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发哥发发发
2021-01-25
bidu
Returning to Hong Kong for listing or "crashing": Which is more worthwhile to invest in, Bilibili or Baidu?
发哥发发发
2022-11-10
$NQ100指数主连 2212(NQmain)$
发哥发发发
2022-11-10
$NQ100指数主连 2212(NQmain)$
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11:16","market":"us","language":"zh","title":"Returning to Hong Kong for listing or \"crashing\": Which is more worthwhile to invest in, Bilibili or Baidu?","url":"https://stock-news.laohu8.com/highlight/detail?id=2105490697","media":"第一财经","summary":"近日有消息称B站、$百度$先后向港交所正式提交了二次上市申请。按照港交所流程，回港二次上市的公司可秘密交表，通过聆讯前，无需在联交所网站公布具体信息。关于二次上市，两家公司均表示不予置评。两家业务模式并不等同的公司在撞期之下，谁更值得投资？过去一年，B站和百度的市值都经历了进阶式的变化。其中，B站一年股价累计涨幅达360.37%。","content":"<p><div>One is the \"younger generation\" who have successfully broken into their niche, holding the \"mid-range video\" traffic pocket; One experienced a U-shaped rebound after a downturn due to car manufacturing. 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Bilibili and Baidu, one of which has successfully broken into its niche...</p><p><a href=\"http://yicai.com/news/100926080.html\">Web page link</a></div></p>","source":"dyvj","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>Returning to Hong Kong for listing or \"crashing\": Which is more worthwhile to invest in, Bilibili or Baidu?</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nReturning to Hong Kong for listing or \"crashing\": Which is more worthwhile to invest in, Bilibili or Baidu?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2021-01-24 11:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>One is the \"younger generation\" who have successfully broken into their niche, holding the \"mid-range video\" traffic pocket; One experienced a U-shaped rebound after a downturn due to car manufacturing. The wave of Chinese concept stocks returning to Hong Kong for IPOs is hitting again. Recent reports indicate that Bilibili and Baidu have formally submitted their secondary listing applications to the Hong Kong Stock Exchange. The approaching filing deadlines mean that the two companies' next IPO dates are likely to \"clash\". According to the Hong Kong Stock Exchange's procedures, companies returning to Hong Kong for a secondary listing can submit their applications secretly, and there is no need to publish specific information on the Stock Exchange's website before passing the hearing. Both companies declined to comment on their secondary listings. Bilibili and Baidu, one of which has successfully broken into its niche...</p><p><a href=\"http://yicai.com/news/100926080.html\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://yicai.com/news/100926080.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63289601f3ad098c752a92f3805088c6","relate_stocks":{"BILI":"哔哩哔哩","BIDU":"百度"},"source_url":"http://yicai.com/news/100926080.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2105490697","content_text":"一个是成功破圈的“后浪”，手握“中视频”流量洼地；一个则在经历低谷后，因造车实现U型反弹。\n\n中概股回港IPO浪潮再次袭来。近日有消息称B站、百度先后向港交所正式提交了二次上市申请。交表时间接近，意味着两家公司接来下招股时间很可能 “撞车”。\n按照港交所流程，回港二次上市的公司可秘密交表，通过聆讯前，无需在联交所网站公布具体信息。关于二次上市，两家公司均表示不予置评。\nB站和百度，一个是成功破圈的“后浪”，手握“中视频”流量洼地；一个则在经历低谷后，因造车实现U型反弹。两家业务模式并不等同的公司在撞期之下，谁更值得投资？\n“目前尚不知道两家公司选择招股时机的主观动机，但从资本市场角度来讲，如果B站和百度两强相对，并不是一个很好的策略。”一位参与港股IPO项目的投资人士对第一财经记者说。去年蚂蚁金服、蓝月亮招股，对于其他想要IPO的公司来说会形成“吸血效应”，大家会尽量避开节奏。\n香颂资本执行董事沈萌在接受第一财经采访时表示，香港募股可以用孖展的方式杠杆撬动更大资金，尤其今年以来南下资金非常亢奋，满足两家公司的招股需求也不是难事，但是撞期可能会引发“面子”问题。“谁能在香港IPO冻结更大规模资金可能是关心的话题”。\n\n市值暴涨背后\n过去一年，B站和百度的市值都经历了进阶式的变化。\n其中，B站一年股价累计涨幅达360.37%。截至1月22日收盘，B站股价133.75美元，市值达到464.70亿美元，上市不到三年股价暴涨13倍。\n相比之下，百度股价则经历很长一段低谷，去年3月百度股价低至82美元，市值不足300亿美元，走到近7年最低点。直到第四季度，先后公布Apollo自动驾驶最新进展和造车消息推动了百度强劲上涨走势，2020年的最后一个交易日创下过去52 周内新高，市值超700亿美元。\n如果从过去一年的财报业绩来看，在2020年前三个季度，B站距离百度营收有近10倍之差，其中B站营收增速分别为69%、70%、74%，百度营收增速分别为-7%、-1%和1%。从盈利角度来看，B站亏损逐步加大，其中第三季度亏损扩大至171%，百度在去年实现扭亏为盈。\n不过，连续的亏损并没有阻碍B站在资本市场一路高歌。B站的市场表现一方面源自新生代消费群体的崛起，另一方面源自B站积极的用户增长、拉新策略和多元商业化试水。从跨年晚会到《后浪》、《入海》、《喜相逢》“破圈三部曲”，B站的内容破圈能力开始被市场所关注，同时B站用户数量和用户活跃度保持较快增长，去年8月B站单月活跃用户突破2亿，创下历史新高。\n尤其是在OGV（专业生产内容）领域B站动作频频，5.13亿港币入股欢喜传媒，《风犬少年的天空》、《夺冠》等影视作品落地B站。2020年4月索尼4亿美元战略投资B站，成为继腾讯、阿里后的又一重要战略投资人。\n内容之外，B站在商业化变现上也开始加快步伐。2020年B站的广告业务实现了连续7个季度的加速增长。\n和B站相比，过去一年的百度放下了“BAT的包袱”。很长一段时间，百度股价处于低谷的一个重要原因是自动驾驶、小度等新兴业务的价值未被体现。人工智能创业热潮在经历了市场优胜劣汰，有些融资困难、逐步销声匿迹，一度让外界认为“人工智能不赚钱”。\n在2020年年中一场与百度员工的沟通活动上，百度董事长李彦宏曾表示：每家公司都有高光和低谷的时候，没有一家公司能够抓住所有的风口和机会，每家公司都有自己擅长和不擅长的东西，以技术创新为核心驱动是百度所擅长的。\n技术需要长期坚持，随着Apollo自动驾驶的业务落地、小度分拆和AI技术商业化前景逐渐清晰，这部分业务的价值正逐步得到体现。\n“过去Apollo非但不会有市场估值，甚至被认为是拖累百度业绩的成本项。现在，仅自动驾驶业务，市场已经给出了100 亿美元的估值。投入了8年，风终于来了。”此前一位百度自动驾驶事业群组人士对第一财经记者说。\n在以信息和知识为核心的移动生态领域稳健发展，以及AI加速落地的双重利好带动下，百度在2020年股价上涨股价累计上涨 70%。近期Cathie Wood创立的ARK基金持续加仓百度,主要还是因为看好自动驾驶的未来前景。\n“回归热”下还有哪些挑战？\n2020年港股IPO发行规模达到3975.28亿港元，同比增长27% 。港股前10大IPO中，中概股回归公司占据6席。\n此前阿里巴巴、京东、网易赴港二次上市引发了一波回归潮，如今B站、百度、拼多多二次上市传闻也愈演愈烈，新一轮的中概股二次上市热潮是否会到来？\n老虎证券分析表示，在待回港二次上市名单中，还有十余家符合条件的企业正蓄势待发，这样的节点在历史上还未曾出现过。去年瑞幸造假事件引发信任危机，交易所监管收紧带来的未知性，以及接下来的合规成本、估值风险，或许都是中概股回归的诉求。\n尤其是对于大中型市值的中概股，也很难有更好的选择，如果私有化或者回A股，那么成本、难度都将非常大，周期也会比较长。对于中概股自身来讲，二次上市本身也可以更好的匹配公司发展战略，对业绩、资本实力都有更好的提升。\n不过，对于计划在香港二次上市的B站和百度而言，仍面临不小挑战。\n对百度而言，在过去一年实现了扭亏为盈，但造车仍是一件“烧钱”的事。根据百度官方透露的信息，它将组建一家智能汽车公司，以整车制造商的身份进军汽车行业，面向乘用车市场制造智能电动汽车。可以对比的是，蔚来、小鹏、理想等国内的造车新势力市值飙涨但尚未扭亏，并且高位增发融资，说明仍需大量的资金投入。\n从百度过往业绩来看，在线广告仍是驱动百度营收增长的主力。 汽车是一个高成长、高门槛的赛道，但百度尚未披露造车细节，接下来考验执行力和竞争力，而这一业务将多大程度上影响业绩目前还都是未知数。\n此外，过去一年时间里百度加大力度投入了健康、直播、电商、短视频等多个赛道，但这些领域都面临较为强劲的竞争对手。\n对B站而言，它的营收结构日趋平衡，各个业务增速迅猛，但相较于百度B站的盈利模式还未走通，面临营收和亏损同步扩大问题。以最新的2020年三季度业绩为例，亏损的扩大主要源自销售和营销费用的增加，在自制内容和版权内容持续投入的情况下，B站转型带来的财务阵痛仍不可避免。\n“破圈”所带来的新挑战也不容小觑。一面是挑剔的Z世代年轻用户，一面是不断提速的商业化进程，作为老赛道中的新选手，在走向全民视频平台的过程中，B站如何平衡商业化和社区氛围，如何将积淀下来的用户价值转化成被大众用户接受的商业价值，同时不失去平台的独特性，依旧是一个老问题。\n值得注意的是，快手预计将先于B站，将在下周一（1月25日）启动机构招股，并计划今年2月上市，作为短视频第一股，业界预计届时将迎来一场资本盛宴。大和分析师指出，快手即将上市，其估值和集资规模能够为衡量B站的价值提供一个参照基准。","news_type":1,"symbols_score_info":{"BIDU":0.9,"BILI":0.9}},"isVote":1,"tweetType":1,"viewCount":3960,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":319315952,"gmtCreate":1611535218876,"gmtModify":1704860497229,"author":{"id":"3565270727419079","authorId":"3565270727419079","name":"发哥发发发","avatar":"https://static.tigerbbs.com/5ccdf36163002f2f041eff87e9a7211c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565270727419079","idStr":"3565270727419079"},"themes":[],"title":"","htmlText":"bidu","listText":"bidu","text":"bidu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/319315952","repostId":"2105490697","repostType":2,"repost":{"id":"2105490697","kind":"news","pubTimestamp":1611458164,"share":"https://ttm.financial/m/news/2105490697?lang=en_US&edition=fundamental","pubTime":"2021-01-24 11:16","market":"us","language":"zh","title":"Returning to Hong Kong for listing or \"crashing\": Which is more worthwhile to invest in, Bilibili or Baidu?","url":"https://stock-news.laohu8.com/highlight/detail?id=2105490697","media":"第一财经","summary":"近日有消息称B站、$百度$先后向港交所正式提交了二次上市申请。按照港交所流程，回港二次上市的公司可秘密交表，通过聆讯前，无需在联交所网站公布具体信息。关于二次上市，两家公司均表示不予置评。两家业务模式并不等同的公司在撞期之下，谁更值得投资？过去一年，B站和百度的市值都经历了进阶式的变化。其中，B站一年股价累计涨幅达360.37%。","content":"<p><div>One is the \"younger generation\" who have successfully broken into their niche, holding the \"mid-range video\" traffic pocket; One experienced a U-shaped rebound after a downturn due to car manufacturing. The wave of Chinese concept stocks returning to Hong Kong for IPOs is hitting again. Recent reports indicate that Bilibili and Baidu have formally submitted their secondary listing applications to the Hong Kong Stock Exchange. The approaching filing deadlines mean that the two companies' next IPO dates are likely to \"clash\". According to the Hong Kong Stock Exchange's procedures, companies returning to Hong Kong for a secondary listing can submit their applications secretly, and there is no need to publish specific information on the Stock Exchange's website before passing the hearing. Both companies declined to comment on their secondary listings. Bilibili and Baidu, one of which has successfully broken into its niche...</p><p><a href=\"http://yicai.com/news/100926080.html\">Web page link</a></div></p>","source":"dyvj","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>Returning to Hong Kong for listing or \"crashing\": Which is more worthwhile to invest in, Bilibili or Baidu?</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nReturning to Hong Kong for listing or \"crashing\": Which is more worthwhile to invest in, Bilibili or Baidu?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2021-01-24 11:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>One is the \"younger generation\" who have successfully broken into their niche, holding the \"mid-range video\" traffic pocket; One experienced a U-shaped rebound after a downturn due to car manufacturing. The wave of Chinese concept stocks returning to Hong Kong for IPOs is hitting again. Recent reports indicate that Bilibili and Baidu have formally submitted their secondary listing applications to the Hong Kong Stock Exchange. The approaching filing deadlines mean that the two companies' next IPO dates are likely to \"clash\". According to the Hong Kong Stock Exchange's procedures, companies returning to Hong Kong for a secondary listing can submit their applications secretly, and there is no need to publish specific information on the Stock Exchange's website before passing the hearing. Both companies declined to comment on their secondary listings. Bilibili and Baidu, one of which has successfully broken into its niche...</p><p><a href=\"http://yicai.com/news/100926080.html\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://yicai.com/news/100926080.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63289601f3ad098c752a92f3805088c6","relate_stocks":{"BILI":"哔哩哔哩","BIDU":"百度"},"source_url":"http://yicai.com/news/100926080.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2105490697","content_text":"一个是成功破圈的“后浪”，手握“中视频”流量洼地；一个则在经历低谷后，因造车实现U型反弹。\n\n中概股回港IPO浪潮再次袭来。近日有消息称B站、百度先后向港交所正式提交了二次上市申请。交表时间接近，意味着两家公司接来下招股时间很可能 “撞车”。\n按照港交所流程，回港二次上市的公司可秘密交表，通过聆讯前，无需在联交所网站公布具体信息。关于二次上市，两家公司均表示不予置评。\nB站和百度，一个是成功破圈的“后浪”，手握“中视频”流量洼地；一个则在经历低谷后，因造车实现U型反弹。两家业务模式并不等同的公司在撞期之下，谁更值得投资？\n“目前尚不知道两家公司选择招股时机的主观动机，但从资本市场角度来讲，如果B站和百度两强相对，并不是一个很好的策略。”一位参与港股IPO项目的投资人士对第一财经记者说。去年蚂蚁金服、蓝月亮招股，对于其他想要IPO的公司来说会形成“吸血效应”，大家会尽量避开节奏。\n香颂资本执行董事沈萌在接受第一财经采访时表示，香港募股可以用孖展的方式杠杆撬动更大资金，尤其今年以来南下资金非常亢奋，满足两家公司的招股需求也不是难事，但是撞期可能会引发“面子”问题。“谁能在香港IPO冻结更大规模资金可能是关心的话题”。\n\n市值暴涨背后\n过去一年，B站和百度的市值都经历了进阶式的变化。\n其中，B站一年股价累计涨幅达360.37%。截至1月22日收盘，B站股价133.75美元，市值达到464.70亿美元，上市不到三年股价暴涨13倍。\n相比之下，百度股价则经历很长一段低谷，去年3月百度股价低至82美元，市值不足300亿美元，走到近7年最低点。直到第四季度，先后公布Apollo自动驾驶最新进展和造车消息推动了百度强劲上涨走势，2020年的最后一个交易日创下过去52 周内新高，市值超700亿美元。\n如果从过去一年的财报业绩来看，在2020年前三个季度，B站距离百度营收有近10倍之差，其中B站营收增速分别为69%、70%、74%，百度营收增速分别为-7%、-1%和1%。从盈利角度来看，B站亏损逐步加大，其中第三季度亏损扩大至171%，百度在去年实现扭亏为盈。\n不过，连续的亏损并没有阻碍B站在资本市场一路高歌。B站的市场表现一方面源自新生代消费群体的崛起，另一方面源自B站积极的用户增长、拉新策略和多元商业化试水。从跨年晚会到《后浪》、《入海》、《喜相逢》“破圈三部曲”，B站的内容破圈能力开始被市场所关注，同时B站用户数量和用户活跃度保持较快增长，去年8月B站单月活跃用户突破2亿，创下历史新高。\n尤其是在OGV（专业生产内容）领域B站动作频频，5.13亿港币入股欢喜传媒，《风犬少年的天空》、《夺冠》等影视作品落地B站。2020年4月索尼4亿美元战略投资B站，成为继腾讯、阿里后的又一重要战略投资人。\n内容之外，B站在商业化变现上也开始加快步伐。2020年B站的广告业务实现了连续7个季度的加速增长。\n和B站相比，过去一年的百度放下了“BAT的包袱”。很长一段时间，百度股价处于低谷的一个重要原因是自动驾驶、小度等新兴业务的价值未被体现。人工智能创业热潮在经历了市场优胜劣汰，有些融资困难、逐步销声匿迹，一度让外界认为“人工智能不赚钱”。\n在2020年年中一场与百度员工的沟通活动上，百度董事长李彦宏曾表示：每家公司都有高光和低谷的时候，没有一家公司能够抓住所有的风口和机会，每家公司都有自己擅长和不擅长的东西，以技术创新为核心驱动是百度所擅长的。\n技术需要长期坚持，随着Apollo自动驾驶的业务落地、小度分拆和AI技术商业化前景逐渐清晰，这部分业务的价值正逐步得到体现。\n“过去Apollo非但不会有市场估值，甚至被认为是拖累百度业绩的成本项。现在，仅自动驾驶业务，市场已经给出了100 亿美元的估值。投入了8年，风终于来了。”此前一位百度自动驾驶事业群组人士对第一财经记者说。\n在以信息和知识为核心的移动生态领域稳健发展，以及AI加速落地的双重利好带动下，百度在2020年股价上涨股价累计上涨 70%。近期Cathie Wood创立的ARK基金持续加仓百度,主要还是因为看好自动驾驶的未来前景。\n“回归热”下还有哪些挑战？\n2020年港股IPO发行规模达到3975.28亿港元，同比增长27% 。港股前10大IPO中，中概股回归公司占据6席。\n此前阿里巴巴、京东、网易赴港二次上市引发了一波回归潮，如今B站、百度、拼多多二次上市传闻也愈演愈烈，新一轮的中概股二次上市热潮是否会到来？\n老虎证券分析表示，在待回港二次上市名单中，还有十余家符合条件的企业正蓄势待发，这样的节点在历史上还未曾出现过。去年瑞幸造假事件引发信任危机，交易所监管收紧带来的未知性，以及接下来的合规成本、估值风险，或许都是中概股回归的诉求。\n尤其是对于大中型市值的中概股，也很难有更好的选择，如果私有化或者回A股，那么成本、难度都将非常大，周期也会比较长。对于中概股自身来讲，二次上市本身也可以更好的匹配公司发展战略，对业绩、资本实力都有更好的提升。\n不过，对于计划在香港二次上市的B站和百度而言，仍面临不小挑战。\n对百度而言，在过去一年实现了扭亏为盈，但造车仍是一件“烧钱”的事。根据百度官方透露的信息，它将组建一家智能汽车公司，以整车制造商的身份进军汽车行业，面向乘用车市场制造智能电动汽车。可以对比的是，蔚来、小鹏、理想等国内的造车新势力市值飙涨但尚未扭亏，并且高位增发融资，说明仍需大量的资金投入。\n从百度过往业绩来看，在线广告仍是驱动百度营收增长的主力。 汽车是一个高成长、高门槛的赛道，但百度尚未披露造车细节，接下来考验执行力和竞争力，而这一业务将多大程度上影响业绩目前还都是未知数。\n此外，过去一年时间里百度加大力度投入了健康、直播、电商、短视频等多个赛道，但这些领域都面临较为强劲的竞争对手。\n对B站而言，它的营收结构日趋平衡，各个业务增速迅猛，但相较于百度B站的盈利模式还未走通，面临营收和亏损同步扩大问题。以最新的2020年三季度业绩为例，亏损的扩大主要源自销售和营销费用的增加，在自制内容和版权内容持续投入的情况下，B站转型带来的财务阵痛仍不可避免。\n“破圈”所带来的新挑战也不容小觑。一面是挑剔的Z世代年轻用户，一面是不断提速的商业化进程，作为老赛道中的新选手，在走向全民视频平台的过程中，B站如何平衡商业化和社区氛围，如何将积淀下来的用户价值转化成被大众用户接受的商业价值，同时不失去平台的独特性，依旧是一个老问题。\n值得注意的是，快手预计将先于B站，将在下周一（1月25日）启动机构招股，并计划今年2月上市，作为短视频第一股，业界预计届时将迎来一场资本盛宴。大和分析师指出，快手即将上市，其估值和集资规模能够为衡量B站的价值提供一个参照基准。","news_type":1,"symbols_score_info":{"BIDU":0.9,"BILI":0.9}},"isVote":1,"tweetType":1,"viewCount":3960,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9960116978,"gmtCreate":1668093808095,"gmtModify":1676538012042,"author":{"id":"3565270727419079","authorId":"3565270727419079","name":"发哥发发发","avatar":"https://static.tigerbbs.com/5ccdf36163002f2f041eff87e9a7211c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565270727419079","idStr":"3565270727419079"},"themes":[],"title":"","htmlText":"<a 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