文|消金界

youyijiajinrongkejigongsichongcichuangyebanipo。

xiaojinjiezhuyidao，jinqibeijingyichenghudongwangluojishugufenyouxiangongsi（yixiajiancheng“yichenghudong”），gengxinleshangshishenhejincheng。shenjiaosuoyijingxiangyichenghudongfachuleshenhezhongxinyijianluoshihan，yichenghudongdeipojinchengzaijinyibu。

zaiyichenghudongdeipojinchengzhong，yuxingyetoubuyuxinkeji（300674.sz）deguanxi、duialiyundeguoduyilai，douchengweijianguanzhongdianxunwendewenti。

buguanyuyuxinkejideguanxiruhe，muqianzaiyingshou、shizhanlvdengfangmian，yichenghudongyijingbeiyuxinkejilakailehendadejuli。eryualiyundehezuoyezaiyidingchengdushang，zheshechulejinrongkejixingyeneijuandexianzhuang。

congfazhandejiaoduwomenkeyilijie，shangshirongzihuodegengduozibendejiachi，shiyichenghudongmouqiuxiayibufazhandezhongyaoyibu。tongshijianguanduiyichenghudongzheiyangdejinrongkejiqiyeipofangxing，duizhenggexingyelaishuoyeshiyigelihao。

01 细分领域中的老大

yichenghudongshiyijiayinxingitjiejuefangangongyingshang，xiangyiyinxingweizhudejinrongjigou，tigongyidongyinxing、wangluoyinxing、kaifangyinxing、jiaoyiyinxingdengitjiejuefangan。

muqian，yichenghudongzhuyaodeyinxingkehubaokuodaxingshangyeyinxing、gufenzhishangyeyinxing、chengshishangyeyinxing、minyingyinxingdeng，qizhong，zhengcexingyinxing1jia，fugailvwei50%；guoyoudaxingshangyeyinxing4jia，fugailv66.67%；gufenzhishangyeyinxing8jia，fugailv66.67%；chengshangxing35jia，fugailv28%；minyingyinxing11jia，fugailv57.89%。ciwaihaiyounongshangxing、nongcunjinrongjigoudengkehu。

dankanduibutongleixingyinxingdefugai，yichenghudongzuodehaibucuo。

jiezhi2023nianshangbannian，yichenghudongdeqianwudakehufenbieweiguangfayinxing、hangzhouyinxing、dongguanyinxing、jiaotongyinxing、ningboyinxing，qianwudakehuzhanshourudebizhongwei40.70%。qizhongdiyidakehuguangfayinxingzhanyichenghudongshourude11.8%。

2020nian、2021nian、2022nian，yichenghudongdeyingshoufenbiewei5.27yiyuan、6.28yiyuan、6.24yiyuan，2023nianshangbanniandeyingshouwei2.85yiyuan，zhuyingyewushourudefuhezengzhanglvwei8.79%。

2020nian、2021nian、2022nian，yichenghudongdezonghemaolilvfenbiewei33.33%、30.61%he31.53%。

2020nian、2021nian、2022nian，yichenghudongdeyanfafeiyongfenbiewei4391.72wanyuan、4590.3wanyuanhe4397.83wanyuan。

zaiyingshou、maolilv、yanfatourudenghexinzhibiaofangmian，yichenghudongjinjinianyingshouzengsubugao，maolilvjiangdi，yanfafeiyongsuiranwendingdanbijiaodi，diyuxingyepingjunshuiping。

dangranyichenghudongzaiyewushangyeyouliangdian。genjusaidide《zhongguoyinxingyeitjiejuefanganshichangfenefenxibaogao》，2020nian、2021nian、2022nian，yichenghudongzaiguoneiyidongyinxingxifenlingyu，shichangzhanyoulvdoushidiyiming。

yidongyinxingjutibaokuogerenyidongyinxing、qiyeyidongyinxing、weixinyinxing、jinrongweidian、yuanchengyinxing、xinyongkashenghuoquan。

yinci，yichenghudongdefazhanzhanlveshi“yidongyouxian”。jinjinian，zhuyaotongguozhongdiantuozhanyidongyinxingshichang，laiweichiyingshouguimoheshichangdiwei。

xingyejingzhengjilie，baozhuyuanyoudeyoushiyewuyeshiyizhongchayihuadefazhancelve。

02  与巨头关系错综复杂

yaoxiangjixuzengqiangjingzhengli，yichenghudongbixuyougengduozibendetouru。shangshishizuihaodexuanze。

zaiyichenghudongipodejinchengzhong，zuishouguanzhudemoguoyuyualiyun、yuxinkejideguanxi。zheixiedouyinlailejianguanzhongdianwenxun。

zuoweiitjiejuefangantigongfang，yichenghudongxuyaoxianggongyingshangcaigouyingjian、ruanjianjiwaibaofuwu。eryichenghudongyizhicunzaigongyingshangtaiguojizhongdewenti。

2020nian、2021nian、2022nianyiji2023nianshangbannian，yichenghudongxiangaliyuncaigoudejinefenbiewei2376.91wanyuan、3141.85wanyuan、1858.37wanyuan、725.53wanyuan，zhandangqicaigoubilifenbiewei86.02%、89.42%、84.52%he53.77%。

aliyunbudanshiyichenghudongzuidadegongyingshang，yeshiyichenghudongdeyonghu。tongyang，jirongyunhemayiyundoujishigongyingshangyoushikehu。

yinci，jianguanwenxunyichenghudong，zaiyualiyun、jirongyun、mayiyundecaigouhexiaoshouzhong，caigouxiaoshoushifouduli，jiageshifougongyun，shifouyouhelideshangyeluoji。duialiyunshifoucunzaizhongdayilai，shifoujubeidulikaizhanyewudenengli。

yichenghudongjieshishuo，youyusuizhehulianwangjinrongyewudefazhan，yinxingyeyu2016nianquanmianqidongyunhuajiagouzhuanxing，aliyunjiaozaosheruyinxinglingyu，shuangfangyu2017niankaizhanhezuoyilai，xingchenglewendingdehezuoguanxi。

yichenghudongcheng，“guoneijinrongyunpingtaijiejuefanganshichangjingzhengchongzu，gongsikeyixuanzebutongdeyunpingtaigongyingshangjinxingcaigou；duigongsieryan，butongyungongyingshangdechanpinzhijianjubeijiaoqiangdeketidaixing，gongsizaibutongsiyouyunpingtaizhijianzhuanhuanbucunzaibushushangdejishuzhangai；tongxingyeshangshigongsijunyuyijiahuoduojiayunpingtaigongyingshangxingchenghezuo，gongsitongyangkeyijiyubutongyunpingtaiweibutongkehutigongruanjiankaifa，yutongxingyeshangshigongsibucunzaizhongdachayi。gugongsibucunzaiduialiyundezhongdayilai，jubeidulikaizhanyewudenengli。”

yuxingyetoubuyuxinkejideguanxiyuanyuanjiugengshenle。

yichenghudongdeshijikongzhirencengshuo，yuyijingshangshideyuxinkejideshijikongzhirenhongweidong，cengzai2001nianchengliyichengshiji，zhuyaocongshiwangshangyinxingweizhuderuanjiankaifaheyunweifuwu。houlaiyinfazhanlinianbutong，cengshuotuanduilikaichengliyichenghudong。

2018nian11yue，hongweidongdailingyuxinkejidenglushenjiaosuochuangyeban，2022nian6yue，yichenghudongcaikaishishenbaoipo，tongyangdenglushenjiaosuochuangyeban。

yichenghudongdeduomingziranrengudongcengzaiyuxinkejirenzhi，ermuqianyejunzaiyichenghudongdanrenzhongyaozhiwu。zaiipodeguochengzhong，yuyuxinkejideguanxiyinlailejianguandewenxun。duici，yichenghudonghuiyingchenggongsiyuyuxinkejibucunzaiguanxi。

genjusaidide《zhongguoyinxingyeitjiejuefanganshichangfenefenxibaogao》，2022nian，zaiqudaofuwulingyu，yichenghudongshichangzhanyoulvwei6.27%，yuxinkejiwei10.01%。zaihulianwangjinronglingyu，yichenghudongshichangzhanyoulvwei1.15%，yuxinkejiwei4.01%。

youcikanlai，fendaoyangbiaozhihou，yichenghudongheyuxinkejiyijingshizaiyewushangyouzhongdiedejingzhengduishou。

suiranzhengtikan，yichenghudongyijingnengyuyuxinkeji、kelanruanjian、runheruanjiandengyinxingyeitfuwugongyingshangweiliexingyediyitidui，danwulunshizaizichanzongliang、yingshouguimo、jinglirundengfangmian，yichenghudongyuqianjimingdechajuhaibijiaoda。

shangshizhihou，zaiyidongyinxingyiwaideyewulingyu，yichenghudongnengfouduitongyedailaichongji，zhideguanzhu。