[{"data":1,"prerenderedAt":707},["ShallowReactive",2],{"layout-dao":3,"dao-company-tencent":488},[4,10,14,18,22,26,30,34,38,43,48,51,55,58,62,65,69,72,76,79,83,87,91,95,99,104,108,112,116,120,124,128,132,136,140,145,149,153,157,161,165,169,173,178,183,187,191,195,199,203,207,211,215,219,223,227,231,235,239,243,247,251,255,259,263,267,271,275,279,283,287,291,296,300,304,308,312,316,320,324,328,332,336,340,344,348,352,356,360,364,368,372,376,381,386,391,395,399,403,407,411,415,419,423,427,431,435,439,443,447,451,455,459,463,467,471,475,480,484],{"title":5,"slug":6,"category":7,"order":8,"type":9},"本分","benfen","核心哲学",1,null,{"title":11,"slug":12,"category":7,"order":13,"type":9},"平常心","pingchangxin",2,{"title":15,"slug":16,"category":7,"order":17,"type":9},"做对的事情","zuoduideshiqing",3,{"title":19,"slug":20,"category":7,"order":21,"type":9},"把事情做对","bashiqingzuodui",4,{"title":23,"slug":24,"category":7,"order":25,"type":9},"能力圈","nengliquan",5,{"title":27,"slug":28,"category":7,"order":29,"type":9},"不做什么","buzuoshenme",6,{"title":31,"slug":32,"category":7,"order":33,"type":9},"敢为天下后","ganweitianxiahou",7,{"title":35,"slug":36,"category":7,"order":37,"type":9},"消费者导向","xiaofeizhedaoxiang",8,{"title":39,"slug":40,"category":41,"order":42,"type":9},"价值投资","jiazhitouzi","投资理念",9,{"title":44,"slug":45,"category":46,"order":47,"type":9},"负债","fuzhai","财务指标",10,{"title":49,"slug":50,"category":41,"order":47,"type":9},"商业模式","shangyemoshi",{"title":52,"slug":53,"category":41,"order":54,"type":9},"护城河","huchenghe",11,{"title":56,"slug":57,"category":46,"order":54,"type":9},"净现金","jingxianjin",{"title":59,"slug":60,"category":46,"order":61,"type":9},"开销合理性","kaixiaohelixing",12,{"title":63,"slug":64,"category":46,"order":61,"type":9},"现金流","xianjinliu",{"title":66,"slug":67,"category":46,"order":68,"type":9},"真实利润","zhenshilirun",13,{"title":70,"slug":71,"category":41,"order":68,"type":9},"折现","zhexian",{"title":73,"slug":74,"category":41,"order":75,"type":9},"安全边际","anquanbianji",14,{"title":77,"slug":78,"category":46,"order":75,"type":9},"扣除商誉的净资产","jingzichan",{"title":80,"slug":81,"category":41,"order":82,"type":9},"基本面","jibenmian",15,{"title":84,"slug":85,"category":41,"order":86,"type":9},"机会成本","jihuichengben",16,{"title":88,"slug":89,"category":41,"order":90,"type":9},"长期持有","zhangqichiyou",17,{"title":92,"slug":93,"category":41,"order":94,"type":9},"投机","touji",18,{"title":96,"slug":97,"category":41,"order":98,"type":9},"止损","zhisun",19,{"title":100,"slug":101,"category":102,"order":103,"type":9},"企业文化","qiyewenhua","企业经营",20,{"title":105,"slug":106,"category":102,"order":107,"type":9},"品牌","pinpai",21,{"title":109,"slug":110,"category":102,"order":111,"type":9},"差异化","chayihua",22,{"title":113,"slug":114,"category":102,"order":115,"type":9},"用户体验","yonghutiyan",23,{"title":117,"slug":118,"category":102,"order":119,"type":9},"渠道","qudao",24,{"title":121,"slug":122,"category":102,"order":123,"type":9},"平台","pingtai",25,{"title":125,"slug":126,"category":102,"order":127,"type":9},"生态系统","shengtaixitong",26,{"title":129,"slug":130,"category":102,"order":131,"type":9},"单一产品","danyichanpin",27,{"title":133,"slug":134,"category":102,"order":135,"type":9},"造钟人","zaozhongren",28,{"title":137,"slug":138,"category":102,"order":139,"type":9},"利润之上的追求","lirunzhishangdezhuiqiu",29,{"title":141,"slug":142,"category":143,"order":144,"type":9},"进取心","jinquxin","品格与心性",30,{"title":146,"slug":147,"category":143,"order":148,"type":9},"耐心","naixin",31,{"title":150,"slug":151,"category":143,"order":152,"type":9},"责任心","zerenxin",32,{"title":154,"slug":155,"category":143,"order":156,"type":9},"爱心","aixin",33,{"title":158,"slug":159,"category":143,"order":160,"type":9},"信誉","xinyu",34,{"title":162,"slug":163,"category":143,"order":164,"type":9},"正直","zhengzhi",35,{"title":166,"slug":167,"category":143,"order":168,"type":9},"理性","lixing",36,{"title":170,"slug":171,"category":143,"order":172,"type":9},"长期主义","zhangqizhuyi",37,{"title":174,"slug":175,"category":176,"order":177,"type":9},"段永平推荐书单","tuijianshudan","推荐书单",50,{"title":179,"slug":180,"category":181,"order":182,"type":9},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",100,{"title":184,"slug":185,"category":181,"order":186,"type":9},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",101,{"title":188,"slug":189,"category":181,"order":190,"type":9},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",102,{"title":192,"slug":193,"category":181,"order":194,"type":9},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",103,{"title":196,"slug":197,"category":181,"order":198,"type":9},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",104,{"title":200,"slug":201,"category":181,"order":202,"type":9},"2000追逐世界的节奏 —— 《经营者》杂志2000年，步步高总经理访谈记录","duanyongping-2000zhuizhushijiedejiezou-jingyingzhe-zazhi2000nian-bubugaozongjing",105,{"title":204,"slug":205,"category":181,"order":206,"type":9},"2001《经营天下：高峰论坛 之 段永平》—— 2001年末中国20位行业巨头面对面访谈录","duanyongping-2001-jingyingtianxia-gaofengluntan-zhi-duanyongping-2001nianmozhong",106,{"title":208,"slug":209,"category":181,"order":210,"type":9},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",107,{"title":212,"slug":213,"category":181,"order":214,"type":9},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",108,{"title":216,"slug":217,"category":181,"order":218,"type":9},"2002年 CCTV2经济频道《卖点》栏目采访：投影机能否走进家庭？","duanyongping-2002nian-cctv2jingjipindao-maidian-lanmucaifang-touyingjinengfouzou",109,{"title":220,"slug":221,"category":181,"order":222,"type":9},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",110,{"title":224,"slug":225,"category":181,"order":226,"type":9},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",111,{"title":228,"slug":229,"category":181,"order":230,"type":9},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",112,{"title":232,"slug":233,"category":181,"order":234,"type":9},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",113,{"title":236,"slug":237,"category":181,"order":238,"type":9},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",114,{"title":240,"slug":241,"category":181,"order":242,"type":9},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",115,{"title":244,"slug":245,"category":181,"order":246,"type":9},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",116,{"title":248,"slug":249,"category":181,"order":250,"type":9},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",117,{"title":252,"slug":253,"category":181,"order":254,"type":9},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",118,{"title":256,"slug":257,"category":181,"order":258,"type":9},"2009年《21世纪经济报道》独家专访：我不认为巴菲特是股神（2009年）","duanyongping-2009nian-21shijijingjibaodao-dujiazhuanfang-woburenweibafeiteshigus",119,{"title":260,"slug":261,"category":181,"order":262,"type":9},"2009浙大MBA分享：企业追求的是稳健的发展，基本功最重要","duanyongping-2009zhedambafenxiang-qiyezhuiqiudeshiwenjiandefazhan-jibengongzuizh",120,{"title":264,"slug":265,"category":181,"order":266,"type":9},"2010年 步步高董事长段永平和人大校长纪宝成记者会实录","duanyongping-2010nian-bubugaodongshizhangduanyongpingherendaxiaozhangjibaochengj",121,{"title":268,"slug":269,"category":181,"order":270,"type":9},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",122,{"title":272,"slug":273,"category":181,"order":274,"type":9},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",123,{"title":276,"slug":277,"category":181,"order":278,"type":9},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",124,{"title":280,"slug":281,"category":181,"order":282,"type":9},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",125,{"title":284,"slug":285,"category":181,"order":286,"type":9},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",126,{"title":288,"slug":289,"category":181,"order":290,"type":9},"2025年： 方三文对话段永平：做自己能够喜欢的事情很重要","duanyongping-2025nian-fangsanwenduihuaduanyongping-zuozijinenggouxihuandeshiqing",127,{"title":292,"slug":293,"category":294,"order":295,"type":9},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":297,"slug":298,"category":294,"order":299,"type":9},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":301,"slug":302,"category":294,"order":303,"type":9},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":305,"slug":306,"category":294,"order":307,"type":9},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":309,"slug":310,"category":294,"order":311,"type":9},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":313,"slug":314,"category":294,"order":315,"type":9},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":317,"slug":318,"category":294,"order":319,"type":9},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":321,"slug":322,"category":294,"order":323,"type":9},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":325,"slug":326,"category":294,"order":327,"type":9},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":329,"slug":330,"category":294,"order":331,"type":9},"商业逻辑篇：第4节：产品、差异化与创新","duanyongping-shangyeluoji-di4jie-chanpin-chayihua-yu-chuangxin",404,{"title":333,"slug":334,"category":294,"order":335,"type":9},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":337,"slug":338,"category":294,"order":339,"type":9},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":341,"slug":342,"category":294,"order":343,"type":9},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":345,"slug":346,"category":294,"order":347,"type":9},"投资问答录商业逻辑篇：前言：买股票就是买公司","duanyongping-shangyeluoji-qianyan-maiqushoujiiumaishangsi",408,{"title":349,"slug":350,"category":294,"order":351,"type":9},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":353,"slug":354,"category":294,"order":355,"type":9},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":357,"slug":358,"category":294,"order":359,"type":9},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":361,"slug":362,"category":294,"order":363,"type":9},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":365,"slug":366,"category":294,"order":367,"type":9},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":369,"slug":370,"category":294,"order":371,"type":9},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":373,"slug":374,"category":294,"order":375,"type":9},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,{"title":377,"slug":378,"category":377,"order":379,"type":380},"公司与人物","gongsi-yu-renwu",5000,"index",{"title":382,"slug":383,"category":377,"order":384,"type":385},"苹果：段永平为什么高度评价这家公司","company-apple",5010,"company",{"title":387,"slug":388,"category":377,"order":389,"type":390},"黄峥：段永平为什么高度评价他","person-huangzheng",5020,"person",{"title":392,"slug":393,"category":377,"order":394,"type":385},"泡泡玛特：段永平如何重新评估这家公司","company-pop-mart",5030,{"title":396,"slug":397,"category":377,"order":398,"type":390},"王宁：段永平为什么欣赏泡泡玛特创始人","person-wangning",5040,{"title":400,"slug":401,"category":377,"order":402,"type":385},"贵州茅台：段永平为什么高度评价这家公司","company-maotai",5050,{"title":404,"slug":405,"category":377,"order":406,"type":385},"网易：段永平为什么长期评价这家公司","company-netease",5060,{"title":408,"slug":409,"category":377,"order":410,"type":385},"腾讯：段永平为什么认为它是长坡厚雪","company-tencent",5070,{"title":412,"slug":413,"category":377,"order":414,"type":385},"阿里巴巴：段永平为什么曾高度评价又保留","company-alibaba",5080,{"title":416,"slug":417,"category":377,"order":418,"type":385},"拼多多：段永平如何看这家公司","company-pinduoduo",5090,{"title":420,"slug":421,"category":377,"order":422,"type":385},"英伟达：段永平为什么说它厉害但难看懂","company-nvidia",5100,{"title":424,"slug":425,"category":377,"order":426,"type":385},"任天堂：段永平从中学到什么","company-nintendo",5110,{"title":428,"slug":429,"category":377,"order":430,"type":385},"GE：段永平为什么后来修正这笔投资","company-ge",5120,{"title":432,"slug":433,"category":377,"order":434,"type":385},"新东方：段永平为什么既认可又保留","company-new-oriental",5130,{"title":436,"slug":437,"category":377,"order":438,"type":390},"巴菲特：段永平为什么高度尊重他","person-buffett",5200,{"title":440,"slug":441,"category":377,"order":442,"type":390},"芒格：段永平为什么重视他的理性","person-munger",5210,{"title":444,"slug":445,"category":377,"order":446,"type":390},"乔布斯：段永平为什么说他既是报时人也是造钟人","person-steve-jobs",5220,{"title":448,"slug":449,"category":377,"order":450,"type":390},"库克：段永平为什么认为他是更好的 CEO","person-tim-cook",5230,{"title":452,"slug":453,"category":377,"order":454,"type":390},"马云：段永平为什么一直认为他了不起","person-mayun",5240,{"title":456,"slug":457,"category":377,"order":458,"type":390},"丁磊：段永平为什么说他很有悟性","person-dinglei",5250,{"title":460,"slug":461,"category":377,"order":462,"type":390},"马化腾：段永平为什么正面评价他","person-mahuateng",5260,{"title":464,"slug":465,"category":377,"order":466,"type":390},"俞敏洪：段永平为什么说他是条汉子","person-yuminhong",5270,{"title":468,"slug":469,"category":377,"order":470,"type":390},"季克良：段永平为什么说他对茅台至关重要","person-jikeliang",5280,{"title":472,"slug":473,"category":377,"order":474,"type":390},"黄仁勋：段永平为什么欣赏他","person-huangrenxun",5290,{"title":476,"slug":477,"category":377,"order":478,"type":479},"段永平高度评价过的公司","topic-highly-rated-companies",5300,"topic",{"title":481,"slug":482,"category":377,"order":483,"type":479},"段永平高度评价过的人","topic-highly-rated-people",5310,{"title":485,"slug":486,"category":377,"order":487,"type":479},"段永平正在重估的公司","topic-revaluated-companies",5320,{"id":489,"title":408,"body":490,"category":377,"date":9,"description":693,"extension":694,"meta":695,"navigation":696,"order":410,"path":697,"seo":698,"seoDescription":693,"seoTitle":699,"slug":409,"source":9,"sourceDate":9,"sourceUrl":9,"stem":700,"tags":701,"type":385,"__hash__":705,"_collection":706},"dao\u002Fdao\u002Fcompany-people\u002Fcompany-tencent.md",{"type":491,"value":492,"toc":676},"minimark",[493,497,501,505,508,535,538,544,549,552,557,560,567,571,574,577,581,584,587,591,594,597,600,603,606,620,623,631,634,659,662],[494,495,408],"h1",{"id":496},"腾讯段永平为什么认为它是长坡厚雪",[498,499,500],"h2",{"id":500},"一句话结论",[502,503,504],"p",{},"段永平认可腾讯，是因为它有强大的社交关系、微信和微信支付带来的深远影响，以及不错的商业模式和企业文化；但他也承认自己对腾讯的理解不如苹果。",[498,506,507],{"id":507},"段永平的核心评价",[509,510,511,515,518,521,524,532],"ul",{},[512,513,514],"li",{},"腾讯属于“长长的坡，厚厚的雪”。",[512,516,517],{},"马化腾人不错，而且年轻。",[512,519,520],{},"微信和微信支付的影响非常大且深远。",[512,522,523],{},"腾讯产品之间有内在关联，不是一般意义上的多元化。",[512,525,526,527,531],{},"投资腾讯仍然要比较",[528,529,84],"a",{"href":530},"\u002Fjihuichengben","。",[512,533,534],{},"他更懂苹果，所以腾讯仓位一度较小。",[498,536,537],{"id":537},"关键原文",[539,540,541],"blockquote",{},[502,542,543],{},"长长的坡，厚厚的雪！最近确实已经投了一些了，但比例还很小。用苹果换似乎有点不舍得，我似乎更懂苹果些。",[539,545,546],{},[502,547,548],{},"马化腾人不错，而且年轻，微信及微信支付的影响非常大且深远。",[498,550,551],{"id":551},"为什么他评价高",[553,554,556],"h3",{"id":555},"_1-社交关系的长期价值","1. 社交关系的长期价值",[502,558,559],{},"腾讯最重要的资产不是某一个游戏，也不是某一次流量红利，而是人与人之间长期沉淀的社交关系。微信把这种关系变成高频基础设施。",[502,561,562,563,566],{},"这种基础设施性质，使腾讯的",[528,564,49],{"href":565},"\u002Fshangyemoshi","不只是卖广告或卖游戏，而是围绕用户关系持续展开服务。",[553,568,570],{"id":569},"_2-微信和微信支付","2. 微信和微信支付",[502,572,573],{},"段永平特别提到微信及微信支付影响深远。微信改变的是沟通方式，微信支付改变的是交易方式，两者都嵌入了用户日常生活。",[502,575,576],{},"这种深度嵌入，就是腾讯长坡厚雪的重要来源。",[553,578,580],{"id":579},"_3-产品关联度","3. 产品关联度",[502,582,583],{},"对于腾讯是否多元化，段永平的判断比较温和：产品上不算多元化，因为绝大多数产品之间有内在关联；投资上看似分散，但很多也有关联。",[502,585,586],{},"这和他反对“为了多元化而多元化”并不矛盾。关键不是业务数量，而是这些业务是否围绕同一用户关系和能力展开。",[553,588,590],{"id":589},"_4-商业模式与企业文化","4. 商业模式与企业文化",[502,592,593],{},"段永平说自己的投资标准很简单：商业模式、企业文化、合理价钱。腾讯被纳入观察和持有，说明它至少在这三个维度上具备吸引力。",[498,595,596],{"id":596},"保留与风险",[502,598,599],{},"段永平对腾讯的保留主要是理解深度和机会成本。他多次表示自己更懂苹果，所以不愿轻易用苹果换腾讯。",[502,601,602],{},"腾讯还面临监管、游戏周期、广告环境、投资组合和新平台竞争等风险。写腾讯时不能只写“社交护城河”，也要保留这些不确定性。",[498,604,605],{"id":605},"投资启发",[509,607,608,611,614,617],{},[512,609,610],{},"多元化要看业务之间是否有关联，而不是数业务数量。",[512,612,613],{},"强社交关系是很深的护城河，但仍要评估价格。",[512,615,616],{},"买好公司时也要问：它是否比手里已有的公司更值得持有？",[512,618,619],{},"理解不够深时，仓位自然要克制。",[498,621,622],{"id":622},"相关人物",[509,624,625],{},[512,626,627],{},[528,628,630],{"href":629},"\u002Fperson-mahuateng","马化腾",[498,632,633],{"id":633},"相关概念",[509,635,636,640,645,650,654],{},[512,637,638],{},[528,639,49],{"href":565},[512,641,642],{},[528,643,52],{"href":644},"\u002Fhuchenghe",[512,646,647],{},[528,648,121],{"href":649},"\u002Fpingtai",[512,651,652],{},[528,653,84],{"href":530},[512,655,656],{},[528,657,100],{"href":658},"\u002Fqiyewenhua",[498,660,661],{"id":661},"原始出处",[509,663,664,670],{},[512,665,666],{},[528,667,669],{"href":668},"\u002Fduanyongping-shangyeluoji-di1jie-weidaqiye","商业逻辑篇：第1节 伟大企业",[512,671,672],{},[528,673,675],{"href":674},"\u002Fduanyongping-shangyeluoji-di6jie-shougouheduoyuanhua","商业逻辑篇：第6节 收购和多元化",{"title":677,"searchDepth":13,"depth":13,"links":678},"",[679,680,681,682,688,689,690,691,692],{"id":500,"depth":13,"text":500},{"id":507,"depth":13,"text":507},{"id":537,"depth":13,"text":537},{"id":551,"depth":13,"text":551,"children":683},[684,685,686,687],{"id":555,"depth":17,"text":556},{"id":569,"depth":17,"text":570},{"id":579,"depth":17,"text":580},{"id":589,"depth":17,"text":590},{"id":596,"depth":13,"text":596},{"id":605,"depth":13,"text":605},{"id":622,"depth":13,"text":622},{"id":633,"depth":13,"text":633},{"id":661,"depth":13,"text":661},"整理段永平对腾讯的评价：微信、微信支付、社交流量、商业模式、企业文化与机会成本。","md",{},true,"\u002Fdao\u002Fcompany-people\u002Fcompany-tencent",{"title":408,"description":693},"腾讯：段永平为什么认为它是长坡厚雪｜段永平投资问答录","dao\u002Fcompany-people\u002Fcompany-tencent",[702,630,703,704,49],"腾讯","微信","微信支付","kJBYac8ETOw4D4y2VVVeJmDTW2RbN0TMshs1PVP2OXM","dao",1781666335067]