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Yuvi.
$META 已公布季度营收同比增长26%，为何市场仍需盯紧成本？强劲广告收入说明AI推荐与商业转化能进入利润表，但已披露的法律费用及高额算力投入也会影响利润质量。若广告效率提升快于资本开支，增长闭环成立；若费用率持续上行、现金流转弱，我会下调对高估值的容忍度。
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