https://index.zshipu.com/gpt/tags/%E8%85%BE%E8%AE%AF%E6%B7%B7%E5%85%83/ Recent content in 腾讯混元 on GPT资讯 -- 知识铺 Hugo -- gohugo.io zh-CN Sat, 05 Sep 2026 00:00:00 +0000 https://index.zshipu.com/gpt/post/20260905/%E5%A4%A7%E6%A8%A1%E5%9E%8B%E8%BE%B9%E9%99%85%E6%AF%9B%E5%88%A9%E7%8E%8792%E5%8D%B4%E6%8E%89%E5%88%B017%E8%85%BE%E8%AE%AF%E6%B7%B7%E5%85%83%E4%B8%8E%E6%99%BA%E8%B0%B1%E7%9A%84%E6%88%90%E6%9C%AC%E7%9C%9F%E7%9B%B8/ Sat, 05 Sep 2026 00:00:00 +0000 https://index.zshipu.com/gpt/post/20260905/%E5%A4%A7%E6%A8%A1%E5%9E%8B%E8%BE%B9%E9%99%85%E6%AF%9B%E5%88%A9%E7%8E%8792%E5%8D%B4%E6%8E%89%E5%88%B017%E8%85%BE%E8%AE%AF%E6%B7%B7%E5%85%83%E4%B8%8E%E6%99%BA%E8%B0%B1%E7%9A%84%E6%88%90%E6%9C%AC%E7%9C%9F%E7%9B%B8/ 梁文锋称模型边际毛利率82%，智谱却报28%，腾讯混元边际92%-96%而财报口径仅17%-26%。差异全在成本口径：前者只扣单次推理GPU折旧和电力，后者扣除全部固定成本。按常规参数算，每百万输出token边际成本主要来自3年折旧的单卡2.2万美元与700W功耗乘PUE1.35