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阉K如何面对百亿补脓军团的“冲几Z？
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<li>2023/3/2 14:48:22</li>
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【电脑报在线】作为电商^収ͼ阉K惌摆脱双刃剑一般的h战，但面Ҏ势v汹的众多“电商新人”，不想打h格战的阿里又如何护住自己的“电商大哥”地位呢Q?
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<section label="Copyright 2018 iPaiban All Rights Reserved Q本样式已做版权保护Q未l正式授权不允许MW三方编辑器、企业、个Z用，q者必U）" donone="shifuMouseDownPayStyle('shifu_qmi_021')" style="margin: 0.5rem auto; padding: 0px; outline: 0px; max-width: 100%; letter-spacing: 0.544px; text-size-adjust: auto; font-family: 微Y雅黑, "Microsoft YaHei"; font-size: 16px; width: 612.3px; border: none; visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: 612.3px; text-align: center; overflow-wrap: break-word !important; visibility: visible;"><section style="margin: 0px; padding: 0px 0px 2px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: red; display: inline-flex; overflow-wrap: break-word !important; visibility: visible;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; border-bottom-width: 1px; border-bottom-style: dashed; border-bottom-color: red; display: inline-flex; font-size: 1rem; overflow-wrap: break-word !important; visibility: visible;"><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; clear: both; min-height: 1em; overflow-wrap: break-word !important; visibility: visible;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; overflow-wrap: break-word !important; visibility: visible;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 15px; text-align: justify; overflow-wrap: break-word !important; visibility: visible;">乍暖q寒</span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 15px; text-align: justify; overflow-wrap: break-word !important; visibility: visible;">Q?/span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 15px; text-align: justify; overflow-wrap: break-word !important; visibility: visible;">~慢的复苏之?/span></span></p></section></section></section></section><p style="margin: 5px 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.544px; text-size-adjust: auto; font-family: 微Y雅黑, "Microsoft YaHei"; font-size: 16px; visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; visibility: visible;" /></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0); visibility: visible;">阉K是否回到正轨Q答案全在最新的季度财报中?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0); visibility: visible;">q日Q阿里公布了2022q第四季度胦报，无论是营收还是净利润均超q市场预期——当季，阉KL入同比增?%Qؓ2477.56亿元Q净利润则达?57.46亿元Q同比增?38%?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0); visibility: visible;">不过从各l分业务来看Q除了在外市场Q阿里依靠从国内消费和云计算市场中积累的l验优势有明显增长外，核心的国内电商业务，以及阉K寄予厚望的本地生zR云业务和创C务均呈现出疲软的态势?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">从电商基本盘来看Q阿里的量优势持箋被分食?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">此前四个季度Q阿里营收增速分别ؓ10%?%?0.09%?%Q呈持箋攄态势Q核心电商业务受疫情影响较大是主因。而去q第四季度消贚w求减，来自抖音、京东等老对手的竞争持箋Q拖累了整体的营收增速回升?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">W四季度Q淘宝和天猫的GMV同比个位C降，叠加供应铑֒物流中断影响Q订单取消率上升Q导致阿里䄦金与q告收入Q即客服理收入Q同比下?%?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">?020qvQ阿里就广告收入和佣金合ƈ记录Q在q州某电商运营业人士眼里Q这一举措不过是ؓ了掩饰阿里流量卖不动的事实，“短视频分走很多下沉市场量Q淘宝再增加q告位商家也不想投，太贵了”?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">不过阉K在实物电商市场收Lq全是“寒意”。被安排到前U对战友商的淘特Q合q了“阿里BpZ业?688后，在吸引高度h格敏感的客群斚w取得一定增长：q_上M2CQ工厂直接向消费者）商品GMV同比增长过35%?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">然而这也只能抵消一部分淘宝天猫GMV下滑的媄响。据阉K巴巴CEO张勇透露Q今q前两个月，国内电商依然l持着疲态。从品类上看Q去q第四季度服饰等非必需品增速走低，健康保健cd品增速提升，与国家统计局数据势一_今年q初服饰、运动、户外品c虽有恢复势_但ƈ不明显?/span><span style="color: rgb(0, 0, 0); font-size: 15px; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px;"> </span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">整体上，阉K中国商业分部整体收入下滑1%Q至1699.86亿元。高鑫零售、天猫超市、盒马在内的直营零售业务收入同比增长10%Q其中盒马录得双位数同店销售增长，但仍处于亏损状态?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">在近来战局混ؕ的本地生zL务板块，阉K再度地囑^台推向中心。包括饿了么、高得飞猪、淘鲜达在内的本地生zL务板块，四季度收入同比增?%?31.64亿元Q订单量同比持^增长Q降本增效也有了Ҏ果，?1q同期亏?0亿，~减?2q的31亿元?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">本地生活板块的减亏主要还是因Z饿了么ؓȝ“到家”业务亏损持l羃H。本来阿里在到家业务上就是防守的状态，市场份额长期l持在三成以内，饿了么的订单量增速在12月才转ؓ正数?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">最q有消息Uͼ长期低迷的到家业务将在“整合大师”俞永福的主g合ƈ到出行业务线Q尽阿里ƈ未确认这一消息Q但从h员剪裁来看，q一l织调整qI穴来风?022q?月以来，常年亏损的本地生zL务板块就成ؓ裁员“重灑”，截至2022q第四季度末Q阿里员工L?3.97万，相比于上一季度减少4163人?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">另一个阿里报以高期望的业务云业务Q包括阿里云和钉钉）Q同样增长缓慢，云业务第四季度的收入同比增长3%Q至201.79亿元。其中在抉|集团内不同部门间交易后，阉K云当季营业收入ؓ201.79亿元Q同比仅增长3%。这是阿里云q年来的最低收入增速?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">张勇亲自挂帅的阿里云q年来增速一降再降，来自国资云等竞争Ҏ的阻力巨大?022q前三季度，阉K云收入增速分别ؓ12%?0%?%Q远低于行业q_30%的增速，而这一比例?018q第四季度则?4%?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">不过阉K云的赚钱能力有所提升Q经调整EBITDAQ税息折旧及摊销前利润）利润?.56亿元Q比2021q同期的1.34亿元同比增长166%。未来能否在互联|之外的传统行业打开市场是阉K云业务能否得以突破的制胜炏V?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">ȝ来看Q阿里急于LW二增长曲线造血之外Q目前仍占阿里七成营收的国内电商板块依然承担着主要增长压力?/span></p><section label="Copyright 2018 iPaiban All Rights Reserved Q本样式已做版权保护Q未l正式授权不允许MW三方编辑器、企业、个Z用，q者必U）" donone="shifuMouseDownPayStyle('shifu_qmi_021')" style="margin: 0.5rem auto; padding: 0px; outline: 0px; max-width: 100%; letter-spacing: 0.544px; text-size-adjust: auto; font-family: 微Y雅黑, "Microsoft YaHei"; font-size: 16px; width: 612.3px; border: none; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: 612.3px; text-align: center; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px 0px 2px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: red; display: inline-flex; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; border-bottom-width: 1px; border-bottom-style: dashed; border-bottom-color: red; display: inline-flex; font-size: 1rem; overflow-wrap: break-word !important;"><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 15px; text-align: justify; overflow-wrap: break-word !important;">不愿打h格战的阿里，直面“百亿补贴”冲?/span></span></p></section></section></section></section><p style="margin: 5px 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.544px; text-size-adjust: auto; font-family: 微Y雅黑, "Microsoft YaHei"; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">h战是双刃剑，Z竞争Ҏ的同时也会割伤自己，可h格又永远是媄响消费者购买的W一要素Q面对当前电商领域浓的h战火药味儿，阉K巴巴却给Z不一L看法?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">“没有哪家公司可以通过持箋h补脓来改变局面，最l还是靠技术。hD贴不是新鲜事物，隔一D|间就会有Z动蟩出来做一些hD_希望通过补脓能够扭{局面，赢得先机。但回顾历史Q没有哪一家公司能够通过自n的持lhD_实现改变局面的目的Q最l改变局面还是要靠技术创新和商业机制的创斎ͼ真正让商家愿意把最好的商品Q最好的hl到消费者。?/span></span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">在胦报分析师电话会上Q阿里巴巴董事会d兼CEO张勇表示Q“一个h补脓全^台是补脓不过来的Q只有让商家愿意Z的消费者买单，愿意为消费者付出，q且q个付出是有长期的、可持箋的商业回报的Q这h是一个正循环。?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">张勇的话虽然听上d有道理，可当下电商领域新一轮的h战明昑ַl箭在u上了。日前，京东APP在升U?1.6.2版本Ӟ更新日志中明提?span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">Q“京?.8节，百亿补脓上线?/span>。这意味着Q曾在大促阶D试水“百亿补贴”打法的京东Q正试图这一zd升为常态化打法。而在众多消费者认知中Q百亿补贴往往是同拼多多画上等LQ京东这L丑֊Q显然是选择同其碰?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">而在电商h战中Q“百亿补贴”更像是一把没有剑柄和剑鞘的利刃，q_握v它征伐市场的同时Q也需要用自己的血dd。相对单U的品牌商让利，“百亿补贴”让电商q_亲n下场肉搏Q真金白银化作补贴回馈消费者，从而不断击I品底仗“百亿补贴”的本质是低价促销zdQ依靠的是^台源源不断“输血”，但这栯本赚吆喝的行为却能在极短的时间里做大“基本盘”—?span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">用户量、交易额能快速提升?/span></span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">京东惌通过“百亿补贴”活动“将h打下来抢占更多的市场”，但这把双刃剑的锋利度昄过了很多h的预伎ͼ虽然M??日正式开启“百亿补贴”活动还有一些日子，可就在京东“百亿补贴”活动传出当天，其股价就“先跌ؓ敬”，??0日的207.4元到2?8日的174元，其市D发超q?6%Q这意味着京东在靠“百亿补贴”换取市Z前，其近千亿市值短旉灰飞烟灭Q而拼多多同样??1日当天大跌?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 0, 0); font-size: 15px;">昄Q资本市场ƈ不认为巨头间的h格战会是好消息，但电商^台天生对量的望和q逐，让所有^C动或被动地加入这Zh格竞争中?/span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 0, 0); font-size: 15px;">事实上，自从拼多?019q率先推出“百亿补贴”ƈ以黑马姿态迎来用h量和销售额爆发式增长后Q阿里、京东等老牌电商q_已l推Z各自版本的“百亿补贴”活动?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 0, 0); font-size: 15px;">以阿里ؓ例，无论是嵌入淘宝中的天天特卖工厂店Q淘工厂直营店）q是以独立APP形式出现的淘特，都将下沉市场消费人群当做目标客户Q依靠M2CQ工厂直接向消费者销售）降低商品销售h|而“聚划算百亿补脓”更是不时炒高了q_热度?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 0, 0); font-size: 15px;">通过陶特Q阿里实际上早已曲线q入h?/span></span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">因此Q无论愿或不愿，当电商^C消费者购物工具Ş象出现时Qh格战是无法避免的存在，而不xh战的阉K张勇也表C“h格永q是消费的王道，不断通过整体市场机制的设计，各类营销产品和淘特的工厂?农品直达消费者等的业务模式突_提升商品的h格竞争力。?/span></p><section label="Copyright 2018 iPaiban All Rights Reserved Q本样式已做版权保护Q未l正式授权不允许MW三方编辑器、企业、个Z用，q者必U）" donone="shifuMouseDownPayStyle('shifu_qmi_021')" style="margin: 0.5rem auto; padding: 0px; outline: 0px; max-width: 100%; letter-spacing: 0.544px; text-size-adjust: auto; font-family: 微Y雅黑, "Microsoft YaHei"; font-size: 16px; width: 612.3px; border: none; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: 612.3px; text-align: center; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px 0px 2px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: red; display: inline-flex; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; border-bottom-width: 1px; border-bottom-style: dashed; border-bottom-color: red; display: inline-flex; font-size: 1rem; overflow-wrap: break-word !important;"><p style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; clear: both; min-height: 1em; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 15px; text-align: justify; overflow-wrap: break-word !important;">内容电商崛vQ阿里靠什么黏住用?/span></span></p></section></section></section></section><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">不认同h格战的阿里，惌凭借技术提升品h格竞争力Q内容电商或许能成ؓ阉K破局的关键?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">在阿里的电商版图中，淘宝、淘特均定位于“互联网交易q_”，而整个阿里电商业务也以“交易”ؓ核心Q具有明昄工具Ҏ，q就意味着其电商业务无法摆׃h格战阴媄。经q十余年的终端市场培Ԍ消费者在阉K电商q_购物时往往h明确的目的性，q就意味着消费者不仅会在^台内部比较，更会跨^台对比h|面对q样_明的消费者，沦ؓ购买工具的阿里很隑ֆ提升电商业务利润率?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">相对于目的性较强的理性消费，q些q以抖音、小U书Z表的内容电商不仅依靠内容触动消费者内心，借助直播、种草等形式Ȁzd动消费，更能依托丰富的^台内容，有效提升q_用户黏性?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">在内容资源相对匮乏的q月Q“逛淘宝”是不少80?0后的消费模式Q然而随着短视频内容的兴vQ刷抖音、小U书购物逐渐成ؓ00后的选择Qƈ?0?0后也乐在其中。以抖音电商ZQ?019q才推出抖音店Q可?022q双11ӞҎ星图的数据显C，10?1?0:00-11?1?3:59Q综合电商^台、直播^台篏U销售额?1154亿元Q阿里未公布2022q双11具体成交额，不过2021阉K巴巴?1L交额?386亿）?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">时至今日Q从内容q_跨界电商融合而来的内容电商已l成长ؓ蕴藏巨大机遇的主赛道。借助内容的个性化分发Q内容电商能够真正实现对消费者的_耕细作，而内容生产者针对特定消费群体打造有吸引力、有价值的内容Q再通过内容拉动消费Q在“逛”内容的同时产生冲动消费?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; color: rgb(0, 0, 0);">事实上，阉K本n也在内容端有所布局Q?022q的双十一期间Q交个朋友、遥望科技、东方甄选等头部L集体“出抖入淘”，极大地推动了淘宝直播内容生态构建，<span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-family: 微Y雅黑, "Microsoft YaHei"; box-sizing: border-box !important; overflow-wrap: break-word !important;">而，强化内容也是淘宝2023q五大战略的重点?/span></span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 0, 0); font-size: 15px; font-family: 微Y雅黑, "Microsoft YaHei";">据晚?LatePost消息Q阿里近期确定了<span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">淘宝今年的五大战略：直播、私域、内容化、本地零售和h力?/span>目前Q这五个战略如何展开在核心管理层已经有了初步ҎQ但未最l确认。多位阿里员工表C，只知道有q五个战役，但他们都不清楚具体策略。此外，报道q称Q淘宝内部已l明指出，今年相比 GMVQ网站成交金额）增长Q更重要的指标是 DAUQ日z跃用户数量Q增ѝ?/span></p><p style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 0, 0); font-size: 15px; font-family: 微Y雅黑, "Microsoft YaHei";"></span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(0, 0, 0); font-size: 15px;">五大战略中的“直播、私域、内容化”均属于内容生态部分，而内容电商原本就是一场消贚w求的L游戏Q在L消费需要之前，阉K有准备好_的内容应对市场需求的变化了吗Q?/span><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><section style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(136, 136, 136); font-size: 14px; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; overflow-wrap: break-word !important;">~辑｜张?/span></span></section><section style="margin: 0px 8px 24px; padding: 0px; outline: 0px; max-width: 100%; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-size-adjust: auto; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.75em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(136, 136, 136); font-size: 14px; letter-spacing: 0.544px; overflow-wrap: break-word !important;">审核｜吴?/span></span></section>
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