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ray2020
IP属地：北京
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ray2020
ray2020
·
04-21
我还记得以前有个装股神的，跌到80以下隔几天就发表一篇自己多年研究的理论，让大家赶紧抄底的，留言里还一堆托,现在这货消停了,哈哈哈
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ray2020
ray2020
·
04-21
没一个好鸟，都是万恶的资本家
7大平台回应涉“幽灵外卖”被处罚
坚决落实食安责任
7大平台回应涉“幽灵外卖”被处罚
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ray2020
ray2020
·
2025-11-28
好在收盘前买了看跌期权，下周一希望跌十个点起步，让我赚一笔
美团：三季度营收954.9亿元，调整后净亏损160亿元，预计亏损将延续
预估亏损139.6亿元。
美团：三季度营收954.9亿元，调整后净亏损160亿元，预计亏损将延续
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ray2020
ray2020
·
2025-11-13
$Circle Internet Corp.(CRCL)$
马上公司员工全员解禁，至少4000万股流通，等着吧，一泻千里
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ray2020
ray2020
·
2025-10-15
$小米集团-W(01810)$
连着两天收盘巨额买单，今天收盘1000万股买单，这是啥信号？
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ray2020
ray2020
·
2025-09-13
没有提到真正的根源，国内影视可以拍摄的主题限制太多了，啥都不能拍，啥都要主旋律，谁还看
影视版块持续爆火！能否诞生下一个十倍股？
今年以来，影视股受到前所未有的关注。年初哪吒2热映，带来影视股集中爆发。Wind数据显示，整个2024年，A股影视板块仅有4只个股股价上涨。但今年以来，伴随着影视板块持续的利好刺激，影视板块的热度显著提升。自今年年初以来，奈飞股价已经累计上涨超40%。而放眼过去，从2022年至今，奈飞股价已经上涨7倍。不仅如此，奈飞还产生了22.7亿美元自由现金流，尽管环比下降，但比去年同期的12.1亿美元大幅增长。
影视版块持续爆火！能否诞生下一个十倍股？
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ray2020
ray2020
·
2025-09-02
$奥克斯电气(02580)$
低开高走，抢筹码咯！
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ray2020
ray2020
·
2025-08-05
$蔚来(NIO)$
4.6这两分钱区间波动了一小时，你倒是拉起来阿！
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ray2020
ray2020
·
2025-07-23
$极智嘉-W(02590)$
赶紧跑吧，大盘大涨这货都起不来，再不跑跌破发行价！！！！！
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ray2020
ray2020
·
2025-07-23
$极智嘉-W(02590)$
大盘天天涨，这股天天高开低走，水军天天无脑吹，赶紧跑吧，破发可期！！！
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15:08","market":"fut","language":"zh","title":"7大平台回应涉“幽灵外卖”被处罚","url":"https://stock-news.laohu8.com/highlight/detail?id=2628731705","media":"格隆汇","summary":"坚决落实食安责任","content":"<html><body><p><span>4月17日，市场监管总</span><span>局依法对<a href=\"https://laohu8.com/S/PDD\">拼多多</a>、<a href=\"https://laohu8.com/S/MPNGY\">美团</a>、<a href=\"https://laohu8.com/S/JD\">京东</a>、淘宝闪购（原饿了么）、抖音、淘宝、天猫等7家电商平台“幽灵外卖”系列案作出行政处罚，责令7家电商平台改正违法行为，暂停新增蛋糕店铺3至9个月不等，并处以罚没款共计35.97亿元。同时，对7家平台企业法定代表人和食品安全总监合计处以罚款1968.74万元。</span></p><p><span><span>7家电商平台</span></span>随后<span><span>相继回应称，接受处罚并落实整改。</span></span></p><p><b>拼多多</b>表示对此诚恳接受，坚决服从。“我们将以此为戒，进一步规范业务流程，完善升级。坚守初心，积极履行社会责任。”</p><p><b><a href=\"https://laohu8.com/S/03690\">美团</a></b>回应：“我们将按照食品安全监管要求，深入落实各项整改措施，全面提升治理能力，在各级监管部门指导下，坚决打击餐饮转单、利用虚假资质上线等违法违规行为和黑灰产产业链，进一步升级举措、强化治理力度，切实守护外卖食品安全。”</p><p><b>京东</b>表示：“我们全面接受并坚决拥护执行市场监管总局的食安监管要求。京东将持续升级技术手段，优化审核机制，压实主体责任，保障食品安全和品质。诚挚感谢并欢迎各界持续监督，共同推动行业食安规范化、品质化发展。”</p><p><b>淘宝闪购（</b>前身饿了么）回应，坚决执行市场监管总局相关行政处罚决定。“我们将按照食品安全监管要求，全面排查，坚决治理，持续和常态化开展平台合规建设和落实整改工作，坚决铲除灰黑产孳生土壤，真正把‘守护舌尖上的安全’落在实处。”</p><p><b>抖音</b>表示，“对此处罚，我司诚恳接受，坚决落实。我们将继续强化依法经营，持续提升合规治理水平，切实履行社会责任，积极营造健康平台生态，携手平台内商家为广大消费者提供更加优质的服务。”</p><p><b>淘天集团</b>（淘宝、天猫）表示坚决执行市场监管总局相关行政处罚决定。“我们将按照食品安全监管要求，全面排查，坚决治理，持续和常态化开展平台合规建设和落实整改工作，坚决铲除灰黑产孳生土壤，真正把‘守护舌尖上的安全’落在实处。”</p></body></html>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" 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.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\">\n7大平台回应涉“幽灵外卖”被处罚\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-18 15:08 北京时间 <a href=https://www.gelonghui.com/p/4461121><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>4月17日，市场监管总局依法对拼多多、美团、京东、淘宝闪购（原饿了么）、抖音、淘宝、天猫等7家电商平台“幽灵外卖”系列案作出行政处罚，责令7家电商平台改正违法行为，暂停新增蛋糕店铺3至9个月不等，并处以罚没款共计35.97亿元。同时，对7家平台企业法定代表人和食品安全总监合计处以罚款1968.74万元。7家电商平台随后相继回应称，接受处罚并落实整改。拼多多表示对此诚恳接受，坚决服从。“我们将...</p>\n\n<a href=\"https://www.gelonghui.com/p/4461121\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img3.gelonghui.com/5b09f-033e62e9-590a-4425-a892-3413b932baa4.jpg?guru_height=854&guru_width=1280&guru_size=249427","relate_stocks":{"89988":"阿里巴巴-WR","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund SGD","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER 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A"},"source_url":"https://www.gelonghui.com/p/4461121","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2628731705","content_text":"4月17日，市场监管总局依法对拼多多、美团、京东、淘宝闪购（原饿了么）、抖音、淘宝、天猫等7家电商平台“幽灵外卖”系列案作出行政处罚，责令7家电商平台改正违法行为，暂停新增蛋糕店铺3至9个月不等，并处以罚没款共计35.97亿元。同时，对7家平台企业法定代表人和食品安全总监合计处以罚款1968.74万元。7家电商平台随后相继回应称，接受处罚并落实整改。拼多多表示对此诚恳接受，坚决服从。“我们将以此为戒，进一步规范业务流程，完善升级。坚守初心，积极履行社会责任。”美团回应：“我们将按照食品安全监管要求，深入落实各项整改措施，全面提升治理能力，在各级监管部门指导下，坚决打击餐饮转单、利用虚假资质上线等违法违规行为和黑灰产产业链，进一步升级举措、强化治理力度，切实守护外卖食品安全。”京东表示：“我们全面接受并坚决拥护执行市场监管总局的食安监管要求。京东将持续升级技术手段，优化审核机制，压实主体责任，保障食品安全和品质。诚挚感谢并欢迎各界持续监督，共同推动行业食安规范化、品质化发展。”淘宝闪购（前身饿了么）回应，坚决执行市场监管总局相关行政处罚决定。“我们将按照食品安全监管要求，全面排查，坚决治理，持续和常态化开展平台合规建设和落实整改工作，坚决铲除灰黑产孳生土壤，真正把‘守护舌尖上的安全’落在实处。”抖音表示，“对此处罚，我司诚恳接受，坚决落实。我们将继续强化依法经营，持续提升合规治理水平，切实履行社会责任，积极营造健康平台生态，携手平台内商家为广大消费者提供更加优质的服务。”淘天集团（淘宝、天猫）表示坚决执行市场监管总局相关行政处罚决定。“我们将按照食品安全监管要求，全面排查，坚决治理，持续和常态化开展平台合规建设和落实整改工作，坚决铲除灰黑产孳生土壤，真正把‘守护舌尖上的安全’落在实处。”","news_type":1,"symbols_score_info":{"89988":0.6,"KBAB":0.6,"ALBmain":0.6,"BBYY":0.6,"03690":1.91,"KJD":0.6,"BABO":0.6,"09988":1.89,"PDD":1.91,"HBBD.SI":0.6,"BABW":0.6,"BABA":1.89,"BABU":0.6,"MPNGY":1.91,"BABX":0.6,"09618":1.91,"JD":1.91}},"isVote":1,"tweetType":1,"viewCount":153,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":505048731738872,"gmtCreate":1764321812708,"gmtModify":1764321815480,"author":{"id":"3554682570829186","authorId":"3554682570829186","name":"ray2020","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554682570829186","idStr":"3554682570829186"},"themes":[],"title":"","htmlText":"好在收盘前买了看跌期权，下周一希望跌十个点起步，让我赚一笔","listText":"好在收盘前买了看跌期权，下周一希望跌十个点起步，让我赚一笔","text":"好在收盘前买了看跌期权，下周一希望跌十个点起步，让我赚一笔","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/505048731738872","repostId":"1161039212","repostType":4,"repost":{"id":"1161039212","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1764319002,"share":"https://www.laohu8.com/m/news/1161039212?lang=zh_CN&edition=full","pubTime":"2025-11-28 16:36","market":"hk","language":"zh","title":"美团：三季度营收954.9亿元，调整后净亏损160亿元，预计亏损将延续","url":"https://stock-news.laohu8.com/highlight/detail?id=1161039212","media":"老虎资讯综合","summary":"预估亏损139.6亿元。","content":"<html><head></head><body><p>周五， <a href=\"https://laohu8.com/S/MPNGY\">美团ADR</a> 盘中跌幅超3%，截至发稿跌超2%。<a href=\"https://laohu8.com/S/03690\">美团-W</a> 今日发布财报：2025年第三季度营收954.9亿元人民币，预估974.7亿元，上年同期935.8亿元；调整后净亏损160亿元，同比下降225%，预估亏损139.6亿元。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed3c8d111169ed815e7eed1d664fb8d8\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><ul style=\"\"><li><p><strong>核心本地商业收入674亿元，预估692亿元。由于行业竞争加剧，核心本地商业经营利润转负，亏损141亿元。经营利润率则从去年同期的21.0%降至-20.9%；</strong></p></li><li><p><strong>新业务收入280亿元，预估285.5亿元；</strong></p></li><li><p><strong>配送服务收入230亿元，预估266.8亿元；</strong></p></li><li><p><strong>佣金收入280亿元，预估279.1亿元。</strong></p></li></ul><p>三季度，为应对行业“内卷式”竞争，美团加大资金投入，提升服务质量并推动行业健康发展。在此带动下，美团APP的DAU(日活跃用户数)同比增长超过20%，餐饮外卖月交易用户数也创下历史新高。过去12个月的交易用户数突破8亿大关。</p><p>三季度，美团研发投入69亿元，同比增长31%。</p><p>美团：近期市场竞争持续白热化。因此，<strong>我们预计核心本地商业板块及本公司整体层面，第四季度的经营亏损趋势将延续。</strong></p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2e23da3820453233c206efdf58991771\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></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>美团：三季度营收954.9亿元，调整后净亏损160亿元，预计亏损将延续</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{ 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left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美团：三季度营收954.9亿元，调整后净亏损160亿元，预计亏损将延续\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-11-28 16:36</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>周五， <a href=\"https://laohu8.com/S/MPNGY\">美团ADR</a> 盘中跌幅超3%，截至发稿跌超2%。<a href=\"https://laohu8.com/S/03690\">美团-W</a> 今日发布财报：2025年第三季度营收954.9亿元人民币，预估974.7亿元，上年同期935.8亿元；调整后净亏损160亿元，同比下降225%，预估亏损139.6亿元。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed3c8d111169ed815e7eed1d664fb8d8\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><ul style=\"\"><li><p><strong>核心本地商业收入674亿元，预估692亿元。由于行业竞争加剧，核心本地商业经营利润转负，亏损141亿元。经营利润率则从去年同期的21.0%降至-20.9%；</strong></p></li><li><p><strong>新业务收入280亿元，预估285.5亿元；</strong></p></li><li><p><strong>配送服务收入230亿元，预估266.8亿元；</strong></p></li><li><p><strong>佣金收入280亿元，预估279.1亿元。</strong></p></li></ul><p>三季度，为应对行业“内卷式”竞争，美团加大资金投入，提升服务质量并推动行业健康发展。在此带动下，美团APP的DAU(日活跃用户数)同比增长超过20%，餐饮外卖月交易用户数也创下历史新高。过去12个月的交易用户数突破8亿大关。</p><p>三季度，美团研发投入69亿元，同比增长31%。</p><p>美团：近期市场竞争持续白热化。因此，<strong>我们预计核心本地商业板块及本公司整体层面，第四季度的经营亏损趋势将延续。</strong></p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2e23da3820453233c206efdf58991771\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e1238455e09ac8d1135014cb37eb0f4d","relate_stocks":{"MPNGY":"美团ADR","03690":"美团-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161039212","content_text":"周五， 美团ADR 盘中跌幅超3%，截至发稿跌超2%。美团-W 今日发布财报：2025年第三季度营收954.9亿元人民币，预估974.7亿元，上年同期935.8亿元；调整后净亏损160亿元，同比下降225%，预估亏损139.6亿元。核心本地商业收入674亿元，预估692亿元。由于行业竞争加剧，核心本地商业经营利润转负，亏损141亿元。经营利润率则从去年同期的21.0%降至-20.9%；新业务收入280亿元，预估285.5亿元；配送服务收入230亿元，预估266.8亿元；佣金收入280亿元，预估279.1亿元。三季度，为应对行业“内卷式”竞争，美团加大资金投入，提升服务质量并推动行业健康发展。在此带动下，美团APP的DAU(日活跃用户数)同比增长超过20%，餐饮外卖月交易用户数也创下历史新高。过去12个月的交易用户数突破8亿大关。三季度，美团研发投入69亿元，同比增长31%。美团：近期市场竞争持续白热化。因此，我们预计核心本地商业板块及本公司整体层面，第四季度的经营亏损趋势将延续。","news_type":1,"symbols_score_info":{"MPNGY":2,"03690":2}},"isVote":1,"tweetType":1,"viewCount":1443,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":499572869533832,"gmtCreate":1762991582063,"gmtModify":1763075402020,"author":{"id":"3554682570829186","authorId":"3554682570829186","name":"ray2020","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554682570829186","idStr":"3554682570829186"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/CRCL\">$Circle Internet Corp.(CRCL)$ </a>马上公司员工全员解禁，至少4000万股流通，等着吧，一泻千里","listText":"<a href=\"https://laohu8.com/S/CRCL\">$Circle Internet Corp.(CRCL)$ </a>马上公司员工全员解禁，至少4000万股流通，等着吧，一泻千里","text":"$Circle Internet Corp.(CRCL)$ 马上公司员工全员解禁，至少4000万股流通，等着吧，一泻千里","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":2,"commentSize":14,"repostSize":1,"link":"https://laohu8.com/post/499572869533832","isVote":1,"tweetType":1,"viewCount":8267,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4122170526769150","authorId":"4122170526769150","name":"常识的力量","avatar":"https://static.tigerbbs.com/ae19bb5e48c8545c3ca021d311e88558","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4122170526769150","idStr":"4122170526769150"},"content":"如果我是他们的员工，这个时候我1股都不卖！道理很简单，这些员工都是人中龙凤，一个月少说进账几万刀，根本不差钱！他们很清楚公司正处于飞速发展中，他们又是那群最看好自己公司的人，只要在职一天股份只会增加不会抛售，除非是准备离职的员工才有可能减持清仓，你随便找个国内大厂的员工问问就知道是不是这样了？这个时候抛售于公于私都是一个极坏的时机，你这个时候卖掉公司配发给你的激励股权，会失去公司管理层的信任，这个道理他们不会不知道！而且我认为他们大概率都是拿的远期期权而不是正股，因此我的看法是不会发生恐慌抛售，解禁当天见底V返！","text":"如果我是他们的员工，这个时候我1股都不卖！道理很简单，这些员工都是人中龙凤，一个月少说进账几万刀，根本不差钱！他们很清楚公司正处于飞速发展中，他们又是那群最看好自己公司的人，只要在职一天股份只会增加不会抛售，除非是准备离职的员工才有可能减持清仓，你随便找个国内大厂的员工问问就知道是不是这样了？这个时候抛售于公于私都是一个极坏的时机，你这个时候卖掉公司配发给你的激励股权，会失去公司管理层的信任，这个道理他们不会不知道！而且我认为他们大概率都是拿的远期期权而不是正股，因此我的看法是不会发生恐慌抛售，解禁当天见底V返！","html":"如果我是他们的员工，这个时候我1股都不卖！道理很简单，这些员工都是人中龙凤，一个月少说进账几万刀，根本不差钱！他们很清楚公司正处于飞速发展中，他们又是那群最看好自己公司的人，只要在职一天股份只会增加不会抛售，除非是准备离职的员工才有可能减持清仓，你随便找个国内大厂的员工问问就知道是不是这样了？这个时候抛售于公于私都是一个极坏的时机，你这个时候卖掉公司配发给你的激励股权，会失去公司管理层的信任，这个道理他们不会不知道！而且我认为他们大概率都是拿的远期期权而不是正股，因此我的看法是不会发生恐慌抛售，解禁当天见底V返！"},{"author":{"id":"4122170526769150","authorId":"4122170526769150","name":"常识的力量","avatar":"https://static.tigerbbs.com/ae19bb5e48c8545c3ca021d311e88558","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4122170526769150","idStr":"4122170526769150"},"content":"还有一点很关键，美国个税很高的，现在这个点接近年关报税期，卖股得的钱刚进账还没来得及捂热小一半就要上缴美国ZF了[笑哭]","text":"还有一点很关键，美国个税很高的，现在这个点接近年关报税期，卖股得的钱刚进账还没来得及捂热小一半就要上缴美国ZF了[笑哭]","html":"还有一点很关键，美国个税很高的，现在这个点接近年关报税期，卖股得的钱刚进账还没来得及捂热小一半就要上缴美国ZF了[笑哭]"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":489426870595912,"gmtCreate":1760516474471,"gmtModify":1760516476192,"author":{"id":"3554682570829186","authorId":"3554682570829186","name":"ray2020","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554682570829186","idStr":"3554682570829186"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a>连着两天收盘巨额买单，今天收盘1000万股买单，这是啥信号？","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a>连着两天收盘巨额买单，今天收盘1000万股买单，这是啥信号？","text":"$小米集团-W(01810)$ 连着两天收盘巨额买单，今天收盘1000万股买单，这是啥信号？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/489426870595912","isVote":1,"tweetType":1,"viewCount":2125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":478110426665704,"gmtCreate":1757735846150,"gmtModify":1757735848053,"author":{"id":"3554682570829186","authorId":"3554682570829186","name":"ray2020","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554682570829186","idStr":"3554682570829186"},"themes":[],"title":"","htmlText":"没有提到真正的根源，国内影视可以拍摄的主题限制太多了，啥都不能拍，啥都要主旋律，谁还看","listText":"没有提到真正的根源，国内影视可以拍摄的主题限制太多了，啥都不能拍，啥都要主旋律，谁还看","text":"没有提到真正的根源，国内影视可以拍摄的主题限制太多了，啥都不能拍，啥都要主旋律，谁还看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/478110426665704","repostId":"1107126104","repostType":4,"repost":{"id":"1107126104","kind":"news","weMediaInfo":{"introduction":"早报天天读，汇集天下事，做最好听的有声财经播报。","home_visible":1,"media_name":"格隆汇APP","id":"11","head_image":"https://static.tigerbbs.com/d06797dbcc3b4b9e839c351ca5a14e4d"},"pubTimestamp":1757726902,"share":"https://www.laohu8.com/m/news/1107126104?lang=zh_CN&edition=full","pubTime":"2025-09-13 09:28","market":"hk","language":"zh","title":"影视版块持续爆火！能否诞生下一个十倍股？","url":"https://stock-news.laohu8.com/highlight/detail?id=1107126104","media":"格隆汇APP","summary":"今年以来，影视股受到前所未有的关注。年初哪吒2热映，带来影视股集中爆发。Wind数据显示，整个2024年，A股影视板块仅有4只个股股价上涨。但今年以来，伴随着影视板块持续的利好刺激，影视板块的热度显著提升。自今年年初以来，奈飞股价已经累计上涨超40%。而放眼过去，从2022年至今，奈飞股价已经上涨7倍。不仅如此，奈飞还产生了22.7亿美元自由现金流，尽管环比下降，但比去年同期的12.1亿美元大幅增长。","content":"<html><head></head><body><p>今年以来，影视股受到前所未有的关注。</p><p>年初哪吒2热映，带来影视股集中爆发。</p><p>近两个月来，先是《南京照相馆》点燃暑期档，后又有“21条”政策出台拯救影视市场。</p><p>最近，还未上映的《731》已经收获4000万预售票房，再次点燃影视板块。</p><p><strong>然而不难发现，尽管今年以来影视板块热度持续提升，却仍旧仅限于周期性行情，爆款相当难得。</strong></p><p>放眼美股，奈飞却已经成为比肩几大传统科技公司的互联网巨头，股价更是扶摇直上。</p><p>那么，国内的“奈飞”，到底在哪儿？</p><p><strong>01</strong></p><p>过往影视板块关注度一直较低，表现也不尽如人意。</p><p>Wind数据显示，整个2024年，A股影视板块仅有4只个股股价上涨。</p><p>但今年以来，伴随着影视板块持续的利好刺激，影视板块的热度显著提升。</p><p>今年上半年扭亏为盈、仅盈利0.11亿元的柠萌影视，年内股价累计上涨超70%。上半年没有作品产出的慈文传媒，年内股价也累计涨58.8%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a788cd58db206e9fbf1f968214528f11\" tg-width=\"560\" tg-height=\"240\"/></p><p>连上半年营收双降，净利润同比下滑118.42%的稻草熊娱乐，股价年内也上涨了20%。</p><p><strong>可见，如今市场对于影视板块的投资逻辑已经有所改变。</strong></p><p>8月中旬，广电总局印发“21条”，取消了过往对于剧集制作的一系列限制，消息一出几大影视制作公司直接涨停，可见资本对于影视板块的热情。</p><p>而最近一波行情，来自于暑期档超预期的票房，加之即将到来的中秋叠加国庆档期，因此，影视院线板块热度显著升温。</p><p>目前来看，国内院线产业，在区域分化的同时，市场份额正在逐渐朝头部集中，万达、中影、大地等头部院线占据超四成市场份额。</p><p>因此，资金正在逐渐流向幸福蓝海、金逸影视等市场份额稳定增长的头部院线企业。</p><p>不过，作为影视产业的下游行业，院线的增长，仍旧需要优质内容的不断供应。</p><p>难以提供长期稳定的优质内容供应，正是如今整个影视院线行业，从制作公司到院线和平台，无法长期维持涨势的最重要原因。</p><p>以目前全球最大的流媒体巨头奈飞为例，尽管此前奈飞曾推出《鱿鱼游戏》这样的全球爆款，但《鱿鱼游戏》系列的续作，表现就相对平平。</p><p><strong>然而在资本市场上，奈飞的涨势已经超越Meta在内的一众科技巨头。</strong></p><p>自今年年初以来，奈飞股价已经累计上涨超40%。而放眼过去，从2022年至今，奈飞股价已经上涨7倍。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfa313eb5cf80519d3398829c63508f2\" tg-width=\"560\" tg-height=\"240\"/></p><p><strong>而以市值来看，奈飞的营收和市值几乎是国内长视频平台以及影视公司市值的百倍以上。</strong></p><p>奈飞在提升营收和净利润上所干的那些事——增加广告、打击共享账户、提升会员定价，实际上，也正是国内长视频平台正在做的。</p><p>那么，奈飞和国内的公司究竟差在哪儿呢？</p><p>用户数量的差异、经营地区的差异，这些均是奈飞优于国内影视公司的地方，但仍旧难以解释，为何过往内地影视公司如此低迷，市值和营收差额如此巨大。</p><p>关键点仍旧在于，内容。</p><p>奈飞平台现象级爆款繁多，而内容的潜力是无限的。</p><p>正如乐视，尽管贾跃亭早已跑路，但凭借着一部《甄嬛传》，乐视已经能够乐享其成，可见内容的不朽魅力。</p><p>不论对于长视频平台，还是影视院线公司，用户愿意付费，绝不是因为票价低、会员便宜，仅仅是因为平台上有他们愿意买单的内容。</p><p>影视院线行业，均是内容为王。</p><p><strong>02</strong></p><p>在过去半年情绪消费成为资本市场热点之时，实际上，影视，同样是情绪消费的一个出口。</p><p>目前，奈飞估值已超53倍，这样显著偏高的估值背后，固然有奈飞在流媒体市场的绝对优势——</p><p>Statista数据显示，2025年奈飞用户数已经超过3.016亿，占据全球最大流媒体服务市场份额。</p><p>但同样，明显偏高的估值，也来源于市场对于奈飞持续推出优质作品的能力的肯定，以及优质内容独特的穿越周期的魅力。</p><p>尽管没有《鱿鱼游戏》一样的爆款，但是今年以来，奈飞也推出了《苦尽柑来遇见你》、《白宫杀人事件》等一批佳作。</p><p><strong>对于奈飞而言，内容库的广度和AI技术驱动，正是奈飞的护城河。</strong></p><p>也是因此，哪怕奈飞投资失利的作品也并不少见，但其丰富多样的内容库，仍旧能够助推奈飞的业绩增长。</p><p>目前，奈飞已经不再公布用户数的相关数据，而是将焦点转向赚钱和用户留存。</p><p>某种意义上，奈飞已经不再将增长寄希望于用户增长，而是通过优质内容保证用户留存。</p><p>而在第二季度财报中，奈飞再次超过预期——</p><p>营收110.8 亿美元，同比增长 15.9%，比分析师预期高 2282 万美元；摊薄后每股收益 7.19 美元，同比增长 47.3%，比预期高 0.10 美元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f472037d70d88a9bf922ef51ba4160f0\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"620\"/></p><p>不仅如此，奈飞还产生了22.7 亿美元自由现金流，尽管环比下降，但比去年同期的 12.1 亿美元大幅增长。</p><p><strong>与之形成鲜明对比的是，国内大多数影视公司仍然在亏损和温饱线上挣扎。</strong></p><p>哪怕各大影视院线公司积极开拓非票收入作为新的增长极之时，IP衍生品，同样也建立在优质内容的基础之上。</p><p>对于影视公司来说，内容，始终是核心竞争力。</p><p>目前，国内视频平台并非缺乏爆款，但绝大多数平台内容库仍旧缺乏深度。</p><p>国内长视频平台被诟病的日更模式，正是内容深度欠缺的一个缩影。</p><p>由于优质内容太少，平台才不得不采取日更模式保证用户留存，同样也是因为内容吸引力不足，周播导致的断更也会导致用户活跃度大幅下降。</p><p>但在奈飞上，剧集采取周播和一次性放出相结合的模式，事实上，只要剧集质量够好，优质剧集够多，周播并不会影响用户活跃度，一次性放出也不会影响用户留存。</p><p>不仅如此，在电影投资上，奈飞同样制作了相当多的优质电影，截至2024 年，奈飞原创内容占比超 60%。</p><p>《西线无战事》《犬之力》等作品甚至先后提名奥斯卡奖，使得奈飞和电影制作方达成双赢。</p><p><strong>不过，这样的模式同样需要考虑市场环境。</strong></p><p>目前，中国长视频市场用户增长见顶，市场逐渐饱和，各大视频平台之间的竞争相当激烈。而电影市场，年轻人进场率大幅下降，中老年人成为电影院主力。</p><p>平台内容缺乏深度，院线电影投资减少，和目前的市场情况互为因果，循环往复。</p><p>那么，如何破局？</p><p>最终的答案，或许是建立工业化的制作体系，利用技术去推动优质内容的产出。</p><p>目前，国内影视行业上下游的公司众多，但仍旧少有能够打破影视行业现有框架的公司出现，上下游企业各司其职，难以形成体系化的影视制作、宣发流程。</p><p>过往，好莱坞能够称霸全球，正是由于其工业化的制作体系。</p><p><strong>奈飞则是在这种工业化的影视制作体系之上，使用互联网技术为其赋能。</strong></p><p>实际上，早在推出自己的第一部原创剧集《纸牌屋》之前，奈飞已经开始对于自己的用户数据进行分析。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/80adba88367f8f1b98ec3ce1867958f1\" alt=\"\" title=\"\" tg-width=\"440\" tg-height=\"652\"/></p><p>奈飞会结合数据模型和团队判断，构建专业的内容推荐模型，预测用户对于哪一些内容感兴趣，愿意在哪一类内容上支付，再进行投资和工业化制作。</p><p>《纸牌屋》上线首月，网飞用户新增300万，全球播放量突破10亿次，彻底颠覆了剧集制作与发行的既有规则。</p><p>此后，奈飞更是在原创内容上加大投入，2015年，奈飞在内容上的预算就已经高达50亿美元，2020年飙升至170亿美元，到今年更是预测突破200亿美元。</p><p>放眼国内，至今仍旧没有影视公司能够持续推出爆款，在爆款之后投资失利的影视制作公司数不胜数。</p><p>这固然是影视行业的常态，但同样，也给予头部企业更多的思考空间。</p><p>在互联网时代，如何摆脱传统的营收和创作模式，用数据驱动，带动整个行业的发展，将成为头部企业急需解决的问题。</p><p>更重要的是，整个影视行业上下游，需要加大力度打造工业化的影视制作流程，进而持续地产出优质的内容，才能带动市场，形成正向循环。</p><p><strong>03</strong></p><p style=\"text-align: left;\"><strong>结语</strong></p><p>尽管如今，短视频、短剧正在抢占用户注意力，但与此同时，电影和长剧所代表的长叙事，显然能够承载更多能量，收获更多的情绪消费。</p><p>相比短剧和短视频，长剧和电影拥有更大的公共影响力和穿越周期的能力，这样的长尾效应，在今年正在被愈发突出。</p><p>这也是如今影视板块的投资逻辑开始有了一定变化的原因。</p><p>但当市场的投资逻辑正在从曾经的"赌爆款"转向业绩确定性和技术等的赋能，目前的影视公司却仍未完全摆脱传统框架。</p><p>伴随着影视板块和观众注意力的回流，目前影视行业的头部企业正在迎来更多机会，然而，只有优质内容的供应真的可持续，影视行业的投资逻辑才能彻底完成转变。</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 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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影视版块持续爆火！能否诞生下一个十倍股？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/11\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d06797dbcc3b4b9e839c351ca5a14e4d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格隆汇APP </p>\n<p class=\"h-time\">2025-09-13 09:28</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>今年以来，影视股受到前所未有的关注。</p><p>年初哪吒2热映，带来影视股集中爆发。</p><p>近两个月来，先是《南京照相馆》点燃暑期档，后又有“21条”政策出台拯救影视市场。</p><p>最近，还未上映的《731》已经收获4000万预售票房，再次点燃影视板块。</p><p><strong>然而不难发现，尽管今年以来影视板块热度持续提升，却仍旧仅限于周期性行情，爆款相当难得。</strong></p><p>放眼美股，奈飞却已经成为比肩几大传统科技公司的互联网巨头，股价更是扶摇直上。</p><p>那么，国内的“奈飞”，到底在哪儿？</p><p><strong>01</strong></p><p>过往影视板块关注度一直较低，表现也不尽如人意。</p><p>Wind数据显示，整个2024年，A股影视板块仅有4只个股股价上涨。</p><p>但今年以来，伴随着影视板块持续的利好刺激，影视板块的热度显著提升。</p><p>今年上半年扭亏为盈、仅盈利0.11亿元的柠萌影视，年内股价累计上涨超70%。上半年没有作品产出的慈文传媒，年内股价也累计涨58.8%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a788cd58db206e9fbf1f968214528f11\" tg-width=\"560\" tg-height=\"240\"/></p><p>连上半年营收双降，净利润同比下滑118.42%的稻草熊娱乐，股价年内也上涨了20%。</p><p><strong>可见，如今市场对于影视板块的投资逻辑已经有所改变。</strong></p><p>8月中旬，广电总局印发“21条”，取消了过往对于剧集制作的一系列限制，消息一出几大影视制作公司直接涨停，可见资本对于影视板块的热情。</p><p>而最近一波行情，来自于暑期档超预期的票房，加之即将到来的中秋叠加国庆档期，因此，影视院线板块热度显著升温。</p><p>目前来看，国内院线产业，在区域分化的同时，市场份额正在逐渐朝头部集中，万达、中影、大地等头部院线占据超四成市场份额。</p><p>因此，资金正在逐渐流向幸福蓝海、金逸影视等市场份额稳定增长的头部院线企业。</p><p>不过，作为影视产业的下游行业，院线的增长，仍旧需要优质内容的不断供应。</p><p>难以提供长期稳定的优质内容供应，正是如今整个影视院线行业，从制作公司到院线和平台，无法长期维持涨势的最重要原因。</p><p>以目前全球最大的流媒体巨头奈飞为例，尽管此前奈飞曾推出《鱿鱼游戏》这样的全球爆款，但《鱿鱼游戏》系列的续作，表现就相对平平。</p><p><strong>然而在资本市场上，奈飞的涨势已经超越Meta在内的一众科技巨头。</strong></p><p>自今年年初以来，奈飞股价已经累计上涨超40%。而放眼过去，从2022年至今，奈飞股价已经上涨7倍。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfa313eb5cf80519d3398829c63508f2\" tg-width=\"560\" tg-height=\"240\"/></p><p><strong>而以市值来看，奈飞的营收和市值几乎是国内长视频平台以及影视公司市值的百倍以上。</strong></p><p>奈飞在提升营收和净利润上所干的那些事——增加广告、打击共享账户、提升会员定价，实际上，也正是国内长视频平台正在做的。</p><p>那么，奈飞和国内的公司究竟差在哪儿呢？</p><p>用户数量的差异、经营地区的差异，这些均是奈飞优于国内影视公司的地方，但仍旧难以解释，为何过往内地影视公司如此低迷，市值和营收差额如此巨大。</p><p>关键点仍旧在于，内容。</p><p>奈飞平台现象级爆款繁多，而内容的潜力是无限的。</p><p>正如乐视，尽管贾跃亭早已跑路，但凭借着一部《甄嬛传》，乐视已经能够乐享其成，可见内容的不朽魅力。</p><p>不论对于长视频平台，还是影视院线公司，用户愿意付费，绝不是因为票价低、会员便宜，仅仅是因为平台上有他们愿意买单的内容。</p><p>影视院线行业，均是内容为王。</p><p><strong>02</strong></p><p>在过去半年情绪消费成为资本市场热点之时，实际上，影视，同样是情绪消费的一个出口。</p><p>目前，奈飞估值已超53倍，这样显著偏高的估值背后，固然有奈飞在流媒体市场的绝对优势——</p><p>Statista数据显示，2025年奈飞用户数已经超过3.016亿，占据全球最大流媒体服务市场份额。</p><p>但同样，明显偏高的估值，也来源于市场对于奈飞持续推出优质作品的能力的肯定，以及优质内容独特的穿越周期的魅力。</p><p>尽管没有《鱿鱼游戏》一样的爆款，但是今年以来，奈飞也推出了《苦尽柑来遇见你》、《白宫杀人事件》等一批佳作。</p><p><strong>对于奈飞而言，内容库的广度和AI技术驱动，正是奈飞的护城河。</strong></p><p>也是因此，哪怕奈飞投资失利的作品也并不少见，但其丰富多样的内容库，仍旧能够助推奈飞的业绩增长。</p><p>目前，奈飞已经不再公布用户数的相关数据，而是将焦点转向赚钱和用户留存。</p><p>某种意义上，奈飞已经不再将增长寄希望于用户增长，而是通过优质内容保证用户留存。</p><p>而在第二季度财报中，奈飞再次超过预期——</p><p>营收110.8 亿美元，同比增长 15.9%，比分析师预期高 2282 万美元；摊薄后每股收益 7.19 美元，同比增长 47.3%，比预期高 0.10 美元。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f472037d70d88a9bf922ef51ba4160f0\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"620\"/></p><p>不仅如此，奈飞还产生了22.7 亿美元自由现金流，尽管环比下降，但比去年同期的 12.1 亿美元大幅增长。</p><p><strong>与之形成鲜明对比的是，国内大多数影视公司仍然在亏损和温饱线上挣扎。</strong></p><p>哪怕各大影视院线公司积极开拓非票收入作为新的增长极之时，IP衍生品，同样也建立在优质内容的基础之上。</p><p>对于影视公司来说，内容，始终是核心竞争力。</p><p>目前，国内视频平台并非缺乏爆款，但绝大多数平台内容库仍旧缺乏深度。</p><p>国内长视频平台被诟病的日更模式，正是内容深度欠缺的一个缩影。</p><p>由于优质内容太少，平台才不得不采取日更模式保证用户留存，同样也是因为内容吸引力不足，周播导致的断更也会导致用户活跃度大幅下降。</p><p>但在奈飞上，剧集采取周播和一次性放出相结合的模式，事实上，只要剧集质量够好，优质剧集够多，周播并不会影响用户活跃度，一次性放出也不会影响用户留存。</p><p>不仅如此，在电影投资上，奈飞同样制作了相当多的优质电影，截至2024 年，奈飞原创内容占比超 60%。</p><p>《西线无战事》《犬之力》等作品甚至先后提名奥斯卡奖，使得奈飞和电影制作方达成双赢。</p><p><strong>不过，这样的模式同样需要考虑市场环境。</strong></p><p>目前，中国长视频市场用户增长见顶，市场逐渐饱和，各大视频平台之间的竞争相当激烈。而电影市场，年轻人进场率大幅下降，中老年人成为电影院主力。</p><p>平台内容缺乏深度，院线电影投资减少，和目前的市场情况互为因果，循环往复。</p><p>那么，如何破局？</p><p>最终的答案，或许是建立工业化的制作体系，利用技术去推动优质内容的产出。</p><p>目前，国内影视行业上下游的公司众多，但仍旧少有能够打破影视行业现有框架的公司出现，上下游企业各司其职，难以形成体系化的影视制作、宣发流程。</p><p>过往，好莱坞能够称霸全球，正是由于其工业化的制作体系。</p><p><strong>奈飞则是在这种工业化的影视制作体系之上，使用互联网技术为其赋能。</strong></p><p>实际上，早在推出自己的第一部原创剧集《纸牌屋》之前，奈飞已经开始对于自己的用户数据进行分析。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/80adba88367f8f1b98ec3ce1867958f1\" alt=\"\" title=\"\" tg-width=\"440\" tg-height=\"652\"/></p><p>奈飞会结合数据模型和团队判断，构建专业的内容推荐模型，预测用户对于哪一些内容感兴趣，愿意在哪一类内容上支付，再进行投资和工业化制作。</p><p>《纸牌屋》上线首月，网飞用户新增300万，全球播放量突破10亿次，彻底颠覆了剧集制作与发行的既有规则。</p><p>此后，奈飞更是在原创内容上加大投入，2015年，奈飞在内容上的预算就已经高达50亿美元，2020年飙升至170亿美元，到今年更是预测突破200亿美元。</p><p>放眼国内，至今仍旧没有影视公司能够持续推出爆款，在爆款之后投资失利的影视制作公司数不胜数。</p><p>这固然是影视行业的常态，但同样，也给予头部企业更多的思考空间。</p><p>在互联网时代，如何摆脱传统的营收和创作模式，用数据驱动，带动整个行业的发展，将成为头部企业急需解决的问题。</p><p>更重要的是，整个影视行业上下游，需要加大力度打造工业化的影视制作流程，进而持续地产出优质的内容，才能带动市场，形成正向循环。</p><p><strong>03</strong></p><p style=\"text-align: left;\"><strong>结语</strong></p><p>尽管如今，短视频、短剧正在抢占用户注意力，但与此同时，电影和长剧所代表的长叙事，显然能够承载更多能量，收获更多的情绪消费。</p><p>相比短剧和短视频，长剧和电影拥有更大的公共影响力和穿越周期的能力，这样的长尾效应，在今年正在被愈发突出。</p><p>这也是如今影视板块的投资逻辑开始有了一定变化的原因。</p><p>但当市场的投资逻辑正在从曾经的"赌爆款"转向业绩确定性和技术等的赋能，目前的影视公司却仍未完全摆脱传统框架。</p><p>伴随着影视板块和观众注意力的回流，目前影视行业的头部企业正在迎来更多机会，然而，只有优质内容的供应真的可持续，影视行业的投资逻辑才能彻底完成转变。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{"02125":"稻草熊娱乐","09857":"柠萌影视","NFLX":"奈飞"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107126104","content_text":"今年以来，影视股受到前所未有的关注。年初哪吒2热映，带来影视股集中爆发。近两个月来，先是《南京照相馆》点燃暑期档，后又有“21条”政策出台拯救影视市场。最近，还未上映的《731》已经收获4000万预售票房，再次点燃影视板块。然而不难发现，尽管今年以来影视板块热度持续提升，却仍旧仅限于周期性行情，爆款相当难得。放眼美股，奈飞却已经成为比肩几大传统科技公司的互联网巨头，股价更是扶摇直上。那么，国内的“奈飞”，到底在哪儿？01过往影视板块关注度一直较低，表现也不尽如人意。Wind数据显示，整个2024年，A股影视板块仅有4只个股股价上涨。但今年以来，伴随着影视板块持续的利好刺激，影视板块的热度显著提升。今年上半年扭亏为盈、仅盈利0.11亿元的柠萌影视，年内股价累计上涨超70%。上半年没有作品产出的慈文传媒，年内股价也累计涨58.8%。连上半年营收双降，净利润同比下滑118.42%的稻草熊娱乐，股价年内也上涨了20%。可见，如今市场对于影视板块的投资逻辑已经有所改变。8月中旬，广电总局印发“21条”，取消了过往对于剧集制作的一系列限制，消息一出几大影视制作公司直接涨停，可见资本对于影视板块的热情。而最近一波行情，来自于暑期档超预期的票房，加之即将到来的中秋叠加国庆档期，因此，影视院线板块热度显著升温。目前来看，国内院线产业，在区域分化的同时，市场份额正在逐渐朝头部集中，万达、中影、大地等头部院线占据超四成市场份额。因此，资金正在逐渐流向幸福蓝海、金逸影视等市场份额稳定增长的头部院线企业。不过，作为影视产业的下游行业，院线的增长，仍旧需要优质内容的不断供应。难以提供长期稳定的优质内容供应，正是如今整个影视院线行业，从制作公司到院线和平台，无法长期维持涨势的最重要原因。以目前全球最大的流媒体巨头奈飞为例，尽管此前奈飞曾推出《鱿鱼游戏》这样的全球爆款，但《鱿鱼游戏》系列的续作，表现就相对平平。然而在资本市场上，奈飞的涨势已经超越Meta在内的一众科技巨头。自今年年初以来，奈飞股价已经累计上涨超40%。而放眼过去，从2022年至今，奈飞股价已经上涨7倍。而以市值来看，奈飞的营收和市值几乎是国内长视频平台以及影视公司市值的百倍以上。奈飞在提升营收和净利润上所干的那些事——增加广告、打击共享账户、提升会员定价，实际上，也正是国内长视频平台正在做的。那么，奈飞和国内的公司究竟差在哪儿呢？用户数量的差异、经营地区的差异，这些均是奈飞优于国内影视公司的地方，但仍旧难以解释，为何过往内地影视公司如此低迷，市值和营收差额如此巨大。关键点仍旧在于，内容。奈飞平台现象级爆款繁多，而内容的潜力是无限的。正如乐视，尽管贾跃亭早已跑路，但凭借着一部《甄嬛传》，乐视已经能够乐享其成，可见内容的不朽魅力。不论对于长视频平台，还是影视院线公司，用户愿意付费，绝不是因为票价低、会员便宜，仅仅是因为平台上有他们愿意买单的内容。影视院线行业，均是内容为王。02在过去半年情绪消费成为资本市场热点之时，实际上，影视，同样是情绪消费的一个出口。目前，奈飞估值已超53倍，这样显著偏高的估值背后，固然有奈飞在流媒体市场的绝对优势——Statista数据显示，2025年奈飞用户数已经超过3.016亿，占据全球最大流媒体服务市场份额。但同样，明显偏高的估值，也来源于市场对于奈飞持续推出优质作品的能力的肯定，以及优质内容独特的穿越周期的魅力。尽管没有《鱿鱼游戏》一样的爆款，但是今年以来，奈飞也推出了《苦尽柑来遇见你》、《白宫杀人事件》等一批佳作。对于奈飞而言，内容库的广度和AI技术驱动，正是奈飞的护城河。也是因此，哪怕奈飞投资失利的作品也并不少见，但其丰富多样的内容库，仍旧能够助推奈飞的业绩增长。目前，奈飞已经不再公布用户数的相关数据，而是将焦点转向赚钱和用户留存。某种意义上，奈飞已经不再将增长寄希望于用户增长，而是通过优质内容保证用户留存。而在第二季度财报中，奈飞再次超过预期——营收110.8 亿美元，同比增长 15.9%，比分析师预期高 2282 万美元；摊薄后每股收益 7.19 美元，同比增长 47.3%，比预期高 0.10 美元。不仅如此，奈飞还产生了22.7 亿美元自由现金流，尽管环比下降，但比去年同期的 12.1 亿美元大幅增长。与之形成鲜明对比的是，国内大多数影视公司仍然在亏损和温饱线上挣扎。哪怕各大影视院线公司积极开拓非票收入作为新的增长极之时，IP衍生品，同样也建立在优质内容的基础之上。对于影视公司来说，内容，始终是核心竞争力。目前，国内视频平台并非缺乏爆款，但绝大多数平台内容库仍旧缺乏深度。国内长视频平台被诟病的日更模式，正是内容深度欠缺的一个缩影。由于优质内容太少，平台才不得不采取日更模式保证用户留存，同样也是因为内容吸引力不足，周播导致的断更也会导致用户活跃度大幅下降。但在奈飞上，剧集采取周播和一次性放出相结合的模式，事实上，只要剧集质量够好，优质剧集够多，周播并不会影响用户活跃度，一次性放出也不会影响用户留存。不仅如此，在电影投资上，奈飞同样制作了相当多的优质电影，截至2024 年，奈飞原创内容占比超 60%。《西线无战事》《犬之力》等作品甚至先后提名奥斯卡奖，使得奈飞和电影制作方达成双赢。不过，这样的模式同样需要考虑市场环境。目前，中国长视频市场用户增长见顶，市场逐渐饱和，各大视频平台之间的竞争相当激烈。而电影市场，年轻人进场率大幅下降，中老年人成为电影院主力。平台内容缺乏深度，院线电影投资减少，和目前的市场情况互为因果，循环往复。那么，如何破局？最终的答案，或许是建立工业化的制作体系，利用技术去推动优质内容的产出。目前，国内影视行业上下游的公司众多，但仍旧少有能够打破影视行业现有框架的公司出现，上下游企业各司其职，难以形成体系化的影视制作、宣发流程。过往，好莱坞能够称霸全球，正是由于其工业化的制作体系。奈飞则是在这种工业化的影视制作体系之上，使用互联网技术为其赋能。实际上，早在推出自己的第一部原创剧集《纸牌屋》之前，奈飞已经开始对于自己的用户数据进行分析。奈飞会结合数据模型和团队判断，构建专业的内容推荐模型，预测用户对于哪一些内容感兴趣，愿意在哪一类内容上支付，再进行投资和工业化制作。《纸牌屋》上线首月，网飞用户新增300万，全球播放量突破10亿次，彻底颠覆了剧集制作与发行的既有规则。此后，奈飞更是在原创内容上加大投入，2015年，奈飞在内容上的预算就已经高达50亿美元，2020年飙升至170亿美元，到今年更是预测突破200亿美元。放眼国内，至今仍旧没有影视公司能够持续推出爆款，在爆款之后投资失利的影视制作公司数不胜数。这固然是影视行业的常态，但同样，也给予头部企业更多的思考空间。在互联网时代，如何摆脱传统的营收和创作模式，用数据驱动，带动整个行业的发展，将成为头部企业急需解决的问题。更重要的是，整个影视行业上下游，需要加大力度打造工业化的影视制作流程，进而持续地产出优质的内容，才能带动市场，形成正向循环。03结语尽管如今，短视频、短剧正在抢占用户注意力，但与此同时，电影和长剧所代表的长叙事，显然能够承载更多能量，收获更多的情绪消费。相比短剧和短视频，长剧和电影拥有更大的公共影响力和穿越周期的能力，这样的长尾效应，在今年正在被愈发突出。这也是如今影视板块的投资逻辑开始有了一定变化的原因。但当市场的投资逻辑正在从曾经的\"赌爆款\"转向业绩确定性和技术等的赋能，目前的影视公司却仍未完全摆脱传统框架。伴随着影视板块和观众注意力的回流，目前影视行业的头部企业正在迎来更多机会，然而，只有优质内容的供应真的可持续，影视行业的投资逻辑才能彻底完成转变。","news_type":1,"symbols_score_info":{"NFLX":1.1,"02125":1.1,"09857":1.1}},"isVote":1,"tweetType":1,"viewCount":2599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":474096872624688,"gmtCreate":1756778030512,"gmtModify":1756778031768,"author":{"id":"3554682570829186","authorId":"3554682570829186","name":"ray2020","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554682570829186","idStr":"3554682570829186"},"themes":[],"title":"","htmlText":"<a 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