木雨四道风5的个人主页 - 老虎社区

木雨四道风5

暂无个人介绍

IP属地：北京

0关注

0粉丝

0主题

0勋章

木雨四道风5

03-27

自己抄自己，吹起来眼睛不带眨的

存储抛售是错杀？大摩：传统周期卖出逻辑不适用，TurboQuant恐慌是认知偏差！

木雨四道风5

03-26

吹吧就，看看今年的市场情况，还100w，有50w都算赢了

【券商聚焦】华创证券维持零跑汽车(09863)“强推”评级指公司处上行周期

木雨四道风5

03-24

$小米集团-W(01810)$

木雨四道风5

03-20

xjb写

新款小米SU7，“融冰”比销量更重要

木雨四道风5

03-12

$小米集团-W(01810)$

木雨四道风5

02-03

$小米集团-W(01810)$

木雨四道风5

01-30

$赛力斯(601127)$ 舒服了加仓

木雨四道风5

01-22

$小米集团-W(01810)$ 拜拜了，20再见

木雨四道风5

01-19

$小米集团-W(01810)$

木雨四道风5

01-14

$小米集团-W(01810)$

木雨四道风5

01-05

$小米集团-W(01810)$

木雨四道风5

2025-12-23

$小米集团-W(01810)$

木雨四道风5

2025-10-21

$小米集团-W(01810)$

木雨四道风5

2025-10-10

$小米集团-W(01810)$ 跑路了

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"4197380509417102","uuid":"4197380509417102","gmtCreate":1734277343481,"gmtModify":1734278359040,"name":"木雨四道风5","pinyin":"mysdf5muyusidaofeng5","introduction":"","introductionEn":"","signature":"","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":0,"tweetSize":14,"questionSize":0,"limitLevel":999,"accountStatus":1,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[],"userBadgeCount":0,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":1,"crmLevelSwitch":0,"location":"北京","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":546909032785304,"gmtCreate":1774546201180,"gmtModify":1774563104401,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"自己抄自己，吹起来眼睛不带眨的","listText":"自己抄自己，吹起来眼睛不带眨的","text":"自己抄自己，吹起来眼睛不带眨的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/546909032785304","repostId":"2622861842","repostType":2,"repost":{"id":"2622861842","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1774539315,"share":"https://www.laohu8.com/m/news/2622861842?lang=zh_CN&edition=full","pubTime":"2026-03-26 23:35","market":"fut","language":"zh","title":"存储抛售是错杀？大摩：传统周期卖出逻辑不适用，TurboQuant恐慌是认知偏差！","url":"https://stock-news.laohu8.com/highlight/detail?id=2622861842","media":"华尔街见闻","summary":"摩根士丹利报告指出，存储芯片股近期因谷歌TurboQuant技术引发的需求担忧遭遇抛售，但这一担忧被过度放大。该技术旨在扩展模型能力而非削减存储采购，对存储市场并无实质性影响。AI已令DRAM供应从松弛转为紧缺，PC与智能手机生产均受内存制约，存储已成为AI基础设施扩张的核心瓶颈。该行认为，当前估值下的悲观情绪被过度放大，供需紧张态势料将持续数年。","content":"<html><head></head><body><blockquote><p>摩根士丹利报告指出，存储芯片股近期因谷歌TurboQuant技术引发的需求担忧遭遇抛售，但这一担忧被过度放大。该技术旨在扩展模型能力而非削减存储采购，对存储市场并无实质性影响。AI已令DRAM供应从松弛转为紧缺，PC与智能手机生产均受内存制约，存储已成为AI基础设施扩张的核心瓶颈。该行认为，当前估值下的悲观情绪被过度放大，供需紧张态势料将持续数年。</p></blockquote><p style=\"text-align: justify;\">美国存储芯片股近期因谷歌TurboQuant内存优化技术引发的需求担忧而遭遇大幅抛售，但摩根士丹利认为，市场正以传统周期股的逻辑错误定价一个结构性短缺故事。</p><p style=\"text-align: justify;\">在最新发布的报告中，该行<strong>维持了对美国存储芯片股的超配评级</strong>，认为近期市场抛售属于正常获利了结，而非周期见顶信号。存储器已从AI需求的受益者演变为AI基础设施扩张的核心瓶颈，<strong>供需紧张态势料将持续数年，当前估值仍具吸引力</strong>。</p><p style=\"text-align: justify;\">摩根士丹利认为，<strong>市场对资本开支上升、需求破坏及谷歌内存优化技术等利空因素的担忧被过度解读</strong>。</p><p style=\"text-align: justify;\">对于谷歌TurboQuant内存优化技术，摩根士丹利分析师Joseph Moore认为其属于渐进式演进，<strong>目的在于扩展上下文窗口、提升模型能力，而非削减存储需求，对存储市场基本没有实质性影响。</strong></p><h2 id=\"id_1424086571\">谷歌TurboQuant技术冲击被过度解读</h2><p style=\"text-align: justify;\">报告专门回应了近期引发存储股下跌的谷歌“TurboQuant”内存优化技术。谷歌介绍了一种针对键值缓存（KV Cache）的数据压缩算法，并于近日宣布即将推出。<strong>市场广泛流传“谷歌将内存使用量降低6倍”的说法，导致存储股再度承压。</strong></p><p style=\"text-align: justify;\">摩根士丹利在与业内人士沟通后认为，这属于渐进式技术演进，对存储需求基本没有实质性影响。报告解释称，KV Cache通常存储于高带宽内存中，其容量固定无法改变；若需额外缓存卸载，通常转移至机架内18TB的LPDDR5内存，同样容量固定。更高效的KV Cache使用对第三层存储（SSD或HDD）可能有一定影响，但业内人士普遍反映，<strong>相关改进主要用于扩展上下文窗口、提升模型能力，而非削减存储成本。</strong></p><p style=\"text-align: justify;\">报告还援引谷歌自身案例指出，Gemini 1.5 Pro曾测试1000万token上下文窗口并取得良好效果，但因推理成本过高而未发布。随着类似优化技术降低成本，预计将被用于支持更高智能、更高算力的产品，而非减少存储需求。</p><h2 id=\"id_3529761704\">AI吞噬产能，存储成为算力扩张瓶颈</h2><p style=\"text-align: justify;\">摩根士丹利报告表示，<strong>此轮存储周期与历史规律存在本质差异</strong>。报告指出，AI对DRAM的消耗已大到令其他终端市场出现供应短缺——PC和智能手机的生产均受到内存供应不足的制约。</p><p style=\"text-align: justify;\">此前三年市场普遍认为DRAM供应存在松弛空间，但这一缓冲已经消失。AI数据中心对高带宽内存（HBM）的需求持续攀升，HBM4的复杂性将进一步吸收产能，而Rubin Ultra平台明年上线后相关内存容量需求将翻倍。与此同时，机架用低功耗DDR5及企业级存储需求同样呈爆发式增长。</p><p style=\"text-align: justify;\">摩根士丹利还指出，AI资本开支增速超过50%，且随着AI在整体支出中占比持续扩大，这一趋势每年都在强化。更高的资本开支固然会带来更多供给，但这并非传统意义上由智能手机和服务器市场3%至5%增长驱动的供给扩张，其量级不可同日而语。</p><p style=\"text-align: justify;\"><strong>报告援引OpenAI暂停旗下AI视频生成应用Sora一事，作为算力供给不足的佐证</strong>。摩根士丹利认为，这一事件清晰印证了其投资主题——<strong>在token数量每周以两位数速度增长的背景下，算力供给严重不足，需求远超供给</strong>。视频生成对存储和HDD的需求极为密集，存储短缺可能也是Sora暂停的因素之一。</p><p style=\"text-align: justify;\">报告指出，<strong>对于需求旺盛到无法被完全满足的商品而言，在当前估值水平下很难持过度悲观的立场。</strong></p><h2 id=\"id_3505269910\">美光上看520美元，SanDisk目标690美元</h2><p style=\"text-align: justify;\"><strong>摩根士丹利对美光科技维持超配评级，目标价520美元</strong>，对应约25倍穿越周期每股收益21美元，较当前股价382.09美元有约36%上行空间。牛市情景下目标价为700美元（28倍穿越周期EPS 25美元），熊市情景下目标价为240美元。该行预测美光2026财年GAAP营收达1104.89亿美元，非GAAP每股收益59.36美元，非GAAP毛利率77.8%。</p><p style=\"text-align: justify;\"><strong>对于SanDisk，摩根士丹利目标价690美元</strong>，对应23倍穿越周期EPS 30美元，较当前股价677.86美元上行约1.8%。牛市情景目标价875美元，熊市情景350美元。该行预测SanDisk 2026财年GAAP营收154.99亿美元，非GAAP每股收益41.09美元，非GAAP毛利率60.2%。</p><p style=\"text-align: justify;\">报告指出，两家公司在当前盈利水平下的年化自由现金流可达各自市值的15%至25%。即便考虑到周期性因素，两年以上的高盈利持续期已足以支撑股价实质性上涨。</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>存储抛售是错杀？大摩：传统周期卖出逻辑不适用，TurboQuant恐慌是认知偏差！</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存储抛售是错杀？大摩：传统周期卖出逻辑不适用，TurboQuant恐慌是认知偏差！\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-03-26 23:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>摩根士丹利报告指出，存储芯片股近期因谷歌TurboQuant技术引发的需求担忧遭遇抛售，但这一担忧被过度放大。该技术旨在扩展模型能力而非削减存储采购，对存储市场并无实质性影响。AI已令DRAM供应从松弛转为紧缺，PC与智能手机生产均受内存制约，存储已成为AI基础设施扩张的核心瓶颈。该行认为，当前估值下的悲观情绪被过度放大，供需紧张态势料将持续数年。</p></blockquote><p style=\"text-align: justify;\">美国存储芯片股近期因谷歌TurboQuant内存优化技术引发的需求担忧而遭遇大幅抛售，但摩根士丹利认为，市场正以传统周期股的逻辑错误定价一个结构性短缺故事。</p><p style=\"text-align: justify;\">在最新发布的报告中，该行<strong>维持了对美国存储芯片股的超配评级</strong>，认为近期市场抛售属于正常获利了结，而非周期见顶信号。存储器已从AI需求的受益者演变为AI基础设施扩张的核心瓶颈，<strong>供需紧张态势料将持续数年，当前估值仍具吸引力</strong>。</p><p style=\"text-align: justify;\">摩根士丹利认为，<strong>市场对资本开支上升、需求破坏及谷歌内存优化技术等利空因素的担忧被过度解读</strong>。</p><p style=\"text-align: justify;\">对于谷歌TurboQuant内存优化技术，摩根士丹利分析师Joseph Moore认为其属于渐进式演进，<strong>目的在于扩展上下文窗口、提升模型能力，而非削减存储需求，对存储市场基本没有实质性影响。</strong></p><h2 id=\"id_1424086571\">谷歌TurboQuant技术冲击被过度解读</h2><p style=\"text-align: justify;\">报告专门回应了近期引发存储股下跌的谷歌“TurboQuant”内存优化技术。谷歌介绍了一种针对键值缓存（KV Cache）的数据压缩算法，并于近日宣布即将推出。<strong>市场广泛流传“谷歌将内存使用量降低6倍”的说法，导致存储股再度承压。</strong></p><p style=\"text-align: justify;\">摩根士丹利在与业内人士沟通后认为，这属于渐进式技术演进，对存储需求基本没有实质性影响。报告解释称，KV Cache通常存储于高带宽内存中，其容量固定无法改变；若需额外缓存卸载，通常转移至机架内18TB的LPDDR5内存，同样容量固定。更高效的KV Cache使用对第三层存储（SSD或HDD）可能有一定影响，但业内人士普遍反映，<strong>相关改进主要用于扩展上下文窗口、提升模型能力，而非削减存储成本。</strong></p><p style=\"text-align: justify;\">报告还援引谷歌自身案例指出，Gemini 1.5 Pro曾测试1000万token上下文窗口并取得良好效果，但因推理成本过高而未发布。随着类似优化技术降低成本，预计将被用于支持更高智能、更高算力的产品，而非减少存储需求。</p><h2 id=\"id_3529761704\">AI吞噬产能，存储成为算力扩张瓶颈</h2><p style=\"text-align: justify;\">摩根士丹利报告表示，<strong>此轮存储周期与历史规律存在本质差异</strong>。报告指出，AI对DRAM的消耗已大到令其他终端市场出现供应短缺——PC和智能手机的生产均受到内存供应不足的制约。</p><p style=\"text-align: justify;\">此前三年市场普遍认为DRAM供应存在松弛空间，但这一缓冲已经消失。AI数据中心对高带宽内存（HBM）的需求持续攀升，HBM4的复杂性将进一步吸收产能，而Rubin Ultra平台明年上线后相关内存容量需求将翻倍。与此同时，机架用低功耗DDR5及企业级存储需求同样呈爆发式增长。</p><p style=\"text-align: justify;\">摩根士丹利还指出，AI资本开支增速超过50%，且随着AI在整体支出中占比持续扩大，这一趋势每年都在强化。更高的资本开支固然会带来更多供给，但这并非传统意义上由智能手机和服务器市场3%至5%增长驱动的供给扩张，其量级不可同日而语。</p><p style=\"text-align: justify;\"><strong>报告援引OpenAI暂停旗下AI视频生成应用Sora一事，作为算力供给不足的佐证</strong>。摩根士丹利认为，这一事件清晰印证了其投资主题——<strong>在token数量每周以两位数速度增长的背景下，算力供给严重不足，需求远超供给</strong>。视频生成对存储和HDD的需求极为密集，存储短缺可能也是Sora暂停的因素之一。</p><p style=\"text-align: justify;\">报告指出，<strong>对于需求旺盛到无法被完全满足的商品而言，在当前估值水平下很难持过度悲观的立场。</strong></p><h2 id=\"id_3505269910\">美光上看520美元，SanDisk目标690美元</h2><p style=\"text-align: justify;\"><strong>摩根士丹利对美光科技维持超配评级，目标价520美元</strong>，对应约25倍穿越周期每股收益21美元，较当前股价382.09美元有约36%上行空间。牛市情景下目标价为700美元（28倍穿越周期EPS 25美元），熊市情景下目标价为240美元。该行预测美光2026财年GAAP营收达1104.89亿美元，非GAAP每股收益59.36美元，非GAAP毛利率77.8%。</p><p style=\"text-align: justify;\"><strong>对于SanDisk，摩根士丹利目标价690美元</strong>，对应23倍穿越周期EPS 30美元，较当前股价677.86美元上行约1.8%。牛市情景目标价875美元，熊市情景350美元。该行预测SanDisk 2026财年GAAP营收154.99亿美元，非GAAP每股收益41.09美元，非GAAP毛利率60.2%。</p><p style=\"text-align: justify;\">报告指出，两家公司在当前盈利水平下的年化自由现金流可达各自市值的15%至25%。即便考虑到周期性因素，两年以上的高盈利持续期已足以支撑股价实质性上涨。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","BK4554":"元宇宙及AR概念","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","BK4553":"喜马拉雅资本持仓","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU0426417589.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC","LU0211326755.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0106831901.USD":"贝莱德世界金融基金A2","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","BK4550":"红杉资本持仓","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU0302445910.USD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" ACC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","BK4551":"寇图资本持仓","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","BK4528":"SaaS概念","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","BK4525":"远程办公概念","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","BK4527":"明星科技股","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0557290698.USD":"施罗德环球可持续增长基金","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU1121112475.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USDHDG) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0976567544.SGD":"FTIF - Templeton Global Income A Mdis SGD-H1","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU1894683264.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) ACC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","BK4532":"文艺复兴科技持仓","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","BK4534":"瑞士信贷持仓","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU0994945656.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC 2","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","BK4538":"云计算","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AT\" (USDHDG) ACC","SG9999001077.SGD":"United International Growth Fund SGD","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU0211326839.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) INC","LU0061474960.USD":"天利环球焦点基金AU Acc","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0130517989.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"R\" INC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU0426412945.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","BK4507":"流媒体概念","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","SNDK":"闪迪","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","BK4503":"景林资产持仓","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","BK4504":"桥水持仓","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU0079474960.USD":"联博美国增长基金A","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU1221951046.USD":"NORDEA 1 STABLE RETURN \"HM\" (USDHDG) INC","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","HK0000304805.HKD":"PICTET 战略收益基金 P类港元","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","LU1221951129.SGD":"NORDEA 1 STABLE RETURN \"HM\" (SGDHDG) INC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","HK0000304797.USD":"PICTET 战略收益基金 P类 美元","LU1400636574.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AMG\" (HKDHDG) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","LU1196500208.SGD":"NORDEA STABLE RETURN \"HB\" (SGDHDG) ACC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU0097036916.USD":"贝莱德美国增长A2 USD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU1032955483.USD":"NORDEA 1 STABLE RETURN \"HB\" (USDHDG) ACC","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","BK4514":"搜索引擎","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","BK4516":"特朗普概念","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU0861579265.USD":"联博低波幅策略股票基金A","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","BK4077":"互动媒体与服务","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU2275660780.HKD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" (HKD) ACC","LU0444971666.USD":"天利全球科技基金","BK4592":"伊斯兰概念","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","BK4598":"佩洛西持仓","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","BK4168":"多种金属与采矿","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0251131958.USD":"FIDELITY AMERICA \"A\" (USD) ACC","LU0251142724.SGD":"Fidelity America A-SGD","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","BK4602":"量子计算概念","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU0971096721.USD":"富达环球金融服务 A","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU0882574139.USD":"富达环球消费行业基金A ACC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU0345774391.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","WDC":"西部数据","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","BK4576":"AR","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","BK4612":"AI芯片","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","BK4579":"人工智能","LU1043141396.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) ACC","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","BK4574":"无人驾驶","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","BK4573":"虚拟现实","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU1043141123.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) INC 2","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","BK4581":"高盛持仓","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","STX":"希捷科技","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU0080751232.USD":"富达环球多元动力基金A","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","IE000M9KFDE8.USD":"NEUBERGER BERMAN US LARGE CAP VALUE \"A\" (USD) ACC","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","LU0477156953.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","LU2764263039.SGD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (SGDHDG) ACC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","BK4023":"应用软件","LU0690374615.EUR":"FUNDSMITH EQUITY \"R\" (EUR) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU2764263203.CNY":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (CNYHDG) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU1803068623.USD":"TEMPLETON GLOBAL CLIMATE CHANGE \"AH1\" (USDHDG) ACC","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","MU":"美光科技","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","BK4127":"投资银行业与经纪业","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","SG9999002232.USD":"Allianz Global High Payout USD","BK4566":"资本集团","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1645745479.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (HKDHDG) INC","SG9999002224.SGD":"Allianz Global High Payout SGD","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU1046421795.USD":"富达环球科技A-ACC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","BK4561":"索罗斯持仓","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU0496365809.HKD":"TEMPLETON GLOBAL INCOME \"A\" (HKD) INC (Q)","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU0238689110.USD":"贝莱德环球动力股票基金","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0345774631.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) INC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU0072462426.USD":"贝莱德全球配置 A2","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","BK4543":"AI","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","BK4588":"碎股","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","BK4587":"ChatGPT概念","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","BK4548":"巴美列捷福持仓","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","BK4585":"ETF&股票定投概念","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","IE00BYQQ9H92.USD":"BNY MELLON GLOBAL LEADERS \"A\" (USD) ACC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC"},"source_url":"https://wallstreetcn.com/articles/3768490","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2622861842","content_text":"摩根士丹利报告指出，存储芯片股近期因谷歌TurboQuant技术引发的需求担忧遭遇抛售，但这一担忧被过度放大。该技术旨在扩展模型能力而非削减存储采购，对存储市场并无实质性影响。AI已令DRAM供应从松弛转为紧缺，PC与智能手机生产均受内存制约，存储已成为AI基础设施扩张的核心瓶颈。该行认为，当前估值下的悲观情绪被过度放大，供需紧张态势料将持续数年。美国存储芯片股近期因谷歌TurboQuant内存优化技术引发的需求担忧而遭遇大幅抛售，但摩根士丹利认为，市场正以传统周期股的逻辑错误定价一个结构性短缺故事。在最新发布的报告中，该行维持了对美国存储芯片股的超配评级，认为近期市场抛售属于正常获利了结，而非周期见顶信号。存储器已从AI需求的受益者演变为AI基础设施扩张的核心瓶颈，供需紧张态势料将持续数年，当前估值仍具吸引力。摩根士丹利认为，市场对资本开支上升、需求破坏及谷歌内存优化技术等利空因素的担忧被过度解读。对于谷歌TurboQuant内存优化技术，摩根士丹利分析师Joseph Moore认为其属于渐进式演进，目的在于扩展上下文窗口、提升模型能力，而非削减存储需求，对存储市场基本没有实质性影响。谷歌TurboQuant技术冲击被过度解读报告专门回应了近期引发存储股下跌的谷歌“TurboQuant”内存优化技术。谷歌介绍了一种针对键值缓存（KV Cache）的数据压缩算法，并于近日宣布即将推出。市场广泛流传“谷歌将内存使用量降低6倍”的说法，导致存储股再度承压。摩根士丹利在与业内人士沟通后认为，这属于渐进式技术演进，对存储需求基本没有实质性影响。报告解释称，KV Cache通常存储于高带宽内存中，其容量固定无法改变；若需额外缓存卸载，通常转移至机架内18TB的LPDDR5内存，同样容量固定。更高效的KV Cache使用对第三层存储（SSD或HDD）可能有一定影响，但业内人士普遍反映，相关改进主要用于扩展上下文窗口、提升模型能力，而非削减存储成本。报告还援引谷歌自身案例指出，Gemini 1.5 Pro曾测试1000万token上下文窗口并取得良好效果，但因推理成本过高而未发布。随着类似优化技术降低成本，预计将被用于支持更高智能、更高算力的产品，而非减少存储需求。AI吞噬产能，存储成为算力扩张瓶颈摩根士丹利报告表示，此轮存储周期与历史规律存在本质差异。报告指出，AI对DRAM的消耗已大到令其他终端市场出现供应短缺——PC和智能手机的生产均受到内存供应不足的制约。此前三年市场普遍认为DRAM供应存在松弛空间，但这一缓冲已经消失。AI数据中心对高带宽内存（HBM）的需求持续攀升，HBM4的复杂性将进一步吸收产能，而Rubin Ultra平台明年上线后相关内存容量需求将翻倍。与此同时，机架用低功耗DDR5及企业级存储需求同样呈爆发式增长。摩根士丹利还指出，AI资本开支增速超过50%，且随着AI在整体支出中占比持续扩大，这一趋势每年都在强化。更高的资本开支固然会带来更多供给，但这并非传统意义上由智能手机和服务器市场3%至5%增长驱动的供给扩张，其量级不可同日而语。报告援引OpenAI暂停旗下AI视频生成应用Sora一事，作为算力供给不足的佐证。摩根士丹利认为，这一事件清晰印证了其投资主题——在token数量每周以两位数速度增长的背景下，算力供给严重不足，需求远超供给。视频生成对存储和HDD的需求极为密集，存储短缺可能也是Sora暂停的因素之一。报告指出，对于需求旺盛到无法被完全满足的商品而言，在当前估值水平下很难持过度悲观的立场。美光上看520美元，SanDisk目标690美元摩根士丹利对美光科技维持超配评级，目标价520美元，对应约25倍穿越周期每股收益21美元，较当前股价382.09美元有约36%上行空间。牛市情景下目标价为700美元（28倍穿越周期EPS 25美元），熊市情景下目标价为240美元。该行预测美光2026财年GAAP营收达1104.89亿美元，非GAAP每股收益59.36美元，非GAAP毛利率77.8%。对于SanDisk，摩根士丹利目标价690美元，对应23倍穿越周期EPS 30美元，较当前股价677.86美元上行约1.8%。牛市情景目标价875美元，熊市情景350美元。该行预测SanDisk 2026财年GAAP营收154.99亿美元，非GAAP每股收益41.09美元，非GAAP毛利率60.2%。报告指出，两家公司在当前盈利水平下的年化自由现金流可达各自市值的15%至25%。即便考虑到周期性因素，两年以上的高盈利持续期已足以支撑股价实质性上涨。","news_type":1,"symbols_score_info":{"MU":2,"WDC":2,"STX":2,"SNDK":2}},"isVote":1,"tweetType":1,"viewCount":7,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":546675231687408,"gmtCreate":1774490284571,"gmtModify":1774490287258,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"吹吧就，看看今年的市场情况，还100w，有50w都算赢了","listText":"吹吧就，看看今年的市场情况，还100w，有50w都算赢了","text":"吹吧就，看看今年的市场情况，还100w，有50w都算赢了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/546675231687408","repostId":"2622028874","repostType":2,"repost":{"id":"2622028874","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":1774423430,"share":"https://www.laohu8.com/m/news/2622028874?lang=zh_CN&edition=full","pubTime":"2026-03-25 15:23","market":"hk","language":"zh","title":"【券商聚焦】华创证券维持零跑汽车(09863)“强推”评级 指公司处上行周期","url":"https://stock-news.laohu8.com/highlight/detail?id=2622028874","media":"金吾财讯","summary":"金吾财讯 | 华创证券发布研报指，零跑汽车 2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。","content":"<html><body><p>金吾财讯 | 华创证券发布研报指，<a href=\"https://laohu8.com/S/09863\">零跑汽车</a>(09863)2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。报告认为，公司正处在上行周期，核心逻辑在于密集的新车周期即将开启，以及海外出口业务的稳步拓展，这有望为后续销量增长提供支撑。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。季度销量达20.1万辆，同比增长66%。费用控制方面，受益于规模效应，管理和研发费用率环比下降。公司展现出强成本控制能力。</p><p>业务层面，新车周期是重要催化剂。公司计划自2026年3月起密集推出A、D系列全新车型，包括小型SUV A10、大型SUV D19、A05及首款MPV D99，以完善产品<a href=\"https://laohu8.com/S/301365\">矩阵</a>。报告预计，若新车型延续高性价比定价策略，公司2026年销量有望达到100万辆，同比增长68%。</p><p>海外业务成为新的增长引擎。2026年1月公司出口销量达1.5万辆，同比增长5.7倍。公司持续推进海外本地化布局，如西班牙CKD项目预计2026年10月投产。目前海外销售服务网点约900家，并计划进一步拓展欧洲、南美市场。报告预测公司2026年出口目标为10-15万辆，并通过零跑国际股权收益、碳积分等方式贡献盈利。</p><p>基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。采用相对估值法，给予公司2026年15倍市盈率，对应目标价61.68港元。</p><p>风险包括：汽车行业景气度下滑、市场竞争加剧及新车型销量不及预期。</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>【券商聚焦】华创证券维持零跑汽车(09863)“强推”评级 指公司处上行周期</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; }\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【券商聚焦】华创证券维持零跑汽车(09863)“强推”评级 指公司处上行周期\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\">2026-03-25 15:23</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | 华创证券发布研报指，<a href=\"https://laohu8.com/S/09863\">零跑汽车</a>(09863)2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。报告认为，公司正处在上行周期，核心逻辑在于密集的新车周期即将开启，以及海外出口业务的稳步拓展，这有望为后续销量增长提供支撑。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。季度销量达20.1万辆，同比增长66%。费用控制方面，受益于规模效应，管理和研发费用率环比下降。公司展现出强成本控制能力。</p><p>业务层面，新车周期是重要催化剂。公司计划自2026年3月起密集推出A、D系列全新车型，包括小型SUV A10、大型SUV D19、A05及首款MPV D99，以完善产品<a href=\"https://laohu8.com/S/301365\">矩阵</a>。报告预计，若新车型延续高性价比定价策略，公司2026年销量有望达到100万辆，同比增长68%。</p><p>海外业务成为新的增长引擎。2026年1月公司出口销量达1.5万辆，同比增长5.7倍。公司持续推进海外本地化布局，如西班牙CKD项目预计2026年10月投产。目前海外销售服务网点约900家，并计划进一步拓展欧洲、南美市场。报告预测公司2026年出口目标为10-15万辆，并通过零跑国际股权收益、碳积分等方式贡献盈利。</p><p>基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。采用相对估值法，给予公司2026年15倍市盈率，对应目标价61.68港元。</p><p>风险包括：汽车行业景气度下滑、市场竞争加剧及新车型销量不及预期。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.szfiu.com/news/20200915/NjdlOTQyZDE5NzA3MzU4ZTU3YTk2ZGQ0MjAwMDE4NjcyODIz.jpg","relate_stocks":{"161027":"证券","09863":"零跑汽车"},"source_url":"1977215","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2622028874","content_text":"金吾财讯 | 华创证券发布研报指，零跑汽车(09863)2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。报告认为，公司正处在上行周期，核心逻辑在于密集的新车周期即将开启，以及海外出口业务的稳步拓展，这有望为后续销量增长提供支撑。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。季度销量达20.1万辆，同比增长66%。费用控制方面，受益于规模效应，管理和研发费用率环比下降。公司展现出强成本控制能力。业务层面，新车周期是重要催化剂。公司计划自2026年3月起密集推出A、D系列全新车型，包括小型SUV A10、大型SUV D19、A05及首款MPV D99，以完善产品矩阵。报告预计，若新车型延续高性价比定价策略，公司2026年销量有望达到100万辆，同比增长68%。海外业务成为新的增长引擎。2026年1月公司出口销量达1.5万辆，同比增长5.7倍。公司持续推进海外本地化布局，如西班牙CKD项目预计2026年10月投产。目前海外销售服务网点约900家，并计划进一步拓展欧洲、南美市场。报告预测公司2026年出口目标为10-15万辆，并通过零跑国际股权收益、碳积分等方式贡献盈利。基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。采用相对估值法，给予公司2026年15倍市盈率，对应目标价61.68港元。风险包括：汽车行业景气度下滑、市场竞争加剧及新车型销量不及预期。","news_type":1,"symbols_score_info":{"161027":1.5,"09863":1.5}},"isVote":1,"tweetType":1,"viewCount":42,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":546062165697760,"gmtCreate":1774325332589,"gmtModify":1774325333849,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/546062165697760","isVote":1,"tweetType":1,"viewCount":59,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":544704597403016,"gmtCreate":1773993907631,"gmtModify":1773993910180,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"xjb写","listText":"xjb写","text":"xjb写","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544704597403016","repostId":"2620378807","repostType":2,"repost":{"id":"2620378807","kind":"news","pubTimestamp":1773988980,"share":"https://www.laohu8.com/m/news/2620378807?lang=zh_CN&edition=full","pubTime":"2026-03-20 14:43","market":"us","language":"zh","title":"新款小米SU7，“融冰”比销量更重要","url":"https://stock-news.laohu8.com/highlight/detail?id=2620378807","media":"虎嗅网","summary":"3月19日，在小米春季发布会上，新款小米SU7正式上市，售价区间21.99万至30.39万元。但新款小米SU7则是在今年1月7日就可以进行小订了。如果新款小米SU7顺利完成了此任务，带动小米汽车重回2024年的“火热”，在短期内无疑有助于其完成今年的销量目标。当然，“破圈”的前提是新款小米SU7成功建立良好的口碑，赢得消费者更多的信任。","content":"<html><body><p>作者|王亚骏</p><p>上市34分钟，锁单1.5万。这是新款<a href=\"https://laohu8.com/S/XIACY\">小米</a>SU7上市后交出的第一份成绩单。</p><p>3月19日，在<a href=\"https://laohu8.com/S/01810\">小米</a>春季发布会上，新款<a href=\"https://laohu8.com/S/81810\">小米</a>SU7正式上市，售价区间21.99万至30.39万元。王传福、李想、何小鹏、王兴兴、张建勇和陈年出席了此次发布会。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>王传福、王兴兴、李想和何小鹏等嘉宾 图源：小米发布会</p><p>雷军对这款车的重视，不只体现在邀请知名企业家来助阵。3月，小米还公布了两位汽车品牌代言人，分别是短跑名将苏炳添和艺人舒淇。此前，小米汽车未曾签约过代言人。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>在发布会上，雷军、舒淇、苏炳添站在新款小米SU7旁边；图源：小米发布会</p><p>在发布会上，雷军称此举是为了“破圈”，让更多人知道这款车。</p><p>得到如此支持力度的新款小米SU7，其成绩是否超越了前辈？相比于销量，这款车还有什么更重要的任务？本期《车圈脉动》Vol.23，来进行解析。</p><p><strong>新款小米SU7，不如初代惊艳</strong></p><p>新款小米SU7的第一份成绩单，并没有超越自己的前辈。</p><p>34分钟锁单1.5万辆，这个数字其实已经足够亮眼。3月18日上市的小鹏P7新版型与新款小米SU7<a href=\"https://laohu8.com/S/002835\">同为</a>轿车，两者的售价区间也存在重合（20.38万至30.18万元），但该车型上市后一直未公布大定数或锁单数。</p><p>不过和初代小米SU7比起来，新车的成绩就稍显逊色了。2024年3月28日，初代小米SU7上市，作为小米旗下的首款车型，它在上市后27分钟拿下了5万大定、24小时拿下了8.9万大定，一时间可谓震惊了整个汽车行业。</p><p>当然，大定和锁单并非同一个概念。前者是指支付较大金额订金（小米的大定定金是5000元），以表达购买意向，如果消费者在犹豫期改变主意（小米的犹豫期是72小时），这笔钱可以退回；而后者是指已经确认车辆具体配置，订单进入生产排期，相当于真正的订单。</p><p>不过我们依然可以将两者进行对比。</p><p>在初代小米SU7上市后不久，华龙证券曾用40%的订单/大定转化率来计算真实的订单数。</p><p>已知初代小米SU7上市后27分钟的成绩是5万大定，按照40%的转化率来计算，便是2万个订单。这个成绩从效率和数量上都优于“34分钟1.5万锁单”。</p><p>此外还要考虑到，初代小米SU7是在2023年12月底的“小米汽车技术发布会”上亮相的，但此后官方始终未开启任何形式的预售、小定或盲订，仅于第二年3月下旬才开放了免费的“品鉴预约”（不可试驾、不收取订金），真正的订单收集是在3月底上市发布会后才开始。但新款小米SU7则是在今年1月7日就可以进行小订了。</p><p>诚然，售价也是影响大定和锁单数的因素之一。但新款小米SU7全系比初代仅贵了4000元，整体未拉开档位级差距，且在三电、底盘、智驾、内饰和安全等方面都做了提升。故而价格因素在此次对比中权重并不大。</p><p><strong>“融冰”比销量更重要</strong></p><p>虽然新款小米SU7的初战成绩不如前辈，但考虑到小米本身的关注度和车型产品力，这款车依然有望在今年的竞争中搏取到可观的销量。</p><p>虎嗅汽车认为，相比于销量，这款车还有一个更重要的任务，便是帮助小米汽车尽快走过“信任修复期”。</p><p>3月17日，雷军在回应热点问题的视频中，对小米汽车过去两年进行了总结：“跌宕起伏，冰火两重天，所取得的成绩远超想象、所受到的关注也不可思议。”</p><p>对于小米汽车而言，去年无疑是水火交融的一年。</p><p>从销量上来看，小米汽车的表现其实足够亮眼。去年，小米共卖出了41.2万辆汽车，同比增长近200%，增速远超大盘。</p><p>但是在去年的3月和10月，小米汽车旗下车型发生了两次重大事故；在5月，小米SU7 Ultra则陷入了“锁马力”和有关碳纤维双风道前舱盖的争议。</p><p>这些事故和争议，为小米汽车引来了海量的安全性质疑，并极大损害了消费者的信任。据知名咨询机构杰兰路发布的研究报告，2025年下半年，小米在“百人青睐指数”方面，“不喜欢”的比例上升约 10 个百分点，“喜欢”比例下降超 10 个百分点，成为统计周期中变化幅度最突出的品牌之一。</p><p>进入2026年后，雷军开始尝试通过直播的形式消解质疑、挽回信任。2月底，他还宣布重建“小米汽车安全顾问委员会”，并向全国各大专院校、科研院所的车辆安全专家，以及曾参与过国家事务调查召回的专家发出邀请，为小米汽车的安全进行多角度评估和把关。</p><p>这些举措固然回应一定效果，但小米能否成功修复信任，还是要看新车型能否在消费者口中建立安全可靠的口碑。</p><p>如果新款小米SU7顺利完成了此任务，带动小米汽车重回2024年的“火热”，在短期内无疑有助于其完成今年的销量目标（55万辆）。回顾去年走势可见，小米汽车的市场表现与其口碑高度联动：声量高涨时订单随之激增，信任受损时销量亦受拖累。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>小米汽车在去年6月后迎来了一波销量上涨，这是得益于小米YU7的发布，但在10月的事故发生后，其销量也出现了回落；数据来源：<a href=\"https://laohu8.com/S/BITA\">易车</a></p><p>从长期来看，这个任务也事关未来小米汽车的整体布局能否顺利推进。</p><p>今年是小米汽车最密集的产品发布期。据36氪报道，除了新款小米SU7外，小米汽车还计划在今年推出三款车，分别是SU7行政版、一款增程五座SUV和一款增程七座SUV。</p><p>在国内<a href=\"https://laohu8.com/S/01490\">车市</a>，增程式SUV与家庭用车联系颇深。而小米在今年的产品规划，可以视为其试图打破“米粉圈层”，进入主流家庭市场的举措。如若成功，无疑可以帮助小米汽车进一步打开增长天花板。</p><p>当然，“破圈”的前提是新款小米SU7成功建立良好的口碑，赢得消费者更多的信任。从这个角度来说，这款新车不容有失。</p></body></html>","source":"ifeng_tech","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>新款小米SU7，“融冰”比销量更重要</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新款小米SU7，“融冰”比销量更重要\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-20 14:43 北京时间&nbsp;&nbsp;&nbsp;<a href=https://tech.ifeng.com/c/8reFQSlcVhQ><strong>虎嗅网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者|王亚骏上市34分钟，锁单1.5万。这是新款小米SU7上市后交出的第一份成绩单。3月19日，在小米春季发布会上，新款小米SU7正式上市，售价区间21.99万至30.39万元。王传福、李想、何小鹏、王兴兴、张建勇和陈年出席了此次发布会。王传福、王兴兴、李想和何小鹏等嘉宾 图源：小米发布会雷军对这款车的重视，不只体现在邀请知名企业家来助阵。3月，小米还公布了两位汽车品牌代言人，分别是短跑名将苏炳添...</p>\n\n<a href=\"https://tech.ifeng.com/c/8reFQSlcVhQ\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","BK1506":"5G概念","XIACY":"小米集团ADR","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","BK1502":"双十一","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","HK0000165453.HKD":"华夏精选大中华科技基金 A类港币","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","BK1589":"北水核心资产","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","BK1618":"Manus概念股","BK1193":"电脑硬件、储存设备及电脑周边","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","BK1615":"港股-互联网","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0359201612.USD":"贝莱德中国基金A2","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","HXXD.SI":"Xiaomi HK SDR 2to1","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","BK1607":"新IT概念","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0594300419.USD":"富达中国消费基金A","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","BK1523":"武汉本地概念股","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","01810":"小米集团-W","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","BK1521":"挪威政府全球养老基金持仓","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","BK1610":"ETF&股票定投概念","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0823426308.USD":"法巴中国股票基金","BK1575":"同股不同权","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0051755006.USD":"摩根大通中国A (dist)","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC"},"source_url":"https://tech.ifeng.com/c/8reFQSlcVhQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2620378807","content_text":"作者|王亚骏上市34分钟，锁单1.5万。这是新款小米SU7上市后交出的第一份成绩单。3月19日，在小米春季发布会上，新款小米SU7正式上市，售价区间21.99万至30.39万元。王传福、李想、何小鹏、王兴兴、张建勇和陈年出席了此次发布会。王传福、王兴兴、李想和何小鹏等嘉宾 图源：小米发布会雷军对这款车的重视，不只体现在邀请知名企业家来助阵。3月，小米还公布了两位汽车品牌代言人，分别是短跑名将苏炳添和艺人舒淇。此前，小米汽车未曾签约过代言人。在发布会上，雷军、舒淇、苏炳添站在新款小米SU7旁边；图源：小米发布会在发布会上，雷军称此举是为了“破圈”，让更多人知道这款车。得到如此支持力度的新款小米SU7，其成绩是否超越了前辈？相比于销量，这款车还有什么更重要的任务？本期《车圈脉动》Vol.23，来进行解析。新款小米SU7，不如初代惊艳新款小米SU7的第一份成绩单，并没有超越自己的前辈。34分钟锁单1.5万辆，这个数字其实已经足够亮眼。3月18日上市的小鹏P7新版型与新款小米SU7同为轿车，两者的售价区间也存在重合（20.38万至30.18万元），但该车型上市后一直未公布大定数或锁单数。不过和初代小米SU7比起来，新车的成绩就稍显逊色了。2024年3月28日，初代小米SU7上市，作为小米旗下的首款车型，它在上市后27分钟拿下了5万大定、24小时拿下了8.9万大定，一时间可谓震惊了整个汽车行业。当然，大定和锁单并非同一个概念。前者是指支付较大金额订金（小米的大定定金是5000元），以表达购买意向，如果消费者在犹豫期改变主意（小米的犹豫期是72小时），这笔钱可以退回；而后者是指已经确认车辆具体配置，订单进入生产排期，相当于真正的订单。不过我们依然可以将两者进行对比。在初代小米SU7上市后不久，华龙证券曾用40%的订单/大定转化率来计算真实的订单数。已知初代小米SU7上市后27分钟的成绩是5万大定，按照40%的转化率来计算，便是2万个订单。这个成绩从效率和数量上都优于“34分钟1.5万锁单”。此外还要考虑到，初代小米SU7是在2023年12月底的“小米汽车技术发布会”上亮相的，但此后官方始终未开启任何形式的预售、小定或盲订，仅于第二年3月下旬才开放了免费的“品鉴预约”（不可试驾、不收取订金），真正的订单收集是在3月底上市发布会后才开始。但新款小米SU7则是在今年1月7日就可以进行小订了。诚然，售价也是影响大定和锁单数的因素之一。但新款小米SU7全系比初代仅贵了4000元，整体未拉开档位级差距，且在三电、底盘、智驾、内饰和安全等方面都做了提升。故而价格因素在此次对比中权重并不大。“融冰”比销量更重要虽然新款小米SU7的初战成绩不如前辈，但考虑到小米本身的关注度和车型产品力，这款车依然有望在今年的竞争中搏取到可观的销量。虎嗅汽车认为，相比于销量，这款车还有一个更重要的任务，便是帮助小米汽车尽快走过“信任修复期”。3月17日，雷军在回应热点问题的视频中，对小米汽车过去两年进行了总结：“跌宕起伏，冰火两重天，所取得的成绩远超想象、所受到的关注也不可思议。”对于小米汽车而言，去年无疑是水火交融的一年。从销量上来看，小米汽车的表现其实足够亮眼。去年，小米共卖出了41.2万辆汽车，同比增长近200%，增速远超大盘。但是在去年的3月和10月，小米汽车旗下车型发生了两次重大事故；在5月，小米SU7 Ultra则陷入了“锁马力”和有关碳纤维双风道前舱盖的争议。这些事故和争议，为小米汽车引来了海量的安全性质疑，并极大损害了消费者的信任。据知名咨询机构杰兰路发布的研究报告，2025年下半年，小米在“百人青睐指数”方面，“不喜欢”的比例上升约 10 个百分点，“喜欢”比例下降超 10 个百分点，成为统计周期中变化幅度最突出的品牌之一。进入2026年后，雷军开始尝试通过直播的形式消解质疑、挽回信任。2月底，他还宣布重建“小米汽车安全顾问委员会”，并向全国各大专院校、科研院所的车辆安全专家，以及曾参与过国家事务调查召回的专家发出邀请，为小米汽车的安全进行多角度评估和把关。这些举措固然回应一定效果，但小米能否成功修复信任，还是要看新车型能否在消费者口中建立安全可靠的口碑。如果新款小米SU7顺利完成了此任务，带动小米汽车重回2024年的“火热”，在短期内无疑有助于其完成今年的销量目标（55万辆）。回顾去年走势可见，小米汽车的市场表现与其口碑高度联动：声量高涨时订单随之激增，信任受损时销量亦受拖累。小米汽车在去年6月后迎来了一波销量上涨，这是得益于小米YU7的发布，但在10月的事故发生后，其销量也出现了回落；数据来源：易车从长期来看，这个任务也事关未来小米汽车的整体布局能否顺利推进。今年是小米汽车最密集的产品发布期。据36氪报道，除了新款小米SU7外，小米汽车还计划在今年推出三款车，分别是SU7行政版、一款增程五座SUV和一款增程七座SUV。在国内车市，增程式SUV与家庭用车联系颇深。而小米在今年的产品规划，可以视为其试图打破“米粉圈层”，进入主流家庭市场的举措。如若成功，无疑可以帮助小米汽车进一步打开增长天花板。当然，“破圈”的前提是新款小米SU7成功建立良好的口碑，赢得消费者更多的信任。从这个角度来说，这款新车不容有失。","news_type":1,"symbols_score_info":{"81810":0.6,"MIUmain":0.6,"HXXD.SI":0.6,"XIACY":1.95,"01810":1.95}},"isVote":1,"tweetType":1,"viewCount":18,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":541790209024688,"gmtCreate":1773298575539,"gmtModify":1773298576833,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/541790209024688","isVote":1,"tweetType":1,"viewCount":84,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":528669088711984,"gmtCreate":1770100090966,"gmtModify":1770100092616,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/528669088711984","isVote":1,"tweetType":1,"viewCount":284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":527115914818072,"gmtCreate":1769739828934,"gmtModify":1769739830881,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/601127\">$赛力斯(601127)$&nbsp;</a> 舒服了加仓","listText":"<a href=\"https://laohu8.com/S/601127\">$赛力斯(601127)$&nbsp;</a> 舒服了加仓","text":"$赛力斯(601127)$ 舒服了加仓","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/527115914818072","isVote":1,"tweetType":1,"viewCount":500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":524586889146640,"gmtCreate":1769049629970,"gmtModify":1769049631596,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v> 拜拜了，20再见","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v> 拜拜了，20再见","text":"$小米集团-W(01810)$ 拜拜了，20再见","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/524586889146640","isVote":1,"tweetType":1,"viewCount":924,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":523622959497400,"gmtCreate":1768809038945,"gmtModify":1768809041275,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/523622959497400","isVote":1,"tweetType":1,"viewCount":306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":521668382126256,"gmtCreate":1768377618351,"gmtModify":1768377621400,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/521668382126256","isVote":1,"tweetType":1,"viewCount":309,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":518585016971984,"gmtCreate":1767582978236,"gmtModify":1767583112038,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/518585016971984","isVote":1,"tweetType":1,"viewCount":434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":513678817657032,"gmtCreate":1766455491124,"gmtModify":1766456407823,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/513678817657032","isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":491557118148792,"gmtCreate":1761029652777,"gmtModify":1761030470936,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/491557118148792","isVote":1,"tweetType":1,"viewCount":801,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":487478305460360,"gmtCreate":1760063480552,"gmtModify":1760063576600,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>跑路了","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>跑路了","text":"$小米集团-W(01810)$ 跑路了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/487478305460360","isVote":1,"tweetType":1,"viewCount":967,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":524586889146640,"gmtCreate":1769049629970,"gmtModify":1769049631596,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v> 拜拜了，20再见","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v> 拜拜了，20再见","text":"$小米集团-W(01810)$ 拜拜了，20再见","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/524586889146640","isVote":1,"tweetType":1,"viewCount":924,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":487478305460360,"gmtCreate":1760063480552,"gmtModify":1760063576600,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>跑路了","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>跑路了","text":"$小米集团-W(01810)$ 跑路了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/487478305460360","isVote":1,"tweetType":1,"viewCount":967,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":546909032785304,"gmtCreate":1774546201180,"gmtModify":1774563104401,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"自己抄自己，吹起来眼睛不带眨的","listText":"自己抄自己，吹起来眼睛不带眨的","text":"自己抄自己，吹起来眼睛不带眨的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/546909032785304","repostId":"2622861842","repostType":2,"repost":{"id":"2622861842","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1774539315,"share":"https://www.laohu8.com/m/news/2622861842?lang=zh_CN&edition=full","pubTime":"2026-03-26 23:35","market":"fut","language":"zh","title":"存储抛售是错杀？大摩：传统周期卖出逻辑不适用，TurboQuant恐慌是认知偏差！","url":"https://stock-news.laohu8.com/highlight/detail?id=2622861842","media":"华尔街见闻","summary":"摩根士丹利报告指出，存储芯片股近期因谷歌TurboQuant技术引发的需求担忧遭遇抛售，但这一担忧被过度放大。该技术旨在扩展模型能力而非削减存储采购，对存储市场并无实质性影响。AI已令DRAM供应从松弛转为紧缺，PC与智能手机生产均受内存制约，存储已成为AI基础设施扩张的核心瓶颈。该行认为，当前估值下的悲观情绪被过度放大，供需紧张态势料将持续数年。","content":"<html><head></head><body><blockquote><p>摩根士丹利报告指出，存储芯片股近期因谷歌TurboQuant技术引发的需求担忧遭遇抛售，但这一担忧被过度放大。该技术旨在扩展模型能力而非削减存储采购，对存储市场并无实质性影响。AI已令DRAM供应从松弛转为紧缺，PC与智能手机生产均受内存制约，存储已成为AI基础设施扩张的核心瓶颈。该行认为，当前估值下的悲观情绪被过度放大，供需紧张态势料将持续数年。</p></blockquote><p style=\"text-align: justify;\">美国存储芯片股近期因谷歌TurboQuant内存优化技术引发的需求担忧而遭遇大幅抛售，但摩根士丹利认为，市场正以传统周期股的逻辑错误定价一个结构性短缺故事。</p><p style=\"text-align: justify;\">在最新发布的报告中，该行<strong>维持了对美国存储芯片股的超配评级</strong>，认为近期市场抛售属于正常获利了结，而非周期见顶信号。存储器已从AI需求的受益者演变为AI基础设施扩张的核心瓶颈，<strong>供需紧张态势料将持续数年，当前估值仍具吸引力</strong>。</p><p style=\"text-align: justify;\">摩根士丹利认为，<strong>市场对资本开支上升、需求破坏及谷歌内存优化技术等利空因素的担忧被过度解读</strong>。</p><p style=\"text-align: justify;\">对于谷歌TurboQuant内存优化技术，摩根士丹利分析师Joseph Moore认为其属于渐进式演进，<strong>目的在于扩展上下文窗口、提升模型能力，而非削减存储需求，对存储市场基本没有实质性影响。</strong></p><h2 id=\"id_1424086571\">谷歌TurboQuant技术冲击被过度解读</h2><p style=\"text-align: justify;\">报告专门回应了近期引发存储股下跌的谷歌“TurboQuant”内存优化技术。谷歌介绍了一种针对键值缓存（KV Cache）的数据压缩算法，并于近日宣布即将推出。<strong>市场广泛流传“谷歌将内存使用量降低6倍”的说法，导致存储股再度承压。</strong></p><p style=\"text-align: justify;\">摩根士丹利在与业内人士沟通后认为，这属于渐进式技术演进，对存储需求基本没有实质性影响。报告解释称，KV Cache通常存储于高带宽内存中，其容量固定无法改变；若需额外缓存卸载，通常转移至机架内18TB的LPDDR5内存，同样容量固定。更高效的KV Cache使用对第三层存储（SSD或HDD）可能有一定影响，但业内人士普遍反映，<strong>相关改进主要用于扩展上下文窗口、提升模型能力，而非削减存储成本。</strong></p><p style=\"text-align: justify;\">报告还援引谷歌自身案例指出，Gemini 1.5 Pro曾测试1000万token上下文窗口并取得良好效果，但因推理成本过高而未发布。随着类似优化技术降低成本，预计将被用于支持更高智能、更高算力的产品，而非减少存储需求。</p><h2 id=\"id_3529761704\">AI吞噬产能，存储成为算力扩张瓶颈</h2><p style=\"text-align: justify;\">摩根士丹利报告表示，<strong>此轮存储周期与历史规律存在本质差异</strong>。报告指出，AI对DRAM的消耗已大到令其他终端市场出现供应短缺——PC和智能手机的生产均受到内存供应不足的制约。</p><p style=\"text-align: justify;\">此前三年市场普遍认为DRAM供应存在松弛空间，但这一缓冲已经消失。AI数据中心对高带宽内存（HBM）的需求持续攀升，HBM4的复杂性将进一步吸收产能，而Rubin Ultra平台明年上线后相关内存容量需求将翻倍。与此同时，机架用低功耗DDR5及企业级存储需求同样呈爆发式增长。</p><p style=\"text-align: justify;\">摩根士丹利还指出，AI资本开支增速超过50%，且随着AI在整体支出中占比持续扩大，这一趋势每年都在强化。更高的资本开支固然会带来更多供给，但这并非传统意义上由智能手机和服务器市场3%至5%增长驱动的供给扩张，其量级不可同日而语。</p><p style=\"text-align: justify;\"><strong>报告援引OpenAI暂停旗下AI视频生成应用Sora一事，作为算力供给不足的佐证</strong>。摩根士丹利认为，这一事件清晰印证了其投资主题——<strong>在token数量每周以两位数速度增长的背景下，算力供给严重不足，需求远超供给</strong>。视频生成对存储和HDD的需求极为密集，存储短缺可能也是Sora暂停的因素之一。</p><p style=\"text-align: justify;\">报告指出，<strong>对于需求旺盛到无法被完全满足的商品而言，在当前估值水平下很难持过度悲观的立场。</strong></p><h2 id=\"id_3505269910\">美光上看520美元，SanDisk目标690美元</h2><p style=\"text-align: justify;\"><strong>摩根士丹利对美光科技维持超配评级，目标价520美元</strong>，对应约25倍穿越周期每股收益21美元，较当前股价382.09美元有约36%上行空间。牛市情景下目标价为700美元（28倍穿越周期EPS 25美元），熊市情景下目标价为240美元。该行预测美光2026财年GAAP营收达1104.89亿美元，非GAAP每股收益59.36美元，非GAAP毛利率77.8%。</p><p style=\"text-align: justify;\"><strong>对于SanDisk，摩根士丹利目标价690美元</strong>，对应23倍穿越周期EPS 30美元，较当前股价677.86美元上行约1.8%。牛市情景目标价875美元，熊市情景350美元。该行预测SanDisk 2026财年GAAP营收154.99亿美元，非GAAP每股收益41.09美元，非GAAP毛利率60.2%。</p><p style=\"text-align: justify;\">报告指出，两家公司在当前盈利水平下的年化自由现金流可达各自市值的15%至25%。即便考虑到周期性因素，两年以上的高盈利持续期已足以支撑股价实质性上涨。</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>存储抛售是错杀？大摩：传统周期卖出逻辑不适用，TurboQuant恐慌是认知偏差！</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存储抛售是错杀？大摩：传统周期卖出逻辑不适用，TurboQuant恐慌是认知偏差！\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-03-26 23:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>摩根士丹利报告指出，存储芯片股近期因谷歌TurboQuant技术引发的需求担忧遭遇抛售，但这一担忧被过度放大。该技术旨在扩展模型能力而非削减存储采购，对存储市场并无实质性影响。AI已令DRAM供应从松弛转为紧缺，PC与智能手机生产均受内存制约，存储已成为AI基础设施扩张的核心瓶颈。该行认为，当前估值下的悲观情绪被过度放大，供需紧张态势料将持续数年。</p></blockquote><p style=\"text-align: justify;\">美国存储芯片股近期因谷歌TurboQuant内存优化技术引发的需求担忧而遭遇大幅抛售，但摩根士丹利认为，市场正以传统周期股的逻辑错误定价一个结构性短缺故事。</p><p style=\"text-align: justify;\">在最新发布的报告中，该行<strong>维持了对美国存储芯片股的超配评级</strong>，认为近期市场抛售属于正常获利了结，而非周期见顶信号。存储器已从AI需求的受益者演变为AI基础设施扩张的核心瓶颈，<strong>供需紧张态势料将持续数年，当前估值仍具吸引力</strong>。</p><p style=\"text-align: justify;\">摩根士丹利认为，<strong>市场对资本开支上升、需求破坏及谷歌内存优化技术等利空因素的担忧被过度解读</strong>。</p><p style=\"text-align: justify;\">对于谷歌TurboQuant内存优化技术，摩根士丹利分析师Joseph Moore认为其属于渐进式演进，<strong>目的在于扩展上下文窗口、提升模型能力，而非削减存储需求，对存储市场基本没有实质性影响。</strong></p><h2 id=\"id_1424086571\">谷歌TurboQuant技术冲击被过度解读</h2><p style=\"text-align: justify;\">报告专门回应了近期引发存储股下跌的谷歌“TurboQuant”内存优化技术。谷歌介绍了一种针对键值缓存（KV Cache）的数据压缩算法，并于近日宣布即将推出。<strong>市场广泛流传“谷歌将内存使用量降低6倍”的说法，导致存储股再度承压。</strong></p><p style=\"text-align: justify;\">摩根士丹利在与业内人士沟通后认为，这属于渐进式技术演进，对存储需求基本没有实质性影响。报告解释称，KV Cache通常存储于高带宽内存中，其容量固定无法改变；若需额外缓存卸载，通常转移至机架内18TB的LPDDR5内存，同样容量固定。更高效的KV Cache使用对第三层存储（SSD或HDD）可能有一定影响，但业内人士普遍反映，<strong>相关改进主要用于扩展上下文窗口、提升模型能力，而非削减存储成本。</strong></p><p style=\"text-align: justify;\">报告还援引谷歌自身案例指出，Gemini 1.5 Pro曾测试1000万token上下文窗口并取得良好效果，但因推理成本过高而未发布。随着类似优化技术降低成本，预计将被用于支持更高智能、更高算力的产品，而非减少存储需求。</p><h2 id=\"id_3529761704\">AI吞噬产能，存储成为算力扩张瓶颈</h2><p style=\"text-align: justify;\">摩根士丹利报告表示，<strong>此轮存储周期与历史规律存在本质差异</strong>。报告指出，AI对DRAM的消耗已大到令其他终端市场出现供应短缺——PC和智能手机的生产均受到内存供应不足的制约。</p><p style=\"text-align: justify;\">此前三年市场普遍认为DRAM供应存在松弛空间，但这一缓冲已经消失。AI数据中心对高带宽内存（HBM）的需求持续攀升，HBM4的复杂性将进一步吸收产能，而Rubin Ultra平台明年上线后相关内存容量需求将翻倍。与此同时，机架用低功耗DDR5及企业级存储需求同样呈爆发式增长。</p><p style=\"text-align: justify;\">摩根士丹利还指出，AI资本开支增速超过50%，且随着AI在整体支出中占比持续扩大，这一趋势每年都在强化。更高的资本开支固然会带来更多供给，但这并非传统意义上由智能手机和服务器市场3%至5%增长驱动的供给扩张，其量级不可同日而语。</p><p style=\"text-align: justify;\"><strong>报告援引OpenAI暂停旗下AI视频生成应用Sora一事，作为算力供给不足的佐证</strong>。摩根士丹利认为，这一事件清晰印证了其投资主题——<strong>在token数量每周以两位数速度增长的背景下，算力供给严重不足，需求远超供给</strong>。视频生成对存储和HDD的需求极为密集，存储短缺可能也是Sora暂停的因素之一。</p><p style=\"text-align: justify;\">报告指出，<strong>对于需求旺盛到无法被完全满足的商品而言，在当前估值水平下很难持过度悲观的立场。</strong></p><h2 id=\"id_3505269910\">美光上看520美元，SanDisk目标690美元</h2><p style=\"text-align: justify;\"><strong>摩根士丹利对美光科技维持超配评级，目标价520美元</strong>，对应约25倍穿越周期每股收益21美元，较当前股价382.09美元有约36%上行空间。牛市情景下目标价为700美元（28倍穿越周期EPS 25美元），熊市情景下目标价为240美元。该行预测美光2026财年GAAP营收达1104.89亿美元，非GAAP每股收益59.36美元，非GAAP毛利率77.8%。</p><p style=\"text-align: justify;\"><strong>对于SanDisk，摩根士丹利目标价690美元</strong>，对应23倍穿越周期EPS 30美元，较当前股价677.86美元上行约1.8%。牛市情景目标价875美元，熊市情景350美元。该行预测SanDisk 2026财年GAAP营收154.99亿美元，非GAAP每股收益41.09美元，非GAAP毛利率60.2%。</p><p style=\"text-align: justify;\">报告指出，两家公司在当前盈利水平下的年化自由现金流可达各自市值的15%至25%。即便考虑到周期性因素，两年以上的高盈利持续期已足以支撑股价实质性上涨。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","BK4554":"元宇宙及AR概念","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","BK4553":"喜马拉雅资本持仓","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU0426417589.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC","LU0211326755.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0106831901.USD":"贝莱德世界金融基金A2","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","BK4550":"红杉资本持仓","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU0302445910.USD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" ACC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","BK4551":"寇图资本持仓","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","BK4528":"SaaS概念","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","BK4525":"远程办公概念","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","BK4527":"明星科技股","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0557290698.USD":"施罗德环球可持续增长基金","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU1121112475.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USDHDG) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0976567544.SGD":"FTIF - Templeton Global Income A Mdis SGD-H1","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU1894683264.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) ACC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","BK4532":"文艺复兴科技持仓","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","BK4534":"瑞士信贷持仓","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU0994945656.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC 2","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","BK4538":"云计算","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AT\" (USDHDG) ACC","SG9999001077.SGD":"United International Growth Fund SGD","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU0211326839.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) INC","LU0061474960.USD":"天利环球焦点基金AU Acc","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0130517989.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"R\" INC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU0426412945.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","BK4507":"流媒体概念","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","SNDK":"闪迪","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","BK4503":"景林资产持仓","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","BK4504":"桥水持仓","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU0079474960.USD":"联博美国增长基金A","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU1221951046.USD":"NORDEA 1 STABLE RETURN \"HM\" (USDHDG) INC","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","HK0000304805.HKD":"PICTET 战略收益基金 P类港元","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","LU1221951129.SGD":"NORDEA 1 STABLE RETURN \"HM\" (SGDHDG) INC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","HK0000304797.USD":"PICTET 战略收益基金 P类 美元","LU1400636574.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AMG\" (HKDHDG) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","LU1196500208.SGD":"NORDEA STABLE RETURN \"HB\" (SGDHDG) ACC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU0097036916.USD":"贝莱德美国增长A2 USD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU1032955483.USD":"NORDEA 1 STABLE RETURN \"HB\" (USDHDG) ACC","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","BK4514":"搜索引擎","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","BK4516":"特朗普概念","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU0861579265.USD":"联博低波幅策略股票基金A","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","BK4077":"互动媒体与服务","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU2275660780.HKD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" (HKD) ACC","LU0444971666.USD":"天利全球科技基金","BK4592":"伊斯兰概念","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","BK4598":"佩洛西持仓","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","BK4168":"多种金属与采矿","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0251131958.USD":"FIDELITY AMERICA \"A\" (USD) ACC","LU0251142724.SGD":"Fidelity America A-SGD","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","BK4602":"量子计算概念","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU0971096721.USD":"富达环球金融服务 A","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU0882574139.USD":"富达环球消费行业基金A ACC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU0345774391.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","WDC":"西部数据","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","BK4576":"AR","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","BK4612":"AI芯片","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","BK4579":"人工智能","LU1043141396.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) ACC","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","BK4574":"无人驾驶","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","BK4573":"虚拟现实","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU1043141123.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) INC 2","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","BK4581":"高盛持仓","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","STX":"希捷科技","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU0080751232.USD":"富达环球多元动力基金A","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","IE000M9KFDE8.USD":"NEUBERGER BERMAN US LARGE CAP VALUE \"A\" (USD) ACC","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","LU0477156953.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","LU2764263039.SGD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (SGDHDG) ACC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","BK4023":"应用软件","LU0690374615.EUR":"FUNDSMITH EQUITY \"R\" (EUR) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU2764263203.CNY":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (CNYHDG) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU1803068623.USD":"TEMPLETON GLOBAL CLIMATE CHANGE \"AH1\" (USDHDG) ACC","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","MU":"美光科技","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","BK4127":"投资银行业与经纪业","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","SG9999002232.USD":"Allianz Global High Payout USD","BK4566":"资本集团","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1645745479.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (HKDHDG) INC","SG9999002224.SGD":"Allianz Global High Payout SGD","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU1046421795.USD":"富达环球科技A-ACC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","BK4561":"索罗斯持仓","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU0496365809.HKD":"TEMPLETON GLOBAL INCOME \"A\" (HKD) INC (Q)","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU0238689110.USD":"贝莱德环球动力股票基金","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0345774631.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) INC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU0072462426.USD":"贝莱德全球配置 A2","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","BK4543":"AI","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","BK4588":"碎股","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","BK4587":"ChatGPT概念","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","BK4548":"巴美列捷福持仓","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","BK4585":"ETF&股票定投概念","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","IE00BYQQ9H92.USD":"BNY MELLON GLOBAL LEADERS \"A\" (USD) ACC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC"},"source_url":"https://wallstreetcn.com/articles/3768490","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2622861842","content_text":"摩根士丹利报告指出，存储芯片股近期因谷歌TurboQuant技术引发的需求担忧遭遇抛售，但这一担忧被过度放大。该技术旨在扩展模型能力而非削减存储采购，对存储市场并无实质性影响。AI已令DRAM供应从松弛转为紧缺，PC与智能手机生产均受内存制约，存储已成为AI基础设施扩张的核心瓶颈。该行认为，当前估值下的悲观情绪被过度放大，供需紧张态势料将持续数年。美国存储芯片股近期因谷歌TurboQuant内存优化技术引发的需求担忧而遭遇大幅抛售，但摩根士丹利认为，市场正以传统周期股的逻辑错误定价一个结构性短缺故事。在最新发布的报告中，该行维持了对美国存储芯片股的超配评级，认为近期市场抛售属于正常获利了结，而非周期见顶信号。存储器已从AI需求的受益者演变为AI基础设施扩张的核心瓶颈，供需紧张态势料将持续数年，当前估值仍具吸引力。摩根士丹利认为，市场对资本开支上升、需求破坏及谷歌内存优化技术等利空因素的担忧被过度解读。对于谷歌TurboQuant内存优化技术，摩根士丹利分析师Joseph Moore认为其属于渐进式演进，目的在于扩展上下文窗口、提升模型能力，而非削减存储需求，对存储市场基本没有实质性影响。谷歌TurboQuant技术冲击被过度解读报告专门回应了近期引发存储股下跌的谷歌“TurboQuant”内存优化技术。谷歌介绍了一种针对键值缓存（KV Cache）的数据压缩算法，并于近日宣布即将推出。市场广泛流传“谷歌将内存使用量降低6倍”的说法，导致存储股再度承压。摩根士丹利在与业内人士沟通后认为，这属于渐进式技术演进，对存储需求基本没有实质性影响。报告解释称，KV Cache通常存储于高带宽内存中，其容量固定无法改变；若需额外缓存卸载，通常转移至机架内18TB的LPDDR5内存，同样容量固定。更高效的KV Cache使用对第三层存储（SSD或HDD）可能有一定影响，但业内人士普遍反映，相关改进主要用于扩展上下文窗口、提升模型能力，而非削减存储成本。报告还援引谷歌自身案例指出，Gemini 1.5 Pro曾测试1000万token上下文窗口并取得良好效果，但因推理成本过高而未发布。随着类似优化技术降低成本，预计将被用于支持更高智能、更高算力的产品，而非减少存储需求。AI吞噬产能，存储成为算力扩张瓶颈摩根士丹利报告表示，此轮存储周期与历史规律存在本质差异。报告指出，AI对DRAM的消耗已大到令其他终端市场出现供应短缺——PC和智能手机的生产均受到内存供应不足的制约。此前三年市场普遍认为DRAM供应存在松弛空间，但这一缓冲已经消失。AI数据中心对高带宽内存（HBM）的需求持续攀升，HBM4的复杂性将进一步吸收产能，而Rubin Ultra平台明年上线后相关内存容量需求将翻倍。与此同时，机架用低功耗DDR5及企业级存储需求同样呈爆发式增长。摩根士丹利还指出，AI资本开支增速超过50%，且随着AI在整体支出中占比持续扩大，这一趋势每年都在强化。更高的资本开支固然会带来更多供给，但这并非传统意义上由智能手机和服务器市场3%至5%增长驱动的供给扩张，其量级不可同日而语。报告援引OpenAI暂停旗下AI视频生成应用Sora一事，作为算力供给不足的佐证。摩根士丹利认为，这一事件清晰印证了其投资主题——在token数量每周以两位数速度增长的背景下，算力供给严重不足，需求远超供给。视频生成对存储和HDD的需求极为密集，存储短缺可能也是Sora暂停的因素之一。报告指出，对于需求旺盛到无法被完全满足的商品而言，在当前估值水平下很难持过度悲观的立场。美光上看520美元，SanDisk目标690美元摩根士丹利对美光科技维持超配评级，目标价520美元，对应约25倍穿越周期每股收益21美元，较当前股价382.09美元有约36%上行空间。牛市情景下目标价为700美元（28倍穿越周期EPS 25美元），熊市情景下目标价为240美元。该行预测美光2026财年GAAP营收达1104.89亿美元，非GAAP每股收益59.36美元，非GAAP毛利率77.8%。对于SanDisk，摩根士丹利目标价690美元，对应23倍穿越周期EPS 30美元，较当前股价677.86美元上行约1.8%。牛市情景目标价875美元，熊市情景350美元。该行预测SanDisk 2026财年GAAP营收154.99亿美元，非GAAP每股收益41.09美元，非GAAP毛利率60.2%。报告指出，两家公司在当前盈利水平下的年化自由现金流可达各自市值的15%至25%。即便考虑到周期性因素，两年以上的高盈利持续期已足以支撑股价实质性上涨。","news_type":1,"symbols_score_info":{"MU":2,"WDC":2,"STX":2,"SNDK":2}},"isVote":1,"tweetType":1,"viewCount":7,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":546675231687408,"gmtCreate":1774490284571,"gmtModify":1774490287258,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"吹吧就，看看今年的市场情况，还100w，有50w都算赢了","listText":"吹吧就，看看今年的市场情况，还100w，有50w都算赢了","text":"吹吧就，看看今年的市场情况，还100w，有50w都算赢了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/546675231687408","repostId":"2622028874","repostType":2,"repost":{"id":"2622028874","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":1774423430,"share":"https://www.laohu8.com/m/news/2622028874?lang=zh_CN&edition=full","pubTime":"2026-03-25 15:23","market":"hk","language":"zh","title":"【券商聚焦】华创证券维持零跑汽车(09863)“强推”评级 指公司处上行周期","url":"https://stock-news.laohu8.com/highlight/detail?id=2622028874","media":"金吾财讯","summary":"金吾财讯 | 华创证券发布研报指，零跑汽车 2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。","content":"<html><body><p>金吾财讯 | 华创证券发布研报指，<a href=\"https://laohu8.com/S/09863\">零跑汽车</a>(09863)2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。报告认为，公司正处在上行周期，核心逻辑在于密集的新车周期即将开启，以及海外出口业务的稳步拓展，这有望为后续销量增长提供支撑。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。季度销量达20.1万辆，同比增长66%。费用控制方面，受益于规模效应，管理和研发费用率环比下降。公司展现出强成本控制能力。</p><p>业务层面，新车周期是重要催化剂。公司计划自2026年3月起密集推出A、D系列全新车型，包括小型SUV A10、大型SUV D19、A05及首款MPV D99，以完善产品<a href=\"https://laohu8.com/S/301365\">矩阵</a>。报告预计，若新车型延续高性价比定价策略，公司2026年销量有望达到100万辆，同比增长68%。</p><p>海外业务成为新的增长引擎。2026年1月公司出口销量达1.5万辆，同比增长5.7倍。公司持续推进海外本地化布局，如西班牙CKD项目预计2026年10月投产。目前海外销售服务网点约900家，并计划进一步拓展欧洲、南美市场。报告预测公司2026年出口目标为10-15万辆，并通过零跑国际股权收益、碳积分等方式贡献盈利。</p><p>基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。采用相对估值法，给予公司2026年15倍市盈率，对应目标价61.68港元。</p><p>风险包括：汽车行业景气度下滑、市场竞争加剧及新车型销量不及预期。</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>【券商聚焦】华创证券维持零跑汽车(09863)“强推”评级 指公司处上行周期</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; }\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【券商聚焦】华创证券维持零跑汽车(09863)“强推”评级 指公司处上行周期\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\">2026-03-25 15:23</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | 华创证券发布研报指，<a href=\"https://laohu8.com/S/09863\">零跑汽车</a>(09863)2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。报告认为，公司正处在上行周期，核心逻辑在于密集的新车周期即将开启，以及海外出口业务的稳步拓展，这有望为后续销量增长提供支撑。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。季度销量达20.1万辆，同比增长66%。费用控制方面，受益于规模效应，管理和研发费用率环比下降。公司展现出强成本控制能力。</p><p>业务层面，新车周期是重要催化剂。公司计划自2026年3月起密集推出A、D系列全新车型，包括小型SUV A10、大型SUV D19、A05及首款MPV D99，以完善产品<a href=\"https://laohu8.com/S/301365\">矩阵</a>。报告预计，若新车型延续高性价比定价策略，公司2026年销量有望达到100万辆，同比增长68%。</p><p>海外业务成为新的增长引擎。2026年1月公司出口销量达1.5万辆，同比增长5.7倍。公司持续推进海外本地化布局，如西班牙CKD项目预计2026年10月投产。目前海外销售服务网点约900家，并计划进一步拓展欧洲、南美市场。报告预测公司2026年出口目标为10-15万辆，并通过零跑国际股权收益、碳积分等方式贡献盈利。</p><p>基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。采用相对估值法，给予公司2026年15倍市盈率，对应目标价61.68港元。</p><p>风险包括：汽车行业景气度下滑、市场竞争加剧及新车型销量不及预期。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.szfiu.com/news/20200915/NjdlOTQyZDE5NzA3MzU4ZTU3YTk2ZGQ0MjAwMDE4NjcyODIz.jpg","relate_stocks":{"161027":"证券","09863":"零跑汽车"},"source_url":"1977215","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2622028874","content_text":"金吾财讯 | 华创证券发布研报指，零跑汽车(09863)2025年第四季度净利润3.6亿元，创下季度新高，全年实现利润转正。报告认为，公司正处在上行周期，核心逻辑在于密集的新车周期即将开启，以及海外出口业务的稳步拓展，这有望为后续销量增长提供支撑。零跑汽车4Q25营收为210亿元（人民币），同比增长56%；毛利率为15.1%，同比提升1.8个百分点。季度销量达20.1万辆，同比增长66%。费用控制方面，受益于规模效应，管理和研发费用率环比下降。公司展现出强成本控制能力。业务层面，新车周期是重要催化剂。公司计划自2026年3月起密集推出A、D系列全新车型，包括小型SUV A10、大型SUV D19、A05及首款MPV D99，以完善产品矩阵。报告预计，若新车型延续高性价比定价策略，公司2026年销量有望达到100万辆，同比增长68%。海外业务成为新的增长引擎。2026年1月公司出口销量达1.5万辆，同比增长5.7倍。公司持续推进海外本地化布局，如西班牙CKD项目预计2026年10月投产。目前海外销售服务网点约900家，并计划进一步拓展欧洲、南美市场。报告预测公司2026年出口目标为10-15万辆，并通过零跑国际股权收益、碳积分等方式贡献盈利。基于以上分析，华创证券维持对零跑汽车“强推”评级。该行结合公司近期财务与销量情况，调整了未来几年盈利预测，预计2026-2028年归母净利润分别为51.4亿元、75.2亿元和85.2亿元（人民币）。采用相对估值法，给予公司2026年15倍市盈率，对应目标价61.68港元。风险包括：汽车行业景气度下滑、市场竞争加剧及新车型销量不及预期。","news_type":1,"symbols_score_info":{"161027":1.5,"09863":1.5}},"isVote":1,"tweetType":1,"viewCount":42,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":546062165697760,"gmtCreate":1774325332589,"gmtModify":1774325333849,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/546062165697760","isVote":1,"tweetType":1,"viewCount":59,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":544704597403016,"gmtCreate":1773993907631,"gmtModify":1773993910180,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"xjb写","listText":"xjb写","text":"xjb写","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544704597403016","repostId":"2620378807","repostType":2,"repost":{"id":"2620378807","kind":"news","pubTimestamp":1773988980,"share":"https://www.laohu8.com/m/news/2620378807?lang=zh_CN&edition=full","pubTime":"2026-03-20 14:43","market":"us","language":"zh","title":"新款小米SU7，“融冰”比销量更重要","url":"https://stock-news.laohu8.com/highlight/detail?id=2620378807","media":"虎嗅网","summary":"3月19日，在小米春季发布会上，新款小米SU7正式上市，售价区间21.99万至30.39万元。但新款小米SU7则是在今年1月7日就可以进行小订了。如果新款小米SU7顺利完成了此任务，带动小米汽车重回2024年的“火热”，在短期内无疑有助于其完成今年的销量目标。当然，“破圈”的前提是新款小米SU7成功建立良好的口碑，赢得消费者更多的信任。","content":"<html><body><p>作者|王亚骏</p><p>上市34分钟，锁单1.5万。这是新款<a href=\"https://laohu8.com/S/XIACY\">小米</a>SU7上市后交出的第一份成绩单。</p><p>3月19日，在<a href=\"https://laohu8.com/S/01810\">小米</a>春季发布会上，新款<a href=\"https://laohu8.com/S/81810\">小米</a>SU7正式上市，售价区间21.99万至30.39万元。王传福、李想、何小鹏、王兴兴、张建勇和陈年出席了此次发布会。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>王传福、王兴兴、李想和何小鹏等嘉宾 图源：小米发布会</p><p>雷军对这款车的重视，不只体现在邀请知名企业家来助阵。3月，小米还公布了两位汽车品牌代言人，分别是短跑名将苏炳添和艺人舒淇。此前，小米汽车未曾签约过代言人。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>在发布会上，雷军、舒淇、苏炳添站在新款小米SU7旁边；图源：小米发布会</p><p>在发布会上，雷军称此举是为了“破圈”，让更多人知道这款车。</p><p>得到如此支持力度的新款小米SU7，其成绩是否超越了前辈？相比于销量，这款车还有什么更重要的任务？本期《车圈脉动》Vol.23，来进行解析。</p><p><strong>新款小米SU7，不如初代惊艳</strong></p><p>新款小米SU7的第一份成绩单，并没有超越自己的前辈。</p><p>34分钟锁单1.5万辆，这个数字其实已经足够亮眼。3月18日上市的小鹏P7新版型与新款小米SU7<a href=\"https://laohu8.com/S/002835\">同为</a>轿车，两者的售价区间也存在重合（20.38万至30.18万元），但该车型上市后一直未公布大定数或锁单数。</p><p>不过和初代小米SU7比起来，新车的成绩就稍显逊色了。2024年3月28日，初代小米SU7上市，作为小米旗下的首款车型，它在上市后27分钟拿下了5万大定、24小时拿下了8.9万大定，一时间可谓震惊了整个汽车行业。</p><p>当然，大定和锁单并非同一个概念。前者是指支付较大金额订金（小米的大定定金是5000元），以表达购买意向，如果消费者在犹豫期改变主意（小米的犹豫期是72小时），这笔钱可以退回；而后者是指已经确认车辆具体配置，订单进入生产排期，相当于真正的订单。</p><p>不过我们依然可以将两者进行对比。</p><p>在初代小米SU7上市后不久，华龙证券曾用40%的订单/大定转化率来计算真实的订单数。</p><p>已知初代小米SU7上市后27分钟的成绩是5万大定，按照40%的转化率来计算，便是2万个订单。这个成绩从效率和数量上都优于“34分钟1.5万锁单”。</p><p>此外还要考虑到，初代小米SU7是在2023年12月底的“小米汽车技术发布会”上亮相的，但此后官方始终未开启任何形式的预售、小定或盲订，仅于第二年3月下旬才开放了免费的“品鉴预约”（不可试驾、不收取订金），真正的订单收集是在3月底上市发布会后才开始。但新款小米SU7则是在今年1月7日就可以进行小订了。</p><p>诚然，售价也是影响大定和锁单数的因素之一。但新款小米SU7全系比初代仅贵了4000元，整体未拉开档位级差距，且在三电、底盘、智驾、内饰和安全等方面都做了提升。故而价格因素在此次对比中权重并不大。</p><p><strong>“融冰”比销量更重要</strong></p><p>虽然新款小米SU7的初战成绩不如前辈，但考虑到小米本身的关注度和车型产品力，这款车依然有望在今年的竞争中搏取到可观的销量。</p><p>虎嗅汽车认为，相比于销量，这款车还有一个更重要的任务，便是帮助小米汽车尽快走过“信任修复期”。</p><p>3月17日，雷军在回应热点问题的视频中，对小米汽车过去两年进行了总结：“跌宕起伏，冰火两重天，所取得的成绩远超想象、所受到的关注也不可思议。”</p><p>对于小米汽车而言，去年无疑是水火交融的一年。</p><p>从销量上来看，小米汽车的表现其实足够亮眼。去年，小米共卖出了41.2万辆汽车，同比增长近200%，增速远超大盘。</p><p>但是在去年的3月和10月，小米汽车旗下车型发生了两次重大事故；在5月，小米SU7 Ultra则陷入了“锁马力”和有关碳纤维双风道前舱盖的争议。</p><p>这些事故和争议，为小米汽车引来了海量的安全性质疑，并极大损害了消费者的信任。据知名咨询机构杰兰路发布的研究报告，2025年下半年，小米在“百人青睐指数”方面，“不喜欢”的比例上升约 10 个百分点，“喜欢”比例下降超 10 个百分点，成为统计周期中变化幅度最突出的品牌之一。</p><p>进入2026年后，雷军开始尝试通过直播的形式消解质疑、挽回信任。2月底，他还宣布重建“小米汽车安全顾问委员会”，并向全国各大专院校、科研院所的车辆安全专家，以及曾参与过国家事务调查召回的专家发出邀请，为小米汽车的安全进行多角度评估和把关。</p><p>这些举措固然回应一定效果，但小米能否成功修复信任，还是要看新车型能否在消费者口中建立安全可靠的口碑。</p><p>如果新款小米SU7顺利完成了此任务，带动小米汽车重回2024年的“火热”，在短期内无疑有助于其完成今年的销量目标（55万辆）。回顾去年走势可见，小米汽车的市场表现与其口碑高度联动：声量高涨时订单随之激增，信任受损时销量亦受拖累。</p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>小米汽车在去年6月后迎来了一波销量上涨，这是得益于小米YU7的发布，但在10月的事故发生后，其销量也出现了回落；数据来源：<a href=\"https://laohu8.com/S/BITA\">易车</a></p><p>从长期来看，这个任务也事关未来小米汽车的整体布局能否顺利推进。</p><p>今年是小米汽车最密集的产品发布期。据36氪报道，除了新款小米SU7外，小米汽车还计划在今年推出三款车，分别是SU7行政版、一款增程五座SUV和一款增程七座SUV。</p><p>在国内<a href=\"https://laohu8.com/S/01490\">车市</a>，增程式SUV与家庭用车联系颇深。而小米在今年的产品规划，可以视为其试图打破“米粉圈层”，进入主流家庭市场的举措。如若成功，无疑可以帮助小米汽车进一步打开增长天花板。</p><p>当然，“破圈”的前提是新款小米SU7成功建立良好的口碑，赢得消费者更多的信任。从这个角度来说，这款新车不容有失。</p></body></html>","source":"ifeng_tech","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>新款小米SU7，“融冰”比销量更重要</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新款小米SU7，“融冰”比销量更重要\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-20 14:43 北京时间&nbsp;&nbsp;&nbsp;<a href=https://tech.ifeng.com/c/8reFQSlcVhQ><strong>虎嗅网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者|王亚骏上市34分钟，锁单1.5万。这是新款小米SU7上市后交出的第一份成绩单。3月19日，在小米春季发布会上，新款小米SU7正式上市，售价区间21.99万至30.39万元。王传福、李想、何小鹏、王兴兴、张建勇和陈年出席了此次发布会。王传福、王兴兴、李想和何小鹏等嘉宾 图源：小米发布会雷军对这款车的重视，不只体现在邀请知名企业家来助阵。3月，小米还公布了两位汽车品牌代言人，分别是短跑名将苏炳添...</p>\n\n<a href=\"https://tech.ifeng.com/c/8reFQSlcVhQ\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","BK1506":"5G概念","XIACY":"小米集团ADR","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","BK1502":"双十一","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","HK0000165453.HKD":"华夏精选大中华科技基金 A类港币","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","BK1589":"北水核心资产","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","BK1618":"Manus概念股","BK1193":"电脑硬件、储存设备及电脑周边","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","BK1615":"港股-互联网","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0359201612.USD":"贝莱德中国基金A2","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","HXXD.SI":"Xiaomi HK SDR 2to1","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","BK1607":"新IT概念","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0594300419.USD":"富达中国消费基金A","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","BK1523":"武汉本地概念股","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","01810":"小米集团-W","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","BK1521":"挪威政府全球养老基金持仓","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","BK1610":"ETF&股票定投概念","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0823426308.USD":"法巴中国股票基金","BK1575":"同股不同权","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0051755006.USD":"摩根大通中国A (dist)","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC"},"source_url":"https://tech.ifeng.com/c/8reFQSlcVhQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2620378807","content_text":"作者|王亚骏上市34分钟，锁单1.5万。这是新款小米SU7上市后交出的第一份成绩单。3月19日，在小米春季发布会上，新款小米SU7正式上市，售价区间21.99万至30.39万元。王传福、李想、何小鹏、王兴兴、张建勇和陈年出席了此次发布会。王传福、王兴兴、李想和何小鹏等嘉宾 图源：小米发布会雷军对这款车的重视，不只体现在邀请知名企业家来助阵。3月，小米还公布了两位汽车品牌代言人，分别是短跑名将苏炳添和艺人舒淇。此前，小米汽车未曾签约过代言人。在发布会上，雷军、舒淇、苏炳添站在新款小米SU7旁边；图源：小米发布会在发布会上，雷军称此举是为了“破圈”，让更多人知道这款车。得到如此支持力度的新款小米SU7，其成绩是否超越了前辈？相比于销量，这款车还有什么更重要的任务？本期《车圈脉动》Vol.23，来进行解析。新款小米SU7，不如初代惊艳新款小米SU7的第一份成绩单，并没有超越自己的前辈。34分钟锁单1.5万辆，这个数字其实已经足够亮眼。3月18日上市的小鹏P7新版型与新款小米SU7同为轿车，两者的售价区间也存在重合（20.38万至30.18万元），但该车型上市后一直未公布大定数或锁单数。不过和初代小米SU7比起来，新车的成绩就稍显逊色了。2024年3月28日，初代小米SU7上市，作为小米旗下的首款车型，它在上市后27分钟拿下了5万大定、24小时拿下了8.9万大定，一时间可谓震惊了整个汽车行业。当然，大定和锁单并非同一个概念。前者是指支付较大金额订金（小米的大定定金是5000元），以表达购买意向，如果消费者在犹豫期改变主意（小米的犹豫期是72小时），这笔钱可以退回；而后者是指已经确认车辆具体配置，订单进入生产排期，相当于真正的订单。不过我们依然可以将两者进行对比。在初代小米SU7上市后不久，华龙证券曾用40%的订单/大定转化率来计算真实的订单数。已知初代小米SU7上市后27分钟的成绩是5万大定，按照40%的转化率来计算，便是2万个订单。这个成绩从效率和数量上都优于“34分钟1.5万锁单”。此外还要考虑到，初代小米SU7是在2023年12月底的“小米汽车技术发布会”上亮相的，但此后官方始终未开启任何形式的预售、小定或盲订，仅于第二年3月下旬才开放了免费的“品鉴预约”（不可试驾、不收取订金），真正的订单收集是在3月底上市发布会后才开始。但新款小米SU7则是在今年1月7日就可以进行小订了。诚然，售价也是影响大定和锁单数的因素之一。但新款小米SU7全系比初代仅贵了4000元，整体未拉开档位级差距，且在三电、底盘、智驾、内饰和安全等方面都做了提升。故而价格因素在此次对比中权重并不大。“融冰”比销量更重要虽然新款小米SU7的初战成绩不如前辈，但考虑到小米本身的关注度和车型产品力，这款车依然有望在今年的竞争中搏取到可观的销量。虎嗅汽车认为，相比于销量，这款车还有一个更重要的任务，便是帮助小米汽车尽快走过“信任修复期”。3月17日，雷军在回应热点问题的视频中，对小米汽车过去两年进行了总结：“跌宕起伏，冰火两重天，所取得的成绩远超想象、所受到的关注也不可思议。”对于小米汽车而言，去年无疑是水火交融的一年。从销量上来看，小米汽车的表现其实足够亮眼。去年，小米共卖出了41.2万辆汽车，同比增长近200%，增速远超大盘。但是在去年的3月和10月，小米汽车旗下车型发生了两次重大事故；在5月，小米SU7 Ultra则陷入了“锁马力”和有关碳纤维双风道前舱盖的争议。这些事故和争议，为小米汽车引来了海量的安全性质疑，并极大损害了消费者的信任。据知名咨询机构杰兰路发布的研究报告，2025年下半年，小米在“百人青睐指数”方面，“不喜欢”的比例上升约 10 个百分点，“喜欢”比例下降超 10 个百分点，成为统计周期中变化幅度最突出的品牌之一。进入2026年后，雷军开始尝试通过直播的形式消解质疑、挽回信任。2月底，他还宣布重建“小米汽车安全顾问委员会”，并向全国各大专院校、科研院所的车辆安全专家，以及曾参与过国家事务调查召回的专家发出邀请，为小米汽车的安全进行多角度评估和把关。这些举措固然回应一定效果，但小米能否成功修复信任，还是要看新车型能否在消费者口中建立安全可靠的口碑。如果新款小米SU7顺利完成了此任务，带动小米汽车重回2024年的“火热”，在短期内无疑有助于其完成今年的销量目标（55万辆）。回顾去年走势可见，小米汽车的市场表现与其口碑高度联动：声量高涨时订单随之激增，信任受损时销量亦受拖累。小米汽车在去年6月后迎来了一波销量上涨，这是得益于小米YU7的发布，但在10月的事故发生后，其销量也出现了回落；数据来源：易车从长期来看，这个任务也事关未来小米汽车的整体布局能否顺利推进。今年是小米汽车最密集的产品发布期。据36氪报道，除了新款小米SU7外，小米汽车还计划在今年推出三款车，分别是SU7行政版、一款增程五座SUV和一款增程七座SUV。在国内车市，增程式SUV与家庭用车联系颇深。而小米在今年的产品规划，可以视为其试图打破“米粉圈层”，进入主流家庭市场的举措。如若成功，无疑可以帮助小米汽车进一步打开增长天花板。当然，“破圈”的前提是新款小米SU7成功建立良好的口碑，赢得消费者更多的信任。从这个角度来说，这款新车不容有失。","news_type":1,"symbols_score_info":{"81810":0.6,"MIUmain":0.6,"HXXD.SI":0.6,"XIACY":1.95,"01810":1.95}},"isVote":1,"tweetType":1,"viewCount":18,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":541790209024688,"gmtCreate":1773298575539,"gmtModify":1773298576833,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/541790209024688","isVote":1,"tweetType":1,"viewCount":84,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":528669088711984,"gmtCreate":1770100090966,"gmtModify":1770100092616,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/528669088711984","isVote":1,"tweetType":1,"viewCount":284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":527115914818072,"gmtCreate":1769739828934,"gmtModify":1769739830881,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/601127\">$赛力斯(601127)$&nbsp;</a> 舒服了加仓","listText":"<a href=\"https://laohu8.com/S/601127\">$赛力斯(601127)$&nbsp;</a> 舒服了加仓","text":"$赛力斯(601127)$ 舒服了加仓","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/527115914818072","isVote":1,"tweetType":1,"viewCount":500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":523622959497400,"gmtCreate":1768809038945,"gmtModify":1768809041275,"author":{"id":"4197380509417102","authorId":"4197380509417102","name":"木雨四道风5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4197380509417102","idStr":"4197380509417102"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/523622959497400","isVote":1,"tweetType":1,"viewCount":306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}