EPISODE · May 20, 2026 · 6 MIN
2026-05-20：腾讯“按量收费”终结大模型免费时代，纯AI标的单日暴跌13%——港股的叙事溢价正在向自由现金流投降
from 深度市场: 港股
当大模型开始按量收费，港股AI的估值游戏突然变了：腾讯涨了，纯AI标的却盘中重挫超过十个点。资金真的不爱AI了吗？还是它只是在寻找能把算力、流量和模型变成现金流的赢家？从腾讯、阿里，到中海油、华润电力，再到小鹏的弱势信号，本期拆开这场“叙事溢价向自由现金流投降”的转折。完整研报链接：https://deepmarket.report/zh/report/hk_stocks/2026-05-20?utm_source=podcast&utm_medium=rss&utm_campaign=podcast-hk_stocks-zh&utm_content=2026-05-20-zh-CN&utm_term=report_link
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2026-05-20：腾讯“按量收费”终结大模型免费时代，纯AI标的单日暴跌13%——港股的叙事溢价正在向自由现金流投降
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