EPISODE · Aug 26, 2026 · 5 MIN
2026-08-26：资本开支的反噬与“虚假”毛利的狂欢：腾讯的负现金流与小鹏的财报幻象正在重构港股定价逻辑
from 深度市场: 港股
小鹏汽车百分之二十点七的综合毛利率，为什么掩盖不了主业毛利下滑？腾讯利润仍在增长，自由现金流却突然变成负数。与此同时，六十六亿港元南向资金撤离，阿里ADR却溢价超过三个点。港股这次的上涨线索，究竟是真反转，还是一场由夜盘情绪点燃的短暂幻象？本期带你拆解财报、资金流和关键点位，完整研报：https://deepmarket.report/zh/report/hk_stocks/2026-08-26?utm_source=podcast&utm_medium=rss&utm_campaign=podcast-hk_stocks-zh&utm_content=2026-08-26-zh-CN&utm_term=report_link
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2026-08-26：资本开支的反噬与“虚假”毛利的狂欢：腾讯的负现金流与小鹏的财报幻象正在重构港股定价逻辑
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