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沐灮
#奈飞Q3盈利超预期，广告业务增长放缓 盈利超预期已被盘后约6%的跌幅定价为“利好出尽”。核心杀逻辑在广告：全年指引从30亿下调至27亿，广告产品上线慢于计划，第二增长曲线证伪。Q4营收指引134亿低于预期，增速降至11.5%，连续第四季放缓。首日若低开且广告收入结构无改善信号，盘中反抽乏力即确认下跌趋势。
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