESTMENTS 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INC","BK1590":"短视频概念股","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260210112719a6e898cd&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2610694465","content_text":"生成式AI视频赛道的竞争，早已从单一产品比拼，升级为技术基座、组织效率、资本强度与生态闭环的综合较量。出品 | 竞合人工智能作者 | 竞合排版 | 洋洋2026年开年，字节跳动即梦AI推出Seedance 2.0多模态大模型，凭借电影级视频生成、原生音画同步、多镜头叙事连贯、角色零突变等核心能力，成为对标OpenAI Sora的国产技术标杆；快手可灵AI同期发布3.0系列模型，继续深耕垂直赛道。市场随即掀起“短视频胜负延伸至AI”“可灵AI全面落后”的讨论，而生成式AI竞争早已超越单一技术比拼，演变为技术、组织、资本、生态的综合博弈。01技术积累：基座型研发vs垂直型深耕，长期差距已拉开即梦AI走基座型多模态大模型路线，依托字节全栈AI体系，实现文生图、文生视频、图生视频、音画同步一体化生成，核心突破集中在自动分镜叙事、原生音画像素级对齐、跨镜头角色零突变。同时，字节拥有全球最丰富的中文短视频与图文数据，让模型在本土化理解、内容生成上具备不可复制的优势。可灵AI则走轻量化垂直优化路线，一年半迭代30余次，在15秒短视频生成、智能分镜等场景具备扎实能力，用户量超6000万，年化收入运行率达2.4亿美元。但核心短板明显：无底层基座大模型支撑，仅聚焦垂直场景优化，无法实现跨模态全域协同，长期存在技术天花板。从行业规律看，生成式AI最终比拼的是基础大模型能力，垂直优化的局部优势，极易被基座模型快速覆盖。即梦AI可联动豆包、Seedream、火山引擎形成技术合力，可灵AI则受限于资源，难以实现跨领域突破，二者技术差距将持续扩大。02组织执行力：集中式攻坚vs分散式推进，效率决定迭代速度AI大模型研发高度依赖组织聚焦与决策效率。字节跳动对AI业务实行战略级集中管控，2025年完成AI架构重组，形成“基础模型+应用产品+算力支撑”一体化体系。即梦AI由剪映牵头，联动抖音、火山引擎，实现研发、落地、推广闭环，决策快、资源集中、内部赛马机制倒逼快速迭代，Seedance 2.0数月便完成研发落地。快手AI业务为分散式布局，可灵AI仅作为主业赋能工具，与主站、商业化协同有限，战略优先级偏低、决策链条长、资源倾斜不足。可灵AI虽迭代频繁，但多为功能优化，无底层技术突破，团队规模、人才储备与字节差距显著，难以支撑基座大模型研发。在AI“以周迭代”的节奏下，组织效率差距会持续放大，最终形成强者恒强的格局。03资本投入：饱和式投入vs稳健式布局，资源划定技术上限大模型是典型的资本密集型赛道，算力、人才、数据均需巨额投入。字节将AI定为未来十年核心战略，2025年AI相关投入达1500亿元，2026年计划再投入230亿美元，拥有行业顶尖算力集群与全球人才团队，可为即梦AI提供低成本算力与全域流量支持。快手受限于盈利与战略重心，对AI采取稳健量力而行的投入模式，可灵AI研发资金规模远不及字节，算力供给不足、人才吸引力弱，无法承担基座模型的高风险、高成本投入，技术试错空间与成本控制能力全面落后。资本投入的断层差距，决定了快手AI概念成长空间有限，难以复制字节的爆发式增长。04生态协同：全域闭环vs垂直绑定，商业化前景天差地别即梦AI深度嵌入字节全域生态，上游对接豆包、中游联动剪映、下游直通抖音与TikTok，形成“生成-剪辑-发布-传播”全链路，降低创作门槛的同时，坐拥海量天然流量池，可同时覆盖C端大众与B端企业，长期具备千亿级市场潜力。可灵AI则高度绑定快手垂直生态，仅服务平台内创作者与企业，场景集中在短视频素材生成，生态封闭、场景单一、用户替代性强。其优势是短期变现快，70%收入来自专业创作者订阅，但用户增长见顶、外部拓展受阻，长期商业化天花板清晰。对投资者而言，可灵AI无法支撑快手AI概念的长期估值，短期炒作后大概率面临估值回归。05理性研判：赛道格局分化，非输赢而是定位差异即梦AI将凭借技术、组织、资本、生态四大优势，成为全球多模态生成AI头部玩家，主导行业标准；可灵AI不会彻底出局，但会退守垂直细分赛道，成为快手生态内的工具型产品，难以在全域赛道与即梦AI抗衡。市场应摒弃“短视频胜负延伸AI”的简单逻辑，字节AI是高潜力长期标的，快手AI则是低弹性稳健型业务，盲目跟风炒作极易出现投资亏损。06商业化真相：可灵AI 2.4亿美元ARR，高增长不可持续可灵AI2.4亿美元的年化收入运行率，看似亮眼，实则增长基础极度脆弱，不具备长期可持续性。其收入高度依赖海外小众创作者与订阅模式，付费率仅1.3%，远低于即梦AI，大众用户渗透基本失败。同时，可灵AI算力成本高企，盈利模型脆弱；生态封闭导致用户增长见顶，获客成本持续攀升；技术无壁垒，功能极易被同行对标，在即梦AI的降维打击下，核心优势快速消失。更关键的是，ARR基于单月峰值年化，未计入用户流失与退费，45%的复购率无法支撑长期稳态收入。可灵AI的商业化成绩只是阶段性高点，随着即梦AI全面下沉，其营收增速将快速放缓，甚至出现收入下滑，无法成为快手第二增长曲线。07行业竞争全景：视频生成赛道群雄逐鹿，格局加速重塑当前AI视频生成赛道已形成三大竞争阵营：国际厂商以OpenAI Sora、Runway为代表，技术领先但本土化不足；国内通用大模型厂商如智谱AI、MiniMax等，技术有潜力但生态与商业化薄弱；垂直工具型厂商如万兴、腾讯智影等，易用性强但技术壁垒低、同质化严重。即梦AI的出现，直接打破原有竞争平衡，推动行业从分散竞争走向寡头主导，技术、市场、资本资源快速向头部基座型玩家集中。总而言之，生成式AI视频赛道的竞争，早已从单一产品比拼，升级为技术基座、组织效率、资本强度与生态闭环的综合较量。即梦AI凭借全栈能力与全域生态，正在重新定义行业的技术标准与竞争边界；可灵AI虽在垂直领域取得阶段性商业化成果，但其增长逻辑脆弱、收入可持续性存疑，长期仍将面临巨头下沉与行业内卷的双重压力。对于整个行业而言，基座模型时代的到来，意味着垂直工具的窗口期正在快速关闭。未来的赛道格局，将由掌握底层大模型、海量数据与超级流量生态的玩家主导，而缺乏技术根基与生态支撑的产品，终将在分化中逐步退守、收缩乃至被替代。这不是一时的胜负，而是生成式AI走向成熟过程中，必然发生的格局重塑。往期回顾AI红包大战：10亿补贴换不来的入口终局印奇的二次冲锋：千里科技在具身智能时代的破局之道Kimi K2.5发布即登顶 成本压至Claude 1/5腾讯押注AI社交：不是替代，而是重构大鱼号：大厂内容赛道的非必要产物荣耀失速：一场高端梦的滑铁卢","news_type":1,"symbols_score_info":{"81024":0.6,"KSTmain":0.6,"01024":1.91}},"isVote":1,"tweetType":1,"viewCount":173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":529449376129176,"gmtCreate":1770259152235,"gmtModify":1770259155273,"author":{"id":"3544763760420498","authorId":"3544763760420498","name":"滚车轮的人","avatar":"https://static.tigerbbs.com/f19d2958b922ea55948c55702b7512e5","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3544763760420498","idStr":"3544763760420498"},"themes":[],"title":"","htmlText":"我就纳闷这车标里的蓝色是非保留不可吗","listText":"我就纳闷这车标里的蓝色是非保留不可吗","text":"我就纳闷这车标里的蓝色是非保留不可吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/529449376129176","repostId":"2609468153","repostType":2,"repost":{"id":"2609468153","kind":"news","pubTimestamp":1770256131,"share":"https://www.laohu8.com/m/news/2609468153?lang=zh_CN&edition=full","pubTime":"2026-02-05 09:48","market":"hk","language":"zh","title":"比亚迪李慧预告全新腾势Z9GT：全新“峡湾绿”外观色","url":"https://stock-news.laohu8.com/highlight/detail?id=2609468153","media":"IT之家","summary":"IT之家 2 月 5 日消息，比亚迪腾势汽车总经理 @腾势汽车李慧 昨天下午在微博发文宣布，全新腾势 Z9GT 推出全新峡湾绿外观色。目前，李慧暂未公布新车的具体配置及发售日期，IT之家将持续关注。此外，腾势 Z9 GT 还提供前后排压缩机冰箱。","content":"<html><body><p>IT之家 2 月 5 日消息，<a href=\"https://laohu8.com/S/BYDDY\">比亚迪</a>腾势汽车总经理 @腾势汽车李慧 昨天下午在微博发文宣布，全新腾势 Z9GT 推出全新<strong>峡湾绿外观色</strong>。</p><p>李慧表示：“GT 之美，美在设计！这一次，我们不止追求姿态，更专注色彩。很多用户朋友们认为腾势 Z9GT 的外观颜色应该更多样化、个性化。所以这次全新腾势 Z9GT 推出全新峡湾绿外观色。马年驭骏马，绿意贯<a href=\"https://laohu8.com/S/605178\">时空</a>！”</p><p><img src=\"https://x0.ifengimg.com/res/2026/C5BD15F447D6C68E7649DB9222ABF3B5019651EF_size48_w640_h623.jpg\"/></p><p>目前，李慧暂未公布新车的具体配置及发售日期，IT之家将持续关注。</p><p>腾势 Z9 GT 于 2024 年 9 月 20 日上市，插混版起售价为 33.48 万元，纯电版起售价为 35.48 万元，这款新车于同年 9 月 26 日在深圳开启首批交付。</p><p>现款腾势 Z9 GT <strong>车身尺寸为 5180*1990mm*1500/1480mm，轴距 3125mm</strong>。新车基于易三方平台打造，是全球首个能同时实现<strong>三电机独立驱动、后轮转向</strong>的技术平台。</p><p>该车配备内嵌式全液晶仪表盘和四辐式多功能方向盘，中控台搭载悬浮式多媒体触控屏，副驾驶前方设有内嵌式娱乐屏并提供零重力座椅。此外，腾势 Z9 GT 还提供前后排压缩机冰箱。</p><p>动力方面，纯电版搭载三电机驱动，最大功率 710kW，续航里程 630km，百公里电耗 15.8 度；插混版搭载 2.0T 插混系统，发动机最大功率 152kW，电机综合最大功率 640kW，综合续航 1100km，亏电油耗每百公里 5.6L。</p><p><img src=\"https://x0.ifengimg.com/res/2026/6E94621EAE2E82ACC74A6528950873E748534EF9_size29_w640_h427.jpg\"/></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>比亚迪李慧预告全新腾势Z9GT：全新“峡湾绿”外观色</title>\n<style 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href=\"https://tech.ifeng.com/c/8qUXAQfh2tr\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81211":"比亚迪股份-R","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU2580892789.USD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU2360107325.USD":"BGF FUTURE 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INC"},"source_url":"https://tech.ifeng.com/c/8qUXAQfh2tr","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2609468153","content_text":"IT之家 2 月 5 日消息，比亚迪腾势汽车总经理 @腾势汽车李慧 昨天下午在微博发文宣布，全新腾势 Z9GT 推出全新峡湾绿外观色。李慧表示：“GT 之美，美在设计！这一次，我们不止追求姿态，更专注色彩。很多用户朋友们认为腾势 Z9GT 的外观颜色应该更多样化、个性化。所以这次全新腾势 Z9GT 推出全新峡湾绿外观色。马年驭骏马，绿意贯时空！”目前，李慧暂未公布新车的具体配置及发售日期，IT之家将持续关注。腾势 Z9 GT 于 2024 年 9 月 20 日上市，插混版起售价为 33.48 万元，纯电版起售价为 35.48 万元，这款新车于同年 9 月 26 日在深圳开启首批交付。现款腾势 Z9 GT 车身尺寸为 5180*1990mm*1500/1480mm，轴距 3125mm。新车基于易三方平台打造，是全球首个能同时实现三电机独立驱动、后轮转向的技术平台。该车配备内嵌式全液晶仪表盘和四辐式多功能方向盘，中控台搭载悬浮式多媒体触控屏，副驾驶前方设有内嵌式娱乐屏并提供零重力座椅。此外，腾势 Z9 GT 还提供前后排压缩机冰箱。动力方面，纯电版搭载三电机驱动，最大功率 710kW，续航里程 630km，百公里电耗 15.8 度；插混版搭载 2.0T 插混系统，发动机最大功率 152kW，电机综合最大功率 640kW，综合续航 1100km，亏电油耗每百公里 5.6L。","news_type":1,"symbols_score_info":{"81211":0.6,"01211":1.86,"002594":1.86,"BYDDY":1.86,"EVS.SI":0.6,"HYDD.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":527324595114296,"gmtCreate":1769762334876,"gmtModify":1769762337532,"author":{"id":"3544763760420498","authorId":"3544763760420498","name":"滚车轮的人","avatar":"https://static.tigerbbs.com/f19d2958b922ea55948c55702b7512e5","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3544763760420498","idStr":"3544763760420498"},"themes":[],"title":"","htmlText":"逗我呢，原料涨价又不是一天两天了，这两天跌价了反而拿这说事，搞笑吗","listText":"逗我呢，原料涨价又不是一天两天了，这两天跌价了反而拿这说事，搞笑吗","text":"逗我呢，原料涨价又不是一天两天了，这两天跌价了反而拿这说事，搞笑吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/527324595114296","repostId":"2607098274","repostType":2,"repost":{"id":"2607098274","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":1769751870,"share":"https://www.laohu8.com/m/news/2607098274?lang=zh_CN&edition=full","pubTime":"2026-01-30 13:44","market":"us","language":"zh","title":"汽车股走低 比亚迪股份(01211)跌3.73% 汇丰研究指原材料价格急升或在短期为车厂带来成本压力","url":"https://stock-news.laohu8.com/highlight/detail?id=2607098274","media":"金吾财讯","summary":"汇丰环球研究发表研报指，近期金属及记忆体等上游原材料价格急升，预料将在短期内为中国汽车厂商带来显著成本压力，由于电动车的原材料使用密度更高，生产商面临阻力将更大，其中锂价在过去三个月飙升约127%，估计金属材料的价格上涨可能导致每辆车成本增加3,000至5,000元人民币，而记忆体涨价或带来额外1,000至3,000元人民币的成本，直接对电动车的成本结构造成打击。","content":"<html><body><p>金吾财讯 | 汽车股走低，<a href=\"https://laohu8.com/S/01211\">比亚迪股份</a>(01211)跌3.73%，<a href=\"https://laohu8.com/S/601238\">广汽集团</a>(02238)跌3.17%，<a href=\"https://laohu8.com/S/00175\">吉利汽车</a>(00175)跌3.04%，<a href=\"https://laohu8.com/S/601633\">长城汽车</a>(02333)跌2.36%，<a href=\"https://laohu8.com/S/LI\">理想汽车</a>(02015)跌2.29%，<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>(09868)跌1.71%，<a href=\"https://laohu8.com/S/601127\">赛力斯</a>(09927)跌1.58%。<a href=\"https://laohu8.com/S/HSBC\">汇丰</a>环球研究发表研报指，近期金属及记忆体等上游原材料价格急升，预料将在短期内为中国汽车厂商带来显著成本压力，由于电动车的原材料使用密度更高，生产商面临阻力将更大，其中锂价在过去三个月飙升约127%，估计金属材料的价格上涨可能导致每辆车成本增加3,000至5,000元人民币，而记忆体涨价或带来额外1,000至3,000元人民币的成本，直接对电动车的成本结构造成打击。该行指，今轮价格上涨主要源于供应瓶颈，相信在消费降级趋势及第一季传统淡季下，车企较难将成本转嫁给对价格敏感度较高的消费者，企业将要通过垂直整合及技术升级来吸收额外成本，亦可能要依靠营运手段，包括与供应商谈判更大幅度的年度降价等。</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>汽车股走低 比亚迪股份(01211)跌3.73% 汇丰研究指原材料价格急升或在短期为车厂带来成本压力</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汽车股走低 比亚迪股份(01211)跌3.73% 汇丰研究指原材料价格急升或在短期为车厂带来成本压力\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" 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\">2026-01-30 13:44</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | 汽车股走低，<a href=\"https://laohu8.com/S/01211\">比亚迪股份</a>(01211)跌3.73%，<a href=\"https://laohu8.com/S/601238\">广汽集团</a>(02238)跌3.17%，<a href=\"https://laohu8.com/S/00175\">吉利汽车</a>(00175)跌3.04%，<a href=\"https://laohu8.com/S/601633\">长城汽车</a>(02333)跌2.36%，<a href=\"https://laohu8.com/S/LI\">理想汽车</a>(02015)跌2.29%，<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>(09868)跌1.71%，<a href=\"https://laohu8.com/S/601127\">赛力斯</a>(09927)跌1.58%。<a href=\"https://laohu8.com/S/HSBC\">汇丰</a>环球研究发表研报指，近期金属及记忆体等上游原材料价格急升，预料将在短期内为中国汽车厂商带来显著成本压力，由于电动车的原材料使用密度更高，生产商面临阻力将更大，其中锂价在过去三个月飙升约127%，估计金属材料的价格上涨可能导致每辆车成本增加3,000至5,000元人民币，而记忆体涨价或带来额外1,000至3,000元人民币的成本，直接对电动车的成本结构造成打击。该行指，今轮价格上涨主要源于供应瓶颈，相信在消费降级趋势及第一季传统淡季下，车企较难将成本转嫁给对价格敏感度较高的消费者，企业将要通过垂直整合及技术升级来吸收额外成本，亦可能要依靠营运手段，包括与供应商谈判更大幅度的年度降价等。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.szfiu.com/news/20241108/OTEzM2QyMzQzMjc2MzA3OTk2MA==.jpg","relate_stocks":{"80175":"吉利汽车-R","81211":"比亚迪股份-R","82333":"长城汽车-R","601127":"赛力斯","601238":"广汽集团","601633":"长城汽车","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0823426308.USD":"法巴中国股票基金","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) 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汽车股走低，比亚迪股份(01211)跌3.73%，广汽集团(02238)跌3.17%，吉利汽车(00175)跌3.04%，长城汽车(02333)跌2.36%，理想汽车(02015)跌2.29%，小鹏汽车(09868)跌1.71%，赛力斯(09927)跌1.58%。汇丰环球研究发表研报指，近期金属及记忆体等上游原材料价格急升，预料将在短期内为中国汽车厂商带来显著成本压力，由于电动车的原材料使用密度更高，生产商面临阻力将更大，其中锂价在过去三个月飙升约127%，估计金属材料的价格上涨可能导致每辆车成本增加3,000至5,000元人民币，而记忆体涨价或带来额外1,000至3,000元人民币的成本，直接对电动车的成本结构造成打击。该行指，今轮价格上涨主要源于供应瓶颈，相信在消费降级趋势及第一季传统淡季下，车企较难将成本转嫁给对价格敏感度较高的消费者，企业将要通过垂直整合及技术升级来吸收额外成本，亦可能要依靠营运手段，包括与供应商谈判更大幅度的年度降价等。","news_type":1,"symbols_score_info":{"80175":0.6,"81211":0.6,"82333":0.6,"601127":1.85,"601238":1.87,"601633":1.86,"GWLLY":1.86,"00175":1.87,"02333":1.86,"BYDDY":1.96,"HYDD.SI":0.6,"002594":1.96,"HSBC":1.81,"09927":1.85,"EVS.SI":0.6,"00005":1.81,"02238":1.87,"GELYY":1.87,"01211":1.96}},"isVote":1,"tweetType":1,"viewCount":301,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":494406931939776,"gmtCreate":1761722953049,"gmtModify":1761722966982,"author":{"id":"3544763760420498","authorId":"3544763760420498","name":"滚车轮的人","avatar":"https://static.tigerbbs.com/f19d2958b922ea55948c55702b7512e5","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3544763760420498","idStr":"3544763760420498"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/OPT/BYD.HK 20251030 100.00 PUT\">$BYD.HK 20251030 100.00 PUT$ </a>&nbsp;","listText":"<a href=\"https://laohu8.com/OPT/BYD.HK 20251030 100.00 PUT\">$BYD.HK 20251030 100.00 PUT$ </a>&nbsp;","text":"$BYD.HK 20251030 100.00 PUT$","images":[{"img":"https://static.tigerbbs.com/0f49f1071405babb112724259eea2655","width":"882","height":"1668"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/494406931939776","isVote":1,"tweetType":1,"viewCount":1020,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":488443065397536,"gmtCreate":1760275726645,"gmtModify":1760275728981,"author":{"id":"3544763760420498","authorId":"3544763760420498","name":"滚车轮的人","avatar":"https://static.tigerbbs.com/f19d2958b922ea55948c55702b7512e5","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3544763760420498","idStr":"3544763760420498"},"themes":[],"htmlText":"仰望的品牌形象就挺好，高端市场不用愁。","listText":"仰望的品牌形象就挺好，高端市场不用愁。","text":"仰望的品牌形象就挺好，高端市场不用愁。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/488443065397536","repostId":"2574966834","repostType":2,"repost":{"id":"2574966834","kind":"news","pubTimestamp":1760189139,"share":"https://www.laohu8.com/m/news/2574966834?lang=zh_CN&edition=full","pubTime":"2025-10-11 21:25","market":"hk","language":"zh","title":"比亚迪销量下滑不是问题 糟糕的是高端化受阻","url":"https://stock-news.laohu8.com/highlight/detail?id=2574966834","media":"电动1家","summary":"2025年9月销量2024年9月销量所以，在9月销量中比亚迪品牌的跌幅最大，同比下滑超11.4%。之所以比亚迪最终整体销量同比下滑5.5%，是因为方程豹品牌9月销量同比暴增348%，相当于拉了比亚迪品牌一把。而这也是比亚迪目前相比于销量下滑更棘手的问题：高端化受阻。以比亚迪品牌高端车型汉+唐为例，9月销量2.2万辆，同比下滑40%。而产品的高端化，对比亚迪而言，是一个比销量增长更大的考验。","content":"<html><body><article><p>“同比下滑超5%”成为不少媒体报道<a href=\"https://laohu8.com/S/BYDDY\">比亚迪</a>9月销量的标题，并以这是自2024年3月以来的首次同比下滑来进一步佐证<a href=\"https://laohu8.com/S/002594\">比亚迪</a>销量态势的危险。</p><p>客观说，<a href=\"https://laohu8.com/S/01211\">比亚迪</a>销量下滑没必要放大解读，这是物极必反的规律——尤其是，比亚迪自2021年销量大爆发以来，销量的主要支撑是新能源经济型车型，而随着其他厂商的加入，蛋糕被逐步分走是必然的。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251011215626288v163vlul65ka3z2\"/><p>2025年9月销量</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251011215641679v163o32688xgxqm\"/><p>2024年9月销量</p><p>所以，在9月销量中比亚迪品牌的跌幅最大，同比下滑超11.4%。之所以比亚迪最终整体销量同比下滑5.5%，是因为方程豹品牌9月销量同比暴增348%，相当于拉了比亚迪品牌一把。</p><p>那方程豹品牌从去年5400多辆一下到今年单月销量24000多辆，这的确巨幅增长了，以至于有人报道称，高端品牌的爆发式增长表明比亚迪从性价比策略转向价值提升策略。</p><p>不过，细看数据可以发现，方程豹增长主要靠钛3和刚刚上市的钛7的<span>拉升</span>，两车9月销量分别为8902辆、8128辆，但要知道的是，钛3和钛7入门车型售价在13万元+、17万元+，是泛经济型车型的价格带。换言之，方程豹品牌开始走性价比路线来争取销量了。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251011215654024v163hm2ytk6c3ho\"/><p>尽管方程豹品牌CEO熊甜波以方程豹并非“硬派越野车品牌而是个性化品牌”来为弱化钛3、钛7以性价比求销量的策略，但不可否认的是，由豹5、豹8建立起来的方程豹的品牌溢价正在被快速稀释。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251011215657888v163d79t76rbx6s\"/><p>方程豹自诩定位高端品牌，但实际销量的四成是泛15万元车型贡献的，这显然是貌合神离的高端品牌。而这也是比亚迪目前相比于销量下滑更棘手的问题：高端化受阻。</p><p>比亚迪高端化受阻的原因并不复杂，比亚迪形象与产品口碑持续存在较大的争议，尤其是“2023年油箱门事件”爆发以来，越来越多的消费者开始更加理性看比亚迪的技术与产品。尤其是高端车型消费者，他们看重技术、品质的同时，同样看重品牌调性与企业价值观，而在上述方面，恰恰是比亚迪最薄弱的地方。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251011215708423v163f72kujxwco3\"/><p>去年7月方程豹5销量跌入谷底，与此同时，方程豹品牌官方官降5万元拯救豹5销量，其最终结果是喜忧参半，豹5凭借性价比重回4000多辆的月销量，但却对品牌造成了极大的伤害——这也是为何后续定价相对克制的豹8一直不温不火的原因。</p><p>方程豹以个性化走性价比路线无异于是饮鸩止渴，这无形中对比亚迪品牌都产生了一定影响。以比亚迪品牌高端车型汉+唐为例，9月销量2.2万辆，同比下滑40%。用网友的话说，不是汉、唐性价比不高，而是让方程豹定价策略显得挂比亚迪标的汉、唐不值得买了。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251011215711975v163bx6rm3gfi9b\"/><p>与方程豹靠低价策略实现销量增长不同是，坚守高端的腾势品牌却有些踌躇不前。</p><p>腾势D9依然是支撑着整个品牌的销量独苗，得益于新能源MPV市场竞争不那么激烈，所以销量维持得还不错。但其他车型销量却每况愈下，N9单月销量从3个月前的4000多辆跌至2000多辆，Z9同比下滑28%，N7更是月销两位数。</p><p>对高端产品来说，品牌形象有多重要呢？比腾势N9上市更晚的同级精品车型领克900，如今的月销量已经是腾势N9的近3倍。</p><p>数据显示，中国新能源乘用车销量，目前主要集中在15-20万元区间，但今年前8月销量同比增长不到7%，而B级、C级车市场的增长率分别为29%和64%。一定意义上说，新能源乘用车市场未来增长潜力主要集中在高端市场：得高端者才能得天下。</p><p>而产品的高端化，对比亚迪而言，是一个比销量增长更大的考验。</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\" 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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比亚迪销量下滑不是问题 糟糕的是高端化受阻\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-11 21:25 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251011215727a45ab3a9&s=b><strong>电动1家</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“同比下滑超5%”成为不少媒体报道比亚迪9月销量的标题，并以这是自2024年3月以来的首次同比下滑来进一步佐证比亚迪销量态势的危险。客观说，比亚迪销量下滑没必要放大解读，这是物极必反的规律——尤其是，比亚迪自2021年销量大爆发以来，销量的主要支撑是新能源经济型车型，而随着其他厂商的加入，蛋糕被逐步分走是必然的。2025年9月销量2024年9月销量所以，在9月销量中比亚迪品牌的跌幅最大，同比下滑超...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251011215727a45ab3a9&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81211":"比亚迪股份-R","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU1861214812.USD":"Blackrock Future of Transport A2 USD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0274383008.USD":"MANULIFE GF ASIAN SMALL CAP EQUITY \"AA\" (USD) 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你永远可以相信B站的游戏，永远仆街。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/479164881916280","isVote":1,"tweetType":1,"viewCount":1284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":539454017967648,"gmtCreate":1772720774084,"gmtModify":1772720776680,"author":{"id":"3544763760420498","authorId":"3544763760420498","name":"滚车轮的人","avatar":"https://static.tigerbbs.com/f19d2958b922ea55948c55702b7512e5","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3544763760420498","idStr":"3544763760420498"},"themes":[],"title":"","htmlText":"‌那句话怎么说来着，利好出尽是（）‌","listText":"‌那句话怎么说来着，利好出尽是（）‌","text":"‌那句话怎么说来着，利好出尽是（）‌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/539454017967648","isVote":1,"tweetType":1,"viewCount":30,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":531167041902280,"gmtCreate":1770698575106,"gmtModify":1770698706525,"author":{"id":"3544763760420498","authorId":"3544763760420498","name":"滚车轮的人","avatar":"https://static.tigerbbs.com/f19d2958b922ea55948c55702b7512e5","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3544763760420498","idStr":"3544763760420498"},"themes":[],"title":"","htmlText":"你这AI文写的真够**的，试没试过可灵3.0就在这放屁","listText":"你这AI文写的真够**的，试没试过可灵3.0就在这放屁","text":"你这AI文写的真够**的，试没试过可灵3.0就在这放屁","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/531167041902280","repostId":"2610694465","repostType":2,"repost":{"id":"2610694465","kind":"news","pubTimestamp":1770690172,"share":"https://www.laohu8.com/m/news/2610694465?lang=zh_CN&edition=full","pubTime":"2026-02-10 10:22","market":"hk","language":"zh","title":"即梦AI来了，受冲击最大的是快手可灵AI","url":"https://stock-news.laohu8.com/highlight/detail?id=2610694465","media":"竞合人工智能","summary":"即梦AI可联动豆包、Seedream、火山引擎形成技术合力，可灵AI则受限于资源，难以实现跨领域突破，二者技术差距将持续扩大。可灵AI的商业化成绩只是阶段性高点，随着即梦AI全面下沉，其营收增速将快速放缓，甚至出现收入下滑，无法成为快手第二增长曲线。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20260210112711364v15233x1qxnnkdu\"/><p>生成式AI视频赛道的竞争，早已从单一产品比拼，升级为技术基座、组织效率、资本强度与生态闭环的综合较量。</p><p>出品 | 竞合人工智能</p><p>作者 | 竞合</p><p>排版 | 洋洋</p><p>2026年开年，字节跳动即梦AI推出Seedance 2.0多模态大模型，凭借电影级视频生成、原生音画同步、多镜头叙事连贯、角色零突变等核心能力，成为对标OpenAI Sora的国产技术标杆；<a href=\"https://laohu8.com/S/01024\">快手</a>可灵AI同期发布3.0系列模型，继续深耕垂直赛道。市场随即掀起“短视频胜负延伸至AI”“可灵AI全面落后”的讨论，而生成式AI竞争早已超越单一技术比拼，演变为技术、组织、资本、生态的综合博弈。</p><p><strong>01</strong></p><p><strong>技术积累：</strong></p><p><strong>基座型研发vs垂直型深耕，</strong></p><p><strong>长期差距已拉开</strong></p><p>即梦AI走基座型多模态大模型路线，依托字节全栈AI体系，实现文生图、文生视频、图生视频、音画同步一体化生成，核心突破集中在自动分镜叙事、原生音画像素级对齐、跨镜头角色零突变。同时，字节拥有全球最丰富的中文短视频与图文数据，让模型在本土化理解、内容生成上具备不可复制的优势。</p><p>可灵AI则走轻量化垂直优化路线，一年半迭代30余次，在15秒短视频生成、智能分镜等场景具备扎实能力，用户量超6000万，年化收入运行率达2.4亿美元。但核心短板明显：无底层基座大模型支撑，仅聚焦垂直场景优化，无法实现跨模态全域协同，长期存在技术天花板。</p><p>从行业规律看，生成式AI最终比拼的是基础大模型能力，垂直优化的局部优势，极易被基座模型快速覆盖。即梦AI可联动豆包、Seedream、火山引擎形成技术合力，可灵AI则受限于资源，难以实现跨领域突破，二者技术差距将持续扩大。</p><p><strong>02</strong></p><p><strong>组织执行力：</strong></p><p><strong>集中式攻坚vs分散式推进，</strong></p><p><strong>效率决定迭代速度</strong></p><p>AI大模型研发高度依赖组织聚焦与决策效率。字节跳动对AI业务实行战略级集中管控，2025年完成AI架构重组，形成“基础模型+应用产品+算力支撑”一体化体系。即梦AI由剪映牵头，联动抖音、火山引擎，实现研发、落地、推广闭环，决策快、资源集中、内部赛马机制倒逼快速迭代，Seedance 2.0数月便完成研发落地。</p><p>快手AI业务为分散式布局，可灵AI仅作为主业赋能工具，与主站、商业化协同有限，战略优先级偏低、决策链条长、资源倾斜不足。可灵AI虽迭代频繁，但多为功能优化，无底层技术突破，团队规模、人才储备与字节差距显著，难以支撑基座大模型研发。</p><p>在AI“以周迭代”的节奏下，组织效率差距会持续放大，最终形成强者恒强的格局。</p><p><strong>03</strong></p><p><strong>资本投入：</strong></p><p><strong>饱和式投入vs稳健式布局，</strong></p><p><strong>资源划定技术上限</strong></p><p>大模型是典型的资本密集型赛道，算力、人才、数据均需巨额投入。字节将AI定为未来十年核心战略，2025年AI相关投入达1500亿元，2026年计划再投入230亿美元，拥有行业顶尖算力集群与全球人才团队，可为即梦AI提供低成本算力与全域流量支持。</p><p>快手受限于盈利与战略重心，对AI采取稳健量力而行的投入模式，可灵AI研发资金规模远不及字节，算力供给不足、人才吸引力弱，无法承担基座模型的高风险、高成本投入，技术试错空间与成本控制能力全面落后。</p><p>资本投入的断层差距，决定了快手AI概念成长空间有限，难以复制字节的爆发式增长。</p><p><strong>04</strong></p><p><strong>生态协同：</strong></p><p><strong>全域闭环vs垂直绑定，</strong></p><p><strong>商业化前景天差地别</strong></p><p>即梦AI深度嵌入字节全域生态，上游对接豆包、中游联动剪映、下游直通抖音与TikTok，形成“生成-剪辑-发布-传播”全链路，降低创作门槛的同时，坐拥海量天然流量池，可同时覆盖C端大众与B端企业，长期具备千亿级市场潜力。</p><p>可灵AI则高度绑定快手垂直生态，仅服务平台内创作者与企业，场景集中在短视频素材生成，生态封闭、场景单一、用户替代性强。其优势是短期变现快，70%收入来自专业创作者订阅，但用户增长见顶、外部拓展受阻，长期商业化天花板清晰。</p><p>对投资者而言，可灵AI无法支撑快手AI概念的长期估值，短期炒作后大概率面临估值回归。</p><p><strong>05</strong></p><p><strong>理性研判：</strong></p><p><strong>赛道格局分化，</strong></p><p><strong>非输赢而是定位差异</strong></p><p>即梦AI将凭借技术、组织、资本、生态四大优势，成为全球多模态生成AI头部玩家，主导行业标准；可灵AI不会彻底出局，但会退守垂直细分赛道，成为快手生态内的工具型产品，难以在全域赛道与即梦AI抗衡。</p><p>市场应摒弃“短视频胜负延伸AI”的简单逻辑，字节AI是高潜力长期标的，快手AI则是低弹性稳健型业务，盲目跟风炒作极易出现投资亏损。</p><p><strong>06</strong></p><p><strong>商业化真相：</strong></p><p><strong>可灵AI 2.4亿美元ARR，</strong></p><p><strong>高增长不可持续</strong></p><p>可灵AI2.4亿美元的年化收入运行率，看似亮眼，实则增长基础极度脆弱，不具备长期可持续性。其收入高度依赖海外小众创作者与订阅模式，付费率仅1.3%，远低于即梦AI，大众用户渗透基本失败。</p><p>同时，可灵AI算力成本高企，盈利模型脆弱；生态封闭导致用户增长见顶，获客成本持续攀升；技术无壁垒，功能极易被同行对标，在即梦AI的降维打击下，核心优势快速消失。更关键的是，ARR基于单月峰值年化，未计入用户流失与退费，45%的复购率无法支撑长期稳态收入。</p><p>可灵AI的商业化成绩只是阶段性高点，随着即梦AI全面下沉，其营收增速将快速放缓，甚至出现收入下滑，无法成为快手第二增长曲线。</p><p><strong>07</strong></p><p><strong>行业竞争全景：</strong></p><p><strong>视频生成赛道群雄逐鹿，</strong></p><p><strong>格局加速重塑</strong></p><p>当前AI视频生成赛道已形成三大竞争阵营：国际厂商以OpenAI Sora、Runway为代表，技术领先但本土化不足；国内通用大模型厂商如<a href=\"https://laohu8.com/S/02513\">智谱</a>AI、MiniMax等，技术有潜力但生态与商业化薄弱；垂直工具型厂商如万兴、<a href=\"https://laohu8.com/S/00700\">腾讯</a>智影等，易用性强但技术壁垒低、同质化严重。</p><p>即梦AI的出现，直接打破原有竞争平衡，推动行业从分散竞争走向寡头主导，技术、市场、资本资源快速向头部基座型玩家集中。</p><p>总而言之，生成式AI视频赛道的竞争，早已从单一产品比拼，升级为技术基座、组织效率、资本强度与生态闭环的综合较量。即梦AI凭借全栈能力与全域生态，正在重新定义行业的技术标准与竞争边界；可灵AI虽在垂直领域取得阶段性商业化成果，但其增长逻辑脆弱、收入可持续性存疑，长期仍将面临巨头下沉与行业内卷的双重压力。</p><p>对于整个行业而言，基座模型时代的到来，意味着垂直工具的窗口期正在快速关闭。未来的赛道格局，将由掌握底层大模型、<a href=\"https://laohu8.com/S/603138\">海量数据</a>与超级流量生态的玩家主导，而缺乏技术根基与生态支撑的产品，终将在分化中逐步退守、收缩乃至被替代。这不是一时的胜负，而是生成式AI走向成熟过程中，必然发生的格局重塑。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260210112716663v152p6kn4f2m5mm\"/><p><strong>往期回</strong><strong>顾</strong></p><p>AI红包大战：10亿补贴换不来的入口终局</p><p>印奇的二次冲锋：<a href=\"https://laohu8.com/S/601777\">千里科技</a>在具身智能时代的破局之道</p><p>Kimi K2.5发布即登顶 成本压至Claude 1/5</p><p>腾讯押注AI社交：不是替代，而是重构</p><p>大鱼号：大厂内容赛道的非必要产物</p><p>荣耀失速：一场高端梦的滑铁卢</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>即梦AI来了，受冲击最大的是快手可灵AI</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即梦AI来了，受冲击最大的是快手可灵AI\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-10 10:22 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260210112719a6e898cd&s=b><strong>竞合人工智能</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>生成式AI视频赛道的竞争，早已从单一产品比拼，升级为技术基座、组织效率、资本强度与生态闭环的综合较量。出品 | 竞合人工智能作者 | 竞合排版 | 洋洋2026年开年，字节跳动即梦AI推出Seedance 2.0多模态大模型，凭借电影级视频生成、原生音画同步、多镜头叙事连贯、角色零突变等核心能力，成为对标OpenAI Sora的国产技术标杆；快手可灵AI同期发布3.0系列模型，继续深耕垂直赛道。...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260210112719a6e898cd&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81024":"快手-WR","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","01024":"快手-W","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","BK1575":"同股不同权","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0307460666.USD":"EASTSPRING INVESTMENTS 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INC","BK1590":"短视频概念股","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260210112719a6e898cd&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2610694465","content_text":"生成式AI视频赛道的竞争，早已从单一产品比拼，升级为技术基座、组织效率、资本强度与生态闭环的综合较量。出品 | 竞合人工智能作者 | 竞合排版 | 洋洋2026年开年，字节跳动即梦AI推出Seedance 2.0多模态大模型，凭借电影级视频生成、原生音画同步、多镜头叙事连贯、角色零突变等核心能力，成为对标OpenAI Sora的国产技术标杆；快手可灵AI同期发布3.0系列模型，继续深耕垂直赛道。市场随即掀起“短视频胜负延伸至AI”“可灵AI全面落后”的讨论，而生成式AI竞争早已超越单一技术比拼，演变为技术、组织、资本、生态的综合博弈。01技术积累：基座型研发vs垂直型深耕，长期差距已拉开即梦AI走基座型多模态大模型路线，依托字节全栈AI体系，实现文生图、文生视频、图生视频、音画同步一体化生成，核心突破集中在自动分镜叙事、原生音画像素级对齐、跨镜头角色零突变。同时，字节拥有全球最丰富的中文短视频与图文数据，让模型在本土化理解、内容生成上具备不可复制的优势。可灵AI则走轻量化垂直优化路线，一年半迭代30余次，在15秒短视频生成、智能分镜等场景具备扎实能力，用户量超6000万，年化收入运行率达2.4亿美元。但核心短板明显：无底层基座大模型支撑，仅聚焦垂直场景优化，无法实现跨模态全域协同，长期存在技术天花板。从行业规律看，生成式AI最终比拼的是基础大模型能力，垂直优化的局部优势，极易被基座模型快速覆盖。即梦AI可联动豆包、Seedream、火山引擎形成技术合力，可灵AI则受限于资源，难以实现跨领域突破，二者技术差距将持续扩大。02组织执行力：集中式攻坚vs分散式推进，效率决定迭代速度AI大模型研发高度依赖组织聚焦与决策效率。字节跳动对AI业务实行战略级集中管控，2025年完成AI架构重组，形成“基础模型+应用产品+算力支撑”一体化体系。即梦AI由剪映牵头，联动抖音、火山引擎，实现研发、落地、推广闭环，决策快、资源集中、内部赛马机制倒逼快速迭代，Seedance 2.0数月便完成研发落地。快手AI业务为分散式布局，可灵AI仅作为主业赋能工具，与主站、商业化协同有限，战略优先级偏低、决策链条长、资源倾斜不足。可灵AI虽迭代频繁，但多为功能优化，无底层技术突破，团队规模、人才储备与字节差距显著，难以支撑基座大模型研发。在AI“以周迭代”的节奏下，组织效率差距会持续放大，最终形成强者恒强的格局。03资本投入：饱和式投入vs稳健式布局，资源划定技术上限大模型是典型的资本密集型赛道，算力、人才、数据均需巨额投入。字节将AI定为未来十年核心战略，2025年AI相关投入达1500亿元，2026年计划再投入230亿美元，拥有行业顶尖算力集群与全球人才团队，可为即梦AI提供低成本算力与全域流量支持。快手受限于盈利与战略重心，对AI采取稳健量力而行的投入模式，可灵AI研发资金规模远不及字节，算力供给不足、人才吸引力弱，无法承担基座模型的高风险、高成本投入，技术试错空间与成本控制能力全面落后。资本投入的断层差距，决定了快手AI概念成长空间有限，难以复制字节的爆发式增长。04生态协同：全域闭环vs垂直绑定，商业化前景天差地别即梦AI深度嵌入字节全域生态，上游对接豆包、中游联动剪映、下游直通抖音与TikTok，形成“生成-剪辑-发布-传播”全链路，降低创作门槛的同时，坐拥海量天然流量池，可同时覆盖C端大众与B端企业，长期具备千亿级市场潜力。可灵AI则高度绑定快手垂直生态，仅服务平台内创作者与企业，场景集中在短视频素材生成，生态封闭、场景单一、用户替代性强。其优势是短期变现快，70%收入来自专业创作者订阅，但用户增长见顶、外部拓展受阻，长期商业化天花板清晰。对投资者而言，可灵AI无法支撑快手AI概念的长期估值，短期炒作后大概率面临估值回归。05理性研判：赛道格局分化，非输赢而是定位差异即梦AI将凭借技术、组织、资本、生态四大优势，成为全球多模态生成AI头部玩家，主导行业标准；可灵AI不会彻底出局，但会退守垂直细分赛道，成为快手生态内的工具型产品，难以在全域赛道与即梦AI抗衡。市场应摒弃“短视频胜负延伸AI”的简单逻辑，字节AI是高潜力长期标的，快手AI则是低弹性稳健型业务，盲目跟风炒作极易出现投资亏损。06商业化真相：可灵AI 2.4亿美元ARR，高增长不可持续可灵AI2.4亿美元的年化收入运行率，看似亮眼，实则增长基础极度脆弱，不具备长期可持续性。其收入高度依赖海外小众创作者与订阅模式，付费率仅1.3%，远低于即梦AI，大众用户渗透基本失败。同时，可灵AI算力成本高企，盈利模型脆弱；生态封闭导致用户增长见顶，获客成本持续攀升；技术无壁垒，功能极易被同行对标，在即梦AI的降维打击下，核心优势快速消失。更关键的是，ARR基于单月峰值年化，未计入用户流失与退费，45%的复购率无法支撑长期稳态收入。可灵AI的商业化成绩只是阶段性高点，随着即梦AI全面下沉，其营收增速将快速放缓，甚至出现收入下滑，无法成为快手第二增长曲线。07行业竞争全景：视频生成赛道群雄逐鹿，格局加速重塑当前AI视频生成赛道已形成三大竞争阵营：国际厂商以OpenAI Sora、Runway为代表，技术领先但本土化不足；国内通用大模型厂商如智谱AI、MiniMax等，技术有潜力但生态与商业化薄弱；垂直工具型厂商如万兴、腾讯智影等，易用性强但技术壁垒低、同质化严重。即梦AI的出现，直接打破原有竞争平衡，推动行业从分散竞争走向寡头主导，技术、市场、资本资源快速向头部基座型玩家集中。总而言之，生成式AI视频赛道的竞争，早已从单一产品比拼，升级为技术基座、组织效率、资本强度与生态闭环的综合较量。即梦AI凭借全栈能力与全域生态，正在重新定义行业的技术标准与竞争边界；可灵AI虽在垂直领域取得阶段性商业化成果，但其增长逻辑脆弱、收入可持续性存疑，长期仍将面临巨头下沉与行业内卷的双重压力。对于整个行业而言，基座模型时代的到来，意味着垂直工具的窗口期正在快速关闭。未来的赛道格局，将由掌握底层大模型、海量数据与超级流量生态的玩家主导，而缺乏技术根基与生态支撑的产品，终将在分化中逐步退守、收缩乃至被替代。这不是一时的胜负，而是生成式AI走向成熟过程中，必然发生的格局重塑。往期回顾AI红包大战：10亿补贴换不来的入口终局印奇的二次冲锋：千里科技在具身智能时代的破局之道Kimi K2.5发布即登顶 成本压至Claude 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/>\n<title>哔哩哔哩盘中涨超8%，机构持续看好游戏板块投资机会</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 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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哔哩哔哩盘中涨超8%，机构持续看好游戏板块投资机会\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" 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\">2025-09-09 23:23</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>周二，<a href=\"https://laohu8.com/S/BILI\">哔哩哔哩</a>盘中涨超8%。消息面上，<a href=\"https://laohu8.com/S/002484\">江海</a>证券发布研报称，今年1-8月国家新闻出版署发布国产网络游戏版号1050个，同比增长23.53%。游戏版号的常态化发放体现监管政策对于游戏产业发展的支持力度在持续加大。游戏板块现金流好，政策支持力度持续加大，且AI游戏研发持续深化；近期游戏板块涨幅明显，市场关注度较高，持续看好游戏板块投资机会。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/623f886fc64ea37baef14bbd2f3b0166\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5dfca12a1e9d541cb46bc6ec6361a60a","relate_stocks":{"09626":"哔哩哔哩-W","BILI":"哔哩哔哩"},"source_url":"292260","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2566169296","content_text":"周二，哔哩哔哩盘中涨超8%。消息面上，江海证券发布研报称，今年1-8月国家新闻出版署发布国产网络游戏版号1050个，同比增长23.53%。游戏版号的常态化发放体现监管政策对于游戏产业发展的支持力度在持续加大。游戏板块现金流好，政策支持力度持续加大，且AI游戏研发持续深化；近期游戏板块涨幅明显，市场关注度较高，持续看好游戏板块投资机会。","news_type":1,"symbols_score_info":{"09626":1,"BILI":1}},"isVote":1,"tweetType":1,"viewCount":797,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":476359494771288,"gmtCreate":1757301991773,"gmtModify":1757301992847,"author":{"id":"3544763760420498","authorId":"3544763760420498","name":"滚车轮的人","avatar":"https://static.tigerbbs.com/f19d2958b922ea55948c55702b7512e5","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3544763760420498","idStr":"3544763760420498"},"themes":[],"htmlText":"‌<a href=\"https://laohu8.com/S/06881\">$中国银河(06881)$ &nbsp;</a>拿住不动就完事了","listText":"‌<a href=\"https://laohu8.com/S/06881\">$中国银河(06881)$ &nbsp;</a>拿住不动就完事了","text":"‌$中国银河(06881)$ 拿住不动就完事了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/476359494771288","isVote":1,"tweetType":1,"viewCount":1181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":538321291998056,"gmtCreate":1772447071023,"gmtModify":1772447233234,"author":{"id":"3544763760420498","authorId":"3544763760420498","name":"滚车轮的人","avatar":"https://static.tigerbbs.com/f19d2958b922ea55948c55702b7512e5","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3544763760420498","idStr":"3544763760420498"},"themes":[],"title":"","htmlText":"这是做了个T？","listText":"这是做了个T？","text":"这是做了个T？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/538321291998056","repostId":"2616441382","repostType":2,"repost":{"id":"2616441382","kind":"news","pubTimestamp":1772442636,"share":"https://www.laohu8.com/m/news/2616441382?lang=zh_CN&edition=full","pubTime":"2026-03-02 17:10","market":"hk","language":"zh","title":"摩根大通对阿里巴巴-W的多头持仓比例增至8.09%","url":"https://stock-news.laohu8.com/highlight/detail?id=2616441382","media":"国际金融报","summary":"据香港交易所披露，摩根大通(JPMorgan)对阿里巴巴集团控股有限公司-W的多头持仓比例于2026年2月25日从7.96%增至8.09%。","content":"<div>\n<p>据香港交易所披露，摩根大通(JPMorgan)对阿里巴巴集团控股有限公司-W的多头持仓比例于2026年2月25日从7.96%增至8.09%。</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260302171117a730f214&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>摩根大通对阿里巴巴-W的多头持仓比例增至8.09%</title>\n<style 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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260302171117a730f214&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89988":"阿里巴巴-WR","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260302171117a730f214&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2616441382","content_text":"据香港交易所披露，摩根大通(JPMorgan)对阿里巴巴集团控股有限公司-W的多头持仓比例于2026年2月25日从7.96%增至8.09%。","news_type":1,"symbols_score_info":{"89988":0.6,"BABA":1.95,"JPM":1.92,"09988":1.95,"HBBD.SI":0.6,"ALBmain":0.6}},"isVote":1,"tweetType":1,"viewCount":65,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":537162068039032,"gmtCreate":1772163972502,"gmtModify":1772163975072,"author":{"id":"3544763760420498","authorId":"3544763760420498","name":"滚车轮的人","avatar":"https://static.tigerbbs.com/f19d2958b922ea55948c55702b7512e5","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3544763760420498","idStr":"3544763760420498"},"themes":[],"title":"","htmlText":"连逻辑都讲不圆，你告诉我AI时代怎么影响电商和游戏了？你是能拿AI重做三角洲还是凭空生产服务器啊？","listText":"连逻辑都讲不圆，你告诉我AI时代怎么影响电商和游戏了？你是能拿AI重做三角洲还是凭空生产服务器啊？","text":"连逻辑都讲不圆，你告诉我AI时代怎么影响电商和游戏了？你是能拿AI重做三角洲还是凭空生产服务器啊？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/537162068039032","repostId":"2612266007","repostType":2,"repost":{"id":"2612266007","kind":"news","pubTimestamp":1771585122,"share":"https://www.laohu8.com/m/news/2612266007?lang=zh_CN&edition=full","pubTime":"2026-02-20 18:58","market":"hk","language":"zh","title":"深度丨中国互联网叙事逻辑改写，智谱、MiniMax 杀入3000亿俱乐部，快手携程被甩身后","url":"https://stock-news.laohu8.com/highlight/detail?id=2612266007","media":"Z Finance","summary":"作为港股市场的 AI 双子星，智谱和MiniMax的表现简直可以用狂飙来形容。智谱盘中一度大涨 25%，MiniMax 也不甘示弱涨了 16%。而智谱的股价也反超了MiniMax。3000 亿港元是个分水岭。这意味着成立仅数年的 AI 新势力，体量已甩开快手、携程，直逼网易和百度。中国前10大互联网公司的次序，正在重构。阿里千问处理 1.3 亿笔订单，腾讯元宝日活破 5000 万。当 3000 亿市值的智谱、MiniMax 与百亿美元估值的 Kimi 成为新锚点，中国互联网叙事逻辑已彻底改变。","content":"<html><body><article><p>现在的二级市场，投资者们的口味变了。<strong>不要全能大厂，只要纯 AI 标的。</strong></p><p>作为港股市场的 AI 双子星，<strong><a href=\"https://laohu8.com/S/02513\">智谱</a></strong><strong>和</strong><strong>MiniMax</strong>的表现简直可以用狂飙来形容。智谱盘中一度大涨 25%，MiniMax 也不甘示弱涨了 16%。这两家 1 月刚上市的公司，复市后市值分别站稳<strong>3232 亿港元</strong>和<strong>3042 亿港元</strong>。而智谱的股价也反超了<strong>MiniMax。</strong></p><p><strong>3000 亿港元是个分水岭。</strong>这意味着成立仅数年的 AI 新势力，体量已甩开<a href=\"https://laohu8.com/S/01024\">快手</a>、<a href=\"https://laohu8.com/S/TCOM\">携程</a>，直逼<a href=\"https://laohu8.com/S/NTES\">网易</a>和<a href=\"https://laohu8.com/S/BIDU\">百度</a>。中国前10大互联网公司的次序，正在重构。而如果你在今年 1 月这两家公司上市时就入场，现在的收益已经翻了<strong>四倍</strong>。</p><p>这种繁荣背后，是资金的暴力轮动。就像 Global X Management 的策略师所言：资金正在从<a href=\"https://laohu8.com/S/BABA\">阿里</a>、<a href=\"https://laohu8.com/S/00700\">腾讯</a>这种业务多元的巨头中撤出，反手填进了这些基础模型龙头的口袋。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260220190510895v206iwhtsk8n30z\"/><p>但版图之上还悬停着巨舰<strong>字节跳动</strong>。按最近 5000 亿美元估值换算，其体量高达<strong>3.9 万亿港元</strong>，依然是中国 AI 的“无冕之王”。它的存在提醒所有玩家：拥有最强研发能力和流量分发能力的巨头，依然是 AI 牌桌上最大的变量。</p><p>一级市场同样狂热。月之暗面（Kimi）完成新一轮融资，估值跨过<strong>100 亿美元（约 780 亿港元）</strong>。领投方依然见得<a href=\"https://laohu8.com/S/09988\">阿里</a>与腾讯身影。“前线死磕，后方送钱”的局面，折射出巨头们的底层焦虑。</p><p>巨头春节战报不差。阿里千问处理 1.3 亿笔订单，腾讯元宝日活破 5000 万。但在投资者眼里，这更像“昂贵的防御”。市场逻辑已变，大家不再只看存量流量，而在审视：曾经贡献巨额利润的电商、广告与游戏业务，是否正成为冲向 AI 时代的“负资产”？</p><p>焦虑还来自监管与竞争。主管部门上周约谈头部平台，要求整治“内卷式”竞争，宣告烧钱抢市场的旧剧本失效。同时，DeepSeek 的每一次更新预告，都在迫使玩家提前透支未来预期。</p><p>港股震荡本质上是关于未来底座的共识裂变。当 3000 亿市值的智谱、MiniMax 与百亿美元估值的 Kimi 成为新锚点，中国互联网叙事逻辑已彻底改变。新纪元里，规模不再是绝对护城河，对底层技术的绝对掌控才是唯一船票。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>深度丨中国互联网叙事逻辑改写，智谱、MiniMax 杀入3000亿俱乐部，快手携程被甩身后</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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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n深度丨中国互联网叙事逻辑改写，智谱、MiniMax 杀入3000亿俱乐部，快手携程被甩身后\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-20 18:58 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260220190522a70d2714&s=b><strong>Z Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>现在的二级市场，投资者们的口味变了。不要全能大厂，只要纯 AI 标的。作为港股市场的 AI 双子星，智谱和MiniMax的表现简直可以用狂飙来形容。智谱盘中一度大涨 25%，MiniMax 也不甘示弱涨了 16%。这两家 1 月刚上市的公司，复市后市值分别站稳3232 亿港元和3042 亿港元。而智谱的股价也反超了MiniMax。3000 亿港元是个分水岭。这意味着成立仅数年的 AI 新势力，体量...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260220190522a70d2714&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81024":"快手-WR","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","BK1164":"酒店、度假村与豪华游轮","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) 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亿港元是个分水岭。这意味着成立仅数年的 AI 新势力，体量已甩开快手、携程，直逼网易和百度。中国前10大互联网公司的次序，正在重构。而如果你在今年 1 月这两家公司上市时就入场，现在的收益已经翻了四倍。这种繁荣背后，是资金的暴力轮动。就像 Global X Management 的策略师所言：资金正在从阿里、腾讯这种业务多元的巨头中撤出，反手填进了这些基础模型龙头的口袋。但版图之上还悬停着巨舰字节跳动。按最近 5000 亿美元估值换算，其体量高达3.9 万亿港元，依然是中国 AI 的“无冕之王”。它的存在提醒所有玩家：拥有最强研发能力和流量分发能力的巨头，依然是 AI 牌桌上最大的变量。一级市场同样狂热。月之暗面（Kimi）完成新一轮融资，估值跨过100 亿美元（约 780 亿港元）。领投方依然见得阿里与腾讯身影。“前线死磕，后方送钱”的局面，折射出巨头们的底层焦虑。巨头春节战报不差。阿里千问处理 1.3 亿笔订单，腾讯元宝日活破 5000 万。但在投资者眼里，这更像“昂贵的防御”。市场逻辑已变，大家不再只看存量流量，而在审视：曾经贡献巨额利润的电商、广告与游戏业务，是否正成为冲向 AI 时代的“负资产”？焦虑还来自监管与竞争。主管部门上周约谈头部平台，要求整治“内卷式”竞争，宣告烧钱抢市场的旧剧本失效。同时，DeepSeek 的每一次更新预告，都在迫使玩家提前透支未来预期。港股震荡本质上是关于未来底座的共识裂变。当 3000 亿市值的智谱、MiniMax 与百亿美元估值的 Kimi 成为新锚点，中国互联网叙事逻辑已彻底改变。新纪元里，规模不再是绝对护城河，对底层技术的绝对掌控才是唯一船票。","news_type":1,"symbols_score_info":{"81024":0.6,"09961":0.9,"KSTmain":0.6,"01024":0.9,"00100":0.9,"02513":1.94,"TRPCF":0.9}},"isVote":1,"tweetType":1,"viewCount":25,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}