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2021-09-22

Wow$Palantir Technologies Inc.(PLTR)$

2021-09-01

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2021-08-19

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Hengrui Medicine: First-half net profit reached 2.668 billion yuan, a year-on-year increase of 0.21%.

2021-08-18

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Hong Kong Stocks in Focus | Jiangnan Buyi (3306.HK) Rises Over 9%, Share Price Expected to Challenge Record High

2021-08-17

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2021-08-17

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Major Bank Ratings | CMB International: Regulatory Risks Remain; Tencent (0700.HK) Share Price Expected to Low Around HK$402

2021-08-17

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Gangnam Buyi (03306.HK) held a board meeting on August 31 to approve its interim results.

2021-08-11

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@石头Stone:2021Q2財報 | 英特爾老了嗎，股價還能翻盤嗎？

2021-08-10

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@美股指南针:不到一年將本金翻8倍，我是如何做到的

2021-07-24

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Administrative penalties were imposed! Tencent was ordered to terminate the exclusive copyright of online music.

2021-07-16

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Is the turning point for a shortage of "chips" approaching?

2021-07-16

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Is the turning point for a shortage of "chips" approaching?

2021-07-15

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XPeng P5: The Next "Sales Rocket"?

2021-07-14

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YiMaitong has a 5% success rate in winning a single lot; subscribing to 90 lots guarantees a winning lot.

2021-07-13

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What will the Federal Reserve say at its July meeting? Focus on tonight's CPI

2021-07-13

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PepsiCo's Q2 earnings report exceeded expectations, sending its stock up nearly 2% in pre-market trading.

2021-07-11

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Sorry, the original content has been removed

2021-07-10

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Thorpe and Simmons: The Legendary Lives of Two Godfather Investment Giants

2021-07-08

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First-half IPO review: A-shares rose 95%, Hong Kong stocks doubled in fundraising, and over 70% of US stocks fell.

2021-07-07

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The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.

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Inc.(PLTR)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/869599925","isVote":1,"tweetType":1,"viewCount":6075,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816153367,"gmtCreate":1630481022960,"gmtModify":1676530315223,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/816153367","isVote":1,"tweetType":1,"viewCount":4740,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838324219,"gmtCreate":1629376524131,"gmtModify":1676530020166,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/838324219","repostId":"2160763716","repostType":2,"repost":{"id":"2160763716","kind":"news","pubTimestamp":1629364980,"share":"https://ttm.financial/m/news/2160763716?lang=en_US&edition=fundamental","pubTime":"2021-08-19 17:23","market":"hk","language":"zh","title":"Hengrui Medicine: First-half net profit reached 2.668 billion yuan, a year-on-year increase of 0.21%.","url":"https://stock-news.laohu8.com/highlight/detail?id=2160763716","media":"新浪财经","summary":"投资研报\n【主力资金】总龙头霸气打出8+1板！重磅利好盘后来袭，这类个股值得关注（附受益股）\n牛市旗手爆发涨停潮：财富管理赛道三大投资机遇受益股曝光！3股上涨目标价明确（名单）\n揭秘：1个月暴涨60%！为什么东方证券能成为龙一？\n【机构调研】袁芳、杨瑨、归凯等大佬齐出手调研1股！这一类股投资机会值得重视（受益股）\n　　8月19日消息，恒瑞医药：上半年实现净利润26.68亿元，同比增长0.21%。\n \n\n股民福利！金牛、茅台、手机……任务“豪”礼，等你来拿>>\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：张熠","content":"<p><html><body><div>Investment Research Report</p><p>[Main Funds] The leading stock achieved a dominant 8+1 limit-up! Major positive news arrived after the market closed; these stocks are worth paying attention to (with beneficiary stocks attached).</p><p>Bull market leaders experience a surge of limit-up stocks: Three major investment opportunities in the wealth management sector are revealed! Three stocks with clear upward target prices (list)</p><p>Unveiling the secret: A 60% surge in one month! Why<a href=\"https://laohu8.com/S/600958\">Orient Securities</a>Can he become Long Yi?</p><p>[Institutional Research] Big names such as Yuan Fang, Yang Jin, and Gui Kai jointly conducted research on one stock! Investment opportunities in this type of stock deserve attention (beneficiary stocks).</p><p>August 19th news,<span><a href=\"https://laohu8.com/S/600276\">Hengrui Medicine</a></span><span></span>The company achieved a net profit of 2.668 billion yuan in the first half of the year, a year-on-year increase of 0.21%.</p><p><div></div><div><span>Stock investor benefits! Taurus, Moutai, mobile phones... generous task gifts await you >></span><img src=\"\"/></div><div><div><img src=\"\"/></div><div>Massive amounts of information and accurate interpretation are available here.<a href=\"https://laohu8.com/S/SINA\">Sina</a>Financial APP</div></div>Editor: Zhang Yi</p><p></div></body></html></p>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hengrui Medicine: First-half net profit reached 2.668 billion yuan, a year-on-year increase of 0.21%.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHengrui Medicine: First-half net profit reached 2.668 billion yuan, a year-on-year increase of 0.21%.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-08-19 17:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div>Investment Research Report</p><p>[Main Funds] The leading stock achieved a dominant 8+1 limit-up! Major positive news arrived after the market closed; these stocks are worth paying attention to (with beneficiary stocks attached).</p><p>Bull market leaders experience a surge of limit-up stocks: Three major investment opportunities in the wealth management sector are revealed! Three stocks with clear upward target prices (list)</p><p>Unveiling the secret: A 60% surge in one month! Why<a href=\"https://laohu8.com/S/600958\">Orient Securities</a>Can he become Long Yi?</p><p>[Institutional Research] Big names such as Yuan Fang, Yang Jin, and Gui Kai jointly conducted research on one stock! Investment opportunities in this type of stock deserve attention (beneficiary stocks).</p><p>August 19th news,<span><a href=\"https://laohu8.com/S/600276\">Hengrui Medicine</a></span><span></span>The company achieved a net profit of 2.668 billion yuan in the first half of the year, a year-on-year increase of 0.21%.</p><p><div></div><div><span>Stock investor benefits! Taurus, Moutai, mobile phones... generous task gifts await you >></span><img src=\"\"/></div><div><div><img src=\"\"/></div><div>Massive amounts of information and accurate interpretation are available here.<a href=\"https://laohu8.com/S/SINA\">Sina</a>Financial APP</div></div>Editor: Zhang Yi</p><p></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/s/2021-08-19/doc-ikqcfncc3815076.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"600276":"恒瑞医药"},"source_url":"https://finance.sina.com.cn/stock/s/2021-08-19/doc-ikqcfncc3815076.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2160763716","content_text":"投资研报\n【主力资金】总龙头霸气打出8+1板！重磅利好盘后来袭，这类个股值得关注（附受益股）\n牛市旗手爆发涨停潮：财富管理赛道三大投资机遇受益股曝光！3股上涨目标价明确（名单）\n揭秘：1个月暴涨60%！为什么东方证券能成为龙一？\n【机构调研】袁芳、杨瑨、归凯等大佬齐出手调研1股！这一类股投资机会值得重视（受益股）\n　　8月19日消息，恒瑞医药：上半年实现净利润26.68亿元，同比增长0.21%。\n \n\n股民福利！金牛、茅台、手机……任务“豪”礼，等你来拿>>\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：张熠","news_type":1,"symbols_score_info":{"600276":1}},"isVote":1,"tweetType":1,"viewCount":4349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831926848,"gmtCreate":1629281413884,"gmtModify":1676529989822,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/831926848","repostId":"2160787920","repostType":2,"repost":{"id":"2160787920","kind":"news","pubTimestamp":1629270616,"share":"https://ttm.financial/m/news/2160787920?lang=en_US&edition=fundamental","pubTime":"2021-08-18 15:10","market":"hk","language":"zh","title":"Hong Kong Stocks in Focus | Jiangnan Buyi (3306.HK) Rises Over 9%, Share Price Expected to Challenge Record High","url":"https://stock-news.laohu8.com/highlight/detail?id=2160787920","media":"格隆汇","summary":"格隆汇8月18日丨江南布衣(3306.HK)大涨超9%，报18.5港元，成交额为2045万港元，总市值96亿港元。江南布衣将于8月31日举行董事会会议审批业绩。此前发盈喜称，预计截至今年6月30日止年度净利润较上年度净利润增加超过80%。花旗研报指，江南布衣复苏步伐理想，公司对品牌及会员制度持续投入，预期6月底止全财年收入将按年升30%。因发布盈喜影响，此前股价4日累计大涨50%并创下历史新高价，市值一度冲上百亿港元，近期股价高位震荡徘徊有望伺机再冲高价。","content":"<p><html><body>Gelonghui, August 18 |<a href=\"https://laohu8.com/S/03306\">Jiangnan Buyi</a>(3306.HK) surged over 9% to HK$18.5, with a turnover of HK$20.45 million and a total market capitalization of HK$9.6 billion.</p><p><div><br/></div><div><br/></div><div>Jiangnan Buyi will hold a board meeting on August 31 to approve its performance. The company previously issued a profit warning stating that it expects net profit for the year ending June 30 this year to increase by more than 80% compared to the previous year's net profit.<a href=\"https://laohu8.com/S/C\">Citi</a>The research report indicates that JNBY's recovery is progressing well, and the company continues to invest in its brand and membership system. It expects its revenue for the full fiscal year ending the end of June to increase by 30% year-on-year.</div><div><br/></div><div>Due to the impact of the earnings warning, the stock price had surged by 50% on the 4th and hit a new historical high, with its market capitalization once surging to HK$10 billion. Recently, the stock price has been fluctuating at a high level and is expected to wait for an opportunity to reach a new high.<img src=\"https://img3.gelonghui.com/ad0eb-77d70b28-fc44-471b-813f-28c9de154003.png\"/></p><p></div></body></html></p>","source":"stock_gelonghui","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hong Kong Stocks in Focus | Jiangnan Buyi (3306.HK) Rises Over 9%, Share Price Expected to Challenge Record High</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHong Kong Stocks in Focus | Jiangnan Buyi (3306.HK) Rises Over 9%, Share Price Expected to Challenge Record High\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-08-18 15:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>Gelonghui, August 18 |<a href=\"https://laohu8.com/S/03306\">Jiangnan Buyi</a>(3306.HK) surged over 9% to HK$18.5, with a turnover of HK$20.45 million and a total market capitalization of HK$9.6 billion.</p><p><div><br/></div><div><br/></div><div>Jiangnan Buyi will hold a board meeting on August 31 to approve its performance. The company previously issued a profit warning stating that it expects net profit for the year ending June 30 this year to increase by more than 80% compared to the previous year's net profit.<a href=\"https://laohu8.com/S/C\">Citi</a>The research report indicates that JNBY's recovery is progressing well, and the company continues to invest in its brand and membership system. It expects its revenue for the full fiscal year ending the end of June to increase by 30% year-on-year.</div><div><br/></div><div>Due to the impact of the earnings warning, the stock price had surged by 50% on the 4th and hit a new historical high, with its market capitalization once surging to HK$10 billion. Recently, the stock price has been fluctuating at a high level and is expected to wait for an opportunity to reach a new high.<img src=\"https://img3.gelonghui.com/ad0eb-77d70b28-fc44-471b-813f-28c9de154003.png\"/></p><p></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.gelonghui.com/news/detail.html?id=601533\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{"03306":"江南布衣"},"source_url":"https://www.gelonghui.com/news/detail.html?id=601533","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2160787920","content_text":"格隆汇8月18日丨江南布衣(3306.HK)大涨超9%，报18.5港元，成交额为2045万港元，总市值96亿港元。江南布衣将于8月31日举行董事会会议审批业绩。此前发盈喜称，预计截至今年6月30日止年度净利润较上年度净利润增加超过80%。花旗研报指，江南布衣复苏步伐理想，公司对品牌及会员制度持续投入，预期6月底止全财年收入将按年升30%。因发布盈喜影响，此前股价4日累计大涨50%并创下历史新高价，市值一度冲上百亿港元，近期股价高位震荡徘徊有望伺机再冲高价。","news_type":1,"symbols_score_info":{"03306":1}},"isVote":1,"tweetType":1,"viewCount":5077,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833901749,"gmtCreate":1629193706981,"gmtModify":1676529961209,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833901749","repostId":"1110577100","repostType":4,"isVote":1,"tweetType":1,"viewCount":4547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833072960,"gmtCreate":1629193163150,"gmtModify":1676529961003,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833072960","repostId":"2160018277","repostType":2,"repost":{"id":"2160018277","kind":"news","pubTimestamp":1629187491,"share":"https://ttm.financial/m/news/2160018277?lang=en_US&edition=fundamental","pubTime":"2021-08-17 16:04","market":"us","language":"zh","title":"Major Bank Ratings | CMB International: Regulatory Risks Remain; Tencent (0700.HK) Share Price Expected to Low Around HK$402","url":"https://stock-news.laohu8.com/highlight/detail?id=2160018277","media":"格隆汇","summary":"格隆汇8月17日丨腾讯 将于明天公布中期业绩，招银国际发研报称，：估计第二季收入/盈利同比增18%/8%，较市场预期略低2%/1%，其中增值服务/广告/其他收入料同比升11%/21%/32%，相信游戏增长放缓和利润率下跌已被市场充份预期，目前忧虑集中于监管的不明朗，包括防止未成年人沉迷网络游戏、税率改变和反垄断。短期内监管风险令行业气氛疲弱，或将令股价受压。若以过往估值低位24倍预测市盈率推算，腾讯的股价低位料约于402港元。","content":"<p><html><body>Gelonghui, August 17th |<a href=\"https://laohu8.com/S/00700\">Tencent</a>(0700.HK) will announce its interim results tomorrow. CMB International issued a research report stating that it estimates second-quarter revenue/profit to increase by 18%/8% year-on-year, slightly lower than market expectations by 2%/1%. Among them, value-added services/advertising/other revenue is expected to increase by 11%/21%/32% year-on-year. It is believed that the slowdown in game growth and the decline in profit margins have been fully expected by the market. Current concerns are focused on regulatory uncertainty, including preventing minors from becoming addicted to online games, tax rate changes, and anti-monopoly measures. In the short term, regulatory risks have weakened industry sentiment and may put pressure on stock prices. If we extrapolate P/E based on a previous valuation low of 24 times, Tencent's stock price is expected to reach a low of around HK$402. We have lowered our 2021-2023 earnings forecast by 8%-11% to reflect increased investment and potential tax rate increases. We have lowered our target price to HK$640 and maintained our \"buy\" rating. We remain optimistic about its long-term growth prospects and earnings visibility. Note: Tencent is currently down more than 4% to HK$435.4, with a market capitalization of HK$4.17 trillion.</p><p></body></html></p>","source":"stock_gelonghui","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Major Bank Ratings | CMB International: Regulatory Risks Remain; Tencent (0700.HK) Share Price Expected to Low Around HK$402</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMajor Bank Ratings | CMB International: Regulatory Risks Remain; Tencent (0700.HK) Share Price Expected to Low Around HK$402\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-08-17 16:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>Gelonghui, August 17th |<a href=\"https://laohu8.com/S/00700\">Tencent</a>(0700.HK) will announce its interim results tomorrow. CMB International issued a research report stating that it estimates second-quarter revenue/profit to increase by 18%/8% year-on-year, slightly lower than market expectations by 2%/1%. Among them, value-added services/advertising/other revenue is expected to increase by 11%/21%/32% year-on-year. It is believed that the slowdown in game growth and the decline in profit margins have been fully expected by the market. Current concerns are focused on regulatory uncertainty, including preventing minors from becoming addicted to online games, tax rate changes, and anti-monopoly measures. In the short term, regulatory risks have weakened industry sentiment and may put pressure on stock prices. If we extrapolate P/E based on a previous valuation low of 24 times, Tencent's stock price is expected to reach a low of around HK$402. We have lowered our 2021-2023 earnings forecast by 8%-11% to reflect increased investment and potential tax rate increases. We have lowered our target price to HK$640 and maintained our \"buy\" rating. We remain optimistic about its long-term growth prospects and earnings visibility. Note: Tencent is currently down more than 4% to HK$435.4, with a market capitalization of HK$4.17 trillion.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.gelonghui.com/news/detail.html?id=600827\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed7ef7d1b9da30ca68a0ddeac63f4a0e","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"source_url":"https://www.gelonghui.com/news/detail.html?id=600827","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2160018277","content_text":"格隆汇8月17日丨腾讯(0700.HK)将于明天公布中期业绩，招银国际发研报称，：估计第二季收入/盈利同比增18%/8%，较市场预期略低2%/1%，其中增值服务/广告/其他收入料同比升11%/21%/32%，相信游戏增长放缓和利润率下跌已被市场充份预期，目前忧虑集中于监管的不明朗，包括防止未成年人沉迷网络游戏、税率改变和反垄断。短期内监管风险令行业气氛疲弱，或将令股价受压。若以过往估值低位24倍预测市盈率推算，腾讯的股价低位料约于402港元。下调21-23年盈利预测8%-11%，以反映投资增加和税率可能上调，目标价下调至640港元，维持“买入”评级，仍看好其长线增长前景和盈利能见度。注：腾讯现跌超4%报435.4港元，市值4.17万亿港元。","news_type":1,"symbols_score_info":{"TCEHY":1,"00700":1}},"isVote":1,"tweetType":1,"viewCount":4232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833076645,"gmtCreate":1629193132787,"gmtModify":1676529960986,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833076645","repostId":"2160527000","repostType":2,"repost":{"id":"2160527000","kind":"news","pubTimestamp":1629190252,"share":"https://ttm.financial/m/news/2160527000?lang=en_US&edition=fundamental","pubTime":"2021-08-17 16:50","market":"us","language":"zh","title":"Gangnam Buyi (03306.HK) held a board meeting on August 31 to approve its interim results.","url":"https://stock-news.laohu8.com/highlight/detail?id=2160527000","media":"格隆汇","summary":"格隆汇8月17日丨江南布衣(03306.HK)宣布，公司将于2021年8月31日（星期二）举行董事会会议，藉以（其中包括）考虑及批准公司及其附属公司截至2021年6月30日止年度的全年业绩及其发布，并考虑派发末期股息和特别股息。","content":"<p><html><body>Gelonghui, August 17th |<span><a href=\"https://laohu8.com/S/03306\">Jiangnan Buyi</a>(03306.HK) announced that the Company will hold a Board meeting on Tuesday, August 31, 2021, to, among other things, consider and approve the annual results of the Company and its subsidiaries for the year ended June 30, 2021 and their release, and to consider the distribution of final Dividend and Special Dividend.</span></p><p></body></html></p>","source":"stock_gelonghui","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Gangnam Buyi (03306.HK) held a board meeting on August 31 to approve its interim results.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGangnam Buyi (03306.HK) held a board meeting on August 31 to approve its interim results.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-08-17 16:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>Gelonghui, August 17th |<span><a href=\"https://laohu8.com/S/03306\">Jiangnan Buyi</a>(03306.HK) announced that the Company will hold a Board meeting on Tuesday, August 31, 2021, to, among other things, consider and approve the annual results of the Company and its subsidiaries for the year ended June 30, 2021 and their release, and to consider the distribution of final Dividend and Special Dividend.</span></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.gelonghui.com/news/detail.html?id=600927\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b8906c2117cf409a3cc5087f96741bce","relate_stocks":{"03306":"江南布衣"},"source_url":"https://www.gelonghui.com/news/detail.html?id=600927","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2160527000","content_text":"格隆汇8月17日丨江南布衣(03306.HK)宣布，公司将于2021年8月31日（星期二）举行董事会会议，藉以（其中包括）考虑及批准公司及其附属公司截至2021年6月30日止年度的全年业绩及其发布，并考虑派发末期股息和特别股息。","news_type":1,"symbols_score_info":{"03306":1}},"isVote":1,"tweetType":1,"viewCount":4768,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892208557,"gmtCreate":1628660587479,"gmtModify":1676529812573,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"...","listText":"...","text":"...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/892208557","repostId":"896638890","repostType":1,"repost":{"id":896638890,"gmtCreate":1628575784410,"gmtModify":1703508401476,"author":{"id":"3516096698306373","authorId":"3516096698306373","name":"石头Stone","avatar":"https://static.tigerbbs.com/242aa40803bef9293cb83c26e2fd02cc","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3516096698306373","idStr":"3516096698306373"},"themes":[],"title":"2021Q2財報 | 英特爾老了嗎，股價還能翻盤嗎？","htmlText":"起初我並沒準備寫<a target=\"_blank\" href=\"https://laohu8.com/S/INTC\">$英特爾(INTC)$</a>&nbsp;公司的財報解讀，原因有2點；1是這是一家巨頭公司，分析起來非常耗時耗精力，2是因爲這種公司有不少機構或者專業投資人會進行分析併發布財報解讀的，他們發佈的資訊足夠詳細，足夠說明問題。但自從英特爾在7月23日發佈財報後，我發現了個問題——絕大多數的分析都在唱空英特爾，不少報告都用英特爾對比<a target=\"_blank\" href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;、<a target=\"_blank\" href=\"https://laohu8.com/S/NVDA\">$英偉達(NVDA)$</a>&nbsp;、甚至<a target=\"_blank\" href=\"https://laohu8.com/S/TSM\">$臺積電(TSM)$</a>&nbsp;，而且得出結論，是因爲英特爾老了，沒什麼潛力，因此股價出現了下跌。那麼真的是這樣嗎？還是有什麼其他問題引起的因特爾股價下跌呢？在開始之前，我們簡單的梳理下英特爾、英偉達、AMD和臺積電這幾家公司的關係。評估英特爾到底是跟其自身比較，還是要找對標公司呢？簡單來說，在之前如果裝一臺電腦的話，CPU是英特爾，顯卡是英偉達，要是預算不夠多，咱們就AMD和ATI，代工就是臺積電，後面隨着時間演變，AMD和ATI合併成爲了AMD，但是在顯卡和CPU的爭端上AMD也越來越中流化，這三家公司曾經三分天下，大家互爲競爭，又各守一方，具體的三方大戰，錯綜複雜，誰都想把對方弄死，但是又弄不死，三方僵持很長時間都未能一決生死。臺積電呢，就在後面代工，就好像如今的某個國家，你們打你們的，你們誰要武器，我就賣給誰，故事的精彩程度不比","listText":"起初我並沒準備寫<a target=\"_blank\" href=\"https://laohu8.com/S/INTC\">$英特爾(INTC)$</a>&nbsp;公司的財報解讀，原因有2點；1是這是一家巨頭公司，分析起來非常耗時耗精力，2是因爲這種公司有不少機構或者專業投資人會進行分析併發布財報解讀的，他們發佈的資訊足夠詳細，足夠說明問題。但自從英特爾在7月23日發佈財報後，我發現了個問題——絕大多數的分析都在唱空英特爾，不少報告都用英特爾對比<a target=\"_blank\" href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;、<a target=\"_blank\" href=\"https://laohu8.com/S/NVDA\">$英偉達(NVDA)$</a>&nbsp;、甚至<a target=\"_blank\" href=\"https://laohu8.com/S/TSM\">$臺積電(TSM)$</a>&nbsp;，而且得出結論，是因爲英特爾老了，沒什麼潛力，因此股價出現了下跌。那麼真的是這樣嗎？還是有什麼其他問題引起的因特爾股價下跌呢？在開始之前，我們簡單的梳理下英特爾、英偉達、AMD和臺積電這幾家公司的關係。評估英特爾到底是跟其自身比較，還是要找對標公司呢？簡單來說，在之前如果裝一臺電腦的話，CPU是英特爾，顯卡是英偉達，要是預算不夠多，咱們就AMD和ATI，代工就是臺積電，後面隨着時間演變，AMD和ATI合併成爲了AMD，但是在顯卡和CPU的爭端上AMD也越來越中流化，這三家公司曾經三分天下，大家互爲競爭，又各守一方，具體的三方大戰，錯綜複雜，誰都想把對方弄死，但是又弄不死，三方僵持很長時間都未能一決生死。臺積電呢，就在後面代工，就好像如今的某個國家，你們打你們的，你們誰要武器，我就賣給誰，故事的精彩程度不比","text":"起初我並沒準備寫$英特爾(INTC)$ 公司的財報解讀，原因有2點；1是這是一家巨頭公司，分析起來非常耗時耗精力，2是因爲這種公司有不少機構或者專業投資人會進行分析併發布財報解讀的，他們發佈的資訊足夠詳細，足夠說明問題。但自從英特爾在7月23日發佈財報後，我發現了個問題——絕大多數的分析都在唱空英特爾，不少報告都用英特爾對比$AMD(AMD)$ 、$英偉達(NVDA)$ 、甚至$臺積電(TSM)$ ，而且得出結論，是因爲英特爾老了，沒什麼潛力，因此股價出現了下跌。那麼真的是這樣嗎？還是有什麼其他問題引起的因特爾股價下跌呢？在開始之前，我們簡單的梳理下英特爾、英偉達、AMD和臺積電這幾家公司的關係。評估英特爾到底是跟其自身比較，還是要找對標公司呢？簡單來說，在之前如果裝一臺電腦的話，CPU是英特爾，顯卡是英偉達，要是預算不夠多，咱們就AMD和ATI，代工就是臺積電，後面隨着時間演變，AMD和ATI合併成爲了AMD，但是在顯卡和CPU的爭端上AMD也越來越中流化，這三家公司曾經三分天下，大家互爲競爭，又各守一方，具體的三方大戰，錯綜複雜，誰都想把對方弄死，但是又弄不死，三方僵持很長時間都未能一決生死。臺積電呢，就在後面代工，就好像如今的某個國家，你們打你們的，你們誰要武器，我就賣給誰，故事的精彩程度不比","images":[{"img":"https://static.tigerbbs.com/78380f844c5ae7dcd4264120daa341b8","width":"636","height":"321"},{"img":"https://static.tigerbbs.com/d831ae6462a89654e9617c55716d9f4d","width":"367","height":"276"},{"img":"https://static.tigerbbs.com/32cb22133e502050b9545f72000a310c","width":"688","height":"310"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896638890","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":20,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4784,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898771020,"gmtCreate":1628525110660,"gmtModify":1703507644260,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"...","listText":"...","text":"...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/898771020","repostId":"805151775","repostType":1,"repost":{"id":805151775,"gmtCreate":1627866792297,"gmtModify":1703496764618,"author":{"id":"3521199454361115","authorId":"3521199454361115","name":"美股指南针","avatar":"https://static.tigerbbs.com/ccd1af51d377a6091f715591c5b1088d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3521199454361115","idStr":"3521199454361115"},"themes":[],"title":"不到一年將本金翻8倍，我是如何做到的","htmlText":"大學開始到畢業期間1年有餘在模擬盤操作到後面用自己攢的小金庫實盤操作，在18年bilibili上市10塊all in bilibili 賺到第一桶金至今我陸陸續續炒股已有4年。疫情股市崩盤促使我回到股市抄底，當時的目標很明確，撿石油，撿航空！當時沙特打價格戰，石油暴跌瀕臨破產夕陽行業，但是石油畢竟還是有需求的，當時沒有可以全面替代石油的。奔着這個邏輯我接了瀕臨破產的石油行業的飛刀，逢低加倉堅持拿了幾個月nbr反向拆股50合1， 我在45的價位清倉了。航空行業的佼佼者達美有雄厚的資金儲備加上他們的擴展業務（我是他們的忠實顧客），我當時認爲疫情過後人們出門旅遊的需求會有一個爆發的階段。加上在沒有任何收入來源的情況下，航空的飛機和其擴展的業務還能值點錢。於是在黃金坑20塊附近開始建倉，加倉達美航空，共買了1w美金。隨後在33塊清倉。在石油和航空之後我開始尋找下一個目標，當時國家在宣傳環保。我發現了新能源賽道的nio，符合國家的規劃，去調查了一番nio的情況，對比它和當初的ofo小黃車的迅速發展到消失的區別，最終促使我買入的理由是創始人，政策的方向，加上和zf的對賭協議。（圖片太多了，我就隨便挑了幾個）我從11塊開始買入nio的正股，隨後發現了nio的上升趨勢的走勢規律，我開始每次突破新高後清倉，回落時逢低建倉期權和正股 當時幾乎每次操作都是滿倉。nio漲到57的時候我已經賺了20多w美金。11月回調的時候我在黃金坑40附近再次握着nio的期權看好1月份的nio day大日子，這是因爲近一年來nio被資本看好，賽道明朗 銷量明顯增長。我買到了1月底的看漲期權，在64附近開盤清倉。收益擴大至30w美金。最後一次操作nio因爲這時的nio走勢很像茶杯柄，於是我在54附近開始建倉nio的看漲70的期權，但是當時沒有注意大環境的趨勢趕上了科技股泡沫破滅 nio並沒有突破茶杯柄的走勢，跌破支","listText":"大學開始到畢業期間1年有餘在模擬盤操作到後面用自己攢的小金庫實盤操作，在18年bilibili上市10塊all in bilibili 賺到第一桶金至今我陸陸續續炒股已有4年。疫情股市崩盤促使我回到股市抄底，當時的目標很明確，撿石油，撿航空！當時沙特打價格戰，石油暴跌瀕臨破產夕陽行業，但是石油畢竟還是有需求的，當時沒有可以全面替代石油的。奔着這個邏輯我接了瀕臨破產的石油行業的飛刀，逢低加倉堅持拿了幾個月nbr反向拆股50合1， 我在45的價位清倉了。航空行業的佼佼者達美有雄厚的資金儲備加上他們的擴展業務（我是他們的忠實顧客），我當時認爲疫情過後人們出門旅遊的需求會有一個爆發的階段。加上在沒有任何收入來源的情況下，航空的飛機和其擴展的業務還能值點錢。於是在黃金坑20塊附近開始建倉，加倉達美航空，共買了1w美金。隨後在33塊清倉。在石油和航空之後我開始尋找下一個目標，當時國家在宣傳環保。我發現了新能源賽道的nio，符合國家的規劃，去調查了一番nio的情況，對比它和當初的ofo小黃車的迅速發展到消失的區別，最終促使我買入的理由是創始人，政策的方向，加上和zf的對賭協議。（圖片太多了，我就隨便挑了幾個）我從11塊開始買入nio的正股，隨後發現了nio的上升趨勢的走勢規律，我開始每次突破新高後清倉，回落時逢低建倉期權和正股 當時幾乎每次操作都是滿倉。nio漲到57的時候我已經賺了20多w美金。11月回調的時候我在黃金坑40附近再次握着nio的期權看好1月份的nio day大日子，這是因爲近一年來nio被資本看好，賽道明朗 銷量明顯增長。我買到了1月底的看漲期權，在64附近開盤清倉。收益擴大至30w美金。最後一次操作nio因爲這時的nio走勢很像茶杯柄，於是我在54附近開始建倉nio的看漲70的期權，但是當時沒有注意大環境的趨勢趕上了科技股泡沫破滅 nio並沒有突破茶杯柄的走勢，跌破支","text":"大學開始到畢業期間1年有餘在模擬盤操作到後面用自己攢的小金庫實盤操作，在18年bilibili上市10塊all in bilibili 賺到第一桶金至今我陸陸續續炒股已有4年。疫情股市崩盤促使我回到股市抄底，當時的目標很明確，撿石油，撿航空！當時沙特打價格戰，石油暴跌瀕臨破產夕陽行業，但是石油畢竟還是有需求的，當時沒有可以全面替代石油的。奔着這個邏輯我接了瀕臨破產的石油行業的飛刀，逢低加倉堅持拿了幾個月nbr反向拆股50合1， 我在45的價位清倉了。航空行業的佼佼者達美有雄厚的資金儲備加上他們的擴展業務（我是他們的忠實顧客），我當時認爲疫情過後人們出門旅遊的需求會有一個爆發的階段。加上在沒有任何收入來源的情況下，航空的飛機和其擴展的業務還能值點錢。於是在黃金坑20塊附近開始建倉，加倉達美航空，共買了1w美金。隨後在33塊清倉。在石油和航空之後我開始尋找下一個目標，當時國家在宣傳環保。我發現了新能源賽道的nio，符合國家的規劃，去調查了一番nio的情況，對比它和當初的ofo小黃車的迅速發展到消失的區別，最終促使我買入的理由是創始人，政策的方向，加上和zf的對賭協議。（圖片太多了，我就隨便挑了幾個）我從11塊開始買入nio的正股，隨後發現了nio的上升趨勢的走勢規律，我開始每次突破新高後清倉，回落時逢低建倉期權和正股 當時幾乎每次操作都是滿倉。nio漲到57的時候我已經賺了20多w美金。11月回調的時候我在黃金坑40附近再次握着nio的期權看好1月份的nio day大日子，這是因爲近一年來nio被資本看好，賽道明朗 銷量明顯增長。我買到了1月底的看漲期權，在64附近開盤清倉。收益擴大至30w美金。最後一次操作nio因爲這時的nio走勢很像茶杯柄，於是我在54附近開始建倉nio的看漲70的期權，但是當時沒有注意大環境的趨勢趕上了科技股泡沫破滅 nio並沒有突破茶杯柄的走勢，跌破支","images":[{"img":"https://static.tigerbbs.com/c54dddcb485e0e85571fa71af686d9d5","width":"688","height":"405"},{"img":"https://static.tigerbbs.com/e10f949d91cb08c5dd152794b49fb661","width":"688","height":"397"},{"img":"https://static.tigerbbs.com/f17623c99c383857433f34d5b5d946eb","width":"688","height":"402"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/805151775","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":23,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174402739,"gmtCreate":1627119420721,"gmtModify":1703484537222,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174402739","repostId":"1170350340","repostType":4,"repost":{"id":"1170350340","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627092098,"share":"https://ttm.financial/m/news/1170350340?lang=en_US&edition=fundamental","pubTime":"2021-07-24 10:01","market":"hk","language":"zh","title":"Administrative penalties were imposed! Tencent was ordered to terminate the exclusive copyright of online music.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170350340","media":"老虎资讯综合","summary":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。","content":"<p>Tencent responded to the order to terminate its exclusive online music copyright: The company will strictly abide by the decision, strictly implement regulatory requirements, operate in accordance with laws and regulations, earnestly fulfill its social responsibilities, and maintain healthy competition in the market. Tencent will fulfill its responsibilities, work with Tencent Music and other affiliated companies to formulate rectification measures within the prescribed time limit, and complete the rectification in full and without compromise in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation has issued an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as terminating exclusive music copyrights within 30 days, ceasing payment of copyright fees such as high prepayments, and prohibiting upstream copyright holders from providing them with conditions better than competitors without justifiable reason. In January 2021, based on a report, the State Administration for Market Regulation initiated an investigation into Tencent Holdings Limited (hereinafter referred to as Tencent) for suspected illegal concentration of operators in its acquisition of equity in China Music Group in July 2016.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation investigated the facts of the illegal concentration in this transaction and fully assessed the market share, control, concentration, and impact of the concentration on market entry and consumers of the operators participating in the concentration. At the same time, we widely solicited opinions from relevant government departments, industry associations, experts and scholars, and competitors, and listened to Tencent's statements on multiple occasions.</p><p>The investigation indicates that the relevant market in this case is the online music playback platform market within China. Genuine music copyright is the core asset and key resource for the operation of online music playback platforms. In 2016, Tencent and China Music Group held approximately 30% and 40% market shares in the relevant market, respectively. Tencent gained a relatively high market share by merging with its major competitors. After the merger, the physical entity would own more than 80% of the exclusive music library resources. This may have the ability to prompt upstream copyright holders to reach more exclusive copyright agreements with it, or to demand that it be given better transaction conditions than its competitors. It may also have the ability to increase market entry barriers through copyright payment models such as paying high prepayments, which has or may have the effect of excluding or restricting competition in the relevant market.</p><p>In accordance with Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on the Review of Concentrations of Business Undertakings, and in accordance with the principle of giving equal importance to development and standardization, the State Administration for Market Regulation has made an administrative penalty decision, ordering Tencent and its affiliated companies to take measures to restore market competition, such as terminating exclusive music copyrights within 30 days, ceasing payment of copyright fees such as high prepayments, and prohibiting upstream copyright holders from giving them conditions that are better than those of competitors without justifiable reason. Tencent will report its fulfillment of its obligations to the State Administration for Market Regulation annually for three years, and the State Administration for Market Regulation will strictly supervise its implementation in accordance with the law.</p><p>This case is the first case since the implementation of my country's Anti-Monopoly Law in which necessary measures have been taken to restore market competition by illegally concentrating business operators. Measures such as ordering Tencent to terminate its exclusive copyright will reshape the competitive order in relevant markets, lower market entry barriers, and give competitors fair access to upstream copyright resources. This will help shift the focus of competition from leveraging capital advantages to seize copyright resources back to a rational track of innovating service levels and improving user experience. This will help promote a reasonable way to calculate copyright fees in line with international standards and reduce downstream operating costs; This will help cultivate new market entrants, create a fairer competitive environment for existing companies, protect consumers' right to choose, ultimately benefit consumers, and promote the standardized, innovative, and healthy development of the online music industry.</p><p>The following is the full text of the penalty notice:</p><p>State Administration for Market Regulation</p><p>Administrative penalty decision</p><p>State Council Market Supervision Office [2021] No.</p><p>Party: Tencent Holdings Limited</p><p>Address: Creech Plaza, Huggins Avenue, Cayman Islands</p><p>In accordance with the Anti-Monopoly Law of the People's Republic of China (hereinafter referred to as the \"Anti-Monopoly Law\") and the \"Interim Provisions on the Review of Concentration of Undertakings\", this agency has initiated an investigation into Tencent Holdings Limited's (hereinafter referred to as Tencent) acquisition of equity in China Music Group on January 25, 2021, which is suspected of illegally implementing concentration of undertakings.</p><p>An investigation revealed that the case constituted an illegal concentration of business operators, which had or may have the effect of excluding or restricting competition. In accordance with the provisions of the Administrative Penalty Law of the People's Republic of China (hereinafter referred to as the \"Administrative Penalty Law\"), this agency serves Tencent with the \"Notice of Administrative Penalty\", informing it of the content, facts, reasons and basis of the proposed administrative penalty, and informing it of its rights to make statements, defenses and request hearings in accordance with the law. Tencent did not make any statements, defenses, or request a hearing within the prescribed time limit. The investigation and trial of this case have now concluded.</p><p><ul><li>Basic Information</li></ul><b>(a) Parties to the transaction.</b></p><p><b>Acquirer: Tencent.</b>It was incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, and listed on the Hong Kong Stock Exchange in June 2004. Through an agreement, it controlled its main domestic operating entity, Shenzhen Tencent Computer Systems Co., Ltd. Its main businesses include social and communication services, social networking platforms, online music platforms, games, online video services, and interactive entertainment live streaming. In 2015, global revenue was RMB 102.863 billion (the same in currency below), while domestic revenue in China was RMB 96.251 billion.</p><p><b>Acquiree: China Music Group.</b>It was incorporated in the Cayman Islands in 2012 and controlled Ocean Interactive (Beijing) Information Technology Co., Ltd., its main domestic operating entity, through an agreement. Its main businesses include online music platforms, record company publishing, and copyright agency. Natural persons (omitted) have joint control as parties acting in concert. Both global and domestic sales in 2015 were (omitted).</p><p><b>(ii) Transaction overview.</b></p><p>On July 12, 2016, Tencent invested in China Music Group through a valuation (omitted) business (mainly QQ Music business), acquiring a 61.64% stake in China Music Group and gaining sole control of China Music Group. In December 2016, the merged China Music Group was renamed Tencent Music Entertainment Group. On December 6, 2017, the transaction completed the equity change registration procedures.</p><p>II. Illegal Facts and Reasons</p><p><b>(i) This case constitutes an illegal concentration of business operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"a concentration of undertakings refers to the following circumstances: (1) a merger of undertakings; (2) an undertaking acquiring control over other undertakings by acquiring equity or assets; (3) an undertaking acquiring control over other undertakings or being able to exert decisive influence over other undertakings through contracts or other means.\" Prior to this merger, China Music Group was jointly controlled by natural persons (omitted). Following this merger, Tencent will acquire a 61.64% stake in China Music Group and gain sole control of the group, which falls under the category of a concentration of undertakings as stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global revenue in 2015 was RMB 102.863 billion, and its domestic revenue in China was RMB 96.251 billion. China Music Group's global and domestic revenue in 2015 were both (omitted), meeting the reporting standards stipulated in Article 3 of the \"Regulations of the State Council on the Reporting Standards for Concentration of Undertakings\" and falling under the circumstances that should be reported.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if a concentration of undertakings meets the application standards stipulated by the State Council, the undertaking shall apply to the anti-monopoly law enforcement agency of the State Council in advance, and the concentration shall not be carried out without applying.\" On December 6, 2017, Tencent completed its equity change registration. Prior to this, it failed to file a report with the authorities, which violated Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of undertakings.</p><p>The above facts are supported by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, \"Application Form for Anti-Monopoly Review of Concentration of Undertakings\", Tencent's annual report, \"Written Explanation of Relevant Issues of Tencent\", and \"Share Subscription Agreement\".</p><p><b>(ii) This case has or may have the effect of excluding or restricting competition.</b></p><p>In accordance with the provisions of the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Commission of the State Council on the Definition of Relevant Markets, and taking into account the characteristics of the platform economy, and based on economic analysis and questionnaire surveys, the relevant market in this case is defined as the domestic online music playback platform market in China where there is horizontal overlap between the two parties to the transaction.<b>Online music playback platform market</b>This refers to a platform that provides consumers with complete copyrighted music recording playback services through programs or websites on computers, mobile phones, or other smart terminals, either through online playback or download. Although online karaoke, online live streaming, and short video platforms also provide services related to online music, their core functions, application scenarios, business models, and market entry are not closely substituted for the online music playback platform market and do not belong to the same related product market. Because the authorization of music copyrights is restricted by the copyright laws of various countries and has significant regional differences, the authorized music copyright dissemination scope of Chinese online music playback platforms is generally within China and is mainly aimed at users within China. Therefore, the relevant regional market is defined as within China.</p><p>After in-depth research, this focus has or may have the effect of excluding or restricting competition in the domestic online music playback platform market in China:</p><p><ol><li><b>After the concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, Tencent and China Music Group had 160 million and 230 million monthly active users respectively, with market shares of 33.96% and 49.07%. The monthly usage time of users was 805 million hours and 698 million hours respectively, with market shares of 45.77% and 39.65% respectively. Both parties ranked first and second in the market, with a combined market share of over 80%. In 2016, the total sales amount of the two parties in the relevant markets (omitted) accounted for approximately 70% of the total revenue in the relevant markets. Based on the market share of core music copyright resources, Tencent and China Music Group have 12.1 million and 8.21 million music libraries respectively, of which 3.14 million and 1.3 million are exclusive music libraries. The market share of both music libraries and exclusive resources exceeds 80%.</p><p>According to the Huffindal-Hirschmann Index (HHI) analysis of the market, it was 6950 after trading, indicating a highly concentrated market, with a concentrated increase of 3350. The transaction further increased the concentration of the relevant markets and further weakened competition.</p><p><ol><li><b>Concentrate on reducing major competitors in relevant markets.</b></li></ol>The survey shows that before the transaction, the two parties were the top two in the market, with equal competitive strength and close competition. According to consumers' choices between alternative platforms, 73.6% of users of Tencent's QQ Music have switched to Kugou Music and Kuwo Music, both subsidiaries of China Music Group. This indicates that if QQ Music raises prices or lowers service levels, 73.6% of users may switch to China Music Group's platforms, making them close competitors. We will focus on reducing major competitors in relevant markets and further weaken market competition.</p><p><ol><li><b>Concentration may further increase the barriers to entry in related markets.</b></li></ol><b>First, it may increase the barriers to entry for copyright resources.</b>With entities securing a significant amount of exclusive copyright resources after concentration, new entrants must rely on their sub-licensing, making it more difficult to enter the relevant market. The market size brought about by concentration also enables it to pay copyright fees to upstream copyright holders by paying large, non-refundable prepayments in advance, which may further increase market entry barriers.</p><p><b>Secondly, it may increase user conversion costs.</b>This brings Tencent a relatively rich music library, a large user base, and ample usage data. Compared to newcomers to the platform, it can recommend songs that meet consumer preferences, reducing users' willingness to switch platforms, thereby further expanding the user base and potentially preventing other competitors from reaching or maintaining a critical scale.</p><p><b>Third, the market entry activity was not high after the concentration.</b>Data shows that the main entry into the online music playback platform market occurred from early 2016 to July 2017. After the concentrated entry was completed at the end of 2017, the market activity declined significantly.</p><p>In summary, Tencent's high market share in the online music playback platform market in China through this concentration may enable it to persuade upstream copyright holders to grant it exclusive copyright licenses or provide it with better terms than its competitors. It may also enable Tencent to raise market entry barriers by paying high prepayments, which may or may not have the effect of excluding or restricting competition in the relevant market.</p><p>The survey also found that the Chinese online music playback platform market is developing rapidly, and the market share of Tencent's main competitors (omitted) is also growing rapidly, from less than 6% at the time of concentration to nearly 18%, an increase of about 200%, indicating that competitors are increasingly constraining its competition. In addition, online music playback platforms have shown a certain dynamic competition and cross-industry integration trend with other platforms in recent years. Some short video platforms with a broad user base may become competitors in related markets in the future if they acquire a sufficient number of music copyright resources.</p><p>The above facts are supported by evidence such as statistical data and industry analysis reports from third-party organizations, questionnaire survey reports, economic analysis reports, licensing agreements and sub-licensing agreements provided by Tencent and related parties, and responses from industry regulatory authorities and other relevant parties.</p><p>III. Basis and Decision for Administrative Penalties</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an undertaking violates the provisions of this Law by implementing a concentration, the anti-monopoly law enforcement agency under the State Council shall order it to cease the concentration, dispose of its shares or assets within a specified period, transfer its business within a specified period, and take other necessary measures to restore it to the state before the concentration, and may impose a fine of up to 500,000 yuan.\" Article 49 of the Anti-Monopoly Law stipulates that \"when determining the specific amount of the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly enforcement agency shall take into account factors such as the nature, degree and duration of the illegal act.\"</p><p>In accordance with the aforementioned regulations, and based on the aforementioned investigation findings and assessment conclusions, this agency has made the following decision regarding Tencent:</p><p><b>(i) Tencent and its affiliated companies are ordered to take the following measures to restore the relevant market competition:</b></p><p>1. No exclusive copyright agreement (the copyright scope includes the information network dissemination rights of all musical works and recordings) or other exclusive agreement may be reached or indirectly reached with upstream copyright holders. If such agreement has been reached, it must be terminated within thirty days from the date of this decision, except for exclusive collaborations with independent musicians (referring to the original rights holders of musical works or recordings who have authorized the copyright with music platforms in their own name and have never signed an agreement with any record company or brokerage company) or the premiere of new songs. Exclusive collaborations with independent musicians shall not exceed three years, and exclusive collaborations with new song premieres shall not exceed thirty days.</p><p>2. Without justifiable reason, it is prohibited to demand or indirectly demand that the upstream copyright holder grant the party conditions superior to other competitors, including but not limited to the scope of authorization, the amount of authorization, the term of authorization, etc., or any agreement or agreement terms related thereto. Any agreement already reached must be terminated within thirty days from the date of issuance of this decision.</p><p>3. Quote prices to upstream copyright holders based on factors such as actual copyright usage, user payment, song unit price, application scenarios, and contract term. Do not increase competitors' costs in disguise or exclude or restrict competition through high prepayments or other means.</p><p><b>(ii) A fine of 500,000 yuan shall be imposed.</b></p><p><b>(iii) Apply for a concentration of business operators in accordance with the law.</b></p><p>1. If a concentration of business operators meets the application standards stipulated by the State Council, it shall apply to the State Administration for Market Regulation in advance. Those who fail to apply shall not be allowed to concentrate.</p><p>2. If a concentration of undertakings does not meet the application standards, but the concentration of undertakings has or may have the effect of excluding or restricting competition, it shall be reported to the State Administration for Market Regulation in advance. Those who fail to report shall not be allowed to carry out the concentration.</p><p>3. If the transaction does not constitute a concentration of undertakings, except for matters related to the protection of minority shareholders' rights and interests as stipulated by law, the undertaking shall not participate in the relevant enterprise's business decision-making and shall report the basic information of the transaction to the State Administration for Market Regulation in its annual report.</p><p><b>(iv) Operate in accordance with laws and regulations and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively regulate its own competitive behavior, conduct a comprehensive and in-depth self-examination in accordance with the Anti-Monopoly Law, and examine and regulate its own business practices.</p><p>2. Strictly implement the primary responsibility of platform enterprises, continuously improve the platform's internal governance rules, and cooperate with other operators in accordance with the principles of fairness, reasonableness, and non-discrimination.</p><p>3. Improve the company's internal compliance control system, establish and effectively implement anti-monopoly compliance systems, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. We will fully protect consumers' rights, set reasonable prices, and safeguard consumer privacy.</p><p>5. Actively uphold fair competition and promote innovative development in the industry.</p><p>The above measures shall be implemented from the date of issuance of the Administrative Penalty Decision. Tencent and its affiliated companies shall formulate rectification plans in accordance with the above measures within ten days and submit them to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to inspect Tencent and its affiliated companies' performance of the above obligations within three years through supervision of the trustee or its own supervision. Tencent shall report its performance of obligations to the State Administration for Market Regulation annually for three years, and shall no longer report after the expiration of three years.</p><p>Article 67 of the Administrative Penalty Law stipulates that \"the administrative organ making the fine decision shall be separated from the agency collecting the fine. Except for fines collected on the spot in accordance with Articles 68 and 69 of this Law, the administrative organ making the administrative penalty decision and its law enforcement personnel shall not collect the fine on their own. The party concerned shall pay the fine at a designated bank or through an electronic payment system within fifteen days from the date of receiving the administrative penalty decision.\" Banks should accept fines and remit them directly to the national treasury.</p><p>The party concerned shall, within fifteen days from the date of receiving this administrative penalty decision, pay the fine at any of the 12 central government non-tax revenue collection agency banks (ICBC, ABC, CCB, COCOM, CITIC, Everbright, China Merchants, Postal Savings Bank, Huaxia, Ping An, and Industrial Bank) branches or online banks in accordance with this administrative penalty decision, using the payment code. Payment code: ***.</p><p>If a party is dissatisfied with the aforementioned administrative penalty decision, they may apply for administrative reconsideration to the State Administration for Market Regulation within sixty days from the date of receiving this administrative penalty decision. Alternatively, within six months from the date of receiving this administrative penalty decision, an administrative lawsuit may be filed with the Beijing Intellectual Property Court in accordance with the law. This administrative penalty decision shall not be suspended during the period of administrative reconsideration or administrative litigation.</p><p>State Administration for Market</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Administrative penalties were imposed! Tencent was ordered to terminate the exclusive copyright of online music.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAdministrative penalties were imposed! Tencent was ordered to terminate the exclusive copyright of online music.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-24 10:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent responded to the order to terminate its exclusive online music copyright: The company will strictly abide by the decision, strictly implement regulatory requirements, operate in accordance with laws and regulations, earnestly fulfill its social responsibilities, and maintain healthy competition in the market. Tencent will fulfill its responsibilities, work with Tencent Music and other affiliated companies to formulate rectification measures within the prescribed time limit, and complete the rectification in full and without compromise in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation has issued an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as terminating exclusive music copyrights within 30 days, ceasing payment of copyright fees such as high prepayments, and prohibiting upstream copyright holders from providing them with conditions better than competitors without justifiable reason. In January 2021, based on a report, the State Administration for Market Regulation initiated an investigation into Tencent Holdings Limited (hereinafter referred to as Tencent) for suspected illegal concentration of operators in its acquisition of equity in China Music Group in July 2016.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation investigated the facts of the illegal concentration in this transaction and fully assessed the market share, control, concentration, and impact of the concentration on market entry and consumers of the operators participating in the concentration. At the same time, we widely solicited opinions from relevant government departments, industry associations, experts and scholars, and competitors, and listened to Tencent's statements on multiple occasions.</p><p>The investigation indicates that the relevant market in this case is the online music playback platform market within China. Genuine music copyright is the core asset and key resource for the operation of online music playback platforms. In 2016, Tencent and China Music Group held approximately 30% and 40% market shares in the relevant market, respectively. Tencent gained a relatively high market share by merging with its major competitors. After the merger, the physical entity would own more than 80% of the exclusive music library resources. This may have the ability to prompt upstream copyright holders to reach more exclusive copyright agreements with it, or to demand that it be given better transaction conditions than its competitors. It may also have the ability to increase market entry barriers through copyright payment models such as paying high prepayments, which has or may have the effect of excluding or restricting competition in the relevant market.</p><p>In accordance with Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on the Review of Concentrations of Business Undertakings, and in accordance with the principle of giving equal importance to development and standardization, the State Administration for Market Regulation has made an administrative penalty decision, ordering Tencent and its affiliated companies to take measures to restore market competition, such as terminating exclusive music copyrights within 30 days, ceasing payment of copyright fees such as high prepayments, and prohibiting upstream copyright holders from giving them conditions that are better than those of competitors without justifiable reason. Tencent will report its fulfillment of its obligations to the State Administration for Market Regulation annually for three years, and the State Administration for Market Regulation will strictly supervise its implementation in accordance with the law.</p><p>This case is the first case since the implementation of my country's Anti-Monopoly Law in which necessary measures have been taken to restore market competition by illegally concentrating business operators. Measures such as ordering Tencent to terminate its exclusive copyright will reshape the competitive order in relevant markets, lower market entry barriers, and give competitors fair access to upstream copyright resources. This will help shift the focus of competition from leveraging capital advantages to seize copyright resources back to a rational track of innovating service levels and improving user experience. This will help promote a reasonable way to calculate copyright fees in line with international standards and reduce downstream operating costs; This will help cultivate new market entrants, create a fairer competitive environment for existing companies, protect consumers' right to choose, ultimately benefit consumers, and promote the standardized, innovative, and healthy development of the online music industry.</p><p>The following is the full text of the penalty notice:</p><p>State Administration for Market Regulation</p><p>Administrative penalty decision</p><p>State Council Market Supervision Office [2021] No.</p><p>Party: Tencent Holdings Limited</p><p>Address: Creech Plaza, Huggins Avenue, Cayman Islands</p><p>In accordance with the Anti-Monopoly Law of the People's Republic of China (hereinafter referred to as the \"Anti-Monopoly Law\") and the \"Interim Provisions on the Review of Concentration of Undertakings\", this agency has initiated an investigation into Tencent Holdings Limited's (hereinafter referred to as Tencent) acquisition of equity in China Music Group on January 25, 2021, which is suspected of illegally implementing concentration of undertakings.</p><p>An investigation revealed that the case constituted an illegal concentration of business operators, which had or may have the effect of excluding or restricting competition. In accordance with the provisions of the Administrative Penalty Law of the People's Republic of China (hereinafter referred to as the \"Administrative Penalty Law\"), this agency serves Tencent with the \"Notice of Administrative Penalty\", informing it of the content, facts, reasons and basis of the proposed administrative penalty, and informing it of its rights to make statements, defenses and request hearings in accordance with the law. Tencent did not make any statements, defenses, or request a hearing within the prescribed time limit. The investigation and trial of this case have now concluded.</p><p><ul><li>Basic Information</li></ul><b>(a) Parties to the transaction.</b></p><p><b>Acquirer: Tencent.</b>It was incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, and listed on the Hong Kong Stock Exchange in June 2004. Through an agreement, it controlled its main domestic operating entity, Shenzhen Tencent Computer Systems Co., Ltd. Its main businesses include social and communication services, social networking platforms, online music platforms, games, online video services, and interactive entertainment live streaming. In 2015, global revenue was RMB 102.863 billion (the same in currency below), while domestic revenue in China was RMB 96.251 billion.</p><p><b>Acquiree: China Music Group.</b>It was incorporated in the Cayman Islands in 2012 and controlled Ocean Interactive (Beijing) Information Technology Co., Ltd., its main domestic operating entity, through an agreement. Its main businesses include online music platforms, record company publishing, and copyright agency. Natural persons (omitted) have joint control as parties acting in concert. Both global and domestic sales in 2015 were (omitted).</p><p><b>(ii) Transaction overview.</b></p><p>On July 12, 2016, Tencent invested in China Music Group through a valuation (omitted) business (mainly QQ Music business), acquiring a 61.64% stake in China Music Group and gaining sole control of China Music Group. In December 2016, the merged China Music Group was renamed Tencent Music Entertainment Group. On December 6, 2017, the transaction completed the equity change registration procedures.</p><p>II. Illegal Facts and Reasons</p><p><b>(i) This case constitutes an illegal concentration of business operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"a concentration of undertakings refers to the following circumstances: (1) a merger of undertakings; (2) an undertaking acquiring control over other undertakings by acquiring equity or assets; (3) an undertaking acquiring control over other undertakings or being able to exert decisive influence over other undertakings through contracts or other means.\" Prior to this merger, China Music Group was jointly controlled by natural persons (omitted). Following this merger, Tencent will acquire a 61.64% stake in China Music Group and gain sole control of the group, which falls under the category of a concentration of undertakings as stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global revenue in 2015 was RMB 102.863 billion, and its domestic revenue in China was RMB 96.251 billion. China Music Group's global and domestic revenue in 2015 were both (omitted), meeting the reporting standards stipulated in Article 3 of the \"Regulations of the State Council on the Reporting Standards for Concentration of Undertakings\" and falling under the circumstances that should be reported.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if a concentration of undertakings meets the application standards stipulated by the State Council, the undertaking shall apply to the anti-monopoly law enforcement agency of the State Council in advance, and the concentration shall not be carried out without applying.\" On December 6, 2017, Tencent completed its equity change registration. Prior to this, it failed to file a report with the authorities, which violated Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of undertakings.</p><p>The above facts are supported by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, \"Application Form for Anti-Monopoly Review of Concentration of Undertakings\", Tencent's annual report, \"Written Explanation of Relevant Issues of Tencent\", and \"Share Subscription Agreement\".</p><p><b>(ii) This case has or may have the effect of excluding or restricting competition.</b></p><p>In accordance with the provisions of the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Commission of the State Council on the Definition of Relevant Markets, and taking into account the characteristics of the platform economy, and based on economic analysis and questionnaire surveys, the relevant market in this case is defined as the domestic online music playback platform market in China where there is horizontal overlap between the two parties to the transaction.<b>Online music playback platform market</b>This refers to a platform that provides consumers with complete copyrighted music recording playback services through programs or websites on computers, mobile phones, or other smart terminals, either through online playback or download. Although online karaoke, online live streaming, and short video platforms also provide services related to online music, their core functions, application scenarios, business models, and market entry are not closely substituted for the online music playback platform market and do not belong to the same related product market. Because the authorization of music copyrights is restricted by the copyright laws of various countries and has significant regional differences, the authorized music copyright dissemination scope of Chinese online music playback platforms is generally within China and is mainly aimed at users within China. Therefore, the relevant regional market is defined as within China.</p><p>After in-depth research, this focus has or may have the effect of excluding or restricting competition in the domestic online music playback platform market in China:</p><p><ol><li><b>After the concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, Tencent and China Music Group had 160 million and 230 million monthly active users respectively, with market shares of 33.96% and 49.07%. The monthly usage time of users was 805 million hours and 698 million hours respectively, with market shares of 45.77% and 39.65% respectively. Both parties ranked first and second in the market, with a combined market share of over 80%. In 2016, the total sales amount of the two parties in the relevant markets (omitted) accounted for approximately 70% of the total revenue in the relevant markets. Based on the market share of core music copyright resources, Tencent and China Music Group have 12.1 million and 8.21 million music libraries respectively, of which 3.14 million and 1.3 million are exclusive music libraries. The market share of both music libraries and exclusive resources exceeds 80%.</p><p>According to the Huffindal-Hirschmann Index (HHI) analysis of the market, it was 6950 after trading, indicating a highly concentrated market, with a concentrated increase of 3350. The transaction further increased the concentration of the relevant markets and further weakened competition.</p><p><ol><li><b>Concentrate on reducing major competitors in relevant markets.</b></li></ol>The survey shows that before the transaction, the two parties were the top two in the market, with equal competitive strength and close competition. According to consumers' choices between alternative platforms, 73.6% of users of Tencent's QQ Music have switched to Kugou Music and Kuwo Music, both subsidiaries of China Music Group. This indicates that if QQ Music raises prices or lowers service levels, 73.6% of users may switch to China Music Group's platforms, making them close competitors. We will focus on reducing major competitors in relevant markets and further weaken market competition.</p><p><ol><li><b>Concentration may further increase the barriers to entry in related markets.</b></li></ol><b>First, it may increase the barriers to entry for copyright resources.</b>With entities securing a significant amount of exclusive copyright resources after concentration, new entrants must rely on their sub-licensing, making it more difficult to enter the relevant market. The market size brought about by concentration also enables it to pay copyright fees to upstream copyright holders by paying large, non-refundable prepayments in advance, which may further increase market entry barriers.</p><p><b>Secondly, it may increase user conversion costs.</b>This brings Tencent a relatively rich music library, a large user base, and ample usage data. Compared to newcomers to the platform, it can recommend songs that meet consumer preferences, reducing users' willingness to switch platforms, thereby further expanding the user base and potentially preventing other competitors from reaching or maintaining a critical scale.</p><p><b>Third, the market entry activity was not high after the concentration.</b>Data shows that the main entry into the online music playback platform market occurred from early 2016 to July 2017. After the concentrated entry was completed at the end of 2017, the market activity declined significantly.</p><p>In summary, Tencent's high market share in the online music playback platform market in China through this concentration may enable it to persuade upstream copyright holders to grant it exclusive copyright licenses or provide it with better terms than its competitors. It may also enable Tencent to raise market entry barriers by paying high prepayments, which may or may not have the effect of excluding or restricting competition in the relevant market.</p><p>The survey also found that the Chinese online music playback platform market is developing rapidly, and the market share of Tencent's main competitors (omitted) is also growing rapidly, from less than 6% at the time of concentration to nearly 18%, an increase of about 200%, indicating that competitors are increasingly constraining its competition. In addition, online music playback platforms have shown a certain dynamic competition and cross-industry integration trend with other platforms in recent years. Some short video platforms with a broad user base may become competitors in related markets in the future if they acquire a sufficient number of music copyright resources.</p><p>The above facts are supported by evidence such as statistical data and industry analysis reports from third-party organizations, questionnaire survey reports, economic analysis reports, licensing agreements and sub-licensing agreements provided by Tencent and related parties, and responses from industry regulatory authorities and other relevant parties.</p><p>III. Basis and Decision for Administrative Penalties</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an undertaking violates the provisions of this Law by implementing a concentration, the anti-monopoly law enforcement agency under the State Council shall order it to cease the concentration, dispose of its shares or assets within a specified period, transfer its business within a specified period, and take other necessary measures to restore it to the state before the concentration, and may impose a fine of up to 500,000 yuan.\" Article 49 of the Anti-Monopoly Law stipulates that \"when determining the specific amount of the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly enforcement agency shall take into account factors such as the nature, degree and duration of the illegal act.\"</p><p>In accordance with the aforementioned regulations, and based on the aforementioned investigation findings and assessment conclusions, this agency has made the following decision regarding Tencent:</p><p><b>(i) Tencent and its affiliated companies are ordered to take the following measures to restore the relevant market competition:</b></p><p>1. No exclusive copyright agreement (the copyright scope includes the information network dissemination rights of all musical works and recordings) or other exclusive agreement may be reached or indirectly reached with upstream copyright holders. If such agreement has been reached, it must be terminated within thirty days from the date of this decision, except for exclusive collaborations with independent musicians (referring to the original rights holders of musical works or recordings who have authorized the copyright with music platforms in their own name and have never signed an agreement with any record company or brokerage company) or the premiere of new songs. Exclusive collaborations with independent musicians shall not exceed three years, and exclusive collaborations with new song premieres shall not exceed thirty days.</p><p>2. Without justifiable reason, it is prohibited to demand or indirectly demand that the upstream copyright holder grant the party conditions superior to other competitors, including but not limited to the scope of authorization, the amount of authorization, the term of authorization, etc., or any agreement or agreement terms related thereto. Any agreement already reached must be terminated within thirty days from the date of issuance of this decision.</p><p>3. Quote prices to upstream copyright holders based on factors such as actual copyright usage, user payment, song unit price, application scenarios, and contract term. Do not increase competitors' costs in disguise or exclude or restrict competition through high prepayments or other means.</p><p><b>(ii) A fine of 500,000 yuan shall be imposed.</b></p><p><b>(iii) Apply for a concentration of business operators in accordance with the law.</b></p><p>1. If a concentration of business operators meets the application standards stipulated by the State Council, it shall apply to the State Administration for Market Regulation in advance. Those who fail to apply shall not be allowed to concentrate.</p><p>2. If a concentration of undertakings does not meet the application standards, but the concentration of undertakings has or may have the effect of excluding or restricting competition, it shall be reported to the State Administration for Market Regulation in advance. Those who fail to report shall not be allowed to carry out the concentration.</p><p>3. If the transaction does not constitute a concentration of undertakings, except for matters related to the protection of minority shareholders' rights and interests as stipulated by law, the undertaking shall not participate in the relevant enterprise's business decision-making and shall report the basic information of the transaction to the State Administration for Market Regulation in its annual report.</p><p><b>(iv) Operate in accordance with laws and regulations and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively regulate its own competitive behavior, conduct a comprehensive and in-depth self-examination in accordance with the Anti-Monopoly Law, and examine and regulate its own business practices.</p><p>2. Strictly implement the primary responsibility of platform enterprises, continuously improve the platform's internal governance rules, and cooperate with other operators in accordance with the principles of fairness, reasonableness, and non-discrimination.</p><p>3. Improve the company's internal compliance control system, establish and effectively implement anti-monopoly compliance systems, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. We will fully protect consumers' rights, set reasonable prices, and safeguard consumer privacy.</p><p>5. Actively uphold fair competition and promote innovative development in the industry.</p><p>The above measures shall be implemented from the date of issuance of the Administrative Penalty Decision. Tencent and its affiliated companies shall formulate rectification plans in accordance with the above measures within ten days and submit them to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to inspect Tencent and its affiliated companies' performance of the above obligations within three years through supervision of the trustee or its own supervision. Tencent shall report its performance of obligations to the State Administration for Market Regulation annually for three years, and shall no longer report after the expiration of three years.</p><p>Article 67 of the Administrative Penalty Law stipulates that \"the administrative organ making the fine decision shall be separated from the agency collecting the fine. Except for fines collected on the spot in accordance with Articles 68 and 69 of this Law, the administrative organ making the administrative penalty decision and its law enforcement personnel shall not collect the fine on their own. The party concerned shall pay the fine at a designated bank or through an electronic payment system within fifteen days from the date of receiving the administrative penalty decision.\" Banks should accept fines and remit them directly to the national treasury.</p><p>The party concerned shall, within fifteen days from the date of receiving this administrative penalty decision, pay the fine at any of the 12 central government non-tax revenue collection agency banks (ICBC, ABC, CCB, COCOM, CITIC, Everbright, China Merchants, Postal Savings Bank, Huaxia, Ping An, and Industrial Bank) branches or online banks in accordance with this administrative penalty decision, using the payment code. Payment code: ***.</p><p>If a party is dissatisfied with the aforementioned administrative penalty decision, they may apply for administrative reconsideration to the State Administration for Market Regulation within sixty days from the date of receiving this administrative penalty decision. Alternatively, within six months from the date of receiving this administrative penalty decision, an administrative lawsuit may be filed with the Beijing Intellectual Property Court in accordance with the law. This administrative penalty decision shall not be suspended during the period of administrative reconsideration or administrative litigation.</p><p>State Administration for Market</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"TCEHY":"腾讯控股ADR","00700":"腾讯控股","QNETCN":"纳斯达克中美互联网老虎指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170350340","content_text":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。腾讯将压实责任，与腾讯音乐等关联公司在规定时限内制定整改措施方案，按照处罚决定要求全面不折不扣地完成，确保整改到位。\n\n 市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。\n\n2021年1月，市场监管总局根据举报，对腾讯控股有限公司（以下简称腾讯）2016年7月收购中国音乐集团股权涉嫌违法实施经营者集中行为立案调查。\n市场监管总局依据《反垄断法》，查清本交易违法实施集中的事实，充分评估参与集中的经营者在相关市场的份额、控制力、集中度以及集中对市场进入和消费者影响等因素。同时，广泛征求有关政府部门、行业协会、专家学者、同业竞争者意见，并多次听取腾讯陈述意见。\n调查表明，本案相关市场为中国境内网络音乐播放平台市场。正版音乐版权是网络音乐播放平台运营的核心资产和关键性资源。2016年腾讯和中国音乐集团在相关市场份额分别为30%和40%左右，腾讯通过与市场主要竞争对手合并，获得较高的市场份额，集中后实体占有的独家曲库资源超过80%，可能有能力促使上游版权方与其达成更多独家版权协议，或要求给予其优于竞争对手的交易条件，也可能有能力通过支付高额预付金等版权付费模式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争效果。\n根据《反垄断法》第四十八条、《经营者集中审查暂行规定》第五十七条规定，按照发展和规范并重的原则，市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。腾讯三年内每年向市场监管总局报告履行义务情况，市场监管总局将依法严格监督其执行情况。\n本案为我国《反垄断法》实施以来对违法实施经营者集中采取必要措施恢复市场竞争状态的第一起案件。责令腾讯解除独家版权等措施将重塑相关市场竞争秩序，降低市场进入壁垒，使竞争者均有公平触达上游版权资源的机会，有利于将竞争的焦点从利用资本优势抢夺版权资源回归到创新服务水平、提高用户体验的理性轨道上来；有利于推动与国际接轨的合理方式计算版权费用，减轻下游运营成本；有利于培育新的市场进入者，并为现存企业创造更公平的竞争环境，保障消费者选择权，最终惠及广大消费者，促进网络音乐产业规范创新健康发展。\n以下为处罚书全文:\n国家市场监督管理总局\n行政处罚决定书\n国市监处〔2021〕67号\n当事人：腾讯控股有限公司\n住 所：开曼群岛哈金斯大道克里奇广场\n根据《中华人民共和国反垄断法》（以下简称《反垄断法》）、《经营者集中审查暂行规定》，本机关于2021年1月25日对腾讯控股有限公司（以下简称腾讯）收购中国音乐集团股权涉嫌违法实施经营者集中进行立案调查。\n经查，该案构成违法实施的经营者集中，具有或者可能具有排除、限制竞争的效果。本机关按照《中华人民共和国行政处罚法》（以下简称《行政处罚法》）规定，向腾讯送达《行政处罚告知书》，告知其拟作出的行政处罚内容及事实、理由、依据，并告知其依法享有的陈述、申辩和要求听证等权利。腾讯在规定期限内没有提出陈述、申辩或要求听证。本案现已调查、审理终结。\n\n基本情况\n\n（一）交易方。\n收购方：腾讯。1999年11月于英属维尔京群岛注册成立，2004年2月迁册至英属开曼群岛，2004年6月在香港联交所上市，通过协议控制境内主要运营实体深圳市腾讯计算机系统有限公司。主要业务包括社交和通信服务、社交网络平台、网络音乐平台、游戏、网络视频服务、互动娱乐直播等。2015年全球营业额为1028.63亿元人民币（币种下同），中国境内营业额为962.51亿元。\n被收购方：中国音乐集团。2012年于开曼群岛注册成立，通过协议控制境内主要运营实体海洋互动（北京）信息技术有限公司。主要业务包括网络音乐平台、唱片公司出版业务、版权代理业务等。自然人（略）作为一致行动人拥有共同控制权。2015年全球及中国境内营业额均为（略）。\n（二）交易概况。\n2016年7月12日，腾讯以估值（略）的业务（主要是QQ音乐业务）投入中国音乐集团，获得中国音乐集团61.64%股权，取得对中国音乐集团的单独控制权。2016年12月，整合后的中国音乐集团更名为腾讯音乐娱乐集团。2017年12月6日，交易完成股权变更登记手续。\n二、违法事实及理由\n（一）本案构成违法实施的经营者集中。\n《反垄断法》第二十条规定“经营者集中是指下列情形：（一）经营者合并；（二）经营者通过取得股权或者资产的方式取得对其他经营者的控制权；（三）经营者通过合同等方式取得对其他经营者的控制权或者能够对其他经营者施加决定性影响”。本项集中前，中国音乐集团由自然人（略）共同控制。本项集中后，腾讯获得中国音乐集团61.64%股权，取得对中国音乐集团单独控制权，属于《反垄断法》第二十条规定的经营者集中。\n腾讯2015年全球营业额为1028.63亿元，中国境内营业额为962.51亿元，中国音乐集团2015年全球及中国境内营业额均为（略），达到《国务院关于经营者集中申报标准的规定》第三条规定的申报标准，属于应当申报的情形。\n《反垄断法》第二十一条规定“经营者集中达到国务院规定的申报标准的，经营者应当事先向国务院反垄断执法机构申报，未申报的不得实施集中”。2017年12月6日，腾讯完成股权变更登记，在此之前未向本机关申报，违反《反垄断法》第二十一条规定，构成违法实施的经营者集中。\n以上事实，有腾讯营业执照复印件、组织架构图、股权关系图、《经营者集中反垄断审查申报表》、腾讯年报、《腾讯相关问题的书面说明》、《股份认购协议》等证据证明。\n（二）本案具有或者可能具有排除、限制竞争的效果。\n根据《反垄断法》和《国务院反垄断委员会关于相关市场界定的指南》规定，同时考虑平台经济特点，在经济学分析和问卷调查基础上，本案相关市场界定为交易双方存在横向重叠的中国境内网络音乐播放平台市场。网络音乐播放平台市场是指通过电脑端、手机端或者其他智能终端的程序或网站，以在线播放或下载方式向消费者提供完整版权音乐录音制品播放服务的平台。网络K歌、网络直播、短视频平台等虽也提供与网络音乐相关的服务，但其核心功能、应用场景、商业模式、市场进入等与网络音乐播放平台市场不具有紧密替代关系，不属于同一相关商品市场。由于音乐版权的授权受各国著作权法规定限制，具有明显的地域差异，中国的网络音乐播放平台获得授权的音乐版权传播范围一般为中国境内，且主要面向中国境内用户，因此相关地域市场界定为中国境内。\n经深入研究，本项集中对中国境内网络音乐播放平台市场具有或者可能具有排除、限制竞争效果：\n\n集中后实体在相关市场具有较高市场份额。\n\n2016年7月集中发生时，腾讯和中国音乐集团的月活跃用户数分别为1.6亿人、2.3亿人，市场份额分别为33.96%、49.07%；用户月使用时长分别为8.05亿小时、6.98亿小时，市场份额分别为45.77%、39.65%，集中双方均列市场前两位，合计市场份额超过80%。2016年集中双方在相关市场的销售金额合计（略），约占相关市场总收入规模的70%。以音乐版权核心资源占有率计算，腾讯和中国音乐集团的曲库数量分别为1210万、821万，其中独家曲库为314万、130万，曲库和独家资源的市场占有率均超过80%。\n从该市场赫芬达尔－赫希曼指数（HHI指数）分析，交易后为6950，为高度集中市场，集中产生的增量为3350。交易导致相关市场集中度进一步提高，竞争被进一步削弱。\n\n集中减少相关市场主要竞争对手。\n\n调查显示，交易前集中双方居市场前两位，竞争实力相当，彼此竞争较为紧密。根据消费者在替代性平台之间的流向选择显示，腾讯旗下QQ音乐73.6%的用户流向了中国音乐集团旗下的酷狗音乐和酷我音乐，表明如果QQ音乐提高价格或降低服务水平，可能有73.6%的用户流向中国音乐集团旗下平台，双方互为较为紧密竞争者。集中减少相关市场主要竞争对手，进一步削弱市场竞争。\n\n集中可能进一步提高相关市场进入壁垒。\n\n一是可能提高版权资源壁垒。在集中后实体锁定较多独家版权资源的情况下，新进入者须依靠其转授权，进入相关市场较为困难。由集中带来的市场规模也使其有能力通过提前支付不可返还的高额预付金等方式向上游版权方支付版权费用，可能进一步提高市场进入壁垒。\n二是可能增加用户转换成本。集中为腾讯带来较为丰富的曲库资源、较大的用户规模及充足的使用数据，相比新进入平台更能推荐符合消费者偏好的歌曲，导致用户转换平台意愿降低，从而进一步扩大用户规模，可能阻止其他竞争者达到或维持临界规模。\n三是集中后市场进入活跃度不高。数据显示，网络音乐播放平台市场的主要进入发生在2016年初至2017年7月，2017年底集中完成后，该市场进入活跃度下降较明显。\n综上，腾讯通过本项集中在中国境内网络音乐播放平台市场具有较高市场份额，可能使其有能力促使上游版权方对其进行独家版权授权，或者向其提供优于竞争对手的条件，也可能使腾讯有能力通过支付高额预付金等方式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争的效果。\n调查同时发现，中国网络音乐播放平台市场发展较为迅速，腾讯主要竞争对手（略）的市场份额也呈现较快速度增长，由集中发生时的不足6%增长至近18%，增长200%左右，说明竞争对手对其竞争约束有增强的趋势。此外，网络音乐播放平台与其他平台之间近年来呈现出一定的动态竞争和跨界融合趋势，一些拥有广泛用户基础的短视频平台，如果再获得足够数量的音乐版权资源，在未来有可能成为相关市场的竞争者。\n以上事实，有第三方机构统计数据和行业分析报告、《问卷调查报告》、《经济学分析报告》、腾讯和相关方提供的《授权协议》和《转授权协议》、行业主管部门等相关方的回复意见等证据证明。\n三、行政处罚依据和决定\n《反垄断法》第四十八条规定“经营者违反本法规定实施集中的，由国务院反垄断执法机构责令停止实施集中、限期处分股份或者资产、限期转让营业以及采取其他必要措施恢复到集中前的状态，可以处五十万元以下的罚款”。《反垄断法》第四十九条规定“对本法第四十六条、第四十七条、第四十八条规定的罚款，反垄断执法机构确定具体罚款数额时，应当考虑违法行为的性质、程度和持续的时间等因素”。\n根据上述规定，基于上述调查情况和评估结论，本机关对腾讯作出如下处理决定：\n（一）责令腾讯及其关联公司采取以下措施恢复相关市场竞争状态：\n1. 不得与上游版权方达成或变相达成独家版权协议（版权范围包括所有音乐作品及录音制品的信息网络传播权）或其他排他性协议，已经达成的，须在本决定发布之日起三十日内解除，与独立音乐人（是指音乐作品或录音制品的原始权利人，并以个人名义与音乐平台进行版权授权，且从未与任何唱片公司或经纪公司签订协议的自然人）或新歌首发的独家合作除外。与独立音乐人的独家合作期限不得超过三年，与新歌首发的独家合作期限不得超过三十日。\n2. 没有正当理由，不得要求或变相要求上游版权方给予当事人优于其他竞争对手的条件，包括但不限于授权范围、授权金额、授权期限等，或与之相关的任何协议或协议条款。已经达成的，须在本决定发布之日起三十日内解除。\n3. 依据版权实际使用情况、用户付费情况、歌曲单价、应用场景、签约期限等因素向上游版权方报价，不得通过高额预付金等方式变相提高竞争对手成本，排除、限制竞争。\n（二）处以50万元罚款。\n（三）依法申报经营者集中。\n1.经营者集中达到国务院规定的申报标准的，应当事先向市场监管总局申报，未申报的不得实施集中。\n2.经营者集中未达到申报标准，但该经营者集中具有或者可能具有排除、限制竞争效果的，应当事先向市场监管总局申报，未申报的不得实施集中。\n3.交易未构成经营者集中的，除法律规定的保护小股东权益事项外，不得参与相关企业经营决策，并在每年的年度报告中向市场监管总局报告交易基本情况等内容。\n（四）依法合规经营，建立健全公平参与市场竞争的长效机制。\n1.全面规范自身竞争行为，对照《反垄断法》开展全面深入自查，检视并规范自身经营行为。\n2.严格落实平台企业主体责任，不断完善平台内部治理规则，按照公平、合理、无歧视原则与其他经营者开展合作。\n3.完善企业内部合规控制制度，建立并有效执行反垄断合规制度，自觉维护公平竞争。\n4.保护消费者合法权益。充分保障消费者各项权利，合理制定收费价格，保护消费者隐私。\n5.积极维护公平竞争，推动行业创新发展。\n以上措施期限自《行政处罚决定书》下发之日起算，腾讯及其关联公司须在十日内对照上述措施制定整改方案，并报市场监管总局审核。市场监管总局三年内有权通过监督受托人或自行监督检查腾讯及其关联公司履行上述义务的情况，腾讯三年内每年向市场监管总局报告履行义务情况，三年到期后不再报告。\n《行政处罚法》第六十七条规定“作出罚款决定的行政机关应当与收缴罚款的机构分离。除依照本法第六十八条、第六十九条的规定当场收缴的罚款外，作出行政处罚决定的行政机关及其执法人员不得自行收缴罚款。当事人应当自收到行政处罚决定书之日起十五日内，到指定的银行或者通过电子支付系统缴纳罚款。银行应当收受罚款，并将罚款直接上缴国库”。\n当事人应当自收到本行政处罚决定书之日起十五日内，根据本行政处罚决定书，携缴款码到12家中央财政非税收入收缴代理银行（工、农、中、建、交、中信、光大、招商、邮储、华夏、平安、兴业）任一银行网点或者网上银行交纳罚款。缴款码：***。\n当事人如对上述行政处罚决定不服，可以自收到本行政处罚决定书之日起六十日内，向国家市场监督管理总局申请行政复议；或者自收到本行政处罚决定书之日起六个月内，依法向北京知识产权法院提起行政诉讼。行政复议或者行政诉讼期间，本行政处罚决定不停止执行。\n市场监管总局\n2021年7月24日","news_type":1,"symbols_score_info":{"QNETCN":0.9,"TCEHY":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":4003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170198995,"gmtCreate":1626410014717,"gmtModify":1703759628058,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/170198995","repostId":"2151261135","repostType":2,"repost":{"id":"2151261135","kind":"highlight","pubTimestamp":1626409687,"share":"https://ttm.financial/m/news/2151261135?lang=en_US&edition=fundamental","pubTime":"2021-07-16 12:28","market":"sh","language":"zh","title":"Is the turning point for a shortage of \"chips\" approaching?","url":"https://stock-news.laohu8.com/highlight/detail?id=2151261135","media":"华尔街见闻","summary":"销量暴涨的新能源车因为缺芯几乎要面临停工停产的危机，最近屡屡传出汽车厂商都有自己建设晶圆厂了念头了，全球的分析师都在关注半导体供需平衡与库存修正将在何时发生，更有一个指标历史上7次准确预言了半导体景气","content":"<p>New energy vehicles, whose sales have soared, are almost facing a shutdown due to chip shortages. Recently, there have been repeated reports that automakers are considering building their own wafer fabs. Analysts around the world are paying attention to when the semiconductor supply and demand balance and inventory correction will occur. Furthermore, one indicator has accurately predicted the turning point of the semiconductor boom seven times in history.</p><p><b>The Wall Street Insights Institute answers the following questions by analyzing the semiconductor cycle: When will the chip shortage ease? Is now an opportunity for domestic substitution? What are the indicators that predict a crisis?</b></p><p><h2>I. From supply and demand mismatch to rebalancing</h2><b>1. Why is there a chip shortage?</b></p><p>The underlying logic behind the shortage of chips and production capacity is that the supply of chips is less than the demand. Since 2021, the global semiconductor supply has entered a bottleneck period, and the explosive growth in downstream demand has led to a severe shortage in the semiconductor industry.</p><p>The International Semiconductor Industry Association (SEMI) predicts that this year's boom will be driven by growing demand for cloud servers, laptops, gaming, and medical technologies, as well as the rapid development of 5G, IoT vehicles, and artificial intelligence.<b>Among these, the new energy vehicle and IoT markets are the two fastest-growing variables, with the new energy vehicle industry achieving a compound annual growth rate of 41.53% over five years.</b>Mobile phones and computers remain the largest segments of semiconductor demand, but their growth rates are expected to be much lower than those of emerging industries over the next five years.</p><p><img src=\"https://static.tigerbbs.com/4b0897af5cb718219f5e303f10173b62\" tg-width=\"376\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><b>2. Will the chip shortage alleviate in 2022?</b></p><p><b>Gartner predicts that the global semiconductor supply shortage will continue throughout 2021 and return to normal levels in the second quarter of 2022, while substrate capacity constraints may be extended into the fourth quarter of 2022.</b>In other words, prior to this, semiconductors will continue to experience a prolonged chip shortage, and price increase letters will continue to follow.</p><p>Looking at the semiconductor supply and demand cycle, with the installation of wafer fab equipment in the second half of 2021, leading manufacturers are expected to release new production capacity as early as 2022. This includes...<a href=\"https://laohu8.com/S/UMC\">United Mobile</a>GlobalFoundries<a href=\"https://laohu8.com/S/SMI\">SMIC</a>Waiting for wafer foundries, and<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Mass production capacity is expected to be gradually implemented after 2023, so the semiconductor industry will need a considerable period of time to regain supply and demand balance.</p><p><b>3. Will prices continue to rise across the supply chain?</b></p><p><b>The mismatch between supply and demand, the shortage of production capacity, and the increased costs brought about by capacity expansion will all increase the premium of products.</b>The direct benefit of raising prices is that it gives manufacturers pricing power; higher ex-factory prices greatly improve a company's profitability. However, one thing cannot be ignored: the position of manufacturers in the industrial chain is crucial. If it is downstream of production and processing, then the increase in raw material costs must also be taken into account. In 2021, most wafer fabs, materials manufacturers, and packaging and testing companies around the world successively raised prices by about 20%, with leading manufacturers having their orders booked until 2022. Since June this year, more than 10 manufacturers have successively issued price increase letters for the second half of the year.<b>Reports indicate that price increases are expected to continue until 2022.</b></p><p>According to a report by Taiwan's Economic Daily News on June 24, IC designers revealed that wafer foundry prices for early next year have been finalized. Not only have UMC's 8-inch and 12-inch wafer foundry prices continued to rise, but leading wafer foundry manufacturer TSMC has also raised prices, with some 8-inch and 12-inch process prices increasing by 10% to 20%.<b>Furthermore, the increase in the 12-inch process is higher than that of the 8-inch process.</b></p><p><h2>II. Opportunities for Domestic Substitution under Global Expansion</h2>The World Semiconductor Trade Statistics Organization (WSTS) predicts that the global semiconductor market will grow by 19.7% in 2021 and 8.8% in 2022, setting a new record for the second consecutive year.</p><p><b>Gartner predicts that the market share of Chinese semiconductor companies will increase from the current 15% to 30% by 2025, and Chinese semiconductors will penetrate rapidly in the next five years.</b></p><p><b>Is China the first in the latest global wafer fab expansion plan?</b>In June of this year, the International Semiconductor Industry Association (SEMI) released a report stating that global semiconductor manufacturers added 29 wafer fabs in 2021-2022.<b>Nineteen buildings were constructed in 2021, and another ten were added in 2022.</b></p><p>According to the data provided by SEMI,<b>Mainland China and Taiwan saw the largest increase in the number of wafer fabs in the world over the past two years, totaling 16.</b>The United States added four seats, Europe and the Middle East added three seats, and Japan and South Korea each added two seats. Once fully operational, it will be able to produce 2.6 million equivalent 200mm wafers per month.<b>Given the long construction period of newly added wafer fabs, it is expected that new wafer fabs will begin to purchase semiconductor equipment on a large scale starting in 2023.</b></p><p><img src=\"https://static.tigerbbs.com/228b84b60813b81b51450594568779e2\" tg-width=\"724\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p>So what opportunities exist in China's semiconductor industry? The Wall Street Insights Institute analyzed the landscape of four major industries.</p><p><b>1. Wafer Fabrication Layout</b></p><p><a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>It is the world's largest wafer fab with a market share of 14.7%, equivalent to a capacity of approximately 3.1 million wafers per month; Secondly, TSMC has a market share of 13.1% and a monthly production capacity of approximately 2.7 million wafers. Micron and SK Hynix ranked third and fourth, respectively, with a market share of around 9%, and each company had a production capacity of about 1.9 million tablets per month.<a href=\"https://laohu8.com/S/688981\">SMIC</a>With a production capacity of approximately 540,000 tablets per month, it ranks among the top twelve globally. (Production capacity is converted to 8 inches)</p><p>The five largest pure wafer foundries in the industry are TSMC, UMC, and GlobalFoundries.<a href=\"https://laohu8.com/S/00981\">SMIC</a>Nexchip (including Nexchip) accounts for approximately 24% of the total global wafer foundry capacity, resulting in a very high level of industry concentration.<b>Domestic wafer fabs are expected to add 750,000 wafers per month (equivalent to 8 inches) in 2021. The top three companies in terms of new capacity are Yangtze Memory Technologies, ...<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>And SMIC.</b></p><p><b>2. Equipment manufacturer layout</b></p><p>In terms of market share by equipment type,<b>Front-end wafer manufacturing equipment accounts for the majority, up to 80%, which mainly includes etching machines, thin film deposition equipment and lithography; Secondly, packaging and testing equipment account for a relatively small proportion, at 10% and 8% respectively.</b>Leading companies in the front-end wafer equipment industry include Fanlin Semiconductor, TEL,<a href=\"https://laohu8.com/S/AMAT\">Application materials</a>ASML almost monopolizes 90% of the global market share.</p><p>Among domestic companies,<b>Etching machine equipment</b>Mainly<a href=\"https://laohu8.com/S/002371\">Northern China Electronics</a>and AMEC Semiconductor. The two companies currently have differentiated strategies and are not in direct competition. North China Electronics' advantages lie in long silicon etching and metal etching, while<a href=\"https://laohu8.com/S/688012\">AMEC</a>The advantage lies in long medium etching.</p><p><b>Deposition equipment:</b>The main competitors are North China Electronics and Shenyang Tuojing. There is a certain degree of competition between the two in ALD and PVD, while only Shenyang Tuojing is engaged in chemical vapor deposition. On July 12 this year, Shenyang Tuojing's IPO application on the Science and Technology Innovation Board was accepted.</p><p><b>Lithographic apparatus:</b>Shanghai Microelectronics has broken through the technological node of lithography 90/65; Shenyang Xinyuan has achieved a breakthrough in the technology of the 90/65 adhesive coating developer.</p><p><b>3. Packaging and testing plant layout</b></p><p>CR3 accounts for approximately 60% of the global packaging and testing market, with a high concentration. Sunmoon Solar alone accounts for over 30%, followed by Ankor and...<a href=\"https://laohu8.com/S/600584\">JCET Technology</a>About 10% or more,<a href=\"https://laohu8.com/S/002156\">Tongfu Microelectronics</a>It ranks fifth with a market share of approximately 4.4%. JCET Group is backed by SMIC, and Tongfu Microelectronics is backed by...<a href=\"https://laohu8.com/S/AMD\">AMD</a>。</p><p><b>4. Photoresist pattern</b></p><p>Semiconductor photoresists are mainly divided into four types: G-line, I-line, KrF-line, and ArF-line.<b>In terms of proportion, ArF lines account for the largest proportion, about 40%, followed by KrF lines at 20%, and g lines and i lines together at 20%.</b></p><p>90% of the photoresist market share is monopolized by foreign leaders.<b>This year, the indefinite supply disruption of KrF photoresist from Shin-Etsu Chemical of Japan has given domestic companies great development opportunities. Which manufacturers are the first to enter the production lines of wafer foundries will have huge growth potential in the future.</b></p><p>ArF line: Beijing Kehua (now<a href=\"https://laohu8.com/S/603650\">Tongcheng new materials</a>Acquisition),<a href=\"https://laohu8.com/S/300655\">Jingrui Group</a>Under development;<a href=\"https://laohu8.com/S/300346\">Nanjing University</a>Passed customer authentication.</p><p>KrF line: Beijing Kehua,<a href=\"https://laohu8.com/S/300236\">Shanghai Xinyang</a>Mass production has been achieved, and Jingrui Co., Ltd. has completed</p><p>G-line/I-line:<a href=\"https://laohu8.com/S/300576\">large capacity photosensitive</a>Beijing Kehua is currently expanding its production capacity and can supply it.</p><p><h2>III. The crisis following overcapacity</h2>With the large-scale deployment of semiconductor production capacity over the next five years and the gradual slowdown in demand growth, semiconductor overcapacity and high inventory will inevitably lead to a decline in semiconductor market prices.<b>What should we look for in observing this important turning point?</b>Through the historical cycle of review semiconductors, the Wall Street Insights Institute observed...<b>Capital expenditures can serve as a leading indicator for predicting inflection points.</b></p><p>Historically, a significant increase in capital expenditures is followed by a sharp decline in the semiconductor market for one to two years. For example, in 1984, global semiconductor industry capital expenditures increased by 106%, but the semiconductor market fell by 17% the following year. The same pattern followed in the subsequent four cycles. The decline in 2008 was caused by the financial crisis. Then, in 2010, capital expenditures rebounded sharply to 107%, and the semiconductor market also experienced a sharp drop the following year.</p><p><b>A very important indicator can be obtained through the history of review, which is that capital has begun to dangerously threshold. When capital expenditures grow by more than 40%, overcapacity and a slowdown in semiconductor growth are usually predicted in the future.</b></p><p><img src=\"https://static.tigerbbs.com/f918d3c3c08f3fdc0888508005f63b8d\" tg-width=\"674\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Is a crisis coming?</b></p><p>According to IC Insights' forecast, semiconductor capital expenditure is expected to grow by 16%-23% in 2021.<b>Overall, the semiconductor market is still in a boom cycle and has not yet reached the critical point of overcapacity. However, it is worth noting that TSMC's capital expenditure growth rate reached 74% year-on-year in 2021.<a href=\"https://laohu8.com/S/INTC\">Intel</a>Capital expenditures grew by 37% year-on-year, reaching a high level, while Samsung's capital expenditures were almost the same as last year.</b></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is the turning point for a shortage of \"chips\" approaching?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the turning point for a shortage of \"chips\" approaching?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-16 12:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New energy vehicles, whose sales have soared, are almost facing a shutdown due to chip shortages. Recently, there have been repeated reports that automakers are considering building their own wafer fabs. Analysts around the world are paying attention to when the semiconductor supply and demand balance and inventory correction will occur. Furthermore, one indicator has accurately predicted the turning point of the semiconductor boom seven times in history.</p><p><b>The Wall Street Insights Institute answers the following questions by analyzing the semiconductor cycle: When will the chip shortage ease? Is now an opportunity for domestic substitution? What are the indicators that predict a crisis?</b></p><p><h2>I. From supply and demand mismatch to rebalancing</h2><b>1. Why is there a chip shortage?</b></p><p>The underlying logic behind the shortage of chips and production capacity is that the supply of chips is less than the demand. Since 2021, the global semiconductor supply has entered a bottleneck period, and the explosive growth in downstream demand has led to a severe shortage in the semiconductor industry.</p><p>The International Semiconductor Industry Association (SEMI) predicts that this year's boom will be driven by growing demand for cloud servers, laptops, gaming, and medical technologies, as well as the rapid development of 5G, IoT vehicles, and artificial intelligence.<b>Among these, the new energy vehicle and IoT markets are the two fastest-growing variables, with the new energy vehicle industry achieving a compound annual growth rate of 41.53% over five years.</b>Mobile phones and computers remain the largest segments of semiconductor demand, but their growth rates are expected to be much lower than those of emerging industries over the next five years.</p><p><img src=\"https://static.tigerbbs.com/4b0897af5cb718219f5e303f10173b62\" tg-width=\"376\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><b>2. Will the chip shortage alleviate in 2022?</b></p><p><b>Gartner predicts that the global semiconductor supply shortage will continue throughout 2021 and return to normal levels in the second quarter of 2022, while substrate capacity constraints may be extended into the fourth quarter of 2022.</b>In other words, prior to this, semiconductors will continue to experience a prolonged chip shortage, and price increase letters will continue to follow.</p><p>Looking at the semiconductor supply and demand cycle, with the installation of wafer fab equipment in the second half of 2021, leading manufacturers are expected to release new production capacity as early as 2022. This includes...<a href=\"https://laohu8.com/S/UMC\">United Mobile</a>GlobalFoundries<a href=\"https://laohu8.com/S/SMI\">SMIC</a>Waiting for wafer foundries, and<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Mass production capacity is expected to be gradually implemented after 2023, so the semiconductor industry will need a considerable period of time to regain supply and demand balance.</p><p><b>3. Will prices continue to rise across the supply chain?</b></p><p><b>The mismatch between supply and demand, the shortage of production capacity, and the increased costs brought about by capacity expansion will all increase the premium of products.</b>The direct benefit of raising prices is that it gives manufacturers pricing power; higher ex-factory prices greatly improve a company's profitability. However, one thing cannot be ignored: the position of manufacturers in the industrial chain is crucial. If it is downstream of production and processing, then the increase in raw material costs must also be taken into account. In 2021, most wafer fabs, materials manufacturers, and packaging and testing companies around the world successively raised prices by about 20%, with leading manufacturers having their orders booked until 2022. Since June this year, more than 10 manufacturers have successively issued price increase letters for the second half of the year.<b>Reports indicate that price increases are expected to continue until 2022.</b></p><p>According to a report by Taiwan's Economic Daily News on June 24, IC designers revealed that wafer foundry prices for early next year have been finalized. Not only have UMC's 8-inch and 12-inch wafer foundry prices continued to rise, but leading wafer foundry manufacturer TSMC has also raised prices, with some 8-inch and 12-inch process prices increasing by 10% to 20%.<b>Furthermore, the increase in the 12-inch process is higher than that of the 8-inch process.</b></p><p><h2>II. Opportunities for Domestic Substitution under Global Expansion</h2>The World Semiconductor Trade Statistics Organization (WSTS) predicts that the global semiconductor market will grow by 19.7% in 2021 and 8.8% in 2022, setting a new record for the second consecutive year.</p><p><b>Gartner predicts that the market share of Chinese semiconductor companies will increase from the current 15% to 30% by 2025, and Chinese semiconductors will penetrate rapidly in the next five years.</b></p><p><b>Is China the first in the latest global wafer fab expansion plan?</b>In June of this year, the International Semiconductor Industry Association (SEMI) released a report stating that global semiconductor manufacturers added 29 wafer fabs in 2021-2022.<b>Nineteen buildings were constructed in 2021, and another ten were added in 2022.</b></p><p>According to the data provided by SEMI,<b>Mainland China and Taiwan saw the largest increase in the number of wafer fabs in the world over the past two years, totaling 16.</b>The United States added four seats, Europe and the Middle East added three seats, and Japan and South Korea each added two seats. Once fully operational, it will be able to produce 2.6 million equivalent 200mm wafers per month.<b>Given the long construction period of newly added wafer fabs, it is expected that new wafer fabs will begin to purchase semiconductor equipment on a large scale starting in 2023.</b></p><p><img src=\"https://static.tigerbbs.com/228b84b60813b81b51450594568779e2\" tg-width=\"724\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p>So what opportunities exist in China's semiconductor industry? The Wall Street Insights Institute analyzed the landscape of four major industries.</p><p><b>1. Wafer Fabrication Layout</b></p><p><a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>It is the world's largest wafer fab with a market share of 14.7%, equivalent to a capacity of approximately 3.1 million wafers per month; Secondly, TSMC has a market share of 13.1% and a monthly production capacity of approximately 2.7 million wafers. Micron and SK Hynix ranked third and fourth, respectively, with a market share of around 9%, and each company had a production capacity of about 1.9 million tablets per month.<a href=\"https://laohu8.com/S/688981\">SMIC</a>With a production capacity of approximately 540,000 tablets per month, it ranks among the top twelve globally. (Production capacity is converted to 8 inches)</p><p>The five largest pure wafer foundries in the industry are TSMC, UMC, and GlobalFoundries.<a href=\"https://laohu8.com/S/00981\">SMIC</a>Nexchip (including Nexchip) accounts for approximately 24% of the total global wafer foundry capacity, resulting in a very high level of industry concentration.<b>Domestic wafer fabs are expected to add 750,000 wafers per month (equivalent to 8 inches) in 2021. The top three companies in terms of new capacity are Yangtze Memory Technologies, ...<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>And SMIC.</b></p><p><b>2. Equipment manufacturer layout</b></p><p>In terms of market share by equipment type,<b>Front-end wafer manufacturing equipment accounts for the majority, up to 80%, which mainly includes etching machines, thin film deposition equipment and lithography; Secondly, packaging and testing equipment account for a relatively small proportion, at 10% and 8% respectively.</b>Leading companies in the front-end wafer equipment industry include Fanlin Semiconductor, TEL,<a href=\"https://laohu8.com/S/AMAT\">Application materials</a>ASML almost monopolizes 90% of the global market share.</p><p>Among domestic companies,<b>Etching machine equipment</b>Mainly<a href=\"https://laohu8.com/S/002371\">Northern China Electronics</a>and AMEC Semiconductor. The two companies currently have differentiated strategies and are not in direct competition. North China Electronics' advantages lie in long silicon etching and metal etching, while<a href=\"https://laohu8.com/S/688012\">AMEC</a>The advantage lies in long medium etching.</p><p><b>Deposition equipment:</b>The main competitors are North China Electronics and Shenyang Tuojing. There is a certain degree of competition between the two in ALD and PVD, while only Shenyang Tuojing is engaged in chemical vapor deposition. On July 12 this year, Shenyang Tuojing's IPO application on the Science and Technology Innovation Board was accepted.</p><p><b>Lithographic apparatus:</b>Shanghai Microelectronics has broken through the technological node of lithography 90/65; Shenyang Xinyuan has achieved a breakthrough in the technology of the 90/65 adhesive coating developer.</p><p><b>3. Packaging and testing plant layout</b></p><p>CR3 accounts for approximately 60% of the global packaging and testing market, with a high concentration. Sunmoon Solar alone accounts for over 30%, followed by Ankor and...<a href=\"https://laohu8.com/S/600584\">JCET Technology</a>About 10% or more,<a href=\"https://laohu8.com/S/002156\">Tongfu Microelectronics</a>It ranks fifth with a market share of approximately 4.4%. JCET Group is backed by SMIC, and Tongfu Microelectronics is backed by...<a href=\"https://laohu8.com/S/AMD\">AMD</a>。</p><p><b>4. Photoresist pattern</b></p><p>Semiconductor photoresists are mainly divided into four types: G-line, I-line, KrF-line, and ArF-line.<b>In terms of proportion, ArF lines account for the largest proportion, about 40%, followed by KrF lines at 20%, and g lines and i lines together at 20%.</b></p><p>90% of the photoresist market share is monopolized by foreign leaders.<b>This year, the indefinite supply disruption of KrF photoresist from Shin-Etsu Chemical of Japan has given domestic companies great development opportunities. Which manufacturers are the first to enter the production lines of wafer foundries will have huge growth potential in the future.</b></p><p>ArF line: Beijing Kehua (now<a href=\"https://laohu8.com/S/603650\">Tongcheng new materials</a>Acquisition),<a href=\"https://laohu8.com/S/300655\">Jingrui Group</a>Under development;<a href=\"https://laohu8.com/S/300346\">Nanjing University</a>Passed customer authentication.</p><p>KrF line: Beijing Kehua,<a href=\"https://laohu8.com/S/300236\">Shanghai Xinyang</a>Mass production has been achieved, and Jingrui Co., Ltd. has completed</p><p>G-line/I-line:<a href=\"https://laohu8.com/S/300576\">large capacity photosensitive</a>Beijing Kehua is currently expanding its production capacity and can supply it.</p><p><h2>III. The crisis following overcapacity</h2>With the large-scale deployment of semiconductor production capacity over the next five years and the gradual slowdown in demand growth, semiconductor overcapacity and high inventory will inevitably lead to a decline in semiconductor market prices.<b>What should we look for in observing this important turning point?</b>Through the historical cycle of review semiconductors, the Wall Street Insights Institute observed...<b>Capital expenditures can serve as a leading indicator for predicting inflection points.</b></p><p>Historically, a significant increase in capital expenditures is followed by a sharp decline in the semiconductor market for one to two years. For example, in 1984, global semiconductor industry capital expenditures increased by 106%, but the semiconductor market fell by 17% the following year. The same pattern followed in the subsequent four cycles. The decline in 2008 was caused by the financial crisis. Then, in 2010, capital expenditures rebounded sharply to 107%, and the semiconductor market also experienced a sharp drop the following year.</p><p><b>A very important indicator can be obtained through the history of review, which is that capital has begun to dangerously threshold. When capital expenditures grow by more than 40%, overcapacity and a slowdown in semiconductor growth are usually predicted in the future.</b></p><p><img src=\"https://static.tigerbbs.com/f918d3c3c08f3fdc0888508005f63b8d\" tg-width=\"674\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Is a crisis coming?</b></p><p>According to IC Insights' forecast, semiconductor capital expenditure is expected to grow by 16%-23% in 2021.<b>Overall, the semiconductor market is still in a boom cycle and has not yet reached the critical point of overcapacity. However, it is worth noting that TSMC's capital expenditure growth rate reached 74% year-on-year in 2021.<a href=\"https://laohu8.com/S/INTC\">Intel</a>Capital expenditures grew by 37% year-on-year, reaching a high level, while Samsung's capital expenditures were almost the same as last year.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3635357\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"00981":"中芯国际","TSM":"台积电"},"source_url":"https://wallstreetcn.com/articles/3635357","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151261135","content_text":"销量暴涨的新能源车因为缺芯几乎要面临停工停产的危机，最近屡屡传出汽车厂商都有自己建设晶圆厂了念头了，全球的分析师都在关注半导体供需平衡与库存修正将在何时发生，更有一个指标历史上7次准确预言了半导体景气度的拐点。\n华尔街见闻·见智研究所通过分析半导体的周期来解答以下问题：缺芯何时缓解？当下是国产替代的机遇？预示危机的指标又是什么？\n一、从供需错配到再平衡\n1、为什么缺芯？\n缺芯缺产能的底层逻辑就是芯片的供给小于需求。从2021年开始全球半导体的供给进入瓶颈期，而伴随着下游需求的爆发式增长，导致半导体行业出现严重缺货的现象。\n国际半导体产业协会SEMI预测，今年是由于云端服务器笔记本电脑、游戏及医疗科技需求成长，5G、物联网汽车及人工智能快速发展，带动了产业的景气度。这其中新能源车和物联网市场是两个增长最快速的变量，新能源车行业五年的复合增速高达41.53%，而手机和电脑依旧是半导体需求端体量最大的，但预期近五年增速较新兴行业低很多。\n\n2、2022年缺芯将缓解?\nGartner预测：全球半导体供应短缺将持续整个2021年，并在2022年第二季度恢复至正常水平，而基板产能限制可能会延长到2022年第四季度。也就是说在此之前，半导体还会伴随着长时间的芯片短缺，涨价函依旧会接踵而至。\n从半导体的供需周期来看，在2021年下半年伴随着晶圆厂的设备安装，龙头厂商预期最快2022年开始才能够释放出新产能，这其中包括联电、格芯、中芯国际等晶圆代工厂，而台积电的大批量产能预期在2023年后才能逐步落地，所以半导体行业还需要一个较长的时间周期才重新达到供需平衡。\n3、产业链延续涨价？\n因为供需的错配，产能的紧缺以及扩产带来的成本增加都会相继增加产品的溢价。而涨价直接的好处是给了厂商定价权，出厂价格高了，企业的盈利能力会很大程度提高。但是有一点不能忽略：厂商处于产业链什么位置很关键。如果是处于生产加工的下游，那么原材料成本的提价也要考虑进去。在21年全球大多数晶圆厂、材料以及封测都相继提高了两成左右的价格，龙头厂的订单都排至了2022年。从今年6月份开始10多家厂商陆续发布下半年涨价函，消息指出预计涨价将持续到2022年。\n台媒《经济日报》6月24日报道称，IC设计业者透露，明年初晶圆代工价格已经敲定，不仅联电8英寸和12英寸的晶圆代工价格续涨，晶圆代工龙头台积电也涨价，部分8英寸和12英寸制程价格上涨一到两成，且12英寸制程涨幅高于8英寸。\n二、全球扩张下的国产替代机遇\n世界半导体贸易统计组织（WSTS）预测，2021年全球半导体市场增速将达19.7%， 2022年半导体市场将增长8.8%，连续两年创历史新高。\nGartner预测：中国半导体企业到2025年市场的市场份额将从当下的15%提升至30%，近五年中国半导体将会快速渗透。\n全球晶圆厂最新扩建计划，中国是首位？今年6月份国际半导体产业协会SEMI发布报告称2021-2022年全球半导体制造商新增29座晶圆厂，分别于2021年建设19座，2022年再增加10座。\n从SEMI给出的数据来看，中国大陆和台湾地区两年间增加的晶圆厂数量是全球首位，共计16座，其次是美国4座，欧洲和中东一共增加3座，日本和韩国各两座。全部投产后，每月可生产260万片等效200mm晶圆。考虑到新增的晶圆厂建设周期较长，预计从2023年开始新增晶圆厂开始大幅采购半导体设备。\n\n那么国内半导体行业有存在怎样的机遇呢？华尔街见闻·见智研究所对四大行业的格局进行了分析。\n1、晶圆厂格局\n三星是全球市占率最大的晶圆厂，达到14.7%，折算约310万片/月的产能；其次是台积电市占率为13.1%，约270万片/月产能。美光和SK海力士位居第三、第四，市占率在9%左右，每家产能约为190万片/月。中芯国际的产能约为54万片/月，在全球排名前十二。（产能按8英寸折算）\n行业内5家最大的纯晶圆代工厂——台积电、联电、格芯、中芯国际和力晶（包括Nexchip）约占全球晶圆代工厂总产能的24％，行业集中度非常高。国内晶圆厂预计21年新增的产能75万片/月（按 8 英寸折算），其中新增产能的前三位分别是长江存储、华虹半导体和中芯国际。\n2、设备厂格局\n从设备类型的市场占比情况来看，前道晶圆制造设备占主要比重，高达80%，这其中主要包括刻蚀机、薄膜沉积设备和光刻机；其次封装和测试设备的占比比较小，分别为10%和8%。前道晶圆设备龙头包括泛林半导体、TEL、应用材料、ASML几乎是垄断了全球九成的份额。\n在国内的公司中，刻蚀机设备主要是北方华创和中微半导体。两个公司目前是差异化的布局，不存在直接竞争关系。北方华创的优势在于长硅刻蚀和金属刻蚀，而中微公司的优势在于长介质刻蚀。\n沉积设备：主要是北方华创和沈阳拓荆，两者在ALD和PVD方面存在一定程度的竞争，而在化学气相沉积方面只有沈阳拓荆在做，在今年7月12日沈阳拓荆在科创板IPO申请也已经获受理了。\n光刻设备：上海微电子已经突破了光刻机90/65的技术节点；沈阳芯源突破涂胶显影机90/65的技术节点。\n3、封测厂格局\n全球封测市场中CR3占比约六成，集中度很高，日月光占比就达到三成以上，其次是安靠和长电科技约一成以上，通富微电位居第五，市占率约4.4%。长电科技背靠中芯国际，通富微电背靠AMD。\n4、光刻胶格局\n半导体光刻胶主要分为四种类型，g线、i线、KrF线和ArF线。就占比情况来看ArF线占比最大，约四成，其次是KrF线两成，g线和i线共计两成。\n光刻胶九成份额被外国龙头垄断，今年由于日本信越化学的KrF光刻胶无限期断供，给国内公司很大的发展机遇，哪些厂商率先进入晶圆代工厂的生产线中，未来成长空间会非常大。\nArF线：北京科华（现被彤程新材收购）、晶瑞股份正在研发中；南大光电通过客户认证。\nKrF线：北京科华、上海新阳已经实现量产，晶瑞股份已完成测试。\ng线/i线：容大感光产能扩建中，北京科华可供应。\n三、产能过剩后的危机\n随着未来五年内半导体产能的大量投放，而需求增速的逐渐放缓，伴随而来的是半导体产能过剩，高库存的情况，必然会导致半导体市场价格的下跌。观测这一重要转折点要看什么？通过复盘半导体的历史周期，华尔街见闻·见智研究所观察到资本开支可作为预测拐点的领先指标。\n从历史规律来看，在资本开支大幅增长的一到两年后将会伴随半导体市场的大幅下跌。如1984年全球半导体行业资本开支增长106%，而后的第二年半导体市场下跌了17%。此后的四个周期也是出现相同的规律。直到2008年的下跌是由金融危机导致的，而后2010年资本开支出现大幅回升，达到107%，第二年半导体市场同样出现了暴跌。\n通过复盘历史得到非常重要的指标，那就是资本开始危险临界线。当资本开支增长超过40%的时候，通常预测未来会出现产能过剩和半导体增速下跌的情况。\n\n危机来临了吗？\n根据IC Insights的预测来看，2021年半导体资本开支的增速预计在16%-23%之间。总体上看半导体市场还处于景气周期中，目前没有达到产能过剩的临界点。但需要特别注意的是，台积电21年的资本开支增速同比达到74%，英特尔资本开支同比增速达到37%，已经达到高水位线，而三星的资本开支几乎与去年齐平。","news_type":1,"symbols_score_info":{"00981":0.9,"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":1777,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170193924,"gmtCreate":1626409839768,"gmtModify":1703759623748,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/170193924","repostId":"2151261135","repostType":4,"repost":{"id":"2151261135","kind":"highlight","pubTimestamp":1626409687,"share":"https://ttm.financial/m/news/2151261135?lang=en_US&edition=fundamental","pubTime":"2021-07-16 12:28","market":"sh","language":"zh","title":"Is the turning point for a shortage of \"chips\" approaching?","url":"https://stock-news.laohu8.com/highlight/detail?id=2151261135","media":"华尔街见闻","summary":"销量暴涨的新能源车因为缺芯几乎要面临停工停产的危机，最近屡屡传出汽车厂商都有自己建设晶圆厂了念头了，全球的分析师都在关注半导体供需平衡与库存修正将在何时发生，更有一个指标历史上7次准确预言了半导体景气","content":"<p>New energy vehicles, whose sales have soared, are almost facing a shutdown due to chip shortages. Recently, there have been repeated reports that automakers are considering building their own wafer fabs. Analysts around the world are paying attention to when the semiconductor supply and demand balance and inventory correction will occur. Furthermore, one indicator has accurately predicted the turning point of the semiconductor boom seven times in history.</p><p><b>The Wall Street Insights Institute answers the following questions by analyzing the semiconductor cycle: When will the chip shortage ease? Is now an opportunity for domestic substitution? What are the indicators that predict a crisis?</b></p><p><h2>I. From supply and demand mismatch to rebalancing</h2><b>1. Why is there a chip shortage?</b></p><p>The underlying logic behind the shortage of chips and production capacity is that the supply of chips is less than the demand. Since 2021, the global semiconductor supply has entered a bottleneck period, and the explosive growth in downstream demand has led to a severe shortage in the semiconductor industry.</p><p>The International Semiconductor Industry Association (SEMI) predicts that this year's boom will be driven by growing demand for cloud servers, laptops, gaming, and medical technologies, as well as the rapid development of 5G, IoT vehicles, and artificial intelligence.<b>Among these, the new energy vehicle and IoT markets are the two fastest-growing variables, with the new energy vehicle industry achieving a compound annual growth rate of 41.53% over five years.</b>Mobile phones and computers remain the largest segments of semiconductor demand, but their growth rates are expected to be much lower than those of emerging industries over the next five years.</p><p><img src=\"https://static.tigerbbs.com/4b0897af5cb718219f5e303f10173b62\" tg-width=\"376\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><b>2. Will the chip shortage alleviate in 2022?</b></p><p><b>Gartner predicts that the global semiconductor supply shortage will continue throughout 2021 and return to normal levels in the second quarter of 2022, while substrate capacity constraints may be extended into the fourth quarter of 2022.</b>In other words, prior to this, semiconductors will continue to experience a prolonged chip shortage, and price increase letters will continue to follow.</p><p>Looking at the semiconductor supply and demand cycle, with the installation of wafer fab equipment in the second half of 2021, leading manufacturers are expected to release new production capacity as early as 2022. This includes...<a href=\"https://laohu8.com/S/UMC\">United Mobile</a>GlobalFoundries<a href=\"https://laohu8.com/S/SMI\">SMIC</a>Waiting for wafer foundries, and<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Mass production capacity is expected to be gradually implemented after 2023, so the semiconductor industry will need a considerable period of time to regain supply and demand balance.</p><p><b>3. Will prices continue to rise across the supply chain?</b></p><p><b>The mismatch between supply and demand, the shortage of production capacity, and the increased costs brought about by capacity expansion will all increase the premium of products.</b>The direct benefit of raising prices is that it gives manufacturers pricing power; higher ex-factory prices greatly improve a company's profitability. However, one thing cannot be ignored: the position of manufacturers in the industrial chain is crucial. If it is downstream of production and processing, then the increase in raw material costs must also be taken into account. In 2021, most wafer fabs, materials manufacturers, and packaging and testing companies around the world successively raised prices by about 20%, with leading manufacturers having their orders booked until 2022. Since June this year, more than 10 manufacturers have successively issued price increase letters for the second half of the year.<b>Reports indicate that price increases are expected to continue until 2022.</b></p><p>According to a report by Taiwan's Economic Daily News on June 24, IC designers revealed that wafer foundry prices for early next year have been finalized. Not only have UMC's 8-inch and 12-inch wafer foundry prices continued to rise, but leading wafer foundry manufacturer TSMC has also raised prices, with some 8-inch and 12-inch process prices increasing by 10% to 20%.<b>Furthermore, the increase in the 12-inch process is higher than that of the 8-inch process.</b></p><p><h2>II. Opportunities for Domestic Substitution under Global Expansion</h2>The World Semiconductor Trade Statistics Organization (WSTS) predicts that the global semiconductor market will grow by 19.7% in 2021 and 8.8% in 2022, setting a new record for the second consecutive year.</p><p><b>Gartner predicts that the market share of Chinese semiconductor companies will increase from the current 15% to 30% by 2025, and Chinese semiconductors will penetrate rapidly in the next five years.</b></p><p><b>Is China the first in the latest global wafer fab expansion plan?</b>In June of this year, the International Semiconductor Industry Association (SEMI) released a report stating that global semiconductor manufacturers added 29 wafer fabs in 2021-2022.<b>Nineteen buildings were constructed in 2021, and another ten were added in 2022.</b></p><p>According to the data provided by SEMI,<b>Mainland China and Taiwan saw the largest increase in the number of wafer fabs in the world over the past two years, totaling 16.</b>The United States added four seats, Europe and the Middle East added three seats, and Japan and South Korea each added two seats. Once fully operational, it will be able to produce 2.6 million equivalent 200mm wafers per month.<b>Given the long construction period of newly added wafer fabs, it is expected that new wafer fabs will begin to purchase semiconductor equipment on a large scale starting in 2023.</b></p><p><img src=\"https://static.tigerbbs.com/228b84b60813b81b51450594568779e2\" tg-width=\"724\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p>So what opportunities exist in China's semiconductor industry? The Wall Street Insights Institute analyzed the landscape of four major industries.</p><p><b>1. Wafer Fabrication Layout</b></p><p><a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>It is the world's largest wafer fab with a market share of 14.7%, equivalent to a capacity of approximately 3.1 million wafers per month; Secondly, TSMC has a market share of 13.1% and a monthly production capacity of approximately 2.7 million wafers. Micron and SK Hynix ranked third and fourth, respectively, with a market share of around 9%, and each company had a production capacity of about 1.9 million tablets per month.<a href=\"https://laohu8.com/S/688981\">SMIC</a>With a production capacity of approximately 540,000 tablets per month, it ranks among the top twelve globally. (Production capacity is converted to 8 inches)</p><p>The five largest pure wafer foundries in the industry are TSMC, UMC, and GlobalFoundries.<a href=\"https://laohu8.com/S/00981\">SMIC</a>Nexchip (including Nexchip) accounts for approximately 24% of the total global wafer foundry capacity, resulting in a very high level of industry concentration.<b>Domestic wafer fabs are expected to add 750,000 wafers per month (equivalent to 8 inches) in 2021. The top three companies in terms of new capacity are Yangtze Memory Technologies, ...<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>And SMIC.</b></p><p><b>2. Equipment manufacturer layout</b></p><p>In terms of market share by equipment type,<b>Front-end wafer manufacturing equipment accounts for the majority, up to 80%, which mainly includes etching machines, thin film deposition equipment and lithography; Secondly, packaging and testing equipment account for a relatively small proportion, at 10% and 8% respectively.</b>Leading companies in the front-end wafer equipment industry include Fanlin Semiconductor, TEL,<a href=\"https://laohu8.com/S/AMAT\">Application materials</a>ASML almost monopolizes 90% of the global market share.</p><p>Among domestic companies,<b>Etching machine equipment</b>Mainly<a href=\"https://laohu8.com/S/002371\">Northern China Electronics</a>and AMEC Semiconductor. The two companies currently have differentiated strategies and are not in direct competition. North China Electronics' advantages lie in long silicon etching and metal etching, while<a href=\"https://laohu8.com/S/688012\">AMEC</a>The advantage lies in long medium etching.</p><p><b>Deposition equipment:</b>The main competitors are North China Electronics and Shenyang Tuojing. There is a certain degree of competition between the two in ALD and PVD, while only Shenyang Tuojing is engaged in chemical vapor deposition. On July 12 this year, Shenyang Tuojing's IPO application on the Science and Technology Innovation Board was accepted.</p><p><b>Lithographic apparatus:</b>Shanghai Microelectronics has broken through the technological node of lithography 90/65; Shenyang Xinyuan has achieved a breakthrough in the technology of the 90/65 adhesive coating developer.</p><p><b>3. Packaging and testing plant layout</b></p><p>CR3 accounts for approximately 60% of the global packaging and testing market, with a high concentration. Sunmoon Solar alone accounts for over 30%, followed by Ankor and...<a href=\"https://laohu8.com/S/600584\">JCET Technology</a>About 10% or more,<a href=\"https://laohu8.com/S/002156\">Tongfu Microelectronics</a>It ranks fifth with a market share of approximately 4.4%. JCET Group is backed by SMIC, and Tongfu Microelectronics is backed by...<a href=\"https://laohu8.com/S/AMD\">AMD</a>。</p><p><b>4. Photoresist pattern</b></p><p>Semiconductor photoresists are mainly divided into four types: G-line, I-line, KrF-line, and ArF-line.<b>In terms of proportion, ArF lines account for the largest proportion, about 40%, followed by KrF lines at 20%, and g lines and i lines together at 20%.</b></p><p>90% of the photoresist market share is monopolized by foreign leaders.<b>This year, the indefinite supply disruption of KrF photoresist from Shin-Etsu Chemical of Japan has given domestic companies great development opportunities. Which manufacturers are the first to enter the production lines of wafer foundries will have huge growth potential in the future.</b></p><p>ArF line: Beijing Kehua (now<a href=\"https://laohu8.com/S/603650\">Tongcheng new materials</a>Acquisition),<a href=\"https://laohu8.com/S/300655\">Jingrui Group</a>Under development;<a href=\"https://laohu8.com/S/300346\">Nanjing University</a>Passed customer authentication.</p><p>KrF line: Beijing Kehua,<a href=\"https://laohu8.com/S/300236\">Shanghai Xinyang</a>Mass production has been achieved, and Jingrui Co., Ltd. has completed</p><p>G-line/I-line:<a href=\"https://laohu8.com/S/300576\">large capacity photosensitive</a>Beijing Kehua is currently expanding its production capacity and can supply it.</p><p><h2>III. The crisis following overcapacity</h2>With the large-scale deployment of semiconductor production capacity over the next five years and the gradual slowdown in demand growth, semiconductor overcapacity and high inventory will inevitably lead to a decline in semiconductor market prices.<b>What should we look for in observing this important turning point?</b>Through the historical cycle of review semiconductors, the Wall Street Insights Institute observed...<b>Capital expenditures can serve as a leading indicator for predicting inflection points.</b></p><p>Historically, a significant increase in capital expenditures is followed by a sharp decline in the semiconductor market for one to two years. For example, in 1984, global semiconductor industry capital expenditures increased by 106%, but the semiconductor market fell by 17% the following year. The same pattern followed in the subsequent four cycles. The decline in 2008 was caused by the financial crisis. Then, in 2010, capital expenditures rebounded sharply to 107%, and the semiconductor market also experienced a sharp drop the following year.</p><p><b>A very important indicator can be obtained through the history of review, which is that capital has begun to dangerously threshold. When capital expenditures grow by more than 40%, overcapacity and a slowdown in semiconductor growth are usually predicted in the future.</b></p><p><img src=\"https://static.tigerbbs.com/f918d3c3c08f3fdc0888508005f63b8d\" tg-width=\"674\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Is a crisis coming?</b></p><p>According to IC Insights' forecast, semiconductor capital expenditure is expected to grow by 16%-23% in 2021.<b>Overall, the semiconductor market is still in a boom cycle and has not yet reached the critical point of overcapacity. However, it is worth noting that TSMC's capital expenditure growth rate reached 74% year-on-year in 2021.<a href=\"https://laohu8.com/S/INTC\">Intel</a>Capital expenditures grew by 37% year-on-year, reaching a high level, while Samsung's capital expenditures were almost the same as last year.</b></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is the turning point for a shortage of \"chips\" approaching?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the turning point for a shortage of \"chips\" approaching?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-16 12:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New energy vehicles, whose sales have soared, are almost facing a shutdown due to chip shortages. Recently, there have been repeated reports that automakers are considering building their own wafer fabs. Analysts around the world are paying attention to when the semiconductor supply and demand balance and inventory correction will occur. Furthermore, one indicator has accurately predicted the turning point of the semiconductor boom seven times in history.</p><p><b>The Wall Street Insights Institute answers the following questions by analyzing the semiconductor cycle: When will the chip shortage ease? Is now an opportunity for domestic substitution? What are the indicators that predict a crisis?</b></p><p><h2>I. From supply and demand mismatch to rebalancing</h2><b>1. Why is there a chip shortage?</b></p><p>The underlying logic behind the shortage of chips and production capacity is that the supply of chips is less than the demand. Since 2021, the global semiconductor supply has entered a bottleneck period, and the explosive growth in downstream demand has led to a severe shortage in the semiconductor industry.</p><p>The International Semiconductor Industry Association (SEMI) predicts that this year's boom will be driven by growing demand for cloud servers, laptops, gaming, and medical technologies, as well as the rapid development of 5G, IoT vehicles, and artificial intelligence.<b>Among these, the new energy vehicle and IoT markets are the two fastest-growing variables, with the new energy vehicle industry achieving a compound annual growth rate of 41.53% over five years.</b>Mobile phones and computers remain the largest segments of semiconductor demand, but their growth rates are expected to be much lower than those of emerging industries over the next five years.</p><p><img src=\"https://static.tigerbbs.com/4b0897af5cb718219f5e303f10173b62\" tg-width=\"376\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><b>2. Will the chip shortage alleviate in 2022?</b></p><p><b>Gartner predicts that the global semiconductor supply shortage will continue throughout 2021 and return to normal levels in the second quarter of 2022, while substrate capacity constraints may be extended into the fourth quarter of 2022.</b>In other words, prior to this, semiconductors will continue to experience a prolonged chip shortage, and price increase letters will continue to follow.</p><p>Looking at the semiconductor supply and demand cycle, with the installation of wafer fab equipment in the second half of 2021, leading manufacturers are expected to release new production capacity as early as 2022. This includes...<a href=\"https://laohu8.com/S/UMC\">United Mobile</a>GlobalFoundries<a href=\"https://laohu8.com/S/SMI\">SMIC</a>Waiting for wafer foundries, and<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Mass production capacity is expected to be gradually implemented after 2023, so the semiconductor industry will need a considerable period of time to regain supply and demand balance.</p><p><b>3. Will prices continue to rise across the supply chain?</b></p><p><b>The mismatch between supply and demand, the shortage of production capacity, and the increased costs brought about by capacity expansion will all increase the premium of products.</b>The direct benefit of raising prices is that it gives manufacturers pricing power; higher ex-factory prices greatly improve a company's profitability. However, one thing cannot be ignored: the position of manufacturers in the industrial chain is crucial. If it is downstream of production and processing, then the increase in raw material costs must also be taken into account. In 2021, most wafer fabs, materials manufacturers, and packaging and testing companies around the world successively raised prices by about 20%, with leading manufacturers having their orders booked until 2022. Since June this year, more than 10 manufacturers have successively issued price increase letters for the second half of the year.<b>Reports indicate that price increases are expected to continue until 2022.</b></p><p>According to a report by Taiwan's Economic Daily News on June 24, IC designers revealed that wafer foundry prices for early next year have been finalized. Not only have UMC's 8-inch and 12-inch wafer foundry prices continued to rise, but leading wafer foundry manufacturer TSMC has also raised prices, with some 8-inch and 12-inch process prices increasing by 10% to 20%.<b>Furthermore, the increase in the 12-inch process is higher than that of the 8-inch process.</b></p><p><h2>II. Opportunities for Domestic Substitution under Global Expansion</h2>The World Semiconductor Trade Statistics Organization (WSTS) predicts that the global semiconductor market will grow by 19.7% in 2021 and 8.8% in 2022, setting a new record for the second consecutive year.</p><p><b>Gartner predicts that the market share of Chinese semiconductor companies will increase from the current 15% to 30% by 2025, and Chinese semiconductors will penetrate rapidly in the next five years.</b></p><p><b>Is China the first in the latest global wafer fab expansion plan?</b>In June of this year, the International Semiconductor Industry Association (SEMI) released a report stating that global semiconductor manufacturers added 29 wafer fabs in 2021-2022.<b>Nineteen buildings were constructed in 2021, and another ten were added in 2022.</b></p><p>According to the data provided by SEMI,<b>Mainland China and Taiwan saw the largest increase in the number of wafer fabs in the world over the past two years, totaling 16.</b>The United States added four seats, Europe and the Middle East added three seats, and Japan and South Korea each added two seats. Once fully operational, it will be able to produce 2.6 million equivalent 200mm wafers per month.<b>Given the long construction period of newly added wafer fabs, it is expected that new wafer fabs will begin to purchase semiconductor equipment on a large scale starting in 2023.</b></p><p><img src=\"https://static.tigerbbs.com/228b84b60813b81b51450594568779e2\" tg-width=\"724\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p>So what opportunities exist in China's semiconductor industry? The Wall Street Insights Institute analyzed the landscape of four major industries.</p><p><b>1. Wafer Fabrication Layout</b></p><p><a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>It is the world's largest wafer fab with a market share of 14.7%, equivalent to a capacity of approximately 3.1 million wafers per month; Secondly, TSMC has a market share of 13.1% and a monthly production capacity of approximately 2.7 million wafers. Micron and SK Hynix ranked third and fourth, respectively, with a market share of around 9%, and each company had a production capacity of about 1.9 million tablets per month.<a href=\"https://laohu8.com/S/688981\">SMIC</a>With a production capacity of approximately 540,000 tablets per month, it ranks among the top twelve globally. (Production capacity is converted to 8 inches)</p><p>The five largest pure wafer foundries in the industry are TSMC, UMC, and GlobalFoundries.<a href=\"https://laohu8.com/S/00981\">SMIC</a>Nexchip (including Nexchip) accounts for approximately 24% of the total global wafer foundry capacity, resulting in a very high level of industry concentration.<b>Domestic wafer fabs are expected to add 750,000 wafers per month (equivalent to 8 inches) in 2021. The top three companies in terms of new capacity are Yangtze Memory Technologies, ...<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>And SMIC.</b></p><p><b>2. Equipment manufacturer layout</b></p><p>In terms of market share by equipment type,<b>Front-end wafer manufacturing equipment accounts for the majority, up to 80%, which mainly includes etching machines, thin film deposition equipment and lithography; Secondly, packaging and testing equipment account for a relatively small proportion, at 10% and 8% respectively.</b>Leading companies in the front-end wafer equipment industry include Fanlin Semiconductor, TEL,<a href=\"https://laohu8.com/S/AMAT\">Application materials</a>ASML almost monopolizes 90% of the global market share.</p><p>Among domestic companies,<b>Etching machine equipment</b>Mainly<a href=\"https://laohu8.com/S/002371\">Northern China Electronics</a>and AMEC Semiconductor. The two companies currently have differentiated strategies and are not in direct competition. North China Electronics' advantages lie in long silicon etching and metal etching, while<a href=\"https://laohu8.com/S/688012\">AMEC</a>The advantage lies in long medium etching.</p><p><b>Deposition equipment:</b>The main competitors are North China Electronics and Shenyang Tuojing. There is a certain degree of competition between the two in ALD and PVD, while only Shenyang Tuojing is engaged in chemical vapor deposition. On July 12 this year, Shenyang Tuojing's IPO application on the Science and Technology Innovation Board was accepted.</p><p><b>Lithographic apparatus:</b>Shanghai Microelectronics has broken through the technological node of lithography 90/65; Shenyang Xinyuan has achieved a breakthrough in the technology of the 90/65 adhesive coating developer.</p><p><b>3. Packaging and testing plant layout</b></p><p>CR3 accounts for approximately 60% of the global packaging and testing market, with a high concentration. Sunmoon Solar alone accounts for over 30%, followed by Ankor and...<a href=\"https://laohu8.com/S/600584\">JCET Technology</a>About 10% or more,<a href=\"https://laohu8.com/S/002156\">Tongfu Microelectronics</a>It ranks fifth with a market share of approximately 4.4%. JCET Group is backed by SMIC, and Tongfu Microelectronics is backed by...<a href=\"https://laohu8.com/S/AMD\">AMD</a>。</p><p><b>4. Photoresist pattern</b></p><p>Semiconductor photoresists are mainly divided into four types: G-line, I-line, KrF-line, and ArF-line.<b>In terms of proportion, ArF lines account for the largest proportion, about 40%, followed by KrF lines at 20%, and g lines and i lines together at 20%.</b></p><p>90% of the photoresist market share is monopolized by foreign leaders.<b>This year, the indefinite supply disruption of KrF photoresist from Shin-Etsu Chemical of Japan has given domestic companies great development opportunities. Which manufacturers are the first to enter the production lines of wafer foundries will have huge growth potential in the future.</b></p><p>ArF line: Beijing Kehua (now<a href=\"https://laohu8.com/S/603650\">Tongcheng new materials</a>Acquisition),<a href=\"https://laohu8.com/S/300655\">Jingrui Group</a>Under development;<a href=\"https://laohu8.com/S/300346\">Nanjing University</a>Passed customer authentication.</p><p>KrF line: Beijing Kehua,<a href=\"https://laohu8.com/S/300236\">Shanghai Xinyang</a>Mass production has been achieved, and Jingrui Co., Ltd. has completed</p><p>G-line/I-line:<a href=\"https://laohu8.com/S/300576\">large capacity photosensitive</a>Beijing Kehua is currently expanding its production capacity and can supply it.</p><p><h2>III. The crisis following overcapacity</h2>With the large-scale deployment of semiconductor production capacity over the next five years and the gradual slowdown in demand growth, semiconductor overcapacity and high inventory will inevitably lead to a decline in semiconductor market prices.<b>What should we look for in observing this important turning point?</b>Through the historical cycle of review semiconductors, the Wall Street Insights Institute observed...<b>Capital expenditures can serve as a leading indicator for predicting inflection points.</b></p><p>Historically, a significant increase in capital expenditures is followed by a sharp decline in the semiconductor market for one to two years. For example, in 1984, global semiconductor industry capital expenditures increased by 106%, but the semiconductor market fell by 17% the following year. The same pattern followed in the subsequent four cycles. The decline in 2008 was caused by the financial crisis. Then, in 2010, capital expenditures rebounded sharply to 107%, and the semiconductor market also experienced a sharp drop the following year.</p><p><b>A very important indicator can be obtained through the history of review, which is that capital has begun to dangerously threshold. When capital expenditures grow by more than 40%, overcapacity and a slowdown in semiconductor growth are usually predicted in the future.</b></p><p><img src=\"https://static.tigerbbs.com/f918d3c3c08f3fdc0888508005f63b8d\" tg-width=\"674\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Is a crisis coming?</b></p><p>According to IC Insights' forecast, semiconductor capital expenditure is expected to grow by 16%-23% in 2021.<b>Overall, the semiconductor market is still in a boom cycle and has not yet reached the critical point of overcapacity. However, it is worth noting that TSMC's capital expenditure growth rate reached 74% year-on-year in 2021.<a href=\"https://laohu8.com/S/INTC\">Intel</a>Capital expenditures grew by 37% year-on-year, reaching a high level, while Samsung's capital expenditures were almost the same as last year.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3635357\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"00981":"中芯国际","TSM":"台积电"},"source_url":"https://wallstreetcn.com/articles/3635357","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151261135","content_text":"销量暴涨的新能源车因为缺芯几乎要面临停工停产的危机，最近屡屡传出汽车厂商都有自己建设晶圆厂了念头了，全球的分析师都在关注半导体供需平衡与库存修正将在何时发生，更有一个指标历史上7次准确预言了半导体景气度的拐点。\n华尔街见闻·见智研究所通过分析半导体的周期来解答以下问题：缺芯何时缓解？当下是国产替代的机遇？预示危机的指标又是什么？\n一、从供需错配到再平衡\n1、为什么缺芯？\n缺芯缺产能的底层逻辑就是芯片的供给小于需求。从2021年开始全球半导体的供给进入瓶颈期，而伴随着下游需求的爆发式增长，导致半导体行业出现严重缺货的现象。\n国际半导体产业协会SEMI预测，今年是由于云端服务器笔记本电脑、游戏及医疗科技需求成长，5G、物联网汽车及人工智能快速发展，带动了产业的景气度。这其中新能源车和物联网市场是两个增长最快速的变量，新能源车行业五年的复合增速高达41.53%，而手机和电脑依旧是半导体需求端体量最大的，但预期近五年增速较新兴行业低很多。\n\n2、2022年缺芯将缓解?\nGartner预测：全球半导体供应短缺将持续整个2021年，并在2022年第二季度恢复至正常水平，而基板产能限制可能会延长到2022年第四季度。也就是说在此之前，半导体还会伴随着长时间的芯片短缺，涨价函依旧会接踵而至。\n从半导体的供需周期来看，在2021年下半年伴随着晶圆厂的设备安装，龙头厂商预期最快2022年开始才能够释放出新产能，这其中包括联电、格芯、中芯国际等晶圆代工厂，而台积电的大批量产能预期在2023年后才能逐步落地，所以半导体行业还需要一个较长的时间周期才重新达到供需平衡。\n3、产业链延续涨价？\n因为供需的错配，产能的紧缺以及扩产带来的成本增加都会相继增加产品的溢价。而涨价直接的好处是给了厂商定价权，出厂价格高了，企业的盈利能力会很大程度提高。但是有一点不能忽略：厂商处于产业链什么位置很关键。如果是处于生产加工的下游，那么原材料成本的提价也要考虑进去。在21年全球大多数晶圆厂、材料以及封测都相继提高了两成左右的价格，龙头厂的订单都排至了2022年。从今年6月份开始10多家厂商陆续发布下半年涨价函，消息指出预计涨价将持续到2022年。\n台媒《经济日报》6月24日报道称，IC设计业者透露，明年初晶圆代工价格已经敲定，不仅联电8英寸和12英寸的晶圆代工价格续涨，晶圆代工龙头台积电也涨价，部分8英寸和12英寸制程价格上涨一到两成，且12英寸制程涨幅高于8英寸。\n二、全球扩张下的国产替代机遇\n世界半导体贸易统计组织（WSTS）预测，2021年全球半导体市场增速将达19.7%， 2022年半导体市场将增长8.8%，连续两年创历史新高。\nGartner预测：中国半导体企业到2025年市场的市场份额将从当下的15%提升至30%，近五年中国半导体将会快速渗透。\n全球晶圆厂最新扩建计划，中国是首位？今年6月份国际半导体产业协会SEMI发布报告称2021-2022年全球半导体制造商新增29座晶圆厂，分别于2021年建设19座，2022年再增加10座。\n从SEMI给出的数据来看，中国大陆和台湾地区两年间增加的晶圆厂数量是全球首位，共计16座，其次是美国4座，欧洲和中东一共增加3座，日本和韩国各两座。全部投产后，每月可生产260万片等效200mm晶圆。考虑到新增的晶圆厂建设周期较长，预计从2023年开始新增晶圆厂开始大幅采购半导体设备。\n\n那么国内半导体行业有存在怎样的机遇呢？华尔街见闻·见智研究所对四大行业的格局进行了分析。\n1、晶圆厂格局\n三星是全球市占率最大的晶圆厂，达到14.7%，折算约310万片/月的产能；其次是台积电市占率为13.1%，约270万片/月产能。美光和SK海力士位居第三、第四，市占率在9%左右，每家产能约为190万片/月。中芯国际的产能约为54万片/月，在全球排名前十二。（产能按8英寸折算）\n行业内5家最大的纯晶圆代工厂——台积电、联电、格芯、中芯国际和力晶（包括Nexchip）约占全球晶圆代工厂总产能的24％，行业集中度非常高。国内晶圆厂预计21年新增的产能75万片/月（按 8 英寸折算），其中新增产能的前三位分别是长江存储、华虹半导体和中芯国际。\n2、设备厂格局\n从设备类型的市场占比情况来看，前道晶圆制造设备占主要比重，高达80%，这其中主要包括刻蚀机、薄膜沉积设备和光刻机；其次封装和测试设备的占比比较小，分别为10%和8%。前道晶圆设备龙头包括泛林半导体、TEL、应用材料、ASML几乎是垄断了全球九成的份额。\n在国内的公司中，刻蚀机设备主要是北方华创和中微半导体。两个公司目前是差异化的布局，不存在直接竞争关系。北方华创的优势在于长硅刻蚀和金属刻蚀，而中微公司的优势在于长介质刻蚀。\n沉积设备：主要是北方华创和沈阳拓荆，两者在ALD和PVD方面存在一定程度的竞争，而在化学气相沉积方面只有沈阳拓荆在做，在今年7月12日沈阳拓荆在科创板IPO申请也已经获受理了。\n光刻设备：上海微电子已经突破了光刻机90/65的技术节点；沈阳芯源突破涂胶显影机90/65的技术节点。\n3、封测厂格局\n全球封测市场中CR3占比约六成，集中度很高，日月光占比就达到三成以上，其次是安靠和长电科技约一成以上，通富微电位居第五，市占率约4.4%。长电科技背靠中芯国际，通富微电背靠AMD。\n4、光刻胶格局\n半导体光刻胶主要分为四种类型，g线、i线、KrF线和ArF线。就占比情况来看ArF线占比最大，约四成，其次是KrF线两成，g线和i线共计两成。\n光刻胶九成份额被外国龙头垄断，今年由于日本信越化学的KrF光刻胶无限期断供，给国内公司很大的发展机遇，哪些厂商率先进入晶圆代工厂的生产线中，未来成长空间会非常大。\nArF线：北京科华（现被彤程新材收购）、晶瑞股份正在研发中；南大光电通过客户认证。\nKrF线：北京科华、上海新阳已经实现量产，晶瑞股份已完成测试。\ng线/i线：容大感光产能扩建中，北京科华可供应。\n三、产能过剩后的危机\n随着未来五年内半导体产能的大量投放，而需求增速的逐渐放缓，伴随而来的是半导体产能过剩，高库存的情况，必然会导致半导体市场价格的下跌。观测这一重要转折点要看什么？通过复盘半导体的历史周期，华尔街见闻·见智研究所观察到资本开支可作为预测拐点的领先指标。\n从历史规律来看，在资本开支大幅增长的一到两年后将会伴随半导体市场的大幅下跌。如1984年全球半导体行业资本开支增长106%，而后的第二年半导体市场下跌了17%。此后的四个周期也是出现相同的规律。直到2008年的下跌是由金融危机导致的，而后2010年资本开支出现大幅回升，达到107%，第二年半导体市场同样出现了暴跌。\n通过复盘历史得到非常重要的指标，那就是资本开始危险临界线。当资本开支增长超过40%的时候，通常预测未来会出现产能过剩和半导体增速下跌的情况。\n\n危机来临了吗？\n根据IC Insights的预测来看，2021年半导体资本开支的增速预计在16%-23%之间。总体上看半导体市场还处于景气周期中，目前没有达到产能过剩的临界点。但需要特别注意的是，台积电21年的资本开支增速同比达到74%，英特尔资本开支同比增速达到37%，已经达到高水位线，而三星的资本开支几乎与去年齐平。","news_type":1,"symbols_score_info":{"00981":0.9,"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":1826,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147392987,"gmtCreate":1626332933349,"gmtModify":1703758071793,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/147392987","repostId":"1188379078","repostType":4,"repost":{"id":"1188379078","kind":"news","pubTimestamp":1626332901,"share":"https://ttm.financial/m/news/1188379078?lang=en_US&edition=fundamental","pubTime":"2021-07-15 15:08","market":"us","language":"zh","title":"XPeng P5: The Next \"Sales Rocket\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=1188379078","media":"亿欧汽车","summary":"中国智能电动汽车市场一片欣欣向荣。\n近日，中汽协公布了2021年上半年中国新能源汽车销量，后者同比增长近2倍，达到120.6万辆，接近同期汽车总销量1289.1万辆的10%，涨势十分迅猛。\n可以说，智","content":"<p>China's smart EV market is thriving.</p><p>Recently, China Automobile Association announced the sales volume of new energy vehicles in China in the first half of 2021. The latter increased nearly twice year-on-year to 1.206 million units, close to 10% of the total sales volume of 12.891 million units in the same period, and the increase was very rapid.</p><p>It can be argued that smart EVs are shaking up the market dominance of fuel vehicles.</p><p><img src=\"https://static.tigerbbs.com/6eae735e2db4d5d0cefd600305ca9962\" tg-width=\"1080\" tg-height=\"687\" referrerpolicy=\"no-referrer\"></p><p>On the occasion of this change, mainstream car companies have launched the latest intelligent electric vehicle products one after another, intending to seize market share and users' minds, and gain a pre-emptive advantage.</p><p>XPeng Motors' upcoming high-performance smart sedan, the P5, is certainly a highly competitive model.</p><p>It is reported that XPeng P5 is equipped with cutting-edge technological hardware including lidar, and its product performance such as battery life and space is very balanced. It is estimated that the sales price will exceed 200,000 yuan. Following P7's foothold in the mid-to-high-end smart electric vehicle market, P5 may become a sharp weapon for XPeng to seize the mainstream price sedan market.</p><p>However, the outside world is still full of curiosity about the XPeng P5. What are the core competencies of XPeng P5? Based on the selling price of more than 200,000 yuan, what is the prospects for new car sales? Can it lead a new trend in China's smart electric vehicle market?</p><p><b>01</b></p><p><b>From Urban NGP to Smart Third Space</b></p><p>With the continuous advancement of automobile intelligent electrification, the level of automobile intelligent function, especially the level of autonomous driving, is becoming a new parameter to measure the strength of automobile products.</p><p>As for Xiaopeng P5, its autonomous driving ability ahead of its class is undoubtedly the core highlight.</p><p>XPeng P5 is equipped with the latest XPILOT 3.5 automatic driving assistance system, which integrates 32 sensors including two lidars with a set of high-precision positioning units, forming a 360 degree dual perception of vision + radar, which not only improves the detection ability of pedestrians, static obstacles and small objects, but also achieves full coverage of difficult scenes such as dark night, low light, backlight and alternating light and dark in tunnels, greatly improving safety redundancy.</p><p><img src=\"https://static.tigerbbs.com/f3acd9bd8fa596a69d4057857826005e\" tg-width=\"1080\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p>Based on its excellent perception ability, XPeng P5 extends the applicable scenarios of NGP from high-speed road conditions to urban road conditions, covering typical urban scenarios such as traffic light intersection traffic (including traffic light recognition, straight, right turn and unprotected left turn), overtaking in urban road conditions, customized following in urban road conditions, automatic speed limit adjustment (unlike high-speed, it can be dynamically adjusted according to ground/road conditions), and roundabout traffic capacity.</p><p>In addition, the XPeng P5's parking lot memory parking function has also been enhanced in performance.</p><p>It can be said that the realization of urban NGP capabilities further solidifies the autonomous driving leadership of XPeng vehicles. Because it involves complex traffic signs, road participants, road intersections, traffic rules, etc., the road conditions of general roads in cities are the most complicated, and it is recognized as the most difficult autonomous driving landing scenario to overcome.</p><p>As the world's first smart car with urban NGP function, XPeng P5 reflects XPeng Automobile's leading autonomous driving technology and solid R&D and manufacturing system.</p><p><img src=\"https://static.tigerbbs.com/fb48499ef45bd2274408f1f7f3c68c84\" tg-width=\"1080\" tg-height=\"593\" referrerpolicy=\"no-referrer\"></p><p>With the XPILOT 3.5 autonomous driving assistance system, XPeng P5 users have a more comfortable driving experience on complex urban roads.</p><p>Combined with the intelligent vehicle software and hardware system provided by the new generation of intelligent digital cockpit, the new generation of central domain design concept, and full-scene voice, the interaction between XPeng P5 users and vehicles is smoother and unhindered.</p><p>In addition, the XPeng P5 has a body length of 4808mm and an effective leg space of 991mm in the second row, as well as up to 26 storage spaces for the whole car and a trunk space that can easily store five 20-inch trunks, giving users the space to enjoy beyond the same class of cars.</p><p>From all aspects, the product strength of XPeng P5 is very balanced, and it can be called the \"hexagonal warrior\" among 200,000 yuan intelligent electric vehicles.</p><p>In addition to the use scenarios of existing vehicles, XPeng P5 also broke through the original functional definition of vehicle space, and built the intelligent interactive cockpit into an intelligent third space besides living space (first space) and working space (second space), providing new solutions for users, their families and friends.</p><p><img src=\"https://static.tigerbbs.com/b7898d78e21969f26e5cc17ea1df4e1b\" tg-width=\"958\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Starting from the usage scenarios of service users, XPeng P5 Intelligent Third Space provides five scene functions: X-Paly entertainment scene, X-Sleep Sleep scene, X-GO outdoor scene, X-Life Life scene and X-DIY scene. Users can watch movies, watch football, sing K and rest in the car.</p><p>XPeng P5 is not only a vehicle that helps users move from point A to point B, but also a practitioner of the concept of mobile intelligent space in the future.</p><p><b>02</b></p><p><b>High-performance smart sedans with unusual affordability</b></p><p>The pricing of over 200,000 yuan is quite meaningful for XPeng P5.</p><p>Currently, China's pure electric passenger vehicle market is dominated by three classes of models: A00-class, A-class, and B-class. In the first half of 2021, the combined market share of Class A and Class B pure electric passenger vehicles in China exceeded 52%, accounting for half of the pure electric passenger vehicles.</p><p>From the mature experience of fuel vehicles, the A-Class and B-Class models have a dominant market share advantage. In the first half of 2021, the market share of Class A and Class B passenger vehicles in China exceeded 79%.</p><p>In other words, with the continuous improvement of technology level, market share and user awareness, the market share of pure electric passenger vehicles still has a growth rate of about 27 percentage points.</p><p><img src=\"https://static.tigerbbs.com/4e8bcb6c134e61d050c99722101e1246\" tg-width=\"1080\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p>For XPeng vehicles, the XPeng P7, which is positioned as a medium-sized pure electric coupe, can be assigned to the B class, and the XPeng P5, which is slightly smaller than the P7, can be assigned to the A class. Together, they form the model matrix of XPeng vehicles in the mainstream sales range.</p><p>Just as Model 3 ignited Tesla's \"sales rocket\", the 200,000-yuan XPeng P5 may become the next \"sales engine\" of XPeng.</p><p>In fact, the development trend of intelligent electric vehicle industry is becoming more and more hot, and the sales prospects of new forces represented by Xpeng Motors are quite bright.</p><p>According to the observation of Yiou Think Tank, China's smart EV market is far from the ceiling, and it is expected that the market sales will continue to grow in the future, and will reach nearly 6 million units annually in 2025.</p><p>As one of the new forces in the head of car manufacturing, XPeng Motors must rely on the outstanding performance of XPeng P5 if it wants to play well in the smart electric vehicle market.</p><p><img src=\"https://static.tigerbbs.com/a5c51a2a1c131d1cb42737c287fedc25\" tg-width=\"980\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In the first half of 2021, XPeng sold 31,000 vehicles, surpassing last year's full year sales of 27,000 vehicles. Among them, the delivery volume of XPeng vehicles in June reached 6,565 units, a year-on-year increase of 617%, and the sales blowout is gradually showing. If this trend continues until the end of the year, XPeng sales are expected to approach 100,000 units this year.</p><p>In the vehicle manufacturing industry, 100,000 vehicles is a critical point to produce economies of scale.</p><p>Relying on more affordable prices and more advanced technology, XPeng P5 has become an excellent carrier for XPeng Automobile to promote the \"AI + Internet + Car\" smart car concept, and it is expected to be officially launched in the third quarter.</p><p>XPeng Motors, which aims to lead the future of mobility through the transformation of data-driven smart electric vehicles, is one step closer to its development goals with the P5 being delivered in the third quarter.</p><p><b>03</b></p><p><b>epilogue</b></p><p>Recently, XPeng cars have \"moved frequently\". In addition to the XPeng P5, the XPeng G3 mid-term facelift G3i will also be listed in the near future. So far, XPeng Automobile has basically completed the product layout from 150,000 yuan to 400,000 yuan, from cars to SUVs, and has more confidence to win the battle of China's intelligent electric vehicles.</p><p>Of course, the automobile market is a market with only sales volume, and the advantages of XPeng P5 still need to be tested by the market. However, with the efforts of XPeng and the entry of P5, the form of intelligent electric vehicles with more than 200,000 yuan has undoubtedly been newly defined.</p>","source":"lsy1582080587274","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPeng P5: The Next \"Sales Rocket\"?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng P5: The Next \"Sales Rocket\"?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">亿欧汽车</strong><span class=\"h-time small\">2021-07-15 15:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>China's smart EV market is thriving.</p><p>Recently, China Automobile Association announced the sales volume of new energy vehicles in China in the first half of 2021. The latter increased nearly twice year-on-year to 1.206 million units, close to 10% of the total sales volume of 12.891 million units in the same period, and the increase was very rapid.</p><p>It can be argued that smart EVs are shaking up the market dominance of fuel vehicles.</p><p><img src=\"https://static.tigerbbs.com/6eae735e2db4d5d0cefd600305ca9962\" tg-width=\"1080\" tg-height=\"687\" referrerpolicy=\"no-referrer\"></p><p>On the occasion of this change, mainstream car companies have launched the latest intelligent electric vehicle products one after another, intending to seize market share and users' minds, and gain a pre-emptive advantage.</p><p>XPeng Motors' upcoming high-performance smart sedan, the P5, is certainly a highly competitive model.</p><p>It is reported that XPeng P5 is equipped with cutting-edge technological hardware including lidar, and its product performance such as battery life and space is very balanced. It is estimated that the sales price will exceed 200,000 yuan. Following P7's foothold in the mid-to-high-end smart electric vehicle market, P5 may become a sharp weapon for XPeng to seize the mainstream price sedan market.</p><p>However, the outside world is still full of curiosity about the XPeng P5. What are the core competencies of XPeng P5? Based on the selling price of more than 200,000 yuan, what is the prospects for new car sales? Can it lead a new trend in China's smart electric vehicle market?</p><p><b>01</b></p><p><b>From Urban NGP to Smart Third Space</b></p><p>With the continuous advancement of automobile intelligent electrification, the level of automobile intelligent function, especially the level of autonomous driving, is becoming a new parameter to measure the strength of automobile products.</p><p>As for Xiaopeng P5, its autonomous driving ability ahead of its class is undoubtedly the core highlight.</p><p>XPeng P5 is equipped with the latest XPILOT 3.5 automatic driving assistance system, which integrates 32 sensors including two lidars with a set of high-precision positioning units, forming a 360 degree dual perception of vision + radar, which not only improves the detection ability of pedestrians, static obstacles and small objects, but also achieves full coverage of difficult scenes such as dark night, low light, backlight and alternating light and dark in tunnels, greatly improving safety redundancy.</p><p><img src=\"https://static.tigerbbs.com/f3acd9bd8fa596a69d4057857826005e\" tg-width=\"1080\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p>Based on its excellent perception ability, XPeng P5 extends the applicable scenarios of NGP from high-speed road conditions to urban road conditions, covering typical urban scenarios such as traffic light intersection traffic (including traffic light recognition, straight, right turn and unprotected left turn), overtaking in urban road conditions, customized following in urban road conditions, automatic speed limit adjustment (unlike high-speed, it can be dynamically adjusted according to ground/road conditions), and roundabout traffic capacity.</p><p>In addition, the XPeng P5's parking lot memory parking function has also been enhanced in performance.</p><p>It can be said that the realization of urban NGP capabilities further solidifies the autonomous driving leadership of XPeng vehicles. Because it involves complex traffic signs, road participants, road intersections, traffic rules, etc., the road conditions of general roads in cities are the most complicated, and it is recognized as the most difficult autonomous driving landing scenario to overcome.</p><p>As the world's first smart car with urban NGP function, XPeng P5 reflects XPeng Automobile's leading autonomous driving technology and solid R&D and manufacturing system.</p><p><img src=\"https://static.tigerbbs.com/fb48499ef45bd2274408f1f7f3c68c84\" tg-width=\"1080\" tg-height=\"593\" referrerpolicy=\"no-referrer\"></p><p>With the XPILOT 3.5 autonomous driving assistance system, XPeng P5 users have a more comfortable driving experience on complex urban roads.</p><p>Combined with the intelligent vehicle software and hardware system provided by the new generation of intelligent digital cockpit, the new generation of central domain design concept, and full-scene voice, the interaction between XPeng P5 users and vehicles is smoother and unhindered.</p><p>In addition, the XPeng P5 has a body length of 4808mm and an effective leg space of 991mm in the second row, as well as up to 26 storage spaces for the whole car and a trunk space that can easily store five 20-inch trunks, giving users the space to enjoy beyond the same class of cars.</p><p>From all aspects, the product strength of XPeng P5 is very balanced, and it can be called the \"hexagonal warrior\" among 200,000 yuan intelligent electric vehicles.</p><p>In addition to the use scenarios of existing vehicles, XPeng P5 also broke through the original functional definition of vehicle space, and built the intelligent interactive cockpit into an intelligent third space besides living space (first space) and working space (second space), providing new solutions for users, their families and friends.</p><p><img src=\"https://static.tigerbbs.com/b7898d78e21969f26e5cc17ea1df4e1b\" tg-width=\"958\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Starting from the usage scenarios of service users, XPeng P5 Intelligent Third Space provides five scene functions: X-Paly entertainment scene, X-Sleep Sleep scene, X-GO outdoor scene, X-Life Life scene and X-DIY scene. Users can watch movies, watch football, sing K and rest in the car.</p><p>XPeng P5 is not only a vehicle that helps users move from point A to point B, but also a practitioner of the concept of mobile intelligent space in the future.</p><p><b>02</b></p><p><b>High-performance smart sedans with unusual affordability</b></p><p>The pricing of over 200,000 yuan is quite meaningful for XPeng P5.</p><p>Currently, China's pure electric passenger vehicle market is dominated by three classes of models: A00-class, A-class, and B-class. In the first half of 2021, the combined market share of Class A and Class B pure electric passenger vehicles in China exceeded 52%, accounting for half of the pure electric passenger vehicles.</p><p>From the mature experience of fuel vehicles, the A-Class and B-Class models have a dominant market share advantage. In the first half of 2021, the market share of Class A and Class B passenger vehicles in China exceeded 79%.</p><p>In other words, with the continuous improvement of technology level, market share and user awareness, the market share of pure electric passenger vehicles still has a growth rate of about 27 percentage points.</p><p><img src=\"https://static.tigerbbs.com/4e8bcb6c134e61d050c99722101e1246\" tg-width=\"1080\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p>For XPeng vehicles, the XPeng P7, which is positioned as a medium-sized pure electric coupe, can be assigned to the B class, and the XPeng P5, which is slightly smaller than the P7, can be assigned to the A class. Together, they form the model matrix of XPeng vehicles in the mainstream sales range.</p><p>Just as Model 3 ignited Tesla's \"sales rocket\", the 200,000-yuan XPeng P5 may become the next \"sales engine\" of XPeng.</p><p>In fact, the development trend of intelligent electric vehicle industry is becoming more and more hot, and the sales prospects of new forces represented by Xpeng Motors are quite bright.</p><p>According to the observation of Yiou Think Tank, China's smart EV market is far from the ceiling, and it is expected that the market sales will continue to grow in the future, and will reach nearly 6 million units annually in 2025.</p><p>As one of the new forces in the head of car manufacturing, XPeng Motors must rely on the outstanding performance of XPeng P5 if it wants to play well in the smart electric vehicle market.</p><p><img src=\"https://static.tigerbbs.com/a5c51a2a1c131d1cb42737c287fedc25\" tg-width=\"980\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In the first half of 2021, XPeng sold 31,000 vehicles, surpassing last year's full year sales of 27,000 vehicles. Among them, the delivery volume of XPeng vehicles in June reached 6,565 units, a year-on-year increase of 617%, and the sales blowout is gradually showing. If this trend continues until the end of the year, XPeng sales are expected to approach 100,000 units this year.</p><p>In the vehicle manufacturing industry, 100,000 vehicles is a critical point to produce economies of scale.</p><p>Relying on more affordable prices and more advanced technology, XPeng P5 has become an excellent carrier for XPeng Automobile to promote the \"AI + Internet + Car\" smart car concept, and it is expected to be officially launched in the third quarter.</p><p>XPeng Motors, which aims to lead the future of mobility through the transformation of data-driven smart electric vehicles, is one step closer to its development goals with the P5 being delivered in the third quarter.</p><p><b>03</b></p><p><b>epilogue</b></p><p>Recently, XPeng cars have \"moved frequently\". In addition to the XPeng P5, the XPeng G3 mid-term facelift G3i will also be listed in the near future. So far, XPeng Automobile has basically completed the product layout from 150,000 yuan to 400,000 yuan, from cars to SUVs, and has more confidence to win the battle of China's intelligent electric vehicles.</p><p>Of course, the automobile market is a market with only sales volume, and the advantages of XPeng P5 still need to be tested by the market. However, with the efforts of XPeng and the entry of P5, the form of intelligent electric vehicles with more than 200,000 yuan has undoubtedly been newly defined.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/M8cxP3DCbVLfLl0bQDXMYw\">亿欧汽车</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/42655a31418f10ba8b36b20684267bda","relate_stocks":{"XPEV":"小鹏集团","09868":"小鹏集团-W"},"source_url":"https://mp.weixin.qq.com/s/M8cxP3DCbVLfLl0bQDXMYw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188379078","content_text":"中国智能电动汽车市场一片欣欣向荣。\n近日，中汽协公布了2021年上半年中国新能源汽车销量，后者同比增长近2倍，达到120.6万辆，接近同期汽车总销量1289.1万辆的10%，涨势十分迅猛。\n可以说，智能电动汽车正在动摇燃油车的市场主导地位。\n\n值此变革之际，主流车企纷纷推出最新的智能电动汽车产品，意欲抢占市场份额与用户心智，获得先发制人的优势。\n小鹏汽车近期即将推出的高性能智能轿车P5无疑是一款极具竞争力的车型。\n据悉，小鹏P5搭载包括激光雷达在内的前沿科技硬件，续航、空间等产品力表现十分均衡，预计销售价格将突破20万元。继P7立足中高级智能电动汽车市场后，P5或将成为小鹏汽车抢夺主流价位轿车市场的利器。\n不过，外界对于小鹏P5仍然充满好奇。小鹏P5的核心竞争力是什么？基于20万元以上的售价，新车销售前景如何？其能否引领中国智能电动汽车市场新潮流？\n\n\n\n01\n\n\n\n\n从城市NGP到智能第三空间\n\n\n\n随着汽车智能电动化进程的不断推进，汽车智能化功能水平、特别是自动驾驶水平，正在成为衡量汽车产品力高低的新参数。\n之于小鹏P5，领先同级的自动驾驶能力无疑是核心亮点。\n小鹏P5搭载最新XPILOT 3.5自动驾驶辅助系统，后者融合了包括2个激光雷达在内的32个传感器与1套高精定位单元，形成了视觉+雷达360°双重感知，不仅提升了对行人、静态障碍物、细小物体的检测能力，也实现了对黑夜、弱光、逆光、隧道明暗交替等疑难场景的全覆盖，大大提升了安全冗余。\n\n基于出色的感知能力，小鹏P5将NGP的适用场景从高速路况拓展到城市路况，可覆盖红绿灯路口通行（包括红绿灯识别、直行、右转及无保护的左转），城市路况超车、城市路况定制化跟车，自动限速调节（与高速不同的是，可以根据地面/道路路况进行动态调节），环岛通行能力等典型城市场景。\n此外，小鹏P5的停车场记忆泊车功能也得到了性能强化。\n可以说，城市NGP功能的实现进一步巩固了小鹏汽车的自动驾驶领先地位。因为涉及到复杂的交通标识、道路参与者、道路交叉口、交通规则等，城市一般道路的路况最为复杂，被公认是最难攻克的自动驾驶落地场景。\n作为全球首款具备城市NGP功能的智能汽车，小鹏P5反映的是小鹏汽车领先的自动驾驶技术与坚实的研发制造体系。\n\n借助XPILOT 3.5自动驾驶辅助系统，小鹏P5用户在复杂城市道路的驾驶体验更加游刃有余。\n结合全新一代智能数字座舱提供的智能车机软硬件系统、新一代中央域设计理念、全场景语音等，小鹏P5用户与车辆之间的交互更加顺畅无阻。\n此外，小鹏P5长达4808mm的车身长度与991mm第二排腿部有效空间，以及多达26处的全车储物空间及可以轻松存放5个20寸行李箱的后备箱空间，给到了用户超越同级车的空间享受。\n从各方面来看，小鹏P5的各项产品力十分均衡，堪称20万元级别智能电动汽车中的“六边形战士”。\n除了现有车辆的使用场景外，小鹏P5还突破了对车辆空间原有的功能定义，将智能交互座舱立体打造成为除居住空间（第一空间）、工作空间（第二空间）之外的智能第三空间，为用户及其家人、朋友提供了新的解决方案。\n\n从服务用户使用场景出发，小鹏P5智能第三空间提供了X-Paly娱乐场景、X-Sleep睡眠场景、X-GO户外场景、X-Life生活场景、X-DIY场景的5大场景功能，用户可以在车内观影、看球、唱K、休息。\n小鹏P5不止是一款帮助用户从A点移动到B点的交通工具，更是未来汽车移动智能空间理念的践行者。\n\n\n\n02\n\n\n\n\n平价不平常的高性能智能轿车\n\n\n\n超20万元的定价对于小鹏P5颇具意义。\n目前，中国纯电动乘用车市场主要由三个级别的车型主导：A00级、A级、B级。2021年上半年，中国A级与B级纯电动乘用车的市场份额总和超过52%，占据了纯电动乘用车半壁江山。\n从燃油车的成熟经验来看，A级与B级车型拥有统治性的市场份额优势。2021年上半年，中国A级与B级乘用车的市场份额超过79%。\n换言之，随着技术水平、市场份额与用户认知的不断提升，纯电动乘用车的市场份额仍有大约27个百分点的增长幅度。\n\n对于小鹏汽车而言，定位为中型纯电动轿跑的小鹏P7可以归属到B级别，车型尺寸比P7稍小的小鹏P5可以归属到A级别，二者共同组成了小鹏汽车在主流销量区间的车型矩阵。\n如同Model 3点燃了特斯拉的“销量火箭”一般，20万元级别的小鹏P5或将成为小鹏汽车下一个“销量引擎”。\n实际上，智能电动汽车行业的发展态势愈加火热，以小鹏汽车为代表的新势力销量前景颇为光明。\n根据亿欧智库的观察，中国智能电动汽车市场远未到天花板，预计未来市场销量将持续增长，并将于2025年达到接近600万辆年销量。\n作为头部造车新势力之一，小鹏汽车若想在智能电动汽车市场中发挥不俗，势必要倚仗小鹏P5的出色表现。\n\n2021年上半年，小鹏汽车销量为3.1万辆，超越去年全年的2.7万辆销量。其中，小鹏汽车6月交付量达到6565台，同比增长高达617%，销量井喷之势渐显。若按此趋势延续到年底，小鹏汽车今年销量有望逼近10万辆。\n在整车生产制造行业中，10万辆是产生规模效应的一大临界点。\n依靠更亲民的价格与更先进的科技，小鹏P5成为小鹏汽车推广“AI+互联网+汽车”智能汽车理念的出色载体，预计第三季度将正式上市。\n小鹏汽车志在通过数据驱动智能电动汽车的变革，引领未来出行方式，随着P5在第三季度交付，其距离发展目标又近了一步。\n\n\n\n03\n\n\n\n\n结语\n\n\n\n近日，小鹏汽车“动作频频”，除了小鹏P5外，小鹏G3中期改款G3i也将于近期上市。至此，小鹏汽车基本完成了从15万元到40万元、从轿车到SUV的产品布局，打赢中国智能电动汽车抢滩战的底气更足。\n当然，汽车市场是一个唯销量论成败的市场，小鹏P5的种种优势仍然有待市场检验。但随着小鹏发力、P5入场，20万元以上智能电动汽车的形态，无疑得到了新的定义。","news_type":1,"symbols_score_info":{"XPEV":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":2085,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145459404,"gmtCreate":1626239860508,"gmtModify":1703756154420,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145459404","repostId":"1126251044","repostType":4,"repost":{"id":"1126251044","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626218657,"share":"https://ttm.financial/m/news/1126251044?lang=en_US&edition=fundamental","pubTime":"2021-07-14 07:24","market":"hk","language":"zh","title":"YiMaitong has a 5% success rate in winning a single lot; subscribing to 90 lots guarantees a winning lot.","url":"https://stock-news.laohu8.com/highlight/detail?id=1126251044","media":"老虎资讯综合","summary":"7月14日，医脉通发布公告，公司全球发售约1.55亿股股份，其中香港发售股份7754.8万股，国际发售股份7754.8万股，另有15%超额配股权；发售价已厘定为每股发售股份27.20港元，每手买卖单位","content":"<p>On July 14,<a href=\"https://laohu8.com/S/02192\">YiMaitong</a>The company announced that it will offer approximately 155 million shares globally, including 77.548 million shares offered in Hong Kong, 77.548 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$27.20 per Offer Share with board lots of 500 Shares;<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>and<a href=\"https://laohu8.com/S/00665\">Haitong International</a>As the Joint Sponsors, the Shares are expected to be listed on the Main Board of the Stock Exchange on 15 July 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/fa9b3e669a6b601bd6f663db62eb0518\" tg-width=\"1059\" tg-height=\"824\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 5% success rate per lot. Subscribing to 90 lots guarantees one lot.</p><p>Group B consisted of 200,000 shares (400 lots) and was allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/836a351342d5d77d292efd488168758f\" tg-width=\"863\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/21001441e923fa8b5c5f3e75ed77dcb8\" tg-width=\"873\" tg-height=\"538\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4701c7bcc7cc26514d87a7f555b281bc\" tg-width=\"856\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering were significantly oversubscribed, representing approximately 31.2 times the total number of Offer Shares initially available for subscription under the International Offering. The Hong Kong Public Offer Shares initially offered under the Hong Kong Public Offering were significantly oversubscribed. The company received a total of 626,195 valid applications for a total of 9.188 billion shares under the Hong Kong Public Offering, which is approximately 592.41 times the total number of shares initially available for subscription under the Hong Kong Public Offering.</p><p>Based on the offer price of HK$27.20 per share and the cornerstone investment agreement, cornerstone investors subscribed for a total of 62,784,500 offer shares, representing approximately 9.10% of the issued share capital upon completion of the global offering (assuming no exercise of the over-allotment option and without taking into account any shares that may be issued upon the exercise of share options granted or to be granted under the Share Option Scheme). And approximately 40.48% of the number of Offer Shares in the Global Offering (assuming no exercise of the Over-allotment Option).</p><p>Based on the offer price of HK$27.20 per offer share, the company estimates to receive net proceeds of approximately HK$4.001 billion from the global offering. Among them, approximately 40% of the net proceeds are intended to be used for business expansion in the next three to five years; Approximately 30% is planned to be used to invest in technology and enhance R&D capabilities over the next three to five years; Approximately 20% is intended to be used to carefully select strategic investment or acquisition opportunities; and approximately 10% is intended to be used for general supplementary working capital and other general corporate purposes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>YiMaitong has a 5% success rate in winning a single lot; subscribing to 90 lots guarantees a winning lot.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYiMaitong has a 5% success rate in winning a single lot; subscribing to 90 lots guarantees a winning lot.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-14 07:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 14,<a href=\"https://laohu8.com/S/02192\">YiMaitong</a>The company announced that it will offer approximately 155 million shares globally, including 77.548 million shares offered in Hong Kong, 77.548 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$27.20 per Offer Share with board lots of 500 Shares;<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>and<a href=\"https://laohu8.com/S/00665\">Haitong International</a>As the Joint Sponsors, the Shares are expected to be listed on the Main Board of the Stock Exchange on 15 July 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/fa9b3e669a6b601bd6f663db62eb0518\" tg-width=\"1059\" tg-height=\"824\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 5% success rate per lot. Subscribing to 90 lots guarantees one lot.</p><p>Group B consisted of 200,000 shares (400 lots) and was allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/836a351342d5d77d292efd488168758f\" tg-width=\"863\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/21001441e923fa8b5c5f3e75ed77dcb8\" tg-width=\"873\" tg-height=\"538\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4701c7bcc7cc26514d87a7f555b281bc\" tg-width=\"856\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering were significantly oversubscribed, representing approximately 31.2 times the total number of Offer Shares initially available for subscription under the International Offering. The Hong Kong Public Offer Shares initially offered under the Hong Kong Public Offering were significantly oversubscribed. The company received a total of 626,195 valid applications for a total of 9.188 billion shares under the Hong Kong Public Offering, which is approximately 592.41 times the total number of shares initially available for subscription under the Hong Kong Public Offering.</p><p>Based on the offer price of HK$27.20 per share and the cornerstone investment agreement, cornerstone investors subscribed for a total of 62,784,500 offer shares, representing approximately 9.10% of the issued share capital upon completion of the global offering (assuming no exercise of the over-allotment option and without taking into account any shares that may be issued upon the exercise of share options granted or to be granted under the Share Option Scheme). And approximately 40.48% of the number of Offer Shares in the Global Offering (assuming no exercise of the Over-allotment Option).</p><p>Based on the offer price of HK$27.20 per offer share, the company estimates to receive net proceeds of approximately HK$4.001 billion from the global offering. Among them, approximately 40% of the net proceeds are intended to be used for business expansion in the next three to five years; Approximately 30% is planned to be used to invest in technology and enhance R&D capabilities over the next three to five years; Approximately 20% is intended to be used to carefully select strategic investment or acquisition opportunities; and approximately 10% is intended to be used for general supplementary working capital and other general corporate purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"02192":"医脉通"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126251044","content_text":"7月14日，医脉通发布公告，公司全球发售约1.55亿股股份，其中香港发售股份7754.8万股，国际发售股份7754.8万股，另有15%超额配股权；发售价已厘定为每股发售股份27.20港元，每手买卖单位500股；高盛及海通国际为联席保荐人，预期股份将于2021年7月15日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率5%，认购90手稳中一手。\n乙组头为20万股（400手），获配1000股（2手）。\n\n国际发售初步提呈发售的发售股份获大幅超额认购，相当于国际发售初步可供认购发售股份总数约31.2倍。根据香港公开发售初步提呈发售的香港公开发售股份获大幅超额认购。公司合共接获626,195份有效申请，认购合共91.88亿股香港公开发售股份，相当于香港公开发售初步可供认购香港公开发售股份总数约592.41倍。\n根据发售价每股27.20港元及基石投资协议，基石投资者认购合共6278.45万股发售股份，相当于全球发售完成后已发行股本约9.10%(假设并无行使超额配股权且并无计及可能因根据购股权计划已授出或将授出的购股权获行使而发行的任何股份)；及全球发售的发售股份数目约40.48%(假设并无行使超额配股权)。\n按发售价每股发售股份27.20港元计算，公司估计自全球发售收取所得款项净额约40.01亿港元。其中，所得款项净额约40%拟用于在未来三至五年内扩展业务；约30%拟用于在未来三至五年内投资技术及提高研发能力；约20%拟用于精心挑选战略投资或收购机会；及约10%拟用作一般补充营运资金及其他一般企业用途。","news_type":1,"symbols_score_info":{"02192":0.9}},"isVote":1,"tweetType":1,"viewCount":1717,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142470589,"gmtCreate":1626172402441,"gmtModify":1703754766154,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142470589","repostId":"1126789765","repostType":4,"repost":{"id":"1126789765","kind":"news","weMediaInfo":{"introduction":"中国大陆领先的金融数据、信息和软件服务企业，总部位于上海陆家嘴金融中心。","home_visible":1,"media_name":"Wind万得","id":"99","head_image":"https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68"},"pubTimestamp":1626133747,"share":"https://ttm.financial/m/news/1126789765?lang=en_US&edition=fundamental","pubTime":"2021-07-13 07:49","market":"us","language":"zh","title":"What will the Federal Reserve say at its July meeting? Focus on tonight's CPI","url":"https://stock-news.laohu8.com/highlight/detail?id=1126789765","media":"Wind万得","summary":"今晚美国公布的CPI数据至关重要，这个数据在一定程度上将显示近期的价格大幅上涨是一个暂时现象，还是通胀压力会更持久。如果今晚通胀超市场预期，那么美联储提前收紧预期可能又会卷土重来；反之市场对美联储收紧的恐慌会继续减弱。市场预计6月份CPI环比增幅将从5月份的0.6%和4月份的0.8%降至0.5%，并预计CPI年率将从5月份的5%降至4.9%。美联储的通胀目标是基于美国商务部的个人消费支出价格指数，该指数往往略低于CPI。","content":"<p>The US CPI data released tonight is crucial, as it will, to some extent, indicate whether the recent sharp rise in prices is a temporary phenomenon or whether inflationary pressures will persist. If inflation exceeds market expectations tonight, then the Fed's early tightening expectations may make a comeback; Conversely, market fears about the Federal Reserve's tightening will continue to weaken.</p><p>The U.S. Consumer Price Index (CPI) has nearly tripled in the past six months, rising from 1.7% in January to 5% in May. Core inflation rose from 1.4% to 3.8%. The market expects the month-on-month CPI growth rate in June to fall to 0.5% from 0.6% in May and 0.8% in April, and the annualized CPI rate to fall to 4.9% from 5% in May.</p><p>Over the past few months, the Federal Reserve has successfully reduced the market's sensitivity to inflation. This effort began last September when the Federal Reserve adopted an average inflation rate to guide future policy, insisting that the current surge is temporary. However, an important and unresolved question is: how much inflation will the economic problems caused by the pandemic cause? The answer to this question may be difficult to determine until the base effect completely disappears in the fourth quarter.</p><p>Some economists in the market believe that the strong economic recovery after the pandemic will drive rapid price increases for some time. They believe that the market should prepare for the highest level of inflation in decades. If economists' predictions are correct, Federal Reserve officials may have to raise interest rates sooner or later than they expect to control inflation.</p><p>Some surveys show that economists believe inflation will grow at an average annual rate of 2.58% from 2021 to 2023, reaching the level of 1993. \"We are now in a transition phase,\" said Joel Naroff, chief economist at Naroff Economics LLC. \"We are transitioning to a period where inflation and interest rates are higher than they have been in the last 20 years.\"</p><p>\"The inflation surge is expected to last longer than the Federal Reserve had previously anticipated,\" said Diane Swonk, chief economist at Grant Thornton. \"The Fed may now rate hike in the first half of 2023, although some Fed officials will act as soon as possible.\"</p><p>Some analysts also worry that the Federal Reserve may be moving too slowly. \"The danger is that monetary authorities are not keeping up,\" said Kevin Swift, chief economist at the American Chemistry Council. \"I'm not saying hyperinflation is coming, I'm just saying that a lot happened last year, and the overall price trend is growing faster than in the last five or 10 years.\"</p><p>As the economic recovery accelerates, the last-released U.S. Consumer Price Index for May continued to rise rapidly, soaring 5% year-on-year, marking the highest annual inflation rate in nearly 13 years. This also reflects surging demand and shortages of labor and materials.</p><p>The price increase reflects strong consumer demand driven by widespread vaccination, easing of business restrictions, a multi-trillion dollar federal pandemic relief package, and ample household savings. After adjusting for seasonal factors, the U.S. Gross Domestic Product (GDP) grew at an annualized rate of 6.4% in the first quarter. Economists expect the U.S. economy to grow at an annualized rate of 8.1% in the second quarter, which would be the best year of economic growth since the early 1980s.</p><p>Policymakers are also paying close attention to recent inflation data. During the worst year of the pandemic, price pressures were very weak. Whether rising inflation is temporary is a key question for the U.S. economy and financial markets as the Federal Reserve and other policymakers continue to take fiscal and monetary policy measures to support the economy.</p><p>The Federal Reserve currently expects inflation to rise temporarily this year. The continued sharp rise in inflation may force the central bank to tighten its loose monetary policy earlier or take more aggressive measures later in order to achieve its 2% average inflation target.</p><p>The Federal Reserve's inflation target is based on the U.S. Department of Commerce's personal consumption expenditures price index, which is often slightly lower than the CPI. The Federal Reserve has stated that it will keep interest rates near zero until personal consumption expenditures (PCE) inflation averages 2% and full employment is achieved.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What will the Federal Reserve say at its July meeting? Focus on tonight's CPI</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat will the Federal Reserve say at its July meeting? Focus on tonight's CPI\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/99\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Wind万得 </p>\n<p class=\"h-time smaller\">2021-07-13 07:49</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The US CPI data released tonight is crucial, as it will, to some extent, indicate whether the recent sharp rise in prices is a temporary phenomenon or whether inflationary pressures will persist. If inflation exceeds market expectations tonight, then the Fed's early tightening expectations may make a comeback; Conversely, market fears about the Federal Reserve's tightening will continue to weaken.</p><p>The U.S. Consumer Price Index (CPI) has nearly tripled in the past six months, rising from 1.7% in January to 5% in May. Core inflation rose from 1.4% to 3.8%. The market expects the month-on-month CPI growth rate in June to fall to 0.5% from 0.6% in May and 0.8% in April, and the annualized CPI rate to fall to 4.9% from 5% in May.</p><p>Over the past few months, the Federal Reserve has successfully reduced the market's sensitivity to inflation. This effort began last September when the Federal Reserve adopted an average inflation rate to guide future policy, insisting that the current surge is temporary. However, an important and unresolved question is: how much inflation will the economic problems caused by the pandemic cause? The answer to this question may be difficult to determine until the base effect completely disappears in the fourth quarter.</p><p>Some economists in the market believe that the strong economic recovery after the pandemic will drive rapid price increases for some time. They believe that the market should prepare for the highest level of inflation in decades. If economists' predictions are correct, Federal Reserve officials may have to raise interest rates sooner or later than they expect to control inflation.</p><p>Some surveys show that economists believe inflation will grow at an average annual rate of 2.58% from 2021 to 2023, reaching the level of 1993. \"We are now in a transition phase,\" said Joel Naroff, chief economist at Naroff Economics LLC. \"We are transitioning to a period where inflation and interest rates are higher than they have been in the last 20 years.\"</p><p>\"The inflation surge is expected to last longer than the Federal Reserve had previously anticipated,\" said Diane Swonk, chief economist at Grant Thornton. \"The Fed may now rate hike in the first half of 2023, although some Fed officials will act as soon as possible.\"</p><p>Some analysts also worry that the Federal Reserve may be moving too slowly. \"The danger is that monetary authorities are not keeping up,\" said Kevin Swift, chief economist at the American Chemistry Council. \"I'm not saying hyperinflation is coming, I'm just saying that a lot happened last year, and the overall price trend is growing faster than in the last five or 10 years.\"</p><p>As the economic recovery accelerates, the last-released U.S. Consumer Price Index for May continued to rise rapidly, soaring 5% year-on-year, marking the highest annual inflation rate in nearly 13 years. This also reflects surging demand and shortages of labor and materials.</p><p>The price increase reflects strong consumer demand driven by widespread vaccination, easing of business restrictions, a multi-trillion dollar federal pandemic relief package, and ample household savings. After adjusting for seasonal factors, the U.S. Gross Domestic Product (GDP) grew at an annualized rate of 6.4% in the first quarter. Economists expect the U.S. economy to grow at an annualized rate of 8.1% in the second quarter, which would be the best year of economic growth since the early 1980s.</p><p>Policymakers are also paying close attention to recent inflation data. During the worst year of the pandemic, price pressures were very weak. Whether rising inflation is temporary is a key question for the U.S. economy and financial markets as the Federal Reserve and other policymakers continue to take fiscal and monetary policy measures to support the economy.</p><p>The Federal Reserve currently expects inflation to rise temporarily this year. The continued sharp rise in inflation may force the central bank to tighten its loose monetary policy earlier or take more aggressive measures later in order to achieve its 2% average inflation target.</p><p>The Federal Reserve's inflation target is based on the U.S. Department of Commerce's personal consumption expenditures price index, which is often slightly lower than the CPI. The Federal Reserve has stated that it will keep interest rates near zero until personal consumption expenditures (PCE) inflation averages 2% and full employment is achieved.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/627bc890436e46f74a0fe8143398a725","relate_stocks":{"513500":"标普500ETF博时","UDOW":"三倍做多道指30ETF-ProShares",".IXIC":"NASDAQ Composite","SDOW":"三倍做空道指30ETF-ProShares","SH":"做空标普500-Proshares","QQQ":"纳指100ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index","DXD":"两倍做空道琼30指数ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","TQQQ":"纳指三倍做多ETF","DDM":"2倍做多道指ETF-ProShares","SPY":"标普500ETF","OEF":"标普100指数ETF-iShares","IVV":"标普500ETF-iShares","SPXU":"三倍做空标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126789765","content_text":"今晚美国公布的CPI数据至关重要，这个数据在一定程度上将显示近期的价格大幅上涨是一个暂时现象，还是通胀压力会更持久。如果今晚通胀超市场预期，那么美联储提前收紧预期可能又会卷土重来；反之市场对美联储收紧的恐慌会继续减弱。\n在过去的六个月里，美国消费者价格指数(CPI)几乎翻了三倍，从一月份的1.7%上升到五月份的5%。核心通胀从1.4%上升到3.8%。市场预计6月份CPI环比增幅将从5月份的0.6%和4月份的0.8%降至0.5%，并预计CPI年率将从5月份的5%降至4.9%。\n过去几个月，美联储成功地降低了市场对通胀的敏感性。这一努力始于去年9月美联储对未来政策引导采用了平均通胀率，并坚持认为当前的飙升是暂时的。但是有一个重要且尚未解决的问题是，疫情导致的经济问题造成会造成多少通胀?这个问题的答案在第四季度基数效应完全消失之前也许很难判断。\n市场一些经济学家认为疫情后强劲的经济复苏将在一段时间内推动物价快速上涨。他们认为，市场应该做好准备，迎接几十年来最高的通胀水平。如果经济学家的预测是正确的，美联储官员可能不得不提前或超过他们预期的上调利率，以控制通胀。\n一些调查显示经济学家认为从2021年到2023年通胀平均年增长率为2.58%，这个水平将达到1993年的水平。\"我们现在正处于一个过渡阶段，\" Naroff Economics LLC首席经济学家Joel Naroff说，\"我们正过渡到通胀率和利率高于过去20年的时期。\"\nGrant Thornton首席经济学家黛安•斯旺克(Diane Swonk)表示:“预计通胀飙升的时间会比美联储此前预计的更长。”“美联储现在可能会在2023年上半年加息，尽管一些美联储官员会尽快采取行动。”\n一些分析师也担心美联储的行动可能过于缓慢。American Chemistry Council首席经济学家凯文•斯威夫特(KevinSwift)表示:“危险在于，货币当局跟不上形势。”“我并不是说恶性通货膨胀即将到来，只是说去年发生了很多事情，整体价格的增长趋势比过去5年或10年更快。”\n随着经济复苏的加快，上次公布的美国5月份消费者价格指数继续快速上涨，较上年同期飙升5%，创下近13年来的最高年通胀率，也反映出需求激增以及劳动力和材料短缺。\n价格上涨反映出，随着广泛接种疫苗、放宽商业限制、数万亿美元的联邦大流行救援计划和充足的家庭储蓄推动了强劲的消费者需求。经季节性因素调整后，美国第一季度国内生产总值(GDP)按年率计算增长6.4%。经济学家预计，第二季度美国经济折合成年率将增长8.1%，这将是上世纪80年代初以来经济增长最好的一年。\n政策制定者也非常关注最近的通胀数据。在疫情最严重时期的一年里，价格压力非常疲弱。随着美联储和其它一些政策制定者继续采取财政和货币政策措施支持经济后，通胀上升是否只是暂时的，是美国经济和金融市场的一个关键问题。\n美联储预计目前还是预计今年通货膨胀率将暂时上升。通货膨胀率的持续大幅上升可能迫使央行提前收紧其宽松货币政策，或者晚些时候采取更激进的应对措施，以实现2%的平均通货膨胀目标。\n美联储的通胀目标是基于美国商务部的个人消费支出价格指数，该指数往往略低于CPI。美联储曾表示，在个人消费支出(PCE)通胀率达到平均2%并实现充分就业之前，它将把利率维持在接近于零的水平。","news_type":1,"symbols_score_info":{"513500":0.9,"QQQ":0.9,"SDOW":0.9,"QID":0.9,"OEF":0.9,".IXIC":0.9,"TQQQ":0.9,"NQmain":0.9,"SH":0.9,"UDOW":0.9,"SPXU":0.9,"SSO":0.9,".SPX":0.9,"DXD":0.9,"DDM":0.9,"ESmain":0.9,"SPY":0.9,"MNQmain":0.9,"IVV":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1625,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142447669,"gmtCreate":1626172312951,"gmtModify":1703754763879,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142447669","repostId":"1129606632","repostType":4,"repost":{"id":"1129606632","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626170852,"share":"https://ttm.financial/m/news/1129606632?lang=en_US&edition=fundamental","pubTime":"2021-07-13 18:07","market":"us","language":"zh","title":"PepsiCo's Q2 earnings report exceeded expectations, sending its stock up nearly 2% in pre-market trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1129606632","media":"老虎资讯综合","summary":"7月13日美股盘前，百事可乐公布2021年第二季度财报。财报显示，百事可乐Q2营收192.2亿美元，市场预期179.59亿美元，去年同期159.45亿美元；净利润23.58亿美元，市场预期21.12亿","content":"<p>Pre-market US stocks on July 13<a href=\"https://laohu8.com/S/PEP\">Pepsi</a>The company will release its financial results for the second quarter of 2021. Financial reports show that PepsiCo's Q2 revenue was $19.22 billion, compared to market expectations of $17.959 billion and $15.945 billion in the same period last year; Net income was $2.358 billion, compared to market expectations of $2.112 billion and $1.646 billion in the same period last year; Earnings per share were $1.70, compared to market expectations of $1.52 and $1.18 in the same period last year; Organic revenue is expected to grow by 6% in fiscal year 2021.</p><p><img src=\"https://static.tigerbbs.com/01ce274cdc1fe7015a8e11ef8d4d2fc3\" tg-width=\"896\" tg-height=\"380\"></p><p>PepsiCo shares rose nearly 2% in pre-market trading after the earnings report was released.</p><p><img src=\"https://static.tigerbbs.com/cae80f9ef9b26887ae4d099f25d7f501\" tg-width=\"899\" tg-height=\"640\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PepsiCo's Q2 earnings report exceeded expectations, sending its stock up nearly 2% in pre-market trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPepsiCo's Q2 earnings report exceeded expectations, sending its stock up nearly 2% in pre-market trading.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-13 18:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Pre-market US stocks on July 13<a href=\"https://laohu8.com/S/PEP\">Pepsi</a>The company will release its financial results for the second quarter of 2021. Financial reports show that PepsiCo's Q2 revenue was $19.22 billion, compared to market expectations of $17.959 billion and $15.945 billion in the same period last year; Net income was $2.358 billion, compared to market expectations of $2.112 billion and $1.646 billion in the same period last year; Earnings per share were $1.70, compared to market expectations of $1.52 and $1.18 in the same period last year; Organic revenue is expected to grow by 6% in fiscal year 2021.</p><p><img src=\"https://static.tigerbbs.com/01ce274cdc1fe7015a8e11ef8d4d2fc3\" tg-width=\"896\" tg-height=\"380\"></p><p>PepsiCo shares rose nearly 2% in pre-market trading after the earnings report was released.</p><p><img src=\"https://static.tigerbbs.com/cae80f9ef9b26887ae4d099f25d7f501\" tg-width=\"899\" tg-height=\"640\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/da6f1eec5f0f1446b3ce577db826367e","relate_stocks":{"PEP":"百事可乐"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129606632","content_text":"7月13日美股盘前，百事可乐公布2021年第二季度财报。财报显示，百事可乐Q2营收192.2亿美元，市场预期179.59亿美元，去年同期159.45亿美元；净利润23.58亿美元，市场预期21.12亿美元，去年同期16.46亿美元；每股盈利1.7美元，市场预期1.52美元，去年同期1.18美元；预计2021财年有机营收将增长6%。\n\n财报公布后，百事可乐盘前涨近2%。","news_type":1,"symbols_score_info":{"PEP":0.9}},"isVote":1,"tweetType":1,"viewCount":1825,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148460023,"gmtCreate":1626006077162,"gmtModify":1703751853778,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148460023","repostId":"1155854665","repostType":4,"isVote":1,"tweetType":1,"viewCount":2129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148931389,"gmtCreate":1625912209441,"gmtModify":1703750838781,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148931389","repostId":"1124741749","repostType":4,"repost":{"id":"1124741749","kind":"news","pubTimestamp":1625910991,"share":"https://ttm.financial/m/news/1124741749?lang=en_US&edition=fundamental","pubTime":"2021-07-10 17:56","market":"us","language":"zh","title":"Thorpe and Simmons: The Legendary Lives of Two Godfather Investment Giants","url":"https://stock-news.laohu8.com/highlight/detail?id=1124741749","media":"SMARTMATRIX","summary":"他们都出生于30年代，自幼天赋异禀、身在学术圈但都一心向钱，有两个共同的母校。","content":"<p>A Man for All Markets is Edward Thorp's personal biography. Based on Thorp's experience, from beating casinos to entering Wall Street, he ventured into OTC options, convertible bonds, stocks, futures and other derivatives, making him a true All Markets. In his preface, Taleb said that his memoir reads like a thriller.</p><p>As a mathematical genius and The godfather of quantitative investing, he pioneered The introduction of probability theory, information theory, and computer programming into financial trading, influencing countless Quant leaders in later generations: Bill Gross, David Shaw, Ken Griffin... including The renowned James Simons, whose Renaissance Technology company created a legend of returns in financial history. Similarly, Simons' biography, The Man Who Solved The Market, details The ups and downs of his and his team's conquest of The financial markets. Although it was compiled by a Wall Street Journal writer based on interviews, it contains many fascinating stories that have never been disclosed before.</p><p><b>academic origin</b></p><p>A thriving culture leads to outstanding people. The so-called place of outstanding people and beautiful resources, for example, the Hunan School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. A similar phenomenon exists in academia. A closer look at the backgrounds of the two big shots reveals many commonalities. They were both born in the 1930s, were exceptionally talented from a young age, were in academia, but both were focused on money, and shared two alma maters: the University of California, Berkeley and MIT. Both universities' academic achievements reached their peak after the war, primarily due to the large-scale military research activities spurred by World War II (the famous Manhattan Project, cryptography, information theory, and modern computers). Thorp and Simons both happened to catch this academic boom. In the 1950s, Thorp was engrossed in studying roulette with Shannon, while Simons remained engrossed in theoretical mathematical problems, which further enhanced his academic achievements (Chern-Simons Theroy). In the 1960s, MIT became the center of the computer revolution, and mathematics and computers were the two keys to Wall Street, and Thorp was the lucky one to hold these two keys.</p><p><b>Casinos vs Wall Street</b></p><p>A popular story today is that Thorp used the Law of Large Numbers and Kelly's formula to defeat the casino, becoming the first person in history to be \"blacklisted\" by a Las Vegas casino. In contrast, the hedge fund he founded, Princeton Newport Partners (PNP), is much less well-known. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1% respectively, while the average annual growth rate of the S&P 500 index was 10.2% during the same period. Over the past 19 years, through two oil crises in the 1970s and the 1987 stock market crash, neither fund has ever suffered a single quarterly loss, let alone an annual loss. At the world's largest casino, its performance was unparalleled at the time, and its investment model was 20 years ahead of the customers who subsequently flocked to Wall Street.</p><p>In 1988, Thorp's fund was forced to close due to its implications in the Milken case, the king of junk bonds. It was in that year that Simons established the Grand Medal Fund. Now over fifty, he was a late bloomer. He had been exploring successful investment models for 10 years, oscillating between subjective and quantitative approaches. Although Simons has always been regarded as a quantitative investment master, his role is actually completely different from Thorp's. His main job is not to develop quantitative models, but to discover various scientists from academia to help the company develop quantitative models and to shape the company's corporate culture as a spiritual leader. As a world-class mathematician and outstanding salesperson, he can get along well with different people, which is a rare ability.</p><p><b>The road to quantification</b></p><p>As a pioneer in quantitative trading, Thorp excelled at hedging and arbitraging various derivatives, and the bear market and volatility of the 1970s made this strategy work perfectly. Relying on his mathematical talent and market sense, he discovered new blue oceans: Statistical Arbitrage and factor models—early quant prototypes. The risks under this model are theoretically infinite, especially since the maximum loss from shorting overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. LTCM subsequently adopted a similar arbitrage model, but lacked risk control strategies like Thorp, and was defeated by black swan events. To improve investment efficiency, Thorp turned investment strategies into programs, once again becoming a pioneer in algorithmic Trading.</p><p>In contrast, Simons wasn't so lucky. From early attempts at intuitive investing to trend-based momentum trading, reversal trading, and continuous collection and mining of massive amounts of data, including data cleansing, signaling mechanisms, and backtesting. In 1986, a model framework was used to identify hidden price trends; in 1989, abnormal trading signals were used for short-term high-frequency trading; in 1992, only a single model was used (a key breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities to speech recognition). The model went through a long process of iterative improvement. Ultimately, the model developed important core capabilities: identifying the \"value of trading,\" including: the certainty of price trends, weight trade-offs between trading signals, and judging the impact of trading based on signals on the market. This capability is particularly important for high-frequency, full-commodity trading.</p><p><b>Winning System: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, both gambling and investing are games based on probability statistics, allocating bets based on the odds of winning (money management based on Kelly's Law). The first major breakthrough for the Grand Medal Fund came from the application of Kelly's Law and the reduction in trading frequency to make its trading more reflective of the law of large numbers. The Grand Medal system makes money as long as the win rate is slightly above 50%, regardless of the profit or loss of each transaction. Essentially, it is making money by taking advantage of the negligence and mistakes of other traders (the market is ineffective). Human behavior under high pressure is highly predictable, and they instinctively exhibit panic. The premise of modeling is that humans will constantly repeat past behaviors. Soros used reflexive philosophical theories to model human behavior, while Simons' team used data and algorithms to model human behavior, thereby confirming the theories of behavioral finance.</p><p>Unlike traditional value investing, which simplifies the market to Mr. Market, the experience of quantitative investing is that there are far more factors and variables influencing financial markets and investments than most people realize, and the factors that lead to market inefficiency can even be said to be encrypted (Thorp also goes to great lengths to refute the efficient market hypothesis in his book). Investors strive to find the most basic drivers, but what may be missing is an entire dimension of information. The Grand Medal Fund cannot explain the logic behind every profit pattern, just as humans cannot understand Alpha Go, which may be a higher dimension.</p><p>Models are abstractions and simplifications of the world, but models are not omnipotent. When data and desire conflict, even rational scientists cannot be completely rational. Simons' original intention was to create an algorithm-driven automated trading system that completely shielded human subjective judgment. However, in every crisis, he still couldn't help but intervene manually to reduce his dependence on signals and actively reduce his trading positions. The results of these interventions were not very ideal. His colleague Patterson also said:<b>Never place too much trust in a trading model. The fundamental mistake made by long-term capital management firms is to believe that models are the truth. We have never believed that our models reflect the whole truth; they only reflect part of it.</b>。”</p><p><b>Kuanke Life</b></p><p>In fact, the interaction between many big shots is far greater than we imagine. For example, Thorp and Buffett played at the bridge table, and after confirming that Buffett would eventually become the richest man in the United States, they decisively invested in BRK stock. Many people believe that top students don't necessarily have a good life. After all, there is a huge gap between book smart and street smart, and the rules of the real world are much more complicated than those of school. However, Thorp practiced the way of thinking that applies abstract thinking to real life, truly interpreting \"a fierce life needs no explanation.\" He achieved academic, wealth, and family success, and realized early on that life itself is more important than making money. Compared to Thorp's remarkable life, Simons' life has been full of twists and turns. He has been divorced, his two sons have suffered misfortunes, and he has been betrayed by his partners. But in the end, he chose to make peace with life and devote himself to philanthropy, exploring the true meaning of destiny through ups and downs from his academic career to his wide-ranging life, and the experience itself is the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the finish line is often not so important; the journey itself and the experiences along the way are more precious.<b>No body can take away the dance you have danced.</b></p>","source":"lsy1625911325017","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Thorpe and Simmons: The Legendary Lives of Two Godfather Investment Giants</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThorpe and Simmons: The Legendary Lives of Two Godfather Investment Giants\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">SMARTMATRIX</strong><span class=\"h-time small\">2021-07-10 17:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A Man for All Markets is Edward Thorp's personal biography. Based on Thorp's experience, from beating casinos to entering Wall Street, he ventured into OTC options, convertible bonds, stocks, futures and other derivatives, making him a true All Markets. In his preface, Taleb said that his memoir reads like a thriller.</p><p>As a mathematical genius and The godfather of quantitative investing, he pioneered The introduction of probability theory, information theory, and computer programming into financial trading, influencing countless Quant leaders in later generations: Bill Gross, David Shaw, Ken Griffin... including The renowned James Simons, whose Renaissance Technology company created a legend of returns in financial history. Similarly, Simons' biography, The Man Who Solved The Market, details The ups and downs of his and his team's conquest of The financial markets. Although it was compiled by a Wall Street Journal writer based on interviews, it contains many fascinating stories that have never been disclosed before.</p><p><b>academic origin</b></p><p>A thriving culture leads to outstanding people. The so-called place of outstanding people and beautiful resources, for example, the Hunan School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. A similar phenomenon exists in academia. A closer look at the backgrounds of the two big shots reveals many commonalities. They were both born in the 1930s, were exceptionally talented from a young age, were in academia, but both were focused on money, and shared two alma maters: the University of California, Berkeley and MIT. Both universities' academic achievements reached their peak after the war, primarily due to the large-scale military research activities spurred by World War II (the famous Manhattan Project, cryptography, information theory, and modern computers). Thorp and Simons both happened to catch this academic boom. In the 1950s, Thorp was engrossed in studying roulette with Shannon, while Simons remained engrossed in theoretical mathematical problems, which further enhanced his academic achievements (Chern-Simons Theroy). In the 1960s, MIT became the center of the computer revolution, and mathematics and computers were the two keys to Wall Street, and Thorp was the lucky one to hold these two keys.</p><p><b>Casinos vs Wall Street</b></p><p>A popular story today is that Thorp used the Law of Large Numbers and Kelly's formula to defeat the casino, becoming the first person in history to be \"blacklisted\" by a Las Vegas casino. In contrast, the hedge fund he founded, Princeton Newport Partners (PNP), is much less well-known. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1% respectively, while the average annual growth rate of the S&P 500 index was 10.2% during the same period. Over the past 19 years, through two oil crises in the 1970s and the 1987 stock market crash, neither fund has ever suffered a single quarterly loss, let alone an annual loss. At the world's largest casino, its performance was unparalleled at the time, and its investment model was 20 years ahead of the customers who subsequently flocked to Wall Street.</p><p>In 1988, Thorp's fund was forced to close due to its implications in the Milken case, the king of junk bonds. It was in that year that Simons established the Grand Medal Fund. Now over fifty, he was a late bloomer. He had been exploring successful investment models for 10 years, oscillating between subjective and quantitative approaches. Although Simons has always been regarded as a quantitative investment master, his role is actually completely different from Thorp's. His main job is not to develop quantitative models, but to discover various scientists from academia to help the company develop quantitative models and to shape the company's corporate culture as a spiritual leader. As a world-class mathematician and outstanding salesperson, he can get along well with different people, which is a rare ability.</p><p><b>The road to quantification</b></p><p>As a pioneer in quantitative trading, Thorp excelled at hedging and arbitraging various derivatives, and the bear market and volatility of the 1970s made this strategy work perfectly. Relying on his mathematical talent and market sense, he discovered new blue oceans: Statistical Arbitrage and factor models—early quant prototypes. The risks under this model are theoretically infinite, especially since the maximum loss from shorting overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. LTCM subsequently adopted a similar arbitrage model, but lacked risk control strategies like Thorp, and was defeated by black swan events. To improve investment efficiency, Thorp turned investment strategies into programs, once again becoming a pioneer in algorithmic Trading.</p><p>In contrast, Simons wasn't so lucky. From early attempts at intuitive investing to trend-based momentum trading, reversal trading, and continuous collection and mining of massive amounts of data, including data cleansing, signaling mechanisms, and backtesting. In 1986, a model framework was used to identify hidden price trends; in 1989, abnormal trading signals were used for short-term high-frequency trading; in 1992, only a single model was used (a key breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities to speech recognition). The model went through a long process of iterative improvement. Ultimately, the model developed important core capabilities: identifying the \"value of trading,\" including: the certainty of price trends, weight trade-offs between trading signals, and judging the impact of trading based on signals on the market. This capability is particularly important for high-frequency, full-commodity trading.</p><p><b>Winning System: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, both gambling and investing are games based on probability statistics, allocating bets based on the odds of winning (money management based on Kelly's Law). The first major breakthrough for the Grand Medal Fund came from the application of Kelly's Law and the reduction in trading frequency to make its trading more reflective of the law of large numbers. The Grand Medal system makes money as long as the win rate is slightly above 50%, regardless of the profit or loss of each transaction. Essentially, it is making money by taking advantage of the negligence and mistakes of other traders (the market is ineffective). Human behavior under high pressure is highly predictable, and they instinctively exhibit panic. The premise of modeling is that humans will constantly repeat past behaviors. Soros used reflexive philosophical theories to model human behavior, while Simons' team used data and algorithms to model human behavior, thereby confirming the theories of behavioral finance.</p><p>Unlike traditional value investing, which simplifies the market to Mr. Market, the experience of quantitative investing is that there are far more factors and variables influencing financial markets and investments than most people realize, and the factors that lead to market inefficiency can even be said to be encrypted (Thorp also goes to great lengths to refute the efficient market hypothesis in his book). Investors strive to find the most basic drivers, but what may be missing is an entire dimension of information. The Grand Medal Fund cannot explain the logic behind every profit pattern, just as humans cannot understand Alpha Go, which may be a higher dimension.</p><p>Models are abstractions and simplifications of the world, but models are not omnipotent. When data and desire conflict, even rational scientists cannot be completely rational. Simons' original intention was to create an algorithm-driven automated trading system that completely shielded human subjective judgment. However, in every crisis, he still couldn't help but intervene manually to reduce his dependence on signals and actively reduce his trading positions. The results of these interventions were not very ideal. His colleague Patterson also said:<b>Never place too much trust in a trading model. The fundamental mistake made by long-term capital management firms is to believe that models are the truth. We have never believed that our models reflect the whole truth; they only reflect part of it.</b>。”</p><p><b>Kuanke Life</b></p><p>In fact, the interaction between many big shots is far greater than we imagine. For example, Thorp and Buffett played at the bridge table, and after confirming that Buffett would eventually become the richest man in the United States, they decisively invested in BRK stock. Many people believe that top students don't necessarily have a good life. After all, there is a huge gap between book smart and street smart, and the rules of the real world are much more complicated than those of school. However, Thorp practiced the way of thinking that applies abstract thinking to real life, truly interpreting \"a fierce life needs no explanation.\" He achieved academic, wealth, and family success, and realized early on that life itself is more important than making money. Compared to Thorp's remarkable life, Simons' life has been full of twists and turns. He has been divorced, his two sons have suffered misfortunes, and he has been betrayed by his partners. But in the end, he chose to make peace with life and devote himself to philanthropy, exploring the true meaning of destiny through ups and downs from his academic career to his wide-ranging life, and the experience itself is the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the finish line is often not so important; the journey itself and the experiences along the way are more precious.<b>No body can take away the dance you have danced.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/g5Zdx-uS3wl9QbsHZm1DVw\">SMARTMATRIX</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/388d882133df2db2363aa871ff756c47","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/g5Zdx-uS3wl9QbsHZm1DVw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124741749","content_text":"A Man for All Markets是Edward Thorp的个人传记，中文翻译《战胜一切市场的人》，从Thorp的经历来看，从打败赌场到进入华尔街，OTC期权、可转债、股票、期货等衍生品，全部涉猎，名副其实的All Markets。塔勒布在序言里说，他的回忆录读起来像一部惊悚小说。\n作为一个数学天才、量化投资教父级人物，他开创性的将概率论、信息论、计算机编程引入金融交易，影响了后世无数Quant大佬：Bill Gross、David Shaw、Ken Griffin...其中也包括大名鼎鼎的James Simons，后者的文艺复兴科技公司创造了金融史上的回报率神话，同样，讲述Simons的传记The Man Who Solved The Market，详细记录了他和他的团队征服金融市场的起起落落，虽是一位华尔街日报作家根据采访汇编而成，但其中不少以前从未披露过的精彩故事。\n学术源流\n文化兴，则人杰出，所谓的人杰地灵，比如中国明末以来的湖湘学派让湖南成为革命党人的摇篮。在学术圈，也有类似的现象。仔细研究两位大佬的背景，会发现很多共通点，他们都出生于30年代，自幼天赋异禀、身在学术圈但都一心向钱，有两个共同的母校：加州大学伯克利分校和MIT。两校的学术在战后都达到了巅峰，主要一个原因就是二战催生的大规军事科研活动（著名的曼哈顿计划、密码学、信息论和现代计算机），Thorp和Simons都恰好赶上了这波学术红利。50年代，Thorp醉心于和香农一起研究轮盘赌，而Simons仍埋头于理论数学问题，这也使得其在学术上的成就更高（Chern-Simons Theroy）。60年代，MIT成为计算机革命的中心，而数学和计算机正是通向华尔街的两把钥匙，Thorp正是手握这两把钥匙的幸运儿。\n赌场vs华尔街\n如今为人津津乐道的故事是Thorp利用大数定律和凯利公式打败了赌场，他也成了历史上第一个被拉斯维加斯赌场“拉黑”的人。相比之下，他创设的对冲基金PNP（Princeton Newport Partners）知名度黯淡不少。实际上，从1969年到1988年，PNP两支基金的年化收益率分别达到19.1%和15.1%，同期标普指数年均增长率为10.2%。19年间历经70年代两次石油危机、87年股灾，两只基金从未发生单季亏损，更没有年度亏损。在世间最大的赌场，其业绩冠绝其时，其投资模式，领先此后鱼贯进入华尔街的宽客们20年。\n1988年，Thorp的基金因为受到垃圾债券之王米尔肯一案的牵连被迫关闭。正是在这一年，Simons成立大奖章基金，已年过半百的他，可谓大器晚成，在此前为了寻找成功的投资模型已经摸索了10年之久，一直在主观和量化之间摇摆。尽管外界一直都把Simons视作量化投资大师，但实际上他点角色和Thorp完全不同，他的主要工作并不是开发量化模型，而是从学术圈挖掘各类科学家来帮助公司开发量化模型，并且作为精神领袖塑造公司企业文化。作为一名世界级的数学家+卓越的销售，他与不同的人都能融洽的打交道，这是一种罕见的能力。\n量化之路\n作为量化交易的先驱，Thorp擅长各种衍生品的对冲套利，70年代的熊市和波动率让这种策略运行的非常完美。依靠自己的数学天赋和市场嗅觉发现了新的蓝海：统计套利（Statistical Arbitrage）和因子模型（factors model）——早期的quant原型。这种模式下的风险理论上是无穷的，尤其是做空那些价格高估的股票的损失上限是无穷大，Thorp主要风控策略是分散化投资。此后的LTCM采用类似的套利模式，但缺少Thorp这样的风控策略，被黑天鹅击败。为了提升投资效率，Thorp将投资策略变成程序，再次成为程序化交易（Algorithm Trading）的先驱。\n相比之下，Simons就没那么幸运了。从早期尝试直觉投资到基于趋势的动量交易、反转交易再到持续收集挖掘海量数据包括数据清洗、信号机制和回溯测试。1986年使用识别隐藏价格趋势的模型框架——1989年利用异常交易信号进行短期高频交易——1992年改为只用单一模型（关键性突破），而后语音识别专家帮助进行各种技术突破（金融模型与语音识别有相似之处），模型经历了漫长迭代改进的过程。最终练就了模型重要核心能力：识别出“交易的价值”，包括：价格趋势的确定性大小、交易信号之间的权重取舍、根据信号进行交易对市场造成的影响的判断。这项能力对于高频全品种交易尤为重要。\n取胜系统：概率思考&对人类行为建模\n对Thorp来说，赌博和投资都是以概率统计为基础的游戏，根据胜率的大小来分配下注金额的大小（基于凯利法则的资金管理），而大奖章基金的第一次重大突破也来自于对凯利法则的运用以及缩短交易频率使其交易更体现大数定律。大奖章的系统只要胜率略高于50%就能赚钱，而不在乎每一笔买卖的盈亏。本质上，是在利用其他交易者的疏忽和错误赚钱（市场无效）。人类在高压下的行为具有很高的可预测性，他们会本能地表现出恐慌。建模的前提是人类会不断重复过去的行为。索罗斯曾以反身性的哲学理论对人类行为建模，而Simons的团队利用数据和算法对人类行为建模，以此印证行为金融学的理论。\n与传统的价值投资把市场面简化成一位市场先生不同，量化投资的经验是，影响金融市场和投资的因素和变量远远比大多数人意识到的更多，导致市场无效的因素甚至可以说是加密的（Thorp在书中对有效市场假说也不遗余力的进行驳斥）。投资者努力寻找最基本的推动因素，但是遗漏的也许是一整个维度的信息。大奖章基金无法对每一条盈利的规律背后的逻辑进行解释，就如同人类无法理解阿尔法围棋一样，也许是更高纬度的存在。\n模型是对世界的抽象和简化，但模型并不是万能的。当数据和欲望相冲突，即便是理性的科学家，也无法做到完全理性。Simons的初心是创建的算法驱动的自动交易系统，完全屏蔽人类的主观判断，但每一次危机，他仍忍不住会手动干预，减少对信号的依赖，主动缩减交易头寸，可干预的结果并不十分理想。他的同事帕特森也说：”永远不要对交易模型过于信任。长期资本管理公司的基本错误是认为模型就是事实真相，我们从未相信我们的模型能够反映全部事实，它只反映事实的一部分。”\n宽客人生\n其实很多大佬的交集，远远超过我们想象。比如Thorp和巴菲特在桥牌桌上过过招，在确认巴菲特最终会成为全美最富有的人之后，果断投资了BRK的股票。很多人以为，学霸不一定会拥有好人生，毕竟，book smart和street smart之间的有极大的鸿沟，现实世界的规则比学校要复杂太多，但Thorp践行了将抽象思维运用到现实生活中的思维方式，真正诠释了“彪悍的人生不需要解释”，学术、财富、家庭圆满，很早就意识到在生活本身高于赚钱。相比较Thorp精彩纷呈的人生，Simons的人生曲折太多，离过婚，他的两个儿子先后遭受不幸，还遭遇过伙伴背叛。但最终还是选择和生活讲和，并投身慈善事业，从学术生涯到宽客人生，在跌宕起伏中探寻命运的真谛，而经历本身就是意义所在。就像Thorp在自传末尾所说：生活像是读一本小说或者跑一场马拉松，到达终点往往不是那么重要，旅途本身和沿途的体验更为珍贵。No body can take away the dance you have danced.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2130,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149694944,"gmtCreate":1625720329988,"gmtModify":1703747093173,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/149694944","repostId":"1155545983","repostType":4,"repost":{"id":"1155545983","kind":"news","pubTimestamp":1625720148,"share":"https://ttm.financial/m/news/1155545983?lang=en_US&edition=fundamental","pubTime":"2021-07-08 12:55","market":"us","language":"zh","title":"First-half IPO review: A-shares rose 95%, Hong Kong stocks doubled in fundraising, and over 70% of US stocks fell.","url":"https://stock-news.laohu8.com/highlight/detail?id=1155545983","media":"亿欧网","summary":"320家中资企业全球资本市场征战。\n\n6月30日，奈雪的茶高调登陆港股，首日破发，当日收报17.12港元，较发行价跌13.54%，引发二级市场“骚动”。滴滴出行则低调在美国纽交所挂牌，当日盘中一度上涨","content":"<p>320 Chinese companies are competing in the global capital market. On June 30, Nayuki Tea made a high-profile listing on the Hong Kong Stock Exchange. On its first day of trading, it fell below its issue price and closed at HK$17.12, down 13.54% from the issue price, causing a \"stir\" in the secondary market. Didi Chuxing quietly listed on the New York Stock Exchange, rising as much as 28.6% during the day before closing at $14.14, with a market capitalization of $67.8 billion.</p><p>Between highs and lows, the IPO boom of Chinese companies in the first half of the year has finally come to a perfect conclusion. The listing performance of these two companies is, to some extent, a microcosm of this IPO boom—in the capital market, there are always people celebrating and celebrating, while others are disappointed and feeling down.</p><p>Against the backdrop of a steady global economic recovery, the global IPO market performed actively in 2021.</p><p>A recent report released by KPMG indicates that in the first half of the year, the total amount of funds raised and the total number of listings in the global capital market were US$210 billion and 1,047 respectively, representing increases of 196% and 134% compared to the same period last year.</p><p><b>The Chinese A-share market and the Hong Kong market contributed key strength to this.</b>As of June 23, among the top five stock exchanges by total IPO fundraising, the Hong Kong Stock Exchange ranked third with US$26 billion, and the Shanghai Stock Exchange ranked fourth with US$20.6 billion, behind only Nasdaq and the New York Stock Exchange.</p><p>Chinese companies can be seen everywhere on these top four exchanges.<b>According to statistics from EqualOcean, during the IPO boom in the first half of the year, a total of 320 Chinese companies successfully listed on the A-share market (245 companies), the Hong Kong stock market (39 companies), and the US stock market (36 companies).</b></p><p><b>A-shares: 70% of companies are listed on the Science and Technology Innovation Board and the ChiNext Board.</b></p><p><b>Overview – Total number of IPOs doubled compared to last year</b></p><p>In the first half of 2021, a total of 245 companies were listed on the Shanghai and Shenzhen stock exchanges, an increase of 126 companies compared with the same period in 2020, representing a year-on-year growth of 105.88%. The total amount raised in the initial public offering reached RMB 210.95 billion, an increase of 51.46% compared with the same period in 2020.</p><p>In terms of the number of IPOs and financing amount, the A-share market performed second only to the second half of 2020 in the first half of 2021 over the past two and a half years.</p><p><img src=\"https://static.tigerbbs.com/6a0572a4b80c984d8a1948c93e228acc\" tg-width=\"1080\" tg-height=\"646\" referrerpolicy=\"no-referrer\"></p><p>The market generally believes that the causes of this wave of Chinese IPOs are...<b>The domestic economy is steadily recovering and the capital market system is improving.</b>The positive impact it has had.</p><p>Zhao Haizhou, partner of Deloitte China's East China A-share market, pointed out that the more active IPOs in the A-share market in the first half of the year than in the same period last year were mainly due to the implementation of the new Securities Law and the reform of the registration system of the ChiNext board.</p><p>Because the review process under the registration system is relatively simple, it can effectively accelerate the listing process of companies. At the same time, the listing threshold for companies under the registration system is relatively low, and some companies with low revenue, low profits or even losses can also complete their listing on the Science and Technology Innovation Board if other conditions are met. Therefore, the Science and Technology Innovation Board and the ChiNext Board have become the preferred listing platforms for many companies.</p><p>Looking at the distribution of the 245 companies that went public in the first half of the year, the Science and Technology Innovation Board and the ChiNext Board played a key role in promoting companies to enter the capital market.<b>There are 86 and 85 companies listed on the Science and Technology Innovation Board and the ChiNext Board respectively, totaling 171 companies, accounting for nearly 70% (69.80%) of the total number of IPO companies. The total amount raised was 123.557 billion yuan, accounting for 58.57% of the total.</b></p><p>It is worth mentioning that among the 245 companies, six of the top ten companies in terms of fundraising scale were listed on the Science and Technology Innovation Board and the ChiNext Board.</p><p><img src=\"https://static.tigerbbs.com/51729fa42b4afdd80142689e60d97a78\" tg-width=\"1080\" tg-height=\"849\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/ed0408c842328128cdbd7b8dc50cd270\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>In fact, since the third quarter of 2020, the Science and Technology Innovation Board and the ChiNext Board have become the main driving forces for corporate A-share IPOs. From Q3 2020 to Q2 2021, the total number of IPOs on the Science and Technology Innovation Board and the ChiNext Board was 118, 60, 69 and 102, respectively. The proportions were 67.05%, 59.41%, 69.00%, and 70.34%, respectively.</p><p><img src=\"https://static.tigerbbs.com/75e25c534d0a1bceae1c477e792df331\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Among them, the Science and Technology Innovation Board has performed particularly well since its official launch on June 13, 2019, with 301 companies listed as of June 30 this year.</p><p>In 2019, 70 companies were listed on the Science and Technology Innovation Board, including Kingsoft Office, Transsion Holdings, Montage Technology, and Bloomage Biotechnology. In 2020, there were 145 companies, including SMIC, Foxit Software, Cambricon, China Resources Microelectronics, and Cathay Biotech. In the first half of 2021, there were 86 companies, including Tianneng Shares, Zhongwang Software, and Shengyi Electronics.</p><p>Since the second quarter of 2020, the number of companies listed on the Science and Technology Innovation Board has accounted for around 30%-40% of the total number of companies listed on the A-share market, and has become an important part of my country's capital market.</p><p><img src=\"https://static.tigerbbs.com/e0a0f2f0a2c9de752697740e80f69462\" tg-width=\"1023\" tg-height=\"779\" referrerpolicy=\"no-referrer\"></p><p>Industry insiders point out that the Science and Technology Innovation Board (STAR Market) has more diversified and inclusive listing conditions, and its issuance pricing process is more market-oriented, which can well adapt to the differentiated financing needs of science and technology innovation enterprises of different types and stages of development. It is expected that the Science and Technology Innovation Board will continue to maintain its vitality in the second half of the year and contribute to the entire A-share market.</p><p>The Zhang Qiyao team at Guosheng Strategy believes that as market funds shift from incremental entry to existing competition, high growth in the second half of 2021 will be the key to success, and the Science and Technology Innovation Board is currently the fastest-growing sector in the A-share market.</p><p>According to a Deloitte report, both the Science and Technology Innovation Board and the ChiNext Board are expected to see 180-210 new stocks issued in the second half of the year. Among them, the financing amount of the Science and Technology Innovation Board may reach 130 billion to 170 billion yuan, and the financing amount of the ChiNext Board may reach 160 billion to 200 billion yuan.</p><p><b>Industry distribution – Food and beverage, healthcare and other sectors are showing positive trends.</b></p><p>According to statistics from EqualOcean, the 245 A-share listed companies in the first half of 2021 were mainly distributed in...<b>Capital Goods, Materials II, Technical Hardware and Equipment</b>Fields such as...</p><p>Among them, capital goods ranked first in both the number of IPOs and the amount of funds raised. This sector mainly covers the fields of construction and engineering, industrial machinery, aerospace and defense, and electrical components and equipment. It includes 63 companies such as Tianneng Shares, Dongwei Technology, and Kehui Shares, with a total IPO fundraising of RMB 36.915 billion, accounting for 17.50% of the total A-share IPO fundraising in the first half of 2021.</p><p>The Materials II sector covers diversified fields such as chemicals, industrial gases, and building materials, including 27 companies such as Lianke Technology, Jingxue Energy Saving, and Jiangsu Boyun, raising a total of 16.056 billion yuan, accounting for 7.61%.</p><p>The technology hardware and equipment sector covers electronic components, electronic equipment and instruments, including 27 companies such as Hehui Optoelectronics, Shengyi Electronics, and Darui Electronics, raising a total of 26.766 billion yuan, accounting for 12.69%.</p><p><img src=\"https://static.tigerbbs.com/532863e70d224c14b7a8113ab096afa8\" tg-width=\"1034\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/51d20aedb320b2e59a99f133d166c8e0\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>In 2020, A-share sectors such as food, beverages and tobacco, healthcare equipment and services, pharmaceuticals, biotechnology and life sciences, automobiles and auto parts, and durable consumer goods and apparel saw impressive gains. In particular, the food, beverage and tobacco sectors and the healthcare equipment and services sectors saw annual gains of 77.01% and 73.93%, respectively.</p><p>In the first half of this year, the trend of the aforementioned related sectors continued to improve.</p><p><b>A total of 15 companies in the food, beverage and tobacco sector went public, raising a total of 14.349 billion yuan, accounting for 6.80%.</b>Among them, Dongpeng Beverage and Ligao Foods both saw their stock prices rise by more than 400% as of June 30.</p><p><b>Healthcare and Services, Pharmaceuticals, Biotechnology and Life Sciences</b>It remains a sector that attracts much attention from capital. Especially against the backdrop of the global pandemic, more capital has entered the market to drive up the market value of related companies. These two major tracks<b>A total of 18 listed companies raised a total of 14.104 billion yuan, accounting for 6.69% of the total funds raised by A-share IPOs.</b></p><p><b>Corporate Performance – The highest increase was 1356.01%.</b></p><p><b>As of June 30, 95% of the 245 companies listed on the A-share market in the first half of 2021 saw their stock prices rise.</b>Among them, 137 companies saw gains exceeding 100%, accounting for more than 55.92%; Eleven companies saw gains exceeding 500%, accounting for 4.50%. Only 12 companies saw their stock prices fall.</p><p>Of the 137 companies that saw gains of over 100%, 108 were from the ChiNext and STAR Market, accounting for 78.83%, and 44.08% of the 245 listed companies.</p><p>Among them, Micro-Nano Technology, which listed on the Science and Technology Innovation Board on June 23, has seen a gain of 1356.01% since its listing. The company belongs to the pharmaceutical, biotechnology and life sciences sectors. In the first half of 2021, 18 companies in this sector went public, 17 of which were from the Science and Technology Innovation Board, with an average increase of over 281% since listing.</p><p><img src=\"https://static.tigerbbs.com/c221b7f2a7d818ce77684c3a47c51a9c\" tg-width=\"1020\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/644688fcab1b023fafd1dcfb1d51c4ae\" tg-width=\"1067\" tg-height=\"921\" referrerpolicy=\"no-referrer\"></p><p>The top ten companies with the largest stock price declines since listing are mainly located on the main boards of the Shanghai and Shenzhen stock exchanges and the ChiNext board, with only one company, Jushi Chemical, coming from the Science and Technology Innovation Board.</p><p>It is evident that,<b>Companies listed on the Science and Technology Innovation Board and the ChiNext Board generally outperformed those on the main board.</b></p><p><b>Hong Kong Stocks: The wave of secondary listings of Chinese concept stocks continues.</b></p><p>In the first half of 2021, the number of IPOs in the Hong Kong stock market was 46, a year-on-year decrease of 22%; The total amount raised was approximately HK$212.95 billion, a year-on-year increase of 138%, setting a new record.</p><p>Among them,<b>Thirty-nine Chinese companies went public in Hong Kong, raising a total of HK$209.713 billion, equivalent to approximately RMB 181.7063 billion (at the exchange rate on July 1).</b>Compared to 38 IPOs and approximately RMB 82.6 billion in the same period of 2020, the number of IPOs remained basically the same, and the total amount of funds raised increased by 119.98%.</p><p>Considering the number of IPOs and the total amount of funds raised,<b>Pharmaceuticals, biotechnology and life sciences</b>and<b>Software & Services</b>The two major sectors performed particularly well, with 7 and 5 companies successfully IPOing respectively, raising HK$20.271 billion and HK$102.484 billion.</p><p><img src=\"https://static.tigerbbs.com/431a49b8ff0d6098d54e99717216c2a0\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/23ed6805ab60f06b4055dff26f680d2e\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p>In the software and services sector, Kuaishou, Baidu Group, Bilibili, and Autohome ranked among the top ten in terms of fundraising scale among the 39 Chinese companies listed in Hong Kong.<b>Kuaishou, Baidu Group, Bilibili and JD Logistics</b>It also ranked among the top ten global financing scales in the first half of the year.</p><p>The substantial fundraising amounts of these giants drove the total financing amount of the Hong Kong stock market to more than double in the first half of 2021.</p><p><img src=\"https://static.tigerbbs.com/e41f3c53b400ae5b3383da998081a9b6\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>The Hong Kong stock market boom in recent years stems from a series of reform measures that benefit the new economy. After the Hong Kong Stock Exchange revised its listing mechanism in April 2018, accepting companies with a dual-class share structure for individual shareholders to list in Hong Kong, it successively welcomed new economy companies such as Xiaomi, Meituan, and Alibaba to join.</p><p>In 2020, a wave of secondary listings of Chinese concept stocks emerged in the Hong Kong market and has continued to this day. According to Wind data, Hong Kong IPOs reached HK$397.528 billion in 2020, ranking third globally after US stocks and A-shares. Among the top ten IPOs, Chinese concept stocks returned to the company, accounting for 6 of them.</p><p>Today, more and more giant companies are choosing to go public in Hong Kong for a secondary listing, such as China Duty Free Group, the world's largest tourism retail operator and duty-free giant. China Duty Free Group issued an announcement on June 28 stating that the company had submitted its prospectus to the Hong Kong Stock Exchange on June 25.</p><p>KPMG China partner Zhu Yayi predicts that,<b>In the coming quarters, new economy sectors such as healthcare, life sciences, logistics and supply chain, and fintech in Hong Kong will maintain strong IPO activity.</b></p><p><b>US Stocks: Over 70% of IPO Chinese Concept Stocks Fall</b></p><p>In the first half of 2021, Chinese companies showed unprecedented enthusiasm for listing in the United States, with both the number of IPOs and the amount of funds raised increasing significantly compared to the same period last year. This is<b>Since 2019, this has been the first half of the year with the largest number of Chinese companies IPOing in the US and the largest amount of financing.</b></p><p>As of June 30, a total of 36 Chinese companies had gone public in the United States in the first half of this year, including 23 on Nasdaq and 13 on the New York Stock Exchange. The total amount raised in the initial public offering was US$13.662 billion, equivalent to approximately RMB 83.31 billion (at the exchange rate on July 1).</p><p><img src=\"https://static.tigerbbs.com/3701e108f4e550347e3b116ca79250f4\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Among these listed companies are many star companies that have attracted much attention from the capital market. For example, Didi Chuxing, a domestic ride-hailing giant that went public on June 30, Full Truck Alliance and TuSimple Future in the automotive sector, fresh food e-commerce platforms Dingdong Maicai and Missfresh, and even further ahead, BOSS Zhipin, Waterdrop Inc., Wuxin Technology, the parent company of e-cigarette giant RELX, and Zhihu.</p><p>The aforementioned star companies all ranked among the top ten Chinese concept stocks in terms of fundraising amount in the first half of 2021. In terms of industry distribution, the top ten companies in terms of financing amount are mainly concentrated in the software and services industry, with a total of 7 companies; One company each in food, beverage and tobacco, diversified finance, and retail.</p><p><img src=\"https://static.tigerbbs.com/20cf6bf7560df89ae0e5891e6f7c7915\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"></p><p>In terms of total initial public offering (IPO) fundraising, the top three industries are:<b>Software and services, food, beverage and tobacco, retail.</b>It is worth noting that only one company in the food, beverage and tobacco industry, Wuxin Technology, went public, but its initial public offering raised a staggering $1.398 billion.</p><p><img src=\"https://static.tigerbbs.com/7e1ce0323249135e57f22e0d7025eaf3\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/470970f31dcf9aef7c957de60c5e3168\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Judging from the stock price performance of a company after its IPO,<b>As of June 30, among the 36 Chinese concept stocks, 6 stocks rose and 28 fell (Didi Chuxing and Pupu Culture, which went public on June 30, did not record stock price fluctuation data).</b></p><p>Only three companies saw gains exceeding 50%, with TuSimple experiencing the largest increase at 78.10%, followed by Dingdong Maicai at 62.84% and Zhihu at 59.53%.</p><p>Sixteen companies saw declines exceeding 30%, including Waterdrop, an insurance technology platform that went public on May 7 (-33.20%), Onion Group, a cross-border e-commerce platform (-38.14%), and Wuxin Technology, which went public in January (-70.42%).</p><p>Although Chinese companies remain enthusiastic about raising funds in the United States, the current market performance is not satisfactory. Currently, China's strengthened control over data breach risks for companies listing in the United States has brought more uncertainty to companies listing in the US in the second half of the year.</p><p><b>epilogue</b></p><p>Looking back at the IPO boom in the first half of the year, Chinese companies demonstrated strong strength in the global capital market.<b>In the first half of 2021, half of the top ten listed companies in the world in terms of financing amount were from Hong Kong and mainland China.</b></p><p><img src=\"https://static.tigerbbs.com/3ce3186d8fcfbc58b32caf953225e9b3\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>Looking ahead to the second half of 2021, although there is considerable uncertainty in the US stock market due to strengthened regulations, the A-share and Hong Kong capital markets are still promising.</p><p>According to an Ernst & Young report, as of June 21, there were 633 companies queuing for listing on the A-share market; Among them, the Science and Technology Innovation Board and the ChiNext Board are the main forces for listing, with 55% of the companies in the queue planning to list on the ChiNext Board and 23% of the companies in the queue planning to list on the Science and Technology Innovation Board.</p><p>The Deloitte report also pointed out that in the A-share market, with the stable issuance of shares on the Science and Technology Innovation Board and the registration-based IPO reform on the ChiNext board, the number of IPOs will increase significantly, with small and medium-sized manufacturing and technology industries leading in the number of issuances. In the Hong Kong stock market, it is expected that the Hong Kong IPO market will raise more than HK$400 billion in 2021, while the boom in Chinese concept stocks returning to Hong Kong for secondary listings will continue.</p><p>*Note: Chinese companies include A-shares, US-listed Chinese concept stocks, and Hong Kong-listed Chinese stocks; Among them, Chinese-funded stocks in Hong Kong include H-shares, red-chip stocks, and Chinese-funded private stocks.</p>","source":"yow","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>First-half IPO review: A-shares rose 95%, Hong Kong stocks doubled in fundraising, and over 70% of US stocks fell.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFirst-half IPO review: A-shares rose 95%, Hong Kong stocks doubled in fundraising, and over 70% of US stocks fell.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">亿欧网</strong><span class=\"h-time small\">2021-07-08 12:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>320 Chinese companies are competing in the global capital market. On June 30, Nayuki Tea made a high-profile listing on the Hong Kong Stock Exchange. On its first day of trading, it fell below its issue price and closed at HK$17.12, down 13.54% from the issue price, causing a \"stir\" in the secondary market. Didi Chuxing quietly listed on the New York Stock Exchange, rising as much as 28.6% during the day before closing at $14.14, with a market capitalization of $67.8 billion.</p><p>Between highs and lows, the IPO boom of Chinese companies in the first half of the year has finally come to a perfect conclusion. The listing performance of these two companies is, to some extent, a microcosm of this IPO boom—in the capital market, there are always people celebrating and celebrating, while others are disappointed and feeling down.</p><p>Against the backdrop of a steady global economic recovery, the global IPO market performed actively in 2021.</p><p>A recent report released by KPMG indicates that in the first half of the year, the total amount of funds raised and the total number of listings in the global capital market were US$210 billion and 1,047 respectively, representing increases of 196% and 134% compared to the same period last year.</p><p><b>The Chinese A-share market and the Hong Kong market contributed key strength to this.</b>As of June 23, among the top five stock exchanges by total IPO fundraising, the Hong Kong Stock Exchange ranked third with US$26 billion, and the Shanghai Stock Exchange ranked fourth with US$20.6 billion, behind only Nasdaq and the New York Stock Exchange.</p><p>Chinese companies can be seen everywhere on these top four exchanges.<b>According to statistics from EqualOcean, during the IPO boom in the first half of the year, a total of 320 Chinese companies successfully listed on the A-share market (245 companies), the Hong Kong stock market (39 companies), and the US stock market (36 companies).</b></p><p><b>A-shares: 70% of companies are listed on the Science and Technology Innovation Board and the ChiNext Board.</b></p><p><b>Overview – Total number of IPOs doubled compared to last year</b></p><p>In the first half of 2021, a total of 245 companies were listed on the Shanghai and Shenzhen stock exchanges, an increase of 126 companies compared with the same period in 2020, representing a year-on-year growth of 105.88%. The total amount raised in the initial public offering reached RMB 210.95 billion, an increase of 51.46% compared with the same period in 2020.</p><p>In terms of the number of IPOs and financing amount, the A-share market performed second only to the second half of 2020 in the first half of 2021 over the past two and a half years.</p><p><img src=\"https://static.tigerbbs.com/6a0572a4b80c984d8a1948c93e228acc\" tg-width=\"1080\" tg-height=\"646\" referrerpolicy=\"no-referrer\"></p><p>The market generally believes that the causes of this wave of Chinese IPOs are...<b>The domestic economy is steadily recovering and the capital market system is improving.</b>The positive impact it has had.</p><p>Zhao Haizhou, partner of Deloitte China's East China A-share market, pointed out that the more active IPOs in the A-share market in the first half of the year than in the same period last year were mainly due to the implementation of the new Securities Law and the reform of the registration system of the ChiNext board.</p><p>Because the review process under the registration system is relatively simple, it can effectively accelerate the listing process of companies. At the same time, the listing threshold for companies under the registration system is relatively low, and some companies with low revenue, low profits or even losses can also complete their listing on the Science and Technology Innovation Board if other conditions are met. Therefore, the Science and Technology Innovation Board and the ChiNext Board have become the preferred listing platforms for many companies.</p><p>Looking at the distribution of the 245 companies that went public in the first half of the year, the Science and Technology Innovation Board and the ChiNext Board played a key role in promoting companies to enter the capital market.<b>There are 86 and 85 companies listed on the Science and Technology Innovation Board and the ChiNext Board respectively, totaling 171 companies, accounting for nearly 70% (69.80%) of the total number of IPO companies. The total amount raised was 123.557 billion yuan, accounting for 58.57% of the total.</b></p><p>It is worth mentioning that among the 245 companies, six of the top ten companies in terms of fundraising scale were listed on the Science and Technology Innovation Board and the ChiNext Board.</p><p><img src=\"https://static.tigerbbs.com/51729fa42b4afdd80142689e60d97a78\" tg-width=\"1080\" tg-height=\"849\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/ed0408c842328128cdbd7b8dc50cd270\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>In fact, since the third quarter of 2020, the Science and Technology Innovation Board and the ChiNext Board have become the main driving forces for corporate A-share IPOs. From Q3 2020 to Q2 2021, the total number of IPOs on the Science and Technology Innovation Board and the ChiNext Board was 118, 60, 69 and 102, respectively. The proportions were 67.05%, 59.41%, 69.00%, and 70.34%, respectively.</p><p><img src=\"https://static.tigerbbs.com/75e25c534d0a1bceae1c477e792df331\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Among them, the Science and Technology Innovation Board has performed particularly well since its official launch on June 13, 2019, with 301 companies listed as of June 30 this year.</p><p>In 2019, 70 companies were listed on the Science and Technology Innovation Board, including Kingsoft Office, Transsion Holdings, Montage Technology, and Bloomage Biotechnology. In 2020, there were 145 companies, including SMIC, Foxit Software, Cambricon, China Resources Microelectronics, and Cathay Biotech. In the first half of 2021, there were 86 companies, including Tianneng Shares, Zhongwang Software, and Shengyi Electronics.</p><p>Since the second quarter of 2020, the number of companies listed on the Science and Technology Innovation Board has accounted for around 30%-40% of the total number of companies listed on the A-share market, and has become an important part of my country's capital market.</p><p><img src=\"https://static.tigerbbs.com/e0a0f2f0a2c9de752697740e80f69462\" tg-width=\"1023\" tg-height=\"779\" referrerpolicy=\"no-referrer\"></p><p>Industry insiders point out that the Science and Technology Innovation Board (STAR Market) has more diversified and inclusive listing conditions, and its issuance pricing process is more market-oriented, which can well adapt to the differentiated financing needs of science and technology innovation enterprises of different types and stages of development. It is expected that the Science and Technology Innovation Board will continue to maintain its vitality in the second half of the year and contribute to the entire A-share market.</p><p>The Zhang Qiyao team at Guosheng Strategy believes that as market funds shift from incremental entry to existing competition, high growth in the second half of 2021 will be the key to success, and the Science and Technology Innovation Board is currently the fastest-growing sector in the A-share market.</p><p>According to a Deloitte report, both the Science and Technology Innovation Board and the ChiNext Board are expected to see 180-210 new stocks issued in the second half of the year. Among them, the financing amount of the Science and Technology Innovation Board may reach 130 billion to 170 billion yuan, and the financing amount of the ChiNext Board may reach 160 billion to 200 billion yuan.</p><p><b>Industry distribution – Food and beverage, healthcare and other sectors are showing positive trends.</b></p><p>According to statistics from EqualOcean, the 245 A-share listed companies in the first half of 2021 were mainly distributed in...<b>Capital Goods, Materials II, Technical Hardware and Equipment</b>Fields such as...</p><p>Among them, capital goods ranked first in both the number of IPOs and the amount of funds raised. This sector mainly covers the fields of construction and engineering, industrial machinery, aerospace and defense, and electrical components and equipment. It includes 63 companies such as Tianneng Shares, Dongwei Technology, and Kehui Shares, with a total IPO fundraising of RMB 36.915 billion, accounting for 17.50% of the total A-share IPO fundraising in the first half of 2021.</p><p>The Materials II sector covers diversified fields such as chemicals, industrial gases, and building materials, including 27 companies such as Lianke Technology, Jingxue Energy Saving, and Jiangsu Boyun, raising a total of 16.056 billion yuan, accounting for 7.61%.</p><p>The technology hardware and equipment sector covers electronic components, electronic equipment and instruments, including 27 companies such as Hehui Optoelectronics, Shengyi Electronics, and Darui Electronics, raising a total of 26.766 billion yuan, accounting for 12.69%.</p><p><img src=\"https://static.tigerbbs.com/532863e70d224c14b7a8113ab096afa8\" tg-width=\"1034\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/51d20aedb320b2e59a99f133d166c8e0\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>In 2020, A-share sectors such as food, beverages and tobacco, healthcare equipment and services, pharmaceuticals, biotechnology and life sciences, automobiles and auto parts, and durable consumer goods and apparel saw impressive gains. In particular, the food, beverage and tobacco sectors and the healthcare equipment and services sectors saw annual gains of 77.01% and 73.93%, respectively.</p><p>In the first half of this year, the trend of the aforementioned related sectors continued to improve.</p><p><b>A total of 15 companies in the food, beverage and tobacco sector went public, raising a total of 14.349 billion yuan, accounting for 6.80%.</b>Among them, Dongpeng Beverage and Ligao Foods both saw their stock prices rise by more than 400% as of June 30.</p><p><b>Healthcare and Services, Pharmaceuticals, Biotechnology and Life Sciences</b>It remains a sector that attracts much attention from capital. Especially against the backdrop of the global pandemic, more capital has entered the market to drive up the market value of related companies. These two major tracks<b>A total of 18 listed companies raised a total of 14.104 billion yuan, accounting for 6.69% of the total funds raised by A-share IPOs.</b></p><p><b>Corporate Performance – The highest increase was 1356.01%.</b></p><p><b>As of June 30, 95% of the 245 companies listed on the A-share market in the first half of 2021 saw their stock prices rise.</b>Among them, 137 companies saw gains exceeding 100%, accounting for more than 55.92%; Eleven companies saw gains exceeding 500%, accounting for 4.50%. Only 12 companies saw their stock prices fall.</p><p>Of the 137 companies that saw gains of over 100%, 108 were from the ChiNext and STAR Market, accounting for 78.83%, and 44.08% of the 245 listed companies.</p><p>Among them, Micro-Nano Technology, which listed on the Science and Technology Innovation Board on June 23, has seen a gain of 1356.01% since its listing. The company belongs to the pharmaceutical, biotechnology and life sciences sectors. In the first half of 2021, 18 companies in this sector went public, 17 of which were from the Science and Technology Innovation Board, with an average increase of over 281% since listing.</p><p><img src=\"https://static.tigerbbs.com/c221b7f2a7d818ce77684c3a47c51a9c\" tg-width=\"1020\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/644688fcab1b023fafd1dcfb1d51c4ae\" tg-width=\"1067\" tg-height=\"921\" referrerpolicy=\"no-referrer\"></p><p>The top ten companies with the largest stock price declines since listing are mainly located on the main boards of the Shanghai and Shenzhen stock exchanges and the ChiNext board, with only one company, Jushi Chemical, coming from the Science and Technology Innovation Board.</p><p>It is evident that,<b>Companies listed on the Science and Technology Innovation Board and the ChiNext Board generally outperformed those on the main board.</b></p><p><b>Hong Kong Stocks: The wave of secondary listings of Chinese concept stocks continues.</b></p><p>In the first half of 2021, the number of IPOs in the Hong Kong stock market was 46, a year-on-year decrease of 22%; The total amount raised was approximately HK$212.95 billion, a year-on-year increase of 138%, setting a new record.</p><p>Among them,<b>Thirty-nine Chinese companies went public in Hong Kong, raising a total of HK$209.713 billion, equivalent to approximately RMB 181.7063 billion (at the exchange rate on July 1).</b>Compared to 38 IPOs and approximately RMB 82.6 billion in the same period of 2020, the number of IPOs remained basically the same, and the total amount of funds raised increased by 119.98%.</p><p>Considering the number of IPOs and the total amount of funds raised,<b>Pharmaceuticals, biotechnology and life sciences</b>and<b>Software & Services</b>The two major sectors performed particularly well, with 7 and 5 companies successfully IPOing respectively, raising HK$20.271 billion and HK$102.484 billion.</p><p><img src=\"https://static.tigerbbs.com/431a49b8ff0d6098d54e99717216c2a0\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/23ed6805ab60f06b4055dff26f680d2e\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p>In the software and services sector, Kuaishou, Baidu Group, Bilibili, and Autohome ranked among the top ten in terms of fundraising scale among the 39 Chinese companies listed in Hong Kong.<b>Kuaishou, Baidu Group, Bilibili and JD Logistics</b>It also ranked among the top ten global financing scales in the first half of the year.</p><p>The substantial fundraising amounts of these giants drove the total financing amount of the Hong Kong stock market to more than double in the first half of 2021.</p><p><img src=\"https://static.tigerbbs.com/e41f3c53b400ae5b3383da998081a9b6\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>The Hong Kong stock market boom in recent years stems from a series of reform measures that benefit the new economy. After the Hong Kong Stock Exchange revised its listing mechanism in April 2018, accepting companies with a dual-class share structure for individual shareholders to list in Hong Kong, it successively welcomed new economy companies such as Xiaomi, Meituan, and Alibaba to join.</p><p>In 2020, a wave of secondary listings of Chinese concept stocks emerged in the Hong Kong market and has continued to this day. According to Wind data, Hong Kong IPOs reached HK$397.528 billion in 2020, ranking third globally after US stocks and A-shares. Among the top ten IPOs, Chinese concept stocks returned to the company, accounting for 6 of them.</p><p>Today, more and more giant companies are choosing to go public in Hong Kong for a secondary listing, such as China Duty Free Group, the world's largest tourism retail operator and duty-free giant. China Duty Free Group issued an announcement on June 28 stating that the company had submitted its prospectus to the Hong Kong Stock Exchange on June 25.</p><p>KPMG China partner Zhu Yayi predicts that,<b>In the coming quarters, new economy sectors such as healthcare, life sciences, logistics and supply chain, and fintech in Hong Kong will maintain strong IPO activity.</b></p><p><b>US Stocks: Over 70% of IPO Chinese Concept Stocks Fall</b></p><p>In the first half of 2021, Chinese companies showed unprecedented enthusiasm for listing in the United States, with both the number of IPOs and the amount of funds raised increasing significantly compared to the same period last year. This is<b>Since 2019, this has been the first half of the year with the largest number of Chinese companies IPOing in the US and the largest amount of financing.</b></p><p>As of June 30, a total of 36 Chinese companies had gone public in the United States in the first half of this year, including 23 on Nasdaq and 13 on the New York Stock Exchange. The total amount raised in the initial public offering was US$13.662 billion, equivalent to approximately RMB 83.31 billion (at the exchange rate on July 1).</p><p><img src=\"https://static.tigerbbs.com/3701e108f4e550347e3b116ca79250f4\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Among these listed companies are many star companies that have attracted much attention from the capital market. For example, Didi Chuxing, a domestic ride-hailing giant that went public on June 30, Full Truck Alliance and TuSimple Future in the automotive sector, fresh food e-commerce platforms Dingdong Maicai and Missfresh, and even further ahead, BOSS Zhipin, Waterdrop Inc., Wuxin Technology, the parent company of e-cigarette giant RELX, and Zhihu.</p><p>The aforementioned star companies all ranked among the top ten Chinese concept stocks in terms of fundraising amount in the first half of 2021. In terms of industry distribution, the top ten companies in terms of financing amount are mainly concentrated in the software and services industry, with a total of 7 companies; One company each in food, beverage and tobacco, diversified finance, and retail.</p><p><img src=\"https://static.tigerbbs.com/20cf6bf7560df89ae0e5891e6f7c7915\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"></p><p>In terms of total initial public offering (IPO) fundraising, the top three industries are:<b>Software and services, food, beverage and tobacco, retail.</b>It is worth noting that only one company in the food, beverage and tobacco industry, Wuxin Technology, went public, but its initial public offering raised a staggering $1.398 billion.</p><p><img src=\"https://static.tigerbbs.com/7e1ce0323249135e57f22e0d7025eaf3\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/470970f31dcf9aef7c957de60c5e3168\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Judging from the stock price performance of a company after its IPO,<b>As of June 30, among the 36 Chinese concept stocks, 6 stocks rose and 28 fell (Didi Chuxing and Pupu Culture, which went public on June 30, did not record stock price fluctuation data).</b></p><p>Only three companies saw gains exceeding 50%, with TuSimple experiencing the largest increase at 78.10%, followed by Dingdong Maicai at 62.84% and Zhihu at 59.53%.</p><p>Sixteen companies saw declines exceeding 30%, including Waterdrop, an insurance technology platform that went public on May 7 (-33.20%), Onion Group, a cross-border e-commerce platform (-38.14%), and Wuxin Technology, which went public in January (-70.42%).</p><p>Although Chinese companies remain enthusiastic about raising funds in the United States, the current market performance is not satisfactory. Currently, China's strengthened control over data breach risks for companies listing in the United States has brought more uncertainty to companies listing in the US in the second half of the year.</p><p><b>epilogue</b></p><p>Looking back at the IPO boom in the first half of the year, Chinese companies demonstrated strong strength in the global capital market.<b>In the first half of 2021, half of the top ten listed companies in the world in terms of financing amount were from Hong Kong and mainland China.</b></p><p><img src=\"https://static.tigerbbs.com/3ce3186d8fcfbc58b32caf953225e9b3\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>Looking ahead to the second half of 2021, although there is considerable uncertainty in the US stock market due to strengthened regulations, the A-share and Hong Kong capital markets are still promising.</p><p>According to an Ernst & Young report, as of June 21, there were 633 companies queuing for listing on the A-share market; Among them, the Science and Technology Innovation Board and the ChiNext Board are the main forces for listing, with 55% of the companies in the queue planning to list on the ChiNext Board and 23% of the companies in the queue planning to list on the Science and Technology Innovation Board.</p><p>The Deloitte report also pointed out that in the A-share market, with the stable issuance of shares on the Science and Technology Innovation Board and the registration-based IPO reform on the ChiNext board, the number of IPOs will increase significantly, with small and medium-sized manufacturing and technology industries leading in the number of issuances. In the Hong Kong stock market, it is expected that the Hong Kong IPO market will raise more than HK$400 billion in 2021, while the boom in Chinese concept stocks returning to Hong Kong for secondary listings will continue.</p><p>*Note: Chinese companies include A-shares, US-listed Chinese concept stocks, and Hong Kong-listed Chinese stocks; Among them, Chinese-funded stocks in Hong Kong include H-shares, red-chip stocks, and Chinese-funded private stocks.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/c7tv_xfpLn8IjfDer9tHpg\">亿欧网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/266ab84342c6ca65b538d0b42bc1dc4e","relate_stocks":{"399001":"深证成指","399006":"创业板指","HSI":"恒生指数",".IXIC":"NASDAQ Composite","000001.SH":"上证指数",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/c7tv_xfpLn8IjfDer9tHpg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155545983","content_text":"320家中资企业全球资本市场征战。\n\n6月30日，奈雪的茶高调登陆港股，首日破发，当日收报17.12港元，较发行价跌13.54%，引发二级市场“骚动”。滴滴出行则低调在美国纽交所挂牌，当日盘中一度上涨28.6%，最后收于14.14美元，市值678亿美元。\n一高一低之间，上半年中资企业IPO热潮终于迎来完美收官。而这两家企业的上市表现，也多少成了这次IPO热潮的缩影——在资本市场里，总是有人高歌狂欢，也有人失望落寞。\n在全球经济稳步复苏的大背景之下，2021年全球IPO市场表现活跃。\n毕马威近期发布报告指出，上半年全球资本市场募资总额和上市总数分别为2100亿美元和1047家，较去年同期分别增长196%和134%。\n这其中，中国A股和中国香港市场贡献了关键力量。截至6月23日，在IPO募资总额排名前五的证券交易所中，港交所以260亿美元位列第三，上交所以206亿美元排名第四，仅次于纳斯达克和纽交所。\n在这排名前四的交易所里，随处可见中资企业身影。据亿欧EqualOcean统计，上半年IPO热潮中，共有320家中资企业在A股（245家）、港股（39家）、美股（36家）成功上市。\nA股：七成企业在科创板和创业板上市\n整体概况——IPO总数较去年翻倍\n2021年上半年，A股沪深两市共有245家企业上市，较2020年同期增加了126家，同比增长105.88%。首发募资总额达到2109.50亿元人民币，较2020年同期增长51.46%。\n从IPO数量和融资额度来看，在过去两年半，A股市场2021年上半年的表现仅次于2020年下半年。\n\n对于这场中资企业IPO热潮的成因，市场普遍认为是国内经济稳步复苏以及资本市场制度完善带来的积极影响。\n德勤中国全国A股市场华东区合伙人赵海舟指出，上半年A股市场IPO较去年同期活跃主要是新证券法实施、创业板注册制改革带来的成果。\n由于注册制审核程序相对简单，可以有效加快企业上市进度，同时，注册制之下企业上市门槛相对较低，一些营收少、利润低甚至亏损的企业，也可以在其他条件满足的情况下在科创板完成上市。因而，科创板和创业板也成为了众多企业的上市首选。\n从上半年IPO的245家企业分布板块来看，科创板和创业板在推动企业进入资本市场方面发挥了关键作用。在科创板和创业板上市的企业分别有86家和85家，合计171家，占IPO企业总数近七成（69.80%）；募集总额1235.57亿元，占比58.57%。\n值得一提的是，245家企业中，募资规模前十的企业有6家是在科创板和创业板上市。\n\n\n其实自2020年第三季度以来，科创板和创业板就成为企业A股IPO的主要发力板块。2020年Q3-2021年Q2，科创板和创业板IPO总数为118家，60家，69家和102家。占比分别为67.05%、59.41%、69.00%、70.34%。\n\n其中，科创板更是从2019年6月13日正式开板以来就表现亮眼，至今年6月30日已迎来301家企业上市。\n2019年全年有70家公司登陆科创板，包括金山办公、传音控股、澜起科技、华熙生物等；2020年145家，包括中芯国际、福昕软件、寒武纪、华润微、凯赛生物等；2021年上半年86家，包括天能股份、中网软件、生益电子等。\n2020年第二季度以来，科创板上市企业数量在整个A股市场上市企业数量占比一直维持在30%-40%上下，已然成为我国资本市场的重要组成部分。\n\n业内人士指出，科创板在上市条件更加多样化也更具包容性，发行定价环节也更加市场化，能够很好地适应不同类型、不同发展阶段科创企业的差异化融资需求。预计在下半年，科创板将持续保持活力，为整个A股市场贡献力量。\n国盛策略张启尧团队认为，随着市场资金由增量入场转向存量博弈，2021年下半年高增速是制胜关键，而眼下科创板就是A股增速最高的板块。\n另据德勤报告预计，下半年科创板和创业板均将会有180-210只的新股发行数量。其中，科创板融资额或达1300亿-1700亿元，创业板融资额或达1600亿-2000亿元。\n行业分布——食品饮料、医疗保健等板块态势见好\n亿欧EqualOcean统计发现，2021年上半年A股245家上市企业主要分布在资本货物、材料II、技术硬件与设备等领域。\n其中，资本货物的IPO数量和筹资额均列第一。该板块主要覆盖建筑与工程、工业机械、航天航空与国防、电气部件与设备等领域，包括天能股份、东威科技、科汇股份等共63家企业，IPO募资总额369.15亿元，占2021年上半年A股IPO募资总额17.50%。\n材料II板块覆盖多元化工、工业气体、建材等领域，包括联科科技、晶雪节能、江苏博云等共27家企业，募资总额160.56亿元，占比7.61%。\n技术硬件与设备板块覆盖电子元件、电子设备与仪器等领域，包括和辉光电、生益电子、达瑞电子等27家企业，募资总额267.66亿元，占比12.69%。\n\n\n2020年，A股食品、饮料与烟草，医疗保健设备与服务，制药、生物科技与生命科学，汽车与汽车零部件，耐用消费品服装等板块涨势喜人。尤其是食品、饮料与烟草板块，医疗保健设备与服务板块，年度涨幅分别达到77.01%和73.93%。\n今年上半年，上述相关板块的态势依然见好。\n食品、饮料与烟草板块共有15家企业IPO，募资总额达到143.49亿元，占比6.80%。其中，东鹏饮料和立高食品截至6月30日，股价涨幅均超过400%。\n医疗保健与服务，制药、生物科技与生命科学，也依然是备受资本关注的赛道。特别是在全球疫情肆虐的大背景下，更多资本进入推高相关企业市值。这两大赛道共有18家上市企业，共募集资金141.04亿元，占A股IPO募资总额6.69%。\n企业表现——涨幅最高达1356.01%\n截至6月30日，2021年上半年在A股上市的245家企业中，95%的企业股价上涨。其中，涨幅超100%共有137家，占比超过55.92%；涨幅超500%的企业有11家，占比4.50%。仅有12家企业出现股价下跌。\n在涨幅100%以上的137家企业中，来自创业板和科创板的企业共有108家，占比78.83%，在245家上市企业中占比44.08%。\n其中，6月23日登陆科创板的微纳科技上市以来涨幅高达1356.01%，该企业属于制药、生物科技与生命科学板块。该板块2021上半年有18家企业上市，其中有17家来自科创板，上市以来平均涨幅超281%。\n\n\n而上市以来股价跌幅前十的企业主要分布在沪深两市主板和创业板，仅一家企业聚石化学来自科创板。\n可见，科创板与创业板上市企业整体表现较主板强。\n港股：中概股二次上市热潮持续\n2021年上半年港股市场IPO数量46家，同比下降22%；募资总额约2129.5亿港元，同比增长138%，创下历史新高。\n其中，39家中资企业赴港上市，共募资2097.13亿港元，约合1817.063 亿人民币（按7月1日汇率）。相比2020年同期的38家和约826亿元人民币，IPO数量基本持平，募资总额增长119.98%。\n综合IPO数量和首发募资总额来看，制药、生物科技与生命科学和软件与服务两大板块表现较突出，分别有7家和5家企业成功IPO，募得资金202.71亿港元和1024.84亿港元。\n\n\n在软件与服务赛道，快手、百度集团、哔哩哔哩、汽车之家4家企业募资规模在39家赴港上市中资企业中排名前十。快手、百度集团、哔哩哔哩与京东物流，还位列上半年全球融资规模前十榜单。\n这些巨头企业可观的募资额，推动了港股市场2021年上半年融资总额增长翻倍。\n\n近年来的港股热潮，源于一系列利好新经济成分的改革措施。港交所在2018年4月修改了上市机制，接受个人股东同股不同权架构的公司在港上市之后，陆续迎来了小米、美团、阿里巴巴等新经济公司入驻。\n2020年香港市场出现中概股二次上市浪潮并延续至今。Wind数据统计显示，2020年港股IPO发行规模达到3975.28亿港元，仅次于美股和A股，排名全球第三；前十大IPO中，中概股回归公司占据6席。\n而今，越来越多巨头企业选择赴港二次上市，比如全球最大的旅游零售运营商、免税巨头中国中免。中国中免于6月28日发布公告称，公司已于6月25日向港交所递交招股书。\n毕马威中国合伙人朱雅仪预计，未来几个季度，港股医疗保健、生命科学、物流和供应链、及金融科技等新经济板块，新股上市活动势头将维持强劲。\n美股：超7成IPO中概股股价下跌\n2021年上半年，中资企业赴美上市热情空前，IPO数量和募资额度都较去年同期大幅上涨。这是2019年至今，赴美IPO中资企业数量最多、融资额最大的一个半年度。\n截至6月30日，今年上半年赴美IPO的中资企业共有36家，其中有23家登陆纳斯达克，13家在纽交所登陆。首发募资总额为136.62亿美元，约合833.1亿元人民币（按7月1日汇率）。\n\n这些上市企业中不乏备受资本市场关注的明星企业。比如6月30日上市的国内出行巨头滴滴出行，汽车领域的满帮集团、图森未来等，生鲜电商平台叮咚买菜、每日优鲜，再往前还有BOSS直聘、水滴公司、电子烟巨头悦刻的母公司雾芯科技、知乎等。\n上述明星企业均位列2021年上半年中概股募资额前十。从行业分布来看，融资额前十主要集中在软件与服务行业，共有7家；食品、饮料与烟草，多元金融，零售业各1家。\n\n从首发募资总额来看，排名前三的行业分别为软件与服务，食品、饮料与烟草，零售业。值得注意的是，食品、饮料与烟草行业仅有雾芯科技1家企业IPO，但其首发募资额高达13.98亿美元。\n\n\n从企业上市后股价表现来看，截至6月30日，36家中概股中6家股价上涨、28家下跌（6月30日上市滴滴出行和普普文化未录得股价涨跌数据）。\n涨幅超50%的企业仅有3家，其中图森未来涨幅最大，为78.10%，其次是叮咚买菜62.84%，知乎59.53%。\n有16家企业下跌幅度超30%，包括5月7日上市的保险科技平台水滴公司（-33.20%）和跨境电商平台洋葱集团（-38.14%），1月份上市的雾芯科技（-70.42%）等。\n尽管中资企业赴美融资热情不减，但目前来看市场表现不尽如人意。眼下，国内加强对赴美上市企业存在的数据泄露风险的管控，也给下半年赴美上市的企业带来了更多的不确定因素。\n结语\n回顾上半年IPO热潮，中资企业在全球范围内的资本市场表现出强劲实力。2021年上半年上市企业融资额全球前十的企业中，半数企业来自中国香港和内地。\n\n展望2021年下半年，虽然美股由于监管加强存在较大不确定性，但A股和港股资本市场仍可期待。\n安永报告提到，截至6月21日，A股共有633家排队企业；其中科创板和创业板是上市的主力军，有55%的排队企业计划在创业板上市，23%的排队企业计划在科创板上市。\n德勤报告也指出，A股方面，随着科创板的稳定发行以及创业板的注册制改革， IPO数量会有较大增长，中小规模的制造和科技行业会在发行数量上处于领先。港股方面，预期2021年香港新股市场可融资超过4000亿港元，而中概股回港二次上市热潮仍将持续。\n*注：中资企业包括A股+美股中概股+港股中资股；其中，港股中资股包括H股、红筹股、中资民营股。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,".DJI":0.9,".SPX":0.9,"HSI":0.9,"000001.SH":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140153677,"gmtCreate":1625640217999,"gmtModify":1703745455893,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/140153677","repostId":"1120175170","repostType":4,"repost":{"id":"1120175170","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625616736,"share":"https://ttm.financial/m/news/1120175170?lang=en_US&edition=fundamental","pubTime":"2021-07-07 08:12","market":"hk","language":"zh","title":"The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.","url":"https://stock-news.laohu8.com/highlight/detail?id=1120175170","media":"老虎资讯综合","summary":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买","content":"<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoya-B</a>The company issued an announcement stating that it will offer 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$53.3 per Offer Share with board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 6.5% success rate per lot. Subscribing to 70 lots guarantees one lot.</p><p>Group B has 100,000 shares (200 lots) and is allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK$53.3 per offer share, cornerstone investors have subscribed for a total of 27.6715 million offer shares, representing approximately 10.21% of the company's issued share capital immediately following the completion of the global offering. And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK$53.3 per offer share and assuming the over-allotment option is not exercised, the company is estimated to receive net proceeds from the global offering of approximately HK$2.942 billion. The company plans to use approximately 60% of the proceeds from its global offering over the next three to five years, primarily for the research and development and commercialization of its core and main products. Approximately 15% will be used for preclinical evaluation and clinical development of the company's other products under development; Approximately 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-07 08:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoya-B</a>The company issued an announcement stating that it will offer 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$53.3 per Offer Share with board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 6.5% success rate per lot. Subscribing to 70 lots guarantees one lot.</p><p>Group B has 100,000 shares (200 lots) and is allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK$53.3 per offer share, cornerstone investors have subscribed for a total of 27.6715 million offer shares, representing approximately 10.21% of the company's issued share capital immediately following the completion of the global offering. And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK$53.3 per offer share and assuming the over-allotment option is not exercised, the company is estimated to receive net proceeds from the global offering of approximately HK$2.942 billion. The company plans to use approximately 60% of the proceeds from its global offering over the next three to five years, primarily for the research and development and commercialization of its core and main products. Approximately 15% will be used for preclinical evaluation and clinical development of the company's other products under development; Approximately 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03b737852f586e2640047e4e68a010a4","relate_stocks":{"02162":"康诺亚-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120175170","content_text":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买卖单位500股；摩根士丹利、中金公司及华泰国际为联席保荐人，预期股份将于2021年7月8日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率6.5%，认购70手稳中一手。\n乙组头为10万股（200手），获配1000股（2手）。\n\n国际发售项下初步提呈发售的发售股份已获大幅超额认购，相当于国际发售项下初步可供认购发售股份总数的约21.9倍。香港公开发售项下初步提呈发售的香港发售股份已获极大幅超额认购。合共接获249,663份有效申请，认购合共25.05亿股香港发售股份，相当于香港公开发售项下初步可供认购香港发售股份总数约429.97倍。\n根据相关基石投资协议及按发售价每股发售股份53.3港元计算，基石投资者已认购合共2767.15万股发售股份，合计占紧随全球发售完成后公司已发行股本约10.21%；及全球发售项下发售股份数目约47.49%(假设于各情况下超额配售权均未获行使)。\n按发售价每股发售股份53.3港元计算，并假设超额配售权未获行使，公司将收取的全球发售所得款项净额估计约为29.42亿港元。公司拟将全球发售所得款项约60%于未来三至五年内，将主要用于公司核心及主要产品的研发及商业化；约15%将用于公司其他在研产品的临床前评估及临床开发；约15%将用于集团新生产及研发设施的租赁付款，及购买机械及设备；及约10%将用于公司的一般企业及营运资金用途。","news_type":1,"symbols_score_info":{"02162":0.9}},"isVote":1,"tweetType":1,"viewCount":1616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":159714839,"gmtCreate":1624979993021,"gmtModify":1703849462101,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/159714839","repostId":"2147343850","repostType":4,"isVote":1,"tweetType":1,"viewCount":1452,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140153677,"gmtCreate":1625640217999,"gmtModify":1703745455893,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/140153677","repostId":"1120175170","repostType":4,"repost":{"id":"1120175170","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625616736,"share":"https://ttm.financial/m/news/1120175170?lang=en_US&edition=fundamental","pubTime":"2021-07-07 08:12","market":"hk","language":"zh","title":"The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.","url":"https://stock-news.laohu8.com/highlight/detail?id=1120175170","media":"老虎资讯综合","summary":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买","content":"<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoya-B</a>The company issued an announcement stating that it will offer 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$53.3 per Offer Share with board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 6.5% success rate per lot. Subscribing to 70 lots guarantees one lot.</p><p>Group B has 100,000 shares (200 lots) and is allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK$53.3 per offer share, cornerstone investors have subscribed for a total of 27.6715 million offer shares, representing approximately 10.21% of the company's issued share capital immediately following the completion of the global offering. And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK$53.3 per offer share and assuming the over-allotment option is not exercised, the company is estimated to receive net proceeds from the global offering of approximately HK$2.942 billion. The company plans to use approximately 60% of the proceeds from its global offering over the next three to five years, primarily for the research and development and commercialization of its core and main products. Approximately 15% will be used for preclinical evaluation and clinical development of the company's other products under development; Approximately 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-07 08:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoya-B</a>The company issued an announcement stating that it will offer 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$53.3 per Offer Share with board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 6.5% success rate per lot. Subscribing to 70 lots guarantees one lot.</p><p>Group B has 100,000 shares (200 lots) and is allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK$53.3 per offer share, cornerstone investors have subscribed for a total of 27.6715 million offer shares, representing approximately 10.21% of the company's issued share capital immediately following the completion of the global offering. And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK$53.3 per offer share and assuming the over-allotment option is not exercised, the company is estimated to receive net proceeds from the global offering of approximately HK$2.942 billion. The company plans to use approximately 60% of the proceeds from its global offering over the next three to five years, primarily for the research and development and commercialization of its core and main products. Approximately 15% will be used for preclinical evaluation and clinical development of the company's other products under development; Approximately 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03b737852f586e2640047e4e68a010a4","relate_stocks":{"02162":"康诺亚-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120175170","content_text":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买卖单位500股；摩根士丹利、中金公司及华泰国际为联席保荐人，预期股份将于2021年7月8日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率6.5%，认购70手稳中一手。\n乙组头为10万股（200手），获配1000股（2手）。\n\n国际发售项下初步提呈发售的发售股份已获大幅超额认购，相当于国际发售项下初步可供认购发售股份总数的约21.9倍。香港公开发售项下初步提呈发售的香港发售股份已获极大幅超额认购。合共接获249,663份有效申请，认购合共25.05亿股香港发售股份，相当于香港公开发售项下初步可供认购香港发售股份总数约429.97倍。\n根据相关基石投资协议及按发售价每股发售股份53.3港元计算，基石投资者已认购合共2767.15万股发售股份，合计占紧随全球发售完成后公司已发行股本约10.21%；及全球发售项下发售股份数目约47.49%(假设于各情况下超额配售权均未获行使)。\n按发售价每股发售股份53.3港元计算，并假设超额配售权未获行使，公司将收取的全球发售所得款项净额估计约为29.42亿港元。公司拟将全球发售所得款项约60%于未来三至五年内，将主要用于公司核心及主要产品的研发及商业化；约15%将用于公司其他在研产品的临床前评估及临床开发；约15%将用于集团新生产及研发设施的租赁付款，及购买机械及设备；及约10%将用于公司的一般企业及营运资金用途。","news_type":1,"symbols_score_info":{"02162":0.9}},"isVote":1,"tweetType":1,"viewCount":1616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152597418,"gmtCreate":1625307934234,"gmtModify":1703740287782,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/152597418","repostId":"1188153141","repostType":4,"repost":{"id":"1188153141","kind":"news","pubTimestamp":1625276221,"share":"https://ttm.financial/m/news/1188153141?lang=en_US&edition=fundamental","pubTime":"2021-07-03 09:37","market":"us","language":"en","title":"Suze Orman worries about a market crash — here's what you should do","url":"https://stock-news.laohu8.com/highlight/detail?id=1188153141","media":"MoneyWise","summary":"As stock markets continue setting records, fallout from COVID-19 continues to create problems for th","content":"<p>As stock markets continue setting records, fallout from COVID-19 continues to create problems for the economy.</p>\n<p>That clash has worried investing experts, including Suze Orman, who's gone so far as to say she’s now preparing for an inevitable market crash.</p>\n<p>And a famous measurement popularized by Warren Buffett — known as the Buffett Indicator — shows Orman might be onto something.</p>\n<p>Here’s an explanation of where the concern is coming from and some techniques you can use tokeep your investment portfolio growingeven if the market goes south.</p>\n<p><b>What does Suze Orman think?</b></p>\n<p><img src=\"https://static.tigerbbs.com/be8dc3ad363faad96bc575a22235562d\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Mediapunch/Shutterstock</p>\n<p>Suze Orman has avidly watched the market for decades. She knows ups and downs are to be expected, but what she’s seeing happen with investment fads like GameStop has her concerned.</p>\n<p>“I don’t like what I see happening in the market right now,” Orman said in a video for CNBC. “The economy has been horrible, but the stock market has been going.”</p>\n<p>While investing is as easy now asusing a smartphone app, Orman is concerned about where we can go from these record highs.</p>\n<p>And even with stimulus checks, which are still going out, and the real estate market breaking its own records last year, Orman worries about what will come with the coronavirus — especially as new variants continue to pop up.</p>\n<p>What's more, she feels it’s just been too long since the last crash to stay this high much longer.</p>\n<p>“This reminds me of 2000 all over again,” Orman says.</p>\n<p><b>The Buffett Indicator</b></p>\n<p><img src=\"https://static.tigerbbs.com/44ada32ecadcc4581fed208f4f4e4d53\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Larry W Smith/EPA/Shutterstock</p>\n<p>One metric Warren Buffett uses to assess the market so regularly that it’s been named after him has been flashing red for long enough that market watchers are starting to wonder if it’s an outdated tool.</p>\n<p>But the Buffett Indicator, a measurement of the ratio of the stock market’s total value against U.S. economic output, continues to climb to previously unseen levels.</p>\n<p>And those in the know are wondering if it's a sign that we’re about to see a hard fall.</p>\n<p>How to prepare for a crash<img src=\"https://static.tigerbbs.com/1ad912a6b4611d9e39b46d2851c78c9e\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Freedomz / Shutterstock</p>\n<p>Orman has three recommendations for setting up a simple investment strategy to help you successfully navigate any sharp turns in the market.</p>\n<p><b>1. Buy low</b></p>\n<p>Part of what upsets Orman so much about the furor over meme stocks like GameStop is it goes completely against the average investor’s interests.</p>\n<p>“All of you have your heads screwed on backwards,” she says. “All you want is for these markets to go up and up and up. What good is that going to do you?”</p>\n<p>She points out the only extra money most people have goes towardinvesting for retirementin their 401(k) or IRA plans.</p>\n<p>Because you probably don’t plan to touch that money for decades, the best long-term strategy is to buy low. That way, your dollar will go much further now, leaving plenty of room for growth over the next 20, 30 or 40 years.</p>\n<p><b>2. Invest on a schedule</b></p>\n<p><img src=\"https://static.tigerbbs.com/e4102f8a6d5002090743b1cbded32ef9\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">katjen / Shutterstock</p>\n<p>While she prefers to buy low, Orman doesn’t recommend you stop investing completely when the market goes up.</p>\n<p>She wants casual investors to not get caught up in the daily ups and downs of the market.</p>\n<p>In fact, cheering for downturns now may be your best bet at getting a larger piece of very profitable investments — like some lucky investors were able to do back in 2007 and 2008.</p>\n<p>“When the market went down, down, down you could buy things at nothing,” says Orman. “And now look at them 15 years later.”</p>\n<p>She suggests you set up a dollar-cost averaging strategy, which means you invest your money in equal portions at regular intervals, regardless of the market’s fluctuations.</p>\n<p>This kind of approach is easy to implement with any of the many investing apps currently available to DIY investors.</p>\n<p>There are even apps that willautomatically invest your spare changeby rounding up your debit and credit card purchases to the nearest dollar.</p>\n<p><b>3. Diversify with fractional shares</b></p>\n<p>To help weather dips in specific corners of the market, Orman suggests you diversify your investments — balance your portfolio with investments in many different types of assets and sectors of the economy.</p>\n<p>Orman particularly recommends fractional-share investing. This approach allows you to buy a slice of a share for a big-name company that you otherwise wouldn’t be able to afford.</p>\n<p>With the help of apopular stock-trading tool, anyone at any budget can afford the fractional share strategy.</p>\n<p>“The sooner you begin, the more money you will have,” says Orman. “Just don’t stop, and when these markets go down, you should be so happy because your dollars find more shares.”</p>\n<p>“And the more shares you have, the more money you’ll have 20, 40, 50 years from now.”</p>\n<p><b>What else you can do</b></p>\n<p><img src=\"https://static.tigerbbs.com/5e79c6fd1f8fa6e3a7c3a6c94f1e14b5\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">goodluz / Shutterstock</p>\n<p>Whether or not a big crash is around the corner, investors who are still decades out from retirement can make that work for them, Orman said in theCNBC video.</p>\n<p>First, prepare for the worst and hope for the best. Since the onset of the pandemic, Orman now recommends everyone have an emergency fund that can cover their expenses for a full year.</p>\n<p>Then, to set yourself up fora comfortable retirement, she suggests you opt for a Roth account, whether that’s a 401(k) or IRA.</p>\n<p>That will help you avoid paying tax when you take money out of your retirement account because your contributions to a Roth account are made after tax. Traditional IRAs, on the other hand, aren’t taxed when you make contributions, so you’ll end up paying later.</p>\n<p>If you find you need a little more guidance, working with aprofessional financial adviser, can help point you in the right direction so you can confidently ride out any market volatility.</p>\n<p>While everyone else is veering off course or overcorrecting, you’ll be firmly in the driver’s seat with your sunset years planned for.</p>","source":"lsy1621813427262","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Suze Orman worries about a market crash — here's what you should do</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSuze Orman worries about a market crash — here's what you should do\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-03 09:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/suze-orman-worries-market-crash-220000108.html><strong>MoneyWise</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As stock markets continue setting records, fallout from COVID-19 continues to create problems for the economy.\nThat clash has worried investing experts, including Suze Orman, who's gone so far as to ...</p>\n\n<a href=\"https://finance.yahoo.com/news/suze-orman-worries-market-crash-220000108.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://finance.yahoo.com/news/suze-orman-worries-market-crash-220000108.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188153141","content_text":"As stock markets continue setting records, fallout from COVID-19 continues to create problems for the economy.\nThat clash has worried investing experts, including Suze Orman, who's gone so far as to say she’s now preparing for an inevitable market crash.\nAnd a famous measurement popularized by Warren Buffett — known as the Buffett Indicator — shows Orman might be onto something.\nHere’s an explanation of where the concern is coming from and some techniques you can use tokeep your investment portfolio growingeven if the market goes south.\nWhat does Suze Orman think?\nMediapunch/Shutterstock\nSuze Orman has avidly watched the market for decades. She knows ups and downs are to be expected, but what she’s seeing happen with investment fads like GameStop has her concerned.\n“I don’t like what I see happening in the market right now,” Orman said in a video for CNBC. “The economy has been horrible, but the stock market has been going.”\nWhile investing is as easy now asusing a smartphone app, Orman is concerned about where we can go from these record highs.\nAnd even with stimulus checks, which are still going out, and the real estate market breaking its own records last year, Orman worries about what will come with the coronavirus — especially as new variants continue to pop up.\nWhat's more, she feels it’s just been too long since the last crash to stay this high much longer.\n“This reminds me of 2000 all over again,” Orman says.\nThe Buffett Indicator\nLarry W Smith/EPA/Shutterstock\nOne metric Warren Buffett uses to assess the market so regularly that it’s been named after him has been flashing red for long enough that market watchers are starting to wonder if it’s an outdated tool.\nBut the Buffett Indicator, a measurement of the ratio of the stock market’s total value against U.S. economic output, continues to climb to previously unseen levels.\nAnd those in the know are wondering if it's a sign that we’re about to see a hard fall.\nHow to prepare for a crashFreedomz / Shutterstock\nOrman has three recommendations for setting up a simple investment strategy to help you successfully navigate any sharp turns in the market.\n1. Buy low\nPart of what upsets Orman so much about the furor over meme stocks like GameStop is it goes completely against the average investor’s interests.\n“All of you have your heads screwed on backwards,” she says. “All you want is for these markets to go up and up and up. What good is that going to do you?”\nShe points out the only extra money most people have goes towardinvesting for retirementin their 401(k) or IRA plans.\nBecause you probably don’t plan to touch that money for decades, the best long-term strategy is to buy low. That way, your dollar will go much further now, leaving plenty of room for growth over the next 20, 30 or 40 years.\n2. Invest on a schedule\nkatjen / Shutterstock\nWhile she prefers to buy low, Orman doesn’t recommend you stop investing completely when the market goes up.\nShe wants casual investors to not get caught up in the daily ups and downs of the market.\nIn fact, cheering for downturns now may be your best bet at getting a larger piece of very profitable investments — like some lucky investors were able to do back in 2007 and 2008.\n“When the market went down, down, down you could buy things at nothing,” says Orman. “And now look at them 15 years later.”\nShe suggests you set up a dollar-cost averaging strategy, which means you invest your money in equal portions at regular intervals, regardless of the market’s fluctuations.\nThis kind of approach is easy to implement with any of the many investing apps currently available to DIY investors.\nThere are even apps that willautomatically invest your spare changeby rounding up your debit and credit card purchases to the nearest dollar.\n3. Diversify with fractional shares\nTo help weather dips in specific corners of the market, Orman suggests you diversify your investments — balance your portfolio with investments in many different types of assets and sectors of the economy.\nOrman particularly recommends fractional-share investing. This approach allows you to buy a slice of a share for a big-name company that you otherwise wouldn’t be able to afford.\nWith the help of apopular stock-trading tool, anyone at any budget can afford the fractional share strategy.\n“The sooner you begin, the more money you will have,” says Orman. “Just don’t stop, and when these markets go down, you should be so happy because your dollars find more shares.”\n“And the more shares you have, the more money you’ll have 20, 40, 50 years from now.”\nWhat else you can do\ngoodluz / Shutterstock\nWhether or not a big crash is around the corner, investors who are still decades out from retirement can make that work for them, Orman said in theCNBC video.\nFirst, prepare for the worst and hope for the best. Since the onset of the pandemic, Orman now recommends everyone have an emergency fund that can cover their expenses for a full year.\nThen, to set yourself up fora comfortable retirement, she suggests you opt for a Roth account, whether that’s a 401(k) or IRA.\nThat will help you avoid paying tax when you take money out of your retirement account because your contributions to a Roth account are made after tax. Traditional IRAs, on the other hand, aren’t taxed when you make contributions, so you’ll end up paying later.\nIf you find you need a little more guidance, working with aprofessional financial adviser, can help point you in the right direction so you can confidently ride out any market volatility.\nWhile everyone else is veering off course or overcorrecting, you’ll be firmly in the driver’s seat with your sunset years planned for.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156344606,"gmtCreate":1625198747705,"gmtModify":1703738200563,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow..........","listText":"Wow..........","text":"Wow..........","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/156344606","repostId":"2148873174","repostType":4,"repost":{"id":"2148873174","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1625197444,"share":"https://ttm.financial/m/news/2148873174?lang=en_US&edition=fundamental","pubTime":"2021-07-02 11:44","market":"us","language":"en","title":"Apple, Intel become first to adopt TSMC's latest chip tech - Nikkei","url":"https://stock-news.laohu8.com/highlight/detail?id=2148873174","media":"Reuters","summary":"July 2 (Reuters) - Apple Inc and Intel Corp will be the first adopters of Taiwan Semiconductor Manuf","content":"<p>July 2 (Reuters) - Apple Inc&nbsp;and Intel Corp&nbsp;will be the first adopters of Taiwan Semiconductor Manufacturing Co's next-generation chip production technology ahead of its deployment, possibly next year, Nikkei Asia reported on Friday.</p>\n<p>Apple and Intel are testing their chip designs with TSMC's 3-nanometer production technology, the report added, citing several sources briefed on the matter. Commercial output of such chips is expected to start in the second half of next year, Nikkei Asia said.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple, Intel become first to adopt TSMC's latest chip tech - Nikkei</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple, Intel become first to adopt TSMC's latest chip tech - Nikkei\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-02 11:44</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>July 2 (Reuters) - Apple Inc&nbsp;and Intel Corp&nbsp;will be the first adopters of Taiwan Semiconductor Manufacturing Co's next-generation chip production technology ahead of its deployment, possibly next year, Nikkei Asia reported on Friday.</p>\n<p>Apple and Intel are testing their chip designs with TSMC's 3-nanometer production technology, the report added, citing several sources briefed on the matter. Commercial output of such chips is expected to start in the second half of next year, Nikkei Asia said.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","03086":"华夏纳指","09086":"华夏纳指-U","INTC":"英特尔"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148873174","content_text":"July 2 (Reuters) - Apple Inc and Intel Corp will be the first adopters of Taiwan Semiconductor Manufacturing Co's next-generation chip production technology ahead of its deployment, possibly next year, Nikkei Asia reported on Friday.\nApple and Intel are testing their chip designs with TSMC's 3-nanometer production technology, the report added, citing several sources briefed on the matter. Commercial output of such chips is expected to start in the second half of next year, Nikkei Asia said.","news_type":1,"symbols_score_info":{"INTC":0.9,"03086":0.9,"AAPL":0.9,"09086":0.9}},"isVote":1,"tweetType":1,"viewCount":1294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158082919,"gmtCreate":1625113825931,"gmtModify":1703736438755,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158082919","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","kind":"news","pubTimestamp":1625094708,"share":"https://ttm.financial/m/news/1178516480?lang=en_US&edition=fundamental","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p>\n<p>In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p>\n<p>All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p>\n<p>“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p>\n<p>For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p>\n<p>This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p>\n<p>“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p>\n<p>“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p>\n<p>“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p>\n<p>(Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p>\n<p><img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p>\n<p>The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p>\n<p>The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p>\n<p>Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p>\n<p>Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p>\n<p>Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p>\n<p>Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p>\n<p>Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 notches fifth straight record closing high, fifth straight quarterly gain</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 notches fifth straight record closing high, fifth straight quarterly gain\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 07:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking ...</p>\n\n<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1716,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869599925,"gmtCreate":1632300000067,"gmtModify":1676530746555,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>","listText":"Wow<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>","text":"Wow$Palantir Technologies Inc.(PLTR)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/869599925","isVote":1,"tweetType":1,"viewCount":6075,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147392987,"gmtCreate":1626332933349,"gmtModify":1703758071793,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/147392987","repostId":"1188379078","repostType":4,"isVote":1,"tweetType":1,"viewCount":2085,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158277023,"gmtCreate":1625153287062,"gmtModify":1703737368955,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158277023","repostId":"1199212665","repostType":4,"repost":{"id":"1199212665","kind":"news","pubTimestamp":1625146084,"share":"https://ttm.financial/m/news/1199212665?lang=en_US&edition=fundamental","pubTime":"2021-07-01 21:28","market":"us","language":"en","title":"3 Expensive Tech Stocks to Buy in the Next Market Crash","url":"https://stock-news.laohu8.com/highlight/detail?id=1199212665","media":"Motley Fool","summary":"Get ready to buy Snowflake and two other hot tech stocks if this frothy market collapses.","content":"<p>Many high-growth tech stocks have seen price pullbacks over the past few months, due to concerns about higher bond yields, inflation, and decelerating growth for companies that benefited from the pandemic.</p>\n<p>That sell-off created some buying opportunities -- but some of the sector's pricier names merely pulled back slightly, held onto their gains, or even rallied. That relative strength is admirable, but it's a bit frustrating for investors who don't want to pay the wrong price for the right company.</p>\n<p>That's why I'm making a shopping list of expensive tech stocks which I'd eagerly buy during the next market crash. Let's take a look at three of those companies:<b>Snowflake</b>(NYSE:SNOW),<b>Twilio</b>(NYSE:TWLO), and&nbsp;<b>CrowdStrike</b>(NASDAQ:CRWD).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fde232ce39d9cd52a01fd6ec018cae53\" tg-width=\"700\" tg-height=\"466\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p>\n<p><b>1. Snowflake</b></p>\n<p>Snowflake was one of the hottest tech IPOs of 2020, thanks to its jaw-dropping growth rates and big investments from&nbsp;<b>Berkshire Hathaway</b>&nbsp;and&nbsp;<b>salesforce.com</b>.</p>\n<p>Snowflake'scloud-baseddata warehouse pulls all of a company's data onto a single platform, where it can then be fed into third-party data visualization apps. Its service breaks down the silos between different departments and computing platforms, which makes it easier for large companies to make data-driven decisions.</p>\n<p>Snowflake's number of customers jumped 73% to 4,139 in fiscal 2021 (which ended this January), including 186 of the Fortune 500 companies. Its revenue surged 124% to $592 million, as its net retention rate -- which gauges its year-over-year revenue growth per existing customer -- hit 165%.</p>\n<p>That growth continued in the first quarter of 2022. Its revenue rose 110% year over year to $228.9 million, its number of customers increased 67% to 4,532, and it achieved a net retention rate of 168%.</p>\n<p>But Snowflake isn't profitable yet. ItsGAAPnet loss widened from $348.5 million in fiscal 2020 to $539.1 million in fiscal 2021, and<i>more than doubled</i>from $93.6 million to $203.2 million in the first quarter of 2022. It's also unprofitable on a non-GAAP basis, which excludes its stock-based compensation expenses.</p>\n<p>Analysts expect Snowflake's revenue to rise 88% this year, with a narrower loss. However, its stock still trades at 65 times this year's sales -- which indicates there's still far too much growth baked into the stock. But if Snowflake gets cut in half in a crash, I'd considerstarting a big position.</p>\n<p><b>2. Twilio</b></p>\n<p>Twilio's cloud platform processes text messages, calls, and videos within apps. For example, it helps&nbsp;<b>Lyft</b>'s passengers contact their drivers, and&nbsp;<b>Airbnb</b>'s guests reach their hosts.</p>\n<p>In the past, developers built those tools from scratch, which was generally time-consuming, buggy, and difficult to scale. However, developers can now outsource those features to Twilio's cloud service by simply adding a few lines of code to their apps.</p>\n<p>Twilio's revenue rose 55% to $1.76 billion in 2020. Its net expansion rate, which is comparable to Snowflake's net retention rate, reached 137%. In the first quarter of 2021, its revenue jumped 62% year over year to $590 million as it integrated its recent purchase of the customer data firm Segment.</p>\n<p>Twilio remains unprofitable on a GAAP basis, but its non-GAAP net income rose 62% to $35.9 million in 2020. In the first quarter of 2021, its non-GAAP net income rose another 15% to $9.6 million.</p>\n<p>Analysts expect its revenue to rise 44% this year, but for its non-GAAP earnings to dip into the red again amid higher investments and rising A2P (application-to-person) fees, which are now charged by carriers whenever an app accesses an SMS network.</p>\n<p>That near-term outlook doesn't look great for a stock that trades at nearly 30 times this year's sales. However, I still think Twilio has great growth potential, and I'd definitely buy its stock at a lower price.</p>\n<p><b>3. CrowdStrike</b></p>\n<p>CrowdStrike is a cybersecurity company that differs from its industry peers in one major way. Most cybersecurity companies install on-site appliances to support their services, which can be expensive to maintain and difficult to scale as an organization expands. CrowdStrike eliminates those appliances by offering its end-to-end security platform as a cloud-based service.</p>\n<p>CrowdStrike's growth clearly reflects its disruptive potential. Its revenue rose 82% to $874.4 million in fiscal 2021 (which ended this January), its number of subscription customers increased 82% to 9,896, and its net retention rate stayed above 120%.</p>\n<p>In the first quarter of fiscal 2022, its revenue rose 70% year over year to $302.8 million, its subscriber base expanded 82% year over year to 11,420, and it kept its retention rate above 120%.</p>\n<p>CrowdStrike also turned profitable on a non-GAAP basis in 2021, with a net profit of $62.6 million. Its non-GAAP net income rose more than fivefold year over year to $23.3 million in the first quarter of 2022.</p>\n<p>Those&nbsp;numbers are impressive, but CrowdStrike still trades at about 350 times forward earnings and more than 40 times this year's sales. Therefore, this is another stock I won't buy unless the market crashes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Expensive Tech Stocks to Buy in the Next Market Crash</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Expensive Tech Stocks to Buy in the Next Market Crash\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 21:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/01/expensive-tech-stocks-to-buy-in-next-market-crash/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Many high-growth tech stocks have seen price pullbacks over the past few months, due to concerns about higher bond yields, inflation, and decelerating growth for companies that benefited from the ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/01/expensive-tech-stocks-to-buy-in-next-market-crash/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRWD":"CrowdStrike Holdings, Inc.","TWLO":"Twilio Inc","SNOW":"Snowflake"},"source_url":"https://www.fool.com/investing/2021/07/01/expensive-tech-stocks-to-buy-in-next-market-crash/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199212665","content_text":"Many high-growth tech stocks have seen price pullbacks over the past few months, due to concerns about higher bond yields, inflation, and decelerating growth for companies that benefited from the pandemic.\nThat sell-off created some buying opportunities -- but some of the sector's pricier names merely pulled back slightly, held onto their gains, or even rallied. That relative strength is admirable, but it's a bit frustrating for investors who don't want to pay the wrong price for the right company.\nThat's why I'm making a shopping list of expensive tech stocks which I'd eagerly buy during the next market crash. Let's take a look at three of those companies:Snowflake(NYSE:SNOW),Twilio(NYSE:TWLO), and CrowdStrike(NASDAQ:CRWD).\nIMAGE SOURCE: GETTY IMAGES.\n1. Snowflake\nSnowflake was one of the hottest tech IPOs of 2020, thanks to its jaw-dropping growth rates and big investments from Berkshire Hathaway and salesforce.com.\nSnowflake'scloud-baseddata warehouse pulls all of a company's data onto a single platform, where it can then be fed into third-party data visualization apps. Its service breaks down the silos between different departments and computing platforms, which makes it easier for large companies to make data-driven decisions.\nSnowflake's number of customers jumped 73% to 4,139 in fiscal 2021 (which ended this January), including 186 of the Fortune 500 companies. Its revenue surged 124% to $592 million, as its net retention rate -- which gauges its year-over-year revenue growth per existing customer -- hit 165%.\nThat growth continued in the first quarter of 2022. Its revenue rose 110% year over year to $228.9 million, its number of customers increased 67% to 4,532, and it achieved a net retention rate of 168%.\nBut Snowflake isn't profitable yet. ItsGAAPnet loss widened from $348.5 million in fiscal 2020 to $539.1 million in fiscal 2021, andmore than doubledfrom $93.6 million to $203.2 million in the first quarter of 2022. It's also unprofitable on a non-GAAP basis, which excludes its stock-based compensation expenses.\nAnalysts expect Snowflake's revenue to rise 88% this year, with a narrower loss. However, its stock still trades at 65 times this year's sales -- which indicates there's still far too much growth baked into the stock. But if Snowflake gets cut in half in a crash, I'd considerstarting a big position.\n2. Twilio\nTwilio's cloud platform processes text messages, calls, and videos within apps. For example, it helps Lyft's passengers contact their drivers, and Airbnb's guests reach their hosts.\nIn the past, developers built those tools from scratch, which was generally time-consuming, buggy, and difficult to scale. However, developers can now outsource those features to Twilio's cloud service by simply adding a few lines of code to their apps.\nTwilio's revenue rose 55% to $1.76 billion in 2020. Its net expansion rate, which is comparable to Snowflake's net retention rate, reached 137%. In the first quarter of 2021, its revenue jumped 62% year over year to $590 million as it integrated its recent purchase of the customer data firm Segment.\nTwilio remains unprofitable on a GAAP basis, but its non-GAAP net income rose 62% to $35.9 million in 2020. In the first quarter of 2021, its non-GAAP net income rose another 15% to $9.6 million.\nAnalysts expect its revenue to rise 44% this year, but for its non-GAAP earnings to dip into the red again amid higher investments and rising A2P (application-to-person) fees, which are now charged by carriers whenever an app accesses an SMS network.\nThat near-term outlook doesn't look great for a stock that trades at nearly 30 times this year's sales. However, I still think Twilio has great growth potential, and I'd definitely buy its stock at a lower price.\n3. CrowdStrike\nCrowdStrike is a cybersecurity company that differs from its industry peers in one major way. Most cybersecurity companies install on-site appliances to support their services, which can be expensive to maintain and difficult to scale as an organization expands. CrowdStrike eliminates those appliances by offering its end-to-end security platform as a cloud-based service.\nCrowdStrike's growth clearly reflects its disruptive potential. Its revenue rose 82% to $874.4 million in fiscal 2021 (which ended this January), its number of subscription customers increased 82% to 9,896, and its net retention rate stayed above 120%.\nIn the first quarter of fiscal 2022, its revenue rose 70% year over year to $302.8 million, its subscriber base expanded 82% year over year to 11,420, and it kept its retention rate above 120%.\nCrowdStrike also turned profitable on a non-GAAP basis in 2021, with a net profit of $62.6 million. Its non-GAAP net income rose more than fivefold year over year to $23.3 million in the first quarter of 2022.\nThose numbers are impressive, but CrowdStrike still trades at about 350 times forward earnings and more than 40 times this year's sales. Therefore, this is another stock I won't buy unless the market crashes.","news_type":1,"symbols_score_info":{"TWLO":0.9,"CRWD":0.9,"SNOW":0.9}},"isVote":1,"tweetType":1,"viewCount":1121,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158139633,"gmtCreate":1625134801522,"gmtModify":1703736837301,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"title":"","htmlText":"Yes........","listText":"Yes........","text":"Yes........","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158139633","repostId":"1106223449","repostType":4,"repost":{"id":"1106223449","kind":"news","pubTimestamp":1625122086,"share":"https://ttm.financial/m/news/1106223449?lang=en_US&edition=fundamental","pubTime":"2021-07-01 14:48","market":"us","language":"en","title":"The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.","url":"https://stock-news.laohu8.com/highlight/detail?id=1106223449","media":"Barrons","summary":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 5","content":"<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d70d0323609e9ce596a9a90e475422d1\" tg-width=\"1260\" tg-height=\"840\"><span>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year.</span></p>\n<p>The S&amp;P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.</p>\n<p>With June coming to an end, the S&amp;P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.</p>\n<p>The market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.</p>\n<p>The combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and&nbsp;cause stocks to tumble. Others worry that&nbsp;U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.</p>\n<p>For those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.</p>\n<p>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.</p>\n<p>Even the losses, when they occurred, weren’t all that bad. The S&amp;P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.</p>\n<p>The one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&amp;P 500 dropped 20% in one day, still a record loss. While selling linked to so-called&nbsp;portfolio insurance&nbsp;was ultimately blamed for the size and speed of the loss, the second half of 1987 was&nbsp;a period of rising bond yields and high stock-market valuations, just like the first half of 2021.</p>\n<p>Still, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&amp;P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank&nbsp;Cappelleri, chief market technician at Instinet.</p>\n<p>That 6.3% average second-half rise would push the S&amp;P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.</p>\n<p>For now, at least, the path of least resistance is higher.</p>\n<p><img src=\"https://static.tigerbbs.com/3cb229b2e05d59b9c126d464a7d771bb\" tg-width=\"958\" tg-height=\"647\"></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 14:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106223449","content_text":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.\nWith June coming to an end, the S&P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.\nThe market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.\nThe combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and cause stocks to tumble. Others worry that U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.\nFor those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.\nSince 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.\nEven the losses, when they occurred, weren’t all that bad. The S&P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.\nThe one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&P 500 dropped 20% in one day, still a record loss. While selling linked to so-called portfolio insurance was ultimately blamed for the size and speed of the loss, the second half of 1987 was a period of rising bond yields and high stock-market valuations, just like the first half of 2021.\nStill, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank Cappelleri, chief market technician at Instinet.\nThat 6.3% average second-half rise would push the S&P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.\nFor now, at least, the path of least resistance is higher.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1102,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127431135,"gmtCreate":1624861819727,"gmtModify":1703846451085,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127431135","repostId":"1163833569","repostType":4,"repost":{"id":"1163833569","kind":"news","pubTimestamp":1624860588,"share":"https://ttm.financial/m/news/1163833569?lang=en_US&edition=fundamental","pubTime":"2021-06-28 14:09","market":"us","language":"en","title":"Is Another Housing Bubble Building?","url":"https://stock-news.laohu8.com/highlight/detail?id=1163833569","media":"thestreet","summary":"The price of housing has dominated financial news recently. For renters, the price of an average apa","content":"<p>The price of housing has dominated financial news recently. For renters, the price of an average apartment takes up an ever-greater share of personal income every year. This is particularly true in big cities, where a one-bedroom apartment can often cost between $2,500 and $3,000.</p>\n<p>But the real headlines have been in the market for single-family housing. In many communities home prices have increased by between 30% and 50% in just the past two years. This has led median prices for a starter home over $280,000 nationwide, and to nearly $500,000 in the towns and suburbs near major cities.</p>\n<p>OnReal Money, contributor Doug Kass takes a quick aim at spiraling home prices. “We need more lower cost homes to ease the intense upward price pressures but we know how difficult it is right now to deliver enough of them. More than 10 years of underinvestment because of the Fed-induced housing boom and bust means we need a lot more homes,” he writes.</p>\n<p>“I have been warning that much higher home prices (and reduced affordability) would create a cyclical peak in residential real estate (homebuilder stocks have begun to roll over recently),” Kass says.</p>\n<p>Is another bubble building?</p>\n<p>While there’s no way of knowing, one warning sign is the ratio of house prices to incomes. Credit standards have remained tight, and banks haven’t weakened their standards on down payments. That isn’t necessarily a good thing though.</p>\n<p>One of the biggest causes behind the housing crash of 2008 was the growing degree to which people struggled to keep up with their own mortgages in a highly overheated market that had sent prices climbing.</p>\n<p>As Kass points out in his diary, today prices aren’t just climbing, they’re soaring. Compared to 2008, buyers now have to spend more of their income keeping up with the minimum mortgage it takes to buy even a small house. They have to lay out more of their savings on the down payment.</p>\n<p>The ratio of house prices-to-household income is higher than it was going into the Great Recession. That isn’t necessarily a warning sign. But it isn’t good, either.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Another Housing Bubble Building?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Another Housing Bubble Building?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 14:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/is-another-housing-bubble-building><strong>thestreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The price of housing has dominated financial news recently. For renters, the price of an average apartment takes up an ever-greater share of personal income every year. This is particularly true in ...</p>\n\n<a href=\"https://www.thestreet.com/investing/is-another-housing-bubble-building\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.thestreet.com/investing/is-another-housing-bubble-building","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163833569","content_text":"The price of housing has dominated financial news recently. For renters, the price of an average apartment takes up an ever-greater share of personal income every year. This is particularly true in big cities, where a one-bedroom apartment can often cost between $2,500 and $3,000.\nBut the real headlines have been in the market for single-family housing. In many communities home prices have increased by between 30% and 50% in just the past two years. This has led median prices for a starter home over $280,000 nationwide, and to nearly $500,000 in the towns and suburbs near major cities.\nOnReal Money, contributor Doug Kass takes a quick aim at spiraling home prices. “We need more lower cost homes to ease the intense upward price pressures but we know how difficult it is right now to deliver enough of them. More than 10 years of underinvestment because of the Fed-induced housing boom and bust means we need a lot more homes,” he writes.\n“I have been warning that much higher home prices (and reduced affordability) would create a cyclical peak in residential real estate (homebuilder stocks have begun to roll over recently),” Kass says.\nIs another bubble building?\nWhile there’s no way of knowing, one warning sign is the ratio of house prices to incomes. Credit standards have remained tight, and banks haven’t weakened their standards on down payments. That isn’t necessarily a good thing though.\nOne of the biggest causes behind the housing crash of 2008 was the growing degree to which people struggled to keep up with their own mortgages in a highly overheated market that had sent prices climbing.\nAs Kass points out in his diary, today prices aren’t just climbing, they’re soaring. Compared to 2008, buyers now have to spend more of their income keeping up with the minimum mortgage it takes to buy even a small house. They have to lay out more of their savings on the down payment.\nThe ratio of house prices-to-household income is higher than it was going into the Great Recession. That isn’t necessarily a warning sign. But it isn’t good, either.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1511,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}