核心就是下面这张图: 1. BAT资本开支(蓝色)由于众所周知的原因在2021-2023经历2年下行周期,2024年叠加GPU囤购和DC建设出现报复性反弹,刚回到往年新高。 2. 字节(橙色)的资本支出周期与BAT并不相同,基本与抖音+tiktok DAU大盘增长趋势相关,一直保持上升。 3. 紧跟中概的外资行对BAT的2025年资本开支增长预测基本是0(专门去看了大行的model),而另一边字节...
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