{"id":755550,"date":"2026-03-26T16:04:32","date_gmt":"2026-03-26T08:04:32","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=755550"},"modified":"2026-03-26T16:04:32","modified_gmt":"2026-03-26T08:04:32","slug":"ai-%e5%bf%ab%e6%89%8b%e7%9a%84%e9%87%8d%e4%bc%b0%e8%bf%98%e6%b2%a1%e8%b5%b0%e5%ae%8c","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=755550","title":{"rendered":"AI \u5feb\u624b\u7684\u91cd\u4f30\u8fd8\u6ca1\u8d70\u5b8c"},"content":{"rendered":"
\n

\u6587 | \u6d77\u8c5a\u7814\u7a76<\/p>\n<\/blockquote>\n

\u5feb\u624b\u56db\u5b63\u62a5\u4e8e\u5317\u4eac\u65f6\u95f4 3 \u6708 25 \u65e5\u6e2f\u80a1\u76d8\u540e\u653e\u51fa\u3002Q4 \u4e1a\u7ee9<\/a>\u603b\u4f53\u7565\u8d85\u9884\u671f\uff0c\u4eae\u70b9\u8fd8\u662f\u6536\u5165\u589e\u957f\u7a33\u5b9a\u4e0b\uff0c\u5185\u90e8\u63d0\u6548\u5bf9\u5229\u6da6\u7684\u62c9\u52a8\u3002<\/strong>\u4e0d\u8fc7\u7ec6\u5206\u4e1a\u52a1\u4e2d\uff0c\u6491\u4f30\u503c\u60f3\u8c61\u529b\u7684\u53ef\u7075\u4e0d\u53ca\u673a\u6784\u5e74\u521d\u7684\u4e50\u89c2\u9884\u671f\uff0c\u518d\u52a0\u4e0a\u540e\u7eed\u7684\u884c\u4e1a\u7ade\u4e89\uff0c\u53ef\u80fd\u5bfc\u81f4\u4e86 2 \u6708\u4ee5\u6765\u7684\u80a1\u4ef7\u8c03\u6574\u3002<\/p>\n

\u8003\u8651\u5230\u76ee\u524d\u4e0d\u8db3 9x PE \u7684\u4f30\u503c\uff0c\u6d77\u8c5a\u541b\u8ba4\u4e3a\u8be5\u5229\u7a7a\u5e94\u8be5\u5df2\u7ecf\u57fa\u672c priced-in \u5728\u6301\u7eed\u8c03\u6574\u7684\u80a1\u4ef7\u4e2d\u3002\u56e0\u6b64\u5f53\u7ba1\u7406\u5c42\u5728\u7535\u8bdd\u4f1a\u4e2d\u7ed9\u53ef\u7075\u7ffb\u500d\u589e\u957f\u7684\u5c55\u671b\uff0c\u81f3\u5c11\u8bf4\u660e\u5feb\u624b\u7684 AI \u542b\u91cf\u5e76\u672a\u5145\u5206\u5b9a\u4ef7\u3002<\/strong><\/p>\n

\u5177\u4f53\u6765\u770b\uff1a<\/p>\n

1. \u7ecf\u8425\u63d0\u6548\u7ee7\u7eed\uff1a<\/strong>\u5c3d\u7ba1 AI \u6295\u5165\u5728\u9010\u6b65\u786e\u8ba4\uff08\u8bbe\u5907\u6298\u65e7\u6210\u672c\u540c\u6bd4\u589e\u957f 10%\u3001\u7814\u53d1\u8d39\u7528\u540c\u6bd4\u589e\u957f 34%\uff09\uff0c\u4f46\u5728\u57fa\u672c\u8fd0\u8425\u7c7b\u7684\u8d39\u7528\u4e0a\uff0c\u516c\u53f8\u505a\u4e86\u4e00\u4e9b\u63a7\u5236\uff0c\u6bd4\u5982\u96c7\u5458\u8d39\u7528\u6574\u4f53\u589e\u957f 4%\u3001\u63a8\u5e7f\u8425\u9500\u8d39\u7528\u540c\u6bd4\u6301\u5e73\u3002\u56e0\u6b64\u6838\u5fc3\u7ecf\u8425\u5229\u6da6\u7387 13.5%\uff0c\u540c\u6bd4\u63d0\u9ad8 3.5pct\uff0c\u73af\u6bd4\u4e5f\u7565\u5fae\u63d0\u5347\u4e86 0.4pct\u3002<\/p>\n

\u6211\u4eec\u9884\u8ba1\u968f\u7740\u66f4\u591a AI \u6536\u5165\u7684\u786e\u8ba4\uff0c\u540e\u7eed AI \u6295\u5165\u5bf9\u5229\u6da6\u7684\u5f71\u54cd\u8fd8\u4f1a\u52a0\u5927\u3002\u81f3\u4e8e\u8d44\u91d1\u662f\u5426\u8ba4\u53ef\u8fd9\u4e2a\u6295\u5165\u5bf9\u7ecf\u8425\u6760\u6746\u7684\u524a\u5f31\uff08\u5373\u4e0d\u8c03\u4f4e\u4f30\u503c\u500d\u6570\uff09\uff0c\u5c31\u5f97\u770b\u662f\u5426\u5e26\u6765\u4e86\u66f4\u9ad8\u7684\u4e1a\u52a1\u589e\u901f\u6216\u8005\u6210\u957f\u60f3\u8c61\u529b——\u4f20\u7edf\u4e1a\u52a1\u80fd\u5426\u6253\u7834\u81ea\u7136\u653e\u7f13\u8d8b\u52bf\uff0c\u5b9e\u73b0\u589e\u901f\u53cd\u5f39\uff1f\u6216\u8005\u662f\u53ef\u7075\u80fd\u5426\u62b5\u6297\u4f4f\u7ade\u4e89\u548c\u884c\u4e1a\u53d8\u5316\uff0c\u7ef4\u6301\u73af\u6bd4\u589e\u957f\u7684\u9ad8\u6210\u957f\u6001\u52bf\uff1f<\/p>\n

2. \u53ef\u7075\u4e0d\u53ca\u673a\u6784\u5e74\u521d\u9884\u671f\uff1a<\/strong>12 \u6708\u53ef\u7075 2.6 \u7248\u672c\u53d1\u5e03\uff0c\u56e0\u4e3a\u52a8\u4f5c\u63a7\u5236\u3001\u97f3\u753b\u540c\u51fa\u7684\u65b0\u529f\u80fd\u4f18\u52bf\uff0c\u7528\u6237\u53cd\u9988\u8f83\u597d\uff0c\u5355\u6708\u6d41\u6c34\u8fbe\u5230\u5386\u53f2\u65b0\u9ad8\u7684 2000 \u4e07\u7f8e\u5143\uff0c\u56e0\u6b64\u4eca\u5e74\u521d\u673a\u6784\u5bf9 Q4 \u6536\u5165\u9884\u671f\u4e5f\u987a\u52bf\u5c06\u4ece\u6307\u5f15\u7684 3 \u4ebf\u63d0\u5230 3.5-4 \u4ebf\u5143\u4eba\u6c11\u5e01<\/a>\u533a\u95f4\uff0c\u540c\u65f6\u5bf9 26 \u5e74\u5168\u5e74\u9884\u671f\u4e5f\u8fbe\u5230\u4e86\u8fd1 20 \u4ebf\u6536\u5165\uff0c\u5373\u589e\u957f\u8fd1\u4e4e\u7ffb\u500d\u7684\u4e50\u89c2\u9884\u671f\u3002<\/p>\n

\u5b9e\u9645 Q4 \u6536\u5165 3.4 \u4ebf\uff0c\u5904\u4e8e\u6307\u5f15\u4e0e\u5e02\u573a\u9884\u671f\u7684\u4e0b\u6cbf\u3002\u4e00\u822c\u516c\u53f8 preview \u4f1a\u548c\u673a\u6784\u6709\u4e00\u4e9b\u6c9f\u901a\uff0c\u518d\u52a0\u4e0a 12 \u6708\u51b2\u9ad8\u540e 1 \u6708\u5feb\u901f\u6ed1\u843d\uff08iOS \u7aef\uff09\uff0c2 \u6708\u53ef\u7075 3.0 \u867d\u6709\u66f4\u65b0\uff0c\u4f46 Seedance 2.0 \u7206\u706b\uff0c\u4e5f\u5f71\u54cd\u4e86\u53ef\u7075\u6d41\u6c34\u7684\u53cd\u5f39\uff0c\u56e0\u6b64\u5f88\u53ef\u80fd\u673a\u6784\u9884\u671f\u987a\u52bf\u5df2\u7ecf\u505a\u4e86\u5411\u4e0b\u8c03\u6574\uff0c\u4ece\u800c\u538b\u5236\u4e86\u5feb\u624b 2 \u6708\u4ee5\u6765\u80a1\u4ef7\u8868\u73b0\u3002<\/p>\n

\u4e0d\u8fc7\u7535\u8bdd\u4f1a\u4e0a\u516c\u53f8\u900f\u9732\u4eca\u5e74 1 \u6708 ARR \u7684\u66f4\u65b0\uff08\u8d85 3 \u4ebf\u7f8e\u91d1\uff0c\u73af\u6bd4\u53bb\u5e74 12 \u6708\u589e\u957f 25%\uff09\uff0c\u8868\u660e\u53ef\u7075\u6d41\u6c34\u5e76\u975e\u5982\u5916\u90e8\u6570\u636e\u663e\u793a\u7684\u6574\u4f53\u8d70\u5f31\u3002\u6d77\u8c5a\u541b\u8ba4\u4e3a\uff0c\u8fd9\u53ef\u80fd\u662f\u7b2c\u4e09\u65b9\u6570\u636e\u4ec5\u7edf\u8ba1\u4e86 iOS App \u7aef\u7684\u95ee\u9898\uff0c\u5b9e\u9645\u4e0a\u4f5c\u4e3a\u672c\u8d28\u4e0a\u5c5e\u4e8e\u751f\u4ea7\u529b\u573a\u666f\u7684\u5e73\u53f0\uff0c\u8868\u73b0\u66f4\u4eae\u773c\u7684 B \u7aef\u6536\u5165\uff08\u5360\u6bd4\u9010\u5b63\u63d0\u5347\uff0cQ3 \u5360\u6bd4\u4e3a 40%\uff09\u5e94\u8be5\u4e3b\u8981\u4f53\u73b0\u5728 PC \u7aef\uff0c\u800c\u8fd9\u6070\u6070\u662f\u7b2c\u4e09\u65b9\u6570\u636e\u53e3\u5f84\u7f3a\u5931\u7684\u90e8\u5206\u3002<\/p>\n

3. \u7535\u5546\u589e\u957f\u7a33\u5b9a\uff1a<\/strong>Q4 \u7535\u5546 GMV \u589e\u901f 13%\uff0c\u76f8\u6bd4\u4e0a\u5b63\u5ea6\u6709\u6240\u653e\u7f13\uff0c\u5168\u5e74\u8fd1 1.6 \u4e07\u4ebf\u4ea4\u6613\u989d\u3002\u5728\u8fbe\u4eba\u9009\u54c1\u5206\u9500\u3001\u5168\u6258\u7ba1\u4ee5\u53ca\u8d85\u7ea7\u94fe\u63a5\u670d\u52a1\u4e0b\uff0c\u6574\u4f53\u7535\u5546\u4f63\u91d1\u53d8\u73b0\u7387\u540c\u6bd4\u63d0\u5347 8bps\uff08\u73af\u6bd4\u5219\u56e0\u65fa\u5b63\u4f63\u91d1\u8fd4\u70b9\u589e\u52a0\u800c\u4e0b\u6ed1\uff09\uff0c\u4f7f\u5f97\u7535\u5546\u6536\u5165\u540c\u6bd4\u589e\u901f\u8fd1 22%\uff0c\u5c0f\u5e45\u8d85\u51fa\u5934\u90e8\u673a\u6784\u9884\u671f\uff0818%yoy\uff09\u3002<\/p>\n

4. \u5e7f\u544a\u5c0f\u8d85\u9884\u671f\uff1a<\/strong>Q4 \u8425\u9500\u5e7f\u544a\u6536\u5165\u589e\u901f 15%\uff0c\u76f8\u6bd4\u4e09\u5b63\u5ea6\u7ee7\u7eed\u5fae\u5e45\u56de\u6696\uff0c\u5c0f\u5e45\u8d85\u5e02\u573a\u9884\u671f\u3002\u5e02\u573a\u6216\u62c5\u5fc3\u6d88\u8d39\u5927\u73af\u5883\u3001\u540c\u884c\u7ade\u4e89\u4ee5\u53ca\u6295\u6d41\u7a0e\u5f71\u54cd\uff0c\u5bf9\u5e7f\u544a\u589e\u957f\u7684\u9884\u671f\u5e76\u4e0d\u7b97\u9ad8\u3002\u4e0d\u8fc7\u5173\u4e8e\u6295\u6d41\u7a0e\u5f71\u54cd\u662f\u5426\u4f1a\u5728 2026 \u5e74\u8fdb\u4e00\u6b65\u6269\u5927\uff0c\u5efa\u8bae\u5173\u6ce8\u7535\u8bdd\u4f1a\u7ba1\u7406\u5c42\u4ea4\u6d41\u3002<\/strong><\/p>\n

\u589e\u957f\u4e3b\u8981\u53d7\u76ca\u53bb\u5e74\u4f4e\u57fa\u6570\uff0c\u7a33\u5b9a\u7684\u7535\u5546\u589e\u957f\uff0c\u6301\u7eed\u9ad8\u70ed\u7684\u77ed\u5267\uff08\u5305\u62ec AI \u6f2b\u5267\uff09&\u5c0f\u6e38\u620f<\/a><\/strong>\u4ee5\u53ca\u63a8\u8350\u5927\u6a21\u578b OneRec\u3001UAX \u5168\u81ea\u52a8\u6295\u653e<\/strong>\uff08\u5728\u5916\u5faa\u73af\u5e7f\u544a\u4e2d\u7684\u6d88\u8017\u6e17\u900f\u7387\u8fbe\u5230 80%\uff0c\u73af\u6bd4\u589e\u52a0 10pct\uff09\u3001AIGC \u5e7f\u544a\u8425\u9500\u5de5\u5177\u7684\u589e\u91cf<\/strong>\u5e26\u52a8\u3002<\/p>\n

5. \u76f4\u64ad\u6709\u9884\u671f\u4e4b\u5185\u7684\u538b\u529b\uff1a<\/strong>Q4 \u76f4\u64ad\u4ed8\u8d39\u4e0b\u6ed1 2%\uff0c\u76f8\u5bf9\u75b2\u8f6f\uff0c\u4e3b\u8981\u53d7\u884c\u4e1a\u840e\u7f29\u8d8b\u52bf\uff0c\u4ee5\u53ca\u81ea\u8eab\u5bf9\u5065\u5eb7\u751f\u6001\u7684\u8c03\u63a7\u3002<\/p>\n

6. \u7528\u6237\u751f\u6001\u7a33\u5b9a\uff1a<\/strong>\u76ee\u524d\u5e73\u53f0\u53d1\u5c55\u5df2\u7ecf\u6210\u719f\uff0c\u56e0\u6b64\u7528\u6237\u6307\u6807\u57fa\u672c\u4fdd\u6301\u7a33\u5b9a\uff0c\u6708\u6d3b 7.4 \u4ebf\uff0c\u65e5\u6d3b 4.1 \u4ebf\uff0c\u540c\u6bd4\u4f4e\u4e2a\u4f4d\u6570\u589e\u957f\u3002\u7c98\u6027 55%\uff0c\u7528\u6237\u65f6\u957f\u4e5f\u540c\u6bd4\u6301\u5e73\u3002<\/p>\n

7. \u80a1\u4e1c\u56de\u62a5\u6216\u6709\u63d0\u5347\u53ef\u80fd\uff1a<\/strong>\u56db\u5b63\u5ea6\u80a1\u4ef7\u8c03\u6574\uff0c\u516c\u53f8\u56de\u8d2d<\/a>\u529b\u5ea6\u52a0\u5927\uff0c\u5168\u5e74\u5171\u56de\u8d2d 32 \u4ebf HKD \u80a1\u7968\uff0c\u540c\u65f6\u5ba3\u5e03\u6d3e\u606f 30 \u4ebf HKD\uff0c\u5408\u8ba1\u6765\u7b97\u80a1\u4e1c\u56de\u62a5 2.7%\u3002\u76ee\u524d\u5feb\u624b\u8d26\u4e0a\u73b0\u91d1\u5145\u88d5\u4e14\u8fd1\u671f\u80a1\u4ef7\u518d\u5ea6\u627f\u538b\uff0c\u56e0\u6b64\u6d77\u8c5a\u541b\u731c\u6d4b\u53ef\u80fd\u5728\u9759\u9ed8\u671f\u540e\u7ee7\u7eed\u7ef4\u6301\u5927\u529b\u5ea6\u7684\u56de\u8d2d\uff0c\u5177\u4f53\u53ef\u770b\u7535\u8bdd\u4f1a\u7ba1\u7406\u5c42\u5982\u4f55\u8868\u8ff0\u3002<\/p>\n

\n

\"AI<\/p>\n<\/div>\n

8. \u8d22\u62a5\u8be6\u7ec6\u6570\u636e\u4e00\u89c8<\/strong><\/p>\n

\n

\"AI<\/p>\n<\/div>\n

\u6d77\u8c5a\u541b\u89c2\u70b9<\/strong><\/p>\n

Q4 \u4e1a\u7ee9\u4e0d\u7b97\u5dee\uff0c\u5c24\u5176\u662f\u5728\u5f53\u524d\u5927\u7ea6 9x P\/E \u7684\u4f30\u503c\u6c34\u5e73\u4e0b\uff0c\u9690\u542b\u5e02\u573a\u9884\u671f\u4e5f\u5df2\u7ecf\u4e0b\u8c03\u751a\u81f3\u8d8b\u4e8e\u4fdd\u5b88\u3002\u4e0d\u8fc7\uff0c\u5e02\u573a\u7684\u62c5\u5fe7\u4e5f\u5e76\u975e\u5b8c\u5168\u6ca1\u6709\u9053\u7406——\u7528\u6237\u589e\u957f\u63a5\u8fd1\u505c\u6ede\uff0c\u5e76\u4e0d\u80fd\u5bf9\u4f20\u7edf\u4e1a\u52a1\u5728\u653f\u7b56\u73af\u5883\uff08\u6295\u6d41\u7a0e&\u5b9e\u7269\u6d88\u8d39\u4f4e\u8ff7\uff09\u3001\u540c\u884c\u7ade\u4e89\u4e0b\uff0c\u7ed9\u5230\u4e00\u4e9b “\u989d\u5916” \u7684\u652f\u6491\u3002\u56e0\u6b64\u53ef\u4ee5\u8bf4\uff0c\u5feb\u624b\u7684\u589e\u957f\u5e0c\u671b\u57fa\u672c\u5728 AI \u4e0a\uff0c\u5305\u62ec\u5e7f\u544a\u7aef\uff0cToC \u7684 AI \u6f2b\u5267\uff0cToB \u7684 AI \u6570\u5b57\u8425\u9500\u3001AIGC \u89e3\u51b3\u65b9\u6848\u5e26\u6765\u7684\u589e\u91cf\u6536\u5165\uff0c\u4ee5\u53ca\u5173\u952e\u4e1a\u52a1 “\u53ef\u7075”\u3002<\/p>\n

AI \u5bf9\u5e7f\u544a\u7aef\u66f4\u591a\u7684\u662f\u964d\u4f4e\u6536\u5165\u589e\u901f\u653e\u7f13\u7684\u901f\u5ea6\uff0c\u53ef\u7075\u5219\u662f\u5b8c\u5168\u7684\u65b0\u4e1a\u52a1\u589e\u91cf\uff0c\u4e5f\u662f\u771f\u6b63\u8ba9\u8d44\u91d1\u773c\u524d\u4e00\u4eae\u7684\u6545\u4e8b\u3002<\/strong>\u4ece\u53bb\u5e74 Q2 \u53ef\u7075\u6d41\u6c34\u8d77\u7206\u540e\uff0c\u8d44\u91d1\u5f88\u5feb\u5bf9\u5feb\u624b\u8fdb\u884c\u91cd\u4f30——\u5927\u591a\u6309\u7167\u9ad8\u6210\u957f\u9884\u671f\uff0c\u7ed9\u5230 35x P\/S \u7684\u4f30\u503c\u9884\u671f\u3002<\/p>\n

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2\uff09\u53d7\u76ca\u4e8e 12 \u6708 2.6 \u7248\u672c\u548c 2 \u6708 3.0 \u7248\u672c\u4e2d\u4eae\u70b9\u529f\u80fd\u7684\u4e0a\u7ebf\uff0c\u7535\u8bdd\u4f1a\u4e2d\u516c\u53f8\u62ab\u9732\u4eca\u5e74\u53ef\u7075 1 \u6708 ARR \u5df2\u8d85 3 \u4ebf\u7f8e\u91d1\uff0c\u5e76\u6307\u5f15 26 \u5e74\u53ef\u7075\u589e\u901f\u81f3\u5c11\u7ffb\u500d\uff08\u5373 21 \u4ebf\u4eba\u6c11\u5e01\u4ee5\u4e0a\uff09\uff0c\u9ad8\u4e8e\u5e02\u573a\u7684\u589e\u901f\u9884\u671f\uff08+85%yoy\uff09\u3002\u800c\u5e02\u573a\u53c2\u8003\u7684 iOS \u6d41\u6c34\u53d8\u52a8\u8d8b\u52bf\uff0c\u5219\u9057\u6f0f\u4e86\u5360\u6bd4\u8d8a\u6765\u8d8a\u5927\u4f46\u4e0d\u80fd\u5f88\u597d\u8ddf\u8e2a\u7684 ToB PC \u7aef\u8868\u73b0\u3002<\/strong><\/p>\n

\n

\"AI<\/p>\n<\/div>\n

\n

\"AI<\/p>\n<\/div>\n

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\n

\"AI<\/p>\n<\/div>\n

\n

\"AI<\/p>\n<\/div>\n

\n

\"AI<\/p>\n<\/div>\n

\n

\"AI<\/p>\n<\/div>\n

\n

\"AI<\/p>\n<\/div>\n

\n

\"AI<\/p>\n<\/div>\n

\n

\"AI<\/p>\n<\/div>\n

\n

\"AI<\/p>\n<\/div>\n

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\"AI<\/p>\n<\/div>\n

\n

\"AI<\/p>\n<\/div>\n

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\"AI<\/p>\n<\/div>\n

\n

\"AI<\/p>\n<\/div>\n

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\"AI<\/p>\n<\/div>\n

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\"AI<\/p>\n<\/div>\n

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\"AI<\/p>\n<\/div>\n

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\"AI<\/p>\n<\/div>\n

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\"AI<\/p>\n<\/div>\n

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\"AI<\/p>\n

(\u6765\u6e90\uff1a\u949b\u5a92\u4f53)<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

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