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Fred_6810

Fred_6810

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0勋章

09:55

英伟达的利润是英特尔的多少倍？

AI时代：1个英伟达市值=20个英特尔，芯片巨头冰火两重天

09:52

$英特尔(INTC)$ pe 700x ，股价对折，350x 就算实现未来2年目标，pe120x，还是最贵的半导体公司[微笑]

01-24 01:35

**真多

异动解读 | 受英伟达在华市场份额下滑拖累，三倍做多半导体ETF盘中大跌5.08%

01-23 23:00

$CoreWeave, Inc.(CRWV)$ 什么时候盈利？

01-23 22:54

$英特尔(INTC)$ 股价打对折。还是300x+，最贵的半导体公司啊！

01-23 22:48

$英特尔(INTC)$ 这价格把2年增长的预期都透支完了[开心]

01-23 22:44

已经涨了100%+，还不过瘾！

英特尔Q4业绩超市场预期，但Q1业绩指引疲软

01-23 22:36

股价翻翻了，跌13%，赚大了

英特尔大跌13%，Q4营收不及预期

01-23 18:21

这种业绩股价翻倍，呵呵

英特尔Q4业绩超市场预期，但Q1业绩指引疲软

01-23 18:14

$英特尔(INTC)$ 业绩咋样不知道，股价尼玛翻倍了[流泪] [得意] [得意]

01-21

$小米集团-W(01810)$ 雷军真烂

01-19

$小米集团-W(01810)$ 雷军真够烂的。回购每天3亿，连续7天啊

01-12

$小米集团-W(01810)$ 2次上30日线，都被砸了下来 [流泪] [流泪] [流泪]

01-12

第三大，不错。可惜都是一些乱七八糟的股东...

豪威科技香港上市首日高开3% 开盘价108港元

01-12

$豪威集团(00501)$ 股东比较弱，都是小户

01-12

快速收购，买买买啊

老虎暗盘 | 豪威集团小幅走高，是全球领先的Fabless半导体设计公司

01-12

$豪威集团(00501)$ 现金牛型，长期追捧吧

01-12

$小米集团-W(01810)$ 除了投行研报做多，没有真金白银买入，这是个大问题啊

01-12

$小米集团-W(01810)$ 小雷，真太烂了，每天4亿回购...务实些吧

2025-12-08

要把空头赶走，好要再回购7次

小米集团：12月8日斥资约2.04亿港元回购股份480万股

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15:33","market":"us","language":"zh","title":"AI时代：1个英伟达市值=20个英特尔，芯片巨头冰火两重天","url":"https://stock-news.laohu8.com/highlight/detail?id=2606460259","media":"剑勇谈智能","summary":"作为对比，AMD的市值高达4227亿美元，英伟达的市值更是4.56万亿美元。英伟达与英特尔，一个是GPU领导厂商，一个是CPU领导者。如今，各界训练模型，均依赖于英伟达的高性能芯片。特别是身处生成式AI时代，英特尔显得力不从心。由此，英伟达的AI芯片则供不应求，使之成为生成式AI最大赢家。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20260125153851039v163hei5jgyd21p\"/><p>文/杨剑勇</p><p>成是摩尔定律，败也是摩尔定律。可以说，<a href=\"https://laohu8.com/S/INTC\">英特尔</a>是一家被困在摩尔定律的芯片巨头，被其摩尔定律所束缚，从错失移动互联浪潮，再到人工智能浪潮，陷入被动困局。</p><p>值得注意的是，过去一年中，得益于软银及<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>等先后投资英特尔，市场由此对这家陷入困境的芯片巨头抱有期待，推动其市值得到大幅上涨，最高市值达到2726亿美元，近一年内的最高涨幅更是达到200%。</p><p><strong>然而，随着英特尔发布最新财报，同时业绩指引疲软，以及发出产品供应预警，无法满足市场需求，且生产良率也未达到预期目标。</strong></p><p><strong>受此影响，英特尔在市场暴跌17%，一夜间市值蒸发461亿美元（约合人民币3200亿），当前市值2250亿美元。</strong></p><p>这家曾引领PC时代的芯片巨头，与竞争对手的蓬勃发展形成鲜明对比，尤其在资本市场的表现更是天壤之别。<strong>作为对比，<a href=\"https://laohu8.com/S/AMD\">AMD</a>的市值高达4227亿美元，英伟达的市值更是4.56万亿美元（相当于20个英特尔）。</strong></p><p>在人工智能时代，全球半导体市场正在被重塑，特别是英伟达正在推动通用GPU计算向GPU加速计算转型，并主导该市场，使得营收、盈利以及市值均实现了快速增长。</p><p><strong>遗憾的是，AI大模型如火如荼，英特尔正遭遇创立58年来最严峻的战略困境。在AI算力竞赛中，缺乏强劲的竞争力产品，暴露出这个曾定义摩尔定律的企业，正陷入创新者窘境，营收也持续低迷不振。</strong></p><p>2025年，英特尔全年营收529亿美元，与上一年基本持平（同比微弱下降0.47%），这一营收规模不及英伟达一个季度。最新一季度（2025年第三季度），英伟达营收570亿美元，<span>净利润</span>更是高达319亿美元）。</p><p>与此同时，过去几年中，英特尔的营收持续萎缩，从2020年的778.67亿美元，到如今的528亿美元，五年时间，营收萎缩250亿美元。整体来说，在芯片市场落后于竞争对手，使得经营低迷不振</p><p>英伟达的营收规模从2020财年的109亿美元，到2025财年增长至1305亿美元，扩大了近10倍之多，2026财年前三财季（截止2025年10月26日）的累积营收已经高达1477亿美元，预计2026财年收入将超2000亿美元。</p><p>英伟达与英特尔，一个是GPU领导厂商，一个是CPU领导者。英伟达则在众多领域的AI应用中发挥了至关重要的作用，不断推出新的GPU产品和技术，以满足市场对AI算力的不断增长的需求，成功抓住了AI大模型市场机遇，更是全球首家市值曾突破5万亿美元的公司。</p><p><strong>时间变迁，潮起潮落，企业要想屹立不倒，须顺应时代变革，自我变革是驱动企业持续领先的根本动力之一。</strong></p><p>英伟达的成功并非偶然。自1999年发明GPU（图形处理器），在那个PC时代激发了PC游戏市场增长。如今，GPU不仅在游戏界备受瞩目，已成为科技发展的核心力量。如今，各界训练模型，均依赖于英伟达的高性能芯片。</p><p>面对技术浪潮以及市场需求双重变革的交汇点上，企业的兴衰往往取决于能否及时调整战略，以便应对技术与市场变化。英特尔似乎失去了对未来市场机遇的敏捷性。</p><p>作为曾经主导PC时代的芯片巨头，英特尔在全球科技史上也曾<a href=\"https://laohu8.com/S/301100\">风光</a>无限，推动全球半导体、计算机普及和信息科技的发展。令人惋惜的是，曾在全球科技界呼风唤雨的黄金时期，却忽视了移动互联网带来的变革，到如今生成式AI的变革。</p><p>尽管英特尔一直在积极推进转型战略，其转型历程堪称当代企业变革的典范案例。只是，历经多年的转型仍然没有得到改善，更是频繁更换CEO，故而寄希望于选择换帅摆脱困境。</p><p>然而，现实极为残酷，经营低迷不振，在AI芯片领域的落后对整体经营形成挑战，营收持续多年下降。但英特尔首席执行官陈立武表示，对CPU在AI时代不可或缺的作用信心坚定。</p><p><strong>最后，英特尔的CPU目前仍然占据PC主导地位，其高性能CPU仍旧是不可忽视的重要力量。但随着AMD、ARM来势凶猛，带来巨大竞争压力。特别是身处生成式AI时代，英特尔显得力不从心。</strong></p><p>生成式AI技术迅猛发展的今天，半导体行业格局正经历深刻重构，因科技巨头们训练大模型首选英伟达芯片。由此，英伟达的AI芯片则供不应求，使之成为生成式AI最大赢家。与红红火火的英伟达不同，英特尔在人工智能市场黯然失色许多。</p><p>不过，笔者仍然期待这家深陷转型困境的芯片巨头有望扭转颓势，重获新生。</p><p>杨剑勇，福布斯中国撰稿人，表达观点仅代表个人。致力于深度解读AI大模型、人工智能、物联网、云计算和智能硬件等前沿科技。</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\" 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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\">\nAI时代：1个英伟达市值=20个英特尔，芯片巨头冰火两重天\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-25 15:33 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260125153853a6a9f0ef&s=b><strong>剑勇谈智能</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文/杨剑勇成是摩尔定律，败也是摩尔定律。可以说，英特尔是一家被困在摩尔定律的芯片巨头，被其摩尔定律所束缚，从错失移动互联浪潮，再到人工智能浪潮，陷入被动困局。值得注意的是，过去一年中，得益于软银及英伟达等先后投资英特尔，市场由此对这家陷入困境的芯片巨头抱有期待，推动其市值得到大幅上涨，最高市值达到2726亿美元，近一年内的最高涨幅更是达到200%。然而，随着英特尔发布最新财报，同时业绩指引疲软，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260125153853a6a9f0ef&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":{"LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU1303367103.USD":"摩根大通多经理另类基金 A 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ACC","BK4527":"明星科技股"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260125153853a6a9f0ef&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2606460259","content_text":"文/杨剑勇成是摩尔定律，败也是摩尔定律。可以说，英特尔是一家被困在摩尔定律的芯片巨头，被其摩尔定律所束缚，从错失移动互联浪潮，再到人工智能浪潮，陷入被动困局。值得注意的是，过去一年中，得益于软银及英伟达等先后投资英特尔，市场由此对这家陷入困境的芯片巨头抱有期待，推动其市值得到大幅上涨，最高市值达到2726亿美元，近一年内的最高涨幅更是达到200%。然而，随着英特尔发布最新财报，同时业绩指引疲软，以及发出产品供应预警，无法满足市场需求，且生产良率也未达到预期目标。受此影响，英特尔在市场暴跌17%，一夜间市值蒸发461亿美元（约合人民币3200亿），当前市值2250亿美元。这家曾引领PC时代的芯片巨头，与竞争对手的蓬勃发展形成鲜明对比，尤其在资本市场的表现更是天壤之别。作为对比，AMD的市值高达4227亿美元，英伟达的市值更是4.56万亿美元（相当于20个英特尔）。在人工智能时代，全球半导体市场正在被重塑，特别是英伟达正在推动通用GPU计算向GPU加速计算转型，并主导该市场，使得营收、盈利以及市值均实现了快速增长。遗憾的是，AI大模型如火如荼，英特尔正遭遇创立58年来最严峻的战略困境。在AI算力竞赛中，缺乏强劲的竞争力产品，暴露出这个曾定义摩尔定律的企业，正陷入创新者窘境，营收也持续低迷不振。2025年，英特尔全年营收529亿美元，与上一年基本持平（同比微弱下降0.47%），这一营收规模不及英伟达一个季度。最新一季度（2025年第三季度），英伟达营收570亿美元，净利润更是高达319亿美元）。与此同时，过去几年中，英特尔的营收持续萎缩，从2020年的778.67亿美元，到如今的528亿美元，五年时间，营收萎缩250亿美元。整体来说，在芯片市场落后于竞争对手，使得经营低迷不振英伟达的营收规模从2020财年的109亿美元，到2025财年增长至1305亿美元，扩大了近10倍之多，2026财年前三财季（截止2025年10月26日）的累积营收已经高达1477亿美元，预计2026财年收入将超2000亿美元。英伟达与英特尔，一个是GPU领导厂商，一个是CPU领导者。英伟达则在众多领域的AI应用中发挥了至关重要的作用，不断推出新的GPU产品和技术，以满足市场对AI算力的不断增长的需求，成功抓住了AI大模型市场机遇，更是全球首家市值曾突破5万亿美元的公司。时间变迁，潮起潮落，企业要想屹立不倒，须顺应时代变革，自我变革是驱动企业持续领先的根本动力之一。英伟达的成功并非偶然。自1999年发明GPU（图形处理器），在那个PC时代激发了PC游戏市场增长。如今，GPU不仅在游戏界备受瞩目，已成为科技发展的核心力量。如今，各界训练模型，均依赖于英伟达的高性能芯片。面对技术浪潮以及市场需求双重变革的交汇点上，企业的兴衰往往取决于能否及时调整战略，以便应对技术与市场变化。英特尔似乎失去了对未来市场机遇的敏捷性。作为曾经主导PC时代的芯片巨头，英特尔在全球科技史上也曾风光无限，推动全球半导体、计算机普及和信息科技的发展。令人惋惜的是，曾在全球科技界呼风唤雨的黄金时期，却忽视了移动互联网带来的变革，到如今生成式AI的变革。尽管英特尔一直在积极推进转型战略，其转型历程堪称当代企业变革的典范案例。只是，历经多年的转型仍然没有得到改善，更是频繁更换CEO，故而寄希望于选择换帅摆脱困境。然而，现实极为残酷，经营低迷不振，在AI芯片领域的落后对整体经营形成挑战，营收持续多年下降。但英特尔首席执行官陈立武表示，对CPU在AI时代不可或缺的作用信心坚定。最后，英特尔的CPU目前仍然占据PC主导地位，其高性能CPU仍旧是不可忽视的重要力量。但随着AMD、ARM来势凶猛，带来巨大竞争压力。特别是身处生成式AI时代，英特尔显得力不从心。生成式AI技术迅猛发展的今天，半导体行业格局正经历深刻重构，因科技巨头们训练大模型首选英伟达芯片。由此，英伟达的AI芯片则供不应求，使之成为生成式AI最大赢家。与红红火火的英伟达不同，英特尔在人工智能市场黯然失色许多。不过，笔者仍然期待这家深陷转型困境的芯片巨头有望扭转颓势，重获新生。杨剑勇，福布斯中国撰稿人，表达观点仅代表个人。致力于深度解读AI大模型、人工智能、物联网、云计算和智能硬件等前沿科技。","news_type":1,"symbols_score_info":{"AMDD":0.6,"AMDW":0.6,"2NVD.UK":0.6,"NVDG":0.6,"AMDG":0.6,"NVIW.SI":0.6,"NVDU":0.6,"SNVD.UK":0.6,"NVDS":0.6,"3NVD.UK":0.6,"AMUU":0.6,"NVDS.UK":0.6,"NVDD":0.6,"NVD3.UK":0.6,"NVDA":1.95,"NVII":0.6,"NVDQ":0.6,"NVDY":0.6,"NVD":0.6,"INTC":1.97,"NVDX":0.6,"DAMD":0.6,"NVDW":0.6,"AMDY":0.6,"DIPS":0.6,"NVD2.UK":0.6,"AMDU":0.6,"04335":1.97,"AMYY":0.6}},"isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":525785904186768,"gmtCreate":1769392372812,"gmtModify":1769392374906,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"title":"","htmlText":"<a 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style=\"background-image:url(https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">异动解读 </p>\n<p class=\"h-time\">2026-01-23 22:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>三倍做多半导体ETF-Direxion Daily(SOXL)今日盘中大跌5.08%，引起了市场的广泛关注。</p><p>消息面上，此次下跌可能与市场对半导体行业龙头英伟达前景的担忧有关。据相关报道，中国主要电动汽车制造商蔚来、小鹏汽车和理想汽车正在加速“去英伟达化”，转而采用自研或其他供应商的智能驾驶芯片，这导致英伟达在中国自动驾驶芯片市场的份额从2024年的39%显著下滑至2025年的25%。</p><p>报道指出，英伟达的Orin芯片架构已显落后，而新一代Thor芯片则面临算力缩水、交付延迟等问题，打乱了一些车企的产品上市节奏。市场担忧英伟达在关键增长市场面临的挑战可能会影响其业绩，进而拖累整个半导体板块的情绪。作为高杠杆的行业ETF，SOXL对板块的负面情绪反应尤为敏感。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOXL":"三倍做多半导体ETF-Direxion Daily"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197010181","content_text":"三倍做多半导体ETF-Direxion 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href=\"https://laohu8.com/S/CRWV\">$CoreWeave, Inc.(CRWV)$</a>&nbsp; 什么时候盈利？","text":"$CoreWeave, Inc.(CRWV)$ 什么时候盈利？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/524822460805456","isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3470824502609204","authorId":"3470824502609204","name":"起飞2024","avatar":"https://static.tigerbbs.com/14e875057f7675aee5522c6591adfcdf","crmLevel":8,"crmLevelSwitch":0,"idStr":"3470824502609204","authorIdStr":"3470824502609204"},"content":"快的话1-2季度，慢的话3-4季度。2026算力已经卖完了","text":"快的话1-2季度，慢的话3-4季度。2026算力已经卖完了","html":"快的话1-2季度，慢的话3-4季度。2026算力已经卖完了"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":524916713935200,"gmtCreate":1769180090085,"gmtModify":1769180092112,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a>&nbsp; 股价打对折。 还是300x+， 最贵的半导体公司啊！","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a>&nbsp; 股价打对折。 还是300x+， 最贵的半导体公司啊！","text":"$英特尔(INTC)$ 股价打对折。 还是300x+， 最贵的半导体公司啊！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/524916713935200","isVote":1,"tweetType":1,"viewCount":145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":524915047187224,"gmtCreate":1769179687526,"gmtModify":1769179689444,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a>&nbsp; 这价格把2年增长的预期都透支完了[开心]&nbsp;&nbsp;","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a>&nbsp; 这价格把2年增长的预期都透支完了[开心]&nbsp;&nbsp;","text":"$英特尔(INTC)$ 这价格把2年增长的预期都透支完了[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/524915047187224","isVote":1,"tweetType":1,"viewCount":67,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":524913773684216,"gmtCreate":1769179452008,"gmtModify":1769179454583,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"title":"","htmlText":"已经涨了100%+， 还不过瘾！","listText":"已经涨了100%+， 还不过瘾！","text":"已经涨了100%+， 还不过瘾！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/524913773684216","repostId":"1115203977","repostType":2,"repost":{"id":"1115203977","kind":"news","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":1769117789,"share":"https://www.laohu8.com/m/news/1115203977?lang=zh_CN&edition=full","pubTime":"2026-01-23 05:36","market":"us","language":"zh","title":"英特尔Q4业绩超市场预期，但Q1业绩指引疲软","url":"https://stock-news.laohu8.com/highlight/detail?id=1115203977","media":"老虎资讯综合","summary":"1月23日，$英特尔$盘后跌超6%！尽管业绩超预期，但英特尔对当前季度的展望未能达到预期，公司预计每股收益将持平，而分析师预期为0.05美元；营收预计在117亿至127亿美元之间，而市场共识为125.5亿美元。作为英特尔最大业务部门的客户计算集团营收与去年同期相比下降了7%。\"2025全年，英特尔报告营收持平，为529亿美元，调整后每股收益为0.42美元，相比2024年每股亏损0.13美元有显著改善。","content":"<html><head></head><body><p>1月23日，<a href=\"https://laohu8.com/S/INTC\">英特尔</a>盘后大跌10%！此前这家芯片制造商发布了令人失望的第一季度指引，这掩盖了其好于预期的第四季度业绩。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0f24f3ff3432c12bba4f8ce8b3248e36\" tg-width=\"855\" tg-height=\"729\"/></p><p style=\"text-align: start;\">这家半导体巨头报告第四季度调整后每股收益为0.15美元，超过分析师预期的0.08美元，营收为137亿美元，高于市场共识的134.1亿美元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45ee33496da2d1b9ca1045fd56184420\" title=\"\" tg-width=\"951\" tg-height=\"384\"/></p><p>尽管业绩超预期，但英特尔对当前季度的展望未能达到预期，公司预计每股收益将持平，而分析师预期为0.05美元；营收预计在117亿至127亿美元之间，而市场共识为125.5亿美元。</p><p style=\"text-align: start;\">英特尔首席财务官David Zinsner在谈到公司面临的近期挑战时表示：&#34;我们预计第一季度的可用供应将处于最低水平，第二季度及以后将会改善。&#34;</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/34828e4f31dbe538b306a7271e957b46\" title=\"\" tg-width=\"966\" tg-height=\"239\"/></p><p style=\"text-align: start;\">第四季度营收同比下降4%，不过公司的数据中心和AI部门表现强劲，增长了9%。作为英特尔最大业务部门的客户计算集团营收与去年同期相比下降了7%。</p><p>首席执行官Lip-Bu Tan强调了公司在先进制造方面取得的进展：&#34;我们在英特尔18A上推出的首批产品——这是在美国开发和制造的最先进工艺技术——标志着一个重要里程碑，我们正积极努力增加供应以满足强劲的客户需求。&#34;</p><p style=\"text-align: start;\">2025全年，英特尔报告营收持平，为529亿美元，调整后每股收益为0.42美元，相比2024年每股亏损0.13美元有显著改善。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/813ef53328d84598f72dd76a4b408c1c\" title=\"\" tg-width=\"960\" tg-height=\"411\"/></p><p style=\"text-align: start;\">公司强调了最近推出的英特尔酷睿Ultra系列3处理器家族，这是其首款基于英特尔18A工艺技术构建的AI PC平台，预计将为全球制造商的200多种设计提供动力。</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>英特尔Q4业绩超市场预期，但Q1业绩指引疲软</title>\n<style 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href=\"https://laohu8.com/S/INTC\">英特尔</a>盘后大跌10%！此前这家芯片制造商发布了令人失望的第一季度指引，这掩盖了其好于预期的第四季度业绩。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0f24f3ff3432c12bba4f8ce8b3248e36\" tg-width=\"855\" tg-height=\"729\"/></p><p style=\"text-align: start;\">这家半导体巨头报告第四季度调整后每股收益为0.15美元，超过分析师预期的0.08美元，营收为137亿美元，高于市场共识的134.1亿美元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45ee33496da2d1b9ca1045fd56184420\" title=\"\" tg-width=\"951\" tg-height=\"384\"/></p><p>尽管业绩超预期，但英特尔对当前季度的展望未能达到预期，公司预计每股收益将持平，而分析师预期为0.05美元；营收预计在117亿至127亿美元之间，而市场共识为125.5亿美元。</p><p style=\"text-align: start;\">英特尔首席财务官David Zinsner在谈到公司面临的近期挑战时表示：&#34;我们预计第一季度的可用供应将处于最低水平，第二季度及以后将会改善。&#34;</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/34828e4f31dbe538b306a7271e957b46\" title=\"\" tg-width=\"966\" tg-height=\"239\"/></p><p style=\"text-align: start;\">第四季度营收同比下降4%，不过公司的数据中心和AI部门表现强劲，增长了9%。作为英特尔最大业务部门的客户计算集团营收与去年同期相比下降了7%。</p><p>首席执行官Lip-Bu Tan强调了公司在先进制造方面取得的进展：&#34;我们在英特尔18A上推出的首批产品——这是在美国开发和制造的最先进工艺技术——标志着一个重要里程碑，我们正积极努力增加供应以满足强劲的客户需求。&#34;</p><p style=\"text-align: start;\">2025全年，英特尔报告营收持平，为529亿美元，调整后每股收益为0.42美元，相比2024年每股亏损0.13美元有显著改善。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/813ef53328d84598f72dd76a4b408c1c\" title=\"\" tg-width=\"960\" tg-height=\"411\"/></p><p style=\"text-align: start;\">公司强调了最近推出的英特尔酷睿Ultra系列3处理器家族，这是其首款基于英特尔18A工艺技术构建的AI PC平台，预计将为全球制造商的200多种设计提供动力。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c74be4c2a08964ef2daf32217f693b44","relate_stocks":{"INTC":"英特尔"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115203977","content_text":"1月23日，英特尔盘后大跌10%！此前这家芯片制造商发布了令人失望的第一季度指引，这掩盖了其好于预期的第四季度业绩。这家半导体巨头报告第四季度调整后每股收益为0.15美元，超过分析师预期的0.08美元，营收为137亿美元，高于市场共识的134.1亿美元。尽管业绩超预期，但英特尔对当前季度的展望未能达到预期，公司预计每股收益将持平，而分析师预期为0.05美元；营收预计在117亿至127亿美元之间，而市场共识为125.5亿美元。英特尔首席财务官David Zinsner在谈到公司面临的近期挑战时表示：\"我们预计第一季度的可用供应将处于最低水平，第二季度及以后将会改善。\"第四季度营收同比下降4%，不过公司的数据中心和AI部门表现强劲，增长了9%。作为英特尔最大业务部门的客户计算集团营收与去年同期相比下降了7%。首席执行官Lip-Bu Tan强调了公司在先进制造方面取得的进展：\"我们在英特尔18A上推出的首批产品——这是在美国开发和制造的最先进工艺技术——标志着一个重要里程碑，我们正积极努力增加供应以满足强劲的客户需求。\"2025全年，英特尔报告营收持平，为529亿美元，调整后每股收益为0.42美元，相比2024年每股亏损0.13美元有显著改善。公司强调了最近推出的英特尔酷睿Ultra系列3处理器家族，这是其首款基于英特尔18A工艺技术构建的AI PC平台，预计将为全球制造商的200多种设计提供动力。","news_type":1,"symbols_score_info":{"INTC":1.5}},"isVote":1,"tweetType":1,"viewCount":49,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":524912134418920,"gmtCreate":1769178973022,"gmtModify":1769178975269,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"title":"","htmlText":"股价翻翻了， 跌13%， 赚大了","listText":"股价翻翻了， 跌13%， 赚大了","text":"股价翻翻了， 跌13%， 赚大了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/524912134418920","repostId":"2605440572","repostType":2,"repost":{"id":"2605440572","kind":"live","pubTimestamp":1769178693,"share":"https://www.laohu8.com/m/news/2605440572?lang=zh_CN&edition=full","pubTime":"2026-01-23 22:31","market":"fut","language":"zh","title":"英特尔大跌13%，Q4营收不及预期","url":"https://stock-news.laohu8.com/highlight/detail?id=2605440572","media":"格隆汇","summary":"英特尔(INTC.US)大跌13%，公司2025年Q4营收不及预期。","content":"<html><body><p>英特尔(INTC.US)大跌13%，公司2025年Q4营收不及预期。</p></body></html>","source":"live_gelonghui","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>英特尔大跌13%，Q4营收不及预期</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; 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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英特尔大跌13%，Q4营收不及预期\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-23 22:31 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.gelonghui.com/rss/live/live.xml><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>英特尔(INTC.US)大跌13%，公司2025年Q4营收不及预期。</p>\n\n<a href=\"https://www.gelonghui.com/rss/live/live.xml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","BK4554":"元宇宙及AR概念","BK4527":"明星科技股","BK4512":"苹果概念","BK4543":"AI","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","BK4141":"半导体产品","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0321505439.SGD":"Schroder ISF Global Dividend Maximiser A Acc SGD","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4602":"量子计算概念","LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","BK4529":"IDC概念","BK4575":"芯片概念","INTC":"英特尔","BK4535":"淡马锡持仓","04335":"英特尔-T","BK4515":"5G概念","BK4612":"AI芯片","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","BK4579":"人工智能","BK4550":"红杉资本持仓","BK4588":"碎股","BK4605":"半导体精选","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) 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ACC"},"source_url":"https://www.gelonghui.com/rss/live/live.xml","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2605440572","content_text":"英特尔(INTC.US)大跌13%，公司2025年Q4营收不及预期。","news_type":1,"symbols_score_info":{"04335":1.98,"INTC":1.98}},"isVote":1,"tweetType":1,"viewCount":2,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":524849610199336,"gmtCreate":1769163706656,"gmtModify":1769163708912,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"title":"","htmlText":"这种业绩股价翻倍，呵呵","listText":"这种业绩股价翻倍，呵呵","text":"这种业绩股价翻倍，呵呵","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/524849610199336","repostId":"1115203977","repostType":2,"repost":{"id":"1115203977","kind":"news","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":1769117789,"share":"https://www.laohu8.com/m/news/1115203977?lang=zh_CN&edition=full","pubTime":"2026-01-23 05:36","market":"us","language":"zh","title":"英特尔Q4业绩超市场预期，但Q1业绩指引疲软","url":"https://stock-news.laohu8.com/highlight/detail?id=1115203977","media":"老虎资讯综合","summary":"1月23日，$英特尔$盘后跌超6%！尽管业绩超预期，但英特尔对当前季度的展望未能达到预期，公司预计每股收益将持平，而分析师预期为0.05美元；营收预计在117亿至127亿美元之间，而市场共识为125.5亿美元。作为英特尔最大业务部门的客户计算集团营收与去年同期相比下降了7%。\"2025全年，英特尔报告营收持平，为529亿美元，调整后每股收益为0.42美元，相比2024年每股亏损0.13美元有显著改善。","content":"<html><head></head><body><p>1月23日，<a href=\"https://laohu8.com/S/INTC\">英特尔</a>盘后大跌10%！此前这家芯片制造商发布了令人失望的第一季度指引，这掩盖了其好于预期的第四季度业绩。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0f24f3ff3432c12bba4f8ce8b3248e36\" tg-width=\"855\" tg-height=\"729\"/></p><p style=\"text-align: start;\">这家半导体巨头报告第四季度调整后每股收益为0.15美元，超过分析师预期的0.08美元，营收为137亿美元，高于市场共识的134.1亿美元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45ee33496da2d1b9ca1045fd56184420\" title=\"\" tg-width=\"951\" tg-height=\"384\"/></p><p>尽管业绩超预期，但英特尔对当前季度的展望未能达到预期，公司预计每股收益将持平，而分析师预期为0.05美元；营收预计在117亿至127亿美元之间，而市场共识为125.5亿美元。</p><p style=\"text-align: start;\">英特尔首席财务官David Zinsner在谈到公司面临的近期挑战时表示：&#34;我们预计第一季度的可用供应将处于最低水平，第二季度及以后将会改善。&#34;</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/34828e4f31dbe538b306a7271e957b46\" title=\"\" tg-width=\"966\" tg-height=\"239\"/></p><p style=\"text-align: start;\">第四季度营收同比下降4%，不过公司的数据中心和AI部门表现强劲，增长了9%。作为英特尔最大业务部门的客户计算集团营收与去年同期相比下降了7%。</p><p>首席执行官Lip-Bu Tan强调了公司在先进制造方面取得的进展：&#34;我们在英特尔18A上推出的首批产品——这是在美国开发和制造的最先进工艺技术——标志着一个重要里程碑，我们正积极努力增加供应以满足强劲的客户需求。&#34;</p><p style=\"text-align: start;\">2025全年，英特尔报告营收持平，为529亿美元，调整后每股收益为0.42美元，相比2024年每股亏损0.13美元有显著改善。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/813ef53328d84598f72dd76a4b408c1c\" title=\"\" tg-width=\"960\" tg-height=\"411\"/></p><p style=\"text-align: start;\">公司强调了最近推出的英特尔酷睿Ultra系列3处理器家族，这是其首款基于英特尔18A工艺技术构建的AI PC平台，预计将为全球制造商的200多种设计提供动力。</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>英特尔Q4业绩超市场预期，但Q1业绩指引疲软</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英特尔Q4业绩超市场预期，但Q1业绩指引疲软\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\">2026-01-23 05:36</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>1月23日，<a href=\"https://laohu8.com/S/INTC\">英特尔</a>盘后大跌10%！此前这家芯片制造商发布了令人失望的第一季度指引，这掩盖了其好于预期的第四季度业绩。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0f24f3ff3432c12bba4f8ce8b3248e36\" tg-width=\"855\" tg-height=\"729\"/></p><p style=\"text-align: start;\">这家半导体巨头报告第四季度调整后每股收益为0.15美元，超过分析师预期的0.08美元，营收为137亿美元，高于市场共识的134.1亿美元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45ee33496da2d1b9ca1045fd56184420\" title=\"\" tg-width=\"951\" tg-height=\"384\"/></p><p>尽管业绩超预期，但英特尔对当前季度的展望未能达到预期，公司预计每股收益将持平，而分析师预期为0.05美元；营收预计在117亿至127亿美元之间，而市场共识为125.5亿美元。</p><p style=\"text-align: start;\">英特尔首席财务官David Zinsner在谈到公司面临的近期挑战时表示：&#34;我们预计第一季度的可用供应将处于最低水平，第二季度及以后将会改善。&#34;</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/34828e4f31dbe538b306a7271e957b46\" title=\"\" tg-width=\"966\" tg-height=\"239\"/></p><p style=\"text-align: start;\">第四季度营收同比下降4%，不过公司的数据中心和AI部门表现强劲，增长了9%。作为英特尔最大业务部门的客户计算集团营收与去年同期相比下降了7%。</p><p>首席执行官Lip-Bu Tan强调了公司在先进制造方面取得的进展：&#34;我们在英特尔18A上推出的首批产品——这是在美国开发和制造的最先进工艺技术——标志着一个重要里程碑，我们正积极努力增加供应以满足强劲的客户需求。&#34;</p><p style=\"text-align: start;\">2025全年，英特尔报告营收持平，为529亿美元，调整后每股收益为0.42美元，相比2024年每股亏损0.13美元有显著改善。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/813ef53328d84598f72dd76a4b408c1c\" title=\"\" tg-width=\"960\" tg-height=\"411\"/></p><p style=\"text-align: start;\">公司强调了最近推出的英特尔酷睿Ultra系列3处理器家族，这是其首款基于英特尔18A工艺技术构建的AI PC平台，预计将为全球制造商的200多种设计提供动力。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c74be4c2a08964ef2daf32217f693b44","relate_stocks":{"INTC":"英特尔"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115203977","content_text":"1月23日，英特尔盘后大跌10%！此前这家芯片制造商发布了令人失望的第一季度指引，这掩盖了其好于预期的第四季度业绩。这家半导体巨头报告第四季度调整后每股收益为0.15美元，超过分析师预期的0.08美元，营收为137亿美元，高于市场共识的134.1亿美元。尽管业绩超预期，但英特尔对当前季度的展望未能达到预期，公司预计每股收益将持平，而分析师预期为0.05美元；营收预计在117亿至127亿美元之间，而市场共识为125.5亿美元。英特尔首席财务官David Zinsner在谈到公司面临的近期挑战时表示：\"我们预计第一季度的可用供应将处于最低水平，第二季度及以后将会改善。\"第四季度营收同比下降4%，不过公司的数据中心和AI部门表现强劲，增长了9%。作为英特尔最大业务部门的客户计算集团营收与去年同期相比下降了7%。首席执行官Lip-Bu Tan强调了公司在先进制造方面取得的进展：\"我们在英特尔18A上推出的首批产品——这是在美国开发和制造的最先进工艺技术——标志着一个重要里程碑，我们正积极努力增加供应以满足强劲的客户需求。\"2025全年，英特尔报告营收持平，为529亿美元，调整后每股收益为0.42美元，相比2024年每股亏损0.13美元有显著改善。公司强调了最近推出的英特尔酷睿Ultra系列3处理器家族，这是其首款基于英特尔18A工艺技术构建的AI 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[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/525053121212496","isVote":1,"tweetType":1,"viewCount":56,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":524014574273024,"gmtCreate":1768959842198,"gmtModify":1768959844041,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a>&nbsp; 雷军真烂","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a>&nbsp; 雷军真烂","text":"$小米集团-W(01810)$ 雷军真烂","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/524014574273024","isVote":1,"tweetType":1,"viewCount":184,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"idStr":"3471210355661451","authorIdStr":"3471210355661451"},"content":"涨了7倍，跌一些很正常啊","text":"涨了7倍，跌一些很正常啊","html":"涨了7倍，跌一些很正常啊"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":523382694102024,"gmtCreate":1768802413049,"gmtModify":1768802415364,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a>&nbsp; 雷军真够烂的。 回购每天3亿， 连续7天啊","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a>&nbsp; 雷军真够烂的。 回购每天3亿， 连续7天啊","text":"$小米集团-W(01810)$ 雷军真够烂的。 回购每天3亿， 连续7天啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/523382694102024","isVote":1,"tweetType":1,"viewCount":610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":520907993485336,"gmtCreate":1768196138264,"gmtModify":1768196140241,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a>&nbsp; 2次上30日线，都被砸了下来&nbsp;[流泪]&nbsp; [流泪]&nbsp; [流泪]&nbsp;&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a>&nbsp; 2次上30日线，都被砸了下来&nbsp;[流泪]&nbsp; [流泪]&nbsp; [流泪]&nbsp;&nbsp;","text":"$小米集团-W(01810)$ 2次上30日线，都被砸了下来 [流泪] [流泪] [流泪]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/520907993485336","isVote":1,"tweetType":1,"viewCount":610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":520907837252784,"gmtCreate":1768196020767,"gmtModify":1768196024066,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"title":"","htmlText":"第三大，不错。&nbsp;可惜都是一些乱七八糟的股东...","listText":"第三大，不错。&nbsp;可惜都是一些乱七八糟的股东...","text":"第三大，不错。 可惜都是一些乱七八糟的股东...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/520907837252784","repostId":"2602562979","repostType":2,"repost":{"id":"2602562979","kind":"news","pubTimestamp":1768184986,"share":"https://www.laohu8.com/m/news/2602562979?lang=zh_CN&edition=full","pubTime":"2026-01-12 10:29","market":"hk","language":"zh","title":"豪威科技香港上市首日高开3% 开盘价108港元","url":"https://stock-news.laohu8.com/highlight/detail?id=2602562979","media":"观点网","summary":"观点网讯：1月12日，豪威科技集团正式在香港交易所主板挂牌，开盘报108港元，较104.80港元的公开发行价上涨3.05%。据过往报道，豪威集团招股期为2025年12月31日至2026年1月7日，预计1月12日挂牌，每手入场费10585.7港元。瑞银、中金公司等担任联席保荐人。截至1月5日，该股孖展认购暂录4.78亿港元，未足额覆盖公募4.8亿港元规模。豪威集团为全球第三大图像传感器供应商，2024年市场份额13.7%。","content":"<html><body><article><p>观点网讯：1月12日，豪威科技集团正式在<a href=\"https://laohu8.com/S/00388\">香港交易所</a>主板挂牌，开盘报108港元，较104.80港元的公开发行价上涨3.05%。</p><p>据过往报道，<a href=\"https://laohu8.com/S/603501\">豪威集团</a>招股期为2025年12月31日至2026年1月7日，预计1月12日挂牌，每手入场费10585.7港元。瑞银、<a href=\"https://laohu8.com/S/601995\">中金公司</a>等担任联席保荐人。</p><p>截至1月5日，该股<span>孖展</span>认购暂录4.78亿港元，未足额覆盖公募4.8亿港元规模。</p><p><a href=\"https://laohu8.com/S/00501\">豪威集团</a>为全球第三大图像传感器供应商，2024年市场份额13.7%。</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>豪威科技香港上市首日高开3% 开盘价108港元</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豪威科技香港上市首日高开3% 开盘价108港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-12 10:29 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260112104223a70fa3c6&s=b><strong>观点网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>观点网讯：1月12日，豪威科技集团正式在香港交易所主板挂牌，开盘报108港元，较104.80港元的公开发行价上涨3.05%。据过往报道，豪威集团招股期为2025年12月31日至2026年1月7日，预计1月12日挂牌，每手入场费10585.7港元。瑞银、中金公司等担任联席保荐人。截至1月5日，该股孖展认购暂录4.78亿港元，未足额覆盖公募4.8亿港元规模。豪威集团为全球第三大图像传感器供应商，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260112104223a70fa3c6&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":{"00501":"豪威集团"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260112104223a70fa3c6&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2602562979","content_text":"观点网讯：1月12日，豪威科技集团正式在香港交易所主板挂牌，开盘报108港元，较104.80港元的公开发行价上涨3.05%。据过往报道，豪威集团招股期为2025年12月31日至2026年1月7日，预计1月12日挂牌，每手入场费10585.7港元。瑞银、中金公司等担任联席保荐人。截至1月5日，该股孖展认购暂录4.78亿港元，未足额覆盖公募4.8亿港元规模。豪威集团为全球第三大图像传感器供应商，2024年市场份额13.7%。","news_type":1,"symbols_score_info":{"00501":0.9}},"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":520867391239640,"gmtCreate":1768186223091,"gmtModify":1768186225221,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/00501\">$豪威集团(00501)$</a>&nbsp; 股东 比较弱， 都是小户","listText":"<a href=\"https://laohu8.com/S/00501\">$豪威集团(00501)$</a>&nbsp; 股东 比较弱， 都是小户","text":"$豪威集团(00501)$ 股东 比较弱， 都是小户","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/520867391239640","isVote":1,"tweetType":1,"viewCount":634,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":520865466127848,"gmtCreate":1768185753443,"gmtModify":1768185756745,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"title":"","htmlText":"快速收购， 买买买啊","listText":"快速收购， 买买买啊","text":"快速收购， 买买买啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/520865466127848","repostId":"1164228697","repostType":2,"repost":{"id":"1164228697","kind":"news","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":1767947323,"share":"https://www.laohu8.com/m/news/1164228697?lang=zh_CN&edition=full","pubTime":"2026-01-09 16:28","market":"hk","language":"zh","title":"老虎暗盘 | 豪威集团小幅走高，是全球领先的Fabless半导体设计公司","url":"https://stock-news.laohu8.com/highlight/detail?id=1164228697","media":"老虎资讯综合","summary":"以CMOS图像传感器（CIS）为核心产品。","content":"<html><head></head><body><p>1月9日周五， <a href=\"https://laohu8.com/S/00501\">豪威集团</a> 开启暗盘，截至发稿涨幅超4%，不计手续费每手赚超400港元。豪威集团是全球领先的Fabless半导体设计公司，以CMOS图像传感器（CIS）为核心产品。</p><p>豪威集团每股发售价104.8港元，每手100股，预期将于1月12日开始在香港联交所买卖。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93068c8b26185c2e187b2ea0ea8c63d9\" title=\"\" tg-width=\"762\" tg-height=\"405\"/></p><p><strong>三大板块协同深耕高增长赛道</strong></p><p style=\"text-align: start;\">公司业务围绕三大解决方案展开，持续推动技术迭代与市场拓展。核心业务为图像传感器解决方案，在智能手机CIS领域，<a href=\"https://laohu8.com/S/603501\" title=\"豪威集团\" class=\"\">豪威集团</a>于2025年4月推出适用于旗舰智能手机的OV50X图像传感器，通过搭载 LOFIC技术，在任何光照条件下可实现单次曝光HDR。</p><p style=\"text-align: start;\">在汽车CIS领域，豪威集团相继推出采用 TheiaCel®技术的OX08D10 800万像素CIS、OX05D10 500万像素CIS、OX12A10 1200万像素CIS 及OX03H10 300万像素CIS，能够满足新一代ADAS和自动驾驶的机器视觉要求。</p><p style=\"text-align: start;\">在医疗CIS 领域，豪威集团于2024年6月发布了全新的OCH2B30摄像头模组，适用于3D口腔牙科扫描仪，提供超小型摄像头模组，促进其在牙科学领域的应用。集团亦于2024年新成立了机器视觉部门，且作为端侧AI计划的一部分，于2024年7月发布了全新的OP03050和OG0TC BSI全局快门图像传感器。</p><p style=\"text-align: start;\">尤其值得一提的是，根据弗若斯特沙利文的资料，按2024年图像传感器解决方案收入计，豪威集团是全球第三大数字图像传感器供应商，市场份额为13.7%。</p><p style=\"text-align: start;\">显示解决方案业务方面，涵盖显示驱动芯片等，受益于OLED渗透率提升、车载屏幕多屏化及AR/VR设备发展。模拟解决方案业务包括电源管理、信号链等芯片，支撑全平台系统级需求，增强客户粘性与方案完整性。此外，公司拥有超过4500项全球专利，与<a href=\"https://laohu8.com/S/TSM\" title=\"台积电\" class=\"\">台积电</a>、<a href=\"https://laohu8.com/S/688981\" title=\"中芯国际\" class=\"\">中芯国际</a>等顶级代工厂合作开发工艺平台，形成覆盖像素设计、电路架构、系统整合的全套核心技术<a href=\"https://laohu8.com/S/301365\" title=\"矩阵\" class=\"\">矩阵</a>。</p><p style=\"text-align: start;\">2022年度、2023年度、2024年度以及2025年1-6月（以下简称：报告期内），豪威集团实现收入分别约为200.4亿元（单位：人民币，下同）、209.84亿元、257.07亿元以及139.44亿元，2022-2024年复合年增长率（CAGR）约13.3%，2025上半年同比继续保持增长态势。同期年内利润分别为9.51亿元、5.44亿元、32.79亿元以及20.2亿元人民币，2024年利润同比激增502%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdbdb78bc4fc45251e859b74920a4cf2\" title=\"\"/></p><p style=\"text-align: start;\">与历史数据作对比，豪威集团2024年的收入为历史新高。伴随着公司的图像传感器产品在高端智能手机市场和汽车自动驾驶应用市场的持续渗透，相关领域的市场份额稳步成长，这成为助推豪威集团整体业绩显著提升的重要<a href=\"https://laohu8.com/S/600405\" title=\"动力源\" class=\"\">动力源</a>。这一年，公司的图像传感器解决方案收入为191.9亿元，显著高于22年的136.75亿元及23年的155.36亿元，该业务占总收入的比重亦上升至了74.7%。据了解，24年公司智能手机CIS 产品收入约98亿元，同比增长26.0%，年内豪威集团相关产品在高端智能手机领域的市场竞争力进一步强化；与此同时，凭借先进紧凑的汽车CIS解决方案已经覆盖ADAS、驾驶室内部监控、电子后视镜、仪表盘摄像头、后视和全景影像等广泛的汽车应用，车规级产品矩阵持续丰富，年内豪威集团汽车CIS产品收入约59.1亿元，同比增长三成。</p><p style=\"text-align: start;\">在智通财经看来，豪威集团之所以能在24年迸发出强劲的增长动能，追根溯源与其在2019年收购北京豪威进而实现业务重心由半导体分销转向CIS设计颇有关联。这些年里，豪威集团积极布局智能手机和电子汽车领域，结合数据看显然已取得显著成效。话分两头，现阶段公司半导体分销业务规模虽然还在增长，但24年的数据显示该业务的收入占比已只剩下15.3%。</p><p style=\"text-align: start;\"><strong>全球CIS市场增速跃升凭技术复用拓展应用边界</strong></p><p style=\"text-align: start;\">当前，中国不仅是全球消费电子与工业产品的制造中心，也已成为这些领域最大的终端市场之一。从智能手机、智能汽车到蓬勃兴起的端侧AI乃至AI数据中心，下游需求的持续扩张，为上游半导体行业注入了确定性的长期增长动力。在这一宏观趋势下，作为电子设备“视觉之眼”的CMOS图像传感器（CIS）赛道，正迎来量价齐升的新阶段。</p><p style=\"text-align: start;\">市场数据清晰地揭示了这一轨迹。据弗若斯特沙利文研究，全球CIS市场规模在2020至2024年间从179亿美元增长至195亿美元，年复合增长率（CAGR）为2.2%，处于稳步扩张期。而展望未来，在新技术催化与新兴应用爆发的驱动下，市场增长曲线将显著陡峭，预计到2029年规模将达到295亿美元，2024年至2029年的CAGR跃升至8.6%。这一增速的跃迁，标志着CIS产业正从传统的移动设备驱动，迈向一个由汽车智能化、机器视觉、AR/VR及工业自动化等多引擎共同驱动的新纪元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/091c39641fb373210154a12c0c3ac47e\" title=\"\"/></p><p style=\"text-align: start;\">身处这条高景气赛道，已稳居全球第三大供应商的豪威集团，其核心战略清晰而坚定：凭借深厚的先发与规模优势，通过技术平台的贯通与复用，构筑跨越多个增长曲线的竞争护城河，实现市场份额的巩固与扩大。</p><p style=\"text-align: start;\">不同应用领域对CIS的性能要求虽有侧重——如手机追求极致分辨率与动态范围，车载强调高可靠性与低照度性能，工业机器视觉则需要极高的快门效率和精准度——但其底层关键技术本质上是相通的。豪威集团的核心竞争力，恰恰在于其构建了一个强大且可迁移的技术平台。公司在LED闪烁抑制技术、全局曝光技术、Nyxel®近红外及超低光技术等领域积累了深厚的专利与经验。这些技术模块如同精密的积木，可以根据不同场景的需求进行快速组合与优化，极大地提升了研发效率，缩短了产品上市周期，同时也形成了竞争对手难以短时间模仿的综合技术壁垒。</p><p style=\"text-align: start;\">这种技术复用战略，正推动豪威集团在巩固传统优势领域的同时，高效切入新兴蓝海。在智能手机领域，其OV50X等高端传感器持续进行技术深耕；在车载领域，TheiaCel®等技术系列已成功卡位自动驾驶前装市场。更为关键的是，公司已将技术触角延伸至智能眼镜、机器人、工业自动化等前沿领域。</p><p style=\"text-align: start;\">例如，在机器视觉方面，豪威集团凭借领先的快门效率与低光性能，能够满足工业检测、物流分拣等场景对高速、精准识别的苛刻要求。其全局曝光技术，不仅能有效解决高速运动下的图像畸变问题，更在AR/VR设备实现高精度眼球追踪与同步定位与建图（SLAM）中成为关键技术，高度适配下一代人机交互终端的需求。这些前瞻性的技术储备，并非孤立研发，而是源于其核心平台的延伸与再创新。</p><p style=\"text-align: start;\">综上，豪威集团的成长逻辑已日益清晰：它不仅是半导体行业周期复苏的受益者，更是凭借其可复用的平台化技术能力，主动驾驭多行业数字化、智能化浪潮的引领者。从智能手机到智能汽车，再到即将爆发的机器视觉与空间计算，公司正将其技术优势系统性地复制到每一个高增长赛道。在市场规模加速扩张的背景下，这种“一专多能”的战略布局，为其长期稳健增长提供了源源不断的动力与坚实的护城河，使其在激烈的全球竞争中，持续保有并扩大自身的领先优势。</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>老虎暗盘 | 豪威集团小幅走高，是全球领先的Fabless半导体设计公司</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老虎暗盘 | 豪威集团小幅走高，是全球领先的Fabless半导体设计公司\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\">2026-01-09 16:28</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>1月9日周五， <a href=\"https://laohu8.com/S/00501\">豪威集团</a> 开启暗盘，截至发稿涨幅超4%，不计手续费每手赚超400港元。豪威集团是全球领先的Fabless半导体设计公司，以CMOS图像传感器（CIS）为核心产品。</p><p>豪威集团每股发售价104.8港元，每手100股，预期将于1月12日开始在香港联交所买卖。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93068c8b26185c2e187b2ea0ea8c63d9\" title=\"\" tg-width=\"762\" tg-height=\"405\"/></p><p><strong>三大板块协同深耕高增长赛道</strong></p><p style=\"text-align: start;\">公司业务围绕三大解决方案展开，持续推动技术迭代与市场拓展。核心业务为图像传感器解决方案，在智能手机CIS领域，<a href=\"https://laohu8.com/S/603501\" title=\"豪威集团\" class=\"\">豪威集团</a>于2025年4月推出适用于旗舰智能手机的OV50X图像传感器，通过搭载 LOFIC技术，在任何光照条件下可实现单次曝光HDR。</p><p style=\"text-align: start;\">在汽车CIS领域，豪威集团相继推出采用 TheiaCel®技术的OX08D10 800万像素CIS、OX05D10 500万像素CIS、OX12A10 1200万像素CIS 及OX03H10 300万像素CIS，能够满足新一代ADAS和自动驾驶的机器视觉要求。</p><p style=\"text-align: start;\">在医疗CIS 领域，豪威集团于2024年6月发布了全新的OCH2B30摄像头模组，适用于3D口腔牙科扫描仪，提供超小型摄像头模组，促进其在牙科学领域的应用。集团亦于2024年新成立了机器视觉部门，且作为端侧AI计划的一部分，于2024年7月发布了全新的OP03050和OG0TC BSI全局快门图像传感器。</p><p style=\"text-align: start;\">尤其值得一提的是，根据弗若斯特沙利文的资料，按2024年图像传感器解决方案收入计，豪威集团是全球第三大数字图像传感器供应商，市场份额为13.7%。</p><p style=\"text-align: start;\">显示解决方案业务方面，涵盖显示驱动芯片等，受益于OLED渗透率提升、车载屏幕多屏化及AR/VR设备发展。模拟解决方案业务包括电源管理、信号链等芯片，支撑全平台系统级需求，增强客户粘性与方案完整性。此外，公司拥有超过4500项全球专利，与<a href=\"https://laohu8.com/S/TSM\" title=\"台积电\" class=\"\">台积电</a>、<a href=\"https://laohu8.com/S/688981\" title=\"中芯国际\" class=\"\">中芯国际</a>等顶级代工厂合作开发工艺平台，形成覆盖像素设计、电路架构、系统整合的全套核心技术<a href=\"https://laohu8.com/S/301365\" title=\"矩阵\" class=\"\">矩阵</a>。</p><p style=\"text-align: start;\">2022年度、2023年度、2024年度以及2025年1-6月（以下简称：报告期内），豪威集团实现收入分别约为200.4亿元（单位：人民币，下同）、209.84亿元、257.07亿元以及139.44亿元，2022-2024年复合年增长率（CAGR）约13.3%，2025上半年同比继续保持增长态势。同期年内利润分别为9.51亿元、5.44亿元、32.79亿元以及20.2亿元人民币，2024年利润同比激增502%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdbdb78bc4fc45251e859b74920a4cf2\" title=\"\"/></p><p style=\"text-align: start;\">与历史数据作对比，豪威集团2024年的收入为历史新高。伴随着公司的图像传感器产品在高端智能手机市场和汽车自动驾驶应用市场的持续渗透，相关领域的市场份额稳步成长，这成为助推豪威集团整体业绩显著提升的重要<a href=\"https://laohu8.com/S/600405\" title=\"动力源\" class=\"\">动力源</a>。这一年，公司的图像传感器解决方案收入为191.9亿元，显著高于22年的136.75亿元及23年的155.36亿元，该业务占总收入的比重亦上升至了74.7%。据了解，24年公司智能手机CIS 产品收入约98亿元，同比增长26.0%，年内豪威集团相关产品在高端智能手机领域的市场竞争力进一步强化；与此同时，凭借先进紧凑的汽车CIS解决方案已经覆盖ADAS、驾驶室内部监控、电子后视镜、仪表盘摄像头、后视和全景影像等广泛的汽车应用，车规级产品矩阵持续丰富，年内豪威集团汽车CIS产品收入约59.1亿元，同比增长三成。</p><p style=\"text-align: start;\">在智通财经看来，豪威集团之所以能在24年迸发出强劲的增长动能，追根溯源与其在2019年收购北京豪威进而实现业务重心由半导体分销转向CIS设计颇有关联。这些年里，豪威集团积极布局智能手机和电子汽车领域，结合数据看显然已取得显著成效。话分两头，现阶段公司半导体分销业务规模虽然还在增长，但24年的数据显示该业务的收入占比已只剩下15.3%。</p><p style=\"text-align: start;\"><strong>全球CIS市场增速跃升凭技术复用拓展应用边界</strong></p><p style=\"text-align: start;\">当前，中国不仅是全球消费电子与工业产品的制造中心，也已成为这些领域最大的终端市场之一。从智能手机、智能汽车到蓬勃兴起的端侧AI乃至AI数据中心，下游需求的持续扩张，为上游半导体行业注入了确定性的长期增长动力。在这一宏观趋势下，作为电子设备“视觉之眼”的CMOS图像传感器（CIS）赛道，正迎来量价齐升的新阶段。</p><p style=\"text-align: start;\">市场数据清晰地揭示了这一轨迹。据弗若斯特沙利文研究，全球CIS市场规模在2020至2024年间从179亿美元增长至195亿美元，年复合增长率（CAGR）为2.2%，处于稳步扩张期。而展望未来，在新技术催化与新兴应用爆发的驱动下，市场增长曲线将显著陡峭，预计到2029年规模将达到295亿美元，2024年至2029年的CAGR跃升至8.6%。这一增速的跃迁，标志着CIS产业正从传统的移动设备驱动，迈向一个由汽车智能化、机器视觉、AR/VR及工业自动化等多引擎共同驱动的新纪元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/091c39641fb373210154a12c0c3ac47e\" title=\"\"/></p><p style=\"text-align: start;\">身处这条高景气赛道，已稳居全球第三大供应商的豪威集团，其核心战略清晰而坚定：凭借深厚的先发与规模优势，通过技术平台的贯通与复用，构筑跨越多个增长曲线的竞争护城河，实现市场份额的巩固与扩大。</p><p style=\"text-align: start;\">不同应用领域对CIS的性能要求虽有侧重——如手机追求极致分辨率与动态范围，车载强调高可靠性与低照度性能，工业机器视觉则需要极高的快门效率和精准度——但其底层关键技术本质上是相通的。豪威集团的核心竞争力，恰恰在于其构建了一个强大且可迁移的技术平台。公司在LED闪烁抑制技术、全局曝光技术、Nyxel®近红外及超低光技术等领域积累了深厚的专利与经验。这些技术模块如同精密的积木，可以根据不同场景的需求进行快速组合与优化，极大地提升了研发效率，缩短了产品上市周期，同时也形成了竞争对手难以短时间模仿的综合技术壁垒。</p><p style=\"text-align: start;\">这种技术复用战略，正推动豪威集团在巩固传统优势领域的同时，高效切入新兴蓝海。在智能手机领域，其OV50X等高端传感器持续进行技术深耕；在车载领域，TheiaCel®等技术系列已成功卡位自动驾驶前装市场。更为关键的是，公司已将技术触角延伸至智能眼镜、机器人、工业自动化等前沿领域。</p><p style=\"text-align: start;\">例如，在机器视觉方面，豪威集团凭借领先的快门效率与低光性能，能够满足工业检测、物流分拣等场景对高速、精准识别的苛刻要求。其全局曝光技术，不仅能有效解决高速运动下的图像畸变问题，更在AR/VR设备实现高精度眼球追踪与同步定位与建图（SLAM）中成为关键技术，高度适配下一代人机交互终端的需求。这些前瞻性的技术储备，并非孤立研发，而是源于其核心平台的延伸与再创新。</p><p style=\"text-align: start;\">综上，豪威集团的成长逻辑已日益清晰：它不仅是半导体行业周期复苏的受益者，更是凭借其可复用的平台化技术能力，主动驾驭多行业数字化、智能化浪潮的引领者。从智能手机到智能汽车，再到即将爆发的机器视觉与空间计算，公司正将其技术优势系统性地复制到每一个高增长赛道。在市场规模加速扩张的背景下，这种“一专多能”的战略布局，为其长期稳健增长提供了源源不断的动力与坚实的护城河，使其在激烈的全球竞争中，持续保有并扩大自身的领先优势。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3e7c73bf08a53004de1db7d452affe15","relate_stocks":{"00501":"豪威集团"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164228697","content_text":"1月9日周五， 豪威集团 开启暗盘，截至发稿涨幅超4%，不计手续费每手赚超400港元。豪威集团是全球领先的Fabless半导体设计公司，以CMOS图像传感器（CIS）为核心产品。豪威集团每股发售价104.8港元，每手100股，预期将于1月12日开始在香港联交所买卖。三大板块协同深耕高增长赛道公司业务围绕三大解决方案展开，持续推动技术迭代与市场拓展。核心业务为图像传感器解决方案，在智能手机CIS领域，豪威集团于2025年4月推出适用于旗舰智能手机的OV50X图像传感器，通过搭载 LOFIC技术，在任何光照条件下可实现单次曝光HDR。在汽车CIS领域，豪威集团相继推出采用 TheiaCel®技术的OX08D10 800万像素CIS、OX05D10 500万像素CIS、OX12A10 1200万像素CIS 及OX03H10 300万像素CIS，能够满足新一代ADAS和自动驾驶的机器视觉要求。在医疗CIS 领域，豪威集团于2024年6月发布了全新的OCH2B30摄像头模组，适用于3D口腔牙科扫描仪，提供超小型摄像头模组，促进其在牙科学领域的应用。集团亦于2024年新成立了机器视觉部门，且作为端侧AI计划的一部分，于2024年7月发布了全新的OP03050和OG0TC BSI全局快门图像传感器。尤其值得一提的是，根据弗若斯特沙利文的资料，按2024年图像传感器解决方案收入计，豪威集团是全球第三大数字图像传感器供应商，市场份额为13.7%。显示解决方案业务方面，涵盖显示驱动芯片等，受益于OLED渗透率提升、车载屏幕多屏化及AR/VR设备发展。模拟解决方案业务包括电源管理、信号链等芯片，支撑全平台系统级需求，增强客户粘性与方案完整性。此外，公司拥有超过4500项全球专利，与台积电、中芯国际等顶级代工厂合作开发工艺平台，形成覆盖像素设计、电路架构、系统整合的全套核心技术矩阵。2022年度、2023年度、2024年度以及2025年1-6月（以下简称：报告期内），豪威集团实现收入分别约为200.4亿元（单位：人民币，下同）、209.84亿元、257.07亿元以及139.44亿元，2022-2024年复合年增长率（CAGR）约13.3%，2025上半年同比继续保持增长态势。同期年内利润分别为9.51亿元、5.44亿元、32.79亿元以及20.2亿元人民币，2024年利润同比激增502%。与历史数据作对比，豪威集团2024年的收入为历史新高。伴随着公司的图像传感器产品在高端智能手机市场和汽车自动驾驶应用市场的持续渗透，相关领域的市场份额稳步成长，这成为助推豪威集团整体业绩显著提升的重要动力源。这一年，公司的图像传感器解决方案收入为191.9亿元，显著高于22年的136.75亿元及23年的155.36亿元，该业务占总收入的比重亦上升至了74.7%。据了解，24年公司智能手机CIS 产品收入约98亿元，同比增长26.0%，年内豪威集团相关产品在高端智能手机领域的市场竞争力进一步强化；与此同时，凭借先进紧凑的汽车CIS解决方案已经覆盖ADAS、驾驶室内部监控、电子后视镜、仪表盘摄像头、后视和全景影像等广泛的汽车应用，车规级产品矩阵持续丰富，年内豪威集团汽车CIS产品收入约59.1亿元，同比增长三成。在智通财经看来，豪威集团之所以能在24年迸发出强劲的增长动能，追根溯源与其在2019年收购北京豪威进而实现业务重心由半导体分销转向CIS设计颇有关联。这些年里，豪威集团积极布局智能手机和电子汽车领域，结合数据看显然已取得显著成效。话分两头，现阶段公司半导体分销业务规模虽然还在增长，但24年的数据显示该业务的收入占比已只剩下15.3%。全球CIS市场增速跃升凭技术复用拓展应用边界当前，中国不仅是全球消费电子与工业产品的制造中心，也已成为这些领域最大的终端市场之一。从智能手机、智能汽车到蓬勃兴起的端侧AI乃至AI数据中心，下游需求的持续扩张，为上游半导体行业注入了确定性的长期增长动力。在这一宏观趋势下，作为电子设备“视觉之眼”的CMOS图像传感器（CIS）赛道，正迎来量价齐升的新阶段。市场数据清晰地揭示了这一轨迹。据弗若斯特沙利文研究，全球CIS市场规模在2020至2024年间从179亿美元增长至195亿美元，年复合增长率（CAGR）为2.2%，处于稳步扩张期。而展望未来，在新技术催化与新兴应用爆发的驱动下，市场增长曲线将显著陡峭，预计到2029年规模将达到295亿美元，2024年至2029年的CAGR跃升至8.6%。这一增速的跃迁，标志着CIS产业正从传统的移动设备驱动，迈向一个由汽车智能化、机器视觉、AR/VR及工业自动化等多引擎共同驱动的新纪元。身处这条高景气赛道，已稳居全球第三大供应商的豪威集团，其核心战略清晰而坚定：凭借深厚的先发与规模优势，通过技术平台的贯通与复用，构筑跨越多个增长曲线的竞争护城河，实现市场份额的巩固与扩大。不同应用领域对CIS的性能要求虽有侧重——如手机追求极致分辨率与动态范围，车载强调高可靠性与低照度性能，工业机器视觉则需要极高的快门效率和精准度——但其底层关键技术本质上是相通的。豪威集团的核心竞争力，恰恰在于其构建了一个强大且可迁移的技术平台。公司在LED闪烁抑制技术、全局曝光技术、Nyxel®近红外及超低光技术等领域积累了深厚的专利与经验。这些技术模块如同精密的积木，可以根据不同场景的需求进行快速组合与优化，极大地提升了研发效率，缩短了产品上市周期，同时也形成了竞争对手难以短时间模仿的综合技术壁垒。这种技术复用战略，正推动豪威集团在巩固传统优势领域的同时，高效切入新兴蓝海。在智能手机领域，其OV50X等高端传感器持续进行技术深耕；在车载领域，TheiaCel®等技术系列已成功卡位自动驾驶前装市场。更为关键的是，公司已将技术触角延伸至智能眼镜、机器人、工业自动化等前沿领域。例如，在机器视觉方面，豪威集团凭借领先的快门效率与低光性能，能够满足工业检测、物流分拣等场景对高速、精准识别的苛刻要求。其全局曝光技术，不仅能有效解决高速运动下的图像畸变问题，更在AR/VR设备实现高精度眼球追踪与同步定位与建图（SLAM）中成为关键技术，高度适配下一代人机交互终端的需求。这些前瞻性的技术储备，并非孤立研发，而是源于其核心平台的延伸与再创新。综上，豪威集团的成长逻辑已日益清晰：它不仅是半导体行业周期复苏的受益者，更是凭借其可复用的平台化技术能力，主动驾驭多行业数字化、智能化浪潮的引领者。从智能手机到智能汽车，再到即将爆发的机器视觉与空间计算，公司正将其技术优势系统性地复制到每一个高增长赛道。在市场规模加速扩张的背景下，这种“一专多能”的战略布局，为其长期稳健增长提供了源源不断的动力与坚实的护城河，使其在激烈的全球竞争中，持续保有并扩大自身的领先优势。","news_type":1,"symbols_score_info":{"00501":2}},"isVote":1,"tweetType":1,"viewCount":232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":521023933882432,"gmtCreate":1768185705787,"gmtModify":1768185707237,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"title":"","htmlText":"<a 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好要再回购7次","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/508597553132424","repostId":"1179541112","repostType":4,"repost":{"id":"1179541112","kind":"news","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":1765188349,"share":"https://www.laohu8.com/m/news/1179541112?lang=zh_CN&edition=full","pubTime":"2025-12-08 18:05","market":"hk","language":"zh","title":"小米集团：12月8日斥资约2.04亿港元回购股份480万股","url":"https://stock-news.laohu8.com/highlight/detail?id=1179541112","media":"老虎资讯综合","summary":"12月8日，$小米集团-W(01810)$：12月8日斥资约2.04亿港元回购股份48万股。","content":"<html><head></head><body><p>12月8日，<a href=\"https://laohu8.com/S/01810\">小米集团-W</a>：12月8日斥资约2.04亿港元回购股份480万股，每股回购价格为42.14港元-42.72港元。</p><p class=\"t-img-caption\"><img 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href=https://world.huanqiu.com/article/40ZzrdGAu8a><strong>环球网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>【环球网报道】福克斯新闻刚刚消息，特朗普竞选团队将在内华达州提起诉讼，指控“选票欺诈”。目前，内华达州计票数仅75%，拜登暂时领先。报道称，前美国驻德国大使理查德•格雷内尔将于当地时间5日上午在拉斯维加斯举行新闻发布会，宣布特朗普竞选团队正在提起诉讼，将清点每一张“合法”选票。据报道，特朗普竞选团队称，至少有1万名不居住在该州的选民进行了投票。</p>\n\n<a href=\"https://world.huanqiu.com/article/40ZzrdGAu8a\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ae2ff4f0dbefc0001a653cf1719d84fa","relate_stocks":{},"source_url":"https://world.huanqiu.com/article/40ZzrdGAu8a","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148555143","content_text":"【环球网报道】福克斯新闻刚刚消息，特朗普竞选团队将在内华达州提起诉讼，指控“选票欺诈”。目前，内华达州计票数仅75%，拜登暂时领先。报道称，前美国驻德国大使理查德•格雷内尔将于当地时间5日上午在拉斯维加斯举行新闻发布会，宣布特朗普竞选团队正在提起诉讼，将清点每一张“合法”选票。据报道，特朗普竞选团队称，至少有1万名不居住在该州的选民进行了投票。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2996,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3546424579004635","authorId":"3546424579004635","name":"做交易","avatar":"https://static.tigerbbs.com/feec768c87975d534907b560f26f68cd","crmLevel":5,"crmLevelSwitch":0,"idStr":"3546424579004635","authorIdStr":"3546424579004635"},"content":"内华达127.7万合法注册选民。点出来159万张选票。大部分投了拜登😂","text":"内华达127.7万合法注册选民。点出来159万张选票。大部分投了拜登😂","html":"内华达127.7万合法注册选民。点出来159万张选票。大部分投了拜登😂"},{"author":{"id":"3519865241915930","authorId":"3519865241915930","name":"请输入昵称A","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"3519865241915930","authorIdStr":"3519865241915930"},"content":"你信吗，我就是作弊我会犯这种低级错误吗。","text":"你信吗，我就是作弊我会犯这种低级错误吗。","html":"你信吗，我就是作弊我会犯这种低级错误吗。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":337647567,"gmtCreate":1611141900259,"gmtModify":1703748297728,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"htmlText":"<a 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考虑韭菜扎堆，130，是我的想象上限了[笑哭]","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":3,"commentSize":14,"repostSize":0,"link":"https://laohu8.com/post/391533936","isVote":1,"tweetType":1,"viewCount":6150,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3536846719379070","authorId":"3536846719379070","name":"Neuschwanste","avatar":"https://static.tigerbbs.com/8fc99e47e5c99bebd4166a8b7913a24c","crmLevel":1,"crmLevelSwitch":0,"idStr":"3536846719379070","authorIdStr":"3536846719379070"},"content":"机构普遍看到140-160，韭菜入手要推高到180。","text":"机构普遍看到140-160，韭菜入手要推高到180。","html":"机构普遍看到140-160，韭菜入手要推高到180。"},{"author":{"id":"3486559767747918","authorId":"3486559767747918","name":"zoushendi","avatar":"https://static.tigerbbs.com/358e374d2ddaaeec7bc5f97a48e963f7","crmLevel":1,"crmLevelSwitch":0,"idStr":"3486559767747918","authorIdStr":"3486559767747918"},"content":"今晚至少140，韭菜的力量无限大 [龇牙]","text":"今晚至少140，韭菜的力量无限大 [龇牙]","html":"今晚至少140，韭菜的力量无限大 [龇牙]"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":334964001,"gmtCreate":1610689911503,"gmtModify":1703746275982,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"htmlText":"#小米进场机会机构吃个中饭，小散一路狂逃。只能超个小底。小米和百度，腾讯比，谁和央字头离得近，有常识就可以了。","listText":"#小米进场机会机构吃个中饭，小散一路狂逃。只能超个小底。小米和百度，腾讯比，谁和央字头离得近，有常识就可以了。","text":"#小米进场机会机构吃个中饭，小散一路狂逃。只能超个小底。小米和百度，腾讯比，谁和央字头离得近，有常识就可以了。","images":[{"img":"https://static.tigerbbs.com/66c099cff1ba512b763357f1c553841e","width":"1080","height":"2795"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":13,"repostSize":0,"link":"https://laohu8.com/post/334964001","isVote":1,"tweetType":1,"viewCount":11073,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3537353615641431","authorId":"3537353615641431","name":"fccg狂锋","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"idStr":"3537353615641431","authorIdStr":"3537353615641431"},"content":"当然是百度和腾讯更近啊，一个社交垄断，一个是搜索垄断外加新基建和AI的国家队","text":"当然是百度和腾讯更近啊，一个社交垄断，一个是搜索垄断外加新基建和AI的国家队","html":"当然是百度和腾讯更近啊，一个社交垄断，一个是搜索垄断外加新基建和AI的国家队"},{"author":{"id":"3572300921139484","authorId":"3572300921139484","name":"这是个响当当的名字","avatar":"https://static.tigerbbs.com/2f832c8a13ac751b58511b41644fae50","crmLevel":6,"crmLevelSwitch":0,"idStr":"3572300921139484","authorIdStr":"3572300921139484"},"content":"分明是BAT深入美国资本老特无法开刀，没办法，小米成了目标，要折腾一段时间了","text":"分明是BAT深入美国资本老特无法开刀，没办法，小米成了目标，要折腾一段时间了","html":"分明是BAT深入美国资本老特无法开刀，没办法，小米成了目标，要折腾一段时间了"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":398263683,"gmtCreate":1606909671842,"gmtModify":1703845279488,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MRNA\">$Moderna, Inc.(MRNA)$</a>辉瑞国际巨头，产能几乎无限大。先上市，是个巨大利空，下跌📉10%很正常。 怎么上涨呢？韭菜们的逻辑，不懂啊","listText":"<a href=\"https://laohu8.com/S/MRNA\">$Moderna, Inc.(MRNA)$</a>辉瑞国际巨头，产能几乎无限大。先上市，是个巨大利空，下跌📉10%很正常。 怎么上涨呢？韭菜们的逻辑，不懂啊","text":"$Moderna, Inc.(MRNA)$辉瑞国际巨头，产能几乎无限大。先上市，是个巨大利空，下跌📉10%很正常。 怎么上涨呢？韭菜们的逻辑，不懂啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":8,"repostSize":2,"link":"https://laohu8.com/post/398263683","isVote":1,"tweetType":1,"viewCount":6596,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3562210072169486","authorId":"3562210072169486","name":"东歆石","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"idStr":"3562210072169486","authorIdStr":"3562210072169486"},"content":"传说剩下的美国订单4亿，都是Moderna的。渠道不明，你考虑下。不过今天moderna必翻，盘后都去bntx了","text":"传说剩下的美国订单4亿，都是Moderna的。渠道不明，你考虑下。不过今天moderna必翻，盘后都去bntx了","html":"传说剩下的美国订单4亿，都是Moderna的。渠道不明，你考虑下。不过今天moderna必翻，盘后都去bntx了"},{"author":{"id":"3562210072169486","authorId":"3562210072169486","name":"东歆石","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"idStr":"3562210072169486","authorIdStr":"3562210072169486"},"content":"我不到120不会上的。我大部分捏着BNTX，成本低，随便它","text":"我不到120不会上的。我大部分捏着BNTX，成本低，随便它","html":"我不到120不会上的。我大部分捏着BNTX，成本低，随便它"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":650646440,"gmtCreate":1679250766780,"gmtModify":1679250768476,"author":{"id":"3563140991934227","authorId":"3563140991934227","name":"Fred_6810","avatar":"https://static.tigerbbs.com/fbe236f23155302a4dcecbf04d2e9040","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563140991934227","authorIdStr":"3563140991934227"},"themes":[],"htmlText":"写了这么多就问一下，cs危机是美国frc有什么相似性。 cs是踩雷，业务受损。frc是挤兑造成的流动不足。cs踩雷有才不多半年前的事了吧。&nbsp;","listText":"写了这么多就问一下，cs危机是美国frc有什么相似性。 cs是踩雷，业务受损。frc是挤兑造成的流动不足。cs踩雷有才不多半年前的事了吧。&nbsp;","text":"写了这么多就问一下，cs危机是美国frc有什么相似性。 cs是踩雷，业务受损。frc是挤兑造成的流动不足。cs踩雷有才不多半年前的事了吧。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/650646440","repostId":"1106466264","repostType":4,"repost":{"id":"1106466264","kind":"news","pubTimestamp":1679202350,"share":"https://www.laohu8.com/m/news/1106466264?lang=zh_CN&edition=full","pubTime":"2023-03-19 13:05","market":"us","language":"zh","title":"瑞信危机引发恐慌，看看巴菲特怎么回溯和思考08年金融危机的那些细节","url":"https://stock-news.laohu8.com/highlight/detail?id=1106466264","media":"IN咖","summary":"雷曼兄弟倒闭的十年之后，2018年9月12日CNBC首播了原创纪录片《华尔街危机：震撼世界的一周》（Crisis On Wall Street: The Week That Shook The Wor","content":"<html><head></head><body><p>雷曼兄弟倒闭的十年之后，2018年9月12日CNBC首播了原创纪录片《华尔街危机：震撼世界的一周》（Crisis On Wall Street: The Week That Shook The World）。</p><p>在这部纪录片中，CNBC主播、畅销书《大而不倒》（Too Big to Fail）的作者安德鲁·罗斯·索尔金（Andrew Ross Sorkin）采访了多为彼时深陷漩涡中心的人物，试图向公众展现2008年的美国和世界是如何接近全面经济崩溃、且导致了几代人来最严重的金融危机。</p><p>纪录片是系列扣人心弦的采访讲述。受访的美国政府最高层官员以及美国各大银行CEO们，他们曾聚集在一起，试图拯救雷曼兄弟免于破产。</p><p>来自华尔街的CEO杰米·戴蒙（Jamie Dimon）、约翰·塞恩（John Thain）和其他人描述了戏剧性的全天候谈判。前美国财政部长汉克·保尔森（Hank Paulson）讲述了他意识到雷曼破产可能会拖垮全球金融体系的绝望时刻。</p><p>如此规模的金融危机会再次发生吗？索尔金一次又一次地向因这部纪录片再度聚首的人提出这个问题。他们回忆着十年前曾面临的噩梦，曾与世界范围的金融命运呼吸与共。</p><p>本文的主角是沃伦·巴菲特。</p><p>2008年银行开始破产时，高管们向巴菲特求助，希望他在紧要关头提供资金支持。后来，他将这一事件称为“美国经济的珍珠港事件”。</p><p>巴菲特在访谈中，对于危机过程中的一些细节，对于监管、机构、市场环环相扣的影响，以及<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔</a>自身的考量，都有谈到，其中关于人性的拿捏，也很有意思。</p><p>他说，“<b>当人们害怕的时候，恐慌就发生了。信心是一步一步建立的，但恐惧是即时的。</b>”</p><p>“危机总会在某个时刻到来，<b>但我并不担心危机，因为我妥善地管好自己的行为。</b>”</p><p>这场纪录片，是在危机发生十年之后2018年推出。这样一个恰恰好的时间距离，让巴菲特的回溯与思考，更富有当下的意义。</p><p>尤其在<a href=\"https://laohu8.com/S/SIVB\">硅谷银行</a>倒闭事件引发连锁反应，从美国蔓延至<a href=\"https://laohu8.com/S/600558\">大西洋</a>对岸的<a href=\"https://laohu8.com/S/CS\">瑞士信贷</a>，让投资者对欧美银行体系稳定性的担忧蔓延。</p><p>这时候，回头去看巴菲特对于 2008 年危机事件过程中，思考的方式，对于决策信息赋予的权重，以及所持有的一贯投资原则，对我们都会很有启发。</p><p>Eason的这篇翻译，很有悦读感，希望大家开卷有益。</p><p><b>“这是史上参与规模最大的金融行为，但事实证明所有参与者的行为都很糟糕。”</b></p><p><b>索尔金：</b>回到2008年，从大局来看，你认为是什么导致了2008年的危机。</p><p><b>巴菲特：</b>众多的支流汇聚形成了密苏里河。（但我认为最重要的因素在于）人们认为房产会只涨不跌，而住宅市场规模达到了2万亿美元。这是一个非常巨大的资产类别。</p><p>人们（通过资产证券化）将其当做货币使用，但随后人们发现它并非一路上涨。</p><p>他们通过房产举债，在这条绳子的从头到尾都对这次事件造成了影响。</p><p>绳子顶端的人忙着签发一些明知道自己无需持有的地产抵押贷款，他们签发之后可以立刻打包卖给远在挪威的投资者。</p><p>有些人通过这些贷款进行再融资，房贷人的月供是否太高、是否虚报了自己的收入似乎对他们没有任何影响。</p><p>为他们提供再融资的人也参与其中。</p><p>本质上，（参与其中人）对房地产有一个巨大的投机行为。7500万美国购房家庭中有5000万个家庭参与了房贷业务，只有2500万避免受到了冲击。5000万贷款家庭通过杠杆获得房屋，很多人赖以生存，而他们的资产价格出现崩溃。</p><p>这是史上参与规模最大的金融行为，但事实证明所有参与者的行为都很糟糕。</p><p>他们相信了（房产价格只涨不跌），当人们相信了某些荒唐的事情时，这样的事情就会发生。</p><p><b>索尔金：</b>2008年早期，一些持有次级贷款的对冲基金倒下了，你当时感到担忧吗？你还记得你当时的心情吗？</p><p><b>巴菲特：</b>我没有担忧。因为我始终假设（如果）一生都参与到美国经济当中的话，它的价值会随着时间大幅上涨，但同时会伴随着一些磕磕绊绊。</p><p>我们的经济体系决定了我们会发生一些周期性的疯狂，所以我从不尝试预测市场，我也不会去预测生意（未来的走向），我只是试着去适应所发生的一切。</p><p>2008年的夏天，我确实接到了某家华尔街头部公司的电话，试图卖给我们几百亿美元（many，many，many billions）的房地美股票。我知道可能出了大问题。</p><p><b>“我在首页写下了我发现问题的页码，我知道了我们不会对其（雷曼）进行投资。”</b></p><p><b>索尔金：</b>我不知道你是否还记得，在贝尔斯登倒下后、房地美和房利美出事前，你接到了迪克·福尔德（Richard Dick Fuld，雷曼兄弟董事长兼CEO）的电话，他告诉你，他的股票被卖空者狙击了。</p><p><b>巴菲特：</b>是的，任何人对我这么说，我都高度怀疑。我喜欢卖空伯克希尔的人，卖空者怎么会伤害到你？</p><p><b>索尔金：</b>福尔德说你有一个30-50亿的投资机会，你当时感兴趣了吗？</p><p><b>巴菲特：</b>我有兴趣听完他的讲话。</p><p><b>索尔金：</b>你如何回复他的？</p><p><b>巴菲特：</b>我告诉他，把你的想法告诉我，首先告诉我你的报价，然后我会知道我是否有兴趣对此做一些调查。</p><p>接着，他抛出了一些试探性的想法。事实上，我还记得他问我能不能让汉克·保尔森（Henry“Hank”Merritt Paulson，时任美国财政部长）就此问题给我打电话。</p><p>周五早上67点，汉克就给我打了电话，他提出了一些完全不合格的背书，他可能希望我会为雷曼提供融资，但他的推销用力过度了。我想他也意识到这样不对。</p><p>无论如何，那天下午我翻开了雷曼的10K报告，它有250-300页长。我在首页写下了我发现问题的页码，我知道了我们不会对其进行投资。</p><p>我的办公室现在仍保存了这份笔记。</p><p><b>索尔金：</b>你看到了什么？</p><p><b>巴菲特：</b>我只是看到了很多让我担心他们财务状况的东西，以及当时已经在华尔街发生、可能也发生在他们身上的情景。</p><p><b>“我们可能是最好的10亿美元级别的快速买家。”</b></p><p><b>索尔金：</b>现在我们来到了2008年9月12日的“那个周末”。你现在接到的不是来自雷曼兄弟的电话而是来自AIG的电话，询问你是否愿意对其投资100亿美元。</p><p><b>巴菲特：</b>我告诉他们，不要指望我们，我知道时间对你们来说非常宝贵，所以不要把时间浪费在我们身上。所以，那个时间点上，我拒绝了。</p><p>不久之后，他们重新回到了我们的视野。我当时说，我无法解决这个问题，我们要支付大概270亿美元，我们有这个财力，但是我不知道我们因此会去往何处。</p><p>当时的真实情况是，他们周五晚上8点传给了我很多材料，告诉我他们正处于危机之中。</p><p><b>索尔金：</b>你觉得，他们打电话给沃伦·巴菲特意味着什么？</p><p><b>巴菲特：</b>这意味着，他们知道如果我们看到了某样东西，我们的行动可以非常迅速。我们可能是最好的10亿美元级别的快速买家。</p><p>并且针对这个案例，他们知道我对保险业务很感兴趣。他们可能在几天之内就要倒闭，因此他们也非常绝望。</p><p><b>“如果我是当时的美联储主席并且意识到发生的一切，我想无论我是否有能力介入，我会选择介入。”</b></p><p><b>索尔金：</b>很多人回顾这场危机时仍然将那个周末雷曼兄弟的倒下视作危机的关键时刻，并且争论那个时刻美国政府是否应该介入。第二天早上，<a href=\"https://laohu8.com/S/NYT\">纽约时报</a>和华尔街日报都写了专栏文章赞扬（美国政府没有介入）。</p><p><b>巴菲特：</b>是的，当时所有人都想，“让这些华尔街的滚蛋，我们受够了他们”。</p><p>很久以前，美联储主席说，无论他们想做什么，他们都可以这么去做。在《多德-弗兰克法案》下，这点可能发生一定的改变，但是……</p><p>（注：《多德-弗兰克法案》全名是多德-弗兰克华尔街改革和消费者保护法案，于2010年7月21日通过的美国联邦法律。通常被认为是奥巴马总统任期内颁布的最重要的法案之一。）</p><p><b>索尔金：</b>所以你认为，如果美联储想要介入，他们当时可以介入。</p><p><b>巴菲特：</b>如果我是当时的美联储主席并且看到了美国发生的一切，我想无论我是否有能力介入，我都会选择介入。</p><p>最高法院可能把我当作罪犯逮捕，但我认为从国家利益的角度来看，那是我在身处那个角色必须做的。</p><p><b>索尔金：</b>所以你认为美联储犯了错？</p><p><b>巴菲特：</b>我不知道。</p><p>因为，他们必须要向公众承诺的太多了。很多人面临失去自己的住宅、看到自己的资产大幅缩水，以及各种个人问题。</p><p>然而，你要承诺AIG的所有员工都会得到救助、民众也会得到保障，这么做非常困难。</p><p><b>索尔金：</b>当时，汉克、美联储和其他需要救助的人身上的政治压力有多大。</p><p><b>巴菲特：</b>巨大。伯南克（时任美联储主席）、汉克·保尔森、蒂姆·盖特纳（Tim Geithner，时任纽约联储主席）以及乔治·布什当时正在激烈争论，但美国民众不会买账的。</p><p><b>“我认为整个事件中无声的英雄是<a href=\"https://laohu8.com/S/BAC\">美国银行</a>CEO肯·刘易斯，他买下了美林。”</b></p><p><b>索尔金：</b>雷曼兄弟破产了，美国银行收购了美林，AIG得到了救助。但之后，人们又开始担忧<a href=\"https://laohu8.com/S/GE\">通用电气</a>、<a href=\"https://laohu8.com/S/GS\">高盛</a>、摩根斯坦利的未来。</p><p><b>巴菲特：</b>当雷曼破产之后，商业票据的最大持有者是货币市场基金，这些事情像（多米诺骨牌一样）一个接一个倒下，而汉克和伯南克做的任何事情必须考虑来自国会的反应。</p><p>国会没有意识到问题的严重性，布什认识到了。我没有投票给他，但是他能意识到问题的严重性让我给他打很高的分。</p><p><b>索尔金：</b>那周的晚些时候，我接到了来自高盛的电话，你记得那通电话吗？</p><p><b>巴菲特：</b>我记得那通电话。哈哈，当高盛找你要钱，你会记得的。</p><p><b>索尔金：</b>你当时的想法是什么？</p><p><b>巴菲特：</b>我认为财政部有可靠的人在掌权、美联储有可靠的人掌权、总统也是可靠的，只不过国会让我担忧。我认为高盛会完好无损，只要市场没有被完全关闭。</p><p>我认为整个事件中无声的英雄是肯·刘易斯（美国银行CEO）在周一买下了美林银行。</p><p>我想他得到了一些意见以30美元的价格买下美林（注：实际上，美国银行以每股约29美元的价格，斥资300亿美元买下美林）。他周六做出了决定，周日宣布收购。</p><p>当时，没有任何知道美林银行到底值多少钱，但是他说我们会支付30美元（一股）的价格买下它，这是个公正的价格。</p><p>（如果不这么做，）美林周一（的股价）可能只有3毛钱。</p><p><b>索尔金：</b>你认为这是个大错误？</p><p><b>巴菲特：</b>对于整个金融系统来说，这不是错误。美林在被收购之后也表现得非常好，但在那个时点，如果美国银行没有在周日宣布收购，它可能是另一个雷曼兄弟。</p><p>在雷曼时刻，如果他们决定拿钱为雷曼纾困，他们就不得不告诉美林依靠自己生存下去，整个事情就会变得不一样。</p><p><b>“信心是一步一步建立的，但恐惧是即时的。”</b></p><p><b>索尔金：</b>回溯那段历史，你是否有一些觉得自己应该做但没做的事？哪些没有达成的投资？</p><p><b>巴菲特：</b>我可以回顾任何一周，找到这样的事情。</p><p>如果当时，我们可以多等待4-5个月的话，伯克希尔能以更便宜的价格买入很多东西。2009年3月的股价比2008年10月便宜得多。</p><p>2008年10月下旬，我在纽约时报写了专栏文章，长期来看我是对的，但是4-5个月之后的价格要便宜得多。</p><p><b>索尔金：</b>你会不会思考，这个系统带我们前进了这么多，但仍然会让我们回到大萧条时期，这些红线在哪里？</p><p><b>巴菲特：</b>如果危机没有被妥善处理，可能会持续更长时间。但是总能走出危机，我们已经走出了危机。</p><p>在某一个时刻，政府必须站出来介入解决危机。整个世界只有一种力量可以让人们降杠杆，只有一种力量（指政府部门）。如果他们由于某些原因没有这么去做，危机就会到来。</p><p><b>索尔金：</b>对于公众、新一代人来说，他们是否可以从这场危机中学到什么教训？</p><p><b>巴菲特：</b>没有。因为人们总会恐慌，这也是设立美联储的原因。</p><p>19世纪时，我们国家有过各种各样的恐慌。<b>当人们害怕的时候，恐慌就发生了。信心是一步一步建立的，但恐惧是即时的。</b></p><p>而且，这不受人们智商的影响、就算是有博士学历，害怕就是害怕了。</p><p>我知道一些人，你听到他们的名字可能会惊讶，在那个时候，他们选择只相信黄金、不相信其他任何事物。</p><p>害怕的力量是巨大的。</p><p><b>索尔金：</b>你认为十年前的危机与现在的政治、政府和机构之间有什么联系、影响吗？</p><p><b>巴菲特：</b>是的，人们的长期记忆。1929年时也是这样，这（化解）需要很长时间。当他们感受到了极端的恐惧，有些东西会留下、刻在他们的脑中。</p><p>他们想知道谁造成了他们的恐惧。他们确实也不应该责怪自己。我的意思是，不应该要求每个人都是金融专家。</p><p>在买房时在贷款申请表上虚报一点收入，认为房价会继续上涨所以依此进行再融资等等，谁会因为这些事儿受到责怪。</p><p><b>索尔金：</b>所以，是否有人应该为这场危机负责呢？这也是个政治问题。</p><p><b>巴菲特：</b>很多人做了非常愚蠢的事情，但我不认为有人应该（为此负责）。我是说，始终有一些人在做一些虚假的事情。一定程度上，这些人被房地产市场所吸引，因为你可以从中很容易赚到钱，你可以在加州贝克斯菲尔德新发贷款然后轻易地卖到挪威。然后，它变成了一连串合约，一个证券合约的价值要基于另一个合约。</p><p>我曾看过一份证券化产品，我不得不去看长达30万页的材料去理解初级证券和基于它的次级证券等等。而且，在相当一段时间，大家都安然无恙，所以大家都习惯了这种方式。</p><p>危机会在此发生的。</p><p><b>“危机总会在某个时刻到来，但我并不担心危机。因为我妥善地管好自己的行为。”</b></p><p><b>索尔金：</b>你担心另一场危机的到来吗？</p><p><b>巴菲特：</b>危机总会在某个时刻到来，但我并不担心危机。</p><p><b>索尔金：</b>为什么？</p><p><b>巴菲特因为我妥善地管好自己的行为，就算另一场危机到来，伯克希尔也会非常健康</b>。</p><p><b>索尔金：</b>当下，你会担忧什么事情？</p><p><b>巴菲特：</b>资产价格上涨吸引了完全不理解它的人进入市场。人们因为资产增值而对它感兴趣，但并不是自己真正了解它。</p><p>当你认为比你笨很多的邻居因资产价格上涨而变得富有，而你没有变富，你的配偶就会问你：你就不能也弄明白（然后赚大钱）吗？</p><p>这实在是太具传染性了。</p><p>这是资本系统永远会存在的一部分。但你问我现在哪一类资产正处于这种状态，我还没有观察到。</p><p><b>索尔金：</b>我们现在能更好地应对另一场危机吗？</p><p><b>巴菲特：</b>这是一个有趣的问题。我从没有完整读过2000多页的《多德-弗兰克法案》，我只读了概要。</p><p>我有一个种观点，我的这种观点可能是错误的。但是我（确实）认为，这份法案可能阻碍了美联储快速、与多方合作地（处理危机）。</p><p>我会说，这是一个可怕的错误。我们需要一个拥有强权的美联储！</p><p>你可能不喜欢它，它可能做一些你不喜欢的事情，但是这个拥有10万亿住宅市场、7500多万购房家庭的国家，你需要一个有能力降杠杆的力量。</p><p><b>索尔金：</b>在那一周，这些人不断地打电话给你，在当时你如何评估的？</p><p><b>巴菲特：</b>我当时确实在CNBC将之称为“美国经济的珍珠港事件”，我之前从没用过这样的比喻。我感受到我从没经历过类似的事件。</p><p>而且，从即时的恐慌程度来讲，当时的危机甚至比1929年更糟。</p><p>1929年9月29日，道琼斯指数触及高点381点后暴跌。我于1930年8月出生，道琼斯已经回到了250点，它没有让这么多人陷于如此大范围的恐慌。</p><p>它打击了华尔街，但那时的华尔街能影响到的范围远不及现在，这可能是由于401K和其他很多事情造成的。住宅会触及到所有人。</p></body></html>","source":"lsy1679202057054","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>瑞信危机引发恐慌，看看巴菲特怎么回溯和思考08年金融危机的那些细节</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{ 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{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瑞信危机引发恐慌，看看巴菲特怎么回溯和思考08年金融危机的那些细节\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-19 13:05 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/N1qWKAtdvFA0-ntrQC0R8g><strong>IN咖</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>雷曼兄弟倒闭的十年之后，2018年9月12日CNBC首播了原创纪录片《华尔街危机：震撼世界的一周》（Crisis On Wall Street: The Week That Shook The World）。在这部纪录片中，CNBC主播、畅销书《大而不倒》（Too Big to Fail）的作者安德鲁·罗斯·索尔金（Andrew Ross Sorkin）采访了多为彼时深陷漩涡中心的人物，试图向公众...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/N1qWKAtdvFA0-ntrQC0R8g\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{"BK4585":"ETF&股票定投概念","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","BK4534":"瑞士信贷持仓","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A 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Sorkin）采访了多为彼时深陷漩涡中心的人物，试图向公众展现2008年的美国和世界是如何接近全面经济崩溃、且导致了几代人来最严重的金融危机。纪录片是系列扣人心弦的采访讲述。受访的美国政府最高层官员以及美国各大银行CEO们，他们曾聚集在一起，试图拯救雷曼兄弟免于破产。来自华尔街的CEO杰米·戴蒙（Jamie Dimon）、约翰·塞恩（John Thain）和其他人描述了戏剧性的全天候谈判。前美国财政部长汉克·保尔森（Hank Paulson）讲述了他意识到雷曼破产可能会拖垮全球金融体系的绝望时刻。如此规模的金融危机会再次发生吗？索尔金一次又一次地向因这部纪录片再度聚首的人提出这个问题。他们回忆着十年前曾面临的噩梦，曾与世界范围的金融命运呼吸与共。本文的主角是沃伦·巴菲特。2008年银行开始破产时，高管们向巴菲特求助，希望他在紧要关头提供资金支持。后来，他将这一事件称为“美国经济的珍珠港事件”。巴菲特在访谈中，对于危机过程中的一些细节，对于监管、机构、市场环环相扣的影响，以及伯克希尔自身的考量，都有谈到，其中关于人性的拿捏，也很有意思。他说，“当人们害怕的时候，恐慌就发生了。信心是一步一步建立的，但恐惧是即时的。”“危机总会在某个时刻到来，但我并不担心危机，因为我妥善地管好自己的行为。”这场纪录片，是在危机发生十年之后2018年推出。这样一个恰恰好的时间距离，让巴菲特的回溯与思考，更富有当下的意义。尤其在硅谷银行倒闭事件引发连锁反应，从美国蔓延至大西洋对岸的瑞士信贷，让投资者对欧美银行体系稳定性的担忧蔓延。这时候，回头去看巴菲特对于 2008 年危机事件过程中，思考的方式，对于决策信息赋予的权重，以及所持有的一贯投资原则，对我们都会很有启发。Eason的这篇翻译，很有悦读感，希望大家开卷有益。“这是史上参与规模最大的金融行为，但事实证明所有参与者的行为都很糟糕。”索尔金：回到2008年，从大局来看，你认为是什么导致了2008年的危机。巴菲特：众多的支流汇聚形成了密苏里河。（但我认为最重要的因素在于）人们认为房产会只涨不跌，而住宅市场规模达到了2万亿美元。这是一个非常巨大的资产类别。人们（通过资产证券化）将其当做货币使用，但随后人们发现它并非一路上涨。他们通过房产举债，在这条绳子的从头到尾都对这次事件造成了影响。绳子顶端的人忙着签发一些明知道自己无需持有的地产抵押贷款，他们签发之后可以立刻打包卖给远在挪威的投资者。有些人通过这些贷款进行再融资，房贷人的月供是否太高、是否虚报了自己的收入似乎对他们没有任何影响。为他们提供再融资的人也参与其中。本质上，（参与其中人）对房地产有一个巨大的投机行为。7500万美国购房家庭中有5000万个家庭参与了房贷业务，只有2500万避免受到了冲击。5000万贷款家庭通过杠杆获得房屋，很多人赖以生存，而他们的资产价格出现崩溃。这是史上参与规模最大的金融行为，但事实证明所有参与者的行为都很糟糕。他们相信了（房产价格只涨不跌），当人们相信了某些荒唐的事情时，这样的事情就会发生。索尔金：2008年早期，一些持有次级贷款的对冲基金倒下了，你当时感到担忧吗？你还记得你当时的心情吗？巴菲特：我没有担忧。因为我始终假设（如果）一生都参与到美国经济当中的话，它的价值会随着时间大幅上涨，但同时会伴随着一些磕磕绊绊。我们的经济体系决定了我们会发生一些周期性的疯狂，所以我从不尝试预测市场，我也不会去预测生意（未来的走向），我只是试着去适应所发生的一切。2008年的夏天，我确实接到了某家华尔街头部公司的电话，试图卖给我们几百亿美元（many，many，many billions）的房地美股票。我知道可能出了大问题。“我在首页写下了我发现问题的页码，我知道了我们不会对其（雷曼）进行投资。”索尔金：我不知道你是否还记得，在贝尔斯登倒下后、房地美和房利美出事前，你接到了迪克·福尔德（Richard Dick Fuld，雷曼兄弟董事长兼CEO）的电话，他告诉你，他的股票被卖空者狙击了。巴菲特：是的，任何人对我这么说，我都高度怀疑。我喜欢卖空伯克希尔的人，卖空者怎么会伤害到你？索尔金：福尔德说你有一个30-50亿的投资机会，你当时感兴趣了吗？巴菲特：我有兴趣听完他的讲话。索尔金：你如何回复他的？巴菲特：我告诉他，把你的想法告诉我，首先告诉我你的报价，然后我会知道我是否有兴趣对此做一些调查。接着，他抛出了一些试探性的想法。事实上，我还记得他问我能不能让汉克·保尔森（Henry“Hank”Merritt Paulson，时任美国财政部长）就此问题给我打电话。周五早上67点，汉克就给我打了电话，他提出了一些完全不合格的背书，他可能希望我会为雷曼提供融资，但他的推销用力过度了。我想他也意识到这样不对。无论如何，那天下午我翻开了雷曼的10K报告，它有250-300页长。我在首页写下了我发现问题的页码，我知道了我们不会对其进行投资。我的办公室现在仍保存了这份笔记。索尔金：你看到了什么？巴菲特：我只是看到了很多让我担心他们财务状况的东西，以及当时已经在华尔街发生、可能也发生在他们身上的情景。“我们可能是最好的10亿美元级别的快速买家。”索尔金：现在我们来到了2008年9月12日的“那个周末”。你现在接到的不是来自雷曼兄弟的电话而是来自AIG的电话，询问你是否愿意对其投资100亿美元。巴菲特：我告诉他们，不要指望我们，我知道时间对你们来说非常宝贵，所以不要把时间浪费在我们身上。所以，那个时间点上，我拒绝了。不久之后，他们重新回到了我们的视野。我当时说，我无法解决这个问题，我们要支付大概270亿美元，我们有这个财力，但是我不知道我们因此会去往何处。当时的真实情况是，他们周五晚上8点传给了我很多材料，告诉我他们正处于危机之中。索尔金：你觉得，他们打电话给沃伦·巴菲特意味着什么？巴菲特：这意味着，他们知道如果我们看到了某样东西，我们的行动可以非常迅速。我们可能是最好的10亿美元级别的快速买家。并且针对这个案例，他们知道我对保险业务很感兴趣。他们可能在几天之内就要倒闭，因此他们也非常绝望。“如果我是当时的美联储主席并且意识到发生的一切，我想无论我是否有能力介入，我会选择介入。”索尔金：很多人回顾这场危机时仍然将那个周末雷曼兄弟的倒下视作危机的关键时刻，并且争论那个时刻美国政府是否应该介入。第二天早上，纽约时报和华尔街日报都写了专栏文章赞扬（美国政府没有介入）。巴菲特：是的，当时所有人都想，“让这些华尔街的滚蛋，我们受够了他们”。很久以前，美联储主席说，无论他们想做什么，他们都可以这么去做。在《多德-弗兰克法案》下，这点可能发生一定的改变，但是……（注：《多德-弗兰克法案》全名是多德-弗兰克华尔街改革和消费者保护法案，于2010年7月21日通过的美国联邦法律。通常被认为是奥巴马总统任期内颁布的最重要的法案之一。）索尔金：所以你认为，如果美联储想要介入，他们当时可以介入。巴菲特：如果我是当时的美联储主席并且看到了美国发生的一切，我想无论我是否有能力介入，我都会选择介入。最高法院可能把我当作罪犯逮捕，但我认为从国家利益的角度来看，那是我在身处那个角色必须做的。索尔金：所以你认为美联储犯了错？巴菲特：我不知道。因为，他们必须要向公众承诺的太多了。很多人面临失去自己的住宅、看到自己的资产大幅缩水，以及各种个人问题。然而，你要承诺AIG的所有员工都会得到救助、民众也会得到保障，这么做非常困难。索尔金：当时，汉克、美联储和其他需要救助的人身上的政治压力有多大。巴菲特：巨大。伯南克（时任美联储主席）、汉克·保尔森、蒂姆·盖特纳（Tim Geithner，时任纽约联储主席）以及乔治·布什当时正在激烈争论，但美国民众不会买账的。“我认为整个事件中无声的英雄是美国银行CEO肯·刘易斯，他买下了美林。”索尔金：雷曼兄弟破产了，美国银行收购了美林，AIG得到了救助。但之后，人们又开始担忧通用电气、高盛、摩根斯坦利的未来。巴菲特：当雷曼破产之后，商业票据的最大持有者是货币市场基金，这些事情像（多米诺骨牌一样）一个接一个倒下，而汉克和伯南克做的任何事情必须考虑来自国会的反应。国会没有意识到问题的严重性，布什认识到了。我没有投票给他，但是他能意识到问题的严重性让我给他打很高的分。索尔金：那周的晚些时候，我接到了来自高盛的电话，你记得那通电话吗？巴菲特：我记得那通电话。哈哈，当高盛找你要钱，你会记得的。索尔金：你当时的想法是什么？巴菲特：我认为财政部有可靠的人在掌权、美联储有可靠的人掌权、总统也是可靠的，只不过国会让我担忧。我认为高盛会完好无损，只要市场没有被完全关闭。我认为整个事件中无声的英雄是肯·刘易斯（美国银行CEO）在周一买下了美林银行。我想他得到了一些意见以30美元的价格买下美林（注：实际上，美国银行以每股约29美元的价格，斥资300亿美元买下美林）。他周六做出了决定，周日宣布收购。当时，没有任何知道美林银行到底值多少钱，但是他说我们会支付30美元（一股）的价格买下它，这是个公正的价格。（如果不这么做，）美林周一（的股价）可能只有3毛钱。索尔金：你认为这是个大错误？巴菲特：对于整个金融系统来说，这不是错误。美林在被收购之后也表现得非常好，但在那个时点，如果美国银行没有在周日宣布收购，它可能是另一个雷曼兄弟。在雷曼时刻，如果他们决定拿钱为雷曼纾困，他们就不得不告诉美林依靠自己生存下去，整个事情就会变得不一样。“信心是一步一步建立的，但恐惧是即时的。”索尔金：回溯那段历史，你是否有一些觉得自己应该做但没做的事？哪些没有达成的投资？巴菲特：我可以回顾任何一周，找到这样的事情。如果当时，我们可以多等待4-5个月的话，伯克希尔能以更便宜的价格买入很多东西。2009年3月的股价比2008年10月便宜得多。2008年10月下旬，我在纽约时报写了专栏文章，长期来看我是对的，但是4-5个月之后的价格要便宜得多。索尔金：你会不会思考，这个系统带我们前进了这么多，但仍然会让我们回到大萧条时期，这些红线在哪里？巴菲特：如果危机没有被妥善处理，可能会持续更长时间。但是总能走出危机，我们已经走出了危机。在某一个时刻，政府必须站出来介入解决危机。整个世界只有一种力量可以让人们降杠杆，只有一种力量（指政府部门）。如果他们由于某些原因没有这么去做，危机就会到来。索尔金：对于公众、新一代人来说，他们是否可以从这场危机中学到什么教训？巴菲特：没有。因为人们总会恐慌，这也是设立美联储的原因。19世纪时，我们国家有过各种各样的恐慌。当人们害怕的时候，恐慌就发生了。信心是一步一步建立的，但恐惧是即时的。而且，这不受人们智商的影响、就算是有博士学历，害怕就是害怕了。我知道一些人，你听到他们的名字可能会惊讶，在那个时候，他们选择只相信黄金、不相信其他任何事物。害怕的力量是巨大的。索尔金：你认为十年前的危机与现在的政治、政府和机构之间有什么联系、影响吗？巴菲特：是的，人们的长期记忆。1929年时也是这样，这（化解）需要很长时间。当他们感受到了极端的恐惧，有些东西会留下、刻在他们的脑中。他们想知道谁造成了他们的恐惧。他们确实也不应该责怪自己。我的意思是，不应该要求每个人都是金融专家。在买房时在贷款申请表上虚报一点收入，认为房价会继续上涨所以依此进行再融资等等，谁会因为这些事儿受到责怪。索尔金：所以，是否有人应该为这场危机负责呢？这也是个政治问题。巴菲特：很多人做了非常愚蠢的事情，但我不认为有人应该（为此负责）。我是说，始终有一些人在做一些虚假的事情。一定程度上，这些人被房地产市场所吸引，因为你可以从中很容易赚到钱，你可以在加州贝克斯菲尔德新发贷款然后轻易地卖到挪威。然后，它变成了一连串合约，一个证券合约的价值要基于另一个合约。我曾看过一份证券化产品，我不得不去看长达30万页的材料去理解初级证券和基于它的次级证券等等。而且，在相当一段时间，大家都安然无恙，所以大家都习惯了这种方式。危机会在此发生的。“危机总会在某个时刻到来，但我并不担心危机。因为我妥善地管好自己的行为。”索尔金：你担心另一场危机的到来吗？巴菲特：危机总会在某个时刻到来，但我并不担心危机。索尔金：为什么？巴菲特因为我妥善地管好自己的行为，就算另一场危机到来，伯克希尔也会非常健康。索尔金：当下，你会担忧什么事情？巴菲特：资产价格上涨吸引了完全不理解它的人进入市场。人们因为资产增值而对它感兴趣，但并不是自己真正了解它。当你认为比你笨很多的邻居因资产价格上涨而变得富有，而你没有变富，你的配偶就会问你：你就不能也弄明白（然后赚大钱）吗？这实在是太具传染性了。这是资本系统永远会存在的一部分。但你问我现在哪一类资产正处于这种状态，我还没有观察到。索尔金：我们现在能更好地应对另一场危机吗？巴菲特：这是一个有趣的问题。我从没有完整读过2000多页的《多德-弗兰克法案》，我只读了概要。我有一个种观点，我的这种观点可能是错误的。但是我（确实）认为，这份法案可能阻碍了美联储快速、与多方合作地（处理危机）。我会说，这是一个可怕的错误。我们需要一个拥有强权的美联储！你可能不喜欢它，它可能做一些你不喜欢的事情，但是这个拥有10万亿住宅市场、7500多万购房家庭的国家，你需要一个有能力降杠杆的力量。索尔金：在那一周，这些人不断地打电话给你，在当时你如何评估的？巴菲特：我当时确实在CNBC将之称为“美国经济的珍珠港事件”，我之前从没用过这样的比喻。我感受到我从没经历过类似的事件。而且，从即时的恐慌程度来讲，当时的危机甚至比1929年更糟。1929年9月29日，道琼斯指数触及高点381点后暴跌。我于1930年8月出生，道琼斯已经回到了250点，它没有让这么多人陷于如此大范围的恐慌。它打击了华尔街，但那时的华尔街能影响到的范围远不及现在，这可能是由于401K和其他很多事情造成的。住宅会触及到所有人。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":3317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}