“恐高”比亚迪，“狂人”王传福的进化史

节点财经2021-07-23

1995年，即使在后来被称为全球科技中心的美国硅谷，了解互联网的企业也不多。24岁的马斯克和弟弟说服餐馆、服装店等小企业将业务信息展示在他们创立的互联网信息网站Zip2上，开始了首次创业。几乎就在同一年，大洋彼岸的深圳，28岁的王传福辞去了由中国有色金属研究总院与内蒙古钢铁公司合资成立的深圳市比格电池有限公司的总经理职务，和表哥一起创立了公司比亚迪，选择切入电池赛道。 8年后的2003年，以消费...

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alextan000
·2021-07-24
[傲嬌]
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2
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CalvinChong
·2021-07-24
好
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2
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Vincent8090
·2021-07-24
[強]
Reply
3
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- Skyyukk:
  [正经]
  2021-07-24
  Reply
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求金
·2021-07-24
[暗中觀察]
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4
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- cy8:
  yes
  2021-07-24
  Reply
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- 求金:
  [强] [强]
  2021-07-24
  Reply
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- Jasanxu:
  中国新能源车市场浪潮已经到来，比亚迪整体实力领先同行，未来可期。
  2021-07-24
  Reply
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Bluez
·2021-07-24
嗯
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2
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落难二世祖
·2021-07-24
Omg
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2
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- Bluez:
  恩 $納指ETF(QQQ )$ [微笑]
  2021-07-24
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- Bluez:
  嗯
  2021-07-24
  Reply
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孙大总
·2021-07-24
牛牛牛
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Like
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孙大总
·2021-07-24
棒
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要把梦藏在树叶里
·2021-07-24
[得意] [得意]
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1
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shwan
·2021-07-24
Ok
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3
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- 沂沂:
  OK
  2021-07-24
  Reply
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FIRE55
·2021-07-24
民族企業，做好電池電動車?
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4
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- Paulyang:
  同意
  2021-07-24
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- shwan:
  goodd
  2021-07-24
  Reply
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chrischua
·2021-07-24
[驚訝]
Reply
5
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超会嗷呜
·2021-07-24
牛
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5
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- hhyw:
  好
  2021-07-24
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- ming_5868:
  牛
  2021-07-24
  Reply
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应何文
·2021-07-24
牛
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5
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- 中长期投资者:
  [得意]
  2021-07-24
  Reply
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- 淡然笑:
  成功了就是牛 [微笑]
  2021-07-24
  Reply
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- 超会嗷呜:
  [财迷]
  2021-07-24
  Reply
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satay
·2021-07-24
Nive
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1
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YALING
·2021-07-24
[開心]
Reply
3
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- Kenwong:
  ?
  2021-07-27
  Reply
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yoyo6969
·2021-07-24
[微笑]
Reply
2
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- crazybee1235:
  hi
  2021-07-24
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- satay:
  wow
  2021-07-24
  Reply
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wewinn
·2021-07-24
Wewinn
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2
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Hanne
·2021-07-24
贊??
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1
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- jiann85:
  [微笑]
  2021-07-24
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GameKK
·2021-07-24
有點高
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1
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- vun3336:
  好的
  2021-07-24
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href=https://mp.weixin.qq.com/s/NBxmspHY0dBIw5xMq7Dedg><strong>节点财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>1995年，即使在后来被称为全球科技中心的美国硅谷，了解互联网的企业也不多。24岁的马斯克和弟弟说服餐馆、服装店等小企业将业务信息展示在他们创立的互联网信息网站Zip2上，开始了首次创业。\n几乎就在同一年，大洋彼岸的深圳，28岁的王传福辞去了由中国有色金属研究总院与内蒙古钢铁公司合资成立的深圳市比格电池有限公司的总经理职务，和表哥一起创立了公司比亚迪，选择切入电池赛道。\n8年后的2003年，以消费...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/NBxmspHY0dBIw5xMq7Dedg\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"002594","symbol_name":"比亚迪","start_time":0,"source_url":"https://mp.weixin.qq.com/s/NBxmspHY0dBIw5xMq7Dedg","article_id":"1129536436","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/45e5e005a453a59287c71f4cbf428610"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1129536436","pubTimestamp":1627055256,"sourceInfo":{"source_id":"jdcj","name":"节点财经"},"weMediaInfo":null,"summary":"1995年，即使在后来被称为全球科技中心的美国硅谷，了解互联网的企业也不多。24岁的马斯克和弟弟说服餐馆、服装店等小企业将业务信息展示在他们创立的互联网信息网站Zip2上，开始了首次创业。\n几乎就在同","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"002594":"比亚迪"},"translate_title":"The Evolutionary History of \"Fear of Heights\" BYD and \"Madman\" Wang Chuanfu","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/3e6c4d3d47268905ccc590f45999ddd9","symbols_score_info":{"002594":0.9},"content_text":"1995年，即使在后来被称为全球科技中心的美国硅谷，了解互联网的企业也不多。24岁的马斯克和弟弟说服餐馆、服装店等小企业将业务信息展示在他们创立的互联网信息网站Zip2上，开始了首次创业。\n几乎就在同一年，大洋彼岸的深圳，28岁的王传福辞去了由中国有色金属研究总院与内蒙古钢铁公司合资成立的深圳市比格电池有限公司的总经理职务，和表哥一起创立了公司比亚迪，选择切入电池赛道。\n8年后的2003年，以消费电池为主业的比亚迪，已经在彼时被日本公司垄断的全球充电电池市场获得了一席之地，却突然决定收购位于西安的秦川汽车，宣布进军毫无积累的汽车产业，被市场斥为“疯子”。\n此时，马斯克已经成功创立并出售了Zip2、网络金融服务平台Paypal两家创业公司，成立了一家火箭公司SpaceX，但依然野心勃勃地决定进军电动汽车领域，创立电动汽车公司特斯拉。\n自此，在地球的两端，在完全不同的国情下，两个同样理工技术出身、同样拥有电动汽车和太阳能梦想的工程师，开始以汽车界的“倒行逆施”者形象出现，各自开启同样充满争议但又相当不同的创业征程。\n走到2021年，在全球新能源汽车最重要的战场中国，特斯拉和比亚迪“两虎”相遇，在新能源汽车赛道进行了多番激烈的销量厮杀。数据显示，截至2020年年底，特斯拉以全球49.95万辆的销量一骑绝尘，成为2020年全球新能源汽车销售冠军，但在中国市场却遭遇了滑铁卢，销量不敌比亚迪。\n通过26年的成长，比亚迪已经成为国内新能源汽车行业的王者。截至2020年7月23日，比亚迪在港股和A股的上市公司（比亚迪、比亚迪电子、比亚迪股份）的市值总和已经超过8100亿人民币，早就超过了通用、福特等传统燃油车巨头。而13年间从未减持这家公司的“股神”巴菲特，也因此实现了近30倍的浮盈。\n但同时，市场对这个“王者”的质疑声依然存在。近日，持股比亚迪时间比巴菲特更久的中国价值投资大佬、巴菲特与芒格的“中国徒弟”李录，通过旗下的喜马拉雅资本连续两日减持比亚迪H股，共涉资24.39亿港元，引发了市场对比亚迪乃至新能源车行业新的价值探讨，也让比亚迪的市值在两天内蒸发了600亿元。\n比亚迪究竟是一家什么样的公司？“中国马斯克”王传福又是如何实现比亚迪的王者神话？\n/ 01 /\n梦想家和工作狂\n在位于深圳的比亚迪总部六角大楼，常年身着工作服的王传福，每天从距离公司15分钟车程的家中到此上班，几乎天天加班晚归，没有周末。在地球另一端的马斯克，则常常不离开办公室，在办公桌旁的睡袋里席地而睡，“和狗没什么两样”。\n大概能够做出非凡成就的人，大多精力充沛。王传福这个55岁的安徽人，工作起来犹如一架永动机，他多数时候乘坐经济舱出行，永远是公司每款新车的首个试车员和最佳代言人，时刻准备着宣讲对中国新能源车市场的看法和比亚迪的未来计划。\n除了是工作狂，王传福和马斯克两人同样敢于冒险，具有坚持、冷静、强硬等性格特质。比亚迪内部曾流传过一个段子，有官员来比亚迪参观，谈及电池污染，创始人王传福当场舀了一杯电解液喝了下去。不论段子真假，但它在比亚迪内部的流行，一定程度上反映了王传福在员工心目中的形象。\n从1995年辞职借款创立比亚迪以来，王传福每一步都不惜赌上身家下重注：以手机电池起家，后延伸至手机零部件；2003年转战汽车，凭借成本优势和销量打败对手，征服质疑者；随后逆向开发电动汽车，进军新能源，又高调跨界到仅有寡头玩家的单轨交通。如此跨越式的产业布局和全产业链介入的方式，业界无出其右。比亚迪也因此成为中国最大的电池生产商、进步最快的本土车商，以及新能源领域的代表人物。\n在比亚迪这个王国里，王传福几乎是绝对的权威。作为几十万员工的“灵魂”，他通常思路清晰、行动坚定，这成了确保比亚迪这个庞大机器几十年里能够顺利运转和执行的关键。但他也是一个出名固执的人，一旦认定的事就很难改变，下属的质疑和意见想撼动他并不容易。\n他曾在接受福布斯中文采访中称，“市场如战场，竞争像打仗，将军很重要，这就需要企业家起到带头作用。”\n作为将军，王传福打造“士兵队伍\"的思路也和很多企业家不同。相比花大价钱从外部聘请技术人员，王传福更倾向于从“白纸”开始进行培养。很多比亚迪高管因此都有着类似发展路径：大学毕业后，从学校宿舍搬进比亚迪宿舍；对他们而言，比亚迪不像公司，更像是大学的延续，领导也更像是导师。这种几乎不需要过渡的学业和职业生涯里，比亚迪培养了一大批研发骨干和管理层。\n财报显示，比亚迪拥有比亚迪中央研究院、比亚迪电力研究院等多个研究院，主要围绕新能源领域展开，囊括了几万名年轻工程师，大多来自公司“自产”。\n王传福曾表示，比亚迪最大的财富就是工程师。“即使所有财产包括土地、厂房、专利、股票全部消失，只要这些工程师还在，随时可以东山再起。”\n不过，“自产”的培养模式下，王传福背后的庞大团队，也几乎内化成了“另一个王传福”。这等于说，比亚迪如此一家庞大的企业，很多时候是依托于王传福一个人的超级能力。因此比亚迪的发展思路和局限，往往也体现了王传福的认知和局限。\n曾有比亚迪高管接受采访时透露，王传福对公司的管理几乎事必躬亲、巨细无遗。2003年比亚迪刚决定进入汽车行业时，曾有董事会成员强烈反对，后来汽车一度获得巨大成功。2008年，王传福希望进军新能源领域，“这时，再无人敢反对。”\n单一决策虽然高效，但因为缺乏足够的内部信息支持，有时候王传福能够获得的情况未必真实全面，因而做出的决策也未必正确。如此大背景下，比亚迪也因此经历了多次大起大落。\n/ 02 /\n成本！成本！\n或许是自小出身于一个并不富裕的家庭，或许是技术人天生带有的意识，“成本控制”几个字几乎被王传福刻在骨子里，成为比亚迪多个发展阶段的重要杀手锏，但也成为其升级的局限。\n与外界的想象相反，比亚迪最初取得成功，真正的竞争力并不在于技术的领先实力，而在于其生产研发方式将中国劳动力的优势发挥到极致。\n1992年，考虑到比亚迪是一家小型电池创业公司，想要介入镍镉电池这样的资本密集型产业并不容易，王传福选择以人海战术为依托的半自动电池生产方式：利用中国庞大而低廉的人力资源，在保证产品品质的前提下，通过延长电池生产工序等人工替代方式，最大程度地完成对资本密集环节的替代。\n这种“运用人工替代机器”的节约成本模式让公司形成了自己的成本优势，这成为它和日本电池公司抢占市场份额的杀手锏。\n进军汽车行业后，无论在生产还是销售方面，比亚迪也均延用了低成本策略。在生产方面，比亚迪在很多产品上坚持“买不如自造”，从驱动电机、三电、电池维护系统、动力电池，到车架、制动器、减震器、再到车身内饰总成等几乎全是自产，因此其一辆车的外部供应商有时候仅有30余个。\n相较而言，其竞争对手特斯拉的自产部件主要包括电控系统（三电）、BMS/电机控制器、自动驾驶系统三个方面，其他零部件基本都是借力外部供应商，Model3的外部供应商有近60家。\n这种买不如造的模式下，比亚迪几乎成了“全能选手”。公司能够横跨手机电池、代工生产、燃油车和新能源车多个细分制造业和产品品类，跑通技术和生产制造，很大程度上也得益于自身的“综合制造能力”。\n同时，在汽车销售方面，比亚迪曾采用分网方式扩军，通过“人海店”战术发挥终端潜力。\n在低成本策略下，2003年才通过收购进入汽车领域的比亚迪，依靠2005年上线的汽车F3，开启了汽车销量猛增的四五年：2008年汽车销量为20万辆，2009年快速增长至45万辆，其中F3一款车型的销量就高达30万辆。\n不过，硬币的另一面，自产自销模式也对研发生产带来了更多负担。不依赖外部，意味着公司需要不断投入成本维持技术研发，还要全力控制内部的生产成本。\n目前来看，比亚迪自产自销的成本优势目前并不非常明显。财报显示，2016年到2020年，比亚迪的毛利率维持在15%到20%，略高于传统燃油车企业超10%的水平。但2016年到2019年营业利润率却在逐步下降。\n\n另外，过于强调低成本造车，也让比亚迪很长时间里和“low”、“山寨”等标签脱离不开，影响了公司的品牌升级。\n目前，比亚迪在汽车领域有超几十款车型，其中新能源车产品主要包括：公交和出租领域的纯电动车K9和E6，主打政府采购；私家车市场，以插电式混动车“秦”“唐”“汉”“明”系列为主；在中高端市场，有与奔驰合资的纯电动车腾势。\n\n图源：渤海证券\n在外观内饰等方面，比亚迪多次因为“旧瓶装新酒”而被用户吐槽车辆外观“除了前脸和后屁股，全长一个样。”据媒体报道，比亚迪包括“秦”、G5在内的多款车，用的都是同一个平台。根据王传福的成本逻辑，开发新平台意味着新研发设计、建立新供应商链条，将带来更多成本。\n同时，相比上海大众、一汽大众等合资车企每年在营销方面花费数亿美元，比亚迪在营销方面的投入可以说是“相当有限”，还一度因为广告拍摄简陋被称为“农民车”广告。\n这很大原因在于，相比品牌建设，冶金物理化学系专业出身的王传福更喜欢追求技术指标的突破，比如百公里加速、油耗、电池续航里程、充电时间……比如，王传福曾提出“542”技术战略，即在新能源车的技术指标上实现百公里加速5秒以内，全时电四驱，百公里油耗2升以内，这个技术战略后来被用于多个系列车上。\n这导致公司虽有技术提升，但很长时间里呈现给市场的品牌形象并不佳，“低价低质”、“和高端很难沾边”等负面评价不少。\n/ 03 /\n新贵和骗子\n独行者的大起大落\n纵观比亚迪和特斯拉的发展历史可以发现，很多时候它们是在“明星企业”和“骗子企业”之间反复横跳。每一次当相关行业政策或利好出现时，它们被推上风口，而当其财务数据跟不上市场期待或者战略过于超前时，它们又饱受指责。\n比亚迪的发展历程大致分为三个阶段：1995年到2002年，以手机电池生产制造为主要业务；2002年到2009年，业务扩展至“电池+代工”，同时进军燃油车市场；2009年至今，进军新能源车领域，并尝试轨道交通等基建行业。\n2008年9月，巴菲特旗下公司以2.3亿美元（约合18亿港元）入股比亚迪，市场顿时掀起一股“比亚迪热”。短短一年，比亚迪的股价涨了10倍，从8港元涨至85港元，“比亚迪概念股”也大行其道。\n沐浴巴菲特的光环，加上汽车销量大涨，让比亚迪成为汽车行业新贵。人们从对这家公司不屑一顾，到言谈中必称比亚迪，仅仅过了5年。\n此时，王传福也有了新的野心，那就是进军新能源赛道。不过，比亚迪以动力和储能电池为基础的各项新能源业务，短期内很难有成型的商业模式。因此，王传福尝试复制进军汽车时“电池养汽车”的“以旧养新”思路，尝试通过传统汽车利润弥补新能源亏损，同时借力国家节能减排的战略东风和政策补贴。\n如果说2003年从电池跨越到汽车，比亚迪克服的主要是技术和能力鸿沟，那么2008年开始进军新能源，则是从市场生意之路转向政府。在新能源领域，这个自下而上成长起来的民营公司，越来越多地和政府站到了一起，高度依赖政府资源、财政补贴和政策扶持等也成了公司的长期状态。\n2008年，比亚迪推出插电混合动力轿车F3DM，2010年F3DM开始向个人消费者发售。彼时，其他厂商还未推出其他插电混合动力车产品，比亚迪的F3DM成了深圳市实现其新能源示范推广计划的主力车型，颇占先机。\n此外，备靠深圳的比亚迪还开始大力进军电动公交市场。2009年10月，比亚迪推出纯电动大巴K9，并终于形成了一套和深圳政策契合的发展道路：以公交电动大巴K9为新能源汽车切入口，加上插电混合动力轿车F3DM、纯电动轿车E6三线组合发展。\n随后，以发展新能源及汽车产业的名义，比亚迪开始在广东、湖南等地相继建立太阳能、汽车生产等生产基地。在这些投资中，地方政府提供土地，并通过提供产业补贴等方式给予比亚迪支持。\n不过，王传福低估了不同业务的跨越难度。基于对市场的乐观预测，比亚迪2009年到2011年间向新能源领域投出了超百亿元的资产。同时，在传统汽车产品更新不足的情况下，2010年定下了全年80万辆的激进产销目标，之后疯狂扩招人员，扩展经销商网络。\n于是，危机很快出现。\n从2010年4月开始，比亚迪的传统车销量开始同比下滑，颓势不止。让比亚迪长期依赖一款主力车型F3获利、缺乏新品的弱点暴露无遗。\n当年8月，公司不得不将全年销量目标从80万辆调低到60万辆，大量经销商退网，公司启动“人员优化”，几次和被离职员工坐上了谈判桌。不佳的财务管理等，导致公司财务高度吃紧，现金流等问题严重。\n到2011年，公司的盈利情况持续恶化。上半年，比亚迪的营收同比减少11%至225亿元，利润同比下滑89%至2.75亿元，财报中分类的三大主营业务——汽车、手机部件及组装以及二次充电电池业务的盈利能力均不好过，而纯电动汽车市场培育在初始阶段，短期内难见收益。\n为了缓解资本危机，比亚迪迫切需要向二级市场融资。2011年6月，A股新股破发乘风，为了顺利IPO，比亚迪采用了“主动让价”、降低募集资金等保守方式。公司后来虽成功上市，但基本面及业务发展的表现不如期待，冷却了投资者对“股神”的迷信。\n与2003年进入汽车产业时的“疯狂”不同，这一次，王传福被指责为“骗子”，用新能源故事“忽悠”大众。在不谨慎的扩量策略下，其传统汽车的质量和研发能力也受到质疑，品牌形象受损。\n王传福坦言，此前汽车销售的巨大成功让比亚迪决策层不冷静。以IT养车获得成功，但以车养新能源是另一码事。要想走出财务低谷，比亚迪唯有在汽车产业再度发力。\n3年后2014年7月，市场上又是另一幅光景：上百家基金、券商再次涌向比亚迪，对这家在新能源方面的先行者进行考察调研。随后，多家券商发表研报称，建议买入或增持比亚迪，原因是中国新能源车市场浪潮已经到来，比亚迪整体实力领先同行，未来可期。\n被狂热追捧和被冷落交替，比亚迪的创业故事也在其中不断演进。\n2016年10月，比亚迪宣布高调进军仅有寡头玩家且行业壁垒极高的轨道交通领域，推出“云轨”这一全电动单轨轨道交通方式，再次引发市场质疑。一年之后，中国大型公共交通设施建设政策迎来调整，要求各地城建减少不切实际的“拆建”等，云轨的发展因此踩下了急刹车，比亚迪也因此收获了不少“负面声音”。\n到2020年，在特斯拉的带动下，全球新能源汽车行业在资本市场经历了一轮疯涨。深处其中的比亚迪，同样也成为行业上行的受益者。\n到2021年年中，这一趋势有逐步回撤趋势，李录也在此时选择减持比亚迪。这背后的原因是什么？是因为比亚迪变了吗？\n/ 04 /\n比亚迪变了吗？\n李录大概是最早一批押注比亚迪的知名投资人。\n千禧年前后，中国汽车工业进入“井喷”式发展阶段，诞生了奇瑞、吉利等一批本土车企。\n2002年7月，彼时的国内电池大王比亚迪成功登陆港交所，并未涉足汽车行业；4个月后，比亚迪以2.695亿元收购西安秦川汽车，决定正式进军汽车领域。\n该决定犹如一石惊起千层浪，引发了一众机构投资者的抛售，比亚迪股票应声下跌。李录却反其道而行之，重金买入比亚迪。他曾在自己的书中解释称，投资比亚迪是因为天时地利人和：公司身处对的行业，在合适时间获得政府支持，公司的工程师文化让其有能力解决重大难题，投资时价格有安全边际……\n如今，他选择卖出比亚迪股票，市场估计大概是两个原因：一是市场的大逻辑变了，二是估值过高。\n从行业大逻辑来说，早在2020年年底，《新能源汽车产业发展规划（2021-2035 年）》以及不少研报都为行业发展奠定了基调：新能源是一个长期处于成长趋势的赛道，行业天花板很高。\n\n图源：渤海证券\n但同时，也有不少市场观点认为当下新能源相关股票估值处于历史高位。作为其中的代表性企业，比亚迪在A股和港股的市盈率分别高达158倍和120倍，投资人感到“恐高”也并不奇怪。\n在这场大考里，比亚迪的真实基本面究竟怎么样？\n财报显示，比亚迪2020财年实现营收约1566亿元，同比增长23%；归母净利润约42亿元，同比增长162%。可见，从整体收入和净利润来看，比亚迪依然处于快速增长中。\n其营收来源主要包括二次充电电池及光伏、汽车、手机三个部分。其中，汽车业务大致占比五成，手机部件和组装约占比四成，电池和光伏业务大致在7%-8%左右。目前其商用车的占比还较为有限（约2.5%），这意味着比亚迪差不多一半的收入来自销售乘用车产品、\n\n不过，在利润方面，以消费电子代工业务为主的比亚迪电子却几乎成了公司的“顶梁柱”。财报显示，从2018年至2020年，比亚迪电子对公司利润的贡献占比均在七成以上。由此可见，比亚迪的燃油车和新能源车，可能都没有想象中赚钱。\n同时，比亚迪虽然在新能源汽车领域称王，但数据显示，公司燃油车产品的销量反而超过新能源汽车。财报显示，2020年比亚迪汽车的销量为42.7万辆，其中新能源汽车销量为18.9万辆，燃油汽车的为23.7万辆，同比分别下降17.35%和增长2.32%。\n基于以上种种，有观点认为比亚迪已经陷入了“隐形泥潭”，公司的增长机会在哪里？\n一方面，比亚迪和滴滴曾在2020年达成合作，前者将为后者专门定制网约车D1，以国内网约车市场目前超千万的司机就业人数，这一合作的成长空间值得期待。另外，比亚迪半导体日前向深交所递交的创业板上市申请，距离正式IPO近在咫尺。在近两年车用半导体芯片供不应求的整体趋势下，新能源王者比亚迪或能借此更上一层楼。\n比亚迪能否王者归来，让我们拭目以待。","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":174834372,"gmtCreate":1627089871096,"gmtModify":1703484006996,"author":{"id":"3572572877481786","authorId":"3572572877481786","name":"alextan000","avatar":"https://static.itradeup.com/news/230919c7342cb63279b5a4b27a051b2e","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3572572877481786","idStr":"3572572877481786"},"htmlText":"[傲嬌]&nbsp;","listText":"[傲嬌]&nbsp;","text":"[傲嬌]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174834372","repostId":1129536436,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":174155689,"gmtCreate":1627087600041,"gmtModify":1703483935235,"author":{"id":"3573814781456643","authorId":"3573814781456643","name":"CalvinChong","avatar":"https://static.tigerbbs.com/a70af8809a95756364cc82fcfde2f404","vip":1,"hat":"https://static.tigerbbs.com/a3dee1aa3a3a3c1814833a4d3f8a5669","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3573814781456643","idStr":"3573814781456643"},"htmlText":"好","listText":"好","text":"好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174155689","repostId":1129536436,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":174121691,"gmtCreate":1627086887313,"gmtModify":1703483913962,"author":{"id":"3582619411234920","authorId":"3582619411234920","name":"Vincent8090","avatar":"https://static.tigerbbs.com/633a83509714bf29fdc2b04616c25da6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3582619411234920","idStr":"3582619411234920"},"htmlText":"[強]&nbsp;","listText":"[強]&nbsp;","text":"[強]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/174121691","repostId":1129536436,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5313981,"gmtCreate":1627092573205,"gmtModify":1663231416127,"authorId":3578898153890288,"author":{"id":3578898153890288,"idStr":"3578898153890288","authorId":3578898153890288,"name":"Skyyukk","avatar":"https://static.tigerbbs.com/ca4b583b825eb5f08ddd983687b19bcc","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior 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