{"id":632477,"date":"2026-04-20T22:17:34","date_gmt":"2026-04-21T05:17:34","guid":{"rendered":"https:\/\/nai500.com\/?p=632477"},"modified":"2026-04-20T22:17:34","modified_gmt":"2026-04-21T05:17:34","slug":"%e5%8b%95%e6%85%8bpe%e5%83%8521%e5%80%8d%ef%bc%8cmeta%e6%98%af%e7%a7%91%e6%8a%80%e4%b8%83%e5%b7%a8%e9%a0%ad%e4%b8%ad%e7%9a%84%e5%83%b9%e5%80%bc%e7%aa%aa%e5%9c%b0%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/04\/%e5%8b%95%e6%85%8bpe%e5%83%8521%e5%80%8d%ef%bc%8cmeta%e6%98%af%e7%a7%91%e6%8a%80%e4%b8%83%e5%b7%a8%e9%a0%ad%e4%b8%ad%e7%9a%84%e5%83%b9%e5%80%bc%e7%aa%aa%e5%9c%b0%ef%bc%9f\/","title":{"rendered":"\u52d5\u614bPE\u50c521\u500d\uff0cMeta\u662f\u201c\u79d1\u6280\u4e03\u5de8\u982d\u201d\u4e2d\u7684\u50f9\u503c\u7aaa\u5730\uff1f"},"content":{"rendered":"

\u5728\u7d93\u6b77\u4e86\u904e\u53bb\u5e7e\u5e74\u8d85450%\u7684\u9a5a\u4eba\u6f32\u5e45\u5f8c\uff0cMeta Platforms\uff08META\uff09<\/a>\u5728\u4eca\u5e74\u7684\u8868\u73fe\u986f\u5f97\u6709\u4e9b\u529b\u4e0d\u5f9e\u5fc3\u3002\u5e74\u521d\u81f3\u4eca\uff0c\u8a72\u80a1\u50c5\u9304\u5f97\u7d042%\u7684\u5fae\u5f31\u6f32\u5e45\uff0c\u660e\u986f\u843d\u5f8c\u65bc\u6a19\u666e500\u6307\u6578\u7d044%\u7684\u6574\u9ad4\u5347\u5e45\u3002\u9762\u5c0d\u9019\u4e00\u5c37\u5c2c\u7684\u201c\u9818\u8dd1\u8b8a\u6389\u968a\u201d\u5c40\u9762\uff0c\u5e02\u5834\u958b\u59cb\u91cd\u65b0\u5be9\u8996\u8a72\u80a1\u7684\u4f30\u503c\u5750\u6a19\uff1a\u7576\u975c\u614b\u5e02\u76c8\u7387\uff08P\/E\uff09\u56de\u843d\u81f329\u500d\u9644\u8fd1\uff0c\u4e14\u9060\u671f\u5e02\u76c8\u7387\uff08Forward P\/E\uff09\u50c5\u70ba21\u500d\u6642\uff0c\u5750\u64c1\u5168\u740335\u5104\u6708\u6d3b\u7528\u6236\u7684Meta\uff0c\u662f\u5426\u5df2\u6084\u7136\u6210\u70ba\u201c\u79d1\u6280\u4e03\u5de8\u982d\u201d\u4e2d\u6700\u5f8c\u7684\u50f9\u503c\u7aaa\u5730\uff1f<\/p>\n

\u4f30\u503c\u4e4b\u8faf\uff1a\u4fbf\u5b9c\u53ea\u662f\u76f8\u5c0d\u7684\uff0c\u9084\u662f\u7d55\u5c0d\u7684\uff1f<\/h2>\n

\u5f9e\u7d55\u5c0d\u6578\u503c\u770b\uff0c29\u500d\u7684\u975c\u614b\u5e02\u76c8\u7387\u5728\u4e03\u5de8\u982d\u9663\u71df\u4e2d\u78ba\u5be6\u986f\u5f97\u9817\u70ba\u201c\u4f4e\u8abf\u201d\uff0c\u9060\u4f4e\u65bc\u90e8\u5206\u540c\u884c\u52d5\u8f1235\u500d\u751a\u81f3\u66f4\u9ad8\u7684\u6ea2\u50f9\u6c34\u5e73\u3002\u9019\u4e5f\u662f\u4e0d\u5c11\u50f9\u503c\u6d3e\u6295\u8cc7\u8005\u5c07\u5176\u8996\u70ba\u201c\u6700\u4fbf\u5b9c\u79d1\u6280\u5de8\u982d\u201d\u7684\u76f4\u63a5\u8ad6\u64da\u3002<\/p>\n

\u7136\u800c\uff0c\u82e5\u5c07\u6642\u9593\u8ef8\u62c9\u9577\uff0c\u9019\u5e45\u4f30\u503c\u5716\u666f\u4fbf\u591a\u4e86\u5e7e\u5206\u8907\u96dc\u30022022\u5e74\u7684\u6975\u7aef\u62cb\u552e\u6f6e\u5927\u5e45\u62c9\u4f4e\u4e86Meta\u7684\u6b77\u53f2\u4f30\u503c\u4e2d\u6a1e\uff0c\u5373\u4fbf\u8fd1\u671f\u6709\u6240\u56de\u843d\uff0c\u7576\u524d29\u500d\u7684\u5e02\u76c8\u7387\u4f9d\u7136\u9ad8\u65bc\u4e94\u5e74\u5e73\u5747\u6c34\u5e73\u3002\u9019\u610f\u5473\u8457\uff0c\u5982\u4eca\u7684Meta\u6216\u8a31\u9060\u7a31\u4e0d\u4e0a\u201c\u767d\u83dc\u50f9\u201d\uff0c\u5b83\u66f4\u50cf\u662f\u4e00\u5f35\u50f9\u683c\u525b\u525b\u56de\u6b78\u5408\u7406\u5340\u9593\u7684\u5165\u5834\u5238\uff0c\u800c\u975e2022\u5e74\u90a3\u7a2e\u986f\u800c\u6613\u898b\u7684\u6df1\u5751\u6a5f\u6703\u3002<\/p>\n

\u771f\u6b63\u8b93\u5e02\u5834\u8e8a\u8e87\u4e0d\u524d\u7684\u4e26\u975e\u7576\u4e0b\u7684\u8ca1\u52d9\u6578\u5b57\uff0c\u800c\u662f\u672a\u4f86\u5229\u6f64\u589e\u901f\u80fd\u5426\u6490\u8d77\u66f4\u9ad8\u7684\u4f30\u503c\u6ea2\u50f9\u3002<\/p>\n

AI\u8c6a\u8ced\uff1a\u662f\u65b0\u7684\u589e\u9577\u98db\u8f2a\uff0c\u9084\u662f\u53c8\u4e00\u500b\u201c\u5143\u5b87\u5b99\u9ed1\u6d1e\u201d\uff1f<\/h2>\n

\u5e02\u5834\u7684\u7336\u7591\u6839\u690d\u65bcMeta\u6b77\u53f2\u4e0a\u904e\u65bc\u6602\u8cb4\u7684\u201c\u8a66\u932f\u6210\u672c\u201d\u3002\u9996\u5e2d\u57f7\u884c\u5b98Mark Zuckerberg\u6b64\u524d\u5728\u5143\u5b87\u5b99\u9805\u76ee\u4e0a\u7838\u4e0b\u7684\u6578\u767e\u5104\u7f8e\u5143\uff0c\u81f3\u4eca\u4ecd\u672a\u63db\u4f86\u8207\u4e4b\u5339\u914d\u7684\u5546\u696d\u56de\u5831\u3002\u5982\u4eca\uff0c\u7576\u7ba1\u7406\u5c64\u518d\u6b21\u9ad8\u547cAll in AI\uff0c\u751a\u81f3\u70ba\u6b64\u62db\u52df\u4e86Scale AI\u806f\u5408\u5275\u59cb\u4ebaAlexandr Wang\u7b49\u9802\u5c16\u4eba\u624d\u4e3b\u5c0eMuse Spark\u6a21\u578b\u7814\u767c\u6642\uff0c\u6295\u8cc7\u8005\u7684\u672c\u80fd\u53cd\u61c9\u662f\u8b66\u89ba\u800c\u975e\u8208\u596e\u3002<\/p>\n

\u6b63\u5982Zuckerberg\u57282024\u5e74\u8ca1\u5831\u96fb\u8a71\u6703\u4e0a\u6240\u9810\u8b66\u7684\u90a3\u6a23\uff1a\u201c\u6211\u5011\u6b63\u8655\u65bc\u6295\u8cc7\u64f4\u5c55\u65b0\u7522\u54c1\u4f46\u5c1a\u672a\u8ca8\u5e63\u5316\u7684\u968e\u6bb5\uff0c\u9019\u901a\u5e38\u4f34\u96a8\u8457\u80a1\u50f9\u7684\u5287\u70c8\u6ce2\u52d5\u3002\u201d\u00a0\u9019\u53e5\u8a71\u7cbe\u51c6\u52fe\u52d2\u4e86Meta\u76ee\u524d\u7684\u8655\u5883\u2014\u2014\u4e00\u500b\u9577\u9054\u6578\u5e74\u7684AI\u6295\u8cc7\u9031\u671f\u624d\u525b\u525b\u958b\u59cb\u3002\u77ed\u671f\u4f86\u770b\uff0cAI\u5c0d\u5ee3\u544a\u7cbe\u51c6\u5ea6\u7684\u63d0\u5347\u6216\u8a31\u80fd\u5e36\u4f86\u5c0f\u5e45\u589e\u91cf\uff0c\u4f46\u8981\u6307\u671b\u5927\u8a9e\u8a00\u6a21\u578b\u548c\u8d85\u7d1a\u667a\u80fd\u5be6\u9a57\u5ba4\u7acb\u523b\u8ca2\u737b\u5be6\u8cea\u6027\u71df\u6536\uff0c\u986f\u7136\u70ba\u6642\u904e\u65e9\u3002\u758a\u52a0\u8fd1\u671f\u95dc\u65bc\u65d7\u4e0b\u61c9\u7528\u5152\u7ae5\u5b89\u5168\u5354\u8b70\u8da8\u56b4\u7684\u5916\u90e8\u76e3\u7ba1\u9670\u96f2\uff0cMeta\u9762\u81e8\u7684\u77ed\u671f\u4e0d\u78ba\u5b9a\u6027\u4f9d\u7136\u6fc3\u91cd\u3002<\/p>\n

ROIC\u7684\u555f\u793a\uff1a\u6b77\u53f2\u662f\u5426\u6703\u518d\u6b21\u4e0a\u6f14\uff1f<\/h2>\n

\u5118\u7ba1\u77ed\u671f\u8ff7\u9727\u91cd\u91cd\uff0c\u4f46\u4e00\u9805\u95dc\u9375\u8ca1\u52d9\u6307\u6a19\u2014\u2014\u6295\u5165\u8cc7\u672c\u56de\u5831\u7387\uff08ROIC\uff09\u2014\u2014\u6b63\u5728\u70ba\u591a\u982d\u63d0\u4f9b\u67d0\u7a2e\u6b77\u53f2\u898f\u5f8b\u4e0a\u7684\u6170\u85c9\u3002<\/p>\n

\u56de\u9867Meta\u7684\u80a1\u50f9\u8d70\u52e2\u5716\uff0c\u6211\u5011\u6703\u767c\u73fe\u4e00\u689d\u6e05\u6670\u7684\u8ecc\u8de1\uff1a\u6bcf\u7576\u516c\u53f8\u56e0\u5927\u898f\u6a21\u8cc7\u672c\u958b\u652f\u5c0e\u81f4ROIC\u8dcc\u5165\u968e\u6bb5\u6027\u8c37\u5e95\u6642\uff0c\u80a1\u50f9\u5f80\u5f80\u96a8\u4e4b\u627f\u58d3\uff1b\u800c\u4e00\u65e6\u9019\u4e9b\u524d\u671f\u6295\u5165\u958b\u59cb\u8f49\u5316\u70ba\u5be6\u6253\u5be6\u7684\u76c8\u5229\u589e\u9577\uff0cROIC\u7684\u53cd\u5f48\u7e3d\u6703\u7cbe\u51c6\u5730\u89f8\u767c\u80a1\u50f9\u7684\u4e3b\u5347\u6d6a\u3002<\/p>\n

\u5c0d\u65bc\u9577\u671f\u4e3b\u7fa9\u6295\u8cc7\u8005\u800c\u8a00\uff0c\u73fe\u5728\u7684Meta\u6b63\u8655\u5728ROIC\u56e0AI\u57fa\u5efa\u6295\u5165\u800c\u88ab\u66ab\u6642\u58d3\u5236\u7684\u201c\u84c4\u529b\u671f\u201d\u3002\u82e5\u4ee5\u53f2\u70ba\u9452\uff0c\u7576Alexandr Wang\u9818\u929c\u7684AI\u6280\u8853\u6700\u7d42\u6ef2\u900f\u9032Meta\u7684\u5ee3\u544a\u63a8\u85a6\u7b97\u6cd5\u8207\u7b2c\u4e09\u65b9\u958b\u767c\u8005\u751f\u614b\u4e26\u958b\u59cb\u91cb\u653e\u5546\u696d\u5316\u6f5b\u80fd\u6642\uff0c\u773c\u4e0b\u768421\u500d\u9060\u671f\u5e02\u76c8\u7387\u78ba\u5be6\u5177\u5099\u6210\u70ba\u201c\u9031\u671f\u8d77\u8df3\u9ede\u201d\u7684\u6f5b\u529b\u3002<\/p>\n

\u7d50\u8ad6\uff1a\u4fdd\u5b88\u8005\u7684\u6050\u61fc\uff0c\u6a02\u89c0\u8005\u7684\u8caa\u5a6a<\/h2>\n

\u7d9c\u5408\u800c\u8a00\uff0cMeta\u7684\u201c\u50f9\u503c\u7aaa\u5730\u201d\u5c6c\u6027\u53d6\u6c7a\u65bc\u6295\u8cc7\u8005\u7684\u6642\u9593\u5c3a\u5ea6\u8207\u98a8\u96aa\u504f\u597d\u3002\u77ed\u671f\u4f86\u770b\uff0c\u5c1a\u672a\u843d\u5730\u7684AI\u6545\u4e8b\u3001\u6301\u7e8c\u7684\u5de8\u984d\u8cc7\u672c\u958b\u652f\u4ee5\u53ca\u76e3\u7ba1\u9006\u98a8\u4ee4\u5176\u7f3a\u4e4f\u7acb\u523b\u7a81\u7834\u7684\u50ac\u5316\u5291\uff1b\u4f46\u82e5\u62c9\u9577\u8996\u89d2\uff0c35\u5104\u65e5\u6d3b\u7528\u6236\u7684\u793e\u4ea4\u8b77\u57ce\u6cb3\u8207ROIC\u7684\u6b77\u53f2\u9031\u671f\u5f8b\u6697\u793a\uff0c\u6bcf\u4e00\u6b21\u56e0\u6230\u7565\u6027\u6295\u5165\u5f15\u767c\u7684\u4f30\u503c\u56de\u64a4\uff0c\u90fd\u662f\u9006\u5411\u4f48\u5c40\u7684\u7a97\u53e3\u3002<\/p>\n

\u771f\u6b63\u7684\u50f9\u503c\u7aaa\u5730\uff0c\u5f80\u5f80\u8a95\u751f\u4e8e\u77ed\u671f\u696d\u7e3e\u627f\u58d3\u8207\u9577\u671f\u9858\u666f\u932f\u4f4d\u7684\u88c2\u7e2b\u4e4b\u4e2d\u2014\u2014\u9019\u65e2\u662f\u4fdd\u5b88\u8005\u7684\u6050\u61fc\uff0c\u4ea6\u662f\u6a02\u89c0\u8005\u7684\u8caa\u5a6a\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u5728\u7d93\u6b77\u4e86\u904e\u53bb\u5e7e\u5e74\u8d85450%\u7684\u9a5a\u4eba\u6f32\u5e45\u5f8c\uff0cMeta Platforms\uff08META\uff09\u5728\u4eca\u5e74\u7684\u8868\u73fe\u986f\u5f97\u6709\u4e9b\u529b\u4e0d\u5f9e\u5fc3\u3002 […]<\/p>\n","protected":false},"author":27,"featured_media":495228,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1522,431],"tags":[675,2159,1677,2233],"class_list":["post-632477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1522","category-trends-strategies-zh-hant","tag--zh-hant","tag-2159","tag-technology-zh-hant","tag-2233","sectors-technology-zh-hant","locations-us-zh-hant","exchange-nasdaq-zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/632477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=632477"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/632477\/revisions"}],"predecessor-version":[{"id":632480,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/632477\/revisions\/632480"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/495228"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=632477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=632477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=632477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}