社区
首页
集团介绍
社区
资讯
行情
学堂
TigerAI
登录
注册
基隆海港
以小搏大
IP属地:浙江
+关注
帖子 · 46
帖子 · 46
关注 · 0
关注 · 0
粉丝 · 0
粉丝 · 0
基隆海港
基隆海港
·
04-08
良心企业,持续回购。
腾讯控股(00700)4月8日耗资约10亿港元回购197.9万股
智通财经APP讯,腾讯控股(00700)公布,2026年4月8日耗资约10亿港元回购197.9万股股份。
腾讯控股(00700)4月8日耗资约10亿港元回购197.9万股
看
141
回复
评论
点赞
1
编组 21备份 2
分享
举报
基隆海港
基隆海港
·
03-21
美团是宇树科技的第二大股东
宇树科技IPO获受理,美团为第二大股东,2025年度营收同比暴增335.4%,净利润增长204%
2025年度,公司实现营业收入170,820.87万元,同比增长335.36%;扣除非经常性损益后归母净利润为6亿元,同比增长674.29%。宇树科技披露的招股说明书显示,截至本招股说明书签署日,王兴兴直接持有公司8,671.4964 万股股份,占公司股本总额的23.8216%,系公司控股股东。此外,美团是宇树科技的第二大股东。截至2025年9月末,公司研发人员175人,占员工总数36.46%,研发费用为9,020.94万元,占营业收入7.73%。2022年至2024年,公司境外收入占主营业务收入比例连续三年超过55%。
宇树科技IPO获受理,美团为第二大股东,2025年度营收同比暴增335.4%,净利润增长204%
看
484
回复
评论
点赞
1
编组 21备份 2
分享
举报
基隆海港
基隆海港
·
02-25
这篇文章不错,转发给大家看看
33 岁分析师一篇神文,戳穿AI时代最恐怖的真相?
作者以“2028年6月发布的一份宏观研究” 展开,倒推AI技术进步和智能体普及对人类社会和经济的影响。为了自救,它们只能继续裁员、投入更多AI。token 可以理解为 AI 处理信息时的最小计量单位。你输入的一段文字,会被拆成很多小块,AI 输出的回答,也会被拆成很多小块。但在2027年的推演中,AI代理杀死了这一切。但AI最先取代的就是他们。如果AI把人类的生产成本降到了零,那也意味着人类的收入也将趋向于零。
33 岁分析师一篇神文,戳穿AI时代最恐怖的真相?
看
598
回复
评论
点赞
1
编组 21备份 2
分享
举报
基隆海港
基隆海港
·
02-25
字节跳动25年利润高达450亿美金
字节跳动新估值,5500亿美元!
投资机构General Atlantic计划出售字节跳动部分股权,估值高达5500亿美元,较去年11月二级市场交易的4800亿美元估值上涨14.6%,较去年员工回购价上涨66%。强劲的财务表现——年度利润有望达480亿美元,已超越Meta,以及TikTok美国业务不确定性消散,共同支撑了这一高昂估值。
字节跳动新估值,5500亿美元!
看
691
回复
评论
点赞
1
编组 21备份 2
分享
举报
基隆海港
基隆海港
·
02-05
$叮咚买菜(DDL)$
最后不是被京东收购,而是被美团纳入怀中。
看
876
回复
评论
点赞
3
编组 21备份 2
分享
举报
基隆海港
基隆海港
·
02-03
$叮咚买菜(DDL)$
看好破4
看
1,005
回复
评论
点赞
3
编组 21备份 2
分享
举报
基隆海港
基隆海港
·
01-20
$龙旗科技(09611)$
看
1,208
回复
评论
点赞
2
编组 21备份 2
分享
举报
基隆海港
基隆海港
·
01-18
生活中最不能缺的是早晨一杯茶,下午一杯美式,开始一天的能量时刻。 晚上查看股票资讯和投资动态。
看
1,223
回复
评论
点赞
1
编组 21备份 2
分享
举报
基隆海港
基隆海港
·
01-09
啊,卖飞啦。
@基隆海港:
暗盘交易,获益30%,落袋为安。
暗盘交易,获益30%,落袋为安。
看
1,380
回复
评论
点赞
点赞
编组 21备份 2
分享
举报
基隆海港
基隆海港
·
01-08
暗盘交易,获益30%,落袋为安。
看
2,689
回复
1
点赞
1
编组 21备份 2
分享
举报
加载更多
暂无关注
热议股票
{"i18n":{"language":"zh_CN"},"isCurrentUser":false,"userPageInfo":{"id":"3576901625458397","uuid":"3576901625458397","gmtCreate":1613807601543,"gmtModify":1770093713314,"name":"基隆海港","pinyin":"jlhgjilonghaigang","introduction":"","introductionEn":"","signature":"以小搏大","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","hatId":"shopping-5c7909103804749e0b21df6dfddc9bae","hatName":"2024新年头像框","vip":1,"status":2,"fanSize":4,"headSize":43,"tweetSize":46,"questionSize":0,"limitLevel":999,"accountStatus":3,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":5,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":3,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-3","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"偶像虎友","description":"加入老虎社区1500天","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.04.01","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"35ec162348d5460f88c959321e554969-2","templateUuid":"35ec162348d5460f88c959321e554969","name":"宗师交易员","description":"证券或期货账户累计交易次数达到100次","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.11.15","exceedPercentage":"80.46%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"228c86a078844d74991fff2b7ab2428d-2","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资总监虎","description":"证券账户累计交易金额达到30万美元","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.10.04","exceedPercentage":"80.21%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"02aa7f16703b4ce4ace6f1a7665789cc-2","templateUuid":"02aa7f16703b4ce4ace6f1a7665789cc","name":"知识探索家","description":"观看学堂课程满20节","bigImgUrl":"https://static.tigerbbs.com/63cc10a4789c3eaa019b225a55136cf9","smallImgUrl":"https://static.tigerbbs.com/b1f0cbf3ae1b0a4593ddb3434df74ce0","grayImgUrl":null,"redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.06.19","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":2006},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.05.16","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.01.27","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":6,"currentWearingBadge":{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.05.16","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},"individualDisplayBadges":null,"crmLevel":6,"crmLevelSwitch":1,"location":"浙江","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":7,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":551469573431984,"gmtCreate":1775657957514,"gmtModify":1775657960200,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3576901625458397","idStr":"3576901625458397"},"themes":[],"title":"","htmlText":"良心企业,持续回购。","listText":"良心企业,持续回购。","text":"良心企业,持续回购。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/551469573431984","repostId":"2625091788","repostType":2,"repost":{"id":"2625091788","kind":"news","pubTimestamp":1775642032,"share":"https://www.laohu8.com/m/news/2625091788?lang=zh_CN&edition=full","pubTime":"2026-04-08 17:53","market":"sh","language":"zh","title":"腾讯控股(00700)4月8日耗资约10亿港元回购197.9万股","url":"https://stock-news.laohu8.com/highlight/detail?id=2625091788","media":"智通财经","summary":"智通财经APP讯,腾讯控股(00700)公布,2026年4月8日耗资约10亿港元回购197.9万股股份。","content":"<html><body><p>智通财经APP讯,<a href=\"https://laohu8.com/S/00700\">腾讯控股</a>(00700)公布,2026年4月8日耗资约10亿港元回购197.9万股股份。</p></body></html>","source":"stock_zhitongcaijing","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>腾讯控股(00700)4月8日耗资约10亿港元回购197.9万股</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腾讯控股(00700)4月8日耗资约10亿港元回购197.9万股\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-08 17:53 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1426051.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP讯,腾讯控股(00700)公布,2026年4月8日耗资约10亿港元回购197.9万股股份。</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1426051.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","IE00B031J352.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) INC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU0791591158.USD":"ALLSPRING EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","HTCD.SI":"Tencent HK SDR 10to1","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","BK1095":"互动媒体与服务","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD) INC AV","LU1226288097.SGD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P\" (SGDHDG) INC A","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU0067412154.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY \"P\" (USD) ACC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","BK1609":"ChatGPT概念","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","LU0878004406.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) INC","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","BK1531":"手游股","LU0882747503.HKD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (HKD) INC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0261947096.USD":"FIDELITY FUNDS SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU0972618739.USD":"JPM TOTAL EMERGING MARKETS \"A\" (USD) INC (M)","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","LU1785774172.SGD":"JPM TOTAL EMERGING MARKETS INCOME \"A\" (SGD) INC","BK1610":"ETF&股票定投概念","LU2177674079.SGD":"Fidelity Asia Pacific Opportunities A-ACC-SGD (hedged)","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","SG9999001846.SGD":"Schroder Asian Equity Yield A Dis SGD","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0173614495.USD":"富达中国焦点A","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU0608807946.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" Q (USD) INC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0192582467.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" (USD) INC MF","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","HK0000352291.HKD":"VALUE PARTNERS ASIAN INCOME \"A\" (HKD) INC","LU0431992006.USD":"摩根大通新兴市场机会A(acc)","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","BK1517":"云办公","HK0000352382.USD":"VALUE PARTNERS ASIAN INCOME \"A\" (USD) INC","SG9999001689.USD":"施罗德亚洲成长股票","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","IE0032834883.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) INC","BK1516":"腾讯概念","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","IE00B0169L03.USD":"FSSA ASIA FOCUS FUND \"I\" (USD) ACC","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU0051755006.USD":"摩根大通中国A (dist)","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU1733274473.HKD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (HKD) INC","BK1618":"Manus概念股","LU1733274390.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) INC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0862451837.USD":"JPM EMERGING MARKETS DIVIDEND \"A\" (USD) INC (M)","BK1615":"港股-互联网","LU2051468812.USD":"JPM EMERGING MARKETS ESG EQUITY \"A\" (USD) ACC","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","IE0008368411.USD":"FSSA ASIAN GROWTH \"I\" (USD) ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","IE00B031HW06.USD":"FSSA ASIAN GROWTH \"I\" (USD) INC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU2237443895.HKD":"abrdn SICAV I - GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","SG9999014674.SGD":"Nikko AM All China Equity A SGD","IE0008368742.USD":"首域中国增长基金I Acc","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0049112450.USD":"FIDELITY PACIFIC \"A\" INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","BK1526":"科网股","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU0396098781.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (USD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","BK1521":"挪威政府全球养老基金持仓","IE0009570106.USD":"FSSA ASIA OPPORTUNITIES \"I\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU2237443465.HKD":"abrdn SICAV I - GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0791590937.USD":"ALLSPRING EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU1235295612.USD":"FIDELITY PACIFIC \"A\" (USDHDG) INC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","HK0001040168.HKD":"CLSA GREATER CHINA HIGH DIVIDEND EQUITY \"A\" (HKD) INC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0080751232.USD":"富达环球多元动力基金A","LU1196710351.USD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (USD) INC MF","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU1196710195.USD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU1439102457.SGD":"Fidelity Asia Pacific Multi Asset Growth & Income A-MINCOME(G)-SGD","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","HK0001040143.USD":"中信里昂大中华高息股票基金 美元","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU0594300419.USD":"富达中国消费基金A","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU2317271919.USD":"BGF FUTURE CONSUMER \"A2\" (USD) ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU0502904849.HKD":"FIDELITY FUNDS CHINA INNOVATION \"A\" (HKD) ACC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","IE00B067MR52.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","00700":"腾讯控股","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","LU1951186391.HKD":"UBS (LUX) KEY SEL CHINA ALLOCATION OPPORTUNITY (US \"P\" (HKD) INC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU2251237306.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) INC A","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU0188438112.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU2251237488.HKD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (HKD) INC A","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB LE EQUITY \"A\" (USD) ACC","IE0003795394.USD":"BNY MELLON ASIAN EQUITY \"A\" (USD) ACC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0048597586.USD":"富达亚洲焦点A","IE00B97KM107.HKD":"FSSA ASIAN EQUITY PLUS \"I\" (HKD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU1725190679.HKD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (HKD) INC MF","LU1226287875.USD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"PM\" (USD) INC","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU0052750758.USD":"富兰克林中国基金A Acc","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","BK1608":"元宇宙概念","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","IE00B8HQ1Z84.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"A\" (USD) ACC","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU1688375341.USD":"贝莱德中国灵活股票基金","LU2008162690.USD":"FIDELITY FUNDS - ASIA PACIFIC OPPORTUNITIES \"A\" (USD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU1883866441.USD":"AMUNDI FUNDS REAL ASSETS TARGET INCOME \"A2\" (USD) ACC","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU1102505762.USD":"富达新兴市场焦点 A","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS \"A2\" (USD) ACC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS \"A2\" (USD) INC","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU0455707207.USD":"FIDELITY FUNDS CHINA INNOVATION \"A\" (USD) INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0072913022.USD":"UBS (LUX) EQUITY FUND - GREATER CHINA \"P\" (USD) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","SG9999001051.SGD":"United Asia Fund SGD","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU1226288253.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) INC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","SG9999007991.SGD":"Schroder Asian Income A Dis SGD","LU1226287792.SGD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P\" (SGDHDG) INC","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU1629966141.USD":"Aberdeen Standard SICAV I - Asia Pacific Multi Asset A Acc USD","LU0823426308.USD":"法巴中国股票基金","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0228659784.USD":"施罗德金砖四国基金","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU2462611646.USD":"AMUNDI FUNDS REAL ASSETS TARGET INCOME \"A2\" (USD) INC MTI","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","BK1589":"北水核心资产","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","SG9999013353.USD":"SCHRODER ASIAN INCOME FUND\"A\" (USDHDG) INC","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC NC","SG9999015978.USD":"利安颠覆性创新基金A","LU0823426480.USD":"法巴中国股票经典Dis","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","BK1586":"云计算","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU1008478684.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY \"P\" (HKD) ACC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) INC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","BK1591":"就地过年概念","LU0048580855.USD":"富达大中华区A","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund SGD","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","TCEHY":"腾讯控股ADR","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU2498475776.HKD":"AMUNDI FUNDS REAL ASSETS TARGET INCOME \"A2\" (HKD) INC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU2294711473.HKD":"BNP PARIBAS CHINA EQUITY \"C\" (HKD) ACC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU0072462343.USD":"贝莱德亚洲巨龙基金","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU2279701549.SGD":"JPMorgan Funds - Emerging Markets Sustainable Equity A (acc) SGD","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","IE0031814852.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU0541502299.USD":"ALLSPRING EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0414403682.SGD":"Blackrock Asia Pacific Equity Income A5 SGD-H","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0738912210.USD":"Blackrock Asia Pacific Equity Income A6 USD","BK1502":"双十一","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU0683595622.HKD":"AB SICAV I-EM.MKTS MUL.ASS.PTF(AD)","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","LU1226288170.HKD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P6%\"(HK D) INC","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU0541501648.USD":"ALLSPRING EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","IE0003851619.USD":"BNY MELLON ASIAN EQUITY \"B\" (USD) ACC"},"source_url":"http://www.zhitongcaijing.com/content/detail/1426051.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2625091788","content_text":"智通财经APP讯,腾讯控股(00700)公布,2026年4月8日耗资约10亿港元回购197.9万股股份。","news_type":1,"symbols_score_info":{"TCEHY":1.98,"00700":1.98,"HTCD.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":545068133318664,"gmtCreate":1774082607136,"gmtModify":1774082609702,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3576901625458397","idStr":"3576901625458397"},"themes":[],"title":"","htmlText":"美团是宇树科技的第二大股东","listText":"美团是宇树科技的第二大股东","text":"美团是宇树科技的第二大股东","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/545068133318664","repostId":"1139624991","repostType":4,"repost":{"id":"1139624991","kind":"news","pubTimestamp":1774061943,"share":"https://www.laohu8.com/m/news/1139624991?lang=zh_CN&edition=full","pubTime":"2026-03-21 10:59","market":"sh","language":"zh","title":"宇树科技IPO获受理,美团为第二大股东,2025年度营收同比暴增335.4%,净利润增长204%","url":"https://stock-news.laohu8.com/highlight/detail?id=1139624991","media":"华尔街见闻","summary":"2025年度,公司实现营业收入170,820.87万元,同比增长335.36%;扣除非经常性损益后归母净利润为6亿元,同比增长674.29%。宇树科技披露的招股说明书显示,截至本招股说明书签署日,王兴兴直接持有公司8,671.4964 万股股份,占公司股本总额的23.8216%,系公司控股股东。此外,美团是宇树科技的第二大股东。截至2025年9月末,公司研发人员175人,占员工总数36.46%,研发费用为9,020.94万元,占营业收入7.73%。2022年至2024年,公司境外收入占主营业务收入比例连续三年超过55%。","content":"<html><head></head><body><blockquote><p>宇树科技冲刺科创板IPO拟募资42亿元,主攻具身智能!2025年营收逾17亿增长3倍,净利润2.88亿,增长2倍,扣非净利达6亿元,暴增近7倍(存在3.49亿元一次性股权支付费用)。其人形机器人出货量登顶全球第一,已成最大增长引擎。</p></blockquote><p style=\"text-align: justify;\">宇树科技股份有限公司(以下简称"宇树科技")日前向上海证券交易所提交科创板上市申请,招股说明书(申报稿)显示,公司拟公开发行不低于4,044.64万股A股,占发行后总股本不低于10%,中信证券担任保荐人。</p><p style=\"text-align: justify;\">从财务数据来看,宇树科技业绩呈爆发式增长态势。2025年度,公司实现营业收入170,820.87万元,同比增长335.36%;扣除非经常性损益后归母净利润为6亿元,同比增长674.29%。公司由此跻身为国内极少数同时实现规模收入与实质性盈利的通用机器人企业之一。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da7f6d13904c789155dcad7505506aa0\" tg-width=\"1204\" tg-height=\"352\"/></p><p style=\"text-align: justify;\">宇树科技披露的招股说明书显示,截至本招股说明书签署日,王兴兴直接持有公司8,671.4964 万股股份,占公司股本总额的23.8216%,系公司控股股东。</p><p style=\"text-align: justify;\">此外,<strong>美团是宇树科技的第二大股东。</strong>美团旗下汉海信息、Galaxy Z及成都龙珠作为公司股东就所持有公司股份构成一致行动关系,<strong>合计持股比例为9.6488%。</strong></p><p style=\"text-align: justify;\">公司的市场地位同样引人注目。2025年度,宇树科技人形机器人出货量超5,500台(纯人形,不含轮式双臂机器人),居全球第一;报告期内四足机器人累计销量超30,000台,全球市场份额保持领先。</p><p style=\"text-align: justify;\">然而,这一赛道正迎来特斯拉等科技巨头的加速布局,贸易摩擦风险也为其境外收入带来不确定性。本次上市募资总额上限拟达42亿元,将主要投向具身智能模型研发与智能制造基地建设。</p><h2 id=\"id_1241539906\">业绩高速增长,但非经常项目显著影响净利润</h2><p style=\"text-align: justify;\">宇树科技的核心财务指标呈现快速跃升。报告期内,公司主营业务收入从2022年的1.21亿元增长至2025年1-9月的11.55亿元,2025年全年进一步攀升至17.08亿元,<strong>两年间实现逾14倍增长。</strong></p><p style=\"text-align: justify;\">支撑收入增长的核心引擎已完成明显切换——人形机器人业务从无到有,并迅速超越四足机器人成为第一大收入来源。2025年1-9月,人形机器人收入占主营业务收入比例达51.53%,而两年前这一数字仅为1.88%。四足机器人收入占比则相应从76.57%降至42.25%,但其绝对金额仍在扩张。</p><p style=\"text-align: justify;\">盈利质量上,公司强调应以扣非后净利润为核心参考指标。2025年净利润为2.88亿元,但扣非后净利润高达6亿元——<strong>差距源于公司在该期间一次性确认了3.49亿元股份支付费用(与股权激励平台上海宇翼增资相关)。</strong>这一费用不涉及现金流出,属非经常性损益。</p><p style=\"text-align: justify;\">主营业务毛利率方面,公司表现持续改善。2022年至2025年1-9月,主营业务毛利率从44.18%逐步提升至59.45%,<strong>2025年全年(经审阅)为60.27%</strong>。招股书披露,这主要得益于核心部组件自研带来的成本控制优势,以及规模扩张后的采购议价能力提升。</p><h2 id=\"id_1848393792\">产品矩阵与技术护城河</h2><p style=\"text-align: justify;\">宇树科技的竞争优势建立在全栈自研技术体系之上。公司坚持对电机驱动、整机机械结构、具身本体智能模型等核心环节进行自主研发,截至2026年1月末持有专利262项(含境内发明专利20项)。</p><p style=\"text-align: justify;\">产品矩阵方面,公司目前已推出H1、H2(全尺寸)及G1、R1(中型及中小型)四款主力人形机器人,以及覆盖消费级与行业级的多款四足机器人系列(Go系列、B系列、A系列)。R1 Air款起售价为2.99万元,G1基础版本起售价8.5万元,较早期产品大幅降低了消费门槛。</p><p style=\"text-align: justify;\">在具身智能模型领域,公司已分别于2025年9月和2026年1月开源发布WMA架构模型“UnifoLM-WMA-0”和VLA架构模型“UnifoLM-VLA-0”,两大技术路线并行推进。招股书同时指出,全球范围内具身大模型技术尚处研发测试阶段,公司报告期内尚未将自研通用具身大模型规模化应用于产品,仅在自有工厂等试点场景完成部署验证。</p><p style=\"text-align: justify;\">截至2025年9月末,公司研发人员175人,占员工总数36.46%,研发费用为9,020.94万元,占营业收入7.73%。</p><h2 id=\"id_3006226733\">海外收入贡献显著,贸易风险不容忽视</h2><p style=\"text-align: justify;\">国际市场是宇树科技商业版图的重要组成部分。2022年至2024年,公司境外收入占主营业务收入比例连续三年超过55%。进入2025年,受国内人工智能与机器人产业快速发展及春晚演出带来的品牌效应驱动,境内收入占比大幅提升至60.80%,但境外收入绝对值仍持续增长。</p><p style=\"text-align: justify;\">招股书将国际贸易摩擦列为需要“特别关注”的核心风险之一。文件指出,2025年以来美国政府对外国商品进口关税政策有所波动,若公司被列入管制采购或技术出口限制清单,将面临境外销售高速增长难以为继乃至业绩下滑的风险。</p><p style=\"text-align: justify;\">此外,公司约20%的原材料采购通过境内代理商进口,外部供应链管制政策的不利变化同样可能影响物料采购与技术合作。</p><p style=\"text-align: justify;\">值得注意的是,公司境外销售结算货币以美元为主,汇率波动亦构成潜在影响。报告期内,公司汇兑损益分别为-567.82万元、-298.12万元、-443.77万元和+1,422.82万元,波动较为明显。</p><h2 id=\"id_1260664108\">股权结构与特别表决权安排</h2><p style=\"text-align: justify;\">实际控制人王兴兴直接持有公司23.82%股份,并通过特别表决权安排,其中44,074,296股设置为A类股(每股享有10票表决权),使其合计控制的表决权比例达68.7816%。由此,<strong>王兴兴为公司的控股股东、实际控制人</strong>。本次发行后,王兴兴合计控制的表决权比例将降至不超过65.3090%。</p><p style=\"text-align: justify;\">投资者保护方面,公司设有3名独立董事,并承诺在符合业务发展需求的前提下,每年现金分红不低于当期可分配利润的10%。招股书同时提示,特别表决权机制下,若实际控制人与中小股东利益不一致,后者可能难以对股东会决议产生实质影响。</p><h2 id=\"id_1730911885\">募资逾42亿元,主攻具身智能</h2><p style=\"text-align: justify;\">本次拟募集资金总额42.02亿元,分投四个项目:</p><blockquote><p style=\"text-align: justify;\">智能机器人模型研发项目(20.22亿元);</p><p style=\"text-align: justify;\">机器人本体研发项目(11.10亿元);</p><p style=\"text-align: justify;\">新型智能机器人产品开发项目(4.45亿元);</p><p style=\"text-align: justify;\">智能机器人制造基地建设项目(6.24亿元)。</p></blockquote><p style=\"text-align: justify;\">其中研发类项目合计占募资总额约85%,制造基地占15%,整体导向为持续加码“大脑、小脑”等核心技术攻关,同时扩充产能以消化快速增长的市场需求。</p><p style=\"text-align: justify;\">公司2025年6月最近一轮市场化股权融资的投前估值为120亿元、投后估值127亿元。按上述估值测算,公司本次发行后预计市值满足科创板不低于100亿元的上市标准。</p></body></html>","source":"lsy1762389672944","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>宇树科技IPO获受理,美团为第二大股东,2025年度营收同比暴增335.4%,净利润增长204%</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宇树科技IPO获受理,美团为第二大股东,2025年度营收同比暴增335.4%,净利润增长204%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-21 10:59 北京时间 <a href=https://wallstreetcn.com/articles/3768005><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>宇树科技冲刺科创板IPO拟募资42亿元,主攻具身智能!2025年营收逾17亿增长3倍,净利润2.88亿,增长2倍,扣非净利达6亿元,暴增近7倍(存在3.49亿元一次性股权支付费用)。其人形机器人出货量登顶全球第一,已成最大增长引擎。宇树科技股份有限公司(以下简称\"宇树科技\")日前向上海证券交易所提交科创板上市申请,招股说明书(申报稿)显示,公司拟公开发行不低于4,044.64万股A股,占发行后总...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3768005\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03b737852f586e2640047e4e68a010a4","relate_stocks":{"03690":"美团-W"},"source_url":"https://wallstreetcn.com/articles/3768005","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139624991","content_text":"宇树科技冲刺科创板IPO拟募资42亿元,主攻具身智能!2025年营收逾17亿增长3倍,净利润2.88亿,增长2倍,扣非净利达6亿元,暴增近7倍(存在3.49亿元一次性股权支付费用)。其人形机器人出货量登顶全球第一,已成最大增长引擎。宇树科技股份有限公司(以下简称\"宇树科技\")日前向上海证券交易所提交科创板上市申请,招股说明书(申报稿)显示,公司拟公开发行不低于4,044.64万股A股,占发行后总股本不低于10%,中信证券担任保荐人。从财务数据来看,宇树科技业绩呈爆发式增长态势。2025年度,公司实现营业收入170,820.87万元,同比增长335.36%;扣除非经常性损益后归母净利润为6亿元,同比增长674.29%。公司由此跻身为国内极少数同时实现规模收入与实质性盈利的通用机器人企业之一。宇树科技披露的招股说明书显示,截至本招股说明书签署日,王兴兴直接持有公司8,671.4964 万股股份,占公司股本总额的23.8216%,系公司控股股东。此外,美团是宇树科技的第二大股东。美团旗下汉海信息、Galaxy Z及成都龙珠作为公司股东就所持有公司股份构成一致行动关系,合计持股比例为9.6488%。公司的市场地位同样引人注目。2025年度,宇树科技人形机器人出货量超5,500台(纯人形,不含轮式双臂机器人),居全球第一;报告期内四足机器人累计销量超30,000台,全球市场份额保持领先。然而,这一赛道正迎来特斯拉等科技巨头的加速布局,贸易摩擦风险也为其境外收入带来不确定性。本次上市募资总额上限拟达42亿元,将主要投向具身智能模型研发与智能制造基地建设。业绩高速增长,但非经常项目显著影响净利润宇树科技的核心财务指标呈现快速跃升。报告期内,公司主营业务收入从2022年的1.21亿元增长至2025年1-9月的11.55亿元,2025年全年进一步攀升至17.08亿元,两年间实现逾14倍增长。支撑收入增长的核心引擎已完成明显切换——人形机器人业务从无到有,并迅速超越四足机器人成为第一大收入来源。2025年1-9月,人形机器人收入占主营业务收入比例达51.53%,而两年前这一数字仅为1.88%。四足机器人收入占比则相应从76.57%降至42.25%,但其绝对金额仍在扩张。盈利质量上,公司强调应以扣非后净利润为核心参考指标。2025年净利润为2.88亿元,但扣非后净利润高达6亿元——差距源于公司在该期间一次性确认了3.49亿元股份支付费用(与股权激励平台上海宇翼增资相关)。这一费用不涉及现金流出,属非经常性损益。主营业务毛利率方面,公司表现持续改善。2022年至2025年1-9月,主营业务毛利率从44.18%逐步提升至59.45%,2025年全年(经审阅)为60.27%。招股书披露,这主要得益于核心部组件自研带来的成本控制优势,以及规模扩张后的采购议价能力提升。产品矩阵与技术护城河宇树科技的竞争优势建立在全栈自研技术体系之上。公司坚持对电机驱动、整机机械结构、具身本体智能模型等核心环节进行自主研发,截至2026年1月末持有专利262项(含境内发明专利20项)。产品矩阵方面,公司目前已推出H1、H2(全尺寸)及G1、R1(中型及中小型)四款主力人形机器人,以及覆盖消费级与行业级的多款四足机器人系列(Go系列、B系列、A系列)。R1 Air款起售价为2.99万元,G1基础版本起售价8.5万元,较早期产品大幅降低了消费门槛。在具身智能模型领域,公司已分别于2025年9月和2026年1月开源发布WMA架构模型“UnifoLM-WMA-0”和VLA架构模型“UnifoLM-VLA-0”,两大技术路线并行推进。招股书同时指出,全球范围内具身大模型技术尚处研发测试阶段,公司报告期内尚未将自研通用具身大模型规模化应用于产品,仅在自有工厂等试点场景完成部署验证。截至2025年9月末,公司研发人员175人,占员工总数36.46%,研发费用为9,020.94万元,占营业收入7.73%。海外收入贡献显著,贸易风险不容忽视国际市场是宇树科技商业版图的重要组成部分。2022年至2024年,公司境外收入占主营业务收入比例连续三年超过55%。进入2025年,受国内人工智能与机器人产业快速发展及春晚演出带来的品牌效应驱动,境内收入占比大幅提升至60.80%,但境外收入绝对值仍持续增长。招股书将国际贸易摩擦列为需要“特别关注”的核心风险之一。文件指出,2025年以来美国政府对外国商品进口关税政策有所波动,若公司被列入管制采购或技术出口限制清单,将面临境外销售高速增长难以为继乃至业绩下滑的风险。此外,公司约20%的原材料采购通过境内代理商进口,外部供应链管制政策的不利变化同样可能影响物料采购与技术合作。值得注意的是,公司境外销售结算货币以美元为主,汇率波动亦构成潜在影响。报告期内,公司汇兑损益分别为-567.82万元、-298.12万元、-443.77万元和+1,422.82万元,波动较为明显。股权结构与特别表决权安排实际控制人王兴兴直接持有公司23.82%股份,并通过特别表决权安排,其中44,074,296股设置为A类股(每股享有10票表决权),使其合计控制的表决权比例达68.7816%。由此,王兴兴为公司的控股股东、实际控制人。本次发行后,王兴兴合计控制的表决权比例将降至不超过65.3090%。投资者保护方面,公司设有3名独立董事,并承诺在符合业务发展需求的前提下,每年现金分红不低于当期可分配利润的10%。招股书同时提示,特别表决权机制下,若实际控制人与中小股东利益不一致,后者可能难以对股东会决议产生实质影响。募资逾42亿元,主攻具身智能本次拟募集资金总额42.02亿元,分投四个项目:智能机器人模型研发项目(20.22亿元);机器人本体研发项目(11.10亿元);新型智能机器人产品开发项目(4.45亿元);智能机器人制造基地建设项目(6.24亿元)。其中研发类项目合计占募资总额约85%,制造基地占15%,整体导向为持续加码“大脑、小脑”等核心技术攻关,同时扩充产能以消化快速增长的市场需求。公司2025年6月最近一轮市场化股权融资的投前估值为120亿元、投后估值127亿元。按上述估值测算,公司本次发行后预计市值满足科创板不低于100亿元的上市标准。","news_type":1,"symbols_score_info":{"03690":2}},"isVote":1,"tweetType":1,"viewCount":484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":536577736021416,"gmtCreate":1772021315689,"gmtModify":1772021317890,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3576901625458397","idStr":"3576901625458397"},"themes":[],"title":"","htmlText":"这篇文章不错,转发给大家看看","listText":"这篇文章不错,转发给大家看看","text":"这篇文章不错,转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/536577736021416","repostId":"1115916229","repostType":4,"repost":{"id":"1115916229","kind":"news","pubTimestamp":1772014617,"share":"https://www.laohu8.com/m/news/1115916229?lang=zh_CN&edition=full","pubTime":"2026-02-25 18:16","market":"us","language":"zh","title":"33 岁分析师一篇神文,戳穿AI时代最恐怖的真相?","url":"https://stock-news.laohu8.com/highlight/detail?id=1115916229","media":"码头青年","summary":"作者以“2028年6月发布的一份宏观研究” 展开,倒推AI技术进步和智能体普及对人类社会和经济的影响。为了自救,它们只能继续裁员、投入更多AI。token 可以理解为 AI 处理信息时的最小计量单位。你输入的一段文字,会被拆成很多小块,AI 输出的回答,也会被拆成很多小块。但在2027年的推演中,AI代理杀死了这一切。但AI最先取代的就是他们。如果AI把人类的生产成本降到了零,那也意味着人类的收入也将趋向于零。","content":"<html><head></head><body><p>2月22日,Citrini Research发布了一篇题为《过剩智能的后果》的文章。</p><p>作者以“2028年6月发布的一份宏观研究” 展开,倒推AI技术进步和智能体普及对人类社会和经济的影响。这篇原本面向顶级投资人的内部报告,在发布后,瞬间便横扫 X(Twitter) 趋势榜。</p><p>这篇神文也在美股市场疯狂传播,进一步加剧了投资者的担忧情绪。</p><p>截至美股周一收盘,在文章中被点名的上市公司普遍下跌。其中,外卖平台DoorDash、黑石大跌超6%、美国运通大跌超7%,优步、Visa也应声下跌。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87608555686fe56fbd570a358dbcc953\" alt=\"\" title=\"\" tg-width=\"550\" tg-height=\"867\"/></p><p><strong>为何这篇文章能把美股吓尿?</strong></p><p>先交代一下作者。Citrini Research 的创始人 James van Geelen ,今年33岁,主业是做宏观与主题研究,文章设定成一份来自2028年6月的宏观备忘录,回头复盘危机如何从2026年一路走来,直至到无法挽救。文章里还提到,这个问题最初由他的朋友 Alap Shah 抛出,两人一起把推演写了出来。</p><p>Citrini 在文中说:<strong>如果人类智能不再稀缺,智能溢价持续回撤,那么建立在白领持续赚钱能力之上的消费、房贷、信用扩张,都会开始松动,甚至连金融体系都会崩溃。</strong></p><p>我们要理解现代经济的一个基本假设:<strong>人类的脑子是值钱的。</strong></p><p><strong>过去几十年,如果你受过良好教育、会写代码、会做PPT、会法律分析,你就能获得智能溢价。你赚到钱,然后买房、消费、社交,支撑起占美国GDP 70%的消费市场。</strong></p><p><strong>但Citrini告诉我们,这个逻辑正在崩塌。</strong></p><p><strong>最初,企业觉得AI是好帮手。但到了2026年,AI Agent(智能体)的编码能力出现了阶跃式进化。以前需要几十个白领、每年付几十万美金购买的SaaS软件,现在一个开发者带几个AI,几周就能复刻出来。</strong></p><p><strong>企业为了保住利润疯狂裁员,但他们忘了一个死逻辑,你的员工,就是别人的客户。</strong>当Salesforce、ServiceNow这些巨头通过AI帮客户裁员15%时,它们也立刻损失了15%的订阅授权收入。为了自救,它们只能继续裁员、投入更多AI。</p><p>这就是人类智能替代螺旋: 企业每省下1美元人力成本,就流向了更强的AI,而更强的AI会反过来干掉更多的人。</p><p>文中有一句话,让我印象深刻:到 2027 年 3 月,美国个人用户的<strong>日均 token 消耗中位数</strong>已经达到<strong>40 万</strong>,相比 2026 年末增长了 10 倍。</p><p><strong>先通俗解释一下什么叫 token。</strong></p><p><strong>token 可以理解为 AI 处理信息时的最小计量单位。你输入的一段文字,会被拆成很多小块,AI 输出的回答,也会被拆成很多小块。每一个小块,就是一个 token。可以粗略理解为几个汉字、一个英文单词或一个符号的组合。</strong></p><p>所以 40 万 token,并不是 40 万句话,而是 AI 在一天之内读取、分析、生成的总信息量。这个数字越大,意味着它参与的决策越多,处理的细节越细,生活中被算法接管的部分也就越多。</p><p>2027 年个人用户日均 40 万 token,说明美国人的生活开始被持续计算。过去我们做决定是断续的,想起来才比价,心情好才研究条款,嫌麻烦就默认续费。机器不是这样。它会在后台 7×24 小时盯着航班价格、订阅账单、保险报价、信用卡积分和配送费率,把人的每一个犹豫拆解成上百次微判断。人类的惰性,曾经是一种隐形资产,支撑着平台抽成、订阅涨价和信息差生意;当代理替你把犹豫清零,这部分利润就开始蒸发。</p><p>如果人类的惰性和情绪被持续削弱甚至清零,这个社会会发生什么?</p><p>很多人以为情绪是效率的敌人,但它其实是商业社会的润滑剂。冲动消费、品牌偏好、习惯性续费、懒得比价、对销售人员的信任感,这些从消费者的角度看,肯定不好,但是它们却是企业利润的重要来源。</p><p>当智能体开始替你做决定,它一不会疲惫,二不会心软,更不会被广告打动,也不会因为习惯而偷懒。它只优化价格和匹配度。情绪一旦退场,很多行业很多人的命运都要被改写。社会可能变得更高效,但也更冷酷。</p><p>Citrini认为,现代商业巨头的利润,其实大多来自于“摩擦力”。因为人类的很多成本,本质上来自摩擦:懒得比价、没时间谈判、习惯性续费、信息不对称。</p><p>但在2027年的推演中,AI代理杀死了这一切。</p><p><strong>想象一下,你的手机里跑着一个24小时不睡觉的AI。它不会因为疲惫而妥协,它会瞬间在全网几百个平台寻找最低价格,它会自动帮你退订所有不划算的保险,它会绕过银行卡那2%的手续费直接用虚拟货币结算。</strong></p><p><strong>于是旅行预订、保险续保、订阅经济、房地产经纪佣金、外卖平台的抽成、信用卡交换费,这些以摩擦为护城河的商业模式,会先死为敬。</strong></p><p>像DoorDash们,都会破产,因为AI没有“主屏幕”概念,它只看谁最便宜、送得最快。<strong>万事达、Visa们也会非常恐慌,</strong>因为AI发现传统的刷卡手续费太笨重,直接通过算法绕过了银行。</p><p>报告还提到支付、外卖、网约车这些环节,相关股票立刻遭到抛售。</p><p>作者也把火引向房贷和私募信贷。</p><p>美国乃至全世界的金融基石是按揭贷款。银行之所以敢借钱给你买房,是基于一个假设:你未来的收入是稳定的,你的智能是有溢价的。</p><p>但现在,这个假设失效了。</p><p>那些信用分780以上、名校毕业的白领,以前是银行眼中的金主。但AI最先取代的就是他们。这些人失业后,不会立刻断供。他们会透支信用卡、提取养老金,试图维持体面。</p><p>但正如报告所言,2027年底,当西雅图、旧金山这些科技重镇的房价开始两位数下跌,当逾期率开始抬升,世界发现了一个恐怖的事实:<strong>2008年的危机是把钱借给了“坏人”,而2028年的危机是,原本的“好人”在贷款签出后,被时代抛弃了。</strong></p><p><strong>一个没有白领高薪支撑的13万亿房贷市场,本质上就是一张巨大的、即将到期的空头支票。</strong></p><p><strong>读完这篇文章,我们不得不面对一个极度反直觉的悖论:生产率在飙升,经济却在枯萎。</strong>这就是报告中提到的“幽灵GDP”。纸面上看,GPU集群产出了海量的代码、设计和方案,生产率数据美得惊人。但问题是,<strong>机器不买可选消费品。</strong></p><p><strong>机器不需要度假,不需要买名牌包,不需要给孩子报钢琴班。</strong></p><p><strong>如果AI把人类的生产成本降到了零,那也意味着人类的收入也将趋向于零。当财富越来越集中在少数掌握算力的人手中,而大多数白领被迫去开Uber(甚至Uber也是无人驾驶的),这个社会的消费循环就彻底断裂了。</strong></p><p><strong>我们正亲手制造一种“经济瘟疫”,它效率极高,却不留活口。</strong></p><p><strong>Citrini Research在报告的结尾提醒我们:现在是2026年2月。</strong></p><p><strong>此时此刻,标普指数依然接近高点,负反馈循环还没有完全开启。正如矿井里的金丝雀,虽然它的叫声已经变得急促,但它还活着。</strong></p><p><strong>当然,这是一份情景推演,不是现实。批评者也不少,很多人认为它过度悲观,低估了政策反应与经济自适应能力。但市场会对它有反应,恰恰说明恐惧本身已经是交易变量。</strong></p><p><strong>如果把这篇长文压缩成一句话,它问的其实是:当机器能做越来越多脑力活,而边际成本越来越接近电费时,人类靠什么维持收入,进而维持消费与信用。</strong></p><p><strong>美国人问的这个问题,其实对中国也不遥远。我们同样有庞大的服务业与中产消费,也同样有房贷链条与地方财政结构,也同样在经历企业对降本增效的执念。AI 不是单纯的工具升级,它是对整个社会方方面面的压力测试。</strong></p><p><strong>这篇文章给码头读者的启示,远不止于投资建议,更多的是关于生存的思考。</strong></p><p><strong>如果你的工作或生意是建立在信息不对称或客户懒惰之上,AI会第一时间撕碎你。</strong></p><p><strong>过去几十年买房坐等升值的逻辑,本质上是赌白领生产率持续增长。如果这个前提变了,你的资产还是资产吗?</strong></p><p><strong>我们要去寻找那些AI无法提供溢价的地方。也许是深度的人文关怀,也许是复杂的社交博弈,或者是那些AI即使能做、但人类只愿意向人类付费的特殊领域。</strong></p><p><strong>记住,AI不只是工具,它其实是另一种物种。它带来的不是一次工业革命,而是对人类社会的彻底颠覆。</strong></p><p><strong>在这场与时间的赛跑中,政府的救济方案往往落后于算法的进化。作为个人,我们唯一能做的,就是在智能溢价彻底归零之前,找到自己在这个新世界里的救命稻草。</strong></p></body></html>","source":"lsy1772015001670","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>33 岁分析师一篇神文,戳穿AI时代最恐怖的真相?</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\">\n33 岁分析师一篇神文,戳穿AI时代最恐怖的真相?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-25 18:16 北京时间 <a href=https://mp.weixin.qq.com/s/8VVK1Akq74_qKA_MiDLK7Q><strong>码头青年</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2月22日,Citrini Research发布了一篇题为《过剩智能的后果》的文章。作者以“2028年6月发布的一份宏观研究” 展开,倒推AI技术进步和智能体普及对人类社会和经济的影响。这篇原本面向顶级投资人的内部报告,在发布后,瞬间便横扫 X(Twitter) 趋势榜。这篇神文也在美股市场疯狂传播,进一步加剧了投资者的担忧情绪。截至美股周一收盘,在文章中被点名的上市公司普遍下跌。其中,外卖平台...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/8VVK1Akq74_qKA_MiDLK7Q\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1c987a5b23607493a5d06cda5496e290","relate_stocks":{"DASH":"DoorDash, Inc.","IGV":"北美软件ETF-iShares"},"source_url":"https://mp.weixin.qq.com/s/8VVK1Akq74_qKA_MiDLK7Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115916229","content_text":"2月22日,Citrini Research发布了一篇题为《过剩智能的后果》的文章。作者以“2028年6月发布的一份宏观研究” 展开,倒推AI技术进步和智能体普及对人类社会和经济的影响。这篇原本面向顶级投资人的内部报告,在发布后,瞬间便横扫 X(Twitter) 趋势榜。这篇神文也在美股市场疯狂传播,进一步加剧了投资者的担忧情绪。截至美股周一收盘,在文章中被点名的上市公司普遍下跌。其中,外卖平台DoorDash、黑石大跌超6%、美国运通大跌超7%,优步、Visa也应声下跌。为何这篇文章能把美股吓尿?先交代一下作者。Citrini Research 的创始人 James van Geelen ,今年33岁,主业是做宏观与主题研究,文章设定成一份来自2028年6月的宏观备忘录,回头复盘危机如何从2026年一路走来,直至到无法挽救。文章里还提到,这个问题最初由他的朋友 Alap Shah 抛出,两人一起把推演写了出来。Citrini 在文中说:如果人类智能不再稀缺,智能溢价持续回撤,那么建立在白领持续赚钱能力之上的消费、房贷、信用扩张,都会开始松动,甚至连金融体系都会崩溃。我们要理解现代经济的一个基本假设:人类的脑子是值钱的。过去几十年,如果你受过良好教育、会写代码、会做PPT、会法律分析,你就能获得智能溢价。你赚到钱,然后买房、消费、社交,支撑起占美国GDP 70%的消费市场。但Citrini告诉我们,这个逻辑正在崩塌。最初,企业觉得AI是好帮手。但到了2026年,AI Agent(智能体)的编码能力出现了阶跃式进化。以前需要几十个白领、每年付几十万美金购买的SaaS软件,现在一个开发者带几个AI,几周就能复刻出来。企业为了保住利润疯狂裁员,但他们忘了一个死逻辑,你的员工,就是别人的客户。当Salesforce、ServiceNow这些巨头通过AI帮客户裁员15%时,它们也立刻损失了15%的订阅授权收入。为了自救,它们只能继续裁员、投入更多AI。这就是人类智能替代螺旋: 企业每省下1美元人力成本,就流向了更强的AI,而更强的AI会反过来干掉更多的人。文中有一句话,让我印象深刻:到 2027 年 3 月,美国个人用户的日均 token 消耗中位数已经达到40 万,相比 2026 年末增长了 10 倍。先通俗解释一下什么叫 token。token 可以理解为 AI 处理信息时的最小计量单位。你输入的一段文字,会被拆成很多小块,AI 输出的回答,也会被拆成很多小块。每一个小块,就是一个 token。可以粗略理解为几个汉字、一个英文单词或一个符号的组合。所以 40 万 token,并不是 40 万句话,而是 AI 在一天之内读取、分析、生成的总信息量。这个数字越大,意味着它参与的决策越多,处理的细节越细,生活中被算法接管的部分也就越多。2027 年个人用户日均 40 万 token,说明美国人的生活开始被持续计算。过去我们做决定是断续的,想起来才比价,心情好才研究条款,嫌麻烦就默认续费。机器不是这样。它会在后台 7×24 小时盯着航班价格、订阅账单、保险报价、信用卡积分和配送费率,把人的每一个犹豫拆解成上百次微判断。人类的惰性,曾经是一种隐形资产,支撑着平台抽成、订阅涨价和信息差生意;当代理替你把犹豫清零,这部分利润就开始蒸发。如果人类的惰性和情绪被持续削弱甚至清零,这个社会会发生什么?很多人以为情绪是效率的敌人,但它其实是商业社会的润滑剂。冲动消费、品牌偏好、习惯性续费、懒得比价、对销售人员的信任感,这些从消费者的角度看,肯定不好,但是它们却是企业利润的重要来源。当智能体开始替你做决定,它一不会疲惫,二不会心软,更不会被广告打动,也不会因为习惯而偷懒。它只优化价格和匹配度。情绪一旦退场,很多行业很多人的命运都要被改写。社会可能变得更高效,但也更冷酷。Citrini认为,现代商业巨头的利润,其实大多来自于“摩擦力”。因为人类的很多成本,本质上来自摩擦:懒得比价、没时间谈判、习惯性续费、信息不对称。但在2027年的推演中,AI代理杀死了这一切。想象一下,你的手机里跑着一个24小时不睡觉的AI。它不会因为疲惫而妥协,它会瞬间在全网几百个平台寻找最低价格,它会自动帮你退订所有不划算的保险,它会绕过银行卡那2%的手续费直接用虚拟货币结算。于是旅行预订、保险续保、订阅经济、房地产经纪佣金、外卖平台的抽成、信用卡交换费,这些以摩擦为护城河的商业模式,会先死为敬。像DoorDash们,都会破产,因为AI没有“主屏幕”概念,它只看谁最便宜、送得最快。万事达、Visa们也会非常恐慌,因为AI发现传统的刷卡手续费太笨重,直接通过算法绕过了银行。报告还提到支付、外卖、网约车这些环节,相关股票立刻遭到抛售。作者也把火引向房贷和私募信贷。美国乃至全世界的金融基石是按揭贷款。银行之所以敢借钱给你买房,是基于一个假设:你未来的收入是稳定的,你的智能是有溢价的。但现在,这个假设失效了。那些信用分780以上、名校毕业的白领,以前是银行眼中的金主。但AI最先取代的就是他们。这些人失业后,不会立刻断供。他们会透支信用卡、提取养老金,试图维持体面。但正如报告所言,2027年底,当西雅图、旧金山这些科技重镇的房价开始两位数下跌,当逾期率开始抬升,世界发现了一个恐怖的事实:2008年的危机是把钱借给了“坏人”,而2028年的危机是,原本的“好人”在贷款签出后,被时代抛弃了。一个没有白领高薪支撑的13万亿房贷市场,本质上就是一张巨大的、即将到期的空头支票。读完这篇文章,我们不得不面对一个极度反直觉的悖论:生产率在飙升,经济却在枯萎。这就是报告中提到的“幽灵GDP”。纸面上看,GPU集群产出了海量的代码、设计和方案,生产率数据美得惊人。但问题是,机器不买可选消费品。机器不需要度假,不需要买名牌包,不需要给孩子报钢琴班。如果AI把人类的生产成本降到了零,那也意味着人类的收入也将趋向于零。当财富越来越集中在少数掌握算力的人手中,而大多数白领被迫去开Uber(甚至Uber也是无人驾驶的),这个社会的消费循环就彻底断裂了。我们正亲手制造一种“经济瘟疫”,它效率极高,却不留活口。Citrini Research在报告的结尾提醒我们:现在是2026年2月。此时此刻,标普指数依然接近高点,负反馈循环还没有完全开启。正如矿井里的金丝雀,虽然它的叫声已经变得急促,但它还活着。当然,这是一份情景推演,不是现实。批评者也不少,很多人认为它过度悲观,低估了政策反应与经济自适应能力。但市场会对它有反应,恰恰说明恐惧本身已经是交易变量。如果把这篇长文压缩成一句话,它问的其实是:当机器能做越来越多脑力活,而边际成本越来越接近电费时,人类靠什么维持收入,进而维持消费与信用。美国人问的这个问题,其实对中国也不遥远。我们同样有庞大的服务业与中产消费,也同样有房贷链条与地方财政结构,也同样在经历企业对降本增效的执念。AI 不是单纯的工具升级,它是对整个社会方方面面的压力测试。这篇文章给码头读者的启示,远不止于投资建议,更多的是关于生存的思考。如果你的工作或生意是建立在信息不对称或客户懒惰之上,AI会第一时间撕碎你。过去几十年买房坐等升值的逻辑,本质上是赌白领生产率持续增长。如果这个前提变了,你的资产还是资产吗?我们要去寻找那些AI无法提供溢价的地方。也许是深度的人文关怀,也许是复杂的社交博弈,或者是那些AI即使能做、但人类只愿意向人类付费的特殊领域。记住,AI不只是工具,它其实是另一种物种。它带来的不是一次工业革命,而是对人类社会的彻底颠覆。在这场与时间的赛跑中,政府的救济方案往往落后于算法的进化。作为个人,我们唯一能做的,就是在智能溢价彻底归零之前,找到自己在这个新世界里的救命稻草。","news_type":1,"symbols_score_info":{"IGV":1,"DASH":2}},"isVote":1,"tweetType":1,"viewCount":598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":536575489176632,"gmtCreate":1772020852306,"gmtModify":1772020854543,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3576901625458397","idStr":"3576901625458397"},"themes":[],"title":"","htmlText":"字节跳动25年利润高达450亿美金","listText":"字节跳动25年利润高达450亿美金","text":"字节跳动25年利润高达450亿美金","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/536575489176632","repostId":"2614707230","repostType":4,"repost":{"id":"2614707230","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":1772015633,"share":"https://www.laohu8.com/m/news/2614707230?lang=zh_CN&edition=full","pubTime":"2026-02-25 18:33","market":"fut","language":"zh","title":"字节跳动新估值,5500亿美元!","url":"https://stock-news.laohu8.com/highlight/detail?id=2614707230","media":"华尔街见闻","summary":"投资机构General Atlantic计划出售字节跳动部分股权,估值高达5500亿美元,较去年11月二级市场交易的4800亿美元估值上涨14.6%,较去年员工回购价上涨66%。强劲的财务表现——年度利润有望达480亿美元,已超越Meta,以及TikTok美国业务不确定性消散,共同支撑了这一高昂估值。","content":"<html><head></head><body><p>据路透2月25日报道,投资机构General Atlantic正计划出售其持有的字节跳动部分股权,这笔潜在交易对这家中国社交媒体巨头的估值高达5500亿美元。</p>\n<p>此次股权剥离是自特朗普政府于今年1月批准TikTok美国业务出售以来的首笔重大交易。这一最新估值较去年员工股票回购时逾3300亿美元的定价实现了66%的显著增长。</p>\n<p>在私募市场估值大幅且持续上涨的背景下,此次交易直观反映了资本市场对字节跳动的高度认可。这不仅印证了其资产吸引力,也极大提振了其他投资者在公司最终登陆公开市场时获取丰厚回报的预期。</p>\n<p>知情人士向媒体透露,<strong>General Atlantic在近几周启动了售股流程,并希望在3月完成交易。</strong>目前,该交易的具体财务条款及出售后General Atlantic的持股比例等细节尚未披露,字节跳动与General Atlantic均未对此置评。</p>\n<h2><strong>估值水涨船高测试市场胃口</strong></h2>\n<p>虽然未上市公司的估值在二级市场交易中往往差异巨大,但这类新交易通常被视为测试投资者对该公司股票胃口的试金石。</p>\n<p>据知情人士向路透表示,General Atlantic内部对其持有的字节跳动股份估值即为5500亿美元,因此在计划中的二级市场交易中,预期价格不低于此水平是合理的。</p>\n<p><strong>这一价格水平不仅远超去年的员工回购定价,相较于去年11月的二级市场交易也有15%的溢价。</strong>当时,今日资本在激烈的股权拍卖中击败多家机构,以约4800亿美元的估值从中银集团投资有限公司手中收购了部分字节跳动股权,成交金额达3亿美元。该笔交易反映了投资者对其股份稀缺性的追捧。</p>\n<p>根据CB Insights的数据,按当前市场估值计算,字节跳动在全球初创企业中的估值已超越SpaceX,仅次于估值达5000亿美元的OpenAI,稳居全球最具价值的初创公司前列。</p>\n<h2><strong>基金周期驱动早期投资者套现</strong></h2>\n<p>General Atlantic此次出售股份的举动,主要受其部分基金生命周期的驱动。<strong>私募股权公司通常有10至12年的时间来筹集资金、投资并向投资者返还资本。</strong></p>\n<p>据路透报道,General Atlantic早在2017年就首次投资了字节跳动,当时的估值仅为约200亿美元。经过多年发展,该机构已获取了巨大的账面回报,其CEO Bill Ford目前仍担任字节跳动的董事会成员。</p>\n<p>市场上并非只有General Atlantic在处理成熟基金的持股。据路透上月报道,风投机构HSG(前身为红杉中国)也在筹集一只接续基金,计划以3500亿至3700亿美元的估值,接手其部分即将到期基金所持有的字节跳动股份。</p>\n<h2><strong>业绩强劲支撑高昂估值</strong></h2>\n<p>字节跳动在私募市场上备受追捧,主要得益于其在全球业务和财务数据上的强劲表现,以及在AI技术布局上的潜力。</p>\n<p>据路透去年报道,字节跳动的季度销售额已经超越了<a href=\"https://laohu8.com/S/META\">Facebook</a>的母公司Meta,按销售额计算,已成为全球最大的社交媒体公司。数据显示,字节跳动的2025年年度利润有望达到约480亿美元。</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>字节跳动新估值,5500亿美元!</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字节跳动新估值,5500亿美元!\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\">2026-02-25 18:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>据路透2月25日报道,投资机构General Atlantic正计划出售其持有的字节跳动部分股权,这笔潜在交易对这家中国社交媒体巨头的估值高达5500亿美元。</p>\n<p>此次股权剥离是自特朗普政府于今年1月批准TikTok美国业务出售以来的首笔重大交易。这一最新估值较去年员工股票回购时逾3300亿美元的定价实现了66%的显著增长。</p>\n<p>在私募市场估值大幅且持续上涨的背景下,此次交易直观反映了资本市场对字节跳动的高度认可。这不仅印证了其资产吸引力,也极大提振了其他投资者在公司最终登陆公开市场时获取丰厚回报的预期。</p>\n<p>知情人士向媒体透露,<strong>General Atlantic在近几周启动了售股流程,并希望在3月完成交易。</strong>目前,该交易的具体财务条款及出售后General Atlantic的持股比例等细节尚未披露,字节跳动与General Atlantic均未对此置评。</p>\n<h2><strong>估值水涨船高测试市场胃口</strong></h2>\n<p>虽然未上市公司的估值在二级市场交易中往往差异巨大,但这类新交易通常被视为测试投资者对该公司股票胃口的试金石。</p>\n<p>据知情人士向路透表示,General Atlantic内部对其持有的字节跳动股份估值即为5500亿美元,因此在计划中的二级市场交易中,预期价格不低于此水平是合理的。</p>\n<p><strong>这一价格水平不仅远超去年的员工回购定价,相较于去年11月的二级市场交易也有15%的溢价。</strong>当时,今日资本在激烈的股权拍卖中击败多家机构,以约4800亿美元的估值从中银集团投资有限公司手中收购了部分字节跳动股权,成交金额达3亿美元。该笔交易反映了投资者对其股份稀缺性的追捧。</p>\n<p>根据CB Insights的数据,按当前市场估值计算,字节跳动在全球初创企业中的估值已超越SpaceX,仅次于估值达5000亿美元的OpenAI,稳居全球最具价值的初创公司前列。</p>\n<h2><strong>基金周期驱动早期投资者套现</strong></h2>\n<p>General Atlantic此次出售股份的举动,主要受其部分基金生命周期的驱动。<strong>私募股权公司通常有10至12年的时间来筹集资金、投资并向投资者返还资本。</strong></p>\n<p>据路透报道,General Atlantic早在2017年就首次投资了字节跳动,当时的估值仅为约200亿美元。经过多年发展,该机构已获取了巨大的账面回报,其CEO Bill Ford目前仍担任字节跳动的董事会成员。</p>\n<p>市场上并非只有General Atlantic在处理成熟基金的持股。据路透上月报道,风投机构HSG(前身为红杉中国)也在筹集一只接续基金,计划以3500亿至3700亿美元的估值,接手其部分即将到期基金所持有的字节跳动股份。</p>\n<h2><strong>业绩强劲支撑高昂估值</strong></h2>\n<p>字节跳动在私募市场上备受追捧,主要得益于其在全球业务和财务数据上的强劲表现,以及在AI技术布局上的潜力。</p>\n<p>据路透去年报道,字节跳动的季度销售额已经超越了<a href=\"https://laohu8.com/S/META\">Facebook</a>的母公司Meta,按销售额计算,已成为全球最大的社交媒体公司。数据显示,字节跳动的2025年年度利润有望达到约480亿美元。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d8bab29afc3da5013cfb74dcf20a5c66","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3766156","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2614707230","content_text":"据路透2月25日报道,投资机构General Atlantic正计划出售其持有的字节跳动部分股权,这笔潜在交易对这家中国社交媒体巨头的估值高达5500亿美元。\n此次股权剥离是自特朗普政府于今年1月批准TikTok美国业务出售以来的首笔重大交易。这一最新估值较去年员工股票回购时逾3300亿美元的定价实现了66%的显著增长。\n在私募市场估值大幅且持续上涨的背景下,此次交易直观反映了资本市场对字节跳动的高度认可。这不仅印证了其资产吸引力,也极大提振了其他投资者在公司最终登陆公开市场时获取丰厚回报的预期。\n知情人士向媒体透露,General Atlantic在近几周启动了售股流程,并希望在3月完成交易。目前,该交易的具体财务条款及出售后General Atlantic的持股比例等细节尚未披露,字节跳动与General Atlantic均未对此置评。\n估值水涨船高测试市场胃口\n虽然未上市公司的估值在二级市场交易中往往差异巨大,但这类新交易通常被视为测试投资者对该公司股票胃口的试金石。\n据知情人士向路透表示,General Atlantic内部对其持有的字节跳动股份估值即为5500亿美元,因此在计划中的二级市场交易中,预期价格不低于此水平是合理的。\n这一价格水平不仅远超去年的员工回购定价,相较于去年11月的二级市场交易也有15%的溢价。当时,今日资本在激烈的股权拍卖中击败多家机构,以约4800亿美元的估值从中银集团投资有限公司手中收购了部分字节跳动股权,成交金额达3亿美元。该笔交易反映了投资者对其股份稀缺性的追捧。\n根据CB Insights的数据,按当前市场估值计算,字节跳动在全球初创企业中的估值已超越SpaceX,仅次于估值达5000亿美元的OpenAI,稳居全球最具价值的初创公司前列。\n基金周期驱动早期投资者套现\nGeneral Atlantic此次出售股份的举动,主要受其部分基金生命周期的驱动。私募股权公司通常有10至12年的时间来筹集资金、投资并向投资者返还资本。\n据路透报道,General Atlantic早在2017年就首次投资了字节跳动,当时的估值仅为约200亿美元。经过多年发展,该机构已获取了巨大的账面回报,其CEO Bill Ford目前仍担任字节跳动的董事会成员。\n市场上并非只有General Atlantic在处理成熟基金的持股。据路透上月报道,风投机构HSG(前身为红杉中国)也在筹集一只接续基金,计划以3500亿至3700亿美元的估值,接手其部分即将到期基金所持有的字节跳动股份。\n业绩强劲支撑高昂估值\n字节跳动在私募市场上备受追捧,主要得益于其在全球业务和财务数据上的强劲表现,以及在AI技术布局上的潜力。\n据路透去年报道,字节跳动的季度销售额已经超越了Facebook的母公司Meta,按销售额计算,已成为全球最大的社交媒体公司。数据显示,字节跳动的2025年年度利润有望达到约480亿美元。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":529459456905288,"gmtCreate":1770283444670,"gmtModify":1770283532250,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3576901625458397","idStr":"3576901625458397"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/DDL\">$叮咚买菜(DDL)$ </a><v-v data-views=\"1\"></v-v> 最后不是被京东收购,而是被美团纳入怀中。","listText":"<a href=\"https://laohu8.com/S/DDL\">$叮咚买菜(DDL)$ </a><v-v data-views=\"1\"></v-v> 最后不是被京东收购,而是被美团纳入怀中。","text":"$叮咚买菜(DDL)$ 最后不是被京东收购,而是被美团纳入怀中。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/529459456905288","isVote":1,"tweetType":1,"viewCount":876,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":528787997835312,"gmtCreate":1770129782455,"gmtModify":1770129785330,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3576901625458397","idStr":"3576901625458397"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/DDL\">$叮咚买菜(DDL)$ </a> 看好破4","listText":"<a href=\"https://laohu8.com/S/DDL\">$叮咚买菜(DDL)$ </a> 看好破4","text":"$叮咚买菜(DDL)$ 看好破4","images":[{"img":"https://static.tigerbbs.com/e550187b20639acb0104fca0cb470fa6","width":"1048","height":"1946"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/528787997835312","isVote":1,"tweetType":1,"viewCount":1005,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":523766083207320,"gmtCreate":1768899258057,"gmtModify":1768899260736,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3576901625458397","idStr":"3576901625458397"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/09611\">$龙旗科技(09611)$ </a> ","listText":"<a href=\"https://laohu8.com/S/09611\">$龙旗科技(09611)$ </a> ","text":"$龙旗科技(09611)$","images":[{"img":"https://static.tigerbbs.com/233ec8ca6d82e29464f567cb3fb8a062","width":"928","height":"1435"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/523766083207320","isVote":1,"tweetType":1,"viewCount":1208,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":523266473930936,"gmtCreate":1768722006336,"gmtModify":1768722010229,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3576901625458397","idStr":"3576901625458397"},"themes":[],"title":"","htmlText":"生活中最不能缺的是早晨一杯茶,下午一杯美式,开始一天的能量时刻。 晚上查看股票资讯和投资动态。","listText":"生活中最不能缺的是早晨一杯茶,下午一杯美式,开始一天的能量时刻。 晚上查看股票资讯和投资动态。","text":"生活中最不能缺的是早晨一杯茶,下午一杯美式,开始一天的能量时刻。 晚上查看股票资讯和投资动态。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/523266473930936","isVote":1,"tweetType":1,"viewCount":1223,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":519929205137776,"gmtCreate":1767957170615,"gmtModify":1767957174134,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3576901625458397","idStr":"3576901625458397"},"themes":[],"title":"","htmlText":"啊,卖飞啦。","listText":"啊,卖飞啦。","text":"啊,卖飞啦。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/519929205137776","repostId":"519583835637040","repostType":1,"repost":{"id":519583835637040,"gmtCreate":1767872779614,"gmtModify":1767872792056,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3576901625458397","idStr":"3576901625458397"},"themes":[],"title":"","htmlText":"暗盘交易,获益30%,落袋为安。","listText":"暗盘交易,获益30%,落袋为安。","text":"暗盘交易,获益30%,落袋为安。","images":[{"img":"https://static.tigerbbs.com/8aa675caedd5f46fe8e325b22c734cc7","width":"1019","height":"1561"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/519583835637040","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":519583835637040,"gmtCreate":1767872779614,"gmtModify":1767872792056,"author":{"id":"3576901625458397","authorId":"3576901625458397","name":"基隆海港","avatar":"https://static.tigerbbs.com/ab1a115e1e238fbf3ff3387784fc0a0f","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3576901625458397","idStr":"3576901625458397"},"themes":[],"title":"","htmlText":"暗盘交易,获益30%,落袋为安。","listText":"暗盘交易,获益30%,落袋为安。","text":"暗盘交易,获益30%,落袋为安。","images":[{"img":"https://static.tigerbbs.com/8aa675caedd5f46fe8e325b22c734cc7","width":"1019","height":"1561"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":1,"link":"https://laohu8.com/post/519583835637040","isVote":1,"tweetType":1,"viewCount":2689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"defaultTab":"following","isTTM":false}