{"id":619476,"date":"2026-02-08T22:40:22","date_gmt":"2026-02-09T06:40:22","guid":{"rendered":"https:\/\/nai500.com\/?p=619476"},"modified":"2026-02-08T22:40:22","modified_gmt":"2026-02-09T06:40:22","slug":"%e5%b8%82%e5%9c%ba%e8%af%af%e5%88%a4%e8%bf%aa%e5%a3%ab%e5%b0%bc%ef%bc%9f%e4%ba%94%e5%a4%a7%e7%90%86%e7%94%b1%e8%af%81%e6%98%8e%e8%af%a5%e8%82%a1%e8%a2%ab%e4%b8%a5%e9%87%8d%e4%bd%8e%e4%bc%b0","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/02\/%e5%b8%82%e5%9c%ba%e8%af%af%e5%88%a4%e8%bf%aa%e5%a3%ab%e5%b0%bc%ef%bc%9f%e4%ba%94%e5%a4%a7%e7%90%86%e7%94%b1%e8%af%81%e6%98%8e%e8%af%a5%e8%82%a1%e8%a2%ab%e4%b8%a5%e9%87%8d%e4%bd%8e%e4%bc%b0\/","title":{"rendered":"\u5e02\u573a\u8bef\u5224\u8fea\u58eb\u5c3c\uff1f\u4e94\u5927\u7406\u7531\u8bc1\u660e\u8be5\u80a1\u88ab\u4e25\u91cd\u4f4e\u4f30"},"content":{"rendered":"<p>\u5c3d\u7ba1<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=DIS\">\u534e\u7279\u8fea\u58eb\u5c3c\u516c\u53f8\uff08Walt Disney, DIS\uff09<\/a>\u4ea4\u51fa\u4e86\u8fd1\u5e74\u6765\u6700\u5f3a\u52b2\u7684\u4e1a\u7ee9\u8868\u73b0\uff0c\u4f46\u80a1\u4ef7\u5374\u5728\u8d22\u62a5\u53d1\u5e03\u540e\u906d\u9047\u91cd\u632b\u30022\u67082\u65e5\uff0c\u8fea\u58eb\u5c3c\u80a1\u4ef7\u4e0b\u8dcc7.4%\uff0c\u63a5\u8fd1\u516b\u4e2a\u6708\u4f4e\u70b9\u3002\u5e02\u573a\u4f3c\u4e4e\u53ea\u805a\u7126\u4e8e\u4f53\u80b2\u4e1a\u52a1\u7684\u77ed\u671f\u75b2\u8f6f\u4ee5\u53ca2026\u8d22\u5e74\u4e0a\u534a\u5e74\u66f4\u9ad8\u7684\u652f\u51fa\u9884\u671f\uff0c\u800c\u5ffd\u7565\u4e86\u516c\u53f8\u57fa\u672c\u9762\u4e0a\u591a\u4e2a\u7ef4\u5ea6\u5c55\u73b0\u51fa\u7684\u5f3a\u52b2\u52a8\u529b\u4e0e\u957f\u671f\u4ef7\u503c\u3002<\/p>\n<p>\u6df1\u5165\u5206\u6790\uff0c\u6709\u4e94\u5927\u7406\u7531\u663e\u793a\uff0c\u5f53\u524d\u7684\u8fea\u58eb\u5c3c\u80a1\u7968\u53ef\u80fd\u6b63\u88ab\u5e02\u573a\u4e25\u91cd\u4f4e\u4f30\u3002<\/p>\n<h2>\u7406\u7531\u4e00\uff1a\u4e3b\u9898\u516c\u56ed\u4e0e\u5ea6\u5047\u533a\u4e1a\u52a1\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8<\/h2>\n<p>\u8fea\u58eb\u5c3c\u7684\u201c\u4f53\u9a8c\u201d\u677f\u5757\uff08\u5305\u62ec\u4e3b\u9898\u516c\u56ed\u3001\u5ea6\u5047\u6751\u548c\u90ae\u8f6e\u4e1a\u52a1\uff09\u5df2\u6210\u4e3a\u516c\u53f8\u76c8\u5229\u590d\u82cf\u7684\u6838\u5fc3\u5f15\u64ce\u3002\u5728\u622a\u81f32025\u5e7412\u670827\u65e5\u76842026\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u8be5\u677f\u5757\u6536\u5165\u8fbe100\u4ebf\u7f8e\u5143\uff0c\u8425\u4e1a\u5229\u6da6\u4e3a33.1\u4ebf\u7f8e\u5143\uff0c\u8425\u4e1a\u5229\u6da6\u7387\u9ad8\u8fbe33.1%\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u5728\u75ab\u60c5\u672a\u5f71\u54cd\u76842019\u5e74\u540c\u671f\uff0c\u8be5\u677f\u5757\u6536\u5165\u4e3a74\u4ebf\u7f8e\u5143\uff0c\u8425\u4e1a\u5229\u6da623.4\u4ebf\u7f8e\u5143\u3002<\/p>\n<p>\u8fd9\u610f\u5473\u7740\u5728\u5ba2\u6d41\u91cf\u7ecf\u5386\u591a\u5e74\u6ce2\u52a8\u540e\uff0c\u8be5\u677f\u5757\u4e0d\u4ec5\u5728\u6536\u5165\u4e0a\u5b9e\u73b0\u663e\u8457\u589e\u957f\uff0c\u5229\u6da6\u7387\u4e5f\u5927\u5e45\u63d0\u5347\u3002\u5168\u7403\u5bf9\u8fea\u58eb\u5c3c\u4e3b\u9898\u5a31\u4e50\u4f53\u9a8c\u7684\u65fa\u76db\u9700\u6c42\uff0c\u4ee5\u53ca\u8be5\u516c\u53f8\u5728\u65b0\u666f\u70b9\u3001\u963f\u5e03\u624e\u6bd4\u65b0\u4e3b\u9898\u516c\u56ed\u89c4\u5212\u53ca\u90ae\u8f6e\u6269\u5f20\u4e0a\u7684\u5ba1\u614e\u6295\u8d44\uff0c\u9884\u793a\u7740\u8be5\u6838\u5fc3\u4e1a\u52a1\u7684\u589e\u957f\u8dd1\u9053\u4f9d\u7136\u6e05\u6670\u4e14\u76c8\u5229\u80fd\u529b\u5f3a\u5065\u3002<\/p>\n<h2>\u7406\u7531\u4e8c\uff1a\u6d41\u5a92\u4f53\u4e1a\u52a1\u5b9e\u73b0\u6301\u7eed\u6027\u76c8\u5229\u5e76\u6269\u5f20\u5229\u6da6\u7387<\/h2>\n<p>\u8fea\u58eb\u5c3c\u7684\u7eaf\u89c6\u9891\u70b9\u64ad\uff08SVOD\uff09\u670d\u52a1\uff08\u5305\u62ecDisney+\u3001Hulu\u7b49\uff09\u5df2\u6210\u529f\u626d\u4e8f\u4e3a\u76c8\uff0c\u5e76\u4e14\u6b63\u5728\u63d0\u5347\u5229\u6da6\u7387\u3002\u6700\u65b0\u5b63\u5ea6\uff0c\u8be5\u677f\u5757\u8425\u4e1a\u5229\u6da6\u4ece\u53bb\u5e74\u540c\u671f\u76841.89\u4ebf\u7f8e\u5143\u8dc3\u5347\u81f34.5\u4ebf\u7f8e\u5143\uff0c\u8425\u4e1a\u5229\u6da6\u7387\u8fbe\u52308.4%\u3002\u516c\u53f8\u7684\u6218\u7565\u91cd\u5fc3\u5df2\u4ece\u5355\u7eaf\u8ffd\u6c42\u7528\u6237\u589e\u957f\u8f6c\u5411\u63d0\u5347\u6d41\u5a92\u4f53\u4e1a\u52a1\u7684\u76c8\u5229\u80fd\u529b\uff0c\u9884\u8ba1\u5229\u6da6\u7387\u672a\u6765\u4ecd\u6709\u6301\u7eed\u589e\u957f\u7a7a\u95f4\u3002<\/p>\n<h2>\u7406\u7531\u4e09\uff1a\u7535\u5f71\u7968\u623f\u5f3a\u52bf\u56de\u5f52<\/h2>\n<p>\u5728\u7ecf\u5386\u4e00\u6bb5\u65f6\u95f4\u7684\u75b2\u8f6f\u540e\uff0c\u8fea\u58eb\u5c3c\u5f71\u4e1a\u57282025\u65e5\u5386\u5e74\u5ea6\u8fce\u6765\u5f3a\u52bf\u590d\u82cf\uff0c\u5168\u7403\u7968\u623f\u6536\u5165\u8fbe64.5\u4ebf\u7f8e\u5143\uff0c\u4e3a\u516c\u53f8\u5386\u53f2\u7b2c\u4e09\u9ad8\u5e74\u4efd\u3002\u300a\u963f\u51e1\u8fbe\uff1a\u706b\u4e0e\u7070\u300b\u3001\u300a\u75af\u72c2\u52a8\u7269\u57ce2\u300b\u53ca\u771f\u4eba\u7248\u300a\u661f\u9645\u5b9d\u8d1d\u300b\u7b49\u591a\u90e8\u5f71\u7247\u5168\u7403\u7968\u623f\u5747\u7a81\u783410\u4ebf\u7f8e\u5143\u5927\u5173\u3002\u968f\u7740\u300a\u590d\u4ec7\u8005\u8054\u76df\uff1a\u672b\u65e5\u51b3\u6218\u300b\u548c\u300a\u73a9\u5177\u603b\u52a8\u54585\u300b\u7b49\u91cd\u78c5\u4f5c\u54c1\u57282026\u5e74\u9646\u7eed\u4e0a\u6620\uff0c\u516c\u53f8\u6709\u671b\u5ef6\u7eed\u8fd9\u4e00\u7968\u623f\u590d\u82cf\u52bf\u5934\u3002<\/p>\n<h2>\u7406\u7531\u56db\uff1a\u5927\u89c4\u6a21\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\u5f70\u663e\u4fe1\u5fc3<\/h2>\n<p>\u8fea\u58eb\u5c3c\u5728\u8d22\u62a5\u4e2d\u5ba3\u5e03\uff0c\u57fa\u4e8e190\u4ebf\u7f8e\u5143\u7684\u9884\u671f\u8425\u8fd0\u73b0\u91d1\u6d41\uff0c\u516c\u53f8\u8ba1\u5212\u57282026\u8d22\u5e74\u56de\u8d2d\u9ad8\u8fbe70\u4ebf\u7f8e\u5143\u7684\u80a1\u7968\u3002\u4ee5\u76ee\u524d\u7ea61860\u4ebf\u7f8e\u5143\u7684\u5e02\u503c\u8ba1\u7b97\uff0c\u6b64\u56de\u8d2d\u8ba1\u5212\u7406\u8bba\u4e0a\u53ef\u51cf\u5c11\u7ea63.8%\u7684\u6d41\u901a\u80a1\uff0c\u76f4\u63a5\u63d0\u5347\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09\u3002\u5728\u5e02\u573a\u4f4e\u4f30\u80a1\u4ef7\u65f6\u8fdb\u884c\u5982\u6b64\u5927\u89c4\u6a21\u7684\u56de\u8d2d\uff0c\u5f3a\u70c8\u8868\u660e\u4e86\u7ba1\u7406\u5c42\u8ba4\u4e3a\u8be5\u516c\u53f8\u80a1\u7968\u4ef7\u503c\u88ab\u4f4e\u4f30\uff0c\u5e76\u81f4\u529b\u4e8e\u901a\u8fc7\u8d44\u672c\u56de\u62a5\u4e3a\u80a1\u4e1c\u521b\u9020\u4ef7\u503c\u3002<\/p>\n<h2>\u7406\u7531\u4e94\uff1a\u4f30\u503c\u5904\u4e8e\u5386\u53f2\u4f4e\u4f4d\uff0c\u4e0e\u57fa\u672c\u9762\u8131\u8282<\/h2>\n<p>\u8fea\u58eb\u5c3c\u5f53\u524d\u7684\u4f30\u503c\u8fdc\u4f4e\u4e8e\u5386\u53f2\u5e73\u5747\u6c34\u5e73\u3002\u5bf9\u4e8e\u4e00\u5bb6\u6b63\u5728\u9ad8\u6548\u8fd0\u8425\uff0c\u6838\u5fc3\u4e1a\u52a1\u521b\u7eaa\u5f55\uff0c\u6d41\u5a92\u4f53\u4e1a\u52a1\u76c8\u5229\uff0c\u7535\u5f71\u4e1a\u590d\u82cf\u4e14\u73b0\u91d1\u6d41\u5145\u6c9b\u7684\u516c\u53f8\u800c\u8a00\uff0c\u8fd9\u79cd\u4f30\u503c\u6298\u6263\u663e\u5f97\u5e76\u4e0d\u5408\u7406\u3002\u516c\u53f8\u9884\u8ba12026\u8d22\u5e74\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u5c06\u5b9e\u73b0\u4e24\u4f4d\u6570\u589e\u957f\uff0c\u8fdb\u4e00\u6b65\u51f8\u663e\u4e86\u5f53\u524d\u80a1\u4ef7\u4e0e\u672a\u6765\u589e\u957f\u6f5c\u529b\u4e4b\u95f4\u7684\u5dee\u8ddd\u3002<\/p>\n<h2>\u7ed3\u8bba<\/h2>\n<p>\u7efc\u5408\u6765\u770b\uff0c\u5e02\u573a\u5bf9\u8fea\u58eb\u5c3c\u8fd1\u671f\u8d22\u62a5\u7684\u53cd\u5e94\u53ef\u80fd\u8fc7\u5ea6\u653e\u5927\u4e86\u77ed\u671f\u5fe7\u8651\uff0c\u800c\u5ffd\u89c6\u4e86\u591a\u4e2a\u4e1a\u52a1\u677f\u5757\u5448\u73b0\u51fa\u7684\u7ed3\u6784\u6027\u6539\u5584\u548c\u589e\u957f\u6f5c\u529b\u3002\u4ece\u521b\u7eaa\u5f55\u7684\u516c\u56ed\u4e1a\u52a1\uff0c\u76c8\u5229\u7684\u6d41\u5a92\u4f53\uff0c\u590d\u82cf\u7684\u7535\u5f71\u7968\u623f\uff0c\u5230\u79ef\u6781\u7684\u80a1\u4e1c\u56de\u62a5\u653f\u7b56\u548c\u5177\u6709\u5438\u5f15\u529b\u7684\u4f30\u503c\uff0c\u8fea\u58eb\u5c3c\u4e3a\u8010\u5fc3\u7684\u957f\u671f\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u4ee4\u4eba\u4fe1\u670d\u7684\u6295\u8d44\u7406\u7531\u3002\u5f53\u524d\u7684\u80a1\u4ef7\u4f4e\u8ff7\uff0c\u6216\u8bb8\u6b63\u662f\u4e00\u4e2a\u673a\u4f1a\u7a97\u53e3\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5c3d\u7ba1\u534e\u7279\u8fea\u58eb\u5c3c\u516c\u53f8\uff08Walt Disney, DIS\uff09\u4ea4\u51fa\u4e86\u8fd1\u5e74\u6765\u6700\u5f3a\u52b2\u7684\u4e1a\u7ee9\u8868\u73b0\uff0c\u4f46\u80a1\u4ef7\u5374\u5728\u8d22\u62a5\u53d1\u5e03\u540e\u906d\u9047\u91cd [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":557294,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1521,430],"tags":[2158,668,2137,2232],"class_list":["post-619476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1521","category-trends-strategies-zh-hans","tag-2158","tag-668","tag-2137","tag-2232","sectors-1602","locations-us-zh-hans","exchange-nyse-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/619476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=619476"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/619476\/revisions"}],"predecessor-version":[{"id":619479,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/619476\/revisions\/619479"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/557294"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=619476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=619476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=619476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}